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CALUMET
AND
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Dividend No. 33
A
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of
twenty-five
share will be paid on
the
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and
outstanding
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July 16, 1940,
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per
to holders of
Capital
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record
The Chase National Bank of the
City of New York has declared a dividend
of 70<t per share on the 7,400,000 shares of the
August
1,
The
1940, to holders of record
at
the
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in
Company, Boston, Mass.
capital stock of the Bank, payable
close
of
business July
12,
1940.
A.
BOSTON
OF
CHASE NATIONAL BANK
THE
CITY
OF NEW YORK
NICHOLAS, Secretary.
EDISON
DIVIDEND
"
THE
D.
Boston, June 25, 1940.
connection with the payment of
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at
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JAMES
V.
TONER,
Treasurer.
Boston, June 25, 1940.
For othor dividends
—
pages
iii.
JUNE 29, 1940
Vol.150
No. 3914
CONTENTS
Editorials
The Financial Situation
.4014
.
Involuntary Servitude Must Not Be Restored
and Restrictions
Our Rearmament Program
on
.....4027
Profits.-4029
Comment and Review
4031 & 4032
Revenue Act of 1940
The Business Man's Bookshelf
Week
the European
on
4035
.......
Stock Exchanges
4019
Foreign Political and Economic Situation
...4019
Foreign Exchange Rates and Comment......_4024 & 4068
Course of the Bond Market
4036
Indications of Business Activity
....4036
...
Week
on
the New York Stock Exchange...
4017
Week
on
the New York Curb Exchange
4067
News
Current Events and Discussions
Bank and Trust Company Items.
General
.......4115
Corporation and Investment News
.4158
Dry Goods Trade
State and
-.4159
Municipal Department.
Stocks and Bonds
^
4079 & 4081
Foreign Stock Exchange Quotations
Bonds Called and Sinking
Fund Notices
..4070
Dividends Declared..
4071
—
Auction Sales
.
..4071
- ..
New York Stock
Exchange—Stock Quotations
>.
...4082
Exchange—Bond Quotations.4082 & 4092 /
Curb Exchange—Stock Quotations
...4098
- -
-
•New York Stock
New York
•New York Curb
Exchange—Bond Quotations—
4102
Exchanges—Stock and Bond Quotations
4104
Canadian Markets—Stock and Bond Quotations
..4108
Over-the-Counter Securities—Stock & Bond Quotations_4111
Other
Reports
Foreign Bank Statements
Course of Bank Clearings
4047 & 4079
Federal Reserve Bank Statements
General
Corporation and Investment News..-.
..4115
Commodities
The Commercial Markets and the Crops
Cotton
4149
...
------
*
on
Attention
Published Every
is
directed
to
the
new
column
New York Stock
tions
4152
....4156
Breads tuffs
incorporated in our tables
bond quota¬
Exchange and New York Curb Exchange
pertaining to bank eligibility and rating.
Saturday Morning by the William B. Dana Company,
25 Spruce Street, New York City, N. Y.
President and Treasurer; WMliam D. Riggs Business Manager.
208 South La Salle Street (Telephone State 0613). London
Edwards & Smith, I Drapers' Gardens. London, E.C.
Copyright 1910 by William B .Dana Company
1Eniered as second-class matter
June 23, 1879. at the post office at New York, N. Y., under the Act of March 3, 1879.
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Herbert D. Seibert, Chairman of the Board and Editor; William Dana Seibert,
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remittances for foreign subscriptions and advertisements must be made in New York
of the fluctuations in the rates of exchange,
On account
funds
The Financial Situation
rTlHE Republican Party has now held its 1940
1
been accustomed.
con-
vention, drafted its platform and selected its
bearer 'for
standard
Wendell L.
the
approaching
Willkie, without
a
"underprivileged," and in general
campaign—
shadow of doubt the
to reduce the amount of
popular choice for the honor and the responsibility
that have
been
now
placed
has long been obvious
upon
his shoulders.
They have been intent
same
time to attain
a more
abundant life not for those
that the Republican Party
interests, but the unfortunate, real
own
Absolutist Competition
pro¬
The
The
Popular Front
Roosevelt and his immedi¬
Leon Blum
ate
came
into power under
power,
crats in
ideological and
an
historical
not, the
sense or
Democratic Party as now
constituted is
dominated
whether
or
so
completely
by them that,
not Mr. Roose¬
velt himself
again becomes
its standard
bearer, it
offer but little
hope of
modification of the
that
have
been
during the past
eight
policies
pursued
seven
Many
years.
had
feared that the 1940
paign
would
hoped
that
cam¬
the
repeat
fiasco of 1936.
or
Many had
vital
lessons
had been learned four years
and
ago
that
the
would this year
voter
be given
opportunity to register
an
his
preference
concerning
basic issues in
way.
The
an
so
platforms
pose,
as
serve
that pur¬
gen¬
have several months
reach
to
sions
as
its
whether
to
presented this
real
conclu¬
own
year
choice, and if
it
is
with
so,
a
what
decision it wishes to regis¬
ter.
weeks it passed, among
attempting
Sound appraisal of what
40-hour-week
lated
conclusions
increasing
on
there
have not
to
be
to
no
decline
thought
in
During the year
May, 1937, enterprises of a hundred
persons and over, to which the law had been
applied, reported an increase in employment
of only 6%, which still left the comparative
rather
nations.
duced
Many industries were disorganized
by the change.
Most observers estimate that
it raised labor costs of production by an aver¬
age of 35%.
In the ten months ended March,
1937, French wholesale prices rose an average
of 42%.
In September of 1937 Premier
Chautemps
warned the country that it was
producing
less than enough to carry the burden of social
reforms, debt service and defense.
In Decem¬
ber, 1937, still under the Popular Front, an
official committee of inquiry into the eco¬
nomic situation reported that France was
producing 25% less than in 1929 while Ger¬
many was producing 19% more.
aircraft and
to
that protection,
is
a
on
justice,
similar
have
the events of the
setting.
to
come
For
are con-
some
years
tending
democracies, which, incidentally, have
more
and
only, have had their
they have endeav¬
solve
their
prob¬
and
otherwise, of their
more to
be democratic in
name
arma¬
dies, when granted, have
had
a
quite differ¬
purpose
ent from that
which
con¬
trolled the decisions of the
democracies,
and instead
of 40-hour weeks and other
pampering of labor, in the
place of vast relief schemes
based upon
and
"made-work,"
grandiose schemes de¬
signed to provide "secur¬
ity" for this and that
in
they
their
and
June 22.
group
populations,
dictators
have
the
ruthlessly
effectively demanded
longer
hours
and
harder
to
it
file,
that
the
organized
carefully and productively
directed, and have sought their
and
"security" in terms of
arms
and armies.
France has, of course, in all these respects followed
a
course
typical of the democracies, while Germany
is without question the leader of the
dictatorships.
The contrasting results of the two
systems in their
nomic and social systems to which the
fact not be overlooked—if
people had long
seen
effort thus expended was
every reason to
eyes
re¬
spective countries. Subsi¬
ac¬
trained steadfastly upon
what they termed humanitarian
objectives, social
reforms, and "progressive" alterations in the eco-
different
a
herent strength, economic
Pre¬
have
pursuing divergent and sharply-contrasting paths,
been
to
of
work for the rank and
past the world has been divided into two groups,
the so-called
about social
something of a
sort, but their ideas
lems by increasing the in¬
had better not fail to heed.
day and of those
re¬
good deal at
a
been
ored
in¬
than
or
sort and
warning that the United States
what response it should make will best be reached if
en¬
of
terms
times to say
no
Here
the
productivity. They
have had
as
reduce
of
visaged the welfare of their
in
to
they
but they have
masses,
the part of the public as to
sidered in their essential
and
creased
as
re¬
they
wholly silent
peoples
Economic and Social Institute
on
wise,
position of France far behind that of other
nature
to
as
about the welfare
employment.
ended
described French
of
They
hesitated
have not been
in the standard of living.
The law did not, as hoped, result in a great
pay or
in
output
distribute wealth
impose a blanket
industry, the law stipu¬
was
the
factory.
and
In addition to
gains at all, but serious threats and
losses.—Henry Hazlitt
to
the Tamiment
Republican Party did
Philadelphia this week,
valid
that
weekly
are
the
and
gradually
ener¬
people, but of
farm
15%.
Within a few
other labor laws, the
famous 40-hour-week statute.
their
lessening the
upon
toil of the
the so-called
which
wages
were
a
in
about
under
devoted
gies not
virtually paralyzed.
It is
instructive to recall that, though a paper pro¬
gram was adopted in France calling for 5,000
modern planes to cost 16,000,000,000 francs,
the actual average monthly output in 1937
was
only 38 planes, and at the end of 1938
only 62.
With the example of France before us, we
cannot afford to forget for a moment that in
the present crisis in world affairs our na¬
tional
defense,
and
the
full production
necessary
to insure it, must come before
every subordinate consideration.
Our social
gains and labor's gains are futile unless we
can
protect them against all possibility of
destruction by an invader.
If some of these gains are themselves of such
eralissimo. The public will
now
brought
ment industries
political
and selected its
it
agreement,
raised from 7 to
counts
Republican
far
power
miership in March of 1938, contemporary
Party has taken its battle
position,
into
At the time of Blum's short return
effective
Russia, at all events,
have
and remained in
Matignon
increase
material constructive
very
June 4, 1936,
on
part of the time under Chautemps,
until the Daladier Ministry was formed in
April, 1938. ' Within a few days after it came
can
any
dictatorships, out¬
side of
France and "Social Gains"
Whether President
entourage are Demo¬
imaginary,
or
the incompetent and the indolent.
New Deal and New Deal¬
grams.
designed
programs
productive effort and at the
who had proved themselves able to look after their
It
offered the only hope of effective resistance to the
like philosophy and
upon re-
distribution of wealth, the easing of the lot of the
military
aspects
have
dramatically illustrated
during
recent
French
on
weeks
soil.
been
There
is
believe, however, that—and let this
a
policy of appeasement
Volume
The Commercial & Financial Chronicle
150
had been
successful,
that henceforth much less
so
emphasis had been placed
the
military might and
upon
struggle between the dictatorships and the democ-
racies been of
economic instead of
an
a
military
na-
Plainly
as
our
respects
4015
need for
national
growing daily
a
thorough house cleaning
policies,
urgent.
more
existing,
long
Obviously, too,
position is fast becoming untenable vis-a-vis
is
our
large
a
ture, the results would still have been discomforting
part of the rest of the world
enough- for the democracies.
The contrast between
sistence of the President in giving frequent expres-
in Germany and that of
si on to wholly needless excoriation of governments
and nations with which we are nominally at peace,
the fruits of Hitler's regime
Blum and the others in France has
indeed, but there is little
trast would be of
to doubt that the con-
reason
similar sort
a
system and the other
proved distressing
respects the German
as
democracies, including the
United
States, had the occasion arisen,
suming
no
democracies, it will not be of the
order when circumstances permit, as they are
same
certain to do in
However
time passes.
as
deplore and dislike the
despots of Europe and elsewhere,
of
liberty within their domains,
we
regret the degree in
may
they have concentrated their efforts upon
military might and conquest,
we
must, if we are to
be fair to ourselves and to look with
after
care
our
interests, admit that the peoples of the op-
own
pressed countries have been growing hard and tough
while those of the
softer and
in
democracies
danger of atrophy.
the
sense
been
In
one very
getting
systems are
real if figurative
subjected peoples have been feeding
red meat while the free
in substantial
which
have
softer until their muscular
measure
render
would
upon
hard
hopes, fine-spun theories
work
unnecessary,,and
economic drugs of the habit forming variety,
upon
The administration of the
fact, continued
so
.
drugs has,
long that there is
matter of
as a
question
some
to whether the mental balance of the free
as
has
upon
peoples have been subsisting
the
for
not
time
paired and their vision beclouded.
A World
K-
This
on
its
military side has belatedly
result,
us
now
in
The net
preparedness hysteria, relief from which
be
sought in
part
some
in this country.
of them, has been the development of
or one
utterly unnecessary conflict with countries and
which to this time
ernments
which threaten
direct
our
have
and
taken
material
no
gov-
steps
interests
and which have really given no indication of taking
such steps in the calculable future.
any
antine"
philosophy,
and
program have failed
his
His "quar-
"steps-short-of-war"
miserably and his eloquence is
jn danger of turning to dust and ashes in his mouth,
#
The Republican Offering
" wa®m asit"atl0"' webad almost said ™passe,
such as this that the Republican Party met m Phila.
(_e f ia 0 £ive. e co,ln 1-"an 1
what it would
d"in tbe Poises, and to select a candrdate through
whofm lt, woldd act- The people of the country are
conf"sod and pertain of their own minds at many
P°lnts- Prejudice and preconceptions are m such
circumstances numerous. A situation of this sort
ahva-vs ^ the politicians nervous chills, but it by
the same token presents a great party and a great
laader ™th ^comparable opportunity. The chirt
difficulties of such a state of affairs are for those
wh«.are bent UP™ ^llowmg rather. tba" leadmS
^ic opinion The pubhe has a right to expect
tbat both, °fds 8reat Poll lcal Partles at thls time
^ a role of Ieader not of ventriloquist.
A Weak Platform
It must be admitted in all candor that the Republican platform fails miserably to meet the challenge.
The party thereby missed an unexcelled
opportunity
Awakening?
highly significant world situation at least
at least dawned upon
a
He appears to be in imminent danger of being found
to have "picked the loser", and as a result to be in
peoples
being become somewhat im-
result of the in-
a
detestation of the suppression
how
matter
no
another
our
be
semblance
which
or
we may
ruthlessness of the
all
field
one
greatly
whatever may
and
as-
fundamental change in the management of
the affairs of the
of
that,
or
as
seems to
to tell the people boldly that the policies of the des-
potisms have proved themselves in
some respects
(whatever may be thought of them in others) in-
finitely
more
effective than those of the democra-
cies; that their success,
save
possibly in their strict-
and apparently almost end-
ly military aspects, has not been due to their
sup-
less formal
appropriations of funds for national de-
pression of individual initiative and civil and
eco-
fense.
awakening, although evidently only
nomic liberty but to their
tial
The
and
whole
enormous
obviously somewhat neurotic, is
affairs
among
is
more
half
understood
to be
by existing officialdom.
realistic approach
the
to current problems and their better grasp of funda-
mental economic truth; and that the democracies
at
state
best
the rank and file of the people and scarcely
at all understood
seem
than
more
reason
on
heartening, although there is abundant
to doubt whether the true inwardness of the
of
par-
We still
thinking of preparedness in purely mili-
are
today under the urgent necessity of revising
their
thought to accord in these matters
more
close-
ly with that of the realistic despots while at the
same
time holding fast to the priceless heritage of
freedom and liberty.
It could have rendered
a
great
tary terms, often largely in terms of huge appropria-
service by assuring the people convincingly that
tions, without clear perception of the fact that pre-
economic system
paredness
even
in
a
military
sense goes
for beyond
can
be rendered quite
of the dictatorships without the
as
fit
as
our
that
surrender of
an
armies and navies to include all those elements of
iota of
economic
nation great in
that, indeed, any attempt to render it fit by the
As for preparedness to hold
totalitarian methods of Europe would make failure
strength which makes
industry and trade.
our
own
in
a
world of fierce trade competition re-
gardless of the outcome of the
Europe,
we so
war now
raging in
far have shown but scant understand-
ing of the most elementary of
of
a
like the New Heal
our needs.
We,
or
our
American faith in American
certain.
-
The stage was set for
termination to
principles,
reach
a
ringing declaration of de-
specific objectives of
a
con¬
structive sort; to tell the people bluntly that any
in Wash-
country insisting upon a forty-hour week with many
ington appear still to be thinking of all these prob-
trimmings which clog the wheels of industry is bad-
many
us,
lems in terms of New Deal
part.
managers
philosophy for the
most
ly handicapped at the barrier when pitted against
other
countries
where
60
hours
of
work
are
de-
•vW'V
'
The Commercial & Financial Chronicle
4016
mantled and obtained each
week; to insist that the
nightmare of relief be dealt with intelligently and
private knitting than we have had since the
own
New Deal
constructively; to acknowledge recognition of the
fact that the country cannot go on forever paying
in business,
the farmers to stay
to
half in business;
or
pledge the party to fiscal sanity without revoking
the
pledge in adjoining paragraphs; to set forth a
definite and realistic foreign policy in these trying
times; in fine, to place the party on record in a
constructive way regarding the vital
and
forceful
issues of the
day without diverting attention with
meaningless phrases about inconsequential matters
and without eternal effort to
hedge
with reservations and ad
made
every
promise
hominem explana¬
tions and assurances.
The stage was
the
as
set for all this, but the play, so far
platform is concerned, proved to be an obvi¬
"dud", lacking in drama, directness and that
ous
essential air of
sincerity and vigor so
True the New Deal is excoriated
strong leadership.
with vim and
/ >a;;:
necessary to
truth, but these sentences
followed
are
by others which betray a liking for much of it. Many
specific
condemned, but
programs are
than not the
objection
often
more
to rest chiefly if not
seems
solely upon certain features contained therein or
faulty administration.
upon
Here and there,
the matter of money management,
structive
assurances
definite
promises
sible of fulfillment
cases are
particularly
unusual
by other
given else¬
assurances
It will be
of courage
brand
to
in effect rendered impos¬
are
where in the document.
an
exception,
in
con¬
it is realized that often what may appear
when
be
the
than
rather
rule
tlie
given, but these
are
as
definite and
recognized that
would have been
that the
understood
be
times
call
loudly for
pre¬
cisely that type of courage.
This platform
Indeed in
party.
mitments may prove
"■>■■■"
.VA
was
finally persuaded to
candidate much stronger than the
a
writers and much stronger
the convention
leaders at
com¬
advantageous in the event. Ob¬
viously, the convention
select
unbearable burden to
respects, its lack of
some
platform
than the average of the
upon
whom the task of
platform writing of necessity fell under the system
in effect.
Mr.
monotonous
Wilkie, although
we
have not always
•-
•
found
ourselves
in
ideas, is plainly a
complete
currency
cessful
who
a
agreement
with
advantage of long and
experience with large affairs.
raised the aggregate to
$19,871,000,000.
in circulation mOved up
$39,000,000 to $7,780,000,-
He is
On the whole, he
his
suc¬
a man
seems
deposits with the Federal Reserve Banks also modi¬
fied the
cards and
what
the
spades in debate and making them appear
they really are—full of sound and fury signify¬
a
fresh record at
however, only
dation is
can
platform writers in their timidity and in
ceeds.
largely make his
This the
1
}['
v. •'••••.
V '•
will
there is every reason to
with
more
band of
down
platform
on
as
we
If he does
time
the
modest demand for credit
being,
accommo¬
effective, in the business sphere, while de¬
New York
their
to
figure that holds
a
For
completely absent.
City reporting member banks, according
joint
condition
industrial
commercial,
found
statement,
and
agricultural
their
loans
up
$16,000,000 in the statement week, which raised the
total to $1,688,000,000.
their loans
The
brokers and
to
banks reported
same
dealers
security col¬
on
lateral off $18,000,000 at $276,000,000,
lowest
figure
on
record since statistics
which is the
compiled
were
in their present manner.
The condition statement of the 12 Federal Reserve
Banks, combined, shows that
were
open
market operations
suspended during the statement week, the total
United States
of
Treasury securities
re¬
in
Washington
ficates
with
holdings
so
hope he will,
12
such
of
regional
instruments
Other cash of the
12 banks
total
up
reserves
were
Federal
000.
banks,
to
gold certi¬
raising
advanced
slightly, and
$124,429,000 to $18,043,118,-
Reserve
notes
in
actual
circulation
increased $40,534,000 to $5,144,450,000.
posits
with
the
$54,245,000 to
variations
reserve
regional
institutions
$15,163,005,000,
consisting
their
$17,653,476,000.
of
a
with
gain
in
balances by $10,586,000 to
Total de¬
moved
the
up
account
member
bank
$13,722,819,000;
increase of the Treasury general account balance
by $2,398,000 to $300,610,000;
bank deposits
increase
from
up
other
of
$480,897,000.
88.7%.
a
decline of foreign
by $1,149,000 to $658,679,000, and
The
deposits
reserve
by
$42,410,000
Discounts by the regional banks
$69,000 at $2,261,000.
ceded $36,000 to
to
ratio improved to 88.8%
were
Industrial advances
re¬
$8,975,000, while commitments to
make such advances increased $175,000 to
$8,762,000.
Foreign Trade in May
DESPITE during May both the exports and im¬
Europe the further extension of hostilities in
ports of the United States managed to maintain the
acceptably,
we
deposited $117,001,000
the
paper.
as
venture the
shall next autumn find ourselves
ground for hope of sending the present
mismanagers in Washington home to their
a
legal
he pro¬
thoughtful elements in the public
expect him to do.
prediction that
own
$6,800,000,000,
But
over
$30,000,000, to
up
mand for speculative purposes is
«uT
He
banks
member
potentialities.
frightening
Mr. Wilkie will find himself but little limited by
their division of counsel have
put
the
of
requirements nevertheless moved
demagogue
ing little if anything.
what the
of member bank balances.
advance
reserves
excess
to be
realist, and, of vital political importance, he has
proved himself capable of giving
Currency
000, which tended to restrain the growth of member
bank reserves.
An increase of non-member bank
an
gets things done.
in circulation. The increase of our monetary
gold stocks in the week was $102,000,000, which
of frank and forceful speech.
He has the inestimable
ever
and also in the total of
important indices,
these
an
man
to
weekly period ended June 26 reflect highs in
the
.
•
to mount
resources
The official banking statistics for
record levels.
new
our
and idle credit
maining unchanged at $2,473,308,000. The Treasury
of obvious compromise and timidity
need not, however, prove an
the
NOthe
INTERRUPTION is to be noted this week in
tendency of
monetary gold
stocks
holdings
A Strong Candidate
inaugurated.
was
Federal Reserve Bank Statement
re¬
quired for a greatly better platform, but it must also
June 29, 1940
same
level
as
in
April.
The month
drawal of the Allies from
navia in the hands of the
saw
the with¬
Norway, leaving Scandi¬
Germans, and it also
saw
the invasion and conquest of the Low Countries and
the
envelopment of
battlefield.
a
large portion of France in the
Nevertheless exports
totaled $325,306,-
■■
Volume
The Commercial & Financial Chronicle
150
€00, slightly greater than the
and
$324,018,600
imports amounted to $211,382,000,
a
of April
trifle
un-
der the
April aggregate of $212,238,000.
moved
according to the seasonal trend of recent
but exports have increased slightly more, on
years,
the average,
The
in previous
years.
export balance of $113,924,000 was also on
the substantial
with
Both items
scale of recent
months, comparing
$111,780,000 in AprilI; the May balance brought
the five months
of exports up
excess
to $634,966,000
than prevailed at the close on Friday of last week,
The satisfaction of the country as a whole, and the
financial community in particular, over the Republican nomination of a business man and skilled executive was unmistakable.
Trading on the New
York Stock Exchange hovered around the 500,000share level in the first four sessions of this week,
dipping below that figure
on
ihg slightly above it
the other two.
in
comparison with $264,261,000 in the same period
lire,
1939.
Also significant
gold movement to this country was
markedly higher than in April, continuing far in
of the amount
excess
reasonably attributable to set-
tlement of trade balances.
of
gold
with
Last month
$249,885,000 in April and $429,440,000 in May
.1939.
For the first time in
of the metal
were
in any
over
two years
exports
significant volume, totaling
Stock
The market
was
made available,
struggle
and
slightly from April's, there
was a
sizable shift from
agricultural products to non-agricultural items between
farm
the
two
products
Most of the reduction
months.
was
due to smaller
raw
in
cotton ship-
Great Britain
girded for a
Rumors
invasion.
that
Great
Britain might entertain peace proposals were curand provoked some liquidation of so-called
"war babies."
While the merchandise export total differed only
up
subdued and at times quite weak,
and
against
rent,
went to Bolivia.
$40,000,
at
■£,
the reports of the armistice terms in France were
000 in
Nearly all of last month's total
yesterday
$3,000 from the last previous sale.
as
But the
the 1,000,000-share fig-
the sale of a seat on the New
was
Exchange
$3,563,000 compared with $33,000 in April and $36,May 1939.
over
two occasions, and ris-
with the rally ranging from one to three points,
York
$438,695,000
to the United States in comparison
came
on
dealings yesterday shot
of
The
4017
even
Airplane stocks were especially soft,
the rally yesterday
failed to lift them over
the levels current a week earlier.
Steel stocks were
jolted out of their lethargy yesterday, and more than
regained previous losses of the week.
Electric util-
ity stocks boomed after the overnight nomination of
Mr. Willkie, whose association with Commonwealth
him real knowledge and
ments, which customarily fall off sharply in May;
& Southern Corp. has given
fruits and
insight into the problems of the power and light
nuts, and grains
reduced from
were
April and from
also considerably
industry.
a year ago.
Shipments of unmanufactured cotton dropped to
226,469
bales
valued
at
$13,526,000 in May from
362,761 bales worth $21,086,000 in April.
other
months
of
the
current
August 1) shipments
were
corresponding month
a year
155,182
bales
with
cotton
(since
much greater than in the
earlier, comparing with
value
a
As in all
season
of
$7,457,668
in
May, 1939.
the familiar
ones
over a year
of other recent months,
comprising chiefly the metals, ferrous and non-fer-
machinery, aircraft, coal, chemicals and
rous,
per.
Petroleum exports in May
than
a
year ago
were
but in the first five months
just about equal to that period of last
The
import increase
over
May 1939
pa-
sharply lower
were
year.
was
chiefly irf
agricultural items, the total of non-farm items imported in May being below last year's aggregate,
Chief
increases
were
in
crude
rubber,
cane
sugar,
vegetable oils and oil seeds; in the non-agricultural
group,
the non-ferrous metals, copper, nickel and
tin, showed the largest gains, and burlaps
considerably increased.
were
in
were
also
Silver imports of $4,589,000
somewhat lower than the
$5,170,000 imported
April and the $6,152,000 received in May 1939.
previous
re:
cessions and establishing advances for the week as a
whole.
Even the rapid progress toward the spend-
ing phase of the vast armaments program
and
belatedly
recently
proposed at Washington failed to
stimulate the stock market early in the
week, al-
though such a program clearly means stimulation
of business.
Non-agricultural export gains in May
ago were
Railroad and other groups likewise ad-
vanced readily yesterday, overcoming
The event that the market awaited was
the outcome of the
balloting at Philadelphia, and
the market reaction yesterday
suggests the conclu-
sions.
extremely dull durweek, but here also a
distinct
upswing developed yesterday.
United
States Treasury securities were dull, owing to the
The listed bond market was
ing the early sessions of the
Best
held their ground, with
new financing resumed through the successful flotation, Tuesday, of $38,000,000 Jersey Central
Power & Light Co. first mortgage bonds. Speculative
railroad bonds were dull in some sessions and firm
in others.
Foreign dollar securities fluctuated
widely, owing to the rapid changes in European
impending burst of spending for armaments.
grade corporate obligations
affairs.
German bonds were in demand, while most
others lost ground.
The commodity markets were
quiet and generally soft, in view of the European
scene.
Although Great Britain is to take over
The New York Stock Market
SOME wide arid diverseweek the New stock were concerned overthe United States, the markets
fluctuations in York French contracts in the persistent rumors of posprices developed this
on
market, owing to the many and conflicting influof the
ences
domestic
European situation and the
political affairs.
Disappointing
course
as
eign events were, they were overshadowed
week
wore on
tional
for the
of
the foras
the
by the decision of the Republican Na-
Convention to nominate Wendell L. Willkie
highest office in the country.
that amounted almost to enthusiasm early
yesterday.
In most sections of the list previous de-
dines
were
recoyered and better levels established
States.
On the New
York Stock Exchange four stocks
levels for the year while 40 stocks
touched new low levels. On the New York Curb Exchange 41 stocks touched new high levels and three
stocks touched new low levels.
This produced " touched new high
recovery
a
negotiations, which finally were disForeign exchange dealings were
marked by a sensational recovery of the "free" sterling rate. Gold continued to pour into the United
sible peace
pelled yesterday.
The Commercial & Financial Chronicle
4018
Call loans
mained
On
the New York Stock
on
Exchange
re-
unchanged at 1%.
Saturday
shares;
Exchange the sales
204,340 shares;
were
634,900 shares;
on
Monday, 471,990
on
Tuesday, 695,870 shares;
on
on
Wednesday,
Thursday, 441,020 shares, and
on
Exchange the sales
45,700 shares;
on
Monday, 129,720
Tuesday, 143,225 shares; on Wednesday,
shares; on
124,570 shares;
on
Thursday, 93,132 shares, and
on
On
its
time
French-German
pending
Activity in the first hour
prices held to
te session
with
steady
a
of
the
At the close the general list
ruled firm and moderately higher.
The great accomplishment and handiwork of the
the country,
early Friday morning,
a
presidential
candidate of rare quality and vision in the person
of Wendell L. Willkie found hearty response both
situation,
utilities
stocks
on
that day.
furnishing
one
the
to four points,
leadership.
enjoyed the widest gains.
Steel
Following this
spontaneous enthusiasm the market calmed down
Toward the close of
and marked time until the final
utility shares assumed the leadership, and
hour, when liquida¬
tion cut into prices and they closed
somewhat, firmness fob
up
opening prices advanced from
with
largely restricted, but
was
course.
activity stepped
lowed and
content
was
clarification
a
of the European
angle
tional improvement.
Trading volume soared above 1,000,000 shares, and
Saturday of last week the market
bide
from frac-
up
by the people and the financial markets
on
Friday, 286,450 shares.
to
stocks moved
Republican convention at Philadelphia in giving to
On the New York Curb
were
business, aviation
tions to 2% points, while steel issues showed frac-
on
Friday, 1,173,100 shares.
Saturday
441,020 shares, but notwithstanding this falling off
in
Stock
the New York
June 29, 1940
near
their low-
est levels of the day.
Aside from the utility shares,
final prices yesterday show mixed changes when
brought with it better prices at the close,
Notwithstanding the revelation of the French-Ger- 1 compared with closing levels
armistice terms and other
man
the
ments
bent
week-end
on Friday a week ago.
General Electric closed yesterday at 32 against
31% on Friday of last week; Consolidated Edison
European develop-
disclosed, the market seemed
moving forward, and moderately higher
characterized closing prices.
Utility shares
on
levels
reflected
doubt
further
strength,
prompted
largely
Co. of N. Y. at 28% against 26%; Columbia Gas &
Electric at 6% against 5%; Public Service of N. J.
at 36% against 34%; International Harvester at
no
by the increased support in behalf of Mr.
Willkie's
42%
convention in
Philadelphia.
most under the
against 71%;
Equities that benefited
leadership of the Commonwealth &
American Tel. & Tel. at 160 against 156%.
Southern
Corp., which Mr. Willkie formerly headed,
low-priced shares of utility holding organiza-
were
tions.
Aside from the
stocks,
the morning
steady opening.
period
ruled
mixed
afternoon until the latter part of the
when
a
shares.
interest
greater
as
on Friday of last week; Allied Chemical & Dye
at 149% against 151; E. I. du Pont de Nemours at
after
was
158 against 162; National Cash Register
evinced
in
utility
trading volume increased.
Mfg. at 92 against 92%; Canada Dry at 14%
against 14% bid; Schenley Distillers at 8% against
8% bid, and National Distillers at 19% against 20.
much of the previous week's gains. Losses
especially sharp in steel, aircraft, chemical,
gave up
the
on
equipment issues.
day ranged from
one
Recessions
to four points.
In the rubber group, Goodyear Tire & Rubber
A weigh-
closed yesterday at 14% against 15% on Friday of
last week; B. F. Goodrich at 12% against 12%, and
United States Rubber at 19% against 20%.
ing of the various factors that will play their part
in the future
political and economic well-being of
the
country inclined brokers toward the belief that
upon
the successful prosecution of
fense program rests the
people.
The
market
hopes and desires of all
declines
initial hour.
obscuring
business, hence traders had
upon
their
Later
dealings uncovered
to
peka & Santa Fe at 15% against 15%; New York
Central at 11% against 11%; Union Pacific at 77%
against 79%; Southern Pacific at 8% against 8%;
European and domestic situa-
tion continued dominant in
of
a
extending to four points, all in the
Both the
move
a
of necessity to depend
on
on
abroad
mute
Frac-
times the
question,
and
more
the
than
Share volume
map
course
of Europe.
news
from
In these
of the market
psychological
ever
tend to
receded from
In the motor group, General Motors closed yester-
atten-
revealing further important revisions in
world events
tiny.
some
Thursday despite the unfavorable
already much altered
certain
trading claimed
52% on Friday of last week; Crucible Steel at 29%
against 30; Bethlehem Steel at 76 against 75%, and
Youngstown Sheet & Tube at 31% against 31%. *
in
recovery
prices, moderate losses marking the close.
tion
Steel stocks reflect fractional changes this week,
United States Steel closed yesterday at 52%
against
events.
slow but steady tendency
forward, which brought
tional advances in dull
Southern Railway at 11% against 11, and Northern
Pacific at 6% against 5%.
true picture
a
ability to forecast future
own
mostly improved the current
volume, along with fur-
small contraction in share
ther
were
Pennsylvania RR. closed yesterday at 19%
against 18% on Friday of last week; Atchison To-
our
Wednesday witnessed
on
Railroad shares
week.
national de-
our
Dairy Products
41%; Eastman Kodak at 122% against 125; Stand
ard Brands at 6 against 5%; Westinghouse Elec. &
uncertainty with regard to the future adversely
stocks, and shares in the industrial group
were
National
at 24% against 25; Continental Can at 40 against
This
affected
motor and electrical
at
11%;
13%
against 13%; National Biscuit at 18% against 18%;
Texas Gulf Sulphur at 31 against 30%; Loft, Inc.,
steady de-
a
at 11%
against
a#
the
closing hour,
Tuesday's session experienced
cline in values
Western Union closed yesterday at 17% against
17
improved inquiry in utility
Little change was noted in
against 45;
Sears, Roebuck & Co. at 72%
Montgomery Ward & Co. at 38%
against 39%; Wool worth at 31% against 32%, and
presidential candidacy at the Republican
the
Chrysler at
a
of
shape its des-
634,900 shares to
62%
against
on
Friday of last week;
63%;
Packard
at
3%
against 3, and Hupp Motors at % bid against %.
un-
remains
effects
day at 43% against 43%
•
Among the oil stocks, Standard Oil of N. J. closed
yesterday at 32% against 33%
on
Friday of last
week; Shell Union Oil at 8% against 8%, and Atlantic Refining at 21% against 20%.
'
Volume
The Commercial & Financial Chronicle
ISO
Among tlie copper stocks, Anaconda Copper
closed
yesterday at 19% against 21 on Friday of last week;
Smelting & Refining at 37% against 37,
American
and
.
last week;
Boeing Airplane at 13% against 14%, and Douglas
Aircraft at
69% against 71.
Trade and industrial
■
reports for the week suggest
Steel
reported
by American Iron and Steel Institute at 86.5% of
capacity against 87.7% last week, 76.9% a month
ago, and 54.3% at this time last year.
Production
good maintenance of the business index.
operations for the week ending today were
for the week to June 22 was re-
of electric power
2,508,825,000
preceding
week, and 2,285,083,000 kwh. in the corresponding
week of last year.
Car loadings of revenue freight
ported by Edison Electric Institute at
kwh., against 2,516,208,000 kwh. in the
for the week ended June 22 were
reported by the
Association of American Railroads at
increase of
an
and
89,562
15,651
cars over
728,096
cars,
the previous week,
the similar week of 1939.
cars over
indicating the course of the commodity mar-
As
kets, the July option for wheat in Chicago closed
yesterday at 75%c. against 78%c. the close on Fri-
July corn closed yesterday at
day of last week.
61%c. against 62%c. the close on Friday of last
July oats at Chicago closed yesterday at
week.
30%c. against 31%c. the close on Friday of last week,
The
spot price for cotton here in New
York closed
yesterday at 11.05c. against 11.13c. the close on Fri-
The spot price for rubber closed
day of last week.
yesterday at 21.25c. against 23.06c. the close on Fri-
Domestic copper closed yesterday
day of last week.
ll%c., the close on Friday of last week.
at
don the
close
on
against 22 7/16 pence per ounce the
Friday of last week, and spot silver in New
York closed
In
yesterday at 34%c., the close on Friday
week."
of last
fers
In Lon-
price of bar silver closed yesterday at 21%
pence per ounce
the matter of
on
$3.59%
foreign exchanges, cable trans-
London closed
en
American Policy
Curtiss-Wright closed yes-
terday at 7 against 7% on Friday of
a
lor England modified any market enthusiasm in the
German center that may have been occasioned by the
defeat of France,
Phelps Dodge at 27 against 28%.
In the aviation group,
4019
U"EW changes, if
occurred this week in the of-
generally assumed to be the Panama Canal. Some
"nits of the Navy continued to move in Latin American waters, but the flurry of concern regarding the
fate of the 20 republics south of the Rio Grande was
somewhat abated,
yesterday at $3.89% against
Friday of last week.
any,
* ficial policy being pursued by the Administralion in Washington with respect to the momentous
happenings in Europe. Immense defense approprialions were concluded, with the aggressive tendencies
of various totalitarian States obviously in mind. A
two-ocean navy was the aim of one important section
of the legislation, but it is quite obvious that such a
"«vy must take years to construct. Some question
was raised over the last week-end regarding the propriety of President Roosevelt's proposed transfer of
20 motor torpedo boats to Britain, through the
transparent subterfuge of releasing them to the
builders for sale to the London Government. Attoruey General Robert H. Jackson found on Monday
that the proposal would violate a statute passed in
1917, and nothing was heard abont the project thereafter. Efforts were redoubled to stimulate the return to the United States of nationals stranded in
Europe. Two vessels, the Washington and Manhattan, were detailed to bring Americans back from
Galway, Ireland. Our Ambassador in London, Joseph P. Kennedy, urged on Thursday that Americans leave Britain without delay. On the same day
the Treasury Department in Washington was authorized to take any steps that might be necessary
for the protection of either foreign or domestic ships
in United States waters, this move being interpreted
as a possible measure toward the control of French
ships in American ports. The American fleet, which"
was in Hawaiian waters until Tuesday, left on that
Oay for an unannounced destination, which was
New ^ar
™
phase
/^OLLAPSE of the French defense and a
European Stock Markets
the fighting on the
,
1X
halt
.
in
Continent ushered in a new
HARDLY any businessstock markets which week phase of the The French application forbegan last
was reported this still September. great European war which armistice
European
those
on
functioning.
are
London and Berlin are the princi-
pal centers in which transactions are
markets
both
dull.
were
The
possible, and
British
Treasury
opened books, Tuesday, on a new and unlimited war
loan, which overshadowed the
par,
The
Stock Exchange.
the London
gilt-edged section on
new
issue is at
with interest at 2y2%, due July 1, 1947 and
callable July
1,1945.
These terms contrast with the
£300,990,000 3% issue due in 19 years which marked
step in war financing by the
tb.e first
ernment. Both
marked
steadily lower
on
the London market during
first half of this week,
the
French
armistice
a
terms
with the news of the
adding to the downward
The tone improved on Thursday, however,
rally developed. There were no indica-
pressure.
and
sizable
tions that
a
Bourse
soon
will be established again in
France, although this problem
consideration.
on
British Gov-
gilt-edged and industrial stocks were
doubtless is receiving
On the Berlin Boerse a weak session
Monday was followed by a slow and steady ad-
vance
of
quotations.
The prospect of a grim battle
terms resulted in arrangements, after successive consulfations with the German and Italian Governments, whereby France was enabled to lay down all
arms
early last Tuesday. The armistice terms, pub-
lished late the same day, call for the occupation by
German forces of virtually the entire portion of
France conquered in the six weeks of Blitzkrieg, and
also of a coastal strip on the Atlantic from which
the war against Britain is to be continued and intensified by the victorious Nazi forces.
Italian
troops are to occupy a small Alpine strip of France,
and a more sizable coastal region on the Mediterranean is to be demilitarized. The French fleet, according to the stipulations, is to be turned over to
the Germans for internment in French ports on a
promise that it will not be employed in the GermanItalian war against Britain. These armistice terms,
however, can
text of
be set aside by the Reich on any pre-
French non-compliance, and a realistic view
the conclusion that the wrar against
Empire will be carried on with all means
makes necessary
the British
The Commercial & Financial Chronicle
4020
at the
disposal of the Iioine-Berlin axis.
ish view
The Brit-
precisely in accordance with the
was
re-
quirements of realism and preparations in London
for
were
battle which will decide the fate of the
a
Empire and the hegemony of Europe.
The outcome of the war on the European Contihas, indeed, already decided one major phase of
nent
the
Together with
operations in favor of the Keich.
Allies, the Berlin regime headed by
its totalitarian
Hitler
Adolf
Chancellor
rules
now
or
dominates
country in Europe save the island kingdom of
every
The German Nazis exercise strict
Britain.
control
entire
the
over
northern
Atlantic
military
from
coast
the
tip of Norway to the Franco-Spanish fron-
June 29, 1940
Armistice in|France
.
FLIGHTING in France ceased at 12 :35
x
day,
man
this great and ancient country,
conquerors over
and
by their Italian comrades in arms.
f(jr
0f
a. m., Tuesarmistice terms laid down by the Ger-
on
armistice, which amounted to
ail
A request
confession
a
defeat, had been sent to the invading Germans
than
more
week earlier by the new French Pre-
a
mier, Marshal Henri Philippe Petain.
While the
negotiations progressed the mechanized armies of
Keich
fjie
broken
made
were
vast areas
over
difficult and hopeless.
more
ever
speedily
swept
of the
country, making further defense operations
Futile attempts
by the British Government to hold its
tier, and in view of the Axis leanings of General
ally in line, at least to the extent of preventing the
Francisco
sulTender of the French fleet to the German Nazis,
Franco, the 'Spanish coast also
their
available for
the great
liean
if the armistice terms
no
longer is to function,
fully observed, and the
are
Unless
problems of Britain are multiplied.
lution
occurs
Mussolini is
be
In the Mediterra-
operations.
French fleet
may
a revo-
within the Keich and Premier Benito
unseated, the grave likelihood must be
faced of continued totalitarian control of the Euro-
Continent,
pean
British defense
might make.
even
or
a
in the event of
separate peace which London
capital is that victory eventually will
will
successful
The view entertained in the British
forces of the
then
a
come
to the
Empire, and that totalitarian domain
The result of this
cease.
war
of endless
j$nt the French defeat was
jaid down
by republican
mitted
near
which
housed
and this
French
be
placed out of the reckoning and
a
can
stalemate in
six
in
group
was
Agreement
Italian
sub-
1918,
after
hours
accomplished
on
were
They stipulated that
French
the
Berlin,
Monday, by the
on
delegates who conferred
same
Compiegne.
near
the armistice between French and
representatives
achieved at Rome, Mon-
was
day, and six hours thereafter the "cease fire" order
the
longer
armistice
the
fighting would end
views, but
no
terms,
reached terms also with the Rome partner of
sounded
complete German victory
The German
France.
Compiegne in the historic railway car
accepted late last Saturday.
surprises possibly will accord with British official'
a
complete, and the terms
by the conquerors were accepted stoically
war
on
the Western Front.
A
major phase of
in Europe thus was terminated,
Events of the last two weeks have made it abun-
the
Anglo-Reich conflict would leave the totalitari-
dantly clear that the French collapse
ans
in
evitable after the German forces crashed through the
The
possession
or
control of the entire Continent,
collapse of France already has brought this
situation into stark
military reality, and the
conse-
in the political and economic spheres are
quences
Not
least
a
the totalitarian
the
these
be
to the fall of France
headed by General Petain
bandwagon.
on
the armistice terms
Rumania, which bet
ship of Germany, but the action
was
much too late,
revision of the Balkan frontiers
a
The fall of, Holland
May 28
on
on
must
consequences
"wrong horse," decided to cultivate the friend-
and
May 14, only four
gium and Luxemburg.
by the smaller neutrals to climb
among
rush
on
days after the Blitzkrieg invasion of Holland, Bel14, and of Belgium
only beginning to unfold.
counted
Little Maginot line at Sedan
all but in-
was
already has
begun, with Rumania the sacrificial lamb. Turkey
decided, despite an alliance with Great Britain and
forces
man
on
were
continued
June
on
May
but the prelude
was
17, when the regime
peace.
While
pleaded for
under discussion, the Geroutflank
to
the
vast
and
expensive Magiont fortifications of France, and to
delve
ever
deeper into the lines formed by the de-
fenders south of the Seine River.
French troops
were
Great
masses
of
trapped in the Maginot line,
France, that military aid to the Allies would be
and eventually
awkward, to
these forces made their way into Swiss territory,
fill its
the least, and Ankara will not ful-
say
obligations.
Germany, Italy and Russia, it
appears, will decide the fate of the
Balkans, and all
they had to surrender.
only to be disarmed and interned.
indications suggest that Berlin and Moscow
already
tions and destroyed
lishments.
which
were
War.
set up
after the end of the first World
The revision of the
political map of Europe
only in its first stages, while even greater changes
may develop in the economic sphere.
Reports from
is
Berlin
suggest that the Nazis look forward confi-
dently to complete economic domination of the European
Continent, regardless of the
struggle with Great Britain.
prowess
can
be
outcome
In view of the
of the Reich troops, such claims
regarded
of the
military
no
longer
idle.
It is to be noted, finally,
changes in Europe continue to
East, where the totalitarian Japaas
that the profound
echo in the Far
nese
moved toward French
Indo-China, and toward
German aerial
fighters and bombers harassed French communica-
have agreed on the fate of the small Baltic
States
Some of
The
Saturday that
no
French
industrial establish-
Command
German
claimed
last
less than 500,000 French troops
had surrendered that day in the Maginot area, and
only feeble resistance
was
encountered by the in-
vaders thereafter along the Franco-German border.
A few French forts held out
heroically, only to fall
at last to the mechanized German forces.
South of
the Seine the Germans hurried forward, with French
resistance
gees
ever more
feeble.
Huge
from Paris and the northern
masses
areas
hampered the movement of French troops.
British soldiers who
were
of refu-
of France
The few
sent to France after the
debacle in Flanders and Artois
were
withdrawn,
greater influences in the entire Far Eastern region,
Italian troops and airplanes made the situation precarious along the shores of the Mediterranean. The
It may well be that the
map of the
will not be remade by the
the German capitulation demands
Americas, alone,
stirring events in Europe,
French military position clearly
was
untenable, and
were
signed by
Volume
the Germans set before the
delegation
made known
were
It
piecemeal.
last week that the Reich would
anties of
a
nature to make
Reich attack
withheld
possible
Great Britain,
pending
an
was
indicated late
require French guar¬
an
intensified
but full details were
agreement between France and
The Nazi terms were accepted by France late
Italy.
last
on
promptly
Saturday, and the French negotiators
flown to Rome in
were
French
by General Charles Huntziger
headed
a
German airplane, there¬
The German armistice terms were
after.
tinge lit
made con
French settlement with Rome, with
upon a
hostilities to halt six hours after armistice arrange¬
ments
schedule
This
strictly, but in the meanwhile
completed in the Italian capital.
were
observed
was
the Germans
French fleet is to be collected in
and Italian
man
?"V''.''' >U-: 'r'X:
Saturday.
Terms which
occupied Brest and St. Nazaire, taking
only units
up,
colonial
with other
Some dis¬
ships under construction at those ports.
yards were gutted by fire before the ports were sur:
rendered, while others insist that the ships were
captured by the Nazis unharmed.
This problem ap¬
peared important at the time, but in view of the
ultimate terms of French surrender it may prove
be of
Huntziger conferred
with the Italian
over
headed by General Charles
the last week-end in Rome
Foreign Minister, Count Galeazzo
Premier Benito Mussolini, it
Ciano, and his aides.
did not deign to put in an appearance at
appears,
The need for French haste was evi¬
meeting.
dent, and as Monday wore to its end the
French
delegation agreed to terms which clearly were influ¬
enced
Six hours after
by the German Government.
Count Ciano advised his Berlin confreres that terms
arranged, the bugle for termination of the
had been
fighting
was
sounded for Berlin, and the German
French officials, in the mean¬
advance was halted.
time, found themselves engaged in a rather unfor¬
dispute with British authorities regarding
tunate
the terms
of the Allied agreement,
respect to the French fleet.
especially with
London gave out on
Monday its conception of the terms of the FrancoAxis
efforts
British capital to support an exile
arrangements
made in the
were
French
for
Under-Secretary of War, who took
refuge in England.
disguise
French
lowed
armistice, and
regime headed by General Charles de Gaulle,
former French
not
an
The British Government did
bitter
its
disappointment over
the
capitulation, and the controversy which fol¬
was
not
especially edifying.
The central fact
remained evident that France had no alternative to
strip of territory gained by them in the course
of their two weeks of
tion
of
a
coast.
ranean
mild
As revealed
on
Tuesday, in Berlin and Rome, these
terms called for a cessation
of the
war on
the Conti¬
nent, and in French possessions, colonies and man¬
dated
oners,
territories, France to release all German pris¬
while the Reich withheld the release of French
German forces were granted,
duress, the right to occupy French territory
Geneva to a point near Tours, and thence to
prisoners
under
from
a
of
war.
warfare, and the demilitariza¬
important area along the Mediter¬
more
regarded
The Italian terms were
as
relatively unimportant, however decisive
and
the ultimate peace
arrangements might be.
In ac¬
stipulations, the weary French
cordance with these
forces laid down their
arms
just
Tuesday began.
as
Anglo-French Controversy
CAPITULATION by France to thethis week, by a
followed, vastly superior
German
forces
was
good deal of bickering between British and French
officials, partly with respect to responsibility for
partly because of uncertainty
the French defeat and
regarding the disposition of the important
While still at Bordeaux, last
fleet.
armistice
scribed to the French
much
terms, which it de¬
people as "hard but honor¬
In London the loss of the French
able."
French
Saturday, the
regime headed by Marshal Petain accepted
German-Italian
the
ally caused
apprehension and not a little bitterness, which
unfortunately was directed in part at the valiant
French.
The Government-controlled British Broad¬
casting Co. made it evident, through its broadcasts,
themselves betrayed
that the London authorities felt
Much prominence
UnderSecretary of War, General Charles de Gaulle, to
organize from his London retreat a rump regime to
carry on the war in behalf of France.
The problem
by the Petain regime in France;
also
was
given an effort by a former French
forces in
French
of
Africa
the Near East
encing the commanders to
instructions
from
view to influ¬
disregard capitulation
Petain
the
French fleet was asked in
Government.
The
this semi-official manner
join the' British and carry on.
to
and Northern
debated endlessly, with a
was
•
political result of all this was a tiff between
Premier Petain and Prime Minister Churchill.
Mar¬
The
shal Petain accused the
of endeavoring to
British leader, last Sunday,
divide the French people "at a
time when their country
is suffering."
ill, the French spokesman
his
own
Mr. Ohucli-
remarked, is the judge of
country's interests, but not of French inter¬
"Still
ests.
less," he added, "is he the judge of
French honor."
acceptance of the Berlin Rome terms.
and radio services halted
occupation by Premier Mussolini's forces of the
small
French
relatively minor significance.
The French delegation
the
to
carried to the
The Italian truce terms called for
Wednesday.
the
was
communications were forbidden
even
ulations the French press
on
Control of
excepted.
be
to
countries, and in observance of these stip¬
coming into possession of a number of French battle¬
patches asserted that the French ships in the dock¬
for the defense of French
necessary
France under the armistice terms
point where
ports under Ger¬
control, to be demobilized and laid
possessions
important French naval bases and allegedly
over
4021
& Financial Chronicle
plenipotentiaries in the Forest of Compiegne
French
last
The Commercial
ISO
France never wavered, nor spared
blood, when the fight was in progress,
her
M. Petain
will "remain
grief of the French people was marked,
remarked, and he added that France
The
intact."
last
Tuesday, by national mourning.
addressed the British House
and then admitted
to
Mr. Churchill
of Commons, Tuesday,
that French fighting ships were
fall into the hands of
the German and Italian
of France, under the terms of the armis¬
referred briefly to the efforts of his own
conquerors
He
point near the Franco-Spanish frontier, some dis¬
the Atlantic.
All French equipment is
tice.
under these terms, and no French¬
that
appeals from France for a release of the obliga¬
tion
to
tance from
to be handed over
men
the
are
to bear arms
struggle.
against the Reich
or
continue
Under Aricle 8 of the terms, the
Government to hold France in
were
line, and indicated
fight on without making a separate peace
not
granted.
But the French collapse and
The Commercial & Financial Chronicle
4022
change of Government interfered with the negotia-
Marshal Petain, on the
tions, it appeared.
same
June 29, 1940
British bombing airplanes raided Northern
Reich.
Italian industrial centers on various occasions, and
aerial fighting occurred over Alexandria, in
^
^
day, addressed the French people by radio and em-
some
phasized that France will continue to be free and to
Egypt
be
governed by Frenchmen.
raided, while land forces moved toward Eritrea and
it
was
her
own
In some French circles
Great Britain
claimed that
fulfilled
never
promises to send an adequate defense force
Saddest of all were suggestions from
Italian bases in E ast Africa also
were
The Italians bombed Malta, and other
Ethiopia.
British control
points in the Mediterranean.
To
London that Great Britain hereafter will have to
degree the course of the war may hinge upon
decisions of the French fleet and forces in the Near
treat France as enemy
East, but this problem remains not entirely clear.
to France.
former
territory, and blockade her
some
In the
ally.
Britain
meanwhile, threats by the
Fights Alone
directed
BESET by able German-Italian combination French
longer the to rely upon the aid of her and no
ally, Great Britain fought grimly on for the
vation of
preser¬
democracy in its last important European
War reports from France ceased alto¬
stronghold.
gether,
as
Berlin
conquerors.
that country
subjected to the Rome-
was
There is still
question,
some
however, regarding the French forces in Syria and
Northern
Africa,
and
especially
with
respect
important units of the great French
some
to
fleet.
call for
halt in all French
a
upon
France
opposition, and
surren¬
der and internment of the navy,
mains that Great Britain
from
French
the possibility
receive
assault is
of
The
seen.
France has collapsed
of
the
the hour
for
be
to
An¬
on
German-Italian
a
approaching, but he expressed
meet the attack.
supreme
ability of the British air force to
There
were rumors
in London, late
this week, of an appeasement attempt by elements
which sacrificed Austria and Czechoslovakia to this
lost cause,
but they
evoked
The
from the Churchill
Cabinet.
reports were sharply denied yesterday by
Chamberlain
Mr.
not taken seriously.
were
demand, howeved, that Mr. Cham¬
a
dismissed
be
berlain
All such
the
German
himself,
who
said
Great
that
just beginning the struggle and that th%
Cabinet is united in its determination to wage
it to
successful conclusion.
Balkan Borders
on¬
•HANGES of various sorts
sev¬
Empire to meet alone the
phase of the conflict, which clearly will be
this week in
next
joint
a
Balkans,
in the West.
For the first time in
mania
was
centuries, Great Britain faces
With char¬
of the shifting balance of
as a consequence
power
prospect of actual invasion.
began to take place
Europe's ancient trouble spot, the
German-Italian effort to conquer the British Isles.
the terrible
Blitzkrieg,
important fact is
under the
slaught, leaving the United Kingdom and the
units
that
confidence in the
Britain is
Whether such aid could be
from
score emanate
against England, and the usual accounts
Wednesday
a
decisive remains to be
eral
re¬
another
available of vague new methods of attack.
are
little aid
a
forces not within the control
Germans and Italians.
that
will
of
thony Eden, the British War Secretary, stated
rumors
Although the armistice terms imposed
Rome
and
Berlin
Revision of the frontier of Ru¬
undertaken
by the Soviet Russian Gov¬
ernment, with Bucharest bowing to the demands
acteristic fortitude the British people
prepared for
made
the
imperial Russian province of Bessarabia, but also
struggle.
It is not
yet certain, however, whether the fight
actually to be carried to British terrain, in the
is
of
sense
a
land invasion.
out that
Great
blockade
Military strategists point
tactics
ceeded
The
Britain remains vulnerable
wiiicli the Germans
nearly suc¬
enforcing during the last World War.
in
Germans
now
count
can
marines for the destruction of
their
upon
France
the
to
aerial
not
ocean
strength.
capitulated,
only
traffic, but also
airplanes
:
Xy
military targets.
upon
German industrial and
That this sort of warfare will
con¬
.
tinue and will be
augmented is sufficiently obvious.
With the Germans in command of the
entire Atlan¬
tic coast of
,XX
ried
on
by the Reich to
than in the
tern,
on
peared
France, submarine activity
war
be
can
The British convoy sys-
the other hand, is greatly improved.
on
Wednesday that the British
to let the Germans have
car¬
much greater effectiveness
of 1914-18.
It
ap-
do not intend
things all their
own
way-
London took the initiative and
raided various points
of
military importance through naval action, presumably on the French coast opposite England.
There
were
reports yesterday of a great
massing of small vessels for what
German
may prove to
an
actual invasion of
The
battle, of
and the possessions of that
be
England.
course, was
carried also
has
would
tacit
been
move
"rights" at the Black Sea
accepted for
to
of
consent
well
bring
some
time that Russia
regain Bessarabia, probably with the
Germany.
kovina and the Black
The
toward Bu¬
move
Sea" ports of
Rumania
may
problems, however, for the
up new
con¬
trol of the Black Sea ls involved and the Rome-Ber¬
lin axis may
began to bomb various objectives in England
Scotland, and British bombers retaliated by
dropping their missiles
It
to
swarms
and
northern Bukovina and
great
in
These include not only the former
port of Constanza and the naval base at Tulcea.
after
Immediately
German
sub¬
upon
by Moscow.
its
Allied
not find the new Russian imperialism
liking.
King Carol recently ousted
regime in Bucharest and formed
a
pro-
a
fascist
government in the effort to cultivate favor in Berlin.
This belated action is
hardly likely to
try from dismemberment.
are
reported ready to march into
which
added
were
"peace" treaties.
to
Only
the
ing, according to
some
the
coun¬
areas
latter
of Rumania
country
in
the
signal from Berlin and
a
Rome would be necessary
save
Hungary and Bulgaria
to set the legions march-
reports.
Turkey sent her
fleet into the Black Sea in order to protect the Bosporus
against
any
Russian
national bargainings and
ous moves can
attack.
pressures
The
inter-
behind the vari-
only be guessed at until the situation
clarifies.
That the Russians
Rumania
was
were
making demands
upon
evident, beginning last Monday. Great
flights of Russian airplanes were reported oyer Bess¬
arabia, and the expectation prevailed generally that
to
Italy
ally of the Nazi German
Russian
troops
assumed
to
be
would
a
march
matter
of
in.
concern
Nor
to
was
the
this
Rome-
Volume
Berlin
axis, for it
time that
same
European
indicated at Ankara at the
was
Turkey would remain aloof from the
That Russia
war.
axis Powers
a
The Commercial & Financial Chronicle
ISO
through
was
aiding the warring
peace pressure
logical conclusion,
and it
at Ankara was
that Russia
seemed
might take payment immediately in taking Bess¬
But the extent of the latest Russian coup
arabia.
of the
course
week, but
on
Thursday
reported in Bucharest that the Russian de¬
was
mands
had
been
subject to
granted,
last-minute
negotiations for giving some of them effect.
mania also
was
said to be
in the event of
ance
IN bills Friday market discountagainst for1-32%
LONDON open 1 1-32%,
rates 1 short
on
on
garia.
attack
an
Ru¬
asking for Russian assist¬
by Hungary and Bul¬
The German Minister to Bucharest, Dr. Wil-
Jielm
Fabricius, left for his
day,
presumably
this
in
moves
for
country on Thurs¬
own
consultations,
tangled situation
and
were
further
awaited
un¬
three-months' bills, as against 1
1-32@1 1-16%
on
Friday of last week.
call at London
on
Friday
of Indo-China
promptly
was
possession
challenged by the Japa¬
to all intents and purposes, and a conflict well
nese,
may
The French
arms.
develop regarding that region.
victory
over
bitions in
France stirred
Tokio, and
completely the real
an
nationalistic
shipments to
arms
possession.
Japanese forces
in southern China moved toward the
the
precautions
were
taken by the French
manders
to
any
incursion
The situation
forces.
was
lem of German-Italian
The British aim
appeasement in the Far East also played
But it appears
feared
Japanese move, and it
a
London
affairs
the
high.
Circulation is
year
over
circulation
increase
Public
consulted
as
to
on
disposition of Oriental territories.
war
between
Japan and China
con¬
the other hand, and perhaps will halt any
over-ambitious
and unless the
by the Tokio aggressors until
moves
European situation clears
decreased
1
4HERE have been
I
1
Present
rates
at
of the foreign central
the
leading
centers
are
declined
Argentina..
Belgium
Bulgaria...
Effect
Date
vious
June It,
Country
Effective
Rate
Mar.
2
Jan.
5 1940
6
Aug. 15 1935
Mar. 11 1935
C-Ov':':
Pre¬
...
Effect
Date
Effective
re¬
to liabilities
week
ago,
com¬
dropped
No
£1,171,719
change
Below
Other securities include "dis¬
is
and
advances"
and
made
was
in
which
"securities,"
£3,430,311,
2%
the
respectively.
discount
rate.
comparison of the different items for
a
several years :
BANK
OF
ENGLAND'# COMPARATIVE
June
June 28,
26,
Circulation
June
June
29,
JvXu 1,
30,
1936
1937
1938
1939
1940
STATEMENT
485,183,532 488,444,243
10,537,117 10,784,997
161,612,492 180,688,069
125,475,934 140,533,484
36,136,558 40,154,585
119,491,164 140,602,903
28,410,299 29,959,430
7,343,997
6,279,163
21,066,302 23,680,268
42,171,247 38,875,978
1,729,406 227,134,736 327,354,779 327,320,221
602,154,000 498,979,676
57,965,000 15,385,208
133,080,823 138,397,137
Bankers' accounts.
82,748,475 101,441,994
Other accounts
50,332,348 36,955,143
Govt, securities..
151,102,838 113,856,164
Other securities
28,252,496 29,714,396
Dlsc't & advances.
4,707,807
6,836,851
Securities—
23,544,669 22,877,545
Reserve notes & coin.
29,576,000 28,155,060
Public deposits
Other deposits.
_
Coin and bullion....
Proportion of
439,641,851
9,909,953
151,473,193
111,707,232
39,765,961
110,403,310
26,545,852
10,625,707
15,920,145
42,428,256
222,070,107
reserve
to liabilities
148s.
1688.
Gold val. per fine oz_
24.4%
18.3%
2%
15.4%
2%
Bank rate.
6d.
New York Money
2,.27|
23.00|
2%
11 X<i. 84s.
84s.
11 Hd. 84s.
ll^d.
Market
ONLY routine transactions developed and rates
market, this week
in
were
the
New
York
months.
age
money
merely carried along from previous weeks and
Bankers'
in
poor
bills and commercial paper re¬
supply, and dealings
Monday
a
were
corre¬
The Treasury in Washington
further issue of $100,0(>0,000 dis¬
days, with awards at
an aver¬
of 0.046%, computed on an annual bank dis¬
count
Stock
basis.
The call loan rate
on
the New York
Exchange held at 1%, while the time loan rate
was
1%% for maturities to 90 days, and
1^2% for four to six months' datings.
vious
June 28
Country
Holland
1 1936
3X
2X
Canada
Rate in
£3,459,703,
reserve
a
con¬
accounts,"
Government security
a year ago.
£2,258,592.
and
counts
again
Pre¬
of
holdings expanded £20,550,000, while other securities
shown in the table which follows:
Rate in
The latter
and
dropped to 15.4% from 22.9%
changes during the week in
the discount rates of any
banks.
gain
a
and "other
£20,978,932
count bills due in 91
no
by
dropped £13,085,-
reserve
The proportion of
pared with 18.3%
sold last
Foreign Central Banks
attended
was
a
As the
£498,979,676.
deposits increased £22,688,000, while
spondingly modest.
Discount Rates of
about 20% higher than
now
"bankers accounts"
mained
up.
less than £55,657,000
deposits fell off £17,519,229.
spectively.
ended
week
the
for
£602,154,000, another record
£17,362 in gold holdings,
Japanese spokesmen made it rather
The undeclared
circula-
brings the total expansion
totaled
when it
ago,
Wednesday, that the Occident will not be
on
tinues,
well be that
may
Japanese extension of control
eastern Asia.
plain,
part.
longer exercises great influence in such
no
as
a
that the British colony of Hongkong
Bank
the
and raises the total to
Tokio
complicated by the prob¬
England Statement
in currency since May 22 to no
com¬
views, and the possible action
of the United States Government.
of
by the
of
statement
frontier, and
extensive
prevent
am¬
apparent intention to halt
fancied
or
China via the French
new
The totalitarian
\
June 26; the latest report
which
the force of German
on
tion, amounting to £13,103,000, is shown in
sists of
NEW difficulties French decision toFar East, this
week, by the were posed in the capitulate to
Money
A FURTHER and larger increase in note
**
other
Indo-China
1%.
was
Bank of
000.
easily.
as
were
Friday of last week, and 1 1-32@1 1-16% for
by the Rumanians to interest Berlin were
made in the
it
Foreign Money Rates
^
Frantic
apparently surprised Germany and Italy.
efforts
4023
Rate
3
Aug. 29 1939
New York
2
2~X
Hungary...
4
Aug. 29 1935
India
3
Nov. 28 1935
3X
May 18 1936
Apr.
7 1936
3.65
Money Rates
4X
7
mmm
4X
Italy
3.29
5
Chile
3
Dec.
16 1936
4
Japan
Colombia
4
July
18 1933
5
Java
3
Jan.
14 1937
Lithuania..
6
July
15 1939
Jan.
1 1936
3X
Morocco
6X
May 28 1935
4
2 1937
5
Norway
DEALING in detailfrom day toloan rates on the
with call day, 1%
the
Exchange
7
3
Czechoslo¬
vakia
4
X
3X
Danzig....
4
Jan.
...
4X
Denmark..
4X
May 22 1940
5X
Poland....
4X
Dec. 17 1937
5
Eire
3
June 30 1932
3X
Portugal
4
England
2
Oct.
3
Rumania
Aug. 11 1937
May
5 1938
4X
4X
Estonia
4X
Oct.
1 1935
5
SouthAfrica
Finland
4
Dec.
3 1934
4X
Spain
•
..
3X
3X
*4
May 15 1933
4X
Mar. 29 1939
5
3
2
France
Germany
Greece
26 1939
Sept. 22 1939
..
Jan.
4 1939
2X
Sweden
3X
May 17 1940
zx
Apr.
6 1940
4
Switzerland
IX
Nov. 26 1936
2
6
Jan.
4 1937
7
Yugoslavia.
5
Feb.
6X
Not officially confirmed.
1 1935
Stock
was
ruling quotation all through the week for both new
loans and renewals.
The market for time money
continues quiet.
Rates continued nominal at 1 \i%
to 90 days and 1J^% for four to six months'
maturities.
The market for prime commercial paper
up
has shown a
little
more
activity this week.
The de-
The Commercial & Financial Chronicle
4024
mand has
improved but
off somewhat and the
is still in light supply,
paper
supply of
has been
paper
very
land, Denmark, Holland, Belgium, Italy, and France
is not
quoted in London
ha've been suspended since
foreign exchange market
Bankers' Acceptances
been very
scarce
Dealers' rates
and the demand has been light.
sterling against offerings of French bank notes from
refugees at previous rates up to £20 per person per
This arrangement is
week.
probably only temporary.
representatives of Lloyds Bank, Ltd., of
New York
reported by the Federal Reserve Bank of New
as
provide
17, the authorities are still willing to
June
THE market quiet this week. Prime bills are still
for prime bankers' acceptances has
in New York.
or
Although dealings in French francs in the London
Ruling rates are %@1% for all maturities.
light.
June 29, 1940
June 26 the receipt of cabled
from India must be
York for bills up to
London
bid and
advices to the effect that exports
and including 90 days are %%
7-16% asked; for bills running for four months
9-16% bid and %% asked; for five and six months,
The bill-buying rate of
%% bid and 9-16% asked.
%% for bills running
the New York Reserve Bank is
1 to 90
from
days.
paid for
recent advances
Government obligations are shown
on
in the footnote to the
schedule of rates
of paper
now
The following is the
table.
in effect for the various classes
DISCOUNT
RATES OF FEDERAL
prior to May 29.
Foreign exchange circles
y
Rate
1,1939
Aug. 27, 1937
Sept. 4, 1937
May 11, 1935
Aug. 27, 1937
Aug. 21, 1937
Aug. 21, 1937
Sept. 2, 1937
IX
1
Boston
Sept.
New York
1
Philadelphia
IX
Cleveland
1H
Richmond-
IX
Atlanta
*1X
*1X
Chicago
St. Louis
*1X
IX
Minneapolis
ments, transfers, and withdrawals from accounts in
San Francisco
*
Advances
-.y.y
2
Sept.
3, 1937
2
3, 1937
Beige
2
Aug. 31, 1937
2
of the
steadily diminishing.
higher quotations
a
to
seem
narrower
up
This
means
American assets
Belgian Government and the Belgian National
German
any
The volume of trading in the pound sterling
higher and within
tied
Bank.
THE foreign exchange situation is probably in its
more
acutely demoralized than at
time
rule
Beige et Internationale
Banque du Congo Beige.
that the Treasury has again
These
the whole free market rates this week
the
with its
Paris,
l'Etranger in
l'Etranger-Extreme Orient and various
pour
branches of the
Government obligations bear a rate of 1%, effective Sept. 1,1930,
in the free market here is
pour
agency,
Banque Italo-Belge, various branches of the Banque
2
Course of Sterling Exchange
to
TEtranger,
pour
Egypte, various branches and agencies of the
2
Chicago; Sept. 10, 1939, Atlanta, Kansas City and Dallas; Sept. 21, 1939, 3t. Louis.
history.
Banque Beige
Marseilles agency, the Banque
en
2
Sept.
Beige
Banque
2
Aug. 24, 1937
IX
on
Belgian banks and their branches
agencies.
Overseas, Ltd., including its New York
2
nx
City
Dallas
of several
name
IX
2
*1X
Kansas
general
a
Previous
Established
June 26
on
United States to make all pay¬
the
institutions in
These included the
Date
June 28
■
informed
has revoked
which had been issued authorizing banking
license
Rale in
Effect on
Federal Reserve Bank
'•'
were
that the United States Treasury
and
RESERVE BANKS
all exports from South Africa must be so covered
shipped after June 10 unless contracts were dated
the
at the different Reserve banks:
the basis of sterling at the official rate
made after July 2, unless the
were dated prior to June 17.
In the same
on
contracts
if
THERE have rates of the Federal Reserve banks;
rediscount been no changes this week in the
on
if such shipments are
way
Discount Rates of the Federal Reserve Banks
reported
were
On
inclined
The
range.
have originated in the
assets
were
frozen
immediately after the
invasion, but the Treasury
a
few days later
exempted the Belgian Government and the National
bank.
to
This left the
freezing order applicable only
Belgian citizens and business firms.
sury's
new
action
was
The Trea¬
Similar
order revokes the exceptions.
taken
previously in the
efforts of Latin American and Far Eastern interests
whose government
to
case
of Holland,
frozen again.
cover
are
on
maturing contracts.
the
buying side.
United States importers
Offerings continue
tionally light, with the result that
to lift the
several
The
any
On June
excep¬
bidding tends
price and closing rates each day have been
on
British
Office
British
on
Government
June 24 issued
War
a new
Monday received advices from London that for the
risk insurance
present British
Canada Atlantic coast rates
exports
to the
United States
tracted for before June 8 and not yet
acquired with free sterling.
this
paid for
con¬
may
be
It is understood that
temporary suspension of the British regulations
of
Board
banned
Trade
Europe, including Corsica.
The
Foreign Exchange Committee
the
24
frozen, released, and
were
exports of all classes of goods to French territories in
points above opening rates.
New York
funds
per
£100,
Indies,
compared
including
States
United
rates.
are
with
British
Insurance
Risk
schedule of cargo war
30s.
now
fixed at 50s.
West
previously;
Guiana,
and
Central
America Atlantic coast ports are 60s, against
does not
South
accordance with previous
60s., against 40s. previously.
with
and
Gulf
and
40s.;
increased proportionately.
apply to key British products such as tin,
rubber, jute, whisky, furs, and diamonds, which in
rulings must be purchased
sterling bought at the official rate.
The range for
this
week
bankers'
has
between
sight, compared with
$3.53 and $3.69% last week.
transfers has been between
pared with
a
a range
$3.58
a
and
range
$4.00
for
of between
The range for cable
$3.58% and $4.01
com¬
of between $3.53% and $3.70%
week ago.
follows:
80s.,
against
50s.; Canada and
Other rates have been
The Franco-German armistice and the split in
French Government has raised important
and economic
seas
and
creased
on
and
British
the
the
finances
United
has
States.
been
the
diplomatic
problems for Great Britain, its
governments,
pressure
over¬
The
greatly, in¬
only support for the pound is its
link to the United States dollar.
Official rates quoted
as
is
United States and Central America Pacific ports are
sterling in the New York free market
been
America
New
by the Bank of England are
York, 4.02%-4.03%; Canada, 4.43-
The official rate is fixed by
exchange control.
4.47; Australia, 3.2150-3.2280; New Zealand, 3.2280-
is
3.2442.
The
Exchange
on
Berlin, Czechoslovakia, Po¬
already pledged for present
tripartite
decree of the British
All British gold, wherever located,
currency
or
future
war
needs.
agreement of Great Britain,
Volume
The Commercial & Financial Chronicle
150
France, and the United States, has been in effect
converted into
has not been
bilateral agreement,
a
though the fact
officially announced.
unable to
worked out
in the tripartite agreement for each nation to balance
its accounts in gold at the end of each day's transIn
event Great Britain would be
any
out the technical details originally
carry
since before the
with the result that the Bank of
resources
England
declaration of war in
Prior to September it had exhausted its
September.
its
obliged to transfer the major part of
was
gold holdings to the fund.
How
equalization fund has been used since
the
disclosed, but it is certain that it
then has not been
has not been used in any way to
in
been able
erected for this purpose has not
was
to function
gold
Exchange Equalization Fund
The British
actions.
which
support the pound
foreign exchange market, nor has this been
the
establishment
the
since
necessary
Were
the
removed for
be
to
peg
of
"pegged"
a
the United States dollar.
rate with reference to
reason,
any
recall
and
the
figures registered during the World War
some
After the outbreak of
immediately thereafter.
in
war
maximum of about $5.56.
weeks of
August, 1914
London reached
far
as
was
possible.
as
in
Rates
downward to
a
■-
York
New
rate
occasioned primarily by
^
thereafter
moved
steadily
To counteract the
of $4.50.
York for
the
purchases of goods in the United States, the
borrowed various amounts in
Government
United
provided
Funds ^obtained
States.
means
this
in
for stabilizing exchange rates.
way
From
early in 1916 to March, 1919 exchange rates were
"pegged"
and
$4.76
at
fluctuations
in-
were
The artificial stabilization of
exchange
was accom-
plished through loan operations undertaken in the
At the present
United States.
time such loans
are
unobtainable in the United States under the terms
of the Johnson Act.
At that time
large imports of goods from the United
the
caused
had
of
more
even
of
balance
trade
to
move
Now the balance of
heavily against Great Britain.
trade is
adverse to Great Britain because
ment of
On June 21
issue of national war bonds was offered for
public subscription. No limit is set on the amount
of the bonds, which are issued at par to bear 2J^%
interest. They will be repayable at par on July 1,
1947, or if the Government gives three months
on or
sums
before July 1, 1945, and will be ayail-
of £25 and £100, and in multiples of 100.
On June 26 it was disclosed that in response to the
appeal of the Chancellor of the Exchequer for loans
to the State free of interest, more than £4,350,000 had
been subscribed, together with innumberable gifts
from all classes of donors ranging from a few shillings
to hundreds of thousands of pounds,
The general
pressure was
again reflected last week
in the decision taken by the Royal Mint that in the
interests'of economy no more pennies shall be issued
to meet normal demands.
The penny in England
normally corresponds closely to our nickel in purchasing power and use. The amount of pennies in
circulation is approximately 3,000,000,000, or about
3s. per capita. The primary object of the eliminacopper,
Another indication of financial pressure is the
sharp drop in London market averages. The "Financial Times" index of industrials, which stood at
95.6 on Sept. 8, has steadily declined until it stood
at 62.6 on June 24. The "Times" rail average fell
from 40.8 to 32.8 in the same period. Reuter's index
of London stock prices was 72.5 on June 6 for industrials and 58.9
on
June 24.
the basis of the
levels in the two countries the
£602,154,000, while the reserve ratio has declined to
exports to every part of
the world.
In the
period prices had risen further in Great Britain
than in the
years.
The Bank of England's note circulation reflects the
mounting financial strain. The Bank's statement for
the week ended June 26 shows a further increase in
circulation of £13,103,000 to a new record high of
greatly increased British imports and sharp curtail-
earlier
for 19
tion of the coinage of pennies is of course to save
considerable.
States
run
a new
able in
depreciation of sterling and to provide funds in New
British
issued at 3%, to
notice,
urgent demand for funds in London.
funds
months is up £439,200,000 compared with a year
earlier, approximately 67%. Practically all her cornmerce in Europe has been eliminated with the
widening of the invaded areas.
A marked indication of the pressure is the fact
that last week Sir Kingsley Wood, Chancellor of the
Exchequer, appealed to all who could to make
interest-free loans to the Government. It is only a
few months since the first war loan of £300,000,000
war
a
on
British
banks, financial houses, and merchants in need of
money to meet maturing liabilities called in available
the
The pressure on the British financial position is
shown by every type of business index such as the
character and prices of the new war loans, the rationing of food and other supplies, the declining export
trade, the fall in prices of British securities,
Great Britain's adverse trade balance in the nine
The rise during the early
York
New
1914
extreme low was, however, due to temporary market
factors and was lower than underlying market conditions warranted, as the average rate for the pound
for the whole year was fractionally better than S3.66.
was
unquestionably the pound would at this time be at
a record low.
In this connection it might be well to
4025
United States and
ratio between price
on
pound sterling should have been considerably depre-
15.04% from 22.9% on June 19.
ciated
tion compares with £494,671,309 on June 21, 1939.
The steady rise in circulation is a clear index of the
compared with the United States dollar.
as
The
situation is
proportionately
no
even
different today.
Prices
are
higher in Great Britain than
World War.
Though this is not evident from the figures, it is
made clear by the fact that the British Government
they
has
were
caused
necessary
during
a
and following the
severe
rationing of food and
other
supplies.
When the peg was
the World War in
removed from the pound after
March, 1919, the pound declined
steadily and sharply in terms of the dollar until it
reached
a
low in
February,
1920 of $3.20.
This
Present circula-
increasing financial pressure on the pound. Under
normal conditions circulation at this season would be
around £435,000,000.
Present circulation cornpares with the peak reached in the holiday season
last year of £554,615,983.
London open market money rates show a slight
tendency toward firmness, apparent only in the
longer maturities.
The clearing banks at present
are refraining from buying bills in order to conserve
resources to meet half-year-end requirements. Hence
The Commercial & Financial Chronicle
4026
loanable funds
Call
are scarce.
money
against bills
Two-months bills
is
1%, against %% to 1%.
1
1-32%, three-months bills 1 1-16%, four-months
3-32%, and six-months bills 1%%>
Monday
bills 1
The Canadian Finance Ministry on
sented to Parliament
a
are
budget calculated to divert
industry to wartime needs and as far as possible to
United States exchange for essentials. The
budget will reach $900,000,000 in the fiscal year
ending March 31, 1941. Taxes of every description
are to be sharply increased.
Taxes devised to con¬
serve exchange place a 10% impost on the value of
preserve
all imports,
whether
or
Ralston stated that
the United States and Great Britain has
purchases across the border will
aggregate a larger amount than ever because of the
demand in Canada for industrial materials, mach¬
funds
are
relatively
steady and ranged during the week between a dis¬
19)4% and
follow
a
discount of 14%%.
gold imports and exports which
taken from the
are
United States
weekly statement of the
Department of Commerce and cover
the week ended June 19,1940.
GOLD
13 TO JUNE
INPORTS, JUNE
EXPORTS AND
Imports
_*$1,014,033
Refined bullion and coin..*..94,273,792
Ore and base bullion
19, INCL.
Exports
$321
_ .
...
$95,287,825
Total
Detail of Refined
Netherlands...
still free,
.....
$3,670,275
.
2,048,410
...—
..
4,377,000
—
..
1,936,146
—
Switzerland........
Yugoslavia...
10,210,581
7,167,930
.........
64,076
Palestine
....
Australia...
.............
6,129
6,374,249
♦
Chiefly $166,940 Nicaragua, $428,758 Mexico, $179,374 Peru, $182,121
Australia.
Gold held under earmark at the Federal Reserve banks was reduced
during the week ended June 19 by $36,771,200.
The latest monthly report of the Department of Commerce showed that
$1,268,953,000 gold was held under earmark for foreign account as of
May 31.
carried
was
firm
over
nations
by
on
of German occupational marks
means
by their own units arbitrarily linked with the
or
German mark.
France is
now
added to this list and for all prac¬
either within the occupied areas of
of the country left in
of the Bordeaux Government, the franc
tical purposes
France
in the small portion
or
the hands
has
previous close in limited
The last public
practically ceased to function.
statement of the Bank of France
ended May 30 and was
covered the week
published here
was
on
June 8.
shown that the circula¬
tion of the Bank had reached
a new
high record of
the fall of Paris
regular statements ceased to be issued, but accord¬
ing to a Paris dispatch of June 22 "Le Temps"
published a belated statement of the Bank of France
dated June 6, originating in Bordeaux. Like the last
formal statement issued on May 30, it reflected the
war
strain.
According to the report, the State
170,853,000,000
With
francs.
borrowed 1,900,000,000
francs
on
non-interest-bear¬
ing advances authorized at the beginning of the
Circulation
war.
by about 2,500,000,000 francs to
rose
an
The Bank
of France has by the military collapse of the country
been in effect deprived of its existence as a French
high of 173,352,000,000 francs.
institution.
The Reich authorities
on
June 22 established
a new
relationship between the franc and the mark.
German authorities have
The
apparently been guided by
the relation of the mark to the dollar.
issued by the prefect
and for the
franc
one
of the Rhone district generally
new
the basis of 5 pfennigs
(the mark being 100 pfennigs).
money
On June
A decree
region around Lyons states that
special
Referring to day-to-day rates sterling exchange on
Saturday last
nominal and the trade of the
outside Continental
are
with
Europe has dwindled to inconsiderable proportions.
of the occupied countries is now
for
■
Even in the case
where currencies are
The local trade
58,418,996
.......
........
British India.
can
purely nominal.
quotations
countries
two
all-time
United Kingdom
Canada
$321
Bullion and Coin Shipments—
Portugal.
Spain.
are
In that statement it
In the free market Montreal
The amounts of
quotations
Switzerland and Sweden,
of
inery, and instruments of war.
count of
Where the currencies
ceased.
not formerly dutiable, except
imports under the British preferential tariff. Al¬
though the changes in the tax schedules bear directly
on imports from the United States, Finance Minister
with
practically
be quoted at all,
The trade of these countries
national domains.
the
pre¬
June 29, 1940
is set
24
the
up on
Bordeaux
that all foreigners as
well
as
Government decreed
Frenchmen* must
sur¬
render their
gold and foreign bank notes to the Bank
transfers
of France.
Another decree ordered the immediate
market sterling was
repatriation of all securities and accounts abroad.
trading.
Bankers'
sight
was
$3.58@$3.78; cable
$3.58%@$3.75.
On Monday in a light
relatively steady. The range was
$3.65@$3.73% for bankers' sight and $3.66@$3.74%
for cable transfers.
On Tuesday the free market was
less irregular.
The range was $3.67%@$3.72% for
bankers' sight and $3.68@$3.73% for cable trans¬
fers.
On Wednesday there Was little change in the
character of the market. Bankers' sight was $3.70%
@$3.74% and cable transfers were $3.71%@#3.75%.
On Thursday the market continued limited and
relatively steady.
Bankers' sight was $3.73%@
$4.00; cable transfers, $3.74%@$4.01.
On Friday
the general trend of the market continued un¬
changed. The range was $3.87@$3.93% for bankers'
sight and $3.89%@$3.96 for cable transfers. Closing
quotations on Friday were $3.88% for demand alnd
Commercial sight bills
$3.89% for cable transfers.
finished at $3.84%, 60-day bills at $3.82%; 90-day
bills unquoted, and documents for payment (60 days)
at
$3.82%.
$3.84%.
Cotton and grain for payment closed at
Exchange
NOTHING of importance affecting the Contin¬
ental foreign exchanges
be reported at this
can
The various units have
no
value
beyond their
armistice,
as
"prevent the transfer of valuables and stocks from
occupied
Debts
or
were
territory
non-occupied
or
abroad."
annuled under the French Government's
decree.
As noted here last
week, the New York Foreign
Exchange Committee headed by R. F. Loree has
notified
banks with
claims to French
accept payment in dollars at
per
franc.
It would
seem
currency
to
the rate of 2.29 cents
that all French banks and
foreign banks with branches in Paris had left the
city
on or
before its surrender
The exact location of the
of
on
gold
June 15.
reserve
of the Bank
France, the second largest in the world, will prob¬
ably not be disclosed for
about $2,000,000,000,
Continental and Other Foreign
time.
Under the terms of the Franco-German
reported in London, the French Government must
was
shipped directly
a
long time.
Of
a
total of
of which about $500,000,000
or
indirectly to New York, the
Some may be in
major part has been lost to sight.
Great Britain
gold,
nor
or
in Canada, but
if
so,
neither this
the exact amount held in New York, can
Volume
be
The Commercial & Financial Chronicle
ISO
definitely stated.
Britain
in
or
credited
British
by the
will
Dominions
Great
gold in
French
The
British
Pro¬
the
Government to
London
check
rate
officially
fixed by the Bank of England at 176.50-176.75,
ceased to be quoted on Monday, June 17.
The last
shortly after the beginning of the
quotation in New York
on
June
marks
not
are
quoted,
Czechoslovakia,
Swedish
and
Swedish
change
2.04
and
is exchange
Swiss
nominally
are
business being done
or no
Swiss
Poland,
on
Holland, and
while forward
units,
Ex¬
is not quoted.
currency
Finland closed at 2.04 (nominal), against
on
(nominal).
0.50
in London, Berlin
Norway, Denmark,
There is little
in
as
All other European rates
Belgium.
quoted.
even
nor
war was
2.18 (nominal) at noon
was
In New York,
15.
Exchange
on
Bucharest closed at
Greek
(nominal), against 0.50 (nominal).
ex¬
change closed at 0.70 (nominal), against 0.70 (nomi¬
Swedish exchange is nominally quoted at 23.90
nal).
against 23.87 (nominal).
22.63
Swiss francs
are
(nominal), against 22.64 (nominal).
England
1939
_
_
Netherlands
Nat. Belg__
Switzerland.
£
*129,942.782
311,709,194
b3,385.250
3,845,900
c63,667,000
63,667,000
al7,440,000
23,400,000
e97,714,000
99,166,000
el32,857,000
90,969,000
86,730,000
98,858,000
Sweden
41,994,000
Denmark
Norway
Total week.
700,285,757
Prev. week.
700,276,977
Recent dispatches from Buenos Aires
show
Argentina's total trade for the five-month period
aggregated 354,000,000
May 31
increase
the
over
an
pesos,
corresponding period in 1939 of
30.6%.
money
at about
coming into Brazil in
a
stated that
volume estimated
$25,000,000 yearly in addition to the
money
entering through regular channels, which is between
modify its exchange policy.
The
at
Argentine unofficial
21.55@21.70,
peso
closed
Brazilian
against 5.15. Chilean exchange
Peru is
nominally quoted at 5.17, against 5.17.
nominal at
15%, against 15%.
Amount held Deo. 31,
of Germany Include
a
The
week.
Indian
Shanghai
rupee
high points touched last
yuan
sympathy with the pound.
been inclined to
Japanese
yen
ease
is also slightly softer.
relatively steady,
is
ruling in
The Straits dollar has
for the past few weeks.
b Gold holdings of the
"deposits held abroad" and "reserves In foreign cur¬
As of April 30, 1938, latest figure available,
e Prior to Invasion.
The value ot gold held by the Bank of France was revalued with the statement
of the Bank as ot Maroh
7, In accordance with the decree of Feb. 29, 1940, at the
rate of 23.34 mg. gold 0.9 tine equals one frano; prior to the latest revalorisation
the value of the Bank's gold holdings was calculated, In accordance with the decree
of Nov.
to July
13, 1938, at 27.5 mg. gold 0.9 fine per frano; previously and subsequent
23, 1937, gold in the Bank was valued at 43 mg. gold 0.9 fine per frano;
before then and after Sept. 26,
1936, there were 49 mg. to the frano; prior to Sept.
26, 1936, 65.5
mg. gold 0.9 fine equaled one franc.
Taking the pound sterling
at the English statutory rate (7.9881 gr. gold Il-I2th fine equals £1 sterling), the
sterling eaulvalent of 349 francs gold In the Bank of France Is now Just about £1;
at 27.5 mg. gold to the frano the rate was about 296 francs to the £1; when there
were 43 mg. gold to the frano the rate was about 190 francs to the £1: when 49 mg.
about 165 francs per £1, when 65.5 mg.. about 125 francs equaled £1.
Involuntary Servitude Must Not
Thirteenth
The
The
Restored
Amendment
of the United States
service, in terms which
able
prohibit compulsory
are as
clear and unmistak¬
the language permits.
as
the Constitution
to
to
seems
Its adoption
proclaimed by William H. Seward,
State,
on
as
was
Secretary of
Dec. 18, 1865, and its first clause reads
follows:
Neither
slavery
nor
involuntary servitude,
except
as
a
punishment for crime whereof the party shall have been
duly convicted, shall exist within the United States, or any
place subject to their jurisdiction.
The second and
izes
or
concluding clause merely author¬
Congress "to enforce this article by appropriate
Nothing elsewhere in the Constitution
the Amendments appears
this
prohibition.
to qualify or to limit
By Article I, Congress is
ered "to declare war,
grant letters of
empow¬
reprisal, and makes rules concerning captures
and
a
support armies
navy,
.
.
.
,
and
marque
.
.
.
,
to provide and
to make rules for the government
regulation of the land and naval forces" and,
for enumerated purposes,
to make provision for call¬
ing out the militia and for its organization, equip¬
ment, discipline, and control while in the service of
the
Nation.
largely
on
The
militia
clauses
are
significant
account of their included limitations.
They read, in full, as follows:
remains firm.
Closing quotations for
yen
checks yesterday
23.45, against 23.45 on Friday of last week.
To
were
Hong¬
provide for calling forth the militia to execute the
laws of the Union,
kong closed at 24%, against 22.40; Shanghai at 6.40,
To
militia,
47%, against 47%; Bombay at 30.31, against
and for governing such part of them
as
may
be
employed in the service of the United States, reserving to
respectively the appointment of the officers, and
the authority of
•
insurrections, and repel inva¬
provide for organizing, arming, and disciplining the
the States
30.31; and Calcutta at 30.31, against 30.31.
suppress
sions.
against 6%; Manila at 49.85, against 49.85; Singapore
at
1939, the Bank ot England
c
to raise and
EXCHANGE steadier, Far Eastern countries is
on the although the Hongkong
generally
The
6,604,000
1939, latest figures available,
Bank
rencies."
maintain
dollar has receded from the
6,602,000
as well as with the figures for other countries in the tabulation, we show English
holdings In the above in statutory pounds.
legislation."
free market
against 22.05@22.20.
milreis closed at 5.15,
is
or
49,318,000
23,980,000
6,553,000
which was formerly the basis of value.
On the market price basis (168s. per fine
ounce) the Bank reported holdings of £1,729,406; equivalent, however, to only
about £874,561 at the statutory rate (84s. 11 Hd. per fine ounce), according to
our calculations.
In order to make the current figure comparable with former periods
$15,000,000 and $20,000,000, is a strong factor in
ending the misgivings felt that Brazil would be forced
to
25,803,000
6,548,000
83,596,000
72,593,000
29,140,000
6,540,000
7.442,000
Pursuant to the Currency and Bank Notes Aot,
as
Recent dispatches from Rio de Janeiro
new
79,347,000
quoted at
Spanish
EXCHANGEsteady owing to American countries is
generally on the South local foreign exchange
ended
88.092,000
42,575,000
49,069,000
105,656,000
25,332,000
102,265,000
104,242,000
870,501,876 1,031,000,078 1,103,627,114 1,028,268,000
869,552,906 1,030,942,027 1,111,231,363 1,023,104,730
Be
that
87,323,000
2,522,000
63,667,000
25,232,000
123,435,000
222,070,107
431,990,143
2,360,750
statements tor 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
pesetas are nominally quoted at 9.25, against 9.25.
controls.
£
327,320,221
332,116,143
2,479,750
327,354,779
293,727,299
34,167,000
6,555,000
8.222,000
6,505,000
6,667,000
__
1936
1937
£
242,451,946
Italy
*
1938
£
•
*874,561
France
Spain
France, which since
on
1940 r
£
Germany
visional French National Committee in London.
The
Bank« of—
be
doubtless
4027
training the militia according to the disci-
pline prescribed by Congress.
Gold Bullion in European
Banks
By Section 2 of Article II the President is made
fHE following table indicates the amounts of gold a^so the militia of of the Army and when called
Commander-in-Chief the several States Navy, and
bullion (converted into pounds sterling at the
British statutory rate,
in
the
84s. ll%d.
principal European banks
dates of most recent statements,
per
as
fine ounce)
of respective
reported to
us
special cable yesterday (Friday); comparisons
shown for the
by
are
corresponding dates in the previous
four years:
int° the actual service of the United States"; that
*s to say, when all or any part of the militia is
actually engaged in executing a Federal law, subduan insurrection, or repelling an invasion. These
provisions with regard to the military forces
are
here examined in order to establish the fact, evi-
The Commercial & Financial Chronicle
4028
dent by their terms,
that in
do they sub¬
ately
ages
anything from the sweeping efficacy of the
tract
nary
announcement and, with the present popula¬
no
way
prohibition of compulsory servitude.
Defiance
by
these
of
they were written would
upon
power
to be im¬
seem
But the aspiration towards
possible.
and inconvenient restrictions
boundless,
or
forcibly construed
nants which contain them and their
mere
of
scraps
cove¬
sanctions
sworn
Hence, the President of the
paper.
United States seeks to
and the
be
must
to make the
so as
for the
forced
seize, from the clashing
arms
of
his followers at home,
enlarged opportunity to press and confine
and
his
and
women
of the United
devising.
own
between demands for
a
States in molds
Consequently, sandwiched
gigantic cartel to absorb all
exportable surpluses of all sorts of production
of
North, Central and South America, by which
means to
regiment all agricultural and industrial
production
of
this
annual cost to this
and the
hemisphere,
country in
at
all
21, inclusive, under
conceivable
forms,
a
scheme, unmistakably
resurrection, but
Spartan in its earliest origin, of "compulsory Gov¬
ernment service."
They are to be herded in camps
be
conducted according to
regulations, always
subject to presidential direction, modification, and
control,
being formulated by Sidney Hill man,
now
Vice-President of the Congress of Industrial
Organ¬
izations, and Harry L. Hopkins, Secretary of Com¬
in
merce
be fitted
might
the
President's
Cabinet, where,
pleasure of the Executive, they
service not of their
own
at
the
to be driven to
are
or
parental choosing but
that preferred by their overseers.
This is explained
in the
post-dated "United States News" of June 28,
1940, which, Upon the basis of presidential state¬
ments at
one
of his recent
press
Tuesday
conferences,
says:
in
here.
four
(1)
one
the
.
liklihood that the youth of this country—
and young women
men
quired to give
youth
year
country
Mr.
.
.
is
of
.
.
will
.
service to
involved
Roosevelt
the
in
.
plans
explains
.
.
Nation.
that
be
re¬
Every
taking shape
will
there
be
types of service for the young people of the country:
actual service with the
Army and Navy;
(2)
service
with behind-tlie-lines forces, ground
crews, mechanics, com¬
munications, transport, and supply;
uniformed
supply of
tion of defense
service
with
skilled
machine
(3)
service in
workers
is
not
important
very
a
The
(4)
simplicity.
What
from 18 to 21 can,
years
an
the
demand
is
of the ages now desig¬
intrinsic part of its effec¬
can
by the
be done to all
ages,
life, and
that
resources.
entering edge of every wedge is its thin¬
nest, its thickening is
for
produc¬
year's forced service and from
youth within the four
tual
non-
materials, including food and clothing;
presently for only
nated.
for
a
non-uniformed supply of conservation workers
who will work to conserve the Nation's natural
It
We
;
,•
which
be drawn
may
upon
Most reliable estimates
cluded in
a
of compulsory
program
President
as
conference,
press
the program,
seem¬
available
Roosevelt
the
an
also
women
service, at
indicated
his
at
be
would
in¬
estimated 17,389,000 would be
added.
The indicated total
"Times"
The
close to
the
.
be done to boys and girls
same power
and authority,
and for any period of years, or
upon any
basis of selection
or
univer¬
sality, however discriminatory and despotic. Last
Sunday's New York "Times", in an article emanat¬
ing from Washington, explains that the sweeping
potentialities of this fine scheme include immedi¬
is, it will be noted, 34,797,000.
the
which
program" who
".
"one
credited with
official
inspiring
:
under
out
conditions
patterned on military lines.
the
of
comment
are
emphasized that all phases of the scheme would
.
carried
be
adds
sources
planning, he
present
Army wage scales.
As
.
involving rigid discipline
What is likely to emerge from
said,
'a
was
WPA,
glorified
at
."—(Italics ours.)
have
Ave
remarked, the scheme is essentially
typically German in its origin.
devised
and
Herr Hitler
adopted it and Signor Mussolini fol-
loAved, compelling Italian youth to similar sacri¬
fices.
in
It is
closely paralleled, also, under M. Stalin,
Sparta, in the fourth century before
Russia.
'Christ, went
males.
It
further, but only
even
took
pared
the
at
into
to do battle, also militarizing their
turning the whole of its small population
force for battle and all its little
a
armed
camp,
produced
yet its
only
absorption
temporary
other Greek
in
victories;
labor and Ioav standard of
living,
as
into
area
soon
its
enforced
compared Avith
reason
among
passed away, and its
national extinction became but
Thus, without
an
preparedness
States, wrought dissatisfaction
people; its supremacy
many
pre¬
them
elders and
its
to young
as
boys from their parents
of seven, drove them into barracks, and
age
a
question of time.
historical warrant, Ger¬
or
triumphs, not only by military force Avhere
she is forcibly opposed, but by her
example in other
totalitarian
There is every
young
nearly 35,(MM),000 Americans.
into
If,
17,408,000.
appro¬
Germanic in its nature and recent
to
of
put the number of boys and young men from 15 to 29, who
and
proposal to conscript the youth of
Nation, all the boys and girls of the ages from
to
labor
The reservoir of youth
$5€0,(H)0,000,
there emerges a
18
to provide
seen
admitted
an
excess of
daily grist of fresh applications for
priations for armament in
the
country, can readily be
catastrophes of Europe, with the consterna¬
men
the
and older than the prelimi¬
involuntary servitude, regimentation, and
ingly is inexhaustible.
tion he has stimulated among
new
younger
quote from that authority:
paternal dic¬
a
tatorship, with rigid regimentation everywhere, is
ignored
both
tion of the
plain limitations
to maintain and defend the document
one sworn
into which
the
June 29, 1940
States, and,
in
this
country,
if
Mr.
Roosevelt's excited leadership can
prevail, hatred of
her arrogance and her
aggressions must lead to the
imitation
Avorst of her .methods.
of the very
United States has
The
never
attemped forcibly to com¬
pel men, much less children or women, to aarork in
the
Federal
service.
It
fought with the Indians,
intermittently, throughout
pulsory
military
a
service.
century, without
There
Avere
no
com¬
"press
gangs" to seize men for naval service against
England during the ReA'olutionary War or the War
of 1812; nor
against France during the "undeclared
war" under President John
Adams; nor during the
prolonged naval operations of our Civil War. The
ReArolution
of
1770-81
prevailed without
resort
to
conscription for military service; Avithout it Great
Britain
Avas
fought from 1812 to 1814; Mexico
conquered and California and NeAv Mexico
1846; and Spain
over
the
Avas
actual
Never
only twice under the stress of
warfare, has the United States
military conscription.
Men
Confederacy to support the
from the
in
subdued and empire extended
Philippines and Porto Rico in 1898.
Avhen at peace, and
Avas
won
were
cause
resorted
drafted
to
by the
of slavery, almost
beginning of the Civil War, but the Federal
Volume
Army
The Commercial & Financial Chronicle
ISO
was
not forcibly recruited until the year 1863
and, aside from the small force of the regular
ice
was
voluntarily.
perhaps the only
which millions of
which
first World
its soldiers
in 1917 to 1918, by
means,
conflict
a
were
Compulsory serv¬
could have been
men
for the intervention in
Ocean
among
regimented
the Atlantic
across
believe to have prolonged the
many
War, contributed to the imposed hard¬
ships of the settlement at Paris and Versailles, and
laid part
so
of the foundation for the disasters of
Constitution?
our
constitutional
the
American
life, and
It is notable that President Madison, urged
that
to
State, who
iiis
by James Monroe, his Secretary of
course
also acting
was
ultimate
Secretary of War, and
as
for conscription to
asked
successor,
augment the military forces employed against Eng¬
land
during the War of 1812.
become
By 1814 that
exceedingly unpopular, especially in
England, confidence in the Administration
.
recruiting became almost impossible, the country
invaded
was
House
Yet
had
the
by
hostile British force, the White
an
been
sacked
Executive
and
demand
the
for
Capitol burned.
conscription
met
such
opposition from the public and in Congress
that
the
drawn,
then
providing for it, which Monroe had
defeated.
was
But it led Daniel Webster,
member of the House of
a
make
bill
an
representatives, to
argument during the debate in that body,
to
compel service in the
enumerated
poses
those of
in
Constitution,
namely,
executing Federal law, subduing insurrec¬
tion, and repelling invasion.
Constitution, registered
claim that in
every
tary, naval,
or
time of peace, under any
any
conditions, there is any
ernment to force
men
blasting negative against
a
power
in the Federal Gov¬
into any
kind of service, mili¬
of industrial
civil character.
or
immortal
words,
Treaty of Ghent and only
before Jackson's
the
upon
one
floor
day less than
victory at New Orleans,
of
a
lead in Volume IV of the National Edition
liberty, and in the love of
it
able
to
enforce
our
peace,
ment.
.
we
.
the Union
The
of
Daniel
nearly
form.
.
.
which he
The
essential
Its duration is incompatible, in my opinion, with the
rest.
the
measures
scription is chosen
of
as
in contemplation.
.
.
Con¬
.
the most promising instrument, both
overcoming reluctance to the service, and of subduing the
difficulties .which
chequer.
arise
from
the
deficiencies of
the
Govern¬
our
principles of civil
the spirit in which
preserve
Webster
have
rested
for
slavery within the
comprehended
clearly than most of
more
tary servitude any where under the flag of his
try.
But
there
are
bis
living words
reverberate
Americans who respect
their deathless
resonance
coun¬
wherever
civil liberty and
forever refutes the little¬
that, in temporary panic, would invade the
principles of the Constitution and destroy freedom
here because in less fortunate lands it lias not been
preserved
or
was
and children
are
power
never
established.
not chattels in this
Men,
women
country; the
of eminent domain does not, in America,
tend to
humanity.
ex¬
Until the Constitution has lost
all its force and the instincts of
pendence
liberty and inde¬
totally suppressed, involuntary servi¬
are
tude, certainly in times of peace, cannot here be
restored.
Our Rearmament Program and
Restrictions on Profits
The
mythology that links capitalism with
appeared again to plague
has
Congress, against the protests of the National
cut
on
a
Army and Navy officials,
on
naval shipbuild¬
actually cut the rate to 7%; in confer¬
it has been
This is
of
permissible profit
naval and military aircraft orders to 8%.
The Senate
ence
compromised at 8%.
33% pull-down for the aircraft builders
from the former
a
war
our rearmament program
permissible maximum of 12%, and
25% cut for the naval shipbuilders from their for¬
permissible profit under the Yinson-Trammell
mer
Act.
ex¬
The Administration asserts the right to fill the
ranks of the regular army by compulsion.
away
friends to the Union of
relied, the direct and explicit prohibition of involun¬
this discussion I believe the fate of this Government may
existence of
we
his generation had added to the words on which he
On the issue of
.
which
land he loved and 13 years before the Constitution
to be
of his
rights of personal liberty shall be surrendered, and despitits worst
powers
attempt, if
century where they were laid eight years
a
ing and
in
no
The
throw
are
before the Civil War destroyed
free government, is cause of dismay.
embraced
it has
laws.
framed.
was
ashes
Council and
ism
was
Framed in the spirit of
the States who endeavor to maintain the
the
most
The Government
.
peace,
liberty in this country, and to
lias
whether the
.
such
thereby
may
of this nature should be debated at all, in
than
.
Tliey alone, Sir,
.
Defense
question is nothing less
require
may
incompatible with
rashly make it, will fail; and having already thrown away
as
a
government
the
pages 55 and following.
pending conscription bill, he said, in part:
the councils of
in
government.
free
a
uWritings and Speeches," at
measures
of
whenever the purposes of
.
mischievous
Of the
That
me
duty
valuable
everything
not constituted for such
purposes.
month
are
the
ingenuity to extract slavery from the sub¬
Dec. 9, 1814, before agreement upon the
spoken
.
.
it
His
House,
on
surrender
makes
The power contended for is
.
In flaming words the
great patriot, rightly called the Expounder of the
which
The Con¬
Who will show
.
stance of
power
except for the pur¬
army,
the
alleged
and
.
.
cise of perverse
ness
in which he discussed and denied the
to
life itself,
even
.
injunction
New
was gone,
Sir, indeed it is not.
any notion of personal liberty.
An attempt to maintain this
doctrine upon the provisions of the Constitution is an exer¬
had
war
No,
people
ambitious
an
it ?
render
today.
4029
stitution is libeled, foully libeled.
any
always the best and bravest
citizens who served
army,
of
It contends that
Actually it is
out
of these
a
considerably larger reduction, for
permissible percentages must
come
a
it may now take one out of every 25 men, and any
part, or
large number of items which the Treasury will not
the whole of the rest, whenever its occasions
permit against construction cost, such
sons
thus taken
compelled to
may
or
any
invasion,
Government.
of the
to
serve there
be put on
for
by force, and put into
during the
service, at home
or
even
Government
at
all
mere
or
or
Per¬
may
for life.
be
They
abroad, for defense
This power does not grow out of
any invasion
country,
its
war,
require.
army,
according to the will and pleasure of the
out of
times,
state of
a
in
peace
and it is to be exercised under all
to
an
discretion.
This,
as
It
war.
well
as
belongs
in
war,
circumstances, according
Sir,
is
the
amount
of
ernment?
Sir, consistent with the character of
Is
this civil
liberty?
a
and
Is this the real character
a
other miscellaneous items.
company
effects
considerable
economies that it is able to reach
State in¬
the
It is
only
continuing
maximums
and, of course, there is no guarantee against such
losses
as
have been sustained in recent years
by, for
instance, our leading manufacturer of heavy longrange
free gov¬
as
taxes, bad debts, certain maintenance outlays,
numerous
when
the
principle contended for by the Secretary of War.
Is this,
come
military bombers.
As the rearmament program
gets under way the
danger appears that these same limitations will be
The Commercial & Financial Chronicle
4030
applied to builders not only of naval and air ships,
but to makers of every other rearmament essential,
In
fact, it would hadly be fair for these two above-
named branches of the armament
industry to be
so
limited and others not.
There is
years,
when the country felt satisfied with
ocean
navy
trifling airfleet, it
a
deemed necessary
to permit earnings
has electrified the
acute need for
an
maximum
the
by 33% in the
the
activity
shipbuilders.
comparatively unnoticed but signifiphenomena of recent months has been the reluc-
tance with which American
industry has
for
that
smelled
been
reluctant
kind
any
Machine-tool
of
business
builders
have
in
gone out
of
war.
to
ex-
into
armament
profits, into
have
con-
tinued to operate below
capacity while dickering to
themselves against having excess
capacity
left
when the
over
reluctance,
business
so
makers
"capitalism"
of
profit-seeking
as
mer-
small part contributed
no
of
has
been
the
from
away
Some of the
program.
If
from the munitions
pressure
orders, not
war
Even
to
supply the Allies.
The
airplane
a
moral embargo on
shipment of bombers to those nations that bomb
The
aircraft
makers
have
consistently
refused in the last year to allow war
orders, how-
lucrative, to take precedence
of the American air
over
the orders
transport industry, and despite
the pressure
of large backlogs of war orders have
actually kept well ahead of schedule on their deliveries of domestic civilian
attitude
have
been
the
on
two
transports.
principal
reasons
for this
part of the "merchants of death/'
making of munitions.
Beginning with the so-called
"Shearer episode" of 1929 this
popular suspicion of
munitions and armament makers has been
of the
and
growing,
only by the partial and inaccurate reports
Kye Committee but by
books
European
about the
agement
to
was,
numerous
activities of
manufacturers
arms
Schneider-Creusot,
nations
certain
write-downs
the
branches
recollection
write-offs
of
of
of
costly
armament-building
by the recollection that at the end of the
war
the
American
plane-building industry had geared itself
to turn out some 20,000 planes a year, and almost
the
equipment had to be scrapped the moment
war was
facturers.
over—largely at the cost of the
manu-
The highly essential machine-tool indus-
in
prove
of
two to be the
a year or
sive write-off.
The armaments
cause
of
an
industry in
expenan era
fears is like the capital goods
industry in an
upswing of the business cycle—in imminent danger
war
of what to everyone else is the
thing most to be
hoped for—a return to
peace
and, for the armament
industry, to depression.
an
actual
so
as
far
other kind of business
over
years,
$5,000.
a
ers
by
persons
making
increase
in
$500,000
the
total
in-
making from $3,000 to
persons
Our entry into the World War
was
followed
sharp increase in the real income both of farm-
and of labor ;
war
of
sharp
a
received
come
by
taxes
but
up,
deflation
as
on
and, it should be added, the post-
fully
was
as
severe
farmers and workers.
on
In
million-
war
fact,
a
candid
perusal of the income tax returns from 1914 to 1921
cannot fail to
yield the impression that the lower
the income bracket the
war.
As
an
extreme
greater the gain from the
illustration, there
were approximately 150,900 income tax returns filed in the $3,000$5,000 bracket for 1914 and 1,072,000 for the
depression
year
1921; but for the bracket $500,000
and up there were 174 returns filed by
1914, and
this period
leveling of the peaks and raising of the valleys in
European
business
in
But the
preferred
armament
and
a
Krupp,
the other way, and American industrialists
recent
after
come
equalizer. The World War,
sharp decrease in the net in-
as an
instance, caused
encour-
this country is concerned, has
have, particularly in
for
as
Wallenstein and Tilly.
as
gerate the national differences in private income,
but in fact works
The
of
armament
apparently,
such condottieri
swung
is
only 84 for 1921, and "real wages"
as war-making itself was big business
Europe in the sixteenth century in the hands of
pendulum,
and
certain
among
industry,
leading
such
and Basil Zaharoff.
competitive
publications
Europe, much
in
acute,
more
plants after the Armistice; the airplane industry in
particular has shaped its course in recent months
aires
The first has been fear of the odium attached to the
fed not
a
It is high time that the American public realized
Department's desire for
There
entered the World War
we
ago.
that war, or even the threat of
war, does not exag-
promptly and voluntarily complied with the
civilians.
ever
for
generally have
men
biggest potential produc-
construction
State
to get
us
necessary
supplies have studiously refrained from
war
makers
armament
own
any
toward them.
ers
our
been
it
itself, business
war
if
try has also kept sharply in mind the possibility
planes and machine-tools in this country and to the
has
and,
that any expansion for the present emergency might
to the slowness with which the Allies have obtained
there
that
This strange
emergency
death, has in
retardation
public
contrary to the popular impression of
and
chants of
ends.
American
programs
sharply the moment
generation
up
assure
to the
not forgotten that net profits after all taxes fell off
all this
manufacturers
the
"Wall Street" and "big business" want
former
airplane
case
However much the public may believe that
ern war.
pand capacity despite the lucrative offers from the
Allies;
convincing
American
One of the
cant
customary inability to sell its
country, tried but did not wholly succeed last Sep-
of plane builders and 25% in
case
of naval
case
it is felt necessary to reduce
rearmament
war-
American business,
lember
country into realization of
inducement to
together.
go
modern capitalism does not gain but loses by mod-
unprecedentedly huge and rapid
rearmament program,
popular folklore, that capitalism, profits and
one-
12%, respectively, for naval and airship builders,
whereas now, when sweeping German
military suecess
The myth
still
a
was
to 10% and
up
has been financial.
reason
in circulation, with the persistence of all
making somewhat
with its
irony in the fact that in recent carefree
and
The other
still stays
June 29, 1940
making.
any
American
rose
sharply.
economic
progress would
Those who feel that this
evolution
have
a
for labor during
constitutes
social
hard time trying to prove
that the major event of that period—our
participain the World War—did not contribute sub-
tion
stantially to the change.
Discounting
recent
as
far
as
^
possible the hysteria of
weeks, the fact remains that this country is
obviously in need of
a
rapid rearmament
program,
This program requires the instant and prolonged
Volume
150
stimulation
inflation of the
or
try in so far as it is
duction of
The Commercial & Financial Chronicle
'
This
arms.
fancy
capital goods indus-
in
once
quickly; they
be adapted to the pro-
or can
their
capital goods industry, and
4031
generation;
a
they
have
subject to extreme
are
work
to
from
pressure
own employees on the one side as well as the
particularly that part of it already devoted to the
Government
output of fighting machinery, has been for years
tomer; they
under
asked to invest in the plant to make munitions.
political cloud, subject to popular suspicion
a
to its motives and its
as
profits.
Now
need that
we
industry, and it is skeptical of this sudden
larity.
is
asked to gamble when they
are
forget that the
us not
mum production
popu-
the necessities of
There is hardly anything that could more
confirm that
the other; they serve only one cus-
on
are
Let
of getting the maxi-
sure way
out of any plant manufacturing
is to insure the
war
of that
owners
courage
plan
vice and that discretion is the better
a
industry in its conviction that
part of
game, and the price of rearmament is considerably
financial
lation
valor, than
from
profits to
items of deductions.
Washington constricting its potential
has,
There is
a
numerous
paradox in the
latively selfish folks, yet that these
far, confounded its
so
expensive
an
popular notion that makers of munitions
academic maximum.
an
The Administration
War is
higher than 8% maximum profits after
narrow-minded piece of legis-;
a
satisfactory profit.
a
are super-
makers
same
suspicious critics by wholeheartetd support of the
can
rearmament program,
calling down to Washington
which the rest of the country, in its sensitive pocket:
the necessary
men
them up.
in the
business
book
and apparently backing
But there is obviously still in circulation
suspicion
business.
This
conclusion that
that
arms-making
is
shady
a
suspicion leads to the preposterous
a
producer of the
desperately than anything else in the world
more
is to be, limited in his
while
a
luxury is still
profit he
limits
armament,
on
employers.
Then
make the
same
lightning, and
mistake.
our
economic sins
in the rude idiom of the
younger
cannot
"get
a
blunder,
away
generation, but
about the
to eye with
something
hostile,
destructive,
sadistic about Washington's
or
With all the current need for
suggestion of
in
on
move
one
in the direction of
business enterprise
years—the
recent
on
a
corporations, the unfair
much
so
one-sided
capital
carryover
insoluble holding company structures.
on
What with
these, and with penurious Treasury depreciation
allowances, and with the hampering provisions of
the Walsh-Healey Act and Fair Labor Standards
in popular disfavor,
are
short-lived, their
be outmoded overnight or superfluous
Act, and the impending inflation in skilled labor
Roosevelt
wage
Imposes New
Taxes
to
which the
on
fundamentally depends
being asked to make bricks without straw.
Signs Revenue Bill of 1940
Congress—Measure
rates, the capital goods industry
rearmament
they catch the public
emergency passes;
President
eye
This is not the time for
people to begin with; they
the
nearly
provision in the income tax, and the penalty
as
their business is intermittent and
once
so
Everything is stacked against such
concern.
factories may
or
gains tax
we
makers, tank-producers, engine-manufacturers, and
such
see
cutting those hobbles
profits of shipbuilders, plane-
anti-aircraft constructors.
we
taxes.
on
discussed
with,"
get away with such economic blunders *
over-concern
attitude
move
we may
any
the stimulation of business, there has been not
1
Napoleon said that the greatest sin is
Many of
seems
should spend billions to resist
negative, paranoid,
can't
we
to copy the German
we
remains
There
and
love for armament-
no
the
came
more
we are
them,
They didn't believe in
and they had
makers.
why
reason
the Germans if
They waited; they dickered;
they made concessions to labor; they put
more
real
If
to that extent, there hardly
program
can.
The Allies hesitated.
totalitarian force which these
use
people repudiate.
very
charge what the traffic will bear and to make
whatever
willingness to
a
maximum of 8%
manufacturer of the sheerest
a
free to
profits to
is not yet prepared to show,
nerve,
through. The German rearmament program has
been carried through, from beginning to end, by
need
arms we now
degree of patriotism
a
Probably there are some people who feel that if
Germany could rearm without allowing profits over
8%, we can.
That thought deserves thinking
political atmosphere the virus of the anti-
business
be expected to manifest
Financing
in
is
Conference and Passed by
Agreed to in
as
Aid
program
National Defense—Increases
National Debt Limit to $49,000,000,000—Authorizes Issuance of New National Defense Notes
—War Profits and Excess Profits Taxes Added
Congress
on
final action
the Revenue
on
bill
of
1040
June 22, when the Senate, by a vote of 45 to 21, and the
House, by
the
took
v .n
dent
voice vote, agreed to the conference report
a
rpt-,_
bi 1.
The
K{11
bill
became
Roosevelt at ll:4o
„
a
a.
,„„r
law with its
m.
Eastern
igning
on
by Presi-
Standard
lime
on
by Senate Dropped in Conference
lette of
bill
Wisconsin, and there
war
a
was
also added to the Senate
profits tax rider, which would have imposed
heavy additional taxes in the event of war.
The rider was
adopted by the Senate at the instance of Senator Connally
Both
Texas.
the
La
Follette
and
Connally proposals
dropped from the bill by the conferees. In its advices
Washington, June 22, the New York "Herald Tribune"
said, in part:
\
were
June 25.
defense
Designed to aid in the financing of the national
program,
mated, will
jield
the
newly-enacted
additional
an
live yCars
measure,
it
is
esti-
from
$4,692,500,000^ in the next
by adding 2,200,000 persons to the list Of income.
tax payers and by increasing the rates of
income, profits,
excise, gift and inheritance taxes.
The yield in the fiscal
recently as Wednesday [June 19] the Senate had adopted by 41 to 31
the
on
June
at
19)
while
increased
amount
was
the
referred to in
reimpose
the
excess
profits
tax
schedules
to
our
$1,007,000,000.
issue Of June 15
The
page
serted in the Senate bill at the instance of
Senator La Fol-
a
.
Sen^te action ton June 213 031116 after Senator Robert M. La Follette Jr.,
°f Wisconsin had denounced the measure as "the most
to
(passed
3754, while that of the Senate was noted in these columns
June 22, page 3900.
Under the Senate bill it was proposed
to levy an excess profits tax to raise between
$400,000,000
and $500,000,000 annually, this
proposal having been in-
to
°nMer theestl- foppLtto tax, to conferees' ActionSenate but killedhis
to
i elStUng
was
40%
profits
approved by the
June 11 the yield
the
Senate bill
$1,004,000,000,
House action
amendment
1917-22,
.
beginning July 1 is estimated by the Treasury at $715 300,000, while for eaeli of the four calendar years there-
mated
Follette
but Administration forces prevailed today to bring about
reversal and speed the measure to the White House.
.
of
year
ShTSW at
Which had passed the JHouse
La
excess
insistence
of
the House negotiators,
at
Senator
La
Follette said
the
to levy, upon huge profits certain to be realized under the defense
showed that Congress was willing to dip into the pockets of the
20%
the
refusal
program
poor
but
wanted to avoid touching 6W0llen corporate votesWith respect to the excess profits tax it
was
made known
during the proceedings in the House on June 22 by Representative Cooper that the following resolution was adopted
in
conference:
*
The Commercial & Financial Chronicle
4Q32
Revolved
by
of conference on H. R. 10039, That the
opinion that an excess-profits tax should be enacted
committee
the
committee is firmly of
as
soon
all
Then
tax
possible and be made applicable to the calendar year 1940 and
years beginning
in 1940, and to all subsequent years.
In
as
taxable
The new
7,;
are
^barrel
the
fiscal
next
heaviest
bear the
will
payers
and
year
•
them
will
part
of
$580,000,000
t
.
k
the
in
•
of
the
next
-n
.
who will
pay
extra
an
dollar on such things as cigarettes, playing cards, theater
automobiles, radios, toilet preparations, liquor and beer.
extra
lax
the
from
tax'changes
Income
$1,000
tax"
the
is
of
top
of
$800
to
other
all
10%.
for
income
Under
Government
income
that
and
this
permanent.
are
single
taxes
tax
then
millionaires'
left
Permanent
persons.
flat
a
10%.
five
for
will
taxpayer
a
add
added
was
after
will
tax
The
also
were
An extra
years
"super
a
figure out what he
Thus,
must
not
paying the regular
income
be
only
tax
of
an
amount
if
he
figures
income
owes
his
and
retroactive
lie
will
to
1940
Minor increases also
deaths
bill
effective
income
made
were
Further Associated
July
and
in
if
left,
you
your
heaviest
instead of $60,000.
1 on all commodities,
11II1111111II I" I
will
be
Cabaret admissions, each 10c
of
the
'.'.V..S.S...-'S..S.~.
will
fall
March
13,
estimate
income-tax
'
rates.
report
income-tax
upon
on
payers.
*=
tacome-from
on
earning more than $2,000, whether subject to tax
Another
net
series
income
surtax
of
increased
is
incomes
On
clianges increases
in
from 5%
increases
These
of
net
0%
to
between
$6,000
and
addition
everyone
not.
or
$8,000
4%
net incomes
on
to
$90,000 and
of
the surtax
$100,000.
the
to
upward
range
incomes
on
between
from
persons
having
this
provision
income tax)
"normal"
of
change
a
rates
Under
the
was
$0,000 and $8,000.
55%
56%
to
on
net
4c
of
increased
Net
ftS ffirtKE (S?ld%
increases
8%
of
to
An
the
to
extra
rate
1%
for
,
National
the
of its operation
year
was
as
"olSoSo
lew)
124,900,000
...
34!soo!ooo
Stamp taxes........
6,700,000
MSuSeourtaxes^ise taxes..
141,400,000
M1*ceHaneous taxes...
62,400,000
-
The
the
of
text
issue
Under
$994,300,000
Revenue
Bill
of
1940
is
given
ill
this
another head.
.
New
Defense
Bonds
Notes to
or
Be
Issued
Under
Subject to Tax, Accord-
jng t0 Secretary Morgenthau
mi,
-t^
i
i
i
„
„v,i-
„
x.-
i
•
i
,
,
.
,
proposed Federal obl^atlOTS which are to be issued
under the new Revenue AfJt^Oi 1940 (the text of which
IS given
to be design
are
nated "National Defense Series," will be fully taxable,
Secretary of the Treasury Morgenthau advised the Senate
Finance Committee on June 12.
This was indicated in
Washington advices on that date to the New York "Journal
of Commerce " which also Stated:
'
,\
..
,
.,
.
,
.
_
„
,
.
The Secretary sa,d that it m expected that dunng the fiscal y^ar 1941 the
2JES2T JS TZ Tr
? ?e """""^i 43 •250'000-000' or WIthin
^
$750,000,000 of the total amount of Increased borrowings
is
B"m
at
as
$12,000
to
$i6,ooo
to
exclusively to
"
apply henceforth to admissions of 20c. and
present, but the rate of lc.
for
10c.
every
He told the committee that he has long favored discontinuance of tax««»>* ««■*«••
't »J» purP°se to «"
authority grantedI him in
"u,,tlng!^w
subject the B6curiti€s 10 a11 torms of taxation-Federal,
He admitted that this might
mean a slightly higher interest rate, but did
added
companies
to
19%,
/
He refused to speculate
'
by the Treasury to meet military expenditures.
Mr. Moron June 17, said the "Journal of ComIt further reported!
genthaU announced
nif l'Ct!
OH that day.
Since there is roughly $1,200,000,000 in the
working balance of the Treasury,
bracket of the corporation tax,
raising
income of more than $25,000 from 18%
each
with
an excessive rate.
The obligations, which have been
variously referred to as
bonds and notes, will be sold when and as
money is needed
or
unchanged.
was
proposed to be
authorized,
on what the rate mi*ht be-
,
to $12,000, from 7%
to 10%;
$14,000 to $16,000, ,9% to 15%;
$44 000 to $50,000, 27% to 40%.
amusements will
on
instead of 40c.
thereof
''
,
$io,oo9
12%;
11% to 18%;
The tax
fraetion
11%
State aird local.
$100,000.
include:
millionaires! TfT
more,
2H%
I.~.
not believe that it would mean
incomes
$i4,ooo,
$18,000,
under
revenue
5c
10%
2%
__....................
Alcoholic beverage taxes.....
Tobacco taxes
$10,000 the surtax rate is changed from
to
6% to 8%
Some other
2c
3-6c
.
of
between
(which
4Hc
lHc
-
under another head in this issue), and which
'
return-a
a
°2Hc
;;
2-5c
,
requires
5H%
2He
.
„
law
new
11%
J#*-.**"? ^ ^ Treasury department on June 22
followS, according to the New \olk Times
1941.
are expected to pay $319,000,000 in the next fiscal year and
$580,000,000 in the following four years in addition to their payments under
The
4Hc
11%
4c
fraction of price...
or
Auto parts, accessories, sale price.
as
advices, June 25, from Wash-
bills
tax
new
2H%
10%
10%
Bond sales, per.? 100 value
Firearms, sale price....
The income tax changes
payable
inheritance and gift taxes, effective
Press
3H%
^frigerators, sale price.r...5%
Revenue Act of 1940 to Be
such
They
former
6He-
pay
super
ington we quote:
The
20c
1
(
that
means
$400,000
gifts occurring after the President's signature.
or
40c
3%
2%
Tires, pound.
~SSSSSSSSSSSSSS.'.'.'S...\
Inner tubes, pound
normal
clause for them saying
10% of the income
This
have
plus
than
more
taxes.
$600,000
75%
to
up
escape
to
additional $40,000,
an
boosts
tax
surtaxes
to
liquor and cigaretts, and will last for five years.
are
is over
Total estimated increase.........
subject
are
*%, Congress wrote in
tax"
super
Federal
a
of
taxes
the
price
—6c
club dues ."ini t iat lo"n f eesVJTr
$100, he will pay $110.
Because
fraction if
or
Defense Tax Bill in the first full
changes in the surtax rates on incomes from $4,000 to $100,000.
1% was added permanently also to corporation rates.
On
10c
per
Safe deposit boxes, rental price
changes
Such changes include
reduction from $2,500 to $2,000 in the exemption for heads of families
and
Rate
H75
"SS111'4c
increase—$319,-
each
u
the millions of Americans
come
income
a
Ic
cigarettes (regular size), package of 20
Stock sales, per S100 value..—
icur„yedrs.
of
as
f,™
-
outside
now
,
Part
the
today are
SSe
Amusement admissions, tax
were
tax
admission,
signed
commodity, Tax Basts-
expected by the Treasury to produce $5,652,300,000 in
The new taxes will bring this sum to $6,357,600,000—
a total surpassed in American
history only in 1920.
It compares with an
estimated $5,384,300,000 in the fiscal year just ending.
budget,
penny or
super
$100,
Brandy?lotH^oofgiSS?!slot)
the next fiscal year.
After
to
Commodities
on
Trucks, on sale price
Existing taxes, not counting social security levies which
in
10%
a
follows:
said, in part:
Washington
000,000
provisions,
bill comes
income-tax
Under date of June 25 Associated Press accounts
available.
Income
income-tax
new
citizen's
a
Increased Taxes
from $45,000,000,000 to $49,000,000,000, and authorizes the
Treasury to sell $4,000,(XX),000 in special "national defense
notes" to pay for armaments until the yield from taxes is
the
if
rat™ on commodities under the tax bill
legislation increases the Federal debt limit
tax
and
old
Thus,
tax increases it to $110.
super
1, 1940, a plan for such tax,
than Oct.
Committee of the Senate not later
together with supporting data and drafts for proposed legislation.
from
added.
nou"a«!l fherFiMnce
JoTSt
all
of
top
on
was
June 29, 1940
Mr.
Morgenthau said there would be
but he could
not say
when
an
no
offer
in any event, to offer the entire authorization at
bonds piecemeal
as
money
this
issue would be put out.
month
at
least,
It Is not his purpose,
time, but to issue the-
one
is required.
Text of Revenue Act of 1940—Measure
President Following Its
to Aid in
Financing National Preparedness as Signed by
Adoption by Congress—Imposes New Taxes, Increases National Debt
Limit, and Provides for Issuance of Bonds to Be Designated uNational Defense Series"
Details
of the final
proceedings in Congress in passing
Revenue Act of 1940, and the
signing of the bill by
President Roosevelt on June
25, are given elsewhere in this
issue, and we are making room here for the full text of the
the
newly enacted measure.
Besides calLng for increased taxes,
and raising the National debt limit from
$45,000,000,000 to
$49,000,000,000, the
Defense Series."
The text of the
legislation provides for the issu¬
to be designated "National
new
of defense bonds
ance
notes
or
new
410—3D
[H.
R.
AN
for
the
expenses
of
issuing bonds, to provide
and
for
Be
a
of
preparedness
for
enacted by the Senate
of America in Congress
and
in
by raising
paying for
77.'
House of Representatives
revenue
such
$4,000
there shall
incomes of
net
$6,000
in
of
not
excess
This
Act
may
be
cited
Sec.
Section
12
(b)
of
2.
the
foilows:
as
1.
the
of
incomes
surtax net
$8,000
Internal
surtax;
upon
surtax
6%
in
net
addition
incomes
of
such
and
of $8,000 ;
in
not
in
and
of
excess
surtax
upon
$10,000,
8%
in
net
incomes
addition
of
'
surtax
upon
excess
of
excess.
incomes
of
$10,000 and not in
$10,000;
excess
7'"
'
.
of
and
upon
$12,000,
7-:'^':"'7 •'
•.
surtax
net
in¬
10% in addition
t.v7:
■' ;W:;
surtax net incomes of $12,000; and upon surtax net incomes
upon
of
net
;y7-^"
excess.
excess
$12,000
.
of
excess
such
in
I
Revenue
and
in
not
excess
of
$14,000,
12%
in
addition
of
-
$14,000
excess.
excess
of
Act
and
in
not
excess
of
$16,000,
15%
in
addition
of
1
r:
$16,000 and not in
excess
of $18,000, 18% in addition of such
of
1940.
Individuals
Revenue
Code
is
amended
7-7;
"$1,460
incomes in
•
addition
on
no
of $6,000, 4% of
"$1,100 upon surtax net incomes of $16,000; and upon surtax net incomes
Short Title
Surtax
and upon
;
$8,000,
excess.
Sec.
be
excess
"$800 upon surtax net incomes of $14,000; and upon surtax/net incomes
in
assembled,
TITLE
of
of $4,000 and not in
excess.
such
such
bonds,
of the United
excess
$6,000 and
upon
excess
"$5G0
V ;
method
income
net
surtax
upon
excess
comes
ACT
surtax
a
excess.
of
purposes.
it
States
"$80
in
shall be levied, collected, and paid for
the surtax net income of every individual a surtax
upon
excess.
"$360
SESSION]
national
and
other
such
CONGRESS]
10039]
Surtax—There
follows:
"Upon
such
656—76th
of
surtax net incomes in
In
Act follows:
[CHAPTER
provide
as
Rates
taxable year
"$200
?'':;r-;[PUBLIC—No.
To
"(b)
tach
of
"$1,880
to
read
...
.
as
incomes
in
upon
surtax
excess
such
upon
incomes
$18,000
and
of
not
$18,000
in
;
excess
7;-..7
and
of
upon
7 '*
surtax
$20,000,
21%
net
in-
excess.
surtax
excess
addition of such
of
net
of
exeess.
net
incomes
$20,000
and
of
not
$20,000;
in
excess
and
of
upon
surtax
$22,000,
24%
net
im
:.r--V";'
Volume
"$2,360
in
of
addition
surtax
in
of
such'
"$5,240
"$7,220
in
addition
of
incomes
addition
of
addition
addition
such
excess
addition
of
such
incomes
addition
of
such
excess
of
such
in
excess
of
such
incomes
in
of
and
such
and
and
in
of
net
incomes
in
not
Tax
Revenue
and
ment
in
60%
of
of
62%
$250,000,
and
;
of
excess
of $300,000;
in
not
surtax
upon
in
net
64%
$300,000,
and
and
in
not
and
in
66%
surtax
upon
of
$500,000;
and
surtax
upon
and
$750,000;
in
not
and
of
excess
than
incomes
net
the
classes
shell
3.
read
is
than
more
$25,000)—-A
of
such
In
within
therein,
normal-tax
in
74%
surtax
(d)
Tax
Internal
of
and
paid
(except
a
(a),
normal-tax
net
(a)
incomes
$5,000
a
by
striking
out
.
Revenue
Internal
shall
Code
make
under
each
and the
informa¬
the
Secretary
may
regulations
by
is single or who is married but not
who
wife, if having a gross income for the taxable
or
wife, if
who. is
and living with
married
joint return is made under subsection (b)
no
husband
and if—
amended
of
Not
the
of
the
corporation
not
come
(e)
or
is
within
chapter and such other
the purpose of carrying out
information for
Every individual having a gross income for the taxable year
$800
or
by regulations prescribe—
may
or
if single,
over,
or
if married and not living with husband
wife;
income for the taxable year
"(2) Every individual having a gross
of
$2,000
over,
or
if married and
living with husband or wife;
"(3)
$800
is
Every estate the gross income of which for the taxable year
or
over;
"(4) Every trust the net income of which for the
$100
or
$800
or over,
over,
or
taxable year is
the gross income of which for the taxable year is
regardless of the amount of the net income ; and
"(5) Every estate or trust of which any beneficiary is a
nonresi¬
alien."
dent
of the Internal Revenue Code
Information Returns—Section 147 (a)
"$1,000"
(relating to information at the source) is amended by striking out
occurring therein and inserting in lieu thereof "$800".
Sec.
more
of
the
the
this section,
of
receiver
a
Than
not
tax
one
(except
fiduciary
provisions of this chapter as the Commissioner with the approval of
wherever
More
Return—Every
of
individuals, estates, or trusts for which he acts, stating specifically the
items of gross' income thereof and the deductions and credits allowed under
(c)
of
Incomes
(c)
follows:
(a) of the Internal Revenue Code
follows:
as
individual) shall make under oath a return for any of the following
an
the
and
(b)
14
read
to
"(a) Requirement
$25,000."
as
income and the aggregate gross income is $2,000
gross
appointed by authority of law in possession of part only of the property
or
of
a
over."
or
(b) Fiduciary Returns—Section 142
income
net
and the other spouse has no gross income; or
"(B) Such individual and his spouse each has for the taxable
made
amendment
No
Treaty Obligations
8.
by this
title
shall
apply in
any
where its
case
application would be contrary to any treaty obligation of the United States.
in excess of $5,000,
not
and not
in
of
excess
Sec.
13*4%.
$20,000,
15%
of $20,000,
foreign
corporation
States
be
having
or
the
engaged
an
amount
an
regardless of
4.
in
office
equal
the
trade
or
10
place
19%
of
or
of
and" and by
to
tax
Companies—Section
to
read
as
362
striking
211
the
follows:
net
income
(a)
nonresident
Alien
(1)
alien
(A)
of
every
paid
for
mutual
of the Internal
not
201.
II
Income Tax
Chapter 1 of the Internal Revenue Code is
14 the following new section:
amended by inserting after
section
the
"In
any
case
15.
Defense
of any taxpayer,
Tax for Five
Years
the amount of tax under this chapter for
taxable year beginning after December 31, 1939, and before January 1,
shall be 10% greater than the amount of tax computed without
1945,
regard to this section.
In no case shall the
increase the tax computed without regard to
effect of this section be to
this section
by more than
31
('foreign tax credit'), and the credit provided in section 32
the source)."
in
follows:
Sec. 202.
,
Revenue
engaged
"(2) Aggregate More Than $24,000—The tax imposed by paragraph
-
Section
the Internal
Rates of Withholding
Revenue Code is
amended by inserting at
apply
Rates
.
'\
in
obligation
any
of
.
case
where its operation would be contrary to any treaty
States, nor to a resident of, or a corporation
the United
received
organized under the laws of, a contiguous country so long as
effect
with such country a treaty, ratified prior to August
is
than
relating to1 rates of
more
not
apply
to
$24,000."
any
(taxes
Until January, 1945—For the period after June 25, 1940,
before January 1, 1945, the rate provided in this section and section
or
15% shail T>e 16%%.
This subsection or section 15 shall not
"(h)
144,
of
thereof the following new subsection:
the end
end
143
individual if the aggregate amount
during the taxable year from the sources therein specified
shall
For the
purposed of this section, the tax computed without regard to this section
shall be such tax before the application of the credit provided in sec¬
tion
wit/hin the United States and not having an office or
place of business therein) is amended by striking out "10 per centum"
and inserting in lieu thereof "15 per centum."
(b) Aggregate Receipts More Than $24,000—Section 211 (a) (2) of the
is amended to read as
by
beginning
withheld at
business
Revenue Code
years
10% of the amount by which the net income exceeds such tax.
and
Individuals
individuals
taxable
1939.
"Sec.
of
Which Applicable
the
19% of the amount thereof."
Nonresident
on
on
to
Q
(b)
to
TITLE
amount thereof."
centum,
per
Supplement
tax equal
Tax
31,
excess.
trade
or
to
Tax—There shall be levied, collected,
upon
a
amended
Tax in General—Section
(relating
be
Investment
is
December
normal-
upon
17% in addition of such
Years
by this title, except the amendments made
5, shall be applicable only with respect to
section
Foreign
shall
rate
made
Sec.
shall
tax
of $20,000, and
Taxable
9.
amendments
The
upon normal-tax
after
United
income,
Code
company
Code
(1)
or
person
a
Tax
the
of
individuals
of
approval
of $2,000 or over,
corpo¬
excess.
Mutual
year
Sec.
Internal
or
for
centum."
per
on
taxable
(a)
or
amended
is
Income
of
51
following
of $800 or over.
"(2) Every individual
Supple¬
33%
$3,775,. plus
does
(d),
(c),
of
Nonresident
on
Revenue
investment
family
of carrying out the provisions of this chapter as the
the
with
living with husband
corporation
every
$25,000
excess
Net
income
net
excess
the
"(b) Imposition of
each
single
a
wife, a personal exemption
or
a*
-
"(1)
Corporations—Sections
corporation
the
dividends the
10
of
case
follows:
as
purpose
the Secretary
Corporations—Section 231 (a) (1) of
the Internal Revenue Code is amended by striking out "except that in the
of
the
for
Internal
the
of
collected,
with
in
income
of
Corporations—
the case of a
Foreign
"of
Returns
"(1) Every individual
in
surtax
upon
14, section 231
of
tax
Normal-Tax
the
net incomes in
"(1)
case
tion
Commissioner
of
(b)
13
income
net
(corporations
Tax
excess
business
out
the
individuals)
Returns—Section
read
to
in
73%
upon
and
;
normal-tax net incomes of $5,000, and
in
incomes
Tax
amended to
Code is
a
return stating specifically the items of his gross income
deductions and credits allowed under this chapter and such other
whichever of the following taxes is the lesser:
with
business
(c)
Revenue
of the head of
alien
Requirement—The
follows:
as
imposed by section
subsection
upon
addition
"(c)
Exemption
Internal
Exemption—In
nonresident
Individual
net
75% in addition of such excess."
$2,925 upon normal-tax net incomes
tax
the
of
oath
surtax net
upon
and
;
$5,000,000
of
the normal-tax
"Upon normal-tax net
"$675
in
Pergonal
6.
(1)
in the
or
of
amended
Corporation Tax
Classes
if
in
on
follows:
as
net
(a)
in
72%
of $5,000,000,
excess
General—Section
in
normal-tax
specified
be
■
effect
take
shall
section
this
case
"(a)
this
to
than
and
(b)
Sec. 7.
is
and
$2,000,000
of
net incomes
$5,000,000,
tax
Special
$25,000,
centum,
follows:
surtax net
lipon
$1,000,000,
(1) of the Internal Revenue Code are amended to read
$25,000—If
by
striking out "$1,000" and inserting in lieu thereof "$800",
in
70%
$750,000,
of
excess
Tax—There shall be levied,
"(b) Corporations
made
living with husband
net
68%
$500,000,
of
excess
in
incomes of
amount of the normal-tax net
on
25
$800;
surtax net
upon
$400,000,
of
excess
$400,000;
$2,000,000 and not in
"(2) Alternative
(b) Tax
per
and inserting in lieu thereof "$800",
(c) Section 251 (f) of the Internal Revenue Code (relating to personal
exemption of citizens entitled to benefits of section 251) is amended by
of
upon
more
by striking
amended
"$1,000"
in
"(1) General Rule—A tax of 19% of the normal-tax net income;
slightly
Section
exemption
net
surtax
upon
'
Supplement Q)
or
is
of dividends the rate shall be 10
case
amendments
year
amended
year
Code
Revenue
1940.
net
surtax
upon
and
excess
in
incomes of
net
Corporations
is
Internal
the
"(A) Such individual has for the taxable year a gross income
surtax
subject to the
G,
net
58%
$200,000,
of
$250,000
of
not
and
the normal-tax net income of which
ration
surtax
upon
$1,000,000 and not in excess of $2,000,000,
excess
of
year
surtax
on
taxable
in
excess.
Imposition of
"(b)
each
in
net
56%
$150,000,
and
;
excess
in
not
incomes of
net,
upon
Code
net
53%
$100,000,
of
$200,000;
of
incomes
net
Sec.
(a)
in
excess.
in
lieu
in
inserting
prescribe—
such
"$3,597,780
by striking
amended
and
married person
living with husband or wife, a personal exemption of $2,000.
A
husband and wife living together shall receive but one personal exemp¬
tion.
The amount of such personal exemption shall be $2,000.
If
such husband and wife make separate returns, the personal exemption
may be taken by either or divided between them."
(b) Section 214 of the Internal Revenue Code (relating to personal
^
surtax
upon
and
;
excess
$150,001
$500,000 And not
excess
of
surtax
upon
and
;
$100,000
of
incomes
net
$750,000
upon
in
incomes
addition
in
is
therein
centum."
144
"(1) Personal
is
$400,000
of
such
"$1,377,780
net
50%
$90,000,
of
excess
excess.
excess
of
Code
Revenue
occurring
married person not
net
surtax
upon
and
;
excess
in
of
incomes
net
surtax net
such
in
The
as
in
(c)
by striking out "of 10 per centum".
26,
(a)
•-
$90,000
of
incomes
net
$300,000
of
Internal
wherever
Sec.
in
47%
$80,000,
of
"$647,780 upon suitax net incomes of $1,000,000;
incomes
(c)
$24,000—Section 211
on
Withholding of Tax at Source
the
of
excess
in
not
$250,000 and
of
upon
of
"except that in the
and
Than
More
inserting in lieu thereof "15 per centum".
5.
centum"
per
"15 pen
excess.
excess
and
143
(b) Section
and"
of
(relating to tax
•
surtax
upon
excess
addition
thereof
r.
•■■'.!
$80,000
of
not
and
$200,000
of
of
of
Section
"10
excess.
in
addition
centum"
net
surtax
upon
$70,000,
of
excess
in
not
incomes
net
surtax
incomes
in
and
;
$70,000;
of
incomes
net
$150,000
of
excess
"$467,780
44%
c-
surtax
addition
incomes
(a)
excess.
such
"$292,780
in
not
and
$100,000
of
upon
and
per
Income
certain nonresident alien
is amended by striking out "$21,600" wherever occurring
inserting in lieu thereof "$24,000"; and by striking out
net
surtax
upon
$60,000,
of
excess.
addition of such
addition
not
and
$90,000
of
excess
"$224,780
$60,000
of
incomes
net
surtax
excess
such
in
and
excess
Gross
Revenue Code
Sec.
in
excess.
upon
"$158,780 upon
incomes
$50,000;
in
.,/y,
surtax
Incomes
in
and
$80,000
of
addition
"10
in
net
40%
$50,000,
of
excess
surtax
upon
excess.
upon
of
of
not
incomes
net
surtax
in
Where
4033
r
of
upon
incomes
incomes
and
excess.
addition
addition
in
,
surtax
excess
therein
road
$70,000
of
upon
in
"$126,780
36%
$44,000,
of
excess
net
surtax
upon
excess.
incomes
"$95,780
and
$44,000;
not
and
$60,000
of
excess
"$65,780
and
incomes
net
surtax
such
"$36,780
in
surtax net
33% in
upon
excess.
upon
of
in
of
incomes
net
surtax
excess
in
addition
net
30%
$38,000,
of
$38,000;
not
excess.
such
"$31,180
and
$50,000
of
upon
in
Tax
the Internal
out
surtax
Upon
of
and
excess
excess.
in
of
June
of
excess
"$25,880
of
incomes
net
surtax
incomes
incomes
in
not
incomes
$44,000
of
upon
addition
surtax
upon
$32,000,
excess.
"$16,180
incomes in
"$20,880
$32,000;
of
and
$38,000
surtax
such
(c)
;
out
net
of
excess
of
of
excess.
upon
of
and
excess
excess.
such
in
not
incomes
net
surtax
excess
"$11,780
incomes
$26,000;
in
of
and
$32,000
of
excess
upon
in
net
in
-
surtax
such
"$9,380
27%
excess.
upon
incomes
surtax
upon
$26,000,
of
V" T
of
such
and
excess
individuals)
incomes
net
$26,000
surtax
excess
of
$22,000;
in
not
excess.
upon
in
of
and
'
of
excess
incomes
net
$22,000
excess.
upon
"$3,440
addition
of
excess
such
incomes
incomes
surtax
upon
incomes
addition
The Commercial & Financial Chronicle
ISO
income tax."
there is in
26,
1937,
The Commercial & Financial Chronicle
4034
Sec.
Personal
203.
Holding Companies
Section 500 of the Internal Revenue Code is amended by
the
the
before
Rule—"
General
thereof
following
first
paragraph
inserting "(a)
inserting at the end
and
subsection:
new
the amount of surtax under this subchapter for
any
year
beginning after December 81, 1939, and before January 1, 1945, shall be
10% greater than the amount of surtax computed without regard to this
Sec.
Rule—"
of
the
before
first
paragraph
inserting "(a)
inserting at the end
and by
Tax for Five Years—In the case of any taxpayer, the
payable under this section for any income-tax taxable
"(b) Defense
amount
3250
(J)
Stills
(1)
(2)
Tubes
3400
tax
$20-
Toilet preparations
(a)..—
(b)
3403 (C)
Automobile truck chassis, etc.
Automobiles, etc.
2 percent
3 percent
3 Vi percent
Radios.......
2 percent
5 percent
5 H percent
3405..
Mechanical refrigerators..........
5 percent
5H percent
3407...........
Firearms
3409..........-
Matches...
10 percent..5 cents
5\i cents
3411.......—.
3412........—.
Electrical energy.........^.......
Gasoline
1 cent
1H cents
3413
Lubricating oils
4 cents.
4
...
...
Transportation of oil.
Transfer of bonds
Sec.
of
1200
the
205.
Capital
Internal
Code
is
(a)
which
to
amended
by inserting at
subsection:
"(c) Defense Tax for Five Years—For the year ending June 30, 1940,
for the four succeeding years ending June 30, the rates provided in
contract
Sec.
Estate
206.
of
a
of
before
of
amount
tax
the
expiration
payable
under
of
this
shall
without
regard
this
to
shall
section
be
such
after
tax
180
Section
1001
of
the
the end thereof the
"(d) Defense
tion
Internal
following
Sec. 212.
Tax
for
Code
is
amended
1940-1945—Despite
the
subsec¬
set
forth,
the aggregate
on
of the net
stun
gifts for such calendar year and for each of the preceding calen¬
dar years, over
"(B)
Rate
110%
tax,
a
computed in
the aggregate
on
accordance
with
the
said
of the net gifts for
sum
each
of the preceding calendar years.
"(2) The tax for the calendar year 1940 shall be the sum of (A)
tax computed
under subsection (a), plus (B) an amount which
the
bears
of
the same ratio to 10% of the tax so computed as the amount
gifts made after the date of the enactment of the Revenue Act of
bears
1940
the
the
to
of
purposes
gifts which,
total
this
under
section
computing the total
1940,
as
deduction
a
Sec.
Section
1003
a
citizen
by section 1004
208.
1250
of
Tax
the
gifts made during the
the
(b)
of
a
(a)
of
the
'gifts'
not
are
does
be
to
For
year.
include
not
included
in
made during the calendar year
citizen or resident, are allowed
(2),
gifts which,
or
United
States,
in the
case
allowed
are
as
a
(b)."
Transfers
on
term
(2),
gifts
case
by section 1004
nonresident not
deduction
of
amount of
gifts which, in the
or
a
of
amount
paragraph,
Internal
Avoid
to
Revenue
Code
Income
by
inserting
"(a) General Rule—" before the first paragraph and inserting at the end
the following new subsection:
"(b) Defense Tax for Five Years—In the case of any transfer during
the period after the date of the enactment of the Revenue Act of 1940 and
thereof
before July 1, 1945, the rate provided
in lieu of 25%."
Sec. 209.
Sections
1801,
1802,
(a)
shall be 27%%
3403
(f)
wherever
appearing therein and
The
Revenue
Sec. 210.
(1),
3452,
are
inserting
3460
amended
in
amended
"(b) Returns—Every person required by this section to pay any floor
stocks tax shall, on or before August 1,' 1940, under such regulations as
the Commissioner
with
the approval of
the Secretary shall prescribe,
title
as
are
set
such tax, except that in the case of articles held by
importers the Commissioner may collect the tax with;
of such articles by means of stamp rather than
return, and in such case may make an assessment against such manu¬
facturer or importer having tobacco tax stamps on hand
July 1, 1940, for
respect
forth
in
rates
the
Section
(b)~
lieu
(c)
(e)
(a) (1)
1710 (a) (2)
1802
—
(a)_
^
_
1802
(a)...
1802
(b)
1802
following
Sec. 213.
table,
1940,
the
the
Distilled
Spirits
as
are
forth in the
set
following table,
Defense-tax
Section
Description of Tax
Old Rate
Rate
2800
(a) (1)
Distilled spirits generally
32.25.—
(a) (1)
(a) (3)
Brandy
$2
Imported perfumes
$2.25
end
$3
-
$2.75
*-
$3
..
"(h) Floor Stocks Tax.
"(1) Upon all distilled spirits
produced
in
or
imported
into the
United States upon which the internal-revenue tax imposed
by law
has been paid, and which on July 1, 1940, are held and intended for
sale or for use in the manufacture or production of
any
of
article
intended for sale, there shall be levied, assessed, collected, and paid
floor stocks tax of 75 cents on each proof-gallon, and a propor¬
tionate tax at a like rate on all fractional parts of such proof-
applicable
1,
The
hundred
wine
by
a
1945, shall
tax
imposed
tax
gallons
as
by this subsection shall not apply to one
retail stocks of distilled spirits held
of
the
premises as to which such
person on
tional
with
retail
a
July 1, 1940, and
to
Old Rate
in
dealer
to which
as
liquors
has incurred occupa¬
person
for the period
beginning
on
other occupational tax with respect
no
dealing in distilled spirits has been incurred by such
(b)
1806
1850
(a)
2700
(a)...
(a) (1)
(b)...
(c)__.
(c).._
(d)_
(e)...
_
_
(e) (3)
(f) (1).
(f) (1).
10 percent
...
11 percent
10 percent
10 cents
_
2 cents
10 percent
Corporate securities
Capital stock issues
Capital stock issues
Capital stock transfers
Capital stock transfers
11 percent
11 cents
10 cents
5 cents
5 cents
6 cents
3 cents
$5.50
11 percent
person
for
any
a
floor
surety
S25
$27.50
"but shall not exceed
S100
3110
......
or
sureties
not
liable
to
in
such
form
and
the Commissioner, with
as
Every retail dealer in
such
pay
tax)
shall
make
the
by this paragraph.
of
including
law,
to
drawback
a
on
distilled
rate of
penalties,
spirits)
amended
is
$2.25 (or, in the
S50
$55
inserting in lieu thereof "but shall not exceed
$55
of
$20
applicable
in
case
by
Revenue Code
striking out
of brandy, $2)" and
$22
$2-
II."I. I
thereof
payment
850
I,
Payment of the tax shown
date not later than February 1, 1941,
respect of the floor stocks tax imposed hereunder."
Brewers
...
a
for
applicable and not inconsistent with this subsection, be applicable in
Retailers in liquor................
pay
(b) The third paragraph of section 2887 of the Internal
(relating
Wholesalers in malt liquors
Retailers-
such tax.
pay
bond
provisions
11 percent
Brewers
such
though
8110
...
a
of the Secretary, may prescribe.
10 percent
Rectifiers
to
respect of internal-revenue taxes on distilled spirits shall, in so far as
$1.10
10 percent
...
of
with
(even
All
and
be extended to
required
"(3)
$3.30
$5
and
liquors
return
4 cents
SI.
S3.
return
a
filing
the approval
3 cents
4 cents
the
amount
11 cents
2 cents
scribe, make
to be due may
upon
$100
Special cases
Rectifiers....
subjection
stocks tax shall, on or before August 1, 1940, under such regulations
the Commissioner, with the approval of the Secretary, shall pre¬
11 percent
11 percent
1 Yi cents
Initiation fees
Pistols and revolvers
Wholesalers in liquor
this
as
Passage tickets
Passage tickets
Passage tickets
Safe-deposit boxes
1806
beginning on such date.
"(2) Every person required by
Rate
10 percent
Sales outside box office
1806—
3250
rates
and before July
Insurance policies
3250
law,
the rates applicable with respect to the period after June 30, 1940, and
before July 1, 1945, shall be the rates set forth under the
heading 'Defense
Tax Rate':
(a), 3465, 3481 (b),
by striking out "1941"
thereof "1945".
Description of Tax
1804.
3250
of
(a) Section 2800 of the Internal Revenue Code is amended by inserting
at the end thereof the following new subsections:
"(g) Defense Tax for Five Years—In lieu of the rates of tax specified
tax specified in such of the sections of this
Dues
3250
provisions
a
Cabaret
3250
Applicable—All
including penalties, ap¬
plicable in respect of the taxes imposed by section 2000 shall, in so far
as
applicable and not inconsistent with this section, be applicable with
respect to the floor stocks tax imposed by subsection, (a)."
2800
by inserting at
Box seats_
1710
3250
stamps and the increased
specified in section 2004.
"(c) Laws
Defense-tax
1700
3250
part
or
period
1700
3250
and
all
to
the difference between the amount paid for such
heading 'Defense Tax Rate':
1700
3250
return and pay
a
manufacturers
Defense Tax for Five Years
respect to the period after June 30,
be the rates set forth under the
cigarettes
2004.
section
gallon.
Sec. 1650.
(a) In lieu of the rates of
Floor Stocks Tax
Tax—Upon
subject to tax under -section
(2) which on July 1, 1940, are held by any person for sale, there
shall be levied, assessed, collected, and paid a floor stock tax at a rate
equal to the increase in rate of tax made applicable to such articles by
CHAPTER 9A—DEFENSE TAX FOR FIVE YEARS
11
Stock
2000 (c)
chapter 9 the following new chapter:
"
Years
(c) (2), the rates
period after June 30, 1940, and before July 1, 1945, shall
"Sec* 2005.
Miscellaneous Excises
Code, is
new sections:
Defense Tax for Five
2800
Continuation of Excise Taxes
and 3482 of the Internal Revenue Code
Internal
in subsection
Cigarettes
in such of the sections of this title
Tax
amended
is
by
inserting in
$3.25 and $7.80, respectively.
make
of
Schedule,
amended
is
and
"In lieu of the rates of tax specified in section 2000
"(a) Floor
of
(a)—
"(1) The tax for each of the calendar years 1941 to 1945, both
Inclusive, shall be an amount equal to the excess of—
"(A) 110% of a tax, computed in accordance with the Rate
Schedule hereinbefore
"Sec. 2004.
by adding at
provisions
Code
41 cents"
by inserting at the end thereof the following
be
subsection:
Revenue
than 41 cents, until July 1, 1941" and inserting in lieu thereof
than 41 cents until July 1, 1940, and is less than 21 cents after
30, 1940, and before July 1, 1945".
of tax for the
Gift Tax
Revenue
new
Internal
1941, is less than
Subchapter A of chapter 15 of the Internal Revenue Code is amended
the
application of the credits provided for in section 813 and section 936."
Sec* 207*
Admissions Tax
the
less
without
computed
of
less
be
10% greater than the amount of tax which would be payable if computed
regard to this section.
For the purposes of this section, the tax
the lease,
where
1940, and not at the increased rate."
after
years
chapter
(1)
of
enactment
five
by this section,
July 1, 1940, is less than 41 cents, and after June 30,
1940, and before July 1, 1945, is less than 21 cents" and by striking out
June
dying after the date of the
and
(a)
"until July 1,
striking out
"is
Defense Tax for Five Years
decedent
1940
date, the total
June 30,
55 cents
to the articles with respect
lieu thereof "until
"is
Act
increased
on
force
1700
Section
Tax
SUBCHAPTER C—DEFENSE TAX FOR FIVE YEARS
"Sec* 951*
is
Yi cents
conditional sale,
Sec. 211.
Chapter 3 of the Internal Revenue Code is amended by inserting at the
end thereof the following new subchapter:
case
tax
percent
50 cents.....
.
or
11 percent
and delivery thereunder, was made
1940* the total tax referred to in such section shall be the
before July 1,
tax rate in
of
rate
sale,
shall be $1.10 in lieu of $1."
(a) and (b)
the
the
of
2 Yi percent
4 percent— 4 H percent
4 cents
5 cents
....
(c)
2 H percent
3 percent
'
Conveyances
...
"(b) In the application of section 3441
and
Revenue
-
3482.
Stock Tax
Revenue
the end thereof the following new
"In
11 percent
._
3403
3460 (a) (1), (2),
and (3)
the
2 H cents
4H cents
10 percent.
3481
ending after June 30, 1940, and before July 1, 1945, shall be 10%
than the amount of tax which would be payable if computed
without regard to this subsection."
such
$22
cents
4 cents
...
greater
subsections
$55
Tires
year
Section
Rate
150
—
3404..........-
Tax
the following new subsection:
such section
of
Excess-Profits
204.
600 of the Internal Revenue Code is amended by
Section
Stills..—i—.:.—
(J)
3403
subsection."
General
3401
Old Rate
Description of Tax
3400
taxable
1940
Defense-tax
Section
3250
"(b) Defense Tax for Five Years—In the case of every personal holding
company,
June 29.
-
-
brandy,
Sec.
$2.20
$200
$220
$100
$110
Chapter
the
end
a
rate of $3
(or, in the
$2.75)".
26
214.
of
the
case
—V.";-;
Wines
Internal
and Fermented Malt Liquors
Revenue
Code
thereof*the following new subchapter:
is
amended
by inserting at
Volume
The Commercial & Financial Chronicle
150
'SUBCHAPTER F-
DEFENSE
"Sec. 3190.
Defense
TAX
Tax
FOR
FIVE
Five
for
YEARS
Sec. 216.
Section
Years
at
"In
title
lieu
the
of
rates
forth
set
are
as
in
tax
the
specified
the rates set
forth
under
in such
following table,
to the period after June 30,
mpect
be
of
this
applicable with
the rates
1945, shall
and before July 1,
1940,
the heading
sections of
the
of
'Defense-tax Rate':
the
3403
end
4035
Credits
(e)
of
thereof
Tax
on
the Internal
thp
Revenue
after
June
Sec.
301.
The
30,
1940,
and
1
Section
Old Rate
Description of Tax
Rate
after
the
Still wines.
5 cents
6 cents
15 cents
18 cents
stocks
Still wines..
25 cents
30 cents
end
collected
Still wines
3030 (a) (2)
3030 (a) (2)
in
3 cents
Sparkling wines
2 hi cents..._
Sparkling wines.
Liqueurs, cordials, etc
I hi cents
1Ji cents
I hi cents
lhi cents
1700
3150 (a)
Fermented malt
55
56
sion
II
"(a) Floor
the
Stocks
levied,
the
3190.
The
stocks
of
rate
tax
imposed by
has
incurred
retail dealer in malt
which
to
as
spirits,
period beginning
a
"(b)
wines,
the
shall,
applicable to
such
upon
rate equal
shall not apply
to
and
return
a
be extended
"(c)
retail
a
dealer
been
by
incurred
or.
required
with
subsection
by
(a)
such
approval
Payment of
tax.
date
the
of
later
not
than
Secretary
the tax
February
or
may
sureties
as
the
Commissioner,
with
any
shall
prescribe,
be due
to
upon
the
approval
of
Section
1807
thereof
end
of
the
Rule—"
the
in
subsection
Internal
before
following
(a),
before July
1,
the
new
rate
1945.
of
Code
Revenue
the
first
tax
for
is
paragraph
subsection:
'
amended
and
/
inserting
by
inserting
at
th§
v:
at
made
Treasury
out
of
authorized
is
the general
Section
of
such
any
21
the
of
by
period after
June
30,
under
a
tions
so
the
less
Second
determined shall
so
directed
to
transfer
the
the
to
the Treasury.
Liberty Bond Act,
"(a)"
after
paragraph
new
after
general
issued shall
retirements
any
section
sections to
expenditures made,
reimburse
Sec. 401.
301
amended, is
as
"21."
and
adding
by
follows:
as
of
the
made
from
Revenue
Act
the
special
June
30,
1940,
the national
for
defense,
of the Treasury therefor.
Any such
designated 'National Defense Series',"
fund
be
fund
of
1940, may be
provide the Treasury with funds to meet any
world, says Mr. White in his introduction, despite
do, is an economic unit.
"An economy even in
Europe based upon the rule of the tyrant State, a social order
which denies the worker and the capitalist their liberties
.—that economy, that social order, that political
tyranny, we who love liberty surely and eventually must
meet.
It will conquer us—not perhaps by sword and fire
and gun but with the slow, strangling coil of its economic
grip—or we must conquer the monster."
So asserting, Mr. White turned to fourteen persons known
throughout this country, to secure a cross-section of its
thinkers, long-known and respected; and he asked them what
they thought of the world today, specially in its bearing on
America's future and safety.
Their resultant several con¬
tributions take into account the latest events reported by
the daily press.
(The preface is dated June 25, 1940).
Nothing could be more timely.
No names in equal number
could carry greater weight: Quincy Wright, Professor of
International Law,
(now in Chicago; Charles Seymour,
President of Yale; Barry Bingham, President of the Louis¬
ville Courier Journal; Coffin, President of Union ? Theo¬
logical Seminary; Grenville Clark, distinguished jurist, and
Fellow of Harvard College; Conant, President of Harvard;
Mrs Dwight W." Morrow; Dr. John A. Ryan, one of the most
distinguished Roman Catholic professors; Frank Porter
Graham, former head of the University of North Carolina;
George Creel, publicist and Chairman of the National Ad¬
visory Board of the WPA in 1935; Chester Harvey Rowell,
editor of the San Francisco Chronicle, lecturer and publicist;
Lewis W. Douglas, ex-Director of the Budget in Washington,
now President of the Mutual Life Insurance Co. of New York;
Rabbi
Stephen S. Wise; Rupert Hughes, distinguished
author and soldier.
The Message to the Congress of the
United States by PresidentJJoosevelt, May 16, 1940, is also
can
.
Section 205 of the Public
by adding at the end thereof
of
amount
before
the
or
deficiency in
January 1,
United
as
thereof,
on
or
of
or
officer
or
to
obliga¬
March
make
a
sentence to read
new
income tax
attributable to
any
agency
for
as
follows:
taxable year
any
compensation paid
"If the
beginning
indirectly by
instrumentality thereof, for personal
or
employee of a State, or any political subdivision
or instrumentality of any of the foregoing, is paid
15,
return
1941,
of
then
such
with
respect to
compensation:
(a)
failure
No
to
pay
criminal
such
penalty
(b) the additions to tax provided in sections 291 and 293
the Internal Revenue Code shall
Approved, June 25, 1940,
11:45
not
a.
apply."
m.,
E. S. T.
When one considers how great is the diversity of the men
represented, drawn from so many places, ana engaged in
such varying pursuits, it is of the highest significance that
they write a3 one man about the danger which threatens
modern civilization, and particularly that of the United
States.
Each in his own way, warns us of the "storms
that gather beyond our shore; in the far East and in what
was once civilized Europe now is a vast wilderness where
dark things grip with savage tortures to crush and wipe off
the earth, every precious blessing which we have been con¬
serving
...
for three hundred years."
All feel deeply the danger which threatens us.
All feel
that perhaps we have failed to realise early enough what was
happening in Europe.
Not in panic, nor in craven fear,
yet in grim earnestness all these writers affirm that the situa¬
tion born of yesterdav's events is so charged with peril that
giving "open and direct aid to the Allies" is the immediate
and imperative need of the moment.
"We need time
mortally.
Every weapon, every least aid we send to what
is left of our Allies is a purely selfish act.
It is in self de¬
fense."
France has died, and now England agonizes. "To
let England fail is to commit hara-kiri.
.
.
Our thirteenth
hour is sounding.
It is too late to be anything but selfish
Let us help the Allies to save us until we can make
ready to save ourselves."
"If
we continue to be confused in our thinking
.
.
.
.
.
.
and dilatory in our actions, our aid may come too late."
Then the possibility of war under highly unfavorable circum¬
stances
would
soon
confront
us.
is the composite reflection of the writers here as¬
sembled.
They are engaged as realists, calmly reviewing
Such
the obvious facts, with clear heads and clean hearts,
telling
their fellow men what are the eventualities which lie ahead.
thinking man to harken to what
believe and say, to heed their warning, and to
It is the duty of every
these
men
shape his course accordingly.
Among the 15 men who
there is hardly a dissenting voice on any issue raised.
speak,
They
splendid service in providing their readers with
knowledge of how they stand, and why.
have done a
a
'- "V?
of such a galaxy of writers, thinkers, and
commentators, each given free rein, and each writing without
editorial control, one cannot fail to obtain a close approxi¬
mation of the prevailing view regarding America's position
in the world of today.
These views will spread, and to¬
morrow will be the accepted opinion of all but a very small
minority of this country's inhabitants.
This we must accept
as likely, or confess that America can no longer think, nor be
guided by its outstanding leaders of opinion.
IV
Salary Tax Act of 1039 is amended
or
any agency
before
or
1939,
States,
an
shall apply; and
1940,
The
reproduced.
and
fund of
inserting
section
time,
one
available
issued under said
shall be 11 cents."
(Views of 14 Authors; See Below)
.
end
amount
Edited, with an Introduction, by William
Allen
White, 205 pages.
Macmillan $1
we
the
at
lieu of the rate of tax specified
the
attributable
special fund which shall be available only for the retire¬
a
the
302.
service
Defense for America
all
of
moneys
Sec.
the
Playing Cards
"(b) Defense Tax for Five Years—In
and
than 40 cents), and the amounts
more
TITLE
in respect of the taxes imposed by section 3150 (a) shall, in so far
applicable and not inconsistent with this subsection, be applicable with
respect to the floor stocks tax imposed by subsection (a)."
"(a) General
as
hereby further amended
law, including penalties, applic¬
as
215.
floor
Code
to
taxes
the
able
Sec.
of
of any
■■
o*f
the
Revenue
and
Internal
ing
pay
prescribe.
Laws Applicable—All provisions
made,
the
amount
to
1941,
the
to
such -person
6hown
1,
taxes
the
"(b) In addition to the amount authorized by the preceding paragraph
of this section, any
obligations authorized by sections 5 and 18 of this
Act, as amended, not to exceed in the aggregate $4,000,000,000 outstand¬
before August 1, 1940, under such regulations
the
in
amendments
including
Any amounts in
fund not necessary for the retirement of such obligations shall
be deposited in the general fund of the
Treasury.
July 1, 1940,
respect to dealing in dis¬
tax with
has
on
increases
(not
the special
which
liquors
in
the
by the
Act
purpose,
fund
the retail
bond for payment thereof in such form and amount and with
a
surety
Secretary,
liquors,
person
a
as
this
charge of
Secretary
to
such date.
on
pay
to
tax
to
imposed,
of the obligations issued pursuant to the authority contained
in section 21 (b) of the Second
Liberty Bond Act, as amended.
If at any
time the amounts in the fund are not sufficient for such
section
by
articles
.
not including any amount collected under section
(1) of the Internal Revenue Code attributable to a basic admis¬
(a)
ment
and
a
liquors for the period beginning
on
Commissioner
filing of
such
paid,
floor stocks tax at
occupational
malt
or
Returns—Every
floor stocks tax
may
a
subsection
this
Liquors
liquors
malt
been
has
law
other occupational
no
for
make
made
tax
Malt
III
solely to section 209 and
which
which on
and intended for sale there shall be
fermented
by
person
any
Fermented
on
of fermented malt liquors held by a person on premises as to
tilled
as
all
imposed
held by
are
in
person
a
and
tax
assessed, collected, and paid
increase
such
Stocks Tax
Tax—Upon
internal-revenue
July 1, 1940,
or
Floor
3191.
of
of
be set aside
"Sec.
by adding
Secretary of the Treasury shall, as soon as practicable
each quarter, determine the additional amount of taxes
attributable
taxes
title
3030 (a) (2)
liquors..
amended
new
before
TITLE
Defense-tax
3030 (a) (1) (A).
3030 (a) (1) (A).
3030 (a) (1) (A).
Code is
sentence: "With respect to the
July 1, 1945, the rates -of the
credits above provided
shall, in lieu of 2% and 3%, be 2%% and 3%%,
respectively."
V; V'' ■'= v;
V,;.rv..;V
period
following
Automobiles, Etc,
on
^
.v.;
W. C. B.
^
In the presence
A B C of
By
Gerald
Cooperatives
Richardson.
263
pages
Longmans, $2.00
The
theme
of this book is the working of cooperative
marketing and distribution.
It is intended to aid those who
are so situated that they would tend to bring various forms
of
cooperative enterprises into existence.
The Commercial & Financial Chronicle
4036
The
history of the movement is traced to
the factory operatives of Rochdale,
I860, and is brought down to some of the
author's efforts in developing cooperation in
its inception
England, in
latest of the
Nova Scotia
among
and in Newfoundland.
^
has not
who
kept in touch with these develop¬
ments, some of the statistical material furnished will come
with marked impressiveness.
It is easy to argue from the
To
one
June 29, 1940
by
new high records in excess reserves brought about by
large gold imports.
■ ?J'M*
High-grade railroad bonds have lost fractionally.
An¬
nouncement by the New York, Chicago & St. Louis RR.
of a plan to take care of the maturity of $12,679,000 6%
unsecured notes due in October, 1941 caused a sharp rally
in the road's obligations.
The 6s, 1941, advanced 6 points
to 81.
Other medium-grade and speculative rail issues regis¬
tered gains toward the close of the week, after displaying
East, that the accomplishments under conditions too often
ighly disheartening are the forerunners of still more re¬
weakness at the start.
markable results to
to 69Defaulted rail bonds have been
come.
It is difficult at this moment to say just what economic
changes lie ahead of
us,
but
any one
studying this book will
conclude that those who have done what is here described,
are an important factor to be considered in connection with
the future of production and distribution.
directed to the academic on¬
discovering new converts, in
urging them to study, in warning them against the pitfalls
that beset their path, and showing them how to reach their
goal.
Simply, somewhat fervently, but obviously sincerely,
the author seeks to expand the cooperative movement.
Up
to that point he has done a good bit of work.
When he
The author's appeal is not
He is interested in
looker.
caustically assails certain aspects of business based upon
"private profit" he is less convincing, in fact he is out of his
depth.
When he would apply his cooperative ideas to in¬
surance,
he runs the risk creating much dissatisfaction.
Unlike the cooperative
they utilise many
societies, underwriters flourish when
baskets for their eggs.
W. C. B.
The Course of the Bond Market
move
S.
U.
All
120
1940
Govt.
some recovery took j>lace on
Special developments have been lacking but
strength in investment issues resulted in the first new
offering on Monday. The $38,'000,000 Jersey Central Power
Light first 3Hs, 1965, which had been originally registered
in October, 1939 were finally released.
Indications are that
additional offerings will soon follow.
Mixed changes-, primarily confined to fractions have been
the rule this week among industrial interest-bearing obli¬
gations.
Steels have been fairly steady, but with some
recent
&
fractional declines and oils acted about
issues
Averages
106.92
Metal
a firm opening foreign bonds turned irregular again
subsequent sessions. Belgian and' Danish bonds retained
their gains, however, while German issues advanced several
points. Italians closed stronger. Australian bonds strength¬
ened and Canadians recovered most of their early losses.
After
in
Uruguayan and Argentina issues.
liquidation at lower prices.
among
MOODY'S
(Based
120 Domestic
by Ratings
Corporate by Groups *
AU
1940
120
BOND
on
YIELD
some
losses
Japanese met
AVERAGES
some
t
Individual Closing Prices)
120 Domestic Corporate
120 Domestic
by Ratings
Cor dot ale by Groups
Domes111*
Aaa
Corp.*
115.21
same.
102.
at
tic
June 28—
the
fractionally and papers also have been higher,
especially the Internationals, the 6s of 1955 gaining 6 points
rose
t
120 Domestic Corporate *
Domes¬
Bonds
3points
affected all groups but
Thursday.
(Based on Average Yields)
Daily
rose
fractionally better.
South American loans continued uncertain with
Bonds have not moved far in either direction this week.
The general firmness of the market has been accompanied
MOODY'S BOND PRICES
Reading 41^s, 1997,
For the greater part of the week the utility bond market
has been dull and irregular.
On Wednesday a mild selling
122.17
Aa
A
')
118.81
106.73
Baa
RR.
P. U.
Indus.
85.52
92.75
114.09
115.78
Averages
Corp.
Aaa
3.62
June 28..
2.89
Aa
3.04
A
Baa
RR.
3.63
4.93
4.44
P. V.
3.20
Indus.
3.18
27- 115.08
106.54
121.72
118.60
106.54
85.10
92.43
113.89
115.57
27
3.64
2.91
3.05
3.64
4.96
4.46
3.27
3.19
20- 115.00
106.30
121.49
118.38
106.36
84.83
92.28
113.48
115.14
26
3.65
2.92
3.06
3.65
4.98
4.47
3.29
3.21
25— 115.20
106.17
121.49
118.38
100.36
84.09
92.12
113.48
115.35
25
3.66
2.92
3.06
3.65
4.99
4.48
3.29
3.20
24.. 115.40
100.54
121.94
118.38
100.54
84.96
92.28
113.08
115.57
24
3.64
2.90
3.06
3.64
4.97
3.28
3,19
22- 115.49
100.30
122.17
118.16
106.54
84.83
92.12
113.68
115.78
22........
3.05
2.89
3.07
3.64
4.98
4.48
3.28
3.18
21— 115.37
106.17
122.17
118.38
106.36
84.28
91.81
113.48
115.57
21
3.66
2.89
3.06
3.65
5.02
4.50
3.29
20- 115.08
105.79
121.94
117.94
100.17
83,73
91.35
113.48
115.14
20
3.68
2.90
3.08
3.60
5.00
4.53
3.29
3.21
19-. 114.79
105.00
121.49
117.72
105.98
83.33
91.05
113.07
114.93
19
3.69
2.92
3.09
3.67
5.09
4.55
3.31
3.22
18- 114.77
105.22
121.27
117.72
105.60
83.00
90.90
112.86
114.51
18
3.71
2.93
3.09
3.69
5.11
4.50
3.32
3.24
105.04
121.04
17- 114.81
4.47
3.19
117.50
105.41
82.53
90.44
112.06
114.51
3.72
2.94
3.10
3.70
5.15
4.59
15— 114.80
105.22
121.27
117.72
105.60
82.79
90.59
112.66
114.72
15—
3.71
2.93
3.09
3.69
5.13
4.58
3.33
3.23
.14- 114.73
105.04
121.27
117.50
105.41
82.66
90.44
112.45
114.72
14—
2.93
3.10
3.70
5.14
4.59
3.34
3.23
13- 113.93
3.72
104.85
120.59
117.29
105.22
82.53
90.29
112.25
114.30
13
3.73
2.90
3.11
3.71
5.15
4.60
3.35
3.25
17—
12- 113.82
104.48
120.14
104.85
82.40
89.99
111.84
113.89
11— 113.12
103.74
119.92
110.21
104.48
81.35
89.25
111.43
113.27
11
10- 113.02
103.74
119.09
116.21
104.48
81.35
89.25
111.43
113.07
10
104.11
119.69
110.04
8- 113.12
116.80
3.24
3.75
3.13
3.73
5.16
4.62
3.37
2.99
3.16
3.75
5.24
4.67
3.39
3.30
3.79
—
2.98
3.79
12
;
3.33
3.00
3.16
3.75
5.24
4.67
3.39
3.31
3.27
104.07
81.74
89.55
111.04
113.48
3.77
3.00
3.14
3.74
5.21
4.65
3.38
7- 113.15
103.93
119.47
116.43
104.48
81.87
89.40
111.43
113.27
7
3.78
3.01
3.15
3.75
5.20
4.66
3.39
3.30
e- 113.06
103.74
119.25
116.21
104.30
81.61
89.25
111.43
113.07
6
3.79
3.02
3.16
3.76
5.22
4.67
3.39
3.31
5-. 113.05
103.74
119.25
110.43
104.11
81.01
89.25
111.23
113.07
3.79
3.02
3.15
3.77
5.22
4.07
3.40
3.31
4- 113.12
110.21
81.61
89.25
111.23
103.56
119.03
3- 113.05
103.38
118.60
110.00
104.11
81.48
89.25
111.03
112.66
1- 113.13
103.50
118.60
110.21
104.11
81.48
89.25
111.03
112.66
'r8—'
104.11
113.07
Weelly—
May 31— 113.14
103.56
3.80
3.10
5.22
3.77
3.29
Weekly—
May 31
4.07
3.40
3.81
3.05
3.17
3.77
5.23
4.67
3.41
3.33
3.80
I
3.05
3.16
3.77
5.23
4.07
3.41
3.33
3.78
3.03
3.31
118.60
116.21
13.093
81.61
89.25
111.
3
112.66
3.80
3.05
3.16
5.22
4.07
3.41
24— 113.06
103.56
118.81
115.57
104.11
81.87
89.69
111.03
112.25
24
3.80
3.04
3.19
3.77
5.20
4.64
3.41
3.35
17- 113.73
105.79
120.37
117.72
105.79
84.96
92.28
112.66
114.72
17
3.68
2.97
3.09
3.08
4.97
4.47
3.33
3.23
10- 115.51
108.46
123.33
119.25
107.88
88.30
94.97
114.72
117.72
10
3.54
2.84
3.02
3.57
4.73
4.30
3.23
3- 110.30
109.24
123.79
120.37
108.b6
88.95
95.29
115.57
118.81
3
3.50
2.82
2.97
3.53
4.69
4.28
3.19
3.04
Apr. 20— 116.18
108.85
123.79
120.14
108.08
88.51
94.81
114.93
118.81
Apr. 26
3.52
2.82
2.98
3.56
4.72
4.31
3.22
3.04
115.94
108.46
123.50
119.92
107.30
88.07
94.33
114.51
118.38
19—
3.54
2.83
2.99
3.60
4.75
4.34
3.24
3.00
12.. 116.38
108.27
123.56
12.
3.55
2.83
3.00
3.61
4.76
4.34
3.25
3.06
3.53
2.80
2.99
3.60
4.72
4.31
3.24
3.04
3.57
2.83
3.02
3.62
4.79
4.37
3.27
19..
3.33
3.09
119.69
107.11
87.93
94.33
114.30
118.38
5-
117.10
108.66
124.25
119.92
107.30
88.51
94.81
114.51
118.81
Mar.29—
116.87
107.88
123.50
119.25
106.92
87.49
93.85
113.89
118.38
21- 116.36
107.69
123.56
119.03
100.30
87.49
93.85
113.68
117.94
21.
3.58
2.83
3.03
3.65
4.79
4.37
3.28
3.08
15- 116.74
3.10
....
5—
Mar. 29
3.08
107.49
123.33
118.81
107.17
87.35
93.69
113.68
117.50
15
3.59
2.84
3.04
3.66
4.80
4.38
3.28
110.03
107.49
123.10
118.38
100.17
87.21
93.69
113.07
117.72
8
3.59
2.85
3.06
3.66
4.81
4.38
3.31
3.09
1— 115.42
107.11
122.63
118.38
105.79
87.07
93.53
112.80
117.07
3.12
107.30
123.10
118.60
105.79
80.92
93.85
112.00
117.07
8-
Feb. 23..
115.32
16- 116.48
1—-
3.61
2.87
3.06
3.68
4.82
4.39
3.32
....
3.60
2.85
3.05
3.68
4.83
4.37
3.33
10—
Feb. 23
3 12
107.49
123.33
118.81
105.98
87.07
94.01
112.80
117.50
3.69
2.84
3.04
3.67
4.82
4.36
3.32
3.10
115.44
107 30
122.86
118.81
105.98
80.92
94.01
112.60
117.29
9
3.60
2.80
3 04
3.67
4.83
4.36
3.33
3.11
2- 115.43
100.92
122.63
118.00
105.41
86.78
93.69
112.45
110.86
2
Jan. 27- 115.54
3.62
2.87
3.05
3.70
4.84
4.38
3.34
3.13
106.92
122.03
118.38
105.41
86 64
93.69
112.25
110.80
27
—
3.02
2.87
3.06
3.70
4.85
4.38
3.35
3.13
20- 116.65
100.54
122.40
117.94
105.41
86 21
93.21
112.25
116.43
20
.....
3.64
2.88
3.08
3.70
4.88
4.41
13- 116.96
3.35
3.15
106.73
122.40
118.16
105.00
80 50
93.53
112.25
116.04
13
3.83
2.88
3.07
3.69
4.86
4.39
3.35
3.14
105.60
116.64
0
3 62
4.82
4.37
3.34
3.14
9-
Jan.
6- 116.03
106.92
122.86
117.72
87.07
93.85
112.45
High 1940 117.18
2.86
3.09
3.69
109.44
124.25
120.59
109.05
89.25
95.62
116.00
119.25
Low 1940 113.02
High 1940
3.81
3.05
3.19
3.78
103.38
118.00
115.57
103.93
81.35
89.10
110.83
112.05
Low 1940
High 1939 117.72
3.49
2.80
2.90
3.51
106.92
122.40
118.60
105.22
87.78
94.33
112.05
116 43
Low
High 1939
4.00
3.34
3.55
100 00
112.45
108.27
98.28
81.09
87.93
104.30
106.54
Low 1939
3.62
2.88
105.41
121.94
117.50
102.12
85.65
92.12
110.63
115.35
June 28, 1939...
3.70
4.35
1
1939 108.77
Yr. Ago
1
June28*39 116.94
2 Yrs.Ago
2
June28'38 111.81
i
94.17
113.68
105.41
i* T»KSe prlces are comPUted from
level
93.53
72.00
70.41
102.30
108.46
5.24
4.68
3.42
4.67
4.26
3.17
3.02
4.10
5.20
4.76
3.70
3.64
3.05
3.71
4.77
4.34
3.30
3.15
2.90
3.10
3.88
4.92
4.48
3.43
3.20
3.28
3.70
4.39
0.03
5.64
3.87
3.54
.
3.36
Year Ago—
Years Ago—
June 28, 1938...
average yields on the basis of one "typical" bond (4% coupon, maturing In 30 years), and do not purport to show either the
or tne average
movement of actual price quotations.
They merely serve to Illustrate In a more comprehensive way the relative levels
"leld averages, the latter
being the truer picture of the bond market.;
t The latest
complete list of bonds used In computing these indexes was published In the Issue of Jan.
13, 1940, page 179
average
and the relative movement of
Indications of Business Activity
THE
STATE
OF
•'
TRADE—COMMERCIAL
EPITOME
'
Friday Night, June 28, 1940.
.•
Business activity showed further gains the past week, with
indications pointing to
increasing momentum as time gobs
on.
War defense plans as yet have
played little part in the
upward trend that has been under way for some time.
The
major event of the week was the nomination of Wendell
Willkie for
President.
That this event will have
a
strong
heartening effect in the business world is a fact that can
hardly be disputed. As a writer puts it, extraordinary times
call for
extraordinary abilities.
Willkie is the
man
responsibility.
By great good fortune Mr.
of the hour, uniquely suited for the great
His nomination and probable election clearly
reflect the desire of the country to get to work to fulfil the
great tasks of national defense and economic recovery which
still lie before it, under leadership
pledged to advance the
entire national
welfare, rather than the interests of this
or
that particular class at the expense of the others.
Reports from business and industry the past week were
generally favorable, with the exception of automotive activity
Volume
The Commercial & Financial Chronicle
ISO
which showed
a
small decline.
Since its
April low of 93.6,
the "Journal of. Commerce" index has advanced almost
11%
during the past ten weeks. During this period the advance
was
interrupted only once during the Decoration Day
holiday week.
Estimating that steel production this week is on a basis
1^4A
of 88% nanonifv a point
capacity,
higher than last week, "Iron Age"
asserted yesterday that current
activity is "without benefit"
or
the enormously increased iron and steel
requirements
which will eventually flow from the national defense
program.
On Monday the American Iron & Steel Institute estimated
steel output this week on a basis of
86.5%, off 1.4 points
from the preceding week. Steel orders received
by the mills
during June have ranged from about 25% to more than
double those for May, depending upon the product, accord¬
ing to "Iron Age."
"Notwithstanding the breakneck speed
with which huge defense appropriations have been rushed
through Congress, only a very small proportion of the steel
industry's recent orders has come as a result of this program,"
the review observes.
"It is not yet definitely known in
Washington what demands will be made on the iron and
steel industry, but surveys are under
way by the National
o
Defense Commission to determine actual
tonnages
in prospective requirements.
That
involved
they will "be extremely
large, goes without saying, but a sufficient supply of steel
seems to be assured
except perhaps in some of the categories
such as heavy armor plate for
Navy ships and light armor
plate for Army tanks, but steps are already being taken to
increase capacity for production of such items.
There is
no evidence
as
yet in Washington of official intention to
fix prices on steel or other commodities, not will allocations
or priorities be resorted to in all
probability until occasion
arises.
Rather than attempt price control, it seems likely
that the government will, if necessary, increase taxes on
profits.
Production by the electric light and power industry of the
United States for
the
week
ended
June
22d
amounted
to
2,508,825,000 kilowatt hours, an increase of 9.8 per cent
over the
corresponding total a year ago, according to figures
released yesterday by the Edison Electric Institute.
Howeve^ production for the latest reporting week was 7,383,000
hours belovy.the 2,516,208,000 in the week
preceding. Com¬
pared with the like week
week
a
year ago,
gained 223,742,000 hours
over
output for the latest
the total of 2,285,-
083,000.
The
Association
of
American
Railroads
reported
today
4037
While the week's
#
weather was quite variable in its rela¬
crop development, conditions in general were satis¬
tion to
factory.
Widespread rains between the Lake region and
Rocky Mountains were decidedly helpful as some sections
m
this
in
the
had become dry, and at the
Southwest were quite beneficial.
Northeast there was too much rain and
area
again light
Q-Hd
in
Great Basin.
There
local frosts
were
In the New York
City area there were intermittent heavy
showers, but most of the week it was clear and cool.
Today was cool and overcast with thundershowers present
late in the afternoon.
Temperatures ranged from 60 degrees
degrees. Indications point to thundershowers tonight
and early
Saturday.
Rising thermometer level tonight
followed by a decline on Saturday afternoon. Partly cloudy
to 75
weather and moderate
temperatures are forecast for Sunday.
Lowest point the
mercury is expected to reach tonight both
for the city and suburbs is 68
degrees.
Overnight at Boston it was 57 to 76 degrees; Baltimore,
to 88; Pittsburgh, 60 to
75; Portland, Me., 53 to 73;
Chicago, 64 to 72; Cincinnati, 73 to 86; Cleveland, 59 to 80;
Detroit, 61 to 77; Milwaukee, 60 to 79; Charleston, 78 to 91;
Savannah, 75 to 94; Dallas, 78 to 94; Kansas City, Mo., 71
to 92; Springfield, 111., 67 to
88; Oklahoma City, 78 to 93;
Salt Lake City, 53 to 89, and
Seattle, 50 to 74.
61
Moody's Commodity Index Declines
Moody's Daily Commodity Index closed at 155.1 this
Friday, as compared with 157.6 a week ago. The principal
individual changes were the declines in rubber and steel
scrap, and the advance in hogs.
The movement of the Index
Sat. \
June 22
-.158.4
Mon.
Tues.
June 24
158.2
June 25
-.155.9
Engineering
an
increase of 30.3
construction
awards for the week total
cent from the record volume
of last week and 17 per cent below the figure for the corre¬
sponding 1939 week, as reported by Engineering NewsRecord.
Private awards top their volume for the 1939
week by 34 per cent, but are 70 per cent below the high of a
week ago.
Public construction is 30 and 60 per cent lower,
$34,869,000,
a
drop of 64
The Class I railroads showed
a
net loss after fixed
April of $9,261,171 according to reports made to the
Association of American Railroads by 131 Class I railroads.
This compared with a net loss of $27,623,773 for April, 1939.
For the first four months of this year the estimated net loss
of the railroads was $21,864,778, compared with a net loss
of $70,443,673 in the same period of 1939.
For the twelve
months' period ending June 30,
1940, the railroads are
expected to earn a net income of approximately $180,000,000,
which would be the best showing in ten years, except for the
ended
June 30, 1937, when the railroads
In May the railroads are estimated
net income after taxes and charges of approxi¬
earned $227,451,818.
to have
had
mately
$1,000,000,
a
against
a
net
loss
of
$18,594,000
Ward's Automotive Reports in its weekly survey of auto¬
mobile plant activity today estimated that car and truck
week would
total
87,550.
Assemblies last
numbered 90,060; a year ago this week they totaled
70,663.
The tendency toward lighter schedules, the survey
said, will be accentuated next week, when the July Fourth
holiday will result in most plants operating on three-day
schedules.
Retail sales, meanwhile, are reported stronger
week
higher prices will be seen next fall.
"Trade and industry, while giving some evidence of grow¬
ing immunity to the effects of foreign developments, was
hesitant and spotty this week," Dun & Bradstreet, Inc.,
reported.
"Retail trade slackened somewhat, as apparent
reaction to the collapse of France, the credit agency said in
its weekly review.
But wholesale and industrial buying
showed considerable activity.
Although the rate of im¬
provement was slower, no definite change could be perceived
in the undercurrent of business sentiment.
it
.156.4
155.1
153.2
,f
:
--...143.3
172.8
-.138.4
166.8
-
Low—May 23-,....151.9
•;
was
Freight in May 12% Over 1939
revenue
and reached
the highest level recorded for any month this
according to tonnage reports compiled and released
June 24 by the American Trucking Associations.
year,
on
Comparable reports received
from
194
motor
carriers
in
37
States
and
the District of Columbia showed that the May volume
was 5.3% above that
12% above that of May, 1939.
These carriers transported
aggregate of 1,110,853 tons in May as against 1,055,326 tons in April,
of
and
April,
an
and
May of last
991,486 tons in
The A. T.
139.99
index
A.
for
year.
figure, computed
the
of
tonnage
average
the basis of the 1936 monthly
on
reporting
carriers as representing 100, stood at
In April the index figure was 133.29; in May, 1939, it
May.
125.16.
was
Approximately
78%
all
of
the
freight
transported
reported by carriers of "general merchandise."
was
merchandise carried increased 4.9% over April, and
of petroleum
Transporters
products,
accounting
10% of the total tonnage reported, showed
compared with April, and
as
Movement of
an
an
May, 1939.
over
for slightly
increase
increase of 12.4%
the month
during
The volume of general
11.6%
over
of
more than
7.8% in May
May of last year.
automobiles and trucks, constituting 4.4% of the total
new
tonnage, decreased 1.1% under April, but represented an increase of 23.2%
movements
ever
class
of
May of
attributed
was
to
a
last
year.
seasonal
The decrease under April
tapering
off
in
production
in
of
this
new
vehicles.
Iron
over
and steel
Five
ties,
1939.
May,
per
products represented 2.5% of the total reported tonnage.
of these
commodities
increased
7.5%
over
April,
and
53.6%
iJ'-:
.
cent of the total tonnage reported was miscellaneous commodi¬
including tobacco, textile products, bottles, building materials, coal,
and household goods.
Tonnage in this class increased 10.1% over
cement
April, but was 4.9% below May of last year,
Revenue
Freight
Car
Loadings
June 22 Total
During
Week
Ended
728,096 Cars
Loading of revenue freight for the week ended June 22
totaled 728,096 cars,
announced
on
the Association of American Railroads
This was an increase of 89,562 cars
June 27.
14.0% above the corresponding week in 1939 and an in¬
of 169,308 cars or 30.3% above the same week in 1938.
or
crease
Loading of revenue freight for the week of June 22 was an
15,651 cars or 2.2% above the preceding week.
further reported:
increase of
The Association
Miscellaneous freight
The best retail
noted, came from industrial
centers..
Most active department continued to be those
dealing in homewares, vacation goods, floor coverings and
gift items."
the week,
OQ
freight transported by motor truck
May increased substantially over that hauled in April,
in
in the belief that
reports of
Tlinn
rinfn
Low—Aug. 15
1940 High—May 13
155.6
Truck
The volume
this
Voow
Year ago, June 28
1939 High—Sept. 22
...156.0
The volume of
in
May, 1939.
assemblies
June 26
Thurs. June 27
Fri.
June 28.
charges
for
months
Wed.
follows;
was as
Two weeks ago, June 14
Month ago, May 28
per
respectively, than last year and last week.
The current
week's construction brings 1940 volume to $1,389,616,000, a
level 11 per cent below the 26 week period last year. Public
awards, $905,372,000, 23 per cent below the 1939 period,
are
responsible for the decrease, as private construction,
$484,244,000, is 24 per cent higher than a year ago.
twelve
lowlands in Minne¬
the Lake region and New England which
nipped tender vegetation, but no serious harm was reported.
cent, compared with the preceding week; an increase of 14.0
and
on
sota, Wisconsin,
157.6
ago,
entirely absent
or
damage in Wisconsin and Minnesota. On the other hand,
dryness is still largely unrelieved in the west-central Great
Plains, particularly in Nebraska, and northwest Kansas,
while extremely
high temperatures and the absence of rain¬
fall have created a rather serious
drought condition in the
central Rocky Mountain States and eastern and northern
June 21
cent, compared with a year
cent, compared with 1938.
the
of
moisture is badly needed.
There was too much rain
the central Gulf
area, with crops becoming very weedy
some
sections, while there was some erosion and wind
in
Fri.
per
In much
cloudy weather for
best growth, while a little farther
south, principally in the
Potomac rr-ii— rainfall was
»
.
.
..
,
Valley,
that 728,096 cars of revenue freight were loaded
during the
week ending last Saturday.
This was an increase of 2.2 per
per
time showers
same
cars
above the
loading totaled 298,795 cars, an increase of 5,326
preceding week and an increase of 44,021 cars above the
corresponding week in 1939.
merchandise less than carload lot freight totaled 148,782 cars,
428 cars above the preceding week but a decrease of 3,082
the corresponding week in 1939.
Loading of
an
increase of
cars
below
The Commercial & Financial Chronicle
4038
123,260
Coal loading amounted to
cars, an
increase of 1,699
W0$k in 1Q30*
above
the
REVENUE FREIGHT LOADED AND
products loading totaled 33,656 cars, an increase of 3,200
totaled 21,909
Looted
cars, an increase of
June 22 June 15 June 23 June 22 June 15 June 23
cars
above
In the Western districts alone, loading of live stock for the week of
June 22 totaled 7,344 cars, an
increase of 649 cars above the preceding week
decrease of 18 cars below the corresponding week in 1939.
a
loading totaled 34,237 cars, a decrease of 43 cars below
Forest products
the preceding week
week in
Ore
but an increase of 3,710 cars above the corresponding
1939.
loading amounted to 68,209 cars, an increase of 4,035 cars above the
X:-vX-"XX X'>XX
' X'''
loading amounted to 10,604
1939.
Coke
cars, an
increase of 162
Xvf;-1
cars above the
preceding week and an increase of 4,740 cars above the corresponding week
in
1939.
All districts
1939
increases
reported increases compared with the corresponding week in
the Central West and
except
over
1940
1940
1939
19,222
31,428
28,671
5,297
4,994
4,960
27,068
18,820
19,451
24,813
14,327
25,002
22,067
11,836
11,571
15,039
10,335
13,635
13,067
7,252
20,016
19,314
17,841
16,155
15,025
14,177
7,237
9,523
7,173
7,059
9,112
2,291
1,941
2,624
1,347
1,307
1.728
2,076
1,678
1,916
1,655
1,567
3,865
3,858
4,332
2,853
2,731
2,538
11,705
13,298
8,243
7,983
42,253
34,557
8,115
40,430
N. Y. Chicago A St. Louis Ry...
11,649
43,685
5,634
Norfolk A Western Ry
19,622
Pennsylvania RR
Pere Marquette Ry
Pittsburgh A Lake Erie RR
67,228
Atchison Topeka A Santa Fe
Baltimore A Ohio RR
20,439
Ry.
33.000
Chesapeake A Ohio Ry
Chicago Burlington A Quincy RR.
Chicago Mllw. St. Paul APac.Ry.
Chicago A North Western Ry
Gulf Coast Lines
International Great Northern RR
Mlssourl-Kansas-Texas
preceding week and an increase of 26,792 cars above the corresponding week
in
1939
■
and an increase of 281 cars above the corresponding week
the preceding week
1940
1940
amounted to 10,553 cars, an increase of 844
Live stock loading
but
Received from Connections
Weeks Ended—
Own Lines
on
Weeks Ended—
above the preceding week but a decrease of 13,693 cars below the
corresponding week in 1939.
in 1939.
RECEIVED FROM CONNECTIONS
(Number of Cars)
In the Western districts alone grain and grain
products loading for the week of June 22
cars,
preceding week and 298,430 cars in the seven days ended
A comparative table follows:
June 23, 1939.
preceding week but a decrease of 13,325 cars below the
corresponding week in 1939.
3,607
the
above
^
Grain and grain
I
cars
cars
of 26,425 cars above the corresponding
the preceding week and an increase
June 29, 1940
RR
Missouri Pacific RR
New York Central Lines
5,720
7,395
30,027
Southern Pacific Lines...
Wabash
1938 except the Southwest.
4,816
Ry
Southwest, and all districts reported
Total
6,661
6,852
8,878
1,355
5,730
5,230
40,538
10,320
19,582
66,214
17,588
5,034
5,015
4,280
54,784
47,899
47,276
5,774
7,338
4,967
4,951
4,798
7,950
4,662
6,699
29,093
4,910
27,586
8,295
8,850
8,363
37,872
4,409
5,578
8,269
8,632
8,018
4,645
9,948
34,806
9,107
332,623 324,435 298.430 208,161 204,193 178,507
-
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
1939
1940
1938
4 weeks of January._
2,555,415
2,288,730
4 weeks of February
5 weeks of March-—
Week of June 15
2,486,863
3,122,556
2,494,369
2,712,628
639,126
702,671
712,445
2,282,866
2,976,655
2.225,188
2,363,099
663,309
630,060
633,965
Week of June 22
728,096
638,534
4 weeks of April..
4 weeks of May
Week of June
1
Week of June
8.
-
(Number of Cars)
2,256,717
2,155,536
2,746,428
Weeks Ended—
June 22, 1940
2,126,471
2,185,822
Chicago Rock Island A Pacific Ry.
502,617
553,845
Illinois
555,519
16,154,069
14,602,396
Total Revenue
1940
1938
1940
611
1,318
223
236
7,709
1,474
1,286
6,827
1,303
Boston A Maine
6,288
10,034
1,655
1,446
2,115
9,208
1,732
24
28
57
72
1,344
1,239
5,658
9,237
4,409
1,210
3,595
7,889
1,961
7,810
6.972
1,901
6,505
6,307
...
17
Detroit A Toledo Shore Line...
Erie
Grand Trunk Western
...
Lehigh A Hudson River.......
Lehigh A New England
Lehigh Valley...............
Maine Central
.....
Montour
same
week last
year.
Total Revenue
8,276
1,155
1,096
Total Loads Received
Freight Loaded
from Connections
1939
1938
1940
Mobile A Ohio
1,623
1,688
1,804
Nashville Chattanooga A St. L
Norfolk Southern
2,727
1,775
2,519
2,671
2,455
1,881
Northern
427
375
346
334
1,916
2,371
1,944
2,223
892
323
885
1,297
4,750
4,049
335
Richmond Fred. A Potomac...
Piedmont
1939
District—(Concl.)
4,239
967
8,181
20,082
7,740
18,982
7,954
16,705
13,920
3,691
12,894
Tennessee Central
393
388
324
637
493
Winston-Salem
122
l-xl
123
695
630
98,061
90,910
83,938
63,519
57,985
16,695
2,361
14,627
2,329
16,436
3,414
9,112
8,683
2,361
3,180
7,066
176
Seaboard Air Line..
...
Southern System..
..........
New York Central Lines......
N. Y. N. H. A Hartford
289
465
431
156
137
1,941
Detroit Toledo A I ronton
Monongahela....
26,233
undertake to show also the loadings
1940
Bangor A Aroostook
.......
67,441
Railroads
Southern
Delaware Lackawanna A West.
Detroit A Mackinac
we
1939
536
Delaware A Hudson
following
compared with the
from Connections
1939
56*
Central Vermont
64,402
27,186
for separate roads and systems for the week ended June 15,
1940.
During this period 89 roads showed increases when
District-
Central Indiana
14,022
68,621
Total Loads Received
Freight Loaded
Railroads
Chicago Indianapolis A Louis v.
11,979
LOADED AND RECEIVED FROM CONNECTIONS
(NUMBER OF CARS)—WEEK ENDED JUNE 15
REVENUE FREIGHT
Arbor
13,417
.......................
In the
major railroads to report for the week ended
1940 loaded a total of 332,623 cars of revenue
freight on their own lines, compared with 324,435 cars in
June 22,
Ann
28,508
.....
13,641,752
The first 18
Eastern
June 23, 1939
558,788
Total
Total
1940
24,323
28,100
St. Louis-San Francisco Ry..
Central System
June 15,
26,596
1,836
1,385
1,003
922
279
309
176
12,507
4,543
12,215
11,123
4,484
3,356
210
150
164
2,693
11,596
6,750
1,732
1,916
10,220
5,894
1,674
1,910
9,204
2,618
4,445
1,728
7,890
2,005
Chicago A North Western
6,237
2,548
1,231
7,510
1,937
1,042
6,951
2,437
Chicago Great Western
2,013
Chicago Milw. St. P. A Pacific.
Chicago St. P. Minn. A Omaha.
19,382
2,458
18,780
3,396
19,081
1,374
808
524
523
435
.8,641
6,281
4,054
5,428
3,966
530
496
487
189
165
20.208
16,506
12,416
3,174
3,125
527
611
743
81
48
1,847
4,767
1,683
1,510
2,291
2,015
7,619
3,538
3,554
Northwestern
District—
3,422
2,969
235
211
1,875
2,000
1,443
30
35
35,096
8,954
1,021
5,512
28,966
7,720
1,328
40,430
34,114
Duluth Missabe A Iron Range.
Duluth South Shore A Atlantic.
12,242
1,903
9,948
1,637
11,020
Elgin Jollet A Eastern
9,603
1,189
5,730
N. Y. Susquehanna A Western.
Pittsburgh A Lake Erie
401
418
7,327
Pere Marquette
5,774
4,964
4,992
4,467
6,710
4,662
834
304
228
66
362
28*
280
249
263
776
683
803
1,767
1,221
658
598
564
1,029
8,632
955
...
Total.
42,253
New York Ontario A Western..
N. Y. Chicago A St. Louis.....
Pittsburgh A Shawmut
Pittsburgh Shawmut A North..
Pittsburgh A West Virginia
Rutland..........
Southbound...
4,074
3", 604
V
1,705
9,071
1,407
5,357
Green Bay A Western
Lake Superior A Ishpemlng
4,385
39
Ft. Dodge Dee Moines A South.
Great Northern
...
17,745
3,455
12,757
524
547
Minneapolis A St. Louis
3,024
1,882
Minn. St. Paul AS.S.M
6,054
1,923
1,671
5,799
9,302
Northern
Spokane
2,418
7,059
6,894
3,188
169
515
"
9,433
Pacific
...
233
228
297
354
243
1,798
2,069
1,605
1,443
1,533
116,798
International
Spokane Portland A Seattle....
98,643
78,758
41,260
38,404
4,814
Wabash
4,910
Wheeling A Lake Erie.........
4,547
4,646
3,665
3,013
3,307
7,630
2,520
151,506
132,436
114,372
157,682
137,045
Central Western District—
Atch. Top. A Santa Fe System.
Alton
505
442
347
19,222
2,890
22,925
2,626
813
22,113
2,708
4,994
2,169
689
485
27,950
4,532
352
224
31.428
6,171
51
72
21,891
2,752
19,451
14,452
1,407
13,635
613
553
1,325
7,382
1,205
811
5,841
11,550
2,390
5,096
13,353
1,391
11,855
1,968
6,707
307
13,158
1,331
13,427
2,015
7,173
332
Bingham A Garfield
Chicago Burlington A Quincy..
Chicago A Illinois Midland
Chicago Rock Island A Pacific.
Chicago A Eastern Illinois-....
8,580
2,409
8,100
2,331
625
681
597
1,181
1,174
2,060
1,847
1,986
2,639
2,402
299
210
540
18
1,132
1,774
2,043
786
819
1,779
1,706
1,244
842
1,270
1,669
1,236
442
305
1,452
886
1,012
108
89
807
852
689
471
429
14
49
38
0
0
25,367
23,368
20,989
4,633
449
263
253
1,296
12,255
12,345
10,621
7,543
4,564
1,180
6,927
Total.
Allegheny District—
Akron Canton A Youngs town.
Baltimore A Ohio
Bessemer A Lake Erie
Buffalo Creek A Gauley
Cambria A Indiana
Central RR. of New Jersey
Cornwall
4,515
202
556
553
190
5
11
14
11,722
9,929
37
144
74
Llgonler Valley
Long Island
5
Vw,
43
Colorado A Southern
Denver A Rio Grande Western.
44
20
Denver A Salt Lake
Fort Worth A Denver City
Illinois Terminal.............
554
227
Cumberland A Pennsylvania..
2,360
,i
■
67
29
39
25
553
625
584
Penn-Reading Seashore Lines.
866
Pennsylvania System........
66,214
1,041
55,296
Reading
15.429
17,915
3,101
11,750
9,182
3,139
11,185
4,776
2,741
1,534
47,276
16,149
5,668
2,391
1,263
2,761
5,972
Union
Co
(Pittsburgh)
Western
...
Maryland.....
Total..
49,515
1.294
37.7JL4
14,376
3,951
5,091
152,475
122,120
101,563
113,822
91,401
25,002
21,356
11,571
17,244
5,015
4,492
4,101
4,092
1,151
Missouri-Illinois.
_
Northern
North Western Pacific
Peoria A Pekin Union
Southern Pacific
Total.
(Pacific)
..."
Florida East Coast
15,817
211
232
186
119
860
709
644
1,263
1,177
576
689
638
706
733
9,724
8,376
8,070
4,309
3,974
Burllngton-Rock Island
...
...
International-Great Northern..
Kansas Oklahoma A Gulf
Kansas City Southern
3,736
2,747
2,639
399
412
Midland
981
1,140
2,085
1,033
1,314
1,706
234
377
Missouri A Arkansas.
202
272
293
Missouri-Kansas Texas Lines
158
159
661
371
Missouri Pacific
Quanah Acme A Pacific
St. Louis-San Francisco
I
374
783
483
36
25
79
73
867
1,477
1,454
102,197
96,008
48,727
45,926
177
149
152
2,624
2~,090
1,728
2,007
2,100
2,181
215
226
1*307
1*403
1,655
1,544
Valley..............
383
182
773
685
1,900
1,852
1,748
1,856
1,867
1,626
1,508
1,330
1,583
1,100
380
268
301
838
805
376
421
520
233
181
3,874
478
829
6
1,939
229
1,291
476
8
1,907
90
Louisiana A Arkansas.........
Litchfield A Madison.........
24
90
1,543
District—
Fort Smith A Western.*
Gulf Coast Lines
1,070
Gainsvllle Midland
198
99
311
268
3,858
11,728
4,236
11,664
4,109
11,486
2,731
2,448
8,115
211
7,772
86
296
293
307
427
445
1,496
1,554
18,137
1,473
16,898
968
Texas A Pacific..
9,085
Wichita Falls A Southern
19,200
15,995
1,015
9,880
5,191
4,683
Weatherford M. W. A N. W...
106
120
531
245
102
68
3,991
2,385
7,544
2,484
5,803
6,001
2,631
3,660
5,810
3,724
3,884
2,147
2,658
4,333
3,811
3,821
161
199
18
43,959
538
240
257
7,912
2,489
St.
112
6,709
Louis Southwestern....
Texas A New Orleans
18,916
22,660
136
111
year's figures revised.
17,737
194
1,493
100,961
Total.
414
Charleston A Western Carolina.
Cllnchfield
Mississippi Central♦
35,250
21
173
162
.....
Gulf Mobile A Northern
Illinois Central System
Louisville A Nashville
Macon Dublin A Savannah
173
42,692
2,250
1,676
Western Pacific
3.U64
Atl. A W. P.—W. RR. of Ala..
Atlanta Birmingham A Coast..
Georgia
Georgia A Florida..
....
216
1,140
48,685
Southern District—
Alabama Tennessee A Northern
Columbus A Greenville
Durham A Southern
...
Toledo Peoria A Western......
Union Pacific System
Southwestern
Atlantic Coast Line.
Central of Georgia
.....
Nevada
Utah
....
Norfolk A Western.........
Virginian
Note—Previous
.....
1,864
10,185
19,582
16,584
14,958
3,708
Pocahontas District—
Chesapeake A Ohio
Total.
124
* Previous
111
figures,
x
Total
Discontinued Jan. 24, 1939.
...
2,427
232
63
74
25
33
21
45
44,957
45,630
32,421
30,742
.
I
Volume
The Commercial &
150
Annalist"
Commodity
Wholesale
of
Index
Financial Chronicle
Prices
Slightly in Week Ended June 22
Gained
slightly firmer last
79.1 on June 22,,
gain of one-tenth of a point as compared with the pre¬
vious week, the "Annalist" reported on June 24.
It further
Wholesale
commodity
prices
were
week, with the "Annalist" index closing at
a
stated:
Withr the
all
markets
and
corn
the
in
wool
Wheat quotations were
Livestock prices advanced, with hogs and
Textiles were irregular, with cotton and silk lower,
van.
improved.
the
to
slightly
copper
quiet.
were
oats
rose
pound-—
fractionally lower, but
exception of rubber—which gained almost a cent a
lower
tin
and
chain
store systems were 6% higher than in May, 1939.
Grocery chain stores continued to show a sizable increase in
sales over a year ago, and sales of the ten cent and variety
chains also were higher.
The shoe and candy chain stores
reported moderate reductions in sales from last year. The
Bank added:
Owing to
in
the
;
reduction between May, 1939 and May,
number
of chain
1940 of about 4 H %
operation, caused by closings of
in
stores
all chains combined
compared with the increase
and candy units, average sales per store of
grocery
were
a
total
approximately 11% higher than last year,
of 6% in total sales,
i,
>
>
Metals were easier, with
Paper prices were again
March.
down 3%c.
since
level
highest
steers
while
4039
Percentage Change
May, 1940,
Compared with May, 1939
>
advanced.
Type of Chain
"ANNALIST"
WEEKLYJINDEX OF WHOLESALE
Sales
Number
Total
of Stores
COMMODITY PRICES
(1926=100)
Sales
per
—
;++ +,■.a- ++
June
22,1940
June
15,19402
June 24,1939
Farm products..
Food products
....
71.3
73.2
.
67.4
67.7
65.8
.....
II..1.1
Candy
-—4.4
—5.4
r'Si-'^+V-
m
+
+6.4
—10.5
86.1
97.8
71.8
71.1
Chemicals
86.7
86.7
85.4
Miscellaneous—--.................
82.9
80.6
68.8
79.1
79.0
76.8
+ 11.1
+6.0
—4.6
95.2
Building materials
71.8
All types
83.1
97.4
.
:
61.6
86.0
+ 1.0
Ten-cent and variety
65.2
65.6
Textile products
+5.1
+27.1
+4.6
+ +11.3
—12.4
_
Shoe...
73.4
Store
+0.4
Grocery...
Fuels..
Metals
......
All commodities
The Edison Electric Institute,
Prices Further Declined in
22y Reaching Lowest Point
Since
Early Last September, According to Na¬
tional Fertilizer Association
Wholesale
Week
Commodity
June
Ended
wholesale commodity price index compiled by the
Fertilizer Association registered its eighth con¬
The
National
decline last week.
This index in the week
was 74.6, compared with 74.9 in the pre¬
ceding week, 75.7 a month ago, and 71.7 a year ago, based
on the
1926-28 average as 100.
The index is now lower
than at any time since early last September.
The announce¬
ment by the Association dated June 24 added:
The most Important change last week was In foods, with the group index
dropping to a new low for the year.
Twelve foodstuff items included in
during the
declined
index
week while only three
advanced.
In the
product group lower quotations for grains and poultry were more than
offset by increases in livestock and cotton, with the net result being a
farm
index.Lower quotations for
moderate rise in the group
materials
week
Declines were
of
lumber and paint
The
estimated
advances.
COMMODITY PRICE INDEX
WEEKLY WHOLESALE
Compiled by the National
(1926-28=100)
Fertiliser Association.
June 22,
Regions
1940 June 15,
Group'
June 1,
1940
7.8 +
4.2
6 6
5.4
6.7
15.9
12.3
15.8
6.7
6.0
7.7
9.7
10.4
8.2
21.8
18.2
14.1
16.1
9,4
6.2
5.7
11.1
8.7
10.3
Southern States
Rocky Mountain
Pacific Coast..-..
-
■
RECENT
FOR
7.7
'
9.8
Total United States.
OF
(THOUSANDS
WEEKS
5.2
KILOWATT-HOURS)
Percent
Change
1939
June
1...
June
8-...-..
6
May 18
Ago
May 25.„
68.1
46.6
46.5
46.3
48.0
57.1
57.3
56.4
61.0
60.1
59.7
61.0
69.8
Cotton
58.5
57.9
53.9
53.1
Grains—.———
62.3
64.0
65.8
Fata and oils
Cottonseed oil
57.8
57.0
59.3
17.3
Fuels..——————.———
82.2
82.3
82.9
10.8
Miscellaneous commodities..
87.7 :
87.2
88.5
70.3
70.1
91.9
+ 10.3
2.452.995
June 15.......
2,516,208
2,264,719
June 22.......
2,508,825
2,285,083
+ 11.1
+9.8
June 29.......
7.1
Metals
92.4
6.1
Building materials..
Chemicals and drugs
84.8
85.3
86.0
July
6
July 13.
July 20
2,077,956
2,324,181
2,294,588
95.0
95.0
91.9
69.5
Bank
84.1
95.0
72.6
70.4
77.4
77.3
95.0
95.0
94.9
74.6
Farm machinery
77.3
74.9
75.7
71.7
Fertilizers
0.3
94.0
Fertiliser materials
0.3
69.8
77.3
0.3
All groups
—
combined
Debits
According to a compilation
1,454,505
1,429,032
1,436,928
1,435,731
1,425,151
1.381,452
1,435,471
1,441,532
2,214,166
2,213,783
2,238,332
2,238,268
2,096,266
2,298,005
1,440,541
1,663,291
1,696,543
1,709,331
1,599,822
1,688,434
1,598,492
1,704,426
1,705,460
1,615,085
1,689,925
1,699,227
1,702,501
1,723,428
1,692,075
1,711,625
1,727,225
(except interbank accounts),
the corresponding period a
These figures are as reported on June 24, 1940,
by the Board of Governors of the Federal Reserve System.
7% above the total reported for
SUMMARY BY FEDERAL
June 19,
1940
Cleveland..
—
Richmond......
Atlanta
......
Chicago..
St. Loula......................
%
May 1940
May 1939
Inc.
1940
1939
Inc.
Dallas.........................
$
$
S
437
3,745
5,891
47,429
584
5,665
630
549
340
Philadelphia
rive Months
313
7,156
3,992
262
239
1,285
276
1,137
252
167
159
2,296
291
291
230
225
3,419
2,693
s
59,117,387
74,344,299
30,602,910
7,868,174
7,135,669
4,468,000
55,127,337
71,124,558
29,039,963
183,536,439 173,143,573
111,882.881 101,936,436
27 companies.. 295,419,320 275,080.009
Reserve
9.76
2.23
21.7
*
Centers for which
Far
Western
652
8,592
9,157
3,589
8,563
110,115
3,425
43,366
4,788
4,438
700
57,690
9,059
!
bank debit figures are available back to
June 21,
1939
5,502
45,678
5,610
6,240
3,648
2,925
14,635
3,033
1,951
3,255
2,462
7,929
102,769
42,000
52,552
8,217
1919.
Business in May Continued at Higher
Ago, Reports Bank of America r
Rate Than Year
7.39 1,268,784,792 1.175.581.453
Bank
yesterday (July 28) that in May
132 Other centers
779,186,419 6.11
396,395,034 11.75
6.00
May Chain Store Sales in New;York
6% Above Last Year
Federal
4.24
826,815,204
442,969,588
5.38
7,509,502 4.78
6,562,213 8.74
3,780,000 18.2
4.90
3,362
781
6.73
Total. 274 reporting oenters
New York City •.
—......
140 Other leading centers •
327,795,258
130,337,880
39,408,403
29,742,840
17,886,000
3,290
16,331
718
San Francisco..
4.52
19,
1940
1939
465
New York
Five Months
7.10
June
4,017
BOStOn—
%
262.985,121
312,489,352
122,120,955
37,806,141
29,093,850
14,691,000
June 21,
478
Month of
281,644,823
13 Weeks Ended
Week Ended
Federal Reserve District
Month of
7.24
RESERVE DISTRICTS
(In Millions of Dollars)
Minneapolis...................
Kansas City....
...
4 Grocery......
1940, 6.9%
Week Ended June 19,
Higher Than Last Year
reported by banks in leading cities for the week^ ended
June 19, aggregated $9,157,000,000. Total debits during the
13 weeks ended June 19 amounted to $110,115,000,000, or
Companies Up 7.39%
made by Merrill Lynch, E. A.
ported an increase in sales of 6.00%.
Sales for the 27 companies showed an increase of 8.01%
for the five months of 1940 over the five months of 1939.
Excluding the two mail order companies the 25 other chain
store companies reported an increase in sales of 6.11%.
11 5 & 10-cent...
1,433,993
2,258,776
Debits to deposit accounts
27 chain store companies, including two
companies, reported an increase in sales of
Chains—
1,456,961
1,341,730
1,415,704
year ago.
7.39% for May, 1940, over May, 1939.
Excluding the two
mail order companies, 25 other chain store companies re¬
2 mail order cos..
1,469,810
for
Pierce & Cassatt,
25 chains
1,480,738
as
May Sales of 27 Chain Store
1 Auto supply...
+ 8.7
2.300,268
87.9
77.4
92.7
I.....
2,198,646
2,206,718
2.131,092
+ 11.1
2,113,887
2,256,823
62.8
>*——
+ 11.6
+ 9.8
2,204,858
78.1
Textiles....
70.6
Livestock
1 4 Apparel...
2,194,620
+ 10.1
61.4
Farm products.............
order
+ 10.0
+ 11.4
64.5
23.0
100.0
+ 10.3
1,465,076
2,176,368
2,173,223
2,188,124
2,193,779
2,176,363
+ 9.6
2,173,510
2,170,671
2,199,002
2,182,727
2,163,538
2,170,750
2,170,496
2,381,456
2.417.994
2,421,576
2,397,626
2,386,210
2,387,566
2,422,212
2,448,865
2,332,216
Apr.
Apr. 13
Apr, 20—
Apr. 27
May 4......:
May 11
Year
70.6
1929
from
Aoo
69.7
1932
1937
1940
1939
1940
Week Ended
Month
Foods—... ....... ......
The
1940
8.1
Week
68.5
25.3
3 Shoe
June 8,
6.0
Central Industrial
Preced'o
22, June 15, May 25, June 24,
1940
1939
1940
1940
June
Total Index
2 Drug.
Week Ended
Week Ended
1940
14.9
Middle Atlantic
West Central
DATA
FROM PREVIOUS YEAR
5.1
New England
Latest
,
;
Bears to the
mail
2,285,083,000
totaled
Week Ended
Week Ended
Major Geographic
Week
,
Percent
Each Group
■
INCREASE
PERCENTAGE
Increases took
and farm machinery.
textiles and miscellaneous commodities.
Thirty-six price series included In the index declined during the week
and 21 advanced; in the preceding week there were 28 declines and 18
advances; in the second preceding week there were 43 declines and 16
1.3
production
the like week a year ago.
over
place In the price indexes for
8.2
the
when
output for the week ended June 15, 1940, was
to be 2,516,208,000 kwh., an increase of 11.1%
responsible for a drop in
fuels, metals, fertilizer materials,
:
1939,
of
kwh.
the building material average.
also registered by the group indexes representing the prices
were
v"
in its current weekly re¬
port, estimated that production of electricity by the electric
light and power industry of the United States for the week
ended June 22, 1940, was 2,508,825,000 kwh.
The current
week's output is 9.8% above the output of the corresponding
secutive weekly
ended June 22
the
22, 1940, 9.8%
Electric Output for Week Ended June
Above a Year Ago
of
New
8.01
Reserve District
York
announced
total sales of the reporting
Far
Western business
activity, showing little change in
May from the previous month, nevertheless continued to
maintain itself at levels higher than a year ago, according to
the current "Business Review" issued by the Bank of America.
The bank's index for Mav stood at 75.6% of estimated
normal,
as
compared with 75.7 in April, but showing an
;C;+V'::: +.
The Commercial & Financial Chronicle
4040
increase of
5.7%
the
over
same
month in 1939.
The bank
$166,000.000—from
advanced
further said:
month
than in the same
while apparel stores gained 5%.
a year ago,
Cumu¬
averaged 2% higher than in the same months of last year.
permits
Total value of building
April and 7.6% less than May, 1939.
building showed declines
residential
while
however, was
building,
Residential
Both new residential and new non¬
in May from the preceding month.
about
up
17%
over
a
year
Another West Coast in¬
conditions is pulp and
dustry to benefit from war
paper, due to sharp re¬
importations from Scandinavia.
ductions in chemical pulp
theless.
of 15% and 13%
those
recorded in
four-fifths
The report follows:
classes of exports,
in
than
certain
five months of 1940,
shown
have
manufactures
nearly three-fifths,
gain
a
of
war
time
of fresh fruit have
three-tenths.
were up
of one-quarter,
crude materials of
were maintained at
Including
Exports,
more
Finished
semi-manufactures
than two-fifths,
of
and manu¬
including re-exports,
$325,-
was
000,000, or $114,000,000 in excess of the general import value of $211,-
Trade in both directions was larger in value than in May, 1939.
Imports of Merchandise
i
5 Months Ended May
Man
Increase ( + )
Deerease (—>
Exports and Imports
1939
1939
1940
1,000
1,000
ing months of the year, total exports continued high in comparison with
exports,
General
and
Re-Exports,
Comparative Summary, May, 1939-1940
compared with April) were down about $31,000,000,
9% less than the average in the first quarter of the year.
As in all preced¬
000,000.
result
a
as
exports
Notwithstanding the loss of markets for some products the quantity of
as
of
Mainly
countries,
have been about one-fifth as large as in the first five months of 1939.
year
total exports in the first
4%, in comparison with the first quarter's average, while exports (which
total
half.
one
European
but one have shown marked
all
crude foodstuffs which were reduced
was
factured foodstuffs of one-twelfth.
and the exports of the United States
May
respective in¬
Imports of manufactured articles were only
The exception
imports were down less than $1,000,000 from April but were off $8,000,000,
The
while the increase in
in the first five months of 1939, and crude foodstuffs
as
quantity by more
approximately the same dollar volume in May as in April, although they
showed a decline as compared with the first quarter average.
General
imports.
In quantity terms, never¬
dropped to a fraction of last year's total while wheat exports so far this
Department of Commerce
Washington on June 26 issued its statement on the
foreign trade of the United States for May and the four
months ended with May, with comparisons by months back
slightly
ago
Manufactured food imports
other classes of imports.
large
as
restrictions
The Bureau of Statistics of the
up
year
a
imports declined slightly.
at
or
prevailing
in quantity, much larger relative increases than
registered an average gain.
Of the five major
Country's Foreign Trade in May—Imports and
Exports
were
those
over
Imports of crude materials and semi-manufactures show
in
Both the imports
prices
have increased about three-tenths,
exports
expansion this year.
to 1935.
since 1921.
commodity
in
total imports has been about one-twentieth.
creases
The
to $472,500,000, over four times the
year's record volume of deliveries.
value of last
advance
for the rise in the value of total trade this year.
ago,
industry continued to expand its activities.
backlog of orders amounted
1
decline of 6.7% from
a
The
in the merchandise trade of $635,000,000 was the largest for
port balance
The
import
$1,082,000,000.
to
amounting to about 12% for both exports and imports, is partly responsible
non-residential dropped over 50%, the review states.
new
Far Western aircraft
June
$22,175,794,
was
$916,000,000
the first five months of any year
department store sales for the first five months of the year have
lative
1940
and imports widened substantially and the ex¬
difference between exports
Department store sales in the far western states were 2% higher in May
June 29,
1939 to $1,717,000,000, while general
the first five months of
in
1940
1,000
1,000
1,000
Dollars
Merchandise export bal.
Dollars
Dollars
Dollars
Dollars
249,466
202,493
Exporter ...—Imports.
325,306
211,382
1,179,848
915,587
1,717,276
+ 537,428
1,082,310
+ 166,723
46,973
113,923
264,261
634,966
Crude Material Imports Decline
MERCHANDISE TRADE BY MONTHS AND BY CUMULATIVE PERIODS
The value of crude material Imports, though remaining much higher than
a year ago,
off from an average of $81,000,000 in the first quarter, and
was
1935
1936
1937
1938
1939
1940
Exports Including
1,000
1,000
1,000
1,000
1,000
1,000
Re-exports—
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Month
Period
or
$78,000,000 in April, to slightly under $71,000,000 in May.
of crude rubber have been an
fall
Larger imports
important factor in the increase but since last
monthly totals of these imports from the Far East have shown decided
In the first five months of this
fluctuations.
reached 662,000,000 pounds as compared
first five months
of
crude rubber imports
year,
with 427,000,000 pounds in the
Among other imports of crude materials,
1939.
dressed furs, raw wool and hard textile fibers showed declines
with
April, while oilseeds, crude petroleum,
showed
cotton
un¬
compared
increases.
$43,000,000
at
$1,000,000
were
larger than in April, but likewise lower than the average for the first quarter.
Among semi-manufactured products, vegetable oils and lumber increased
as
176,223
February..
163,007
March
185,026
April..
164,151
165,459
May......
June......
170,244
173,230
July
August
of semi-manufactures valued
I.nports
as
silk and unmanufactured
raw
January,
compared with April while wood pulp,
and diamonds showed declines.
and fuel oil,
gas
rayon
172,126
198,803
October...
221,296
November.
269,838
December.
223,469
220,639
264,949
226,364
229,800
289,071
212,911
369,670
261,935
218,716
267,781
346,972
275,308
274,472
257,276
232,726
230,974
324,018
249,466
325,300
236,164
227,535
222,665
233,125
256,566
229,631
268,945
289,922
265,341
268,184
277,031
230.790
250,102
296,679
246,335
288,956
332,710
277,668
252,381
292,453
268,943
351,301
368,046
314,697
323,403
331,978
filaments,
5
were
1
11
mos.
ended May..
ended May..
12
Imports of the leading item of tin
approximately the same in May as in April.
September.
198,564
182,024
195,113
192,795
200,772
185,693
180,390
178,975
mos.
ended Dec
mos.
853,867
969,268 1,271,222 1,358,062 1,179,848 1,717,270
1.950,615 2,228,030 2,572,239 3,170,666 2,683,500 3,478,441
2,282,874 2,455,978 3,349,167 3,094,440 3,177,176
Imports of finished manufactures—low in comparison with other imports,
increased
in
value
May.
during
Finished manufactures
were
valued
accounting for the increase
An
increase
in
April.
over
imports of
cane
•
from
sugar
whisky, fodders and feeds, molasses, maple
the
sugar
Philippine
Islands,
in
and in meats accounted
$27,000,000, the largest monthly total since last December,
Among the crude food products, increases
fresh
pineapple and lobster
shown for fresh
compared
as
vegetables and tea.
were
while declines
The net of these changes
166,832
152,491
177.356
...
February
...
.....
April
170,500
May..
170,533
156,754
June
July
176,631
169,030
161,647
189.357
169,385
186,968
August
recorded for cocoa, oats,
April
with
January
March
mainly for the rise of $2,700,000 in the value of manufactured foodstuffs
to
General Imports—
at
$36,000,000 in May, with larger imports of burlaps and newsprint mainly
was a
were
September
October
November
modest
December.
187,482
240,444
170,689
277,709
162,951
307,474
286,837
284,735
286,224
265,214
245,668
233,142
173,372
178,246
158,072
190,481
242,007
192,774
198,701
159,827
186,296
212,238
211,382
202,779
191,697
191,077
195,056
193,073
215,701
212,692
148,248
202,493
145,869
178,866
140,809
199,928
216,755
168,910
165,516
175,623
167,592
178,024
215,289
181,536
224,299
223,090
208,833
176,187
235,458
171,347
246,807
973,432 1,397,198
815,085
915,587 1,082,310
196,400
245,161
rise..
5
Exports of Manufactured Products Still Rising
Export trade continued to show
semi-manufactures
finished
and
an
increasing degree of concentration in
manufactures.
The
aggregate
of
the average in the first quarter of the
over
Exports of United
largest relative recent gain among principal commodities in this class
The
sources.
value
was
over
of
$40,000,000 in April,
Union
of
Soviet
as
Socialist
motor trucks,
were
down
over
and
Japan
to
declined—to
the
$14,000,000 in May.
and
steel-mill
were
an average
at
off
$40,000,000 in
May
were
more than one-third from the
Raw cotton shipments dropped
of $43,000,000 for the first quarter
It is customary for shipments of cotton to decline
Kingdom influenced the decline.
The first quarter average was
Other
China
and
also
to
the
United
unusually large in May—were valued
at
Kingdom.
Exports
$11,000,000
as
of coal—
compared
Foodstuffs exports experienced a
very considerable decline in May.
The
May total of both crude and manufactured food exports represented little
than
half of the average reported for the first
crude
foodstuffs,
the
May
figures
quarter of the year.
recorded
declines
in
wheat
(principally to the United Kingdom, Belgium and the Soviet Union), and
oranges—principally to Canada.
Among manufactured foodstuffs,
in
relatively large decreases
were
shown for meat
products, canned fish, oil¬
Dollars
Dollars
1,677,184
+ 512,995
194,185
203,702
893,299
1,037,944
+ 144,645
1935
1936
1937
1938
1939
of Last Year.
During the first five months of 1940, the value of total exports (including
more
than half
a
a
1940
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Merchandise—
January.......;
February....
173,560
160,312
181,667
160,511
159,791
167,278
167,865
169,683
196,040
218,184
267,258
220,931
April.
May...
......
June
July.....
August,....
September
October
....
November
billion dollars—from $1,180,000,000
195,689
219,063
285,772
210,260
360,181
179,381
229,671
252,443
264,627
285,081
256,481
264,613
273,561
293,374
329,373
259,160
270,429
216,191
263,995
343,589
271,508
227,624
192,405
189,574
197,020
181,386
177,006
175,825
217,925
262,173
223,920
226,666
311,212
319,431
253,713
229,554
224,866
246,119
338,833
316,530
318,051
233,'65
226,740
228,312
247,412
243,595
274,059
284,392
323,'-77
286,761
357,307
249,844
266,358
5 mos. ended May__
954,069 1,250,885 1,340,582 1,164,189 1,677,184
835,841
11 mos. ended May.. 1,917,813 2,194,029 2,534,399 3,132,145 2,651,223 3,402,873
12 mos. ended Dec... 2,243,081 2,418,969 3,298,929 3,057,169 3,123,343
Imports for
Consumption—
January........
February....
March
April..
May.
June..
July
August
September
October
5
mos.
168,482
152,246
175,485
166,070
December....
Trade in 1940 Much A head
1,000
Dollars
1,164,189
1,000
November..........
cake and meal, canned fruits and
sugar.
re-exports) increased
1,000
318,051
Exports—U. S.
with
approximately $6,000,000 in April, the increase occurring largely in ship¬
ments to Canada, the chief
export market for coal.
Among
1,000
1,000
Dollars
246,119
MERCHANDISE TRADE BY MONTHS AND BY CUMULATIVE PERIODS
December.......
years.
crude materials exports, such as
tobacco, which have moved
abroad in relatively small volume since last fall, increased in May—parti¬
more
1,000
pro¬
but the smaller allotment of space for shipments of cotton to
unusually high for recent
cularly to
Increase ( + }
Dollars
Exports (U. S. mdse.)-.
Imports for consumption
March
of crude materials valued
in the first quarter of the year.
the United
of iron
and other metals, coal-tar products, wood
:K,.;
$21,000,000 in April and
at this season,
May
1940
latter
copper
only slightly from April, they
average
from
auto¬
passenger
April in semi-finished products exported—to
and lumber.
exports
Ended
1939
Month or Period
13%
(including scrap),
While
1940
increase of
shipments of metal-working machinery to the
Republics
Months
Deer ease (—)
1939
down $4,000,000 from the high total
$74,000,000 reflected mainly larger shipments
pulp
an
5
■;++;+• May
only slightly.
The increase of
ducts
May,
exported in larger total in May than in April.
were
Exports of industrial machinery
market
and steel,
Imports for Consumption
Exports and Imports
both April and the first quarter's average.
Advanced manufactures of iron
mobiles, and aircraft
$6,000,000 in
over
States Merchandise and
was
shift of the Latin American demand from Scandinavian
supplies to United
States
837,712
Comparative Summary, May, 1939-1940
The
year.
recorded for exports of paper and manufactures of paper, and
represented a
approximately $1,600,000
ended May..
the
latter group of products was valued at $188,000,000 in May, an increase of
nearly $6,000,000
mos.
11 mos. ended May.. 1,628,924 2,026,451 2,655,280 2,215,332 1,915,061 2,305,933
12 mos. ended Dec
2,047,485 2,422.592 3,083,668 1.960,428 2,318,076
ended May__
186,377
189,590
194,296
199,776
189,008
228,680
260,047
163,312
295,705
173,196
155,118
280,899
155,923
234,630
169,353
152,577
191,269
206,698
185,916
202,972
194,185
203,702
189,936
278,118
278,300
262,919
248,730
233,959
226.470
212,382
147,123
147,779
203,644
165,359
214,502
232,736
959,047 1,343,449
794,672
893,299 1,037,944
166,756
155,313
173,096
180,381
168,683
189,806
162,828
179,760
197,458
200,783
218,425
213,419
200,304
240,230
829,039
194,311
147,767
178,373
170,430
171,023
180,225
172,909
178,447
171,668
199,404
207,131
11 mos. ended May__ 1,633,842 2,013,601 2,614,067 2,182,775 1,900,473 3,242,371
12 mos. ended
Dec_r. 2,038,905 2,423,977 3,009,852 1,949,624 2,276,099
Volume
The Commercial & Financial Chronicle
ISO
tural
Exports and Imports of Gold and Silver
v-
Months
5
May
Ended
Increase
1+)
Decrease(—)
May
Exports and Imports
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
36
3,563
416
3,689
+ 3,273
429,440
438.695
1,780,627
1,586,313
—194,314
429,404
435,132
1,780,211
1,582,624
611
Imports..........
Import balance...
.
_
.
consumption
'■'^3177
8.312
2,179
—6,133
4,589
40,757
25,352
32,445
23,174
■hy.'.
totals
shown
are
separately.
were
exports and 52.2% of imports
agricultural products, we present below
manner.
—15,404
4,411
Another
the
of
arrangement
figures
given out
by the
Department shows the value of each of the chief items of
the export and import trade arranged
according to economic
and since
groups,
special interest attaches to these figures
Europe, we append them
are given below:
a
at this time because of the war in
Silver—
Exports
non-agricultural
in the usual
Dollars
Gold—
Exports
4041
This tabulation which reveals that in the first five months
of 1940, 19.2% of domestic
for
1940
1939
1940
1939
.
and
_ .
.
.
_
_ .
i
.
.
.
6,152
Imports
5,540
Import balance
V
also.
DOMESTIC EXPORTS FROM AND IMPORTS INTO THE UNITED STATES
FOR THE MONTH OF MAY AND FIVE MONTHS ENDED
MAY,
1940 AND 1939
\
GOLD AND
SILVER TRADE
BY MONTHS AND
Both tabulations
BY CUMULATIVE
'
Analysis by Economic Groups
j'
PERIODS
(Value lu 1,000 Dollars)
V-.',
Gold
Xyf /VM i k
jvi (mi n
'
SUver
/vr
Month of May
or
1937
Period
1937
1940
1939
1938
1939
1938
Class
1,000
Exports—
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
1939
Dollars
1940
11
m mm
5,067
81
22
2,112
355
1,671
4mm
174
15
53
1,811
233
2,054
Per
Value
Cent
Value
39
20
53
1,923
657
145
231
33
1,546
1,668
191
13
250
2,054
594
4
212
36
3,563
1,841
317
611
177
81
131
19
1,144
254
303
Non-agricultural
July
206
65
9
214
193
040
August
169
17
13
278
401
937
Crude foodstuffs..
Agricultural
129
11
15
285
1,463
1,292
Non-agricultural...
61
232
16
15
380
1,259
1,773
Mfd. foodstuffs & bev.
16,119
November..
30,084
14
10
527
823
487
Agricultural
December.
15,052
16
11
230
1,344
887
Non-agricultural...
67
5,618
416
8,978
1,345
8,312
May.
June
.
October
.
+
•
Crude
materials.....
12.3
Per
Cent
Value
Cent
40,277
12.7
168,488
14.5
271,382
16.2
5.3
20,341
6.4
104,444
9.0
200,764
12.0
7.0
19,936
6.3
64,044
6.5
4,005
1.3
60,800
5.2
70,618
34,354
4.2
4.4
4.4
13,066
17,192
10,808
10,747
3,984
1.3
60,177
5.2
34,034
2.0
623
0.1
321
21
2.1
~6~6
10,960
3.4
75,361
6.5
87,461
5.2
15,298
6.2
10,316
3.2
69,105
5.9
79,542
4.7
821
0.3
643
0.2
6,256
0.5
7,919
0.5
48,245
19.6
74,490
23.4
362,057
21.6
0.1
370
0.1
205,284
1,044
17.6
190
0.1
2,003
0.1
48,056
19.5
74,120
23.3
204,240
17.5
360,054
21.5
Finished manufactures 140,688
699
Agricultural
57.1 188,319
59.2
654,255
56.2
55.0
1,130
0.4
Non-agricultural... 139,989
56.9 187,188
58.9
3,274
650,982
55.9
921,929
5,464
916,465
...
Agricultural
3,689
2,179
end.
mos.
30,259
Agricultural
Sem l-manufactures
end.
May
11
Value
Cent
Domestic Exports—
March..
April
mos.
1940
Per
298
18
Per
452
'
February...
5
1939
1,000
Dollars
January
September
5 Months Ended May
1940
1,178
51,490
555
46,020
6,889
508
January
121,336
156,427
February...
120,326
7,155
8,211
May.....
14,578
3,265
13,794
12,042
7,082
14,630
230,413
201,475
2,846
14,080
28.708
10,328
5,799
Agricultural
15,488
9,927
4,070
Non-agricultural... 206,119
459 845
5,689
2,821
3,165
14,440
6,025
19,186
4,476
4,964
18,326
8,427
24,098
25,072
24,987
21,533
3,762
8,194
12 mos. end.
December
Non-agricultural...
0.3
0.3
0.3
54.7
Total exports of U. S.
merchandise
Imports—
March
154,371
April......
215,825
May
155,366
223,296
365,436
52,947
71,236
606,027
June
262,103
July...
175,624
August
_
105,013
145,623
November..
90,709
52,194
December..
33,033
240,450
278,645
240,542
October
438,695
259,934
326.089
69,740
5,701
167,991
10,633
451,183
23,151
5,724
7,207
15,757
7,143
5,170
17,952
6,152
14,770
5,531
4,365
4,639
7,268
4,183
3,795
4,589
.
520,907
562,382
177,782
September
249.885
429,440
52,987
55,438
63,880
165,990
4,985
246,119 100.0 318,051 100.0 1,164,189 100.0 1,677,184 100.0
11.4
40,000 16.3 36,142
19.2
238,045 20.4
321,807
83.7 281,909
88.6
926,144 79.6 1,355,377 80.8
32.1
Agricultural
62,280
43,105
Non-agricultural
19,176
Crude foodstuffs
Agricultural^.
mos.
mos.
192,536 1780,627 1586,313
28,500
92,346
40,757
26,352
393,114
37.9
200,616
22.5
296,786
28.6
9.8
78,159
8.7
96,328
9.3
13.3
26,095
12.8
12.8
24,944
12.2
127,864
122,870
14.3
24,864
125,417
120,385
11.6
1374,649
794,733 3512,110 3139,894
93,723 149,698 159,757
91.877 230,531
12.1
1,022
0.5
1,151
0.6
4,994
0.6
5,032
0.5
13.4
112,667
12.6
120,988
11.7
10.8
27,215
22,808
13.4
20,966
11.2
9.9
97,475
Semi-manufactures.
.
.
55,133
Non-agricultural...
Finished manufactures
1631.523 1979.458 3574,659
13.8
26,062
85,307
2.6
4,407
2.2
2.7
23,512
2.3
39,845
20.5
21.3
187,778
21.0
228,939
22.1
3,638
36,207
40,111
1.9
2.8
17,448
1.9
18.6
43,337
5,722
37,615
18.5
170,329
19.1
24,061
204,878
20.7
36,189
17.8
186,215
20.8
627
0.3
623
0.3
2,503
0.3
169,486
2,875
39,485
20.3
35,566
17.5
183,713
20.6
166,611
194,185 100.0 203,702 100.0
51.5
93,199 48.0 104,928
2.3
19.7
16.3
16.1
431,770
Agricultural
Non-agricultural...
9.4
5,096
88,334
24,333
...
Agricultural
end.
December
31.2
25.0
20,036
Non-agricultural...
767,224
May
278,775
50,830
9.9
Non-agricultural...
11 mos. end.
12
34.8
22.2
Mfd. foodstuffs & bev.
end.
May
70,866
25,886
Agricultural
5
■V
Imports for
Consumption—
Crude materials
0.3
Total Imports for con¬
Factory Employment Declined Slightly
Further in May—Wages Unchanged—Delaware Re¬
ports Little Change
Pennsylvania
sumption
Agricultural
Non-agricultural..
.
100,985
of wage
volume
the
98.755
48.5
2,400 manufacturing establishments.
The number of factory wage earners in May, after declining
gradually for 6 consecutive months, amounted to an esti¬
mated 878,600 or 8% fewer than at the peak near the end of
last year but still 6% more than at the low point in May,
1939.
Wage disbursements were estimated at approximately
821,350,000 a week or 12% less than in December but 16%
more than a year ago.
The Bank's announcement, issued
June 20, also states:
The
principal
Month of May
consumers'
in
goods, particularly textiles, clothing,
at
plants
and shoes.
producing
At textile
mills, where only a small seasonal reduction in payrolls was expected, the
largest declines were reported in the case
hosiery, and other knit goods.
due
of carpets and
rugs, cotton goods,
The sharp decline at clothing factories
was
principally to reduced activity in the production of men's clothing.
Employment
and payrolls were well sustained in the month at plants
manufacturing capital goods and were substantially above a year ago.
and steel
A
April to May was reported in the iron
small increase in wage payments from
47.8
industry instead of the customary slight decline.
The largest
5 Mos. Ended May
1939
1940
?.: i
Domestic Exports
Crude Materials—
Cotton, unmanufactured,
Tobacco, unmanufactured
13 526
62 307
4 192
5,264
36,548
23.791
Coal
4,020
11,026
13,947
11,307
513
6,333
37,654
28,158
27,680
968
6,481
8,793
7,458
Crude petroleum
Undressed
;'Soy beans
-
-. -.
»■ -
-
• .
,
165.362
414
678
276
2,432
807
1,776
All other crude materladfl-—...
l
579
'is.-. - «i\ii »
— - .„ « -.
Phosphate rock
2,883
8,441
13,868
2 923
Crude Foodstuffs—
189
25,230
6,765
642
893
10,211
10,767
1,387
1,257
4,275
6,480
5,339
......
Corn
the month occurred
1940
1939
Wheat...
•*
reductions
496,362
(Value In 1,000 Dollars)
disbursements was about unchanged,
over
51.6
middle of May, while
according to reports received by the Federal Reserve Bank of
Philadelphia from
893,299 100.0 1,037,944 100.0
48.3
541,583 52.2
461,529
Analysis by Leading Commodities In Each Economic Group
Factory employment in Pennsylvania declined about 1%
further from the middle of April to the
52.0
Vegetables, fresh and dried
516
...
143
7,288
1,082
1,326
456
7,084
3,864
885
Apples, fresh
Oranges
Other fresh fruit
576
2,868
2,023
713
491
3,844
3,373
2,907
All other crude foodstuffs....
Manufactured Foodstuffs—
Meat products
961
12,671
14,313
1,846
v
984
8,863
7,140
661
887
2,587
3,320
600
Lard, Including neutral lard
Dairy products, except fresh milk
Fish, canned, prepared, &c
427
5,135
6,787
2,262
1,804
9,843
9,962
Oilcake and oilcake meal
582
437
3.719
Vegetables, canned and prepared—
603
386
2,246
4,282
4,036
Wheat flour....
.................
gains were at steel works and rolling mills, forges, and machinery plants.
Dried and evaporated fruits
1,485
214
7,286
Production of structural steel was reduced.
Canned fruits
1,604
198
8,483
8,034
226
504
777
1,337
1,909
3,728
3,509
10,071
2,006
2,249
10,023
11,645
990
1,066
4.720
6,415
6,495
In other capital
and explosives
goods lines substantial gains appeared in the case of coke
and in
some
lines of building materials, while activity in the
transportation equipment industry was reduced.
Weekly earnings of factory workers in Pennsylvania increased to $26.13
by the middle of May or the highest
level since January.
advanced slightly for the third consecutive
Hourly earnings
month and at nearly 72 cents
approximated the peak reached in the summer of 1937.
worked each week continued at about 36
Average hours
Vegetable oils, and fats, edible
Sugar and related products
All other manufactured foodstuffs
Semi-Manufactures—
Leather'..
Naval stores, gums and resins.a
...
1,101
1,190
4,789
Cotton semi-manufactures
902
1,881
9,053
Sawed timber
549
656
4,197
2,382
2,878
2,654
12,860
10,233
261
3,237
1.249
9,308
6,655
3,750
23,345
16,228
494
1,135
2,952
6,684
3,419
5,282
127,327
Boards, planks, &c
;
Wood pulp
....
Gas and fuel oil
Regarding conditions in Delaware factories, the Reserve
Bank stated:
At
while
wage
Paraffin
wax....
payments
showed little change in the month,
declined slightly.
Increases in payrolls at plants
producing metal products, transportation equipment, foods and tobacco,
and stone, clay and glass,
and lumber products were offset by declines in
other lines.
!"
2,437
600
.........
Copper (Ingots, plates, rods)
Brass and bronze semi-manufactures
55,562
5,199
20,571
19.867
3,416
1,931
7,801
27.167
1,277
4,102
556
Tinplate and taggers' tin
Ferro-alloys
Aluminum semi-manufactures
1,599
25,583
2,289
3,543
7,576
10,290
6,878
Iron and steel scrap.b
12,717
5,638
1,681
Crude sulphur...
Iron and steel semi-manufactures........
Delaware factories employment
4,362
7,156
27,289
45,612
306
.......
Industrial chemicals
1,087
1,088
3,318
4,930
13.146
2,467
Coal-tar products
4,572
10,652
22.147
833
6,816
Pigments
Analysis of Imports and Exports of the United States
in May and Five Months Ended May
1,154
1,075
5,402
7,127
All other semi-manufactures..
7,372
10,311
32,968
49,881
Finished Manufactures—
Department of Commerce's report of the character
of the country's
foreigm trade reduces the export and import
ranging from crude materials
in each of which the agricul¬
figures into five separate groups,
to
the finished manufactures,
Leather manufactures
842
668
4,197
3,930
Rubber manufactures
The
2,628
2,809
1,152
1,372
1,198
12,691
5,872
14,442
Automobile casings
1,516
6,038
6,071
3,969
4,879
21,279
27,232
2,526
3,056
17,667
1,091
1,336
6.237
13,857
6,214
10.759
24.792
Tobacco manufactures....—
Cotton manufactures
Cotton cloth, duck and
tire fabric
Rayon manufactures
Paper and manufactures..
...
2,235
6,081
7,760
The Commercial & Financial Chronicle
4042
June
Clothing prices declined 0.1% from April
Month of Map
5 Mos. Ended Map
1940
1939
1939
1940
below May, 1929 prices.
1
lower in May than in April, 0.2% below the same
Coal prices were 2.2%
Finished
Manufactures—Concluded—
Lubricating oil
V
6,008
9,318
1,169
10,292
9,632
6,709
...........
843
37,059
29,303
28,361
5,259
51,870
Iron and steel advanced manufactures....
3 851
5 267
electrical machinery and apparatus—....
Household refrigerators.............
8,342
9,637
3,584
21,403
17,964
40,554
924
815
4,117
3,739
Radio apparatus.....................
1,729
1,785
36,683
7,959
118,694
17,333
48,621
12,547
9.456
Glass and glass products................
4,561
Steel-mill manufactures..
Industrial machinery—
26,092
.........
Well and refinery machinery
3,213
12,026
........
Metal-working machinery
Office appliances
569
49 571
The cost of sundries at 97.0 in May was the same as in
than in May, 1929.
117.9 cents in May, 1939, 101.0 cents in May,
116.4 cents in April,
with
1929, and 100.0 cents in 1923.
172,618
11,101
Item
Dec.
in
•
4,152
2,601
9,556
Familp
27,681
123,870
33,152
36,269
117,472
Budget
21,337
5,844
48,796
22,590
1,665
...........
Aircraft, Including parts, Ac
Medicinal and pharmaceutical preparations
2,395
38,385
8,014
3,516
3,647
8,158
6,995
670
...
678
41,195
31,683
110,797
12,109
3,676
3,941
734
819
1,294
Scientific and professional instruments....
1,650
1,018
1,347
4,988
18,711
29,937
89,658
145,138
246,119
318,051
1,164,189
1,677,184
1940
33
80.6
86.7
73.1
73.2
80.1
(—
80.1
-
from
April, 1940, to
Map, 1940
79.9
86.7
+0.9
0 V,
—0.1
;
66.2
—0.2
84.1
85.4
—1.5
82.7
84.6
—2.2
66.1
Women's
5
Fuel and light
6,971
April,
1940
12
;>
Clothing..
6,893
All other finished manufactures..........
Soap and toilet preparations
Photographic and projection goods—....
Map,
.
20
Food *
Housing.——————
Men's.....
Inc. (+) or
Living (1923=100)
Importance
10,525
Percent of
Indexes of the Cost of
Relative
89,962
8,778
10,366
Automobiles, lncl. parts and accessories..
Motor trucks and buses (new)........
Total domestic exports.
*
purchasing value of the dollar was 116.3 cents in May as compared
The
25,219
48,412
April, 0.4% higher
1939, 7.5% above the June, 1933 low point, but 2.1% lower
than in May,
23,753
6,470
Printing and bookbinding machinery.....
Agricultural machinery and implements...
Paints and varnishes
2,117
19,824
1,978
2,232
1,184
6,548
...
Passengers cars (new)
7.2% lower than in May, 1929.
month of last year, and
Gasoline and other motor fuel.........
above the 1933 low, and 25.6%
they had been a year ago, 20.4%
than
1940
29,
to May but were 1.4% highe-
Coal
86.9
86.9
0
30
97.0
97.0
0
100
•86.0
85.9
+0.1
116.3
116.4
—0.1
Gas and electricity.a
Sundries
Weighted avge. of all items.
Purchasing value of dollar..
Imports for Consumption
♦
Crude Materials—
3,904
4,052
5,515
5,424
16,112
Hides and skins
Undressed furs.............
.........
20,291
19,482
66,602
22,203
28,089
...
2,729
20,036
4,086
..............
1,308
1,976
10,017
3,845
3,289
1,054
14,669
3,165
Jute and Jute butts
Flax and hemp, unmanufactured.........
307
378
2,043
4,670
184
305
1,335
1,557
Wool, unmanufactured
Silk, raw
Other textile tlbera.c...................
3,783
7,089
food price indexes of the United States Bureau of Labor Statistics
14,763
834
on
14, 1940, and April 16, 1940.
35 kilowatt-hours of electricity, 1,000 cubic feet of
natural gas, or 2,000 cubic feet of manufactured gas.
Based upon retail prices of
a
9,651
Tobacco, unmanufactured...............
Cotton, unmanufactured
Based
for May
Crude rubber................
Oilseeds
Flaxseed....
.......
115,392
19,761
16,277
4,893
39,339
34,544
43,899
5,628
9,351
400
1,505
1,888
2,820
10,713
....
Manganese, chrome, and other ferro-alloy
lng ores.....
8,332
105
2,849
1,913
1,661
Diamonds, rough, uncut................
3,074
168
Crude petroleum
Diamonds for Industrial use....
19,737
7,831
1,186
457
Pulpwood
4,589
1,1-50
..............
609
5,640
2,326
982
3,149
4,420
13,576
All other crude materials................
Crude Foodstuffs—
10,740
11,299
52,456
58,782
Cattle, except for breeding..............
2,225
2,322
11,277
...............
Wheat for milling and export.....
Vegetables, fresh and dried...
558
....
2,460
7,998
420
3,232
4,608
2,844
11,524
11,791
2,440
.....
680
2,717
2,249
14,201
10,754
........
11,117
11,592
59,444
59,515
NutS
beans.........
or cocoa
Coffee........
Tea...
562
3,167
2,158
Manufactured Foodstuffs—
Meat products...
8,958
10,333
4,329
13,611
15,182
3,062
..............
Cheese
1,193
3,308
..............
All other crude foodstuffs...
947
...
1,420
Fish and shellfish (canned, prepared, Ac.).
Fodders and feeds, except hay.......
2,076
■
12,560
1,016
4,719
878
7,768
3,721
■/.
1,143
Whisky and other spirits.....
1,250
1,159
5,621
Vegetable oils, edible
Cane sugar—From Philippine Islands....
From foreign countries...............
1,044
4,477
8,477
5,056
3,995
5,393
5,420
22,589
18,712
3,816
6,989
16,694
34,572
3,613
3,506
16,252
610
724
3,241
3,099
4,671
4,339
19,703
Reports to the Division of Statistics and Research of tlie
Department of Labor from 6,724 Illinois manufac¬
turing and non-manufacturing establishments covering a
total of 630,114 wage earners during May indicate an in¬
crease of 0.8% in employment and an increase of 1.4%
in
payrolls from April to May, 1940, for wage earners in re¬
porting Illinois industries, it was announced June 22 by the
Department.
Further details were given as follows:
The
.................
764
481
4,368
2,734
Expressed oils, inedlble.d..............
3,415
5,660
16,207
23,777
493
439
633
125
3,030
3,265
2,182
Ail other manufactured foodstuffs.......
14,889
Semi-Manufactures—
Leather
Wool semi-manufactures
.........
Rayon filaments, short and tops
to
are
pri¬
em¬
1923-39
years
being reported
in
May
usually small, with increases
were
almost
equal
an
number
May represents the first month since December,
or
showed
payrolls
declines,
and
greater
than
seasonal
the
represent
may
increases
beginning
of
of years.
1939, when employment
or
less
upward
an
than
seasonal
trend
in
em¬
ployment.
Indexes of
employment and payrolls in May, 1940, for reporting indus¬
tries were 6.7% and 10.0% higher, respectively, than in May,
1939, and
were 11.4% and 19.4%
higher, respectively, than in May, 1938.
Both
the
manufacturing
non-seasonal
increases in payrolls
and
increases
non-manufacturing
in
of
groups
employment and
greater
industries
than
seasonal
from April to May, 1940.
Reports from 2,403 manufacturing establishments covering 419,864 wage
for May indicate increases of 0.3% in employment and 0.8% in
for this group of industries.
These increases are both more
earners
1,237
6,201
4,060
26,060
7,234
29,473
favorable
1,358
4,703
11,727
increase
2,418
.......
Iron and steel semi-manufactures...
1,808
5,916
.....
cut but not set
April
The average percentage changes in
payrolls
Gas oil and fuel oll.g
Diamonds,
decreases
1,046
Woodpulp
employment and payrolls from
May during most of the
and
2,284
(except
in
ployment end payrolls from April to May for the previous 17-year period
(1923-39) were a decline of 0.2% for employment and an increase of
0.2% for payrolls.
Changes in employment and payrolls from April to
reported
Sawed boards, sidings and lumber
railroad ties)
Copper.e
increases
marily non-seasonal in character.
18,831
Wines
Employment
Payrolls During May
Illinois
8,880
.
Industrial
Illinois
in
and
2,796
210
2,913
Bananas..............................
Cocoa
584
.
Noted
Increases
2,071
13,576
11,041
303
34
1,352
1,020
3,296
......
5,470
15,494
26,911
Nickel and alloys.......................
1,494
2,740
8,874
11,756
Tin (bars, blocks, pigs)...
5,226
7,948
473
1,091
3,479
3,348
23,259
9,924
8,451
16,805
40,559
1,062
2,524
6,539
6,231
28,744
0.1%
Reports
from
wage earners
ment
the
than
of
and
17-year
4.321
decline of 0.3%
average
in payrolls
for employment
Don-manufacturing establishments
covering
for the month of May indicate increases of 1.8%
2.5%
payrolls
in
and
for manufacturing industries.
this
for
group
of
industries.
210,250
in employ¬
These
changes
29,635
...
Coal-tar products,d
Industrial chemicals.d..
...
Fertilizer.d
...
..........
All other semi-manufactures.....
4,093
5,790
290
326
3,061
1,916
2,965
2,469
15,627
502
3,774
3,107
Burlaps
2,608
4,123
1,501
1,435
12,171
9,404
18,935
Manufactures of flax, hemp and ramie....
Wool manufactures........
1,316
1,511
6,721
3,101
7,882
............
.....
...
....
Silk manufactures...
516
.....
672
18
687
.........
Shingles
11,379
11,959
937
706
Other paper and manufactures
Pottery..
517
2,551
6,114
2,578
173
6,678
692
8,478
9,814
47,790
4,353
4,751
2,610
1,858
12,224
9,514
194,185
203,702
893,299
1,037,944
Works of art...
......
less;
1.891
39,521
duction ;
orders, 10% below production.
Compared
corresponding week of 1939, production was 5%
greater; shipments, 5% less, and new business, 13% less.
The industry stood at 72% of the seasonal weekly average
a
Includes
a
small
Item which Is not
a
semi-manufacture,
b Includes
new
with the
of
Total Imports for consumption
1% less than in the previous week; shipments were 8%
new business, 1%
less, according to reports to the
associations covering the operations of representative hard¬
wood and softwood mills.
Shipments were 9% below pro¬
3,625
,
705
All other finished manufactures..........
Non-commercial Imports.!
Lumber production during the week ended June 15, 1940,
was
National Lumber Manufacturers Association from regional
827
Machinery j.....
for employ¬
2,687
46,785
1,195
3,497
9,779
Steel-mill manufactures.............
decline of 0.1%
3,016
4,892
551
8,280
3,030
43,037
..........
Newsprint
with the 11-year average
0.5% for payrolls.
of
Report of Lumber Movement Week Ended June 15, 1940
13,752
577
Cotton cloth....
increase
16,188
Finished Manufactures—
Leather manufactures........
Cotton manufactures...
favorably
compare
ment and
1929
production
The Association
69%
and
further
of
1929
average
shipments.
stated:
tlnplate
Year-to-Date Comparisons
scrap and waste,
c Includes sisal, manlla, kapok. New Zealand fiber, crin vegetal,
d Includes a few Items not semi-manufactures,
e Chiefly
unrefined copper
refining and export,
f Chiefly merchandise returned,
ft Partly oil used for
refueling vessels and for refining and export,
h Ton of 2,000 lbs. air-dry weight.
Ac.
Reported production
for
corresponding weeks
and
24
Living Costs Up Slightly in May, Reports Conference
orders
new
weeks
of
shipments
of
to
4%
the
1939;
5%
were
1940
were
for
weeks of
24
shipments
above the orders
date,
above
business
new
1940
were
to
7%
of the
was
date
above
1939
4%
8%
was
period.
above
above
the shipments,
For the
production
and
production.
'
Supply and Demand Comparisons
Board
The cost of
living of wage earners in the United States
rose 0.1 of
l%in May, according to the regular monthly
survey conducted by the Division of Industrial Economics
of the Conference Board.
Living costs as a whole reached
86.0 on the Board's index, the
highest level since July, 1938,
the increase between April and
May being directly attribut¬
able to the rise in food prices, since the cost of other items in
the wage earner's budget either declined or remained un¬
changed. Under date of June 20 the Board further said:
Food
prices advanced
0.9%
higher thanin May of last
year,
between April
and
May
and
were
3.2%
31.9% above the depression low of March,
1933, but 22.9% below the May, 1929 level.
Rents, which remained unchanged between April and May, were 0.6%
higher than in May, 1939, 38.3% above the January, 1934 low point, and
5.9% lower than they
were
in May, 1929.
The ratio of unfilled orders to gross
compared with
year
ago;
18%
gross
a
stocks
year
were
stocks
was
19%
on
June 15,
1940,
Unfilled orders were 2% heavier than
ago.
3%
a
less.
Softwoods and Hardwoods
During the week ended June 15, 1940,
feet
of
softwoods
and
hardwoods
booked orders of 218,219,000
were:
Mills,
498 ;
feet.
production,
484 mills produced
combined;
shipped
243,254,000
222,373,000
feet;
Revised figures for the preceding week
246,120,000
feet;
shipments,
240,977,000
feet; orders, 219,522,000 feet.
Lumber orders reported
wood
mills
same
mills.
for the week ended June 15, 1940, by 396 soft¬
11% below the production of the
week were 211,662,000
feet, or 10% below production.
Production was 234,029,000 feet.
Re¬
ports from 104 hardwood mills give new business as 10,021,000 feet, or
9% above production.
Shipments as reported for the same week were
10,711,000 feet, or 16% above production.
Production was 9,225,000 feet.
totaled
208,198,000 feet,
Shipments as
reported
or
for the same
Volume
The Commercial & Financial Chronicle
ISO
Identical Mill
232,286,000 feet, and
was
^',,v/
Comparisons
softwood
during week ended June 15, 1940, of 382 identical
Production
mills
year ago
a
it was 222,122,000 feet; ship¬
221,386,000 feet, and
feet.
In the case of
hardwoods, 84
this year and a year
ago
7,419,000 feet and 5,886,000 feet; shipments, 8,447,000 feet and
8,898,000 ieet, and orders, 8,064,000 feet and 8.076,000 feet.
ments
were,
orders
received,
209,761,000
respectively,
feet
4043
from the
and
205,976,000 feet and 236,709,000
identical mills reported production
large volume of
which is
being undertaken; the value of
$28,093,800, which
was
new
an
construction chiefly on Government account
The mining industry continues active and there has been
in the volume and value of exports of
Sugar Division Issues Data
on
,
and its program includes a statement each
production, and
figure which indicates the activity of the mill based
time operated.
These figures are advanced to equal
total industry,
week from each member of the orders and
also
a
the
100%,
that they represent the total industry.
so
Sugar Division of the Agricultural Adjustment Admin¬
on June 24 issued its
summary of data on "invisible"
supplies of sugar in the United States for the first quarter of
1940, together with a record of receipts and deliveries.
The
last quarterly report of the Sugar Division was issued March
13, 1940, and covered the fourth quarter of 1939.
The data
for the first quarter report were obtained from schedules
received from 1,376 manufacturers, wholesalers and retailers.
The following table summarizes the data:
CEIPTS AND DELIVERIES OF SUGAR, 1ST QUARTER, 1940 (*)
(Short Tons)
■
Received
Production
Tons
Tons
\
v
-
Orders
Tons
Week Ended
"Invisible" Sugar Stocks
Quarter
istration
Percent of Activity
Unfilled
Comparable Data
,
Total
■
^
Cumulative
Current
Number ot forms sent
—
4,491
...
Number of forms received.
Jan.
105.945
13...
Jan.
20...
Jan.
27........
187,002
115,988
114,463
10
111,954
106,954
106,292
Feb.
17
101,097
24
108,784
69
72
70
176,308
75
71
167,240
114,156
1,376
Stocks Dec. 31, 1939
Receipts Jan. 1-Mar. 31, 1940—..
Deliveries or use, Jan. 1-Mar. 31, 1940-....-..—.
stocks Mar. 31, 1940.. —
.
74
72
71
71
71
70
71
183,699
115,189
Feb.
3
Feb.
65
196.174
120,791
115,419
121,596
87,746
110,169
111,332
6
Jan.
1
1
^
STOCKS OF SUGAR HELD BY 1,376 MANUFACTURERS, WHOLESALERS
AND RETAILERS ON SPECIFIED DATES, TOGETHER WITH RE¬
STATISTICAL REPORTS—ORDERS. PRODUCTION. MILL ACTIVITY
Orders
notable in¬
a
newsprint and wood pulp.
The
herewith latest figures received by us from the
National Paperboard Association, Chicago; 111., in relation
to activity in the paperboard industry.
The members of this Association represent 93% of the
We give
on
contracts placed in May was
May, 1939, $18,360,200.
crease
for First
Weekly Statistics of Paperboard Industry
new
53% over the figure recorded for
increase of
315,570
685,711
for 1st guar. 1939
'
4,491
1,479
299,794
674,885
644,187
659,672
357,094
315,007
*
The first quarter receipts by the firms reporting for this period on Form SS-33
were approximately 56.9% of the total deliveries of sugar by refiners, processors
and Importers for the period Jan, I to Mar. 31, 1940.
Mar.
2...........
104,466
113,710
Mar.
9
112,855
Mar. 16
111,714
107,024
159,216
145,706
142,554
137,631
138,446
114,958
132,455
70
Mar. 23
108,134
Mar. 30
102,462
113,555
107,853
130,871
129,466
67
70
Apr.
105,140
129,869
111,431
123,255
147,254
175,162
193,411
68
70
70
Under 1940—Daily
70
Oil
122,868 •
123,579
204,612
210,488
242,787
77
74
129,636
254.638
121,378
247,644
257,836
75
77
72
245,818
241,099
79
72
79
73
Feb.
6...........
13
Apr.
June
8
June
15
146,057
139,841
136,203
130,202
157,023
143,505
115,557
137,283
119,998
June 22
105,929
125.377
Apr. 20
Apr. 27
May
4
May 11...
May 18
May 24.
I
June
117,388
122,194
128,914
125,823
124,679
127,346
.
71
69
69
The 1939 receipts of sugar by the reporting firms were approximately 3,195.000
short tons, or 49.5% of the total 1939 deliveries of sugar.
71
i
71
71
69
70
70
66
72
Petroleum
71
California
71
'
76
79
71
.
1'
72
Substantially Higher Than Year Ago
Factory sales of automobiles manufactured in the United
States (including foreign assemblies from parts made in the
United States and reported as complete units or vehicles)
for May 1940 consisted of 391,215 vehicles, of which 325,676
and 65,539 were commercial cars, trucks
compared with 432,746 vehicles in April
1940, 297,542 vehicles in May 1939, and 192,059 vehicles in
May 1938.
These statistics, comprising data for the entire
were
passenger cars,
road tractors, as
industry,
were
of
Bureau
the
released by Director William L. Austin,
Department of Commerce.
Census,
The
Bureau's announcement also said:
Statistics for 1940 are based on data
the United
cars,
States,
trucks,
or
received from 72 manufacturers in
22 making passenger cars and 61 making commerical
road tractors (11 of the 22 passenger car manufacturers also
making commercial cars, trucks, or road tractors).
It should be noted
that those making both passenger cars and commercial cars, trucks, or
road tractors have been included in the number shown as making passenger
and in the number shown as making commercial cars, trucks, or road
cars
respectively.
tractors
taxicabs.
The
figures
commercial
cars,
include those for ambulances, funeral cars, fire
station wagons, and
is very
those for
The figures for passenger cars include
for
trucks,
and road
tractors
apparatus, street sweepers,
buses, but the number of such special purpose vehicles
small and hence a negligible factor in any analysis for
figures may be used.
which the
Canadian production figures are supplied by the
Dominion Bureau of Statistics.
United Stales {Factory Sales)
*
Canada
Year and
(Production)
Pas¬
Comm'l
senger
Cars &
Total
Cars
Trucks
Total
Month
(All
Passenger
Trucks,
Vehicles)
Cars
&c.
1940—
....
Total 5 mos. end. May
432,746
362,139
70,607
325,676
65,539
19,687
21,277
13,487
391,215
April
12,677
8,600
2,083,892
1,741,390
342,502
92,982
63,547
29,435
4,100
6,200
1939—♦
337,375
273,409
63,966
16,891
12,791
May....-—.—......
297,542
237,870
59,672
15,706
11,585
4,121
Total 5 moe. end. May
1,652.251
1,335,447
316,804
79,244
59,383
19,861
April.
.....
...
1938—
219,110
176,078
43,032
18,819
192,059
154,958
37,101
18,115
14,033
13.641
4,786
.Y..^
Tot. 5 mos. end. May
1,028,673
799,986
228,687
87,426
65.088
22,338
A pril-Y'i
May
4,474
i
•Data for Canadian production
for the months of 1939 have been revised.
Continue to be Encourag¬
Business Conditions
Bank of Montreal Says Crops
ing—Reports
In its "Business
on
Summary" for June 28 the Bank of Mon¬
that "reports about the crops from all parts of the
continue to be very encouraging."
Regarding
business the bank had the following to report;
treal says
Dominion
Naturally the greatest activity is visible in the "heavy" iron
and steel
industries, in the shipbuilding
yards, the equipment plants, and the tool-
making and engineering shops.
Canada is also being called upon to furnish
for Britain.
.
.
.
Manufacturers
an
increasing stream of raw materials
of building
materials, plumbing supplies, glass, et cetera, are also benefiting
Proration
Schedule—Robert
E.
Daily average demand for crude oil during July was set at
3,628,400 barrels in the monthly market demand forecast
of the U. S. Bureau of Mines in Washington on June 22.
This is an increase of 8,100 barrels over the estimated market
demand for the current month but 23,600 barrels under the
actual demand for the comparable 1939 month.
Further cuts in the market demand estimates of the Federal
in August and following months' estimates are gen¬
erally expected by the oil industry.
With, the defeat of
France by Germany and Italy removing much of the market
for Texas crude oil, and the general export picture dampened
by the European turmoil, the American industry will have to
agency
curtail output materially.
Daily average crude oil output during the week of June 22,
however, continued to show gains and the 30,250-barrel
increase lifted the total to 3,846,450 barrels.
The statistics
compiled by the American Petroleum Institute disclosed that
currently production is running nearly 250,000 barrels above
the June market demand estimate of 3,620,300 barrels daily.
Most significant figure in the production report for the
June 22 period was the passing of the 500,000-barrel market
by Illinois with a gain for the period of 24,250 barrels to
502,000 barrels daily.
The rise firmly cemented Illinois in
third place among the Nation's producing States, its output
If production
being exceeded only by Texas and California.
in the Nation's latest area continues unchecked, it is not too
much to expect that Illinois will displace California in second
place.
operating in Illinois have an advantage over the
no proration law there, and there
apparent effort being made to pass such legislation.
It is believed that producers are afraid to take any voluntary
action to curtail production because of possible anti-trust
charges, particularly after the recent decisions of the U. S.
Supreme Court on the Madison anti-trust cases.
With the Nation's export market materially pared by the
sudden developments abroad because of war conditions, all
producing States with the exception of Illinois are generally
in line with the the drive of the Texas Railroad Commission
to drastically curtail domestic production in order to avoid
any pressure upon crude oil prices that might impair the sta¬
bility of the price structure.
Illinois is the weak-spot—and
until it takes some action to curtail output, the outlook is
none too good.
Oklahoma production showed a gain of 21,200 barrels to a
daily average of 420,750 barrels with Kansas' increase of
7,700 barrels lifting the daily average there to 178,350
barrels.
A nominal gain was shown in Texas, operators there
lifting output 1,450 barrels to 1,399,700 barrels.
A decline
of approximately 30,000 barrels in daily average production
in California pared the total there to 607,200 barrels with
Louisiana production off 2,900 barrels to a daily figure of
Producers
other States in that there is
is
NUMBER OF VEHICLES (INCLUDING CHASSIS)
,
Pares
Wilson Joins Defense Commission
72
Seasonal Decrease in Motor Output in May—Continues
or
Its
Products—-July Crude Demand
Crude Output Spurts—Illinois
Hurting Markets—Secretary Ickes Holds Kern
County Property to Be Federal Government's—
70
75
and
no
291,700
barrels.
Property within the
Kern County, Calif., naval reserve
the General Petroleum Corp. of California, is
the property of the U. S. Government, according to a ruling
of Secretary of the Interior Ickes, made public in Washington
on June 27.
The ruling of the head of the Department of the
Interior is a sequel to the legal controversy between the
Government ana Standard of California.
The fight between the Government and Standard of Cali¬
fornia ended a few months back with the Supreme Court
now
held by
The Commercial & Financial Chronicle
4044
holding that valuable oil property which lies in the reserve
belongs to the United States.
The ruling handed down
by Secretary Ickes applied to Section 16 in the reserve, while
the Standard Oil case involved Section 36.
Secretary Ickes
declared that his June 27 ruling was based upon the Supreme
Court action in the Standard Oil case.
The Central Committee of California Oil Producers set
area
the July allowable for the State at 587,000 barrels daily, off
5,000 barrels from the June figure.
The allowable maximum
for individual wells was reduced again, this time from 172
barrels to 168 barrels daily.
Estimated new well completions
in June were 109, which required nearly 12,000 barrels daily
over the State's over-all quota.
Louisiana set July allowables
at
280,371 barrels, up 205 barrels from June.
Robert E. Wilson, President of Pan American Petroleum
■
June 29,
1940
Daily Average Crude Oil Production for Week Ended
<
June 22, 1940, Rises 30,250 Barrels
^
Institute
Petroleum
American
The
estimates
that
the
daily average gross crude production for the week ended
June 22,
1940,
3,846,450 barrels.
was
This
was
of
gain
a
30,250 barrels from the output of the previous week, and the
week's
current
figures
3,620,300
the
above
were
barrels
calculated by the United States Department of the Interior
be the total of the restrictions imposed by the various
to
oil-producing States during June.
for
The daily
3,782,750 barrels.
Daily average production
June 22,
weeks ended
four
the
1940, is estimated at
output for the week
average
June'24,
ended
1939, totaled 3,452,800 barrels.
reported by the Institute, follow:
& Transport Co. has accepted a position as a member of the
staff of Edward B. Stettinius Jr., member of the Defense
details, as
with the supervision of raw material
supplies.
As recorded in this column last week Mr. Wilson
will be in charge of coordinating \the work in the petroleum
industry in providing sufficient oil and refined product
reserves to meet the Nation's defense needs.
There were no crude oil price changes posted.
Further
United States
Commission charged
———$2.25 Eldorado, Ark., 40
Corning, Pa
—
Rusk, Texas, 40 and
J 02
...
$1.03
1.10
over
1.03
.95-1.05 Darst Creek
.76-1.03
Western Kentucky—
-90 Michigan crude
.90
Mld-Cont't, Okla., 40 and above-- 1.03 Sunburst, Mont
1.15
Rodessa, Ark., 40 and above
1.25 Huntington, Calif., 30 and over.
1.38
Smackover. Ark,, 24 and over——
.73 Kettleman Hills, 39 and over-—,
Illinois--
daily
barrels
——---
...
289,571
of
average
213,28*5
for
the
for
bonded
whether
There
compared
ended
June 22.
domestic
June
These
15,
but
use,
with a daily average of
243,179 barrels daily
and
figures include all oil
it
is
impossible
weekly statistics.
receipts of California oil at Atlantic
in
separation
for
or
barrels,
week
the four weeks ended
were
no
week ended June
for the
Prices of Typical Crude per Barrel at Wells
(All gravities where A. P. I. degrees are not shown)
Bradford, Pa---—
Imports of petroleum tor domestic hse and receipts in bond at principal
ports for the week ended June 22 totaled 2,027,000 barrels,
a
imported,
make
to
the
Gulf Coast ports
or
22, 1949.
Reports received from refining companies owning 85.1% of the 4,483,000barrel estimated daily potential refining capacity of the United States
indicate that the industry as a whole ran to stills,
on
Bureau of Mines
a
3,690,000 barrels of crude oil daily during the week, and that all
bulk terminals, in transit and in
basis,
-
companies had in storage at refineries,
...
...
...
pipe lines as of the end of the week 97,276,000 barrels of finished and
unfinished gasoline.
The total amount of gasoline produced by all com¬
ON
GAS
STOCKS
estimated to have been
is
panies
PRODUCTS—DRAFT
REFINED
DAILY
FUEL
DEMAND
AVERAGE
UP
8.5%—TANK
CAR
MARKETS,
(figures In Barrels)
B. of M.
approximately 16,000,000 barrels above
a
year
situation lies solely with the industry and the sustained
June 22,
Previous
ments
,
ables
1940
Week
Weeks-
June
Week
Ended
June 24,
22,
1940
1939
(June)
Oklahoma
408,600
408,100
b420,750
+ 21,200
420,000
458,750
Kansas...-----.
159,000
159,000
b178,350
+ 7,700
164,700
168,000
blOO
—100
150
Nebraska
66,250
—1,600
67,250
Nortn Texas
that
plies of motor fuel which thus far this season have failed to
into lower levels as fast as they should.
Daily average
runs of crude oil to stills were up 70,000 barrels to 3,690,000
barrels.
Estimated domestic market demand for motor fuel during
101,700
—3,600
105,800
West Central Texas..
33,150
239,250
—300
33,300
32,250
+ 1,250
237,950
217,750
82,400
—1,350
81,600
92,900
372,400
234,250
372,750
+ 6,550
+ 500
232,150
214,100
West Texas
East. Central Texas..
East Texas
397.000
Southwest Texas
243,650
Coastal Texas
236,300
Total Texas
1,344,600 C1335530 1,399,700
69,500
85,750
223,850
+ 1,450 1,364,700 1,308,850
North Louisiana—
68,900
—200
69,300
73,600
Coastal Louisiana
222,800
-3,700
227,400
196,500
270,100
Total
274,700
—
280,166
291,700
-3,900
296,700
66,700
Louisiana.
70,515
72,450
71,850
indicated in the regular monthly market forecasts of
placed the total at 54,800,000 barrels,
which is 8.5% above the actual demand for the comparable
month last year.
The Bureau's report pointed out, however,
that July demand in 1939 was subnormal and the general
trend for motor fuel consumption is actually running only
6% above the 1939 level.
The rise in domestic disappearance of motor fuel, however,
is offset by the continued contraction in the foreign market,
which will be accentuated during the balance of the year
rather thar relieved, according to present indications.
Ship¬
ments of motor fuel abroad during July will be only 2,000,001
barrels, according to the Bureau's estimates, which is 400,000
barrels under the June forecast and approximately 1,600,000
barrels under actual exports in July of last year.
Further outbreaks of price weakness in the motor fuel
markets in major consuming areas developed during the
week.
Tank car prices of gasoline were reduced from
the Bureau of Mines,
3-10ths
to
cent
gallon at Portland,
Providence
on June 25
posted cuts in dealer tank wagon prices of gasoline ranging
from 0.65 cents a gallon to 2.05 cents a gallon within the city
limits of Durham, Greensboro, High Point, Raleigh, Salis¬
bury and Winston-Salem, N. C., effective June 20.
Representative price cuts posted during the week follow:
and Boston
on
June 26.
a
Standard of New Jersey
June 25—Standard of New Jersey
reduced dealer tank
wagon prices
Arkansas
7,000
bl 1,600
395,600
502,000
Indiana,.----------
8,000
bl1,100
+ 850
+ 1,450
+ 24,250
—1,300
Eastern (not including
Illinois
Indiana)
98,400
91,450
—1,600
94,050
Michigan
62,000
55,900
—800
57,650
66,600
Wyoming
73,000
78,250
+ 13,350
72,400
61,350
Montana.———
Colorado--———
New Mexico.——
18,300
17,850
4,000
3,950
+ 600
3,450
4,050
104,100
—3,300
106,550
106,600
Mississippi
—
Illinois
-
Total east of Calif
California.
-
-
-
Greensboro,
High Point,
effective June 20.
Raleigh,
\
Salisbury and Winston-Salem, N.
-J:.'-"}j
^
v.
June 26—Tank car prices of gasoline were cut from 2-10ths cent
to 3-10ths cent a
K'
a
-
.
106,700
a
These
are
z
Newark—
Brooklyn--.--
.17
$.166
Boston.—
Bureau's
estimated
requirements
Shell East'n
Chicago
a
Texas
$.04
.17
Central
CRUDE
RUNS
TO
STILLS AND
ENDED
ports
-.05K
.05^
04%-.05^
Phila., Bunker C
| Chicago—
28.30 D
I
OF
Refinery
or
Crude Runs to
Capacity
Stills
■
'
i Tulsa—
I
WEEK
Gasoline
Production
at
East Coast
Percent
Reporting
Refineries
Daily
Percent
Inc. Natural
Average
Operated
Blended
643
100.0
156
91.0
693
89.5
420
76.9
282
94.2
116
81.7
442
592
95.5
2,470
87.3
z957
1,669
280
59.6
119
71.3
484
.1,071
85.3
835
91.4
2,572
164
97.6
116
72.5
302
North Louisiana & Arkansas
101
51.5
42
80.8
Rocky Mountain
119
55.5
46
69.7
190
836
87.3
547
74.9
1,389
85.1
3,301
86.5
10,574
....
-
Reported
Estimated unreported
99
389
1,511
12,085
Estimated total U. S.i
June 22, 1940
4,483
3,690
June 15, 1940.
4,483
3,620
11,767
x3,490
yl 1,497
1.50
*
—$.02>+.03
606
v
Louisiana Gulf__
Texas Gulf
Terminal
$.053
GASOLINE.
1940
District
*U.S.B.of M.June 22, 1939
Gas OIL F.O.B
$.04
22,
Daily Refining
$1.00
2.10-2.20
N. Y. (Bayonne)—
PRODUCTION
JUNE
(Figures in Thousands of Barrels of 42 Gallons Each)
Oklahoma, Kansas, Missouri
.06 ^-.07
New Orleans C.
$1.00-1.25
be
Committee of California Oil Producers.
Indiana, Illinois, Kentucky.
|New Orleans _$.05 >+.05 K
I Tulsa
a.04
-.04H
California 24 plus D
'
to
Note—1The figures indicated above do not Include any estimate of
any oil which
might have been surreptitiously produced.
Fuel Oil, F.O.B. Refinery or Terminal
$1.50
crude
as
d Recommendation of
*
N. Y. (Harbor)—
Bunker C
new
are for week ended
net
Inland Texas
$.05
Orleans-
Gulf
$.06 I Los Angeles.03 >+.05
of
This is the net basic allowable
It includes
California
North
amount
$.17
—
Tulsa
i
the
as of the first of June.
Past experience Indicates
new wells are completed and If any upward revisions are made.
figure of approximately 368,533 barrels for East Texas after deduc¬
tions for 14 shutdown days, namely, June 1, 2, 5, 8, 9, 12, 15, 16, 19,
22, 23, 26, 29
and 30.
For all other areas a shutdown was ordered for June 1 only.
c
it will increase
Rate
New
.07H-.08
606,600
_
Potential
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
(Bayonne)
determine
to
Nebraska, Mississippi, Indiana figures
gallon
Other Cities—
Texas -_-—.$ .07 M-.08
Gulf
08H-.08?*
618,500
+30,25013,782,750 3,452,800
Appalachian
RlchOU(Cal) .08K-.08^
Warner-Qu. .07 >+.08
New York—
—29,600
premises ouilined In its detailed forecast for the month of
b Oklahoma, Kansas,
7 a. in. June 19
.
Chicago
New York—
Socony-Vac. .06 >+.07
T. Wat. Oil .08K-.08?*
+ 59,850 3,164,250 2,846,200
607,200
3,846,450
produced.
C.,
U. S. Gasoline (Above 65 Octane), Tank Car Lot*, F.O.B. Refinery
Std.Oll N.J.$.06M-.07
15,950
requirements maj be supplied either from stocks, or from new production,
contemplated withdrawals from crude oil Inventories must be deducted from the
of
Not including 2% city sales tax.
New York
95,600
As
+■ .-■:
Buffalo
.185
12,050
Bureau of Mines' calculations of the requirements of domestic crude
based upon certain
June.
gallon at Portland, Providence and Boston.
$.17
New York
d592,000
Total United States 3,620,300
oil
233",850
17,850
3,239,250
593,700
Gasoline, Service Station, Tax Included
z
106,700
3,026,600
——
-
56,500
10,500
471,650
y
.
gasoline 0.65 cents to 2.05 cents a gallon within the city limits of Durham,
27 plus
Allow-
Require¬
move
Diesel
Ended
ex¬
refinery operations for the week of June 22 was up 1.7 points
to 86.5% of capacity, far above what industry economists
hold a safe working level in view of the mountainous sup¬
z
Four
Change
from
Stale
Panhandle Texas
cessive refinery activity.
The American Petroleum Institute report disclosed
2-10ths
Actual
Week
Ended
lated
ago.
With demand thus far this year, running about 6% ahead of
the 1939 figures, the responsibility for the top-heavy supply
as
,
Actual
Calcu¬
off only
were
384,000 barrels during the third week of June—a disappoint¬
ing figure—and stocks of 97,276,000 barrels on June 27
July,
week.
during the
a
Stocks of finished and unfinished motor fuel
were
barrels
CRUDE OIL PRODUCTION
OTHER
SAG
MARKETS
12,085,000
DISAPPOINT¬
ING—REFINERY OPERATIONS AGAIN RISE—JULY MOTOR
Estimated
Bureau of Mines' basis,
x June, 1939, dally average,
y This Is a
June, 1939, dally average,
12% reporting capacity did not report gasoline production.
week's production based on the U. S. Bureau of Mines
z
/
Volume
STOCKS
The Commercial & Financial Chronicle
150
OF
FINISHED
AND
FUEL OIL,
UNFINISHED
WEEK
ENDED
GASOLINE
JUNE
22,
GAS
AND
AND
ESTIMATED
UNITED
COMPARABLE DATA
1940
(Figures In Thousands of Barrels of 42 Gallons Each)
Stocks of Finished A
Stocks of Gas OH
and Distillates
Unfinished Gasoline
Stocks
of Residual
'
Finished
At
in Transit
At
Refineries
and in
Refineries
and in
Unfin'd
Pipe Lines
Pipe Lines
"'.. j
WITH
PETROLEUM
OF CRUDE
'
'
•
Calendar Year to Date
June 15
June 8
1940
1939
3,672
230
106
561
16,586
3,179
416
3,189
7,502
1,107
49
304
14,738
4,316
"573
2,615
1,037
25
537
242
7,900
1,317
8,070
6,113
...
1940
1939
6,114
Crude Petroleum b—
"l07
Coal equivalent of
weekly output
5,343
"268
production
861
256
-V,*
1,448
28
1,418
1,497
144
16,478
17,966
7,844
2,080
55,164
23",276
83,689
90,231
22,964
8,242
73,688
6,945
7,045
900
645
2,010
of
KWVO
lignite,
VI
Iiiotmivoi
UUU
DbaUBblUttl
uuuvemuuue
I lie
barrels produced during the week converted to
equivalent coal assuming 6,000,000 B.t.u.
per barrel of oil and 13,100 B.t.u. per
pound of coal.
Note that most of the supply of petroleum
products is not directly
competitive with coal.
(Minerals Yearbook 1938, page 702.)
c Sum of 24 full
weeks ending June 15,
1940, and corresponding 24 weeks of 1939 and 1929.
210
605
5,522 144,407 130,844 102,519
vumpoiiouu
b Total
28,775
ESTIMATED
....
1929
6,338 204,533 148,340 240,608
1,056
1,445
1,047
1,690
1,345
4,868
462
Rocky Mountain..
.
average
2,079
1,912
512
Louisiana Gulf
No. La. & Arkansas
3,976
1,557
13,110
2,295
Texas Gull
4,965
6,996
Inland Texas
4,561
3,092
15,879
_
23,206
c
June 17
1940
-
Bituminous Coal a—
Total, including mine fuel...
Daily
22,352
Reported
Est. unreported
COAL
in Transit
and
East Coast
„
' •"
•
At Terms,
At Terms,
Total
California
SOFT
Week Ended
Finished
Appalachian
Ind., 111., Ky
Okla., Kan., Mo
ON PRODUCTION
OF
Fuel Oil
•:'
Total
PRODUCTION
(In Thousands of Net Tons)
r'
District
4045
STATES
PRODUCTION
OF
PENNSYLVANIA
ANTHRACITE
AND
BEEHIVE COKE
(In Net Tons)
vC
.
V-.
.
.
♦Est. total U. 8.:
June
22,
15,
June
U.
8.
B.
1940...
90,634
97,276
23,864
8,887
75,698
28,985
1940.__
90,924
97,660
23,330
8,556
75,487
28,932
of
Week Ended
June 22, 1939..
Estimated Bureau of Mines basis.
75,448
81,331
22,901
7,893
including
liery fuel .a
Daily average
V
Manufactured and natural gas utility revenues amounted
$75,470,300 in April, 1940,
announced
was
June 25 by Paul Ryan,
on
The
than
Total
cubic
for
amounted
of
reported
from
.' '.
1939.
manufactured
:
gas
'ing, refrigeration,
house
heating
5.5%
and
&c.,
the
c
; <t-
Beehive Coke—-
•"
31,600
27,300
5,267
4,550
Daily average._....
operations,
b Excludes colliery fuel,
c
of working days In the three
years
12,200
800,300
2,033
5,558
290,600
3,066,300
2,018
1
21,294
Adjusted to make comparable the number
Non-Ferrous
Metals—Domestic
Copper Declines
Nervous Market—Lead and Zinc Firm—Tin Off
for
preceding
in
"Metal and Mineral Markets," in its issue of June
27,
6.3%
or
were
34,181,500,000
utility sales for the month
increase of 6.3%.
such
than
cooking, water heat-
as
for
April,
while
1939.
commercial
Sales
uses
for
gained
armament activity in
shrinking foreign outlets for metals,
traders were unable to form a clear
picture of the future,
with the net result that buying slackened
during the last
week and further weakness
developed in copper.. Lead and
zinc prices remained firm.
Tin was, lower.
There was
the United States and
much speculation about the status of French metal
contracts,
14.6%.
sales for domestic purposes showed
the month, while industrial sales gained 7.9%.
for
the
of $43,311,200,
month
gas
an
uses,
less
increased
uses
,1929
c
reported that torn between increased
19.5%,
increased
purposes
industrial
0.9%
were
$32,159,100
of
-
Natural
for domestic
sales
month
same
revenues
;
for
gas
•
of
revenues
the
121,805,400,000 cubic feet,
Manufactured
Natural
2.3%
increase of 6.3%.
an
to
of
utilities reported
gas
April,
sales
feet,
industry
gas
increase
an
The natural
year.
more
Chief Statis¬
'/
manufactured
month,
1939
Mr. Ryan further
reported:
the
1940
eol-
United States total
compared with $72,172,800
as
month of 1939, an increase of 4.6%,
American Gas Association.
tician of the
1939
1,186,000 978,000 753,000 22,849,000 24,994,000 33,208,000
197,700 163,000 125,500
162,600
177,900
236,400
Commercial produc'nb 1,127,000
929,000 715,000 21,709,000 23,744,000 30,817,000
H
it
1940
Penna. Anthracite—
Gas Utility Revenues Continue
Upward Trend in April
the corresponding
June 17
29,176
83,069
Total,
for
June 8
1940
Mines
*
»
to
Calendar Year to Date
June 15
gas
increase
an
of
8.6%
though it was reported in the press that the British
prepared to take over war orders placed by France.
even
were
The publication further reported:
V;.
Weekly Coal Production Statistics
The Bituminous Coal Division of the
Interior in the current
Department of the
weekly report stated that the total
production of bituminous coal in the week ended June 15 is
estimated
at
7,900,000 net tons.
decrease—170,000 tons,
or
This represents
a
slight
2.1%—from the preceding week.
Production in the corresponding week last year amounted
to
caused
ended
June
The
15.
estimated
production was
increase of 208,000
tons, or 21.3% over that of the prior week, and of 433,000
tons when measured against the production in the corre¬
sponding week in 1939.
1,186,000 net tons and represented
ESTIMATED
WEEKLY PRODUCTION
an
ments and are
■■Vv/
V;.
OF COAL,
BY STATES
(June 20)
round lots sold at
copper sold
at
11c., whereas
early
June 25, sellers without regular
Domestic
sales
for
the
last
in
the day
the operators.)
annual returns from
State
•
week
States ports, with demand lacking.
conditions,
upset
amounted
to
1940
...
are
holding to
Working stocks of fabricators
content of materials
tOnst
.
.
—
...
—
Bureau
on
were
Iowa—...
„
_
_.
_
i
»
3
.
_.
of the American
f
was
.i.
i
_
.
.
329
387
16
7
16
57
70
57
53
104
175
*
*•:
f
f
612
385
463
834
Metal
of
Statistics.
Shipments for
176
213
309
38
35
47
56
38
77
93
782
677
463
862
661
7
72
/
79
86
195
25
19
46
47
2
4
5
14
40
40
37
45
20
..
steady at 5c., New York, which
Smelting & Refining Co. and at 4.85c., St. Louis.
Germany has intensified the complexity of the
:::
figures for 1939, in tons, were
as
J
Jan.-April,
v.*''--:'?:':'
Lead in
ore
V.
V-'-'/v-'
and matte
1940
8,183
43,180
26,263
560
_
14
18
20
43
Pigs and bars...
17,598
—
from the labor difficulties in Mexico, which diverted substantial tonnages
11
11
fl2
f 14
361
290
417
888
2,194
1,860
1,627
1,168
2,791
3,613
94
110
90
66
98
113
of lead to the refineries of the United States.
The position
►
of zinc during the last week
-
16
14
16
21
26
26
58
89
362
280
238
188
220
240
24
24
26
19
43
44
1,860
1,945
1,560
1,074
1,920
1,380
508
370
671
856
common
79
64
84
104
1
f2
period, pointing to sustained demand for zinc product#.
f5
Washington..
512
584
76
77
Wyoming
Total, all coal
*
•
/
1
*
21
8,070
7,570
6,273
4,937
9,324
10,866
978
825
828
898
1,021
9,048
8,395
7,101
5,835
10,345
12,822
Including operations on the N. & W.; C. & O.; Virginian; K. & M.; B. C. & G.I
on the B. & O. in Kanawha, Mason and Clay Counties,
d Rest of State,
including the Panhandle District and Grant, Mineral and Tucker Counties,
c In¬
a
California, Idaho, Nevada and Oregon,
d Data for Pennsylvania
anthracite from published records of the Bureau of Mines,
e Average weekly rate
for entire month,
f Alaska, Georgia, North Carolina and South Dakota included
with "other Western States."
* Less than 1,000 tons.
cludes Arizona,
but
the
situation
price
was
remained
not quite so tight as in
firm
in
all
directions.
Sales of the common grades for the last calendar week totaled 2,077 tons,
which compares with 5,453 tons in the preceding week.
zinc
a
on
week
1,956
and
weeks,
recent
>
u
Zinc
32
Pennsulvania anthracite.d__4—
12,338
51
20
380
15
Total bituminous coal
Jan.-April,
1939
37
States.c
■;
follows:
Utah
Other Western
The market
also the contract settling basis
was
Texas
Virginia—Southern.a
'
38
22
Tennessee.----.
Northern.b._
'.v.-
The large imports of base bullion in the first four months of 1939 resulted
441
North and South Dakota
West
.
12
39
Virginia
.■'
/v^/:
183
20
2
Montana..
105
23
..
Pennsylvania bituminous
/•'•/;■.'
/
??)'■
128
Western—
—
January-May
Imports of lead during the first four months of 1940, with comparable
88
71
Maryland
...
••
416
40
-
Ohio
the
1,243
233
Kentucky—Eastern
New Mexico...
'
,
foreign lead market.
70
255
Kansas and Missouri
Michigan
estimated to be 189,637
.
France's armistice with
787
—... .
^
of prevailing
totaling 7,015 tons, against 10,408 tons in the previous week.
f
142
77
* ... .... _
.
placed at 192,710 tons, and the copper
order with fabricators
Lead
was
652
..... .
•
11c., f.a.s. United
11.375c. f.a.s.
five months of 1939.
Avoe.
200
1
Georgia and North Carolina
On
bringing
period of this year totaled 346,500 tons, against 277,000 tons in the first
1923e
304
*
tons,
Copper content of shipments by mills and foundries during May amounted
71,000 tons, against 68,500 tons in April, according to an estimate by the
June 8
68
—
Illinois
I ndiana
3
paid.
was
11.125c., Valley.
Sortie producers, because
.
1929
1938
18
...
—
1939
297
Arkansas and Oklahoma
Colorado
June 10 June 11
3 v
2
Alaska
Alabama
at
10,188
Demand for lead quieted down during the last week, sales for the period
June
June 1
1940
to
At the end of May domestic fabricators had 298,970 tons of
copper on
hand and 161,662 on order for future delivery, a total of 460,632 tons.
:-::x '
.
June 8
last
as
11.125c.
the total for the month to June 25 to 102,011 tons.
Week Ended
■
early
from
11.125c.
fabricating outlets sold
,
■.
As
prices ranging
Several sellers offered copper at the lower levels, though
large mine operators quoted llj^c. throughout the week.
Late on June 26
American
weekly estimates are based on railroad carloadings and river ship¬
subject tc revision on receipt of monthly tonnage reports from dis¬
and State sources or of final
trict
•
11.250c., Valley.
to
(In Thousands of Net Tons)
(The current
Copper
■
-
As the week ended export copper was offered below
The U.S. Bureau of Mines reported that a continued rise
in the output of Pennsylvania anthracite was recorded for
r
week
'
prices to weaken further during the last week.
Thursday
6,338,000 tons.
the
:
Pressure of domestic copper released because of the
collapse of France
,
Tin
/'
grades were large,
The
amounting to 5,148 tons for the seven-day
'
■
common
buyers
\
/
,
'
Tin
showed/interest
;
'
■
„
'
■
to acquire metal during the last week
as
Sales involved about 900 tons during the last three
The rate of tin-plate operations is now about 78% of capacity.
British
authorities,
it
was
disclosed
in
London
satisfied that the International Tin Committee has been
best
Orders for
the books of producers now total 59,794 tons, against 62,865 tons
previous.
prices moved lower.
days.
Shipments of the
interest of the
on
June
26,
are
functioning in the
industry and it is believed that the present situation
does not warrant abolishing
tin control by the
group.
For several weeks
The Commercial & Financial Chronicle
4046
June 29, 1940
It has been rumored that the British Government contemplates regulating
for Army tanks, but steps are already being taken to increase capacity for
tin prices.
production of such items.
YY.':'.;Y:;'Y'':,Y' Y':Y,V
Straits tin for future arrival
:Y Y,Y''
quoted
was
-Y'
follows:
as
There is
prices
June
July
August
Y
September
on
evidence
no
as
Washington of official intention to fix
yet in
steel or other commodities, nor will allocations or priorities
resorted to in all probability until
be
Rather than attempt
occasion arises.
price control, it seems likely that the Government will, if necessary, in¬
June 20...
54.500
*
June 21
53.750
53.250
52.750
profits.
crease taxes on
55.000
June 25
53.250
53.250
52.750
53.500
—
53.750
53.750
52.750
52.000
51.250
probably be increased by an additional four billion dollars for a 70% Naval
52.125
June 24
54.250
54.500
-
June 22—
61.250
50.500
49.750
51.000
expansion, which will provide for construction of about 200 surface ships
50.250
52.250
June 26
Chinese
99%
tin,
spot,
nominally
was
follows: June
as
June 21, 54.000c.; June 22, 53.500c.; June 24, 52.750c.; June
June 26,51.250c.
:
,
DAILY PRICES OF
.
.
METALS
•
20,
49.750
53.750c.I
25, 51.250c.;
The five billion dollars already
and several hundred submarines.
ning for additional
000,000 has been provided.
and other munitions.
Strain Tin
Lead
Zinc
or
curtail exports.
Exp., Refy
New York
11.100
54.750
11.050
55.000
5.00
11.050
54.500
5.00
4.85
6.25
June 24
10.900@11.025
10.900<§>11.025
10.900@11.025
10.900@11.025
10.950
53.750
5.00
4.85
6.25
equipment.
June 25
10.900
10.950
52.250
5.00
4.85
6.25
10.925
that the carriers
52.250
5.00
4.85
6.25 Y
June 21
June 22
10.775@10.900
June 26
Average-
10.931
--
11.004
New York Si. Louis St. Louis
a
need for 139
53.750
4.85
6.25
4.85
5.00
6.25
4.85
6.25
Average
prices for calendar week ended June 22 are: Domestic copper f.o.b.
11.077c.; export copper, f.o.b. refinery, 11.192c.; Straits tin, 54.313c.;
New York lead, 5.000c,; St. Louis lead, 4.850c.; St. Louis
zinc, 6.250c.; and sliver,
■
34.750c.
,Y\>. ■■■; :■■ ■■
■
.
„
\v> The above quotations are "M. & M. M.'s" appraisal of the major United States
markets, based 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 per
pound.
Skipper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
In the trade, domestic copper prices are quoted on a delivered
basis; that Is, de¬
livered at consumers' plants.
As delivery charges vary with the destination, the
figures shown above are net prices at refineries on the Atlantic seaboard.
Delivered
prices in New England average 0.225c. per pound above the refinery basis.
v'YY.-'Y
of essential materials and equipment, Congress has
power to
the President to embargo
So comprehensive is the bill that it can be applied to
anything deemed to be necessary for national defense.
expected to issue
5.00
refinery,
_
The War Department estimates
passed the May-Sheppard bill, giving
Dom., Refinery
June 20-.—
plan¬
are now
:,
To conserve supplies
C'.
Ship building companies
For the construction of munitions plants, $376,-
ways.
plants for manufacture of ordnance, powder, shells, armor plate, aircraft
.
("E. & M. J." QUOTATIONS)
Electrolytic Copper
appropriated for the defense program will
equipment. I-
and
A
defense
dual roads
60,000
.
Although
are
the Association
of American
is
declares
It is estimated that 50,000 to
be purchased within the next few months.
may
of railroad
Railroads
in good condition to handle all traffic demands, indivi¬
coming into the market.
are are
cars
about
Y..;: .Y.V Y
Y. ' V"
that is moving rapidly is rehabilitation
measure
current program
The President is
proclamation shortly embargoing certain commodities
a
The largest
of $20,000,000 for the Southern Pacific involving
one
2,150 freight cars,
120 passenger
Nickel Plate has ordered 875
and 25 locomotives.
cars
The
and in conjunction with its affiliate, the
cars
Chesapeake & Ohio, has bought 46,000 tons of rails for fall delivery.
Although work
little effect
was
British have in
produced,
was
on
while
suspended last week
French steel orders, there
on
steel plant schedules because of heavy backlogs.
some
instances, agreed to take
negotiations
still
are
ordered but not yet processed.
in
YY 'Y;-Y Y-Y'
The
French steel thus far
over
with
progress
respect
'yY;
that
to
Y-yy
Steel orders received by the mills during June have ranged from about
25%
double those of May, depending upon the product.
more to
Export quotations for copper are reduced to net at refineries on the Atlantic sea¬
board.
On foreign business, owing to the European war, most sellers are
restricting
offerings to f.a.s. transactions, dollar basis.
Quotations, for the present, reflect
this change in method of doing business.
A total of .05c. is deducted from f.ajs. basis
(lighterage, &c.) to arrive at the f.o.b. refinery quotation.
specifications
With the
ment,
Due to the European war the usual table of
daily London
prices is not available.
Prices on standard tin, the only
prices given, however, are as follows: June 20, spot, £272,
three months, £275; June 21,
spot, £274three months,
£278; June 24, spot, £266; three months, £269June 25,.
spot, £2613^, three months, £265^; and June 26, spot,
£256, three months, £258%.
;
i-'-'M'.;- 'V v,.;::":;";Yv
*
.^V*v.4"-.":
1
World
Tin
Production
in
May
Estimated
17,300
at
Tons—Five Months* Total Far Above Year
Ago
The Statistical Office of the International Tin Research
and
Development Council at the Haggle has ceased to function
Holland, and the monthly "Statistical
Bulletin" for May did not appear, but
publication has been
resumed with an abridged edition which is
being issued from
the Council's head office at
Greenford, Middlesex, England,
to all subscribers.
This abridged "Bulletin" is intended to
be used in conjunction with the
April, 1940, issue.
World
production of tin in May, 1940, is estimated at 17,300 tons,
against 13,500 tons in the previous month.
The total pro¬
since the invasion of
,
duction in
the first five
months
of
the
current
year
was
approximately 83,100 tons, compared with 55,700 tons in
the corresponding
period of »1939.
The announcement
further said:
"■.^y-=./- y^yyYj yY/ Yyy':
The exports from the countries
ment
signatory to the International Tin Agree¬
during the past three months, and the over and under exports at
the end of May are given below in tons of tin:
exception of tubular goods, in which there has been only moderate improve¬
all products have been in heavier demand.
A substantial part of
current
ments to
backlogs consists of sheets and strip,
Belgian Congo
April
*
2,282
10,174
.....
3,098
Netherlands, East Indies
3,830
4,772
Nigeria
Export tonnage, while still quite heavy from the
year.
steel is
is
a
—10,192
—3,056
6,809
*
2,215
377
929
947
1,232
1,322
+ 1,339
—1,411
♦Not yet available.
It is
world
impossible in present circumstances
tin
consumption,
"Y :Y
available.
as
•'
statistics
for
to
make reliable estimates of
many
countries
yYyY:';Y.Y V
are
''Y-'Y
no
longer
Tin
showing
an increase of 45%.
Deliveries of tin to United States' consumers
totaled 41,384 tons in the first five
months of 1940, compared to 25,075
tons in the
corresponding
period of 1939, representing
World stocks
of
tin,
including smelters'
stocks
an
increase of 65%.
and
Straits
carryover
(but not including European carryover) were
40,783 tons at the end of
May, 1940, compared to 40,680 tons at the end of
April and 39,519 tons a
year previously.
Steel
Industry
at 88% of Capacity—Effect of National
Defense Program Still to Be Felt
The "Iron Age" in its issue of
June 27 reported that
although the steel industry is estimated to be operating at
88%, a point above last week, with near-capacity production
in
some
finishing departments, this is without
benefit of the
enormously increased iron and steel requirements which will
eventually flow £rom the national defense program.
The
"Iron Age" further
reported:
Notwithstanding the breakneck speed with
which huge defense appropria¬
tions have been rushed
through Congress, only a very small proportion of
the steel industry's recent orders has
come as a result of this program.
It is not yet definitely known in
Washington what demands will be made
on the iron and steel
industry, but surveys are under way by the Natiional
Defense Commission to determine
actual tonnages involved in prospective
requirements.
a
That they will be
extremely large goes without saying, but
sufficient supply of steel
categories such
as
heavy
seems
armor
to
be assured except perhaps in some
plate for Navy ships and light armor plate
=
is in much
of the
The report published in the "Iron Age" a week ago that German
being offered in South American countries at below American prices
advocacy of
an
inter-American trading cartel aimed to compete with the
Nazi forced barter policy.
'
y^YY'',,;YYv-Y''v'-'-Vj;".: v Y'Y:Other than the falling off in export trade from
neutrals, the only note of
hesitation thus far clearly observable is a decline in
scrap prices,
ranging
from 25 cents
a
ton at
Chicago and Philadelphia, 50
cents at
$1 at Cleveland and $1.50 at Youngstown and Detroit.
composite scrap price has declined 34
cents to
Pittsburgh to
The "Iron Age"
$19.53, the first drop since
the second week of April.
The first iron
steel price advance in
or
Utah, amounting to
a
$1
a ton.
some
time is on pig iron at Provo,
'
,
THE "IRON AGE" COMPOSITE PRICES
.YVYY YYYYy JYYYYyYVY ,Y>1Finished Steel
Y
June 25, 1940, 2.261c. a Lb.
One week ago-.*w±-wUw-*+.-i.--2.2610.
One month ago
One year ago.
Based
on
Y'Y-;:'' Y> YY'y'
steel bars,
Y''''
'■
Y'YY
bepms, tank plates,
wire, rails, black pipe, sheets, and hot
2.261c.
rolled strips.
2.236c.
_
85% of the United States output.
These products represent
High
1940...
Low
,2.261c.
Jan.
2
2.211c.
Apr.
1.
1939
2.286c.
Jan.
3
2.236c.
May
1938
2.512c.
May 17
2.211c.
Oct.
1®
®
1937
2.512c.
Mar.
1936
2.249c.
Dec. 28
•YY,'y
YPY. Y";
V
2.249c.
Mar.
°
2.016c.
9
Mar.
lz
Pig Iron
June 25, 1940, $22.61 a Gross Ton
Based
$22.61
on average
furnace
for basic Iron at Valley
at Chicago,
and foundry Iron
22.61
Philadelphia,
20.61
Southern Iron at Cincinnati.
Buffalo,
Valley,
High
1940
$22.61
2
$22.61
1939
22.61
Sept. 19
20.61
Sept. 12
23.25
June 21
19.61
July
6
23.25
Mar.
9
20.25
Feb.
16
19.73
Nov. 24
18.73
Aug. 11
1937
1936
••*:;Y■
Steel
Jan.
and
Low
1938
Jan.
2
Scrap
June 25, 1940, $19.58 a Gross Ton
Based
on
No.
1 heavy melting stee
One week ago
$19.92
quotations at Pittsburgh, Philadelphia
One month ago
One year ago
18.17
and Chicago.
14.75
...
yY'.-YYY
consumption in the United Kingdom totaled
9,695 tons in the first
four months of 1940, against
6,680 tons in the first four months of 1939,
r
British,
fact that is being given consideration
by the State Department in its
May
*
1,462
Thailand-.,
End
*
2,705
470
Bolivia
Malaya
May
the deadline for
smaller volume from neutral countries than in the earlier months
One year ago
March
which
steel, plates, bars, alloy steels and all special quality steels.
One week ago,,,..One month ago,..
*
on
recently extended to June 30 and the deadline for ship¬
July 31. However, backlogs are especially heavy in semi-finished
was
High
1940
$19.92
1939
22.50
Oct.
15.00
June
Low
18
$16.04
3
14.08
Nov. 22
11.00
9
Apr.
May 16
June
7
1937
21.92
Mar. 30
12.91
Nov. 10
1936
17.75
Dec. 21
12.67
June
The American Iron and
Steel
Institute
on
June
24
9
an¬
nounced that
telegraphic reports which it had received indi¬
cated that operating rate of steel companies
having 97%
of the steel capacity of the
industry will be 86.5% of capacity
for the week beginning June 24,
compared with 87.7% one
week ago, 76.9% one month ago, and 54.3% one
year ago.
This represents a decrease of 1.2 points, or
1.4%, from the
estimate for the week ended June 17, 1940.
Weekly indi¬
cated rates of steel operations since June 5, 1939, follow:
10^o
June
1939—
5
June 12
June
19
June 26
July
July
July
July
July
Aug.
3
10
17
24
31
7
Aug. 14
Aug. 21
Aug. 28
Sept. 4
Sept. 11
54.2%
53.1%
55.0%
54.3%
38.5%
49.7%
56.4%
60.6%
59.3%
60.1%
62.1%
Nov. 27
62.2%
63.0%
Dec. 11
58.6%
70.2%
1940—
Jan.
1
Jan.
8
87.5%
88.6%
Jan.
15
Jan.
22
90.3%
90.2%
Jan.
29
91.0%
92.5%
Feb.
12
Feb.
19
93.5%
93.9%
Feb.
26
8ept. 18
Sept. 25
79.3%
83.8%
Oct.
Oct.
2
9
Oct.
16
Oct.
23
Oct.
30
Nov.
6
Nov. 13
Nov. 20
18
..94.4%
92.8%
91.2%
90.0%
Dec. 25
73.7%
Dec.
Dec.
4
"Steel," of Cleveland, in its
markets, on June 24, stated:
Feb.
Mar.
5
1940—
85.7%
86.1%
84.8%
82.2%
77.3%
71.7%
68.8%
67.1%
65.9%
Apr. 15
Apr. 22
Apr. 29
May
6
May 13
May 20
May 27
June
3
June
10
4
64.6% June 17
Mar. 11
64.7% June 24
Mar. 18
60.9%
60.0%
61.8%
65.8%
70.0%
73.0%
76.9%
80.3%
84.6%
87.7%
86.5%
62.4%
Mar. 25
60.7%
Apr.
1
61.7%
Apr.
8
summary
61.3%
of the iron and steel
Volume
The Commercial & Financial Chronicle
150
Suspension of production against most French orders for steel has had
little effect
on
steel plant operations.
tional 2 points to
rose an
addi¬
developments has
war
In
destination, but such tonnages comprise
total.
Possibility is
in
instances producers have been
some
instructed to complete these orders, with
caused serious
not
consignment changed to British
so
iron ore
hand.
are at
Orders have
ahead of deliveries
run
Some buying hesitancy appeared early last week on
receipt of the adverse
but
news,
this
sensitive to European
dissipated
was
quickly.
developments, have lost
Scrap
some
markets,
highly
up
42
cents
$19.75,
to
high
new
for
the year.
Some scrap
originally destined for export is moving back to domestic mills.
of
tonnage placed this
must be entered
spring
by June 30.
active demand for sheets
at
price concessions.
This extension has been
Specifications
factor in promoting
a
and strip.
While the increase in steelmaking since May 1 has been almost as
rapid
as that after last Sept. 1, mill
backlogs have had a more
gradual expansion
recently.
Buyers' inventories
urgency to
are heavier than they were last fall, and the
increase stocks is not supported by strong expectations of early
price advances—one of the stimulating factors at the outbreak of the
At the
war.
time, buying irf anticipation of future delays in deliveries is
order ahead and to bolster supplies.
same
influencing
consumers to
Railroad
equipment
markets
are
starting
to
Freight
quicken.
car
awards last week involved 2,599 units, the
largest purchases being 1,250
cars for the Mobile & Ohio and 875 for the Nickel
Plate.
The latter also
distributed orders for 3,800 tons of rails.
Only a few large inquiries for
pending, headed by 1,100 for the Chesapeake & Ohio, but with
freight traffic expanding and the transportation outlook fairly good, better
activity in equipment building and repairs is in prospect.
cars
Despite sizable shipments during May stocks of
tons smaller than
possibility is
capacity.
a year
June 1 were nearly
on
ago.
of
seen
coke shortage.
a
Last fall
so
require starting of additional mills.
Pig iron shipments
accompanying
an
far this month
so
Except for
a
are
well
ahead of the May rate,
upturn in foundry operations.
covered third quarter needs and
Most large
Detroit, all leading steelmaking
at
districts showed unchanged or
higher operations last week.
Gains included
1A points to 93% at Chicago, 9 A points to 85 A at
Cincinnati, 8 points to
Youngstown, 7 points
to 83 in eastern Pennsylvania, 2 A points to
Cleveland, K-point to 90 A at Buffalo and 4 points to 70 in New
England.
Unchanged were Birmingham at 88, Pittsburgh at 81, Wheeling
84 A
at
at 90 and.St. Louis at 68.
Steel ingot production for the week ended June 24 is
placed at nearly 873^% of capacity, according to the "Wall
Street Journal" of June 26.
This compares with 85% in
the previous week and
83% two-weeks ago.
The "Journal"
further reported:
u. S. Steel is estimated at around
89%, against 87% in the week before
84A% two weeks ago.
Leading independents are credited with
and
8634%, compared
The
with 84% in the preceding week and 82% two weeks
ago.
following table gives a comparison of the percentage of production
with the nearest
corresponding week of previous years, together with the
approximate changes,
in points, from the week immediately preceding:
Industry,,
1940
U. S
Steel
Building steel demand continues relatively heavy despite the lag in re¬
quirements for public projects compared with the volume a year ago.
87A
+ 2)4
1939
55)4
+2
47 A
28)4
+ 1
small industrial jobs are numerous, some of them
resulting from
28 A
+
1937
75
necessitated
1936
71)4
66 A
1935
38
35
1934
45
Independents
+3
1938
war
expansion
However, such work usually involves only
Included among recent concrete bar orders are
orders.
moderate steel tonnages.
1,350 tons for the Chicago subway,
1,300 tons for
a
Delaware bridge and
on
slightly.
1941 automobile models
Meanwhile
assembly
gradually, influenced by the
of
so
far is
affecting steel demand but
models
current
large stocks and
season,
trend in retail markets the past six weeks.
.......
1933
-
89
A
+ 1
66 A
—
A
—
75
A
40
—8
43
' L '
+2 A
+ 1
28 A
A
+
40
+2
86 A
62
A
—1
86
—12
52
+2
—15
49
60
+3
+2
1931
1,000 tons for Mississippi River guide walls.
Work
have
users
buying is less active.
6-point drop to 89%
are
by
beehive
many
Both domestic and export demand is good and further
improve¬
ment may
78 at
Flat-rolled steel producers have extended to
July 31 the deadline for ship¬
ment
10%
On June 15 all but
were rehabilitated and
placed in operation that a coke surplus de¬
veloped and these units again are available for service.
Tin plate operations are
unchanged at 76%, with active mills at virtual
of their recent bullish¬
despite further price advances in several districts, which moved the
ness,
composite
shipments continue heavy.
ovens
far this month.
French
ore
hand at furnaces and at Lake Erie docks
on
3,500,000
No
Lifting of pressure for steel shipments to France permits mills to give
increased attention to domestic business and other
export bookings, fairly
large backlogs of which
than
more
ago.
6 of the 297 American bulk
freighters were in commission, the most active
however, that additional lots will be released
seen,
a year
engagement since 1937.
relatively small portion of the
a
manner.
this
4047
reduction of 3,575 from the week before but
a
Lake Superior iron
the major part of recent French purchases,
on
holdup brought about by
complications in mill schedules.
was
larger than
88%, the eighth consecutive upturn.
Since work had not started
the
Ingot output last week
units
a
33 M
—1)4
34
—1
33
—2
1930
64
—2
69
—2
60
—2
—1
97
—2
91
—1
A
75
—1
69
—
—3H
70
—4
65
—3
1929
94
recede
1928
72
slightly less favorable
1927
67A
continues
to
Last week's output of 90,060
—
1932 not available.
9
A
T
The Week with the Federal Reserve Banks
-New York City-
-ChicagoJune 26
During the week ended June 26 member bank
balances increased $11,000,000.
Additions to member bank
reserves arose from an increase of $102,000,000 in
gold stock
and
decrease of $18,000,000 in
Treasury cash, offset in
part by a decrease of $28,000,000 in Reserve bank credit and
increases of $39,000,000 in money in circulation, $3,000,000
in Treasury deposits with Federal Reserve banks and $41,000,000 in non-member deposits and other Federal Reserve
a
accounts.
were
Excess
of
reserves
estimated to be
member
banks
June
on
approximately $6,800,000,000,
an
26
in¬
of $30,000,000 for the week.
The statement in full for the week ended June 26 will be
found on pages 4080 and 4081.
..v.r.
crease
Changes in member bank
during the week and the
items
balances and related
ended June 26, 1940:
reserve
year
Increase (+) or Decrease
Since
June 26, 1940
June 19, 1940
'
$
Bills discounted
(—)
%
——
$
and guaranteed.....
advances
(not
2,473,000,000
Including
—3,000,000
—1,000,000
9,000,000
27,000,000
Other reserve bank credit
—27,000,000
—28,000,000
2 511 000,000
19,871,000,000
Total Reserve bank credit.......
Gold stock
Treasury currency..
Member bank reserve balances..
Money In circulation
Treasury eash
—78,000,000
>
19,000,000 commitments—June26)
-
Treasury deposits with F.R. banks
Nonmember deposits and other Fed¬
+ 102,000,000
+ 1,000,000
+ 11,000,000
3,012,000,000
13,723,000,000
7,780,000,000
2,186,000,000
301,000,000
eral Reserve accounts...
+39,000,000
—18,000,000
+3,000,000
1,405,000,000
+41,000,000
Returns of Member Banks in New York
—3,000,000
+29,000,000
—56,000,000
+3,778,000,000
+ 133,000,000
+3,607,000,000
+818,000,000
—373,000,000
—661,000,000
+465,000,1
Chicago—Brokers' Loans
banks and also for the Chicago member banks for the
cur¬
week, issued in advance of full statements of the member
banks, which will not be available until the comong Monday:
rent
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN CENTRAL RESERVE CITIES
June 19
Chicago
June 28
June 26
June 19
—
June 28
1940
1940
1939
1940
1940
$
S
%
$
$
%
Loans and Investments—total—
9,277
9,241
2,223
2,058
2,753
2,764
8,133
2,743
2,209
Loans—total
599
597
536
1,688
99
1,672
99
1 384
426
425
350
119
19
18
16
276
294
496
24
24
34
carrying securities........
Real estate loans
159
160
201
63
63
72
122
122
113
Loans to banks........*....
32
377
41
376
390
Assets—
Industrial
agricultural loans
Commercial,
*
1939
and
Open market paper......—.
Loans to brokers and dealers__
Other loans for purchasing or
Other loans
18
18
$
9
172
254
272
185
1 014
1,000
811
160
160
234
United States bonds
2,521
2,519
2,189
714
714
627
1,289
1,286
6,729
1,279
1,270
Obligations guaranteed by the
United States Government
Other securities
Reserve with Fed. Res. banks..
Cash in vault
,
'
•
1,087
6,745
134
134
138
1,131
4,864
348
346
338
1,184
1,159
906
85
80
68
40
30
82
81
77
266
257
235
322
326
379
42
41
47
deposits—adjusted....
9,621
9,541
7,578
1 1,923
1,897
1,688
Time deposits
United States Govt, deposits...
Inter-bank deposits:
671
668
625
508
504
44
43
60
84
84
60
ji 952
959
741
Balances with domestic banks..
Other assets—net.
43*
Liabilities—
Demand
"
...
Domestic banks....
«
A+i
•
3,739
Foreign banks—....
Borrowings.
625
.....
«.
—»
m
3,787
2,891
633
«p -
»
-
493
1
'
521
7
13
16
15
15
'254
254
266
7
•
•
'
Other liabilities
301
300
363
1,494
Capital acoount
Complete
1,501
1,483
•
I.
Returns of Member Banks of the Federal
System for the Preceding Week
Reserve
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures of the Reserve bank themselves
and
covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the
entire
cannot be
body
49
of reporting member
banks in
101
cities
compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve
System respecting the
The condition statement of weekly
cities
ing
shows
51
the
reporting member banks in 101 lead¬
following principal changes for the week ended
$148,000,000 in holdings of United States Govern¬
A decrease of
June
19:
ment
bonds, increases of $125,000,000 in holdings of United States Treasury
notes, $163,000,000 in
reserve
balances of Federal Reserve banks, and $85,-
deposits credited to domestic banks,
in demand deposits—adjusted.
000,000 in
000,000
Commercial,
to
brokers
industrial
and
agricultural
and
loans
a
increased
dealers
in
securities
decreased
$120,-
$12,000,000 in
$18,000,000
City and $31,000,000 at all reporting member banks.
Holdings of United States Treasury bills increased
Chicago
decrease of
district and $10,000,000 at all reporting member banks.
and
district,
$11,000,000 in
New
York
City, and
in
Loans
New
$24,000,000
in
York
the
$35,000,000 at all
reporting member banks.
Holdings of Treasury notes increased $35,000,000
in the Richmond district, $29,000,000 in New York City,
$28,000,000 in
Chicago district, and $125,000,000 at all reporting member banks.
the
States Government bonds decreased $40,000,000 in
$32,000,000 in the Richmond district, $25,000,000 in the
Chicago district, and $148,000,000 at all reporting member banks.
Hold¬
Holdings
of
United
York City,
ings
13
....
49
1939
$
409
New
40
June 28
1940
S
414
the Chicago
(In Millions of Dollars)
New York City
S
returns of the entire body of reporting member banks of the
Federal Reserve System for that week ended with the close
of business June 19:
City and
Below is the statement of the Board of Governors of the
Federal Reserve System for the New York City member
June 26
June 19
1940
1939
Treasury bills
Treasury notes..
U. S. Government securities, direct
Industrial
1940
June 28,1939
*
2,000,000
Bills bought
1940
reserve
of
"other
securities" decreased
$53,000,000 in
$52,000,000 at all reporting member banks.
New
York
City
and
The Commercial & Financial Chronicle
4048
Defnand
district
deposits—adjusted
outside
$9,000,000
all
at
New
of
each
York
the
New
$23,000,000
increased
in
Deposits credited to domestic banks
New
So
the
York
increased $98,000,000 in New York
Ajaecio and
(+)
'
•'
June 12, 1940
June 21, 1939
#
%
$
Assets—
23,596,000,000
—65,000,000
8,444,000,000
Loans and investments—total
—25,000,000
Loans—total
+1,673,000,000
+ 372,000,000
4,387,000,000
-
+10,000,000
+ 564,000,000
309,000,000
cultural loans
—8,000,000
413,000,000
securities
Other
for
loans
purchasing
—31,000,000
—248,000,000
470,000,000
carrying securities-.
—2,000,000
1,199,000,000
Loans to banks
+1,000,000
—72,000,000
+ 40,000,000
48,000,000
Real estate loans
+ 6,000,000
Other loans--.
1,618,000.000
785,000,000
2,058,000,000
6,383,000,000
——
Treasury bills
—
Treasury notes
United States bonds
.
Obligations guaranteed by United
VIII
—1,000,000
demilitarizing
the
mobilized
disarmed within
and
formations
such
Article IX
a
specified period to be fixed later, except
to maintain internal order. The strength
will be determined by Italy and Ger¬
such
of
armament
7:77+;
;'v,
necessary
are
as
maritime
VI.]
formations
many.
far
So
the territories of French North Africa,
as
Somaliland
French
concerned,
are
Italian
the
Syria and the coast of
armistice
will
Commission
fixing the procedure for demobilization and disarma¬
the particular importance of maintaining order in those territories.
ment,
Article X
+ 81,000,000
+ 35,000,000
of
and air forces in metropolitan France shall be de¬
sea
—4,000,000
-
and
VII
procedure
V-.'- 7V:
land,
take into account, in
or
the
concern
7
armed
All
+11,000,000
brokers and dealers In
Loans to
the cessation of hostilities
is to be achieved within fifteen days.
military fortified areas and naval bases mentioned in Article
and
Commercial, Industrial and agri¬
Open market paper
articles
[These
Since
June 19, 1940
shall be demilitarized until
Oran
the above-named empire.
This deftiilitarization
Decrease (—)
or
'
.'+• +
military
re¬
porting member banks, together with changes for the week
and the year ended June 12, lt>40, follows:
Increase
VI
hostilities continue between Italy and the British Empire,
fortified areas and naval bases of Toulon, Bizerte,
as
Articles
of the principal assets and liabilities of
summary
long
maritime
against
City and $85,000,000 at all reporting member banks.
A
June 29, 1940
Article
York
$5,000,000.
Time deposits decreased
City.
in
in the Chicago district,
Dallas districts, and $120,000,000
and
banks, and
reporting member
$80,000,000
$30,000,000
City,
Richmond
the
in
decreased
+ 345,000,000
+125,000,000
—63,000,000
—148,000,000
+ 540,000,000
Italy reserves the right, as a guarantee of the execution of the armistice
convention
in whole
and
artillery,
or
armored
,to demand the surrender
the' infantry
of
arms
cars,
in part of the collective
tanks,
vehicles
motor
„
States Government
2,400,000,000
—
3,526,000,000
—52,000,000
+273,000,000
+ 206,000,000
11,595,000,000
+166,000,000
Reserve with Fed. Res. banks
and horse
+ 3,120,000,000
8,000,000
+ 68,000,000
Other securities
Cash in vault
499,000,000
Balances with domestic banks
—
3,279,000,000
+ 24,000,000
+ 532,000,000
20,594,000,000
5,306,000,000
—120,000,000
vehicles, together with ammunition belonging to units who have
been engaged or have
The above
they
+ 3,257.000,000
been facing Italian forces.
and materials must be surrendered in the state in which
arms
at the time of the armistice.
are
Liabilities—
Demand deposits—adjusted
Time deposits
—
United States Government deposits
Inter-bank deposits:
Domestic banks
—5,000,000
[This
+28,000,000
Foreign banks
+ 85,000,000
+1,814,000,000
i——
Article
Italian
concerns
in
material
8,534,000,000
——
—
—
the
of
nonoccupied
production of
of France signed
envoys
separate armistice with
a
ceased six hours after
demobilized
and
Italy informed Germany of the
pation of
June
on
Associated 'Press reports.
tarize
occu¬
Africa and full rights
her
bases
naval
France is also forced to demili¬
in
the
Mediterranean
with Great Britain is in progress.
war
also said:
the
Like
French
German-French
be
fleet
French
that
and
The Italians joined
warships would
be
not
the
hostilities
the
used
in
cease
Germans
in
during the conflict with
Africa,
will
in
will also
cease
that
colonies,
and
hostilities
in
in
in
territories
the air and
Article
territory,
under
as
For
the
the
The
stice,
armistice
the
Italian
will
troops
into
comes
French
the
mandate.
stand
operations.
their
on
advanced
French
metropolitan
ferred
to
in
miles]
as
the
tarized
In
lines
:•-'•7777'7:7.:
Article
In
duration
for
Article
II
North
France
frontier and
the
line
a
a
of
armi¬
theatres
all
fifty
of
v'
French
members
between
shall
military
area
Government,
in
form
any
the line drawn
on
zone
an
between
the
lines
[about
re¬
thirty
proper
attached
the duration of the armistice.
map
The
French
'.V •+'
shall be demilitarized for
trol
and
the
for
duration
the
of
duration
be entirely
hostilities
of
the
between
directed
to
armistice,
its
the
British
the French Somaliland
Empire
shall
coast
demilitarized.
days all mines
-
7
be demilitarized.
are to
Italy,
not
to
undertakes
carry
on
prevent
to
XV
to
warships, airplanes,
prevent
V.
7
7'77.'+
•
'7;;7'+". 7v-'+'7'- ':'
Article XVI
.•
maritime
their cargoes,
restoration
well
Italian merchandise
as
'
cargo
such
to
7
■
7+!77+--:7:
Italian
of
recalled
7;'': 7+7 v
■•/:
Article XVII
.
concerns
as
either
7-
•'
in ports under French
or
be
neutral ports.
article
activities.]
in French ports
the armistice shall
of
con¬
ports or
:v ',; :';77:'"
7-
777'77 '7/''
•
boats, together with
merchandise consigned to
or
Italy that has been seized from non-Italian ships.]
Article XVIII
[This article bans
territories
or
all
the
departure of
French
under
airplane from French territory
any
and
control
places
under
Italian
German
or
airports and equipment.]
Article XIX
equipment,
together
with
the
French
Article
The
Until
the port
section
of
of Jibuti with
the
the
Italiap
wise all wireless
is
and
German
transmission
Conditions
Syria
wireless
for
French
and
be
freely
terned
count
depots and military buildings, and the troops
quired to maintain order in the interior as shall be determined later
arms
re¬
by
All
Italian
or
of
ment.
■
of
reserve
supplies,
the
and
The
V
right mentioned in Article X,
in
France
determined
and
North
by
the
Af¬
Italian
XX
war
and
6hall
XXI
and
Italian
war
sentenced
be
for
Germany and Italy through
the
zones
be
to
which follows,
demilitarized
tice
'
civilians
political
immediately handed
Article
ammunition
other¬
who
over
have
crimes
reasons,
been
or
in¬
ac¬
on
to the Italian Govern¬
■
French
material
arms,
of
prisoners
arrested
the
Commission.
Article
full
be
between
transported
Article
works,
Under
decided
non-occupied French territories.
to be demilitarized shall be evacuated
by French troops with¬
days after the cessation of hostilities, except only for the personnel
strictly necessary for the supervision and maintenance of fortification
Armistice
to
are
Article
shall
zones
Italian
have
armistice commission.
Goods
ten
barracks,
shall
metropolitan territory generally
between
communication
Somaliland
Jibuti-Addis
IV
Governments
from French
prohibited.
rica,
use
Ababa railway, for all kinds of
transport.
all
+
ten
within
the obligation
to
against
undertake
French commercial
.7'7 7-77 :
[This
.
Italy and
Italy shall have full and constant right to
the
ask
may
7
on
For
in
the
in
XIV
77
;':'> '7.
cargo boats not
the time
at
control
Algeria and in French African territories south of Algeria that bor¬
Libya, a zone 200 kilometers [about 125 miles] wide adjoining the
Libyan frontier shall be demilitarized for the duration of the armistice.
all
interests,
use,
[This article forbids all French merchant ships to leave port until such
time as the German and Italian Governments permit a partial or total
In
der
to
Government
/.7
and naval bases which
shall
Government
+7 :,7;. 7'
Lybian-Tunisian
7 7
<
Italian
harmless
in addition
shall be demili¬
present
the
colonial
intend
not
XIII
render
anywhere
the armistice.
militarized
French
which
those
except
of its armed forces and French citizens
generally from leaving
territory to take part in hostilities against Italy.
national
777
kilometers
Germany
shall agree
•
waters,
does
it
the
armistice
Article
'•/
V
situated
zone
drawn
the
of
III
beyond the Italians' lines
the duration
Tunisia,
territory,
and
flies
crow
in
the
of
authorities
resumption of
and
and
territories.
arms, war materials and munitions of every kind belonging to France from
being sent to territories belonging to the British Empire or to other foreign
II
force
to be indicated,
Italy
to sweep mines.'
in the maritime
The
of
Governments
the French fleet placed under its control, and that
it does not intend to lay claim to the French fleet.
of
duration
that
Article
sea.
for
on
control
safeguard
to
declares
Article
French
When
units
war,
French ships
Asso¬
an
the
metropolitan
necessary
as
England.
in French
French
under
French
Government
Slates.
metropolitan
war
cessation
the
Article I
hostilities
cease
the
the
colonies
the
follow, according* to
ciated Press Rome dispatch of June 25:
;•
that
assurances
The terms of the armistice
France
immediate
+
the Italian and German
in
recognized
hostilities
stipulated
not
conclusion of peace
on
These press advices
agreement
disarmed
Italy's
■
armistice,
surrendered
Europe.
as
while
..
,
the
brought back to metropolitan ports.
Italian
The
Djibouti, only rail outlet of Italian East Africa, the
over
be
shall be
border belt in the Alps, demilitarization
a narrow
warships
shall
present
25, Italy gained military
of French colonial outposts in North
well
agree¬
and
XII
for the safeguard of French colonial
upon
Under the terms of the French-Italian armistice, as
ment.
announced in Rome
munitions and
arms,
and
fleet shall be concentrated in ports
oKcept for such units as
All
June 24 and hostilities between the two countries
on
territories
Article
—
French-Italian Armistice Signed—Terms of Agreement
Italy
French
XI
control of
materials in such territories.]
war
ITnits of the French
The
German
or
+88,000,000
687,000,000
Borrowings--....—-
7.;
+ 68,000,000
582,000,000
that
Government
it
has
or
may
6hall
XXII
guarantee
the
good
preservation
of
all
have to deliver under the terms of the armis¬
convention.
in
Articles XXIII and XXIV
French
metropolitan territory and territory adjoining Libya together with
the arms surrender to the troops
effecting the evacuation of the territories
concerned, must be removed within fifteen days.
Fixed
armaments
munition
of
must
French
in
in
the
the
given
up
In
in
the
the
All
movable
arms
and
accompanying
the
coastal
ammunition
am¬
territory
fifteen days in
with
the
liaison
articles
deal
execution
of
between
the
with
the
of
fixed
armaments
territory, the
same
and
ammunition
in
fortification
procedure shall be followed
Armistice
Italian
and
Commission
the French
entrusted
delegation to act
and authorities
Government
and
the
as
commis¬
sion.]
Article XXV
together with
places to be indicated by the Ital¬
metropolitan territory and territory adjoining Libya.
the
convention
French
[This article
with
concerns
tice.]
'
as
works
for French
'
The
shall
convention
treaty,
but
French
Government
may
be
the
■
remain
not
'
■
7.7
Article XXVI
denounced
does
procedure for enforcement of the armis¬
'
'
Commission.
case
the above
and
to the troops effecting the evacuation of the territory,
shall be laid down within
ian armistice
works
period, be rendered useless in
Somaliland.
those to be
fortification
[These
in
by
fulfill
force
Italy
its
until
the
conclusion
at any time
obligations.
in
the
of
a
peace
event
the
Volume
The Commercial & Financial Chronicle
ISO
German-French
West
Armistice
Coast
render
and
France
Forces
Northern
Half
of
Yield
to
that it does not intend to
Navy and Demilitarize Armed Forces
Following the demands of France, demands for an "honor¬
able peace" as a condition of surrender to Germany, an
armistice treaty was signed by representatives of Germany
and France on June 22 in the Compiegne Forest.
France,
After Italy notified Germany on June 24 that a FrenchItalian armistice had been signed, the "cease firing" order
was issued early in the morning of June 25.
The plenipotentiaries agreed on the French-German terms
27
German
after
hours
mands to French
Chancellor
delegates
the
handed
Hitler
22
that the terms were "hard but honorable," the Associated
Press reported.
By the terms of the treaty the whole
It
military occupation, the entire French fleet
will be surrendered and
and in the air
sea
of
a
French armed forces
the
land,
on
On June 25 Chancellor Hitler issued
proclamation an¬
nouncing the end of the war with France and ordering the
display of flags in the Reich for 10 days and ringing of bells
for
in celebration.
seven
On the
same day the French Government
proclaimed June
"day of national mourning."
Following is the text of the agreement as reported in
of guarding
purposes
Between
chief
the
of
the
High
Command
of the
'
warships outside France
resent
are to
Gen. [Wilhelm] Keitel, commissioned by the Fuehrer of the German
and
Reich
French
far
High
location
exact
formation
of all
Plenipotentiaries
authorized
of
French
the
General
Government,
[Charles L. C.] Huntziger, Chairman of the delegation; Ambassador [Leon]
Noel, Rear Admiral [Maurice R.] LeLuc, Army Corps General Parisot and
Air
Force
General [Jean-Marie Joseph]
Bergeret, the following armistice
has
France
which
mines
set
Command
High
out,
well
as
in¬
as
other harbor and coastal obstructions and defense facilities.
on
the German High Command may require,
as
•
Command must give the German
French forces must
clear away the mines.
Article X
The
French
Government
maining armed forces
is
obligated to forbid any portion of its re¬
hostilities
to undertako
in
Germany
against
any
manner.
from
Government also will prevent members of its armed forces
leaving the country and prevent armaments of
ships, planes,, &c.,
The
French
being taken to England
Government
will
or
French
forbid
any
sort, including
other place abroad.
any
citizens
to
fight
against
Germany in the service of States with which the German Reich is still at
man
French citizens who violate this provision are to be treated by Ger¬
troops
insurgents.
as
Article XI
French
notice.
commercial
are
vessels
of
all
*
leave port until further
in French hands, may not
now
Resumption of commercial
and harbor
including coastal
sorts,
voyages
will require approval of the
German and Italian Governments.
Supreme Commander in Chief of the German armed forces, and the
fully
designated to rep¬
1
Article IX
The
so
,
be recalled to France with the exception
French interests in the colonial empire.
vessels which
Col.
forces,
armed
and sweeping mines.
the coast
demands respecting the French War Fleet at the conclusion
as a
Associated Press Berlin advices of June 25.
with the exception of units
of that portion of the French War Fleet which shall be
In
is in harbors
fleet which
solemnly and expressly declares that it does not intend to
up any
war.
25
the
The French
a
war
peace.
All
to be demobilized and disarmed.
are
further
bring
Atlantic coast and the northern half of France will remain
under German
for
necessary
the
The French Government at Bordeaux announced June
French
the
use
under German control for its
purposes in war,
de¬
June 21.
on
designation of ports.
Government
The German Government solmnly declares to the French
Sur¬
Country,
4049
The peacetime stations of
ships should control the
French commercial vessels will be recalled by the French Government
if return is impossible, the Ftench Government will instruct them to
or,
neutral
enter
harbors.
All confiscated
?
German
turned to (to Germany)
vessels are,
commercial
on
demand, to be
re¬
undamaged.
treaty was agreed upon:
Article XII
■
Article I
The
Flight by
French
Government
German Reich in France
torate
It
well
as
territories, mandates
directs
as
well
as
cessation
a
of
the
the
against
fighting
in French possessions,
as on
colonies, protec¬
In unoccupied territory, air fields and ground
and
of the line drawn
west
map
will be occupied
the unoccupied
far
Article XIII
parts
be occupied still are not in control of German
to
The French Government
troops, this occupation will be carried out immediately after the conclusion
in
of this treaty.
forces in undamaged
Article III
In the occupied parts of France the
of
r
with every means the regulations
German Reich exercises all rights
be promptly informed
to
them in
a
and
of the
Additionally,
German
to
Government to limit the occupation
German
with England to the extent abso¬
The French Government is permitted to select the seat of
in unoccupied territory, or, if it wishes, to move to
guarantees
Paris.
sary
conduct the administration of
mobilized
and
disarmed
those units which
its government
will be in
a
position to
to be
technical personnel and rolling stock of the railways
equipment,
to
degree
a
shall
in
a
on
the
Article AIV
There is
on
an
Resumption of wireless connections from the
French soil.
for
Excepted
are
only
Germany
between the German Reich and
extent demanded
These troops, before marching out,
lay down their weapons and equipment at the places where they are
effective.
Government,
of
Article V
armistice, the surrender,
un¬
damaged, of all those guns, tanks, tank defense weapons, warplanes, anti¬
aircraft artillery,
be demanded
can
infantry weapons, means of conveyance and munitions
from
the
units
of the
French
armed forces which
are
standing in battle against Germany and which at the time this agreement
goes
into force
The
are in
German
in
agreement
Article
They are responsible
French
The
guarantee for the observance of the
Italy through unoccupied territory to the
the responsible German
with
into occupied territory.
officials, will carry out the return of population
economic
valuables
by German troops into
7
,
v:
transference
and provisions from the territory to be occupied
every
unoccupied territory or abroad.
These valuables and
of
XVII
Government obligates itself to prevent
!
a
"
itself to convey transit freight traffic
Article XVI
French
The
orderly delivery to German troops.
As
unoccupied
by the German Government.
The French armed forces in the territory
stationed at the time this treaty becomes
transmission for all wireless stations
immediate prohibition of
The French Government obligates
and in the air are to be de¬
period still to be set.
occupied and be dischaiged.
and other trans¬
be retained in
Article XV
sea
for maintenance of domestic order.
strength.
normal in peacetime,
service.
occupied by Germany are to be hastily withdrawn into territory not
be
these
occupied region neces¬
portion of France requires a special regulation.
unoccupied territory from Paris.
land,
are necessary
and Italy will fix their
to
on
is required on demand of the
High Command to perform all necessary restoration labor on
Article IV
forces
armed
communications
Sfad coastal transportation services.
Government
French
the
In this case, the
the French Government and its central
authorities every necessary alleviation so that they
French
transportation routes and equipment,
waterways
The French Government will see to it that in the
portation
Government
equipment,
facilities.
necessary.
German
stipulations apply
same
network
industrial
preserved in their present condition and damaged
are
/
no way.
The
by the French Government to comply with
German military commanders and to cooperate with
of the west coast after ending hostilities
lutely
territory, therefore,
correct manner.
It is the intention
condition.
(the French Government) also will see to it that harbors,
especially railways, roads and canals, and to the whole
French administration.
All French authorities and officials of the occupied
the regulations of the
in
obligates itself to turn over to German troops
facilities and properties of the French armed
occupied region all
facilities and docks
resulting from the exercise of these rights
and to carry them out With the aid of
are
the
It
The French Government obligates itself to support
occupying power.
an
They are to bd turned over to
region to prevent flights.
'
the
as
The
airplanes in
the German armed forces.
by German troops/
As
be rendered unusable.
French Government is required to take charge of all foreign
French State territory
the attached
on
facilities of the air force
.
Demand may be made that such air fields
:
To safeguard the interests of the German Reich,
by the German Air Force and treated accordingly.
enemy
shall be under German and Italian control.
of French units already encircled by German troops.
Article II
Every
airplane over French territory shall be prohibited.
any
plane making a flight without German approval will be regarded as an
seas.
(the French Government) directs the immediate laying dowp of arms
north
.
.
provisions in occupied territory are to be disposed
Government,
In that connection,
will consider the necessities of life of the population
only in agreement with the German
the German Government
in
unoccupied territory.
,
Article XVIII
territory not to be occupied by Germany.
Armistice Commission
will decide the extent of delivery.
The Fifench Government
will bear the costs of maintenance of
German
occupation troops on French soil.
Article VI
Article XIX
Weapons^ munitions, and war apparatus of every kind remaining in
unoccupied portion of France are to be stored and, or, secured under
the
German
and,
or,
Italian control—so far as not re'eased for
the arming
The German
High Command reserves the right to direct all those measures
are necessary
of new wai
to exclude unauthorized use of this material.
apparatus in unoccupied territory
Building
is to be stopped immediately.
In occupied territory, all the land and coastal
munitions and apparatus and plants
fortifications, with weapons,
Plans of these fortifications as well as plans of those already
conquered by German troops are to be handed over.
Exact plans
regarding prepared blastings, land mines, obstructions, time
fuses, barriers for fighting, &c.,
mand.
Reich, shall be surrendered immediately to
troops.
French Government is obliged to
The
mans
and
surrender upon demand all Ger¬
in France as well as in French
territories and mandates.
named by the German Government
The French Government
of every kind are to be surrendered
including those
in
German
convicted who were seized and sentenced because of acts
under arrest and
possessions, colonies, protectorate
Article VII
undamaged.
and civil prisoners in French custody,
favor of the German
allowed to French units.
which
All German war
civil prisioners
binds itself to prevent removal of German war
from France into French possessions or into
foreign
France, as well
as sick and wounded German prisoners who cannot be transported, exact
lists with the places of residence are to be produced.
The German High
Command assumes care of sick and wounded German war prisoners.
Regarding prisoners already taken outside of
countries.
shall be given to the German High Com¬
French forces upon German
Article
XX
These hindrances are to be removed by
French
demand.
Article VIII
in
troops
until conclusion
to
Article XXI
collect in ports to be designated more par¬
ticularly and under German and, or,
Italian control, to demobilize and lay
The
French
Government assumes
objects and valuables
for
for German
released to the French Government
protection of French interests in its colonial empire.
responsibility for the security of all
whose undamaged surrender or holding in readiness
disposal is demanded in this agreement or whose removal out-
up—with the exception of those units
of wan
of a peace.
>.
The French war fleet is
German prison camps will remain prisoners
.:
The Commercial & Financial Chronicle
4050
The French Government is bound
g'.de the country is forbkMen.
damage
for all destruction,
pensate
to com¬
removal contrary to agreement.
or
Regarding
further remarks,
advices of June 25 reported:
Article XXII
High Command, will regulate and supervise the carrying out of
Armistice
the
further
It is
agreement.
the
insure
to
the task
of the
conformity
necessary
Armistice
of this
all of the army,
"These
Commission
with
agreement
the
to represent the French wishes and to receive
re¬
gulations from the German Armistice Commission for executing [the agree¬
• •
.
;v.
V
'-V:\■'■
Article XXIII
i
reached
naval
and
six hours after the
moment
which
at
a peace
The German
treaty.
this agreement at any
time with immediate
effect if the French Government fails to fulfill the obligations it assumes
under the agreement.
This armistice agreement, signed
in the Forest of Compiegne, June 22,
1940, at 6:50 p. m., German Summer time.
Huntziger,
"A
order
new
mentioned in article
the French-Swiss
20 kilometers
maintain
forces,
use
of
communications
colonies.
our
of the
II
border at
(about 12 miles)
'.v./''
in the colonies.
on
he then
>'
of things begins.
armistice
Geneva
agreement
and
east of Tours.
From there it
goes
at
a
homes.
your
*
will find
you
no
work
or no
home.
But with
a
strong will we
The land remains, and that is the fatherland itself.
which will enable
us to carry on
"I
the armistice.
am
for the good of
our
beloved country."
explanation of events leading
an
/v'-':!"-';/
.
1
addressing myself to Frenchmen of the fatherland and Frenchmen
explain the motives of the armistice concluded first with Germany
overseas to
and then with Italy," he said.
delusion entertained
of 20
kilometers east of the Tours-Angouleme-Liborune railway
line and extends through Mont de Marsan ahd Orthez to the Spanish border.
to
"We have to restore France.
The enemy will occupy part of our
territory.
We 'must show ourselves full of courage and dignity.
"We must also show a spirit of sacrifice above all the moral
qualities we
begins in
nearly
.,/•
return
soon
You have suffered: you still will
"We must depend for the present on ourselves; we must have
hope for
the future.
We must retain our sense of duty.
up to
thence
runs
You wiU
Marshal Petain began the broadcast with
"•
the villages of Dole, Paray, Le Monial and Bourges to approximately
over
to
naval
our
We retain the
ports.
our
number
will have to rebuild them.
shall rebuild.
,
Appendix
distance
honor
any rate our
and
he had been ready to continue the fight, he said
with the colonies.
possess,
Keitet.
V'
on
sufficient
in
suffer.
valid until conclusion of
Government may terminate
east
units
fleet
air
our
"Conditions of the armistice safeguard the ties that unite the homeland
"Many of
The line
possession of
"I could not agree to the continued shedding of French blood,"
Some of you
Article XXIV
the
"but at
on.
;•
he had asked himself whether it should be carried
the
by wireless.
This agreement is
:
in
homeland and
between the
The German Government will notify the French Govern¬
ment of this time
un¬
"France remains free and will continue to be governed by Frenchmen."
notified the German Government of conclusion
has
Government
and
asserted.
be stopped
will
Hostilities
Italian
'
remain
After asserting that
cessation of hostilities.
of its agreement.
land
with the Italian Government regarding
an agreement
conditions," he went
are severe
though the fleet will have to be interned in
*;'
This armistice agreement becomes effective as soon as the French Govern¬
ment also has
London
except that part necessary to maintain order in the
is safe.
"We still
The French Government will send a delegation to the seat of the German
ment].
Press
occupied parts of France and in the colonies, would be disbanded.
Italian-French Armistice.
Armistice Commission
United
France's Mediterranean naval bases will be demilitarized, he said,
The Armistice Commission, acting in accordance with the direction of the
German
June 29, 1940
his
"One cannot win
"What must be emphasized first of all is
by France that she
a war
with gold
sure
of her
You must have
only.
In these spheres Germay possessed
was
men
crushing superiority
a
a
military power.
and materials.
over us.
"The Battle of Flanders ended with the capitulation of the
Belgian Army,
throwing open the country, and the encirclement of the British and French
Continuance
After
1918
of
Fighting
Signing
with
in France for
Six Hours
Armistice Similar to Course in
of
French-German
The continuance
Positions
Reversed
divisions.
"This occurred in spite of their great
fighting qualities and the bravery
They had to withdraw, saving a greater part of their ef¬
shown by all.
fectives but
of
abandoning
greater part of their material."
a
fighting six hours after France had
signed the armistice agreement in Rome on June 24 was a
Battle of France—60 French divisions without fortified bases had
to fight
culminating detail in which the Axis
against 150 German infantry divisions and 11 motorized divisions, Marshal
followed the
powers
model of the 1918 armistice
negotiations, it was observed in
the New York "Times" of June 25, which went on to
say:
In
has
1918,
in
Nov.
a.
on
their
to
sign
had
arrival, for
refused
France,
with
the
French
request
starting from
Headquarters, Nov.
Germany and France
21,
positions
reversed,
Government
historic
allowance
only 24
hours'
as
current
at
72
of
time
time allowance
of
met
the
Instead, he
the dispatch of
left
flank
Hitler
of
the
representatives,
terms
Bordeaux
as
June
on
had
19.
the
been
With
French
France
June
on
17;
the
were
forwarded
48
hours
delegates
after they arrived.
the Germans did in 1918.
Maginot Line June 15; received
from
by courier
They
By contrast,
used
the
May
10;
rapid
same
turned
request for
German
the
terms
were
the
"hon¬
an
signed
signed by France yesterday,
the
the
320
weeks
required
for
the
Allied
approaching
the
1918
armistice
negotiations
the
made
8,
French
1918;
drove
his
speech
setting
Ludendorff,
the
Germans
the
back
the
out
German
supreme
across
famous
the
Marne
Fourteen
commander,
in
July and
1,000,000
conditions."
British
broke the Hindenburg Line in
September, decided to ask an
through President Wilson on Sept. 29; the German Chancellor,
of Baden, announced to the
Reichstag that the war must be
ended and dispatched a note to President
Wilson on Oct. 6.
Thereupon a month passed in public exchange of five
bargaining notes
and five replies between the German
Government and President Wilson,
ending in a requirement of substantially unconditional surrender. Austria
meanwhile
collapsed,
asked
30 and signed it Nov.
a
separate
armistice
4.
from
.
the
Allies
on
Oct.
f
French
later, and
Marshal
Foch
Thereafter,
as
the
was
instructed to make
Commander
course
refugees
great
had
left
and
towns
cities
the
for
By June 15, he said, refugees had flooded that part of France
control, all of them contributing to making further
German
resistance impossible.
became
Therefore, he said,
an
armistice under
indispensable.
'
"The fight now has ended," he said.
'
,
.
ac¬
,
.
It may be noted here that the surrender of
to
Germany referred to above
June 1, page 3434.
King Leopold III
reported in our issue of
was
of
France a new Government dominated by
military figures and headed by Marshal Petain was set up
early on June 17 after collapse of the Reynaud Cabinet and a
case
German sweep that virtually surrounded the
Maginot line.
In a radio announcement June 17 Marshal Hemi Petain
announced as follows, according to Associated Press advices
Bordeaux, the readiness of Fiance
to
sue
for peace:1
Frenchmen:
.
At the call of the President of the republic I
assumed, beginning today,
the direction of the Government of France.
say that by the affection of our admirable army, which is
fighting with a
heroism worthy of its long
military traditions against an enemy superior
numbers
fulfilled
of
the
in
Chief
1918
of
a
formal
the
armistice
armistice
Allied
set
the
Hitler last week
put into reverse.
and
our
arms,
duties to
forces,
pattern
ne¬
application
on
Nov.
5.
that Herr
During Germany's 72 hours of waiting in 1918 revolution broke out in
the Kaiser abdicated and fled to the Netherlands and the Ger¬
Republic—ended by Hitler—was proclaimed.
by the magnificent resistance
our
allies, by the aid of the
with
which
it
has
whom I
war veterans
am
proud to command, by the confidence of all the people, I
give to France
person to assuage
my
her misfortune.
In these painful hours I think of the
unhappy refugees who, in extreme
misery, clog
up
our
roads.
I
express
solicitude.
to
them
,
a
broken heart that
I tell you
my
compassion
and
my
*
■
It is with
today it is necessary to stop
fighting.
I addressed myself last night to the
adversary to ask him if he is ready to
seek with me, as soldier to soldier, after the actual
honor, the
means
fighting is
over, and with
of putting an end to hostilities.
May ail Frenchmen
Germany accepted President Wilson's policy of surrender first and
gotiation
under
not
armistice
Prince Max
to
said
armed
in
Wilson
Jan.
on
a
then virtually was won by
war
I
of
pace
the
leisurely.
President
after
He
from
with
dispositions and invaded
Germany when Italy entered the fray, and France, who would have been
on 2 fronts, found further resistance impossible."
the
running time for the Axis victory was less than six weeks in 1940—
disregarding the "standstill" period of the war on the Western Front from
September—compared
victory in 1914-18. '
our
"The
compelled to fight
In the
had
a
of
received
24].
last
change
to
The
Points
'The enemy compelled us to
Compiegne last Friday, June
terms
elapsed,
by France, June 22; the Italian terms
seems
'
part of French soil," he continued.
ceptable conditions
at
for consideration
completely
them 72 hours
gave
the
pre-armistice
peace"
[June
Adolf
8.
again
armistice
already
German
the
negotiations, however,
pace as the Blitzkrieg from which they resulted.
Germany invaded the Netherlands and Belgium,
orable
that
Petain said.
country, and 500,000 Belgians had left their homeland under "indescribable
the
immediate truce.
an
armistice,
German
When
The
Compiegne
as a souvenir, the German
plenipotentiaries
and the cessation of hostilities was ordered at 11 a. m.,
m.
Foch
an
the
at
car
big battle—that of the Aisne-Somme, the beginning of the
11.
Marshal
to
railway
ordered sent to Berliii
now
signed at 5
on
the
In the second
group
themselves about the Government which
I
heard during these trying days and control their
anguish in order to be led
only by their faith in the destiny of the fatherland.
The signing of the armistice agreement with
Germany and
Italy is noted elsewhere in this issue.
the Reich,
man
British
Prime Minister
Violated
ernment
Fleet
French
Premier
Petain
Says Nation's
and
Honor
Is
Safe
Country Is Free—Explains Armistice Terms
French People
Marshal
to
Henri
Philippe Petain, Premier of conquered
June 25 that the French armies and fleet
must be disarmed but that his
Government "remains free
France, said
and
our
people
on
honor is safe."
In
a
radio broadcast to the French
the officially proclaimed day of national mourning,
Marshal Petain said that "a great
part" of French territoiy
would be occupied by the German armed
forces. He prom¬
ised the French people,
however, that he has been assured
by Italy and Germany that certain of the French land and
on
naval forces would be used to
protect the French colonies
overseas.
In
25
an
Says
Agreement
by
French
Gov¬
Surrendering
Germany
address to the British House of Commons
Prime
French
to
Churchill
Minister
Government
Winston
under
Churchill
Marshal
asserted
Petain had
on
June
that
not
the
com¬
plied with the condition, previously made by the Reynaud
Government, to dispatch the French fleet to British ports
while negotiations were being conducted for a separate
armistice with
Germany.
Under the Armistice terms the
French fleet will be demobilized and disarmed under German
or
Italian control.
However, the German Government has
they do not intend to
own purposes during the war except
for
coast
surveillance
and
mine-sweeping.
This latter
provision Mr. Churchill said, would make possible the use
by Germany of any existing units of the French fleet.
He
also declared in the Armistice that
use
the fleet for their
The Commercial & Financial Chronicle
Volume ISO
did
not
attempt to pronounce upon the situation at this
uncertainty and obscurity but will make
time because of its
a further statement .to
the House next week.
The Prime
Minister also expressed the hope for the restoration of France
and
promised aid to Frenchmen outside the power of the
enemy who work for the defeat of Germany.
Mr.
Churchill's
speech
reported by
as
United Press
a
London dispatch of June 25 follows, in part:
The
though not decisively, affected by what happened to the French fleet.
clear
was
that
the
defeat
and
subjugation of France was
imminent and her fine army, on which
so many hopes were set, was reeling
under the German flail, M. Beynaud, the courageous Prime Minister of
France, asked
him at Tours, which I did
to the honor of France."
He added that France "knows
she merits the respect of the world, and it is
through herself,
first of all, that France expects to be reborn."
The
^French Government
criticizing "Britain's
that
war
June 24 issued
on
effort
as
on
England
Germany and
nor
I
see
French
that
' '
\
\
•
||
all correspond with the facts.
have, of course, the record kept by one of the Cabinet secretaries who at¬
M. Beynaud, after dwelling on conditions at the Front and the state of
with which I
well acquainted, asked me whether
was
Great Britain would release France from her obligation not to
negotiate
for
an armistice or peace without the consent of her British
ally.
Although I knew how great the French sufferings were and that we had
not, so far, endured equal trials or made an equal contribution, I
to say
Government
that I could not give assent.
But there would be
mutual reproaches to other things we
felt bound
with the fight, then
moved
16th
to
I
received
we
Bordeaux,
to
a
should meet again and take
a
from M.
message
Beynaud, who had then
been
formal release for France from her obligations
All
foreigners
well
as
The Cabinet
shall
not
was
immediately convened and
give
the
were
negotiations
for
exact
an
terms
armistice
ment made with the French
administration statesman.
but
or
the
we sent a message,
depended upon
Bepublic and not with
any
of which
Separate
substance.
general
peace which
an agree¬
particular French
They, therefore, involved the honor of France.
However, in view of what France had suffered, it
nevertheless inti¬
was
mated that, provided the French fleet be dispatched to British ports to
remain
there
while
negotiations
were
being conducted,
His Majesty's
Government would give consent to the French Government asking what
terms of armistice would be
It
was
also made clear
continue the
any
inquiry about
On the
in
same
opened to them.
that His Majesty's Government
were
resolved to
and altogether cut themselves out of any association with
war
armistice.
an
evening I
was
new
a
formed, which government
armistice
an
did
with
see
M. Beynaud and was,
everything in
government under Marshal Petain had been
was
Germany.
our
established for the prime purpose of seeking
Under these circumstances,
naturally
we
to secure the proper arrangements for the
power
an
official
Bank of France.
Another
decree
ordered
all
securities
and
accounts
abroad to be
re¬
patriated immediately.
Debts
were
annulled under the
Government's
new
decree.
Investment
Association
Dealers'
Wartime Financial
At the annual
of
Form
Canada
Policy
meeting of the Investment Dealers' Asso¬
ciation of Canada, held in Toronto on June 21, Walter P.
Scott, retiring President of the Association, made the
following suggestions with respect to the formulation of a
1.
That
new
capital raised by any government or municipality should
be reduced to the lowest possible figure and only undertaken if impossible
to postpone.
In this way, the new capital market will
Dominion Government for
war
That refunding of existing governmental
3.
That full support
debts should be supported.
of every citizen be given to war loans and war
savings certificates.
-
,
Mr. Scott said that the Association's main
to do everything in its power for prosecution
do its utmost
to
bejleft free to the
financing.
2.
to
object
of the
maintain orderly active
(
now was
war
and
markets for
securities.
President
Association; Ralph D. Baker of Winnipeg, honorary
Vice President; E. C. Cumberland of Montreal, President,
and James MacMurray of St. John, S. B. Hammond of
Montreal, Courtland Elliott of Toronto, R. A. Gray of
Winnipeg and R. Murray Brink, of Vancouver, Vice
of the
Presidents.
disposition of the French fleet.
We reminded the
Frenchmen today were ordered by
as
J. E. Savard of Montreal was elected honorary
\
preparing to go and
fact, aboard the train, when I received the information that he had been
overthrown and that
United Press Bordeaux
a
financial policy during wartime:
under the Anglo-French agreement.
I
and
Government decree to surrender their gold and foreign bank notes to the
decision in
a
that the American response had not
say
satisfactory and requesting
Gold
of
in adding
no use
M. Beynaud to the
the light of the new facts.
the
Surrender
The following is learned from
dispatch of June 24:
United States and that if the reply was not sufficient to enable Beynaud
On
'
>".
Orders
might have to bear.
We agreed that a further appeal should be made by
to go on
"purely
Foreign Bank Notes
"We
tended, but I do not propose to go into this at length.
the French Army,
♦
French
have been given of these conversations with the
some accounts
Government which do not at
will, be
disavows and wants to forget at any price" unless London
wishes to become a hotbed of agitation for politicians and
dissenters.
,
<
Minister of Air¬
'
craft production.
but
Italy"
The Government appealed to America to under¬
stand "the immense grief of France" and warned England to
receive with extreme caution those Frenchmen "our country
June 13, accom¬
panied by the Foreign Secretary and Lord Beaverbrook,
me to meet
statement
a
insufficient" and declaring
France's foreign policy "will be dictated neither by
French."
safety of Great Britain and the British Empire is powerfully, al¬
Because it
4051
government that the condition indispensable to
new
their release had not been complied with, the condition being that the fleet
should be sent to British ports—I think it would have made no difference
to
negotiations, for there
than they were—and in order to enforce the
earnestness with which
we
held to
First Lord, as well as Lord
with the
new
view
our
sent the First Sea Lord and
we
Lloyd, to establish what contacts
possible
were
Ministers.
.
But
everything
was,
solemn assurances
our
of course, moving into collapse at that time.
were
into German hands.
words of
It
was
therefore with grief and amazement, to quote
government statement issued Saturday, that I read Article 8
■
«
This article, to which the French Government has
the French fleet, except that part left
interests in the colonial
there
Many
given that the fleet would never be allowed to fall
in the Armistice terms.
and
July
1
plenty of time to do it and the terms would
more severe
hardly have been
was
demobilized
subscribed,
disarmed
...
says
that
free for the "safeguarding of French
under
German or
(Argentine)
Kidder, Peabody & Co. and First of Boston International
Corp., as fiscal agents, announce that the July 1 coupons
on
Province of Cordoba,
Argentine Republic, external
1734-year 7% sinking fund bonds of 1925 will be paid on and
after July 1 in current funds at the dollar face amount there¬
of, upon presentation at the New York office of Kidder, Peabody & Co. 77
v-; y-"V;
Member Trading
empire, shall be collected in ports to be specified
and
Coupons of Province of Cordoba
7% Bonds of 1925 to Be Paid
on
New York Stock and New York
for Weeks Ended June 1
Curb Exchanges—Figures
Italian control.
and June 8
From this text, it was clear that French war vessels, under this Armistice,
would pass into German or Italian control while fully armed.
Of course, in the same article was the solemn
declaration of the German
Government that they had no intention of using them for their own pur¬
poses
during the war.
But what is the value of that?
Ask half a dozen
countries what is the value of such solemn assurances by the German Gov¬
ernment.
'
/7v;
Furthermore,
the
Article
same
8
of the Armistice excepts from
the
operation of such solemn assurances and declarations those units necessary
for coast surveillance and mine-sweeping.
be possible
Under this provision, it would
for the German Government to reserve, ostensibly for coast
surveillance,
any
existing units of the French fleet.
Finally, the Armistice can at any time be voided on the pretext of non-
Trading in stocks on the New York Stock Exchange by
members, except odd-lot dealers, for their own account
amounted to 525,969 during the week ended June 8, it was
announced by the Securities and Exchange Commission
yesterday (June 28), which amount was 18.60% of total
transactions on the Exchange of 2,761,770 shares.
During
the previous week ended June 1 (as announced by the SEC
on June 21) round-lot purchases and sales of stocks for the
account of members, except odd-lot dealers, totaled 822,400
shares; this amount was 21.52% of total transactions for the
week of 3,739,500 shares.
•
■
The Commission also promulgated figures showing the rela¬
tion of trading by members on the New York Curb Exchange
for their own account to total transactions on the Exchange.
During the week ended June 8 the member trading was
89,760 shares, or 19.16% of total transactions of 435,190
shares, while in the preceding week (June 1) the Curb mem¬
bers traded in stocks for their own account in amount of
120,265 shares, which was 22.68% of total volume of 526,470
,
observance, and the terms of the Armistice exclusively provide for further
German claims when any peace between Germany
and France comes to be
signed.
Such, in very brief epitome, are
also memorable episode, of
which,
the salient points of this lamentable and
no
doubt,
a
much fuller account will be
given by history.
Frenchmen
Petain Tells
France—French Hold
British Prime Minister Churchill Calls
to
Churchill
Not
on
Germany—Premier
Fight
Help
to
"Judge"
British War Effort Inadequate
Expressing
France's
Great Britain's "grief and amazement" at
of German armistice terms, Prime
,
shares.
The following are
the figures made available by the SEC-
published are based upon weekly reports filed with the New
York Stock Exchange and the New York Curb Exchange by their respective
members.
These reports are classified as follows:
issued June 22,
appealed to all Frenchmen, wherever they may be, to aid
the British in their war against Germany.
A British victory,
Mr. Churchill said, is the only possible hope for the restora¬
tion of France and the freedom of its people.
reply to this statement, Premier Marshal Henri Petain,
head of the Bordeaux Government, on June 23 made a radio
In
speech in which he said the French heard Mr. Churchill's
statement "with stupor and sadness."
The Premier said
Mr. Churchill "is the best judge of the interests of his own
country," but "not the best judge of ours, which are still left
,
The data
acceptance
Minister Winston Churchill, in a statement
.
.
Week End. June 1 '40
Week End. June 8 '40
Stock
Curb
New Yrok
Stock
New York
Curb
Exchange
Exchange
Exchange
Exchange
New
York
1,064
837
106
183
104
232
49
192
36
205
63
197
69
received... 1,069
Reports showing transactions
as specialists....
......
198
rotal number of reports
1.
.
Reports
3.
floor
Reports showing other transactions initiated oil the floor
actions initiated on the
Reports
836
.
showing other trans¬
2.
4.
York
New
showing
artions-.J
no
trans-
__
,
855
645
605
648
Note—On the New York Curb Exchange, odd-lot transactions are handled solely
by specialists In the stocks In which they are registered and the ronnd-lot transactions
—
The Commercial & Financial Chronicle
4052
of specialists resulting from such odd-lot transactions are not
segregated from the
specialists' other round-lot trades.
On the New York Stock
Exchange,
STOCK
the
on
TRANSACTIONS
DEALERS AND
other hand,
all but a fraction of the odd-lot transactions are effected
by dealers
engaged solely In tbe odd-lot business.
As a result, the round-lot transactions of
specialists In stocks in which they are registered are not directly comparable on
June
FOR
THE
SPECIALISTS
ODD-LOT
ON
NEW
YORK
STOCK
in
may carry
June 8 '40
Odd-lot sales by dealers (customers' purchases):
Number of orders
29,848
18,400
804,468
496,601
125,369.827
16,430,902
—....—...
Number of shares..
TOTAL
ROUND-LOT STOCK SALES ON THE NEW YORK
STOCK
CHANGE AND ROUND-LOT STOCK TRANSACTIONS
FOR
...
.............
Dollar value
EX¬
ACCOUNT
OF MEMBERS *
<
Total for
Week Ended
entries
than one classification.
more
EXCHANGE
June 15, '40
The number of reports in the various classifications
may total more than
single report
ODD-LOT
Total for
the
a
OF
Week Ended
,
two exchanges.
the number of reports received because
1940
29.
ACCOUNT
(SHARES)
Odd-lot purchases by dealers (customers' sales):
Number of orders:
Week End. June VAQWk.End. June
8'40
Total for
Per
Total for
Per
Week
Cent a
Week
Cent a
Customers'short sales............
....
Customers' other sales.a............
..........
870
543
22,985
15,942
23,855
16,485
A. Total round-lot sales:
Short sales
195,700
3,543,800
Other sales.b
'
.
V
„
Total sales
B. Round-lot
members,
for
for
the
except
V;
Number of shares:
Cusomters'short sales
2,761,770
26,019
16,044
641,731
426,955
........
Customers' other sales.a
...
of
account
odd-lot
,;
:
.
3,739,500
transactions
Customers'total sales—......
137,400
2,624,370
.
Customers'total sales
ac¬
counts of odd-lot dealers and specialists:
1. Transactions of specialists in stocks In
667,750
442,999
$20,637,535
Dollar value
13,690,531
which they are registered—
«
Total purchases
.
433,450
Other sales.b
<$
Total sales
2. Other
60,000
365,760
237,360
Initiated
floor—Total purchases
Other
transactions Initiated off
floor—Total purchases...i.
5.24
"
2.78
3.03
501,1C0
96,950
429,019
673,850
TOTAL
ROUND-LOT STOCK
CHANGE AND STOCK
SALES
ON
21.52
NEW
525,969
FOR
YORK
18.60
CURB
ACCOUNT
OF
EX¬
MEM-
Week End. June V 40 Wk .End .June 8'40
Total for
Per
Total for
Per
Week
Cent a
Week
Cent a
A. Total round-lot sales:
Short sales
4,860
521,610
Total sales
B. Round-lot transactions
of members:
for
the
435,190
Total market value of sales
Initiated
on
floor—Total purchases
....
15.49
65,760
21,525
8,300
1,000
8,425
19,300
3. Other
transactions Initiated
floor—Total purchases
off
3.88
9,225
,
1.
15,690
>
390
Exchange informed its members
14,375
16,710
3.31
14,775
<
~
118,520
Short sales........
3.750
Other sales.b...
116,515
Total sales
120,265
,
'
22.68
3.50
regulations which
provide among other
new
future will
near
follows:
as
The rate of tax
*
on
transfers of stock has been increased from four to
from five to six cents.
2.
76,985
89,760
The rate of tax
five cents
3.
5,475
84,285
19.16
C. Odd-lot transactions
for the account of
specialists:
0
34,493
on
34,036
are
.hd
as
Such stock certificates
of sale
27,115
Elchaa«e ">«nbOT. their tinn.
or
become
fraction thereof.
effective
on
representing sales
as
or
bonds
are
accompanied by
required by law dated prior to July 1,
in the
following form appears
"short
exempt" are Included
with
and
are
July 1,
a memorandum
or
the stock certificates
was
made prior
to
(Note.
Signed by transferor
or
or
the
July 1, 1940. '•>_
his agent.)
reason that the total
Purohasee and sales, while the Exohauge
rul«Rare°M°udSTltr^thwCilMre"eIemPt*1 "°m reatrio"on bJr
-c^Sales
marked
1940;
on
This is to certify that the sale of this instrument
as per cent of twice total round-lot volume,
the total of members' transactions is compared
°? 1116 Exchange for the
1940,
bonds;
or
their
transfer of title thereto
percentages,
1,
or transfers of title made
Ttf^ers' transactions
volum?iSu<SSl?Si
July
bonds presented for transfer on and after
or
to be considered
(b) A certificate
36,682
111
provisions
after such date, unless:
(a)
Total sales...
transfers of bonds has been increased from four to
each $100 of face value
new
Stock certificates
or
34,036
34,513
Total purchases
on
applicable to all sales occurring on that day and thereafter.
On sales made
prior to July 1, 1940, in respect of which delivery is not made until
July 1,
1940, or thereafter the old rates of tax apply.
4.
20
........
on
These
1940,
Customers'short sales...
Customers'other sales.c
i
on
increased
Total sales
with
Advises
five cents for each $100 of par value or fraction thereof and
from four to
five cents a share in the case of shares without
par value.
In aU cases
where the selling price is $20 or more
per share, the rate has been
400
16,320
4. Total—Total purchases
•
"...
Treasury Department that the
will be issued in the
things
18,120
sales...
April.
June 27 that the Revenue Act of 1940 amends the Internal
Revenue Code to provide for increases in the stock and bond
by the
2.01
the
Other sales.b
exchanges.
transfer tax rates effective for the period after June
30, 1940,
and before July 1, 1945.
The Exchange has been advised
800
18,300
Total sales
13.65
"
the
Other sales.b
over
Members
The New York Stock
transactions
all registered securities
exempt securities exchanges in May, 1940
61,485
84,255
Short sales
1
on
on
increase of 35.0%
Exchange
4,275
81,895
Total sales
I
an
Revenue Act of 1940 Increases Stock and Bond Transfer
Tax
Rates, New York Stock
52,995
2,360
Other sales.b
$950,385,
was
78,875
4.2% over April.
leading New York exchanges accounted for 94.1% of the market
of the market value of stock sales, and 99.8% of
the market value of bond sales
1. Transactions of specialists In stocks
In
which they are
registered—
Short sales
The Commission further said:
The volume of stock sales, excluding rights and
warrants, was 68,228,672
an increase of 34.3% over April's total. Total
principal amount of
bonds sold was $219,740,370, an increase of
shares,
value of all sales, 93.5%
account
Total purchases....
valued at $149,102,705, an increase of
9.8%
Sales of rights and warrants in May totaled
were
April.
$2,610,745.
over
The two
6,175
429,015
526,470
Other sales.b
Short
$1,587,302,increase of 15.0% over the market value of total
April, and an increase of 117.9% over May, 1939.
Stock sales, excluding rights and warrants, had a market
value of $1,435,588,732, an increase of
26.7% over April.
an
sales in
(SHARES)
2. Other
The Securities and Exchange Commission
announced on
June 21 that the market value of total sales on all
registered
securities exchanges in May, 1940 amounted to
Bond sales
THE
TRANSACTIONS
.
Reports Market Value of May Sales on National
Exchanges Increased 25% Over April
117.9% Over May, 1939
182,
822,400
long position
and
78,759
148,550
Total sales
124,550
Securities
11,350
67,409
787,160
....
Short sales
226,980
.......
♦
SEC
88,470
100,210
Other sales.b
....
Sales marked "short exempt" are reported with "other sales."
b Sales to offset customers' odd-lot orders and
sales to liquidate a
which Is less than a round lot are reported with "other sales."
149,8.50
17,000
Total—Total purchases
BERS *
6.86
83,210
,
70,430
a
25,600
124,250
107,910
Total sales
.
......
139,360
the
Other sales.b
85,400
10.33
Round-lot purchases by dealers:
Number of shares...
267,080
Short sales...
4.
297,360
42,200
224,880
Total sales
40
70,390
Total sales
11.88
245,800
Other sales.b..
130
85,270
Other sales.b
the
on
Short sales
3.
Short sales
455,110
transactions
Round-lot sales by dealers:
Number of shares:
273,270
89,350
Short sales--.
The text of the Revenue Act is given in a
separate item
in our issue of today.
"other sales."
Dollar
;
Supplanting Pound as Principal International
Currency, Says Guaranty Trust Co. of New York
Discussing Financial Effects of W* r
J
♦
Odd-Lot
in
Trading
on New York Stock
Exchange During
Ended June 16 and June 22
The Securities and
Exchange Commission made public on
June 21 a
summary for the week ended June
15, 1940, of com-
The dollar is tending to supplant the poukd as the prin¬
cipal international currency for a large part of the world,
who
issue of "The
Week
s
plete figures showing the
daily volume of stock transactions
tor the odd-lot account
of all odd-lot dealers and
specialists
handle
odd
lots
the
New York Stock
Exchange,
figures being published by tbe
Commission.
The figures are based
upon reports filed with
the Commission
by the odd-lot dealers and specialists.
We
also incorporate the
figures for tbe week ended June 22 which
were issued
by the Commission on June 28.
continuing
a
series of
on
current
as was
the case during the World War and for a time there¬
after, states the Guaranty Trust Co. of New York in dis¬
cussing some financial effects of the war, in the June 24
and
ness
abroad.
part,
The financial
is
a
far
ness
Guaranty Survey," its monthly review of busi¬
financial
In
situation
typical war-time
in
excess
of
conditions
in
the
United
States
and
"The Survey" says:
in
the
picture,
current
majority of the leading nations at present
by governmental expenditures
characterized
revenues,
violent
relationships, and close controls
over
disruptions
almost
of
every
established
busi¬
phase of economic
Both
life.
of
The Commercial & Financial Chronicle
ISO
Volume
methods
the
and
the
objectives
ordinarily
pursued
in
times
have been abandoned in the face of economic and military exigen¬
peace
cies, not only in the belligerent countries but in many
Nowhere
the
have
disrupting
of
effects
the
war
neutral ones as well.
been more evident
exchange markets.
The German, Polish, Danish, Nor¬
wegian, Dutch and Belgian currencies are no longer quoted in New York;
future quotations for Swiss francs have also disappeared; and the French
franc
ceased to
be quoted on June 17.
With the principal European
than
in
restrictions, New
York is the only free major exchange market now remaining;
and an
increasingly large share of the world's business is directed here.
As was
the case during the World War and for a time thereafter, the dollar is
tending to supplant the pound as the principal international currency for a
large part of the world.
This statement does not apply to transactions
with the Allied nations,
which are under the control of governmental
'exchange authorities centered in London.
either
closed
subject
or
rigid
to
governmental
Difficulties Experienced Here
1
confusion in foreign
the question
States from the
Netherlands
East Indies.
Such imports had usually been paid for in
Dutch guilders.
After the German invasion of the Netherlands, shippers
instructed
their
representatives here not to release the rubber unless
dollars were paid.
Meanwhile, some importers had already acquired guil¬
ders, for which there was vartually no market, and refused to pay in
dollars unless they could
dispose of their holdings of Dutch currency.
An agreement was reached to allow the cargoes to accumulate in ware¬
houses while attempts were made to arrive at a final settlement.
The
seriousness of the situation arose not only from the possibility of heavy
of
example
arising from
difficulties
the
the
exchange markets as a result of recent war developments was
of
of
for
payment
losses
to
importers
or
into
the
United
but also from the threat of a shortage
rubber.
crude
Government
States
United
The
rubber
of
imports
exporters
also
has
faced
difficult
a
problem in
the unauthorized use of funds held here by the
governments and nationals of invaded countries.
After each invasion the
President has issued an order "freezing" the American bank balances and
attempting
prevent
to
legislation has been enacted
give the Government specific authority to exercise such power.
security holdings of the occupied country, and
to
^Capital Movements
->
,
1
of the war most intimately related to
the very large movement of foreign
funds to
this country.
This movement was under way for some time
before the war began and appears to have continued virtually undiminished.
Its exact nature is not clearly revealed by trade and financial statistics
as
currently reported.
During the first six months of the war the
monetary gold stock of the United States increased by more than $1,500,000,000, while the surplus of merchandise exports over imports totaled
only $077,000,000.
These figures would appear to indicate a net capital
movement
of
some
$850,000,000 to this country.
The figures of the
Among the financial consequences
conditions in the". United States is
however, show a net outward movement of capital
amounting to $159,000,000.
To what extent this discrepancy of more
than a billion dollars may represent unreported capital movements, and
to what extent it may be accounted for by goods ordered and paid for
Department,
Treasury
-
•but not yet
A
Huge quantities
to
hundreds of
part
be conjectured.
appearing in the export totals, can only
phase of the gold movement appears
new
early
of the metal—amounting, according to unofficial reports,
millions of dollars—were received in New York in the
during the week ended June
Imports
June.
of
to have begun this month.
5 totaled
$532,000,000, the highest on record.
In as much as the bulk of the gold
was
taken to the Federal Reserve Bank rather than to the Assay Office,
it
that it would
inferred
was
be held under earmark for
foreign central banks.
If so, it will have no effect
in the United States until released from earmark.
on
May 24, 1940 with respect to the closing of
Clearing House
on
Reduction in Interest
New
in
on
the account of
Saturdays from June 30 to Labor Day, 1940, be
the
.
V
■
Banks
Communities in
State
action of a few savings banks
in
lowering the
annual rate of interest on deposits, the Savings Banks
Association of the State of New York, in its '"News Bul¬
letin" dated June 21, notes that the Emigrant Industrial
Savings Bank and the East River Savings Bank, both of
New York City and in
other nearby points in
recently announced a reduction in the
depositors from 2% to 1%% for the quar¬
ter ended June 30, payable on July 1.
These banks had
announced at the end of the first quarter that a continua¬
tion of the declining trend in income will probably necessi¬
tate a reduction; this was reported in these columns of
City,
York
New
dividend rate to
March
16, page 1703.
The
City
Empire
Savings
credits.
accumulation of interest
The
Eastcliester
Savings Bank of Mount Vernon, N. Y.;
People's Bank for Savings, New Rochelle, and the Port
Savings Bank have announced a flat reduction in
the dividend rate to IV2V0 per annum, while the Union
the
Chester
Savings Bank of Westchester
has announced a
bank
will
County, Mamaroneck, N. Y.,
split dividend rate for the second quarter.
pay
2%
on
balances which have been in
1% on the remainder.
the bank for three years or more and
♦
Member
Banks
Remain
of
Open
New
on
Saturdays
August
to
permitting the Clearing House to remain closed on Satur¬
days from June 30 to Labor Day.
The Clearing House
banks had voted on May 24 (noted in our May 25 issue,
page
the
3281) to remain closed on these Saturdays but due to
international situation this decision was
The resolution adopted yesterday follows:
present
versed.
re¬
June 26
purchases in the United States of industrial
cover
and
equipment for ex¬
port to Argentina.
The credits will run from one to three
years.
Federal Loan Administrator Jones, in announcing
the establishment of the credit, said it probably resulted
from some trade dislocations caused by the European war.
Argentine Finance Minister Pedro Groppo was reported
on June 27 to have said that it would aid materially in solv¬
ing the nation's economic problems.
New
Department
Reserve Bank of New
Imported into United
Federal
at
York to Examine Securities
States
A
,
department has been created at the Federal Reserve
Bank of New York to handle the large volume of additional
new
carrying out the Treasury's instructions
work involved in
with
respect to frozen balances and
imported securities it
yesterday. Under regulations of the Treas¬
ury, securities imported into the United States from nearly
all foreign countries must be delivered for examination to
a Federal Reserve Bank.
Mail arriving here, which the Post
announced
was
securities, is sent to the Federal
the presence of the
addressee.
As many as 5,401 pieces of such mail have been
examined in a single day so far, although the average is
nearer to a thousand.
Recently, it is said, a considerable
volume of this kind of mail has arrived here from Switzer¬
Office suspects of containing
Reserve
where it is opened in
Bank,
land and France.
department at the Reserve Bank is to be known
Foreign Property Control Department and will be
supervision of Herbert H. Kimball, Assis¬
Vice-President of the Bank. Mr. Kimball will be under
Tne
new
the
as
under the direct
tant
the
general direction of Ludwig Werner Knoke, Vice-Presi¬
It is estimated that the department has a staff of about
dent.
80 persons.
In order to
give his entire time to the new post, Mr.
resigned as Secretary of the Bank in which office
he has been succeeded by Horace L. Sanford, formerly
Assistant Secretary.
Mr. Sanford continues in charge of
research.
William Treiber; Assistant Counsel, is now also
Assistant Secretary.
A reference to the Treasury's order respecting examina¬
Kimball
.
tion of imported
page
securities appeared in our issue of June 15,
3750.
"
:
;
♦
New Offering
of $100,000,000
Be
Bills—To
Thereabouts of 91-Day
Dated July 3, 1940
or
Secretary of the Treasury Morgenthau announced* June 28
are invited to a new offering of 91-day Treasury
bills to the amount of $100,000,000, or thereabouts, to be
sold on a discount basis to the highest bidders.
Tenders
will be received at the Federal Reserve, banks and the
that tenders
(EST) July 1, but will not
The
Treasury bills will be dated July 3, 1940, and will mature
on Oct. 2, 1940, and on the maturity date the face amount
of the bills will be payable without interest.
There is a
maturity of a similar issue of Treasury bills on July 3, in
amount of $100,525,000.
In his announcement of the offer¬
ing Secretary Morgenthau also said:
branches thereof up to 2 p. m.
be received at the Treasury
They Ithe bills] will be
turity value),
issued in bearer form only and in amounts or
de¬
$1,000,000 (ma¬
'
tender for
an
tender must be in
on
Department, Washington.
$10,000, $100,000, $500,000 and
nominations of $1,000,
amount less than
multiples of $1,000.
the basis of 100 with not more
Fractions must not be
Each
expressed
99.125.
$1,000 will be considered.
The price offered must be
than three decimal places, e. g.,
!
used.
Tenders will be accepted
without cash deposit from
incorporated banks
recognized dealers in invest¬
ment securities.
Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
and trust companies
and from responsible and
bank or trust company.
Immediately after the closing hour
for receipt of tenders on
July 1, 1940,
branches thereof up
to the closing hour will be opened and public announcement of the ac¬
ceptable prices will follow as soon as possible thereafter, probably on the
following morning.
The Secretary of the Treasury expressly reserves the
right to reject any or all tenders or parts of tenders and to allot less than the
amount applied for, and his action in any such respect shall be final.
Those
all tenders received at
Payment at the
Federal
the Federal Reserve banks or
advised of the acceptance or rejection
thereof.
price offered for Treasury bills allotted must be made at the
other immediately available funds on
Reserve banks in cash or
July 3, 1940.
The Treasury
special meeting of member banks of the New York
Clearing House Association, held yesterday (June 28), it
was
decided to rescind the resolution adopted previously
a
on
construction materials and transportation
submitting tenders will be
House Vote to
During July and
York Clearing
of Washington
Bank
Export-Import
authorized $20,000,000 for credits to the Central Bank of
the Republic of Argentina and to the Argentine government,
No
Bank, New York City, has
announced that it will pay interest at the annual rate of
2% on the first $5,000 of the individual depositor's account
and 1%% on the amount between $5,000 and $7,500.
No
interest will be paid on amounts over $7,500, representing
The
At
and is
Export-Import Bank Grants $20,000,000 to Argentina
banking conditions
Rate by Several Savings
York City and in Other
Calling attention to the
This
the New York
hereby rescinded.
Treasury
the
House
Resolved, that the resolution adopted by the New York Clearing
Association
foreign
markets
An
4053
bills will be exempt as to principal and
gain from the sale or other disposition thereof will
taxation, except estate and inheritance taxes.
interest, and any
also be exempt, from all
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
gift tax.)
No loss from the sale or other disposition of the Treasury bills
shall be allowed as a deduction, or otherwise recognized, for the purposes of
any tax now or hereafter imposed by the United States or any of its posses¬
sions.
Treasury
Department Circular No. 418, as
prescribe the terms of the
issue
amended, and this notice
Treasury bills and govern the conditions
of their
The Commercial & Financial Chronicle
4054
Stock of Money in
the
Country
notes
tion at that date (including, of course, what is held in bank
of member banks of the Federal Reserve
System)
April 30,
$7,710,030,437, as against $7,559,107,386 on
1940, and $6,967,395,403 on May 31, 1939, and comparing
with $5,698,214,612 on Oct. 31, 1920.
Just before the out¬
break of the World War, that is, on June
30, 1914, the
total was only $3,459,434,174.
The following is the full
was
and
a
—I
W
«
'
I
Oi
r<
I-.
»
©
I-
O
CC
uo
f
CO
CO
h
ci
ci
o; o
co
co
©
o
^i
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first lien on ail the assets of the issuing Federal Reserve Bank.
notes are secured by
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equal to the face amount of such silver certificates, and (lv) as security for gold
certificates—gold bullion of a value at the legal standard equal to the face amount
of such gold certificates.
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customary monthly statement showing the stock of money
vaults
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silver certificates—silver In bullion and standard silver dollars of a
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June 27 to repay on July 1 the balance of funds held
by them
on account of the sale of the
1%% Treasury notes series D,
1939 and the 1%% Treasury notes series
A, 1942, both
dated June 15, 1937.
This is the first call made by the
Treasury since Jan. 27, 1938 and involves the repayment of
$20,864,800 in the New York District and $64,462,000 in
the entire country.
There will remain in the hands of de¬
positaries after this call, $204,132,909 in the Second District
and $742,592,000, in the country.
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Reports—New Capital Inflow from
April 3 Totaled $72,089,000
Foreign short-term balances in the United States reached a
record high of $3,052,250,000 on
April 3, 1940, as alien funds
sought haven here, the Treasury Bulletin disclosed on June
Feb. 29 to
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28.
The record figure compared with balances of
$2,991,556,000 on Feb. 28.
After a reversal in
February of an
eight-month trend, liquidation of foreign-owned domestic
securities was resumed, the
Treasury said, net sales in the
period Feb. 29 to April 3 totaling $7,227,000. Net capital
inflow in the period amounted to
$72,089,000 compared with
$12,027,000 in February and for the seven months ended
April 3 totaled $138,837,000. Since Jan. 2, 1935, approxi¬
mately $5,000,000,000 is reported as having sought this
country from foreign sources. The Treasury further said:
Short-term balances of the United Kingdom continued
to decline here,
to $361,279,000 in the five weeks period.
Since
Aug. 30, 1939, they have decreased $233,218,000. Reduction in Canadian
dropping $15,308,000
short-term balances in the five weeks
was also
pronounced, withdrawals of
$18,545,000 during March bringing the total to $250,135,000 on
April 3.
seven months, Canadian balances declined
$106,060,000.
For the
On the other
hand, France increased her balances in this country $2,226,Since Aug. 30, France withdrew
only $25,147,000.
000 to $290,706,000.
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Does not Include gold other than that
held by the Treasury.
b These amounts are
not Included In the t
otal, slnoe the gold or sliver held as
security against gold and silver certificates and
Treasury notes of 1890 Is Included
under gold, standard sliver
dollars, and silver
bullion, respectively.
This total Includes credits with the
Treasurer of the United States payable in
gold certificates In (1) the Gold Certificates
Fund—Board of Governors, Federal
Reserve System.l n the amount of
$14,168,032,391, andf 2) the redemption fund for
Federal Reserve notes in the amount
of
c
$11,019,001.
d Includes
$1,800,000,000 Exchange Stabilization Fund and
$142,757,862 balance
of Increment resulting from reduction
in weight of the gold dollar.
e
Includes $59,300,000 lawful
money deposited
deposits.
as
a
reserve
for
Postal Savings
f The amount of gold and silver
certificates and Treasury notes of 1890 should be
deducted from this amount before
combining with total money held In the Treasury
to arrive at the total amount of
money in the United States.
t The money In circulation Includes
any paper currency held outside th* con¬
tinental limits of the United States.
Note—There is maintained In the
Treasury—(1) as a reserve for United States
notes and Treasury notes of
1890—$156,039,431 In gold bullion, (11) as security for
Treasury notes of 1890—an equal dollar amount in standard
silver dollars (these
$28,735,000;
Sweden
to
$168,636,000,
and
Balances of Germany, the Netherlands and
Norway changed little.
X)
O
to
$432,199,000.
to
increases;
Brazil
countries, short-term funds of Argentina declined
$63,504,000.
The
following countries showed substantial
increased
$5,259,000 to $35,304,000, Cuba increased
$4,881,000 to $43,219,000, Mexico increased $3,243,000 to
$68,432,000 and
Panama and the Canal Zone increased $3,527,000 to
$40,234,000.
Japan's short-term funds in the United States rose
$8,304,000 to $59,121,000, Hong Kong increased $6,663,000 to $75,194,000 and the
Philip¬
pines increased $2,316,000 to $31,974,000.
Gross purchases of American securities
by foreigners in the five weeks
period ended April 3 totaled $53,412,000 and
gross sales were $60,639,000.
Net sales of $15,278,000
by United Kingdom investors more than offset net
purchases of $8,413,000 and $1,012,000 by Switzerland and the
Netherlands
respectively. The cumulative reduction of foreign-owned domestic securities
since Aug. 30 amounted to
$70,874,000.
United
States
balances
abroad
between Feb. 28 and April 3.
Japan
decreased
$3,925,000
to
$527,495,000
An increase of $14,698,000 in balances in
and
$1,252,000 in Brazil was more than counterbalanced by de¬
of $12,377,000 in other Asiatic
countries, $5,011,000 in the United
Kingdom, $1,761,000 in Germany, $1,958,000 in Canada, and $1,450,000 in
Hong Kong.
Since Aug. 30, United States short-term balances abroad
creases
increased $44,023,000.
A
total
of $12,928,000
foreign securities in the United States
patriated in the five weeks ended April 3.
000 of its securities. The United
was
re¬
Canada led, buying back $4,634,-
Kingdom repatriated $1,910,000, Switzer¬
land
$1,347,000, the Netherlands $1,079,000, Latin America, $1,888,000,
and Asia $1,035,000.
Switzerland recorded $1,168,000 of the $1,769,000 total increase in
foreign
brokerage balances here.
Volume
The
The Commercial & Financial Chronicle
150
following tabulation has been prepared from figures
appeanng in the June issue of the Treasury
pearing
Treasury
NEW
CAPITAL
MOVEMENT
FOREIGN
BETWEEN
COUNTRIES, JAN.
3,
1940
limited emergency
a
give specific directions and
authorizations for (l) the safeguarding and enforcing of our neutrality, and
(2) the strengthening of our national defense within peace-time limits.
STATES AND
.
The powers which
Indicates Outflow
—
4055
1939, in which the President proclaimed
and stated that from time to time he would
"Bulletin":
UNITED
TO APRIL
1935,
2.
+ Indicates Inflow.
THE
of Sept. 8,
are
made available for exercise by today's proclama¬
tion include the
promulgation
of regulations, subject to the President's
approval, governing the anchorage and movement of vessels and, with the
consent of the
President, taking possession and control of any vessels if
necessary to secure them from damage or injury, or to prevent damage or
1935, to Of Which From
From Feb. 29 to
April 3, 1940
April 3, 1940
Jan. 2,
injury to United States harbor's or waters, or to
rights and obligations of the United States.
■
Movement in Short-term,
Banking Funds—
+ 541,545,000
+ 10,040,000
—26,000
+291 203 000
+ 75 858 000
—8,347,000
—28,696,000
+ 10,246,000
—7,227,000
+ 130,904,000
+ 1,910,000
+42,648,000
+6,369,000
+36,289,000
+ 545,413,000
+77,000
+4,634,000
—121,000
At the
of the
France
Brokerage Balance—
Kingdom.
+ 17,385,000
_
Canada____,
Germany
_
_
_______
Ail other_________
Total
___.
Canada
____
Germany
_I__"
.
I
All other
Total___
,__
Collectors of Customs
foreign
..
.
France.
Canada
Germany
All other.
Total
_
_
requirements for licensing have
President
Instructs
Increased
n
of
+
Agents
Federal
Tax
from 15 to
tax of
new
In
To
case
1945.
/■''
y.
(The
/
Withholding agents in Canada should
in all cases in which they have prior to the
Revenue Act of 1940 withheld at the rate of 5
on
or
after June 26, 1940.
of
Canadian
10%.
It is therefore in-
new rates from such income paid
.
It should be noted that the rate of tax of
result of the tax treaty
or
as a
between the United States and Canada in the
case
will remain unchanged.
Under the tax treaty
between the United States and Sweden, the rate of withholding in the case
of dividends
paid to residents of Sweden
continue at the rate of 10%.
or
to
Swedish corporations will
♦
Withholding agents are defined in Sec. 3797 of the Internal
Revenue Code as meaning persons required to deduct and
withhold any tax under the withholding provisions of the
Code relating to income tax.
President
Roosevelt
Movement
of
Issues
Proclamation
to
Control
and
Domestic Ships in
American Waters and in Vicinity of Panama Canal
President
Foreign
Roosevelt issued
proclamation on June 27
which makes possible the exercise of statutory powers with
respect to control of foreign and domestic vessels, vested in
the Secretary of the Treasury and the Governor of the
Panama Canal by the Espionage Act of 1917. The proclama¬
tion was described in a White House statement as supple¬
mentary to the proclamation of Sept. 8, 1939 in which the
President declared a "limited emergency."
At that time,
Mr. Roosevelt said that from time to time he would give
specific directions and authorizations for the safeguarding
and enforcing of our neutrality and the strengthening of
American national defense within peace-time limits.
This
action was reported in our issue of Sept. 9, page 1561. The
present proclamation, which was not immediately made
public by the White House, gives the Secretary of the
Treasury the power to seize any vessels in American waters
to protect this country's interests or the safety of the ships
themselves.
also
a
The Governor of the Panama Canal Zone is
given these
to exercise in the harbors at both
The text of the White House statement
powers
ends of the canal.
follows:
The
President today issued
a
proclamation which makes possible the
exercise of statutory powers with respect to control of foreign and domestic
vessels, vested in the Secretary of the Treasury and the Governor of the
Panama
June
15,
Canal by Section
1917.
1 of Title II of the Espionage Act, approved
This proclamation is supplementary to the proclamation
page
States in joining
was
made
in
our
1163.
relating to this meeting follows:
Labor
such
Organization.
membership
of
this
Conference held at
four
of
the
to
authorization
of
the
I
United
\ J.
'■
and of American employers and
twenty-fifth session of the International Labor
Geneva, June 8 to 28, 1939.
Recommendation
that
Government
Government
draft conventions and ten
The
Pursuant
behalf
on
That conference adopted
recommendations, to-wit:
(No. 57) concerning vocational training.
The Draft Convention (No. 54) concerning the regulation of written contracts of
employment of indigenous workers.
•
The Recommendation (No. 58) concerning the maximum length of written con¬
tracts of employment of Indigenous workers.
The Draft Convention (No. 65) concerning penal sanctions for breaches of con¬
tracts of employment by Indigenous workers.
i
The Recommendation (No. 59) concerning labor
workers.
The Recommendation
inspectorates for indigenous
•
'
" ' /
(No. 60) concerning apprenticeship.
The Draft Convention (No. 66) concerning the recruitment,
of labor of migrants for
placing and conditions
employment.
The Recommendation (No. 61) concerning the recruitment, placing
and conditions
of labor of migrants for
5% withheld at the source,
addressees,
United
a Joint Resolution approved June 19, 1934, authorized
membership for the Government of the United States in the
Representatives
explaining this action Mr. Helvering said:
cumijpent upon them to withhold tax at the
of the
Organization
United States of America:
American labor attended the
keeping with such increased rates of tax, the Act provides for with¬
holding at the source at the rate of 163^ % instead of the ratios of 10 and
15% generally required heretofore.
(June 14)
International
In
retain tax at the rate of 11
25, 1934,
States.
The
■'
be
Congress, by
to accept
accepted
1939, and until
'■
month
The
of such foreign corporations the rate of
effective for years beginning after Dec. 31,
are
Labor
the Congress of the
me
of non-resident foreign corporations
10% with respect to dividends has been increased to 16 K%-
rates
Jan 1,
16H%, and in the
case
would
The text of the President's message to Congress the cur¬
rent
delivered by Commissioner Guy T. Helvering, who
% and in the
International
issue of Aug.
he said, increased the rate of tax imposed upon non-resident
aliens from 10 to 16 H
recommendations
and
conventions
study the matters.
Reference to the action
the
June 25
called attention to the higher levies of the new Revenue Act of 1940.
draft
brought before the authorities for possible legislative enact¬
ment or other action.
Thus the President invited Congress
to
Retain
From
Non-
on
June 14
adopted
the twenty-fifth session of the International Labor Con¬
Roosevelt submitted to Congress on
the four draft conventions and 10 recommendations
such
Treasury decision was being prepared instructing
withholding agents to retain increased amounts of Federal
tax from non-resident aliens on income paid on or after
June 26, 1940.
The Treasury announcement continued:
new measure,
to
In accordance
legislation adopted by Congress on June 19, 1934,
authorizing the United States to become a member of the
I. L. O., the Government assumed the undertaking that
a
were
Congress
Recommendations
with the
+72,089,000
The Bureau of Internal Revenue announced
The instructions
Asks
and
ference, held at Geneva, June 8 to 29, 1939.
12,928,000
Resident Aliens
that
yet been imposed.
as
President
at
—23,842.000
+ 162,000
+ 12,073,000
+ 1,487.000
+ 106,355,000
Withholding
Amounts
and control of
On instructions
of the act.
Study Draft
Adopted at
Meeting of International Labor Organization Last
to
Treasury
Roosevelt
Conventions
+6,428,000
+212,145,000
+ 167,474,000
+3,171.642,000
Total.
purpose
from
—332,000
+982,570,000
+468,311,000
_
to carry out the
—975 000
+ 5,002,142.000
_
necessary
the Secretary of the Treasury, Collectors of Customs are required to
refhse clearance to vessels, The Secretary of the-TreaJbry may also require
the licensing of lighters,
barges, tugs, motor boats, sailboats, etc, However,
—888,000
+ 761,623.000
Canada
authorized to take possession
are
domestic vessels, subject to approval of the Secretary of the
or
Treasury, if
Net Capital Movement—
United Kingdom-___________
France,
Germ any ____'_
goyepiing anchorage
by the captain fo the
such officer, by the Collector of Customs,
no
Year
Movement in Transactions in Foreign Securities—
United Kingdom
All other.
These regulations reaffirm all existing rules
port, or, where the port has
no
______
,
Treasury governing anchorage and movement of foreign and domestic
vessels.
+ 1,769,000
Movement in Transactions in Domestic SecurUiesUnlted Kingdom
France
observance of the
time, the President approve^ regulations of the Secretary
same
and movement of
vessels^ such rules to be enforced
Movement to
United
secure
—15,278,000
+ 1,094,790,000
_______
+2,644,000
+ 764,772,000
All other
—177,000
—1,626,000
+768,000
+ 160,000
+41,767,000
Germany
+ 64,619,000
+ 18,918,000
___
+2,686 000
—16,587,000
+ 1,780,000
+87,037,000
+3,057,645,000
Canada
—10,297,000
+332,420,000
+ 204,083,000
+ 159,907,000
+ 1,819,690,000
France.
Total
$
s
United Kingdom
employment.
The Recommendation (No. 62) concerning cooperation between States relating to
the recruitment, placing and conditions of labor of migrants for employment.
The Draft Convention (No. 67)
rest periods
The
concerning the regulation of hours of work and
in road transport.
(No. 63)
Recommendation
concerning
individual
control
books
in road
transport.
The Recommendation (No. 64) concerning the regulation of night work in road
..
transport.
The Recommendation
r
1
(No. 65) concerning the methods of regulating horns of
work in road transport.
The Recommendation
private vehicles.
(No. 66) concerning rest periods of professional drivers of
V.
■;
,
:->-
i;..;
:
..
member of the International Labor Organization, pur¬
suant to a Joint Resolution of the Congress approved June 19, 1934, this
Government assumed the following undertaking in regard to such draft
conventions and recommendations:
"
:
In
becoming
a
within the period of one year at
the session of the Conference, or if it is impossible owing to
"Each of the members undertakes that it will
most from the closing of
exceptional circumstances to do so within the period of one year, then at the
earliest
practicable moment and in no case later than 18 months from the closing of the
recommendation or draft convention before the
authority or authorities within whose competence the matter lies, for the enactment
of legislation or other action."
(Article 19 (405), paragraph 5, Constitution of the
International Labor Organization.)
"In the case of a Federal State, the power of which to enter into conventions on
labor matters is subject to limitations, it shall be in the discretion of that Govern¬
ment to treat a draft convention to which such limitations apply as a recommenda¬
tion only, and the provisions of this article with respect to recommendations shall
apply in such case."
(Article 19 (405), paragraph 9, Constitution of the Interna¬
tional Labor Organization.)
session of the Conference, bring the
In
accordance
with
draft conventions and
the
foregoing
undertaking
the
ten recommendations are herewith
above-named four
submitted to the
Congress with the accompanying report of the Secretary of
enclosures, to which the attention of the Congress is invited.
State and its
FRANKLIN D. ROOSEVELT.
The White House,
June 14, 1940.
Agricultural Appropriation Bill Carrying $918,603,000
Signed by President Roosevelt
Roosevelt signed on June 25 a $918,603,000.
appropriations for the Department of Agricul¬
ture for the fiscal year ending June 30,1941. Final Congres¬
sional action on the bill was taken on June 21 when the
House receded from its disagreement to Senate amendments
President
bill making
in the conference
report.
giving details of the bill as signed, Washington
ated Press advices of June 25 said:
In
Associ¬
The Commercial & Financial Chronicle
4056
7
Thejneasure, carrying
funds for the fiscal
year
beginning
July 1,
on
included approximately $500,000,000 for farm benefit payments under the
Agriculture
Department's
soil
conservation
$212,000,000 for parity payments
tobacco and rice.
ton,
The
on
program
bill
parity item
was
before the
now
$100,000,000
of surplus crops.
fiscal
approximately $85,000,000 for removal
by
of
the
surplus
An additional $35,000,000 also is provided for this purpose
the relief bill
the
recommended
not
■
earmarks
farm products,
in
additional
an
five major crops—wheat, corn, cot¬
Budget Bureau;"'--.
The
and
annually
President,
aside
set
These Items
from
custom
The total will be $30,000,000
are
receipts
more
excess
President Roosevelt Signs $1,762,913,908
Defense Appropriation Bill
//' -;.'V
Although the $918,603,000 over-all total is considerably below the 1940
direct appropriation of $1,042,000,000, the difference is narrowed
borrowing
The department is author¬
powers.
ized to borrow $100,000,000 from the Reconstruction Finance
Corporation
rural electrification loans; $125,000,000 for rural rehabilitation and
for
$50,000,000 for the farm tenancy
*'
program,
In all the Agriculture Department will receive $1,195,523,000 from
bill and items included for the department in other measures such
*
relief bill.
-A-'-rF:".-:- ; V7 V
This compares with
the
allowances
are
,
as
the
the
'7 y7''"v
-
$1,499,300,000 available in all last year, but when
made
for
borrowing the
1941
money
at
the
depart¬
was reported in these columns June
22, page 3900
adoption on June 12 was mentioned in our June 15
issue, page 3755.
7Regarding the conference report on the bill Representative
Woodrum of Virginia had the following to say June 22 ac¬
cording to the Congressional Record:
and House
erosion, forest
roads and trails, acquisition of forest lands and land utilization.
House and
Previous
Bill
our
Alteration
for
Certain
Senate
action
May 11th issue,
and
Bridges
page
on
the
2974.
measure
was
;
•
Apportionment of Cost of
Navigable Waters Becomes
Over
Law—Senate Follows House Action and Overrides
President's Veto
Legislation requiring providing for the alteration of erbridges over navigable waters of the United States and
for the apportionment of the cost of such alterations between
the Federal Government and the bridge owners was enacted
into law on June 21 when the Senate by a vote of 65 to 17
overrode President Roosevelt's veto. The House
passed the
measure on June
19 (noted in our issue of June
22, page
3901) by more than the necessary two-thirds vote.
The
President had objected to the provision in the bill
requiring
the Federal Government to pay the cost of alterations which
do not directly benefit the bridge owner.
The amount of the bill
of the bill
Roosevelt
Rate in
President
Signs Bill for Two-Cent Postage
Queens County, N. Y.
Roosevelt
signed on June 24 a bill providing
postage rate for the County of Queens, N. Y.
Formerly all letters mailed in Queens and addressed to any
for
a
two-cent
section of that
borough required three
cents postage.
which were past
The
last
year and in 1938 because there are four postal districts in
Queens whereas the local rate applies only to matter ad¬
dressed for delivery within the postal district of the mail¬
ing office.
Under the new law this technicality, in effect,
President
had1 vetoed
similar
bills
is eliminated.
^
Veto of last year's bill was
12, 1939,
page
957.
,
President
1
Roosevelt
reported in
^
our
-V..
issue of Aug.
♦
$1,157,711,357
Relief
on
June 27.
The
measure
was
sent to the White House
it passed the House
amount of House
was
amount of contract
,000; amount of bill
authorizations, $282,-
,
,
Of the increase of $97,860,000 over the House
changing contracts in House bill
is for
$1,381^917,147; amount
recessions, $97,86
The total amount of direct appropriations and contract authoriza¬
tions is $1,762,513,908.
bill, $35,000,000 consists of
direct appropriations and $43,500,000
to
airplane engines for the Army Air Corps.
House Passes Bill for
'
,
70% Increase in Naval Tonnage
$4,000,000,000
at Cost of
The House
June 22 passed the bill
on
authorizing
addi¬
an
tional 70% expansion of the United States fleet at estimated
cost of $4,000,000,000.
The measure, granting authority
to build 200 ships, or an increase of 1,325,000 tons of war¬
ships, was sent to the Senate where action will be taken when
Congress resumes alter its recess this week because of the
Republican National
Convention.
Previous
legislation
authorizing an 11% increase in Naval tonnage was signed by
President Roosevelt on June 17, reported in our issue of
June 22, page 3899.
Enactment of this
Vinson
man
of
legislation, which
the
House
Naval
written by
was
Chair¬
Affairs
Committee, was
recommended by Admiral Harold R. Stark, Chief of Naval
Operations. Regarding the authorizations in the bill, Washngton United Press advices June 22 said:
i
Coastruction of 1,325,000 tons of warships, including 385,000 tons of
battleships (eight 45,000-ton craft), 200,000 tons of aircraft carriers, 420,000
tons of cruisers, 250,000 tons of
destroyers and 70,000
tons of submarines.
An additional 100,000 tons of auxiliaries is included.
Increasing the Naval air force from 10,000 to 15,000 planes.
Appropriation of $25,000,000 for a fleet of mosquito torpedo boats.
Appropriation of $150,000,000
Bill
Legislation appropriating $1,157,711,357 for relief during
the coming fiscal year was signed
by President Roosevelt
as
passed by the Senate, $1,488,353,027; amomjt of Senate reces¬
agreed upon, $1,479,777,147;
as
736,761.
v/.;:-■;v>'7
Signs
as
sions, $8,575,880:
tain
President
June 20
on
ment's disposal will be only approximately $28,000,000 less than last
year.
Chief reductions below current-year items were for soil
reported in
Supplemental
President Roosevelt signed on June 27 the $1,762,913,908
supplemental defense appropriation bill under which the
Army will receive funds to increase its enlisted strength to
375,000 men and to purchase 3,000 fnore airplanes while the
Navy obtains money to start construction of 68 warships.
Congressional action on the measure, which carries $1,479,777,147 in cash and $282,736,761 in authorizations, was
completed on June 22 when the House and the Senate
adopted the conference report.
Senate passage of the bill
record
when allowance is made for
1940
29,
-
of
disposal
than for the present
!*;-
year.
in
for
June
adoption by the Senate and House of a conference report.
The measure provides about $68,000,000 for river and har¬
bor improvements and $102,000,000 for flood control.
In
addition the bill appropriates $15,000,000 for starting work
on a third set of locks at the Panama Canal.
The original
bill was passed by the House on Feb. 29 and by the Senate
on
April 17.
'""-''.V.''
"if
'■
7.7:7;V
;77.;7'./7'7
♦
■'I;:
;•-;
to
expand shipbuilding facilities at both
private and government yards.
Expenditure of $20,000,000 to increase facilities for
facture and
$50,000,000 for building
armor
plate
manu¬
factories.
cannon
on
Chairman Vinson said that immediately upon enactment of the bill the
following Senate adoption of the joint conference
The House had adopted the report on June 21, as
noted in our issue of June 22,
page 3901.
As finally
approved the measure carries $975,650,000 for the Works
Projects Administration, $50,000,000 for Red Cross aid to
civilian refugees in European war areas,
$50,000,000 for the
disposal of surplus commodities, and includes permission for
non-combatant training for Civilians Conservation
Corps
Administration would ask at least $175,000,000 to begin construction of the
June 22
report.
200
was
approximately
enrolles.
The bill
and the Senate
on
originally passed the House
on
ships.
When
the program is complete,
740
combined strength
warships,
fleets.:; 7. 7; 77-- 7;-7 ;'.TV;
Passage of the measure will
to
aggregating
The bill
appropriating $1,023,282,690 for the Department
Labor, the Federal Security Agency, and related inde¬
pendent agencies, for the fiscal year beginning July 1 was
disposed of on June 27 when President Roosevelt signbd the
measure.
Congress completed action on the bill on June 22
mean
quintuple the strength of the
when both the Senate and the House
agreed to a conference
This report was the second on the bill, a previous
having been rejected.
The bill passed the Senate on
April 26 (as reported in our May 4 issue, page 2898) and was
approved by the House on March 28.
Regarding some of
the provisions,
Washington United Press advices of June
one
said:
The
labor-security bill appropriates $421,219,500
Security program, $280,000,000 for the Civilian
of Labor.
Labor
Relations
Youth
Board,
With
air
for the Federal
to
15,000
Conservation
*
HOUSE
President Roosevelt signed
on
until 12 o'clock meridian, Monday,
Sale
Department civil functions appropriations bill.
As
in these columns of June
22, page 3900,
Congressional action was completed on June 18 with the
83
1940, they stand adjourned
July 1, 1940.
.
of
Motor Torpedo Boats to British Halted by
President Roosevelt—Would Seem to Be Prohibited
Under
1917
Law, in Opinion of Attorney General
Had Ordered Vessels but Would
Delivery
Jackson—Navy
the
June 24 the $222,718,717
RESOLUTION
the two Houses adjourn on Saturday, June 22,
Corps,
Bill
CONCURRENT
Resolved, by the House of Representatives (the Senate concurring), That when
Have
and
War Department Civil
Functions
Approved by President Roosevelt
Philadelphia
the
attendance of members at the Republican National
Convention, which was brought under )vay in Philadelphia
Monday, June 24; the adjournment resolution adopted
by the House on June 22 follows:
Social
Administration, $2,818,000 for
$222,718,717
3,000
on
$31,980,400 for the Department
The last figure includes
$15,430,000 for the wage-hour Admin¬
mentioned
from
the
Deferred
The Navy
velt
was
force,
completion of action on the new tax bill, or
Revenue Bill of 1940, to which we refer elsewhere in these
columns, Congress recessed on June 22 until July 1 to permit
istration.
War
;7'7-7
that at this session Congress has voted
Naval
planes, to double the Navy and provide base facilities to handle this gigantic
armada.
'7'--7 '77'77
;':77"-" 7777 *'-7.'7? 7-':;
7777;>' 7"7-/-7
report.
National
the
Recess of Congress to July 1 Incident to Republican
of
National
have
to
'.7-\777:->'...7;, 77. .77. '7
'-7
National Convention in
$95,984,000 for the
States will
tons—equal
May 23
June 15.
Department of Labor-Federal Security Agency Supply
Bill of $1,023,282,690 Signed
by President Roosevelt
27
the United
3,600,000
of the present Japanese, German, Italian and French
on
Department
ordered by President Roose¬
was
June 24 to end negotiations with the Electric Boat
Co. for deferred delivery of 20 experimental motor
torpedo
boats so that the British Government could purchase the
vessels.
This
action
followed
receipt of
an
opinion from
Attorney General Jackson that the transaction "would
to
be
i>rohibited"
by
a
law
passed
by
Congress
in
The proposed transfer, which Acting
Secretary of the
Compton stated would have been "to
the
seem
1917.
Navy
military advantage
Volume
The Commercial & Financial Chronicle
150
the United States Navy," had been severely criticized
by members of Congress.
The Navy claimed that the sale
of
of the 20 boats would allow
from
ter
ones
the
move
was
The text
the
opponents said
the
White
House
the termination of the deal
announcement
sell
to
United
On June
of Mr.
States Navy tor¬
as
ciated
Press:
end to
an
pending negotiations with the Electric Boat Co. by which the Department
would have accepted deferred delivery on 20 experimental motor torpedo
if
the
British
Government
wanted
to
purchase and which,
negotiations had been successfully concluded, the Electric Boat Co.
would have sold to the British.
The
by
President's
reached
was
President
hibited
by
to
Section
3
this
In
and
opinion
of
V
Title
the
an
informal opinion prepared
motor
the
of
Act
advised
General
of war
.
15,
to be pro¬
1917," which
Jurisdiction of the United States any vessel built
with any intent or under any agreement
.
.
.
vessel shall be delivered to a belligerent nation
to believe that the said vessel shall or will be
Lewis
.
.
Compton,
.
.
.
.
.
as a
that such
.
with the reasonable cause
or
Acting Secretary of the Navy,
The same
also
gave
of that carried
the President
by the smaller weapon, thus doubling the fire power.
the smaller
Mr.
with
inch weapon is considerably greater than the
accepting deferred deliveries
By
but
of engines
In
bottle-neck
be
will
small-boat
a
building
the
manufacture the Rolls-Royce engines.
to
Co¬
in Associated
the British being shut off from their
own
engines,"
obtained from the British
American rights for manufacture of the engine.
"As
and policy,"
of fairness
matter
a
Mr. Morgenthau told his press
conference, the Administration had to cancel negotiations with Henry Ford
for
of
a
9,000 joint British-American engine order when Mr. Ford refused to
make motors for any country
Department would be able to effect betterments and improve¬
both in hull design and engine performance.
The Navy
other than the United States.
SB>
Mr. Ford's statement of June 19
explaining his views was
reported by Associated Press Detroit advices as follows:
No appreciable amount of time would be lost because during the six months
it would take to construct the replacement
boats the Navy would be engaged
(4)
competitive tests on the English and American designed boats In order
an ultimate type for mass production.
It would also reauire this
We
determine
doing business with the British Government or any other
not
are
foreign government.
length of time to develop tactical uses and doctrine as well as for the training of
personnel.
Co.
said the Secretary of the Treasury, who himself
aircraft production.
in running
for
.Commission.
Henry Ford's decision has necessitated termination of negotiations
the Ford Motor
"I just can't imagine
the 21-
exactly as they are in the case
program
Edsel Ford
confirmed his public
Secretary Morgenthau was quoted as follows
Press accounts from Washington June 27:
not only
being the
production
production of engines
the
that conference,
at
sought elsewhere by the Natoinal Defense Advisory Commission.
18-inch torpedo.
and reordering,
accelerated,
Ford,
operation in the production of this important military equipment will be
The range
ones and the speed of
Knudsen conferred with Messrs. Henry and
Henry
with the Allied Purchasing
Military advantages to the Navy, the Acting
of the larger torpedoes is double that of
Mr.
the United States Government but that he would undertake no contract
the torpedo boats had
sale of
Detroit.
statement, saying he would make any number of Rolls-Royce engines
would receive boats which will carry 21-inch standard United
States Navy torpedoes instead of 18-inch torpedoes—a type of weapon obsolete
in the United States Navy and not now in production and with only a limited
supply on hand.
The 21-inch torpedoes have a warhead of about double the weight
to
and the drawings of the Rolls-
delivered to the Ford Motor Co. June 19.
were
On June 24 Mr.
in
(1) The Navy
ments
for its
day Mr. Henry Ford announced his refusal to manufacture aircraft engines
Secretary said, included the following:
(3)
-
reasonable cost of both motor and equipment
more
Contract negotiations were then initiated
Royce engine
five military advantages the
memorandum in which he set forth
possible under the law.
(2)
take 3,000 engines, making a.
manufacture.
employed .in the service of any such
Navy would have received if the proposed
of hulls
a
and the.
covering 6,000 engines,
sufficient to justify the undertaking, as it.
The combined quantity was
would insure
belligerent nation after its departure from the Jurisdiction of the United States."
been
Purchasing Commission arranged with the British
definite commitment
a
United States War Department proposed to
"During a war In which the United States is a neutral nation it shall be unlawful
a
for
in the United States for the British Government.
to send out of the
today
and said the arrangement was satisfactory.
the telephone
on
Meanwhile the Allied
Government
seem
June
provides:
vessel
that he be allowed an opportunity to discuss
phase of the matter with Mr. Henry Ford, and next day he called
Mr. Knudsen
by an
boats
torpedo
"would
government
of
negotiations,
the Attorney
delivery of
belligerent
a
States War Department.
Mr. Edsel Ford requested
this
however,
to
stop
a
he received
as
sale
fqr the United States Government would have to be covered by
contract with the United
total order of 9,000.
putting
soon
the
that
builder
American
as
General.
the Attorney
the
decision
by him
while those
paid for by that government under a separate contract,
a
boats—boats which the
the motors
Government would have to be bought
produced for the British
were
and
.
J. Mead, head of the aeronautical section
At that conference Mr. Edsel Ford was informed that such of
concerning
today authorized the Navy Department to put
conferred in Washington
11 Mr. Edsel Ford and his associates
Knudsen's division.
produced
President
with the British Government for manu¬
contract
with Mr. Knudsen and Dr. George
pedo boats to Great Britain follows, according to the Asso¬
The
a
facture of Rolls Royce engines.
serious injury to national defenses.
a
of
the Government to obtain bet¬
manufacturer while
the
in Great Britain have
4057
be
1
on
He said that
(5) Due to the fact that the 18-inch torpedo is obsolete in the United States
Navy and due to the further fact that there is a limited supply of this type of weapon
If
we
make 6,000 Rolls-Royce Merlin engines it will
order from the United States Government.
an
such order had been received.
no
He recalled that when he had said
hand, it would be necessary, if we retained the boats with the 18-inch torpedo
tubes, to retool up our already overloaded sources of supply for
the standard
a
few weeks ago that he could,
under
on
21-inch torpedo in order to manufacture reserve
Secretary
Acting
in
had
supplies of the 18-lnch weapeon.
view
of
the
original
the
that
it
"was in no
to
be, by those competent to judge, to the military advantage of the United
States Navy."
Had it been possiblq under the law to carry out the
original proposal, Mr. Compton insisted, the "original objectives sought
in the experimental small boat program" in no way "would have been
surreptitious and was predicated entirely on what was considered
impaired.
concurred
in
the Attorney
be
will
Henry
for
Cancels
duce
Airplane
Plans to
Engines—Would
the
National
Ford explained
June
on
25,
still
the Government will insist that any American manufacturer
who makes these engines for
this country will have to make
them for the British also.
Mr. Morgenthau said he did
not believe the British should shut out from their own engine.
In answer to criticism of Mr. Ford's attitude by members
of the Canadian Parliament, Mr. Ford said on June 27
that the subsidiaries of the Ford Motor Co. in Canada,
England and other parts of the British Empire were doing
their utmost to produce materials for Britain's defense.
on
June 25 by the National Defense
to
said today that his
war,
his American plants except
affects the policies of the Ford
,
Canada, England, and other nations
in
service such
a
,;:V,V.
as
istrator
he would in this country
;
■
"
Nazi Bund Members
New York—Col. Somer¬
Responsible Citizens to Assist
Col.
Somervell,
Brehon
for New
York
Work
City, announced
Projects Admin¬
June 22 that
on
telegraphic instructions had been received from Work
Projects Commissioner F. C. Harrington in Washington,
placing in effect instructions previously promulgated re¬
quiring the elimination of Communists or members of Nazi
Bunds from Works Projects Administration rolls.
In effect
all persons now
employed by the WPA must take oath that
they are neither Communists nor members
;
of
a
Nazi Bund.
Col. Somervell said:
Owing to the well-known
Secretary of the Treasury Morgenthau, who obtained the
British patent rights to manufacture the Rolls Royce engine,
said on June 27 that as a matter of fairness and of policy
The statement issued
way"
Communists and
of
vell Asks
Lieut.
were
Mr.
no
from WPA Rolls Starts in
Defense
offer,
rendering
required."
Elimination
said manufacture airplanes on a defense of this country
Eosal tothat they
to be for the mass production basis,
only.
This
stands.
"in
4,
statement issued in
e
defense,
Henry Ford Pro¬
Make Motors for
Advisory Commission announced
Washington on June 25 that Henry
Ford's refusal to make aircraft engines for the British Govern¬
ment had forced cancellation of plans for early mass pro¬
duction of Rolls Royce engines for the United States.
It
was explained by the Commission that "cooperation in the
production of this important military equipment will be
sought elsewhere."
When Mr. Ford made his original proa
defense,
Empire were doing their "utmost" to produce war materials for
"if occasion
ment—Views of Secretary Morgenthau
The
States
Ford said his subsidiaries
Mr.
of
United States but Refused to Serve British Govern¬
in
emphasizing his opposition
Ford,
Company's British subsidiaries.
General's opinion.
Have
"We have no agreement with any¬
that basis and with the United States Government only."
on
United
Britian's
Government
day, he
has been and still is part of the bargain
through," he said today.
decision to manufacture no war equipment in
-v
•/-,•
President
The
a
We also quote the following (United Press) from Dearborn
Mich., June 27:
request that the Navy accept deferred deliveries on the boats,
way
1,000 units
body for the production of war materials and if and when we do have one
Electric Boat Co.
He declared, how¬
the Navy Department, acceding to the
of
action
airplane production up to
get
specifically pointed out that this would be for "defense purposes only."
all the way
pending negotiations with the
ever,
conditions,
"That 'defense purposes only'
General's
Attorney
the Navy Department had requested the President's authority to
opinion,
stop
said,
Compton
certain
in the party
welcome any
membership
such
as
practice of Communists to deny membership
and to use false names in enrollment with the
WPA, I will
assistance which responsible citizens may offer in verifying
the prohibited organizations.
in
All authentic information
has been made avail¬
The facilities of all local
the official Communist party enrollment lists
able to the
WPA to check fraudulent affidavits.
and national government
termining party
departments have been promised to assist in de¬
membership.
Admittedly it will be somewhat more
Bund members than
organization.
difficult for
us to
determine Nazi
Communists, since the Bund is not a regular political
However, a considerable mass of material is already available
checking affidavits on suspected Bund members.
only carry out the law to the letter, but in spirit, as it
which will assist in
The WPA will not
is
evidently the determination of Congress
organizations is supposed to deny
that membership in these two
the individual the privileges of WPA
employment.
Advisory Commission was as follows:
Mr. Henry
Ford's refusal to manufacture aircraft engines in the United
the
for
States
British
Government
has
forced
early mass production by the Ford Motor Co.
engine,
William 8.
Commission
On
in
cancellation
of
Knudsen, member-of the National
to consider participation in
President,
called at the Treasury
They agreed to study the Rolls Royce design with
subsequently
discussed
the matter
with
an
a
Mr.
engine
view to
Maurice
Olley, Rolls Royce representative in Detroit.
It had
been
hoped that production in the United States would be
ex¬
pedited by employing Ford facilities due to the fact that Ford interests
j
SEC
Publishes Statistics on
Underwriting in 1939—
Participations Totaled $1,325,426,000 for 159 Issues
—New York City Firms Managed 76% of Issues
Underwritten
t*
Ford Motor Co., including Mr. Edsel Ford,
program.
and
for
Defense Advisory
charge of production, announced today.
May 31 officials of the
production,
plans
of the Rolls Royce aviation
The Securities
and
Participated in 66%
and Exchange Commission announced on
June 27 that underwriting participations in security issues
registered under the Securities Act of 1933 and offered for
sale during the year 1939 aggregated $1,325,426,000 for
159 issues, consisting of $1,081,595,000 for 73 bond issues,
$165,947,000 for 38 preferred stock issues, and $77,884,000
4058
for 48
The Commercial & Financial Chronicle
common
stock
issues, according to
an
analysis
Dr.
pre¬
pared by the Research and Statistics Section of the
Trading
Exchange Division. The Commission further explained:
between the two
and
The New
York
with respect
City underwriting firms showed
a
great
82
were
141,000,
lesser concentration,
New York City firms with
was
or
to make
or
managed,
as
The New
The
83% of the
amount
of
Harriman
follows:
as
Ripley & Co.,
$58,807,000;
Ilalsey
The
Inc.
Stuart
First
Boston
with $69,188,000;
&
Co.,
Inc.
with
Corp,
with
Charles
German-American
Commerce,
he
added,
is
favoring close trade relations with the United
Germany will
turn to this country for
raw materials.
"I do not think the United States
can
few products,"
a
overlook the possi¬
Inc.
Gulick
P.
Says
France
Defeated
was
by its
Labor Law
Charles
with
of
Smith,
P.
Gulick, president and chairman of the board
Oil
Products Co., Harrison, N. J. on
told the Newark
Rotary Club that labor laws
National
the
June
25
similar to the National Labor Relations Act
contributed to
the defeat of France,
according to the New York "Herald
Tribune" of June 26 which went on to
24%
distributed among the five
leading firms
as follows:
Dillon, Read & Co., $2J20,347,000; Ilalsey, Staurt
Co., Inc. $174,250,000; The First Boston Corp.
$155,273,000; Morgan
Stanley & Co., Inc. $135,949,000; and Smith, Barney & Co.
$73,949,000.
These five firms of which
only Halsey, Stuart & Co., Inc. is located outside
say:
&
Mr. Gulick said that the French
people were
in
their
match
New York City, accounted for
57% of the total amount of issues managed.
own
their
guilty of "fatuous confidence
invincibil.ty" and of unwillingness
viewpoints
"That is the root of
to
to
make
sacrifices
to
to
changing conditions.
i
our
trouble," he continued, "we don't want to
give
Referring to the labor relations act and the
wages and
anything."
up
R.
sentiment
sym¬
desire to help her opponents."
a
for
stock.
participations.
was
Trade
only
These five firms, of which only
Ilalsey,
Stuart & Co., Inc. is located outside of New York
City, accounted for
The management of underwtitten issues
bearing
bilities in such trade after the war."
$82,847,000;
and
supplies.
will have considerable
"The Reich will need huge quantities of
cotton, oil, dried fruits, apples,
tobacco, lard, lumber, wheat and corn, to mention
Barney & Co. with $52,867,000.
of total
that
he cont inued *
Blyth <fc Co.,
$55,665,000;
of
large quantities of necessary
bonds, 85%
amount of common
the question of whether
on
or to turn to other sources of
States will win out abroad and that
Participations of underwriting firms in New York City were
approximately
66% for bonds, 62% for preferred stock, and 74% for common stock.
Underwriting participations were distributed among the five firms lead¬
ing in the year
Board
convinced
of
of the
purchases here
pathy with the Reich and
$428,158,000.
The 63 managing
had participations of $82,862,000 in issues
compared with $177,366,000 in other issues.
York City firms managed 74%
*
complete lack of
York City
of the amount of preferred stock, and
exchange
some
the ultimate decision, since many people abroad consider
that President
Roosevelt in both action and words has indicated a
an
extent
active
an
on
aggregate participation of
$869,66%, and 292 firms outside of New York City with total partici¬
or 34%.
they participated to the
''
"The results of the Presidential election
The 39 managing firms located in New York
City had participations
during 1939 amounting to $225,746,000 in issues managed, whereas in
other
issues
hopeful that
"I believe Germany is divided about 56-50
pations of $456,285,000,
firms outside New
are
be built up, it would be dishonest not to admit that
conflict.
24% of the underwritten issues.
however, in participations.
There
a
we
Germans
consider the unneutral attitude of the United States toward the
European
predominance
issues.
There were 39
New York City firms managing an
aggregate of SI ,005,467,000, or
76% of
the issues underwritten, whereas 63
underwriting firms outside of New
There
can
June 29, 1940
"While
there is considerable resentment in the Reich toward what
to the management of underwritten
York City managed only $319,321,000
Degner continued.
hours law of the United States, Mr. Gulick
contended: "We should main¬
an eternal vigilance
to strike from our own bodies the
shackles of
B.
Umberger of Personal Loan & Savings Bank,
Chicago, Before Advertising Federation of America
Regards Lending in Personal Loan Field as
Aiding
in Restoring Public Confidence
tain
freedom, slowly begun to be forged to regiment
omy ruled by a paternalistic government, which
the destruction of
Mr.
Gulick
independence, self-reliance
emphasized
that
American
In addressing the
Advertising Federation of America,
Financial Advertisers' Session, at
Chicago on June 25 on
the subject, "Current Aspects of Personal
that it becomes competitive with
into
must
a
planned
econ¬
ultimately end in
products
could
favorable
B.
us
and individual initiative."
United
Lending," Robert
Umberger, Executive Vice-President of Personal Loan &
Savings Bank, Chicago, stated that, in his opinion, the
personal lending by industrial and commercial banks, in¬
stallment finance corporations, and licensed
lenders, has
effectively aided in the restoration of the confidence of the
masses
in financial institutions.
By virtue of the
with
our
either
must
improve
the
standard of living abroad "so
ours or this ruthless law of
competition
standard of living down to the
competitive level of theirs."
Defense
Program Can Be Financed Through Normal
Channels, Says R. M. Hanes, President of Ameri¬
He also said that with the
Bankers Association
can
Financing of
the
should be carried
credit-granting agencies have benefited.
National
defense
program
"can and
on
through the normal existing channels
creation of new agencies, mechanism or
devices,"
without the
of public confidence and
greater
measure
States
will force
increasing activity of banks in the personal loan field, the
early stigma towards Small Loans has been largely
dissipated,
to the end that all
compete
foreign products only if all American items of cost,
including labor, are as
as those of
European and Asiatic competitors. He said that the
banks of the country were told in a letter
sent June 27 to
American Bankers Association
throughout
the country by Robert M.
Hanes, President of the Asso¬
understanding established, Mr. Umberger expressed the hope
members of the
that credit
agencies would move slowlv in curtailment or
adopting arbitrary restrictions to meet tne issues which may
be caused by the National Defense
program.
Mr. Hanes
Clinton Davidson
program."
Jr., Holds Germany Will Return
ciation, in which he urged support of the defense
program.
urged the banks to "try in every possible way to
make every loan that has
anything to do with the defense
to
Use of Gold in Her Trade
His letter follows:
Clinton Davidson Jr., economist for
William H.
&
The
Combs
United States.
Co., Stock Exchange members, in a review on June 25 of
Germany's pre-war foreign-trade methods and a prediction
on her
probable post war policies maintains that
Germany
probably will use gold in her trade with this country.
The
further views of Mr, Davidson
York "Times" of June
26,
Since
of
Germany's
as
were
follows:
to
gold in exchange for
try to hurdle
The
gave
our
return
to
the
international
complicated
our
barter
the Reich exporter
no
on
system
the
defense of the
own
the banker
belief and that of others with whom I have
discussed this ques¬
along with the investment markets, to handle
when, and if, she gains gold
by military conquest, for it is cheaper
cotton, tobacco, automobiles and oil than
tariff barriers
for
you
be financed and how
to
My
and sources of gold
production
to sell us
program
financing can and should be carried out through
the normal existing
channels, without the creation of new agencies, mechan¬
ism or devices.
The banks of this
country have the resources, the trained
personnel and the knowledge of their own
communities, which
policy tended to lower the standard
by restricting imports rather than expanding
Germany will probably prefer to
gold standard and normal methods of trade
reserves
am sure
huge
tion is that both sorts of
.
pre-war barter trade
living in that country
exports.
I
a
have been thinking about how this
program
can help.
The required financing
will take two forms: direct
expenditures by the Government financed
by
the sale of Federal
securities, and the financing of business concerns which
have Government contracts.
is
indicated in the New
,
,
Government is launching
necessary
Germany used before the
competitive advantage.
can
safeguard the funds of their depositors.
All
war
equip them,
a very large
part of the
be carried out in such ways as
adquate volume of loans and at the same
This financing
wiU enable the banks to
provide an
time
manufactured articles."
which
financing.
banks
should
be
actively and energetically soliciting every sound
loan in their communities.
Especially is it true that they should try in
every possible way to make every loan that has
anything to do with the
defense program.
This is proved, he said,
by the fact that the physical volume of German
exports in the boom year of 1937 was no
greater than in 1932 while this
country's exports rose 52% during that period.
In
presenting these views to Congress, the Administration, and the
public,
officers will be reassured if
they can feel that they have the con¬
and support of the
membership of the Association.
Therefore,
if you agree I shall
appreciate it if you will telegraph me to that effect
your
currence
Dr. Albert
Degner Declares Germany Will Drop Barter
System If Victorious
Dr. Albert Degner,
Secretary of the Board of
German-American Commerce,
Inc., asserted
immediately.
♦
Trade for
Study
that the barter system of trade
used so
Reich before the outbreak of the
European war will be
dropped in event of a German victory and some more tra¬
ditional form of international
commerce will be established,
according to the New York "Times" of June 26 which added:
by
trade group,
a post-war world.
"Just what method of trade will
be worked out cannot be forecast at this
time, but it is significant that there is
considerable sentiment in Germany
for reestablishment of
international commerce on a
system that includes
the use of gold as a medium of
who consider that
gold will no
formed their opinions too
exchange," Dr. Degner continued.
"Those
longer be used for foreign commerce have
hastily, I believe."
A German
victory in the war, he added, is certain to be followed
by a
United States of
Europe, set up to operate upon an efficient economic
basis in which the production
specialties of each region or country will be
encouraged, with uneconomic competition from other
sections of Europe
discouraged.
"With regard to trade between the
European confederation of States and
the United States, there has been a
great deal of discussion in Germany,"
York
Market
W.
H.
Return
writing business, Willard H. Livingstone of San Francisco,
Germany in his capacity as Secretary of the German-American
said that Germany considers the barter
type of trade as too
antiquated and complicated to survive in
New
In the interests of his
company's investment and under¬
Dr. Degner, a German
citizen, who has actively promoted closer trade
relations with
of
Conditions Being Made
Livingstone
of
Bankamerica
Co.—
Urges Assisting Investors Now to Earn Legitimate
June
25,
successfully by the
on
'
President of Bankamerica Co., is in New York for a
study
of Market
conditions, Mr. Livingstone said on June 25 that
while world
happenings are causing values to change over
night, he finds the firms doing business are those "who have
the courage to
try and good merchandise to sell." He stated
that because of the surfeit of
money in banks, "now is the
time to assist investors who are
to
make
their funds
nouncement went
Mr.
Livingstone
on
earn
-a
looking for an opportunity
legitimate return."
The an¬
to say:
said conditions
in
California
are better than
averag®
owing to the heavy late spring rains which have insured the
farmers good
crops and livestock men
good feed. The freeze in Florida and the
unseason¬
able cold in other southern
states will add approximately
$100,000,000 to
California's 1940 agricultural income.
In 1939 the average cash income
per California farm was
somewhat over $4,000.
In 1940 this figure is ex¬
pected to exceed $5,000.
Volume
activity in
experiencing a spurt owing to the
Industrial enterprise is also
18 months to 2
decided bearing upon the continued prosperity
—Subcommittee
,
Opportunities for Young People
on
as
social
American industry
groups
age
whatever number of young
real sacrifices.
determined
afford
to
..vV
youth.
the
the institutions
must
individuals and neces¬
v
•
v
The American people must re-arm
They must rededicate themselvee to
and the high principles they are preparing to defend.
They
.
sacrifice and
adherence to our traditional American ideals,
Only by firm
coupled with adequate military defense, can we be sure that
price the democracies abroad are now
that
in
the terrible
paying will not be exacted of us.
The National Association of Manufacturers had
pledged its support to defense building, as was
these columns June 8, page 3594.
previously-
reported in
Labor,
employment
Industry
a
Association—Issues
in full
page
follows:
Speed in obtaining raw materials.
Prompt placement of
experienced men.
;
the flow of private capital into
■
v-".-'
and administrative restrictions as military
experience have demonstrated to be barriers to maximum
production.
''--V
•'
The Association's statement
It is the job of
.'/);!'V-';'> /■''
>'■}-
follows, in part:
States must
order to defend its national interests.
\
military authorities to determine the strategies
.
.
.
the land, sea and air bases
.
.
.
•">
.
.
,
the equipment
required.
It is the job of
American industry to produce that equipment.
the crux of the problem
abroad
This is
because modern warfare is mechanized warfare.
demonstrate
that
wars
cannot
be won without mass
production.
Mass production is equally necessary for our defense.
Heroism alone, even American
heroism, can be no match for hordes of
tanks or clouds of airplanes.
Mass. production
was
originated
American manufacturers have
by
American
manufacturers.
As
excelled the world in mass production for
they can also surpass the world in its use for defense.
Production for defense, the need of the hour, does not depend solely on
peace,
gigantic appropriations.
It calls for speed in formulating and standardizing specifications for the
military equipment
It calls for
required.
speed in obtaining raw materials.
It calls for prompt
placement of preparedness orders so that production
speedily. It will be damaging to real defense, disap¬
pointing to a deeply concerned Nation and unfair to industry to expect
clouds of airplanes, and thousands of tanks to roll off the production lines
in a week or two.
You can't "appropriate" a battleship, a tank or an
get under way
only appropriate the money. It takes months to blue
months to make the tools needed, and will more
out the finished product. It all probability it will take from
airplane—you can
print and designs, more
months to turn
We life in a topsy-turvy world, a
few months ago, would have been
realize that when the storm and the
discouraged
as
though
six
not be entirely
no
months
as
or
a
'
Nor am
subject of investments
immediate future is unpredictable.
pherhaps I should be with my
prudent
hurricane have
the sun shines again and the
discouraged because this day and hour we live in a
and terrible world and the
new
I
us
dare forecast what will happen two months,
from now.
If- we look at the problem over a
man
year
period of time, and if we assume, as we must, that the larger part of
civilized world will eventually be governed by free enterprise and
and problems may perhaps be profitably
V" ^
^■»
' 'VV'.
■
the
the
dis¬
■
depression
honorably and they now face at least indirect participation in a world war
infinitely more destructive of property and human life than any the world
has ever known.
The most difficult problem of all inherited from the de¬
pression has been the drying up of new enterprise and the inability to find
find a sufficiency of sound investments for the moneys which the public
companies have come through a most severe
has entrusted to us.
problems and perplexities, what we
Faced with an
and with the possibility of wide fluctua¬
tions, the enforced and involuntary liquidity of our companies becomes a
source
of strength.
We have an over-supply of cash.
Governments,
Federal, State and local, now comprise more than one-quarter of our assets.
Insurance faces the world of tomorrow, whatever it may be, not only with
a record for safety and public service through the difficult years, but with
unusual cash resources, sufficient to meet any reasonable stress and strain.
The scarcity of prime investments and the low yield have in recent years
revived discussion of the possibility of a larger investment in common
stocks.
It has been suggested that the fire and casualty companies in¬
crease the percentage in their portfolios and that the laws prohibiting in¬
vestment in common stocks by the life companies doing business in New
Now that the war
Congress to define the area which the United
It is the job of our
the man power
Let
Our insurance
,'
'
Removal of such legislation
We do not sufficiently
cussed.
Prompt Government action to encourage
and industrial
policies.
passed over, the wreckage is soon repaired,
world is much the same as it was before.
people's will, some trends
' V." '
*
preparedness orders.
Granting full authority to practical,
••
certainty of anything just now, particularly of
considered impossible.
of
calls for,
defense
h-V'.-.',-./
speak with
world which a few years, yes, even a
advertisements, said that pro¬
above all else, the utmost
cooperation between Government, labor, industry and the
public.
Other factors necessary, the Association listed as
for
can
investments and investment
standing fully the problem of preparedness from industry's
viewpoint. The statement, which appeared in all Washingtion newspapers
Superintendent of Insurance of the State
the 71st annual convention of the
National Association of Insurance Commissioners at Hart¬
ford, Conn., on June 25, asserted that life insurance com¬
panies should not invest in common stocks.
Such invest¬
ments are now prohibited by the insurance laws of New
York State. Mr. Pink also declared that insurance faces the
world of tomorrow with unusual cash resources, sufficient to
meet any reasonable stress and strain.
Mr. Pink's address
Who
Manufacturers issued on
statement to aid the American people in under¬
Association
Policies—Opposed
follows in part:
Requisite of Defense Produc¬
Problems of Preparedness
National
Investment
of New York, speaking at
Explaining from Industry's Viewpoint
Statement
on
Suggestion to Permit Life Insurance Companies
Invest in Common Stock
Louis H. Pink,
\':;r
Manufacturers'
Says
tion,
to
building
York Insurance Superintendent
Association
of
Insurance
New
National
Commissioners
to
manufacturing companies, I urge you to review
Government,
Pink
Addresses
\
;y:
;•:?)' ■ ■■■''■ ■■■■;
unquestioned increase in business operations that lies
and Public Is Prime
H.
Louis
greatest
Between
Cooperation
may
.
recognize that there is no substitute for personal toil and
devotion.
but it will also prove to young
opportunities for young people."
Events
.
themselves spiritually and mentally.
I strongly
affected by the National
personnel situation with a view to providing all possible
protect in
.
the part of the Government.
Physical defense alone is not enough.
■:;■
"In the light of the
ahead for many American
industry.
and the
enjoyed by any people under any form of
all of us
.
.
They will demand the utmost thrift on the part of
interested in their future and that it is
possible degree of opportunity for
people that American industry is
duction
.
sitate strict economy on
people might reasonably be needed in the near
the supply of necessary trained labor,
June 23
enjoy the highest standards of living
be prepared to make
Defense preparations will cost staggering sums of money.
government, we must
consideration to the possibility of employing
quired shortly by the exigencies of national defense preparations.
Not only will such action serve to expedite national defense by
The
will best meet the overwhelming desire of the men
to continue to
are
we
of war,
It does this confident
of America to remain at peace.
greatest individual freedom ever
providing immediately such training as may be re¬
future with a view to
your
Although it abhors war and urges
who can be given specialized industrial training.
Defense Program to give every
up
women
If
!
-
knowledge, its experience, and its productive
genius to the tremendous task of national defense.
that adequate defense
sound
''
'
V"!"
?
will do its part.
American industry pledges its
demand for especially trained
those employers in industries likely to be
urge
''
possible effort compatible with national safety to keep out
every
and
barriers to
the utmost cooperation between Government,
Industry's Pledge to America
supply available including those in upper
workers far and above the present
'''
;']
gains.
labor, industry and the public.
and the resultant increased operations
lines of industry, will create a new
many
\
This does not involve the surrender of any
It calls, above all else, for
efforts to create employment for men
in other age groups, particularly those over 40, it appears
i ■'
,
administrative restrictions
military and industrial experience have demonstrated to be
maximum production.
graduating from our schools and colleges." Addressing the
more than 7,500 member companies of the N. A. M. in the
Association's weekly News Letter, Mr. Prentis pointed out
that national defense requirements will necessitate con¬
siderable expansion of industrial operations and asked that
each company survey its personnel requirements with a view
to discovering "if it is not possible to start more young
people at work in private enterprise."
At the same time, Mr. Prentis announced the appoint¬
ment of a special subcommittee on "Youth in Industry" of
the Association's Employment Relations Committee.
The
Group will study the whole problem of youth in industry,
will confer with representatives of young people's groups,
and will submit a report to the Congress of American In¬
dustry in December, said Mr. Prentis who also stated in part:
defense requirements,
Cooperation
It calls for the removal of such legislative and
;'v
1
urged on June 23 by H. W. Prentis,
Jr., President of the National Association of Manufacturers
and President of Armstrong Cork Company, to "make
every effort to provide employment opportunities for Ameri¬
can youth so that this commencement season may be truly
a commencement for the thousands of young people who are
women
of private
.
There Must Be
Youth in Industry Named By
Without in any way relaxing our
^
;
„
action to encourage the flow
swiftly and old ones
converted for military production.
Governmental rules and accounting
regulations should be revised to permit the rapid wiping off of such invest¬
ments before they become virtually valueless when the emergency is passed.
Private citizens will thus be encouraged to invest their savings and thereby
reduce the burden on the taxpayer.
\
/,
V
*
American industry was
national
promptly and effectively.
It calls for prompt Government
of the state, he said.
Association
and
programs
approxi¬
' 1
authority to practical, experienced men to
capital into industry so that new plants may be built
National
vide Employment
these
carry
Industry Urged By President Prentis of
Association of Manufacturers to Pro¬
American
produce the equipment necessary even to
It calls for granting of full
diversified mining activities, have
factors, coupled with California's widely
years to
requirements of reasonable national defense.
mate the
the coast, he added. The estab¬
lishment of air and naval bases in the West is proceeding rapidly with the
attendant increase in employment and resultant payroll spending.
These
airplane production and ship building on
a
4059
The Commercial & Financial Chronicle
150
has brought new
considered our greatest
difficulty becomes a major asset.
unpredictable market for securities
York State be
liberalized.
While we are
field we believe
the fire and casualty
belong to the policyholders, such as
agreeable to a balanced program in
that the funds which
should be placed only in the safest forms of investment.
companies should not invest in common stocks.
The fine
reserves,
Life
record of
companies permitted to do business in our State
and the general satisfaction with the Armstrong laws lead us to believe
that any tinkering along this line would be unwise.
In the life field par¬
ticularly we bear a tremendous responsibility as trustees of a sacred trust.
We must insist upon solvency above all things even if it means lower divi¬
soivency
enjoyed by life
premiums.
philosophy of such a change might prove a danger to the
Because we hold in our care almost $30,000,000,000
in the obligations and resources of the Nation we are the subject
of scrutiny but of envy.
There Is a huge latent power of control
dends or higher
In
life
addition, the
companies.
invested
not
only
The Commercial & Financial Chronicle
4060
'in all this money.
who
Unfortunately this
power was used
some of those
amounts
prior to the Armstrong
managed our llXe companies
by
Investigation.
volumes of
Our companies should stick to the insurance business.
control
lines of business
other
and
ments In common stocks which carry
life
our
companies vulnerable.
too much
They do
industry; they seek only
vestment in Government and business controlled
by others.
made
not want to
sound
a
in¬
are
the production of
by
liquidity in the years of lean investments.
from
bear
have
President of the Wachovia
of
Bank & Trust Co.
June 21 in
of
luncheon
a
Council.
in
The
business
to
during the second half of the
loans
between
made
said,
he
survey,
loans
new
July
1
10% greater; and the dollar volume of
than
by
$2,000,000,000,
20%
almost
or
31
Dec.
the
loans
new
greater
13.
in number was
8%.
or
The
by business firms and corporations of
use
lines of credit
further
the books of banks increased
6%.
that the volume of renewed
on
indicated
decline
a
the survey,
It
is
of
throughout
It
was
There
1.5%
in
was
a
re¬
gain of 3% in number
dollar volume.
Commenting
the
that
banks
and
year
that
the
their
lending service
expansion
bank
in
business.
new
to
credit
the
in
has
downward
decreased,
the bottom
the
and
new
new
inflow
business
a
the business
of
cycle
has
the turning movements reversed.
fluctuations and downward fluctuations
upward
contractions
decreases
regulations,
bank
of
bank
in
have
been
business
our
credit
through
This
reserves.
caused
by
the
in
causing
alternate
that
the
means
operations
procedures,
the
and
in
of
the
at
sessions
of
the
of
processes
'
Graduate
past
banking
our
markets.
our
,.
School
of
General Tire & Rubber Co. Strike Settled
"""Strike of
workers at the plant of General Tire & Rubber
Co. in Akron, Ohio was
ing to
tentatively settled June 25, accord¬
report to the Director of Conciliation in Washington
date, made by the special mediator for the Labor
a
of that
Washington advices of June 25
Department.
"Times"
York
the New
to
said:
also
of
strike
about
days
mission to the Council
44% of the Nation's
banks, replied to the Association's questionnaire.
6,333 banks reported, he added, that
they made
during the year:
K
'■■■ \
of the
Organization),
United
Rubber
Workers,
the sub ect of conference
was
officials working on the national defense
among
including Sidney Hillman, Labor member of the AdvisoryCom-
program,
commercial
1,200 members
Local 9 (Congress of Industrial
here in the last few
the
•
Mr. Ilanes stated that 6,333
banks, or
enterprise
The process at
turned
on
public
was
has
issues
new
productive
cycles
address
The
increased
rates
ciation is referred to in another item in this issue.
Mr. Hanes said:
apparent
realm of
open
loans
mained fairly constant.
and
$34,243,000,
interest
bond prices which have normally been
in
stock
prices.
These
declines
in
Banking by President Hanes of the American Bankers Asso¬
17,000 and the percentage of increase
The increase in mortgage dollar volume was
and
An
reported
equivalent number of banks during the previous six
months.
The number and volume of
mortgage loans made,
he indicated, also increased in the second half.
The in¬
an
crease
followed upturns
rates.
short-term
interest rates have been mainly caused by the
banking laws and regulations which have controlled the
and
and
security
or
into
our
business
laws
was more
than
of
increases
new
610,000,
in
short-term
of
levels
cur
volume of
wavelike
long
expansions
individuals
was
in
closely
interest
advances
similar one, but with all
a
operation
definite
a
and
The number of
year.
and
showed
firms
the
downturns
has started.
The
of bank lending activity made by the Association's Re¬
increase
funds
new
been
Banking conducted by the A. B. A.
at Itutgers University, New Brunswick, N. J.
In his address
Mr. Ilanes gave the results of the second semi-annual sur¬
search
by
have
short-term
of
for securities
the
When
decline
at
the Graduate School of
vey
resulted
security prices have created unfavorable market conditions for floating
securities, and so have resulted in downturns in the volumes of
Winston-
address
spent
money
have
securities which have decreased
new
of bear markets,
levels
the
in
markets
followed
issues.
on
the
of
brought about downturns
shortly
goods
for bonds and stocks, and increased during bull
complete regularity during the past 80 years the
security prices at the tops of bull markets, and their
from the bottoms
bull
durable
of
almost
downturns
In
commercial banks made
purchase
markets
With
upturns
and
25,000,000 credit extensions to almost $40,000,000,000 dollars
to business firms and individuals during 1939, Robert M.
Hanes, President of the American Bankers Association and
Salem, N. €., stated
and at present, the changes
years,
Changes in the amounts of
the
for
changes in the volumes of sales of
downturns
Country's Commercial Banks During 1939 Accord¬
to President Hanes of A. B. A. in Address
Before Graduate School of Banking
ing
half of the country's
In recent
durable goods.
business enterprises
markets.
Credit Extensions of Nearly 40 Billion Dollars Made by
tlian
in the
purchasing have in normal times largely resulted from decisions
result from variations in Government expenditures.
cycles result from wave-like expansions and contractions-in
during
Less
and those changes
Business
be feared than
to
more
June 29, 1940
being spent for 6uch goods,
money
by business enterprises.
largely
Large invest¬
control of management would make
Some things
of
National Defense.
on
Mgr. Haas's report stated that the agreement would be submitted for
ratification to the union members tonight.
i
These
12,680,000 new loans totaling
12,033,000 renewals of loans totaling...
285,000
new
ments
899,810,000
-,V.
Mr.
is
total
a
of
24,998,000 credit extensions totaling $39,810,810,000
44% of the country's commercial banks.
addition, 1,374 banks reported that they were maintaining
open or
made by
In
confirmed
and
lines of credit
individuals
33%, of these
than
the
It
added
loans
June
the
30
000,000,
during the first half of the
use
that
the
banks
In the
stated
from
that
their
$12,426,000,000
Ayres
at
the
of
a rise of $700,period the deposits increased
same
from $42,822,000,000 to
000,000, of 7%.
speaker
reporting
increased
year.
$13,126,000,000 Dec. 31, 1939,
6%.
Colonel
use by business firms
$5,507,000,000 and that $1,817,000,000, or
were
actually used.
This is 6% higher
of
outstanding
to
or
their books available for
on
sum
lines of credit
in
amount
is
total
in
open
$45,803,000,000,
rise
a
of
$2,981,-
Cleveland
school's
sessions,
Trust
and
CO.
also
was
reference
thereto
a
is
made elsewhere in these columns.
Col.
Leonard
and
Ayres of Cleveland Trust Co. Before
of Banking Discusses
"Banking
Business
Cycle''—Sees
New
Era
For
School
the
American Business
We
have
American
ferent
the
business
and
qnd
an
in
era
entering upon
Colonel Leonard
the
a
history
and
new
New
Brunswick, N. J.
Colonel Ayres, speaking on the
subject of "Banking and the Business
Cycle," stated that
"the change has come about
because the wave-like fluctua¬
tions in the production of
durable goods, which cause and
constitute business
cycles,
no
longer
result,
formerly, from long wave-like fluctuations
"Durable
goods,"
he
said,
"include
all
as
they
did
in interest rates.
the
machinery of
production, everything that goes into
construction, all plants
and power lines of our
public utilities, all appliances of
business
offices, as well as some things used
by families,
automobiles, house furniture and
furnishings, re¬
frigerators and radios.
Our
such
as
goods
accumulations
largely constitute
our
not all increase our
wealth
national
because
of
durable
wealth,
now
our
but they do
durable goods
for
the
Commerce
,
of
We have been alternately
durable
goods
nations, and it
expansions
business
the
and
cycles.
production
for many
is
that
speeding
in
modification
decades,
uneven
contractions
These
of
so
have
production which
of
alternate
durable
and
business
periods
goods
result
all
has
activity
of
the
other
caused
which
expansion
from
our
and
decisive
the
we
production
industrial
Frank
that
structive,
"I
think
and
I
contraction
changes
in
as
in
the
of
Exchange
in
request
the
of
latter
that
in
his
hearings
Securities
Act
on
1933
of
The
letters
to
on the subject;
Connely advises Mr.
Mr.
letter
your
Mr.
that
Lea
is
most
between
passed
were
given
in
con¬
working together
appropriate amendments
which
Representative Lea
Frank
delay
confident
am
be able to formulate
Acts."
Mr.
of
we
these
Frank
issue
our
to
and
June
22,
correspondence between Mr. Con¬
nely and Mr. Frank, Mr. Connely also addressed
Representa¬
tive Lea
concurring "heartily in the Commission's sugges¬
tion" to him, and we
give these several letters herewith:
3902.
Besides
House
Dear
Office
Interstate and
Building,
Foreign
Washington,
Jan.
1,
and
courtesy I have
your
which
Jerome
Commission,
wrote
N.
to
Frank,
D.
10013
seen
a
1940.
Commerce,
C.
comments
embodying
of
and
to
us
that
representatives
of
the
banking industry in
Securities
Act
presentation
with
this
of
to
proposals
1933
in
is
behalf
of
to
power
order
make capital available
defense program.
On
and
opportunity and I
Acts
this
mission's suggestion
to
Stock
to
work
the
a
can
suggestion
up
of
that
I
industries
therefore
one.
Act
of
We
are
which
are
9807
Act
with
to
the
1934
for
delighted
vital
will
do
■
F.
-
in
our
heartily in the Com¬
,
E.
Securities and
until
investment
this Association
concur
Respectfully
Chairman
down
the
amendments
to you.
N.
R.
Securities
in working out proper amendments
the flow of capital into industry and
numerous
Association
Honorable Jerome
Exchange
H.
of sitting
Exchange
constructive
you
the
and
appropriate
Securities
assure
and
on
cooperate
speed
to
amending
Exchanges
out
most
Securities
the Commission be given
for
Commission's
various
order
Congress,
everything in its
these
the
the
recommendations
1933.
seems
of the letter dated June 17,
copy
Chairman
requesting that
you,
1941, to file their
H., R.
It
to
June 19,
Lea,
on
Chairman Lea:
Through
1940,
of
the
Honorable Clarence F.
Chairman Committee
.
yours,
CONNELY, President.
June
19, 1940.
Frank,
Exchange Commission,
Washington, D. C.
wave-like
know
of
endorsing the proposed
The
up and slowing down
Amend¬
Session
Committee—the
Frank's
Mr.
to
include munitions of
war, which consume wealth
but do not
produce it."
Continuing, he said:
'
Evident
Association of America and Mr.
ers
the
American
on
Next
be delayed until January next—letters have been
exchanged
F. Connely of the Investment Bank¬
of
the
Until
between President E.
dif¬
P. Ayres, ViceCleveland Trust Co., who lectured on
Graduate School of Banking conducted
by
Bankers Association at Rutgers
University,
of
at
of
are
Interstate
agreeing
bills
The
the
according to
era,
President
June 20
reached
House
letter
page
P.
Graduate
Act
Supplementing the correspondence between Jerome N.
Frank, Chairman of the Securities and Exchange Commis¬
sion, and Representative Clarence F. Lea, Chairman of the
will
the
Securities
to
Congress—Cooperation
Correspondence
$39,810,810,000
Ilanes likewise stated:
This
Connely of I. B. A. Concurs in Proposal of
Chairman Frank of SEC to Defer Action
15,791,000^000
24,998,000
at
President
$23,120,000,000
mortgage loans totaling
Dear
I
Chairman Frank:
enclose copy of a letter which I have this
day written to Clarence F.
Lea, Chairman of the House Committee of Interstate and
Foreign Com-
Volume
June
17,
R. 9807 and H.
the hearings on H.
that
1940,
Senator Taft
letter
post¬
down
Stock
appropriate amendments to the Securities Act
Exchanges and working out
1933 and the Securities Exchange Act of 1934.
of
Needless
I
to
think
I
say,
confident
am
letter
your
to
is most constructive,
be able to formulate
know, our Committee on
formulate
to
industry but will not sacrifice the
be
will
proper
happy
'•
Association
this
with
meet
to
I can
that our representatives
you
assure
and
you
representatives of the
'
^
u/■'
other
the
designate.
industry at such time as you may
Y;': yY,Y'-/>vv'^^.-Sincerely yours,
F.
Buhl
Dear
H.
to
The early leader, Thomas E. Dewey
ing
America,
/\/'
bloc had cracked
permit this
of
1933,
be
until
postponed
1941,
in order
determine
efficient.
to
Commission to reach its mature conclusions.
has been studying the securities laws for some time
in what respects they might be strengthened and made more
The
postponement suggested by us will afford us an opportunity
with representatives of the investment banking and
Stock Exchanges, so that we may
have the benefits of their views before making any determination. Y
Your offer to meet with us and others of the industry is most welcome.
associations,
as
well
of
as
G«
Le Tourneau Workers
FRANK, Chairman.
Strike for Closed Shop
plant of R. G.
of road graders and heavy
earth-moving machinery on June 25. About 1,000 workers,
members of an independent union, went out in a demand
for a closed shop. The Rev. Marion Reynolds immediately
instituted negotiations for settlement of the strike.
Boston Fisherman End Strike
week dispute
A fourteen
over Wages
and working condi¬
tions between owners and union crews of
vessels operating out of
ciated Press dispatches
The
about 55 fishing
Boston, was settled June 22. Asso¬
of June 22 from Boston also said:
dispute directly affected 700 crew members and indirectly
of the fish entering
Union (yA. F. L.) and of the Federated
England declined to disclose terms by which the
but except for minor gains they were reported to be
tie-up was settled,
similar to those
YYi' YY7y7y?
the Boston market.
Officials of the Atlantic Fisheries
Fishing Boats of New
affected
handlers, since the trawlers account for 80%
3,000 shore workers and fish
contained in the 1939 contract, which expired March 15.
Nominated For Presi¬
at
Republican
National
Convention
in
Philadelphia—Charles L. McNary of Iowa Named
as
Vice-President—Keynote
Address
of
Gov.
Strassen—Addresses
of
Chairman
Martin
and
dent
Former President Hoover
Wendell
L.
Willkie
was
nominated for President at the
candidate in the early balloting, gradually lost
ground and it was observed in United Press accounts from
Washington June 28 that, outpacing the veteran politicians
in the field, Willkie's race to nomination ended with victory
over Senator Robert A. Taft of Ohio.
Yesterday (June 28) Senator Charles L. McNary was
nominated for' Vice-President on the Republican ticket at
the Convention.
The nomination came on the first ballot.
Regarding the nomination of Mr. Willkie for President,
United Press advices June 28, as given in the New York
"Journal of Commerce" said:
: '
■ rV";V
leading
lead
on
Willkie, starting in third place at
spurted
on
Dewey.-';'
7 Y-;.77y'U'
the fourth ballot,
1
the second, third and fourth ballots to wrest
;V
':Y,'
the lead from
had 305.
Y'/./Y
"YY;
total vote for Willkie
Y
On the third ballot by
,
/
.
y
the sixth ballot was 659
against 316 for Taft; apparently the vote for
unanimous after the sixth ballot.
Minnesota,
the
1
Willkie was made
f
address of Gov. Harold E. Stassen
Republican National Convention was
opened in Philadelphia on June 24, when it was called to
order at 11:40 a. in. by Chairman John D. M. Hamilton.
platform was adopted on June
The party
26, and its text
given in another item in this issue.
is
that of Representa¬
made on June
25 with the assumption of his duties as permanent chairman
of the Convention, and that of former President Herbert C.
Hoover, who was defeated for re-election by Franklin D.
Roosevelt in 1932; Mr. Hoover likewise addressed the Con¬
vention on June 25.
It was observed in United Press ac¬
counts from Philadelphia on June 25 that before more than
2,000 delegates and alternates to the 22nd Republican Con¬
77 Chief
the other addresses was
among
W. Martin Jr. of Massachusetts
tive Joseph
vention Mr. Hoover attacked New
Deal domestic and foreign
He warned his party not to take an isolationist
stand but to adopt a policy of "calm realism" under which
American aid could be given to beleaguered democracies
within the limits of international law.
Likewise in these
policies.
advices it was stated;
Hoover
Mr.
came
before the convention
a
political question mark within
He lias said that he seeks no political office, but he has
said what he would do if the office sought him.
The current crop of
his
party.
own
not
worried lest the strong position which he
took
on
controversial
plank, might damage their chances by
movement, throwing the nomination to the
only living ex-President.
/Ayv'Y'yY''' YYY:.'"' '' Yyy
issues, including the foreign policy
igniting
a
nation's
Hoover"
"draft
In his address Mr. Hoover
Our party
said in part; "
is not concerned here with petty or
factional issues or minor
with events abroad.
We
system of liberty and the mis¬
eight years. During all this timp
we have had 10,000,000 chronically unemployed,
18,000,000 of our fellowAmericans have been continuously on relief.
Agriculture has been held
crisis
This
in
witnessed
have
a
America
is
McNary, 8; Macnider, 26;
Y,
:
shy of the 501 votes required for nomination.
official figures their totals were:
not to be confused
steady sapping
of
our
management of government for the last
afloat
Unending deficits and huge increases in
of the government.
Our industry and
In this decade we have actually
and national wealth for the first time in 150
by government subsidies.
threaten the financial stability
debt
business
decreased in national
years.
third
and
hesitant
are
afraid.
are
income
America has gone backward.
The human consequence is that oneof our people are frozen to poverty.
/•./(/ .,/;'Y: Y\ Y Y y7 7y Y-7'7,
.
Now, economically weakened for the
past eight years, we are faced with
Dewey, 315 and
7. 7'
mismanaged national defense.
*
Whatever the outcome of this world cataclysm, whatever
the solution of
our
domestic crisis, the pattern of this world will not again be the same.
Dictatorships, totalitarian economics and militarism will long continue
over
a
large part of the earth.
New economic and political forces will
be loosened upon
We must be
We must restore
Second.
ers
the world.
V
■
prepared and we must at once
We must restore and
and workers,
undertake seven stern tasks.
and revitalize liberty in America.
rebuild morals in government.
We must restore decent life
and living to one-third of our farm¬
who have been chronically submerged by the
We must restore competence to
We must prepare this nation to
Sixth.
We must develop and
of these wars unless we are
official count was: Willkie, 306; Taft, 254; Dewey, 250.
Willkie was still 195 votes
on
Fifth.
steadily, was in second place on the fourth
Gannet, 4; Hoover, 31; James, 56;
Vandenberg, 61.
Y'A/7y7yYy-': ; y- Y'Y7'7/,/ yVy'V^Y
switched its 52 votes from Taft to Willkie.
.After that, Ohio
Four.
plunged to third.
The fourth ballot
Bridges, 1;
Willkie gained on each balloting.
^Taft in Second Place
Taft, moving up slowly and
ballot and Dewey
the unofficial total for
Taft at that point
the majority needed.
him rose to 571—70 more than
The
that point,
roll call was completed.
Pennsylvania cast its votes for Willkie,
When
Third.
roll call.
the new nominee.
refused to entertain his motion at
but said it would be acted on after the last
First.
the commencement of the balloting,
Y7---Y' YY
Dewey lost votes on every
Willkie at 1:02 a. m. (E.D.T.),
Ohio moved to make the nomina¬
criticisms,
Republican National Convention in Philadelphia in the
early morning of June 28 (1.02 a. m. E.D.T.), his nomination
coming after the sixth ballot when the nomination was made
unanimous.
Thomas E. Dewey of New York, who was the
Mr. Willkie swept into the
Pennsylvania—after passing earlier
achieved when
was
Chairman Joseph Martin
candidates
Wendell L. Willkie of New York
Y./Y;
"
tion unanimous and Ohio offered her 52 votes to
of
manufacturer
Tourneau,
•'
Y
Marked by the keynote
N.
A strike went into effect at the Peoria, 111.
Le
-7
'■ ' '
YY ;Y
A moment later Gov. John Bricker of
the
JEROME
the sixth ballot as
came on
Y Y ."'Y
the roll call—announced its 72 votes for
n
Sincerely yours,
R.
steadily upward from a third place figure
further
confer
dealer
band-wagon that shot
of 105 on the first ballot.
State after State plunged
rode to victory on a
convention,
Pennsylvania Assures Choice
Commission
This
nowhere a few weeks before
who started politically from
man
The nomination
January,
Willkie.
75 delegates went to
as
At midnight Dewey
New York
executive.
A few moments earlier his huge
officially released his delegates.
■
concurring in our suggestion that our reports on
R.
10013, embodying proposals for amending the
H.
of New York, wilted under the dazzl¬
by the Indiana-born utilities
for him.'
Y..Y 'Y:Y
letter of June 19, to which you attached a copy of your
Lea of the House Committee on Interstate
and
Act
pace set
his total
Commerce,
9807
Securities
to
of
Association
different candidates.
in releasing his delegates before
27 was noted as follows in the
United Press accounts:
same
Willkie, the
Chairman Clarence F.
Foreign
R.
to
The action of Mr. Dewey
the final balloting late June
Y-Y';. -::r:Vx 777-VY'/••'/Y:'
Connely:
I received your
letter
and
The first
Willkie's nomination
Bankers
Investment
Building, Detroit, Mich.
Mr.
the second ballot. The
brought mixed cheers and boos from the crowded galleries.
ballot showed clearly that the convention was wide open.
Cali¬
from the New York delegation on
one vote
fornia, for example, split its 44 votes among ten
Connely,
President
of
of New York
Mayor Fiorello H. La Guardia, New Deal Fusion Mayor
the nomination
1940.
June 21,
■'
»
<
YxY;Yy:/y', •'7yyyy7y
gain of 66 from the
has been the outstanding feature
announcement
CONNELY, President.
F.
E.
E.
of capital
fundamental purposes of these Acts
heartily endorse.
behalf of
On
time in an endeavor
some
the second ballot to 171 votes, a
His whirlwind campaign
the convention.
City, got
>
Mr. Lea
amendments which will speed up the flow
to
we
Y Willkie came up on
first ballot.
working together, we will
that,
appropriate amendments to these Acts.
As you
the Securities Act of 1933 has been working for
which
V
wThis included a gain of 14 votes
second with 203 votes.
was
the second poll.
on
R. 10013
embodying proposals for amending the Securities Act of 1933 be
in order to give the Commission an opportunity of sitting
with representatives of the investment banking industry and of the
poned
and
4061
The Commercial & Financial Chronicle
y
concurring in the suggestion which you made to him in your
merce,
dated
ISO
New Deal.
government.
defend the Western Hemisphere.
maintain foreign policies that keep us out
attacked.
Truly we should facilitate all nations
procuring materials and munitions, but sub¬
ject to definite limitations which keep us out of war.
..
.
Seventh.
We must recall our people from the flabbiness of the. New
Deal.
We must re-establish stamina, character and ideals.
We must regen¬
erate hope and confidence in America.
y,;Y;
.y7<y7
fighting for their freedom in
,
Willkie, 259.
In third place was Taft with 212 votes.
since the first roll call. Willkie had picked up 154.
the second and third ballots Willkie gained votes in 25 States
Dewey had lost 44 votes
Between
and lost in three.
Dewey lost in 17 and gained 8.
Taft had picked up
The second ballot gave
to nominate.
Here
,
Dewey 338 votes, 163 short of the necessary 501
His first ballot total had been 360.
shape our foreign
tion in
23 votes since the first ballot.
Second Ballot Result
Hoover declared
Mr.
The first
gers.
that "the immense task now is to
policies to protect us from the conflagra¬
He went on to say in part:
Europe and Asia."
and
now
America
must
summon
reason
to
control
emotion.
immediate dan¬
The three thousand
policjr of calm realism is not to exaggerate our
Every whale that spouts is not a submarine.
ocean is still a protection.
The air forces, tanks and armies of
miles of
..
The Commercial & Financial Chronicle
4062
Europe
useless to attack
are
Hemisphere.
do
To
anything in sight
that
they
In
now.
unless they establish bases in the Western
us
The
second
policy
that
so
starting oyer
But
supported by
third
to
those
is
we
should
that
First,
and
national
must be
pre¬
eo
who
facilitate
in
every
for
It
Mr. Pepper threatened to resign his post this morning, but relented when
the disputed section
and
economy
be
must
a
restored
The platform
nation,
for
and
ment
to war, and
us
These
sought
■
It
was
twin
evils
greatly
were
one-man
All
that
these
is
in
are
equal
justice,
danger of being extinguished.
governmental
checked.
rights,
absolutism
both
home
at
There is
and
government—
This
drift
of the nation
This convention
are upon
are
in
us.
must
efficiently as any subject peoples
rendering the Bill of Rights.
as
We
can.
can
do it without
sur¬
Declaring that the record of the New Deal is a somber
story of failure and futility and broken promises, Mr. Mar¬
tin said:
That
will
record
be approved
never
repudiate it next November.
and
in
wants
to
get back
They will
to sanity, prog¬
Peace abroad.
-
address of Gov.
Stassen, who, it was observed
Philadelphia dispatch June 25 to the "New York Sun,"
the youngest keynoter ever to be called before a na¬
a
was
tional
convention in the 84 years of
tory, we quote:
As
face
we
we
■
we
front
of
"fifth
column"
front
What
ter
of
of
governmental
be
shall
the
Every
one
"the
We
country.
the challenge
of
velopment into
Text
need
any
a
men
integrity.
the
to which
answers
mechanical
to
.
Kev
.
and
turn
mechanical
the great
Frankenstein
[Adopted
of
means
of
answering
benefits of machine de¬
Convention
Favors Extension
and
International
by
in
of
Aid
not
Violation
in
of
States, its possessions, and essential outposts from foreign attack, but also
efficiently to uphold in war the Monroe Doctrine.
We deplore
.
we
a
nation
in peace upon this
.
people.
were
noted
follows in the
as
^
;
;
Condemnation of New Deal national defense, criticism of "explosive
1.
utterances" by the President, a pledge of "preparedness and peace" under a
reaffirmation of the Monroe Doctrine.
Extension of soil conservation benefit payments to all crops under a
locally administered.
Amendment
of
the
♦
Wagner Labor Relations Act
"to
provide
true
.
Revision of the tax structure, repeal of the 1934 Foreign Silver Pur¬
5.
chase
Act, drastic reduction of Government expenditures, and easing of
Government regulation of business.
6.
A promise to "get rid of borers from within" and denunication of the
Administration for "encouragement of various groups that seek to change
the American form of government by means outside the Constitution."
The
platform also called for the extension (we quote
United Press) of the farm program, local control
benefits, con¬
of soil con¬
servation
benefit
payments to all crops,
Congressional
approval of reciprocal trade agreements, repeal of the 1934
Foreign Silver Purchase Act, drastic cuts in Federal expendi¬
tures, and equality between Negroes and whites in all
of relief activities, increased old
age pension
tinuance of collective bargaining, extension
branches of the Government.
As to Stock and
Commodity Exchanges, the platform said:
We favor regulation of stock and commodity exchanges.
measure
of self-control
consistent
The text of the Republican platform, as adopted by the
National Convention, follows:
The Republican party, in
the people of the
We state
condemn all Executive acts and proceed¬
our
general objectives in the simple and comprehensive words of
the Preamble to the Constitution of the United States.
Those objectives as there stated are these:
"To form
a
more
perfect Union; establish justice; insure domestic tran¬
quillity; provide for the
secure
.
without the authorization of the Congress of
representative convention assembled, submits to
United States the following declaration of its principles
and purposes:
defense, promote the general welfare and
common
the blessings of liberty to ourselves and our posterity."
Meeting within the shadow of Independence Hall, where those words
explosive utterances by the President directed at other governments which
and
our
Major poiDts in the platform
We declare for the prompt, orderly and realistic building of our nationa1
defense to the point at which we shall be able not only to defend the United
war
war as
with the discharge of their public trust and the prevention of abuse.
Republican National Convention which opened in
Philadelphia on June 24 adopted on June 26 the party plat¬
form, which declares that "the Republican Party stands for
Americanism, preparedness and peace;" it accordingly
fastens "upon the New Deal full responsibility for our unpreparedness, and for the consequent danger of involvement in
war." In part the platform also said:
our peace;
all
They Bhould be accorded the fullest
Agriculture, Unemployment, Currency, &c.
imperil
oppressed
as
credit.
Law—Opposed
The
ings which might lead to
existence
6. A tariff policy, scientifically devised, which will protect American
labor, industry and agriculture.
7. Sound money, with control of the currency vested in Congress as
provided in the Constitution.
8. Conservation of the public credit and economy in governmental
expenditures without sacrificing the needs of the people.
9. Government jobs on the basis and not through political influence.
10. Equality of opportunity in the industrial and
political life of the
nation regardless of race, color or creed.
11. No third term for any President.
Thank you.
to
Third
Term—
Would Amend Labor Relations Act—Policies as to
serve to
A free economy is necessary in
all
in
maintain their homes
or
from the
destruction.
Republican Party at
Philadelphia—Declares
Party Stands for Americanism, Preparedness and
Peace—Opposed to Involving Nation in Foreign
War—Expresses Sympathy for Oppressed Peoples
National
interest
our
employee and protection of the rights of labor.
5. Fairness to all agricultural producers, a market for the American
farmers with provision for soil conservation, reclamation and sound rural
charac¬
our
willing to spring to the defense of
women
seek
sympathetic
struggling to obtain
National defense is vital to
peace;
power can
The people of the
;
What shall be
people must decide.
the physical
who
Platform
of
and
a
unfriendly
freedom for, and orderliness in, self-organization and collective
bargaining."
4. Congressional approval of reciprocal trade agreements.
recognizes the vital necessity for this nation to advance rap¬
upon the front of national preparedness.
We need
millions of
are
no
cold and hungry in America.
2.
effectively
than
more
and
questions the
our
express
that
outposts.
3. Increased security for the aged and a real chance and a real job for
those in early life who have been forgotten.
4. Sound
collective bargaining.
Team-work between employer and
3.
advance?
our
are
publican party must suggest and
idly and
and
Americanism, preparedness and
so strong
its essential
or
2. Local control of unemployment relief with Federal grants on the basis
of greatest needs, thus wiping out waste and
politics, and placing a larger
share of the relief dollar in the hands of the man on relief.
No one to go
farm program
effectiveness
These
the shortest speech
Idle men, idle capital and idle farms will be put to work to create new
profit, insure stable government and greater purchasing power
among
defense.
salients of
leadership?
our
you
We pledge ourselves to carry out the following:
major fronts:
The front of domestic economic welfare.
The
going to give
conven¬
foundation.
fulfill its
to
The front of national preparedness.
The
am
United Press accounts from Philadelphia:
;.v-v
to make America strong and our way of life secure,
be years of peace or of conflict, we must advance
are
the next years
decisive and determined step upon four
a
■■
plainly that if this nation is
see
I
Army and Navy
feel
States
of free people,
Republican party his¬
v
the future
high destiny, if
whether
with
by the American people.
America
Peace at home.
peace.
From the
United
1.
The hopes of the nation
us.
point the way toward security for our beloved coun¬
our essential liberties while preparing our
defense; toward maintaining our Constitutional republic.
My countrymen, we can, if we will, achieve concerted, effective effort
ress
telegram
wealth and
try; toward the preservation of
just
war; an
peoples everywhere who
be
must
It must be checked this year.
The eyes
foreign
successfully attack America
steady drift toward
a
abroad.
promising—
or
Constitutional
a
The highlights of the Republican platform:
and their liberties.
equal
matter of private honor and public
of the platform as presented at the
by Senator Lodge on June 26 follows:
Mr. Chairman, Delegates:
govern¬
by the Founding Fathers.
They
their deliberations in this very city, to
precious to us, all that makes life attractive
liberty,
a
.
The Republican party stands for
say:
guard against them.
personal
unique "pledge of good faith" provision calling
recalled that in 1936, Mr. Landon sent that convention
of the convention.
no
to
on
feared
in
way,
a
The summary
tion
with heavy hearts our own
seen
years,
in every possible
contained
year's platform.
second, that
>
drifting toward
bankruptcy."
He went
seven
national
removed voluntarily by C. Wayland Brooks of
saying that he did not consider himself bound by various planks in that
In his address as Permanent Chairman of the Convention
Mr. Martin said "we have
was
the Presidential nominee, "as
upon
mu¬
their freedom.
My belief
subject to two limitations.
way
action which takes
no
Former Vice-President Charles Gates Dawes finally
ironed out the dispute.
faith," to "be true to the principles and program herein set forth."
fighting
are
them
sub¬
committee, of which he was Chairman, in protest against changes in the
Illinois, nominee for the United States Senate.
navies.
<
,
George
Senator
Wharton Pepper of Pennsylvania walked out of a meeting of a drafting
thought of
policies bears upon supplies of materials and
nations
that it involves
ocean.
We
right arm.
be
must
June 29, 1940
platform drafters escaped dissension when former
foreign policy plank.
We
liberty lives by law we muBt act within the law.
as
stop
can
magnificent navy
the dangerous
armies
national finance,
of realistic
nitions
our own
upon
people.
our
our
It
time to waste.
no
will entertain
only making
not
sound
a
productivity of
is
and
ocean
have
we
Navy.
our
realism is competent preparedness.
rely solely
can
preparedness
The
pass
these three thousand miles of
that'we
pared
in
foreign nation
no
this
any event,
give time for sober preparation and
armed
first
must
The
were
written,
for which
we
solemnly reaffirm them
we as a
the United States.
gig*
i
drafting the platform, was begun on June 17
by the Republican Resolutions Committee, which, it was noted
in United Press accounts from Washington on June 25,
spent more than a week studying the vital foreign policy and
domestic planks.
From these advices we also quote:
as a
perfect statement of the ends
party propose to plan and to labor.
i
The work of
The
record
of
the
attain any one of
Roosevelt
■
..
Administration
is
a
record
\
of
■
failure
;
to
those essential objectives.
Instead of leading us into more perfect
union the Administration has
deliberately fanned the flames of class hatred.
Instead of the establishment of justice the Administration has sought the
subjection of the judiciary to executive discipline and domination.
The
foreign policy plank
contained a compromise clause,
drafted after long argument between isolationists and
supporters of Allied
aid. • It places the party on record as favoring "extension to all
impossible the normal friendly relation between employers and employees
fighting for liberty, or whose liberty is threatened, of such aid
labor.
.
.
people
be in violation of international law
of
our own
which
or
as
shall not
and has
inconsistent with the requirements
national defense."
Prominent
Instead of insuring domestic tranquillity the Administration has made
.
a
drafted after an llth-hour fight on the foreign
policy issue.
good platform," said Alfred M. Landon, the party's 1936 Presi¬
"The candidate
can
interpret it in the light of world
"I'm very well pleased," said Senator Henry Cabot
husetts, who wrote the summary of the program.
our
Administration, not¬
dollars, has left the Nation
unprepared to resist foreign attack.
Instead of promoting the general welfare the Administration has domesti¬
cated the
deficit, doubled the debt, imposed taxes where they do the greatest
economic harm,
events."
•
withstanding the expenditure of billions of
Republicans voiced wholehearted support of the platform,
nominee.
succeeded in alienating both the great divisions of organized
Instead of providing for the common defense the
was
"It's
dential
even
and used public
money
for partisan political advantage.
Instead of the blessings of liberty the Administration has imposed upon
Lodge Jr., of Massa-
us
a
regime of regimentation which has deprived the individual of his free¬
dom and has made of America a shackled
giant.
Volume
150
inancial Chronicle
The Commercial &
'
''
' ''
'
11'
"Wholly ignoring these great objectives
as
'
i
' '■
Relations Act require that this act be amended id fairness to employers and
solemnly declared by the people
ail groups of
of the United States, the New Deal Administration has for seven long years
whirled in
and
tions
turmoil of shifting, contradictory and
a
polities, j Confusion has reigned supreme.
Federal Government
The only steady,
the everyday life of the farmer,
over
dustrial worker and the business
The emergency demands
Agriculture
change.
structure.
not yet
It demands free
Deal
Administration
has failed America.
The
dependent
and
tional American spirit.
-
Republican party will put into effect such governmental policies,
and
business
products.
send
our
Congress home during the world's
far
.
as
other
countless
We
shall
ways,
first line of defense
of faith who put America first
mental and economic system
the
American soil.
on
as raw
We
power
shall
this strength our national economy,
and sufficiently prepared America can speak words of
strong
a
and hope to be the liberty-loving peoples of the world.
reassurance
•
'
•
National Defense
The Republican party is firmly
war.
shall
which cost
•.'
.•,,
.
$24,000,000,000 increase in
a
us
uncollectible foreign debts and the
our
national debt, billions of
complete upset of
economic system,
our
in addition to the loss of human life and irreparable damage to the
of thousands of our
The present
than
more
are
our
health
boys.
National Administration has already spent for all purposes
an
boosted the national debt and current
has
all-time high, and yet by the President's own admission
still wholly unprepared to defend our country, its institutions and
individual liberties in
a war
that threatens to engulf the whole world,
and this in spite of the fact that foreign wars have been in progress for two
and that military information concerning these wars and the
of the warring nations has been at all times available
years or more
rearmament programs
The Republican party stands for Americanism, preparedness and peace.
We
cooperative
at
supervised by
of sound, farmer-owned and farmer-controlled
and the support
associations;
Federal
of educational
and extension
to achieve more efficient production and marketing.
programs
farm
debt
load
refinancing, where
through an agency
necessary,
of the heavy
segregated from cooperative
credit.
voluntary sale
of local tax returns,
of non-productive farm lands by
lease subject to approval of the States concerned; and the
or
uses,
including watershed
protection and flood prevention, reforestation, recreation, erosion control
and the conservation of wild life.
We advocate
foreign-trade policy which will end
a
one-man
accordingly fasten upon the New Deal full responsibility for our un-
tariff making,
afford effective protection to farm products, regain our export markets and
American price level
for the domestically consumed portion of
export crops.
1
'
.
our
B""
We favor effective quarantine against imported livestock, dairy and other
farm
products from countries which
standards equal to our own
We
the
approve
project by project and
as
development
of reclamation
rural communities suffering disasters
and other natural causes.
outlets by
through intelligent
and through the development of
of accumulated surpluses,
management
and Irrigation,
conditions justify.'
We promise adequate assistance to
from flood, drought
do not impose health and sanitary
domestic standards.
orderly
We shall promote stabilization of agricultural income
National Administration through its diplomatic and other channels.
to the
farm income; the expansion
assure an
$54,000,000,000,
Federal taxes to
we
cooperative system of adequate farm credit,
a
disposition of such lands to appropriate public
the ill effects of the last World War—a war
still suffering from
are
promote
without dislocation
opposed to involving this nation in foreign
/ .<
We
and processing of all farm products in industry
use
We shall promote a national land use program for Federal acquisitions,
'
.
encourage
materials.
We shall foster Government
ment interference..-
Only
to
necessary,
control; farm commodity loans to facilitate orderly marketing and stabilize
basis of America's defense, must be free of unwarranted Govern¬
sure
when
independent governmental agency, with ultimate farmer ownership and
an
assure
becomes operative; and to eliminate
bureaucratic interference.1
payments,
lowest interest rates commensurate with the cost of money,
and who are determined that her govern¬
To
as
produced in sufficient quantities for our home markets,
now
and will stimulate the
place in official positions men
be kept unimpaired.
be so strong that no unfriendly
Our national defense must
foot
we must
incentive
provide
climate, not
America must prepare at once to defend our
hour is here.
but administered,
increased production of agricultural commodities, adaptable to our soil and
the New Deal Administration has
shores, our homes, our lives and our most cherished ideals.
ever set
t
to provide benefit pay¬
we propose
widely applied, constructive soil-conservation program
a
the present extensive and costly
petent longer to handle the affairs of our government.
a
•
..
benefit payments until our program
the lessons of fact concerning modern, mech¬
either deliberately deceived the American people or proved itself incom¬
To establish
equitable
production
practicable, by farmers themselves; to restrict the major benefits of
anized, armed defense.
zero
an
lowering
unemployment,
these payments to operators of family-type farms; to continue all present
by the heads of our armed defense.
It has failed by ignoring
The
and maintain
and agriculture by expanding industrial
free from government-dominated production control,
by disclosing military details of our equipment to foreign
powers over protests
.
will establish
as
eliminating
Until this balance has been attained
during the absence of our elected representatives from Washington.
and
permanent,
activity,
ments, based upon
tragic hour, so that we might be eased into the war by word or deed
these
profit-
.
It has failed by attempting to
In
a
,
.
strength and vigor.
It has failed
J
costs, thereby creating increased consumer buying power for agricultural
•
/
;
.
It has failed by viciously attacking our industrial system and sapping its
most
The farmer is entitled to
many attempts.
balance between labor, industry,
thus weakening their morale and quenching the tradi¬
upon government,
solved, despite
temporary
'
It has failed by seducing our people to become continuously
and stable agriculture is the foundation of our economic
Its preservation is a national and non-political social problem
price for his products.
It demands a
domination.
■
New
The
A prosperous
the in¬
man.
organization—not confusion.
and intelligent cooperation—not incompetent
employees so as to provide true freedom for, and orderliness
in, self-organization and collective bargaining.
overlapping administra¬
undeviating characteristic has been the relentless expansion of the power
of the
4063
Recent disclosures respecting the administration of the National Labor
supplying those in need at home and abroad.
preparedness and for the consequent danger of involvement in war.
Tariff and Reciprocal Trade
We declare for the prompt, orderly and realistic building of our national
defense to the point at which we shall be able not only to defend the United
essential outposts from foreign attack, but also
'States, its possessions and
efficiently to uphold in war the Monroe Doctrine.
To this task the Re¬
the
meantime,
for lost time; but we
deplore explosive utterances by the President directed
governments, which serve to imperil our peace, and we condemn
all Executive acts and
proceedings which might lead to
authorization of the Congress of the
Our
and proper defense
proposed by the Administration in its belated effort to make up
measures
at other
shall support all necessary
we
sympathies
have
been
without the
war
or
our own.
profoundly disturbed by invasion of
threatened, of such aid
as
believe
essential to
tariff protection
in
.
explore
every
possibility of reopening the channels of inter¬
negotiations
national trade through
the spirit which should
that
shall not be in violation of
with undue haste, without proper
and without
New
Deal's
failure
revive opportunity for our
to
solve the
youth presents
government and free enterprise.
the youth
industry,
'
problem
a
These defects we shall correct.
Money
The Congress
should reclaim its constitutional powers over money, and
withdraw the President's arbitrary authority to mainipulate the currency,
Silver Purchase Act of 1934 and take all possible
1933 and the (foreign)
of unemployment
and
major challenge to representative
steps to preserve
the value of the Government's huge holdings of gold and
circulation.
reintroduce gold into
We propose to recreate opportunity for
Jobs and Idle
of America and put our idle millions back to work in private
business
administrative
and
We propose to
agriculture.
thus
restrictions,
restoring
eliminate
lost motion
the
to
individual enterprise.
wheels
of
it, we endorse the
promote
Relief
the
We shall remove waste, discrimination and politics from relief
administration by the States
with Federal grants-in-aid
on a
Money
possible to keep the securities market clean without paralyzing
principle of truth in securities in the Securities Act.
To
of idle dollars and a multitude of idle men back to work and to
national defense, these acts should be revised and the policies of
get billions
'
'
.
Believe it
needless
and debase the gold
We shall repeal the Thomas Inflation Amendment of
and silver coinage.
The
'
establish bimetallism, issue redeemable paper money
those liberties which are the priceless heritage of America.
Reemployment
.
consideration of our domestic producers
Congressional approval.
•
animate our entire defensive
policy is determination to preserve not our material interests merely, but
:
conducted as to produce genuine
have been put into effect without adequate hearings,
ments of the New Deal
defense.
believe
so
We condemn the manner in which the so-called reciprocal trade agree¬
international law or inconsistent with the requirements of our own national
We
The measure of protection
by scientific methods, with due regard to the interest of
the consumer.
We shall
for agriculture, labor and industry as
American standard of living.
our
shall be determined
un¬
We favor the extension to all peoples fighting for liberty,
whose liberty is
home markets, especially by the products of State-controlled
our
foreign economies.
reciprocity and expand our exports.
United States.
offending countries and of disaster to nations whose ideals most closely
resemble
threatened by unfair competition in world markets and by the
are
invasion of
We
publican party pledges itself when entrusted with national authority.
In
We
through
fair and
non-
changed to encourage the flow
commission
of private capital
into
industry.
•i..;.
...
'
'.••••••
>.
Taxation
'
;■
■■■■''
political basis, thus giving the man and woman on relief a larger share of
Public
the funds appropriated.
doubled.
Social Security
We favor the extension
pay-as-you-go
will permit.
of necessary old-age benefits on an earmarked
basis to the extent that the revenues raised for this purpose
We favor the extension of the unemployment compensation
provisions of the Social Security Act, wherever practicable, to those groups
spending has trebled under the New Deal, while tax burdens have
Huge taxes are necessary to pay for
those
stimulate enterprise.
of
We shall not use the taxing power as an instrument
punishment or to secure
objectives not otherwise obtainable under existing
and classes not now included.
For such groups as may
ment
Public Credit
thus be covered we favor a system of unemploy¬
compensation with experience rating provisions, aimed at protecting
the worker in the regularity of his employment
and providing adequate
compensation for reasonable periods when that regularity of employment is
interrupted.
The administration should be left with the States with
a
With urgent
direct
and
contingent
billions of this debt
retirement of
shall
maintain
right
bargaining.
of
free
organization
and
work,
and understanding in all relations between worker and employer.
differences
they
the table.
Twenty-nine
should
be settled
directly
and
voluntarily
.
Public Spending
Millions of men
and prosperity at home require harmony, team¬
When
across
$50,000,000,00p.
the national debt.
collective
.
arise
exceeding
We pledge ourselves to conserve the public credit for all
by levying taxation sufficient) to cover necessary civil
substantial part of the defense cost, and the interest and
has always protected the American worker.
labor's
We believe that peace
debt
has been created by New Deal borrowings during the
past seven years.
expenditure, a
Labor Relations
We
need for adequate defense, the people are burdened by a
essential purposes
minimum of Federal control.
The Republican party
New Deal waste and for
We shall revise the tax system and remove
practices which impede recovery and shall apply policies which
neglected national defense.
and women still out of work after seven years of excessive
spending refute the
New Deal theory that "deficit spending" is the way to
prosperity and jobs.
Our American system of private enterprise, if per¬
mitted to go to work, can rapidly increase the wealth, income and standard
of living
of all the people.
We solemly pledge that public expenditures.
/
The Commercial & Financial Chronicle
4064
other
than
those
required for future national defense and relief, shall be
cut to levels necessary
for the essential services of government.
Ford
At
pledge that
American citizens of Negro descent shall be given
our
deal in the economic and political life of this nation.
civil
the
service,
Edsel Ford, Presi¬
5,000 Ford dealers, com¬
mented upon the trip of the 28,000,000th Ford car, which
was on display after its recent return from a good-will tour
of the United States, Canada and Mexico.
Harvey D. Gib¬
son, Chairman of the Fair Board, also spoke, praising the
Government
must
To
cease.
enjoy the full benefits of life,
universal
of happiness
pursuit
suffrage must
Mob violence shocks
Negro citizen.
a
Discrimination
Army and Navy and all other branches of the
the
be made
the conscience
liberty and
effective
of the
for
achievements.
eompanys
the
nation
charge of research,
.
.-v-l.- v;V,:
■
Un-American Activities
■
that seek
change the American form of government by
to
American groups to high
The
means
development
Show
at
this
outside '
We condemn the appointment of members of such
the Constitution.
quote
the following
we
treacherous
so-called
operated in war-stricken countries, should be
a
Fifth-Column,
The
solemn warning to America.
Motors
opening
;
■
'
•
•
We pledge adequate compensation and care for veterans disabled in the
service of
our
country, and for their widows, orphans, and dependents.
■>
immediate and final settlement of all Indian claims between
the Government and the Indian citizenship of the nation.
from
been
in
Sacrifice
Hawaii, sharing the nation's obligations equally with the several States, is
measure of home rule; and to equality with the several
our national laws.
Government and Business
Government
activity
essential
to
Dr.
Leo
Union,
year,
We shall encourage a healthy, confident and growing private enterprise,
confine
public
services,
and
regulate
trade,
Republican
and fixes prices.
without prejudice or
use
not
New Deal policy fosters Government monopoly,
We shall enforce anti-trust legislation
abuse.
We condemn the
discrimination,
of criminal indictments to obtain
use
threatened
or
through consent decrees objectives
contemplated by law.
v;
.
Government Competition
v;.,
'V/
establish honest accounting and representation by
of the Federal Government and to continue only those enter¬
prises whose maintenance is clearly in the public interest.
:v;\r
House
Dedictaed
Rowe
of
principles of a free press and free speech
as
established by the Con¬
should apply to
necessary
in view of the natural limitations of wave-lengths, but this gives
for
excuse
arbitrary controls.
hearings, due
We
censorship.
cause
Federal regulation of the radio
the
oppose
interference.
man
''V-;V
'-v.
Stock and
'
'
^
arbitrary regulation has injured
We pomise to
the
encourage
rfifb;.c
f
\
Commodity Exchanges
They should
of self-control consistent with the
tion
We condemn the New
of insurance
destroy the confidence of
our
We favor continuance of regulation
by the several States.
Way of Life
is celebrating its fiftieth anniversary this
the principal speaker at the opening ceremonies
New York World's Fair on
The title of Dr. Rowe's address
The
and
the
pavilion,
culture
in
the
We
the
of
Latin
American
assembled here at
are
which
moment
This
always has
an
^
;
^
,
reestablish in the Federal Civil Service a real merit system
on a
Americas,
gives
most
a
Consular
House
been
solemn
Inter-America
to
imperative necessity.
in
these
a
International
and
which
1936
and
tion
Conference of
to even
came
American
fuller
to everyone
and
operation
of
our
republican
form
of
Third Term
To insure against the overthrow of
we
favor
an
our
\
:
"'^.r
'
American system of government,
amendment to the Constitution providing that no person shall
be President of the United States for
more
we
foresaw
at
1938,
the
was
Buenos
a
Aires
1933,
Conference of
of unending satisfac¬
source
There
was
no
be
to
Recent
that
events
in
the
extent
1 hat
Ministers
of
them
It
to
undermined
expression
however,
the
the
not
security
hesitate
Americas
to
us
to
of
the Americas
it
carry
of
weeks
recent
.
realize
that
in the first
No
.
longer
the
When
in
the
Even
have before
we
even
we
field
to
cooperation
of
international
military.
The nations
of
their
the preservation
on
realize
once
such
upon
every
preservation
instance
will
years,
the spirit of cooperation which
traditional
democratic
of American
standards
of
Inter-
of the hard and fast ideas
some
sovereignty will have to undergo modification in order to bring
of international cooperation which the present situation
the
level
Economic
readjustments
of
larger
a
problems
new
meeting of the
held at Panama
republics,
depends
forward
cooperation be adequate.
demands.
for:
must
depends
.
American
to
even
the
at
the events
to
endeavor—intellectual, economic, financial and
of
and
peoples of the Americas the urgency of the problems
they are' faced.
777''v777'7'7-:7,v."■■■■■ '.fx
which
shall
their
anew
the
upon
the task of carrying to ever higher levels
us
survey
of the Americas to the
the American
left,
was
Americas
been
clear
Foreign Affairs of
September last.
impress
republics
world in which the traditional standards
a
have
given
was.
American
be
the
This awakening
to
with
world;
the
would
compelled
intercourses
destroyed.
confront
security of
menace
have
war-torn
a
international
some
than two terms.
ago
little
would
of national
government.
years
accompanied by real danger
the integrity and normal development of our democratic
institutions.
security.
organization
celebrating the
we
interested in the Pan-American movement.
however,
this system.
policies
become
States, held at Montevideo in
fruition
the Lima Conference of
institutions
our
has
77-7
extraordinary situation which would confront the Western Hemisphere
in
1910.
The constantly growing unity of
purpose and policy of
the
American republics, which became
conspicuously evident at the Seventh
lative, executive and judicial functions is essential to the preservation of
We pledge ourselves to make it the basis of all
unity which
a
times
the
we
legis¬
history, a
deeper
the Western Hemi¬
planned the celebrations in commemoration of this event
today is dominant in Pan-American relations.
of
quote
the
,777'-'.7
,
what extent
The constitutional distribution
world
a
significance,
troublous
hearing, impartiality, adherence to the rules of evidence and full judicial
the
of
formally
We
symbolizes the unity of the Americas,
highly prized and
review of all questions of law and fact.
Our greatest protection against totalitarian government is the American
in
moment
House
to every citizen of
pledge ourselves to enact legislation standardizing and simplifying
quasi-judicial and administrative agencies to insure adequate notice and
affecting
theme
was
Corps.
Although much has been accomplished in recent
We
balances.
the
As you are aware, the Pan-American Union is this
year
fiftieth
anniversary of its founding.
When nearly two
truly competitive basis and extend it to all non-policyforming positions.
and
"America at
was
expressing
following from Dr. Rowe's address:
in
system of checks
Says
Make any
to
House; Frederick E. Hasler, President of the PanSociety; Grover A. Whalen, President of the
World's Fair, and Charles B. Vincent, Consul of Haiti and
ox
■[
Government Reorganization
We shall
Are Determined
American
position
\
Deal attempts to
people in private insurance institutions.
World's
Union
America
discharge
public trust and the prevention of abuse.
Insurance
York
Chairman of the Inter-American Commercial Arbitra¬
Commission; James S. Carson, Chairman of Inter-
son,
thought,
>
regulation of stock and commodity exchanges.
measure
New
at
American
Preserve Their
to
menaced, and that such
be accorded the fullest
of their
establish
to
by removing unnecessary bureaucratic regulations and
J1
We favor
^
\'v Small Business
business, but especially small business.
small business
of licensing
for cancellation is shown.
The New Deal policy of interference and
all
use
is
Licenses should be revocable only when, after public
\'V:
Pan
Rowe, Director General of the Pan-American
travel
sphere.
stitution,
no
'
meaning of which should be evident
Free Speech 'j.'y
the radio.
lobby.
with a musical and speaking program
keynoting
and cooperation among the 21 American nations.
Speakers in addition to Dr. Rowe included Thomas J. Wat¬
We pledge ourselves to
The
the
past."
Crossroads."
Dean
We promise to reduce to the minimum Federal competition with business.
every agency
the
unity
of the Sherman Anti-Trust Act by the
party, we have consistently fought to preserve free competition with regula¬
tion to prevent
restricts production
image
on
dedicated
Monopoly
C
receiver
which
June 22.
restricting the production of more and better goods at low prices.
passage
S.
was
the
the
television
of Inter-America House at the
business only so as to protect consumer, employee and investor and without
Since
General
lobby of the auditorium, his
experimental
an
Nations of Americas
rights of her citizens and in the application of
the
of
persons
the
Inter-America
Hawaii
i
auditorium
in the auditorium, Mr. Kettering, through
telephone tfeleviser, said that "we're trying to show everybody that the
world isn't finished.
Opportunities of tomorrow are so much greater than
entitled to the fullest
States in the
the
the
Fair—Dr,
U'V-''
the
in
cable to
a
■/
'
,
transmitter
over
he talked
as
they have
Indians
We pledge an
in
featured
Addressing the 1,500
„
Television Shown
show
science
Ernest Foss, lecturer at the science show, spoke by telephone from
stage to Mr. Kettering, who was seen and heard on the television
the
screen
Veterans
"Herald
stage.
should be deported.
v-'V^'A
the
was
television
a
being carried
investigated, and those who
change by force and violence the American form of government
to
of
Building
before
seek
Regarding
York
by the first public showing of a new tele¬
phone television portable unit developed by General Motors and the Radio
Corp. of America.
Mr. Kettering participated in this event by appearing
We favor the strict enforcement of all laws controlling the entry of aliens.
The activities of undesirable aliens should be
New
A.
Telephone
has
Immigration
exhibit.
the
Tribune" of June 18:
We pledge the Republican party to get rid of such borers from within.
:
Motors
from
un-
it
as
General
the
positions of trust in the National Government.
of the
opened the new Previews of Progress
Science
We vigorously condemn the New Deal encouragement of various groups
,
;
At the General Motors Building at the Fair, on June 17,
Charles F. Kettering, Vice-President of the coiporation in
and
v,:A\
legislation to curb this evil should be enacted.
■\'
June 16 ceremonies
qn
dent of the company, in addressing
Negro
We
in
Fair
Ford Building in Celebration of the 37th
in the
anniversary of the company's founding.
Constitution providing for equal rights for men and women.
square
World's
York
New
the
held
were
We favor submission by Congress to the States of an amendment to the
:'v".
Company Celebrates 37th Birthday at New York
Opens Science Show
World's Fair—General Motors
;
.-'j. •'
Equal Rights
June 29, 1940
the
readjustments
which
economic
of
make
will
principles
far-reaching character
a
it
for
necessary
which
have
we
to
us
heretofore
called
are
depart
from
regarded
as
axiomatic.
'
A Pledge of Good Faith
f
.v
.
.
.
The acceptance of the nominations made
by this convention carries witn
it,
as a matter
of private honor and public faith,
an
undertaking by each
candidate to be true to the principles and program herein set forth.
Our economic nationalism must give way to new forms of
inter-American cooperation which will place severe strain upon our inherited
habits
of
This
only
to
thought.
House,
the
hemisphere,
We
earnestly urge all patriotic
affiliations, to unite with
to the end that
us
men
and
women,
regardless of former
in the support of our declaration of principles
"government of the people, by the people and for the people
shall not perish from this earth."
upon
which
nations of
Doctrine
a
symbol of the
safety,
world.
made
unity of
great
Fair,
international
of
the
Western
been
this
to
message
depend
the
has
the
visitors
a
the
but
is
no
continental
Americas,
all
cooperation
the happiness
It
to
mere
and
the
and
the
will
rather
of
goodwill,
prosperity
coincidence that
doctrine
carry
peoples
than
not
this
factors
of
the
th© Monroe
an
exclusive
principle of the foreign policy of the United States and that it has taken
Volume
new
a
on
The Commercial
150
and
meaning to
vital
more
the nations
line.
sphere.
It
is
that
mere
no
coincidence that
the
nations of the Americas
fixed and firm determination to preserve their way
do this they are prepared to make any sacrifice.
showing
a
to
are
born
was
Hemi¬
of the Western
sentatives
today
for
of
of
Commencement exercises
were
brought
J., on June 28 for the largest graduating class in the
history of the Graduate Sehool of Banking, educational arm
of the American Bankers Association at Rutgers University
devoted to advanced education in banking and economics
for bank executives.
The 232 officers of banks located in
34 States who are members of the class of 1940 were awarded
and
to
money to
Quaker to his 19th year, when the Boxer rebellion
himself in the fighting at Tientsin and Peking,
Then
he
a
major
He
was
He
seen
1924
Butler
as
Senator
European war,
^
' ^
Newly Appointed Governor Ge nera
of Canada, Assumes Office at Ottawa—Signs New
War Bill as First Official Act
train journey from Halifax, N. S., where
they arrived unannounced from England*on June 19, the
new
Viceroy of Canada and his wife, Princess Alice,
reached Ottawa on June 21 and .were officially greeted at
the Union Station by Mackenzie King, Prime Minister of
the Dominion; Chief Justice, Sir Lyman Duff, and members
of the Canadian Cabinet and Diplomatic Corps.
In keeping
with the demands of wartime, only the essentials of the
ceremony,
a
usually performed when a Governor General first
Canadian soil, were carried through.
Follow¬
sets foot on
at
greetings
the
the
railway station,
the
Vice-regal
party, escorted by military and air force guards, drove to
the Parliament buildings, where the Earl was sworn in as
Governor General of the Dominion.
The new Viceroy, as
his first official act, gave
mobilize all
to
Canada for the
new
the
Royal assent to a newly enacted
and material resources of
human
prosecution of the war.
succeeds the late Lord
Governor General, who
Tweedsmuir, is a brother of Queen Mary and an uncle of
King George
last by
VI.
He was named to the office on April 3
Ernest W.
Butler, who retired from the
1931, died on June 21 at the
Naval Hospital, Philadelphia.
He was 58 years old.
A
message
of sympathy from President Roosevelt, sent to
Major-General Smedley D.
United States Marine Corps in
Butler
on
June 22, follows:
hear of Smedley's passing.
I shall always remember the
days in Haiti.
My heart goes out to you and the family in this great
grieve
to
r.orrow.
The following
regarding his career is taken from a Phila¬
delphia dispatch of June
He
Gibson, Republican of
Served
Vermont, died
20. He was
Hospital, Washington, on June
years
*
"Post" of June 21:
Washington
the
Representative from the Second Vermont District in
the Sixty-eighth to Seventy-third Congresses, he was appointed by foraier
Governor Stanley C. Wilson in 1933 to serve out the term of the late
Senator Porter D. Hale.
He won a special election for Mr. Hale's Senate
seat in 1934 and was reelected for a full six-year term in 1938.
Senator Gibson was born in Londonderry, Vt., Dec. 29, 1871, the son
of William L. and Saville (Stowe)
Gibson.
He was educated at Black
After
River
B.S.
serving
as
at Norwich
Ludlow, Vt.,
Academy,
1894 and an A.M.
degree in
University, where he earned a
in 1896, and later
studied law at the
University of Michigan.
After
■
i
serving
Chester
principal of the
as
(Vt.) High School for four
served
he set up a law practice in Brattleboro in 1899.
He later
"as Deputy Clerk of the United States District Court*in his home State, and
in both branches of the State Legislature.
He was at one time President
years,
tern of the State Senate.
pro
Joining the National
Gibson rose to a colonelcy
He returned to the service
Mexican border fighting and served
the World War as Colonel of the 162d Infantry.
Guard in 1899, Senator
by the time he retired from the Guard
in 1915 as a Captain of Infantry in
two
years overseas
during
in 1908.
Ambassador Kennedy Urges Americans
Liner Washington
Kennedy,
P.
Joseph
to Go Home on*
American Ambassador to Great
Britain, advised all Americans on June 27 to sail for
on the United States liner Washington which left New
home
York
yesterday (June 28) for Galway, Ireland.
iVjr. Kennedy
issued a statement declaring that the ship was "very likely
to be the last American vessel to come over until after the
war."
follows:
His statement
Americans who do not have any urgent reason for remain¬
ing here longer is to go home. The Government cannot continue to dispatch
vessels and their crews into belligerent waters to accommodate those who
My advice to
in danger area.
likely to be the last
persist in remaining
Washington is very
I wish to warn everyone that the
American vessel to come over until
after the war.
back to America and wants to make sure of
would be well advised to take whatever accommodations are
Anybody who wants to go
getting there
available.
The Government
leave now are
cannot be blamed
and to stay at
their own risk.
♦
M.
R.
Named
Hinckley
Assistant
Robert
those who do not
of the war, come what may,
for assuming that
prepared to stay for the duration
M.
by
r-
President
Secretary of
Roosevelt as
Commerce
Hinckley, Chairman of the
Civil Aeronautics
nominated by President Roosevelt on
June 20 to be Assistant Secretary of Commerce, succeeding
John Monroe Johnson.
Mr. Johnson is now a member of
the Interstate Commerce Commission; his appointment was
noted in these columns May 4, page 2817.
Authority,
was
H.
Brown
United
old
of Vermont—Had
17 Years
old.
Senator Gibson had served in Congress 17
having been a member of the House of Representa¬
tives from 1923 to 1933 and a Senator from 1933 up to his
death.
The following regarding his career is taken from
08
Fred
I
.
King George, as noted in our issue of April 6, page
Death of Major General Smedley D. Butler—President
Roosevelt Expresses Regret
Mrs.
.
years,
Irish Minister
Athlone,
of
Following
)
Gibson
Congress
States; Grover A. Whalen, President of
The
leave of absence.
a
methods
of
Death
H. La
to the United
the Fair Corporation;
Edward J. Fly mi, United States Commissioner General to
the Fair and Leo T. McCauley, Counsul General for Erie
in New York. Declaring that Ireland has earned the right to
complete unity the Mayor said that no nation could expect
recognition duty, cooperation from any country unless at
the same time that recognition is given to it.
On June 23, Finland Day at the Fair was celebrated by
4,000 Finnish-Americans with an address by Hjalmar J.
Procope, Finnish Minister to the United States.
On the
same
day 5,000 Norwegian-Americans held ceremonies at
the American Common of the Fair on behalf of the Sons of
Norway. The principal speaker of the occasion was Wilhelm
Morgenstierne, Norwegian Minister to the United States.
In observance of Australia Day at the Fair on June 24,
Richard G. Casey, Australia's first Minister to the United
States, visited the grounds and inspected the pavilions of
Great Britain, New Zealand, Canada and Eire. A reception
in honor of Mr. Casey was held at the Federal Building,
after which he made a speech at the Australian pavilion
declaring that Great Britain would be victorious in the
Brennan,
Robert
Guardia,
bill
Coolidge granted him
antagonized political figures of larger dimensions,
Mayor Kendrick asked him to resign after 18 months of service.
and
New York World's Fair
Among the speakers were: Mayor F.
,
a
President
his
Finally
Finland and Australia Observe Special Days
Americans.
ing
stamping out yellow fever.
with his men, working on construction.
Brigadier-General at the close of the war.
Mayor W. Freeland Kendrick of Philadelphia asked for General
Director of Public Safety to clean up the city's burden of vice
crime.
and
in
Central America until 1918.
.
.
.
He finally got
head the debarkation activities at Brest, where he was
to his knees in mud
up
made
was
In
in
France to
to
over
often
achievement
kept
the Rutgers University
Ireland Day at the New York World's Fair was observed
June 16 in the Court of Peace before 10,000 Irish-
fire.
sanitation system regarded
Nicaragua, where he set up a
to
went
Senator
at
lines
eminent
,
Ireland,
Earl
British
wounded
a
in the Doctors'
on
engagements he once ran out beyond the
Tommy and carried him back under
during this series of
as
study, and their preparation
of theses on specialized subjects in banking and finance.
Dr. Lewis E. Pierson, Honorary Chairman of the Irving
Trust Co., New York, who is Chairman of the Board of
Regents of the Graduate School of Banking, presented the
diplomas and certificates after the class heard an address by
Dr. Douglas Southall Freeman, editor of the News Leader,
Richmond, Va. Following the precedent established by the
graduating classes of previous years, members of the 1940
gift of
the Philippines
Spanish-American War and a period in
bullet in his leg later in the campaign, and was sited eventually
and conspicuous service, becoming a Captain.
Next he was called to Panama, to build Camp Elliott, the Marine base.
Rutgers, two years of extension
Library.
the American forces in Cuba.
the
young
He distinguished
rescue
for
certificates of study for their three years of
attendance at the Graduate School's summer sessions at
a
more
was
He got a
or
class contributed
of
the
started.
N.
diplomas
of age, ran away to
but was rejected for his too few years.
The
successful in lying about his age and took
Washington for Second Lieutenant in the Marines.
He
in
close
The
held in New Brunswick,
,
Guard,
he
year
passed and joined
Banking
years.
many
the National
join
following
School
Graduation
Thomas S. Butler, was a
boy went to Haverford School and at 16 years
The
of life and
of an old Quaker family
member of the House of Repre¬
1881, in West Chester, Pa.,
July 30,
on
His father,
examinations
Exercises
Commencement
4065
£ Financial Chronicle
took part
The
I
in three wars, fighting in 14 battles, and won numerous
citations,
including two Congressional Medals of Honor.
numerous
nicknames, one of the most familiar
He was called by
being Old Gimlet Eve.
He
resignation of Fred II. Brown as
Comptroller General
June 19, was accepted by
President Roosevelt on that day.
Mr. Brown, who was a
former Senator from New Hampshire, resigned because of
ill health.
In accepting the resignation the President wrote
Mr. Brown that "the confidence in your ability which im¬
pelled me to appoint you to this high office has been amply
justified." Mr. Brown was appointed to the post of Comp¬
troller General in April, 1939, to serve a term of 15 years;
this was noted in our issue of April 1, 1939, page 1897.
The
President's letter accepting the resignation follows:
the
of
Dear
22 to the New York "Sun":
General of
Resigns as Comptroller
States Because of 111 Health
United States, effective
'V
Fred:
I
•
- :
the
regret that your telegram of resignation as Comptroller General of
States is induced by circumstances which give me no alternative.
United
therefore accept your
resignation, to take effect as of
this date.
The Commercial & Financial Chronicle
4066
The
in
confidence
ability which impelled me to appoint you to
high office has been amply justified.
Although the public service
be the loser by your withdrawal, I like to feel that even
during an
this
will
all
brief
too
abilities
and
all
tenure
the
on
With
your
General
I
the
set
stamp
Office.
Accounting
for your early and
good wishes
strength,
have
you
4'V
am
of
your
talents
G. L. Harrison to Continue
./:V;-\,FKANKLIN
to
George L. Harrison, President of the
health
; --A
yours,
1940
29,
President of New York
as
Federal Reserve Until Jan. 1, 1941—Delays
Taking
Up Presidency of New York Life Insurance Co. at
Request of Bank's Directors
and
v..
complete restoration
Very sincerely
i'V
own
June
Bank
D. ROOSEVELT,
New
of
York,
will
continue
Jan. 1,1941, the Bank announced
on
Federal Reserve
that position until
in
June 24.
Mr. Harrison
scheduled to resign his present office in July 1 to become
President and chief executive officer of the New York Life
Insurance Co. but the Directors of the insurance
was
H.
S.
Made
Davis
York Stock
Executive
Vice-President
of
New
Exchange—New Administrative Board
company
Created
McC. Martin Jr.,
William
agreed to the request of the bank's Board of Directors to
postpone the effective date until Jan. 1, 1941, due to the
extraordinary conditions now prevailing.
The bank's re¬
quest for the postponement was concurred in by the Board of
Governors of the Federal Reserve System.
v-.1.
Mr. Harrison's plans to resign his Reserve Bank position
were reported in these columns
April 13, page 2355.
President of the New York
Stock Exchange announced on June 26 the
appointment of
S. Davis as Executive
Howland
Vice-President, effective
At the same time Mr. Martin announced the
administrative board, consisting of Mr.
Davis,
Vice-Presidents
John
Haskell, Eugene
immediately.
creation of
and
an
Lokey and
Board, it is said, will perform
coordinating functions and assume such administrative
responsibilities as may be delegated to it by the President.
of the Federal Reserve Bank of New
The
as
Charles E. Saltzman.
creation
of
this
This
board
conforms
to
the
Bank's announcement in
The
On
spirit of the
report of the Special Committee which, headed by Carle C.
Conway, recommended the present form of management
April 11, 1940, it
the matter follows:
announced that George L. Harrison, President
was
York, would resign from that office,
1940, to become President and chief executive officer of the
of July 1,
New York Life Insurance Co.
It is
announced that, because of the extraordinary conditions which
developed, the Board of Directors of the Federal Reserve Bank
now
have since
and government of the Exchange; the
report was referred to
in our issue of Jan. 29, 1938, page 690.
The Conway Com¬
mittee recommended that administrative
of New York, with the concurrence of the Board of Governors of the Federal
Reserve System, has requested, and the Board of Directors of the New
York Life Insurance Co. has agreed, that Mr. Harrison's
resignation from
his present office and the assumption of his new office be deferred
responsibility be
placed in the hands of the executive staff.
The changes
a fiirther application of this principle of
manage¬
until
represent
Jan. 1, 1941, so that he may continue as President of the Federal Reserve
Bank of New York until that time.
ment.
,
Mr. Davis
was appointed a Vice-President of the
Exchange,
charge of the Department of Member Firms, in March,
1939.
He had previously been a member and a
governor.
in
Stock
Clearing
Corporation
Announces
Changes
in.
William
Exchange announced on June 26
that Charles B. Harding, Chairman of the
Board, has been
elected Chairman of the Board of the Stock
Clearing Cor¬
poration, a subsidiary of the Exchange, and that Mr. Martin
Clearing Corporation.
Mr.
The Act providing for the organization of the
Laws of 1940, redesignates Article
irSSi
;
New York Stock
Exchange Is Prepared to Aid Defense
Financing, Says President Martin
The nation-wide organization of the New York
Stock Ex¬
change is prepared and equipped to assist in the urgent task
of preparedness now
facing the country, William McC.
Martin Jr., President of the New York Stock
Exchange,
declared in
statement
a
appearing in the June issue of "The
Exchange," monthly publication of the institution.
Mr.
Martin also commented upon the manner in which the
Exchange successfully withstood the recent heavy liquida¬
tion.
His statement follows:
All units of
recent
our
difficult
community have admirably met the requirements of the
As the world's only
freely functioning securities
importance, the New York Stock Exchange has not only
withstood successfully the force of
liquidation of unusual scope and urgency,
but has given evidence of
organizational strength with a significant bearing
the future.
Under'
vestors
our
to
a
the
great part of the
The conversion of
our
Nation
will
rely
upon
market place, will perform
manufacturing plants into producers of
vital function.
In the World War the aid
rendered
surance.
in
the history
of that
period.
facing the country the nation-wide
organization of the Stock
Exchange is prepared and equipped to give such
' ■'/ 7
/
>;
assistance again.
■
.
Forrestal
President
Named
Administrative
Roosevelt—Resigns
Co.
Forrestal
and
is
as
Succeeded
Assistant
Head
by
C.
of
S.
to
Dillon,
McCain
resigned
as President o£ Dillon,
Read
June 22 to accept the position of Ad¬
ministrative Assistant to President Roosevelt.
Charles S.
McCain was elected to succeed Mr.
Forrestal as head of the
investment
firiyu It is expected that Mr. Forrestal will
serve in some liaison
capacity for the President in handling
the national defense
program.
Mr. Roosevelt is authorized
&
:;
From the
I'
\?yr ■-i
Department's
A savings bank, under the
;
three
every
new
v.
„
announcement
?:•'/■
<-.v
also quote:
we
legislation, is authorized to make invest¬
ments in its own insurance
surance
department and in the Savings Banks Life In¬
Investments in each fund must be at least
§20,000 for each
Fund.
insurance bank.
to
The Fund will be employed as a central insurance
guaranty
protect the insurance departments of all insurance
will
of
be increased
banks.
The
Fund
periodically by contributions by the participating banks
portion of the premium income received from the sale of
policies.
The
savings departments of the banks will continue to be kept distinct from the
a
insurance
departments
penditures.
general
The revised
The
the
matters
of
liabilities,
banks
and
statute
Life
trustees
two
appointments
ex¬
provides that all appointees to the Board of the
InsuranceTFund must
are
from
may
Edward A.
Henry
and
accounting
of conducting the savings bank life insurance business.
Banks
seven
in
No changes are effected in the type of policies issued or in the
manner
Savings
nominations
be
be
trustees
divided into three classes.
made
made
without
of savings
banks.
Three of the appoint¬
by savings bank life insurance
by other savings
nomination.
banks.
•
Two
appointees
The
are:
Richards, President of East New York Savings Bank.
W.
Proffitt,
member
of
the
legal firm of Barry, Wainwright,
Thacher & Symmers, and Trustee of the
Empire City Savings Bank.
Albert E. Cluett, Executive Vice-President of
Richard
Co., New York,
Brennan,
President,
Brevoorts
New York.
'
Savings
of
'
.
Bank;
Director,
Lawyers Title Corp.
of
:
-
.
Oliver W. Roosevelt, First Vice-President of
Dry Dock Savings Institu¬
tion.
7.,V-
u.-.;.,.;-'-".•
\v
>■
V-:.-/
Vi/,,■
George D. Whedon, President, Monroe County Savings Bank.
Henry R. Kinsey, President, Williamsburgh Savings Bank;
of
the
State
Banking Board, and Past President
of
the
>
member
Savings
Banks
Association and the National Association of Mutual
Savings Banks.
Seven
savings
banks have
applied
for
and have
been
authorized to write insurance, Empire City Savings Bank,
New York Savings Bank, Manhattan; Lincoln
Savings Bank,
East New York Savings, and Bushwick Savings Bank, of
Brooklyn; Troy Savings Bank, Troy; Mechanics Savings
Bank, Rochester. In addition, a number of savings banks
act
as
agencies for the institutions which write insurance.
on
by the Reorganization Act of 1939 to appoint six administra¬
tive assistants at a
salary of $10,000 a year.
Prior to this
appointment, others who were named are Lauchlin Currie,
William H. McReynolds and James H.
Rowe, Jr.; this was
disclosed in our issue of
July 15, 1939, page 354.
A.
Mortgage Corp. of New York; and Director
:
by the Stock Exchange in financing
recorded
In the urgent task of
preparedness now
&
once
a veto power over policy
forms, rates, surrender
charges, loan values and other insurance features of savings bank life in¬
Stock Exchange, as the Nation's
largest
a
America's participation is
clearly
Read
banks
lie also retains
years.
private in¬
billions of dollars required for pre¬
materials will necessitate the
distribution of funds among Government
bonds and the securities of
corporations engaged in defense work.
In this
essential enterprise, the New York
James
The Superintendent of Insurance, however, will continue to
examine the insurance departments of individual
war
James
Article
as
Troy Savings Bank, Troy.
democratic methods
supply
paredness.
Insurance Law
The effect of the legislation is to
ments must be made from nominations made
weeks.
Fund, Chapter 449 of the
of the
number of substantive changes in
transfer the administration of savings bank life insurance to the
Banking
market of major
upon
a
the savings bank life insurance statute.
Department.
Halliday, who has been President of the Stock
Clearing Corporation since, 1938, is retiring, having passed
the retirement age.
Mr. Halliday has been employed by
the
Stock
Clearing Corporation since February, 1920,
serving successively as First Teller, Assistant Manager,
Assistant Secretary, Vice-President and then as President.
IX-D
VI-A of the Banking Law and effects
R.
♦
R.
June
on
The appointments, which are
salary, will be effective July 1, when the Fund be¬
comes a division of the
Banking Department. Created by
Act of the last session of the Legislature the Fund will com¬
bine the functions of the Division of
Savings Banks Life
Insurance, which is now part of the Insurance Department,
and the General Insurance Guaranty Fund.
In announcing
this the Department says:
■--..'J
for the past two years, as Treasurer.
I.
Superintendent
Banks Life Insurance Fund.
Dessau, who has held the office of Treasurer of the Exchange
and the Stock Clearing Corporation since
May, 1938, will
be succeeded in that office by Arthur H.
Franklin, now
Assistant Treasurer.
George A. Cuff and Ronald R. Westwood have been appointed Assistant Treasurers
of the
Exchange, succeeding Mr. Franklin.
Mr. Dassau has been employed
by the Exchange for the
past 12 years, first as accountant, then as Comptroller and,
:
State
without
John Dassau has been
appointed
1st Vice-President of the Stock
By
White, New York State Superintendent of
26 appointed, with the consent of Gov.
Herbert H. Lehman, seven trustees to
manage the Savings
Banks
New York Stock
has been elected President.
Appointed
White to New York Savings Banks Life Insurance
Fund
Officers
The
Trustees
Seven
ITEMS
ABOUT
Arrangements
BANKS,
TRUST, COMPANIES,
&c.
made June 28 for the transfer of
were
New York Stock Exchange membership at $40,000.
previous transaction was at $37,000, on June 20.
a
The
;V-J'
♦
Arrangements were completed June 20 for the sale of a
membership in The Chicago Stock Exchange at $1,500,
unchanged from the last previous sale.
-
Volume
The Commercial & Financial Chronicle
ISO
Arthur S. Kleeman, President of the Colonial
Atlantic City National Bankjof Atlantic^City, N. J., the
book value of which was set at $2,659,808.
In its report
Trust Co.,
New York, announces the appointment of H. C.
as
Assistant Trust Officer.
W. H. Wernsing,
Stoddard
of the
Assistant
Officer, has been appointed Manager of the bank's
newly created real estate service department, which will
The bid
—♦—
•
Vs"-.
liquidation, which
an
was
30,
and also spent
concluded
The
Title
Bank &
Trust
♦
noted in
our
issue of Oct. 5, 1935, page 2220) was contained
on June 21 to the New York "Herald
Tribune":
;
An additional division of
10% has been paid to depositors of the defunct
The payment, amounting to $424,146,
is the fourth dividend disbursement since the bank
sent to
Haskell, she organized
or
75%.
vania oil
The bank, which
was one
of the largest in the northern Pennsyl¬
field, closed its doors following discovery of
in progress since.'
'7.'
■
-V:
,i; '■
,
In 1917 she
Europe by the American Red
a
was one
of the
Shortly
Cross.
V
orphanages there.
Andress
was
of American Friends of France.
controlled
Since September last,
chairman
of
a
♦—
••
Stockholders of the American
Bank &
the
Trust
common
Co.
stock
Savings
Bank
the
tribute
York
Monday,
New
shares of the holding corporation stock.
THE
June 23, 1890.
From deposits of about $1,000,000 at the
century, the bank, it is stated, has become the
13th largest savings bank in the State of New York with
deposits of approximately $114,000,000 and total resources
of more than $130,000,000.
Regular depositors number
over 142,000, in addition to which there are 46,000 school
and Christmas Club depositors, making a total of over
188,000.
According to President Howell T. Manson, the
Dollar Savings Bank has confined its business almost en¬
tirely to the Bronx and has seldom seen fit to invade other
boroughs in quest of either mortgage loan business or deposits.
The bank operates two of the most modern banking offices
in the city—the main office at 147th Street and Third
Avenue, and the enlarged Fordham office at Grand Con¬
and maintain a branch office at Brighton
Coney Island Ave., Brooklyn, N. Y., it is
learned from the Department's "Weekly Bulletin" of June 21.
*
June 27
celebrated the completion
and opening of its enlarged build¬
ing at Roosevelt and Woodside Avenues at 60th Street,
Woodside, Long Island. The officers and directors, headed
by Richard M. Lederer, Chairman of the Board, and Charles
Herr, President, served as a reception committee. Colonial
in design, the new quarters have been given an atmosphere
of Old New York.
The bank recently announced a change
♦
on
.
.
Jersey banks—the Westfield Trust Co. of
June 24, the latter becoming a branch of the
The Federal Deposit Insurance Corp.
Westfield Trust Co.
has confirmed the consolidation and testified to the soundness
of the new institution.
The enlarged Westfield Trust Co. is
capitalized at $500,000 with surplus and undivided profits
of $50,000, and has total deposits of .$4,874,000 and total
resources of $5,450,000.
Officers are as follows: Frank H.
Betz, President and Trust Officer Alfred E. Norris; VicePresident, James E. Walsh, Secretary; John M. Hull, Trea¬
surer; Eugene A. Otto, Asst. Trust Officer; Clarence B. Vail,
Branch Manager and J. Horace Hatfield, Asst. Branch
Manager.
•
the Seaboard Fidelity Co.
City, Nj J., on June 25 submitted the successful
bid of $1,530 for all the remaining assets of the defunct
R. B. Hamilton, representing
of Atlantic
were
among
pref., 2Yi points to 100.
Curb stocks moved upward
on
Monday under the leader¬
ship of the public utility preferred issues.
Industrial spe¬
cialties were stronger and a number of modest advances
registered in this group.
Aircraft shares were irregular
most of the changes in minor fractions.
Paper and
cardboard stocks moved within a narrow channel and ship¬
building issues were unchanged.
Prominent among the
movements on the side of the advance were such trading
favorites as American Gas & Electric (1.60), 2 points to 33%;
with
Westfield and the First State Bank of Scotch Plains—were
merged
MARKET
were
from the Woodside National Bank of New York
Standard National Bank of New York; this was reported
in our issue of June 8, page 3601.
to
■
CURB
were
open
Two small New
there
downside
Beach Ave. and
name
The
also a number of price variations on the
the industrial stocks.
Aircraft issues
moderately active but prices were generally irregular.
Shipbuilding shares were practically unchanged and the jjaper
and cardboard issues were fractionally higher.
Oil shares
moved within a narrow range and aluminum stocks were
slightly improved.
Noteworthy among the gains were
Consolidated Gas & Electric of Baltimore pref., 3% points
to 115; Eastern States Corp. pref. A, 3% points to 17%;
Pacific Power & Light 7% pref., 3 points to 83; Southern
California Edison C pref., 2 points to 28%; and United Gas
group,
The Lincoln Savings Bank of Brooklyn, N. Y., was au¬
thorized on June 20 by the New York State Banking Depart¬
in its
A small cash
have been deducted is planned.
Irregular price movements, with occasional periods of
profit-taking, were the outstanding features of the dealings
on the New York Curb Exchange during much of the present
week.
There have been some modest advances among the
public utility preferred stocks and a number of small gains
were registered in the industrial specialties group, but there
was a tendency toward lower levels in most of the general
list.
Shipbuilding stocks were lower and the paper and
cardboard issues were inclined to move downward.
The
aluminum shares were mixed, oil stocks moved within
a narrow range and aircraft issues were comparatively quiet.
Mixed price movements were apparent during a goodly
part of the two hour trading period on Saturday, and while
there were several substantial gains in the public utility
and Fordham Road.
on
National
7
turn of the
of New York
American
corporation held 6,250 of the 10,000 bank shares.
celebrated the start of its second half century on
June 24, the bank having opened for business 50 years ago—
Standard National Bank
the
The distribution will be made on the basis of one share of common bank
stock for each eight
City of
of
Chicago, Chicago, 111., on June 24
voted dissolution of the corporation and immediate distribu¬
tion of its assets, it is learned from the Chicago "Tribune"
of June 25, which added:
7 :
of
Holding Corporation, which
of
distribution after taxes and expenses
The
7"...
was
'>'7
■
unit for relief in the Near East and served in
director of the
February Miss
to
•'
National Bank, Lyndora,
placed in voluntary liquidation. The institution,
which was capitalized at $75,000, was absorbed by the
Butler County National Bank & Trust Co. of Butler, Pa.
Pa.,
dinner to France in honor of the French Ambassador, Count
Rene de Saint-Quentin, and Miss Anne Morgan, President
ment
shortage of approxi¬
'
the other
as
activities, narticularly with those of American Friends of France.
course
a
Liquidation of assets has been
mately $1,300,000 nearly five years ago.
when the present war started, she has been identified with a number of war
on
suspended business in
September, 1935, and brings total distribution to depositors of $3,161,425,
after her return in the autumn of 1919, upon the request of General William
Dollar
Vice-President of the
in Bradford advices
by Congress and presented to her by General Pershing in 1919 for the work
The
a
of Philadelphia,
Effective June 17, the Lyndora
she did at Toul, France, during the World War.
as
-
The following regarding the affairs of the defunct Commer¬
cial National Bank of Bradford, Pa. (the closing of which was
Miss Andress is the possessor of the Distinguished Service Medal awarded
the Caucasus
Co.
f
branches of the Chase,
women
likely
Pa., it is
Philadelphia "Inquirer" of June 26.
He
will have charge of the title department. .
Square Branch, in London, and has been closely identified with the sub¬
eight
next
learned from the
She organized
well
The
•
•
Pierce Mecutchen has been elected
Land
of the bank's newest branch, the Berkeley
as
auction.
closing of the Atlantic City National Bank was noted
>
in the various domestic branches of the Chase
sequent development of the business of that branch
by today's
in the Chronicle of Feb. 4, 1933, page 786.
considerable time in the bank's London and Paris offices.
In 1937 she assisted in the opening
The listings
of the notes.
1933, and since had been under Federal
only 5% of their claims.
with the Paris office of the Bankers Trus
officer of the Chase National Bank in 1924.
the women's departments
In
Jan.
Commercial National Bank here.
Miss Andress, after four years
N.
on
step is a final small dividend to the depositors, who, to date, have received
says:
first
had been given as security for certain
The bank closed
Mary Vail Andress, one of few women holders o;
the Distinguished Service Medal, and who has been the only
woman officer of the Chase National Bank for
the past 16
years, will withdraw from banking on July 1 to devote her
time to war emergency relief work, it is announced on June
23.
Regarding the activities of Miss Andress, the announce-
Ca. became
judgments,
assortment of defaulted notes,
an
filled 77 typewritten pages.
special meeting held on June 25, the Board of Gover¬
nors
of Commodity Exchange, Inc., New York, voted to
suspend trading in hide and rubber futures on this Exchange
on
Saturdays during the months of July and August and on
the first Saturday in September.
This action follows the
decision of the Board taken on June 12, 1940 to suspend
trading in metal futures on the same Saturdays. As a result,
the markets on Commodity Exchange, Inc. will be closed
for trading in all commodities on Saturdays during the
months of July and August and on Saturday, Sept. 7, of
this year*'1
v.;' 77 • ,7
.-7'..' !!::7'v7 V:
a
Miss
inclusive for
was
mortgages and miscellaneous paper, and likewise for stocks, once valuable,
-
which
At
sale, the New York "Times" of June 26, in Atlantic
City advices, further said:
Trust
handle real estate matters for the bank's customers.
4067
Hygrade Sylvania, 2 points to 35; N. Y. Water Service Corp.
pref., 2 points to 19; United Light & Power pref., 2% points
to 27; General Water, Gas & Electric pref. (3), 7% points
to 38%;
New England Power Association 6% pref., 4
points to 66; Public Service of Indiana $7 pr. pref., 3 points
to 85%; and Standard Oil of Kentucky, 1 point to 18%.
On Tuesday price changes were mixed with the losses con¬
siderably in excess of the gains.
The volume of transfers
climbed up to 147,520 shares, against 131,745 on Monday,
There were 310 issues traded in of which 74 closed on the side
of the advance, 150 declined and 86 were unchanged.
Public
utility stocks were active on the upside but the changes were
largely fractional.
Aircraft issues were down Bell dropping
a point to 15, while most of the rest of the group were frac¬
tionally lower.
Aluminum shares declined, Aluminum Co.
of America
slipping back 2% points to 157%, while Alumi-
The Commercial & Financial Chronicle
4068
nium, Ltd., receded 3 points to 54%.
Other losses were
Childs pref., 2%.points to 12%; Gulf Oil, 2% points to 26%;
New Jersey Zinc, 2 points to 54; United Light & Power pref.,
3 points to 24; and Jones & Laughlin Steel, 1 point to 21.
Lower
prices prevailed
Wednesday and the volume of
sales declined to 125,505 shares, against 147,520 on Tuesday.
Following a moderately strong opening considerable profittaking developed and the trend of the market pointed down¬
ward during the rest of the session.
Aircraft shares were
off all along the line and the shipbuilding issues moved
fractionally lower.
Paper and cardboard stocks were down
the
and
aluminum
on
issues
mixed.
were
There
were
EXCHANGE
FOREIGN
Pursuant to the
Act of
1940
RATES
requirements of Section 522 of the Tariff
1930, the Federal Reserve Bank is
certifying
now
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
give below
FOREIGN
We
record for the week just passed:
a
EXCHANGE
RATES
CERTIFIED
JINE
22,
1940,
TO JUNE 28,
RESERVE
FEDERAL
BY
UNDER TARIFF ACT OF
BANK TO TREASURY
1930
INCLUSIVE
1940,
Noon Buying Rale for Cable Transfers in New
Value in United States Money
some
advances among the public utility preferred stocks and the
industrial specialties, but the changes were small and with¬
June 29,
Country and Monetary
June 22
June 24
June 25
June 28
June 27
June 26
York
out
special significance.
Outstanding among the declines
were Benson & Hedges pref., 12 points to 30; General Gas
& Electric pref. B, 6 points to 32; Singer Manufacturing Co.,
6% points to 105%; Coltfe Patent Fire Arms, 3% points to
75; and Brown Co. pref., 2 points to 15.
Narrow price movements, with changes largely on the side
of the advance, dominated the trading on the curb marked
on Thursday.
The gains ranged from 1 to 4 or more points
with the public utility preferred stocks again leading the
way.
The advances included among others Central Power
& Light pref. (7), 2% points to 105%; Indianapolis Power
& Light pref., 3% points to 10834; Pacific Lighting pref (5),
4% points to 10534 and Illinois-lowa Power pref., 134 points
to 27%.
Aircraft shares were quiet with most of the changes
in minor fractions.
Shipbuilding issues were moderately
higher and so were the paper and cardboard stocks.
In¬
dustrial specialties improved, Royal Typewriter advancing
2 points to 47; Jones & Laughlin, 1 % points to 21; American
Cyanamid B, 134 points to 3234 and Draper Corp, 1 point
to 62.
The aluminum shares did not appear on the tape and
the oil stocks moved within a narrow channel except for Gulf
Oil which rose 2 points to 2734'
Curb stocks moved briskly upward during the early trading
on Friday, and while some of the
morning gains were lost
as profit taking appeared;
the market settled down as the
day progressed and the advances continued in excess of the
recessions as the day closed.
Public utilities again moved
to the front and gains ranging up to 4 or more points were
registered in the preferred stocks group.
Aircraft shares
were generally irregular,
paper and cardboard issues regis¬
tered moderate gains and industrial specialties were mixed.
As compared with Friday of last week
prices were slightly
lower, Bell Aircraft closing last night at 1434 against 16 on
Friday a week ago; Creole Petroleum at 14% against 15;
Fairchild Aviation at 8% against 9%; Gulf Oil Corp. at 2734
against 29; International Petroleum at 834 against 9%, and
Seoville Manufacturing Co. at 26% against 28.
■
DAILY
TRANSACTIONS
AT
THE
NEW
YORK
CURB
EXCHANGE
o]
Shares)
Saturday.
Foreign
Domestic
45,700
$437,000
$2,000
$9,000
a
a
•v;
a
a
a
;
v' a
a
a
.■
a
'
V
a
4.035000
4.035000
4.035000
4.035000
4.035000
4.035000
Free
3.723750
3.705357
3.703928
3.726562
3.895625
3.919375
.020100
.020100
.020100
.019733
.019766
.019766
a
a
a
a
a
Finland, markka
France, franc
.399700*
.399700*
.399700*
.399700*
.399900*
.006.500*
.006685*
.006725*
.006740*
.006740*
.006668*
.175775*
.175930*
.175920*
.175920*
.175920*
: 175930*
.050300*
Hungary, pengo
Italy, lira
Netherlands, guilder.
Norway,
.050350*
.050342*
.050342*
.050300*
.050300*
a
a
a
a
a
a
a
a
a
a
a
a
a
a
.036300
.036433
.036433
b
b
b
krone..
Poland, zloty
Portugal, escudo—_
Rumania, leu
a
.399750*
Germany, relchsmark
Greece, drachma
VV
;
V
a
a
a
a
.036466
.038675
.038800
b
b
'
b
.(>91300*
Sweden, krona
.091300*
.091300*
.091300*
.091300*
.238340
.238080
.238175
.238060
.238350
.238120
.226000
.225716
.225428
.225570
.226137
.226333
.022440*
Spain, peseta
.022440*
.022440*
.022440*
.022440*
.022440*
...
Switzerland, franc...
Yugoslavia, dinar...
.091300*
Alia—
China—
Chefoo (yuan) dol'r
a
Hankow (yuan) dol
Shanghai (yuan) dol
Tientsin (yuan) dol.
a
a
.
a
.060333*
a
yjp
a
•••'+
a
.059412*
.058987*
a
.059787*
a
/
+
a
.061525*
.062750*
a
a
dollar.
.230616
,229937
.230293
.231250
.240637
.243300
India (British) rupee.
Japan, yen
8tralts Settlem'ts, dol
.301960
.301083
.301371
.300900
.301083
.301083
.234310
.234310
.234310
.234287
.234310
.234310
.470800
.471156
.471156
.471156
.471156
.471156
Hongkong,
.
a
a
a
Australasia—
Australia, pound—
Official
3.228000
3.228000
3.228000
3.228000
3.228000
Free
2.968333
2.952500
2.951250
2.970416
3.107500
3.124166
New Zealand, pound. 2.979583
2.964166
2.962916
2.982083
3.119583
3.136250
3.980000
3.980000
3.980000
3.980000
3.980000
3.228000
Africa—
South Africa, pound. 3.980000
North America—
Canada, dollar—
Official...
.909090
.909090
.909090
.909090
.909090
.909090
Free
.811328
.809821
.808515
.813203
.832500
.837500
.196000*
.196666*
.199833*
.201750*
.197500*
.198125*
.9090110
.909090
.909090
.909090
.909090
.909090
.808437
.807083
.806093
.830312
.835000
.297733*
.297733*
.297733*
.297733*
,297733*
.297733*
.060575*
.060575*
.060575*
.060575*
.060575*
.060575*
.050260*
Mexico, peso
Newfoundl'd,
dollar.
Official..
Free
I
.
810468
South America—
Argentina, peso
Brazil, mllrels—
Official
Free
Chile,
.050220*
.050260*
.050260*
.050260*
.050260*
,051680*
.051680*
.051680*
.051680*
.051680*
.051680*
.040000*
.040000*
.040000*
.040000*
.040000*
.040000*
.572500*
.........
.572650*
.572650*
.572650*
.572650*
.572650*
peso—
Official..
...
.......
17,000
15,000
2,000
24,000
.658300*
.658300*
.658300*
.658300*
.658300*
.374000*
.374000*
.374000*
.374000*
.371166*
.370333*
807,000
951,000
.658300*
N on-controlled....
$448,000
775,000
977,000
124,570
Wednesday.
a
a
;
',
v;
a
Controlled...
129,720
....
a
'a
a
V-V
Official
Total
Corporate
143,225
Monday...,
Tuesday.
a
a
a
Engl'd, pound sterl'g
Foreign
(Government
'/a
$■:,;
$
$
"
a/'
krone
Denmark,
$
a
■
„„
Colombia, peso
Uruguay, peso-
Bonds (Par Value)
(Number
Week Ended
June 28. 1940
'■
Belgium, belga
Bulgaria, lev
Czechoslov'ia, koruna
Export
Stocks
$
Europe—
1,083,000
•Nominal rate,
a
No rates available,
b Temporarily omitted.
1,066.000
4,000
13.000
Thursday
V 93,132
643,000
656,000
286,450
1,549,000
1,000
120,000
12,000
Friday..
12,000
1,681,000
Bank clearings this week show an increase compared with
822,797
$5,421,000
$146,000
$85,000
$5,652,000
u»_
Total.
$5,421,000
$7,762,000
$174,405,000
$232,523,000
.
146,000
76.000
1,265,000
2.555,000
85,000
76,000
3,863,000
3,069,000
the
$5,652,000
$7,914,000
$179,533,000
$238,147,000
1940
1939
1940
1939
822,797
568,610
27,176,737
19,475.413
V
Foreign corporate.....
Total
CLEARINGS
.
Exchange
Stocks—No. of shares.
_
BANK
.
Jan. 1 to June 28
New York Curb
Bonds
OF
.
Week Ended June 28
Domestic.........
COURSE
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 29)
clearings from all cities of the United States for which it is
possible to obtain Weekly clearings will be 13.7% above those
for the Corresponding week last year.
Our preliminary
total stands at $5,611,957,128, against $4,936,626,712 for
Sales at
Foreign government.
"
...
a year
same
week in 1939. si At this center there is
the week ended
NATIONAL
Friday of 2.0%.
Our comparative
a
loss for
summary
for the week follows:
>-■>'ft'-2".""";"*
Clearings—Returns b'j Telegraph
BANKS
V
;
Per
1949
1939
$2,445,431,475
$2,495,882,693
Week Ending June 29
Cent
The
following information regarding National banks is
Comptroller of the Currency, Treasury
Department: '
+
1
:!v?V':
from the office of the
'v..,'.'
PREFERRED
"B"
Amount
$50,000
248,966,205
—3.9
+ 12.5
173.141,837
288,000,000
162,530,952
76,206,222
76,493,600
—0.4
70.900,000
69,700,000
+ 1.7
139,629,000
105,274.000
Pittsburgh..
Philadelphia
Kansas City
St. Louis
-
....
+ 6.5
+ 32.6
15,000
112,715,149
94.063,488
+9.8
Detroit
Square, Hamilton,
Sold locally...
CAPITAL
—2.0
239,176,256
324.000,000
San Francisco...
ISSUED
<
COMMON
Chicago
Boston
STOCK
June 15—The First National Bank of
Southampton, Southamp¬
ton, N. Y.
Sold locally
June 19—The First National Bank of Hamilton
Square, N. J.
New York......
95,214,765
77,813,222
+ 22.4
Cleveland
89.999,331
74,409.033
+21.0
+ 27.8
Baltimore
64,488,375
50.464,115
$3,830,902,410
$3,743,597,308
+ 2.3
845.728,530
728,761,870
+ 16.1
$4,676,630,940
935,326,188
$4,472,359,178
464,267,534
+ 101.5
Total all cities for week.......—$5,611,957,128
STOCK INCREASED
$4,936,626,712
+ 13.7
Amt* of Increase
June
19—The
Omaha
National
$1,800,000 to $2,000,000
-.'vi"-:.
Bank,
—
BRANCH
Omaha,
Neb,
Eleven cities, five days
From
$200,000
....
AUTHORIZED
Total all cities, five days.
June 15—Union Planters National Bank & Trust Co. of
Memphis,
Tenn.
Location of branch: Town of
Memphis,
Millington, Shelby County, Tenn.
Certificate No. 1469A.
Other cities, five days
All cities, one day
+ 4.6
VOLUNTARY LIQUIDATIONS
',
i-
June
18—The
%
Amount
Swedesboro
National Bank, Swedesboro, N. J.
$100,000; preferred stock A, $49,750; pre$25,000..
$174,750
23, 1940.
Liquidating committee: Edgar F.
Hurff, Carl S. Crispin and Eva DuBois, care of the liquidating
bank.
Absorbed by Swedesboro Trust Co.,
Swedesboro, N.J.
Common
stock,
ferred stock B,
Effective March
June 19—First National Bank in Wilson,
Wilson, Okla...
Effective
___
25,000
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday), and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all
May 18, 1940.
Wilson, Okla.
Okla.
Liquidating agent, J. M. Crane,
Succeeded by the Bank of Wilson, Wilson,
-
i
•
■
■
June 21—Lyndora National Bank, Lyndora, Pa
Effective June 17, 1940.
Liquidating agents: William Fletcher
and J. H. Allman, care of the
liquidating bank. Absorbed by
the "Butler County National Bank & Trust
Co. of
___
Butler,"
Butler, Pa.
Charter No. 4374.
In the
75,000
cases
has to be estimated.
elaborate detailed statement,
however, which
we
present further below, we are able to give final and complete
results for the week previous—the week ended June 22.
For that week there was an increase of 9.4%, the aggregate
of
clearings for the whole country having amounted to
$5,990,175,841, against $5,476,553,194 in the same week in
Volume
The Commercial &
150
Outside of this city there was an increase
1939-
of 17.6%,
gain of
4.4%.
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 show a gain of 4.9% and in the Phila¬
delphia Reserve District of 13.7%, but in the Boston Re¬
the bank clearings at
this center having recorded a
In the Cleve¬
expansion of 33.4%,
in the Richmond Reserve District of 22.5% and in the
Atlanta Reserve District of 12.7%.
In the Chicago Reserve
District the totals are larger by 20.6%, in the St. Louis
Reserve District by 20.3%, and in the Minneapolis Reserve
District by 18.1%.
In the Kansas City Reserve District
the improvement is 5.1%, in the Dallas Reserve District
4.8%, and in the San Francisco Reserve District 16.9%.
serve
District the totals show
a
loss of 7.5%.
land Reserve District the totals record.an
In the following we
furnish
a summary
districts:
4069
Financial Chronicle
Week Ended June 22
Clearings atInc. or
1939
%
Seventh Feder al Reserve D istrict
Chi cago
—
306,745
+ 4.8
269,466
92,853,891
+ 32.1
3,354,819
Detroit
Grand
Rapids.
Lansing
Ind.—Ft.
2,865,080
+ 17.1
76,278,768
2,081,130
946,174
1,276,448
+ 47.4
1,813,285
911,967
+ 98.8
861,537
18,645,000
15,599,000
+ 19.5
13,980,000
955,872
1,881,222
Wayne
Indianapolis.
..
5,514,222
21,456,769
1,119,689
8,964,954
3,496,434
391,837
324,475,145
913,703
Terre Haute...
la.—Ced.
1,392,966
+ 43.7
4,606,768
+ 19.7
4,497,427
18,163,330
1,067,001
7,426,872
+ 18.1
16,919,375
1,042,770
6,324,560
2,760,221
2,001,362
South Bend
Wis.—Milwaukee
Rapids
Moines:
Sioux
—
321,475
122,663,945
Mich .-Ann Arbor
Des
1938
Dec.
%
1940
City
111.—Bloomington
Chicago
Decatur
.
+ 4.9
+ 20.7
+ 1.0
3,462,405
290,564
+ 34.8
304,926
+ 16.8
277,860,791
967,149
259,885,612
—5.5
715,064
+ 38.9
3,225,325
1,521,445
1,395,526
1,246,211
+ 12.0
1,046,773
Total (18 cities)
SUMMARY OP BANK CLEARINGS
Rockford
Springfield....
by Federal Reserve
-
3,271,837
1,271,569
524,473,876
434,840,594
+ 20.6
393,036,480
uis—
Eighth Federa 1 Reserve Dis trlct—St. Lp
+ 17.8
86,300,000
101,700,000
+ 20.9
32,069,841
38,780,691
71,300,000
29,023,006
+ 31.6
13,885,180
4,543,044
Peoria
+ 19.7
941,480
Inc.or
1940
1939
Dec.
*
%
1
Dists.
Federal -Reserve
262,673,701
284,009,401
—7.5
2d
12 cities
New York.. 13
"
3,281,978.172
3,127,388,015
3d
PhiladelphlalO
"
450,885,268
396,502,023
4th
Cleveland..
7
"
364,023,753
1st
Boston
1937
1938
I
Week End. June 22, 1940
s
219,975,344
243,640,143
Mo.—St. Louis
Ky.—Louisville..
2,911,655,407
3,472,509,851
,408,792,799
6th
Richmond..
6
"
164,987,081
Atlanta
10
"
179,279,950
7th
Chicago
18
"
524,473,876
329,900,980
234,391,767
554,000
134,884,092
+ 20.3
114,762,186
Quincy
x
136,716,361
117,155,844
132,666,892
146,466,941
393,036,480
114,762,186
Total (4
481,982,312
141,146,497
105,437,280
cities).
4
7
"
"
162,199,910
134,884,092 +20.3
121,154,285
102,594,672
+ 18.1
87,520,057
"
137,762,407
131,024,528
+5.1
121,461,030
144,157,862
Ninth Federal
6
"
73,234,125
61,342,280
69,074,670
Minn.—Duluth..
12thSan Fran...10
"
237,523,313
+4.8
228,884,044 + 16.9
211,879,733
243,109,702
Minneapolis
10th Kansas
+ 21.0
x
CltylO
St. Louis
9th
559,000
111.—Jacksonville
6th
8th
15,955,251
162,199,910
Tenn.—Memphis
342.675,013
20,994,219
725,000
+4.9
+ 13.7
272,874,300 + 33.4
134,662,059 + 22.5
159,009,240 + 12.7
434,840,594 + 20.6
Reserve Dis trict—Minne apolis-
69*880,221
2,919,349
58,904,805
20,265,315
2,042,450
3,094,280
+4.2
68,646,793
+ 17.3
29,682, 608
2,440 903
24,123,586
+ 23.0
2,128,202
+ 14.7
S. D.—Aberdeen.
929 602
859,576
+ 8.1
Mont.
11th Dallas
868, 014
703,686
+ 23.4
627,214
3.472 740
3,038,549
+ 14.3
1,945,756
121,154,285
102,594,672
+ 18.1
87,520,057
St.
5,990,175,841
32 cities
Canada
+9.4
+ 17.6
5,476,553,194
2,833,668,271
113 cities
Total
Outside N. Y. City
2,452,390,703
.
5,922,935,398
2,131,474,725
2,574,986,742
312,684,844
308,875.414
+ 13.4
351,538,658
398,479,724
4,948,522,033
N.
Paul......
D.—Fargo
—
add
now
our
.
Billings.
Helena
Total (7
We
3,223, 679
80,536 739
Minneapolis.
cities).
detailed statement showing last week's
figures for each city separately for the four years:
Reserve Dis trlct
Tenth Federal
Dec.
1937
1938
Omaha.
Kan.—Topeka.
$
Reserve Dist rict
Federal
466,783
+ 19.4
491,510
630,926
1,890,438
+ 1.8
1,585,201
1,920,701
222,691,252
Mass.—Boston
251,255,093
—11.4
189,735,813
210,239,170
752,552
618,669
+ 21.6
612,210
544,676
River
477,967
+ 14.0
349,286
438,769
827,213
3,278,513
588,624
+ 40.5
+ 8.0
Springfield
1,296,822 + 111.6
+ 8.4
27.301.442
2,315,526
24,879,726
2,536,419
—6.8
3,026,190
3,008,467
—0.3
92.527.443
+ 3.4
2,732,008
84,744,046
St. Joseph
+ 3.1
2,547,396
2,919,151
9.5
505,593
644,428
624,368
+ 3.2
502,690
137,762,407
Colo.—Col. Spgs.
131,024,528
+ 5.1
121,461,030
Pueblo
782,190
580,519
—
Total (10
cities)
3,041,048
2.051,587
1,665,848
+ 23.2
12,898,637
4,279,394
10,574,533
+ 22.0
1,637,774
8,000,752
9,166,250
3,806,091
+ 12.4
4,302,962
4,063,257
9,145,800
483,903
+ 33.3
9.334,300
10,241,900
N.H.—Manches'r
12,189,100
678,468
+ 40.2
420,645
488,104
Total (12 cities)
262,673,701
284,009,401
—7.5
219,975,344
243,640,143
Worcester
Conn.—Hartford
94,269
113,586
—8.3
640,328
3,035,652
544,281
2,960,610
....
Lowell
New Bedford..
City
—19.2
2,998,374
95,657,568
3,008,487
,/
525,568
Mo.—Kan. City.
557,641
as
126,297
2,390,130
.
Wichita
_%
1,924,768
Portland
Fall
Boston
Kans
103,600
2,744,239
29,594,195
Lincoln..
Inc.or
1939
1940
First
_
Hastings
Clearings at—
—
83,641
115,777
Neb.—Fremont.
Week Ended June 22
Me.—Bangor
815,168
1,987,500
Eleventh Fede ral
Reserve
District—Da Has—
R.I.—Providence
1,678,846
46,306,419
7,556,917
+ 5.8
Second
eserve
D istrict—New
1,252,662
36,500,000
9,100 ,617
13,054,932
880 ,224
40,000,(KM)
+ 8.0
28,300 ,000
526,080
435,218
+ 20.9
430 ,864
Jamestown....
684,498
832,847
—17.8
632 ,198
571,886
702,806
3,156,507,570 3,024,162,491
+ 4.4
,817,047 308
5,936 ,705
,347,948,656
6,951,949
New York
33,800,000
Syracuse
Westchester Co
+ 8.6
3,942 309
415,380
404,024
+ 2.8
494 158
Newark
19,246,480
+ 27.4
16,205 935
Northern N. J.
24,210,219
15,108,882
23,258,894
;
#
+ 4.1
22,517 470
J.—Montclalr
Total (13 cities) 3,281,978,172 3,127,388,015
Third Federal
Pa.—Altoona
1,826,000
964,011
+ 36.8
1,186,495
3,120,113
+ 23.1
1,057,899
2,998,214
+ 4.4
3,104,199
73,234,125
69,880,221
+ 4.8
61,342,280
Total (6
cities)
_
Twelfth Feder al Reserve D istrict—San
44,931,811
1,435,432
40,310,433
16,730,059
4,021,651
2,878,074
150,715,512
2,713,704
1,431,607
2,355,030
267,523,313
Wash.—Seattle..
Yakima
Ore.—Portland.
_
4,660,241
3,296 239
2,871 ,380
+ 26.6
N.
2,498,000
Wichita Falls..
Stockton......
+ 17.1
+25.2
3,696,480
4,014,016
6,413,434
5,065,816
Conn.—Stamford
—12.8
Total (10 cities)
7,018,447
3,586,718
8,217,302
4,491,545
Rochester..
v
7,743,170
Dallas.
1,638,000
1,245,474
Elmira
Buffalo
+ 5.9
6,754,213
__
York-
8,993,733 + 121.7
+ 22.3
1,024,465
19,498,986
Binghamton
1,610,781
54,738,045
Fort Worth
Texas—Austin.
La.—Shreveport.
Feder al R
N. Y.—Albany
1,704,304
57,962,000
Galveston
New Haven
'
Utah—S. L. City
2,995,914
4,180,765
Calif.—L'g Beach
325,998
18,139,336
31,731,894
Pasadena
San
Francisco.
San Jose
Santa Barbara.
+ 4.9 2,911,655,407 3,472,509,851
Reserve Dist rict—Philad elphia
+ 19.6
415,490
497,069
312,940
483,096
Bethlehem
792,206
503,217
+ 57.4
421,023
963,708
Chester.......
407,880
280,508
+ 45.4
218,308
Grand
1,227,927
1,080,144
385,000,000
+ 13.5
1,076,838
333,000,000
1,877,944
1,271,288
+ 47.7
1,332,223
3,020,317
1,798,122
1.309,295
2,330,889
795,857
+ 29.6
Wilkes-Barre..
+ 64.5
763,020
2,167,478
839,890
-9.7
+ 16.3
123,760,000
2,278,181
+ 19.1
1,383,218
2,163,375
+ 3.5
+ 8.9
2,485,992
1,260,462
2,123,241
228,884,044
+ 16.9
211,879,733
14,859,069
+ 12.6
cities)...
Outside New York
2,833,668,271 2,452,390,703
+ 26.5
+ 9.4 4,948,522,033 5,922,935,398
+ 17.6 2,131,474,725 2,574,986,742
1,221,035
Scran ton
—6.4
129,569,000
+ 32.4
5,990,175,841 5.476,553,194
310,699
4,?,900,000
4,295,844
3,185,770
32,834,946
842,634
28,085,725
12,508,735
4,331,016
3,646,982
+ 17.6
1,084,548
31,873,678
(113
total
Franci
38,191,361
Lancaster
Philadelphia...
Reading
;
915,235
3,909,400
1,300,330
York....
N. J.—Trenton..
Total (10 cities)
3,452,300
396,502,028
450,885.268
+ 13.7
+ 42.1
1,375,539
—11.7
2,377,000
+ 13.7
342,675,013
1,194,784
397,000,000
Week Ended June
Clearings at-
1,338,109
3,274,000
408,792,799
Cleveland
118,565,811
Columbus
10,803,000
Mansfield
89,957,321
+ 31.8
47,742,541
74,249,63'.
9,090,30<
+ 19.1
7,893,800
2,160.003
3,803,621
Youngstown
Fa.—Pittsburgh
_
Total (7 cities).
■
'
Canada—
2,479,885
60,706,021
Winnipeg....—
94,680,820
Ottawa..
1,732,57'
+ 24.7
1,492,411
2,265,001
+ 67.9
159,702,089
114.011.36C
+ 40.1
1,834,031
99,693,67)
10,780,500
2,010,093
2,431,409
156,812,252
364,023,753
272,874,30C
+ 33.4
234,391,767
329,900,980
Vancouver....
Quebec
Halifax
Hamilton—.—
Calgary
St. John
Va.—Norfolk
Richmond
Reserve Dist rict
Richir
ond-
371,53£
+ 62.6
288,145
2,872,000
2,413,(KM
+ 19.0
2,153,00C
37,332,993
+ 45.1
34,782,031
998,390
44,008,228
137,284,090
110,460,543
49,043,011
18,230,939
26,644,074
6,620,674
3,413,404
6.572,825
5,884,878
2,035,913
2,125,467
3,390,934
S. C.—Charleston
1,546,959
1,091,814
+41.6
Md.—Baltimore.
85,623,223
69,007,920
+ 24.1
58,525,251
D.C.—Washing'n
30,332,602
24,444,797
+ 24.1
20,409,023
419,842
3,010,000
37,092,784
1,448,866
68,002,983
26,741,886
Total (6 cities)-
164,987,081
+22.5
117,155,844
136,716,361
Sixth Federal
Tenn.—Knoxville
Nashville
Lethbridge.....
Ga.—Atlanta
Augusta
Macon
Fla.—Jacks'nville
Ala.—Birm'ham.
Mobile
Miss.—Jackson
+ 19.2
17,099,519
+ 18.9
14,913,079
17,950,650
66,500,000
56,500,000
+ 17.7
47,200,000
50,500,000
1,332,484
970,124
977,354
+ 36.3
1,046,139
843.137
+ 15.1
667,352
17,655,000
16,714,152
1,241,089
1,042,489
834,614
4,568,601
19,413,000
18,763.000
+ 3.5
22,600.538
20,867,297
+ 8.3
2,060,244
1,577,536
+ 30.6
x
*
120,338
110,787
x
x
91,795
3,026,134
17,362,000
21,203,421
1,699,780
x
La.—NewOrleans
41,387,096
38,439,145
+ 7.7
29,897,349
103,237
32,744,616
Total (10 cities)
179,279,950
159,009,240
+12.7
132,666,892
96,982,880
23,263,862
17,736,302
+ 2.8
16,530,014
4,696,157
+ 41.0
2,602,439
5,860,748
4,797,386
+ 31.2
+ 12.2
+ 22
+ 8.1
15,947,530
16,254,723
4,977,982
2,394,863
5.273.469
5,043,932
1,716,433
1,786,493
3,624,039
3,859,116
2,714,802
+ 16.8
395,476
1,102,389
+ 42.5
+ 13.4
+ 10.8
+ 24.5
+ 9.4
+ 30.3
316,100
689,827
584,309
+ 18.1
1,090,878
456,316
1,018,824
+ 34.0
995,113
976,558
739,489
+ 32.1
801,607
713,786
+ 15.5
299.170
618,117
223,953
+ 33.6
569,695
193,428
761,181
708,884
+ 7.4
585,357
1,570,546
Brantford
New Westminster
,
751,142
719,687
+ 30.1
1,414,540
1,131,885
+ 25.0
1,095,995
Kitchener
Windsor
3,406,732
3,154,431
304,324
+ 8.0
2.874.470
295,963
936,650
Sherbrooke
385,500
Prince Albert
+ 30.7
571.445
+ 26.4
706,544
Chatham
768,779
722,317
Kingston
Sarnia
653,109
+ 8.2
816,837
565,471
562,438
584,266
602,102
616,013
—2.3
1,635,797
911,071
+ 79.5
993,160
398,479,724
351,538,658
+ 13.4
308,875,414
—
Sudbury
Total (32
*
+ 27.6
1,005,124
M one ton
146,466,941
Vicksburg
+ 8.6
+ 61.2
1,365,274
Saskatoon....—
Moose Jaw
Peterborough....
3,240,937
3,831,465
20,327,525
+ 45.5
412,421
3,768,696
—
Brandon
Medicine Hat...
Reserve Dist rict—Atlant
111,091,578
—6.8
33,716,926
118,353,509
1,883,675
1,875,079
3,059,309
3,952,650
3,444,525
313,852
4,921,938
Regina
Fort William....
134,662,059
+ 16.0
118,476,957
481,787
Victoria
Edmonton
604,069
1938
408,903
—
London
Fifth Federal
W.Va.—Hunt'ton
Dec.
%
Montreal
1,485,655
1939
1940
Toronto.,
elandFeder al Reserve D istrict—Clev
+ 4.7
2,086,211
2,184,849
Ohio—Canton..
+ 24.3
53,731,531
Cincinnati
66,804,380
Fourth
20
Inc. or
cities)
Estimated.
x
No figures
available.
4070
The Commercial & Financial
Chronicle
PRELIMINARY
DEBT
STATEMENT OF
UNITED STATES MAY
31, 1940
The
THE
THE
as
made up on the basis of the
Treasury statement, is
as
follows:
:
daily
.,7:
J:
Bonds—
3% Panama Canal loan of 1901—
$49,800,000.00
3% Conversion bonds of 1946
15,761,000.00
—
3% Conversion bonds of 1947
,13.133.500.00
2 y$% Postal savings bonds (19th to 49th
ser.)
117,680,700.00
$190,281,260.00
Treasury bonds: I
•,
■
^
4
%% bonds of 1947-52
4% bonds of 1944-54
—
3H% bonds of 1946-66
3%% bonds of 1943-47
3M% bonds of 1940-43?
3 W7o bonds of 1941-43—
354% bonds of 1946-49
3% bonds of 1951-55
3%% bonds of 1941
3%% bonds of 1943-45
—
$758,945,800.00
1,036,692,400.00
489,080,100.00
454,135,200.00
352,993,450.00
644,870,050.00
818,627,000.00
755,432,000.00
834,453,200.00
1,400,528,250.00
1,518,737,650.00
1,035,873,400.00
491,375,100.00
2,011,092,650.00
1,214,428,950.00
1,223,495,850.00
1,626,687,160.00
981,820,550.00
——.
——
...
3 %% bonds of 1944-46
3% bonds of 1946-48...—...............
3 H>% bonds of 1949-52
2%% bonds of 1955-60.
2%% bonds of 1945-47
2H% bonds of 1948-51...........
2%% bonds of 1951-64
2H% bonds of 1956-69
—
2%% bonds of 1949-53
2 %% bonds of 1945
...
—-
.
2%% bonds of 1950-52
2H% bonds of 1960-65
2% bonds of 1947
2% bonds of 1948-50......——-—-—
2%% bonds of 1951-53
Series C-1938
Series D-1939
$174,575,000.00
318,980,565.25
415,826,100.50
501,826,475.75
832,230,459.75
529,620,431.25
95,870,555.04
i
*
Series D 1940
Unclassified sales..
2,868,935,587.54
Adjusted service bonds of 1945.....
Adjusted service bonds:
(Government life insurance fund series)...
$205,268,968.50
*
;
.
.7 "7<\
GOLD
;
;
7 W
;
26,907,794,900.00
Series B-1930
Series C-1937
V
:
■
;
The amount of gold held in the Issue Department of the
Bank of England
during the month of May, 1940, was unaltered at £236,758.
The Bank of England's buying price for
gold remained unchanged at
168s per fine ounce, at which figure the above amount wzs calculated.
The Transvaal gold output for April, 1940 of
1,170,763 fine ounces con¬
stituted a new monthly high record; it compares with the
previous record
of 1,147,382 fine ounces produced in
March, 1940 and 1,017,182 fine ounces
produced in April. 1939.
;
The Southern Rhodesian gold output for
March, 1940 amounted to
67,385 fine ounces as compared with 66,599 fine ounces in
February, 1940
and 62,408 fine ounces in March, 1939.
;>
•
V, S, Savings bonds (current
redemp. value):
Series A-1935
1940
SILVER MARKETS
;
7
7
,
.
-
1,786,134,150.00
540,843,550.00
450,978,400.00
918,780,600.00
1,185,841,700.00
1,485,385,100.00
701,074,400.00
571,431,150.00
1,118,051,100.00
.....
2%% bonds of 1948—
2%% bonds of 1958-63........—........
GOLD AND
We reprint the following from the
monthly circular of
Samuel Montagu & Co. of London, written under date
of
June 3, 1940:
•
'•
preliminary statement of the public debt of the United
States May 31, 1940,
ENGLISH
June 29,
r-■ -;-
500,157,956.40
765,426,924.90
SILVER
During May prices fluctuated widely but although the market showed
more activity, it remained very sensitive and the
movements were larger
than warranted by the volume of business.
At the beginning of the month there was a
sharp advance in Bombay
prices, following the news that Great Britain was diverting her shipping
from the Mediterranean.
This was reflected by a harder
tendency in the
London market where prices had risen to 21
%d. and 21 %d. for the re¬
spective deliveries by May 2; there was buying
by the Indian bazaars and
Continent, but this suddenly eased, and on May 3, in face of
speculative
selling and reselling, prices fell back to 21 l-16d. and 2Id., which same
prices
had been quoted on the last day of April.
In the afternoon of the same day news was received from New YorTs
that
the Townsend Bill for the termination of purchases of
foreign silver was
shortly to come before the Senate, but although this brought a little Indian
and further speculative reselling prices eased
only slightly, quotations on
May 8 being 20%d. and 20 13-16d.
It became known on May 9 that the
United States Senate had passed the bill by 45 votes to 36 and it now
had to
go to the House of Representatives.
Normally this would doubtless have
had a bearish result, but as it was, London silver
prices hardened, the
effect being offset by the news of the German invasion of
Holland and
Belgium.
In addition to Indian and speculative buying, purchases were
made by American operators, attracted by the wide
disparity between the
London price and the United States parity following the
sharp movement
of the dollar against sterling in the free exchange market in New
York.
By the 14th prices had risen to 22 %d. for cash and 22%d. for two months'
delivery, which represented an advance of 15-16d. from the quotations of
the previous day.
This sharp rise was due largely to poor offerings, but
there was Indian buying due, it was reported, to a
quite unfounded rumor
of an impending change in the official dollar-sterling rates.
The advance
continued until 23 %d. and 23 5-l6d. for the respective deliveries were fixed
on May 16 and the cash price was maintained on the
following day, no spot
supplies being available below 23%d., at which, however, some silver was
sold for account of the Indian Government: forward was not in demand
and
the price for that delivery was fixed at 23d. the discount of
%d. being the
widest since Oct. 27 last.
On
May 18—a Saturday—an order was made by the Board of Trade
under which the export of silver is permitted only under license; the first
effect of the
Total bonds.
.$30,738,438,672.44
new regulation was seen on the
reopening of the market on
Monday, May 20 when, in the absence of buyers, the cash quotation de¬
%d. to 22%d. and that for forward %d. to 22%d.
It is interesting
to note that on this
day the New York market price for silver advanced to
35 cents and continued to rise gradually to 35%. from which, however, it
eased back to 35% on
May 31. The rise was thought to be due in some
measure to the execution or a coinage order, hitherto effected in London.
The considerable uncertainty as to how the new
regulation would be
applied and as to its ultimate effect which followed the new restriction was
reflected in erratic price fluctuations; there was a drop of 1 %d. on
May 22
when prices were fixed at 21 3-16d. and 21 1-16d., but this was followed
by
an immediate reaction which carried prices to 22 7-16d. and
22 %d. for cash
and two months' delivery, respectively, quoted on the 24th.
clined
Treasury Notes—
1 %% series
B-1940, maturing June
1%% series C-1940, maturing Dec.
1%% series A-1941, maturing Mar.
1H% series B-1941, maturing June
1%% series C-1941, maturing Dec.
1%% series A-1942, maturing Mar.
2%
series B-1942, maturing Sept.
1%% series C-1942, maturing Dec.
1%% 8erles A-1943, maturing June
1%% 8eries B-1943, maturing Dec.
H% series A-1944, maturing June
1%
series B-1944, maturing Mar.
1%
series C-1944. maturing Sept.
H% series A-1945. maturing Mar.
15,1940..
15,1940..
15,1941..
15,1941..
15,1941
15,1942..
15,1942..
15,1942..
15,1943..
16,1943..
15,1944..
15,1944..
$20,404,200.00
737,161,600.00
676,707,000.00
503,877,500.00
204,425,400.00
426,349,500.00
342,143,300.00
232,375,200.00
629,116,400.00
420,972,500.00
3% old-age
reserve account
June 30, 1941 to 1944
15.1944..
Advice from New York revealed that
718,024,200.00
$6,125,293,800.00
Quotations during May:
$1,424,200,000.00
.
series, maturing June 30
1944
May
May
May
May
May
May
May
May
May
May
May
!
141,000,000.00
Railroad retirement account
series, maturlng June 30, 1942 to 1944
4% Civil service retirement fund, series 1940
*
77,200,000.00
to 1944
4%
Foreign
530,400,000.00
Service
retirement
1940 to 1944
fund, series
3,770,000.00
-
4% Canal Zone retirement fund, series 1941
to
1944
4,137,000.00
4% Alaska Railroad retirement fund
series,
maturing June 30, 1941 to 1944
Postal Savings System series,
maturing
June 30.
1942 to 1944
96,500,000.00
2%
Government life insurance fund
series,
maturing June 30, 1943 and 1944
2% Federal Deposit Insurance Corporation
series, maturing Dec. 1,1943 & 1944
3,259,000.00
8—20%d.
9
10
13
14
15
21d.
21d.
2 Mos.
21 5-16d.
21
%d.
2Id.
2Id.
:/
;
.
7",v:
„
.
20 15-16d.
20 13-16d.
20 15-l6d.
21 3-16d.
20 15-16d,
21 l-16d.
22%d.
23 l-16d.
22V*d\„*
22
15-16d.
,
ounce
standard):
Cash
May
May
May
May
May
May
May
May
May
May
May
May
2 Mos.
16
23 %d.
17
23 %d.
20
22%d.
21—22 9-16d.
22—21 3-16d.
23....21 13-16d.
24—22 7-16d.
27
22 5-16d.
28
22d.
29
22d
30—21%d.
23 5-16d.
23d
22%d.
22 7-16d.
21
l-16d,
21%d.
22%d
21 13~16d.
21%d.
21 %d.
21%d.
_
31—-2l'lVl6d.
21
o
IpCl*
.
71,000,000.00
^ ^ ^
Certificates of Indebtedness—
Cash
1....21 7~16d,
2
21%d.
3—21 l-16d.
6
21 l-16d.
7
21d.
Average: Cash delivery, 21.8777d.; two months'delivery, 21.6576d.
In New York (per ounce .999 fine):
United States Treasury price for
entire month, 35 cents; market
price, May 1 to 17,34% cents; May 20 to 22,
35 cents; May 23, 35% cents; May 24, 35% cents; May 27,
35% cents;
May 28-29, 35% cents; May 31, 35% cents.
The official dollar rates fixed
by the Bank of England during May were
as follows:
Buying, $4.03%; selling, $4.02%.
738,000.00
2%
May 25 the leaders of the House
In London (bar silver per
series, maturing
3%
on
of Representatives had agreed to return the Tonwsend Bill to the Senate
"thereby probably burying it for the remainder of the session."
Although
this may have caused the advance seen in Bombay rates, the London
market did not follow, and due to poor support, doubtless influenced by a
decline in silver and commodity prices in Bombay, prices turned downward,
quotations on May 31 being 21 ll-16d. for cash and 21 3-16d. for two
months' delivery.
515,210,900.00
283,006.000.00
15,1945..
Federal old-age and survivors lnsur-
ance trust fund
v
415,519,500.00
Federal old-age and survivors
Insurance trust
fund notes:
1 2%%
Y
^
"
•
REDEMPTION
4%
Adjusted service certificate fund
series,
maturing Jan. 1, 1941
2%%
Unemployment trust fund series,
turlng June 30, 1940
$11,300,000.00
1,721,000,000.00
'
1,732,300,000.00
Treasury bills (maturity value).........
Total
1,304,436,000.00
Interest-bearing debt outstanding....—
Matured Debt
on
debt matured—Issued
prior to April
1917 (excluding Postal
Savings bonds).
Of 1927-42
Second Liberty
°"\J.5,089,800.00
580,550.00
35,931,450.00
166,411,565.26
,
.......
"
'
.
1.
!•
Deposits for retirement of National
bank and
Federal Reserve bank notes
Old demand notes and
fractional currency...
Thrift and Treasury savings
stamps, unclassi¬
fied sales, &c...
♦Cincinnati Gas & Electric Co. 1st mtge. bonds
Commonwealth Electric Corp., Ltd. 6% bonds
Connecticut Railway & Lighting Co. 4 % % bonds
$190,641,585.07 '
♦Eastern Gas & Fuel Associates 1st mtge. bonds
♦Electric Auto-Lite Co. 4% debentures
'X.;' !'<■>
3,774,431.75
Total gross debt
....—
.....$42,807,765,653.85
Page
1
30
—
—-
-
2406
4115
22
3345
1
Aug.
July 31
1
—Aug.
1
Aug.
1
July
July
1
July
3345
2867
4118
3346
2248
1
1
July
Sept. 1
Aug.
1
...—July
1
July
July 20
1
Aug.
1
—July
1
—July
Emporium Capwell Co. 4% bonds..
Florida Public Service Co. 1st
mtge. 4s
General Motors Acceptance Corp. 3 %
% debentures
Aug.
Georgia-Carolina Power Co. 1st mtge. 5s
1
—July
♦Great Consolidated Electric Power Co., Ltd., 7% bonds.Aug.
1
Indianapolis Water-Works Investment Co. 5% bonds- ..July
1
Indiana Telephone Corp. 1st mtge. 5s
1
July
♦Jersey Central Power & Light Co. 5% gold bonds....—Aug.
1
4%% gold bonds
..July 29
Kansas City Gas Co. 1st mtge. bonds
A
.v
1
AUg.
-
192,230,258.50
2,029,340.83
388,675,616.15
Called for redemption June
15,1940
Chicago & Illinois Western RR. 6% gold bonds
♦Chicago Union Station 3%% bonds
$346,681,016.00
156,039,430.93
...
a
_
Sept
July
July
Brooklyn-Manhattan Transit Corp., collat. trust bonds..Aug.
Buffalo & Fort Erie Public Bridge Authority 5% bonds ..July
Carolina Power & Light Co. 5% bonds
July
3,911,600.00
92,436,000.00
208,875.00
United States notes
Date
American Seating Co. 6% notes
A. P. W. Paper Co. 3%% notes.
♦Bates Valve Bag Corp. 15-year debs
Beatrice Creamery Co. $5 cum. pref. stock
Bethlehem Steel Corp. consol. mtges. 4%s
Brillo Mfg. Co., Inc. class A stock
1,189,650.00
1,897,800.00
Bearing No Interest,—
Less gold reserve
■'.
sinking fund notices.
The date indicates the redemption or
making tenders, and the page number gives the
were given in the "Chronicle":
last date for
.
Treasury bills
Treasury savings certificates..
Debt
v
♦Alabama Water Service Co. 1st mtge. 5s
American Bakeries Co. 7 % preferred stock
♦American Colortype Co. 6% debentures
bonds
4%% Third Liberty Loan bonds of 1928
4%% Fourth Liberty Loan bonds of 1933-38.
3%% and 4%% Victory notes of 1922-23
Treasury notes, at various rates of
Interest..
Ctfs. of
Indebtedness, at various Interest rates
FUND
Below will be found a list of bonds, notes and preferred
stocks of corporation called for redemption, together with
Alabama Power Co. 1st mtge. 5s
$3,880,700.26
34,440.00
11,250,700.00
Loan
SINKING
Company and Issue—
1,
bonds of 1932-47
and 4J4%
AND
location in which the details
%% Postal Savings bonds
3%%, 4%, and 4)*% First
Liberty Loan
4%
:
....$42,252,678,472.44
Which Interest Has Ceased—
Old
2
—
CALLS
NOTICES
;
ma-
4116
3502
3966
3502
3654
3655
4122
4122
3505
3044
4125
4125
3357
3508
3661
3360
4127
2884
3513
4128
4128
3663
Volume
4071
Financial Chronicle
The Commercial &
150
Date
Company and Issue—
July
July
July
Kansas Power & Light Co. 1st mtge. bonds
Louisville & Nashville RR., unified 50-year 4s
Manila Gas Corp. 1st mtge. 6s
July
Missisquoi Corp. 7% pref. stock
--July
July
Montana Coal & Iron Co. 5% bonds
Nehi
Corp. 1st preferred stock
♦New Orleans Public Service Inc. 4M% gold bonds
New York Shipbuilding Corp. 7 % preferred stock
Northern Ohio Telephone Co. 7% preferred stock
Aug.
July
July
3515
843
3363
1
1
1
1
2
1
1
1
1
1
1
1
3054
3667
3833
4133
3521
3522
3210
3060
4135
3670
367J
July
Aug.
July
July
1
--July
1
June 29
July 19
-Aug.
1
Aug.
1
Northern Pacific Ry. equipment trust certificates
Outlet Co. 7% pref. stock
♦Pacific Investing Co. 5% debentures
Pacific Southern Investors, Inc., 5% gold debs
Panhandle Producing & Refining Co. notes
3984
4136
3213
2502
4138
4140
3989
3529
3374
3530
3530
3376
3221
3531
4145
3532
3993
4148
wp«b
Sept.
87 Mc
(quar.)—
50c
Sept.
15c
4% guaranteed (quar.)--.
July
July
July
Cliffs Corp
Clinton Trust Co. (quar.)
25c
Collyer Insulated Wire
20c
10c
8c
SI %
7% preferred (quar.)
6% preferred A (quar.)
sold at auction on Wednesday
The following securities were
of the current week:
/'A
y.
-P.'-
Shares
Stocks
-.;:C
■
8 Second National Bank, Boston, par
$25
Share
131
-----;
—
1 Richmond Waterfront Realty Corp. v.t.c
$100-,_-__
-—
pref., ex-div., par $100; 35 U. S. Worsted Corp", common;
7 U. S. Worsted Corp. 1st pref., par $100; 10 Sharp Mfg. Co. pref., par $100;
5 F. H. Roberts pref. C, par $100; 5 Norcross Bros. Co. pref., par $100;
13 Massachusetts Power & Light Associates common w. w.; $500 Island
25 A. E. Nettleton Co. 1st preferred, par
3 H
2 Wm. Whitman Co.
Preferred
15
$1; 104 Robb-Montbray Mines, Ltd., par S1.S15 lot
166 Kerr Lake Mines, Ltd., par
Percent
!• '•
1948, reg
'V
Bonds—
$2,000 Broadway Motors Building Corp. 4-6 Feb.,
—54 & int
67M & in.
$200 Hotel Syracuse, Inc., 1st 3-6, Aug., 1955, reg
(quar.)
1 July 24
Aug.
5
July 20 July
5
July 15 July
1 July 20
Aug.
S3M
75c
SIM
si?i
25c
Cunningham Drug Stores (quar.).
Preferred (quar.)
Cypress Abbey Co
Davidson Bros., Inc
Dean (W. E.) & Co. (quar.)-6% preferred (quar.)Dejay Stores, Inc
De Laval Steam Turbine Co
SIM
4c
7Mc
20c
15c
—-
.
10c
--------
$2
SIM
(quar.)--
—
15c
r--
(quar.) —
75c
—
1M%
%
Preferred
(quar.)
Dravo Corp. 6% preferred (quar.)------Eastern Steel Products, Ltd., pref. (quar.)
Eastern Townships Telephone (quar.)-----
preferred (quar.).
75c
75c
25c
25c
BjJ
--—
—
Elgin National Watch
25c
—
Emerson Drug Co,, class A and B (quar.)
Preferred (quar.)
—
— -
30c
-_ -- ,
50c
-.-
-
t
50c
Editable Fire Insurance Co. (S. C.) (s.-a.)_ —Excelsior
Life Ynsurance'Co". "(Ont.)
dlv-
stock
10c
$2
75c
-
Federal Service Finance Corp. (quar.)
Ferro Enamel
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
show
the
dividends previously
The dividends announced this week are:
Firestone Tire & Rubber
——— —
—
—
1%
50c
Fischei^(Henry)
Flambeau
Packing Co. 5% preferred (qu.)
Paper, preferred (quar.)----
37 Mc
SIM
Forbes & Wallace, Inc., class A (quar.)
Fostoria Pressed Steel
75c
Franklin Process Co
50c
Frick Co-
-
25c
SI
75c
— -
—
When
—
Share
Name of Company
Alabama Fuel & Iron Co.
(quar.)
—
—
20c
$1
—
Albany Packing Co. (quar.)
July
-
preferred (quar.)
- —
Equipment Co
Amalgamated Sugar Co. 5% preferred (quar.)
7%
Allen Electric &
American Air Filter.
—
SIM
2Mc
12Mc
40c
—
SIM
Preferred
(quar.)—
American Can Co. (quar.)—
American Dairies, Inc., 7% preferred (quar.)__
American Fidelity & Casualty (quar.)
American Fork & Hoe, pref. (quar.)
American Home Products Corp. (monthly)
American Light & Traction (quar.)
Preferred (quar.)
American News Co. (bi-monthly)
American Stamping Co
7% preferred (quar.)
—
JL
SIM
15c
—
$1M
—__—
20c
30c
37Mc
25c
—
12Mc
SI M
Baldwin Rubber Co
75c
Bartgis Bros. Co. 6% conv. preferred (quar.)
Barkers Bread preferred (quar.)__
Optical
—
—
25c
—
$1 M
——,
75c
Co. (quar.)
75c
(quar.)
Borland Shoe Stores (quar.)
Preferred (quar.)
—
———
12 Mc
sik
—
18
Bloomingdale Bros
Boston Edison Co.
12Mc
37 Mc
62 Mc
(quar.)
(C.) & Co., Ltd. (monthly)
Bridgeport Hydraulic Co. (quar.)
—
Brooklyn National Corp
_—i—Budd Wheel Co
Butler Mfg. Co. 6% preferred (quar.)- California-Oregon Power, 7% preferred
—
6% preferred
6% preferred (series 1927)
Calumet & Hecla Consolidated Copper Co
Canadian Fairbanks-Morse Co. pref. (quar.)
Carter (J. W.) Co
——
Case Lockwood & Brainard Co. (quar.)
Cedar Raoids Mfg. & Power (quar.)
Brewer
—
Century Electric Co
Chapman Valve Mfg. Co
Chase National Bank (s.-a.)
Chemical Fund. Inc. (quar.)
SI
20c
SIM
SIM
SIM
SIM
25c
+S1M
------------ -----
,1
Preferred
Preferred
(quar.)
Corp_r
Gimbel Bros. 6% preferred (quar.)_
Globe Steel Tubes Co-— —
-—
1 July
15
1 July
Aug.
July 15 July
15
5
12
June
July
5
15 June 29
18 June
1
15
quar.—
Haughton Elevator Co. $6 prior pref. (quar.)
Hawaiian Commercial & Sugar Co. (quar.)
Heath (D. C.) & Co.,
June 29 June 20
June 29 June 26
1 June 25
July
Hershey C hocolate (quar.)
Holfhiger^CorSol.
— - — —
-
—
—\-
Holly Sugar, preferred (quar.)
Home Tel. & Tel. Co. (Ft. Wayne,
Hook Drugs
20
Horder's, Inc. (quar.)
June 29 June
26
—""""
vv;*:;"
Ind. )(qu.)-- -
-
20
15
10
29
5
June 29 June 25
15 June 29
15 June 29
15 June 29
16 July
6
15 June 29
HoMls^tatler"Co.,'inc.,7% preferred fs.-a.)—
6% preferred (s.-a.)Huttig Sash & Door Co_
Preferred
(quar.)--
Hvde Park Breweries
-
~
— - —
Assoc.
Industrial Credit Corp.
—--
—
(N. B.) (quar.)
Ingtewo^<G^ltarco."TOmimn.
KSS! Met'aUnCdtfe 6%
6% preferred A
— -----
—
—
Bakeries preferred--
June 29 June 27
Interstate
1 •June 19
July
Aug. 15 July 31
Jo^nson^StephemC& ShinkleCo".*^fuar.
June 28 June 26
1 June 26
July
Jones &
70c
Aug.
7c
July
1 July
12
SIM
10c
12Mc
$2
$5
SI M
Ry.(s.-a.)
,
$1
-
23
20
5
15 June 29
June 21
June 22
15 July
5
June
18
June
19
June 29 June 22
June 29 June 25
June 28 June 20
June 28 June 20
Aug.
1 July 10*
1
July 20 July
5
Aug. 15 Aug.
6
Aug. 15 Aug.
5
Nov. 15 Nov.
6
July
July
July
8
15 July
25 July 10
10 June 29
June 28 June 28
June 29 June 27
10c
20c
73 l-3c
40c
68 Mc
SIM
75c
SI
l%
SIM
87 Mc
20c
Aug.
1 July 10
2
Aug. 15 Aug.
July
I June 27,
Aug. 15 July 25
Aug. 15 July 25
July 15 June 29
July 15 June 29
Aug* A July 12
June 29 June 26
June 21
July
Aug.
KtS^weJ & Light 4M % preferred
Belle Gold Mines
July
20
25c
Nov.
Oct.
19
Aug.
July 12
Aug. 14
SIM
S3M
Leich & Co.,
20
(InUlal) - -
June 29 June 22
SIM
5
c
32c
87Mc
Mc
lMc
SIM
SIM
62Mc
tsi
12Mc
SIM
20
20
28
Link-Belt Co. (quar.)
Preferred (quar.).
Lionel Corp.
preferr^(quarj
Co. (Va.) (quar.)
(quar.)----
June
June 22
29 June 22
2
July 16 July
June 18
July
June 18
July
June 20
July
June 27
July
July 15
Aug.
July 15
Aug.
July
Sept.20
July
1
July 22
Aug.
1
July
1
June 24
Sept.
6
June 26
July
July
8
19
June 20
10c
June 29 June 24
2c
Ltd-
Life Insurance
June 22
July
July
July 22 July 15
9
July 16 July
Aug.
1 July 15
June 29 June 22
12Mc
iSSf^yS't. Inc!! 7 % pref ."("quar"\jZ III — — 1H%
Lawyers Title Insurance Corp. A (s.-a.)
25
Sept.
75c
20c
15 June 30
June
July
June
July
July
July
June
July
Aug.
July
July 31 July
July 31 July
July
6 June
June 27
50c
SIM
60c
Laughlin Steel Co. 7% pref--
Kootenay
17 Mc
5
June 27
25c
-
50c
—
Tuly
July
July
July
July
July
July
July
50c
""**
-
20
30
June 20
June 24
20 Juiy
2
July 20 July
July
1 June 24
July
1 June 20
I
July 15 July
July 15
Aug.
June 24
July
July 15
Aug.
June 21
July
Aug.
5
Aug.
t75c
2.5c
15c
75c
SIM
1%
Gold Mines (monthly)
Extra.--
20
July
July
July
July
July
6c
15c
Haverhill Gas Light Co—------—•»-—
25
15 July
—
7% preferred (quar.)
1 June
July
1 June
July
1 June
July
1 July
Aug.
1 July
Aug.
July 25 July
1 July
Aug.
July 25 July
July 15 June
July
87T)
17
July 31 July 15
1 June 25
July
1 July 20
Aug.
July 20 July 15
19
19
10
16
SIM
Inspection & Insurance-5M % vreforred
Hartford Steam Boiler
Hartford Times, Inc
July
July
Sept.
July
15
15
50c
50c
—
Great West Saddlery Co.
June 29 June 22
29
June 29
June 29
20c
Ltd. 6% 1st preferredGulf Power Coii $6 preferred (quar.)
Harrisburg Rys. Co
— ——
Harrisburg Steel Corp.—
June 29 June 22
15
31
31
25
Nov. 15 Nov.
--A---
General Theatres Equipment
29
July
SIM
SIM
- —
(quar). —
29
$4
A (quar.)
General Outdoor Advertising class
Class A (quar.)--
S2M
———
Cleveland Cincinnati Chicago & St. L.
Preferred (quar.)——
-
40c
10c
Chicago & Southern Air Line. Inc.,
7% cum. conv. preferred (quar.)
Chillicotbe Paper Co. 7% preferred (quar.)
Chilton Co. (quar.)
Cincinnati Advertising Products (quar.)-----Cincinnati Inter-Terminal Ry. 1st pref. (s.-a.).
Cleveland Cliffs Iron, preferred
is
50c
—
-
-
22
19
—
7% preferred (quar.).--
7
22
July
July
General Discount Corp. A&B
General Mills, Inc. (quar.)
General Investors Trust
10
10
June
S2M
— — —
—
Garner Royalties Co. A (quar.)
Goodman Manufacturing Co.
1 July
1 June 24
50c
—
5% preferred (s.-a.)-
-
15*
Aug.
Aug.
1 July
1 June
40c
.— —
—
Badger Paper Mills, Inc., 6% preferred (quar.).
6% preferred
21
10 June 30
15 July
5
July
100%
Badger Paint & Hardware Stores (quar.)
(quar.)
17
1
1
25*
July
—
Preferred
20
$2
Autoline Co., preferred (quar.)
Aviation Capital, Inc., stock dividend---
Belt RR. & Stockyards
21
20c
20c
Bausch & Lomb
1 June 20
•
Gardner Electric Light Co. (s.-a.)
1 June 21
1 June
July
1 June
July
1 July
Aug.
5 July
July
5 July
July
Aug. 15 July
1 June
July
July
July
15
July
July
July
25c
—.
Arkansas-Missouri Power Corp
Atlantic City Sewerage Co. (quar.)
Attleboro Gas Light Corp. (quar.)
—
25 July
25c
Anaconda Wire & Cable Co—------
Babcock & Wilcox.
Payable of Record
July
July
50c
Abraham & Straus, Inc
15
29
July
Tuly
20c
Participating preferred (quar.)
Holders
1 June 21
30c
6% preferred (quar.)
Froodtert Grain & Malting
Per
June 24
June 30 June 29
July
Tuly
—
—
15
June 20
July
SIM
First National Bank in Palm Beach (mo.)...—
current
—
July
July
15c
25c
-——
——
-
11
June 25
June 25
1 June
July
July 15 June
July
Aug.
July
Aug.
Sept. 21 Sept.
June
July
June
July
June
July
June
July
June
July
25c
Corp
20 July
July 12
Aug.
1
Aug. 15 Aug.
1
Aug. 15 Aug.
70c
25c
S1.06M
Fibreboard Products, prior preferred (quar.) — Filtrol Co. of California
Firemen's Insurance Co. of Wash. & Georgetown
are
we
16 Aug. 31
20 July 10
20 July 10
15 June 28
July
July
July
Sept.
Aug.
July
—
grouped in two separate tables.
In the
bring together all the dividends announced the
week.
Then we follow with a second table in which
Dividends
Sept.
July
July
July
July
July
July
Aug.
July
July
June 29 June 20
July 15 June 26
10c
—
-
Dominion Tar & Chemical, 5M % pref.
Dow Chemical Co
1 June 21
June 28 June 20
July 10 June 29
12
—
6% preferred (quar.)
first
5
1 June 21
1 June 21
July
July
July
30c
Federated Department Stores
Preferred (quar.)
DIVIDENDS
25
Aug. 20 Aug.
$2s1
Cuneo Press, Inc
Preferred (quar.)
$5 preferred (quar.)-:
—-*-—$205 lot
Refining Corp. 7s, certificates of deposit-—
June
June 27 June 21
25c
-
Electric Bond & Share $6
306 Middlesex Products Co., par $20___
1
5
July
.
—
25c
1
$1
SIM
Consolidated Rendering Co
Container Corp. of Amer—
Craddock-Terry Shoe Corp.—
5-6% 1st preferred (s.-a.)
4-6% 2d preferred (s.-a.)----—3-6% 3d preferred (s.-a.)
—
Cranberry Corp
Creamery Package Mfg. (quar.)_
—— --Crowell-Colller Publishers Co. 7% pref. (s.-a.)—
Corn Products Refining (quar.)
Dixie Home Stores
$ per
June 28
July
July
3M%
75c
Dempster Mill Mfg. Co. (quar.)
Diamond Portland Cement
By R. L. Day & Co., Boston:
June 28
June 25
15 June 29
Sept. 2 Aug. 15
5
Aug.
1 July
July 11 July 10
SIM
Consol. Car Heat. Co., Inc. (quar.)----—
Consolidated Cigar Corp. 7% preferred (quar.)6 M % prior preferred (quar.)
—
Consolidated Gold Fields of So. Africa (interim)
—
SALES
24
July
July
July
July
July
17 Mc
7% preferred (quar.)
Commercial Shearing & Stamping Co. (quar.) —
Conn (C. G.) Ltd
---
29
24
July
July
July
20c
(quar.)
10
10
June 29
50c
—,
Commercial Discount Co. 8% pref.
—
AUCTION
3 Aug.
3 Aug.
10 June
1 June
1 June
1M %
Colon Development, 6% red., prefColumbia Mills, Inc
3672
3983
Pennsylvania RR. 4M% bonds
Pennsylvania State Water Co. 4M % bonds, 1966
Peoples Light & Power Co. collateral lien bonds
♦Philadelphia Electric Power Co. 1st mtge. 5Ms
Philadelphia Transportation Co. 3%-6% bonds
July
1
Safeway Stores, Inc., preferred stock
—July
1
♦St. Joseph Ry. Light Heat & Power Co. 1st mtge. bonds.Aug.
1
♦Sierra Pacific Power Co. 1st mtge. bonds
July 19
Southern Ice Co., Inc., 1st mtge. bonds
Aug.
1
Standard Oil Co. N. J. serial notes..
July
2
(L. S.) Starrett Co. 6% preferred stock-June 30
Tide Water Associated Oil Co. 15-yr. 3M% debs.July
1
Underwriters Building Co. 1st mtge. bonds
July
1
Union Pacific RR. Co. 1st mtge. bonds
Sept. 1
United States Steel Corp 10-year 3M% debs
July 15
Virginia Coal & Iron Co. 5% bonds
July
1
♦Virginian Corp. 5% notes
July
5
Woodward Iron Co. 1st mtge. 5s
July
1
Wisconsin Power & Light Co. 4% debentures
-July 12
♦Wisconsin Public Service Corp. 4% bonds
Aug.
1
♦Announcements this
Cleveland & Pittsburgh RR. 7% gtd.
SIM
---
75c
25c
-
SIM
-
-
—
-
12 Mc
July
July
Sept.
1 June 20
1 June 21
9
3 Aug.
1 Sept. 14
Aug. 31 Aug. 10
Oct.
4072
The Commercial & Financial Chronicle
Per
Name of Company
Louisville Henderson & St. Louis Ry.
(s.-a.)—
Preferred (s .-a.)
-i »-■*.—
-•—
Lowell Electric Light Corp (quar.)
$4
—
—
-—. -
-
-
$2^
-
90c
—
Luzerne County Gas & Elec. Corp., $7 1st pref—
$6, 1st preferred (quar.)
%IH
UH
$1H
———
Lyon Metal Products, Inc., 6% pref. (quar.)—
Magma Copper Co.
—
50c
—
15c
—-
10c
MacMillan Petroleum Corp.—
Marathon Paper Mills Co., 6% pref.
(quar.)
Marsh (M.) & Son
'
$1H
—
—
40c
—
Maritime Telep, & Teleg. Co. (quar.)_
17Hc
7% preferred (quar
17
—
Martin (Glenn L.) Co
Marvens Ltd., pref. (quar.)-
-
Massachusetts Utilities Association pref. (qu.)„
May Hosiery Mills $4 pref. (quar.)—
Class A (special)--.
McCall Corp. (quar.)
McOaskey Register Co., 7% 1st preferred
McCrory Stores preferred (quar
—
—
.
35c
t$lH
$iy2
mc
%iv%
$1Y
-
-
McGillivray Creek Coal & Coke
McLellan Stores Co. preferred (quar.).
Medusa Portland Cement Co.,
6% pref. A (qu.)
phis N atural Gas
:
—
15c
—— —
Michigan Seamless Tube
——
Middlesex Products Corp. (quar.)—-Middlesex Water Co., 7% pref. (s.-a.)_———
Montana Power Co. preferred
(quar.)--.
—
—
50c
25c
—
—
$3H
$1Y
—
Montreal
Telegraph Co
;
65c
i—
Mountain States Power Co
5 % preferred (quar.)
National Acme Co
25c
,
62 He
-
-
-
25c
-
National Bearing Metals Corp., 7% pref. (qu.).
National Distillers Products
(quar,)_———
—
National Investors Corp. (Md.)
National Money Corp., A
—__
-----
(quar.).--.
$IH
—
—
-
$1 X preferred (quar.)
National Shirt Shops (Del.), $6
prior pref...
.
.
'
50c
8c
10c
37Hc
$1U
Naumkeag Steam Cotton
New Brunswick
New
50c
Telephone Co
Jersey Zinc—-
—
—
—
—
———
—
—
Niagara Hudson Power Corp. 1st pref.
(qu.)-—
2nd preferred A & B
(quar.)_
Norfolk & Western Ry.
(quar.)--4% preferred (quar.)—
North American Oil Co.
(quar.)....
—
$IH
UH
$2 H
.—— —
$1
———
—
—
Northern Indiana Public Service,
7% preferred.
6% preferred5H% preferred—
Northern States Power
rtherj
(Del.) 7% prefferred
-
—
6 % preferred
—
3c
my*
niH
,
—
—
—
———
—
—
Northern Telephone Co.
(initial)...
Northwest Engineering Co.
Oahu Sugar Co., Ltd.
(monthly)
Ohio Loan & Discount Co-—.
6% participating preferred (quar.)_
5% preferred (quar.)...
————
Old Dominion Fire Insurance Co.
(quar.)-
$ih
$1H
17 He
25c
5c
— „———
10c
—
%1H
$1K
—-
—
—
—
Oliver United Filters class A
(quar.)——
25c
—
50c
—
Olympia Brewing Co.----6% non-cum. participating preferred.——...
Onomea Sugar
(monthly)-;....
Pacific Commercial Co
Panhandle Eastern Pipe Line
—
—
—
—
—
——
—
—
—
-——
—
15c
10c
$2
$1
—
%IH
%1H
—....
—
—
.
(quar.)—
July 15
June 22
July 11
Aug. 22
Oct.
Sept.19
July 19
Aug.
Aug.
July
July
mx
June
$1^
$2
^w
$1X
~**■:"
(qu.)II
—
-
50c
—
25c
50c
1939)-!
~
Preferred (quar.)
——————
San Gabriel River Improvement
(monthly)
15
July
June 29
July
July
July
July
July
July
July
Aug.
July
June 24
June 25
$1H
25c
-
37Hc
37Hc
June
12fi
$1H partic. preferred (quar.)
———
July
July
—
—I""
Southern Berkshire Power &
Electfic Co__—
■
Bleachery & Print Works, Inc.,
7% pf~
Southern Franklin Process Co.
7% pref. (qu )
Southern Indiana Gas &
Electric Co.
—
$1H
.
Southern
4.8% preferred (quar.)
Southern Weaving Co
I
Spicer Mfg. Corp., preferred
(quar.)
Sports Products, Inc. (quar.)
Springfield Fire & Marine Insurance
(quar.)__
Standard Steel Spring
40c
mx
$ix
...
6% preferred (quar.)
(quar.).:
...
—
_
—
—
..
Wood, Alexander & James, Ltd., 7% 1st pref...
Wood Preserving Corp. preferred
—
Worcester Suburban Electric Co
and not
June
June 20
June 20
5rc
25c
$1
15c
15
5
June 20
June 20
July
15
June 24
July
10 June 28
June
July
15
June 21
July
July
2
_IH
July
July
July
July
July
60c
June
June
II
6
19
31Hc
I_
Aug.
July
Aug.
1
June 29
12Hc
t43Hc
June
June
15
Aug.
July
5
$1.12
5Cc
10
June 24
Abbott Laboratories
Share
(quar.)
27
24
Sept. 3 Aug.
1 July
Aug.
Aug. 15 July
Aug. 15 July
1 July
Aug.
1 July
Aug.
1 July
Aug.
3 July
July
3 July
July
1 June
July
Aug. 15 Aug.
Aug. 15 July
1 July
Aug.
1 June
July
15
15
19
19
15
10
10
1
1
15
1
31
15
15
22
June 28 June 20
1 June 25
July
1
July
Preferred
(s.-a.)
—
Supply Mfg. Co., class A (quar.)
——
-
Agnew-Surpass Shoe Stores, pref. (quar.)
Agricultural Insurance Co. (quar.)
Ahlberg Bearing Co., class A (quar.)
Air Associates, Inc., 1st pref.
(quar.)
Air Reduction Co., Inc. (quar.)-*.
Extra
Alabama Power Co. $7 preferred
(quar.)$6 preferred (quar.)
$5 preferred (quar.)
Alaska Pacific Consol. Mining Co.
(quar.)
18
June 15
July
5
June 28
Sept.
3
June
8
June
8
July
19
June
June
25
July
July
July
July
-
Albany & Susquehanna RR. (s.-a.)
Alberta Wood Preserving Co. preferred
(quar.)>
Allegheny Ludlum Steel
Allegheny & Western Railway (s.-a.)
Allen-Wales Adding Mach
Corp., $6 pref (qu.)_
Algoma Steel, Ltd., 5% pref
Allied Laboratories (quar.)
Allied Products (quar.)
Class A (quar.)
Allied Stores Corp. 5% pref.
(quar.)
Allis-Chalmers Mfg. Co
Alpha Portland Cement
June
15
Tune
June 29
June
15
May
8
June
20
May 31
June 29
June
29
June
14
June
14
June 26
June 17
June 20
Tune
20
June
15
June
15
July
July
July
July
July
June
June
June
8
June
8
June
17
Sept.
—
10*
Sept. 2
July
July
—
June
Oct.
June
-
...
June
15
15*
Sept. 14*
June
15
Sept.
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Amalgamated Sugar (initial)
Amerex Holding Corp. (s.-a.)
American Agricultural Chemical Co
-
Dec.
15
July
Aug.
June
15
June
July
July
July
July
July
July
July
July
(s.-a.)_
—
,
—
American Crystal Sugar
Preferred (quar.)
American Coach & Body Co
American Cyanamid Co., class A & B
(quar.)
5% cum. conv. 1st & 2d preferred (quar.)
American District Telegraph (N. J.), pref. (qu.)
—
Envelope Co.. 7% pref. A (quar.)
American Express Co. (quar.)
American Factors, Ltd. (monthly)
American Felt Co. 6% pref. (quar.)
American Furniture Co., Inc., 7% pref. (qu.)
Amer. Gas & Electric Co., 4 % % cum. pref.
(qu.)
American Genera] Insurance Co. (quar.)
—
div. of
July
10
June 15
June
20
June 29
June
June
June
14
14
June
14
14
June
11*
June 27
June
June
June
—
15c
68Xc
June 21
July
July
July
July
July
June
25c
July
$1H July
25c
July
15c
July
12Hc July
$1%
July
MX
Sept.
$1H
July
10c
July
%1H July
$1X
July
$1.18X July
June 21
June 21
14*
June
15
June 20
June 25
June
11
June
17
June
17
June 20
June
12
June 12
June 22
Aug. 25
June 14
June 29
June 15
July
13
25c
20c
June
June
7
June 20
July
June 14*
July
July
July
15
62 He
June
15
2
for each no-par common
held.
5% preferred
15
Sept. 15
Dec.
7% preferred (quar.)
*.
American Bank Note Co., pref. (quar.)American Bern berg Corp. 7% preferrred
par,
15
Sept.
American Alliance Insurance (quar.)
American Asphalt Roof, preferred (quar.)
American Bakeries Co. class B
;
Class A (quar.)
Class A (participating)
$1
Dec.
June
June
------
American Home Products Corp.
American Investment Co. (111.) Stock
Sept. 15
Dec.
Quarterly
of com.
1
June 22
June
July
July
July
July
July
July
July
July
July
July
July
Aug.
-
Aluminum Co. of America, pref.
(quar.)^
Aluminum Goods Mfg. Co.,
cap. stk—
12
12
June
July
Sent.
—
Capital stock
Aluminum Mfg.. Inc. (quar.)
Quarterly
June
June
July
July
July
July
July
July
-
(quar.)
Abercrombie & Fitch, pref.
Acme Glove, 1st preferred
When
Holders
Payable of Record
June
-
Extra.
shs.
June 28 June 24
5 June
July
June 28 June
Aug.
35c
37Hc
$1X
$1X
$1H
$2 H
mn
mx
mx
Per
Name of Company
American Business Credit Corp. class A
American Can Co., preferred (quar.)—
American Capital Corp. $3 preferred
American Cast Iron Pipe Co
6% pref (s -a )
American Casualty (Reading. Pa.)
American Cities Power & Light, $2££ cl. A (qu.)
Optional cash or l-16th sh. of cl. B stock.
1
1
1 Sept.16
being given in the preceding table.
July
July
July
July
50c
2Cc
__
1 July
Aug.
15
July 10 July
6
1 June 24
July
give the dividends announced in previous weeks
yet paid.
The list does not include dividends an¬
American Brake, Shoe & Foundry
Preferred (quar.)
June 29 June 21
June 28 June 20
July
1 June 20
Aug.
3P -t
75c
_—
Oct.
10c
50c
$1X
37Hc
5
June 25
July
1 June 20
July
1 June 20
July
Sept. 30 Aug. 30
Sept. 30 A tig. 30
1 July
Aug.
15
Sept. 3 Aug. 15
Oct.
1 Sept.16
1 July 15
Aug.
Sept. 3 Aug. 15
1 Sept.16
Oct,
1 July
Aug.
15
Sept. 3 Aug. 15
we
nounced this week, these
Aero
20
50c
$1.10
Wrisley (A. B.) 7% pref. (quar.)
Zellers, Ltd., preferred (quar.)
Below
50c
50c
♦
-
Preferred
(guar.)
— ^
White Rock Mineral Springs Co. 1st
pref. (qu.).
2nd preferred (quar.)
White Villa Grocery, Inc.,
6% pref. (quar.) —
Wilson Line, Inc., 5% pref. (s.-a.
Wilson & Co., 6% preferred
American
—
...
20
20
June
30c
(s.-a~.)IIII"~
(quar.— II"I~
(quar.)
Stecher-Traung Lithograph Corp
Steel Co. of Canada, Ltd.
(quar.)
6
June 24
June 18
25c
—
Preferred (quar.)i__
State Street Investment
1
10c
—■
Stanlejy Works
15
1
June 30 June
50c
—
July
July
July
July
Aug.
$1X
$1X
WH
20%
South Carolina Electric & Gas
Co.—
$6 prior preferred (quar.)
June 21
20
----
—
June 21
June 21
June 26
1X%
_
""
...
—
6% preferred (quar.
Manufacturing Co. (quar.)
15
July
July
July
Security Storage Co. (quar.)
Security Title Building, Inc., $7 part, pref—
I"
Shakespeare Co. stock dividend—-
Skilsaw, Inc. (quar.)
July
$1H
_""..."~
& Electric Co,
CommonShamokin Valley & Pottsville RR.
Shell Union Oil Corp
Sioux City Stockyards Co.
July
Aug.
July
July
July
July
July
Aug.
Aug.
June 22
$11X
—
Preferred (quar.)
San Antonio Public Service
(series
Preferred (quar.)...
-
10
Aug.
Sept.
40c
St. Lawrence Flour Mills
(quar.)
Extra
—
10
Jidy 20
Aug. 20
t5Cc
...
Smyth
July
Sept
$1%
...
—
10
Aug. 20
July
5
Oct.
1111
....
....
Santa Cruz Portland Cement
Co
Sayers & Scoville Co
10
1 July
July
Aug.
July
Aug.
50c
.
Preferred (quar.).__.„
—
St. Croix Paper Co
__—St. John Dry. Dock &
Shipbuilding pref.
St. Joseph Stockyards
Diego Consol. Gas
June 20
Uuly
50c
conv. pref
RoosBros., Inc.,6H% preferred (quar.).
Royal Typewriter Co., Inc
San
Aug.
Aug.
Sept.
July
July
15
50c
......
53c
53c
53c
43Xc
nxc
$1X
$1H
$1X
Weston (Geo.) Ltd., preferred
(quar,).
June
July
June
,
58 l-3c
West Penn Electric 7% preferred
(quar.)
June 20
...
Regent Knitting Mills $1.60 non-cum.
pref..
Rhode Island Electric Protective
Co. (quar.)
...
...
July
Aug.
172TC
...
%1X
581-3c
58 1-3 c
Aetna Casualty & Surety
(quar.)
Aetna Life Insurance (quar.)__^
50c
—A——
"
25c
Affiliated Fund, Inc
...
...
25c
$1X
$1H
——
Westvaco Chlorine Products
June 29 June
Aug. 22 July 22
Aug. 22 July 22
June 30 June 20
$1X
6.36% preferred (monthly)
6.36% preferred (monthly)..
6.36% preferred (monthly)......—
6% preferred (monthly).
6% preferred (monthly).
6% preferred (monthly)..
Vertientes-Camaguey Sugar
Washington Oil Co—
Waterbury Farrett Foundry & Machine Co—.
Weinberger Drug Stores
West Coast Oil Co. pref. (quar.
West Michigan Steel Foundry
(quar.)...
Convertible preferred (quar.)._...
Prior preferred (quar.)__.
15
15
15
June 20
July
July 12 July
8
Aug. 15 July 31
Aug. 10 July 10
15c
...
7% preferred (monthly)........
July
July
June
5Cc
....
—
15 July
1
15 June 29
Aug.
Aug.
July
5fc
...
...
June 26
June 21
June
42c
lV,
—
2c
—
Aug. 20
Aug.
5
July 22
42c
— —
2c
—;
—
...
Sept.
Aug.
Aug.
$2 H
(quar.).....,——
—
—
—
%1
5Cc
.
Torrington Water Co. (quar.)
Troy Sunshade Co. (quar.)
Union Bag Sc Paper Corp..—
Union Electric (Mo.) $5 preferred (quar.)
Union Oil & Calif, (quar.)..
Union Public Service Co. (Minn.)—
7% preferred A & B (quar.).!
$6 preferred C & D (quar.)
United Gas Improvement (quar.).
Preferred (qiuar.)
C——
United Light Rys. 7% Preferred (mo.)
7% preferred (monthly).........
June
50c
7% pref. (quar.)
participating A_
.
July
Oct.
37
Class B
Aeronautical Securities. Inc—-
$1H
$1H
—
—
Suarterly Income 5% pref. (quar.)
alston Steel Car Shares (quar.)
—
July
June 24
June 26
Tune 21
20c
...
-—.——
Aetna Ball Bearing Mfg
45c
—
—
...
June
—
37Hc
—
Piedmont & Northern
Ry
Pittsburgh, Cinn., Chicago & St. Louis
Philadelphia Electric Power, 8% pref. (quar.)..
Philippine Long Distance Telephone Co.
(mo.)..
Rike-Kumler
Ritter Dental Mfg. Co., Inc.,
5%
Rome & Clinton R R—
July 15 June 29
July 20 June 29
July 20 June 29
July 12 July
3
1 July 18
Aug.
1 July 15
Aug.
July 20 June 29
July 15 July
1
July 15 July
1
1 June 21
July
July
July
1
July 15 June 29
July 15 June 28
1 July 15
Aug.
1 July 15
Aug.
Sept. 19 Aug. 31
Aug. 19 July 31
July 20 July 10
July 15 June 29
July 15 June 29
July 15 June 29
July 20 June 29
July 20 June 29
July 15 June 15
1 July 15
Aug.
July 15 July
6
1 June 29
July
1 June 29
July
June 29
Juiy
July
June 24
Aug.
July 20
July
June 26
July
June 26
July
July 10
—
-———— —
$1)1
— .
—
.—.. — — —
2nd preferred (quar.)...
Reed (C. A.)
11
—
Extra,.'
Sept. 14
June 26
$1H
—
Reading Co. (quar.)
July
Toburn Gold Mines-
June 25
mh
Philadelphia Electric (quar.)
Philadelphia Electric $5 preferred (quar.)
Philadelphia Germantown & Norristown RR—_
Monthly
1
July
Ray Drug Co
Preferred (quar.).
Taunton Gas Light Co. (quar.)--Tavlor-Colquitt Cp. (quar.)
12® July
;
—
Sun
25c
■
———
Pneumatic Scale Corp.,
Aug.
When I Holders
Payable of Record
Company
July
87 He
75c
—,
Penman's Preferred
(quar.)
Penn Federal
Corp., pref. (s.-a.).
Pennsylvania Power Co. $5 pref.
(quar.)—
Perfection Stove Co. (quar.)....
—
'!
Name of
Stetson (John B.) 8% preferred
Sun Glow Industries Co. (quar.)
June
$2,691
-
—
Aug. 15 Aug.
1
Aug. 15 Aug.
July 13 June 29
Aug. 15 July 31
Aug. 15 July 31
1 July 15
Aug.
Sept. 16 Aug. 30
July 10 June 28
July 15 July
5
1 June 20
July
1 June 22
July
July 15 June 20
July 15 June 20
July
July
9
July
June 15
July 15 June 29
Aug. 31 Aug. 15
July 10 June 28
1 July 15
Aug.
1 June 22
July
1 July 18
Aug.
2 June 27
July
1 July
Aug.
11
1 June 25
July
July 10 July
1
July
1 June 25
1 June 1§
July
1 June 26
July
12Hc
$1H
Preferred A (partic.)
Peaslee-Gaulbert Corp.—
6% preferred (guar.
Peck, Stow & Wilcox Co
Pender (David)
Grocery, class A (quar.)—
Penmans Ltd. (quar,)———
—
15c
—
—
...
Preferred A & B (quar.)
Preferred A & B (quar.)...
1st preferred
Ti
$1^
62Hc
—
—
Holders
Payable of Record
__
Manhattan Bond Fund, Inc
M em
When
Share
June 29, 1940
(quar.)
Volume
the Commercial & Financial Chronicle
ISO
Per
Name of Company
Share
When
Holders
June 29 June
June
American Hawaiian Steamship (quar.)
Extra
June 29 June
June 29 June
American Investors Co., Inc., pref.
(quar.).
American Locker Co. SIX non-cum. class A
American Mfg. Co. (quar.)
Preferred (quar.)
July
---------
Dec.
(quar.)
--,
American Rolling Mill 4 X% preferred
American Safety Razor (quar.)
M
.....
American Screw Co
(quar)
American Shipbuilding..
Preferred....
American Smelting &
Preferred (quar.)
20
Dec.
June
June
10
June
18
July
_
11
June 29 June 22
Aug. 31 Aug.
2
July 31 July ,5
July
1 June 13
July
1 June 13
American Snuff Co. (quar.)
Preferred (quar.)
American
Sugar Refining, pref. (quar.)
American Surety Co..
*
American Telephone & Telegraph (quar.)
American Thermos Bottle, class A (quar.)
July
July
Aug.
Aug.
July
July
Extra
American Thread Co. pref. (semi-ann.)
American Tobacco Co., preferred (quar.)
June
1 June
July
July
July
July
July
(quar.).
Apex Electrical Mfg. Co
Preferred (quar.).
Appalachian Electric Power $7 preferred (quar.)
Arcade Cotton Mills Co. 6% pref. (s.-a.)
Arkansas Natural Gas preferred
Arkansas Power & Light $7 pref. (quar.)
$6 preferred (quar J
Armour & Co. (Dela.), 7% preferred (quar.)..
Arrow-Hart & Hegeman Electric...
June
J30c
HP
50c
Extra
Ashland Oil &
Refining (quar.)
preferred (quar.)
Associated Breweries of Canada
Preferred (quar.)
Associates Investment Co.
11
18
—
Atchison Topeka & Santa Fe Ry., 5% pref
Athol Mfg. Co. 7% preferred (s.-a.)
Atlanta Birmingham & Coast RR. pref.
17
June
June
17
Canadian Canners
June
June
fig
Extra
...
Baldwin Co., 6% pref. (quar.)
June
June
July
5
June
24
60c
June
10c
37Xc
25c
75c
75c
75c
25c
12Xc
$1%
flX
12Xc
12Xc
flX
22c
HP
30c
-i
20c
S3X
Bankers Trust Co
60c
Barker Bros., pref. (quar.)
Bath Iron Works
68 Xc
25c
Bathurst Power &
Paper Co., Ltd. A
Bastian-Blessing Co
Preferred (quar.)
Bayuk Cigars, Inc., 7% 1st preferred (quar.)
Beacon Associates, Inc., 7% pref (quar )
Beatrice Creamery Co. (quar.)..,
4
Preferred (quar.)
Beatty Bros., 2nd pref. (semi-annual)..
25c
:
SIX
43 Xc
15
15
June
June
29
Extra
(quar.)
Birmingham Electric Co. $7 preferred
Preferred
Birmingham Fire Insurance Co. (Ala.) (qu.)
Blackhawk-Perry Corp
Bliss & Laughlin, Inc
(quar.)
Tobacco, pref. (quar.)
Blue Top Brewing, 6% class A (semi-annual)..
Bobbs-Merrill Co. 4X% preferred (quar.)
Bohn Aluminum & Brass
Bon Ami Co. class A (quar.)
Class B
July
July
July
July
July
July
July
June 21
June 15
ls.—...———
(quar.)
Capital Administration Co., Ltd.—
S3 cum. preferred series A (quar.)
Capital Transit Co
Cariboo Gold Quartz Mining Co. (quar.)
—
1
Preferred (quar.)
Extra
Cartnage Mills, Inc., class A
Class B (quar.)
Case (J. I.) Co., p eferred (quar.)
Catalin Corp. of America,
Celanese Corp. of America
A div. in com. stk. at the rate of
13
13
15
14
10
for each 40 shs. of common held
,
,
July
July
July
July
15
25c
June
June
37Xc
June
June
20
20
Champion Paper & Fibre, pref. (quar.)
Chemical Bank & Trust Co. (quar.)
SIX
30c
SIX
,
25c
$1
lXc
3Xc
lXc
3Xc
June
June 25
15
June
June
July
July
July
July
July
June
15
June
14
one
July
July
15
15
July
June 25
June 25
June 25
Oct.
June 25
July
June
Oct.
June
18
June 26
June
May 31
July
July
July
June 20
25c
June
June
20c
July
July
July
July
July
June 29
June 29
June 20
10c
32 Xc
87Xc
SIX
June
10
June 24
1
June 24
June 15
50c
June
June
14
25c
July
June
17
14
June 29
June 20
June
15
June
15
June 29
June 29
June
26
June 20
June
July
15
June
2
17
June
15
18
June 21
June 21
June
4
June
4
June
17
June
l7
July
June
10
15
June
15
June 24
29 June 12
June 21
June 20
June
20
June 12
July
June
Aug.
June
1
14
sh.
—
cumulative preferred
14
June
June
14
July
July
June
14
June
June
June
62 Xc
July
July
July
July
July
Aug.
July
July
July
July
July
July
July
July
July
July
June
June
19
June
June
19
...
Common
(quar.)
Chicago Flexible Shaft (quar.)
Extra.
Chicago Junction Rys. & Union Stockyards Co.
Chicago Mill & Lumber Co. (quar.)
Chicago Pneumatic Tool S3 pref. (quar.)
$2X preferred (quar.Chicago Railway Equipment, 7% prefChristiana Securities, preferred (quar.)
Cincinnati Gas & Electric preferred A (quar.) —
Cincinnati Postal Terminal & Realty pref. (qu.)_
Cincinnati & Suburban Bell Telephone (quar.)_
Cincinnati Union Stockyards (quar.)--.
- —
Cincinnati Union Terminal, 5% pref. (quar.)—
5% preferred (quar.)
- -—
Cities Service Power & Light $7 preferred
86 preferred
—
85 preferred -- -- — - - - - - r
Citizens Wholesale Supply 7% pref. (quar.)
-
6% preferred (quar.)
City Auto Stamping
City Ice & Fuel Co
—
City Investing Co., preferred
37 Xc
75c
SIX
SIX
SIX
SIX
SI X
SIX
tsix
SIX
tsix
25c
Chesapeake-Camo Corp., 5% pref. (quar.)
Chesapeake & Ohio Ry. Co., pref. A (quar.) —
.
2 June 15
2 June 16
2 June 15
25c
June
7%
2 June 15
2 June 15
SIX
July
7
June 25
June 25
15 Nov. 30
2 June 15
July
July
6% cum. preferred (quar.)
6% cumulative preferred
Chain Belt Co
Boston Wharf Co
Bridgeport Gas Light Co. (quar.)
British American Oil (quar.)
June
cum.
June 20
June 20
June 20
SIX
July
July
July
—
1st partic. pref. (s.-a.)
cum. prior pref. (quar.)
Central Aguirre Assoc. (quar.)
Central Electric & Telephone, 6% pref. (quar.).
Central Hanover Bank & Trust Co. (quar.)
Central Illinois Light pref. (quar.)
Central Maine Power Co. 7% pref. (quar.)
6% preferred (quar.)
86 preferred (quar.)
Central N. Y. Power, 5% pref. (quar.)
Central Power Co., 7% cum. pref. (quar.)
7%
7%
June
Bralorne Mines, Ltd. (quar.)
Extra
Brandtjen & Kluge, Inc., 7% conv pref. (quar.)
Brazilian Traction Light & Power, pref. (quar.).
a.
—
25c
Dates as previously announced were incorrect
25c
Borg-Warner Corp
Boston Acceptance preferred
tl7Xc
Boston & Albany RR
Boston Elevated Railway (quar.)
Boston Herald-Traveler Corp
40c
(quar.)
Boston Insurance Co. (quar.)
S4
Brantford Cordage Co., 1st pref. (quar.)
68Xc
—
(quar.)
June 29
flX
10c
Extra
June
62Xc
w*
50c
—
June
HP
30c
62 Xc
(quar.)
Publishers (quar.)
Extra
June
*37Il
SIX
7% pref. (quar.)
Aug. 31
June 20
50c
July
July
July
July
July
25c
Bethlehem Steel Co.
Bloch Bro.
June 30
June 15
June
15
15
June 29
July
July
July
tl2t1C2
182
182
$6 preferred (quar.)
Carolina Telephone & Telegraph (quar.)
Carpel Corp. (quar.)
Carriers & General Corp
June 22
June 20
June
June
June
u—
SIX
SIX
Preferred
15
15
15
June 29
June 29
14
17
10
15
June 29
14
SiX
Carolina Clinchfield & Ohio Ry (quar.)
June 15
July
July
15
June
June
—
1 July
1 June
June
June
July
July
July
July
July
July
1
Aug.
Sept. 16
14
Carolina Power & Light, S7 pref. (quar.)
June
June
June
15
June
15
31
15
June
June
July
Carnation Co.
June 24
June
June
June
1 June
June
$2
Bickford's, Inc..
Preferred
June 21
June
HP
Beneficial Industrial Loan Corp
Preferred
15
12*
June
Belding Corticelli (quar.).
(quar.)..
June
45c
fl
25c
fl
preference (quar.)
Bensonhurst Nat'l Bank (Bklyn., N.Y.) (qu.)..
10
10
fix
50c
Prior
10
June
June
29
June
Preferred
5
June
June
15
June
Aug.
July
July
July
July
July
July
July
July
July
July
July
July
July
July
Cannon Mills Co
Cannon Shoe Co. (quar.)
June 22
62 Xc
75c
SIX
S3X
(quar.)
(quar.):
17
June 29
July
July
July
July
July
July
July
July
July
July
July
25c
Beech-Nut Packing Co. (quar.)
Extra
Bell Telephone of Canada (quar.)
Bell Telep. of Penna. 6X% pref.
40C
fix
June 20
June 17
June
15
June
June
Canadian Silk Products A
June 20
July
Aug. 31
Sept. 14
June
—
-
Canadian Light & Power (semi-ann.)
Canadian Oil Cos., pref. (quar,)..
8
July
July
July
July
Aug.
July
July
July
31
31
June 20
25c
in¬
Canadian Foreign Investment, pref. (quar.)——
Canadian General Electric (quar.)
15
July
July
July
SIX
t50c
ui,
Canadian Industries, Ltd., class A and B (quar.)
Preferred (quar.)
l
June 20
June 19
June
14
tl5c
t5c
15c
i.'_
Canadian General Investments, reg. (quar.)
Canadian Fire Insurance (semi-annual)
June 20
June
*4!
tl2Xc
t25c
_
7% participating preferred (quar.)—
June 20
June
14
June
Dec.
Canadian Converters.
Canadian Cotton, Ltd. (quar.)
Preferred (quar.)
June 24
June
15
June
Oanfield Oil Co
20
Aug.
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
Aug.
July
July
June
182
(quar.)...
Canadian Wallpaper Mfrs. A & B (final).—....
137 Xc
Canadian Westinghouse (quar.)
Canadian Wirebound Boxes, Ltd., class A
t37Xc
14
June
.
15
June 21
July
July
July
July
July
July
Convertible preferred (quar.).
convertible preferred (partic)
Canadian Celanese, Ltd
12
July
June
June 21
si
June 21
June
Ti
(quar.)
Bangor & Aroostook RR. pref. (quar.)
Bangor Hydro-Electric Corp. (quar.)
7% preferred (quar.).
6% preferred (quar.).
Bank of America (quar.)
Bank of the Manhattan Co. (quar.)
Bank of New York (quar.)
Aug.
July
June 19
June 20
t75c
First preferred (quar.)
First preferred (partic.)
June 15
June 27
SIX
fix
City Fire Insurance Co. (quar.)
Refining Co.. preferred (quar.)
Automobile Banking Corp., class A, com. (quar.)
Cumulative convertible preferred (quar.)....
Auto Finance Co. (Greenwood, S. C.) (quar.)..
6% preferred (quar.)
6% convertible preferred (quar.
Autocar Trucks, $3 cum. part. pref. (quar.)
Automobile Insurance (Hartford) (quar.)
Backstay Welt Co
B-G Foods, Inc., prior preferred (quar.)
Old preferred (quar.)
Baker (J T ) Chemical Co
(quar )
_
.
15
15
June 15
July
$2X
SIX
(s.-a.)_.
Atlantic
Preferred
15
June
Atlantic
Beech Creek RR.
15
June
June
Atlanta Gas Light, 6% pref. (quar.)
BancOhio Corp.
June
June
"j$
15
15
15
tsix
t37Xc
tS5
t25c
15
July
13 0c
60c
12
June
June
June
50c
81
55c
15c
J62Xc
June
SIX
June
July
Aug.
July
July
July
July
Tuly
July
July
July
Aug.
Aug.
July
Sept.
120c
June
(quar.)....
June
25c
40c
18
12
July
July
July
June
21
July
SIX
SIX
June 20
July
June
June
June
June
Oct.
Canada Northern Power Corp. (quar.)
7% cumul. preferred (quar.)...
Canada Packers, Ltd. (quar.)
June 22
$1X
t25c
t$lX
(quar.)
5% preferred (quar.)
Bonomo
15
June
25c
SI
15c
25c
SIX
tsix
10c
Arundel Corp. (quar.)
Asbestos Corp. (quar.)
$6
15
June
1
19
19
June 20
f
25c
5% cum. 1st preferred (quar.)
Canada Foundries & Forgings class A
Canada Life Assurance (quar.)
June 27
June
Aug.
62Xc
37 Xc
Extra
-i
Canada Southern Railway (s.-a.)
4.— —
Canada Wire & Cable, class A (quar.)
—.—
Class A (quar.)
Canadian Breweries, Ltd., S3 preferred....
35c
j,
11
June 22
July
35c
—
17
June
July
Aug.
July
July
40c
-;
Canada Cycle & Motor Co. (quar.)
June 24
June
-—---
,
4
June
-
15c
Art Metal Construction
5%
20
July
July
July
July
July
July
s
July
June 21
June 24
Canada Bread, Ltd., 5% preferred (quar.)
Preferred B (quar.)
Canada Bud Breweries Ltd
June 20
June
IX
IX
SIX
SIX
81
...
24
June
June
July
3
June 29
June 15
Preferred (quar.)
California Water & Telephone, pref. (quar.)
California-Western 8tates Life Insurance (s.-a.)
Cambria Iron semi-annual.
—-
June 14
June
June
June
50c
•
Calamba Sugar Estates (quar.)..
Preferred (quar.)
California Packing Corp. (quar.)
10
June
3
June 20
June
SIX
17Xc
...
Burlington Steel, Ltd. (quar.)
8
American Water Works & Electric Co—
86 1st preferred (quar.)
Anchor Hocking Glass Corp. $5 pref.
t
Preferred (quar )
15 June 17
1 July 20
1 July 20
1 May 31
15
June
SIX
2%
Building ^Products, Ltd. (quar.)
BulovaWatch Co. (quar.)
i
Burger Brewing Co., 8% pref. (quar.)
Burkhart (F.) Mfg....
July
15
June
87 Xc
tsix
tSIX
75c
First preferred (quar.)
1 June 15
Tune 29 June 15
5*
July
2 June
American States Insurance (quar.)
American Steel Foundries
tune
,25c
Preferred
(quar.)
Budd Wheel Co. preferred
(quar.)
Preferred (participating div.) (Corrected)
Buffalo Niagara & Eastern Power pref. (quar.)..
June 29 June 22
Refining
July
July
June
July
July
July
July
Aug.
July
July
July
July
Sept.
22c
75c
Brunswick-Balke-Collender Co., pref. (quar.)..
Brush-Moore Newspapers, Inc.—
7% 1st and 2d preferred (quar.)_»-.L_— *i.Buckeye Steel Casting, 6% pref. (quar.)
Bucyrus-Erie Co. (interim)
6
1 Aug. 27
July
1 June
June 29 June
41
6% preferred (quar.)
Brooklyn Trust Co. (s.-a.)
Brooklyn Union Gas
Bruce (E. L.) Co. 7% cum. pref. (quar.)
3X% cum. preferred (quar.)
6
Sept.
20c
50c
lOd.
6% 2nd preferred (quar.).,
Broad Street Investing Corp. (quar.)
Brooklyn Borough Gas Co. (quar.)
5
July
July
7% preferred (quar.)
American Power & Light Co. $6 preferred
$5 preferred
American Radiator & Standard Sanitary—
Preferred
-
British Columbia Elec. Ry. Co., 5% prpfd.(s.-a)
British Columbia Power, class A (quar.)____..
British Columbia Telep. Co. 6% 1st pref. (quar.)
15
Jlay 21
-
pref. (quar.)...
ti
British-American Tobacco Co. (interim)
British Columbia El. Pow. & Gas, 6% pref (qu.)
15
July
1 June 15
July
1 June 15
8ept. 14 Aug. 29
June 25
July
July
une 15
July
Sept. 5
Sept.
American Meter Co., Inc
Amer. Motorists Insurance Co. (Chic., 111.) (qu.)
American Oak Leather pref. (quar.)
v-—,-iAmerican Optical Co. (quar.)
American Paper Goods Co. 7%
Brillo Mfg. Co. (quar.).;
Class A (quar.)
14
14
1 June 20
June 30 June
When
Holders
Payable of Record
Name of Company
Payable of Record
American Hard Rubber, preferred (quar.)
American Hardware Corp. (quar.)
a,
4073
SIX
45c
SIX
$1
S2X
50c
75c
62 Xc
43 Xc
SIX
15
17
June 20
June
June
10
lO
June
10
July
10
June 29
June 29
June 29
June 29
July
June
10
15
June
18
June 20
June
7*
June
7*
July
July
July
July
July
July
July
June 20
June 21
July
June 20
1
1
June 20
July
July
$1.12
30c
U
SIX
six
SIX
87Xc
75c
15c
30c
(quar.)
June 29
1X%
June
17
July
July
June
5
14
June
June 22
June 19
July
Oct.
8ept.18
July
July
July
July
July
July
June 27
June 27
June 27
June
27
June 27
June
18
June
June
15
July
June 26
The Commercial & Financial Chronicle
4074
Per
When
Company
Share
Clearfield & Mahoning Ry. (s.-a.)
SIM
Name of
-
Clearing Machine Corp. (quar.)
20c
Cleveland Electric Illuminating...
Preferred (quar.).........
50c
Cleveland Graphite Bronze
SIM
Co...
40c
....
Cleveland Union Stockyards Co. (quar.)
Works 7% preferred (quar.)
Cluett, Peabodv & Co., Inc.. pref. (quar.)
Coca Cola Bottling Co. (Del.), class A (quar.)..
Clinton Water
Coca-Cola Co...
Class A (semi-annual)....
—-—
...
Coca-Cola International..
Class A (semi-annual)—
....
Cohen (Dan) & Co. (quar.)....
Coleman Lamp & Stove (quar.)..
Extra
Colgate-Palmollve-Peet (quar.)
Preferred
(initial)
------
Preferred
(quar.)
Driver-Harris Co. 7% preferred (quar.)
Duke Power Co
15
1 June
15
Preferred (quar.)
Dun & Broadstreet, Inc. $6 pref.
Dunean Mills 7% pref. (quar.).
June 29 June 20
1 June 20
.....
Columbia Bank & Trust Co. (quar.)
7 Columbia Gas & Elec. Corp., 6% pref. A (quar.;
5% cumulative preferred (quar.)
5% cumulative preference (quar.)
Columbus & Southern Ohio Electric Co.—
...
July
July
15 July
1
1 June 20
1 June 15
—
>
Bonus
Consolidated Oil Corp. (quar.)
Consolidated Retail Stores 8% pref. (quar.)
...
8% preferred (guar.)—
Consumers Gas (Toronto) (quar.)
—
Consumers Power, $5 preferred (quar.)........
$4 M preferred (quar.) —
Continental Assurance Co. (Chic., 111.) (qu.)-.
Continental Baking Co. preferred (quar.)
Continental Bank & Trust (N. Y.) (quar.).—.
Continental Can Co.. Inc., $4M pref. (quar.)...
Continental Gas & Electric preferred (quar.)...
Continental Insurance Co. (s.-a.)—.—......
Continental Steel
Preferred (quar.)
Continental Telephone Co. 6M% pref. (qu.)...
7% partic. preferred (quar.)
—
Corroon & Reynolds, pref. A
....—
Cosmos Imperial Mills, preferred (quar.)
Courier-Post Co., 7% preferred
Cream of Wheat
Corp..
Creameries of America, Inc. (quar.)
Crown Cork International Corp., class A—
-_
Crown Zellerbach
*
Preferred
(quar.)
Curtis Publishing
—
Co., preferred....
—
Curtlss-Wright Corp. class A__Dairymen's League Co operative, pref. (s.-a.)..
Danahy-Faxon Stores (quar.)
Davenport Hosiery Mill..
7% preferred (quar.)
David & Frere Ltd., class A (quar.)
Davidson-Boutell Co., 6% pref. (quar.)
Dayton, & Michigan RR. (quar.)
Debenture & Securities Corp. (Canada)—
Preferred (semi-annual)
Preferred (semi-annual)
De Long Hook & Eye (guar.)
Dennison Mfg. Co., debenture (quar.)
Dentist's Supply Co. (N. Y.) (quar.)
Quarterly
——
Denver Union Stockyards (quar.)
5M % preferred (quar.)..
....
...—
_
Preferred
(quar.)
Derby Oil & Refining preferred
Detroit Edison Co. (quar.).
Detroit Gasket &
...
.—
Mfg
...
Detroit-Hlllsdale & Southwestern (s.-a.)
Semi-annually—...—
Detroit River Tunnel Co. (s.-a.)
Detroit Steel Products
Devoe & Raynolds Co., Inc., 7% pref. (quar.)..
1 June
12
12
1 June 20
1 June 20
June 29 June 14
5 June 15
July
5 June 15
July
1 June 29
July
Aug. 15 July 20
Aug. 15 July 20
Aug. 15 July 20
June 29 June 24
Aug. 1J uly 15
Aug.
July 15
June
7
July
Oct.
Dec.
Sept. 14
Nov. 15
July
June
Sept.
Aug. 15
16
June 11
July
June 11
July
Aug. 15 July 31
19
1 June 18
July
1
July
_,June 13
July 15 July
5
Sept. 301 Sept.19
1 May 31
July
June
June
15
July
June
15
June
July
July
June 24
June 25
June 25
June
June
15
July
June
July
June
15
15
2 June 21
July
1-2-41 Dec.
July
Aug.
23
Sept.
1 June 20
1 July 19
3 Aug. 20
Dec.
2 Nov. 26
July
1 June
Sept. 1 Aug.
July
1 June
July
1 June
Aug.
1 July
July 15 June
July 20 July
July
5 June
Jan. 1*41 Dec.
July
July
July
15
5
20
20
15 July
Dec.
2 Nov. 12
3 Aug. 12
Extra
—
Draper Corp. (quar.)
Dresser Mfg. Co
...
3-1-41
2-10-41
June 20
June 20
July
July
July
July
July
July
Sept.
3 Aug. 17
Dec.
2 Nov. 16
June 20
June 20
June
15
June
10
July 26 July 10
July 20 June 29
June 29 June
...
(quar.)
i„.
17
July
2 June 15
July
2 June 20
July
2 June 15
July
2 June 15
July 31 July 15
July 31 July 15
July
2 June 15
July 15 June 29
July
1 June
1
July 15 July
1
15 June 29
15
Williamsport Railroad, pref. (quar.)__
El Paso Electric 7% preferred (quar.)
6% preferred (quar.)
$6 preferred (quar.)
El Paso Natural Gas (quar.)
Ely & Walker Dry Goods 1st pref. (s-a)
2d preferred (semi-annual)
Emigrant Industrial Savings Bank
Empire Trust Co. (quar.)_„_
Emporium Capwell 7% pref. (s.-a.)
Endicott-Johnson
June 20
June
18
June 20
15 June 28
15 June 28
15 June 28
June 30 June 15
July
July
July
50c
15c
S3M
35c
„
56Mc
56 Mc
56 Mc
Corp
75c
Preferred
(quar.)
Engineers Public Service Co.—
SIM
SIM
preferred (quar.)
8
8
June 20
June 24
June 29 June 21
July
1 June 20
Elmira &
(Quarterly)
4M% preferred (quar.)..
4M% preferred (quar.)
4 M % preferred (quar.)
_
July
July
July 15 July
3
July 15 July
3
July
1
July
1 June 21
Sept. 21 Sept
7
July
1 June 21
July
1 June 22
Oct.
1 Sept. 21
1- 2-41 Dec.
21
1 June 21
July
July
l June 21
June 14
July
July
July
I June
14
1 June
14
June 29 June 25
Equitable Investment Corp. of Mass
Ex-Cell-O Corp
July
Eversharp, Inc., new 5% pref. (quar.)
1
New 5% preferred (quar.)
New 5% preferred (quar.)
New 5% preferred (quar.)
Fairmont Creamery Co. (Del.)..
Fafnir Bearing (quar.).
June
July
July
Evans Wallower Zinc
June 20
June
Oct.
12
15
Sept. 15
1-2-41
Dec.
15
4-1-41
3-15-41
June 20
June 29 June 21
Jun e29 June 21
July
Extra
Famous Players Canadian (quar.)
June 29 June
Fanny Farmer Candy Shops (quar.)
Fansteel Metallurgical Corp., preferred (quar.).
Preferred (quar.)
19
July
June
15
June
30 June
15
Sept. 30 Sept. 16
Dec. 18 Dec, 14
Sept. 16 Aug. 31
Preferred (quar.)
Farallone Packing Co. (quar.)
Quarterly
Quarterly
Dec.
16 Nov. 30
28
June 10
Mar. 15 Feb.
Farmers & Traders Life Insurance (quar.)
July
Quarterly
Oct.
Sept. 10
Jan.
Faultless Rubber
Fedders Mfg. Co
"(quarjV"!!""""""!"
Federal Bake Shops
Preferred (s.-a.)
J
Special
Fernie Brewing Co
Extra
...
.........
Fidelity & Guaranty Fire Corp
Fidelity-Phenix Fire Insurance Co. (s.-a.)
Fifth Avenue Bank (N. Y.) (quar.)
...
Filene's (Wm.) Sons
Preferred (quar.)
Filing Equipment Bureau, Inc., 4 % pref
Finance Co. of America class A and B
(quar.)..
Class A and B (extra)
June
15
June
24
11
15
June 20
July
June 17
July
June 17
July
2 June 15
July
2 June 15
July
1 June 19
July
July •10 June 29
1 June 29
July
July 25 July 15
July 25 July 15
June 20
July
June 29 June
19
19
June 29 June
19
June
15
July
July
July
15 July
1
June 29 June
July
July
5
22
1 June
1 June
15
June 29 June
19
July
Florence Stove Co..
Florida Power & Light Co. $7 preferred$6 preferred
Florsheim Shoe Co. class A
15
June 29 June
June 29 June
.
5M% preferred (quar.)
Finance Co. of Pennsylvania (quar.)
Fireman's Fund Insurance (quar.)
First Federal
Savings & Loan Assoc. (Phila.)
First National Bank of J. O.
(quar.)
First National Bank (N. Y.) (quar.)
First National Stores, Inc. (quar.)
First State Pawners Society (Chicago)
Fishman (M. H.) Co. 5% preferred (quar.)..
Class
Dec.
July
July
June 29 June
______
Federal Insurance of N. J (quar.)
Federal Light & Traction Co. (quar.).._.
17
15 June 29
June 29 June 24
....
.....
B
Food Machinery Corp
28
5
June 29 June
June 29 June
4M% preferred (guar.)
Foote Bros. Gear & Machine Corp. 5% pref..._
Foreign Light & Power, preferred (quar.)__,
Formica Insulation
Sept.
Dominguez Oil Fields Co. (monthly)
June
20
24
15
June
July
July
20
24
5
June
June
5
June 29 June 20
$5M dividend cumul. preferred (quar.)
$5 dividend cumul. preferred (quar.)
15
16 July
July
July
July
Electrical Products (quar.)
Elizabeth Consolidated Gas (quar.),
Elizabeth Water Co., consol. (s.-a.)
15
June 29 June
15
26
June
July
July
10
15
1 June 22*
July
1 June 14
July
1 June 10
July
1 June 15
July
July 10 June 29
1 June 14
July
1 June 14
July
1 June 15
July
1 June 16
July
1 June 24
July
July 15 June 29
1 June 20
July
1 June 24
July
June
July
June 29 June 20
15
June
1
15
Aug. 15 Aug.
1
June 18
July
July 25 July 10
July 15 June 15
June 29 June
June
14
July
June 29 June
July
July
July
July
July
1 July
15
15
June 30
Eddy Paper Corp
$6 dividend cumul.
Aug.
June
June
Elder Mfg. Co., 5% cum. partic. A (quar.)
Electric Auto-Lite
Electric Controller & Mfg
Electric Storage Battery Co. (quar.)
3
June 29 June
June 20
July
July
July
July
29 June
June
15
1 July 15
Aug.
1 June 28
Aug.
1 June 15
July
1 June 15
July
1 June 15
July
1 July 25
Aug.
July 15 June 22
July 15 June 22
Aug. 15 July 15
1 June 15
July
Oct.
1 Sept. 14
2 June 15
July
1 June
July
7
1 June
July
7
Holders
Payable of Record
prior
(quar.)
June
3 Aug. 12
Dominion Textile Ltd. (quar.)
Preferred (quar.)
Preferred
June
Sept.
Dome Mines, Ltd
SIM
SIM
SIM
SIM
37Mc
SIM
Eastern Magnesia Tai Co., Inc
Eastern Township Telep. Co
Easy Washing Machine class A & B (quar.)
Ecuadorian Corp., Ltd. (quar.)
July
July
Diamond Ginger Ale, Inc. (quar )_.
Dominion Coal Co., Ltd. pref. (quar.)
Dominion Foundries & Steel (interim)
Dominion Glass Co., Ltd. (quar.)
Preferred (quar.)
Dominion Oilcloth & Linoleum Co. (quar.)
Du Pont (E. I.) de Nemours pref. (quar.).
Duquesne Light 5% 1st pref. (quar.)
Diamond Match Co. (quar.).......—.......
Quarterly
Preferred (seml-ann.).
Preferred (semi-ann.)
Diamond Shoe Corp. (quar.)
1st preferred (quar.)
2d preferred (s.-a.)
Discount Corp. of N. Y. (quar.)
Disney (Walt.) Productions6% pref. (quar.)...
Dixie-Vortex Co. class A (quar.)
Doctor Pepper Co. (quar.)....
Quarterly
Doehler Die Casting
$2
.
Eagle-Picher Lead, preferred (quar.)
Early & Daniel Co., pref. (quar.)
Eason Oil Co., cum. conv. pref. (quar.)
East Pennsylvania RR. (s.-a.)
Eastern Gas & Fuel Association, 4M%
preferred (quar.)
Eastman Kodak Co. (quar.)
6
10 June 29
1 June 20
June 29 •Tune 22
.....
(quar.)
12
'
De Pinna Co
50c
12
June 29 June
Crum & Forster
(s.-a.)
1 June
Preferred
Commodity Corp. (quar.)..................
Commonwealth Edison Co
Commonwealth Investment Co. (quar.)
Commonwealth & Southern Corp., $6 pref
Commonwealth Utils. Corp. 6% pref. B (quar.)
6M% preferred C (quar.)
6% preferred B (qu.)
6M % preferred C (quar.)
Commonwealth Water & Light Co. $6 pref. (qu.
$7 preferred (quar.).....
—.
Concord Gas, 7% preferred..
--■
Connecticut Fire Insurance (Hartford) (quar.)..
Connecticut Gas & Coke Securities, pref. (quar.
Connecticut General Life Insurance Co
Connecticut Light & Power (quar.).
Connecticut & Passumpsic Rivers RR.—
6% preferred (s.-a.)
Consolidated Aircraft, pref. (quar.)...........
Consolidated Chemical Industries class A (lu.)..
Consolidated Edison (N. Y.). preferred (quar.).
Consolidated Film Industries, pref
Consolidated Gas Electric Light & Power Co...
4M% preferred (quar.)
Consolidated Laundries, pref. (quar.)
Consolidated Mining & Smelting Co. (Pa.).....
SIM
SIM
SIM
62 Mc
(quar.)—--
Dunlop Tire & Rubber Goods.pref.
Duplan Silk Corp. (s.-a.)
Preferred
'MS
1 June
1 June
$1.62 Aug.
1 July 15
6M% preferred (quar.)...
—
...
1 June 15
$1M
6% preferred (quar.)
July
Commercial Alcohols, Ltd., pref. (quar.)
tlOc July 15 June 29
75c
June 29 June 10
Commercial Credit Co. (quar.)—
Preferred (quar.)
S1.06M June 29 June 10
---1 June 10
Commercial Investment Trust Corp. (quar.)—.
$1
July
1 June 10
$4M, series of 1935, conv. preference (quar.). $1,061: July
Commercial Nat. Bank & Trust Co. (quar.)....
1 June 26
July
f
Share
1 June
July
July
July
When
Per
Name of Company
1 June 20
1 June 15
July
July
July
July
1 June 25
June 29 June 22
June 29 June 22
Aug. 15 July 18
June 80 June
5
—-
---
Colonial Ice Co. $6 preferred B (quar.)
$7 preferred (quar.).. —
....—........
Colt's Patent Fire Arms Mfg. Co. (quar.)
Columbia Baking Co
1
Holders
Payable of Record
July
July
July
July
July
July
June 29, 1940
July
July
July
July
1
1
1
1
June
June
June
June
17
17
17
17
June 29 June
Fort Wayne & Jackson RR., 5M % pref. (s.-a.)-_
Foster & Kleiser, preferred A (quar.)
Foundation Co. (Canada)
Fox (Peter) Brewery Co.
(quar.)
Extra
Preferred
(quar.)
Froedtert Grain & Malting Co. (quar.)
$1.20 preferred (quar.)..
Fuller Brush Co. 7% preferred (quar.)
Fuller (Geo. A.), 4% preferred (quar.)..
Fulton Trust Co. (N. Y.) (quar.)
Fundamental Investors
.
Gannett Co., Inc., $6 pref. (quar.)
Gardner-Denver Co. (quar.)
Preferred (quar.)
Garfinckel (Julius) & Co., preferred (quar.)
Garlock Packing Co
Gatineau Power Co. (quar.)....
...
General Foods Corp., pref. (quar.)
15
15
June 15
June 20
June 15
29 June
Aug. 20
June
15
June 29
June 29 June
June 29 June
June 29 June
15
15
15
July 24 July
July 24 July
...
Fyr-Fyter Co. class A
Galland Mercantile Laundry Co. (quar.)
Galveston-Houston Co
Gemmer Mfg. Co., class A (quar.)
5M% preferred (quar.)....
5% preferred (quar.)
General American Investors pref. (quar.)
General American Transport
General American Transportation.....
General Baking Co..
Preferred (quar.)
General Box Co. (semi-annual)
General Capital Corp
General Electric Co
June
July
1
July
1
July
1
Sept. 3
July
1
July 20
.
15
15
1 June 20
July
1 June 17
July
1 June 24
July
July 13 June 29
1 June 21
July
1 June 15
July
1 June 20
July
1 June 24
July
1 June 15
July
July 20 July 10
1 July 20
Aug.
June 29 June 15
June 29 June 22
June 29 June
1
July
1 June
1
1 June
1
July
1 June 20
July
1 June 12
July
1 June 12
July
1 June 15
July
1 June 15
July
1 June 10
July
July 12 June 29
July 25 June 28
1 July 10
Aug.
Volume
The Commercial & Financial Chronicle
ISO
Per
Name of Company
General Fireproofing Co
Preferred
(quar.)
General Machinery Corp
Share
35c
!iS
six
General
General
General
20c
July
July
July
July
25c
$13*
SIX
SIX
.
66c
General
Preferred
10c
(quar.)
General Public Utilities, Inc., $5 pref. (quar.)—
General Railway Signal Co. pref. (quar.)
General Shoe Corp. preferred (s.-a.)
General Telephone Co., preferred (quar.)
62 Xc
50c
General Time Instruments
Preferred
(quar.)
SIX
SIX
—
General Tire & Rubber pref. (quar.)
General Water Gas & Electric Co
$3 preferred (quar.)
— _
75c
Georgia Power Co., $6 pref. (quar.)
$5 preferred (quar J
Georgia Railroad & Banking Co. (quar.)
Gibson Art Co. (quar.)
.
S2X
50c
-
Gilbert (A. C.) Co., preferred (quar.)
Gillette Safety Razor
Preferred (quar.)
Glens Falls Insurance Co. (quar.)
Glidden Co. (interim)
87 Xc
-
15c
—
-
-—
SIX
40c
30c
-
Preferred (quar.)
56 Xc
Globe-Wernicke Co. 7% preferred (quar.
Godchaux Sugars, Inc., class A
Preferred
SIX
50c
(quar.)
SIX
Goderlch Elevator & Transit Co. (s.-a.)
Extra
Goebel Brewing Co. (quar.)
Gold Belt Mines, (initial)
25c
15c
5c
2c
-
Gold & Stock Telegraph (quar.)
Goldblatt Bros.
Inc
Preferred
(quar.)
SlM
62 Xc
.
Goodrich (B. F.) Co., preferred (quar.)
Goodyear Tire & Rubber (Can. (quar.)
J6: 'Xc
75c
t$l
Corp
35c
—
Preferred (quar.)
Great American Insurance (quar.)
Great Lakes Power Co., Ltd., A pref. (quar.)
Great Lakes Steamship (quar.)
25c
25c
$15*
—
50c
Great West Life Assurance (quar.)_.
Great Western Sugar
$33*
Preferred (quar.)
Griggs Cooper & Co. pref. (quar.)—*
Group Corp., 6% preferred..
Gruen Watch Co. pref. C (quar.)
(quar.)
June
June 29
June
June
July
July
July
July
July
July
8
1 June
1 June 15
1 June
15 July
1 July
3
1
June
15
June
18
June
18
June 20
June
18
June
18
June
15
June
15
8
15
1 June 29
June
10
June
10
Extra
—
Preferred (quar.)
15
Inter type
Investment Co. of Amer. (quar.)
Investment Foundation Ltd. 6% cum. pref--
t75c
2c
2c
....
Common
June
1
1 June 20
1 June 20
10c
10c
Co., preferred (quar.)
5% preferred (quar.)
Harrlsburg Gas Co. 7% preferred (quar.)
am
Chemical
25c
$15*
$1
.
June
15 June 20
June 21
June 29 June 24
1 June 21
1 June 21
1 June 15
$1
50c
■
Hartford Fire Insurance Co. (quar.)
—
•
•
Co., 5% preferred (quar.)
Corp. of America pref. (quar.)
Hatfield-Campbell Creek Coal, pref. (quar.)—
Haverty Furniture Co., Inc. pref. (quar.)--.—
Harvard Brewing
July
July
July
50c
(quar.)
Hartford Gas Co. (quar.)
Preferred (quar.)
July
July
July
July
June 29 June
50c
June 29 June 19
June 29 June 28
$15*
SIX
Hat
Aug.
15c
37 Xc
Hazel-Atlas Glass Co
July
July
July
SIX
10c
E.) & Co. (quar.)
1
1
1
1
July
19
18
June 22
June
18
June 14*
June 29 June 19
June 29 June 19
June 29 June
19
1 June
June
8
Hercules Motors
—
-
—
$7 cum. preferred (quar.)
Kansas Power & Light 7% preferred
Sept. 20
July
June 15
July
July 26 July 16
Aug. 30 Aug. 20
Sept. 27 Sept. 17
June 30 June 20
June 10
July
June 10
July
June 14
July
Kearney (J. R.) Co. (quar.)
Preferred (quar.)
373*c
25c
$15*
50c
H.) Co., Ltd. (quar.)
Holly Development Co. (quar.)
Home Gas & Electric (quar.)
Honey Dew, Ltd. (initial)
Honeymead Products Co. (quar.)
Hooker Electrochemical Co., pref. (quar.)
Horn & Hardart Banking Co. (Phila.) (quar.)—
Houdaille-Hershey, class A (quar.)—
Household Finance Corp. (quar.)
Preferred (quar.)
*
Houston Natural Gas 7% pref. (quar.)
Houston Oil Field Material Co., Inc., pref
Howe Sound Co. (quar.)—...
Howey Gold Mines, Ltd
Holmes (D.
$15*
lc
15c
50c
11c
$15*
$13*
621f
$15*
87 5*c
375*c
75c
t2c
25*%
Bay Co., 5% pref. (semi-annual)
Humble Oil & Refining (quar.)
375*c
Hummell-Ross Fibre
HumphryesMfg—
Preferred (quar.)
15c
—
30c
—
$15*
685*c
.
Hussmann-Ligonier Co., pref. (quar.)
Huston (Tom) Peanut Co. 7% pref. (s.-a.)
Hygrade Sylvania
—
Preferred (quar.)
Idaho Maryland Mines Corp. (monthly)
—
$33*
8§&c
—
,
5c
July
July
July
July
June
19
June
30
20
June
June 15
June 29 June 27
June 29 June 13
July
1 June 19
July
July
July
1 June 20
15 June 29
15 June 29
June
29
June 22
June 30 June 20
June 29 June 21
July
2 June
1
July
July
1 June 15
1 June
1
June 29 June 14
June 29 June 18
June 29 June 18
June 29 June 21
July
1
July
1
July
1
July 22
June 20
6% preferred
-
Keith-Albee-Orpheum 7 % preferred
Kelley Island Lime & Transport
Kellogg Co
Kellogg Switchboard & Supply
Preferred (quar.)
Kemper-Thomas 7% special pref. (quar.)Special preferred (quar.)-.---.———
Kennecott Copper—
Special
Kentucky"Utifities~0% preferred (quar.)IIIIIII
Kerlyn Oil Co., class A (quar.)
Kerr-Addison Gold Mines, Ltd. (initial)
Keystone Public Service, pref. (quar.)
Keystone Watch Case Corp
Kimberly-Clark Corp. (quar.)
» »«»
Extra
Preferred (quar.).---—
Kings County Lighting Co.—
Series B 7% cumul. preferred (quar.)
Series C 6% cumul. preferred (quar.)
Series D 5% cumul. preferred (quar.)
Klein (D. Emil) Co. (quar.)
Kleinert (I. B.) Rubber
Knapp Monarch (quar.)----
10
10
La^(^osse^Tel
lO
Lackawanna RR.(N. J.) (quar.)
ep ho
July
July
15'July
15
18
1
1
1
15 July
1 June 15
15 June 29
15 June 29
15 June 29
19
19
June 29 June
15
1 June
1 June
15
July
July
$13*
$13*
$13*
t$13*
t$13*
nl&
July
July
July
July
July
July
Sept.
30c
Dec.
25c
July
July
July
July
July
July
July
July
July
15c
50c
$13*
20c
17c
w
15
1 June 20
1 June 20
1 June 20
1 June 15
1 June 15
1 June
15
2 Aug. 10
9
2 Nov.
1 June 20
1 June 11
1 June
14
1 June
14
15 June 28
2 June 14
1 June 14
2 June 14
523*
25c
$13*
$13*
$13*
$13*
$13*
$13*
$13*
$13*
$13*
$13*
$13*
1 June
14
June 29 June
SIX
313*
15
June 29 June
15
June
15
1
1
June 29
1
July
1
July
July
July
July
July
June 15
June
June
15
10
June
10
1 June
10
1 June
14
June 29 June 18
1 June 20
July
July
July
July
July
July
July
15 July
15 July
1
1
1 June 20
1 June 20
1 June 14
1 June lo
1 June 15
July
1 June 14
July
1 June 14
July
1 June 20
July
1 June 20
July
1
July
1
July
1 June 20
July
1 June 15
July
July 29 July 10
1 June 15
July
1 June 15
July
1 June 14
July
1 June 22
July
July 31 July
9
July 31 July
9
Sept. 3 Aug. 20
Dec.
2 Nov. 20
June 29 May 31
June 29 May 31
July 15 June 29
1 June 10
July
1 July 15
Aug.
1 June 15
July
July 10 July
1*
1 June 12
July
—-
ne^3orp". ~6%pref. "(qu~arI)"IIII
1 June 12
1 June 12
July
Mines -11111111111 -11III
Koppers Co. 6% pref. (quar.).Kresge Dept. Stores 4% preferred (quar.)
Kroger Grocery & Baking 6% pref. (quar.)
July
Juen 26
15*
July
July
Kootenayrfclle"GeId
June
15
June
June 29 June 21
—
June
12
June
July
July
July
July
July
25c
—
Joplin Water Works Co. 6% preferred (quar.)—
Julian & Kokenge Co. (s.-a.)
Kahn's (E.) Sons (quar.)
Preferred (quar.)
Kansas City Power & Light, pref. B (quar.)
Kansas Electric Power 7% preferred (quar.)
6% preferred (quar.)
Kansas Gas & Electric 7% pref. (quar.)
$6 preferred (quar.)
Kansas Power Co. $6 cum. preferred (quar.)
-
June
June
Aug.
25c
June 20
June 15
15c
June 29
June
_
-
Oct.
15c
June 21
July
July
July
July
July
June 29 June
July
15c
1 June 29
June 29 June
50c
$35*
July
Preferred (quar.)
Iowa Electric Co., 7% preferred A
Iowa Power & Light Co., 7% pref.
25c
— -
June 20
June 20
June 29
June
Kansas Utilities Co., 7% preferred (quar.)
Katz Drug Co., preferred (quar.)
Kaufmann Dept. Stores
Hershey Creamery (semi-ann.)
7% preferred (semi-ann.)
Hibbard, Spencer, Bartlett & Co. (monthly)—
Monthly
Monthly
Hilton-Davis Chemical preferred (quar.)
Hinde & Dauch Paper Co
Preferred (quar.)rnace Cc
Holland Furnace Co
June 20
$13*
------
July
July
July
8
June 21
12
2
6% cum. preferred (quar.)
—
Henkel Clauss, pref. (quar.)
Preferred (quar.)
June 22
2
Corp
435*c
$15*
$15*
$15*
$15*
—
—
June 22
June
June
July
July
—
(quar.)
Helme (Geo. W.) Co
Preferred (quar.)
June 29
July
$13*
15
July
July
July
July
May 31
Johnson Service Co. (quar.)
Joliet & Chicago RR. (quar.)-
June
6
June 20
Aug.
Aug
$13*
$13*
$13*
$13*
15
15
June
June 27
.Tune
Jersey Central Power & Light 5 J* % pref. (quar.)
6% preferred (quar.)
7% preferred (quar.)
Johns-Manville Corp., preferred (quar.)
17
11
June 25
June
Sept. 23
Jefferson Electric Co
June
June
July
July
Aug.
June 25
June 21
Extra
—
10*
June 20
July
July
July
July
July
20
20
15
June 29 June
Nov.
$15*
$15*
15
June
Oct.
$13*
$13*
373*c
123*c
25
June
July
May 20
Sept.
Aug. 15
July 15
Sept. 15
Harding Carpets, Ltd. (s.-a.)
Harris Hall
15
June 29 May 31
June 15
July
Dec.
25c
June
June
July
July
July
$15*
6
June 30 June 14
June 10
July
10
June
Oct.
19
20 July
1
10
June
June
July 25
15 June 29
7
1 June
July
June
July
July
July
Interstate Home Equipment (quar.)
Investors Fund C
Investors Royalty Co., Inc. (quar.)
June
June 28
June
(quar.)
6% preferred (quar.)
Iowa Public Service, $7 pref. (quar.)
$6 preferred (quar.)
863* preferred (quar.)
Iowa Southern Utilities Co. 7% preferred
63*% preferred
6% preferred
Iron Fireman Mfg. common v. t. c. (quar.)
Common v. t. c. (quar.)
Irving Air Chute Co. (quar.)
Irving Trust Co. (quar.)
,
Island Creek Coal Co
Preferred (quar.)_
I. X. L. Mining block shares (quar.)
Jamaica Public Service, Ltd. (quar.)
7% cumulative preferred B (quar.)
7% preferred A (quar.).
5% preferred C (quar.)
Jamaica Water Supply Co. (quar.)
$5 preferred A (quar.)
Jamestown Telephone Corp., 1st pref. (quar.)—
Preferred A (semi-annual)
15 June 29
13
2c
Harris & Co., preferred (quar.)
Preferred (quar.)
June 22
1 June
30c
;
1
June 29 June
Hanover Fire Insurance Co. (quar.)
Hard Rock Gold Mines—r
5c
21
June
June
July
July
July
July
July
International Silver Co., preferred
International Telegraph Co. (Me.) (s.-a.)
International Vitamin Corp. (N. Y.)__
Interstate Dept. Stores, Inc., 7% pref. (quar.)-
18*
1 July
June
50c
-
11
1 June 21
7
June
$13*
83*c
------
7% preferred (quar.)
Payable in U. S. funds.
International Ocean Telegraph Co. (quar.)
International Paper & Power Co.
5% cum. conv. preferred (quar.)
International Products Corp., 6% pref. (s.-a.)_
International Salt Co. (quar.)
International Shoe
June
1*8
8 Apr. 25
June 29 June
July
July
July
July
July
July
40c
June
25c
July
tioc
$13*
—'
International Harvester (quar.)
International Milling Co., 5% pref. (quar.)
International Nickel of Canada
-
June 29 June 21
June 20
July
July
1 June 15
1 June 11
-
June
50c
Hanely (James) Co. 7% pref. (quar.)
Hanna (M. A.) Co. $5 cum. pref. (quar.)—
Hanners Oil Co., common
Hudson's
1
1 June 22
June 29 June
June 29 June
July
July
July
15
1 June 20
June 29 June
Aug.
July
July
July
July
July
July
July
July
July
July
-
July
July
July
July
July
July
July
July
July
July
July
July
m
Hammermill Paper pref. (quar.)
Preferred
19
June 29 June 19
8
1 June
July
July
25c
Hamilton Cotton Co., Ltd., $2 conv. pref——.
Hamilton United Theatres, Ltd., 7% pref....
Heller (Walter
Extra
19
15
15
2Xc
(s.-a.)
7% preferred (quar.)
15
June
1 June 11
5%
American deposit receipts (final)
Imperial Tobacco (Canada) ord. (interim)-Indian Motocycle (initial)
Preferred (s.-a.)
Indiana General Service Co. 6% pref.
(quar.)
Indiana Michigan Electric Co. 6
% pref. (qu.)
7% preferred (quar.)
Indiana Pipe Line (old)
Reducing par value from $10 to $7 X.
Indianapolis Power & Light
6X% preferred (quar.)
6% preferred (quar.)
Indianapolis Water Co. 5% cum. pref. A (qu.)_
Independent Pneumatic Tool
Industrial Acceptance Corp., 5%
pref. (quar.)—
$2 class A (quar.)
Industrial Rayon.
Industrial Securities Corp., 6% preferred
Ingersoll-Rand Co. pref. (semi-ann.)
Inland Investors, Inc. (interim)
Insurance Co. (N. A.) (s.-a.)
Intercolonial Coal Co., Ltd
8% preferred (semi-annual)
Inter lake Steamship Co
International Business Machines (quar.)
Quarterly
International Cellucotton (quar.)
15
%
————
gabison-Walker Refractories A (quar.)—.
ackensack Water Co. pref. pref. (quar.)
Hart & Cooley
Extra
10
18
July
50c
June
XSIX
——
Guaranty Trust Co. (N. Y.) (quar.)
Gulf Oil Corp
Guysboro Mines Ltd. (initial)
Harshaw
18
June 20
June 29 June 15
June 29 June
$2
Imperial Chemical Industries—
July
-
Extra
18
June
Holders
When
Payable of Record
t$i3*
Wis.) $6 preferred.
Illuminating Shares, class A
July
July
133*c
$15*
t75c
37Xc
—_
Preferred B
Common.
June
Commercial
'Aug.
80c
25c
Cooperage Corp., class A
Greyhound Corp. (quar.)
Halifax Insurance (N. S.)
Haloid Co
8
Illinois
35c
$2
lines) (s.^a.)
Telephone Co. (Madison,
SIX
six
Greif Bros.
—
10*
June 20
Share
50c
$15*
Greenwich Water Systems, Inc., 6% pref. (qu.)_
Extra..
Per
Name of Company
Ideal Cement Co. (quar.)
Illinois Bell Telephone
Illinois Central RR. (leased
June
50c
7% preferred (quar.)
Green (H. L.) Co. (quar.).
Green Daniel Co. pref. (quar.)
(N. A.)
June
July
2 June 15
July
2 June 15
July
1 June 21
July
July 25 July 15
June 24
July
June 17
July
June 17
July
June 20
July
June 29
July
10c
■
19
June 29 June 21
Goulds Pumps, Inc., 7% preferred
Guarantee Co.
19
June
:63c
Grand Rapids Varnish
(W. T.) Co. (quar.)
June 20
June
SIX
Preferred (quar.)
Gorton Pew Fisheries (quar.)
Grant
June 20
July
$13*
(quar.)
Mills, Inc., 5% cum. pref. (quar.)
Motors Corp. pref. (quar.)
Paint Corp., $2.67 prer. (quar.)..
Printing Ink Corp
Holders
When
Payable of Record
July
July
July
July
July
Aug.
July
July
July
July
.
Preferred
4075
1 June
15
July
July
July
1 June
15
1 June 15
1 June 20
June 29 June 15
1 June 21
July
July 15 June 28
July 22
1 June 15
July
1 June 20
July
1 June 17
July
1 July 20
Aug.
July
July
1 June 20
1 June 14
The Commercial <£ Financial Chronicle
4076
Per
Name of Company
8hare
Laclede Steel Co.
15c
Lam
imaque Gold Mines, Ltd. (quar.)
10c
..
—
Extra
10c
Lambert
37Hc
37 He
Landers. Frary & Clark (quar.)
Landis Machine preferred (quar.)
Preferred
(quar.)
Salle Extension
_
*
3c
75c
35c
---—
Lawrence Gas & Electric Co. (quar.)—-—-Leath & Co. preferred (quar.)
Lehigh Portland Cement Co. (quar
4% preferred (quar.)_
Preferred (quar.)
62 He
37Hc
J}
Lehman Corp
20c
Lenox Water Co.
(quar.)
SIX
Lerner Stores (quar.)
Preferred (quar.)
srty Loan
Corp.
50c
*1 X
30c
87 He
—
A. & B.
(quar.).
\Yi preferred (qi
15c
SI X
Lincoin Nations* life Insurance Co. (quar.)
30c
30c
Quarterly
Lincoln Printing Co., preferred (quar.)
Lincoln Telep. & Teleg. Co. (Del.), 5% pf. (qu.)
.
Class A.
Class B (quar.)
87 He
S1H
50c
w—
*
25c
Link-Belt Co. pref. (quar.)
Lion Oil Refining Co. (quar.)
SIX
1
25c
Lip ton (T. J.) preferred (quar.)
Liquid Carbonic Corp. (quar.)
37Hc
25c
Little Miami RR. Co., original capital (quar.)..
Original capital (quar.)
Special guaranteed (quar.)..
Special guaranteed (quar.).....
Little Schuyklll Nav. RR. & Coal Co. (s.-a.)
Lock Joint Pipe (monthly).........
Preferred (quar.)
Loew's, Inc. (quar.)
Loew's (Marcus) Theatres, 7% preferred
Lone Star Gas, common
Corrected: Previously announced as pref.
Loomis Sayles Mutual Fund
Loomis Sayles 2nd Fund
S1.10
SI.10
50c
40c
20c
>
|1H
...
$2H
30c
$1H
SI X
.
SI H
"
20c
40c
S3
S1H
SI X
(quar.^.__.
50c
S1H
25c
Si%
50c
50c
50c
25c
10c
SI H
SIX
S1H
10c
S1H
S1H
Massachusetts Plate Glass Insurance
50c
S3
McManus
Petroleum,
pref. 's.-a.)
McQuay-Norrls Mfg. Co. (interim)
Mead Johnson & Co. (quar.)
15 July
1 June
15
Dec.
2 Nov.
9
Montana Dakota Utilities
July
July
July
1 June
1 June
1 June
10 Aug. 24
10 Nov. 25
10 June 29
1 June 15
cum. part.
25c
50c
25c
'
—
$2
25c
50c
_.
6% preferred (quar.)..
5% preferred (quar.)..
Montgomery Ward & Co.
Class A (quar.)
Montreal Light. Heat & Power Consol. (quar.)..
Montreal Tramways (quar.)
Monumental Radio Co. (Bait., Md.) (quar.)
Moore Corp. (quar.)
15 June 29
1 June 25
1 June 14
30c
50c
75c
75c
22
June
14
June
July
July
Aug.
July
14
Oct.
Aug.
July
July
July
July
July
July
July
July
June
June 15
June 29
June 29
June 29
July
f
Dec. 23
June 21
June 15
Nov. 15 Nov.
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July 31
1st & 2d preferred
_
National
National
National
Extra
National
National
July
June 30
June
14
June 20
June
11
June 20
July
15
June 30 June 15
June 30 June 15
July
1 June 29
1 July
1
5
5
21
16
29
10
1
20
20
15c
25c
$1H
(quar.)
Cash Register Co
Casket Co., preferred (quar.)
Chemical & Mfg. (quar.)
25c
$1 X
15c
10c
25c
75c
50c
20c
Class A & B preferred (quar.)
Fire Insurance Co. (quar.)
National
National
National
National
National
National
50c
Folding Box (quar.)
50c
Fuel Gas Co.
25c
Fund
35c
Corp., class A & B (qi
uar.).
Grocers, Ltd., pref. (quar.)
National-Standard Co. (quar.)
National Steel Corp
National Steel Car Corp. (quar.)
National Steel Car, Ltd. (quar.)
National Supply Co. 5H% prior preferred——
6% preferred
-
,
20
26
21
Extra
New England Gas & Electric $5H
preferred
New England Power, preferred
15
New
15
$2
New
Metropolitan Edison, $6 preferred (quar
Metal & Thermit Corp. pref. (quar.)
Preferred (quar.)
Newport Electric Corp. 6% preferred (quar.)
Quarterly.
Mickelberry's Food Products Co., pref.
Midland Grocery 6% preferred
(s.-a.)
Midland Oil Corp. $2 preferred
20
17
May 31
June
June 20
Sept.
Sept. 20
Dec.
Dec.
July
June 25
July,
Preferred
June
Aug
m;
Aug
Sept.
13
15
July 15
July 15
Sept. 20
20
Dec.
(~cp.)I "
Midland Steel Products
$2 dividend shares
"
"
8% preferred.
Middle States Telephone Co. of Illinois—
7% preferred (quar.)
Dec.
July
July
July
July
July
July
June 20
June 25
June 29
June
14
June
14
June
14
June 20
June 15
July
July
July
July
Midwest Piping &
Supply
Mill Creek & Mine Hill Navigation
RR. Co
Millers Falls Co., 7% prior
pref. (quar.)
Minnesota Mining & Mfg. Co
Mission Oil (interim)
IIII
June 29
June
i
Mississippi Power & Light $6 preferred
New Jersey Water Co. 7% preferred
(quar.)
New London Northern RR. Co.
(qu.)
June 20
June 20
July
July
Aug.
June 24
July
8
June 20
July
15
New Hampshire Fire Insurance Co
New Haven Water Co. (semi-annual)
New Idea, Inc
New Orleans Public Service $7 pref.
20
15
July
July
15
15
June
3
June
3
20
June
June 24
1 July
Aug.
Aug.
July
llJuly
19
1
1 June 14
June 29 June 21
June 29
June
29
June 21
June
21
June
15
June 21
June 15
June
15
June
15
July
July
16
16
June 21
June 29 June 21
16 June 25
$2
15c
SIX
SIX
SIX
(quar.)
_
_
(quar.)
New York State Electric & Gas
pref. (quar.).—
New York Trust Co.
(quar.)
Niagara Alkali Co., preferred (quar.)
Niagara Falls Smelting & Refining (quar.)
Niagara Wire Weaving Co
Nicholson File Co. (quar.)
1900 Corp.. class A (quar.)
(quar.).
Class A (quar.)
Noblitt-Sparks Industries (quar.).
North American Aviation.
North American Co.
(quar.)
6% preferred (quar.)
5H% preferred (quar.)
North American Finance Corp., 7% pref. (quar.)
Cumulative prior preferred (quar.)_
Class A (quar.)
North American Rayon, class A & B
Preferred (quar.)
North Central Texas Oil Co., Inc. (interim)
15
June
June 29
20 June 29
July
1 June 15
June 29 June 14
15c
40c
New York Air Brake Co
New York & Harlem RR. (semi-ann.)
Preferred (semi-ann.)
New York & Honduras Rosario Mining
New York Lackawanna & Western Ry. (quar.).
New York Mutual Telephone (s.-a.)
New York Power & Light 7% pref. (quar.)
$6 preferred
July
June
July
68 He
SIX
1
June
12
1
Aug.
1
July
1
July
1
Aug.
1
Aug.
1
July
1
July
1
July
1
July
July 15
July
SIX
July
S1H July
England Telep. & Teleg
Sept.
June
12
1 June
15
15 June 29
June 29 June 15
50c
50c
Dec.
1
June 20
June 20
2
15
2 June
1 June
50c
preferred
1
June
15 July
2 June
10
50c
(quar.)
England Power Assoc. 6% pref—
1
20
15 Sept.
31 Aug. 16
15 June 14
_
20
Dec.
July
July
July
July
1 May
Oct.
Aug.
Tuly
July
July
July
July
July
July
-
Dec.
,
50c
1 June 24
15 June 25
12 June 28
■
Sept.
Co
Preferred (quar.)
Mesta Machine Co
*I#
50c
July
July
July
July
July 15
July
July
75c
July
Natomas Co. (quar.).;
20c
July
Navarro Oil Co. (quar.)
10c
July
Nehi Corp
12 He
July
Preferred (quar.).
S1.31H July
Newberry (J. J.) Co. (quar.)
60c
July
Newberry (J. J.) Realty Co. 6 H % pref. A (qu.)_
SIN
Aug
6% preferred B (quar.)
SIX
Aug.
New Britain Machine Co.
50c
June 29
(quar.)
Sept.
June
Merck &
37Hc
12Hc
$1H
Lead Co
Preferred B (quar.)
National Power & Light Co., $6 pref. (quar.)
Dec.
Merchants Bank of N. Y. (quar.)
Extra
55c
S1H
44c
City Lines
City Lines $3 pref. (quar.)
$1 class A (quar.)
National Dairy Products Corp. (quar.)
June 20
June 15
SIX
50c
(quar.)
National Candy Co
13
15 June 29
15 June 29
June 29 June 19
40c
Preferred
June 25
June 20
June 20
June 29 June
July
July
40c
Common
National Bond & Share Corp
National Breweries, Ltd. (quar.)
5
1
June 20
June 30
—
1 Nov. 22
Sept. 3 Aug. 15
July 15 June 29
July
2 June 21
July
1 June 25
15c
.....
1 Aug. 23
1 June 24
2 June 15
June 29 June 15
July 11 June 29
25c
—,
15 June 29
14
Sept.
National Battery Co. $2.20 conv. pref. (quar.)
National Biscuit Co
Preferred (quar.)
July
1 June 24
Aug. 15 Aug.
5
June
Dec.
National Automotive Fibres
National Aviation Corp
June 15
June 29 June 24
July
1 June 20
July 15 June 29
1
Aug. 15
July
July
-
Sept. 21
1-2-41
July
1
July
1
July
1
15 July
!$■ 1
Murphy (G. C.) Co. 5% cum. preferred (<
(quar.).
Murray Ohio Mfg
Muskegon Piston Ring
Mutual System, Inc
8% preferred (quar.)
Nachman-Springfilled Corp
Nashua Gummed & Coated Paper pref.
(quar.)
June 21
June 21
5
1 July
1
1 Oct.
1
1-2-41 Dec. 3
July 25 Tune 29
Mount Carbon & Port Carbon RR. (s.-a.)__
Mount Diablo Mining (quar.)
Mountain States J"elep. & Teleg. (quar.)..
15
2 June
Oct.
Quarterly
17
June
15 June 14
1 June 14
31 June 29
July
July
Morrison Cafeterias Consol., Inc., 7% pref. (qu.)
Morristown Securities Corp
Motor Finance Corp., pref. (quar.)
18
June 18
Sept. 18
Uuly 17
15
15
15
15 July
4
June 29 June 22
July
2 June
5
Morris Plan Insurance Society (quar.)
July
1
July
Preferred A & B (quar.)..
Quarterly
Quarterly
Morrell (John) & Co
Morris & Co. (quar.)
Preferred (quar.)
Sept.
(quar.)
Meyer Blanke, preferred (quar.)
Michigan Associated Telephone 6% pref. (qu.).
Michigan Public Service 7% preferred
6% preferred
Michigan Silica (quar.)
July
July
July
Moore (Wm. R.) Dry Goods Co. (quar.)
15
Aug. 22 July
July
1 June
Sept. 3 Aug.
July 15 June
July
Aug.
Sent.
Aug.
June
July
June
July
June
July
June
July
June
July
June
July
June
July
June
July
75c
5% preferred (quar."
5% preferred (quar.)
preferred (quar.)
8% preferred (quar..
July
July
1 July 18
10 June 29
10 June 29
June 29 June
June 29 June
SI H
Extra
Mercantile Acceptance Corp.-
Mid vale Co_
Monarch Mills
15c
Maui Agricultural
_
Monongahela Valley Water 7% pref. (quar.)
Monroe Chemical Co. pref. (quar.)
Monsanto Chemical Co., pref. A & B (semi-ann.)
37Hc
SI X
May Department Stores (quar.)
McColl Frontenac Oil pref.
(quar.)...
McGraw Electric (quar.).
Mclntyre Porcupine Mines (quar.)
McKay Machine Co
McKay Machine Co., preferred (quar.)
McKee (A. G.) & Co. class B
(quar.)....;
Class B (extra)
Dec. 20
June 15
June 29 June 20
July 15 June 29
July
Moneta Porcupine Mines
Dec.
Aug.
Sept. 20
Oct.
Jan.
11
June 29
June 25
S7H
Dec. 20
June 20
July
26
July
25c
Massawippi Valley RR. (s.-a.)
Mathieson Alkali Works (quar.)
Preferred (quar.)
Jan.
mmmm
26
15 June 29
12 He
Preferred (quar.)
2nd preferred (quar.)
Jan.
-
preferred (quar
preferred (quar
preferred \«
(quar
of America
1 June
Aug.
July
July
July
July
July
July
July
Sept.
July
Sept. 20
Sept. 20
Dec. 20
1 July
1 Oct.
Nov.
July
S1H
SI
Margay Oil Corp
Marine Midland Corp
—
Quarterly
14
55c
...
Marlin Rockwell Corp
Marshall Field & Co. (quar.)
1 June
Oct.
5H % cumulative
5H% cumulative
5H% cumulative
.Molybdenum Corp.
20
June
Oct.
EXtra
1 June 20
1 July 20
50c
......
Marion-Reserve Power $5 preferred (quar.)
Marion Water Co. 7% preferred (quar.)
July
Aug.
July
Oct.
_
wi-
5
15
June 20
July
July
—-
Extra
18
July
15
June 15
June 20
June 20
June 29 June 15
July
2 June 15
June
July
1
June 15
July
Morris & Essex RR
25c
Extra
June
1 July
June
June 20
June 20
July
Quarterly
June 21
June 29 June
20c
(quar.)....
Preferred (quar.)
Lord & Taylor, 8% 2sd preferred (quar.)
Quarterly.
Lorillard (P. ) Co.
Preferred (quar.).
Louisville Gas & Electric (Ky.) 7% pref. (qu.)_,
-rjle
6% preferred (quar.)
5% preferred (quar.)
Ludlow Typograph Co., $6 preferred (quar.)..
Lunkenheimer Co. 6H% pref. (quar.)
6H Vo preferred (quar.)
J %
6H% preferred (quar.)
(quar
Lux Clock Mfg. Co..
Lykens Valley RR. & Coal Co. (a.-a.).
Lynchburg & Abingdon Teleg. Co
am Gas &
Lynn Gas & Electric Co. (quar.).
lay
Co^
Ma
abbett (Geo.) &^Sons,
...
7% 1st & 2nd pref. (qu.)
Mac Andrews & Forbes
(quar.)
Preferred (quar.)
Macwhyte Co
Magnln (1.) & Co. preferred (quar.)
Preferred (quar.)
Mahon (R. C.) Co., $2 class A
pref. (quar.)
Preferred (quar.).;
Mahoning Coal RR
Preferred (s.-a.)
Manischewitz (B.) Co.....
Preferred (quar.)
Manufacturers Trust Co. (quar.)
Preferred (quar.)
Mapes Consol. Mfg. (quar.)
Marchant Calculating Machine Co. (quar.)
_
Extra
14
Dec. 10 Nov. 25
July 15 June 14
June 29 June 19
1 June 21
July
June 29 June 18
tS3H
Loose-Wiles Biscuit Co. (quar.)...
...
June
Sept. 10 Aug. 24
...
.
15
July 13
Sept. 14
50c
SI .05
51
52
—
.....
Preferred
June 22
June
June 15
June 15
July
July
July
July
July
July
July
—
Aug.
July
Aug.
of Record
Light 7% pref. (quar.).
6% preferred (quar.)
J (preferred (quar.)
Mississippi Power Co. $7 preferred
$6 preferred
Mississippi River Power, pref. (quar.)
Mississippi Valley Public Service, 6% pf. (qu.)
Missouri Edison Co. cum. preferred (quar.)
Missouri Portland Cement.
Mitchell (J. S.) & Co. pref. (quar.).
Mobile A Birmingham RR. Co. prel
Mock. Judson, Voehringer Co., Inc., pf. (quar.)
Modern Containers, Ltd. (quar.)
16
1
July
1
July
1
Aug.
Oct.
1
1
July
July
5
1
July
July 15
Company
Minnesota Power &
1 June 25
July
June 29 June 10
July 13 June 29
50c
.........
...
June 29 June 20
1 June 10
July
1 June 10
July
1 June 17
July
June 29 June 21
Dec.
StH
Lawyers Trust Co. (quar.)
Holders
Name of
Sept. 10
U
<-».
University pref. (quar.)
Cap Gold Mining
iva
When
Holders
Payable of Record
June 29, 1940
$1H
50c
$2H
$2H
75c
SIX
75c
SIX
$1H
SIX
SIX
SIX
1 June
1 June
1 June
June 29 June
July
July
July
15
7
1 June 15
1 June
June 29 June
June
July
July
July
July
Aug.
July
July
15
14
11
June
15
June
24
June
15
July
12
June
14
June
14
June 29 June
July
July
July
July
July
July
July
15
15
19
June
14
June
29
June
14
June
14
7
June
June 22
June
15
25c
June 29 June
15
50c
July
2 June 18
July
1 June 20
Aug. 15 Aug.
1
30c
50c
50c
60c
50c
30c
75c
71Hc
87 He
20c
25c
50c
75c
10c
Nov. 15 Nov.
1
June 29 June 17
July
July
July
July
July
July
July
July
July
July
June
14
June
10
June
10
June
10
June 20
June 20
June 20
June
27
June
27
June
17
1
Volume
*1M
preferred (quar.).
10c
Northern Central Ry. (s.-a.)
Northern States Power (Minn ) $5 pref (quar )_
Northland Greyhound Line, Inc. $6 M pref. (qu.)
Northwestern Electric
7% pref
6% preferred (quar )
Co
.
„
SIM
preferred (quar.).
Norwich & Worcester RR. Co. 8% preferred...
Nova Scotia Light & Power, Ltd. (quar.)
June 20
SIM
June 20
6%
6%
June 29
June
21
5M% preferred (quar.).
8% preferred (quar.).
Prosperity Co., 5% preferred (quar.)
Providence Gas (quar.)
Provincial Paper Co. Ltd. 7% pref. (quar.)
June 29 June
June
15
June
17
June
15
Providence & Worcester RR
Prudential Investors $6 pref.
June
15
Public National Bank & Trust Co.
July
July
July
July
July
17
75c
June 20
25c
SIM
SIM
SI.65
SIM
$1.80
(quar.)
40c
SIM
5% prior preference
6% preferred
Ohio Leather Co.
8% preferred (quar.).
\).
7% preferred (quar,
Ohio Public Service Co., 7% pref. (monthly)
6% preferred (monthly)
5% preferred (monthly)...
Ohio Service Holding Corp. non-cum. pref.
Ohio Water Service Co., class A
Oilstocks Ltd. (s.-a.)
Oklahoma Natural Gas Co
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
17
June
15
June
June
15
15
June
15
June
15
June
10
June
10
June 20
June 20
June
15
June
15
June
15
June
15
15
Old Colony Insurance Co. (quar.)_.
June 29 June
July
1 June
20
Omar. Inc., preferred (quar.)
Sept. 30 Sept. 23
Omnibus Corp
June
July
July
July
July
Orange & Rockland Electric Co. 6% pref. (qu.)_
5% preferred (quar.)
Ottawa Electric Ry. (quar.)
Quarterly
Quarterly
$5M preferred (quar.)
Preferred (final)
June
May 31
May 31
May 31
16
5
Tune
5
Extra
(quar.)____.
(quar.)
Southern Investments $3 pref. (qu.)—
Pacific
18
June 29 June
18
July
15 June 29
29 June 20
June 29 June 20
June
Pacelot Mfg. Co
Preferred A & B (s.-a.)
Packer Advertising Corp.
July
(quar.)
June 21
_
15 July
5
Packer Corp. (quar.)
July
Pacolet Mfg. Co
June 30 June
7% preferred A & B (s.-a.)
Page-Hersey Tubes. Ltd. (quar.)
Pan American Life Insurance Co. (s.-a.)
Paraffine Cos., Inc., preferred (quar.)
June 30 June 20
June 17
July
July
July
July
July
July
preferred (quar.)
2nd preferred (quar.)
1st
Parke Davis & Co...
.w
Paterson & Hudson River
Pathe Film
20
June
18
Corp., preferred (quar.)
(quar.)
Peninsular Telephone
Quarterly
Quarterly
Preferred A (quar.)
Preferred A (quar.)
(quar.)
Remington Rand, Inc. (interim)
Preferred (quar.)
.v
Rensselaer & Saratoga RR. (semi-annual)
Republic Investors Fund, pref. A & B (quar.)—
Republic Steel 6% prior pref. A (quar.)
6% Preferred
Reynolds Metals Co., 5M % cum. conv. pf. (qu.)
Rice-Stix Dry Goods 1st & 2nd pref. (quar.) —
Rich's, Inc., 6M % Preferred (quar.)
Richman Bros, (quar.)
---—
Richmond Fredericksburg &
Potomac RR.—
—
Voting common
Non-voting common
Richmond Water Works Corp.
Preferred (quar.)
Rome Cable Corp
13
15 July
5
(quar.).—
Rubinstein (Helena)...
—
Ltd".Y%"preferred"(quar.)
Russell Industries
June
Sabin Robbins Paper
Co. 7% pref (quar.)
July
10
17
July
July
June
15
St. Louis County Water,
June
10
July
June
3% 2nd preferred (s.-a.).-..
Pennsylvania Co. for Ins. on Lives & Granting
Annuities
(quar.)
Pennsylvania Edison Co. $5 pref. (quar.).
$2.80 preferred (quar.)
Pennsylvania Glass Sand preferred (quar.)
Pennsylvania Power & Light $7 pref. (quar.)—
$6 preferred (quar.)
$5 preferred (quar.)
Pennsylvania Telephone Corp. $2M pref. (qu.).
Pennsylvania Water & Power Co. (quar.)— — _•
Preferred (quar.)—
Peoples Drug Stores—.
.
8peclal
Peoples Gas Light & Coke
Peoples Telephone (quar.)
pref. (quar.)
(quar.)
Peoria Water Works 7%
Perfect Circle Co.
Permutit Co
Pet Milk Co.
(quar.)
Peter Paul, Inc.
Philadelphia Co. (quar.)
$6 pref. (quar.)
—
$5 preferred (quar.)
SIM
Philadelphia Dairy Products, 1st pref. (quar.)..
50c
Philadelphia Electric Power, pref. (quar.)
S2M
Philadelphia & Trenton RR. (quar.)
42c
Philippine Long Distance Telep. Co. (mo.)
75c
Phillip Morris & Co. (quar.).
SIM
Preferred (quar.)
$1.31 M
Philips Packing Co., preferred (quar.)
12Mc
Phoenix Acceptance Corp. (quar.)
12Mc
Quarterly
Phoenix Insurance
Lambert—
Premier Gold Mining (quar.)
15
15
June
15
June
15
June
15
June
June
15
8
June
8
10
Scovill Mfg. Co...
June
10
1
June
1
June 20
June 10
July
July
July
1
June
June 20
July
July
1
Aug. 15
Sept.
July
June
15
Aug.
Aug.
5
5
June
15
July
50c
June
20
June 19
June
June
25c
July
July
June 29
$2M
S2M
15c
SIM
SIM
25c
SIM
50c
3c
15
May 31
Oct.
July 20
July 25
1
July
2
July
1
July
1
July
1
July
1
July
Sept .15
Sept. 14
10
15
Savannah Sugar Refining
Schenley Distillers
---
7% 2d preferred (s.-a.)
3M% preferred (s.-a.)
,
5M% cum.
Shaffer Stores
,
-
preferred (quar.).
Shamrock Oil & Gas
June
Shippers Car
July
July
1 June
2 June
19
July
11 June 15
July
15 June 22
Dec.
—
Line Corp., 5% pref.
(quar.)...
cumulative preferred (quar.)
Simmons Co
21
June
12
5
1 June
24
1 June
21
-
June
June
,
•
15
June 20
June
20
June 20
June 20
15
June 20
29
July 20*^
July 20*
June
June
11
June
4
10
5
15 July
29 June
29 June
18
18
29
29 June
June
19
19
July
-
Preferred (quar )...
Silver King Coalition Mines....—~
Simon (H.) & Sons, Ltd. (interim)...
7%
Sept. 20
1
July
June
June
21
June 21
June 21
June
15
June
10
10
June
20
June
June 20
June 29 June 20
June 29 June 22
. ......
pref
Pacific Power
20
June 20
July
July
July
July
Association (quar.)....
Oil, preferred (quar.)
SherwIn-W^lliaiiM ^o~."(Can A,
Sierra
June
June
Shell Union
10
June 29
June 15
15
14
20
June
Co. 5% preferred (quar.)
Sbawmut
15
15
15
June
June
.
10
Sept. 15
June
June
June
—
Corp
5% cum. preferred series A (quar.)
ard Finance Corp. $2 preferred (quar.) ...
Sea
Conv. preferred (quar.)....
Second Standard Royalties Ltd., pref
Securities Acceptance Corp. (quar.)..
6% preferred (quar.)
...
Seiberling Rubber, prior pref. (quar.)
Preferred A (quar.).
—
Selby Shoe Co
Selected American Shares, Inc.
Selected Industries, Inc.,$5M prior stk., (quar.)
Seven-Up Bottling Co. (quar.).
10
15 Dec.
12
12
20*
June
June
July
July
July
July
Seaboard Commercial
June
Dec.
June
June 29 June
Scruggs-Vandervoort-Barney, Inc
6% 1st preferred (s.-a.)
June
June
15
Aug.
Aug.
July
July
Scranton
Corp. (s .-a.)
6% preferred (s.-a.) —
Sharon Steel Corp., $5 pref. (quar.).
July
July
July
July
July
July
Electric Co., $6 pref. (quar.)
Scranton Lace Co
....
1
10
15
July
July
July
July
JUly
,
July
Nov.
SIM
.
12
July
25c
,
8% deb. A (quar.)
7M% debenture B (quar.)
7% debenture C (quar.)
6M% debenture D (quar.)....
—
10
June
—-.
Sangamo Electric Co
Savannah Electric & Power,
11
June
June
June
29 June 20
June 29 June 25
June 29 June 25
29
July
June 22
June
June
June 21
June 27
1 July 20
1 June 20
July
June
Aug.
75c
Extra.
15
July
St. Paul Union
June
Nov.
tlOc
pref. (quar.)
St. Louis National
(quar.)....
Corp., preferred (quar.)
Schuylkill Valley Navigation & RR. (s.-a.)....
Scott Paper Co., $4M cumulative pref. (quar.)..
$4 cumulative preferred (quar.)
June 21
7Mc
—
B. C. (quar.)
Pittsburgh Bessemer Sc Lake Erie (s.-a.)
Pittsburgh Cincinnati Chicago & St. Louis RR_.
Pittsburgh Forgings Co
Pittsburgh Fort Wayne & Chicago Ry. (quar.)
Preferred (quar.)..
Pittsburgh Plate Glass
Pittsfield & North Adams RR. (s.-a.)
Planters Nut & Chocolate Co. (quar.)
Plough, Inc
Pollock Paper & Box 7% preferred (quar.) —
7% preferred (quar.)
Pond Creek Pocahontas Co
Porto Rico Power Ltd. 7% pref. (quar.)
Pratt &
June
10c
Pictorial Paper Package
Pioneer Gold Mines of
June
50c
(Hartford) (quar.)
(Albert) Co., Inc
Preferred (semi-annual)
Pick
Pierce Governor Co
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
10
June 15
16
1 June 19
July
1 June 19
July
1
July
1
July
1 June 22
July
2
July 15 July
1 June 15
July
1 June 15
July
1 July 20
Aug.
Stockyards
Stockyards (quar.)
San-Nap-Pak Mfg. Co. (quar.)
Sangamo Co., Ltd. (quar.)...
2-4-41
June 20
25
June
July
5% preferred (quar.)
June 29 June
25 July
June 30
June
June
June 29 June 15
1 June 20
_
—
Safeway Stores, Inc
Penney (J. C.) Co
2-15-41
15
15
20
July 10
July
Aug. 31 Aug. 20
June 20
July
June 10
July
June 14
July
July 15
Aug.
June 15
July
---
June 24
June
June
Dec.
—
Penn Traffic Co. (semi-annual)
(quar.)
June 20
July
July
July
July
July
7% pref. (final)
6% preferred (final)
-..
St. Croix Paper Co., preferred (s.-a.)
St. Lawrence Corp., 4% class A
St. Louis Bridge Co. 1st preferred (s.-a.)
Preferred A
June 29
June 29 June 21
June 29 June 21
—
-
14
4
7*
29
July
——
(s.-a.)
7% pref. (quar.)
Riverside Silk Mills, class A (quar.)
Roberts' Public Markets (quar.)
Quarterly
Quarterly—
Rochester Button Co
June
Nov. 15 Nov.
June
June
Kisdon Mfg.
Rochester Telephone Corp., pref.
Roeser & Pendleton (quar.) —
1-1-41 Dec. 14
5
Aug. 15 Aug.
7*
June
June
Oct.
6% preferred (quar.)
Rickel (II. W.) & Co.
1
15
29
June 29 June 21
14
Sept. 14
10
June
-
10
_
June
June
July
July
Aug.
July
July
July
July
Aug.
July
July
July
July
(quar.).
June
Oct.
-—
10
June 22
July
1
Aug. 31 Aug.
July
July
July
July
July
(quar.).
June
_
10
June
June
15 July
July
July
July
RR. (s.-a.)
SIM
15
June
July
July
July
July
June 29 June
Paramount Pictures
20
Dividend obligation
June 29 June
—
Preferred (quar.)
Preferred (quar.)
iy\i
20
June
June
June
Preferred
__
Telegraph (quar.)
Pacific Telephone &
m
June
July
July
July
July
July
July
July
July
July
June
Reliable Stores Corp., pref.
Reliance Mfg. Co
June 29 June 21
Pacific Tin Consolidated
30c
June
Reliable Fire Insurance Co.
June 21*
July
July 15
Aug.
July 15
Aug.
July 15
Aug.
July 15 June 29
1 June 17
July
1 June 15
July
1 June 15
July
July 15 June 30
July 15
Aug.
July
I June 15
Pacific Lighting Corp., preferred
Pacific Public Service, preferred
SIM
SIM
tSIM
1
1
31
31
Extra
Pacific Finance Corp
30
June 29 May
June 29 May
July
July
(quar.)....
Reed Roller Bit (quar.)
June 29 June 21
...
1M
SlU
Class A
Pacific Can Co
8% series A preferred (quar.)
6M% series C preferred (quar.)
5% preferred (quar.)
Pacific Gas & Electric (quar.).
Pacific Greyhound Line preferred (quar.)
Pacific Indemnity Co. (quar.)
50c
Reed Drug Co. (quar.)
30 Dec.
_
50c
Reece Button Hole Machine
July
July
July
__—
Otter Tail Power Co. (Minn.) $4M div. ser. (qu.)
1 Sept. 20
A & B—
Sept. 16
Dec.
2 June 12
15 June 29
1 June 20
1 June
(quar.)
June 15
July
July
15
15
Oct.
60c
June 25
_
5
1 June
2 June
1 June 20
July
1 June 20
July
Aug. 15 July 15
June 29 May 31
July 15 June 14
Rath Packing Co
Ray-O-Vac Co. (quar.)
8% preferred (quar.)
Reading Co. 2nd pref. (quar.)
June 25
1 June 22
15 July
July
412-3c
Railroad Employees Corp.
Preferred (quar.)
29 June 14
June 14
Oct.
_
Ottawa Light Heat & Power (quar.).
Preferred (quar.)
B preferred
15
15 June 25
50c
7% prior lien stock (quar.)
6% prior lien stock (quar.)
Public Service Elec. & Gas $5 pref. (quar.)
7% preferred (quar.)..
Publication Corp., original preferred (quar.) —
Puget Sound Power & Light, $5 prior pref—__
Puget Sound Pulp & Timber Co. pref. (quar.)..
Pure Oil Co. 5% pref. (quar.)
5M% preferred (quar.)
6% preferred (quar.)
Putnam (Geo.) Fund
Pyle National Co., pref. (quar.)
Quaker Oats Co., preferred (quar.)..
Radio Corp. of America—
$3M cum. conv. 1st pref. (quar.).
June 20
July
July
July
July
July
July
July
15 June 29
1 June 22
37 Mc
Quarterly
10
June
15 June 29
(mo.).. 581-3 c
Quarterly
6% cumul. preferred (monthly),
Public Service Co. (Oklahoma)
blic
15
Preferred (quar.)
(quar.)..
v,Public Service Co. (N. J.), 6% pref. (mo.)
June 29 June
June 29 June
Preferred (quar.)
SIM
SIM
SIM
37Mc
6% preferred (monthly)
5% preferred (monthly)
June 29 June 12
July
3 June 24
$5M conv. prior preferred (quar.)
■
(quar.)
Public Service Co., Colorado, 7% pref.
14
June
.
June 24
June
8
July
July
July
July
non-cum.
Procter & Gamble,
octer
June 20
Holders
Payable oJ Record
June 29 June
Corp. of Canada (interim)
preferred (quar.)
preferred (quar.)
cum.
Price Bros., 5M % preferred
June 30
July
..
$6 preferred (quar.)
$6.60 preferred (quar.)
$7 preferred (quar.)
$7.20 preferred
Ohio Finance Co
sim
50c
15c
Novadel-Agene Corn, (quar.)
Noxema Chemical Co
NY. PA, NJ Utilities, preferred (quar.)
Ogilvie Flour Mills Co. (quar.)
Onio Edison Co., $5 preferred (quar.)
July
July
SI M
SIM
SIM
(quar ).
Northwestern National Insurance Co. (quar.)
Northwestern Telegraph (s.-a.).
Norwalk Tire & Rubber
25c
SI M
$1H
Power
1
July
Share
Name of Company
Payable of Record
July
July
July
July
July
When
Per
Holders
When
Per
Share
Name of Company
North Penn Gas,
North Texas Co
4077
The Commercial & Financial Chronicle
150
t$3M
SIM
SI.20
SIM
10c
15c
SIM
50c
July
July
July
July
July
July
July
July
July
July
July
July
Aug.
Aug.
July
June
18
June 20
June 20
June
29
June 20
June 20
June 27
June 21
June
14
15
15
June 26
June
June
July
July
19
19
June
17
June 29 June
15
June 29. June 15
July
lOlJuly
1
The Commercial & Financial Chronicle
1*4078
Per
Name of Company
Simplex Paper Corp
Simpson's. Ltd., 6H% Pref
Singer Mfg. Co. (quar.)
Skenandoa Rayon conv. & A preferred (quar.)—
Smith (L. C.) & Corona Typewriters (quar.)
Preferred (quar.)
Smith Howard Paper Mills, preferred (quar.)—
Sonoco Products (quar.)
-
Preferred (quar.).-,
25c
35c
2%
50c
Original preferred (quar.)
5H % series C preferred (quar.)___
Southern California Gas, 6% pref. (quar.)—6% preferred A (quar.)
37 He
34Xc
37Hc
37Hc
120c
-
Southern Canada Power Co. (quar.)-
6% cumul. partic. preferred (quar.)
nh fs
—
Southern Natural Gas
(quar.).-Southern New England Telephone
Southern Phosphate
Southwest Consolidated Corp
Southwestern Gas & Electric, 5% pref. (quar.)_
Southwestern Light & Power, $6 preferred
$6 preferred (quar.)
SIX
15c
25c
SIX
hi
su
Springfield City Water pref. A & B (quar.)
Preferred C (quar.)
Springfield Gas & Electric $7 pref. (quar.)
$1
Square D Co
Preferred (quar.)
Staley (A. E.) Mfg. Co.. 7% pref. (semi-annua.)
Standard Brands, Inc. (quar.)
84 H cum. preferred (quar.)
——
Standard Chemical Ltd
Standard Fire Insurance (N. J.)
(quar.)
Standard Fuel Co. Ltd., 6
X % preferred
10c
SIX
+81
six
30c
Standard Steel Construction, pref. A
(quar.)-—
Standard Wholesale Phosphate & Acid Works—
Stanley Works--5% preferred (quar.)
Starrett (L. S.) Co
—-——
& Co
S3
Stecher-Traung Lithograp 5% pref. (quar.)
5% preferred (quar.)
5% preferred (quar.)
Stedman Bros., Ltd. (quar.)
Preference (quar.)
Steel Co. of Canada (quar.)
Preferred (quar.)
pref. (quar.)_-
75c
SIX
SIX
SIX
SIX
tl5c
t75c
43Hc
68 He
40c
Superior Portland Cement, class A
Superior Water Light & Power, 7% pref. (quar.)
Supersilk Hosiery Mills 5% preferred
(s.-a.)
Supertest Petroleum Corp. bearer (s.-a.)
Preferred B (s.-a.)
Ordinary (s.-a.)
Sussex Railroad (s.-a.)
12Hc
82 He
SIX
82 H
50c
75c
50c
50c
Swift & Co. (quar.)
30c
-
Sylvanite Gold Mines (quar.)
Tacony-Palmyra Bridge (quar.)
(quar.)
5c
-—
Extra
—
Preferred (quar.)
Taggart Corp., preferred (quar.)
Talcott (James) Inc
5H% partic. preference (quar.)
Tamblyn (G.) Ltd. (quar.)
5% preferred (quar.)
15 June 20
15 June 29
15 June 29
Aug. 15 July 31
July 15 June 20
June 29 June 14
15 June 28
June 29 June 15
June 20
July
July
July
July
July
July
July
July
June 15
June 20
June 20
50c
25c
50c
25c
Sept. 16 Sept.
3
July 15 June 15
July 23 July 16
July
1 June 15
July 15 June 29
June 29 June
19
June 29 June 12
June 29 June 26
June 29 June 26
June 30 June 15
Sept. 30 Sept. 14
Dec. 31 Dec. 14
2 June 20
2 June 20
1 July
1 July
5
5
June 29 June 15
June 30 June 20
June 30 June
7
June 29 June 15
June 15
June 25
June 15
June 15
June 20
June
1
15 July
5
June 21
June 15
2 June 14
2
2 June
14
2 June
14
1 June
14
1 June
1
June 29 May 11
June 29 June 15
June 29 June 15
June 29 June 15
June 29 June 15
SIX
Aug.
1 June 17
62 He I July
1 Tune 14
10c
1 June 15
July
1 June 15
68Hc - "
July
20c
2 June 14
July
2 June 14
62Hc July
Tecfc-Hughes Gold Mines (quar.)
10c
1 June 10
July
Telautograph Corp
5c
1 July 15
Aug.
Tclluride Power Co. 7% preferred
(quar.)
1 June 15
SIX July
Texas Corp
50c
1 June
7*
July
Texas Electric Service Co. $6
preferred (quar.)_.
1 June 15
SIX July
Texas Series C Corp.,
participating certificates
5 June 24
July
Thatcher Mfg., conv. pref.
(quar.)
Aug. 15 July 31
Quarteply
25c
July
1 June 15
Thompson Products
50c
June 21
July
Preferred (quar.)
June 21
July
Tide Water Assoc. Oil Co.
pref. (quar.)
June
July
5
Tip-Top Tailors Ltd. (quar.)
15c
June 20
July
7% preferred (quar.)
•
June 20
SIX
July
Tivoli Brewing Co
5c
July 20 July
1
Toledo-Edison Co.,
7% preferred (monthly)
58 l-3c July
1 June 15
6% preferred (monthly)
50c July
1 June 15
5% preferred (monthly)
41 2-3c
July
1 June 15
Toledo
*
l<Ts
Shipbuilding
Tri-Oontinental Corp., $6 cum. pref.
(quar.)__
Trico Products
Corp. (quar.)
Tubize Chatillon
Corp., pref. (quar.)
Tuckett Tobacco Ltd., pref.
(quar.)
Tunnel Railroad St. Louis
(semi-annual)
Twentieth Century Fox Film
Corp., pref. (qu.)
Twin State Gas & Electric
7% preferred (quar.)
Udylite Corp
Underwood Elliott Fisher Co.
(quar.)
Underwriters Trust (N. Y.)
Union Carbide & Carbon
Corp
Union Investment Co
Preferred
(quar.)
Union Pacific RR
Union Premier Food Stores
(quar.)_._
Union Stockyards
(Omaha)
Union Twist Drill Co
United Bond & Share. Ltd.
(quar.)
Quarterly
United Carbon Co
United Drill & Tool, class A
Class A (quar.)
United Dyewood Corp., preferred
(quar.)_
United Fruit Co
United Gas Improvement (quar.)
Preferred (quar.)
United Light & Railways, 7% pref.
(mo.).
6.36% preferred (monthly)
6% preferred (monthly)
50c
SIX
six
June 29 June 21
2 June 15
S4
July
July
July
S1H
62Hc
SIX
SIX
S3
July
1 June 21
July
July
July
July
1 June
3im
10c
50c
75c
60c
10c
95c
S1H
25c
15 July
1 June
5
17
12
1 June 20
15 June 29
1 June 15
June 29 June
July
July
15
1 June
15
1 June 14
June 29 June 12*
June 29 June 21
June
7
June
July
July
July
July
July
18
June 18
June
3
June
SI
75c
15
June 30 June 20
June 29 June 24
15c
July
15c
Oct.
75c
1
July
1
Aug.
1
Aug.
1
July
July 15
tl5c
15c
SIX
(quar.)
7% preferred (s.-a.)
United States Guarantee Co
United States Gypsum Co. (quar.)
HP
50c
62 He
25c
SIX
S2X
SIX
-
Quarterly
United States Playing Card Co
United States Potash Co
United States Smelting Refining & Mining Co—
Preferred (quar.)
June 29 June 20
50c
United States Hoffman Machine, pref. (quar.)United States Petroleum Co. (quar.)
Quarterly-United States Pipe <fc Foundry Co. (quar.)
July
1 June 15
July
1 June 15
Aug.
1 July 29
Sept. 15 Sept. 5
Dec. 15 Dec.
5
Sept. 20 ^ug. 31*
SIX
68Hc
2c
2c
50c
50c
50c
July
25c
June 29 June
Dec.
$1
10c
5c
81
81
Preferred
15 June 30
15 Sept. 30
June
15
July
July
20
20
June
7
June 20
25c
June 29 May 31
58Sl-3c
53c
June 29 May 31
July
1 June 15
July
1 June 15
50c
July
1 June 15
iiu.""
Camp Milk preferred (quar.)
81
Van de Kamp's Holland Dutch Bakers (quar.)—
Preferred
(quar.)
Vapor Car Heating, Inc. (quar.)
7% pref. (quar.)
7% preferred (quar.)
7% preferred (quar.)
Vermont & Boston Telegraph (ann.)
Viau, Ltd., 5% pref. (quar.)
Six
50c
SIX
SIX
si
t
'Id
Vlchek Tool Co
Preferred (quar.)
SIX
Victor Chemical Works.
30c
Victor-Monaghan Co. 7% pref. (quar.)
Virginian Ry. Co. 6% preferred (quar.)
MX
*
37m
tin
Vulcan Corp. $3 conv. prior pref. (quar.)
Detinning (quar.)
7% preferred (quar.)
7% preferred (quar.)
six
..
Wabasso Cotton Co. Ltd.
(quar.)
Wagner Baking Co
7% preferred (quar.)
Second preferred (quar.)
Waldorf System, Inc. (quar.)
Ware River Railroad (semi-ann.)
Washington Title Insurance Co. (quar.)
6% non-cum. cl. A preferred (quar.)
Waukesha Motor Co. (quar.)
Wayne Knitting Mills, 6% pref. (s.-a.)
50c
25c
SIX
75c
15c
S3X
SIX
SIX
25c
SIX
Wayne Pump Co
50c
Welch Grape Juice Co., stock dividend
Preferred (quar.)
Wellington Fund, Inc
West Kootenay Power & Light Co. 7% pfd. (qu,
West Penn Electric, class A (quar.)
West Penn Power, 4H % preferred (quar.)
West Point Mfg
West Texas Utilities $6 preferred (quar.)
West-Virginia Pulp & Paper, 6% pref. (quar.)_
5%
SIX
20c
SIX
SIX
SIX
—
30c
81H
81H
10c
Common
West
Virginia Water Service pref. (quar.)—
Western
Western
Western
Western
12Hc
S1H
$1.20
SIX
Assurance Co. 12% pref. (s.-a.)
Cartridge Co., pref. (quar.)
Electric Co
75c
Grocer Co. (Iowa), 7% preferred
Western Grocers Ltd. (quar.)
t$3H
75c
Preferred (quar.)
SIX
Western Light & Telephone Co., pref. (quar.)
Western Massachusetts Cos. (quar.)
Western New York & Pennsylvania Ry. (s.-a.)—
5% preferred (semi-ann.)
Western Pipe & Steel 7% preferred (s.-a.)
Western Tablet & Stationery
43 He
50c
81H
SIX
35c
$1
Preferred (quar.)
Westminster Paper Co.. Ltd. (s.-a.)
SIX
25c
25c
Westmoreland, Inc. (quar.)
Weston (Geo.), Ltd. (quar.)
Wheeling & Lake Erie Ry
20c
81
Wheeling Steel, $5 prior pref. (quar.)
6% preferred (quar.).
Whitaker Paper Co
SIX
SIX
Preferred (q uar.)
Whitman (Win.) Co., Inc., 7% pref. (quar.)—.
Wichita Union Stockyards Co. 6% pref. (s.-a.)
Wichita Water Co. 7% preferred (quar.)_.
Wieboldt Stores, 6% preferred (quar.)
SIX
SIX
83
SIX
81
—
75c
Will & Baumer Candle Co., Inc., pref. (quar.)_
Wilsil Ltd. (quar.)
82
25c
Quarterly
25c
50c
Winn & Lovett Grocery, class A (quar.).
Class B (quar.)
25c
Preferred (quar.)
SIX
six
Wins ted Hosiery Co. (quar.)
Extra
50c
Quarterly
81H
Extra
Wiser Oil Co. (quar.)
Extra
50c
25c
'
20c
Wolverine Tube Co
Woodley Petroleum Co. (quar.)
Wright-Hargreaves Mines, Ltd. (quar.)
Extra (both payable In U. S. funds)—
Wrigley (Wm.) Jr. (extra)
Monthly
Monthly
Monthly
Monthly
15c
10c
10c
5c
50c
25c
15 July
2
Aug.
Aug.
July
July
1 July
July
18
18
June
19
June 29
Oct.
Sept. 28
1-1-41 Dec. 30
June 29 June 21
July
July
July
July
July
1
1
1
1
1
June 29
June
1
June
1
June 14
June 20
June 24
June 10
June 29 June 10
Sept. 10 Sept. 2
Sept. 10 Aug. 31
Dec.
10 Nov. 30
3-9-41 3-1-41
July
1 June 15
July
2 June 20
June 29 June 20
June 29 June 20
June 29 June 19
July
1 June 20
Aug.
1 July
20
June 30 June 20
Sept. 20 Sept. 10
July 20 July 10
Oct.
July
July
July
July
July
July
19 Oct. 10
2 June 22
1 June 20
June 20
June 20
"
June 20
June 20
June 26
June 26
July
July
July
July
June
15
June 15
June 22
July
June
8
July
Aug. 31 Aug. 15
June 29 June 15
Jan.
2 June 24
1 June 14
July
July 15 June 20
1 June 18
July
1 June 15
July
Aug. 15 July 25
July
1 June 10
July
1 June 15
July
2 June 29
Aug. 20 July 31
June 29 June 24
June 29 June 20
July 15 June
July 15 June
June 29 June
June 29 June
July
July
July
20
20
10
24
1 June 29
1 June 29
15 June 29
June 29 June 20
June 20
July
Nov.
Oct.
15
June 15
July
June lO
July
June 24
July
June 11
July
JUne 11
July
June 15
July
June 15
July
June 15
July
July 15 July 10
July 15 July
1
June 17
July
June 15
July
June 15
July
Oct.
Sept. 14
June 20
July
June 20
July
June 20
July
Aug.
July 15
Aug.
July 15
Nov.
Nov.
Oct.
15
Oct. 15
June 11
June 11
July
July
June 29 June 21
June 29 June 15
July
July
July
July
May 22
May 22
June 20
June 20
25c
25c
25c
Sept.10
June
10
June
14
50c
July
July
July
July
July
July
July
Sept. 15
50c
Dec.
$1ii
SIX
six
Youngstown Sheet & Tube
25c
Preferred (quar.)
iuu
Zion's vAruyciawYc Mercantile Institution
Co-operative
SIX
o
Quarterly
Oct.
15c
Common
July
15c
Yellow Truck & Coach Mfg. Co., preferred.—
Yosemite Portland Cement pref.
Young (J. S.) Co. (quar.)
Preferred (quar.)
jAug.
SIX
-
Wurlitzer (Rudolph), pref. (quar.)
Yale & Towne Mfg. Co
*
15
15 June 14
15 June 24
15 July
5
1 June 20
June 30 June 20
June 30 June 20
15%
.
20 Nov. 30*
1 June 15
July
July
July
July
July
87Hc
17Hc
United Stockyards Corp., pref. (quar.)
United States Sugar pref. (quar.)
United States Trust Co. (N. Y.) (quar.)
United Stove Co. (quar.)—
Extra
Universal Leaf Tobacco Co., Inc. (quar.)
Year-end dividend
Vulcan
2
1 June 15
40c
(quar.)
-
16 Dec.
1 June 15
J O June 20
1 June 20
5 June 18
5 June 18
17 June 28
June 29 June 25
July
1 June 20
July
1 June 20
37Hc
United States Fidelity & Guaranty (quar.)
United States & Foreign Securities 1st pref. (qu.)
United States Gauge Co
Preferred
Dec.
July
July
July
July
July
July
July
SIX
Van
15
15
-
Toronto Mortgage
Towle Mfg. Co.
(quar.)
Travelers Insurance (quar.)
25c
50c
$3 participating preferred
United New Jersey RR. & Canal (quar.)
United Printers & Publishers, preferred (quar.)_
United Shoe Machinery (quar.)
Holders
Payable\of Record
1 June 10
l! June
June 29 June
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
United Mercnants & Manufacturers, Inc
United Milk Products
Preferred
When
Share
1 July
1
1 June 20
June 20
June 20
July
July
July
July
July
Aug.
Aug.
Per
Name of Company
(quar.)
2%
Upper Michigan Power & Light Co. 6% pf. (qu.)
SIX
6% preferred (quar.)-—,
SIX
6% preferred (quar.)
six
Utou
tan-Idaho "»p— . Mi
30c
Sugar, pref. A
Utah Power & Light Co. $7 preferred
1$ 1.16 2-3
$6 preferred
t$l
Valley RR. (s.-a.)
82 X
Valve Bag Co., 6% pref. (quar.)
SIX
1
S3X
Sunray Oil Corp. pref. (quar.)
(quar.)
Sunshine Mining Co.
15 June 20
19
t3c
Superheater Co
July
July
July
July
Aug. 15|Aug.
50c
Sullivan Consolidated Mines
Sun Life Assurance of Canada
(quar.)
July
July
1
July
July
1
Aug. 19 Aug. 10
June
July
7
June
July
7
June
July
7
June 15
July
June 29 June
iS'ii
Suburban Electric Securities, 2d preferred
June 29 June 20
June 21
July
June 21
July
June 15
July
31Hc
75c
75c
Strawbridge <fe Clothier 7% pref
July
July
July
July
60c
25c
Stix Baer & Fuller Co.
pref. (quar.)
10
1 June 14
1 June 17
40c
i3¥d
Steel Products
Engineering
Sterchi Bros. Stores, 1st
17
July
1 June 19
July
1 June 28
Sept.14 Sept. 5
10c
Preferred (quar.)
Extra
Class A
50c
SIX
3X%
75c
75c
Standard Oil Co. (Ohio) preferred
(quar.)
Standard Screw Co.
(quar.)
Preferred (semi-annual)
-
SIX
1 July
1 June 17
15 June 29
June 29 June 20
SIX
(quar.)
Stewart-Warner Corp
SI X
111
South West Penn Pipe Line
Southern California Edison Co.—
(Frederick)
SIX
1214c
15c
Extra
8 June 25
July
Aug.
June 29 June
SIX
6% preferred (quar.)---m5% preferred (s.-a.)
South Porto Rico Sugar Co
Stearns
5c
SIX
SIX
rd
Sonotone Corp., preferred (quar.)
Cum. prior pref. (quar.)
South Carolina Power Co. $6 1st pref. (quar.)
South Pittsburgh Water Co. 7% pref. (quar.)
Preferred
When
Holders
Payable of Record
Share
June 29, 1940
i
-
July 20
Aug. 20
Sept.
Oct.
Sept. 20
June 20
June 20
June 21
June 21
June
8
June
Sept.
15 Dec.
8
5
5
Transfer books not closed for this dividend,
t On account of accumulated dividends.
i Payable In Canadian funds, and in the
deduction of
a
tax of 5% of
case of non-residents of Canada
the amount of such dividend will be made.
Velum*
The Commercial & Financial Chronicle
ISO
Condition of the Federal Reserve Bank of
New
The
The
following shows the condition of the Federal Reserve
business June 26, 1940,
weekly
statement
Clearing House
comparison with the previous week and the corresponding
date last year:
STATEMENT
MEMBERS
OF
on
OF
THE
Average
S
National City Bank
Chem Bank & Trust Co.
20,000,000
120,000
190,000
747,000
Cent Hanover Bk&Tr Co
196,000
1,051,000
Corn Exch Bank Tr Co.
First National Bank
10,000,000
362,000
discounted
386,000
1,798,000
Irving Trust Co
50,000,000
4,000,000
213,000
Bills bought in open market
2~,004",000
2,010",000
2,835,000
402,946,000
339,030,000
402,946.000
339,030,000
Continental Bk & Tr Co.
256,076,000
330,565,000
130,257,000
Industrial advances
Chase National Bank
U. S. Govt, securities, direct and guar¬
anteed:
Bonds
1
....
Fifth Avenue Bank
Bills
Title Guar & Trust Co..
721 ,068,000
13 ,577,000
5,000,000
2,471,100
9,411,300
122 ,408,000
27,984,400
424 ,320,000
6,000,000
Comm'l Nat Bk & Tr Co
direct and guaranteed
741,976,000
741,976,000
7,000,000
8,570,600
118 ,847,000
Public Nat Bk <fc Tr Co.
Total U. S. Government securities,
7,000,000
10,066,100
91 ,210,000
716,898,000
Totals
Total bills and securities
Due from foreign banks
Federal Reserve notes of other banks..
Uncollected items
Bank premises
...
Other assets
744,372,000
66,000
*
4,677,000
144,245,000
As per official reports:
National, March 30, 1940; State, March
Deposits—Member bank
reserve
companies, March 30, 1940.
8,959,000
13,615,000
\
Includes deposits in foreign
branches as follows:
available date),
$67,713,000;
e
93,433,000
229,788,000
395,267,000
Other deposits
86,225,000
234,410,000
354,797,000
$3,124,000; d (latest
(June 19), $20,999,000.
Total deposits
Deferred availability Items
Other liabilities, incl. accrued dividends-
LONDON
THE
252,366,000
125,206,000
8,242,504,000 8,211,680,000 6,044,156,000
136,847,000
171,220,000
158,784,000
2,677,000
1,616,000
1,687,000
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
June 24
June 25
June 26
June 27
June 28
28/9
58/1)*
29/55/7)*
30/6
60/7)*
29 /-
Surplus (Section 7)
53,326,000
7,109,000
11,127,000
53,326,000
7,109,000
11,023,000
Surplus (Section 13-b)
Other capital accounts
.
Cons Goldflelds of S A.
Courtaulds S & Co....
Closed
Ford Ltd
to
reserve
deposit
and
93.1%
to
make
Industrial
822,000
2,232,000
ad¬
Rand Mines
RloTInto
t "Other cash" does not include Federal reserve notes or a bank's own Federal
Rolls Royce
Reserve bank notes.
gold taken
over from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
100 cents to 59.00 cents, these certificates being worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
Unlted Molasses..
Vickers
West
£65*
£63*
/0
4/10)*
5/15/3
20/72 /6
14/9
20/—
70/3
£10)*
00/-
£103*
60/-
60/-
60/-
.
£6
£5Ji
£55* V
£6)*
£63*
£6
55/33/13*
16/10)*
11/3
53/9
31/3
48/9
30/15/9 ■■
9/73*
48/9
30/16/3
9/9
48/9
30/16/3
10/-
...
Shell Transport
certificates given by the United States Treasury for the
are
£6?*
£7)*
Metal Box
vances
54
50/-
£10)*
£10)*
£25*
£25*
/4/9
14/6
20/7)*
68/9
4/9
15/1)*
19/3
70/7)*
22/6
23/43*
/6
23/1)*
47
48/6
£10 )*
60/-
London Mid Ry
22
£25*
£2%
68/9
Imp Tob of G B & I..
91.1%
820,000
Commitments
92.9%
£283*
£10)*
18 /9
Hudsons Bay Co
total
F. R. note liabilities combined
£283*
£103*
22/6
21 /-
47/4/15)*
15/6
Distillers Co
7,408,080,000
£30
£10)*
23/9
22/-
£2 %
De Beers
Eiectrlc & Musical Ind
Total liabilities and capital accounts.. 9,895,391,000 9,864,286,000
£30
£10)*
23/9
20/9
Central Mln& Invest..
50,866,000
52,463,000
7,457,000
8,411,000
31/9
62/6
60 /£30
£10)*
British Amer Tobacco.
Cable & W ord
51,039,000
by cable
Sat.,
9,772,796,000 9,741,789,000 7,288,883,000
51,033,000
received
June 22
Capital Accounts—
Capital paid in...
as
day of the past week:
Boots Pure Drugs
Total liabilities.
STOCK EXCHANGE
Quotations of representative stocks
233,335,000
each
These
'<■
■'_ [
1,369,821,000 1,357,273,000 1,105,203,000
Foreign bank
*
■
(latest available date), $257,-
a
958,000; 5 (latest available date), $74,515,000; c (June 27),
acc't.. 7,524,016,000 7,536,248,000 5,433,249,000
U. 13. Treasurer—General account
of
30, 1940; trust
"
LldbUUles—
F. R. notes in actual circulation
Ratio
691,221,000
931,357,000 14,671,343,000
518,887,000
721,744,000
17,000
2,000,000
199,707,000
9,820,000
15,106,000
9,895,931,000 9,864,286,000 7,408,080,000
Total assets
,
744,342,000
17,000
1,624,000
171,610,000
9,820,000
15,469,000
28,232,000
552,000
4,380,000
1,061,000
42,439,000
4,090,000
43,010,000
2,225,000
2,923,000
35,256,000
2,040,000
51,351,000
66 ,255,000
4,430,300
136,486,900 (13,030 ,420,000
55 ,357,000
4,244,300
81,598.600 el,132 ,612,000
12,500,000
Marine Midland Tr Co..
New York Trust Co
96,663,000
60,552,000
746 ,280,000
108,555,000
53,240,100
100,270,000
500,000
25,000,000
Bankers Trust Co
6,586,000
74,852,000
185,154,500 52,195 ,012,000
667 706,000
40,151,100
73,015,100 Cl.114 ,906,000
292 ,696,000
19,663,500
15,000,000
Manufacturers Trust Co
22,469,000
39,739,000
172,801,000
13,924,100
90,000,000
42,117,000
21,000,000
obligations
216 ,864,000
535 ,918,000
26,615,500
68,734,200 a2,362 ,299,000
763 ,588,000
57,040,300
77,500,000
242,090
Govt,
direct and guaranteed
Notes.
Deposits,
Average
20,000,000
Guaranty Trust Co
S.
Other bills discounted
bills
Time
Deposits,
6,000,000
Bank of Manhattan Co.
8,952,509,000 8.893,261,000 6,514,774,000
Total reserves._
Total
Net Demand
$
Bank of New York
Bills discounted:
U.
JUNE 27, 1940
Profits
Surplus and
Capital
Members
8,845,071,000 8,784,902,000 6,413,539,000
1,169,000
1,597,000
1,311,000
100,066,000
106,765,000
106,127,000
Other cash t
by
YORK CLEARING HOUSE
NEW
hand and due from
United States Treasury.*
Redemption fund—F. R. notes
Secured
City
Undivided
*
*
Clearing House
$
$
Gold certificates
the New York
issued by
26, 1940 June 19, 1940 June 28,1939
7-
City
Friday afternoon is given in full below:
on
ASSOCIATION AT CLOSE OF BUSINESS THURSDAY,
^
June
Assets—
York
Weekly Return of the New
Clearing House
York
Bank of New York at the close of
in
4079
16/10/6
Wltwatersrand
Weekly Return of the Member Banks of the Federal Reserve
£15*
£1»»
£15*
£15*
£1)*
Areas
under the provisions of the Gold Reserve Act of 1934.
System
Federal Reserve System, giving the principal
items of resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comments of the Board of Governors of
the Federal Reserve System upon the figures for the latest week appear in our department of "Current Events and Discussions,"
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Following is the weekly statement issued by the Board of Governors of the
Commencing with the statement of May 19, 1937, various changes were made In the
described in
an
announcement of the Federal Reserve Bank of
The changes in the report
which were
This classification has been changed primarily to show the
brokers and dealers) for the purpose of purchasing or carrying
form are confined to the classification of loans and discounts.
amounts of
(1) commercial, Industrial and agricultural loans, and (2) loans (other than to
securities.
The revised form also eliminates the distinction between loans to brokers
and dealers in securities located in New
York City and those located
purchased or discounted" with "acceptances and commer¬
paper bought in open market" under the revised caption "open market paper," instead of in "all other loans," as formerly.
Subsequent to the above announcement, it was made known that the new items "commercial, industrial and agricultural loans" and "other loans,"
outside New York City.
cial
breakdown of loans as reported In this statement,
New York of April 20, 1937, as follows:
Provision has been made also to include "acceptances of own bank
would each be segregated as "on
A
more
securities" and "otherwise secured and unsecured."
revisions was published in the May 29, 1937, issue of the
detailed explanation of the
ASSETS AND LIABILITIES OF WEEKLY
REPORTING MEMBER BANKS IN 101 LEADING CITIES BY
$
$
$
ASSETS
New York
Boston
Total
Federal Reserve Districts—
:
"Chronicle," page 3590.
Cleveland Richmond
PhUa.
?
\
St. Louis Minneap. Kan. City
Dallas
San Fran.
$
S
$
$
.
(
DISTRICTS ON JUNE 19, 1940 (In Millions of Dollars)
Chicago
Atlanta
,
10,106
1,180
1,887
705
616
3,351
708
399
684
521
701
272
307
900
321
191
298
265
954
297
3,110
1,786
452
215
270
123
152
591
179
97
175
174
328
67
104
30
6
10
4
38
9
3
21
2
16
413
15
299
22
19
3
5
28
3
1
3
3
12
470
18
212
32
24
14
11
73
13
7
10
13
43
1,199
80
199
50
175
43
32
119
11
29
22
48
1
41
1
1
1
1
......
"79
102
"72
59
50
23,596
1,189
Loans—total
8,444
613
Commercial. Indus, and agricul. loans
4,387
Open market paper
Loans to brokers and dealers In secure.
309
Loans and Investments—total
Other loans lor purchasing or
carrying
securities..
Real estate loans
Loans to banks
135
409
i.
1
54
1
62
2,250
385
""171
102
206
785
16
411
14
28
2,058
38
1,054
""33
159
178
37
316
38
"29
69
41
66
Treasury notes
6,383
341
2,743
320
601
132
102
1,010
152
113
91
81
United States bonds...
697
1,618
Other loans
Treasury bills...
20
91
122
53
62
69
22
67
48
195
133
1,432
284
293
70
106
521
108
44
145
58
332
11,595
582
6,929
494
667
193
136
1,499
219
96
191
140
449
2,400
Federal Reserve Bank..
48
1,356
267
499
99
20
46
22
25
72
12
7
16
11
180
220
221
348
245
244
572
183
133
311
305
317
1,160
70
405
79
94
38
51
73
-21
16
24
29
260
20,495
1,258
1,383
522
429
2,786
483
300
531
483
1,101
235
10,202
1,041
1,017
5,306
Other assets—net
145
3,279
Cash in vault
Balances with domestic banks
261
745
202
192
966
191
110
146
136
1,075
582
14
71
54
47
34
44
135
17
6
24
31
105
416
262
329
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits.
_
Foreign banks
8,534
375
Capital accounts
428
468
310
298
2
687
17
634
4
1
"""742
22
""307
15
'""18
35
"l2
3,783
245
1,624
215
380
100
95
Borrowings
Other liabilities
3,880
1,255
352
24
i
\
Inter-bank deposits:
Domestic banks...
6
3,526
Obligations guar, by U. S. Govt
Other securities
Reserve with
277
2
11
161
8
1
1
19
'"""26
""8
3
"*4
"~292
59
106
89
379
.
397'
The Commercial & Financial Chronicle
4080
June 29, 1940
Weekly Returns of the Board of Governors of the Federal Reserve System
The following was issued by the Board of Governors of
the Federal Reserve System on Thursday afternoon, June27,
showing the condition of the 12 Reserve banks at the close of business
on Wednesday.
The first table presents the results
in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the 12 banks. The Federal
Reserve note statement (third table following) gives details
regarding transactions in Federal Reserve notes between the
for the System as a whole
Reserve agents
returns
and the Federal Reserve banks.
for the latest week
appear
COMBINED RESOURCES AND
in
LIABILITIES
Three Ciphers (000) Omitted
June
26,
1940
on
Total
-
19,
FEDERAL RESERVE BANKS AT THE
June
1940
26,
May 22,
May 15,
May 8,
1940
1940
1940
June 28,
1939
May 1,
1940
1940
3
*
*
17,201,47(
17,053,491
16,935,471J
11,191
371,023
11.19C
367,69?
10,49(
348,57?
359,02( )
18,043,11?
...
JUNE
May 29,
10,865
reserves
BUSINESS
June 5,
378,78C
...
CLOSE OF
1940
12,
1940
17,536,471!
17,918,688
17,580,364
17,412,56(
Redemption fund (Federal Reserve notes)
*
June
1940
3
hand and due from U. S. Treas.*.
Other cash *
THE
OP
17,653,471
$
ASSETS
Gold ctfs.
The comments of the Board of Governors of the Federal Reserve System upon the
department of "Current Events and Discussions "
our
9
9
9
<
16,841,97?
7,731
374,374
16,691,975
17,303,52(
17,224,087
17,079,675
9,021
$
9
16,496,977
16,442,97?
13,505,719
9,081
9,087
378,611
366,076
9,646
379,962
367,357
16.872.14C
16.832.58C
13,881,389
8,313
Bills discounted:
Secured
by
U.
S.
Government obligations,
direct and fully guaranteed
Other bills discounted
704
691
1,45(
1,331
1,76C
1,302
68C
742
621
1,575
1,501
1,101
1,316
1,093
1,557
1,234
2,142
2,053
2,047
3,795
Total bills discounted
2,261
2,192
2,417
2,781
3,062
2,327
2,822
2,795
2,668
5,370
"8,971
"*9~,oii
"9"08£
"9,08l
"9,161
"~9~232
*9*,292
"~9~296
*9*333
12,440
1,343,183
1,130,125
1,343,183
1,130,125
1,346,995
1,130,125
1,346,995
1,130,125
1,346,995
1,130.125
1,346,995
1,130,125
1,344,845
1,129,225
1 1,337,495
1,337,495
1,129,225
1,176,109
Bills bought In open market
556
Industrial advances
United States Government securities, direct and
guaranteed:
Bonds
Not68
•
Bills
*
1,129,225
Total
U.
S.
Govt
securities,
direct
and
guaranteed
2,473,308
2,473,308
2,477,120
2,477,120
2,477,120
2,477,120
2,474,070
2,466,720
Other securities.
Foreign loans
on
1
gold
Total bills and securities
2,550,637
2,466,720
1
:
...
2,484,544
Gold held abroad
Due from foreign banks
Federa 1 Reserve notes of other banks
Uncollected 1 terns
47
2,484,511
2,488,622
2,488,990
2,489,344
2,488,679
2,486,184
2,478,811
2,569,003
2,478,721
47
47
47
47
47
47
47
47
18.489
20,642
656,231
41.490
805,226
20,149
819,868
18,871
673.347
54,057
53,019
41,532
68,863
41,511
64,396
19,262
637,292
41,555
63,561
21,377
664,147
41,595
62,465
21,255
788,124
41,553
61,760
22,197
599.213
41,536
60,293
21,751.
688,329
41,533
59,524
21,297,976
21,323,670
21.019,445
20,699,722
20,554,581
20,602,397
20,478,598
20,074,237
20,122,485
5,144,450
5,103,916
5,081.314
5,065,239
5,038,386
4,984,611
4,968,735
4,954,783
4,945,500
4,449,306
13,722,819
300,610
658,679
480,897
13,712,233
298,212
659,828
438,487
13,510,111
265,424
455,030
559,080
13,386,697
13,215,148
377,749
13,222,502
13,093,674
424,634
12,877,017
12,869,916
10,115,744
512,185
490,106
962.094
454,181
494,321
440,086
400,930
476,886
360,819
441,280
357,212
351.095
435,912
326,133
15,163,005
15,108,760
14,643,334
14,542,447
11,755,066
750,862
632,339
5.277
615,189
667,041
585,798
5,301
5,181
14,396,124
756,205
4,500
14,191,301
670,750
5,786
14,527,125
632,653
4,728
14,163,146
629,569
14,789,645
785,528
9,297
4,484
4,064
6,666
20,942,810
20,968,839
20,665,784
20,346.189
20,201,203
20,149,117
20,125,564
19.721,318
19,769,751
16,796,836
137,103
151,720
26,839
137,097
151,720
26,839
136,127
135,037
151,720
26,839
38,668
136,117
151,720
26,839
38,243
149,152
26,839
38,594
136,108
151,720
26,839
38,367
136,113
26,839
39,176
136,165
151,720
26,839
38,809
136,151
151,720
39,504
tl36,169
151,720
26,839
138,933
38,062
34,101
21,297,976
21,323,670
21,019,445
20,699,722
20,554,581
20,502,397
20,478,598
20,074,237
20,122,485
17,142,390
88.8%
8,762
88.7%
88.5%
8,676
88.4%
8,828
88.4%
8,852
88.3%
8,883
88.2%
8,933
88.1%
8,965
88.1%
9,225
85.7%
8,587
1,171
1,117
1,451
1,814
2,200
—
Bank premises
Other assets
Total assets
..........
...
Deposits—Member banks'
reserve
42,405
46,718
17,142,390
i.
account
United States Treasurer—General accountForeign banks
Other deposits
Total deposits
Deferred availability
41,536
167
18,886
583,822
'
LIABILITIES
Federal Reserve notes In actual circulation
Other
911,090
463,438
...
Items
liabilities, Incl, accrued dividends
Total liabilities
«
308,135
509,464
370,008
449,854
484,761
CAPITAL ACCOUNTS
Capital paid In
Surplus (Section 7)
8urplus (Section 13-b)
Other capital accounts
Total liabilities and capital accounts
....
Ratio of total reserves to
deposits and Federal
Reserve note liabilities combined
Commitments to make Industrial advances
•
151,720
'
27,264
11,175
Maturity Distribution of Bills and
Short-Term Securities—
1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
969
927
149
206
167
250
1,137
1,059
256
196
208
196
197
190
224
157
235
128
132
136
171
212
190
189
2,200
491
432
407
362
309
269
2,782
3,063
2,327
2,822
2,795
2,668
516
bought in
447
495
2,261
Total bills discounted
1-15 days bills
16-30 days bills bought In
31-60 days bills bought In
31-90 days bills bought In
Over 90 days bills
bought
1,801
87
281
214
61-90 days bills discounted
1,386
112
182
Over 90 days bills discounted
2,081
178
———————
2,192
2,417
open market
open
258
'
:
,
550
5,370
89
market
370
open market
74
open market
In open market....
...
Total bills bought In open market
1-15 days Industrial advanoes
16-30 days Industrial advances
31-60 days industrial advances
61-90 days Industrial advances
•'
"
23
556
"
*2~,057
"2,137
1,621
*1,623
1,561
*1*609
*1*572
1*596
*"l",437
98
79
604
588
145
142
79
86
77
151
352
881
902
893
634
622
742
737
244
990
218
207
102
85
875
897
916
916
646
229
5.983
5.967
6.929
9,354
9,292
9,296
9,333
12,440
...........
Over 90 days Industrial
advances............
Total Industrial advances
U. S. Govt,
securities, direct and guaranteed:
......
6,250
5,707
5,856
5,899
5,946
5.962
8,975
9,011
9,085
9,088
9.161
9,232
\
1,716
1-15 days
54,413
76,055
31-60 days
61-90 days
...
163,095
Over 90 days
139,875
2,473~308
2,473,308
2,477,120
2,477.120
2,477*120
2,477,120
2,4*74*676
2,466*720
2,46*6*726
2,117,199
2,473,308
2,473.308
2,477,120
2,477,120
2,477,120
2,477,120
2,474,070
2,466,720
2,466,720
2,550,637
5,452,808
5,422,695
318,779
5,398,209
5,349,723
311,337
333,996
5.296.011
327,276
5,275,419
320,636
5,246,984
301,484
4,742,375
316,895
5,367,189
301,950
5,318,607
308,358
5,144,450
5,103,916
5,081,314
5,065,239
5,038,386
4,984,611
4,968,735
4.954,783
4,945,500
4,449,306
5,557,500
5,536,500
1,429
5,483,500
5,455,500
5,430,500
1,657
5,420,500
1,171
5,375,500
1,170
4,867,500
2,028
5,455,500
2,307
6,374,600
1,669
1,059
3,173
5,537,9291
5,485,169
5.457,528
5,457.8071
5,437,157
5,421,671
5,376,670
5.375,559
4,870,673
Total U. S. Government
securities, direct
and guaranteed
Total other securities
Federal Reserve Notes—
ssued to Federal Reserve Bank
by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
Collateral Held by Agent
Notes Issued to Bank—
Gold ctfS.
on
as
Security for
hand and due from U. S. Treas
By eligible paper
United States Government
.
securities—IIII"I
Total collateral
•
"Other cash"
1,434
5,558,934
does not Include Federal
glvea
pro^lonsof
theGold
Reserve notes,
Pj tbe United States
t Revised figures.
Treasury for the gold taken over from the
Reserve banks when the dollar was
RraerveActof^ai6'118 wortb le8a t0 tlle exteQt ot the dicteceace> the difference
293,069
devalued from 100 cents to 59.06
Itself having been appropriated as profit by the Treasury under
Volume
The Commercial & Financial Chronicle
ISO
4081
System (Concluded)
Weekly Returns of the Board of Governors of the Federal Reserve
Three
Ciphers
(000)
Omitted
Federal Reserve Agent at—
Total
Boston
New York
ASSETS
9
9
9
9
certificates
on
hand
and
Chicago
St. Louis
9
9
9
Dallas
San Fran.
9
Minneap. Kan. CUg
9
9
%
due
from United States Treasury
10,862
Other cash •
924,841 1,111,726
990,878 8.845.071
1,311
2,055
17,653,476
Redemption fund—Fed. Res. notes..
Total
9
Atlanta
9
Cleveland Richmond
Phila.
Gold
JUNE 26, 194«
OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES
1,250
49,030
477
531
194
695
1,341
18,412
4,972
20,439
13,520
30,205
342,112 2,799,348
430,138
264.989
376,718
414
698
1,605
291
27,220
24,036
•20,880
956,059 1.139,644
18,043,118 1,025,468 8,952,509
reserves
233,002 1,008,335
356,085
259,486
411,249
320,941 2,748,468
30,804
468,975
106,127
32,535
378,780
443,334
247,277 1,039,881
Bills discounted:
Secured by U. S. Govt, obligations,
direct and guaranteed..........
120
82
73
50
15
71
80
22
39
30
242
40
31
120
149
10
""115
121
334
293
2,261
182
362
122
104
170
164
81
115
201
356
332
72
893
245
327
225
95
473
668
704
bills discounted
Total
152
1,557
Other bills discounted
,
72
8,975
1,145
2,004
2,563
337
1,343,183
1,130,125
97,929
402,946
107,282
137,361
68,495
56,708
146,973
61,630
40,412
61,949
51,705
109,893
82,395
339,030
90,267
115,573
57,630
47,712
123,659
51,769
34,002
52,123
43,505
92,460
2,473,308
180,324
741,976
197,549
252,934
126,125
104,420
270,632
113,299
74,414
114,072
95,210
202,353
2,484,544
181,651
744,342
200,234
253,375
127,188
104,829
271,040
113,414
74,840
114,523
90,015
203,093
Industrial advances
U. 8. Govt, securities, direct & guar.:
Bonds........
U.
Total
securities
Govt,
S.
Total bills and securities
3
18
5
4
2
2
6
1
1
1
562
1,624
908
1,332
2,362
2,051
1,269
1,210
1,443
435
3,268
656,231
58,941
171,610
48,930
77,589
52,587
2,019
22,710
20,532
16,828
30,764
22,067
35,987
/
Fed. Res. notes of other banks.
a
41.490
2,866
9,820
4,509
5,473
2,507
2,012
91,686
3,362
2,344
1,384
3,165
1,146
2,902
3,627
15,468
4,423
6,085
3,210
2,179
5,550
2,300
1,655
2,369
2,426
4,765
21,297,976 1,273,118 9.895,391 1,215,068 1,483,502
656,831
475,863 3,173,043
575,998
360,912
528,983
...
premises
Other
See
54,057
Uncollected items
Bank
4
47
18.489
Due from foreign banks
.....
assets
Total assets..
'
369,367 1,289.900
LIABILITIES
5,144,450
423,039 1,369,821
357,690
467,804
220,226
104,716 1,121,633
194,294
142,188
186,598
79,795
410,646
13,722,819
300,610
701,362 7,524,016
93,433
10,139
674,262
813,533
314,394
228,925 1,800,942
302,540
155,834
265,745
724,028
48.623
F. R. notes In actual circulation
Deposits:
19,115
19,001
20,668
17,435
,28.552
15.476
18,599
17,191
47,699
229,788
165,183
|61,858
28,601
23,280
79,817
,19,954
14,633
19.289
19.954
480,897
8,100
395,267
17,024
10,603
2,241
5,834
(3,731
5,615
6,288
518
2,549
23,127
767,300 8,242,504
775,584
904,995
275,474 1.913,042
343,585
195,354
302,743
256,678
819,842
158,784
1,687
48,148
76,771
49,124
22,555
92,627
20,938
13,971
28,884
21,377
32,684
713
603
•203
214
638
159
188
278
210
372
20,942,810 1,248,566 9,772,796 1,182,135 1,450,173
U. 8. Treasurer—General account.
217,238
16,937
658,679
Member bank reserve account
641,457
462,959 3,127,940
504,976
351,701
518,503
4,139
2,956
3,152
4,382
3,613
4,121
3,974
11,615
4,709
538
1,001
1,142
1,266
2,121
1,946
2,396
Foreign banks
Other
deposits
Total deposits..........
15,163,005
...
,
365,904
24.064
'
629,569
57,706
5,786
Deferred availability items
521
Other liabilities, lncl. accrued dlvs..
Total liabilities
358,060 1,263,544
CAPITAL ACCOUNTS
9,333
51,033
11,903
14,020
5.280
4,639
13,682
10,405
53,326
14,198
5,247
3,246
5,725
4,393
14,323
1,007
713
22,824
1,429
2,439
3,979
1,001
1,827
7,168
1,636
2,102
1,343
21,297,976 1,273,118 9,895,391 1,215,068 1,483,502
656,831
475,863 3,173,043
575,998
360,912
528,983
1,170
681
17
361
56
159
137,103
151,720
Capital paid In
Surplus (Section 7)
26,839
1,940
1,137
820
267
8,702
Commitments to make Indus, ad vs..
*
7,109
11,127
2,874
39,504
Other capital accounts.
"Other cash" does not Include Federal Reserve notes.
a
Total
S
%
s
.
Chicago
St. Louis
$
9
179,357 1,163,193
203,896
147,879
196,319
87,461
465,747
41,560
9,602
5,691
9,721
7,666
65,101
226,226
104,710 1,121,633
194,294
142,188
186,598
79,795
250,000
185,000 1,170,000
209,000
148,500
200,000
91,000
484,000
105
201
350
209,105
148,701
200,350
91,000
484,000
443,150 1,458,934
89,113
20,111
374,549
489,215
243,108
16,859
21,411
16,882
5,144,450
423,039 1,369,821
357,690
467,804
5.557,500
460,000 1,485,000
385,000
490,000
362
114
460,182 1,485,302
385,114
actual circulation
9
9
9
9
San Fran.
Dallas
Minneap. Kan. City
9
$
5,452,808
308,358
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
In
$ * '
Atlanta
Cleveland Richmond
Phila.
New York
Boston
9
Federal Reserve Bank of—
309,367 1,289,900
3,583
NOTE STATEMENT
(000) Omitted
Federal Reserve notes:
Collateral
511
10,224
Less than 8500.
FEDERAL RESERVE
Three Ciphers
;
.
*
14,641
,
410,646
by Agent as security
held
for notes issued to banks:
Gold
certificates
hand and due
on
from United States Treasury
182
1,434
Eligible paper
5,558,934
Total collateral
120
490,000
185,000 1,170,000
250.120
THE
Rates
quoted
Sept. 11 1940.
0.08%
0.08%
0.08%
0.08%
Sept. 18 1940.
17 1940
Sept.
24 1940
o b'o b 000
July 31 1940
Aug.
7 1940
Aug. 15 1940
X
quotations reported appeared in our issue of June 15»
3777.
0.08%
July
July
July
Last
0.0 <%
Sept. 25 1940.
10 1940
Aug. 21 1940.
Aug. 28 1940.
4 1940.
on
page
Asked
Bid
Asked
Bid
3 1940
July
this exchange has been suspended since June 11,
because of the war conditions prevailing in the country*
Trading
for discount at purchase.
are
BOURSE
PARIS
Bills—Friday, June 28
United States Treasury
BERLIN STOCK
THE
EXCHANGE
received by cable
Closing prices of representative stocks as
of the past week:
each day
00
June
22
June
24
■Percent
Quotations for United States Treasury
Notes—Friday,
June 28
point.
'
32ds of
.■>
Int.
Int.
Rate
Maturity
Bid
Asked
Bid
Asked
101.7
101.9
June
15 1943...
1H%
101.21
101.14
101.10
Sept. 15 1943...
180
118
125
127
110
170
Dec.
101.22
101.24
101.28
101.30
Mar. 15 1944...
1%
101.4
101.6
102.31
103.1
June
100.10
100.12
Sept. 15 1942...
2%
104.1
104.3
Sept. 15 1944...
1?*%
103.23
103.25
Mar. 15 1945...
..........
(German Rys. 7%)-.-.Dresdner Bank (0%).—...............—
Farbenindustrie I. G. (8%).................
Reichsbank (new shares)
Siemens & Halske (8%)
—
Vereinlgte Stahlwerke (0%)
Deutsche Relchsbahn
110
233
117
145
145
146
181
182
182
182
118
118
118
119
125
120
120
126
128
128
127
128
116
117
117
118
178
178
178
111
111
111
111
232
232
233
232
118
119
119
119
179
101.6
101.18
1%
1H%
101.4
101.16
Mar. 15 1942...
1H%
1H%
1 H%
IH%
1H%
(0%)........
Bank
Deutsche
27
of Par-
143
141
Elektrizitaets Gesell8chaft(0%)...
(8%)....—......—
(0%)..........
———
Commerz Bank
Figures after decimal point represent one or more
a
Allegemeine
Berliner Kraft u. Llcht
June
28
June
20
June
25
June
Rate
Maturity
Dec.
15 1940...
Mar. 15 1941...
June 15 1941...
Dec.
Dec.
15 1941...
15 1942...
15 1943...
15 1944...
?*%
1%
H%
101.4
99.30
101.23
100.6
100
ENGLISH
FINANCIAL MARKET—PER CABLE
closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
The daily
as
Sat.,
Mon.,
June 22
June 24
Tues.,
June 25
Silver, per oz._
Closed
21J*d.
21J*d.
Gold, p. fine oz.
Stock and Bond Averages
168s.
Closed
168s.
£705*
168s.
£70?*
Consols, 2H%-
Below
are
the
daily closing averages of representative
stocks and bonds listed on
the New York Stock Exchange
The
States
Bond*
Bar
10
Total
10
Utili¬
05
Indus¬
ties
Stocks
trials
20
15
Indus¬
Rail¬
trials
roads
30
Date
10
First
Second
10
Grade.
Grade
Utili¬
Rails
ties
122.06
20.15
22.85
41.67
105.96
90.68
44.75
107.37
87.19
120.69
25.73
22.10
41.05
105.74
90.26
43.75
107.19
86.74
June 26_
119.73
25.19
21.35
40.49
105.51
90.06
43.30
107.13
86.50
June 25-
121.05
25.24
21.41
40.83
105.80
90.30
43.64
107.15
80.72
June 24-
123.76
25.71
22.60
41.88
105.99
90.59
43.56
107.22
80.84
June 22
122.83
25.56
21.50
41.30
106.10
90.20
43.25
106.99
80.63
_
168s.
£70 X
£97J*
£97 J*
£90
£96 X
£96 ^
Closed
£109 >4
£109 H
£109
£108?*
£108?*
price of silver per ounce (in
the same days have been:
cents) in the United
on
34?*
34?*
71.11
71.11
N.Y.(for'n) 34?*
34?*
34?*
34?*
71.11
71.11
71.11
Bonds
U.
Total
June 27.
June 28.
168s.
£70 H
•
40
Rails
June 28
21?*d.
Closed
W. L
British 4%
compiled by Dow, Jones & Co.:
Stocks
June 27
21 ll-16d.
British 3^%
1960-90
as
21?*d.
108s.
£70?*
Fri.
Thurs.,
Wed.,
June 20
S. Treasury
(newly mined)
United
71.11
States
York Stock
Government
Securities on the
New
Exchange—See following page.
Transactions
at
Daily, Weekly and
the
New
York
Stock
Yearly—See page 4097.
Exchange.
June 29. 1940
4082
New York Stock Exchange
Stock and Bond Sales
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
United States Government Securities
Below
furnish
we
the New York Stock Exchange
on
the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
daily record of
a
No
the only transactions of the day
NOTICE—Cash and deferred delivery sales are disregarded In the day's range, unless they are
account is taken of such sales in computing the range for the year.
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
June 22
119.7
119.12
(High
Treasury
119.12
119.14
119.12
3
2 JiS, 1960-65———
106.12
105.29
106.6
106.14
(Low_
106.1C
106.9
105.29
105.21
106.6
106.9
106.12
106.9
105.29
105.27
106.6
106.10
(Close
Tola
8
24
June 22 June 24 June 25 June 26 June 27 June 28
Daily Record of U. S. Bond Prices
119.12
119.7
{Low.
4^8, 1947-52
119.1
119.7
(Hlgl
Treasury
June 24 June 25 June 26
—-
106.9
35
11
20
sales in $1,000 units...
106.1
4
25
30
'"
(High
113.10
(Low
•4s, 1944-54
:
1
.
mmmm
..
.
mmmm
113,21
113.18
113.21
Total sales in 31,000 units...
hvi
(Close
Total sales in
mmmm
$1,000 units..
108.10
mm
108.12
108.10
108.12
mm
mmmm
50
2
mm
mm
'
■'V'
108.13
108.12
1
*5
6
109.6
109.6
109.6
Low.
2s, 1948-50
mmmm
mmmm
109.6
109.6
m
103.20
1
104.15
10
....
104.15
....
....
....
....
....
Jmmrn
....
mmmm
....
mmmm
mmmm
....
....
mmmm
mmmm
....
....
....
....
2
mm
mmmm
103.20
1
mmmm
»
»
t
t
I
t
1
1
1
I
1
t
t
t
I
1
1
t
t
t
l
»
Federal Farm
1
t
'•
5
1
111*25
111.19
111.27
111.19
111.19
13
2
1
... m
mmmm
>
«
107.15
mmmm
....
107.6
107.14
mmmm
mjmm
107.6
107.14
mmmm
mmm**
....
111.11
[High
mmmm
mmmm
....
....
mmmm
mmmm
....
....
3s, 1942-47
1
<
1
-
Low.
Close
Total sales in $1,000 units...
High
j
2Kb, 1942-47
109*24
109.17
109.27
109.24
109.16
109.27
109.24
109.17
2
9
1
107.12
Close
Total sales in $1.000 units...
'
Home Owners
Loan
I
3s, series A, 1944-52
107.4
106.26
107.1
107.15
107.15
Total sales in $1,000 units...
107.18
15
6
35
108.18
108.16
107.15
.
.>■■■.
4
5
2Kb, 1942-44
108.18
108.16
108.16
108.16
108.16
2
mmmm
107.24
mmmm
107.23
107*7*
107*3 "
106.27
.—(Low.
107.6
107.2
106.27
107.6
107.3
106.27
106.20
25
1
4
13
106*20
106.16
mmmm
5
,
_
Close
m
105.24
1
mmmm
i
1
—1
(
—
106.25
1
—
—
103.19
^
mmmm
103.19
6
mmmm
103.25
....
•
103.25
....
....
....
....
12
....
....
101.23
....
....
101.23
mmmm
mmm
101.23
1
1
1
1
....
t Cash sale.
includes only
registered bonds
table
3tfs, 1943-1945
3%s, 1944-1946
2Jgs, 1955-1960
1
103.25
....
....
mmmm
101.20
Transactions in
107.5
....
mmmm
101.20
----
107.5
....
....
....
103.19
■mmmm
t Deferred delivery sale,
above
106.25
2
107.5
*
of
sales
were:
coupon
*
108.13 to 108.13
109.4 to 109.4
_•
107.1
—
to 107.1
25
mmmm
mm
—
....
3 Treasury
105.29
mmmm
mmmm
•
mmmm
2 Treasury
9 Treasury
105.29
mmmm
mmmm
„
Note—The
bonds.
105.25
106.16
106.16
Low.
Odd lot sales.
---—
101.20
Close
106.20
(Close
(High
2
106.25
106.26
mmmm
Total sales in $1,000 units...
108.9
•
$1,000 units...
....
mmmm
■mmmm
Low.
108.9
mm m m
107.24
Close
1Kb, 1945-47
108.9
mmmm
31,000 units...
v
•
High
mmmm
Total sales in $1,000 units...
....
3
mmmm
1 Close
Total sales In $1,000 units...
1
'mmmm
(Close
....
106.26
107
mmmm
Low.
108.18
mmmm
(High
....
106.26
107
mmmm
mmmm
High
108.17
1
(low
....
35
! Close
107.4
(High
....
.mmmm
104.2
m^mm
( Low.
107
106.29
Total sales in $1,000 units..
....
mmmm
....
»
107
107.3
Low.
....
'
104.2
High
107.4
(High
....
mmm
104.2
mmmm
mmmm
107.15
-
104.4
....
....
"mmmm
-
m
mmmm
Low.
107.15
mm -
25
104.4
104.4
mmmm
mmmm
mmmm
*2
109.27
5
mmm
mmmm
110.2
m
109.31
-
107.14
mmmm
107.19
l Close
....
107.6
mmmm
■
107.19
1945-47-—(LOW.
.....
...
107.15
109.31
mmmm
Totaljales in $1,000 Units...
mmmm
....
'
107.15
no's"
....
mmmm
2
m
Low.
111.11
2
1
m'mmm
mmm
,
m
Close
Total sales in $1,000 units...
3s, 1944-49
1
1
1
1
t
1
m
mmmm
mmmm
■'
107.10
~
111.11
%
«
11*0.2
mmmm
mmm
m
'mmmm*
■
[High
mmmm
mmmm
I
mmmm
Total sales in $1,000 units...
1
107.10
mmmm
Close
'
1
Low.
•
110.2
m+mm
107.10
High
3tfs, 1944-64
10
mmmm
111.10
I
i
111*19
111.27
'
mmmm
1
111.27
Low.
1 Close
Mortgage
i
1
"
109.14
mmmm
mm
I
(High
oiat gates in
103.20
103.9
m
mmmm
mm
103.20
'mmmm
109.12
107.19
2%s. 1956-69
mm
104.15
mmmm
10
Total sales in $1,000 units...
109.17
m
(Close
$1,000 units...
2Kb, 1951-54...
m
mmmm
103.20
mmmm
Close
mmmm
-(low.
t orn sates in
103.9
mmmm
mmmm
104.20
m
108.16
3
109.6
fe(High
r
3
103.20
'
(High
•
m
108.16
1
mm mm
.
(Low.
Total sales in
l
mm
108.16
....(Low.
2^8.*,1955-60
105.18
■
Total sales in i$l ,000 units...
2 Kb.
Close
mmmm
(Close
■;.'■■■
104.20
mmmm
•!;.v(High
r
105.3
mmmm
mmmm
mmmm
104.20
High
Total sales in $1,000 units..
t
105.18
103.9
1
mmmm
Total sales in $1,000 units...
Total sales in $1,000 units..
3s, <1951-56
105.18
4
mmmm
108~i2
Close
s•-?>. •
mmmm
103.15
108.12
(High
i,
mmmm
Low.
[High
2s, 1947
103.22
—
(Close
in $1,000 units...
3s, 1946-48—..
mmmm
105.12
mmmm
103.15
108.13
(Low.
'.'vV''
....
....
.mmmm
105.3
1
mmmm
mmmm
108.13
(High
.•
....
10
%*mmm
mmmm
10*8" 16
I Close
Total sales
....
....
mmmm
mmm
mmmm
108.16
Total sales in $1,000 units...
3H8, 1949-52—..
.
mmmm
103.15
108.16
(High
3Hs, 1946-19
-
....
Close
1 t%
I Qiose
'
1
mmmm
":±
mmmm
108" 18
(Low
1
104.26
mmmm
'
108.16
$1,000 units
3^8, 1944-46
104.26
104.26
104.30
-
'
108" 16
(Low.
■"•
104.30
mmmm
....
....
.
104.30
mmmm
mmmm
5
Total sales in $1,000 units...
103.22
mmmm
—
(High
Total sales in
mmmm
mmmm
Low.
2KB, 1951-53
1
mmmm
Total sales in $1,000 units...
r
....
mmmm
mmmm
(High
103.22
mmmm
I Close
3^8, 1943-45—
....
mmmm
mmmm
Low.
108.12
....
(High
(Low.
3^8,1941
108.12
108.13
mmmm
mmmm
108.12
108.13
(High
(Low_
3 Ha. 1943-47—
108.10
....
mmmm
105.11
Total sales in $1,000 units...
108.12
....
mmmm
105.11
1 Close
■*2
108.13
....
mmmm
mmmm
105.10
(High
2Hs, 1950-52—
....
mmmm
mmmm
Total sales in $1,000 units...
102.31
1Q2.31
mmmm
mmmm
mmmm
(Close
....
mmmm
mmmm
/High
102.31
mmmm
IClost
mmmm
,
mmmm
(low.
2HS, 1949-53-
1
,
—1 Low.
mmmim
Total sales in $1,000 units...
....
—
msrnrnm
■
mmmm
Close
113.21
mmmm
&
3Mb, 1941-43—
'
mmmm
(High
113.18
113.18
....
3^s, 1946-56—-.-.
1
^Low_
2Hs, 1948-
mm±-
-T--
Total sales in $1,000 units...
113.8
—
—
(Low.
(Close
-
113.8
—
113.10
7
2Hs, 1945
113.8
113.1(1
106.10
105.24
106.10
105.24
106.10
1
201
United States Treasury
Bills—See previous
United States Treasury Notes,
1
page.
&c.—See previous
page.
New York Stock Record
LOW AND
HIGH
Saturday
Monday
Tuesday
June 22
June 24
June 25
$ per share
$ per share
*55%
*301*
*4H4
5U
5612
141
56%
*116
47%
42i2
5i2
*41%
5%
19
14
*17%
*13%
*39
40
40
*%
414
'
...
*%
*50
56
56%
141
*34
*17%
*13%
*50
41
18
14
13%
38%
%
4%
%
*%
»»
8i2
8%
*6%
8%
*6%
*9i2
22%
7%
1J
10
7%
10
22i2
21%
22%
21
61
61
*7%
8
*62
*7%
8
7%
153
153
150
*9
*9
10
*9
11%
5%
11%
11%
5%
6
55%
55%
141
5%
*17%
12%
.
43
5%
*17%
18
18
13%
39%
%
*%
*61%
66
4%
4%
*8i«
*%
66
hi
»ie
7%
7%
7
.
*9%
20%
7
*9%
21%
11%
5%
59%
27%
12%
1%
10%
Bid and asked
prices;
7%
*7
35%
no sales on this
9
day,
58
7%
35%
600
300
10
22%
*55
27
*12
1%
10%
*44
*57
45
14%
14%
59
60
*7
7%
38%
*35%
t In receivership,
27%
12%
1%
Alabama A Vickaburg Ry.100
Alaska Juneau Gold Mln—.10
1,500
200
59
9,500
11
11
44%
1434
61%
7%
46%
1434
62%
7%
36
36
a Del.
100
1.800
4,300
100
29%
12%
1%
10
200
600
7
10
Addrees-Multgr Corp
6~500
'
4,100
22
i
Air Reduction I110
No par
Air Way El Appliance..No par
4,700
10
10
38%
%
3,300
200
11%
534
14%
22
25
28
6
15
1,800
*9
44
Acme steel Co
25
Adams Express.—No par
Adams-MlUUs —......No par
~*7% "¥*
11%
534
44
May 21
May 22
30
149% 151
9%
9%
11%
11%
5%
6
10
*14%
5634
50
*H% conv pref——.100
110
Abraham A Straus....No par
"*7% "V"
10%
534
$ per share
Abbott Laboratories—.No par
148% 148%
9%
44
*
7%
10%
21%
8
149
*43
58%
7%
*35%
%
66
4%
8%
6%
.
*9
*7%
69
7%
38%
I
148
26%
12%
1%
12
7%
*%
$ per share
500
5%
18%
13%
40
4%
*61%
7%
152%
26%
12%
*1%
*10%
*36
!
Par
■,
10,000
200
300
200
1,400
600
9,600
1,400
60
delivery.
Allegheny Corp..
..No par
6« % pi A with $30 war. 100
5*4% pi A without war. 100
$2.60 pnor conv pref.Ns par
Alghny Lud St! Corp—No par
Alleg A West Ry 6% gtd—100
Allen Industries Inc
1
.
Allied Chemical A Dye.No par
Allied Kid Co—...
6
Allied Mills Co Inc..—N# par
May
34%May
4%May
16%June
12%June
36%June 10
%Junel0
60 May 21
4
May 21
%June 4
534June 10
4%May 21
7 May 21
15%May 21
61
June 22
634June 11
135%June 10
8%Mayl5
10
June
5
Allied Stores Corp.....No par
5% preferred
100
55
A Ills-Chalmers
21%May 22
Mfg
N» par
Alpha Portland Cem..No par
Amalgam Leather Co Inc.
1
4%May 21
11
Year 1939
Lowest
Highest
—"jo
43
Range for Previous
lOfoSftars Lass
500
47%
Pit
.
4%
On Basis of
Lowest
141
....
*55
*7
*6%
10%
57
*35%
8
21
*62
11%
5%
5%
13%
39%
27%
12%
1%
11
44
14%
61%
62
5%
*12%
57
14
*116
z39
27
60
56%
43
62
43%
*55%
*40
27%
*11%
*1%
*10%
14%
Shares
*30%
27%
13
1%
12
59%
7%
38%
$ per share
57
57
32
2712
*11%
*1%
*10%
*1%
*10%
43%
14%
$ per share
141
*57
*11%
Week
32
62
27%
12%
1%
12%
44
14%
June 28
12%
4%
w
June 27
39
38
*61
8%
7%
10%
22%
EXCHANGE
5%
18
40
"u
the
Ranoe Sines Jan. 1
STOCKS
NEW YORK STOCK
Friday
*116
47%
*57
14%
59%
Sales
Thursday
40
*32
4%
*62
....
160
152%
10%
11% 1H2
5%
5%
47%
41%
5%
18%
13%
40%
%
*50
4%
$ per share
*116
141
*32
40%
%
Wednesday,
June 26
|
56%
*116
47%
42%
5%
19
4%
%
7%
6%
*9%
8
SHARE, NOT PER CENT
far
$ per share
*116
SALE PRICES—PER
May 28
June 10
l%May 15
9% May 28
70% Feb 14
147
Feb
8
46% Apr 5
52% Apr 9
9
Jan
3
27% Apr
8
19% Jan 4
58% Jan 2
% Mar 11
83% Apr
31% Mar
6% Aug
19
Sept
15% Sept
46% Apr
% Jan
49% No«
56% Oct
11% Sept
25
68
Jan
Sept
1% Sept
Feb
68
Jan
8
6% Dec
10
Jan
8
3
% July
5% Aug
2
7
12ia Jan 4
17% Apr 8
28%May 10
73% Mar 21
12*4 Apr 16
182
Apr 9
14
Jan25
16% Apr 23
9% Jan
2
73%May
41% Jan
8
4
16
9
Jan
9
Apr 22
2% Jan
Apr
62
May
6% Apr
151% Apr
10
Apr
9% Apr
6
Apr
11%
200%
14%
15%
11%
54% Apr
Apr
71
Aug
28
48%
Jan
12% Apr
1% June
19% Jan
3% Sept
12
20%
4% Sept
18
8
23%
28%
June
14
69
6% conv preferred
60
Amerada Corp..
..No par
58% Apr
5
60
12% May 22
41% Jan 12
21
Jan
4
16
Aug
Apr
Apr
21
B8%May28
75
Apr 15
26
June
47
Amerlean Bank Note—..10
6% Deferred
60
0
June 10
12% Apr
9
35
June 18
60
3
9% Sept
46% Dee
60
n
New stock,
r
.
......
Cash sale,
x
Ex-div.
p
18
Ex-right.
Jan
Feb
Sept
Sept
Sept
Sept
Jan
Sept
Oct
Sept
Sept
Sept
Jan
Am Agne Chem
(Del)
No par
Am A'ltlnee Ino—........10
.
Mar
27%
68
1% Jan
14% Jan
77
Mar 26
Highest
$ per share $ per share
63
Apr
71% Sept
120
Apr 149% Sept
Sept
74% Sept
24% Sept
Dee
17% Jan
1 Called lor redemption.
Jan
Volume
New York Stock Record—Continued—Page 2
ISO
AND
SALE PRICES—PER
HIGH
STOCKS
NEW YORK STOCK
the
CENT
NOT PER
SHARE,
Sales
for
LOW
Monday
Tuesday
Wednesday
Thursday
Friday \
June 22
June 24
June 25
June 26
June 27
June 28
$ per share
$ per share
$ per share
$ per share
$ per share
Range Since Jan, 1
On Basis of
Weel
*5%
*3534
♦130
*98
170%
23%
42)4
1778
*101
*11812
6
5%
5%
5%
*35
36
37
35%
13312 *131
133% *131
101
98%
98%
98%
171
170% *170 ^173
2334 *24% 24%
22%
42
42
40
42%
18%
18%
18%
17%
10734 *101
10734 *101
*118
122
*118% 124
*4
714
53s
*4%
95s
9%
79
*76i2
13
*4
13
*6iS
*6%
158
412
112
1538
334
334
1234
1234
24i2
414
29
*25
214
2014
312
*37
40
52
17%
1434
4
4%
3%
13%
14
14%
1178
*2i4
*13i2
*47%
13%
117S
23g
1412
13l2
11%
2%
23
3l2
4914
50%
42
4314
43%
534
*22%
142
142
1112
145
11%
62
*58
83s
*7l2
*7
*28
4%
11%
12%
44
44%
11%
2%
5934
143
58%
60
734
634
734
6%
7%
578
578
5%
43
21
24
14%
143g
107
5
75
2912
7%
*414
*
2534
*9734 102
J
5
5%
*41% 42%
*
29%
73g
25%
Apr 27
43,300
2,100
7,100
14,900
5034
51%
42%
43%
45%
11%
43g
American Rolling Mill
500
Amer
*__..
*414
*5
53s
*5
5%
5
*60
68i2
6434
*60
*52
68%
6434
*52
*4%
68%
6434
3412
*29%
*29%
83%
*52
*2912
83
83
83
34%
83
5
*60
I'
I6I4
15%
16%'
15%
50%
50
50
49%
12
12
12
12
11%
*9%
11%
*934
1034
*1134
15
*11%
15
20%
21
20%
*20%
2034
*10512 10734 *105% 10734 *105%
*958
*11%
7
7
45%
66
7
7
45%
45%
*60
63
*113% 120
*113% 116
*4%
5%
*458
578
*214
212
2%
23g
16
*15
5%
15%
3%
*4%
514
1534
3%
9
9
5%
40
*38
*10
10%
*15
5%
I53g
3%
5
*9%
*38
*9%
*4%
21%
June
5
97%June
6
734
4%
200
102
T,306
5%
5
68%
34%' *29
34%
*29
6434
34%
14%
84%
15%
84
84%!
15%
15%.
85
I
200
17
84%
15%
1
6,200
7
7
7
7
45%
*44%
45%
*44%
45%
*45
46%
*55
62
*55
63
*58
1,700
1,200
100
"3" 166
7
15
15
*14
15
4%
5
5
5
5
14%
1434
15%
3%
4%
9%
39%
9%
4%
2434
15
15
5%
15%
15%
3%
4%
3%
3%
3%
4%
4%
434
9%
9
9%
*8%
9%
38%
*8%
38
*38%
40
10
10
*4%
434
2434
9%
9%
*4%
434
2434
8%
*38
*9%
*4%
5%
15%
3%
334
5
5
*8%
9%
40
40
9%
10
"5" 600
700
30
200
400
40
15,200
13,400
3,600
1,900
400
90
1,800
"""166
2534
25%
25%
25%
25%
111% 11434 *111% II434 *111% 11434 *111% 11434 *111% 11434 *111% 11434
25
25
25
25
*24%
2434
24%
24%
24%
2434
24%
24%
400
*25
25%
734
*25
2534
112
102
112
*101
100
110
734
*25
8%
2534
112
*103
*20%
7%
*20%
8
8%
8%
*25
31
107
108
*734
28%
*18
4934
*25%
75%
*116%
*16%
17%
*7%
8
108
734
1*55
*
27%
18%
49%
24%
18%
49%
*18%
18%
*49%
50
*49%
50
28%
18%
49%
*25
26%
26
27%
73%
*17
18
17%
17%
*17
17%
18
18
6%
17%
*15%
*11
14
*11
14
*58
62%
58
58
14
62%
Bid and asked prices; no
sale
on this
day.
7534
78
118% 120%
118%
*15%
*58
74%
29%
18%
49%
2634
118
17
*11
28
27%
18%
26%
7
7%
7%
17%
*15%
*11
14
*11
54
*52
62%
400
1,200
47.200
900
400
600
3,200
14
54
600
t In receivership,
a
17
50
Def. delivery,
6434 Sept
4
Aug
12
Sept
24
4
11
4
Apr
48
Sept
Apr
40
Sept
Apr
13%
Apr
54% Jan
27% Aug
8%
Apr
"21" Sept
1%
Apr
4
Deo
21
Apr
37
Sept
97
May
106
Deo
3% Aug
33«4 Apr
60
Mar
65
31®4 Sept
7% Sept
53s Apr
68
Jan
13
Mar
1
9
6% 1st preferred—....100
7% 2d preferred
100
Assoc .Investments Co.No par
100
5% preferred ...
Atch Topeka A Santa Fe—100
7434 Apr 1
49%May 22
80
8
85
Jan 16
29%June 18
45
Mar 26
30
100
39%May 21
5% preferrred
Atlantic Coast Line
82
13
6
5
l8%May 21
8%June
9%June
...100
.....25
102
5% conv preferred
100
Atlas Tack Corp——No par
Austin Nichols
....No par
No par
ot Del (The). 3
c—13
Baltimore A Ohio...—..100
55 prior A
Aviation Corp.
Baldwin Loco Works v t
100
Aroostook—.—50
Conv 6% preferred..... 100
Barber Asphalt Corp
10
Bangor A
6\4%
100% Mar
25% Jan
8
3
57% Apr 24
23% Jan 3
70
Jan
78'4
41
Apr
81
Oct
Apr
38
June
90
Jan
100
June
21
Sept
z49»4 Dec
15
Apr
684 Aug
9% Aug
7
18% Sept
110
Jan 25
978Mar 19
51
Feb 14
Deo
103s
22% Apr 20
22% Apr 20
27%May
Oct
100
Apr
5%
Jan
Oct
42%
Jan
Mar
71
30% Jan
26®4 Sept
26
Sept
Oct
2484
104%
Apr
110% June
7
Apr
9®8 July
48®8 Aug
71
Sept
43%
Apr
80%May 13
50
Aug
12434 Jan 10
116
June
127
Jan
4%
Apr
8
Sept
2
Apr
16
Nov
3%May 15
4
4
4
83r Apr 15
19%May 10
6% Jan 2
8% Mar
5% Mar
32% Mar
8
Jan
3% Aug
9% Aug
3% Aug
484 Sept
'11% Deo
7%June11
14% Jan
21
52% Jan
49
8%May 21
10% Aug
34
May
Dec
3% Jan
30% Jan
9% Nov
21% Sept
884 Jan
11% Sept
30%
87%
21%
Jan
Jan
Jan
15
6
Apr
13
Jan
May 21
29% Mar
6
24%
Apr
33
Feb
6
7%June 10
13% Jan
4
11% Aug
19%
Jfcn
No par
100
25
No par
20%May 21
3634 Apr 17
lll%June 10
18%May 21
105 May 28
115% Mar 12
No par
4
20
Bayuk Cigars Inc
preferred......
Beatrice Creamery...
.....50
Co
20
Beldlng-Hemlnway
No par
Belgian Nat Ry* part pref
Bendlx Aviation...........5
Beneficial Indu9 Loan. _No par
Pr pfd52.50d v ser*38No par
Beet A Co
No par
Bethlehem Steel (Del)-No par
7% preferred...
100
Bigelow-Sanf Corp Ino.N/i par
Black A Decker Mfg CoN> par
Blaw-Knox Co
No par
BUSS A Laughlin Inc
6
RR
Beech-Nut Packing
Bloomlngdale Brothers.No par
Blumenthal A Co pref
100
r
May
Jan
10%
112%June 11
4 May 21
1% Feb 7
10 May 21
4%May 15
l2%May 23
234May 15
preferred—.—.-60
Brothers
New stock,
73
Jan 11
Jan
16% Apr
8% Jan
Barns(1 all Oil Co
n
7
5
9% Jan 4
10178 Apr 18
884 Sept
Sept
May 23
57
No par
4% preferred
May
7
50
6% preferred
June 24
43%June
.....——5
Atlas Corp
May 21
9%May 22
RR...100
At! G A W I SS Lines
Atlantic Refining
May 23
Apr
t
20'4
60
Apr 20
4334 Apr
Jan
Aug
35
4% May 22
3%May 22
Preferred x-warrents.No par
10,700
15% S
96% Jan 12
7% preferred
Associated Dry Goods
Beech Creek
1,100
52% Apr 23
68
Apr
Apr
...100
Aitloom Corp
55 preferred w w
200
4
6%May 22
Jan
96
22%May 21
1st
"l,200
112
*18
25%
24% 25
76%
71%
73
116% 116% *116
117%
*16%
17%
16%
16%
18
*17
17%
17%
7
7%
634
r
*15%
14
28%
73
17%
*15%
112
*101% 112
*101% 112
*101% 112
*101% 112
*24
31
*-_.
31
*24%
31
*24%
31
110
110
*108% 110
*108% 110
*108% 110
7%
73g
73g
784
*7%
734
734
7%
7%
28%
29
18%
18%
4934
*49%
50
27
25%
25%
75%
77
76%
1213s *116% 121%
18
1634
1634
18
18
17%
7%
7%
7%
18%
*102
108
283g
18%
62%
*15%
*11%
112
*102
*100% 110
*24%
31
*25
*103
2,900
May 21
68% Jan
100
Arnold .Constable Corp
Barker
4%
2434
8%
*20%
May 21
8%
14%
Apr
No par
5
No par
Armstrong Cork Co
Atlas Powder...
*4%
434
26
8
4
35
4% conv pref series A... 100
*20%
*4%
'21%
*734
l34June 17
No par
56 conv prior pref
5% preferred
62%
7
Mining
7% preferred
*52
3%
434
10%
434
21%
83g
23
400
*60
1434
40
Archer Daniels Mldl'd.No par
ArmourACo(Del)pf7% gtdlOO
Armour A Co of Illinois
5
4~,600
4%
May 21
8
75
*
No par
55 dlv pref
20
6
30%
68%
434
5
,
20
May 21
May 21
400
4%
4%
102
14%
15%
3%
June 10
18
400
47
48
*47
473g
47%
50% x47
12%
12%
*11%
12%
12%
11%
11%
*9%
11
1034
*9%
10%
9%
9%
*11
*11%
15
12%
13
13% *11
21
2134
20%
21
21%
20%
213g
10734 *104% 10734 *105% 10734 *105% 10734
15
5
35
A P W Paper Co Ino
Jan
Deo
87% Jan
8934 Jan
153% May
3%
283»
55 prior conv pref
25
Anaconda Copper Mining. .50
Andes Copper
97% Sept
18%
171%
Apr
8%
Amer Zlno Lead A Smelt....1
12%May 21
107 June 4
14% July
18% Oct
34
Sept
78
_
8% Apr 10
45% Apr 22
32
Apr 9
41% Apr 8
22% Mar 8
112%May 2
1634 Apr 12
4% Apr 10
3512 Feb 27
110% Apr 30
7% Apr 22
64% Apr 22
Preferred
Sept
4% Sept
4% May 22
"e'.ooo
r
12% Jan
Oct
75%
May
534 Apr
101% Apr 15
12
Apr 23
4%
*7
4
June
2%May 21
5%May 21
83%June 11
6
May 21
25%May 21
101
6434
*29%
7%
15
5%
132
350
*113% 120
*113% 114
113% 113% *113% 120
5
5
*4%
5
*4%
5%
*4%
434
/ 2%
*2%
2%
2%
2%
2%
*2%
238
16
151
934
62
7
45%
*60
136
25
..100
6% preferred
Anaconda W'A Cable..No par
*52
68%
6434
*83%
Apr
AnchorHock Glass Corp. 12.50
*60
434
*52
16%
16
45
434
*60
4%
*
73
No par
100
29%
r734
,
Apr
15% Apr
75% Mar
13% Deo
No par
42%
Jan
Apr
Apr
8%
9
3,700
2%
25
Aug
July
148
Common class B
Nov
41
175% Mar 12
89% Apr 16
9184 Apr
Am Type Founders Ino
10
Am Water Wks A Eleo. No par
144
20% Aug
Feb 23
Teleg Co.—100
..25
Sept
69
Mar 13
American Tobacco
Jan
63
153
18
Amer Telep A
20
46% Sept
Oct
140
93
25
Jan
Apr
69%
9
ll%May 21
145 May 28
69
May 22
70 May 21
500
*
75
Feb
56 1st preferred
4%
30
*7
4%
102
34%
85
5012
*60
734
*
102
2934
Apr 15
152%May
33% Jan
American Woolen
41%
434
40
*
30%
*7
434
*
75
2934
7
434
40
147
35% Apr
127% Sept
Apr 11
70
22
Sept
1234May 28
900
25
54
Dec
9
25% Aug
74%June 13
Am Sumatra Tobacco..No par
14%
*100
21
28
10»4
1284 Mar 5
11% Feb 23
37% Apr 16
No par
25
*2
May 21
May 15
American Sugar Refining.. 100
Preferred
100
14%
*9%
5
June
9%May 22
11 May 18
American Stove Co
Jan
80% Sept
153s Mar
Apr
No par
American Stores
Jan
50
Jan
19%May 21
100
6% preferred
Nov
183a
22'4
Amer Steel Foundries.-No par
43
108% 110
49
162
117* June
3l",600
5%
Apr
8% Sept
Sept
140
Mar
1
3
14% Apr 12
17% Jan 5
23% Feb 23
25
101
*99
4%
25
21%
26
*25
41%
;
*
3134
7
102
4%
*39%
75
30%
25
.100
1934
934
2%
*2
Smeltlng^A Refg.No par
Preferred
American Snuff
Feb
70
5
30%May
122 May
51%May
139 May
Jan
7
68% Nov
17% Jan
7
23
Ship Building Co.No par
z26
Apr
28
10% Jan
48% May 21
American Seating Co..No par
590
Jan
79% Jan
15% Jan
5% Sept
40% Jan
124% Mar
32
Jan
54
9%May
25
21% Sept
3% Apr
Mar
163
June
Oct
112
5% Jan
63% Jan
28%May
484May
4H% conv pref
Amer
26
May
135
100
300
*30
14%
107
*93g
No par
Preferred
Mar 19
3484May
Am Rad A 8tand San'y. No par
2% Apr
22% Deo
4
Mar 20
121
2
No par
55 preferred
3% Jan
25
June
20%June
No par
56 preferred
22% Jan
184May
300
5%
5%
2034
24
2%
6
1234May
7%
43
20%
*22%
*1334
*99,, 102
5
40
*....
*2
6% Jan
May
95
100
8%
*30
107
Co .No par
25%
8
7%
25%
5%
50
pref
100
American Safety Razor.. 18.50
■V
60
60
8%
7%
26%
37% 38%
3634
138% *131% 138%
*54%
59
56%
144%
144% *140
23%
25
24
1134
1134
1134
*1134
12%
12%
*7%
*6%
24%
conv
Amer Power A Light...No par
130
4,600
11%
11%
58
43
25
102
40
75
7%
*4%
2%
25%
*99
31
7%
4%
30%
434
102
*2
2%
..
Apr
Apr 26
57
200
4%
4834
-
22%
303s
Aug
45
American News Co
22%
4
58
14%
14%
13%
13%
*105% 107
*105% J07
*9%
934
*9%
934
1034
2534
5
25
Aug
11
May
6% conv preferred..
*21
11
5%
13
41
June
30
Amer Mach A Metals..No par
Amer Metal Co Ltd
No par
20%
19%.
22%
20%
*24
107
*2
5%
*30
< 43
20%
14%
14%
*9%
4334
*
24%
107
102
*42
21
24
107
*97
*32
20%
*934 ' 11%
*2
234
*2534
27
534
5%
6
43
*33
3
Apr 24
3
3
No par
,
2034
*2234
Sept
100
No par
37
5,100
37is
36%
36%
36%
37% 37%
37%
*1293s 135
*131% 138
*130% 138
*131% 138% *131l2
""166
54
54
*53%
58
*53%
58
*533g
*5478
58
60
145
*145
*140
14812 145
14434 145
144% *140
6,700
2434 2538
2434 25
22% 24%
22% 2334
2334
11
*11
700
11
1034
1034
1134 *11
11% *11%
12% *1134
12% *1134
12% *1134
[*1184 1212 *12
15
15
14
14
"i",6oo
*14%
14%
15%
14%
13%
1334 *13%
14
'« 76
200
76
76
75
75
*75
79%
*73%
77
*74%
77
[*75
*13
15
*13%
15
15% *13%
16
*13%
15%
*13%
15
j *13
"7,200
1563s 15534 158% 155% 157% 154% 156% 156% 157% 159% 161
1156
75
75
1,400
75
76
75%
75%
75%
75%
75%
75%
75%
7534
77
77%
7784
3,600
77%
76%
77
76%
78
7512
7512
76%
76%
300
140
140
*139
140
*139
142
*139% 142
140% 140% *141% 148
2,900
3%
4
*312
378
384
334
3%
3%
3%
3%
3%
3%
9
'
9i
8
9%
1034 65,600
8%
83s
9
83S
9%
9%
8%
200
*84
85
*80
85
85 ;
*80
*84%
90 I
85
'88%
*73% 89
9
9
9%
934' 10,300
914
934
9%
934
8%
9%
8%
8%
5,900
3934
41 ;
3978
4212
41% 42%
3834
42
37%
39
38%
38%
*33
9
pref
non cum
100
3%
3% Aug
Jan
Aug
600
22%
Deo
60
25
800
5%
6
538
5%
*140% 145
*140% 145
7%
25
1%
43% Sept
14% Jan
334 Sept
14%
40%
7%
*6%
24%
35%
.
27
1
Mar 29
Amer Internat Corp
5%
"
26
3
37. Apr
35
May 23
Amer Invest Co of 111
4834
58%
66% Apr
18
95
3%
11%
45%May 21
l%May 21
No par
95
5%
11
Apr 22
38
1234
5%
143
23
50
1
Dec
27s Mar
25% Apr
41'4 Apr
147. Jan
39%
11%
Sept
23
10
50
4334
534
145
Sept
8
65. Apr
Amer Mach A Fds
*46
11%
33
May 28
May 24
400
22
*143
2518 Nov
3
11%
2%
2234
3%
4834
41
*44%
39%
5%
Apr
Apr
American Hide & Leather... 1
*11%
*22%
3%
Apr
12
1%
3
63
23
4
3%
Apr
5
10
41%May
10 May
38 May
*2
Jan
6% Sept
12%
American Locomotive..No par
Preferred
;
100
95
538
8
400
2%
18% Sept
86% Sept
2% Sept
4®4 May
8
4
5,200
*90
Apr
Feb
6%
7% Jan
46%
*1334
17% Sept
8% Feb
11% Sept
24% Jan
28% Jan
49
1334
11%
Dec
3% Jan
30% Nov
984 Jan
13
*47%
Aug
Aug
61
8
60%May
6%
132
5
May 21
1,600
3%
Apr
9
23
American Ice
Oct
115% Mar
9%May 28
No par
American Home Products
Oct
May
6% Sept
10
700
Oct
64
25%
109%
6% Apr 16
2% Jan 8
*45
12%
1434
2%
105
3% Mar
40%
100
15% Apr 18
91% Mar 25
13
49
*42
11%
8% Jan
116% Sept
July
179
30% Aug
13% Apr
4
5
934 Apr
Sept
Jan
Aug
16% Aug
Feb 23
13
46
*47%
49
13
46
May
3%June
1
May
1034May
2%May
No par
Amer Hawaiian SS Co
40
*37
Power
56 preferred
200
3%
3
40
8
75%May
l%May
_
..No par
%7 2d preferred A ...No par
~~600
22
21
3
*37
n
6% conv preferred
2%
20
100
%7 preferred
2,000
2,900
52%
*1%
21
*19%
3%
40
*47i2
52
*134
Amer & For
28%
51%
2%
51%
97%
62
8%
7
28%
*734
*634
714
2812
2812
4%
*90
11%
*58%
4%
22
*3
49
*22%
145
1134
700
2384
14%
25
Corp
.
1,500
14
24%
*25
May
9 May
5%May
4% May
American Encaustlo Tiling.
1
Amer European Sees
No par
3,700
434
*1334
51
44%
5%
534
6
I84
17%
4%
*90
23
4
3%
1%
1534
11%
2%
14%
112
22l8
314
4914
*37
4%
28%
23
23
18
18
21
27
22
17
15
21
21
6% 1st preferred
900
1%
11%
*2
L 2%
*13%
14
15
*90
*19
11%
2%
*14
112
*47%
12%
*44%
'
13%
46
*11%
20
3%
40
3%
1%
4%
*26
28%
51%
2%
51%
*134
2%
*37
49
46
*25
52
100
15%
4%
112
American Crystal Sugar.... 10
400
*384
*24
No par
Am Comm'l Alcohol
7~606
4
May 21
Am Coal Co of AUegh Co NJ25
American Colortype Co
10
15%
24%
4
100
5%
14
13%May 28
.100
conv preferred
100
*13%
28%
20
3%
33%May 10
51*4 Jan 2
23% Jan 3
112% Apr 22
140%May 9
34
8
57% Sept
140
Apr
150
176% Jan 16
May 28
May 21
Apr
83%
116% Jan 29
May 27
18
100
10
125
June 28
164
American Chicle
*3%
1%-
25
45>4 Jan
135
I per share
3% Aug
31% Apr
3
3
9%May
26
21
24
21
Highest
$ per share
share
per
100
5%
76%
134
1%
*33s
14
*13
2334
2
40
1,800
4,500
*9
76
1%
1%
4%
1%
15%
3%
4%
52
22
*3%
1%
24%
4%
*24%
2%
*20
4712
24
4%
28%
52
*51%
*2%
49
*46
*90
24
5,300
76%
9%
*75
5%June
May
May
87 May
28
128
100
_
7
*4%
53s
9%
9%
76
*75
pref
Preferred
13
*6%
6%
conv
5
American Car & Fdy..No par
Preferred
100
Am Chain A Cable Inc.1V> par
300
18%
104%
*4
13
6%
*434
5%
*9
9%
76
*4
6%
*4%
4%
9%
*118% 122
13
*6%
15%
*37
*4634
1314
7
*3%
1%
*26
*51l4
*2i8
2014
*314
*4
13
1%
4%
1%
43g
5H%
American Can
2,600
*118% 122
*118% 122
*1%
*3%
1%
24
414
120
1%
4%
1%
16%
438
13%
18%
American Bosch Corn
1
Am Brake Shoe A Fdy. No par
40
42
41
41
*101
76
*1%
*3%
1%
15%
4%
*38%
3834
78%
*H2
*35s
138
1434
*24
37
1734
1734
18%
17%
18%
104%
104% *101
104% *101
*6%1
4%
5%
10
*4%
*9%
*76
5%
32%
42
*4
7
1,100
1,400
5%
5%
*5%
6
5%
34
34
36% 37
35%
135
135
132% 132% *132% 135
98%
9634
98
100
97%
97%
993S
171
171
171
*170% 175
*170% 174
23% 23%
23% 2484
2334
22% 2234
534
36%
135
Lowest
Highest
5 per share
Par
Year 1939
10O-Shore Lots
Lowest
Shares
sha^L
Range for Previous
EXCHANGE
Saturday
$ per
I
4083
Cash sale.
102
May
June 17
29%May 14
102
May 22
11
27
28
22
49%June 25
22%May 21
63%May 23
l09%May 22
14
May 21
15 May 15
5%May 15
l3%May 21
11
May 14
7%June
6334 Feb
2412 May
17%May
zEx-dlv.
3534 Apr 16
112% Apr 22
7
32
Apr 11
127
Jan 24
9% Apr 9
105
Apr
Oct
115% Nov
17
Apr
Apr
107% Nov
2734 Sept
104% Sept
128% Aug
98
28
July
May
Oct
Jan
17%
Apr
Apr
3384
22%
Deo
48%
Apr
66
Deo
52
3
32
39
Jan
10
125%May 10
34% Jan 6
89%May
1638
Apr
Sept
50% June
99% Apr
15% Apr
14
Apr
22% Apr
11% Jan
23% Jan
4
4
3
22
Dec
16
Apr
3
13%
Deo
Mar
2
35
Apr
Ex-rlghts.
Nov
Nov
2
36% Apr 9
22% Mar 13
66% Jan 18
67% Apr
32
9%
73%
7%
80
y
263s Nov
15%
109%
8%
Called for
Apr
uct
67% Mar
100
Sept
120% Sept
32»4 Oct
24% Oct
17*4 Jan
36% Oct
23% Mar
67
redemption.
Dec
New York Stock Record—Continued—Page 3
4084
LOW AND
HIGH
SALE PRICES—PER
SHARE,
NOT PER
CENT
June 29,
Monday
Tuesday
Wednesday
June 22
June 24
June 25
June 26
S per share
$ per share
S per share
$ per share
14%
22i2
14%
13%
1434
13%
*22
23
22%
21%
22
103
103
103
103
103
67
57
57
56
56
20
20
*20
18%
16i4
18%
15%
1%
*1%
*30%
*9
17
20%
18%
15%
16
*1%
32%
17%
*5
20%
18%
32%
6I4
912
June 27
June 28
Week.
$ per share
$ per share
Shares
J
1%
32%
18%
14%
*1%
*30%
5%
8%
5%
5%
9%
9%
17
17
16%
13'zj
*57
20%
13%
14%
213s
59
*57
13%
213s
20%
1834
20%
18%
20%
19
15
15
*1%
;
5%
5%
834
9%
17
16%
1%
*1%
*28%
5%
8%
16%
*30%
30%
5%
9
16%
31
31
*30%
33
*32
35
*32
35
*43%
3%
20%
46
*43%
46
3%
*43
44
43
43
No par
1
l7%May 28
110
22
600
Bond Stores Inc..
19%
3,800
Borden Co
15%
*1%
16
5,000
Borg-Warner Corp...
6
Boston & Maine RR—...100
30
30
5%
53)j
9
9
17%
35
41%
Class B
6
19
17
41%
3%
Bon Ami class A——No par
1934May 22
99
May 23
5134May 22
59
1%
1%
(The)
15
Bower Roller Bearing Co
,800
53g
9%
18
2,700
4,600
*31
35
100
*41%
.
9 per share
12%June 10
Bonn Aluminum A Braes
120
30%
$ per share
700
104
15
Par
43 ;
300
3
3%
3%
3%
2%
3%
3
3
3%
20
20%
20%
19% 20%
19%
19%
20
20%
20
20%
109% *100
109% *104
110
109% *100
*100
109% *100
109%
17%
16% 17%
1834
16%
18%
16%
17
18
17%
18%
19%
*27%
32
,*27% 33
*27%
33
*27%
33
*28
33
*28
33
*18%
*18%
19%
19%'
18
19
*1734
18%
18
18
18%
18%
7%
7%
8
7%
7%
7%
73s
7%
7%
7%
7%
7%
*101
104
*100% 104
*100% 104
*101% 104
102
102
*101% 104
3%
*3%
3*4
384
3%
3
3%
3%
3%
3%
3%
334
29
*28% 30
28%
29
29
28%
29%
29
29
29%
29%
5
6
4%
6
4%
5
4%
484
5
484
4%
5%
*28
28
27
28%
2834
2834 29
27%
27% 28
27% 27%
*24
24% 24%
243g
2234
24
*22%
2334 *23
24%
23% 243g
15% 15%
15%
15%
15%
15
15%
15
*15%
16
15%
15%
8
8
*7%
8
7%
8
7«4
7%
7«4
784
734 ;'7%
*2%
2%
2%
2% /
2%
2%
2%
2%
2%
2%
2%
2%
! 684
*684
8
•7
684
684
684
7
*6
7,
*6
7
6
5
*5
♦5
5%
6%
5%
5%
5%
5%
*5%
5%
*18%
19
18%
♦18%
18%
18%
19;
19
18%
*18
19
18%
T>: *2%
*2%
3
3
2%
' 3
2%
3
284
3
2%
2%
*7%
8
7%
*784
8
7%
7%
8
7%
8
7%
7%
*50
52
*50
52
48% 50
*49% 50
50
50
52
53
*10%
11%
*11
11%
11% *11
12%
*1034
12
13
13% *11
18
18% 18%
*18%
19%
18%
18
18
1734
19
1734
20
2,400
11,800
♦100
5
Brewing Corp of America
3
Bridgeport Brass Co ...No
Briggs Manufacturing.No
Briggs & Stratum
No
Bristol-Myers Co
Brooklyn & Queens Tr.No
Bklyn-Manh Transit.-No
par
par
par
.6
par
par
$6 preferred series A.No par
"
June 10
17
Lowest
$ per share % per share
28% Apr 15
29%May 1
123% Jan 3
70% Mar 20
29% Apr 25
24% Mar 27
25% Jan 3
2»4 Jan 4
1634 Aug
16
51
39% Feb
1
31
5384 Apr
5
5
334 Apr 11
30
3
24% Apr 6
107%May 6
25% Jan 4
37% Apr 30
29% Apr 6
18
22
37%May
7
23
21
22
22
23
6,9o6
Brooklyn Union Gas...No par
13%MaF21
Brown Shoe Co
27
Bruns-Balke-Collender.No par
May 21
1484May 21
Jan
1334 Apr 29
2334 Apr 8
Jan
49
21
Sept
100% Sept
12%
16%
1834
1%
19%
5%
734
16%
12%May
1
May
26
May
4%May
8
May
13%May
27 May
38 May
1% Jan
13% Jan
"""900
No par
Year 1939
Highest
Boeing Airplane Co....——5
*2034
20%
19
14%
30
;
12,200
59
19
1%
1434
21%
Range for Previous
Lowest
104
59
15%
31%
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
Friday
21%
*20%
102% 102% *103
105
105
67
STOCKS
NEW YORK STOCK
the
Thursday
21
14%
14^2
Sales
for
Saturday
1940
8
Mar 15
3434
Jan
28%
Jan
121% Dec
63% Dec
Jan
24
Dec
Jan
22
Aug
Apr
32
Jan
Apr
47, Sept
3484 Oct
7% Feb
Apr
Sept
Aug
15%
Jan
Apr
317,
Apr
41
Aug
41'4 Apr
1% Apr
73g Apr
53
Aug
27
507,
Apr
13% Apr
31% Jan
9% Apr
2
jan
Jan
15% Dec
Dec
30% Aug
41
Sept
25% Nov
-
*45
53
*1%
684
*12%
14%
*32
1%
584
*12%
584
13%
14%
14%
14%
36% *
*30
3
31
*3%
*37
*37
38
*81
29%
*2
38%
8234
*80
8234
29%
4%
.
2%
29
2%
5%
1134
5%
534
12%
1434
36%
3
30%
4%
37%
13%
*2
2%
*81%
*45
1%
534
5%
5%
13
*12
12
31
*3%
*3784
53
1%
13%
31
85
28%
2%
49%
*45
1%
1334
36% *
2%
2%
37%
*8H2
27%
29
53
*1%
*34%
2%
30%
*3%
30%
*3%
*46
1%
12%
1334
3
*30%
43g
;
36%
3%
53
1%
1%
'
584
13
3%
*46
63
*46
1%
2%
*3l3g
43g
38%
32%
4%
38%
*38
*3%
*83
84%
2734
*27
28
*2
48
*49% 50%
49% 49%
104
*103
*103% 103% *103
104
46
47% 4734
4784
48%
47%
25% 25%
25%
2534
24%
25%
113% 114%
113% 113% *113
114
6
6%
6%
6%
6%
6%
85
27
23s
*2
1%
140
12,700
2,300
900
1,800
1,800
600
800
600
■160
46
24%
25
113% 113%
5%
6
45
45%
25
25%
11234 113
1,300
~~3~666
5,700
~~4~706
3
33
4%
39
*4
38%
*83
200
60
84%
28%
238
*2
45
102
*92
28%
102
*92
2734
26%
4%
*4%
20%
*4
*1984
2734
20%
4%
20%
19
19
19
99%
99%
20%
*13%
*3%
36%
*84%
20%
4
*18
: I884
*96% 100
26
4
*334
4
20%
1834
18%
19
18
18
*92
"T,506
-*334
36
373)}
35
3534
86
86
86
86
*86
*4
3634
46
*86%
1%
1%
*1%
1%
*1
1%
*1%
1%
*1%
1%
1%
1%
*1
1%
*1%
1,500
10
%
*18
'18
*%
%
%
%
%
%
9%
9%
*%'
10
*29
30
*29
*45
%
*%
**18
3g
*%«
*%
*7%
10%
3%
%
8%
10%
3%
*24
30
63
64
*10
*89
*2%
*30%
*
%
*10%
11%
10%
3%
234
3
*24
64
113% 113%
30%
*....
*24
%
838
10%
3
;
*10%
234
30
*24
2%
200
50
100
200
%
1,600
*19
30
90
*89
90
2%
%
%
9%
9%
29%
29%
*45%
23»
...
2%
%
*%e
%
*45
29%
*45
47%
0%
%
*%
8%
7%
7%
*10%
10%
10%
>
24
62%
10%
63%
10%
90%
91
*45%
*23g
*45%
....
2%
30
*56
61
*56
61
113
111
111
2%
30
111
33
31
31
*31
*72%
80
*72%
*56
> 33
80
31%
111
32
26%
35
32
*132
29%
33%
140
*1734
18%
18
1734
18
18
■
18
26%
3034
27
32
*133% 140
*173g
5%
18
18
17%
*17%
18
18
5%
6
6
*76%
79
*77
*62
70
*62
*76
80
77
77
77%
78%
77
*438
5%
18
28%
98%
33%
*4%
16%
*438
*16%
27%
17%
28
5%
17%
28%
*95
98%
*95
98%
*4%
5%
*16
18
28
28
*16%
28
*95
98%
*95
*33
33%
33
6%
80
70%
*100
107%
107% *100
9%
9%
9%
9%
1%
1%
1% 1%
*56
29
'62
29%
59%
29%
63g
5%
80
80
80
*62
70
*62
3234
101
8%
33%
101
2%
33
"27%
32%
3284
*95
18
18
6
6
80
80
1,600
33
""160
600
80
'26%
33%
2734
6,200
34
5,700
*133% 140
18
33%
101
*16%
2734
*95
34%
*100
93g
8%
9
1%
1%
55%
56
56
30%
29%
30%
2834
29%
2834
1%
8%
1%
.18
200
1,700
700
130
130
6%
70
79%
79%
5%
*4%
*16%
"""566
5%
17%
500
28%
98%
34%
103
9%
1%
60%
29%
{In reoelvership.
28%
*95
18
28%
"""206
3,100
98%
100
9%
1%
36
"4",OO6
100
34%
300
7; 500
984
184 245,300
61
63%
3,100
30%
3034
34.100
a
Def. delivery.
par
17%May 22
10%June 10
3%May 22
30%May 28
84% June 17
%May 15
34May 28
6%May 21
% Feb 28
% Feb 28
%May 13
12
110
12% Feb 15
72
5% Apr
334 June
_
98
100
45
May 18
May 15
z60
2
24
Class A
No
par
No par
Colgate-Palmollve-Peet No
$4 .25 pref
Collins A Alkman
par
No par
No par
preferred
100
Colo Fuel A Iron Corp .No par
Colorado A Southern
100
4% 1st preferred
100
4% 2d preferred
100
Columb Br'd Sys Inc cl A.2.50
Class B..;
2.50
Columbia Gas A Elec.-No par
6% preferred series A... 100
5% preferred
100
Columbian Carbon v t c No par
Columbia Pict v t c
No par
$2.75
conv
preferred. No par
Commercial Credit
4J4 % conv preferred
10
100
Comm'l Invest Trust..No par
$4.25 conv pf ser '35.No par
Commercial Sol vents.-No
Commonw'lth A Sou..No
$6 preferred series
par
r Cash sale
108
x
May 21
14»4 Sept
6% Oct
Sept
21%
Jan
Oct
29% Sept
47% Sept
95% June
4
Sept
4% Sept
14
Oct
% Sept
1% Sept
1% Sept
Dec
35, Sept
Apr
20%; Jan
39% Sept
60% Nov
78 Sept
Aug
6
Jan 30
7%
Aug
10
»17, Jan
1% Sept
Apr
9% Mar
Apr
15% Sept
13% Jan
4% Dec
25
9
79
Jan
97% June
63%
Apr
41
Apr
94%
Apr
14% May
46% Sept
2%
58
Sept
Oct
Mar
4% Apr 26
40% Apr 18
15
Apr
4%
34%
Oct
65
68
Feb
69
Feb
1067, Sept
20% Apr
115
Mar
6
114% Jan 10
43% Mar 8
Apr
26
May 21
74
May 16
80
Mar 28
69
Sept
46%May 16
25%May 22
25%May 21
48
Mar 26
42
Jan
41% Apr
45% Apr
1
34% June
21%
Oct
Feb
39
Oct
78
Mar
45% May
60% Jan
Apr
38
Dec
May 22
142
Feb 14
125
Sept
135
Mar
99%May 21
56 May 24
131
Mar 30
105
Sept
133
63
Feb 27
58
Jan
62% Dec
20
Feb 21
11%
Apr
18
131
10%May 21
94
June 10
16%May 21
May 23
108
12%May 21
4
98% June 28
35% Apr 8
112% Feb 10
24
May 10
184May 15
484 Apr
2
May 17
534 Apr
4
4
2
May 22
5
4
16
May 21
16
May 21
4%May 22
67%May {8
3
59
June
71
May 29
3%May 21
Apr
263s Mar 12
26% Mar 12
7% Apr 8
93% Apr 8
Jan 26
79
98«4 Apr 4
8% Mar 15
20%
100
Apr
11%
Apr
Apr
2«4 Aug
37, Sept
3% Aug
Apr
14
14
Apr
5%
74%
62%
Apr
73
Apr
6%
Jan
Jan
Dec
1434May 24
27%June 10
23% Jan 29
15% Dec
48
June 13
108% Feb 21
3834
98%
Apr
95
32
June 10
66
Apr
8
42
Apr
97
June
4
113
Mar
6
103% Sept
16% Apr
5
8% Aug
1% Dec
4534 Jan
x25% Apr
8
May 21
42
»4May 22
May 21
par
No par
Commonwealth Edison Co..25
n New stock,
56
May 21
June 19
Jan
Dec
% Aug
28
June 25
5
5%
113% Aug
12% Sept
%
Jafi
89
Clark Equipment
No par
CCC & St Louis Ry 5% pf.100
Clev El Ilium $4.60 pf.No par
72% Mar
30»4 Sept
%
10
%
100
Coca-Cola Co (The)
1% Aug
9% Apr
% Apr
% June
% June
June 18
Cluett Peabody A Co..No par
Preferred
100
1% Sept
\
44
Mar
Feb
64% Sept
30% Dec
10»7, Aug
19% Jan
30% Aug
10
Clev Graph Bronze Co
(The). 1
Clev A Pitts RR Co 7% gtd.60
Special gtd 4% stock
50
Climax Molybdenum..No par
8534
Apr
Oct
% Jan
June 19
Sept
; 30
Apr
% Apr
24
4
94% Mar
122% Mar
Apr
60
53%May 28
Sept
Aug
27
Jan 16
Jan
...No par
5
Sept
6%
8
16% Apr l5
6% Mar 25
33% Apr 3
91% Apr 8
14% Jan 26
25
33
17
%May 20
9., May 21
Sept
85% July
Jan
»i«May 8
% May 21
7%May 21
2%May21
x43
Jan
Sept
47% Jan
22% Sept
105
Dec
x3% Dec
Jan 24
Jan 4
Jan 5
Jan 5
Jan >3
Jan 6
Jan
Mat
8
Jan
Sept
18
4% Apr
%
Jan
98
May
11%
6%
13
22
21%May
3g
Jan
June
527,
June
5% Aug
3034 Apr 18
29% Mar 23
%
20%
96
41
10
6)4% preferred
City Investing Co
City Stores
conv
8% Feb 15
36% Feb 15
>4
17«4
32
Apr 16
41% Jan 10
Jan
July
3% Apr
3% Apr
85% June
Mar
423g
97%
2i2
2%
12%
Oct
18% Apr
23g Apr
103% Sept
1134May 10
106
Apr
7% Aug
58
May
26% Apr 22
3% Jan
114% Mar
Apr
38% Apr
13% Apr
84
8
Jan
Sept
63
41% Sept
13% Apr
2% July
63% Aug
Apr
17%
30
Sept
Apr
119
16% Nov
84% Nov
47
35
1%
1434
35% Jan
May 22
Apr
77
Jan
Jan
6% Sept
Dec
8ept
Apr
75
9%
23«4 Mar
3% Sept
May
118% Jan
56% Jan
35% Apr 29
Sept
10% Sept
36%
3%
29%
4%
~
Jan
7«4 Sept
20
Feb
9% Apr
.
Jan
Dec
.4% Aug
%May 21
8%May 15
23%May 21
No par
Chile Copper Co
Chrysler Corp
City Ice <fe Fuel
5%
1,800
78,600
*63
70
79
28
8,200
"MOO
7
84%
*63
*4%
300
18%
*80%
6%
*77
5%
""806
18%
18%
82
77
59%
this day.
18
70%
1%
"""266
;
33
*72%
2734
32
55%
on
170
61
*110% 115
80
*133% 140
59%
•Bid and asked prices: no sales
300
....
104% 104% *102% 104% 103
103
103
103%
103% 104
*5612 57%
57% 57%
57%
57% *57% 58
5734
5734
11%
11%
11%
11%
11%
11%
113g
11%
12%
12%
*94
99
*95
97%
97%
97% *94
97% *96
97%
98%
98%
*21% 2238
21%
21%
20% 2034
20%
21
22
21%
21%
22%
*10534 109
*10534 109% *10584 109% *107
109% *107% 109
*107% 109
*15%
*16
16%
16
16%
16
*15%
16
16%
*15%
16%
16%
*2%
3
234
*2
234
*2
*2
,
3%
3%
3%
*3%
4
384
384
*3%
3%
*3%
3%
3%
3%
3%
3%
*2%
4
*2%
3%
*2%
3%
*23g
3%
*2%
*2%
4%
3%
18
10
23,500
*45
103% 104%
*56%
57%
U84 11%
18
Chicago Yellow Cab.-.No
24
: 90
par
preferred...No par
10%
30
28%
conv
30
*29
140
$3
62
63
34
100
61
31
*132
Preferred
*24
*72%
34%
{Chicago & North West'n.100
Chicago Pneumat Tool.No
Childs Co
112
140
100
Chickasha Cotton Oil
*72
33%
15 preferred
1,300
113% 113%
*33
34%
*132
100
4,200
30
....
No par
Preferred series A..
3
90
15%May 21
15 May 28
99% June 22
{Chic & East 111 Ry 6% pf.100
{Chic Great West 4% pf__100
Chicago Mail Order Co
5
{Chic Mil St P & Pac-.No par
10%
*55
*45
100
25
3
*10%
3%May 22
Chesapeake & Ohio Ry
3
3
%
V
ro
22% May 24
100
100
200
June 12
1
Pr pf ($2.50) cum dlv No par
{Chic Rock IbI & Pacific—100
7% preferred
100
6% preferred
100
200
%
*7%
80
28
!
3«
31
*45
200
106
21
18
45
Cerro de Pasco Copper.No par
100
*%
34%
29%
1,700
47
%
%
*33
28%
29%
*%
*71%
*45
10
*%6
63
80
200
10
21
Apr 17
6
No par
200
8
l%May 15
Ap»
11%
ig
13% Apr
48% Mar
100
{Chesapeake Corp
100
7
25% Apr
May
July
May 21
6
300
5% Apr
18% Apr
2% June
13
30
203,
1834
Apr
Apr
93% Jan 31
Checker Cab Mfg
400
June 15
1784June 28
par
300
8,600
48
June
1
6% Mar
6
100
Cham Pap & Fib Co 6% pf.100
Common
No par
%
611
pref.,100
400
316
10%
*238
3
*%
60%
...
Century Ribbon Mllls.No
*316
*10%
*45%
May 21
100
40
2%May 18
%
10%
89
90%
*7%
42%May 15
20 May 21
105%May 22
5
May 21
4
3i«
6334
No par
May 24
June 10
{Central RR of New Jersey 100
*%
61%
100
Celotex Corp
Central 111 Lt 4
*3n
10%
234
No par
7% prior preferred
2
39%May 23
100
Central Violeta Sugar Co
%
*10%
10%
*45%
*2% :
*19
*%
*8
29
63
%
*16
8%
*89
2%
45
*%
8
*%9
30
45
*8%
90%
63
*29
89
*7%
%
9%
29%
47%
47%
\
%
%
i **19
%
*%
%
*7%
8%
100
600
'
9%
*26%
1
100
5% preferred
100
Central Agulrre Assoc-No par
Central Foundry Co
1
*19
*%
%
38
*10
31
%
10%
*%
-
10%
*45%
*3i«
%
47%
%
*%
*%
*19
9%
30
47%
*16
;
10
*45
:
*%
3i«
*%
*®18
Corp
34% Mar
11
3234May
3% Jan
6
June 11
800
: <
1%
*7%
*1%
*7%
1%
8
j'lB
22%May 21
10
Caterpillar Tractor
1,000
1%
*1%
*18
Carpenter Steel Co
11
Jan
Jan
6% Nov
22
22
40% Jan
1
Celanese Corp of Amer.No par
630
4%
1%
May 21
29%May 28
3%May 23
37% June 25
75%June 3
Capital Admin class A
$3 preferred A
6,900
13
1%
1
No par
Cannon Mills
6,600
;
!
8
2
21
8
55%
Apr
Apr
Apr
15% Aug
21% Apr
11% Apr
10
6% Mar
Preferred
*1%
*7%
21
Jan
51
22
22
2%May 22
Case (J I) Co
Preferred
102
*1
6%May
May
9
May
14
May
.25
6 % prior preferred
Chain Belt Co
4%
21
Canadian Pacific Ry.:
460
*3%
21
4
13% Jan
106% Aug
3
Mar
35
2034
*15%
1834
*96% 100
*2034
22%
13
33
21% Jan
12% Jan
5% Apr
13% Apr
7% Jan
23% Apr
4% Jan
1384 Jan
81% Jan
15% Jan
26% Feb
52% Mar
1% Feb
8% Feb
19% Apr
23% Apr
22
21
9434 Apr
33% Apr 29
22
Apr
29%
6% Feb 17
21
l7%May 28
2%May 24
39
May
100
Certain-teed Products
20
Jan 19
17%May
12%May
7%May
2
May
5%May
4%May
1
900
20%
1834
3%May 22
20
7
6% Jan
4434 Jan
4%May 21
May 21
1134May 21
Carriers & General
30
3734
89
*31«
Callahan Zinc Lead
111
Calumet & Hecla Cons Cop..5
Campbell W & C Fdy.-No par
Canada Dry Ginger Ale
.6
"3:066
1284
8
A Zinc
—6
Byers Co (A M)
No par
Participating preferred.. 100
Byron Jackson Co
No par
California Packing
No par
5% preferred
50
4%
13%
738
5% conv preferred....—30
Butte Copper
2534
*1034
7%
10
Butler Bros..
4%
37%
36%
*85
98
1
dep7%pf.I00
25%
*15%
*96% 100
*2012 2212
*11% 13%
*3%
4%
35%
36%
4%
Bush Terminal
4%
*20%
13
No par
25«4
21%
22%
Bullard Co
Bulova Watch
4%
19
21%
*96% 100
May 23
May 21
Burlington Mills Corp
1
Burroughs Add Mach..No par
300
26%
27%
II284 114
*92
May 28
3
21
No par
No par
100
334
102
Budd Wheel
25%
86
*4
36%
102
25%
*96% 100
22
*13%
4%
^
*92
27%
13%
4%
20
14
*18
102
97
100
7% preferred
10% Feb
Carolina Clinch & Ohio Ry 100
600
36%
2%
*31%
100
No par
7% preferred
Budd (E G) Mfg
Bush Term Bldg
6%May 23
6
Canada Sou Ry Co
3,300
'
,
28%
100
%
*463g 50
*463g
50
*50
51
102% 103% *102% 103% *102% 103%
45
400
I
1,600
12%
14%
*
Bucyrus-Erie Co
■
6
6
6%
6%
*48
50
*47
50
*47
50
*47
50
50
50
*47%
50
*19'4 19%
*19%
19%
19%
19%
18%
19
*17%
18
1734
1784
1%
*1%
2
178
1%
2
1%
1%
*134
2
1%
1%
*108% 109% *108% 109% *108% 109% *108% 109
*108% 109% *108% 109%
*2%
3
*2%
3
*2%
3
*2%
3
*2%
3
*2%
3
*5%
5%
5%
5%
5%
5%
4%
5
5
5
*4%
5%
*3
*3
384
*3
*3
384
384
*3
334
334
384
*92
60
.
1%
6%
6
28%
23g
10
2,500
53
12%
14%
14
36%
2%
2,200
25%June 10
Ex-div.
y
Jan
3
134June 28
73% Jan 8
33
Ex-rights.
Apr
8
Oct
1 Called for redemption
Jan
Dec
Volume
LOW
AND
New York Stock Record—Continued-Page 4
150
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
4085
Sales
CENT
STOCKS
Range Since Jan. 1
On Basis of \Wh Share Lots
for
Saturday
NEW YORK 8TOCK
Monday
Tuesday
Wednesday
Thursday
Friday
the
June 22
June 24
June 26
June 27
June 28
Week
$ per share
$ per share
$ per share
$ per share
Shares
Range for Previous
EXCHANGE
June 25
$ per share
*2%
15i4
$ per share
*2i2
15%
*15i8
*11%
115s
12%
*12
*20i2
*9%
*71
*12
10
21%
10
80
*7i2
79%
*03s
*2i2
*6%
19%
934
80
*9
80
80
80%
104
104
34
6%
*78
1%
*1%
2%
*12%
*95%
99%
8%
11%
8%
12%
8%
%
%
48
48
4912
4934
47%
49%
170
170
15
11%
78
I
*111
114
I
39
1*111
6%
170
75
|
39%
*75
78
*75
200
300
~"206
3,300
1,000
8%
16
""206
33%
1,000
3
2%
24,000
*22
54%
54
52
53
52
52
48
46
47%
45
45%'
45
45
45%
46%
400
49%
48%
49%
48
48
48%
48%
48%
49%
2,800
170
*165
34
%
%
47g
*%
47g
%
*>4
15
15
78
78
80
14%
*80%
83
24
25
25
*24
25
5
*4%
17%
17%
17%
23
23
23%
24
400
18%'
18
18%
18
19
2,300
*164% 171
47g
78
17%
18
3%
18
23
17%
I
172
24
3
4%
%
14
14%
*169
14
I
5
*81
84%
*24
|
25
4%
*52
7,900
600
54
170
170
400
170
4%
4%
4%
4%
2,500
*%
*13%
%
%
%
600
15
81%
83%
25
*24%
4%
21%
4%
4%
4%
2,000
86
300
400
*22
23
*21%
23
*21%
22%
*21%
22%
*35
39
*35%
38
*35%
38
*35%
38
*34
36
*35%
38
*34
38
36
I
*34
36
*33
36
*33
36
36
36
| """160
13%
*80%
13%
13%
14%
14%
1458
83%
*82
14%
30
14%
83
83
30%
*80
86
*2
*79
14
13%
14
83
83
81%
82
28%
30%
86
14%
30
27%
*77%
29
*78
84%
212
*2
2%
2
2
434
434
*70
434
72%
5
4%
5
72i2
11
11
*21
11
*21
22i2
*2i8
214
*33
*2%
33%
7%
34
7i2
734
2434
2538
25%
20%
71
73%
11
*10%
22%
*21
2%
2%
34
2
*2
81
29%
83
83
2%
4%
4%
*69 \
71
*68%
*10%
'20%
2%
10%
20%
2%
*10%
11
*21%
2%
4%
*69%
22%
33
7%
25%
33
33
72
2%
7%
23%
24%
5,400
24%
210
3,300
5
72
400
500
36%
1,000
7%
55,300
24%
*70
80
*70
80
*70
80
*70
80
*70
80
*45
65
*45
65
*46
56
*45
56
*45
56
*45
56
*110
18%
4l2
18%
434
110%
15-%
15%
24
*23%
24%
*13%
*11%
15
117g
*14
16
3%
*%
3%
.
*109
115
*13
*35
11%
3%
*%
*109
24
11%!
14%
11%
*14
16
3%
*%
%'
I
24%
,11
3%;
115
*23%
14%
I
24
111
13%
28%
*27
4
57g
14%
*63%
*10
*31%
177g
12%
*27%
13%
28%
*27%
36
*35
36
*35
13%
578
6%
14%
14%
*64
75
107g
32%
18
*10
32%
*17%
12%
72 I
12%
12%
160
21%
,*10
*112
*10
10%
| *32%
19
17%
12%
12
I
162
12212 122% *122
123
125
*125
125
127
*160
170
*160
170
*12%
13%
*5u
%
31
31
*13
20%
7%
*10
29%
*12
28%
*3%
126
29%
17%
12%
72%
154
22%
7%
10%
....
13
24%
16
100
3%
111
X107
|
107
*106
5
28%
24%
*26%
*78
31%
*40
*104
8%
*68
13%
230
28%
100
35%
35%
37
37
6%
15
70
14
*63%
14%
70
10
10
*9%
33
33
33
16%
16%
16%
12%
67%
66%
150
150
20
67%
150
21%
14%
*63
I
*32%
17%
.
6%
*10
_
*10
10%
*112
10%
*112
155% 158
17%
1234
3,200
11934 120
6%
78
*10
*77
*81
170
516
122% 123
*162
29%
13%
170
29
29
*13
14
77
77
*75
78
*82
87
*80
85
7,
*162
*1%
.1%
*1%
1
31%
*%
*3%
6%
31%
3%
6%
31%
3%
6%
30%
%
*%
%
*%
*4
5
*4
5
*33%
*19%
14%
34%
20
14%
34%
*19%
14%
34%
20%
*85
94%
*85
94%
18
*17%
18%
3
2%
2%
*2%
%
%
%
*%
*16%
17%
*16%
*81
86
*81
17%
82%
*11%
12%
*11%
12%
33
*32%
20%
*10%
33%
20%
*1
*%
*3
6%'
31%
1%
3%
6%
*%
18
*2%
*%l
33
*10%
*1
i38
1
1%
1%
1%
1%
1
*%
1
*4
*34
3%
6%
32
%
*13
3%
5%
29%
6%
30%
%
%
3%
*3%
6%
Co
.No par
No par
Doehler Die Casting Co No par
Dome Mines Ltd
No par
Douglas Aircraft......No par
Dow Chemical Co
No par
Dresser Mfg Co
No par
Dunhili International
1
No par
preferred
..100
Du P de Nem (E I) A Co...20
$4.50
preferred
No par
Eastern Airlines Inc
1
5
50,200
30
9%
700
1%
1%
1%
%
1
3%
3%
6%
6%
3078
31
%
2.100
1
*%
*%
600
1%
1
preferred
No par
400
"
3
El Paso Natural Gas
Endlcott-Johnson
Corp
50
5% preferred
100
Engineers Public Service.... 1
$5 conv preferred
No par
No par
$5M preferred
600
100
7i«
No par
Equitable Olfloe BIdg__No par
JErle Railroad
100
4% 1st preferred
100
4% 2d preferred
100
$6 preferred
1,300
Eureka Vacuum Cleaner
6%
1,300
Evans Products Co......—5
32%
5,800
Ex-Cell-O Corp
%
100
3%
5
3
4%
10
34%
1,800
Fairbanks Morse A Co.No par
19%
400
*13
13%
14
14%
3,000
Fajardo Bug Co of Pr Rico. .20
Federal Light A Traction... 15
87
*87
90
90
90
19
*17
19
18%
18%
200
Federal Min A Smelt Co
3
*2%
%
2%
200
Federal Motor Truck..No par
400
Federal Water Serv A .No par
Federated Dept Stores-No par
87
*17
2%
2%
*2%
*%
%
*%
16%
17
*16
17%
*10%
17%
82
82
81
81
*81
85
12%
32%
20%
11%
11%
11
11
32
32%
20%
*32
32%
*12%
20%
17%
23
6
May 17
June 17
17%
400
200
11%
300
32%
32%
3,000
*12%
20%
11%
$ In receivership,
4% Jan
61
a
Def. delivery,
May
4
Aug
19% Sept
Deo
28% Deo
7% Sept
3% Sept
38
4
Sept
June
92
Mar 29
73%
Apr
91
June
60
May 10
45
Jan
55% June
14%May
3
May
l3%May
3%May 22
107
June 13
l3%May 22
8% Apr
13% Apr
3% Aug
14% Sept
4% Apr
103
Sept
4
113% Apr 12
23% Apr 9
June 10
12%May 21
20
Jan
6
5% Aug
13% Sept
Sept
9% May
10
56
18%May 21
15%May 21
x24%June
6
%May
May
May
102 May
5%May
63
May
60 May
22
21
20
35
84
22
22
8
8
8
33%May
2
112
Mar 19
12% Jan
31
31
83
4
97
Mar
l%May 14
%May 15
2%May 25
5 May 21
20% Jan 15
%June13
3%June10
29%June 5
17%May 21
June 10
17
May 27
2% May 15
Deo
Dec
17%
19%
Deo
Jan
8
Jan
116% Nov
Apr
188% Sept
8ept
12%
Apr
3% July
138% Apr
155% Sopt
15%
Apr
15% Sept
1
Aug
3%
Jan
40%
Oct
Apr
18% Nov
3% Mar
12% Jan
1% Sept
6% Apr
20% Apr
41%
18%
Apr
38
Feb
23%
Apr
Apr
35
Sept
Jan
42*4 Nov
%
28
5
Feb
Sept
£103% Mar
111
Jan
7
Apr
Apr
Apr
13
25%
2%
8%
437g
38%
18%
2%
24
Apr
20
Apr
11
Apr
Jan
Nov
Jan
Sept
Jan
Sept
Aug
Mar 27
102
81
Jan
98
Deo
3
29
Dec
31%
Deo
28% Jan
4% Jan
1
2% Aug
% May
Jan
18%
82*4 Sept
May 21
27%May 21
20
Jan
17% Nov
Apr
40% Feb 14
27%
22% Jan
16% Sept,
Ex-rightP
11
Sept
Apr
Jan
y
Sept
0
Apr
Apr
1
3
3% Sept
6% Mar
Deo
Apr
95
■
Aug
17g Sept
%
8% Mar 11
49% Apr 8
31% Apr 18
18% Apr 3
0
Aug
95
14%
25
Ex-dlv.
89
3
Jan
5
10
1378 Aug
80% June
1% Sept
1% Apr
3% Sept
tjiMay 22
15 May 28
June
3% Sept
55
11% Apr 25
34%May 10
1
Jan
32% Aug
Apr
% Aug
1
Aug
Jan
Jan
Deo
8% Sept
186% Jan
183% Feb
307g Oct
197g July
Apr
09
Apr
Feb
317g
8%
Jan
Jan
124% Aug
118%
22%
,
02%
65%
%
1%
3%
1%
June
Apr
Jan
89
14
Apr
1% Jan 10
41% Jan 3
Apr 13
40
21
%May 15
%May 15
144%
112
2
8% Jan
36% Jan
31% Jan
87% Nov
Apr
Mar
111% Sept
8
3
4
Jan
Jan
July
34
10
4
1% Jan
July
13% Nov
108
118% Jan 19
41% Apr 10
18% Apr 20
90
35%
22%
120%
8
Mar
Oct
87g Sept
1% Jan
125% Oot
32% Jan
34% July
4478 July
10% Nov
20% Mar
0
Jan 17
1
Aug
28
0
13% Jan *8
126
Apr
Oct
101%
9
189% Apr
Mar
20% Sept
Apr 24
Mar 30
120
2534June 10
3
May 15
30
94%May 10
9%June 10
114 May 15
146%May 28
114 May 22
112%May 22
9
Feb 29
10
27% July
18% Deo
66
24% Apr 23
23% Jan 10
May 21
25%
28
Apr
36% Sept
5
Apr
112% Dec
Apr
3% Sept
% Deo
103
Apr
18
Sept
8
85% Apr
14% Apr
30
June
10% Sept
Apr
12% Aug
125% Jan
23% Jan 10
30% Apr 10
43% Feb 3
10% Feb 21
171
7
17% Mar
11%
% Jan
38
Sept
23
66% May 24
9%May 15
30%May 22
14
May 21
ll%May 22
60%June 26
137 May 28
14% Jan 12
Nov
25 r
16% Apr
28%May
19% Apr
23% Jan
5% Jan
3
Apr
4% Aug
22% Apr 30
5% Mar 7
17
Apr 27
85
x
Aug
9
26
50
2
Cash sale,
93
48
75
1
Fidel Phen Fire Ins N Y.$2.50
Fliene's (Wm) Sons Co. No par
r
Jan
8% Sept
Sept
03% Sept
13% Nov
32% Nov
79
New stock,
13
Apr
100
n
96
19%
May 23
Ferro Enamel Gorp
June
2% Aug
Apr
3
11% Mar 8
32% Mar 14
11
4«% preferred..
40% Feb
37% Mar
67gJune 26
21%May 21
._.*
$6 preferred
20
85
*81
62
0
10
24
22
24
2
Elk Horn Coal Corp...No par
105%
10%
73%
73%
105
Deo
62% Sept
4
100
200
94
Apr
1% Jan
$6 preferred
No par
Eleo Storage Battery..No par
2,100
Deo
Apr
24%
17% Jan
400
%
17%
75
9
$7
Jan
Apr
9
Electric Power A Light. No par
Jan
32% Aug
13
Apr
41% Jan
Apr
Jan
15,700
38
110
Sept
Apr
66,800
2% July
9
37
67g
32%
28%
26%
Aug
Deo
5
28
178
6%
30%
61% Sept
07% Sept
177
33
May 22
lO%May 28
% Mar 28
25 May 21
10%May 21
%May 22
3 May 15
Elec A Mus Ind Am shares...
33
3
June 10
100
31% Jan
32% Sept
Feb 26
June 10
%
Deo
6% Nov
43% Apr
21%May
95%May
43%May 10
95
Apr 25
22
*»!«
»i»
45
_
117
3
Jan
40%
Apr
Sept
3
Sept
% Sept
10
Sept
93
Apr
26% Jan
6% Aug
20% Apr
Jan
155
2
10%
Apr
1%
24% Jan
4
Edison Bros Stores Inc
May
Apr
Jan
87gMay
91% Feb
17
Apr
29% Feb
2
110
5
49
4% Jan
31
61% Sept
29%
54%
.100
Co
Eitlngon Schild..
42%
Mar
150
6% cum preferred
Eaton Manufacturing
Electric Boat
%
32%
100
May
Eastman Kodak (N J).No par
6,100
*39
Jan
*87% Sept
32% Apr
£106
Sept
22% Mar
May
44%May
6% Jap
180% Jab
300
7,900
2
Apr
21
21
4%May 15
3,800
27%
20%
Dec
16%
105
21
19%June
Dec
Apr
1
Jan
24
2
19%
19
May
l%May
3%May
00 May
9%May
Sept
Deo
17%
11%
7% Apr
1% Apr
May 21
04
Sept
34
1017g
Apr
179
May 22
May 21
25
6% partic preferred
Diamond T Motor Car Co
*4
*19
75
9
Aug
88
Apr
4
Jan 10
97„ Sept
5% Sept
Sept
8%
7
61% Jan
65% Jan
9
25
2% Jan
12% Mar
7% Mar
Apr
19% Aug
70
30%June 12
12
Mar
108% Aug
33
5
Jan
35
Jan
25
May 21
37
Sept
25%May
%June 22
98%May 22
12%May 21
25%May 22
32 May 21
34
*17
Bid and asked prices; no sales on this day.
100
Devoe A Raynolds A ..No par
DiamondlMatch
No par
4
*85
Detroit Edison
20
4%
32%
19%
13%
*10®4
100
32%
19%
12%
4
10
Dlesel-Wemmer-Gllbert
4
*4
32
May 25
21
32%
13%
%
*%
165
Aug
11
9% June
2
Apr
Jan 20
9% Apr
4078 Mar
4% Feb
27% May 25
2
May 15
l0%June 10
18%May 21
15% Mar 16
47 May 21
41
May 28
44%May 21
20
32%
5
19%
14%
84%
*11%
31%
*10%
4,000
"i',500
84
30
.....No par
Preferred
Exchange Buffet Corp.No par
Fairbanks Co 8% pref
100
33%
%
Deere A Co
Eastern Rolling Mills
500
85
*%
.25
12%
84
*1%
..6
Davison Chemical Co (The).l
Dayton Pow A Lt 4)4 % pf_ 100
No par
Electric Auto-Lite (The)....5
85
*1
19%
13%
3
Cushman's Sons 7% pref.. 100
$8 preferred
No par
Cutler-Hammer Inc
No par
600
*%
31%
79
134
1
32%
14%
29%
13%
85
*%
1
*1%
k%r,7oo
170
29%
*82
%
1
Duquesne Light 5% 1st pf.100
79
*7xe
1
Class A
700
117
29%
30%
3%
4%
122% 125
61«
87
7 16
Curtlss-Wright
8%
10,300
117
125
100
30
Cuneo Press Inc
5
Curtis Pub Co (The)...No par
Preferred
No par
Duplan Silk
10%
121% 121%
13
Preferred
Cudahy Packing Co....
____
29%
81
7i«
1,300
160
118%
-
7i«
11,100
1,300
5,400
6%
158
31
%
1,200
22%'
125%
29%
*12%
100
Class A
*121
*162
May 21
106%May 31
4%May 21
1%
97%
49%
110%
Feb
91
6% Aug
1
July
1% Apr
19% Apr 24
15% Jan 10
387g Apr
Dixie-Vortex
118% *117
29
28%
4
*3%
4
127%
5
June
Feb
l8®8June 11
100
28
4
9%May 21
7%May 21
%May 16
18% Mar
85
Dec
7% Sept
3% Dec
4% Apr 29
104
Apr
32% Nov
9% Oot
%
2% Jan
Crown Cork A Seal
200
*117
122
0
8%May 22
93% May 22
27
4% Apr
8% Apr
7% Jan
Distil-Corp-Seagr's Ltd. No par
5% pref with warrants.. 100
30
4%
June
Jan
101%
10% Apr
2% May 21
Apr
Apr
Apr
7% Nov
1% Jan
3%May 22
200
1,200
69%
72%
152% 155 I
£21
*112
157% 15834
1
73
32% Feb
10
12%
|
1
21%
6%
79%
June 14
35®4
10
70%
151
21%
6%
6%
12
X12
900
j
16%
12
6%
10%
33
9
5
June 13
400
30%
31
29%
30%
30%
29%
13
13%
12%
13%
12%
12%
12%
12%
%
34
%
*%
%
*%
34
*%
6
5%
5%
5%
6
6
5%
534
5%
29
29
30%
27%
30%
27% 29
28% 30%
25%
25%
27%
23%
27
26
23%
25
26%
28%
*26®4 29
26%
26%
26%
20
26% 26%
*7.
1%
*7g
1%
'8
1%
1
*78
1
*7g
*31
32% *31%
32 34
32% |
*32
32%
33
33
41
42% *39
42%! 41
38
38
42
*38
*104
10978
1097g *104
109% *104
109% *104
1097a
8
9
8%
9%
8%
9%
7%
8%
9%
72
*67
72
70
70
70% 70%
*70
74
87
78
*79
""600
112
13%
14
Apr
% Apr
*27%
70
Apr
9% Feb 21
327g Apr 5
110% Mar 25
June
Preferred
Jan
92
13
Cuba RR 6% pref erred... 100
Cuban-American Sugar.... 10
8
4% Apr
15% Aug
95
JDenv A R G West 0% pf.100
13%
4
75
23
$5 conv preferred
No par
Crucible Steel of America..100
Deo
6%
75
No par
Sept
8
25
conv pref w w_.No par
Pref ex-warrants
No par
Crown Zellerbach Corp
5
Feb
5
30%
9%
Apr
Delaware Lack A Western..50
28%
|
9% Apr
1.100
conv preferred
8%
Apr
June 17
Corp (The)_2
Crosley Corpl(The)
No par
5%
Cream of Wheat
Apr
10
29
21
21
21
17
22
2%May 23
5%May 22
share
5
31% Apr 15
May
4%May
23 May
97% May
%May
5%May
Highest
share $ per
19
1
7% Jan 29
03
May 29
Delaware A Hudson
*12%
14
5% Jan 13
3,400
*28
6%'
12
per
l7%June 10
4,600
%
12%
36
June 12
3%
28
*6
10
12-%
12%
36
13% Feb 29
ll%May 22
8% May 21
2%May 21
28
*6
Jan 15
3%
*U
%
12
Co
$
8
11%
3%
*%
137g
*%
*
109
10
3,900
*23%
11%
1
share
0% Jan 3
24% Feb 17
"I I
Conv 5% preferred
*13%
%
6
per
Lowest
2%May 22
May 18
33
1
Coty Internat Corp
$
14
70
No par
Davega Stores Corp
400
15%
*14
preferred
Year 1939
Highest
share
per
20
Coty Inc
Crane
$
100
conv. pref. 5% series
50
Corn Exch Bank Trust Co. 20
Corn Products
Refining
25
Preferred
....100
400
11%
3%
3%
*%
1,900
23%
118
*162% 170
29% 30
13
*%«
31
10%
35%
157% 161%
118
10%
23%
*63
121% 122
118% 118% *118
119%
30
30%
30%
30%
4
4
*4
4%
2934
68%
152
*112
I
161
2934
66
33
*112
160% 16134
112
13%
I
2134
77g
%
13%
28%
35%
6%
14
6%
14%
67
3%
65
6%
71%
73%'
*152% 157%
21% 22 i
77g
7%
7%
10% *10
10%
71%
*152
|
*17%
18%
17%
17%
16%
17%
17
17
18
18%
*3%
4%
*3%
4%
*3%
4%
*3%
4%
*3% i 4%
*14%
20
*14%
20
20
*14%
*14% 20
*14%
20 I
*4%
4%
*4%
4%
4%
4%
4%
4%
4%
4%
111
110% 110%, *109
*109
110% *109
113
*109
113
1
15%
15%l 15% 15%
14%
15% i
15
15%
15%
16%
24
preferred
Continental Steel Corp. No par
Copperweld Steel Co
5
3,800
24%
1,900
2%
80
......No par
Continental Motors
Continental Oil of Del
110
10%
21%'
*70
*1734
*3i4
*14i4
434
8%
100
j
2%
7
7%
23%
200
|
36%
35
7
3,700
10%
21%
2%
2%
34
6%
Class B__
$2.25
31%
83
*79
80%
71
7%
24%
26
81
11%
22%
2%
33
7%
2
4%
1,000
29%
29
81%
•
*4%
23
22%
*35%
par
Container Corp of America. 20
Continental Bak Co el A No par
200
24%
4%
15
14%
81%
*24
Consumers P Co$4.50 pfNo
14.50
113%
6%
54
2%
Consol Coal Co (Del) v t C..25
5% preferred v t c
100
Continental Diamond Fibre.5
Continental Insurance...$2.50
*6%
33%
6%
Consol Laundries Corp
5
Consol Oil Corp
No par
Consol RR of Cuba 6% pf.100
Continental Can Inc..
33
*6
£33
2%
$5 preferred
...No par
Consol Film Industries
1
$2 partic pref
No par
100
187g
24%
1
_
3,700
41%|
*111% 113% *112
6
34
•
10
_
JConn Ry & Ltg 4^ % preflOO
Consol Aircraft Corp
1
Consolidated Cigar.
No par
7% preferred
100
6H % prior pref..
100
Consol Coppermlnes Corp
5
Consol Edison of N Y_.Ns par
2,300
1016
78
40
40%
500
500
9,500
13
16..
16
40
114
6
8%
*%
200
17%
23%
18%
3
18
%
*4%
75
12%
8%
8%
'8
12%
1,000
*32%
47g
5
90
5,000
40,500
6%
34 |
2%
478
*4%
400
33%
2%
17%
23%
18%
478
15i2
12
8%
%
41
6%
11%
8
40
478
*15
3
*73
34
278
17%
*2334
18%
54%
18%
6%
417g
114
*6%
*33
56
12%
%
80%
41%
*111
24%
104
3i2
7o
27g
3,700
81
5%
5%
5%
5%
5%
26% 27%
28%
30%
273*
2734
104% 105
£104% 104% *105
106%
*%
34
%
%
%
6
6
*6%
6%
6%
6%
2%
2%
*2%
2%
2%
2%
6%
6%
6%
6%
6%
6%
*1%
134
134
134
*1%
1%
*278
3%
*3
*3
3%
3%
*12%
15
*12%
15
*12%
15
*96%
99% *97% 100
99%
9&%
6%
2
3
7o
*1?%
81
6%
12%
*8%
%
*23
90
234
1234
*53
*81
6%
*12i8
*8is
177s
9%
90
*%
6%
*2%
98
278
20%
9
5%
98
1778
20%
8%
Conde Nast Pub Inc...No par
Cong oleum-Nairn Inc. .No par
Congress Cigar
No par
Ctfa of deposit
8% I
20%
9%
80
*80%
98
6l2
*6%
8%
20
9%
*12
12%
*6%
*71
534
*96i2
34
*12
80
28%
15
4178
500
3
*71
80%
*3
80
~2~, 100
11%
12%
80
5%
*13
114
15%
11%
*71
27%
*63s
234
6i4
*li4
83J
15%
11%
*2®4
80
534
*12
1%
*6
9%
*2%
15
11%
10
19%
18%
3
15
14%
11%
12%
*7%
934
*71
3
14%
11%
*12
28%
103
312
*33
*2%
15%
12
12%
10
21%
534
15
*4012
3
27i4
*12%
*73
*12
21
*912
6%
*111
15
*11%
10
21
34
65s
25g
6%
*2%
153s
12
1212
*71
79%
138
*318
3
*65s
5%
5%
25% 27%
103% 103%
*%
Par
_
3
11*8
Lowest
5
Apr
0% Nov
1%
Jan
27%
Oct
89% Feb
23% Nov
40%
21%
f Called for -ademption.
nez
1
■—
Dec
Deo
New York Stock Record—Continued—Page 5
4086
LOW AND
HIGH SALE PRICES—PER
SHARE,
NOT PER CENT
Wednesday,
June 22
June 24
June 26
June 26
$ per share
$ per share
$ per share
$ per share
*3634
*12%
*28%
*J9
14
*1334
92
40
*86%
*37%
13%
29%
*1234
21
I* 1334
*86%
*19%
*134
*20%
*1*4
2
21
21
♦101
107
*1212
1278
74
334
*24
26 7«
31%
l7g
3
14%
16
IOH2
4%
*134
*234
♦12
*1434
*9612
*414
12%
64%
3%
*24
30%
*134
14
13%
*86%
38
39
39
13%
27%
12%
27
12%
27%
2O84
1%
12%
*27%
*19%
1*4
21%
*101
3
67
26%
30
30%
3
234
12
15%
*96% 101%
4%
4%
*1434
June 28
S per share
Firestone Tire A Rubber—10
12%May 21
92
100
6% preferred series A—100
300
First National Stores__.No par
84
May 21
32%May 22
lO%May 22
2434June 10
19
May 20
14%
13
1334
2,100
400
*19
2034
*19
28%
2034
1%
21%
""600
12%
1%
22%
13
*134
21%
13
28%
134
*2%
14%
*24
*1434
16
*96% 101%
*4%
4%
*101
Francisco Sugar Co
*24
29
*24
29
28%
*134
234
*11%
*1434
29
29%
1%
1%
3
3
800
*11%
14%
100
16
*96% 101%
*4%
4%
9
*8
10
*8
55
*45
*96% 101%
*4%
4%
9
*45
55
130
*126
*2
2%
5
*4%
13%
13%
54
*46
*14
*5%
*126
*2
*5%
6
130
42
6
*2
42
5%
130
*126
2%
*4
4%
*94% 102
*4
6
6
*126
130
4%
5
5
5
*13%
*48%
15%
*13%
15%
*1334
14%
54
*49
57
*49
57
2%
2%
5
5%
5%
15%
15%
15%
59%
*49%
59%
15% *14%
15%
109
*105% 111
32
31%
3334
40%
40%
41%
114
*112% 117
%
%
*16
*1334
*49%
*14%
4%
4%
*14
15% *14%
15% *14% 15%
*103% 109
*103% 109
*103% 109
*105%
3134 3234
31%
3234
30% 31% Z3034
40%
41
40%
40*4
39% 40%
39%
114
115
*113
114
115% *113
115
7i«
9it
#1«
#18
%«
%
%
*%
15%
106
106
31%
32
40%
40%
*114% 118
*»u
40
*25
*86
87%
127
*126
4334
44%
1233« 123%
*3634
*334
*6%
39
*25
*25
40
86%
86
86
12634 12634
126
86%
43%
40
1 *37%
39
39
*3%
4
*3%
4
7
7
7
7%
*106% 109
*106% 10734
*%
'
*38
%
%
11
11%
11%
11%
11%
*93% 101%
101% *93% 100
*7ie
*716
%
%
%
14
15
*13% 15% *13%
25
24
25
26%
25%
11%
*11%
12% *1134
12%
21
21
19
20%
20%
19
18%
1834
1834
18%
4
7
*106% 109
%
11%
*93%
*%
14
*25
11%
21
*18
9
9
*15%
18%
102
*98
9
*15%
*98
.
9%
9
18
*153g
102
*98
12%
*25
40
*25
86
*8534
86
87
,
5
127%
41% 42%
120% 121%
*37
39
*38
*3%
4
6%
6%
106% 106%
107
*11
*44%
12
*36
%
%
1134
5
5
47
12%
*45
49
*45%
*12
13
*12
60
12%
*44
*36
40
*35%
40
*35
50
12
12%
40
*7i«
400
220
57,100
2,100
100
.
500
900
40
7i«
24
12%
19
19%
*13%
24%
*11%
19%
*18
18%
18%
9%
9%
*15
16
*98
99%
*98
*12%
12%
13
16
6%
2,100
Gillette Safety Razor. _No par
2,900
50
50
50
12
12
12%
12%
*35
40
5
*35
100
100
1,400
40
2%
""900
2%
79%
12%
2%
2%
2%
2%
900
*2
2%
34
*30
%
5%
*934
*7
h
5%
11%
8
*11%
31
13
31
*23%
24%
14
14
21%
21%
50
50%
50%
14%
73%
15%
*72
1534
75
*2
2%
*30
34
h
5%
*9%
*7%
*11%
31%
*23%
*14%
21%
%
5%
%
534
*10%
7%
12%
31%
24%
14%
22%
22
*125
130
*35
60
*35
60
*26
28
*26%
11%
10%
10%
*16%
*1%
16%
2%
15%
*1%
*14
15
*2%
234
*1038
12
*30
303S
*34
36
12%
*13
1
12%
15
*100% 102
96
96
11%
*14
*2%
*10%
30%
*34
12%
*13
24%
14%
22%
*23%
1334
21
21
*23%
1438
27%
11%
10%
11%
*934
1134
10%
11
11%
10%
11
15
15%
2
15
234
12
30%
36
12%
15
97
1534
1%
13% 14
*2%
234
10%. 10%
*29
30%
15%
1%
34
34
12%
1234
*13
15
6
85%
2%
95
95
22%
150
*5%
6
*82
85
2%
*90%
*159
164
*159
86
130
8%
15%
86%
130
234
37%
10%
*98
37%
31%
10%
37%
30%
10%
14%
2%
2%
10%
21%
*126
*5%
*82
234
22%
150
6
85
85%
102
*10%
*22%
4%
10
84%
57%
102
37%
*30
10%
10
10%
59
3%
334
%
334
7%
*14
15
*32%
*3%
35
♦
1384
UU
7%
3%
13%
334
334
334
%
*3%
4%
13
734
*1334
*32%
14%
34%
*3
4
4i»
7%
13%
*32
*3
Bid and asked prices; no sales
3%
13%
334
»M
734
4
31%
334
uie
30
*%
*3%
1234
3%
%
7
3%
30%
1234
1,400
""50
70
2,000
234
93
8%
83
84%
86%
133%
133% *127
*55
57%
*101% 105
60
3%
%
*13%
14
32
32
4
*3
4
7%
*101% 105
*10%
500
1,000
200
'"800
1,800
30
25
~
*23
25
5%
10
5%
10
4
t In receivership.
*3
a
Guantanamo Sugar
8%
""166
1,100
700
100
700
10
100
300
100
Def. delivery.
4
29
30
18
25
15
1%
2% Jan
9
2
105% Mar 27
6% Apr 22
94
14% Apr 24
May 3
61
734 Apr
104
145
5
18
Jan
35
Jan
75
Jan
16
Dec
25%
Jan
117% Mar 29
106
Oct
130% Mar
31
Apr
44% Jan
47% Aug
41
44
2
Jan
8
101
Apr
130% Jan
8
56% Apr
8
5
127% Mar 23
68%May 4
7% Apr
10
8
100
Mining
12.50
par
No par
N
par
1
100
RR Sec ctfs series A
Cash sale.
1000
Jan
Jan
72%
36%
112
28
7
28
Jan
92%
Apr
% June
14
Sept
19% Apr
1%
20%
Jan
41
Jan
15% Jan 11
12% Aug
15%
Oct
31%May 10
2434 Mar 7
13% Jan 4
16
43*4 Sept
.
Apr
15
Apr
8% Sept
Jan
20% Nov
15% Jan
10% Aug
18
May
1
97% Nov
23% Jan
4
15%
5*4
99% Feb
27% Mar
23% Apr 27
106
684 Mar 6
51% Mar 14
9
Jan
3
58% Apr
2
19*4 Jan
4
44% Mar 26
4% Apr 22
3% Apr 11
88
Jan
8
2034
69%
24%
97%
Apr 4
Mar 7
Apr 4
Feb 21
4% Feb 8
71% Jan 9
1% Jan 30
9% Apr 10
14% Jan
4
10%May
3
16*4 Apr
36*4 APr
8
8
24% Feb 21
18% Jan 8
28% Apr 24
29% Jan 2
142
55
Feb
6
Jan 29
66% Mar
24% Jan
34
47
8%
54
13%
May
Jan
Mar
Jan
Mar
2%
Jan
3*4 Mar
17«
Apr
2%
70
Jan
86
13% Apr
63
21%
87
24*4
Apr
109*4
1%
10%
15%
10%
22%
% Aug
4% Apr
9*4 Dec
10
Apr
Jan
Mar
Nov
Sept
Dec
Deo
Sept
35
Aug
25
Jan
Jan
12% Apr
16% Apr
23% Aug
129% Sept
Jan
6% Sept
80
Dec
14% Dec
24*4
22%
Jan
Nov
74% Mar
38% Jan
Apr
Nov
2% June
67
Aug
22% Sept
24%
14%
12
3
10
Apr
33*4 Sept
37% Sept
141% July
53% Deo
35% July
21*4 Mar
Apr
42
4
Jan
Nov
Apr
43% Oct
6% Aug
43
Sept
14
Sept
35% Apr
17*4 Jan
5
Apr
12% June
May
Jan
25% Apr 29
3% Apr 18
30% Apr 18
4
Jan
18
Apr
4
Apr
6
Sept
9
Apr
36
Sept
3
Apr
6*4 Sept
22*g Sept
32% May
%
8
11
Apr
34% Apr 22
29
May
37
Jan
9
2
Jan
38
Apr
18*4 Dee
Apr
18
Oct
9
Apr
105
Oct
96
May
103% Nov
Apr
Sept
Feb
144
71
Jan
92
2
Apr
Apr
20% Feb 19
17
Jan
28% Jan
138
8
9% Apr
Apr
5
9
5
4%
93
8%
11% Apr
8
Jan
8
100
10%
Oct
Nov
4*4 Nov
12% Dec
13% May
117
Mar
167
June
67% Apr 16
128% Apr
54
33% Sept
May
Apr
June 11
63
Nov
Sept
Oct
y
Jan
12% Sept
Apr
Apr
rEx-dlv.
6%
10% Jan
111% Nov
1*4 Sept
85% Aug
10
May 18
Feb
99% Feb 21
Apr 2
18% Apr 5
33>4 Jan 4
148
3
38
Apr
*4 June
1% Jan 11
19% Jan 4
Oct
126% June
Mar
105
Mar 20
June 12
6684
3% Sept
3
Jan
July
128*4 Dec
Apr
21% Apr 22
100% Apr 9
133% Jan 30
31
99
Jan
Apr
Sept
12%May 23
76%May 23
127%May 31
1434May 14
19
May 21
4%June 25
8
May 21
103 May 13
35 May 21
28
May 22
834May 21
54%May 22
105
May 17
3%May 22
29%June 6
34 Jan 3
2%May 22
12
May 24
3
May 15
%May 14
5%May 21
12
May 21
118% July
1% Jan
65% July
Dec
125% Dec
17
94% May 21
.No par
39
123
No par
Hollander A Sons (A)__
%
4
50
10
10
5
36%
107*4 Sept
Jan 10
110
166
r
Jan
49% Apr 16
118% Jan 6
% Jan
Jan 12
preferred
Mar
July
5% Sept
Apr
155
Hlnde A Dauch Paper Co
Holland Furnace (Del)
11
149
Apr
Mar
100
100
9
Sept
Dec
2%
65
Sept
7%
128
Apr 12
No par
Jan
103% Mar
17*4 Apr
110
No par
Jan
43
June 11
cum preferred
Jan
Jan
9
Jan
105% Mar 30
7%June 10
7%
I884
52
Apr
8
4% Apr 16
113% Jan 29
No par
96
106% Jan 12
May 27
18% Oct
15% Sept
104% Deo
Apr
40
Jan
Sept
3% Sept
6% Sept
Apr
July
July
Apr
3*4
June 25
16%May 23
55
36
Apr
*9% Sept
45% Aug
5% May
20
21
22
18
May
9%May
lO%May
100%June
29*4 Jan
90*4 Jan
9% Sept
Apr
Sept
7% Aug
9
Sept
37% Sept
108% Jan
Apr 24
19% Apr 16
86
New stock.
3
87
1
25
conv
4
Mar 20
57% Jan
8% Jan
25
Hercules Motors
Hercules Powder
18%
1%
5% Apr 24
Apr 30
18% Mar 6
Hecker Products
Corp
27
Oct
5
Apr
July
25
Apr
14
Aug
66% Aug
20
Hazel-Atlas Glass Co
Helme (G W)
Preferred
21
Jan
38
103%
104
6% preferred series A... 100
Leased lines 4%
100
n
l434June 26
l%May 28
11 May21
2
May 18
8
May 21
130
9
2%May 21
89%June 5
Illinois Central RR Co
4
May 22
9%May 22
9
May 29
95
Jan
Aug
31%
May
1% Apr
Apr
Apr
Apr
Apr
Jan
Apr
83%June 27
Hupp Motor Car Corp
40
9
35
107'4
21%
83%
6%
32%
3834
2
Hudson Motor Car
500
3% Jan
51
17
5%May 21
5% preferred
100
Hud Bay Mln A 8m LtdNo par
1,600
1,000
2,400
5,200
4
1
Houston Oil of Texas v t C..25
Howe Sound Co
5
Hudson A Manhattan
__100
1,100
4%May 22
9%June 7
6%June 10
10 May 18
26
May 21
21%May 29
ll%May 22
l5%May 21
183s May 22
29%June
Household Finance.No par
5% preferred
100
100
May 22
%May 14
30
No par
25% Apr
100
Class B
100
134May 15
25
Houdallle-Herahey cl A. No
1,400
June 11
25
6)4 % preferred
Hayes Mfg Corp
Homestake
200
10
No par
100
preferred
Holly Sugar Corp
7% preferred
3",200
21
21
12%May 22
Mar 21
6% preferred
100
Hanna (M A) Co $5 pf.No par
Harbison-Walk Refrao. No par
$4
"366
21
June 13
1
7% preferred class A
Hall Printing Co
6%
*98
37%
37% 38%
32
*30%
32
*10%
10%
10%
10%
*56%
59
*55%
59
*96
104
101% *100
*334
4
3%
4
30
30%
30%
30%
%
*34
%
*s4
4%
4%
*3%
*3%
fl3
1334
*12%
13%
3%
*3%
3%
3%
"u
%
%
*%
8
734
7%
7%
14%
1334
14%
14%
*32% 34%
33% 33%
Aircraft Corp
Herehey Chocolate
14%
37%
*30%
*3
2,900
57%
14%
Grumman
25
21
50
par
6% preferred
Corp of Amer class A
85
May
77%June
10 May
45
May
23
Greyhound Corp (The).No
5H % preferred
Hat
6
3
21
21
22
21
21
22
1
Hamilton Watch Co
150
1
7%
13%
34%
on ttila 11 >
8%
*98
38%
31%
101
%
*55
92
10%
101
*3%
*30%
83
*127
234
14%
*10
*57
14
*82
5%
*98
30
*14
5
60
*3
*5%
8%
4%
10
101
*13%
93
8%
*10%
*2234
*95
%
3%
83%
234
93
*126
6
14%
25
*58
4
22
150
*5%
83%
234
97
22%
15
64
3184
22
*126
*9*
*21%
10
164
101
*3%
*30%
*34
97
15
*95
1
1234
*13
13%
*100% 102
*100% 102
*13
20
June
33%May
4% May
43 May
11
May
30
May
2
May
100
6% preferred
Hackensack Water
1,000
8.200
9
10% May 22
100 zl23
200
*159
*57
4
Preferred
Green Bay A West RR
Green (H L) Co lnc
300
164
59
31%
900
12
*31
*159
38%
10%
Gt Nor Iron Ore Prop. .No pax
Great Northern pref
No par
Great Western Sugar. .No par
30%
34%
13
13%
12
164
131
preferred
4"200
18,300
Gulf Mobile A Northern... 100
*159
83
No par
10
20
100
234
92
*54
Granite City Steel
Grant (W T) Co
14%
234
15
*90
*127
5
5%
"
June 22
734May 23
1
Granby Consol M S A P
700
1%
92
14%
Graham-Paige Motors
1%
*94
6
May 21
ll%May 23
14 May 21
l634May 28
25
1%
*12%
*2%
*10%
30%
12%
1
20
No par
100
Preferred
200
*2%
*9%
June
%May 15
69
3,100
1%
*12%
3%June10
5%May 21
2
15
21% Apr 5
38% Mar 26
3
May 22
32% June 10
4
105% June
8
116
No par
preferred
conv
15%
*89
14
$5
10%
11%
90
130
30
100
1,900
60
*8%
14%
85%
5% preferred
No par
Goodyear Tire A Rubb.No par
Grand Union w div ctfs.No par
Without div ctfs
No par
9%
12%
90
101
*%
1,400
60
1
Goebel Brewing Co
1
Gold A Stock Telegraph Co 100
Goodrich Co (B F)
No par
15%
30%
97
3,800
par
15
34%
12%
*94
No par
(The)
No
4^% conv preferred
Gobel (Adolf)
15
*29
15
$6 preferred
Glldden Co
*934
*31
59
*334
*35
No par
11%
10%
10%
30%
12%
%
6%
12
21
No par
28
34%
12%
10
23%
preferred
Brothers
Gotham Silk Hose
2%
3234
24%
14%
conv
27%
11%
10%
*31
*95
31
60
*29
*13
200
34
90%
164
14%
130
*35
400
6,400
1534
838
9234
*98
38
30%
10%
*12%
55
76
93
8%
*53
57%
57% *53
57%
*101% 105
*100% 105
*10034 104%
*11
*10%
14%
14% *10%
14%
*2234 23%
22%
23
23% 23%
*4%
5
*4%
5
4%
4%
10
"
10%
10
1038
10%
10%
*30
2
4,700
2%
90%
8%
*i>3
*98
1434
1%
100% 100% *100% 102
164
93
*934
20
13
*124% 130
27%
*90
86
21
*124% 130
27
91
*129% 130
20%
21
27
91
15%
*85%
14
22%
27
8;
93
15%
24%
21
27
93
15%
*124% 130
*7%
*11%
3134
*23%
13%
22%
11%
3134
28
8%
*89%
*159
21
534
*10%
*7%
11%
31%
*23%
*13%
60
*90
8%
21
5%
11%
*35
22
*90%
21
*2
80
"u
5%
*10%
60
*126
2%
20
*2
*35
22
*82
"ie
5%
11%
8%
12
150
234
*30
3134
24%
14
22
85
2%
33%
*31
*126
234
*30
*11
23
85
30
1258
150
*5%
*2
32
23
6
14%
*73%
%
*7%
*126
*534
15
76
5%
*10%
*7%
*124% 130
,
*100% 102
*95
54
*70
h
3I84
*50
*49%
14%
14%
73%
534
11%
*11
12%
54
14%
73%
2%
*49%
21
22
*124% 130
11%
*9%
2%
34
11%
*21
*21
*2
12%
30
15%
73%
*30
*75
80
$5
Gimbel
25% Sept
Jan
29% Apr
l3%May 28
4%
*45
4%
*37
Apr
Apr
Sept
Apr
24
98
38%
5%
4%
40%
4%
17%
38%
9
6
Highest
share $ per share
99%
2
4
May 28
37% May 28
Feb
$ per
3
Jan
118
14
Year 1939
Jan 24
46
3% Jan
11% Jan
23
21
21
22
22
%May 17
35 May 13
7734May 21
100
Range for Previous
Jan
21*4 Jan
106
15
15
par
General Tire A Rubber Co.__5
2%
15%
5
100
Corp. No
preferred
"moo
2%
78%
1234
60%
75
No par
Gen Time Instru
*2%
50
l*4May
4%May
1134May
48% Feb
l234May
102 May
26%May
36
May
lll%May
No par
preferred
Gen Theatre Eq Corp..No par
2%
15%
$6
800
2%
*49
Common
June
35%May 25
6%May 22
118 May 27
General Printing Ink
300
2%
*72
par
900
16
4%
12%
No
$5 preferred
Gen Outdoor Adv A...No par
General Shoe Corp
1
Gen Steel Cast $6 pref.-No par
General Telephone Corp
20
700
99%
13%
*39%
4%
*75
10
General Refractories.--No par
2%
12
100
100
*2%
78%
preferred
5%
General Motors Corp
400
15
25%
12%
19%
18%
.9%
2%
12
No par
No par
preferred
1,900
200
%
1940
Lowest
$ per share
3%May 21
94
3sJune
*2%
*70
$4.50
June 14
934June 10
86% Jan 15
2%
13
General Foods Corp
8
45%June 14
No par
2%
80
No par
3%May 28
No par
2%
13
100
Electric Co
6% preferred
100
Gen Realty A Utilities
1
$6 preferred
No par
238
*75
No par
preferred
7%
General
June 19
Gen Railway Signal
2%
1234
97
Gen Public Service
10
2%
80
21
22
22
24
28
l%May 14
2% June 11
lO%May 21
12 May 21
9%May
May
234May
20
May
2434May
1,600
11%
96
2%
12%
100
5
900
11
2%
*73
No par
No par
Class A
$6 conv pref series A.No par
General Mills
No par
7
*11%
*9%
General Cable Corp
"moo
4
*94
15
24
6
Gen Gas A Electrio A..No par
107
%
*13%
No par
Bronze Corp
9,800
7
96
5
5
30
33,200
*
4,900
107
684
107
Baking._____
General
General
7% cum preferred
General Cigar Ino
39
4
4
6%
*94
10%
94%
*%«
%
*13% 15
23% 24
*11«4 12%
18% 19
38% 18%
*9
9%
15% 15%
*98
99%
12
12%
4%
4%
39
*3734
4%
4%
37%
4%
40
*3%
*%
39
39
10%
12%
4%
*3734
.
200
126% 126% *126
126%
42%
43%
43%
44%
122
122
12234 123%
94%
13
4%
37%
4%
2,300
88
126
No par
5
$8 preferred
"406
40
40
4%
*36
*12%
5
12%
12%
4%
37%
9
18
102
40
86
126%
42% 4334
121% 122%
44%"i
12234 123
*38
*25
preferred
Gen Am Transportation
June
61
5
$0
2%
l%May 15
l8%June 10
102
3
Gaylord Container Corp
1,000
1,600
6
130
10
No par
$3 preferred
Gamewell-Co (The)
Gar Wood Industries lnc
4%
6
2%
10
Gabriel Co (The) cl A ..No par
Gair Co lnc (Robert)
1
5H % conv preferred
50
Gen Amer Investors—No par
44%
*126
2
Sulphur Co
Free port
200
102
43%
par
200
9
*95
4234
No
No par
F'k'nSlmonACo lnc 7% pi. 100
Gannet Co conv $6 pref No par
55
*4%
102
4234
130
2
*8%
*45
4%
*95
5%
*126
2%
5
300
*1434
55
4%
4,600
1%
16
9
44%
100
30%
234
14%
*45
*4
10
17 conv preferred
1,300
10
43
100
Foster-Wheeler
50
3
55
*94% 102
"3", 100
14%
70
*9
4%
4H% conv pref
3
*45
*4
t Follansbee Brothers. .No par
10
Food Machinery Corp
*55
10
*94% 102
44% 44%
1,100
3%
55
4%
No par
No par
Florsheim Shoe class A .No par
107
13%
Flintkote Co (The)
Florence Stove Co
6734
*2%
*9
*4
800
*27%
*55
2%
27%
2934
134
2%
14%
28
107
12%
share
40
*21
64
per
*90
*101
2%
$
*39
14%
22
12%
Par
Highest
92
♦45
*9412 102
*4412 45%
*5%
6
Shares
*26%
*134
Lowest
Weel
(
29,
EXCHANGE
39
107
*11%
134
12
14%
*1434
16
*96% 101%
*4%
4%'
rl34
*13%
*89%
*37%
12%
21
*55
3%
26%
134
234
*19
13%
92
*101
21%
14%
*55
3%
26%
30%
1%
21
1%
107
12%
14
64%
3
*12
13%
Range Since Jan
1
On Basis of 100-Share Lots
STOCKS
NEW YORK STOCK
the
Friday
•
$ per share
37
14%
92
41
13%
28%
21
2
21%
107
*101
*64%
*3%
30%
28%
|
Thursday
June 27
Sales
for
Tuesday
Monday
Saturday
June
Jan
18% Nov
101% Sept
135% Mar
65% Aug
Sept
14*4 Apr
29% Sept
5% Nov
8% Aug
115
July
19
Jan
51
Jan
Mai 30
95
110
60% Jan 12
Apr 13
16% Apr 15
27
115% Jan
18*4 Jan
9
35% Apr
7% Mar
4
4
4
16% Apr 20
110
38
71% Apr 25
lll%May 13
6% Jan 3
50% Feb 21
1% Feb 20
7% Feb 20
27
Jan
6
100
May
47*4 Sept
Apr
8*4
60%
102
Apr
Oct
Sept
Apr
%
Jan
2
4% July
*4 Aug
3
3
6
3
38% Sept
4«4 Sept
1
24% Jan
43% Apr
6ij
Ex-rights.
Jan
36% Mar
17% Jan
73% July
110*4 Aug
9
16%
9% Sept
67
Dec
2% Sept
21*4 Sept
Aug
Apr
Oct
66% May
4% Sept
40
13% Jan
6% Feb 17
11% Mar
21% Sept
1*4
Sept
Jan
5% Jan
35*4 Sept
8% Jan
2% Jan
20*4
Jan
35
Jan
49
Mar
11%
TT Called for redemption
Jan
Volume
New York Stock
ISO
Record—Continued—Page 6
HIGH
AND
June 22
June 24
|
5 per share
$ per share
*5i8
*2012
5«4
1934
9212
*4%
1934
92i4
514
*148
156
*148
156
*82
83
83
9
8%
*5
834
25g
June 26
June 27
June 28
$ per share
$ per share
Shares
53s
5%
5%
i20
20
21
21
92
85
90
87
88
*148
156
145
145
*142
156
82i2
<,
8I2
*5
53s
2 5s
8312
884
514
25s
24
24
2%
8OI2
8I4
5%
25s
*22
24
8134
83g
5%
2&8
98l2
2384
9812
*212
3«4
*212
312
*234
314
812
1
8I4
334
83s
*212
83s
8
8U
75s
8
*114
13s
1U
H4
1%
II4
24
24
24
*1%
26
*2214
26
*3312
138
4538
4^
4^
4538
*147
150
23s
5%
*4i8
25g
57g
2H2
2214
4%
*11434 125
1278
13
25
*21
138
v
8%
1%
136
45
43
147
4314
147
14938 14938
25g
318
55s
57s
418
418
*1%
137l2 *136
137
138
5%
2%
*23% 25
*98% 100
*2%
3%
5%
25s
8
146
4414
146
150
314
534
2iZ
5i2
5%
278
5%
378
378
334
334
*334
234
25
137%
43%
44
25s
512
1,100
1,500
91
143% 143%
8%
8%
500
5%
23
*5%
21%
*89
82
81%
*20
26
*21
13812
138
*9812 100
*9812 100
*9812 100
5%
5%
21
150
50
84
9%
5%
2%
2,200
4,800
83%
834
5%
2%
*98% 100
*2%
3%
8%
884
1%
1%
*21% 24%
138
4234
150%
3
55s
4%'
24
24
3%
5%
*334
139
45
150%
33s
584
4%
22%
22%
2058
21%
20U
21
2012 22
215s 22
*115% 125
*115% 125
*11514 125v *11514 125
*11514 125
12%
14
13
11%
12%
12%
13
1214
133s
133s
48
47
48
50%
4514
4612
4634 48»4
48ls 49U
*2%
*2%
234
234
*21s
234
*2l8
3
*214
3
*38
40
*38
*40
*38
40
37is 38
*3712 40
4734
48
*2l4
*37%
*2912
3
40
32
32
*295s
32
*2912
32
*2884
30
2884
*29
30
*29
30
*15
17
*15
>1612
*15
177g
*15
1778
*15%
1778
*29%
31%
17%
31%
31%
18
*85
95
*85
95
*88
95
*88
95
*88
95
*88
400
2,200
<
500
10
"MOO
400
"MOO
4,500
500
17,400
6,300
400
2884
3
318
*3
3
33s
*6
6I2
*75l2
85
*6%
?
*7512
3
3l8
318
*3
3
314
*7512
*27g
6I4
6
63s
85
25s
*5l2
*7512
85
3
314
6I4
85
*2912
32
30
30
234
*234
*578
*75%
27s
3%
6%
3
234
*234
55s
534
*5i2
*5%
6%
6I2
*55s
6I2
6I2
*23% 25
26
27
*2384
26
*2512 27
2434 2512
26I4
*122
125
*122
125
*122
125
*122
*122
125
125
125
1034
IO84
*10%
1034
1034
IOI4
107g al0%
*1034
1118
*1034
Ills
42
42
43%
43%
43
43
42
42
*4212 43
*42%
43
55
54
54
53
56%
5312
*53
53
5384
5312 54l2
53«4
127% *124
127%
127i2 *124
127l2 *12412 127l2 *124
*12312 12712 *125
58
60
*58
60
*57l2
60
*59
65
58i4
61
6OI2 6II4
*10
11%
11%
*10
1078
107S
*10
III4
III4
1112
1012
10i2
*558
*26
*122
-
*11812
*414 ;
458
15
*12
912
97i8
912
*80
*712
*11812
*414
*1218
*95s
*92
*712
8
*9712 100
11U
6I4
*6
458
15
1212
97ls
*11912
*414
*12
*584
1214
63s
12
*92
971s
*712
8I4
*9712 100
11
UI4
58s
55s
*90
8
95
90
90
2814
273s
*11
IH2
*3284
2734
1H2
3512
178
11%
*3234
*134
3584
2
*lli4
*3284
23
23
26
*23
2178
*212
22
312
24%
28i4
712
90
*88
2778
*22
!
28%
*5»2
■
*12
13i2
*23
217g
*2l2
*23
2834
6%
12l2
1434
*13
*134
*358
19
19
*13
*35s
412
*1614
17
10212
*134
2
*102
*19
*16l2
22
*212
*23
24
285s
7i2
2834
6I2
138s
1312
*1112
13i8
412
*358
19U
1834
1612
17
*134
17s
2
1
1
2%
*1014
*2012
3312
3U
I8I4
11
213s
3312
3
*6U
*3512
6%
36l4
*93
96
*284
*1812
*10U
*21
3312
*6
*36
97
96
96
*170
177
*170
18
18
9512
*1734
18l2
30
30
*978
*127g
108s
13
2612 2612
23U 2312
*98is 101
2434
33U
*2l8
20
800
Lee Rubber & Tire
18%
200
104 % 104%
70
1834
1834
*16i2
1758
*10314 104%
*178
2
1%
96
96
*169
175
235s
22i8
24i8
32i2
26
21g
2512
2
2
29
29
9
9i8
*25
25%
*2484
2584
37s
29is
884
*235s
*25
*414
*2914
I7i8
*12i8
*78
378
378
23%
2434
23%
2584
*160
165
*160
43
44
44
212
25
*2112
99
*9812
13
*1112
*95
13l8
109%
13
*20
21
21
10978
21
7
*512
7
*27U
2778
634
265g
6&S
265s
684
*512
•
26
26
2
2
*4%
5%
*12
165
4412
212
212
*21
25
*9812
99
*1U2
13
13
13
*96
2012
658
Bid and asked price ; no
1034
23
36
5%
36%
95%
96
96
10%
22%
3384
5%
I884
96
98% 98%
*169% 177
*17% 18%
17% 18%
31% *31% 32
9
9%
9%
12%
13
13
24%
2534
25
2334 25
24%
101%
101% *98
2334
*143
*17%
48
*26%
18%
1734
13
1
150
I884
48%
27
....
*2234
934
*25%
20
23%
984
27%
2
2
*19%
165
44
27g
25
*21%
*98%
*1158
12%
*96
20
*584
*25%
6%
99
13
125s
1097s
20
7
263s
67s
sales on this day.
20%
23%
20%
24
10
10
*24%
26%
2
13
2
5%
32
17%
1,000
1,700
400
2,700
100
300
2,900
1,400
*34
3%
4
8%
23
*24%
*161
4334
*2%
*21%
*98%
*11%
13
*96
20
*5%
26
*6%
Kress (8 H) & Co
No par
Kroger Grocery & Bak.No par
Laclede Gas Lt Co St Louis 100
4
4
23
25
Lehigh Portland Cement...26
4% conv preferred
..100
tLehigh Valley RR
50
Lehigh Valley Coal ....No par
6% conv preferred....—50
Lehman Corp (The)—...—1
Lehn & Fink Prod Corp....6
Lerner Stores Corp
No par
Libbey Owens Ford Gl.No par
Libby McNeil & Llbby—
7
Life Savers Corp..
.....5
Liggett & Myers Tobacco..25
10
2,400
20
700
1,100
400
MOO
2,200
300
600
3,400
162
*161
4334
2%
25
99
13
500
13
109%
20
7
26
7
3,700
25
700
162
2%
*22
"i'soo
400
23
*98%
*11%
Magma
Manati Sugar Co...—
*96
20
13
13%
109%
20%
*5%
Shirt..—.—*-25
Maracaibo Oil Exploration.. 1
Marine Midland Corp. . -—5
Market 6t Ry 6% pr pref.100
.
Marshall Field & Co ...No par
Co—....1
No par
No par
Matbieson Alkali Wks.No par
7% preferred..
100
May Department Stores...10
Martin (Glenn L)
Martin-Parry Corp
Masonite Corp
27
6%
t In receivership,
7%
a
No par
—No par
Maytag Co
S3 preferred
36 1st cum
pref
McCall Corp..
1,100
"""906
7
26
1
.No par
t Manhattan Ry 7% guar. 100
Modified 5% guar
100
99
13
Garden...No par
Copper..
.—10
Madison Sq
Manhattan
150
45
preferred..
....100
10
7% preferred—.......100
Louisville Gas & El A..No par
Louisville <fc Nashville..—100
MacAndrews & Forbes
10
6% preferred...—....100
Mack Trucks Inc..—No par
Macy (R H) Co Inc
No par
5%
"MOO
2,000
No par
No par
1
6% conv preferred...-.100
McGraw Eleo Co———1
McGraw-Hill Pub Co—No par
Mclntyre Porcupine Mlnes..5
McKeesport Tin Plate-.... 10
McCrory Stores Corp
Def. delivery,
n
New stock,
r Cash sale.
4
35
Jan 11
123
Deo
Sept
6% Aug
Jan
10
Sept
5584
Jan
138
May
1484 Jan
33
Oct
107
Deo
122
3
Apr 29
73
June 21
Jan
3%
29
Jan
Jan
31% May
5
434 Jan
37s Sept
4
4% Jan
10% Jan
Sept
77s Aug
90
57% Dec
6% May
60% June
38
Sept
4084 Sept
9%
97g
Jan
Feb
1484
87
Mar 13
Sept
7% Nov
18
Apr
127%May 14
119% Sept
jan
125
76
Apr 10
8% Jan
28
1084
Jan
32>4 Sept
Mar
Sept
18
Oct
4
59
Sept
105
Jan
Jan 15
17
52
44
77% Jan
June
June
13
May
3484May
9
25% Aug
5% Jan 24
—
Jan
3
Mar 27
122%May
48%May
132
122
Aug
133
June
69
Apr
9
35
16
Apr
4
13
Apr
Apr
83
9%June
Sept
Jan
117%May 28
3% May 21
11 May 23
9
May 23
92 May 21
7%May 21
121
Jan
9
109
8%May
484May
87% June
24%May
10 May
2734May
l%May
21
22
20
21
21
21
95
22
l7%May 20
19%May 23
2 May 21
23% June 11
23%May 22
4
May 21
8%May 23
12 May 15
3%May 28
l6%May
15%May
100% June
l%May
21
22
10
23
Marie
7% Apr
4
Jan
5
15% Jan
8
20
Feb 23
97
15% Jan
117% Jan
5% Apr
11
Apr
8% Apr
90
Sept
12% Apr
8
Apr 18
17% Apr 23
85
19%
103%
387s
14%
46%
2S4
3134
Apr 23
Apr 16
Jan 3
Feb 9
Apr 18
Jan 24
Apr 8
5
Aug
79
June
26
Feb 16
4
Feb 26
29% Jan
34% Apr
9% Jan
9
1834 Jan
16% Jan 11
6% Apr
:
Jan
4
12184
11%
24
Jan
Jan
Sept
I684 Nov
99% Jan
18
July
100% Dee
1484 Mar
10% Mar
99
28
Sept
46% Sept
20
38
Dee
4
Sept
Apr
884 Apr
Apr
I84 Apr
12% Apr
20
Apr
334 Dec
23>4 Sept
20% Apr
7
Apr
12% Sept
12
Jan
3% Apr 1
16% Sept
80%
Oct
26% Aug
5% Jan
29«4 July
29% Oct
13% Jan
23% Jan
18% Mar
5% July
25
Jan
37%
17
Apr
25
Mar
112
3584 Jan
23% Jan 10
115
Apr
7% Apr
19%
Dec
118
Mar
Oct
Jan
2% Sept
6% Sept
34 Apr 17
May 17
1% Jan
4% Jan
%May
1% Apr
15%May 21
9%May 18
18%May 21
2434 Apr
3% Sept
834 Sept
2784 Jan
80
June 10
53% Jan
5
2
33
87
97
21
21
15
21
26
21
May 22
15%May 21
Long Bell Lumber A...No par
Lorillard (P) Co
38% Jan
8%
17% Sept
Jan
2
....25
Apr
Oct
84
29
Loose-Wiles Biscuit
3
133
134May
l%May
4%May 21
74% June 11
5%May 21
20%May 23
Corp No par
Mandel Bros
25
43%
2%
1
Jan
102% Apr
97% Jan
Liquid Carbonic Corp..No par
Lockheed Aircraft Corp
1
No par
7
Sept
3»4
2% Aug
5% Apr
Oct
Apr
700
36.60 preferred
5
3%
19584 Mar
71% Sept
16634 Aug
19
Lion Oil Refining Co ...No par
Lone Star Cement
Jan 23
538 Jan
14% Apr 20
16% Sept
41
28
1,000
Loft Inc
142
457g Sept
6% Deo
9% Mar
46% Oct
I09iz Dec
57s Sept
l3%May
Lima Locomotive Wks.No par
Link Belt Co.. j...—No par
800
171
Sept
Sept
26% May
25 May
600
Inc..........-No par
145
21
39% Jan
13%May
27 May
9
May
10% May
2234June
20%May
Loews
3
Aug
98>4 Sept
56% Feb 6
37% Apr 12
36% Jan 5
May 22
26,100
3,200
Jan
2% Apr
7% Aug
1% Apr
16
Apr
191% Mar 12
6284 Jan 4
June
June 19
1,100
5
Sept
157
37
16
—26
100
Series B
4
9% Apr
4% Apr
234 gept
17% Apr
90
Apr
9% Sept
29% Jan
131
21%May
87
2,700
14,800
10,600
1,500
9
...6
6
38
5
3
169
4%
25
8%
No par
—No par
Preferred
11%
30%
11%
28%
8%
24%
100
June
Jan
238 Apr
Apr
147% May
67
Apr
10%May 21
40%May
184May
Lily Tulip Cup Corp ..No par
""ioo
1
4
-1
19%June
109
Mar 28
5
12% Jan
134May 22
5%May 22
3%May 23
May 15
May 28
May 22
May 22
300
1,100
2,000
13
1
4
*3%
Kimberly-Clark.......No par
Kinney (G R) Co
1
35 prior preferred_..No par
Kresge (S S) Co
10
Kresge Dept Stores
.
*34
2834
*2%
4,900
*129
*12
28
44
19%
50
27
*28%
17%
2784
*160
19
49%
32
17%
27
24%
21%
150
27
*28%
17%
11
8%
21%
*143
5%
11
23
24%
*2%
*14%
106% 106%
*4%
37g
43s
22«4
60
25% 102,800
32
1,900
100
2%
200
15%
*4%
*12
300
Keystone Steel & W Co .No par
177
1034
7
634
36
18%
1034
22%
34%
5%
36%
18
10%
26
*5i2
26
7
1097s
21
*98
3
*7g
37g
*3%
734
44
*96
4
2634
165
13
11
17%
4
*2%
*2014
*9812
*lli2
*125s
20
23%
32
1112
29
44
212
25
99
13
1984
*225s
*934
*17%
Us
24%
2334
*129
*130%
*28%
4
*160
212
141% 142
173s
17%
171s
1314
31%
2%
1%
31
32
1078
4l2
n1®
29%
9i8
24l2
2578
5%
*17
1
3
24
27
11
96
*169
2
1%
3
24%
49
2712
36
*93
18%
31
31
32%
2%
2%
*2%
2%
15
14%
14% *14%
*106% 109% *106% 109%
21
21
21%
21%
2634
2
*22%
33%
5%
2
31%
47
*984
2612
*4
2378
50
2012
18
__
*10%
£9%
*12%
27
...
2
984
27
*131
17%
103% 103%
*17%
*49
*934
ins
23%
18%
21
16%
30%
98
28%
434
95%
177
23%
*934
378
9%
95%
98
*257g
IH2
30
57g
36
21
11
378
94%
*17%
16%
22%
3284
23»4
33
2378
*4
10%
*170
18%
*17
1
18%
57g
4
*234
18
36
4
1
*10
*93
7%
12%
*13%
3
99
*98
2278
*lli8
1
*234
13
lis
Kendall Co 36 pt pf A ..No par
Kenneoott Copper
No par
20
187S
1612
24%
*34
—1
ClaasB
Lane Bryant
13
Ha
1
>
5% conv preferred
..100
Kayser (J) & Co..
5
Keith-Albee-Orpheum pf
100
Kelsey Hayes Wh'l conv cl A.l
100
12i2
2234
13U
Kaufmann Dept Stores..
200
237g
*34
100
13%
4%
2012
*12
No par
100
1334
*3%
13
1714
1314
Johns-Manville
13%
*3%
*13%
13
265s
*17is
*12i8
1
..No par
12%
13%
13i8
412
13
*2914
B) Co
Jewel Tea Co. Inc
5% preferred
Lambert Co (The)
29
*5%
24
32
Jar vis (W
1
160
285s
1314
*1714
40
""loo
*22
33%
*134
*21%
par
Island Creek Coal.......... 1
300
23%
*2%
2678
24ls
*2914
No
13
10
*17iS
lntertype Corp
70
*934
5U
32
100
5,000
103s
*4U
3,900
3378
178
97
6
7% preferred
..100
Telep a Teleg...No par
Foreign share ctfs
No par
Interstate Dept Stores-Aro par
Inter
784
2312
*5
No par
International Sboe
No par
international Silver ........50
30%
*934
'
100
24
2012
214
100
preferred
*5%
2334
1012
*2
10
*3284
*134
*36
*1714
1
5% conv pref
5%
2934
2012
2384
145
24
20
*20
"""166
20,400
1,300
*9412
*131
*131
Preferred...
100
Int. Hydro-Elec Sys olass A.25
May 22
May 25
4% preferred
95
32%
2712
38
"""106
27%
12
35
1%
26
24
384
22%
49
June 11
Internat'l M inlng Corp
113
2% May 15
8%May 21
1
May 21
l8%May 21
136
Int Mercantile Marlne.No par
15% Apr 11
6% Feb 14
6% Feb 28
47% Mar 20
8
Int. Business Macbines.No par
Internat'l Harvester...No par
23%
29
49
Internat Agricultural..No par
Prior preferred..
100
29%
7%
1734
*2612
June 10
29
*2%
212
*2i8
2%
1412
14l2
*14i2
1478
15
*106
10912 *106l4 10912
10912 *106
21
2ll8
2034 2034
2034 2034
*14 lis 14312 *141i8 14312 *14118 14312
*17
17l2
17l2
1734
1734
18
49
2712
91
....No par
*23
*1458
*4714
*2612
6% preferred
100
Intercont'l Rubber....No par
Kan City P & L pfser B No par
Kansas City Southern.No par
*90
333s
6I4
3614
3312
June
1
Apr 16
90% Apr 27
4%June 11
2%May 21
22
Interlace Iron
934 Apr
66%May 22
7%May 22
No par
Jones & Laugblln St'l pref. 100
Kalamazoo Stove <fc Furn
10
2534
*11%
22
32l2
55s
-1
t Interboro Rap Transit... 100
Interchemlcal Corp
400
95
634
12%
13l2
4
29
33
Insuranshares Ctfs Inc
237g
237s
2878
712
18
2912
3314
212
Inspiration Cons Copper—20
Preferred
"i",ioo
26%
11%
34%
17S
26
2278
334
22
25l8
168
2258
334
*1734
2912
2434
3,000
*90
I8I4
2312
99i2 100
*97% 103%
1134
12%
*534
6%
June 26
2214
*212
384
21
1734
25
*584
11%
684
*9%
*92
*7%
145
..No par
23
21
26U
11%
800
IH4
*21
9634
8%
""500
95
*10'%
175
96%
45g
15
12
96%
8%
100
6% preferred
Inland Steel Co
$6 preferred
26%
19
1
*7%
*97% 103%
400
III4
11
97
55s
*92
"""266
253s
*90
27g
1812
1034
3312
6I2
36i4
8I4
9712
1H4
*4
86
10
Preferred..
*119%
*11%
438 Apr
I684 Apr
4
23
*17U
*13
*7l2
9712
IOI2
512
*9%
458
15
12
3
Jan
25%
11%
*3284
*134
*20%
22%
*2%
2734
1114
35U
17g
1
1
3
18U
*92
12
9718
103
103
10212 102l2
*9i2
.
—
Jan
118
2214
*134
22
312
414
*1112
*119%
*4%
414
*11%
15
29
May 25
26
2658
ll8
*1
412
15
*9%
*9712 100
123g
*1214
—-
*119i2
5 May 23
l6%May 21
72
International Salt
600
6%
par
._
Highest
share 3 per share
per
par
Refining
Internat Rys of Cent Am No par
400
5
No
50
14~§66
9 per share
No
9,900
200
3 per share
Ingersoll Rand...
Inter Paper & Power Co.... 15
"""400
Lowest
Highest
Industrial Rayon
Int Nickel of Canada..No.par
Preferred
100
3%
*6
Indian
31:900
6%
85
6%
*75%
85
Par
Year 1939
IOO--Stars Lots
Lowest
27,700
95
3
*29i2
Range for Previous
Range Since Jan. 1
On Basis of
Week
21
9
*5
512
234
*25s
Friday
*90
83
EXCHANGE
Thursday
$ per share
I
S per share
534
2O84
9234
STOCKS
NEW YORK STOCK
the
NOT PER CENT
SHARE,
Wednesday,
Tuesday
June 25
.
92i2
PRICES—PER
SALE
Monday
Sales
for
LOW
Saturday
4087
June
3
May 15
10
23
17
31
21
38 May 18
2584May 22
130 May 31
17 May 24
20%May 21
8%June 5
21%May 22
2 May 21
4 May 21
24 May 21
l4%May 21
ll%May 23
a4May31
3%May 22
27gMay 21
13%June
105%May
1834May
138%May
15% May
8'4May
2684June
6%May
2l34June
21
25
21
10
21
June 10
160
June 12
36%May 22
2%May 22
May 23
96%June 14
10%May 22
10 May 21
93
May 21
17%May 21
20
5
June
6
20
14
Feb 19
29
Jan 11
3
9% Apr 20
Apr 15
Apr 15
109% Apr 5
180%May 9
23% Apr 4
29% Jan 3
45
33
109
95
41
Apr
6
95% Sept
152
Sept
15
Apr
10
Sept
43% Aug
J08% Aug
*0984 Aug
180
May
19
Nov
20<4 Aug
31% Apr
10
Aug
40% Sept
13% June
19
47
Mar
18% Sept
101% Sept
3284 Dec
54% Jan
109% July
8
2
Mar
2184 July
38% Sept
39% Apr
46% Jan
4% Apr 10
I884 Jan 11
l09%May 3
25% Apr 2
162
May
3
21% Jan
4
60
Jan 25
35
Jan
2984 Dec
3012 Sept
6
2
Aug
16% Sept
105
Jan
19% Apr
138
62
Jan
Jan
6% Sept
22% Mar
110
24%
June
Feb
Sept
159% June
IO84 Jan
36% Apr
20% Mar
67
Sept
3
28
Apr
35
Aug
136%May 10
2834 Jan 3
31
Apr 15
1284 Jan 4
124
Feb
135
Nov
18
Aug
38
8
Mar
4% Apr 18
77s Mar 11
35% Feb 28
17%June28
16% Jan 17
l%May 9
6% Jan 6
8% Mar 29
15% Feb 21
4734 Apr 16
1434 Apr 15
40% Jan 8
3284 Apr 15
170
Mar 2
53% Jan 4
4% Feb 23
30% Apr 3
105
Mar 29
16% Jan
17% Apr
111
29
8
8
Feb 24
3
Apr
9% Apr 25
June 26
47% Jan
3
12% Jan
8
* Ex-dlv.
Sept
sept
13% Nov
3284 Mar
6684 Mar
14% Apr 27
18% Mar 27
41% Apr 15
37% Mar 15
109% Apr 8
5%May 15
26
Sept
9% Apr
Apr
36% Apr
4% Apr
23
y Ex-rights.
1
25% Sept
11% Sept
25% Apr
1
Apr
5
Apr
9
Apr
3384
Oct
43% Feb
19% Jan
40
Sept
6% Sept
784 Oct
30
Nov
5
Apr
1534 Nov
10
Apr
16
1
Apr
2% Sept
4% Apr
3% Aug
684 sept
934
Apr
26% Aug
2
May
30
Sept
2084 Aug
155
Nov
4084 Apr
3% Sept
2434 Dec
93
Jan
10% Apr
8% Mar
1784 Nov
45% Nov
8% Dec
57% Jan
37% Sept
176
July
Oct
6% Mar
36% Mar
53*4
105
June
15% Aug
88
Jan
17% Nov
Jan
98<
108% Dee
2512 Dee
10*4 Jan
59% June
18% Sept
15% Apr
5% Sept
39
Oct
.
ept
Apr
CalledTorred^^lon^
New York Stock Record—Continued—Page 7
4088
LOW
SALE PRICES—PER
HIGH
AND
NOT PER
SHARE,
CENT
$ per share
*4i4
4*8
20*4
20>4
*5*4
6%
99
912
*94%
*914
Wednesday
June 24
June 25
June 26
$ per share
I
June 22
Tuesday
$ per share
4U
21%
6
*94i8 108
9%
9*8
414
75
*68
*68
28
3*8
1012
12
29
75
*27
27*4
*3%
3%
*1512
*12
16%
12*4
27*4
3*«
*15%
12
*28
30
*28
"
14
29I4
116*4
36i2
36%
29%
*93
99
75
*71
75
*68 >75
*68
75
*68
*26%
*27%
28
3
3
3
15*4
1178
29
7*4
13*4
15%
*11%
15%
12
29%
15%
*11%
8
I
7J2
*4
2%
*%
ai#j
I41
%
*11
117s1 *11
*91*4
9278
*91*4
116
*41412
\l7h H7i2
39
3914
38
*34i8
*22l4
23
*10*4
14i2
*1458
*18
20
*18
*3
3i2
2518
2514
10
10
68I4
11
*3
*24%
*9%
*5%
13%
13%
29
29
283g
29% 29%
*113% 114
*113% 11634 *113% 114
1,500
35l2
35
35%
97
35%
35%
4% conv pref series B...100
' *31
3418
31
31
;
758
*28%
33
*28%
35
100
$6.60 preferred
7%
*7%
8
*734
8
300
*4
%
2%
Mission Corp
Mo-Kan-Texas RR
h
7%
h
2%
2%
7%
*%
*2%
*18
%
*18
*%
%
*10%
%
*1034
11%
9la4
116
2%
%
11%
92%
116
H84
91%
89%
j*ll5
"i«
2%
%
%
11%
90%
90%
*115
3%
*67
67
70
67
5
5%
43
5
*39%
5
43
70
*39
5
....
*4%
43
6i2
812
*6%
*7%
6%
*638
6%
6%
0%
8%
8
8
8
8
IOI4
1858
10%
18%
10*4
19
4
4%
A
4
108
IO8I4
4
*5%
*20
*778
0i8
*64
*1612
*163
*132
*1714
7
58
'
5*4
*9
*33
*27U
*5ifi
*8
*1512
80
*41
43l2
*102
14%
12%
1738
14%
17%
6%
8%
934
17%
*6%
*7%
105
43
14
*11
14
*11
14
*11
89%
*80
89%
*80
89%
*80
8%
14
*11
*80
18
17
11%
6
*5%
19%
8%
6%
1934
*8%
6%
7
7%
634
4134
11
12
38%
10%
13
12
24
24
24
24
24
*3l2
412
*3%
4%
*3%
4%
7
*4
7
*4%
7
1
*4%
10812 *101
117U *105
108% *101
108% *101
117% *105
117% *105
55% *50s4
*50
55%
*50
V %
»n
!i«
*%
*%
168
133%
734
57
17%
*%«
54
51
17%
*85
5%
*32
*2l4
*24%
1434
130
7%
*39%
2,900
12%
48,800
12%
14
3%
400
%
84
:
7
108%
117%
20
51
*%
i
1,300
205
208
208
107
*106
107
53
52
51
51
17%
16
1734
95
54
54
55
500
*50%
53
52
52
j 1,700
16%
16%
16%
17%
25,300
5%
16
95
*84
534
578
*108
*32%
2%
*24%
*14%
,
834
29
*25
29
*19U
21
*19%
21
*46
48
48
48
*5l2
*214
*9l8
*4*8
*10
28i2
*38i2
*1014
578
234
10
514
11*4
28i2
39i2
12
*115% 125
47
538
234
*9
*4%
*10
47
534
284
10
5
1134
*116
118
28% 30
*38%
39%
11%
11%
*116% 118
*137
147
*141
*
147
6
100%
1178
_
*127
8%
*24
1978
*45
3%
12
129
5%
2%
*9
278
11%
*127
8%
8%
6
34%
2%
32
15
33
2%
100
278
1178
129
8%
100
*108
33
*33
34%
*24%
2%
32
2%
*24%
15
*14%
15
10
600
32
*14%
|
"9",300
5%
*98
*2%
1134
*128
5%
13
9%
100%
3%
12
129
2%
.
""406
6
6%
7,300
13
13%
5G0
*9%
10
*9734100%
1,100
*2%
3%
1234
12
128% 129
20
200
4,100
60
8%
*25
29
*25
28
100
*19
22
*19%
22
47%
100
*45
*115%
45%
5%
2%
47%
....
46
5%
2%
9
10
5%
2%
9
*4%
*45
*115%
45%
*5%
2%
9%
4%
10%
a;28%
8%
47%
....
NYC Omnibus Corp..No par
New York Dock
..No par
104
1
6% preferred series A... 100
434May 22
May 21
Apr 27
45 June 0
10% non-cqm pref
60
N Y Lack & West Ry Co.. 100
*137
on
144
this day.
*136
884
8%
*45
INYNH4 Hartford
110
Conv preferred
100
% Apr 27
% Apr 12
...100
2,300
10
*115%
N Y
Nov
34% Mar
6% Jan
6
5
28%
Dec
30%
3
July
14
Aug
26
Feb 21
28%May 7
32% Apr 8
12% Apr 10
17%May 9
40% Apr 8
11% Sept
Apr
6% Apr
25
11% Apn
18% Apr
122
May
9
101
54
Apr
8
44% 8ept
103% Sept
110
Jan 20
434 Apr 24
48
Apr 25
Apr
30
Sept
Apr
1% Jan
884 Aug
434 Jan
2% Aug
% July
1
% Jan
% Jan
%
193g Jan
119
10%
8534
May
118
Jan
60
Dec
85%
Jan
July
114
6%
Jan
64
Mar
14%
2%
9«4
Jan
Jan
Jan
1% Sept
Dec
2% Sept
Apr
Apr
11434 Sept
21
Oct
Sept
121
Sept
122% May
5784 Oct
47
Sept
40% Apr
31% Aug
22% Sept
9% Apr
3078 Feb
May
37% Mar
19
Jan
10
Apr
17%
Oct
16%
Apr 18
18% Apr
26% Jan
Apr
30
Jan
5% Feb 16
3% Aug
Feb 28
30
IW4 Mar 20
9
39
Sept
112
Jan
Feb
16
18
40
120% Nov
110
121% Jan 30
46
Aug
Dec
6% Jan
28% Jan
21% Sept
39% Jan
10% Sept
2% Sept
11
Apr
Sept
83
Mar 29
60
Apr
111
Mar 14
105
Sept
4
Aug
8% Feb 10
Apr
7% Feb 15
7% Jan
44% Mar
1434 Sept
70% Dec
111% Nov
9% Jan
53
43% Sept
5% Sept
62
22% Jan
21% Apr 30
14
20% Nov
I884 Sept
7
19
Aug
7% Aug
Apr
1
7% Sept
21% Sept
147%
10%
Oct
Apr
Sept
87
99% Apr 17
20% Jan
10% Jan
17%
18% Apr 17
110% Jan
110
114
107
Jan
0% Apr
Apr
14% Dec
*8% July
13% Mar 12
7% Mar 14
267g Apr
157S Jan
12% Jan
96
6
3
Jan 31
22% Apr
27
12%
Jan
Sept
Sept
Jan
4
Oct
14%
Apr
684
Apr
July
87s Jan
73% Jan
934 Jan
52
14%May
10
4384 Apr
33% July
5% Aug
Apr 29
63% Apr
110
Jan
0
4
75% Mar 9
14% Feb 20
Jan
3
187s Jan
3
21% Jan
4
39
3
50
Dec
9%
Jan
May 31
8%May 28
10% Apr 15
24% Jan 24
170% Mar 0
Jan
9
8% Apr 22
33% Mar
41
Apr
Dec
'
2% Apr
8% Sept
18%
Apr
73% Mar
32
Apr
105% Sept
8% Apr
Apr
11% Sept
10% Apr
18% Apr
27
30
Apr
1*4 May
15
Nov
28% Mar
175
Jan
17% Nov
95% May
23*4 Sept
26% Jan
16
Sept
18% Aug
117% Jan
114
Mar
8%
6%
28%
18%
Oct
Feb
Jan
Jan
16%
100
Jan
Mar
27% Jan
173% Aug
145
Feb
35% Sept
10
Aug
82
Sept
15%
Jan
20
Jan
59% Jan
60% Apr
5% Oct
11% Feb
29% June
87% Aug
42
July
112% June
1784 Sept
62
Sept
23%
25%
4534
43%
10*4
Sept
Sept
Sept
Feb
Sept
12% Apr 22
115% Mar 11
111% Apr 30
100
Nov
119
May
120
Mar
Feb 20
47
July
62
Mar
66
4% July
Norfolk & Western Ry
50
5H % pref series
..60
North Amer Aviation
1
Northern Central Ry Co
50
Northern Pacific Ry
100
North States Pow $5 pf No par
Northwestern
Telegraph
50
Norwalk Tire A Rubber No par
Preferred
50
Norwich Pharmacal
Ohio Oil Co
Oliver Farm Equip
Omnibus Corp (The)
8% preferred A..
Co..2.50
No par
'
100
No par
Otis Elevator
No par
100
.....
6% preferred
Otis Steel Co
$5.50
conv
No par
1st pref..No par
Outboard Marine & Mfg
5
Outlet Co
No par
Preferred
100
46%
48%
~2~, 800
Owens-Hllnols Glass Co.12.50
5%
5%
1,600
2%
9%
4%
2%
*8%
2%
10%
4%
11
680
Pacific Amer Fisheries Inc...5
Pacific Coast Co
10
144
4%
*10%
29%
50
410
100
31
5,200
40
41
1,100
11
11%
118
*136
J In receivership.
118
Pacific Ltg Corp
Pacific Mills
100
Pacific
144
a
Def. delivery,
42
15% Sept
118% Mar
No par
No par
Telep A Teleg
6% preferred
n New stock,
100
Cash sale,
Jan
68
Jan 10
8
3
90% Feb 20
9% Jan 3
2634 Jan
1% Sept
1% Dec
%May
5% Sept
8% June
70
Apr
81% Dec
168
103%
18%
52%
50%
12%
*
217
Nov
113
June
Sept
Sept
Apr
82
Jan
7
June
26% Feb
59% Aug
59
Aug
29% Nov
89
Nov
14*4
Jan
113
Mar 25
100
Sept
113
Dec
36
Apr 29
29
Sept
40
Oct
5% Jan
3
42% Jan 12
2»4 Apr
32% Apr
0% Nov
4484 Aug
16%May 29
6
884May
7
23% Apr
14% Mar
4
..4% Sept
4
12
112
Mar 28
5% Apr
18% Jan
144
3
12% Jan
41
4
4
Feb 19
Jan 11
3234 Apr
4
Aug
Sept
100% Sept
484 Aug
15% Sept
101% Sept
30
Jan
20% Mar
113% May
16%
40%
114%
Apr
8% Jan
27% Jan
148% July
16
Sept
55% Sept
20% Deo
128
7%
33
Oct
Apr
July
Jan
Jan
54
Dec
120
Dec
Jan
6
50
Apr
70
Jan
10% Apr
684 Jan
2334 Feb
12% Jan
14
Apr
34% Apr
26
6
13
4
15
16
3
Aug
2%
Apr
55
Jan 22
120
Jan 17
64%
114
Apr
June 18
154
Jan 24
128
Sept
y
Sept
Jan
Apr
Mar 12
Ex-div.
1»4 Sept
17
94% Dec
33% Dec
Sept
139
144
100
r
June 10
69
Dec
%
434June 10
2 May 22
8 May 22
3%May 22
9%May21
25%May 22
33 May 22
8 May 21
115 May 25
1st preferred........ No par
2d preferred
No par
Pacific Finance Corp (Cal).lO
Pacific Gas A Electric
25
800
May 23
May 22
May 25
134%June 6
36% Apr 6
220%May 4
113% Mar 27
23s4 Jan 3
5%June 10
10%May 21
7%May 21
95 May 23
2%May 22
ll%June 11
124%June 11
7 May 21
21 May 21
19 June 10
47 May 24
ll5%May 24
No par
6
Oppenheim Collins
% Jan 11
26% Apr 22
Jan 30
175
105
14%May21
47%May 22
47%May 22
15 May 14
84%June 5
4%May 15
101 May 24
27 May 22
2%May 15
32 May 20
14%Junell
100
.....10
0% preferred series
4
20
5
100
Adjust 4% preferred
North American Co
Jan
2
4
% Apr
3
13% Jan 15
.
Noblltt-Sparks Indus Inc
% Jan
92
Shipbldg Corp part stk. 1
7% preferred100
4634
534
434
4%
4%
1134 *10
11%
10%
28%
30%
28% 29%
29
38
38% 40
38
*38
40
11
11
11
11%
*11
11%
11534 117
*11534 117
*11534 118
6%
21
48
Bid and asked prices; no Bales
95
6%
27
47
147
*84
49,600
27
1978
*10
*141
22%
*18
27
*115%
46
100
95
*108
9%
12%
130
51
*85
6%
34%
' 2%
32
1434
129
900
15%
9%
838
200
51
9%
12
:
54
9%
*127
50
20%
93g
12
Nov
63
91
IN Y Ontario & Western. .100
"4",400
19%
*12%
129
300
187g
*53%
9%
12
100
3%
*584
108% *101
117% *105
51
55%
2,300
5,200
50
July
39% Aug
43% Apr
8% Apr 2
10% April
10%June 24
25% Mar 13
z21%June28
6%May 24
30%May 21
9%May 21
87gMay 21
15 May 21
20%May 21
3%May 21
Newport Industries
6
2
73
May
132
9%June 26
May 21
May 22
30 May 22
100 June 12
14% Sept
May
148% Jan 29
4
10% Oct
101% Nov
85
14
N Y Air Brake
No par
New York Central.....No par
N Y Chic & St Louis Co—100
Aug
May 29
5 % preferred.
No par
N Y & Harlem RR Co
50
900
Jan
0
82
75
No par
1
4Ji % conv serial pref.-.100
Newberry Co (J J)
No par
5% pref series A
..100
Newmont Mining Corp
10
6% Aug
88
9
173% Jan 31
13%May2l
5%May 22
48 May 21
4%May 24
8 May 23
26%May 24
35%June25
par
No par
Neisner Bros Inc
1
1
4
107
Apr 15
14%May 3
834 Apr
32% Apr
9% Jan
Highest
share $ per share
per
1
9%
*127
900
24
578
12%
47
500
11%
205
*2%
132
% prior preferred....100
6% prior preferred
100
7%
3834
*106
3%
100
$
June 19
..100 *160
40
21%
24
4%
7
578
12%
*2%
7% preferred A
0% preferred B
Nat Mall & St'l Cast Co No par
National Pow & Lt
No par
National Steel Corp
25
National Supply (The) Pa..10
$2 conv preferred
40
x21%
107
*99
National Lead Co.—.— 10
200
1,800
—600
"""366
23%
*3%
54%
100% 100%
par
Nehl Corp
*584
54
6
1
preferred-No
300
23%
18%
15%
conv
4,300
1034
200
*24%
14%
Nat Gypsum Co
10%
10
195
32
Nat Distillers Prod....No par
Nat Enam & Stamping No par
$ per share
4% Apr
4% Jan
20% Sept
10% Sept
8% Sept
83
Sept
17% June
152
Sept
1634
17
107
*2%
10
3% Jan
106
*32
No par
preferred
7%May 21
204
34%
2%
6%
Na torn as Co.
7
«u
109
Nat Dept Stores
NatlonalTeaCo-..—No
198
*85i4
584
100
100
1,300
106
109
7% pref class A
7% pref class B
5%
884
4
1778
6
No par
5%
*8%
8%
934
24
13%
*46
20
24%
57g
*12%
*11518 125
100
Register
National Cylinder Gas Co... 1
Nat Dairy Products...No par
5%
23%
20
...
Nat Bond & Share Corp No par
Nat Cash
*31%
23
13%
*25
"3)566
100
*35%
22%
18%
54%
95
l678June 6
155 June 11
10
Jan 4
91 May 18
10 June 26
934May 22
6 May 21
ll78June 5
107%June 13
107 May 23
3 May 28
5%May 23
17 June 10
7%June 6
5%May 21
66 June 19
14%May 22
35
1234
108% *101
117% *105
*51
55%
10
June 10
37%
57%
6%
9%
7%
38%
1134
1234
6
8i2
200
21,800
7
*12%
8i2
4,400
8%
8
9
June 10
5734
6%
9%
36
37%
578
9%
11%
6
314
100
1,100
38%
14
978
3U
3,000
18%
7
6
100
90
120
133% 133%
17%
40
llSg
12%
2134
*1238
*93s
*99
8,600
i2
202%
106% 106%
19% 20%
*108
15U
1,200
$4.60
17
10
5
5% pref series A
4,400
1734
165% 165%
84
*200
*14i2
6% conv pref
Nat Aviation Corp
National Biscuit Co
cum pref
—.100
Nat Bond & Invest Co. No par
7
84
84
*%
»U
»1«
*%
%
%
*%
%
*%
%
20
20
20
20%
183S
19%
18%
19%
18%
19
1884
19%
*134i3j2134*4 *13413484 13413jjl3413i2 134i332i34i332
134i%2 134»3J *134 "as 13434
*24
*2284
25%
24
24
25%
*23
*23
25%
25%
25%
25%
*200
203
*2i2
*24i8
Nat Automotive Fibres Inc.-l
7%
9%
17
1
200
8,000
112
*45s
34l2
284
32
13% Jan 13
6%June 10
7%June20
72
*102
20%
*23%
*3%
*32
National Acme Co
200
*67
43
22%
578
11
300
72
105
12%
21%
*10514
Nashv Chatt A St Louis... 100
3,400
6%
19%
43
*40
No par
800
7
13%
13%
13%
109% *109% 114
109% 109% 109%
4%
4%
4%
105
12%
14
21
22
28
22
21
15
384May21
6% preferred
..100
Murray Corp of America.. 10
Myers (F & E) Bros
No par
Nash-Kelvinator Corp...
5
5,400
10
44
13
17*4
Murphy Co (G C)
1,800
1134
10
9
105
23
87
1
Co class B
20
22
21
21
6,400
17
11%
*43
13
54
52
Mulllns Mfg
57 preferred
....No par
Munslngwear Inc..
No par
89%
105
22%
1914
1
14
89%
v
44
13
107
Mueller Brass Co
100
6%
*41
2214
183s
*52i4
*50l2
17i2
*84i2
578
300
21%June
8%May
12 May
15 May
23gMay
20 May
8%May
56 May
97%May
4 May
41 June
50
6%
*7%
44
42
—60
140
18%
*41
44%
No par
Motor Products Corp..No par
Motor Wheel Corp
5
100
17%
44
105
Morrell (J) & Co
Morris A Essex
500
..
15
*40
*43
par
500
15
43%
2214
*23i2
*104
410
5%
*41%
*102
10
No
600
1,000
80
4334
7%
S4.50 preferred
Preferred series B—No par
4%
*70
105
l%May 22
%June 27
%June 21
9%May 21
8634June 10
110 May 23
113%May 27
3l34May21
33%May 21
Montg Ward A Co. Inc.No par
42
4%
80
4384
Monsanto Chemical Co
50
70
*70
*102
No par
7% preferred series A... 100
J Missouri Pacific RR
100
5% conv preferred
100
Mohawk Carpet Mills
20
14,200
74
80
11%
84
12
*69
*70
7
*4
*5g
*14
20
*10734
80
41
5512
1,400
May 22
7%May 21
%May 18
10
-
*70
7
*50
500
93
...
44
12
*101
12«4
90
80
42
*105
12
44
*40
13
1,700
•*70
7
11*4
%
600
10%
9%
10
*9%
-934
10
18% 19
18% 18%
18%
1834
18%
19%
160% *156
160
*156
160
*156
160
*156
160
•
43
%
5
4%
16
16
*16
*16%
18
17
*16
11%
11%
11%
1134
1134
11%
11% *11%
*9
IOI4
10%
9%
9%
*834
9%
*8%
13*4
13% 1334
13%
1334
12%
13%
13%
IO8I4 *108% 109% *108% 109% *109% 109% 109%
IO8I4
108% 108% 108% 108% *10834 110% 109%
>'•; 4i8
*4
4
4%
*3%
4
4%
4%
6I4
*5%
6%
*5%
6%
*5%
6
6%
19
2012
19%
19%
19%
1834 19
19%
9%
8
*7%
9%
8
*734
6%
6%
6*8
*6% v 6%
5%
6%
6%
70
72
*66%
72% *67
*66%
70
*67
17
17 |
17l2
16%
16*4 17
16%
1634
171
*163
109
*163
169
*163
168
*165%
133% *132
133% *132
133% 133% 133% *132
18
18
I8I4
17%
17%
17
17
17
7l2
7%
8
7%
7%
7%
7%
7%
68
58
56
58%
56
56
57%
*56
6
5*4
534
6
534
578
*5%
*9
*9
10*4
10%
10%
9%
9%
*834
36
*31% 36
*33%
36
*30%
34% *30%
3712 *33
37%
35% 35% *35 ; 38
*35%
5%
5
5%
5%
5
5%
5%
*5
*8%
8%
8%
83g
884
87S
8%
10
10%
10%
10%
95g
lo
*9%
I712 *15% 19
*15% 18
16% 16%
17
*70
200
42
4%
18
13*8
%
5
10
1H2
%
43
*39
*6*s
*7i2
*914
1,000
No par
1
*107*4
*1018
18*8
*16*4
3,
2%
*115
70
♦IO734-— *107*4
17
*80
*%
2%
117% 117*4 *117% 118
*117% 118% *117% 118%
37%
39%
36*8
38%
38%
3834
40
38%
*34%
37
*34% 37
*34%
38
*34%
38
23
23
2234 23»4
23%
23%
24% 25
10%
10%
11
10%
10%
10%
10%
11%
1434
1434
13%
13% *13%
14%
14%
14%
1734
18
*17%
19
*1734
18%
19%
18%
3
3
3%
3%
*2%
3%
3%
3%
25
24% 24% *23
*23
26
*23%
25
*8*4
10
*834
10
*10
*9%
9*4
10%
18%
8918
No par
Minn Moline Power Impt.__l
12%
*80
1,200
May 21
6%May 21
ll%May 21
23%May 21
103 May 24
33%May 21
95 June26
2%May 15
20 May 21
8% cum 1st pref
100
Minn-Honeywell Regu.Na par
180
13%
*156
*11f
3734
Midland Steel Prod
700
*1234
1738
14
20
3
13%
18%
160
900
100
*1234
18%
*11
24
6
3
13t2
18is
*156
Mesta Machine Co
Miami Copper
5
Mid-Continent Petroleum..10
*96
4%
18
36%
Merch & M'n Trans Co.No par
1
50
3
4%
*12i2
700
1,300
(The)
5% conv 1st pref
100
25
10%
*40
42i4
200
734
V 4*8
'
12
29
7%
13%
Mengel Co
3
68
4*8
100
1
*96
11
*3914
700
Melville Shoe Corp—!
3
14%
19%
108
3%
*11%
90 May 31
7%May 28
64
Feb 5
53% Feb 0
24%May 24
2%May 22
ll%May 22
1178june25
95
23%
68
""400
*27%
100
..No par
56 preferred series A. No par
S5.50 pref ser B w sr.No par
5
Mead Corp..
3
116
108
50
1634
*15
l7%May 28
95
%
117S
9234
68I4
7%
3
15%
12
*28 /: 28%
7%
7%
13%
13%
S3 series conv pref—-No par
...1
McLellan Stores Co
6% conv preferred
2,800
28%
27%
3%
McKesson A Robblns, Inc—5
Year 1939
Lowest
Highest
$ per share
4 May 15
Pot
■
314
7%
*'
2*8
107% 108
5i8
518
800
400
,
Range for Previous
100-Share Lots
Lowest
*3
118% 118%
38*4 39%
*34%
38
22*4
11
14i2
29
114
7%
13%
28%
35%
*%
*3I6
,
29
96
36
2*8
I3i2
29
114
3U
*7*8
1,500
■.;>
75
28
3i8
Shares
75
28
Range Since Jan. 1
On Basis of
Week
*71
11?8
28*4
99
*31
35
June 28
*15%
"
*3
3U
June 27
71
7%
*115
7
Friday
$ per share j $ per share
4%
4%'
4%
4%
4%
4%
20*4 20*4! *21
21%' 21% 22
5*4
684'
5%
5%
*6%
6%
*94% 108
*94% 108
*94% 108
,l 9%
9%
9%
9%
9%
9%
71
STOCKS
EXCHANGE
Thursday
*27*8
3i8
7*4
14
14
*29% 30
115
115
30
3614
8
*7%
*%
*2i4
9i2
*71
*68
*31
9%
71
75
71
*3
414
414
20i2 21
5*4
5*4
*94i8 108
*21
*^4
71
*93
,
NEW YORK STOCK
the
$ per share
71
*7%
13%
Sales
for
Monday
Saturday
June 29, 1940
Jan
3
16% Jan
4
50
Ex-rights,
11% June
384 June
9«4 Apr
27% Apr
41
9%
Apr
Apr
7% Sept
7% Nov
25
Nov
15% Sept
1234 Mar
34*4 Mar
52
Oct
21% Sept
132
June
156% July
f Called for redemption
Volume
LOW
New York Stock Record—Continued—Page 8
150
HIGH
SALE
Monday
1
""
PRICES—PER
SHARE,
Wednesday
June 24
June 25
June 26
June 27
$ per share
$ per share
$ per share
$ per share
June 28
13%
*8
*15
3%
6%
33g
6%
200
3
3%
3%
3%
6%
3%
*5%
3%
3%
79,700
1334
1334
14%
14%
3%
15%
Pacific Western OU Corp
10
Packard Motor Car
No par
Pan Amer Airways Corp
5
"~51~4
*69%
7%
7%
16%
334
14%
9%
*15
1%
34%
178
34%
34
1784
1734
*1784
1%
*1
1%
7%
*6%
6%
52
83%
*2%
*2
83
*14%
*10%
12
18%
*17%
183g
18%
*29
30%
""5"
*67%
6834
7%
7
7
*15
7%
:■ 7
*1
7
7
;
*6%
33%
1734
82%
2%
2%
1434
*1
*48
81
80
*2
2%
11,000
1,500
*17
30%
16%
1%
1,500
Park A Tilford Inc
Park Utah Consol Mines
34
3,500
Parke Davis A Co
*18%
19
300
Parker Rust Proof Co
300
Parmelee Transporta'n. No par
Pathe Film Corp
7
-»
1
1
~
m-
7%
6%
2,600
6%
,7%
3,000
100
51
*48
2%
2%
15%
No par
Penney (J C) Co
No
71
Patlno Mines A Enterprises. 10
*10
11
*10
2%
4,200
100
Penn Coal A Coke Corp
900
Penn-Dixie Cement
300
16
17
30%
*1%
3
*1%
3
*8
91-1
*8%
9%
27
27
*17
*17
*6%
7%
28%
28
18%
19%
: 7
18%
*10
400
Penn G1 Sand
18
18%
18%
19%
1934
20%
20,500
Pennsylvania
18
18
18
18
18%
18%
300
*2834
30
30
30%
31
3134
900
*17
7%
*7
28%
42
76% <*73
*5i«
*76%
*40
8
26%
25
26
*1%
*6%
2634
16
1634
19%
15%
15%
17
*17
6%
*6%
734
28%
41%
*73%
%
si«
78
*17
7
*7
29%
42%
76%
716
7734
3
8
734
28%
*40
*1%
26%
19%
6%
*70
3
834
*8
28%
18%
78
pref
14%
11%
11
734
27%
40%
%
78%
28
40%
*3834
74
29%
41%
76%
78
6%
734
74
*70
S18
27%
8i«
76
*%
76%
78
3
*1%
*7%
-
•
-
•
8%
100
27%
17%
27
27%
19
*17
6%
7%
7i«
Corp vtciVo
preferred
conv
4,900
300
par
No par
50
RR
'5% prior preferred
5% preferred
100
100
No par
10
Deo
Apr
9% Sept
June 12
1
per
5
21
5
June
2
35
101% Jan 25
8% Apr 4
94
Apr 15
7
Jan
45% Apr
92
%
10% Apr
18
6% Sept
Sept
7«8 Sept
6
Feb
Apr
Sept
Sept
72
6
14% Sept
2% Apr 12
1%
44% Apr 9
22% Apr 16
2% Mar 12
Apr
Apr
36
11%
Apr
1%
Aug
534
Apr
26
23
x5%
Dec
62% Jan
5
48
Apr
June
6
96%May
8
74
l%May
l%May
ll%May
22
4% Jan
8
22
4
21
25
5
9% June 25
118% Jan
5
May-22
15
15
May 18
23
May 22
j
l%June 13
5%May-21
'22
l7%May
ll%May 21
May'22
15
68
5% conv pref series A... 100
Phillips Jones Corp
No par
7% preferred
100
Apr
2% Aug
3
17% Aug
ID4 Sept
Jan
16% Jan 6
May 18
121
24«4
120% June
15
Jan
Aug
2134May
3884 Jan
4% Jan
30%
13% Apr
39% Apr
29% Apr
7%
24
2
Apr
Apr
13% Sept
Apr 25
40% Jan
Apr
May
21
4
2
2
Jan
17
684 Sept
6% Apr
28%
47
Jan 11
36
85
Jan
4
75
% Mar•20 ."V 68Mar
May 21
97%May
9
74
Jan 23
Apr
Apr
124
June111
70
10
Apr
«4
Feb 17
25%June110
37% May■25
136
Philip Morris A Co Ltd
%
12% Mar 4
10%May 13
Phlla A Reading C A I.No par
2,500
3
8% Apr
500
1
7
10% Feb
Phelps-Dodge Corp
25
Philadelphia Co 6% pref...50
$6 preferred
No par
77
4
6%May 18
200
S18
*%
x77
4
4% Mar 11
25% Apr 4
6%May'28
300
Highest
share %
6% Dec
Petroleum Corp of Amer
5
Pfeiffer Brewing Co
No par
76%
76%
77
No par
43
27
*3 684
43%
76%
800
28%
7%
A
Pet Milk Co
19%
6%
No par
Peoria A Eastern Ry Co... 100
Pere Marquette Ry Co
100
260
734
27%
ser
10
Peoples Drug Stores Ino
5
Peoples G L A C C(Chic).. 100
630
1734
19%
6%
19%! *17
6%
*7
3
8%
conv
par
share
8% Jan
l%May 21
28
22
28
21
Penlck A Ford
2.50
2%
*1534
1
32%May
13%May
34May
5%May
5%June
45
May
2%
*2%
1
.No par
83%
82
82
-
Year 1939
Lowest
7% Jan
10
5
15
21
16
22
11
May 23
6%May 21
15 May 21
10
*1%
«.
$ ver
64
...100
34
30%
18%
*16%
*28%
*1%
1
6% 1st preferred
6% 2d preferred
18%
18%
934
1834
18%
100
Paramount Pictures Ino
100
17
18%
conv preferred
*15
*2%
*14%
2%
14%
5%
71%
7%
4%
..No par
16%
1%
33%
51%
*2
2%
Parafflne Co Ino
7%
6
6
5%
51
Pan-Amer Petrol A Transp..5
Panhandle Prod A Ref
1
500
*68
1%
6%
79
1434
10%
12
*18
1
5%
2%
2%
16
1%
3334
7%
600
Range for Previous
Highest
share
2%June
5s4June
2%May
12 May
684 Jan
%May
26% June
99%May
4%May
18%
*15
..
51
51%
8434
2%
2%
1734
1
6%
*48
16%
1%
33%
1%
300
84
29%
99%
♦
5
6734
6%
16%
1%
34%
1734
1%
8%
*%
8%
~~5~
5
6734
*15
1%
33%
1734
*
26,000
29%
,
84
29%
99%
3%
3%
834
34
99%
"4%
5%
8434
15%
*14%
*10%
*
7%
7%
*2%
2%
*28
*7
52
2%
2%
28%
*6%
74
♦68%
7%
16%
134
34%
18%
1
*48
84
99%
5
74
834
34
*8
»4
283g
1
28%
*
33g
13%
8%
*34
28%
99%
53g
7%
*6%
14%
8%
'4
1
*634
*48
13%
28
*
74
S per
Pacific Tin Consol'd Corp__.l
534
3%
*5%
1,300
534
3
28
99%
5%
5
3%
*534
3%
*8%
34
1
*67%
7%
Par
6%
14%
29
*
Lotoest
3
9%
*34
Shares
'
*3%
*5%
3%
534
3%
14%
*28%
Range Since Jan. 1
On Basis of 100-SAara Lois
Week,
$ per share
$ per share
3
EXCHANGE
Friday
Thursday
Jme 22
*3%
584
STOCKS
NEW YORK 8TOCK
the
CENT
NOT PER
Tuesday
Sales
for
AND
Saturday
4089
1
Jan
% July
Sept
'
*108
125
*3%
*27
*108% 125
*108% 125
*108% 125
*108% 125
*108% 125
334
3«4
*334
4%
*334
4%
*3%
4%
*3%
4%
4%
35
31%
*2%
*35
313s
*23g
3134
2%
40
*834
*2338
47%
♦
35
*27
*834
23%
48%
*
135
23%
48%
"*4%
24%
7*2
*22%
*634
*66
75
*68
*46
75
*168
172
*168
172
*634
9
*35
9%
24
49
*46
*
*4"
434
22%
*21%
*6%
7%
*638
23
3is4
*2%
*19
~
~
"loo
400
20
49
135
"*4*
*19
_
"
200
5%
100
24
'
7%
*69
75
7%
*6%
75
*66
66
7%
*6%
7%
m mm -
Petroleum
Phoenix
No par
Hosiery
5
...100
Pierce Oil 8% conv pref... 100
Pillsbury Flour Mills
25
Pirelli Co of Italy "Am shares
Pitt C C A St L RR Co
100
Pittsburgh Coal of Pa
100
6% preferred
100
Pitts Coke A Iron Corp No par
15
20
68
*60
66
Phillips
Preferred
24%
24%
*48
23
~
9%
*_..-
5%
m
40
*9
49
4,300
2%
*35
9%
-
10
33
135
"*4_
5%
32%
2%
-
100
35
24%
*48
*
135
35
40
*8%
24
434
22%
5%
*2%
40
*23%
49
31%
2%
*8%
135
35
*27
31%
*35
24
*23%
24
*22
40
*
135
35
31%
*2%
2%
9
934
*27
32
*2%
*35
5%
*4%
35
31%
32%
2%
40
*35
10%
24%
47%
*27
conv
preferred
No par
Pitts Ft Wayne A C Ry Co. 100
5%
*8%
*21
*14
*25%
Ills
5%
*34
512
558
8%
7i8
*15
22l2
16i2
*25%
37i2
*20i2
15i2
*25%
11
IH4
1%
718
22
1512
37i2
11
22i2
78
16%
15i2
7
*84
*16
*%
'
%
9i2
10
*28
*28
59
59
59%
5i2
7
18
13%
634
*7%
*12
9
1
59%
5914
7%
■:
:
7g
934
30
60
115
758
*82
*76
.
884
*8%
*26%
58%
11
4%
*36
85%
77
77
77
76
11
1034
1214
412
1078
1214
10%
|
*634
7%,
*16U
*16
28
11%
*534
1012
7
4%
7%
4578
66
I
138
173s
*65
55%
5334
284
2%
37
*33
634
*8
12%
234
17%
I6I4
*83
100
40%
7i8
*8
7
*44
54l2
13s
36
17%
16%
I6I4
1512
27i2
1H8
2034
1812
*23g
28
11%
21%
18%
3
*33
38%
634
7%
10%
*584
*634
*8
7%
684
47
I6I4
15i2
28i4
11%
2034
18i2
3
38%
634
8
1012
7
30
60
60%
20
119
118
137%'*131%
118
137
100
*152
30
160
115
200
*113% 115% *114% 117
20»4
21%
20%
20%
7%
7%
7%
7%
85%
85% *83% 85%
85%
77
76
75%
76%
76%
No par
preferred
.....100
preferred....
100
preferred
100
Pub Ser El A Gas pf S5. No par
<5 preferred
500
*131% 13834
151% *151% 158
5% pf (ser of Feb 1 '29). 100
Pub Serv Corp of N J..No par
8,400
*117% 120%
*9^
10
1914
*68
55
l3g
17%
,
6%
7%
8%
20
*18
20
*68
77%
*70
77%
*40
55
*43
55
I
9
9%
80
|
16
2%
*33
*534
7
*8
11%I
21%!
II84
20%
634'
7
*534
*634
I
10%
...No par
3
38
6
1%
16
i%
9<
80%
*65%
1634
81
6884'
9%
*16
70
*37
8%
20
55
8%
8234
7%
36%
53%
73g
53g
3%
3638
*52
37
53%
36%
7%
*5
3%
7%
538
7%
3%
14%
1
3%
*12%
1312
13%
*13%
%
84
*%
31«2
32
*%
*2i2
%
4%
%e
*2%
4%
*%
%
*2%
*4
5
*4
5
*4
41
41
,
4134
41%
10034 10034
21% 21%
32
%
%
4%
30%
*%
*%
*2%
5
*4
40% 41
10034 101
21
21
13%
1
31
%
*17%
*2%
100
66
*9
1%
17
*83
68
69
9%
20
70
9%
90
3%
*13%
3%
13%
*%
1
30%
31
300
10
18
2,100
38,200
85
600
9%
900
100
7%
36%
*52
7%
*4%
384
14
40
2,300
90
500
7%
37
53%
7%
5%
334
14%
1
2,300
5,200
10^200
200
1,100
300
100
31
3,300
%
*%
%
*%
%
*2%
4%
*%
*2%
*4
5
*4
41
41
20
101
101%
20%
20%
4034
101
20%
t In receivership,
42%
2,100
650
21
900
Jan
10%May 9
28% Apr 26
49% Jait
6
Aug
23
Apr
110
Mar 12
164
May
167
176
May 10
35% Mar
Jan 17
7
June 10
4%May 15
5
May 15
l6%May 22
10 May 21
19 May 21
7 May 21
% Feb 14
15 May 28
12% Jan 13
5%May 21
%May
6%May
6%May
21
May
53
June
29
21
21
21
5
ll2%May 22
30%June 10
100 May 21
11078May 22
Apr
4
Mar
50
Apr
80
Apr
8% Jan
11
Jan
Sept
47s Aug
6%
Apr
Apr
22
1934 Apr
37 May 10
12% Aug
l%Mar 12
2234 Feb
15
18
June
6
16% Apr
Jan
Sept
%
Apr
17% Sept
12% Jan
Apr
7% Aug
2% Feb 27
14% Jan
14»4 Jan
6% Sept
6%
% Aug
6
18
Aug
Apr
42%May
71% Apr 16
118% Jan
43% Apr
115% Jan 11
31% Apr
101% Sept
128
Apr 20
112
Mar 29
129
Sept
Apr
147
Sept
111
Sept
June
6
145
May 22
165
115
May 21
118
Apr
Jan
16%May 21
7 May 21
June 12
97%May
ll%May
89
50%
112
Apr
Mar
x22% Aug
6% Aug
32% Jan
5
158
34% Apr 25
143
June
Apr
12
9% Apr
126
73%May 28
2%
273g Jan
70
Sept
6384 Aug
1084 Jan
11
Aug
May
15% Feb
15% Feb
16%
Apr
4% 1st preferred...
4% 2d preferred
Real Silk
17
6
100
Co.........-10
Remington-Rand
1
warrants..25
Rensselaer A Sara RR Co.. 100
Preferred with
--1
fReo Motors vtc
Republic Steel Corp...No par
6% conv
preferred—...100
prior pref ser A. 100
A Brass..—5
Class A
10
7% preferred
100
6 H% preferred
100
Reynolds Metals Co.—No par
6 % conv
Revere Copper
100
5M % conv preferred
Reynolds Spring
.1
class B. 10
Common.....——....-10
Reynolds (R J) Tob
Richfield Oil Corp
No par
Mfg
No par
Roan Antelope Copper Mines.
Ruberold Co (The)
No par
Ritter Dental
JRutland RR 7% pref
100
Lead
-10
jSt Louis-San Francisco—.100
St Joseph
6% preferred
jSt Louis Southwestern...
5% preferred
100
100
100
Stores...—-No par
preferred
100
Savage Arms Corp
No par
Safeway
a Def. delivery,
5%
n New
stock,
r
Cash sa
June 19
15%May 22
l3%May 21
50
....50
Hosiery
7% Apr
Apr 15
Apr 8
3
2%June 20
34
24
Co 1st pref.. 100
Reliable Stores Corp..-No par
"""566
101%
36
Feb
107% Feb 10
3%May 22
16
May 24
6%May 24
6484May 22
154 May 6
1
25
...60
Rayonler Inc
|2 preferred
Reading Company
5
%
8
66
Apr
4%
5
Aug
63%
300
70%
9%
19%
77%
1%
9;
*%
28%
%
*%
"if,600
Apr
2
85% June
Reliance Mfg
55
*80
734
36%
53%
7%
5%
*52
9
10%
7%
*17%
*70%
*40%
55
*80
*7%
3534
1%
16%
86
70
9
7'
31%
9
90
Rels (Robt) A
200
5
6% Feb
69
Preferred
8
Apr
41% Jan
48%May 21
38
634
Sept
284 July
25
May 23
4%May 23
Apr 15
200
3
4
Mar 25
11
300
19
4%
Bid and asked prices; no sales on this day.
,
3,700
21%
*55
*1%
16%
*81%
68
7%
40%
41
100% 10034
20
12
*21
49
*434
37
53%
5
*%
800
49
*40%
70%
7
%
1134
1,400
7% Apr
40
90
Raybestos Manhattan. No par
16%
136
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer
No par
400
16
—
7%May 22
May 29
35
May 21
9
400
28%
May 28
22
84
12,400
10%
7%
*16
81
*52
'
15%
*27%
36
No par
3
2%
l"200
Jan110
27% May 22
2%May'24
.....100
100
37
56%
*534
*684
8
preferred
5% conv preferred
Purity Bakeries
15 preferred B
"
*33
19%
6%
No par
No par
$3.50 conv 1st pref.-No par
Radlo-Kelth-Orpheum
1
6% conv preferred
.100
7
634
21,700
5%
*8
*8
200
11%
100
55
16
16
11%
38%, *33
11%
434
*36
36
20%
*18
*238
20%
2%
7
13%
10078 100%
213s
213s
11
*2034
*17%
77
*34
*%
28
7
*35s
*133g
30%
1534
28
16
28
77
7%
54i2
714
5i2
%
1534
•
16%
*15
*27%
9
*5
31
36
66
*18
4
I
*54%
17%
7U
3612
*52
7U
*5
312
16%
2%
58
6934
78i4
36
54%
2%
*54%
1%
82
|
36
*53%
234
100
1,200
1,000
11
*65
66
16%
712
36U
53%
4%
49%
68
80
53%
2%
i
12
100
*5434
1%
54%
914
*65
*43
82
9%
*11%
4%
45g
100
11
11
50
70%
9%
|
*11%
4%
*65
*10
10%
12%
*42
85
77i2
*45
*82%
45
*6878
912
19U
No par
Procter A Gamble
3,900
59%
5
50
5% conv 1st pref....
5% conv 2d pref...
116% *11258 116% *112% 116%
34%
35%
36%
37%
3434
108
108
105% 106% 106%
45
*80
' 1714
70*2
*
5334
2%
3614
I
83
*'8
458
100
I
*78
*67i2
31
JPorto Rlo-Am Tob cl A No par
1
Pure Oil (The)
*36
*534
7k
*27%
5
No par
Pullman Inc
*33
*52
30
par
Pressed Steel Car Co Ino
10
5,800
*18i2
*23g
36i4
10,500
9%
*9
8,700
*2034
18l2
*23s
*7i8
9%
%
%
9%
10
Poor A Co class B
73g
1112
*70
%
700
20%
19l2
234
9iS
1,800
7%
2034
1718
734
19«4
IH4
"1%
7%
734
8512
2034
*
734
100
100
100
100
Pond Creek Pocahontas No par
500
2l3g
53»4
2%
28
*42i4
59
1434
7l2
4i2
37 -i
,■
593g
13%
*13%
203g
*65
55U
I6I4
*9%
*27%
""406
16
16
778
7678
*1034
*1114
1214
4%
*5334
27S
*27
115
%
9%
9%
30
1
*»i«
21%
*83
100
*16
116
1
16
No par
7% pref class B........
5% pref class A
5H % 1st ser conv pr pf.
Pittsburgh A West Va
Pittston Co (The).....No
Plymouth Oil Co
7%
78
11
*65
*114
500
10%
..No par
Pittsburgh Steel Co
50
205s
7%
85i2
*1H4
116
*114
21
16
*12
978
115l2 115i2 *112% 11512 *1125^
35
36
343s
3434
3414
36i8| 34%
*10414 106
10512 10512 *105% 106i2' 105%
*117
*116l2 120'8 *11612 119
*116% 119
*131
140
*13178 137l2 *131% 13712 *131%
152
152
154
*151
*15112 160
151%
205s
*»18
14%
*112i2 115I2
115
1
14
*834
*26i2
70
11
11%
15
%!
25
*10%
16
934
17%
*20
*21
10
100
preferred
guar
Pitts Screw A Bolt
50
10
*11
7%
200
8%
25
*13%
*1414
IOI4I
2,300
5%
21
20%
15i2
25%
16
7
5%
8%
22%
17%
5%
*7%
*16%
*13%
25
5%
*7%
*20%
*13%
7
10
*169
I6I4
73s
30
5U
20
1
*»u
*169
---
*16
15%
*i2
95s
*9i2
30
912
„
*14i4
:7h
7%
938
*9^2
57g
*512
*712
8i2
2478
17i2
37i2
11%
16%
*14i4
168i2 16812 *16612
Jan 23
3%May 18
30
May 28
9%May 28
1934June
8
May 22
23
Apr
4
3
6% June
4
12% June
10% Apr
17% Apr 8
26% Apr 10
23
3
8
Mar
4
40
Deo
Jan 12
7
Apr
13
*
8
Jan
9
6%
Dec
Apr
13% Feb
9
Apr
10% Jan
9%
Dec
5734 Apr
50
Dec
69
Jan
60
Apr
2
Apr
1434 Jan
30% Apr
21% July
June 26
92
63
May 27
61% Apr 8
15% Feb 20
37% July
96% Apr
ll%May
7884
May 17
70
39
8%May 21
75% Mar 28
6%May 21
23% Jan
95
Apr
80
May
Apr 17
8
2
8
June 10
44
May
May 22
5%May 22
434May 22
54
June 17
52
3%June 17
ll%May 28
%May 15
26
2%
78 July
12% Apr
43
Apr
42
Apr
9% Apr
18
32
207s Sept
16
July
Jan
43s Feb
55
6%May 21
8%May 21
6
May 22
x3734June 7
60
May 28
1
May 15
14 May 21
70%May 21
60
May 21
7%May 21
June 20
29%May
37%May
6
June
Aug
36% June 20
l«4May 21
24%May 23
6
5
June 10
83s Jan
3
7% Jan
3
12
Feb 27
22% Apr
13g Feb
42
4
Jan
% Apr 19
«s Jan
%May 16
78 Jan
2
Jan 30
4
Jan
9
34
May 21
96
May 21
17
May 21
xEx-dlv.
5 May 10
4%May 18
63
Mar 14
lll%Mar 28
31% Apr 26
y Ex-rights.
Aug
7% June
6%
35
Jan
Apr
Sept
52
July
6% Apr
6% May
10
Sept
15% Sept
*4 Apr
27% Apr
% June
% Aug
1>4 May
3% May
2784 Apr
82% Jan
IO84 Apr
1 Called for redemption.
New York Stock Record—Continued—Page 9
4090
SALE PRICES—PER SHARE,
AND HIGH
LOW
NOT PER CENT
|
June 29,1940
Sales
STOCKS
Ranoe Since Jan. 1
for
NEW YORK STOCK
On Basis oj 100-Share Lois
the
EXCHANGE
Saturday
Tuesday
Wednesday
Thursday
Friday
June 22
$
Monday
June 24
June 25
June 26
June 27
June 28
Week
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
share
per
878
87s
8%
66
68
% 4
ht
%
8%
8%
*64%
68
♦64
3
3
*2h
37%
37%
*36% 37%
*107% 109
*107% 109
*100
101% 101%
IOII4
hi
%
'4
14
%
12i2
*158
1284
7218
*934
72i2
9%
72%
9%
*1014
*4518
11%
*10%
11%
61
*45%
65
■
2
;
3%
44
8%
9
99
15
15
2
*i«4
*20
61
*43%
61
*43%
3%
44
105
81
90
107
*108
*12%
13%
*6
7%
*6%
7%
*15
15
2
1934
80%
109
13
1634
*15%
1634
8i2
834
8%
8'4
158
8%
1%
8%
1%
1%
1%
*1134
1%
7%
1634
*12%
*76%
107
*134
2
*3l2
4l2
35
*31
I84
1h
♦4
184
17"
38
26%
12%
*6%
*15
8%
1%
*1184
6%
6i4
*52
57
*»•»•»«*
*31
*134
16%
*16%
-i 38%
26%
36%
*2534
*51
6%
53
6%
6%
*51
54
54
36
36
3634
3534
*36%
5%
5»4
584
55s
*10014 105
*100% 102
1*4
1%
1%
15s
36%
5%
101
6
101
1%
1%
484
m m
2,100
200
5%
1,200
40
2,800
400
8%
xl5
2
100
15%
*134
4,000
2
*19
13
*13%
*76%
88
22
600
40
*51
27
53
6%
33%
27%
8%
*32%
34
6
5%
4%
mm'
1%
1,000
16%
200
26%
14,900
1,600
54
10
6%
101
18'4
18
18%
18%
18
18%
23
22%
23
22%
23
22%
18%
22%
33%
34
32%
33%
3334
30%
3034
33%
30%
33%
*30'2
33%
3034
22%
32%
22%
3314
30
30
29%
29%
29%
*65i2
00i4
66%
66%
65
65%
66
66
67
300
29%
68
4%
4%
15%
15%
16%
16%
16%
16%
*14%
15%
167S
I8I4
1734
1734
19
I684
19%
1534
17%
6
*534
*4%
738
,
7
5%
121
121
8
8
7%
1434
i. 24
*22
*4
i38
*22
1878
18%
5%
*6
*5
5%
5%
*414
4%
*4%
33
*29
*35s
3738
5%
*2%
3
303s
*5%
3038
6*4
4%
4%
9
*714
22%
22
22
23%
*4
6
5
434
434
*4%
4%
4%
,
*29
*21%
33
4%
*3%
4%
5%
5%
36%
5%
37%
3
*2%
3
*2%
3
31%
30%
31
30%
30%
6
6
4%
4%
*7
8%
;
*30
*35
*30
31
2834
2534
4%
*4%
30%
13s
5%
4%
32%
*1%
*12
13s
;
9%
4%
4%
31%
1%
13%
9%
9%
9%
3%
25
4%
.*4%
30
1%
*11%
9
31
3%
4%
4%
1%
23%
22%
2234
41%
434
4%
17%
18
40%
4%
16%
6%
*1%
158
76
*6
*1%
*57
*6
6%
1%
i
6%
1%
1%
*57
76
76
5%
1%
*3%
4%
3%
3%
*7%
838
*7
83g
*6%
8%
*6
6%
6%
*15%
6
16%
*158
134
*15
16
8
*778
*31«
v
»I6
6%
*16
21
*1%
*15
134
16
7%
31«
7%
%
;
*1%
15%
7%
316
,
6
8%
134
15%
7%
%
6%
6%
15%
1%
*15%
1%
734
*ht
6%
mm
mm
2%
30%
•
3,200
6
1,400
900
4%
8%
m mrnmm
m"
9
40%
234
*35
*2%
200
31
*30
500
•;
$3 dlv
1%
13%
9%
3,500
1,000
;
m
m.
100
mm.
m
1®4
1%
76
4%
4%
*6
;
6%
rnrrn'm m
"
3,900
7%
7%
%
734
26%
11%
10%
10%
67
68
*111
112
♦llOM 112
*110l2 112
*110
*110% 112
111%
*12%
1234
*12%
1234
12%
1234
12%
12%
12%
12%
77%
78%
78
77
77% 78%
7838 79
77%
77%
73
73
73
73
73
73
73%
73%
*73%
74%
26
2534
*25%
*25%
25% 25%
24%
2434
24%
24%
39
38
38'4
38%
33
34% 38
3234
34%
34%
I684
18%
16%
173s
16% 17%
15%
16%
16%
17%
*14
*14
14
14
? 1434
1434
14
13%
1334
1334
111
111
111% 111% *111%,111% *111% 111% *111% 111%
*47
*46
49%
47
49%
45% 45% *45
47
*45%
*11%
13%
13%
*11%
*11%
13%
*11%
13%
*11%
13%
2
2
2
2%
2%
2%
2%
2%
1%
2%
33
3234
3434
34
33% 34%
34
323s
33%
33%
•Bid and asked Prices: no sales on this day.
%
8
316
27
100
30
June 19
1
3
May 15
preferred
10
Ry
.....100
20
......
10
1,300
2,900
1,700
$6
preferred....
Truax-Traer Corp
Truscon Steel Co
par
-»
l0%May
4%May
l%May
74
5
Twin City Rapid Tr an. No par
7% preferred
100
Twin Coach Co
1
No par
Union El Co of Mo$5 pf No par
25
Union OH of California
Union Pacific RR Co..
12%
1234
7734
80
3,200
*74%
77
500
25
25
34
36%
17%
18%
14%
1,100
36,100
38,500
1,200
111% 111%
*46
49%
200
United Carbon Co
200
Unlted-Carr Fast Corp .No par
United Corporation
No par
14
13%
2%
35%
I In receivership,
a
14
2%
36%
60
86,500
5,300
Def. delivery,
4% preferred
Union Tank Car
May
May
21
28
28
21
21
21
21
22
22
20
21
22
21
22
l%May 22
l3%May 22
6%May 23
%June 28
21%June 10
9% May 21
59%June 10
105 May 27
12
May 21
71 May 25
Union Carbide A Carb.No par
60
May
14
Nopar
Under EUIott Fisher Co No par
Union Bag A Paper—C.No par
800
May
8'4May
81
May
18
May
35% May
4%May
6%May
5,700
100
70
100
June 10
No par
22% Jan 21
United Aircraft Corp
..5
Un Air Lines Transport
6
United Biscuit Co .....No par
3234June 26
12
May 21
12%May 28
110% June 20
42%May 23
12
May 24
l%May 29
26% June 11
Preferred
$3
100
preferred
n New stock,
No par
No par
r
Cash sale,
Jan
66
Apr
x
Ex-dlv.
y
43
Apr
3
2% Dec
16% Apr
15% Aug
3
7
Sept
Sept
Jan
Nov
Jan
Jan
Sept
Sept
64
Oct
1134 Feb
38% Aug
17% Sept
107% Nov
8% Sept
32 84
Jan
3% June
28%
29%
Oct
Jan
Apr
127
Jan
112
Dec
21
Sept
9
12% Apr
10% Aug
9
Dec
1% Sept
13
Sept
14
Apr
127
Apr
23% Jan
10% Apr
Sept
17% Mar
24
Sept
15% Sept
3% Sept
18% July
35% Sept
143
Dec
29% Dec
21% Jan
11% Apr
15% Apr
23% Jan
36% Nov
34
4
4334 Sept
Mar
1% Aug
8
Jan
Sept
1138 Apr
Feb
May
1
3%
24%
3%
85%
18%
2I84
72
7%
70
Jan
Jan
Jan
Jan
101
8
6
5
4
Apr
16% Jan 3
3034May 10
162% Apr 23
30%May 6
15% Jan 3
20% Jan 3
34% Jan 3
72
Apr
17% Apr
Jan 2
2% Mar 11
39
Jan
9% Aug
484
23%May 10
18%
11%
2434
12%
June
98% Aug
Feb 19
120
Apr
6% Dec
28
2% Apr 29
114%May
Dec
Apr
3% May
108% Feb 7
6% Jan 10
25
Apr
51
6
1
10%
52% July
117% May
mm
60%
11%
10%
40% Feb 13
13% Jan 4
Jan
m
15% Aug
1% June
7% Mar 13
24
Sept
% Aug
1
Apr
3
5
434
60
May 14
3%
Jan
Apr
9% Sept
Sept
70% Nov
14%
Apr
22 %
Feb
9
36
Apr
38'4 Apr
3
11
Apr
51% Sept
34% Dec
67% Apr
2
42
63
11% Jan
3
67«4 Dec
18% Apr
16% Mar
75% Mar
34% Dec
7% Jan
23s4 Apr 11
47
Apr
8% Aug
66% Apr 9
40% Apr 10
7% Apr 6
5% Dec
108
Dec
Dec
94
Oct
2
Dec
5%
Jan
Apr
10%
18% Jan
9
4
8
9
Apr
20%
Jan
Oct
2234 Jan
8
26% Jan
4
13% Apr
24% Sept
25% Oct
33% Sept
29
4
2284 Aug
30
108% Apr
2% Jan
7% Jan
Apr
4«4
10
June
Sept
46% Jan 6
34% Apr 11
38
Aug
53% Sept
20%
Apr
36
Sept
80«4 Jan
65
Apr
6% Aug
3% Apr
8% Apr
80
Dec
12%
Jan
3
8% Feb 15
8% Apr 2
12% JaD 6
12% Feb 21
06%May
124
10%
27%
2%
17%
36%
Jan
Feb
7% Mar
5
3
4
28
25
40
6% Mar
7
47%
4%
3534
8%
38 %
Aug
Apr
3% Sept
22% Jan
30% Mar
10% Jan
25% Sept
5% Sept
17
128% June
II84 July
Apr
Jan
24®4 June
4% Aug
3% Aug
5
37% Sept
4% Aug
7% Mar
43% July
33%
Oct
3% Aug
5
Mar 21
Apr
Apr
SeDt
Apr
Sept
2234 Sept
April
Mar
Oct
Jan
10
24% Apr 22
32% Jan 25
9% Jan 3
7%May 3
6
Jan
10
66
118%
7%
19%
1®4
Jan 20
Apr
17%
Apr
6%
Feb 13
Jan
784 Sept
4584 Sept
4
4
12% Sept
9% Sept
6% Mar
Apr
9% Sept
32% Aug
4
4
60% Sept
3% Aug
584
Jan
Apr 11
Jan 8
6% Jan 4
12% Jan 8
18% Jan 8
26
Sept
38% Sept
7
Aug
11% Sept
22%
Jan
15% Dec
24
Oct
53
Mar 21
48
01
Oet
4
Feb 16
684 Nov
8% Sept
534 Mar
7
23
JaD 27
12
May
97
May 10
6
27% Apr 24
52
7
Jan
3
Mar 14
21% Apr
4
8% Apr
4
2«4 Jan
534
Jan
41
Oct
2% Apr
8
Mar
Dec
9
3% Dec
30
Sept
42% Feb 16
7% Apr 8
534 Apr 22
38% Apr 16
2% Jan 4
10
10,400
2
5
3%May
11%
1% Jan
Apr
mmmmm
2
2
Jan
105
Feb 27
% Jan
234 Feb
.No par
6834
7034
11134 112
109
Apr
44% 8ept
115% Jan 11
34
8
20th Cen Fox Film CorpNo par
JUlen A Co
4
5
June
2534May 28
1
May 18
No par
$1.60 preferred
Jan
4
,
25
par
Transcont'l A West Air Inc..5
Transue A WHliams St'l No par
Tri-Contlnental Cor p..No par
300
734
36%June 27
2%June 11
No par
Tlmken Roller Bearing. No par
Transamerica Corp
2
8%
6%
1
100
No par
conv
May 22
6%May 22
3%June 3
5
May 22
8
May 21
$4 60 conv pref
..No par
Tlmken Detroit Axle..
10
m
1,900
'mm
3
33
$3.60 cum preferred.No par
Tide Water Associated OH..10
300
034
*534
*57
pref
Thompson (J R)
Thompson Prods Inc..No
Thompson-Starrett Co.No
mm
1.400
90
conv
Third Avenue
1,900
m-rn'mm
June 10
434May 21
3'4May 22
4%May 21
No par
Thermoid Co
70
33
*11
Mfg
Preferred
""
434
4%
Texas Pacific Land Trust
Texas A Pacific Ry Co
$3.60
•
27
17
4%May 14
May 25
2%May 21
26% May 23
The Fair
3%
3%
*23%
4%
*4%
3234
1%
—.25
28%May 20
Thatcher
200
16%
67%
118%May 29
7%May 15
12%May 21
l%May 21
9%May 22
20 May 21
3
May 22
xl7%May 29
6
Texas Corp (The)
25
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
Texas Pacific Coal A Oil
10
700
31%
2%
May 24
Tennessee Corp
mm
4,300
10,000
300
10%
4%
5%
39
38%
.1%
19%
66%
47
5)4% preferred
50
Telautograph Corp—.......6
33
1%
*15%
11%
1
0
134
16%
71%
No par
Talcott Inc (James)
*1%
*15%
1034
1
100
300
70
10
5
4%
1%
1138
2%May 22
9%May 25
l2%May 21
17%May 22
2034May 28
2 9% June
1
23 May 21
56
May 21
4%May 15
4%May 20
6
May 21
534May 21
.1
7,900
71%
No par
No par
No par
preferred
Swift A Co
2,600
11%
70%
preferred
Without warrants
19
1138
May 18
Standard Brands
300
4%
18%
70
June 10
1
1
Square D Co
5
434
18%
1114
98
2
No par
5
21
26
No par
par
...
Symington-Gould Corp w w.l
*16%
26
No par
Spiegel Inc
33
1
1,100
*3%
5%
Jan 29
14%May 29
May 21
19
May 21
45%May 28
4% May 22
46
May 22
26%May 23
5
May 21
par
par
638
*29
June 28
l%May 21
65
par
6%
*4%
June 10
384June 12
1
preferred
No
Spencer Kellogg A Sons No
Sperry Corp (The) v t c
Splcer Mfg Co...
No
$3 conv pref A
No
Paper Co
10
Sweets Co of Amer (The)—.50
2,900
68%
25
No par
Sparks Wlthlngton
Sun Oil......—..No par
8",000
26%
10%
28%
33
Swift International Ltd
43%
434
28
100
4,700
17
3i«
Ry
preferred
Mobile A Ohio stk tr ctfs 100
Sutherland
*16
%
No par
6%
Studebaker Corp (The)
m mm
24%
27%
27%
'
42%
2734
2734
''■«*
23%
4%
8%
•V 6%
Southern
18%
*84
*3%
*6%
No par
Stone A Webster
"3", 500
41%
5%
—25
Southern Pacific Co
May
14
22
23
31
24
4
24
22
22
21
7%May 21
l%May 22
10 May 22
l634May 21
128 May 28
23%May 22
634May 21
8
May 21
13% May 21
100
8% preferred
Southern Calif Edison
May
May
10%May
10
200
6%
2234
76
105
par
1734
90
*1%
...No
$6 preferred
Smith (A O) Corp
20
9
*57
67
Sloss Sheffield steel A Iron. 100
700
22%
9
22%
40%
4%
15
Skelly OH Co
19%
9
5%
1%
15%
6%
16
.
17%
4
4%
6
4%
17
76
*3%
16%
90
*57
4
1%
5
4%
30%
1%
13%
l7%May
12%June
6% preferred
100
Sunshine Mining Co
10c
Superheater Co (The)..No par
Superior OH Corp
1
Superior Steel Corp
100
22%
*84
9%
42
*57
25%
*11
13%
4134
4%
3%
30%
23
18%
31
*2234
*4%
*4%
30
2334
458
••
3%
25
42%
*84
234
*30
23
90
36%
10
Stokely Bros A Co Inc
1,300
■:'? 4
♦2
Petroleum
Sterling Products inc..
Stewart-Warner Corp
70
1%
1134
8% :i *7
9
*834
36%
No par
Standard OH of New Jersey_25
Starrett Co (The) L 8.-No par
1,400
11%
4
:
95%June
3%May
12%May
l%May
$7 cum prior pref
Standard OH of Calif—.No par
Standard Oil of Indiana
25
1,800
6
*884
15
$6 cum prior pref
1,700
6
*7
7%
90
*84
7
51
16
31
4%
4158
90
2%
par
par
Slmonds Saw A Steel—.No par
$4
31,500
8,400
9%
123%
7%
6
234
i
3334
7»4
1434
1%
31
*2284
4158
23%
4184
458 i-;. 4%
1714
173s
5%
3734
2%
*83
*84
4%
5%
37
*2
*30
3%
2534
*11
15
*3%
10
*33
38
3%
5%
A
*884
,234
3%
*25
■■
*7
9
i
*4
9
••
*2
234
31
3%
*7
*834
33
37
*5% }:-;6
4%
4%
•
v.
9
..j 40
\
6
►
400
19%
19%
22%
6% ;i *4
*29
37%
32%
1634
*534
*4
19% 20%
18
18
1734
534 :'..vv";6';K
6%
4%
*4%
5%
4%
*4%
4%
*3%
6
7%
14
19%
*29
33
734
14
6%
6
*4%
1%
138
11%
17%
5%
*4%
4%
9%
1% 0 ■ 1%
10%
*10%
6%
734
1834
33
31
6%
1%
4%
2%
8%
10%
;
5
16%
5%
4%
8%
6%
5
1%
*4
6
5%
51
49%
122% 122% *122
14%
18%
32%
12%
124
7%
14
19%
4%
*414
1%
*122
20
32%
*914
124
5%
par
Oil
Simmons Co
$4.50
10,100
22,200
1,300
18,400
12,400
9,500
27,100
1,000
1,400
1,600
2%
49%
5%
36%
*2
1258
50
5%
*35
5
6%
50
4%
234
31
-
6%
51
37%
38%
27%
8%
6%
5%
*2
*25
8%
19%
.V
*3%
38%
3%
7%
638
9
*3
*4%
3634
-
8%
v
4%
18%
*29
8%
*30
4%
20%
*484
4%
5%
*3634
5%
11%
6%
20%
18%
534
7%
14%
'
:r
203a
534
18
138
1034
*21%
23
6% '■'i: *4
■?
834
7
4%
7%
14%
12
1934
4%
734
*122
1%
*11%
5%
4%
6%
1434
13s
1134
66%
5%
*48%
7%
14
: i38
*1H2
t
•'
61
5034
50%
14
,
6684
.
:: 7%
6%
f;7
*12012 128
*30
*5% % 0
*47g ;i 5%
834
8%
8
*50
18%
4
par
6H%
conv
preferred-.100
Sliver King Coalition Mines. .6
Conv $4.50 pref
1,800
16,200
35%
6
2234
438
Shell Union
par
Standard Gas A El Co.No par
5,400
6%
101
1«4
4%
15%
10
53
34
6
*99% 101%
—
$5.50
38%
%
334
16% Jan 11
15% Apr 9
59% Apr 12
534 Jan U
8%May 21
52%May 20
3
May 21
4234June 27
434May 21
34
May 29
7%June 6
par
Spear A Co
*51
6%
35
5%
100
16%
54
*99% 102
1%
1%
12
36%
53
6%
*51
8% June 10
No
$5 conv preferred....No
Sharpe A Dob me
..No
$3.60 conv pref ser A .No
Shattuck (Frank G)
.No
Sheaffer (W A) Pen Co.No
15
*25%
*51%
6%
16%
Servel Inc.——-1
Sbaron 8teel Corp
49
Highest
9 per share $ per share
10
17% Mar
Aug
01
Sept
76% Aug
2%Mar 25
88
Apr 0
So Porto Rico Sugar...No par
1%
*3%
3634
l%May 15
61%May 21
S'eastern Greyhound Lines..5
*62%
26
Seagrave Corp...——No par
Sears Roebuck & Co...No par
1,000
19%
m m
20
Snldefr Packing Corp...No par
Socony Vacuum Oil Co Inc. 16
33
1%
4%
%May 16
%May 18
11 May 21
10
18%
1434 Mar 27
85%May 9
% Jan 2
7% Feb 21
101%June 24
South Am Gold A Platinum.. 1
3,400
share
par
6
15,300
12,100
9,500
per
par
34
13,600
9%
9
JSeaboard Air Line
No par
4-2% preferred....
100
Seaboard OH Co of Del.No par
100
11%
mm
7%May 21
May 22
% Apr 22
Smith A Cor Typewr..No par
28
share
2%May 21
May 14
107%June 25
900
33
54
*51
100
per
Year 1939
Lowest
Highest
65
par
1134
1934
11%
18%
134
JSchulte Retail Stores..
8% preferred
Scott Paper Co
No
$4.50 preferred
Ne
$4 preferred
No
153%
35
*3%
*62%
16%
36%
25%
*51%
37
1134
1934
*135
26%
8%
11%
"17%
6%
1234
20%
136
110
preferred
6)4%
$
6
100
1
100
Schenley Distillers Corp
Slmms
"""166
13%
88
1734
*3144
m
3534
8%
1%
434
16%
18%
18%
22%
32%
4
mmm
44
1%
4%
*14%
17%
18%
4
,
200
3%
21
8%
4%
25
51
4,100
*98% 10534
4%
4%
15-%
25%
1%
*4
37
6%
5%
*3434
8%
*11%
19%
*62%
26%
V. 54
5%
3534
4%
136
35
38%
38%
26%
51
55
*51'2
4%
♦62%
*16%
17
*16%
38
26U
134
*4
4%
*62%
*62%
*10U
35
*3%
*42%
13
13
*11%
1234
1234
1234
22
20%
19% 20
20%
19%
19%
136
153% *135
*135
136
150% *135
27
26%
26%
25% 26
26% 26'4 > 26
834
834
8%
8%
8%
8%
7%
8%
11
11
11%
1H2
10% 10%
IO84 11%
19
1834
18%
17%
16%
17%
18% 18%
*31
11,500
*107% 112
*107% 112
12%
*11%
13%
1334
*12%
7%
7%
7%
*6>4
*6%
*15
*15
1634
1634
1634
9
8%
8%
8%
8%
1%
1%
1%
1%
1%
*20i2
35
100
108
*135
*31
700
61
*80
13%
80
500
10
*43%
4234
*19
80
120
3,500
10%
61
15%
*1«4
15%
*134
*12%
*6%
*15%
*11%
300
1,000
9%
*4
1934
1334
80
107
13%
3
*10%
*98% 105
4
2
13%
90
*12l2
100
1,800
39
*2%
39
3%
Par
1,700
ht
9%
*5%
*3434
8%
8%
8
21
*184
109
5%
35
4
1534
*19
*81
44
*97% 105
4%
15%
14
8%
66
10%
3%
4234
3%
5%
3434
8%
8%
*107
*42%
5%
*4
9%
3%
3534
*96
22%
14
14%
*1358
9%
*9%
5%
2
*134
23
*20
38
11
*35
15%
2%
38
9%
*10%
3%
*42%
4%
8%
*65
ht
2%
3%
37%
934
*47%
98
15%
■
;•
37%
10%
8%
8%
*4
*3
9U
44
98
4%
4l2
■'
8%
66
109
109
*109
114
114
*109
107% 107%
10134 10134 *100% 103
103
*102
*102% 103
%
B■ %
31S
%
hi
ai«
31«
ht
ht
*%
ht
*%
%
%
;
13
13
1334
*12%
*12% 13% *12% 13
1%
*1%
1%
1%
*1%
*1%
1%
1%
71
71
72
71% 72%
71%
7184
72%
5%
3534
5%
38
8%
*64%
*%
68
*% :
10%'
3%
3%
*35
3534
*9012
1%
♦4284
53s
*51$
*35
•
1334
*1%
72%
10
*314
♦42
•
3
3
8%
*64
%
'
37%
%
%
*12%
%
8
8%
66
%
%
Lowest
Range for Previous
6
Nov
33
Nov
14
Apr
1%
Jan
234 Sept
17
3%
Oct
Oct
434 Nov
Apr
33% Nov
1% July
7% Apr
9% Aug
i
384 Jan
18% Dec
14% Mar
83
Sept
96
Feb
10«4 Apr
34% Apr
25
Dec
54%
Jan
5
Sept
6%
Apr
5% Apr
8% Sept
12% Dec
10% Jan
4
2
82% Mar 7
5% Apr 15
74
Apr
3
Apr
7®4 Sept
10% Apr 24
13% Jan 4
25% Jan 23
6
Apr
14% Sept
3% Apr
30
Apr
4
4
13% Mar 14
Feb 19
1834 Apr 22
88% Jan 4
116%May
17% Jan
98
Apr
89% Feb
29%May
53% Apr
2334 Apr
18
Apr
119
8
10
11
16
4
17
Feb 23
65%May
19% Apr
2% Apr
42
2
8
Jan
11% Dec
26%
Jan
34%
Jan
1% Apr
17% Apr
7% Apr
384 Aug
35% Aug
84
Dec
34% Sept
6
Aug
65% Apr
10834 Sept
15% Aug
81% Apr
78
Apr
12%
484
66
Jan
Jan
Jan
13% Dec
94% Sept
118
July
1984 Jan
105
Sept
90
July
20% Mar
24% Sept
31
51
Aug
7h Apr
14% Sept
112% Mar
Nov
16% Dec
I884 July
119% June
2
52
Apr
69%
6
138s
Apr
20
2
Apr
30%
Apr
334 Feb
39% Aug
4
Feb 13
Ex-rights.
4% Sept
88
I984 Sept
1% Jan 11
45
Mar
Oct
Mar
5 Called for redemption.
Volume
LOW
AND
New York Stock
ISO
HIGH
Record—Concluded—Page 10
4091
SALE PRICES—PER
,
Tuesday
Wednesday
June 22
June 24
I
June 25
9 per share
% per share
§ per share
*4ig
,*234
4
*234
4
4
3
*41i2
45
*234
*4U2
414
278
♦41
45
4
*334
30
*62i2
Ills
63i2
♦111
334
29i2
♦29
334
2912
*29i2
*62I2
*8l4
838
*3i2
*5i2
334
4i8
83
6i8
*7i8
712
♦4
*82l2
55
8i8
*3i2
♦65s
55
♦6
175
6i2
738
55
63s
*534
6I4
*534
712
7i2
*6
7l2
52
51
5234
53
173
173
*17314 175
*3i2
334
*3i2
378
5U
8I4}
2512
*29i8
3l2
*47
25l2
5518
2534
29i2
29l8
5g
58
207S
1914
847S
50i8
81
20i2
8U2
49
49
6434
5358
116
35
44l2
178
6I4
*63i2
.
525g
115l2
*32l4
*4U2
178
6I4
UU
51
53
11418 H412
32l2
*4H2
*134
*6i8
*7I2
75
H
12
32
*2478
*109
70
%
3s
*12
1218
3234
25i2
112
30i8
3H2
2434
25
2912
*2414
34
678
2012
20i2
*20
91
*89
90
*78
*612
35s
3i2
20
*1034
*43s
1
s4
U8
634
35S
20
Ills
434
*7g
612
,
5212
2,700
1,300
64l2
100
54
114l2 117
*32
323g
*4212
*134
44l2
178
*618
65g
U8
H4
*18
H8
6lo
214
U8
*6
3
I6i2
6U2
*28
*2218
23i2
24
24
15l2
15
15
18
18
*98
2312
314
2334
314
6
*4l2
*12
5s
*12
16i2
2H4
9212
17i8
2U2
92l2
17
2H2
92l2
130
125
*98
2278
24U
3U
6
5s
1778
2134
95
125
300
Ward Baking
1S1«
300
13s
34U
70
*59
*85
90
*85
89
*85
U2
10,265
400
5i2
Wayne Pump Co
Webster Elsenlohr
*6012
25s
17
*17
258
1812
6U2
*6012
6U2
102
94
94
103
103
94i2
9314
9334
*11312 H4i2
1137g 114
16
16
16
*96
105
*96
*23U
23l2
23i2
ah
314
*4i2
h
*'2
30
1634
200
1,200
105
~3~266
24
3l2
534
5s
900
"""166
11,000
2,600
5,100
92
*87
92
a90
10
90
2U2
2U2
*9334 105
*57
63
*57i8
*8
8:
83s
8i2
22l2
2,900
300
912
3,700
812
6
87g
*5l2
5i2
6
45s
45s
45g
434
900
45
*36
45
*32
45
*32
45
*35
45
1978
*18i4
*17g
2i2
4l2
484
2U4
*17
20
*17
197g
*17
2Us
*17
20
""260
178
2
2
300
212
25s
45«
2,900
434
2,600
2l2
434
5
45s
53
53
*109
53
25g
4i2
478
2l2
414
4l2
53
*105
*2 35s
5334
*108
*2378
3134
2412
32
325g
2312
3214
*1712
18
18
1812
17
70
*
62
*
62"
2l2
414
412
53
53
*108
178
23g
4i2
43g
*53'4
25g
4i2
4i2
537s
*108
22
22
3U2
1634
3214
1634
412
'
45s
55
55
9,700
800
2478
32
*
235s
3314
185S
90i8
17
11
2J4
*16i8
*1012
214
*
*71
11
1734
24
*227g
3Us
3134
1734
17i2
85
*
85
*41
85
33
*31
*3214
35
*
1st
90i8
1U4
25s
preferred
...
...30
100
100
.100
No par
-20
White Motor Co
1
White Rock Mln 8pr C0N0 par
White Sewing Mach Corp...l
34 conv preferred
No par
Prior preferred
...—20
Wilcox Oil & Gas Co
6
Willys-Overland Motors..... 1
6% conv pref erred
10
Wilson A Co Inc
No par
36 preferred
No par
White Dental Mfg(The 88)
"""eoo
Woodward Iron Co
32*8
1858
14,300
2,500
Woolworth (F W) Co
—10
-10
Worthlngt'n PAM(Del)No par
100
100
6% preferred B
34
300
40
40
*40
43
*40
42
100
*91
100
*95
100
78
78
78
77l2
*17
77l2
18
115s
12
llOU H0l2
75s
75s
30i8
31
1714
117g
111
1714
12U
111
83g
31
83g
3U2
17»2
123g
*111
10
7912
17l2
200
1234
7,100
220
814
8-
900
315s
33
9,900
90'8
*71
90i8
1618
1034
258
*15
I6i8
103s
2i4
16i8
1034
165S
16l2
17
1034
258
25s
1078
25g
ius
258
day.
t In receivership.
1012
*214
10i8
2i4
90i8
.
800
115
*71
*75
*75
4)4% series.. 100
Prior pf 4)4 % convserieslOO
Prior pref
100
*91
Bid and asked prices; no sales on this
50
preferred
5H % conv preferred
Wheeling Steel Corp...No par
85
*3212
80
a
Tsoo
1,400
700
12414
3914
48U
234
75s
Apr
Apr
Feb
Apr
Apr
23
5
20
24
24
Jan 22
5
112
3gMay 21
June 24
19
June
May 10
9
May
60i2 Sept
Sept
45U Apr
i2 Jan
146
Mar 27
s4 Apr
Dec
638 May
13s Apr
46
Apr
Apr 12
17
Oot
I84
2ia Apr 11
61
Sept
39
Jan 15
159
30
6
Feb 29
16
Aug
437gMay 10
16
25
Apr
Apr
109
Sept
May 22
3Q7gMar 16
117i2 Apr 9
49i2May 9
59i2 Feb 28
3U2 Mar 14
4ig Jan
31>4 Jan
May 23
118
23
10
14
28
6
May 24
19
l34May 15
14
109
34?s Apr
6414 Aug
I8I4 Apr
2i2 Apr
17
Apr
Jan
112i2 Sept
15l2 Apr
4i2 July
May 18
3634June 14
28i2May 29
48
35
Jan
May 23
100
Mar
June 10
135
May
5
71
120
2ig Jan
101
5i2
16i2
3514
Apr
8034 Sept
14i2 Oot
Jan 11
7
15s Jan 10
25i2 Jan 10
14
June 10
May 15
May 22
i2May 21
334May 16
22 May 23
* 20 May 21
l3i4May 21
14 May 21
2i2May 21
15i8May 22
60igMay 23
91 June 3
96i2May 22
90 June 10
l08igMay 23
11 May 21
2
Jan
Dec
114 Deo
21
Dec
3i2 Deo
4U Feb 19
60
30
Jan
Apr
4
3
165g Feb
95s Jan 10
4
Apr
85
Maris
6*s Jan
Apr
Mar
84 July
U2 July
75« Apr
23i2May
l6i2May 22
89 June 26
3 May 22
18i4May 22
June
64i2
125
13$ Jan
58june 8
34May 15
5i4May 21
10
Jan
36
3
Feb
2
Marl6
188 nov
9
Marl6
6i2
Apr
3U2 Jan
2834 Feb
20U Apr 22
1914
Apr
24
Jan
1484
Apr
20
Sept
17s Apr
4
478 Feb 23
293g Apr 16
75
Jan
16
4
July
56I4 Aug
110i2 Apr 12
85
Apr
115
Apr
9
95
Apr
108
Jan
8
88
Apr
105i2 Sept
15i2 Nov
1185s Apr 30
253sMay 3
105
Apr 29
Apr
Westlnghouse Air BrakeNo par
Westinghouse El A Mfg....50
24
16
16
*214
3138
Jan
415s Aug
98i2 May
Apr
7% preferred A
*
3214 3214
*3U2 34
*3218 3312
42i2 42l2 *42l2 45
4212 4212
*93
100
91
91
*9018 100
*7712 78
77i2 7734
*75i8 79
19
*17
19
*1634 1912 *17
12
1234
12l2 1234
12l2
125g
*105
IIOI4
1101a *105
llOU *106
8i2
8i2
75s
8U
*8U
878
32I8 32i2
305s 323s
3U2 32i4
*78
*223g
July
60
3
Deo
Wisconsin El Pow 6% pref. 100
*108
48
683s Jan
58
70
*41
2
*178
23s
4i8
438
2i8
25s
412
4i2
5334
1,000
4
65
1678
18is
82i2
Telegraph. 100
35 conv prior pref
83g
Jan
134 Jan
415g Jan
117
Jan
6%
65
April
Apr
70
12
Apr
70»4 Jan 11
39
28>4 Jan
28i2 Jan
*9334 105
2U2
684 Aug
46
32»4 Sept
3Us Oct
lis Deo
3D4 Apr
86*4 Apr
22
Western Union
5% conv preferred
Wheeling A L E Ry Co
*85
1234 Apr 23
May
38is Jan
28s
33l2
92
Apr
3i2 July
74
U2May 22
5i4May 28
1 May 18
41 June 26
12i2May 24
45 May 24
l3434June 8
59
Apr
13i2
3i2
Westvaco Ohlor Prod..No par
70
23
Apr 25
758 Apr 23
Jan
300
3312
182i2May 14
6i2 Mar 9
3234Mar 11
85s Apr
800
*65
Jan 25
28
Mar
514 Aug
65i4 Sept
14984 Sept
4
Apr
4i8May 18
i4May 15
32
70
89
June
5
3
4% 2d preferred
100
Western Pacific 6% pref..100
32
33l2
103s Jan
407s Apr
315s
*65
75
May 11
1034 Apr 11
21 June 10
234May 15
31&S
*3314
6
1334 Mar 12
7i8 Apr 10
7ig Jan 3
97
Deo
lOOTgMay 17
Western
Weston Eleo Instrument. 12.50
70
3
5
3
11714 Feb 24
21
21
11
14
3
21
22
23
22
21
21
4i8
5414 Deo
314 Apr
2584 Apr
6212 Apr
11
Apr
110
Sept
65s Apr
384 Aug
634 Mar
3
Jan
Highest
share
6% preferred
100
Supply Co... 10
Maryland
100
Western Auto
500
*36
*178
WestPennPowCo 4)* % pf. 100
West Va Pulp A Pap Co No par
30
5
2i8
100
100
preferred
preferred
31
*65
53s
*43s
7%
6%
290
No par
3012
70
812
8i2
53g
434
34 conv preferred
303S
34U
64
West Penn El class A..No par
*28i2
3158
338s
8i2
8i4
1
No par
Wesson Oil & Snowdrift No par
140
94
:
No par
80
94
102
*93l2
Pipe
1,100
5
214
No par
33 convertible pref ..No par
700
17
25s
16
45
1978
*17g
2l2
*4I2
J Warren Bros Co
500
17
25s
5
*32
6
Washington Gas Lt Co .No par
Waukesha Motor Co..
5
*56
834
...100
No par
Warren Fdy <fc
*57
6
preferred
100
*53
87«
7%
500
17
6 May
50 May
2184June
27i4June
i2May
15 May
68i2May
39i4May
60 May
42 May
l03l2May
3U4June
42i2June
Jan
15
5gMay 16
Warner Bros Pictures
33
8l2
35
ver
412 Aug
Mar 13
857g Jan
334May 21
500
16
May 23
234May 21
May 15
14 May 21
3i2May 21
26
..No par
16
17
165
Co cl_A-.No par
Class B
26
*6
*28i4
3158
333s
878
87s
5i2
434
No par
33.85 conv pref
1638
2014
63
No par
24
20t2 21
*9334 105
*8l2
No par
*15
2II4 2214
*9334 105
87g
100
System
*2378
22i2 22l2
*9334 105
63
100
*22
5s
3478
5i2
300
Walk (H) Good <fe W Ltd No par
Preferred
No par
17
17h
17H
177g
193s
21
21
2012
2U2
2U2
20i2 2U2
91
88
92
94
9034i
945s
8934
90J2
*120
125
*119
125
*11812 125
*11812 125
*59
878
1,100
*25
*12
*3314
*8i2
834
«*5l2
Walworth Co
6
70
85s
2,700
3h
35
62
358
21
107s
434
138
*5
*65
.100
33s
*203s
1078
*43g
812
*3's
*3314
25
100
4H % Dref with warrants 100
100
5i8
32
25
preferred
100
4,600
3U
32
Chem....No par
100
preferred
9212
23s
3U
32
6
*88*2
Us
634
1514
*414
*31
22io
225g
*9334 105
6%
214
512
58
32
100
Vulcan Detlnnlng Co
Preferred
1514
3U
*30
6%
23g
*4U
*12
3012
100
15i2
23
30
preferred
2534
105
3H4
No par
24
23
*30
No par
15
*98
3H4
preferred
*237g
24
*30
conv
*22
105
17i4
36
x'l6
31/
I6i2
25
Walgreen Co
Us
684
33
ih
25s
I6I4
*60i2
105
No par
preferred
United 8tockyards Corp
1
Conv pref (70c)
No par
United Stores class A
5
Victor Chemical Works
34
6
June 10
25 May
22i2June
7% 1st preferred
100 xll3 May
Vlck Chemical Co
5
35i2May
Vlcks Shreve & Pac Ry_._100
6634 Jan
155s
214
v
3
U 8 Tobacco Co
100
22i8
25t2
1434
17
19
1712
6H2
93
10234
No par
*6
25s
*25g
27s
163s
1534
1612
*60i2
6U2 *60i2 6U2
93
93
93
9312
93i2 93I2
102
102
102
10234 10234 *101
10212
92
92
92
9234
9234 9312|
92
93
*11214 114l2 *11312 11412 *113
11378 *1131/ Il37s
*16
16
16
1714 *16
17U *16
17U
*1614
*60i2
9234
U 8 Steel Corp
Preferred
712
22i8
*2312
1434
234
24
50
Waldorf
1
*15
2378
60
Preferred
100
438
I6I4
23s
23
100
800
♦78
33
*1434
10
8% 1st preferred
U 8 Smelting Re & Min
300
438
U8
No par
U 8 RubbcCo
20
1078
20U
*30
U8
tU 8 Realty & Imp
1 Wabash Railway Co
6% preferred A..
33s
2014
107S
*15
214
*6
20
10
Preferred
*122
33s
15»
100
Universal Pictures 1st pref. 100
Sales
No par
82
92i2
33
13s
cl A..No par
conv
Virginia Ry Co..
1
1612
238
8
Partlo &
U 8 Pipe A Foundry
U 8 Playing Card Co
8%
40
*8812
33s
207s
1034
43S
"xe
U 8 Industrial Alcohol-No par
U 8 Leather Co
No par
Universal Leaf Tob
33
*75
19i2
3I4
20
5
50
Va El & Pow $6 pref
No par
Va Iron Coal & Coke 6 % pf100
*31
lh
678
19l2
35s
20
1078
412
43s
100
conv preferred
100
60
*38l2
*78
*67g
19l2
89
1034
preferred
Universal-Cyclops Steel Corp 1
41
*12
89
*78
7%
U 8 Hoffman Mach Corp
\
714 Apr 11
5 May 18
5igMay 22
50
Lowest
65i2Mar 14
63s Jan 3
June 10
6
U S Distrlb Corp conv pref. 100
US Freight Co
...No par
U S Gypsum Co
20
300
2312
2l2
1712
31
H4
334May 28
2i4May 22
May 22
27gMay 21
25i2May 22
60 Ma> 21
lO'sMay 22
107i2June 6
40
Vanadium Corp of Am.No par
Van Raalte Co Inc
6
82
...
3 per share
Vadsco
40
34
6
5
f per share
3
May 21
3i2May 25
80
Jan 15
Va-Carollna
*l2
90
412
23i2
34
*89
195g
*1012
300
1,200
112
305s
1912
33s
200
Year 1939
Highest
United Paperboard
10
U S & Foreign 8ecur__.N0 par
*6 first preferred
No par
7%
75
*109
*122
*12
*78
6
1,200
""260
25
*75
1912
H2
19
34
85,500
2,400
3314
*377s
*5U2
5
h
163s
25
112
10
100
United Fruit Co
..No par
United Gas Improv,t__No par
$5 preferred.
No par
United Mer & Manu Inc v t o 1
*37
307S
82
20
7i2
*18
*38
*12
5
United Electric Coal Cos
United Eng <fc Fdy
2i8
*218
1634
1634
*165s
118
11712 11712 *115
*658
12
*65S
12
40
3034
*75
20
*25
7
*37
*122
*12
*15
*22I2
5i2
*434
81
305s
*109
16i2
I6i2
1612 1612
11512 11512 *115
118
*65s
12
*658
812
33
2312
24i2
15lo
85s
87g
21
523g
2338
2i8
40
1,100
11,800
19U
60
2l4
1*7 00
300
5g
5s
Par
United Drug Ino
United Dyewood Corp
Preferred
Prior preferred
"
78i4
41
*25
Us
512
*53
31
24l4
*2212
*1514
2U
*1434
*123
*29
31
*5U2
1
1634
23s
*78
33
*412
8
55i8
2534
2414
*377s
2034
#l2
H8
105
600
8
*48l2
25l2
Ig
41
*2
600
434
Range for Precious
Lowest
SH%
"l'ioo
19
434
200
334
28
30l2
3078
25
112
163S
60
23
2
*122
*12
*78
*6i2
*3
30
175
18
75
*39
12
*122
2312
3,100
*66
*66
*3g
*12l2
*5U2
23
2
23i2
307s
*98
5414
175
3212
60
83
*234
""160
334
*2334
44i2
I?8
65g
41
*37
1618
3212
*39
*75
*23
77g
5334
51&8
*5U2
*2234
'<■
*109
*3018
5l2
*22i2
6l2
5U2
112
3078
*1
100
83
*5l2
*7l2
11412
*134
100
1,300
43s
414
50
*42i2
12
83
23g
114
400
2,700
4
*3i8
*64
505s
1612
40
17
1,000
*64
70
*3s
*37
23s
814
8
!
1938
7734
*109
*3778 4212
*51l2 60
*2212 2414
23g
23s
♦165s
18
114l2 11412
*7
70
*75
*25
19
7734
*48i2
*6
*1218
*2912
*15
*28i4
58
19U
7734
48i2
6434
507s
114l2
32l2
44i2
178
3s
3078
1212
434
4
34
34
1818
7712
48i2
*63i2
49U
1612
85
1
300
25l2
30
71
41
2012'
11314 113U
55i8
25i2
*6
*75
2012
*1034
*4l2
25,900
734
*48i2
634
*29i2
35s
64
125s
12
17i2
434
75S
178
44i2
30
635s
,
32
2512
*89
*17i4
434
55i8
2512
30
11412
3214
*42i2
*134
3212
30
U8
U8
H8
1J8
*H8
13s
Us
*ll8
U4
43
*41
- 45
41
41
*40i8 43
41
4H8
15
15
*1458
15
15
1612
*1412
I5I4 *1412 15
*48
57
*48
*54
55l2 5512
*52
5634
5634
57
*13612 143
*13612 143
*13612 143
*13612 143
*13612 143
*71
*122
17l2
434
2/306
4
*78
28
200
45
*40
7j8
*37
*2334
2,600
3
3
4
4i8
7i2
ul«
6434
28
414
*4U2
83
*4812
253s
*2734
7i2'
*7
55I8
2534
32
2038
13
41i2
*51I2 55
*22i2 2414
*218
2i4
*1658 18
114l2 115
*65s
12
*534
*6i2
52i2
434
50i8
*63i2
*3778
*4
*78
5
50
112
4
83
5
514
63i2
53U
*109
4
*76
18
50
31I4
*2478
4
81
18
63i2
52i4
75
4
81
*17212 175
4
4
4l8
4
4
3
278
27g
*278
3
*41'2
45
45
*4H2 45
4
35s
37S
*378
4
30
29i2 29i2 *29i2 30
61
61
62l2
60
6012
12
11
115s
1U2
1134
113i4
11212 *112
113U *112
734
778
8
734
778
314
35s
314
*3i8
334
18
*81
*38
Sahres
*171/
83
*70
$ per share
*2334
1714
81
*12i8
5 per share
28
20
143
$ per share
3i2
8
*136
Week
*2334
*47
1'4
4H2
1638
5512
June 28
4
8i2
*Dg
4H2
♦145s
*53i2
June 27
28
55i8
2534
30i2
34
2058
6i4
June 26
*3i2
*8
35
45
2
6I4
Friday
*2334
*47
*32i8
♦42l2
*178
*
4
*172
114
*734
*314
83
638
7i2
5i8'
2538
*2914
*s8
11212
334
4
5434
334
30
18l2
♦33s
*2334
*1714
*434
H3g
8>S
*82i2
55
*17134 175
114
61
63
IU2
ll3g
12
113i4 *llli8 113i4
Ranoe Since Jan. 1
On Basis of 100-Share Lots
exchange
Thursday
.
4
334
8tocks
new york stock
the
NOT PER CENT
SHARE,
Monday
\
Sales
for
Saturday
Wright
Aeronautical.—No par
Wrlgley (Wm) Jr (Del)-No par
Yale A Towne Mfg Co
25
Coach clB.. I
100
Wire..No par
Youngstown SAT
No par
6>*% preferred ser A—100
Yonrmt'n Steel Door ..No par
Zenith Radio Corp
No par
Zonlte Products Corp
1
Yellow Truck A
Preferred-...
Young Spring A
Def. delivery,
n
New stock,
r Cash
sale.
14i2May
15i4May
76 May
110 May
26
Jan
2784May
5
1
21
21
21
118
126
10i2
38i2 Feb 13
3914 Jan 3
Mar
67
15U
7i2May21
Jan 15
334May 21
45 June 7
116
Jan 2
1534May 21
30 May 18
l35sMay21
55 June 17
64 May 10
29 June 5
39 June 17
91 June 10
73 May 23
l5i4May 28
934May21
3
70
3
Apr 13
Apr 22
42
Sept
28s Aug
1
June
28s June
27a Aug
Aug
15
Jan 25
Apr
Sept
10i2 Apr
47ia July
Apr 23
43
.36
May
8
Jan
3
19U Jan
4
124
May 25
6%June 10
2614June 10
80 May 28
12i2May 21
SSgMay 21
2 Mar 1
98
Apr
14
105i2 Apr
5434May 9
129
Apr 9
93
Apr 26
25
14
32
6
247gMay
69
Jan
July
8i2 Deo
7
Apr
3i8 Sept
I84 Aug
12D4Mar
2778 Apr
42i4 Apr
71
Apr
Apr
45
8
2
Jan 11
Apr 22
Mar
Apr
Apr
July
155s
24?8May
35g
3i2
634
73s
Apr
;80
115s Apr 10
7i4May
57i2 Mar
38
Jan 4
1434May 22
l7gMay 15
1*2 Jan 6
Apr
74
35i8 Apr 9
Apr 30
71
Apr 6
11U Apr 18
1378 Apr 9
AH Mar 23
3i2May 22
Apr
May
42
4
Jan 30
98
Apr
Apr
*29
105
8%June 28
Ex-div
Jan
373sMay
20
21
287gMay 21
60 May 28
85 May 24
l8isMay 21
9334June 13
51 May 29
*
Jan
138
20i2
4
Apr 23
14
Apr 16
48U Jan 3
May
2312 July
3Us Apr
85
Apr
75
Mar
I884 Sept
115s
Apr
98
Apr
9i2 Aug
30
Apr
9378May 10
28i2 Jan 4
74
May
8
43s Apr 22
12
1734 Apr
y
Ex-rights.
17
Apr
Apr
Aug
1 Called for redemption
4092
June 29;
V ;
.
.
•
V
..
.
•
.
•
•
,
.
......
Bond Record—New York Stock
.i
.
,
%
•
1940
"..\t
.
■.
.
,
Exchange
FRIDAY, WEEKLY AND YEARLY
Cash and deferred delivery sales are disregarded In the
unless they are the only transactions of the week, and when selling outside of the regular weekly range are shown in a footnote
they occur.
No account is taken of such sales in computing the range for the year.
The italic letters in the column headed "Interest Period" indicate in each case the month when the bonds mature.
NOTICE—Prices
"and Interest"—except for income and defaulted bonds.
are
week's range
in the week In which
Friday
Week's
Range
BONDS
Last
Range or
Friday's
Since
N. Y. STOCK EXCHANGE
Sale
Friday's
Price
Week Ended June 28
1947-1952
Treasury 4%b
Bid
a
Low
United States Government
119.7
O
A
113.8
1944-1964 J d
113.18
.....1946-1956 m s
102.31
1941-1943 m s
1943-1947 j d 108.12 108.10
103.22
.>-1941
108.12
.—...1943-1945
109.14 109.6
1944-1940
Treasury 4s
Treasury 3 mb
Treasury 3^8
Treasury 3 Ha
Treasury 3%a
Treasury 3 ms
Treasury 3%b..
Asked
Jan. 1
High
No.
119.14
35
111 16115.9
102.31
2
54
107 16
103.22
15
103 19105.17
108.18
16
107 12 110.1
109.17
*110.24
111.27
1940-1948
110.2
1951-1954 j
10 m
14
9m
9
10
2
12
7
9
10
10m
14
3
14
10m
.2
9
*3%
17
107.20111.30
Colombia
108.16
108.18
107.23
108.9
6
105 24 109.19
106.20
107.7
43
104.16 108.30
108*9*
*108.5
5
106.20 109.20
106.16
31
103 24108.12
106.10
21
103.13 108
106.14
115
108.9
*107.17
105.11
105 13108.31
16
103.2
of
12
21
Oct 1901 A
1928
—
2im
.
21
17 m
em
m
14
15m
15m
50
2im
20%
2im
♦0s of 1927.
Jan 1901 j
♦Colombia Mtge Bank 0Hs.._1947 a
18
34
20
o
*20%
♦Sinking fund 7s of 1926
1940 M n
♦Sinking fund 7s of 1927....1947 f A
*20%
*22*"
20%
20 m
3
23
25m
20
22%
23
18
d
1952 j
25m
25-year gold 4%b
1953 AfN
|*Cordoba (City) 7s stamped..1957 F a
*45
69
Treasury 2Mb
Treasury 2tfs....
1960-1952 M s
105.18 105.3
105.18
7
103.4
D
103.20 103.9
103.20
12
101.7
104.23
Treasury 2s
1947 J
1948-1960 J
d
*14
104.15
104.20
12
102 28105.30
d
103.20
103.20
1
101 13 104.24
External 6s of 1914
107.10
27m
20 m
52 m
15m
72
65%
21
12
49
60
70
1951 M n
26H
20m
85
107.3
1951-1953 J
34m
20 m
16
54
j
Cordoba (Prov) Argentina 7s..1942 J
107.2
13 m
13
(Republic of)—
Copenhagen (City) 5s
106.18 109.13
107.20
104.26
103.15108 1
♦6s
16
3
8
♦Cologne (City) Germany 0Hs. 1960 M 8
104 20109 .10
10
14
9
ism
10m
D
1951 j
13m
11m
ism
10
16m
16
13m
12m
•*,
10
11m
s
06
d
m
5
s
..I960 M
—1960 M
♦Chinese (Hukuang Ry) 5s
10
6
10m
1
.
High
10
*iom
107.19
—1945 J D
1948 M s
1949-1953 J d
Treasury 2Mb
Treasury 2Mb
Treasury 2mb
111.22
Low
? 12
10
10%
110.3
105.25
1950-1959 M s
...1958-1963 j d 106.10 105.24
1960-1906 J d 106.10 105.21
Treasury 2ms
108.6
Jan
no.
High
■* w
1962 AfN
♦68 assented
♦7s assented
.
Since
12
1961
1902 m N
♦Chilean Cons Munlc 7s
-
Range
10
♦Guar sink fund 6s...—....1961
;
-•
.
*10 7*
%
1901
♦6s assented
.
2
e
Asked
a
Low
107.15 106.26
Treasury 3s...
1945-1947 M S
1948-1951 M s
108.23112.13
Bid
Price
1957
—1957
1961
*6%b assented....
107.30110.21
109 14113.10
2
6%b
♦6 %b assented
♦Sink fund 6%b of 1920
♦Guar sink fund 6s...
16
110.2
109.16
109.30
*17
111
111.11
Treasury 2ms
♦Chile Mtge Bank
102 22 104.24
108.13
Nl,
Foreign Govt. & Munlc. (Cont.)
111.181150
1949-1952
Treasury 2Mb
121.6
8
4
1948-1949
Treasury 2Mb
1172
h
Week Ended June 28
High
113.10
Treasury 3 ma
Treasury 3a
..1951-1955 M s
Treasury 2J^s..........1955-1900 m 8
Low
113.21
Treasury 3^8
Treasury 2Mb
Treasury 2Mb
■"
Week's
Range or
Sale
"
'
Friday
Last
i?
BONDS
N. Y. STOCK EXCHANGE
Treasury 2s
16 1944-1964 Af 8
15 1944-1949 AfN
3s
Jan
15 1942-1947 j
2^s
Mar
Mar
-
Home Owners' Loan
3s series A
J
1949 F
a
'94%
2
105 22 108.24
4 %b external debt...
1977 J d
54%
105 20108.21
104.4
104.4
104.4
2
103.16 105.15
Sinking fund 6Hs...Jan 15 1953 J J
♦Public wks 5Hs...June 30 1945 J D
104.2
104.2
35
103.9
105.2
106.25
107.5
7
1054
..1942-1944 J
1945-1947 J
107.5
♦Czechoslovakia (Rep of) 8s
j
103.25 103.19
103.25
18
103.1
104.25
D
101.23 101.20
101.25
2
100.5
102.12
New York City
Transit Unification Issue—
Foreign
Govt.
&
94 %
94 M
95M 1749
External gold 5Hs
External g 4Hs
88%
97%
54
"74"
....
m
21
97m 102 m
100
103 m
94
101m
1952
A
J J
1956 F a
1942
1962|A O
6H8--1942|Af 8
Apr 15
Municipal
a
*20%
31
20
*20%
21K
24
29
40
66
12
13m
30
10
23
25 m
94
eem
27m
0
65
*64
65
75
15
15
55 m
76 m
75
65
72
*64
63 m
ism
17 m
1
65
*70
73
68
70
65
13 m
20
49
32
*64
"25%
sim
13m
69
75
65
75%
68
75%
69H
2
75
3
11 m
15
2
8m
10
28%
1948 a o
Akersbus (King of Norway) 4s. 1968 m 8
j
♦Antloqula (Dept) coll 7s A...1945 J
10
14m
29 m
1940 A
6Hs 2d series
♦Dresden (City) external 7s
Agricultural Mtge Bank (Colombia)
70
.....
0
8
O
1969 A O
1945 M N
1940 A
2d series sink fund 5 %b
62
104
7
12
32
52
98
75
*13
0
5
70
....
54%
101
74
Customs Admin 6Hs2dser_.1961 M
5 mb l8t8erles
1969 A
1947 F
"m
-
94 m
94%
*99%
1961 A O
Denmark 20-year extl 6s
Dominican Rep Cxist Ad
1st ser 6 %b of 1920
'
D
..1980 /
3% Corporate stock
4»
108.12
♦Sinking fund 8s ser B
1 1944 1952 AfN
1Mb series M
*100
28
13
*6
99m
9sm
99%
A
107.15
1 1942-1947 Af S
2Mb series G
1949 f
107.10
Corp—
May
1944
A
ser
External loan 4%b ser C
May
3tfs
8
m
107.14 107.6
Federal Farm Mortgage Corp—
3s
♦Costa Rica (Rep of) 7s
Cuba (Republic) 5s of 1904
♦Gtd sink fund 6s...
♦Gtd sink fund 6s
♦External
s
f 7s series B....1945
♦External
s
8
♦External
s
♦External
see »
sec s f
T*|
f 7s
f 6s
f 4^-4^s_
12
lom
17
17
sm
5m
20 m
17
21%
24
129
10m
25m
ism
7
em
ism
9
ism
7
♦7s
unstamped
17
17
56%
50
55
4
36% 100%
Haiti
54
3
35
15
1
12
♦Hamburg (State 6s)
♦Heidelberg (German) extl 7
Helslngfors (City) extl 6 ms
4
27
12%
35
17
*
25
m
mm
-
*15%
m'm
17
6
17
*14
m'm
'
4* »
m
mm
m~
15
15
5
75
78%
6
*17**
8
mmm
7m
21
108
15
14%
(Republic)
f 6s
s
ser
A... 1952 A
0
1946 A O
Hsl950 J
J
I960 A O
7m
*35 %
10%
8%
8%
23%
18%
18%
Hungarian Cons Municipal Loan—
♦7 ms secured s f
g
1945
j
*7
9%
mmrnrn
6
10
11%
6
8%
18%
*6
8
mmmm
7
37
37
2
*6
9%
mmrnrn
*35
42
8m
8%
43"
~*4
8%
4
39%
42
42%
42
42
40
43%
j
J
116
38%
47
10%
65%
39%
63%
1
41
66
22
40
67%
35
45%
36
8
15
14
1
15
14
1960 ao
1952 AfN
75
70%
75
54
69
101%
87
126
83
107
J
/
J
j
J
87
MAT
j
M
83
80%
77
80 %
32
72
09
65%
69
23
61
67 m
67%
63%
78
80%
30
63%
67%
67%
67
58%
96%
93%
96%
89
34
59%
88H
J
s
j
*18"
17
18
19%
2
26
0
1942 M n
♦External sinking fund 6s...1960 a o
18%
*12
12
14
7Hs ext at 4%b to... 1979 F
Irish Free State extl
f 5s
M n
1951 J &
B '47 M 8
*20%
*57*"
Italian
Public Utility extl 7s...1952 7
J
Japanese Govt 30-yr e f 6 ms
1954 F A
Extl sinking fund
5%b
1965 AfN
65
....
*41*"
38%
9
20
9
32 m
65
70
58%
*129
mm
mm
167
42
92
34 m
25
7sm
23
72
64 m
81%
81
83 m
22
76
91m
65
65
66
38
57
69m
*9
12m
♦Jugoslavia (State Mtge
Bk) 7s 1957 a O
♦Leipzig (Germany) s f 7s
1947 F A
(Province) 7 %b 1950 J
60
*60
I960
ser
25
"m~
mm
+''
ism
&
-
—
-
7
17m
mm
12m
14
1
mm
15m
ism
"l5%
♦Medellln
(Colombia) 6 ms
Mendoza (Prov) 4s
read!
Mexican Irrigation—
1954
J
7)
8%
1954
J
D
*_.___
♦4ms stamped assented
1943 M n
♦Mexico (US) extl 5s of 1899 £.1945 Q J
♦Assenting 5s of 1899..
1945 Q J
♦Assenting 4s of 1904
1954 J D
♦Assenting 4s of 1910
1933
J
*m
1952 A
O
8
s
L>
n
A
1
*im
J
1958 M
assent
1
"i%
1945
i*Treas 6s of '13
*m
*1
1%
8
8%
58
....
1%
mmm
mm
1%
1m
im
7
14m
58
82 m
m
...
m* mm
1
11
rnmm
m
20
im
1
m
m
im
im
m
im
M
.
2m
im
7%
18
19%
15
19
17
Milan
Mlnaa
(City. Italy) extl 6ms
Geraes (State)—
♦Sec extl
s
f 6 mb
♦Sec extl s f 6 %s
♦Montevideo (City) 7s
1959 M
1952 J
♦6s series A
New So Wales
1959 M
40
41
42
69
em
9
6m
6%
5
46 m
46%
1
em
6%
*
70
mmmm
23
4m
4m
63 m
12m
12m
44
71m
40
71 m
37
'36%
38
37
33 m
36
35%
35%
36
13
35
89
6
29
97 m
11%
14%
12
17
11%
13
10%
14%
12
17
~n%
*22
10 %
14%
20-year external 6s
External sink fund 4%b
1956 M S
29
29
2
23 m
90
13%
11%
6
12
17
External
1965 a
25
28
70
10%
14%
4s
25
27 m
11
20 m
20
80 m
4
13
16%
14%
Municipal Bank
O
...1963 f A
f 5s...l970 J D
21%
22
3
21%
80
*12
Feb 1961
A
J
13
J
11
s
a
1
....Jan 1901
4097.
9m
5%
5
6s..Feb"l901
10^
*12
20
11
11
"~3
10%
12%
12%
1
12%
17
0
11
11
2
10%
14%
1963 m N
*12
13%
12
1963 AfN
11
11%
16%
14%
1902 A
10 m
11%
11
♦6s assented
5%
13
O
♦External sinking fund 6s
♦6s assented
mm
11%
A
♦Extl sinking fund
6s..Sept 1961 M s
♦0s assented
Sept 1961 M s
♦External sinking fund 6s
1962 A 0
10
10
19
mm
13
1900
...Jan 1901 j
15%
9%
16
Apr-1937 coupon on..1960
♦Chile (Rep)—Extl s f 7s
1942 M n
78
6
15%
12m
14
9%
14
a
*6%
75
87%
4%
13
s f
6s...July 15 I960 J
♦6s Jan. 1937 coupon on..1960
♦Farm Loan s f 0s...Oct 16 1960 A
Dave
Hungary
42
13
♦Farm Loan
♦6s assented
78
1908 M n
j
j
1946
79
♦Lower Austria
F
f g
Italy (Kingdom of) extl 7s
Italian Cred Consortium 7s
42
1967 j
s
33
*55
41%
♦78 secured
♦Hungarian Land M Inst 7H8.1901 m N
♦Sinking fund 7%b ser B
1961 m N
33
A
1984 J
♦6s assented
17
m
70
1975 AfN
♦7s assented
11
10
22
58
33
d
lem
90
7
*8%
15
17
11%
81
mm
20%
2im
75
11%
13%
mmm
102 M
7%
23
24
1949.
10
10-year 2Mb
Aug 15 1946
25-year 3 Ha
1961
7-year 2 Hs
1944
30-year 3s...
1907
30-year 3s
1908
♦Carlsbad (City) 8s
1954
♦Cent Agrlo Bank
(Ger) 7s.__Il950
For footnotes see
135
,
18
10
1970 f
♦Stabilization loan 7Hs
s f 6s
♦6s assented
109
10m
1977 m 8
Canada (Dom of) 30-yr 4s
♦Ry extl
84
,6H
57
54%
1970 a o
f 7a
♦Extl sinking fund
34
27
12
1901 m 8
3% external s f % bonds
Bulgaria (Kingdom of)—
s
; 118
10%
..1962 j
Refunding s f 4 J*-4 Ha
External readj 4H-4Hs
External a f 4H-4Hs
♦Secured
50
106
1958 f A
i960 j D
♦Budapest (City of) 0s_.
s
64
37%
9%
"li"
5
14%
19%
♦iCons Agrlc Loan) ems
1958 J D
♦Greek Government s f ser 7s._1964 M N
♦7s part paid
~
..1964
♦Sink fund secured 6s
1908 p A
♦6s part paid
....1968
34%
12 m
92 m
.■i..
60
.....
1957 m s
Buenos Aires (Prov
of)
♦6s stamped
External
90H
12
15
105
18%
1965 7 ®
*5%b unstamped
1966 ——
♦5ma stamp(Canadlan Holder)'65
♦German Rep extl 7sstamped.. 1949 A 0
38
37
49
17
75
92
mm
-
80
9m
1952
.
Sinking fund gold 5s
s
German Govt International¬
isms of 1930 stamped
-
53 m
40
44%
«.
59%
*20
1949
40
German Prov & Communal Bks
47
►
2
*20
1949
79 unstamped
5
17
97
*20
91
39%
1955
f 0 Hs of 1927...1957
♦7s (Central Ry)
Brisbane (City) s f 6s
20-year
External 7s stamped-...
50%
17
.1941
57%
53
54
♦Berlin
B
7Ha unstamped
39
94
42%
41%
50
*50"
8
96 %
60%
60%
Tim
15%
8%
*
j
95
87%
87%
79
58
8%
♦Frankfort (City of) a f 6Ms—.1953 AfN
French Republic 7 mb stamped. 1941 j D
72
267
58 %
40%
j
61%
79
66
58
(Germany) s f 0 Mb
1950
♦External sinking fund 6s... 1958
♦Brazil (U 8 of) external 8s
1941
♦External s f 6 ms of 1926...1957
6
75
58 M
.
5
5
63%
J
s
5
75%
o
1956 AfN
j
1957 J
13
10%
9%
9%
9%
23%
66
A
♦Bavaria (Free State) 6mb. ..1945 F a
Belgium 25-yr extl 6 Mb
1949 M s
External s f 6s
J
1955 j
♦External
14%
14h
14%
77
1955 J
1957 M
f 7s
s
7%
7%
7%
18%
9
9
1972 a
External g 4HS of 1928
External 30-year
15%
1972 f
Apr
s
10
23%
1948 M n
1971 M n
Australia 30-year 6s
External 5s of 1927
♦Austrian (Govt)
15%
7%
7%
7%
*9
Antwerp (City) external 5s
1958
Argentine (National Government)—
8 f external 4%a
8
8
"9 m
7s 3d series. 1967
8 f external 4Hs
8 f extl conv loan 4s Feb
8 f extl conv loan 4s
5
10%
10%
10
f 7s 2d series. 1957
,
10%
10%
10
1945
f 7s series D....1945
f 7s 1st series
1957
♦External
40
"j"o~"
f 7s series C
♦External
K
10K
♦EI Salvador 8s ctfs of dep...., 1948 J
Estonia (Republic of) 7s
1967 J
Finland (Republio) ext 6s.....1945 M
*1*5
10 %
External
s
(State) extl 6S..1967 F
.Apr 1968 A O
f 5s
Norway 20-year extl 6s
a
8 f
4%s
f extl loan
extl s
1943 F
a
1944 F
a
35
3em
36
25
29H
90m
97 m
80
Volume
New York Bond Record-Continued-Page 2
150
B
—
Last
BONDS
N.
Y.
-«£
Week Ended June 28
'<■
&
65
General unified 4 *s A
52
12
49 *
10-year coll tr 5s..May 1 1945 M N
22
9
19 *
LAN coll gold 4s
94*
97
12
96*
*
51
"5*
~~3
4*
10 X
7
7*
15
5*
11
7
60
4*
6*
6
7
63
4 *
10*
10*
SH
A
O
*3*
9*
O
*4
8
O
*8
*s assented
......—.1968 A
♦External sink fund g 8s
1950 J
O
*3*
7
....
*3*
6
...
♦External
25-year external 6s
4
J
D
7*
7
AfN
*10
4
V-.
♦6s extl 8 f g
70
—■—-
-■
A
62*
106*
90*
90*
3
82
90*
y
bb
3
66*
65*
67*
86
66*
70*
z
July 1948 A O
1st mtge gold 4s
bb
3
69*
28
?*
Ref A gen ser C(lnt at 11-5%
to Dec 1 1946) due...1995 J
D
z
ccc4
30
27
30*
147
18
31*
11*
11
(lnt at 1%
1 1946) due..2000 M S
z
ccc4
26*
25
27*
139
15*
27*
z
ccc4
27
25
28
118
15*
28
z
cc
3
11*
10*
12*
208
7*
Ref g 4s extended to.. 1951 UN y bb
3
53*
53*
' 54
12
40
40*
51*
43
21
32
52
4
41X
98
15
21
...
-
.
17*
103
5*
4*
5
7*
6
22
5
9*
8*
J
D
6*
6*
7
6*
7
Oct 1 1946)
due-July 1948 A O
Ref A gen ser D
to Sept
Ref A gen ser F (lnt at
1%
1 1946) due..1996 AfS
to Sept
Feb 1 1960 F
♦Conv due
A
11*
S'west Dlv 1st M(lnt at 3 * %
to Jan 1 1947) due...1950
z
b
4
42*
10*
Toledo Cln Dlv ref 4s A..1959
y
bb
2
52
x
bbb3
*87
1951
y
bb
3
57
1951
y
bb
3
3s__1989
y
bb
7
/
J
49*
10
10
1952
58
64
72
40
40
37
45
12
*05
70
72*
72*
61
Bell Telep of Pa 5s series B..1948
1st A ref 5s series C
1960
x
aaa3
x
aaa3
Belvldere Del
12*
9*
4s stamped
114*
130*
x
aaa3
z
b
1
♦Deb sinking fund 6*8—1959
z
b
1955
z
b
1
12
♦Berlin Elec El A Undergr 6 *s '56
z
cccl
20
10*
8*.
22
5
6
8
5
J
1936
J
*14
♦7s extl water loan
1968 J
.....
f 7s
O
Beth 8teel 3*s conv debs.. 1952
cons
16*
♦Sinking fund g 6 *8
extl
x
bbb3
108
107
108*
x
a
3
104*
103*
105
1960
x
a
3
99*
99*
13*
Cbnsol mtge 3*8 ser H...1965
x
a
3
102*
4*
26
12*
11*
37*
49
4*
31
8
7*
I)
20*
12*
J
D
8*
25*
s.;<;
18
16
-
J
♦4 Ma assented
10
*9*
D
*.
«.
—
6
J
54*'.
55
8
23
25
A
1971
J
Tokyo City 5s loan of 1912
1952
M
5*
*11
5*
9
■'emvm&f.
54
F
*2*
A
1955
14*
3
6
54
1947 F
Sydney (City) s f 5*s
Taiwan Elec Pow at 6*8
15*
5
w«i.
W
7*
7*
15
10*
9*
D
J
...1958
1958
7a
3s ser G
Big Sandy 1st mtge 4s
1944 J D x
Blaw.Knox 1st mtge 3 *S...1950 F A x
Boston A Maine 1st 6s A C-1967 M S y
U S y
Stamped
15*
b
2
b
2
4G *
50*
46
Venetian Prov Mtge
49*
47*
50*
108
2
54
52
54
32
40*
O y b
2
49*
48
50
84
37*
45
45
1
45
22
105
A
Stamped
Ex coupon
4
23
41
A
z
Bklyn Edison cons M 3*s__1966 MN
x
aaa4
HBklyn Manhat Transit 4*sl966 MN
y
bb
7*
cccl
108
108*
109*
1O3U32 103usi
2
bbb3
'1*04"
3
111*
103*
104
111
111*
A
x
x
a
x
bbb3
MN
48
63
Debenture gold 6s
1950 J D
y
bb
1st Hen A ref 6s series B
1957 KN
x
bbb3
104*
105*
32*
65*
A
x
aa
4
111
111
3 *s series C.1967 J D
x
aa
4
z
b
2
1978
1978 F A
...1984 J J
—..1952 A O
1952 UN
1958 F A
—1958 F A
1961 J D
36
171
34*
35
10
33
53
31*
32
3
32
51*
50
31*
56*
^
34
56
Buffalo Gen Elec 4*s B
Buff Nlag Elec
D
31 *
35
36
34
*
-
53
-
*37*
2
m
•>
m.
-
—
-
-
61
25
-
8
*8*
*
5*
-w
-
8*
1981
"3
F
3
at 3% to 1946) due
1957 AfN
{Burlington Cedar Rapid A]Nor—
}♦ 1 st A coll 5s
1934 A O
....
z
Elig. &
BONDS
EXCHANGE
Week Ended June 28
si
60*
65*
Range or
7*
69
Rating
Sale
See i
Price
Range
Since
Friday't
Bid
Ask
&
Jan. 1
32*
31*
cc
y
bb
bb
*98*
19
10-year deb 4*s stamped. 1946 F A y bb
y bb
1952 A
x
1943 J
lOi*
105
100
105
60
60
Adriatic Elec Co extl 7a
aa
109*
x
aa
107*
Albany Perfor Wrap Pap 6s. .1948
6s with warr assented... .1948 A
b
45
y
b
A
x
bbb3
40
1946
Alleghany Corp coll trust 58.1944
Alb A Susq 1st guar 3 *s
F
1950
1998
1942
Allied Stores Corp deb 4*8..1950
4*s debentures
1951
A Ills-Chalmers Mfg conv 4s. 1952
♦Alplne-Montan Steel 7s
1955
Am A Foreign Pow deb 5s...2030
♦5s stamped
A
Allegh Val gen guar g 4s
AT S
Amer IG Chem conv
b
65*
37
105*
105
y
aa
_
F
A
M
S
y
x
a
S y b
6*8.1949 /
x
75
26*
47*
"~9
99*
3
90*
18
108*
109*
51
31
"79
102*
102*
50
103
75
96*
bbb3
"46*
J y b
83
58
105*
K
"49
87
69
33
89*
109*
_
61
68*
39
99*
bbb2
Af S y b
M
52*
1
34
*55
bb
x
O y bbb2
60
38
V 64
37*
108*
77*
66*
75
A
5*8—1949 AfN
Am Internat Corp conv
76*
y cc
Allegh A West 1st gu 4s
bb
y
A
70
80*
no*
45
49*
70
70
y
1949 J
Coll A conv 6s
*41
_
108*
105
45
A
57*
109
109*
107*
y
1943
27*
102* 104*
98* 104*
♦98*
y
J
98
8
69
64*
104* 107*
99
101*
89
99*
108* 111
17*
17*
46*
68*
100* 105*
91
105*
Amer Telep A Teleg—
20-year sinking fund 5*8.1943 M N
x
aaa3
106*
106*
O
x
aaa3
108*
108
3*s debentures
3*s debentures
Founders conv
1961
1966
deb. 1950
Am Wat Wks A Elec 6s ser
A. 1976
A
J
1967
x
aaa3
107*
108*
70
108*
104
108*
2
*100
102
102*
102*
104
Anaconda Cop Mln deb 4 *s. 1950 A
♦Anglo-Chilean Nitrate—
S f Income deb
D
106"«
UN y bbb2
J
J y bb
O
Jan
4s B—1955 F
(Del)....1957 J
bbb3
103
47
106* 109*
104
110*
103* 110*
100
107
"_3
96
12
102
107*
28
bb
1
40
40
x
bbb4
*98
100
A
x
aa
2
100
99*
100
92
J
x
aa
2
100
99*
100
9
41
32
*29*
2
y
60
97*
99*
95* 104*
104*
95
Santa Fe—
A
O
x
aa
Nov
x
bbb3
Stamped 4s
1
..—.1995 MN
Conv gold 4s of 1909
1955 J D
D
Conv 4s of 1905
...—1955
x
bbb3
x
aa
x
aa
D
x
aa
...
Adjustment gold 4s
..1995
1995
1960
Conv deb 4*8....
...1948
Rocky Mtn Dlv 1st 4s
1965
Trans-Con Short L 1st 4s..1958
Cal-Arlz 1st A ref 4*s A.. 1962
Atl Knox A Nor 1st g 5s
1946
Atl A Charl A L 1st 4*s A.. 1944
1st 30-year 5s series B
1944
1910
For footnotes see page
4097.
D
x
x
103*
"95"
x
82*
95
102*
103
110*
106
a
J
D
x
aa
J
x
bbb3
J
/
x
bbb3
"97"
t
"93*
Attention 1» directed to the
76*
89
93*
90*
97*
95
96
"24
100
"3
108
105*
100*
110*
104* 109*
99
14
114
*99
2
"23
100*
110*
106*
101* 107*
77* 87*
92
96*
*99
J
"if
98
94
103
77
85
*
aa
M S
104*
*80*
82*
*92*
aa
J
103*
"82*
2
aa
J
J
2
94
114
92
97
93
99*
new column
83*103",!
88* 107*?
108* 113*
111
116*
""l"5
84
98*
14
102
107*
6
109* 112*
107* 109
34*
36
68
cc
*3
bb
*57
3
5
y
66
39
y
b
1960
y
b
1966
x
a
x
37
bbb3
50
103*
50
102*
39*
3
50*
29
103*
24
100
15
65
72* 103*
75* 106*
76
73*
x
aa
78*
75*
78*
46
x
aa
79
44
aa
78
J
x
aa
75*
74*
72*
79
x
Canadian Northern deb 6 *s. 1946 J
Can Pac Ry 4% deb stk perpet.. J
5s equip trust
ctfs
Coll trust gold 5s. .Deo
Collateral trust 4*s
aa
"76*
72*
76*
61
aa
76*
71*
76*
45
72* 103*
71* 103
x
aa
89*
87
89*
38
87
46
38
42*
a
2
65
61*
65
8
x
aa
2
90
17
a
2
60*
87*
58*
90
x
61
17
64
84*
x
A
{♦Cent of Ga 1st g 5s___Nov 1945
{♦Consol gold 5s..
1945 UN
♦Ref A gen 6*8 series B..1959 A O
♦Ref A gen 6s series C
1969 A O
/ D
♦Chatt Dlv pur mon g 4s..l
1940
6s...1941
Gen mortgage 5s
1941
Cent Hud G A E 1st A ref 3 *s *65
Cent Illinois Light 3*8
1966
{♦Cent New Engl 1st gu 4s.. 1961
{♦Central of N J gen g 6s...1987
♦General 4a—
—..1987
Central N Y Power 3*8—1962
a
2
52
48
52
29
48
79
z
ccc3
*20
39
a
3
106*
y
b
y
b
I
3
*40
x
92
bb
z
106*
92
Cent Pao 1st ref gu
"I
1
48*
40
45*
75
73*
17*
90*
19*
*
4%
30
z
ccc3
z
cc
c
*1*
2*
1*
z
c
*1*
2*
1*
z
cc
z
cc
.....
5*
2
*3*
*2 *
8 y bb
S y b
90
90
*45
Af 8
x
aaa3
*106*
O
x
aaa4
b
z
ccc3
13*
z
ccc3
11*
x
a
3
108*
y
bb
bb
2
58*
y
y
b
2
2
"42*
y
b
3
x
bbb2
40*
2
13
11*
107*
A O
F A
Central RR A Bkg of Ga 5s3l942 AfN
Central Steel 1st gs 8s...... 1941 UN
Certaln-teed Prod 6*8 A...1948 M 8
Champion Paper A Fibre—
M 8
S f deb 4*s (1935 Issue)..1950
U
57*
*
8
S"
"66"
90
*
4*
109* 111*
12
37
64
13*
16
12
20*
12*
10
10*
18
108*
8
59
42*
105* 110
19
67*
73*
61
66
"55
31*
54
55
y
b
72
102
102
*103
112**
65
74
bbb3
62*
109
54*
*109"
72
iH
"42*
x
3
7*
3*
109
106
108*
30*
95*
77
73
70
59*
"40"
4
12
*109
z
gold 4s..1949 F A
45
44*
102
109*
90
100*
z
J
Through Short L 1st gu 48.1954
Guaranteed g 5s......—1960
89*
87* 108*
*9
ccc2
/
A
67*
73*
4
y
M
M
113*
69*
31
42*
x
J y bbb2
J
♦Mobile Dlv 1st g 5s
75* 107*
74* 107
72* 105*
x
{♦Carolina Cent 1st guar 4s. 1949
Caro Clinch A Ohio 1st 6s A.1952 J
Carriers A Gen Corp 5s w w._ 1950 M2V
Cart A Adlr 1st gu gold 4s... 1981 F A
Celotex Corp deb 4*8 w w_. 1947 J D
♦Cent Branch U P 1st g 4s..1948 J D
Central Foundry mtge
11
x
1 1954 J
1960 J
F
12
77*
J
1946 M 8
1944 J J
Coll trust 4*s
78
85
-S
1958 F
M
47
61
106*
29
aa
Sept 1951
46*
66*
x
4*s..June 15 1965
32*
6*
69*
65
1957 J
Guaranteed gold 5s..July 1969 J
Guaranteed gold 5s__.Oct 1969 A
Guaranteed gold 6s
1970 F
Canadian Nat gold 4*s
40*
7
2*i
66*
76
Guar gold 4*s
25*
3*
z
.....1955
Consolidated 6s
37*
109
101*
y cc
{Ann Arbor 1st g 4s
1995 Q J
Ark A Mem Br A Term 5s..1964 M S
Armour A Co (Del)
x
94
3*
Bush Term Bldgs 6s gu
Guaranteed gold 4*s
z
91*
1952
♦Certificates of deposit
Guar gold
and INDUSTRIAL
COMPANIES
{|*AbItibl Pow A Pap 1st 58.1953 J D
Adams Express coll tr g 4s
1948 M S
Coll trust 4s of 1907
1947 J D
1st cons 4s series B
3
36
113*
Week't
Last
2
""94"
cc
Canada Sou cons gu 5s A...1962
3*
59*
*112*
12*
110*,
{Buffalo Rochester A Pgh Ry—
Stamped modified (Interest
Bush Terminal 1st 4s
-
F
Calif-Oregon Power 4s
*
59*
Friday
Bank
Ala Gt Sou 1st cons A 5s.
1
*105
32*
1950
45
6*
7*
Bklyn Union El st g 5s
35*
57*
52*
66*
52*
2
52*
41*
37*
45
Stamped
1st g 4*s series JJ
38
63
53
46
56*
3
60*
*56*
67
54*
Bklyn Un Gas 1st cons g 58..1945 AfN
1st lien A ref 6s series A..1947 Af N
J
Bank 7s
1
41*
36*
46
174
56
t*Boston A N Y Air L 1st 4s. 1955 F
T,
...1979 AfN
(City of) 6s
♦Warsaw (City) external 7s
♦4*s assented
Yokohoma (City) extl 6s
109* 109*
92
99*
193
2
65
0
102*
..1955 Af N y b
MN y b
1961 A O y b
1st M 5s series II
87
A
—1964
♦Vienna
Conv gold 4s of
48
99*
99*
102
w6*
55*
62*
A
F
3*-4-4*s ($ bonds of '37)
external conversion
.......1979 AfN
General 4s..
*93*
51*
54*
20
103* 112
100
106*
35
*105
aaa2
bbb3
63
6s..
readj
123
4
53
external readjustment
3*-4*-4&i«s extl conv
16*
9
102*
46
40*
50*
3*s-4-4*s ($ bonds of *37)
3*s extl readjustment
16*
15
1
12
44
1961
..1946
♦External s f 6s
11*
3
99*
......1960 MN
f 5*s guar
♦Uruguay (Republic) extl 8s
Atchison Top
102
Ex coupon
♦Slleslan Landowners Assn 6s.
1st m s f 4s ser C
20
6
48
8
24
1962 AfN
1962 AfN
♦8s secured extl
Am Type
20
1959
Serbs Croats & Slovenes (Kingdom)
RAILROAD
"ie"
~15* "lT*
"l8p
16
Consol mtge
J
1945
1946
♦Saxon State Mtge iDst 7a
7*
24*
9
7*
J
1940 A
♦6s extl dollar loan
STOCK
130*
23
13*
16*
8*
J
..........1950 J
1956 M S
117*
127* 135
1
"54" ~80~~
9
112
114*
*105*
3*s_—1943
♦Berlin City El Co deb 6*8.1951
3
113*
129*
Cods mtge 3*s aer F
§♦88 extl loan of 1921
3
55 '
2
xbbb4
San Paulo (State of)—
♦8s external...
70
Beech Creek ext 1st g 3*s..l961
6
—.1957 AfN
...
64
Battle Cr A Stur 1st gu
♦Debenture 6s
♦8s extl secured s f
♦6*s extl Becured a f
'"*2
12
Brazil)—
AfN
57*
11*
7*
7*
13
54*
101
13
22
54
58
89
7
1
8*
8*
*
1964 Af 8
f 4s
49*
46*
91
27
79
7
69*
,
5
28
44
Con ref 4s
,
5*
3
46*
15*
Pgh L E A W Va 8ystem
7
2
MiV
1966
75*
102* 107*
21
15*
12
9*
A
N. Y.
67*
106*
55
11*
O
F
4-4 *-4 *s extl
34*
8
65*
106*
67*
40
59
A
O
s f
23*
173
22
5*
D
♦External
5
28
13*
—
A
J
s
28
67
13
5*
5*
A
External
27*
25
12
■
O
F
.—1967
1952
♦Roumanta (Kingdom of) 7s
1969
♦February 1937 coupon paid
♦Saarbruecken (City) 8s_.
.....1953
sec
41
28
65
75*
K
43
♦7s municipal loan
♦7s series B
28
26*
11*
"l"7*
17*
w
Rome (City) extl 6 Ha
♦SUesla (Prov of) extl
14
66
44
17*
O
A
—.1968
♦7s extl loan of 1926
a
32*
7
2
.....
0
~
1946
♦8s extl loan of 1921
♦Secured
32
Bangor A Aroostook 1st 6s..1943
1
Sao Paulo (City of,
70
32
ccc4
Rio Grande do Sul (State of)—
8
55
z
7
a
1946
1953
Santa Fe extl
13
D
....
Vf
1950 M S
6 *s
62*
6
7
♦Rio de Janeiro (City of) 8s
sec
60*
4
_
7*
J
♦Rhlne-Maln-Danube 7s A
♦Extl
76
60*
Ref A gen ser A (lnt at 1%
to Dec 1 1946) due.. 1995 J
10*
16*
4
3
5
J
1941 A
...1947 F
61*
9*
3*
J
1952
f 6s
s
Queensland (State) extl s f 7s
J
....
9*
J
......—1963
1961
♦Extl loan 7*8.
1966
♦Prague (Greater City) 7 Ha
1952
♦Prussia (Free State) extl 6*s
—1951
7
1st mtge g (lnt at 4% to
"5*
O
♦4*s assented
62*
Stamped modified bonds—
8H
A
♦Porto Alegre (City of) 8a
61*
Baltimore A Ohio RR—
6*
.1961
♦4
62
62*
J y b
1953 M 8 x a
/ y bb
1941 J
6*
A
f7s
77
41
Atl Gulf A W 188 coll tr 68—1959 J
7
..—1940
1958
♦4*s assented
♦Stabilization loans
1948 J
74*
*********
S
—1947 A
•Poland (Rep of) gold 6a
Second mortgage 4s
82
50
11
64*
22
2
/ y b
J y b
1948 J
D
M
1960 J
Atl A Dan 1st g 4s
72 *
....
51
50
*
Atlantic Refining deb 3s
Austin A N W 1st gu g 5s
-
♦Nat Loan extl a 16s 2d ser..
63*
96 * 105
High
13
48*
bb
y
-Oct 1952 MN
No. Low
66
46*
bb
y
21*
58
75
Jan. 1
65
bb
54
Since
la
High
Low
bbb3
y
18
Adk
47*
x
1964 J D
2
58
19
A
Range
fa
Friday's
Bid
Railroad & Indue. Cot. (Cont.)
Atl Coast L 1st cons 4s_July 1952 M S
19
56*
9*
Sale
Price
See 1
17*
Af ~8
1947
1959
.
♦Peru (Rep of) external 7s
♦Nat Loan extl 816s 1st ser
High
No. Low
a,!
Range or
Last
g fe 1 Rating
-h
51*
AfN
1963
Week Ended June 28
58
1963 AfN
♦Stamped assented
♦Ctfs of deposit (series A)..—
♦Pernambuco (State of) 7s
N. Y. STOCK EXCHANGE
High
Low
.
-
BONDS
Since
Jan. 1
19
1952 F A
1953 MB
1958 UN
1955 A O
——1953 / D
Oslo (City) s f 4*s
•Panama (Rep) extl 5*a__
♦Extl s f 5s ser A
Ask
Week's
Friday
£ J Elig. <Se
Range
sa
oai§
Friday's
Bid
Price
Foreign Govt. & Mun. (ConcT)
♦Nuremburg (City) extl 6s
Oriental Devel guar 6s
Extl deb 5*8
■S
Range or
Sale
EXCHANGE
8TOCK
4093
Bank
Week's
Friday
82*
101* 106*
102
104*
104*
8
x
bbb3
Af S
x
aaa4
118
x
aaa2
98*
98
121*
98*
16
UN
31
94
F
A
x
aaa2
98*
98
98*
43
94
D
x
aaa2
25
103
J
x
aaa2
J
x
aaa2
J
x
aaa3
*113"
J
x
aaa3
*102
Af S
x
aaa2
A
O
z
ccc3
J
J
x
aa
2
J J
.
General 4s
-—1958 Af S
1st A ref 4*s series B
1977 F A
lit A ref 5s series A...—1971 F A
x
aa
2
x
a
2
x
bbb3
x
bbb3
84
8 f deb 4*s
(1938 Issue)..1950
Chesapeake A Ohio Ry—
4 *s
..1992
Ref A Imp mtge 3*8 D..1996
Ref AimptM 3*s ser E..1996
Ref A lmpt M 3*s ser F..1963
Craig Valley 1st 5s..May 1940
Potts Creek Br 1st 4s
1946
R A A Div 1st con g 4s... 1989
2d consol gold 4s..----1989
Warm Soring V 1st g 58—1941
♦Chic A Alton RR ref g 38—1949
Chic Burl A Q—111 Dlv 3*8.1949
Illinois Division 4s
1949
General gold
incorporated in this
J
121*
105*
106
125*
100
100
107*
101* 101*
*100
109
109
113* 117*
115
110
106
10*
10*
2
7*
93*
93*
93*
10
90*
96*
96*
97
45
93* 102*
88*
88
88*
15
83
77
75
77
16
71
03
84*
80*
84
16
75
90
tabulation pertaining to bank eligibility
and rating of bonde.
16*
98
See i.
New York Bond Record—Continued—Page 3
4094
BONDS
N. Y.
STOCK
4)
EXCHANGE
Elig. &
X-
Price
Bid
♦1st A gen 6s Ber B__May 1966 J
Chic Ind A Sou 60-year 4s__1956 /
10
34
13
92
"265*
26?*
175*
175*
17?*
5?*
ccc3
*14
ccc3
*14
*14
ccc3
2
cc
6
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1948 MN
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1949
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1956 J
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1951 J
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1951
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1951
101
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1950
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40
91
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4
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91
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1901
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1949
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Hoe (R) A Co 1st mtge
1944
1035* 1075*
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103
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1940 J
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110
116
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1958
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1946
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1956
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1968
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*61
3
gu$ 5*8 D_. 1971
x
O
1085*
aa
{{♦Dul Sou Shore A Atl g 56.1937 J
DuQuesne Light 1st M 3 5*8—1965 J
18
305*
31
5
8 as: c>.
45*
*1?*
495*
ccc2
3?*
75*
75*
ccc2
D y bb
Cln Un Term 1st
z
17
18
8
...—
1960 MN z c
Ch St L A New Orleans 5s-1951 j d y bbb2
Gold 3 5*8
June 15 1951 / d y bbb2
1st mtge 3 5*8
CIn Leb A Nor 1st
c
cc
High
107
95*
15*
15*
ddd2
z
z
1905 A
F
75*
*65*
"l5*
Gen A ref mtge 3 5*s ser G.1966 M 8 x aa
Detroit A Mac 1st lien g 58—1995 J D y b
♦Second gold 4s
1995 J D z ccc2
Detroit Term A Tunnel 45*8.1961 MN x a
♦Gen
f
♦Certificates of deposit
♦Conv g 45*s
Chic A West Indiana
z
O
285*
275*
29?*
29?*
129
ccc2
1st mtge 35*s series E
ddd2
155*
ser
Low
104
"5?*
z
02
165*
1
7
75*
cccl
x
No.
1075*
♦105
cccl
63
61
15*
4?*
15*
1987 MN
Guaranteed 4s
z
z
East Ry Minn Nor Dlv 1st 4sl948 A
cc
.1987 MN
Memphis Dlv 1st g 4s
J
J
♦Ref A lmpt 5s ser B.Apr 1978
Since
Jan. 1
*105?*
J
{♦Des M A Ft Dodge 4s ctfs.1935
{♦Des Plains Val 1st gu 4 5*s_1947 M 8
Detroit Edison 45*s ser D—1961 F A
105*
Range
Ask
High
1075*
3
J
100
A
Low
j
1st A ref 45*0.——.—1969
195*
125*
125*
12?*
3?*
or
Friday's
Bid
(.Cont.)
Del Power A Light 1st 45*8-1971
195*
10
Range
Sale
Price
1940
Week's
Last
See a
19?*
105*
{Chicago A North Western Ry
-
Railroad & Indus. Cos.
Friday
Reding
5 ft.
Dul Miss A Ir Range Ry 3 5*s 1962 A
♦Mtge g 6s series A
1976
♦Conv adj 6s
Jan 1 2000
♦Gen 5s stpd Fed lnc tax.-1987
♦4Mb stamped
1987
{♦Secured 65*8—
1030
♦1st ref g 58
May 1 2037
♦1st Aref 45*sstpd.May 12037
♦
1st A ret 45*8 C—May 1 2037
♦Conv 4J*s series A
1949
{{♦Chicago Railways 1st 6s stpd
Feb 1940 25% part pd„ 1927
{♦Chic RIA Pac Ry gen 4s..1988
♦Certificates of deposit
{♦Refunding gold 4s
-1934
♦Certificates of deposit
{♦Secured 45*s series A—1952
Elig. <St
!*
EXCHANGE
122 5*
117
65*
{Chic Milw St Paul A Pac RR
♦General g 35*8——
8TOCK
Week Ended June 28
Gen A ref M 4s
22
♦Gen g 35*8 ser B.May 1 1989
♦Gen 45*8 series C-May 11989
♦General 4s__
Y.
155*
J
J
{Chic Milwaukee A St Paul
♦Gen 4a aeries A —.May 1 1989
N.
Jan. 1
120
2
cccl
BONDS
Range
Ask
A
Low
b
Bank
Range or
Fridays
Sale
See a
Railroad & Indus. Cos. (Cont.)
{ {♦Chicago A East III 1st 68-1934 A O
{♦Chic A E III Ry gen 6a._w.1961 M N
♦Certificates of deposit
Chicago A Erie 1st gold 6e__1982
Last
Rating
it
Week Ended June 28
June 29,
Week's
Friday i
Bank
1045*
495*
245*
1035*
455*
245*
1045*
495*
97
96
g
35*8.1951
1951
47
45
54
485*
485*
66
bbb3
ybb
3
*405*
56
'63" "50"
1025* 1045*
375*
635*
t
For footnotes see page 4097.
Attention la directed
to the new column
incorporated in this tabulation pertaining to bank eligibility and rating of bonds.
See A.
Volume
New York Bond
150
BONDS
N.
Y.
STOCK
Railroad &
Indus.
Last
Elig. A
Sale
See i
Price
Cos.
Bid
Range
Jan. 1
No. Low
ybb
1963
ybb 2
z cccl
1948'
x bbb3
{♦Ind Bloom A W 1st ext 48.1940
Ind 111 & Iowa 1st g 4s
1950
y bbb2
z ccc2
$*Ind A Louisville 1st gu 4s. 1956
Ind Union Ry 3%s series B.1986 M S x aaa2
J x bbb2
Industrial Rayon 4 %s
1948 J
x aa
3
Inland Steel 1st mtge 3s ser F1961
y bb
Inspiration Cons Copper 48.1962
z bb
^♦Interboro Rap Tran 1st 5sl966
z cc
{♦10-year 6s
1932
!♦ 10-year conv 7% notes..1932 M S z bb
Railroad & Indus. Cos. (Cont.)
50%
Maine Central RR 4s
30
47
21
Gen mtge 4%s series A...I960 J D yb
2
Manatl Sugar 4s s f.__Feb 1 1957 MN y ccc2
99%
99%
60
61
conv deb 4S..1947 A
J*Int-Grt Nor 1st 6s ser A. .1952 J
♦Adjustment 6s ser A.July 1952 A
♦1st 5s series B
1956 J
Interlake Iron
1956
6s._.1944
♦1st g 5s series C
B.1947
82%
cccl
"48%
4
3
J y b
96
D ybb
}}»K C Ft S A M Ry ref g 4s 1936 A
O
w
J
1960
4s
4
82
99
90
21
22
44%
47%
*1%
.1%
45%
94%
3
55%
46
85%
85%
76
85%
1
47%
47%
39
63
Manila Elec RR A Lt s f 5s.. 1953 M 8 y aa 1
Manila RR (South Lines) 4s.1959 MN y a
1
^♦Man G B A N W 1st 3%s.l941 J J z ccc2
Marlon Steam Shovel s f 6s..1947 A O yb
3
*85%
95
*83
•
-
-
-
3
a
3
bbb3
bbb3
-----
bb
-----
1961
6s—1997
Kings County Elev 1st g 4s.. 1949
Kings Co Lighting 1st 5s
1954
J
A
aaa4
F
bbb3
J
a
1954
J
2
105
9
100
107
*108
Koppers Co 4s series A
M N
a
M S
a
2
1951
3% notesl950
{♦Kreuger A Toll secured 5s—
Uniform ctfs of deposit...1959
103
100% 103
Metrop Ed 1st 4%s series D.1968 M 8 x aa 3
Metrop Wat Sew A D 5%S—1950 A O xbbb3
${*Met W Side El (Chic) 4s. 1938 F A z ddd2
109%
110%
109
39%
40
♦Mex Internat 1st 4s asstd._1977 M S
♦Mlag Mill Mach 1st s f 7s..1956 J D
Ref A lmpt 4%s series C—1979 J
Michigan Consol Gas 4s
1963 M
— —
.
14%
103%
107%
80
-
168
88% 104%
105% 107%
107
108%
—
6
105
102%
100% 106
18
101
1941
%s.._1997
2d gold 5s
Lake Sh A Mich So g 3
Lautaro Nitrate Co
y
b
b
2
y
b
2
b
x
84%
43
a
x
44
2
1
50%
—-
-
-
—
86%
71
8
90
20
80%
40
1975
Lehigh C A Nav s f 434s A..1954
Cons sink fund 4%s ser C.1954
Lehigh A New Eng RR 4s A.1965
Lehigh A N Y 1st gu g 4s
1945
J
A
M
J y bb
O
x
3
49%
8
47%
47%
47%
3
-----
79%
80
10
30
30
2
2
bbb3
S yb
30%
47%
3
*4%
♦1st A ref 6s series A
1946 J
J
z
cc
1949 M 8
z
cc
^Missouri Pacific RR Co—
♦
1st A ref 58 series A
1974
extended to 1943 j"i
♦6s stamped
1943
Leb Val Harbor Term gu 5s.. 1954 FA
z
b
*23%
27%
----
z
b
*45
70
b
*45
54
♦5s stamped..
J
JLeh Val N Y 1st gu 4%s...l940
4 %b assented
.....1940 J
J Lehigh Valley RR—
2003
y
♦1st A ref g 5s series H
J ybb
J ybb
2
MN
z
♦4%s assented
♦General cons 5s
__
JLeh Val Term Ry 1st gu g 5s
z
z
ccc2
M N
z
z
ccc2
z
cccl
1941
A
1941
Lex A East 1st 50-yr 5s gu—1965
Libby McNeil A Llbby 4s..1955
Liggett A Myers Tobacco 78.1944
5s debenture
1951
Lion Oil Ref conv deb 4%s.. 1952
Liquid Carbonic 4s conv debs 1947
Little Miami gen 4s series A.1962
Loews Inc s f deb 3 %s
.1946
Lombard Elec 7s series A
1952
Lone Star Gas 3%s debs
1953
♦Long Dock Co 33*8 ext to.. 1950
Long Island unified 4s
1949
Guar ref gold 4s
1949
4s stamped
1949
y
1944
1951
Louisiana A Ark 1st 5s ser A.1969
Louisville Gas A Elec 3 %s.. 1966
Lou A Jeff Bridge Co gu 4S..1945
Lorlllard (P) Co deb 7s
5s debenture
12%
32
11
12%
59
12
12
12
12%
12%
14
a
x
bbb4
x
aaa4
x
aaa4
y
bb
3
a
-
-
-
-
101
x
x
aaa3
100%
----
-
—
15
101
123%
123%
2
125%
128%
16
95
93%
5
95
A
106%
102%
106%
1
"I62""
102%
46
J
D y b
1
F
A
3
109%
A
O ybb
3
------
x
a
------
47
109%
108%
*65%
18
50
■'
22%
20
32%
12%
13%
7%
10
10%
8
15*
11%
12%
8%
3%
16!
8%
16%
16%
13
21%
16
16
5
12%
20%
2
63
1%
113
12%
21%
12%
21%
21%
21%
ccc2
8
1978 MN
*15
32
16%
^{♦Mo Pac 3d 7s ext at 4% Jul *38
fMoblle A Ohio RR—
♦Montgomery Dlv 1st g 5s 1947
118
99
104
121% 127%
120% 131%
90
101
105
110
104% 104%
100% 105
28%
73%
105
110
67
60
95%
90%
91
23
87
95%
aaa3
122%
122%
3
------
*125%
x
x
aa
J
x
bbb3
M 8
x
aa
3
M 8
x
aa
3
122%
2003
1st A ref 4 %s series C
2003
1st A ref 4s series D——2003
1st A ref 3%s series E
2003
Paducah A Mem Div 4s..1946
M S
St Louis Dlv 2d gold 3s...1980
Mob A Montg 1st g 4%s._1945 M S
J
South Ry Joint Monon 4s. 1952 J
Atl Knox A Cine Dlv 4a.. 1955 MN
•Lower Aust Hydro El 6 %s.!944 F A
1
----
108%
1938
{♦Secured 5% notes
♦Certificates of deposit
Moh'k A Malone 1st gu g 4s. 1991
6s
108%
109
19
106
110
111
108
111%
98
1
x
bbb3
90
90
91
12
x
bbb3
x
bbb3
x
bbb2
x
a
3
x
a
3
y
bbb2
x
a
z
^
79
——
87
----
79
79
1
103
------
103
1
80
80
1
*78%
77
10
77
105%
cccl
4
86%
83
94%
78
88
72%
83%
101
104%
78
82%
112%
73%
83
104% 107
15%
15%
15
25%
20%
25%
20
20%
34%
z
cccl
25
25
25%
20
33 %
z
cccl
29%
30%
25
41%
cccl
30
31
24
m~s
y
b
2
*45
53
50%
mn
x
aa
4
104
105
x
a
4
m's
*17%
"31"
ybb
4
a
1914 coupon on. 1977
♦4s April 1914 coupon off..1977
♦Ass't warr A rets No 6 on '77
Nat RR of Mex prior lien 4 %s—
♦4s April
{♦Ass't warr A rets No 4 on '26
1914 coupon on.. 1951
♦4s April 1914 coupon off.. 1951
♦Ass't warr A rets No 4 on '51
National Steel 1st mtge 3a... 1965
Natl Supply 3%s
1954
♦4s April
^♦Naugatuck RR 1st g 4s—1954
5s. 1948
Newark Consol Gas cons
6s_1946
1945
Tel 5s A
1952
1st g 4%s series B
1961
N J Junction RR guar 1st 4s. 1986
N J Pow A Light 1st 4%s...l960
New Orl Great Nor 5s A
1983
4
86
*
56
65%
68%
79
56
*
64%
~40~~
42%
33
36
50%
50%
42%
13
34%
47%
36
22
27
44%
24%
39
31%
30
32%
53
108%
108
108%
11
*113%
*
104% 109%
112% 120
101
68
68
101% 101%
68
64
70%
102
*102%
102%
a
3
106%
106%
Io7~"
29
103% 107%
x
a
2
102%
102
102%
41
99% 100%
*1
J
z
..
J
J
z
_.
*%
J
J
z
--
*%
/
z
..
*%
O
z
..
*%
O
z
..
0
z
..
»%
*%
j
j
z
A
A
A
■
■
1
1
%
H
%
%
%
5
%
%
%
1%
%
*:
..
*%
A
O
z
..
O
z
....
A
O
z
3
%
%
%
"l""
%
%
%
%
%
*%
A
*%
*%
A
O
x
aa
2
102%
103%
J
d
x
a
4
103
103
MN
z
b
J
D
x
aaa3
J
J
z
cccl
J
J
z
cccl
J
D
x
aaa2
MN
x
aaa2
F
A y
bbb2
A
O
aa
J
J y bb
x
*62
*33%'
bbb3
*33%
*124
y
bbb2
1954
z
b
z
70
z
b
*49%
ccc2
1956
deposit
A
1954
♦Certificates of deposit
♦Certificates of
column i ncorporated la this tabulation pertaining to
31%
43%
128%
122% 128%
122
108
_
105%
04%
53
45
105
"eo"
105%
104
105%
105
2
18
59
61%
z
ccc2
25
25
z
b
1
24
*28%
♦
1
z
z
*
1
z
ccc2
z
b
1
30%
69
1
21
25
33
30
li"
23
39%
24
40
28%
37%
37%
26
38
"29%
ccc2
b
78%
37%
28%
*
1
109"
102% 105%
101% 100%
65
71%
*20
.
.1958
40
127%
65%
ccc2
z
30
123%
*
71
124%
43%
119
123%
bbb3
deposit.
03
68
"44%
107
x
100% 105%
102
105%
*119%
3
x
♦1st 5%s series
112%
71%
bbb2
NOANElstrefAlmp %sA'52
New Orl Pub Ser 1st 5s ser A. 1952
1st A ref 6s series B
—1955
New Orleans Term 1st gu 4s. 1953
j j*N O Tex A Mex n-c Inc 5s 1935
♦Certificates of deposit.
D
110%
95% 104%
x
bb
/ 1st 5s sertes C.
86
70
J
♦Certificates of deposit
new
101%
103
108%
99%
x
y
♦1st 6s sertes B
65
107
105
108%
108%
bbb2
b
2
bb
A y bb
F
4s ser A.. 1978
J D
Nat Acme 4%s extended to_1940
MN
Nat Dairy Prod deb 3 %s w w 1951
M S
Nat Distillers Prod 3%s
1949
National Rys of Mexico—
od.1957
1957
108%
100%
40%
103
*
y
♦4%s July 1914 coupon on
164"
3
x
1965
♦Certificates of
18
23%
Gen A ref 8 f 6s series A
♦1st 4%s series
Attention Is directed to the
18
24
-
92% 102%
112
105%
79
25%
ccc2
z
..I960
4%s—
debentures
^♦New England RR guar
♦Consol guar 4s
75
98
21%
ccc2
New Eng Tel A
129%
21
98
21%
12%
60
"63% "~2
cccl
A
Montana Power 1st A ref 3%s '66
120
79
xbbb3
12%
"31
21%
20%
z
1977
120% 126%
77%
*108%
78
16%
2%
12%
12%
*15
94%
M S xbbb3
O
15%
16%
2
b
m ~8
♦4%s July 1914 coupon off 1957
J
♦Ass't warr A rets No 4 on '67
85%
A
%
56
z
F
♦4%s Jan 1914 coupon
89
J
12%
12%
"54
16%
4
z
♦Certificates of deposit
♦Ref A lmpt 4%s
54
63%
F
"45
.....
*15
cccl
MN
50
3
A
15%
16%
ccc2
♦Certificates of deposit
19
8
----
'
%
ccc2
A
16%
15%
16%
cccl
V
16%
*15
2
c
O
A
19%
51%
91
—
15
cccl
1981
♦1st A ref 5s series I
1%
16%
ccc2
mn
10
91
*
22
15%
17
30
90%
—
4%
2
9%
8%
45
90%
x
-
:>
19%
16
Nash Cbatt A St L
30
55%
48%
bbb3
M S
1st A ref 5s series B
4097.
21%
16%
16%
50
M S y bbb2
—
Louisville A Nashville RR—
For footnotes see page
74
2
47
29%
50
109
-
aaa3
F
54%
114
55
4
m
40
48
*110
72
ccc2
A
10%
127
------
2
x
MN
7
10
14
*40
'
3
1
17
*13%
13%
*40
bbb3
x
9
36
------
70%
cccl
8%
8%
29
20%
30
10%
O y bbb3
6s assented
1
32
------
z
.1941
y
1955
y
1955
y b
Gen A ref s f 4%s series C.1955
y bb
Gen A ref s f 5s series D
1955
ybb
Morris A Essex 1st gu 3%s..2000
Constr M 5s series A
1955 MN y b
MN y b
Constr M 4%s series B
1955
J D x aaa2
Mountain States TAT 3%s. 1908
2
MN x a
Mutual Fuel Gas 1st gu g 5s_1947
MN x bbb3
Mut Un Tel gtd 6s ext at 6% 1941
49%
-
12%
cccl
M N
MN
—
12%
cccl
MN
—
36
ccc2
2003 MN
-
38
*31%
2
2
cc
♦Certificates of deposit
93
87
24%
----
35%
35%
bb
2003
2003
2003
2003
♦4s assented
♦General cons 4 %s__.
♦5s assented
z
bb
Gen A ref s f 5s series B
--
♦Sec 6% notes
69%
12
y
Montreal Tram 1st A ref 5s.
27
2
%
13%
10%
m"s
..1949
1980
29%
*23%
2%
1%
43
21%
2
2
♦Certificates of deposit
23
-
3
6%
7%
43
cccl
20%
-
-
3%
72
bb
♦Certificates of deposit..
33%
29%
b
♦Gen cons g 4s
1977
♦1st A ref 68-series F
22
z
♦1st A ref s f 5s.
F
1975
35
-
3%
cccl
1965
♦Certificates of deposit
♦General 4s
39
25
7
5%
2
*%
ybb
ybb
1962 J
J
J
1978
A O
A..Jan 1967
3%
43
J ybb
J z b
4%s series D
7
2%
*1%
1
"4% "*8%
5%
v
RR—
27
A
f"
2%
4%
*4%
37%
----
30
25
2%
1
2
....
29%
*26
-
1%
1
cccl
Monongahela Ry 1st 4s ser A 1960
b
-
1%
Monongahela W Penn Pub Ser
b
—1
1%
cc
y
16%
5%
z
.1962 J
8
73
"5 %
z
----
.....
14%
*10%
K
5%
2
36
z
-
ccc3
2
30
z
—
ccc3
z
2
90
*26
A
z
20
J
1st mtge
F
32
c
87%
b
♦5s stamped
30
52
15%
cc
65%
z
♦5s stamped.....
37%
z c
42%
*26
♦1st A ref s f 5s
57
26%
z
57
*38%
A
9%
*40
*18
20
8
39%
b
F
20
2
ccc2
F
28
b
...1944
...1954
1954
...1964
..1964
1974
ccc2
b
z
M
42
z
1st A ref s f 5s..
71%
79%
30%
...
66%
104%
97
z
J
Prior lien 5s ser A
94%
56
z
4%
Missouri-Kansas-Texas
90
60
103%
102%
cccl
5%s
%
18%
92
*85
102%
3
z
♦1st A ref 5%s series B....1978 J
J
18
45
69%
z
♦
44
82
49%
Dec y cccl
J y bb 2
J
*59%
MN
♦Certificates of deposit....
♦1st mtge Income reg
7%
66%
3
z
49%
39
....
90
Ltd—
Lehigh Valley Coal Co—
♦5s stamped......
38
33
85
71
3
79%
2
40
*36
2
38
47% •'?.v 9
40
42%
40
------
bbb3
ybb
D
82
47%
2
y
J ybb
S x a
18
J
4%
90%
85%
51%
80
14
84%
2
y
87
*81
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ybb
J
J
y
90
5%
%^
18
cccl
z
t {♦MStPASS M con g 4s int gu'38 J
{♦1st cons 5s
1938 J
{♦1st cons 5s gu as to int—1938 J
102%
2%
....
8
*%
__
1949
♦Conv gold 5%s
{♦Laclede Gas Lt ref A ext 5s 1939
Ref A ext mtge 5s
...1942
Coll A ref 5 34s series C
1953
Goll A ref 5%b series D
1960
Coll tr 6s series A
...1942
Coll tr 6s series B
1942
Lake Erie A Western RR—
5s extended at 3% to -—1947 J
"
*6
112%
85
157
-
:
3
z
n
1934
$*Mlnn A St Louis 5s ctfs
♦1st A ref 5s series G
M S
z
A O
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1940
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1939 J D
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1939 J D
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t*MIlw A State Line 1st 3 %s 1941 J J
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-
1
Mich Cent Det A Bay City—
M S
Jack Lans A Sag 3%s
ybb
1951
1st gold 3%s
1952 MN x a
80
101
3
Kresge Foundation
102%
80
104
104%
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Prior lien
.
60
x
40-year 4s series B
....
60
M 8
60
105%
—
83
60
4%s...l955
75
f.
2
81
52%
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*
b
50
'
a
81
66
z
68
172
mn "l05%
22
64%
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t»Mo-Ill RR 1st 5s series A. 1959
Mo Kan A Tex 1st gold 4s
1990 J D
....
2
109
13%
90
*150
15%
79%
♦25-year
35
*
92%
*
4%s unguaranteed
19%
*70
*66%
A
ext 5s
50
*_..
J
*11%
1945
(Stamn moi)
85
*
*40 Q
68%
__
-----
Kings County El L A P
1%
24%
104
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J
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50
100%
*
-----
J
ser A
50
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J
{♦Market St Ry 7s
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2
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•
39%
38%
69%
5
108
loo
M S
1
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-
Stamped
25
17
25
-
cc
♦1st A ref gold 4a
59%
60%
107
z
♦Ref A ext 50-yr 5s ser A. 1962 Q
9
~
D
86
27%
107
cccl
95%
25%
cccl
z
84
26%
59%
O
93
28%
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4s. 1990 A
11
'21
x
cons
55
87%
2
2013 J
J»Manhat Ry (N Y)
38
27
2
bb
y
2
27
1961 J
1st A ref 6 %s
95
173
1
J
75%
29%
45%
MN
....
Plain
4
28%
b
z
37%
84%
1
stmp (par
...
103%
90% 103%
Inc—
$645) 1943
♦Ctfs w w stmp (par $925) 1943
♦Ctfs with warr (par $925) 1943
Keith (B F) Corp 1st 6s
1946
Kentucky Central gold 4s
1987
Kentucky A Ind Term 4%s.l961
Stamped
1961
♦Ctfs w
99
57
55%
29
25%
b
O
J
17
102%
6%
"51
27
J y bb 3
J x aaa4
A
1950
53
102%
9%
48%
84%
z
Apr 1950
6%
14%
14%
74%
76%
76
z
♦Certificates of deposit—
Karstadt (Rudolph)
39
32
5 %s '50 M S y b
A. 1945 J D
2
28%
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A O xbbb4
4s. 1959
4%s A1961
4s 1990
2
16%
27
2
F
Kanawha A Mich 1st gu g
78
8
75%
Jones A Laughlln Steel
Kansas City Term 1st
10
35%
85%
90%
7
1
54
102
James Frankl A Clear 1st
gold 3s
44
33
Mead Corp 1st mfe
7%
102%
102%
3
J
Ref A lmpt 5s
43%
33
76%
10
46
54
ccc4
b
1955
Kan City Sou 1st
81
43%
67
*7%
cccl
b
A y b
2
M 8 z cccl
Debenture 5s
101
70
32
30
High
81
4
39%
1%
Low
18
71
29
82%
;
No
89
70
70
8
8
MN y bbb2
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^♦Iowa Cent Ry 1st A ref 4s. 1951
80
70
9
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J
~54
1
1972
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1947
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Int Rys Cent Amer 1st 5s B.
106
102% 103%
89
100%
High
86%
76%
76
cc
y
100
16
Since
Jan. 1
71
33
cccl
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105%
21
"79%
79%
32%
32%
y
J
103%
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z
A
104%
104
Range
Ask
A
87%
ser
♦Second 4s
17
8%
*91%
z
J
102
103%
102%
102%
12
*95
z
1955 M S
Ref s f 6s series A
57
z
1941 A
Internat Paper 5s ser A A
"99%
bb
y
38%
*9
Bid
Low
High
33
*14
104
Price
Friday's
Sale
See i
4
43
38
1st A ref 4 J4s series C
Rating
""ft.
39
High
40%
42
2
Range or
Last
Elig. A
EXCHANGE
t*McKesson A Robblns d
1963
♦Ilseder Steel Corp 6s
Internat Hydro El deb
Int Merc Marine s f 6s
STOCK
Week Ended June 28
20%
Low
(Com.)
BONDS
Y.
N.
Since
§1
Friday's
A
Ask
Ill Cent and Chic St L & N O—
Joint 1st ref 5s series A
4095
Week's
Friday
Bank
Range or
Rating
EXCHANGE
Week Ended June 28
Record—Continued—Page 4
Week's
Friday
Bank
30
10
"20
"30%
32
*17%
38
bank eligibility and rating
37
23%
30%
29
40
of bonds.
32%
27
40
25
38%
See s.
New York Bond Record—Continued—Page 5
4096
BONDS
N.
Y. STOCK
Week Ended June
Railroad & lndu«.
Rating
See a
28
54»- 1946
1998
35*8seesf
1946
4 54» series A--2013
Ret A Impt 5a series C
2013
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1942
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Mich Cent coll gold 3548-1998
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1953
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1951
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1947
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1954
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1959
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1974
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1949 J
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1967
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1969
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9554
75
10054
x
♦Rhine-Westphalia El Pr 78.1950
Rlchm Term Ry 1st gen
119
95
S554
xbbb3
1946 J
J
♦Rlma Steel 1st 8 f 7s
104
75
x
J
♦Rhine-Ruhr Water Serv 68.1953
1055*
113
—
1065*
6054
6254
333
J
1946
10854
11154
11254 11854
69
95
90
108
11354
b
35*8 series C
1966
if g 4 548-1955
115
14
*49
bb
{♦Pac RR of Mo 1st ext g 4s. 1938
{♦2d ext gold 5s
1938
B.'. 1966
38
—
107
6954
6754
*90
97
9654
109J4
6854
1135*
1115*
11
94
9254
*
aaa2
1966
1045* 110
10754
10654
aaa2
Pacific Tel A Tel 3 5*s ser
Ref mtge
-
1005*
3
Pacific Gas A El 4s series G.1964
105
10754
------
aa
bb
31
108
854
10854
10954
1045*
aaa2
1st mtge A 454s.. 1962
354
108
_
1075*
1961
Guar stpd cons 5s
Ore-Wash RR A Nav 4s
.-
20
10554
------
D
Oregon RR A Nav con g 4s.. 1946
Ore Short Line 1st cons g 5s. 1946
6
60
67
bbb2
♦35*8 assented
J
{♦Og A L Cham 1st gu g 4s_. 1948 J
Obio Connecting Ry 1st 4a.. 1943 M 8
50
xbbb3
x
1105*
995* 105
56
xbbb3
♦Rhelnelbe Union s f 7s
5
354
63 54
0354
1065* 113
1105*
45*s without warrants
1956
Rensselaer A Saratoga 6s gu.1941
Republic 8teel Corp 4 54s ser B '61
Pur mon 1st M conv 5 54a. 1954
^ S
M 8
MN
P A
MN
Gen mtge 454s series C...1956 MN
Revere Cop A Br 1st M 45*8 1950 J
J
3
*65
Remington Rand deb 4 5*8 w w *50
70
bb
196
1065* 1105*
79
8454
1105*
1105*
405*
65
bb
Ref A Impt
88 54
8854
195*
cccl
x
J ybb
AfN
Gen A ref 454s series B—.1997 •»
bb
4s._.1997
815*
10754
59
6554
8754
M 8
61
bbb2
Geo lien ry A
104
"2
895*
{♦Providence Term 1st 4s...1956
35*8 1968 J
1st A ref mtge 5s
2037 J.
1st A ref mtge 8s.
2037 J
Pub 8erv of Nor 111 3 54s
1968 A
10854
Id g 3s Jan—2047
North Pacific prior lien
126
74
"87 5*
87
895*
Public Service El A Gas
114
45
10654
1105* 1105*
*98
725*
bbb2
J
102
117
*9854
8 ybbbl
x
{♦Providence Sec guar deb 4s 1957
1065*
107
49
63
aa
♦Certificates of deposit
1025* 108 J4
WW WW
53
40
10054
79
1055*
64
40
4954
aa
♦Certificates of deposit
♦0s stamped
965* 10454
1055*
—
4954
4654
aa
{♦Porto Rico Am Tob conv 6s '42
109
105
—
53
49
x
1942 J
1st 6s extended to
92
354
65*
1075* 112
10554
-
40
x
{{♦Postal Tel A Cable coll 5s 1953
-
50
x
Potomac El Pow 1st M 35*8.1960 J
Pressed Steel Car deb 6s
1951 J
-
48
485*
92^
A
185*
-
9954 108 54
99 54 10754
985*
D
175*
-
1165*
11454 118
98
D
754
3
117
/
8
48
116
F
15
63
1155*
*114
3
32
124
10954
*1075*
3
A
110
105
3
J
Gen A ref 4 54s series A—.1997
O
ATN
1950 J
J
Purity Bakeries s f deb 5s... 1948
{Northern Ohio Ry—
♦
1st gtdg 5s
1945 A
♦ 1st
mtge g 5s (stamped can¬
cellation of guarantee) .1945 A
♦Certificates of deposit
aaa2
Pitts Y A Ash 1st 4s ser A—1948 J
12
1175* 12654
10254 1075*
*108
x
1154
*30
1954
Debenture 35*8
454s series B
62 54
*30
Norf A WRy
A
115*
*50
ccc2
1st mtge
1st mtge 454s series C
11154
106
107
*104
z
13
—
101
F
109
109 54
108
30
554
55*
3954
78
7
109
108
Pitts A W Va 1st 454s ser A. 1958 J
10054 10654
10754
9
-
--
75*
49
Pitts Va A Char 1st 4s guar.
101
6
9
75*
49
2
34
20
*554
*103
1977
MN
1943
1025*
------
aaa2
1975
1045*
M
108
aaa2
Gen 454s series C
1025*
—
1970
112
10454 10454
x
Gen mtge 5s series B
—
—
*1085*
J
Series J cons guar
1105*
10854
aaa2
x
52
105
aaa2
aaa2
x
A
85
107
x
*10854
11054
*10454
F
1957
guar
103
101
x
A
F
43
7
00
Series E 354s guar gold—.1949
85
3
bb
J
-
10554
1
J
—
10954
1
M N
—
-
10954
10554
2
1937
ref 5S.1937
{♦2d gold 4 54s
♦General gold 5s
15*
-
-
10554
00
4
1940
♦Terminal 1st gold 5s...—1943
N YTelep 35*8 ser B
1967
N Y Trap Rock 1st 6s
1946
0s stamped......
..1946
{ {*N Y West A Bost 1st 4 54s 1946
Niagara Falls Power 354s—.1966
Nlag Lock A O Pow 1st 6s A. 1955
Niagara Share (Mo) deb 5 54s 1950
{{♦Norf South 1st A ref 5s_.1961
{{♦N Y Susq A W 1st
2454
305*
654
Series D 4s guar
254
-
9354 101
*10554
195*
—
1
aaa2
1254
—
854
10454 11254
aaa2
60
—
48
x
3
--
1075*
9754
x
1554
45*
10754
9754
1075*
4
O
1942
MN
1945
9
----
2
15
35*
A
1942
Series C 4 54s guar
51
48
2
MN
Series B 454s guar...
854
45*
5
aaa2
20
3
5
bbb3
205*
19
1
x
10
4
"3
O
10
—
3
A
Pitts C C C A St L 4 54s A—1940
60
8
-
3
aa
M "8
20
1
cc
{{♦Philippine Ry 1st a f 4S-1937
—
-
cc
1949 M S
J
/
♦Conv deb 6s
95*
25*
cccl
{♦Phila A Read C A I ret 5s_1973
165*
N Y Rys prior
10454 1085*
38
cccl
El Lt A Pow 3 54s '65
lien 6s stamp. 1958 J J
N Y A Rlchm Gas 1st 6s A..1951 MNI*
J x
N Y Steam Corp 1st 3 54s.-.1963 J
N Y Queens
11054
106
♦1045*
106"
D
Series F 4s guar gold ......1953 J
MN
Series G 4s
-
109 54 11054
115
114
65
18
1354
*4554
10954
62
11154
10554
35*
*154
*755*
45
107
106
165*
------
6
41
2
25 54
2
60
45
5554
10954
aaa3
aa
15 54
2
12
53
1095*
55
bbb4
25
2
5154
1065* 107
71
5154
52
625*
10854
109
10
35*
D
354
b
53
55
a
1967 J
165*
b
1105*
615*
625*
bb
1981 J D
2554
O
*107
a
General 454s series D
1
O
6554
"454
cc
11754
Phila Co sec 5s series Av
cccl
A
70
58
1085*
cccl
A
56
4
119
J
1942
111
66
*107
O
4s. 1993
4s
N Y A Putnam 1st con gu
113
60
11
15
354
8754
7554
11054 116
*114
A
4
.
1135*
2
J
2
91
79
143
2
1354
M Sz cc
J D
c
83
aa
*1254
3
9954
81
aa
------
b
89
J
------
D
99 54
18
A
cccl
MN
8954
97
♦61
1974 F
1977 J
cccl
J
21
♦61
y
J
354
10054 11054
51
9654
113
x
D
J
cc
36
8654
♦112
J y bb
J ybb
Jlf N
MN
51
11554 1205*
945* 1045*
955*
825*
53
a
x
A
Series I cons 4 54s
1940
{♦Collateral trust 6s._
♦
92
38
04
— WW
30
cccl
M
115
81
8854
118J*
10154
1075*
b
General g 4 54s series C
100
111
b
Phila Bait A Wash 1st g 4S-1943 MN
General 5s Berles B
10954
110J4 115
7
x
z
M 8
1980
Phelps Dodge conv 354a deb. 1952
14
108
5
z
♦Certificates of deposit..
565*
5754
8
80
----
16
*1254
*1254
cccl
O
1045* 11054
100
10954
34
z
{{♦Peoria A East 1st cons 4sl940
♦Certificates of deposit
MB
O
Peoples Gas LAC cons 68—1943
M 8
Refunding gold 5s...
1947
140
High
00
74
—>
113
1
Low
71
-----
3
V-
113
x
454s
General 45*s series D
No
4354
90
m>
Til 54
mtge 35*s series C...1970
97
-
—
*58
—. —
aaa2
Consol sinking fund 4548—1960
12054 12654
11354 1185*
525*
IN
2
X
795*
85*
1015*
1948 MN
1075*
Since
Jan.
1085*
10754
10854
11354
11454
1065*
10654
10854
aaa2
6254
6354
4254
685*
10454 110
13
*854
*96
aa
bb
♦Non conv deb 4s
8
10
2
bbb4
x
2
10754
104?* 1085*
4754
405*
108
a
x
aa
101
-
48
M N
A RR 5 54a'42 MN
J
Dk A Impt 6s 1943 J
{{♦N Y A N E (Bost Term) 4s *39
{♦N Y New Hav A Hart RR—
--
1085*
1085*
47
A x aaa4
♦N Y L E A W Coal
Branch gen 4s—1941
17
11
-
108
4
x
A
x
1st g 4 54s series
J
♦N Y L E A W
N Y A Long
81
108
4654
N Y A Erie—See
N Y Gas El Lt H A
----
10554
A
F
MN
.1974
1943
Range
Asked
High
4s sterl stpd dollar May 1 '48 MN
A O
Gen
73
bbb3
L010
1969 F
Lt 354s
debentures
Pennsylvania RR cons g 4s
Consol gold 4s
454s
A
85
3
x
N Y Connect 1st gu
Pow A
Penna
11154
8254
Bid
485*
85
F
111
Price
Friday's
Sale
See a
Railroad & Indus. Cos. (Cont.)
High
F
aaa2
Rating
nH,
1940
29,
Range or
Last
Elig. A
STOCK EXCHANGE
Week Ended June 28
J
*7854
3-year 6%
N. Y.
Jan. 1
High
A y bbb2
1946
4s collateral trust
N
Since
Bid
Low
N Y Chic A St
1974
1978
BONDS
Range
Friday's
Sale
Price
C©«. iCont.)
Newp A C Edge gen gu 4
N Y Cent RR 4s series A
Ref
Range or
Last
Eliff. &
EXCHANGE
June
Week's
Friday
Bank
Week's
Friday
Bank
10354
100
----
-
■
-
2
72
6754
1015* 10254
10554
106
1075*
9954 10654
102
99
105
96
88
10054
2
101
26
96
58
975*
107
10154
99
♦{Riv A G Dlv 1st g 48—1933
♦Certificates of deposit
{♦St L Peor A N W 1st gu 5a 1948 J
J
8t L Pub Serv 1st mtge 5s.-.1959 M S yb
stpd—1955 J
lien 4s A—1950 J
St L Rocky Mt A P 5s
{♦St L-San Fr pr
J
J
♦Certificates of deposit
1950 J
♦Prior lien 5s series B
J
♦Certificates of deposit
♦Con M 454s series A
1978 M 8
♦Ctfs of deposit stamped
{♦St L 8 W 1st 4s bond ctfs. 1989 MN
♦2d 4s lnc bond ctfs.-Nov 1989 J
{♦1st term A unifying 5s..1952 J
♦Gen A ref g 5s series A...
1990 J
2654
To"
95*
1054
6154
62
9
5554
60 54
33
62
33
10
33
0254
10
1054
12
7
145*
95*
1054
1054
1054
60
65*
14
1054
4
854
10
13
754
1554
34
7
14 5*
54
cccl
""954
9
105*
954
z
cccl
10
9
10
51
6?*
y
bb
2
58
56
58
11
5454
67
z
b
28
28
1
2554
38
1454
7
12
2154
95*
10
z
ccc2
"1454
14
z
cccl
95*
9
54
754
1354
1354
A
I
For footnotes see page
4097.
attention Is directed to the
new
column incorporated in this tabulation
pertaining to bank eligibility and rating
of bonds.
See a.
Volume
New York Bond Record-Concluded-Page 6
ISO
1*
BONDS
N.
Y.
EXCHANGE
STOCK
Last
Elio. &
See
Price
a
A
x
bbb2
z
cccl
*3%
A
z
cccl
*4%
x
a
x
aaa2
{♦St PAKCShLgu4 %S-1941 F
*
5%
8
4%
99%
Railroad & Indus. Cos.(Concl.)
97%
St Paul Minn & Man—
(large)—1940
-1972
t Pacific ext gu 4a
St Paul Un Dep 5a guar
San Diego Consol G & E 4a.
Santa Fe Prea & Phen 1st 5a
62%
15
54
105%
109%
106
6
105
109%
6
109
"29"
"29" "~2
21
1942 M
S
x
z
cccl
J
/
z
A
O
z
A
O
z
1989 M N
x
B—.. .1946
♦Stamped
Scioto VANElatgu 4a
62%
aaa2
J
♦Stamped
f 6%s Berles
98%
110% 118
3
J ybb
1946 J
{♦Schulco Co guar 6 34s
a
5
112%
112%
O y a
3
1965 M N x aaa2
8 A A Ar Pass let gu g 4a— 1943 J
1963 A
San Antonio Pub Serv 4a
♦Guar
2
68%
108%
111%
109% 111
'
33
29
29
13
18%
33%
cccl
40
40
8
28%
47
29%
47
aaa3
*117
10
41%
40
125
1949 F
A
1959 A
Oct
{♦Refunding 4a
cccl
O
cc
cc
1
M
~S
"4k"
2
cccl
♦Certificates of deposit.
{{♦Atl A Blrm 1st gu 4a... 1933
{♦Seaboard All Fla 6s A ctfa. 1935
F
A
♦6s Series B certificates— 1935 F
A
1%
1%
3
2%
2%
6%
2%
8%
4
4%
16%
1%
2%
95%
96
62%
1
4
57
5
4
1%
*1%
1%
c
15%
2
3%
aa
6%
1%
5
62%
*6
2
c
15
2%
*2
"S
10
8
1%
2%
1945 M
♦lst cona 6s series A
9
5
2%
2
c
cccl
cccl
♦Certificates of deposlt.
8%
8
O
8%
8H
ccc2
1950 A
{♦let g 4a uestamped
{♦4a g stamped
♦Adjustment 5a
O
3
x
96
.1952
D y b
z
A
z
18%
coll tr 7s.. .1941
A
y
Simmons Co deb 4a
.1952
O
Skelly Oil 3a debs
.1950
A
x
bbb3
J
x
aaa4
♦Silesia Elec Corp 6%s
SIleslan-Am Corp
Socony-Vacuum Oil 3a debs .1964
South A Nor Ala RR gu 5s. .1963 A
South Bell Tel A Tel 3%s_.. .1962 A
.1979 J
3s debentures—
5%
x
a
x
aaa3
J
x
aaa3
7%
15%
'108 «
105
aaa3
67
Western
62
100
"43
102%
94
99% 100%
102% 106%
115
1
115
115
108%
108%
11
104
109%
103%
105
36
101% 105%
108%
12
105% 108%
110
7
107% 111
105%
105%
105%
6
101
101%
101
101%
52
O
x
bbb4
105
1st mtge 3%a series 1
10-year secured 3%s
San Fran Term 1st 4a
So Pac RR 1st ref guar
Devel A gen 4a
Devel A gen
6Hs
z
ccc2
♦58 assented
1945 M S
Western Union
Teleg g 4%s.l950
25-year gold 5s
1951
.30-year 5a
1900
♦Westphalia Un El Power 6s. 1953
West Shore 1st 4s guar
z
3
J
z
37
■mm*.
35
37
60
70
"2
107%
116%
109%
106% 109%
108% 109%
120
128%
11
104% 110%
19
115% 120
107% 112
1949 M
Wheeling steel 4%s series—.1966 F A
White Sew Mach deb 6s
1940 MN
125
30
30
50%
47%
49%
49
42%
58
66
66
66
2
63%
80%
52
65%
88
83
91%
1st mtge a f 4a
52%
51
118
42
68
69%
29
53
61%
79%
74
73
74
50
57
50
18%
67%
53%
72
61%
17%
63%
29
51
70
17%
2
43
44%
19
35
52%
1
32
47
W
43
43
100%
*100%
101%
101%
*11
9%
13%
100% 106%
«•
-
3
97%
*110%
-
18%
18
8%
108%
*108%
25%
14
23
5%
*5%
13%
19
5%
108%
aa
3
x
a
4
J
z
c
2
S
x
a
4
x
bbb4
m
m
m
m m
.
...
m,
102
112
36
cccl
1
96
110
-
19
18
18%
110% 116%
96% 101%
101% 103
22
104
97%
17%
57
13
103
104
cccl
x
10%
114
«•.
*
10%
3
10%
4%
9
4%
—
4
110
106
109%
107% 110%
*3
14
9%
104%
104
105
103%
78
105%
105
101% 109%
101
106%
51
78
63
13
20
84%
73%
13
63%
-
ccc2
cc
1948 M
92%
61%
«
z
1961 MN
Conv deb 4s
68%
5
13
-
2
z
{♦ Wor A Conn East 1st 4 %s. 1943 J
Youngstown Sheet A Tube—
86
107% 108%
18%
10%
4
z
♦Certificates of deposit..
Wisconsin Elec Power 3%a.. 1968 AO
Wisconsin Public Service 4s.. 1961 / D
136
12%
z
♦Certificates of deposit
{♦Su A Du dlv A ter 1st 4s. 1936 MN
72
79
6
62%
—
•*
bbb2
cc
131
18
98% 102%
59%
«
101
bbb2
bbb3
38%
38%
85%
108
*113
«
x
J
41
12%
O ybb 3
J x aaa2
4a.. 1949 J
81%
84%
44%
x
gen
80
-
-
x
/
10
62%
«
z
1955 J
1947 A
100%
63%
—
2
Wilson A Co 1st M 4a A
Conv deb 3%s
9
110
100
12%
J y bb
S x aa
36
53
36%
107%
b
2361 /
Registered
36%
55
16
120%
108%
116%
-
85
J y bb
38%
49%
87%
66
~
2
cccl
2361 J
2
2
52%
•
81
M S y b
{♦Wis Cent 50-yr 1st
86%
90%
30
2
100%
4
AfN y bb
J D y b
Winston-Salem 8 B 1st 4s—1960 J
72
v
*65
J y bbb2
.1996
79%
70
*69
J y bbb2
D
x
aaa4
111
111
111%
J
x
aaa4
106
106
106%
J
z
cccl
A
x
a
x
aaa4
104%
1953
J
105
1945
5s. .1955
*15%
*103%
104%
104%
18
aaa4
z
bb
93
x
aa
105
J
x
aaa3
A
x
aaa4
J
x
aa
1950
A
x
bbb3
1951
D
x
aaa3
103%
103%
104
1959
Swift A Co IstM 3%s
103% 107%
101% 106%
100% 106%
81
113%
105
x
O
x
aaa3
105%
105%
105%
"106%
105%
106%
RR gen 5s. 1951 J
Term Aaan St L 1st cona 5s.. .1944
.1953
Gen refund afg4a
Tenn Coal Iron A
5Hs A.
3Hs
3s debentures
110
122
*112%
107%
113%
111% 115%
110
104% 111%
76% 92
87
85
128%
103% 108
102
106%
bbb3
61
62%
O
x
bbb3
62%
62%
63%
62%
62%
53%
72
90
97%
45
{ Negotiability Impaired by maturity,
t The price represented is
per 200-pound unit of bonds.
Accrued Interest payable at
x
*75
a
J yb
2
90%
53%
16%
52%
15%
"i06%
*99%
106%
65%
44
17%
2471
♦AdJ Income 5s
{♦Third Ave RR 1st g 5s.—1937
Oil 3H8—-1952
Tokyo Elec Light Co Ltd—
A
.1953
/
D y b
58
58
58%
55%
J
D xbbb3
85
84%
85
82%
55%
Exchange bond Issues which have
Brooklyn-Manhattan Transit 4%s 1966, Aug. 2 at
General Motors Accept 3%s 1951, Aug. 6 at 103.
103.
Deferred
;
•
,
companies.
Bonds selling flat.
▼
v
or reorganized under
No sales transacted during current week.
Friday's bid and asked price.
♦
1
^
{ Companies reported as being in bankruptcy, receivership,
Section 77 of the Bankruptcy Act, or securities assumed by such
66%
A imp 3 %s *60
Tol St Louis A West 1st 4s—1950
Tol W V A Ohio 4s aeries C—1942
Toronto Ham A Buff 1st g 4a. 1946
Trenton G A El 1st g 5a
1949
Trl-Cont Corp 5s conv deb A. 1953
the dollar quota¬
exchange rate of
been called In their entirety:
*
/
only
$4.8484.
62%
M 8
Third Ave Ry 1st ref 4a
a Deferred delivery sale;
included In year's range.
tion
72
D xbbb3
Gen A ref 5a series
a
x
17
week and not Included in the yearly range:
Cash sales transacted during the current
Cash sale; only transaction during current week,
transaction during current week.
» Odd lot sale, not
r
$ The following Is a list of the New York Stock
67
55
101% 110%
53%
72%
x
O
1979
1980
D
Tex Pac Mo Pac Ter 5 Hs A 1964
e
No. sales.
104% 106%
126
D
1977
aeries B
Gen A ref 5s series C
95
105%
♦123
J y bb
1943
gold 5s
1st gold 5a.. 2000
Texas A N O con
Gen A ref 5a
91
105%
C
23%
15
J
deb 6s
aer
108% 112
108%
102
103%
104%
.1950 AC N
debenture
Texas A Pacific
A-1946 M 8
aer
53
D
Texas Corp deb
aa
50%
50%
o y bb
.1946
Texarkana A Ft S gu
bbb3
30
54%
79%
78
«
120%
-
—
«
„•*.
aaa3
x
35
Staley (A E) Mfg 1st M 4s..
.1961
Standard Oil N J deb 3a
2%s
x
x
51
"87%
70
63%
6
-
65
108
3
J
55
o y bb
.1951
4a
So'western Bell Tel 3Hs B_. .1964
.1968
1st A ref 38 aeries C
Studebaker Corp conv
aa
O
39
bbb3
56
79
-
106%
aaa4
x
•
bbb3
46
bb
bbbl
9%
9%
101% 106%
12
79%
106%
aaa.3
x
x
36%
48%
o ybb
St Loula Dlv 1st g
{♦Spokane Internat 1st g
x
D
O
44%
107%
104
.1956
1st g 5a
A
1952 A
Maryland 1st 4s
Wheeling A L E RR 4s
106
97% 102%
.1956
aeries A... .1956
Devel A gen 6s
Mem Dlv
J
.1994
4%
4%
5
103%
61%
*30
a
38%
38%
x
y
.1955
1st cona g 5s
9%
9%
4%
?
24%
aaa3
45%
bbb2
x
58%
*60
aaa3
x
30%
y
4s... .1955
1st 4a stamped
Southern Ry
O
.1950
....
*
x
x
2
-
6%
29%
J
9
.1981 MNyb
J ybb
.1946
31
103%
cc
D
12
.1969 MNyb
-
Gold 4 Ha
18
5%
13
42
78
1966 J
38%
2
6
61%
2
{{♦Wilkes-Bar A East gu 5s. 1942 J D
J
5
4%
*5
Pulp A Paper 3s__.1954 J
105%
2
2
.1968 M Sy b
Gold 4 Ha
1945 F
35%
D y bb
.1977 M S y bb
Lines) A.
z
A
{♦Western Pac 1st 6a
no"
1st 4%s (Oregon
1945 F
3%a
30%
aaa2
Gold 4%s
1941 M S
12%
bbb3
A
cc
13%
8
39%
4%
27
5%
ybb
2
bbb3
.1951
line 4 %s
Pac coll) .1949
1
m2'm~
5%
O y b
1948 M S yb
Westchester Ltg 5s stpd gtd.1950 J
55%
x
1st mtge pipe
cc
z
8%
5%
28
51
12
-
41%
5%
8%
cc
z
Gen mtge 3%a
1967 J D
West Penn Power 1st 5s E..1963 M S
2
x
So Pac coll 4s (Cent
z
-
*25
1955 A
1st A ref 5 %8 series A
1977 J
West N Y A Pa gen gold 4s__ 1943 A
110
41
13
*5
D xbbb2
O
1955 A
_
33%
18%
105%
20
44
cc
O
14%
100
48
10%
25%
b
1st 40-year guar 4a
26
99%
30%
8
cc
z
28
cc
Warren RR 1st ref gu g 3 %s.2000 F A
y b
Washington Cent 1st gold 4s. 1948 Q M
y b
Wash Term 1st gu
3%
/
A.. .1947 J
4%s__, .1946 / D
Southern Natural Gaa—
A
z
1
97%
Southern Colo Power 6s
.1965 F
O
Warner Bros Plct 6s debs
{♦Warren Bros Co deb 6a
1%
Southern Kraft Corp
lstmtge Aref 4a
z
1945 J
Walworth Co 1st M 4a
6s debentures
93%
4
108
3
J
O
109%
28
11%
b
....
11
1%
115
O
O
.1961 M S
Southern Calif Gas 4%s
105%
z
"18% Ti
*99%
104%
100
xbbb2
J
A
34%
High
102
(Hiram) G A W—
53
13%
13
cccl
1941 J
♦Ref A gen 5s aerlea B
1976 F
♦Ref A gen 4 %s series C—.1978 A
♦Ref A gen 5s series D
1980 A
6
*27%
.1946 F
Shinyet8U El Pow lst6%s—
M S
♦Slemena A Halake deb 6%s .1951
1
b
33%
ccc2
z
z
31
*34
z
J
♦Toledo A Chic Dlv g 4s.. 1941 M S
{♦Wabash Ry ref A gen 5 %s A '75 M S
No. Low
High
*20
34%
2
A
1954 J
{♦Des M Dlv 1st g 4s
1939 J
♦Omaha Dlv 1st g 3%a...l941 A
West Va
/
debs... .1954
Shell Union Oil 2%s
b
1939 F
Convertible deb 4%s
{Seaboard Air Line Ry—
1950 A
z
Jan. 1
107%
106%
107%
aaa2
♦1st lien g term 4s
♦Det A Chic Ext 1st 5a
Walker
114% 123%
....
x
Since
Ask
A
Low
M S
1939 MN
{Wabash RR Co.—•
8*lst gold 5s
{♦2d gold 5a
Range
?3
Friday's
Bid
Price
See k
yjjxhdan Ry 3%s series A—.1966
5%
4%
Range or
Sale
Rating
82
82
Last
Elig. dt
EXCHANGE
High
No. Low
6
STOCK
Week Ended June 28
Jan. 1
09 to
75
....
Y.
N.
Since
*1
Ask
High
Lota
Railroad & Indus. Cos. (Com.)
St Paul A Dul 1st con g 4a..1968 / D
{♦St Paul E Gr Trk 1st 4%s_1947 / J
BONDS
Range
Friday's
Bid
Week's
Friday
Bank
Range or
Sale
Rating
Week Ended June 28
4097
Week's
Friday
Bank
89%
1960
...Jan 1960
Tide Water Asao
1st 6s dollar aeries..
Tol A Ohio Cent ref
♦Tyrol Hydro-El Pow
♦Guar sec a f 7
7%s—1955
...1952
O y cccl
/
J ybb
3
/
J
2
a
x
A
O ybb
S
M
J
I
M 8
x a
34-year 3 Ha deb
A
z
cccl
Vandalia cons g 4a series
Cons a f 4a aeries B
104
108
A
x
aaa4
A
x
aa
x
aaa3
1970 A
x
aa
3
1971 M N
x
aa
3
A
O
x
a
3
A
O y b
4
3
M 8 y
bb
M S
x
109
D
z
/
z
z
58....—........1958
4
A
0
109% 112%
103%
100% 104%
114
110
95%
112%
95%
95%
95%
95%
105%
104%
105%
114
78%
81%
75%
108
Indicates Issues In default,
The rating
89%
18
21
23
.i__
*18
xbbb3
84
"85%
4
84
99%
101
20
96
104
101
43
95
104%
x
bbb3
z
cc
b
cc
2
z
b
majority of the Issues bearing
x
Transactions
x
c
New York Stock Exchange,
the
at
Railroad <t
United
Total
Number oj
Shares
MisceU.
Municipal
Stales
Bond
Bonds
For'n Bonds
Bonds
1940
State
93%
Monday
1,173,100
$1,935,000
3,748,000
5,815,000
966,000
477,000
791,000
161,000
26,000
4,599,000
108,000
5,349,000
$4,137,000
$646,000
$24,685,000
2,865,000
4,805,000
3,472,000
2,736.000
4,450,000
$19,902,000
Sales
$50,000
116,000
185,000
$311,000
767,000
$1,574,000
3,621,220
—
204,340
471,990
695,870
634,900
Saturday
825,000
aa
z
All issues
Daily, Weekly and Yearly
June 28,
aa
UN
symbols ccc or lower are In default.
in default.
bearing ddd or lower are
Week Ended
20
77
1
A
100
1
z
100%
25
23
20
2
z
The letters Indicate
Stocks,
23
cccl
z
bbb2
the ratings assigned to each bond
23%
24%
24%
either to rating status
of reorganization.
agencies—Moody, Standard, Fitch, and Poor's.
25
z
x
In bankruptcy, or in process
symbols in this column are based on
*18
z
bonds which we believe
and the numeral Immediately following shows the number of agencies so
rating the bonds.
In all cases the symbols will represent the rating given by the majority,
for example, a bond rated Aa by Moody, A1 by Standard, AAA by Fitch, and A by
Poor's, would be represented by symbol aa2 showing the majority rating.
Where all
four agencies rate a bond differently, then the highest single rating la shown.
110%
"23%
*22%
I
99%
23%
21
...
z
99%
92%
104% 106
58% 77%
*108
23%
Indicates those bonds we believe are not bank eligible due
some provision In the bond tending to make lt speculative,
A great
115
92%
62
62
"80%
96%
Column—x Indicates those
■
the quality
105% 109
a u
Bank Eligibility and Rating
by the four rating
109%
...
b
95
109%
102%
102%
aaa4
1959
A..1955
v: ■
eligible for bank investment.
or
13%
85
83
F
1957
Pacific RR—
{♦4%s July coupon off——1934
§♦4 Hs assented
1934
Va Elec A Pow 3Hs aer B—.1968
Va Iron Coal A Coke 1st g 5a. 1949
Va A Southwest 1st gu 5a—2003
current week and not Included In
y
80
*!§""
1
*8,%
.1947 J
67%
14%
14%
14%
3
F
Vera Cruz A
1st cona
106%
1959 F
...
delivery sales transacted during the
the yearly range:
125
cccl
1947
stamped
124
z
J x aa
{♦Util Pow A Light 5Hs—.
1947
♦5 Hs stamped
1959
J ♦Debenture 5s.
♦5a
123
O
debenture...
.1955
Jnited Biscuit 3%s debs...
Jnlted Cigar-Whelan Sts 5s. 1952
1953
Jnited Drug Co (Del) 5s....
1944
J N J RR A Canal gen 4a...
1951
Un Steel Wka Corp 6 Hs A..
1951
♦3%s assented A
1951
♦Sec a f 6 Hs series C
1951
♦3%a assented C
♦Sink fund deb 6 Hs aer A. 1947
1947
♦3%s assented A
Jnited Stockyda 4%s w w.. 1951
1944
Jtah Lt A Trac 1st A ref 5s.
1944
Jtah Power A Light 1st 5a..
35-year 3%s
"98" "99%
*104%
1
b
Jnlon Pac RR—
grant 4a
"97"
1
z
1945 A
1st A land
57%
*
r:
*
aaa3
x
JfN
F
55%
*112%
3
4
108%
{♦Union ElevRy (Chic) 5s.
Calif 6a series A. 1942
107%
aaa2
x
J ybb
J
JJlgawa Elec Power s f 7s._.
J
Jnlon Electric (Mo) 3%s—. 1962
3s debentures..—
95
105
107"
25%
100%
Nosales.
1945 M Sy b
jDion Oil of
11%
S
x
A
115%
100
441,020
Thursday
Friday
—
%
2
109%
109%
2
40
40
40
"55"
51%
76%
54%
62%
York Slock
Exchange
111
70
*71%
*51
107
New
%
%
3,621,220
3,127,710
126,796,685
$1,250,000
$25,618,000
$46,011,000
4,137,000
19,902,000
4,354,000
24,356,000
121,989,000
695,242,000
662,129,000
$24,685,000
foreign..
——
Industrial. —
Total
column incorporated in this tabulation pertaining
to
1939
108,764,185
$29,960,000
$842,849,000
$836,595,000
m
Bonds
Railroad and
1940
1939
$646,000
Stocks—No. of shares
Government
State and
Attention ia directed to the aew
1940
3,239,000
Jan. 1 to June 28
Week Ended June 28
Sales at
1
J y bbb2
O y bb
96
Total
M 8 y ccc3
J
77
%
aa
Tuesday
Wednesday
100% 115
86
86
z
M
97
See note A above.
bank eligibility
and rating of bonds.
128,455,000
New York Curb Exchange—Weekly and Yearly Record
4098
June 29, 1940
NOTICE—Cash and deterred delivery sales are disregarded Id the week's range unless they are the only transactions of the week
ot the regular
weekly range are shown In a footnote In the week In which they
and when selling outside
No account is taken of such sales In oomputlng the range for the year
occur.
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
beginning on Saturday last (June 22, 1940) and ending the present Friday (June 28, 1940). It is compiled
entirely from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or
bond, in which any dealings occurred during the week covered.
In the
the week
Last
Sale
Par
STOCKS
Price
Friday
Sales
I Friday
#
Week
s Range
of Price1
Low
High
Low
Shares
18
10
13
May
22%
Jan
Apr
22%
Mar
1
Alnsworth Mfg common..5
4%
400
4
May
6%
Mar
Bell Tel of Pa
100
10
Jan
14%
May
Alabama Power Co 17
pf-*
preferred
$6
65
101%
92%
1% May
17%
Jan
% May
3%
Apr
30%
Apr
Apr
78%
108%
Apr
Apr
62%
2-58
75
98
90
65
101%
87% 92%
200
7
Jan
June
90% May
82
May
.
2
98
Feb
2%
1%
% May
May
Mar
Jan
Feb
Allied Intl Investing—
3% May
8
18
160%
100
preferred
18
25
156
102
2,550
111% 113
25
Class A conv com
100
Aluminum Goods Mfg—*
17
17
Aluminum Industries com *
5%
62%
56
Aluminium Ltd common.*
108
100
16% June
18
6% May
%
"160
100
37%
40
Amer Box Board Co com.l
4%
4%
100
American
May
42% May
96% May
% Mar
30L. June
%
36%
American Book Co
11%
21
192%
118%
Jan
100
preferred....... 100
American Beverage com._l
June
138%
450
5%
4
May
18
Allied Products (Mich)..10
6%
4
May
Mar
Apr
Apr
Apr
Apr
11%
Feb
110% Mar
109% May
1%
Apr
49%
Apr
7%
Apr
May
Capital—
10c
Common class B
10c
IX
%
Jan
Jan
2%
•ll
*
13
May
20%
15.50 prior pref._.._..*
65
June
80
preferred
Arner Centrifugal Corp.._l
X May
Apr
Jan
Jan
Mar
28
30
28
1
B
Class
Amer Cyanamld class
1%
60
10
Amer Export Lines com__l
1%
L800
33
10
31
30%
34%
9%
8,900
"12% "12% *12%
"loo
9%
American Gas A Elec...lO
34
31
25
25
Amer General Corp com 10a
$2 conv preferred
1
Amer Laundry
600
5,700
2%
25%
300
25
12%
preferred
14
12%
14%
*
American
%
1
28%
29'
Republics
5%
6%
4
$0 series preferred
*
preferred.....
*
2
Ashland Oil & Ref Co
7%
90
90
*"2%
2%
7%
*7%
"4% "'4%
Jan
6%
Jan
Mar
Jan
3%
Feb
1%
May
Mar
2
Feb
15
Apr
May
Feb
115
v
May
8%
May
May
4
Jan
%
2%
2%
99
%
2%
:
5%
Jan
%
1
65
2%
13
Corp warrants
Atlas Drop Forge com...5
13
8i#
%
6,100
200
*16
18%
19%
1,100
2% June
3% May
8
May
Apr
1% May
29
May
1%
Apr
%
Apr
Feb
1%
8%
Feb
Feb
Apr
7%
Apr
17%
Mar
Apr
Jan
36
3%
49
Jan
4
May i
1% May
20
38
34
May
10% May
May
16% Mar
Apr
%
8%
14%
Feb
Apr
Mar
19%
Jan
May
17
Apr
20%
Feb
20
Jan
20% May
15
May
1% May
May
June
May
28
Jan
10
May
1%
22
36
5%
Feb
Feb :
22%
Jan
60c
% May
1
%
com
%
1,500
200
1
200
%
%
> 9
Feb i
4%
11%
43
60c
Burma Corp Am dep rets..
Burry Biscuit Corp.. 12%c
10%
Feb !
May
18%
Feb I
2% May j
May
108
97
10
Mar
38
90% May
May
% June
% May
% June
50
97
"l6%
Jan
Jan
'
Am dep
3%
5%% pref shs £1
1%
1%
1%
1,000
Camden Fire Insur Assn..5
Canada Cement Co Ltd..*
Jan
2%
1%
1%
Apr
Jan
Jan
Mar
Apr
3%
Apr
11% May
1%
Feb
17
May
5% Apr
18%
Mar
Class B non-voting
Canadian
2%
Apr
17%
May
5%
Apr
3,200
7
1%
1%
200
""%"""%
1%
6%
5% May
"560
1
22
Jan
11%
Apr
June
2%
Jan
% May
1%
1
*
25c
Carman A Co class A
Class B
*
Carrier Corp
Carter (J W) Co
Casco Products
*
6%
1
common
common.
100
30
130
7%
2,900
1
'""260
6% May
% May
18% May
4% May
27
May
97% May
86
May
5% May
5% May
9%
1%
25
2%
T.ioo
110% 114%
2%
175
2%
7%
6
May
12
June
20
1% May
Jan
Jan
Feb
7% May
40%
Apr
109
May !
104% May
Jan
15%
15
*
Castle (A M) common.. 10
Catalln Corp of Amer
1
12
June
V
»i« May
2
May
T660
he
0
Feb
2%
Mar
4
Mar
19% May
Jan
%
Jan
200
% June
1%
700
3% May
3% May
6%
Jan
Feb
18
7% Mar
25
16
Jan
20
Mar
x-w
25
14%
Jan
17
Apr
1
2%
10
Ayrshire Patoka Collieries 1
35%
3%
Babcock A Wilcox Co
24
*
Baldwin Locomotive—
Purch warrants for com.
6%
30
25
Baldwin Rubber Co com.l
5
2%
.
34%
3%
22%
2%
35%
3%
24%
6
0%
24
25
4%
5%
1,400
150
100
4,400
3,600
V: 500
800
1
Barium Stainless Steel...1
% June
2% May
34
May
3
Jan
18% May
4% May
18
"360
Barlow & Seellg Mfg—
May
4% May
% Mar
%
1%
Feb
4%
Apr
7% 1st partlc pref.-.100
Celluloid Corp common. 15
$7 dlv. preferred
1st partlc pref
Cent Ohio Steel Prod
1
Cent Pow A Lt 7% pfd 100
Cent A South West Util 60c
Cent States Elec com
1
Mar
Jan
14%
700
99
120
Apr
Feb
Jan
3%
Jan
600
9%
9
Baslo Dolomite Inc com..l
Bath Iron Works Corp...l
5
12%
Baumann—See "Ludwig"
Beau BrummellTies Inc..
Beaunlt Mills Inc com..10
20
4103
5
12%
:
9
5
13%
8
May
100
3% May
5,300 V 9% May
100
$6
•h May
2%
5%
1%
May
% May
8%
Jan
2%
Jan
1%
1%
•11 May
2%
Jan
<*''£
50
100
5%
Apr
Clark Controller Co.
Mar
Claude Neon Lights Inc_.l
12%
June
Feb
15
7%
Mar
June
13
Jan
May
117
Apr
59%
200
55
June
83
Apr
T.Boo
he June
%
Apr
150
12% JuDe
29%
Mar
6%
May
May
59
■
4%
14
5%
62
63%
58
58
6,800
2,'000
May
4
49
""160
96%
£93
5%
20
5%
'""560
1
%
%
%
100
Jan
May
May
May
85
May
75
May
4% May
6
May
12
May
% May
4%
City Auto Stamping
*
City & Suburban Homes 10
4
4% May
10
105
6
63%
Jan
Jan
95
12%
*
6
Jan
Jan
""*16 ""%
59%
_*
$0 preferred BB
*
Cities Serv P A L $7 pref.*
$6 preferred
...»
3% May
%
100
10
105'
5%
Apr
3
200
%
250
10
105
10
10%
Jan
Apr
10%
Apr
115% May
375
May
4% May
1
Jan
Feb
105%
1%
5%
1%
25
3
100
7%
17%
109
1,500
I
Corp common... 10
preferred
Jan
June
11,700
1%
Apr
87% May
%
.
Chamberlln Metal Weather
Strip Co
6
11%
Feb
Feb
Jan
%
S16
60c preferred B
5
May
5%
34%
6% May
95% May
*u May
%
Jan
9%
9%
105% 105%
"T%
Chief Consol Mining.
Childs Co preferred
Cities Sendee common
127
Jan
June
91
106%
preferred
100
Conv preferred
100
Conv pref opt ser '29.100
Cherry-Burrell common..5
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach...4
%
%
14
95%
%
Charts
13
14%
.1%
Jan
May
2% June
99
100
preferred
98
20%
69%
%
%
Apr
Apr
Apr
Apr
100
%
3%
30%
7%
3
*
53
8% May
27% May
112
*
Cent Hud G A E com
*
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref. 100
6%
7%
I
Feb
*
Marconi
Capital City Products
Carlb Syndicate'.
May
13
"0%
Jan
68
Apr
104% May
4%
Apr
Jan
23%
j
Jan
14%
Canadian Car A Fdy Ltd—
0%
May
May
.
Cables A Wireless Ltd—
Calamba Sugar Estate..20
Callite Tungsten Corp
1
34
w w
19%
»
102
1
5
see page
25
109
4%
Warrants
For footnotes
$1.60 preferred
$5 1st preferred
Bunker Hill A Sullivan 2.50
34
11% May
{Austin Silver Mines.....1
$1.60 conv pref
Apr
Apr
1% May
150
34
96
Apr
48%
0%
4% May
% May
6
34
Buckeye Pipe Line
60
Buff Niagara A East Pow—
100
2%
June
May
1% May
34
\
Mar
30
*
102
1% June
1,000
100
%
2%
2%
Automatic Products.....5
Automatic Voting Mach..*
conv A com
preferred
106
3% June
Atlas
$1.20
$0
Carolina P A L $7 pref...*
$6 preferred
*
May
Mar
10
Brown Forman Distillery. 1
Jan
Apr
104%
1%
Atlas Plywood Corp.....*
Bardstown Distill Inc
200
2%
Jan
Feb
Jan
2%
31%
Celanese Corp of America
6% pref 100
preferred
50
15
2%
%
%
1
Coast RR Co pref... 100
7%
15
100
he
hi
8%
1%
Jan
Feb
Feb
45
June
Apr
7% June
Feb
Apr
Jan
June
May
17%
Am dep rets ord bearer £1
Am deprcts ordreg...£l
8%
%
Jan
6
33%
3%
1%
16%
10
7% partlc preferred...25
Jan
% May
6%
22% May
1%
Jan
British Celanese Ltd—
Can Colonial Airways
1
Canadian Indus Alcohol—
Class A voting...
___*
Mar
Jan
30
»
Jan
*11
Atlantic Coast Fisheries..*
Atlantic Coast Line Co..60
Atlantlo Rayon Corp
1
•
300
May
%
6,800
2,600
Assoc Tel A Tel class A...»
Atlanta Birmingham A
Class A common
Registered
Apr
Apr
Apr
6%
40
Apr
Apr
British Amer Tobacco—
Vot trust ctfs
17
*
Aviation & Trans Corp
Axton-Flsher Tobacco—
preferred
Jan
75
Assoc Laundries of Amer »
com.
400
*
Cable Elec Prod
warrants
V t c common
2
2%
Carnation Co common...*
%
1%
*
preferred
Class B
% June
-June
200
....1
preferred
1%
2%
*
British Col Power cl A...*
Mar
87
'""760
12,600
100
Apr
%
1% May
1% May
6% May
2,300
:
30
5%
9%
Am dep rets ord reg__10s
36
0% May
1
A
Preferred
Jan
109% Apr
10% May
12%
36
Bridgeport Machine.....»
Brill Corp class A
*»M
4
90
4%
8%
3,000
1,900
Brown Rubber Co com...l
108
4,500
9
3%
Bridgeport Gas Light Co.*
Jan
% May
8% May
£1
Common
0% preferred
1
Aeronautical... 1
2%
British Amer Oil coupon..*
{Associated Gas & Elec—
0%
Breeze Corp common
3%
5%
Apr
May
2% May
"2,200
88
"4%
1
Amer deposit rets
Avery (B F) «fc Sons
*
200
Associated Elec Industries
Atlanta Gas Lt
Brazilian Tr Lt A Pow
"250
Jan
Apr
Mar
% May
Apr
May
Feb
14%
11
May
36% June
3% June
39%
May
May
he
100
preferred
11
Jan
he
*
7% 1st preferred
2d
100
5%
21
73
Mar
Jan
28
5%
Bourjols Inc
*
'Bowman-BIltmore com...*
11
Assoc Breweries of Can...*
Option
Borne Scrymser Co
100
25
20
4
%
1,000
Bruce (EL) Cocommon__5
1
2%
15
7% 1st preferred
Jan
he
10
500
he
6
Common cl A non-vot..*
preferred
400
1%
Apr
May
1
Arkansas P A L $7 pref...*
Art Metal Works com
5
4%
29%
3,000
"2"
4,900
1%
25%
""300
109% 110%
15%
4%
Jan
13%
2%
13
11
Apr
Apr
43%
46%
4% May
2% May
13%
21
Appalachian Elec Power—
lArcturus Radio Tube
25
*
Apr
Apr
"~i% "1"%
Arkansas Nat Gas com...*
38%
100
May
Apr
Feb
June
30
500
6.
*
19%
%
;
""166
"35%
%
C) Co com...*
$3 opt conv pref
Blumenthal (S) & Co
Bohack (H
18%
28,100
Angostura-Wupperman ..1
Apex Elec Mfg Co com...*
"30"
1
: 14%
3% May
300
%
10%
Mar
1
16%
48
"ii%
125
1
May
5
1,000
V 4%
H
American Thread 6% pf..5
Anchor Post Fence
*
Class
Blue Ridge Corp com
% June
1st $0 preferred.......*
0%
1
{Brown Co 6% pref
23
200
35%
Brown Fence A Wire com.l
Class A preferred
*
%
10
Apr
May
*
Mar
70
Am Superpower Corp com *
114
*
common
Mar
1,800
.....
Amer Seal-Kap common..2
17
& Machine Co com
May
13% May
May
28%
Jan
25
116
Feb
32%
8%
Blrdsboro Steel Foundry
Blauner's
31%
Amer Pneumatic Service.*
Amer Potash & Chemical.*
136
Brillo Mfg Co common...*
Class A
*
Apr
36
65
1
Amer Meter Co
June
Mar
39%
19%
25
25
100
Amer Maracalbo Co
93
38%
34%
11
3*,900
Amer Mfg Co common. 100
Preferred
340
93
8%
Mar
*
:
13% June
11% May
60
12%
Jan
2% May
22% May
20% May
125
Mach__.20
Amer Lt & Trac com
0%
35
2%
12.50 conv preferred...1
Amer Hard Rubber Co..50
May
1%
May
8% May
% Mar
9% May
25% May
Amer Foreign Pow warr...
Amer Fork & Hoe com...*
3
Jan
35
;
20
32%
9%
400
1,200
33%
25% June
22% June
% June
33
A. 10
Class B n-v
%
4%
96%
116
$2.50 preferred
7%
25
A....
Class A with warrants.25
High
1,100
%
Am Cities Power A Lt—
Class
"90%
0%% pf-100
Conv preferred
Low
3% May
13% June
4%
15%
Purchase warrants
Brewster
Class A common
S3
100
Bliss (E W) common
S3 conv pref
6%
Bell Tel of Canada
Range Since Jan. 1,1C40
Shares
Blckfords Inc common..
1,400
*
Aluminum Co common...*
High
4%
13%
Berkey & Gay Furniture. 1
"»•
2%
Alles A Fisher Inc com...*
Investment
Low
Benson A Hedges com..
4%
Warrants
Alabama Gt Southern..60
for
Week
of Prices
23
400
11
1%
|Alr Investors common.
Conv preferred
Week's Range
4%
4%
14%
4%
4%
11
Air Associates Inc com_..l
Sales
1
Bellanca Aircraft com...
5%
5
5%
Class B
Price
1
Beech Aircraft Corp
Bell Aircraft Corp com..
ClaSS
Alliance
Sale
Par
Supply Mfg—
Aero
Last
High
21
18
Acme Wire Co common. 10
STOCKS
(Continued)
Range Since Jan. 1,1940
for
Week
45
Mar
10
68
6% May
May
62
115%
Mar
110
Mar
7%
7
16%
%
Feb
Apr
Jan
Mar
New York Curb Exchange—Continued—Page 2
Volume 150
Last
Week's Range
Sale
of Price*
Low
High
Par
Price
3
Jan
250
30
May
400
4
May
7K
Eversharp Inc
1
May
2K
Club Alum Utensil Co..
2
May
com..*
Cohn & Rosenberger Inc.*
Colon Development ord...
6% conv preferred
£1
4
May
3K May
6
Feb
Cllnchfleld Coal Corp..100
Cockshutt Plow Co
200
4K
80
1,500
73 K
4
4K
Arms.25
74 X
Patent Fire
X
X,
2K
May
3K May
May
88
May
67
500
Jan
Jan
4K
Jan
7K May
May
3K
Colorado Fuel & Iron warr.
Colt'
8K
6K May
X
57 K
100
IK
49.700
X
X
IX
25K
X
12 K
200
IX
Feb
Jan
70 K
2K
51
1,600
12K
IK
1
Columbia Oil & Gas
June
IK May
500
60
8K
Falrchild Eng & Airplane. 1
Falstaff Brewing
...1
4K
Fanny Farmer Candy
Distribution—1
25
Community Water Serv—1
Compo Shoe Mach—
Vtcextto 1946
1
Commonw
Community Pub Service
IX
23X
%
200
IK
Jan
21K June
700
400
13
1
Consol G E L P Bait com.*
4K% series B pref_..100
Consol Gas Utilities—..1
Consol Mln & Smelt Ltd.
2K
Consol Biscuit Co
2
74
500
2X
900
72 K
74
115
115
"ix
60
20
67 X
May
May
111
19K
3X
90
86 X
Feb
Common
Apr
Conv partlo pref
May
IK
70
Feb
113
Mar
10 K
10 K
25
X
1
900
June
3K
8K May
9
May
1,600
9K
17 K
Jan
17
Apr
100
Feb
IK
X June
12 K
Jan
17K May
Jan
1
Apr
83 K
Fruehauf Trailer Co
Fuller (Geo A) Co com
1
Feb
120
$3
conv
Jan
IK May
IK
6K
Jan
Apr
Cosden Petroleum com..
4
400
May
6K May
300
4K
May
3K May
K May
600
IK
8
14K
6
3X
13 X
Jan
13
June
24 K
OX
May
IK
300
2K
2K
4K
500
1
500
4
Jan
June
4
»i« May
K
3K
Gen Rayon Co A
Feb
Common
3K
3K
•is
#i«
Apr
May
Feb
Feb
•
200
Feb
4H
Jan
Goodman Mfg Co..
37
preferred
Jan
19
Feb
Gorham Inc class A...
19H
Feb
8
Jan
5
Apr
15K
300
12 K
May
IK
Feb
Feb
98
Apr
7% 1st preferred
Jan
Gt Northern Paper
May
Apr
IK
Jan
Mar
Apr
22
Jan
Greenfield Tap & Die
Gulf Oil Corp
Gulf States Util
36
preferred
Apr
Hammermlll Paper.....10
Jan
Tobacco Co
Harvard Brewing Co
Mar
13
6K
6K
400
5K June
5
6
200
4
May
25K May
June
Dominion Steel & Coal B 25
4
Dominion Tar & Chemical*
6K
"~2K
Dublller Condenser Corp
64
62
IK
2M
40
3,000
56 K June
20K May
107 K Mar
IK
64
100
Durham Hosiery cl B com »
Duke Power Co
Duval Texas Sulphur....*
8K
Eagle Plcher Lead
..10
East Gas & Fuel Assoc—
...*
2K
pref.....100
6% preferred
100
45 K
18K
4 K% prior
Iron_.25
.....
9
1,500
2K
600
41
45K
675
16
19
2X
1,700
9
25
1
9
Mar
67
2K June
79X May
ex-warr
Jan
Hewitt Rubber
55 K
May
8K
May
24 K
10 X
Mar
Mar
Apr
Holt (H)—See
19
1,025
14
May
28
3
200
4K
Apr
Apr
12
12
50
June
17 K
Jan
3K May
Jan
*
com*
Horn (A C) Co common..1
Horn A Hardart Baking..*
Horn A Hardart
—.*
5% preferred
...100
Hubbell (Harvey) Inc
6
Humble Oil A Ref
—*
Hummel-Ross Fibre Corp
Hussmann-Llgonler Co...
JHuylers of Del Ino—
5K
7K 144,500
IK
May
8H
64 K
59
54
59
900
42
66
62 K
14
66 K
3,700
61
May
73
Apr
Apr
16 K
16 K
400
7K May
20
Jan
2K
IK
2K
1,400
K May
10 K May
14
21
29 X
3K
Option
3K
400
1
16
4
May
3K June
3H
Jan
Jan
Apr
5K May
77
Mar
79
Feb
57 K
May
70
Mar
57
Empire Dlst El 6% pf 100
May
70
Mar
71K
Mar
Empire Gas A Fuel Co—
preferred.
100
preferred
100
7% preferred
....100
8% preferred
100
Empire Pewer part stock.*
Emsco Derrick A Equip..5
6%
6K%
60 K
60 K
25
55K June
59
61
125
56
9
9
100
24K May
8K Mar
X
6i«
20 X
Equity Corp common.. 10c
53 conv preferred
1
20 K
3
1
4103
3,100
21K
3
200
400
Apr
123X May
135
June
49
36
6K May
IK May
Jan
K
Apr
Apr
10 K
2K
Jan
Mar
K
Jan
25 K
June
39 K
Jan
Jan
114 K
Mar
7K
23
500
7K
21K
350
Apr
14
5K
Feb
20X
May
40K May
May
70 K
K May
IK
K
"166
100
X
300
IK
5K
100
Jan
Jan
4K May
May
16
IK May
11
4K
4K
4K
8K
9K
300
100
50
May
A
May
4K
Jan
May
7
23 K
24
Apr
Jan
Feb
Mar
2
Apr
8K
Jan
29
3K May
21K
Feb
Jan
7K
14
Apr
12 K
Apr
11
Mar
May
27 K
June
27
Jan
Mar
* May
7K May
50
24
24
8
May
69
72
250
60
May
92
13 K
May
22 K
10
6K
36 K
16K
7K
6K
200
7K
15K
7K
70
stamped—.100
unstamped.. 100
Hydro-Electric Securities •
Hygrade Food Prod—-.6
Hygrade Sylvanla Corp..*
7% pref
7% pref
Mar
Jan
5% conv preferred
Jan
Dlv arrear ctfs—
»i»
Feb
Mar
Apr
900
Illinois Iowa Power
May
9K May
x5X
Co—*
60
A
*
Imperial Chemical Indus—
Am dep rets regis
£1
Apr
Jan
12
Jan
14
Jan
14 K
Feb
14 K
Feb
Jan
36 K
Apr
3K
Apr
3
30K
109
Jan
225
26
May
36 K
Apr
20
30 K
30
109
Apr
120
109
June
112 K
May
Jan
120
15
53 K
5K
15K
150
13 K
May
19K
52 K
1,400
47 K
May
68
5K
54K
5K
400
4K
Feb
8K
June
ue
Apr
Jan
9K
May
8K June
IK
35
3K
27 K
6K
55
3K
25 K
6
55
6
IK
35
4K
29
7K
55
lie June
K
Jan
400
4K May
10 K
Feb
Jan
10 K
Feb
2
5
300
8K
6
Illinois Zlno Co
Illuminating shares
June
6
16
11
25K
6K
100
29K
Common
26
X May
May
U4K
111K
Henry
72
2K May
Jan
May
88
June
Horder's, Inc
Hormel (Geo A) A Co
June
19 K
UK
107X May
Holopbane Co common,--*
Apr
3
6K
Apr
4K May
102
common..5
Apr
12
Apr
8
10
Participating olass A.
Hey.den Chemical......10
Hires (ChasE) Co
1
Hoe (R) & Co class A...10
Hollinger Consol OM
5
Mar
4
May
2K May
28 X
June
20
9K
28
15
"19""
June
Henry Holt A Co—
8K
12K
Apr
18
114K
8K
May
17K
For footnotes see page
Preferred
Feb
105
5K
2
25
25
Preferred w w—
Apr
17
ilKvVlK
60
13
15
25K
K
1
pf *
25c
Heller Co common
IK
June
114
*16
+
Jan
Jan
Apr
IK
12 K
Mar
Ol&SS
Feb
25
62
7K
23
Helena Rubcnsteln—
26
K
6% conv preferred
Hecla Mining Co
Apr
*11
105
U4K
25
1
•
1
250
1
*
56 preferred series B
*
Easy Washing Mach B
*
Economy Grocery Stores.*
Elec Bond k. Share com..6
55 preferred......
»
56 preferred
*
Elec P <fe L 2d pref A
*
27 K
100
Corp
*
Hearn Dept Stores com..5
Jan
Apr
29K
2,500
Hazel tine
Apr
110
300
America—
B non-vot common
Haverty Furniture conv
78
2K
IK May
Hat Corp of
32K
5K May
6K May
700
Corp.....*
57 preferred series A
Elgin Nat Watch Co
Jan
May
Jan
9K
Apr
7K Apr
25 X May
12 X
Jan
5K Mar
K June
K May
Duro-Test Corp common. 1
Emerson Elec Mfg
Mar
67
64
Mar
13 K
Apr
Apr
11K
106
Jan
Feb
Apr
6K
Apr
9K May
32 K
Apr
*14
Apr
Hartford Rayon v 10
8K
IK
8K
IK
28
Apr
25
100
42
42
"400
200
93
126K 126K
28
IK
6K
92
92
*
200
21
6
25
35.50 pf.*
—*
Hartford Eleo Light
May
*16
1,000
5K
4
*10
Dobeckmun Co common
preferred..... 100
•
..10
preferred
.100
*16
20
Jan
Dlvco-Twln Truck com_.l
5K %
May
93
IK
Grocery Sts Prod com..25c
Guardian Investors
1
Hartman
Draper Corp
Driver Harris Co
May
5
10
Apr
May
49
11
25
»
Distillers Co Ltd—
Dominion Bridge Co Ltd.*
20
200
25
Apr
20 K
ord reg...£l
100
5K
94
*16
100
2
Non-vot com stock
/Apr
5K May
Feb
Mar
7K
Jan
21K
21
Gypsum Lime & Alabast.*
Hall Lamp Co
6
26 K
Distilled Liauors Corp...5
warrants
Electrographlc Corp
Vx
4,400
7
6K
Apr
Mar
91
Jan
Jan
K
101K
"
Great Atl & Pao Tea—
xlO
Diamond Shoe Corp com.*
,
33 preferred
27 K
17 K May
41
88
May
10
May
May
50
*
32
11K
106
May
32
40 X
..*
Gorham Mfg common.. 10
Grand Rapids Varnish—.1
Gray Mfg Co
10
37 K
81
May
;
Jan
Apr
June
4K May
5
May
IK
K May
55
87 K
May
IK June
xl5
Apr
Apr
1
25
94
94
94
Jan
IK
2K
Mar
48
8
Goldfield Consol Mines.. 1
May
K May
IK
Feb
K Mar
Mar
90
May
K May
100
»
Feb
7
15K May
Apr
Apr
>11
Mar
May
150
38 K
K
*
Class B
112
7K May
IK
30
*
Gilchrist Co
Jan
Feb
i«4
Apr
he
65
Feb
60
800
..*
Preferred
May
Feb
IK May
36K June
.
15
67
37
Godchaux Sugars class A.*
7n May
16 K
41
Feb
200
X
*
*
36 preferred
*
Gilbert (A C) common...*
Jan
84 K
100
5
67
67
33 preferred
Apr
14^
Mar
Apr
65
Georgia Power 36 pref
2K
June
15 K
May
500
1
3
100
*64
100
6% preferred A
4K May
100
Jan
June
25K
*
Gen Water G & E 00m
Apr
8K
IK
IK
General Tire & Rubber—
z8K
"166
20
1
36 conv preferred
Apr
21
10K
"i"x"lx
50 K
stock...*
17 K
16K
IK
Jan
K May
General ShareholdlngBCorp
10 X
June
2K May
300
100
16K
78
9
K
Gladding McBean & Co..*
Glen Alden Coal
*
6K
10K
Jan
Apr
25
*
X May
8K Feb
4
"266
32
*64
Warrants
22 K May
May
108
4K
87
400
UK
50 K
May
IK May
3
Jan
Feb
K June
preferred
Jan
"166
6
TK ~~5K
41
20
11
32
11K
6% pref B_*
Feb
K
IK
18
5K
J6
Jan
600
"x ~"x
Feb
May
General Investment com.l
May
3K May
31700
3K
1
"I
Gen Gas <fc El
Apr
7K
4
A..*
com...25c
7% conv preferred
25
Crystal Oil Ref com—....*
56 preferred
...10
Cuban Atlantic Sugar
6
Cuban Tobacco com
*
Cuneo Press 6 K% pref.100
Curtis Mfg Co (Mo)
6
Darby Petroleum com...5
Davenport Hosiery Mills.*
Dayton Rubber Mfg
1
Class A conv
35
Decca Records common.. 1
Dejay Stores
1
Dennlson Mfg cl ▲ com..5
56 prior pref
50
8% debenture
100
Derby Oil & Ref Corp com*
A conv preferred...,..*
Detroit Gasket & Mfg
1
6% preferred w w
20
Detroit Gray Iron Fdy—1
Det Mich Stove Co com__l
Detroit Paper Prod
1
Detroit Steel Prod—.—10
De Vllbiss Co common.. 10
7% preferred
10
Crown Drug Co
Jan
.'27K
May
5
Gen Flreprooflng com
Gen Pub Serv 36 pref
Jan
Crowley, Mllner &
Crown Cork Internat
Jan
19
June
12
200
Gen Outdoor Adv 6% pflOO
Feb
Croft Brewing Co
2K
Apr
Apr
32 K
69
100
preferred
Feb
K
Jan
IK May
1
Co—*
Cent Petrol (Md).6
3IIK
20K
85K
preferred... 100
Feb
IK
May
conv
5K
7
"13X ~16K
3K
"50
Amer dep rets ord reg-£l
Apr
30
6K May
'
Crocker Wheeler Eleo—
5%
UK May
100
IK
1
300
IK
8
1
Jan
10 K
K
IK
77 K
2K
55
IK
Jan
K
8K May
600
K
4%
Jan
98
Jan
May
23
5% conv preferred....60
Courtaulds Ltd
£1
Creole Petroleum
May
84
"500
7
4
18k "l5K
May
May
Gen Electric Co Ltd—
40
7
19 K
13
General Alloys Co
3K May
16 X
300
Gatlneau Power Co com
Feb
300
22 K
Gamewell Co $6 conv pf
97 K
18
21
30
"15K
*
stock
May
8K May
17 K
22 K
Feb
3K
100
9
9
1
15
300
6K
6K
1
*
Reynolds
preferred A
Corroon &
Esquire Inc
84 K
X
Class B voting
Jan
•18
*
Copper Range Co
Cornucopia Gold Mlues 6c
Eastern States
700
Fox (Peter) Brewing Co..5
IK
Jan
June
K
com—*
prior preference
,*
Eastern Malleable
98 K 103
1
9K
*
200
90
6
Cooper-Bessemer
Common
100 K
Feb
Ap
*1.
51K May
10 K
Class A non-vot
39K
3K
200
IK
4
IK
3X
new...l
Cook Paint & Varnish
7%
10
12
Ford Motor Co Ltd—
May
100
10
com...*
Cont G & E 7% prior pf 100
Continental Oil of Mex—1
Am dep rets
57
Mar
36 X
.
®i6 May
X
57
57
Jan
Mar
8K May
May
100
Apr
15K
June
5K May
33
Florida P <fe L $7 pref....*
2K
IK
1,500
75
Consol Steel Corp
Crown
500
K
1
IK May
IK
20K
IK
Consol Royalty Oil
56
8
1,300
9K
Flat Amer dep rets
Fldello Brewery
Feb
45
X May
IK May
1,300
X
Consol Retail Stores
$3
7
Fed Compress & W'h'se 25
Apr
K
18
May
42 K
X
Cont Roll & Steel
9K
6K
Amer dep rets...100 frcs
Corp_.l
preferred
8
28
Froedtert Grain <fc Malt—
preferred
8%
~9K
May
«K May
10K
Apr
4K June
6K May
17K May
,
100
June
12K
Ford Motor of France—
Conn Gas & Coke SecurConn Telep & Elec
6K
19
Apr
2
June
7K May
Ford Motor of Canada-
May
X
11K May
4K
4K
19
Fansteel Metallurgical._.»
Fodders Mfg Co
6
1,100
7,200
1,200
8K
6K
1
K
Jan
IX June
38 X
Apr
Jan
hi
High
31
Jan
2
1
Am dep rets ord ref...£l
«jj
K
lVs
25 K
.......
Low
1
com
Falrchlld Aviation
Commonwealth & Southern
Warrants
Share
23 K
Fire Association (Phlla) 100
Columbia Gas «fe Elec—
5% preferred
J Prices
Low
High
Price
Range Since Jan. 1,1940
for
Wee
0
Eureka Pipe Line com..60
Feb
Feb
Apr
48 K
4K
4K
Sale
Par
6
Mar
37 X
36
37 X
♦
Cleveland Tractor com—*
X
Week's Range
Last
High
Low
Sliares
STOCKS
(Continued)
1,1940
Range Since Jan.
for
Week
Clayton & Lambert Mfg..*
Cleveland Elec Ilium
Sale
Friday
Sales
Friday
STOCKS
(Continued)
4099
Apr
2K
Feb
300
50
2,200
3,300
3,600
50
IK June
May
2K Mar
21K May
4K Mar
4K May
28 K
55
5K
June
Jan
3
47 K
Jan
Apr
6K May
33 K
Apr
9K May
7K
63 K
6
Mar
Mar
Jan
New York Curb
4100
Friday
Last
Par
Week's Range
of Prices
Week
Low
Price
Imperial OH (Can) coup..*
54*
54*
Imperial Tobacco ot Caa.fi
85*
Range Since Jan. 1, 1940
Low
3,900
500
2,300
Indiana Pipe Line
10
Indiana Service 6% pf-100
17
100
17
7%
preferred
64*
100
64*
17
17
Mar
10
1024* May
300
S0
Mar
21 J*
113
5*
5*
4* May
4* May
1
B
100
7%
Preferred
Apr
Class A
Jan
Feb
59
Internat Hydro Elec—
Pref 13.50 series
..50
85*
8
94*
15*
Midland Oil Corp—
$2 conv preferred
Jan
104*
73 4*
Apr
Apr
234*
Apr
400
& Pow
154*
24*
124*
Apr
24*
24*
3
64*
May
84* June
94* June
194*
84*
94*
8,200
Registered shares—
19 V*
Feb
54*
May
International Products
3
Internat Safety Razor B_*
5*
5*
200
May
4*
Jan
254*
preferred
12
250
97
May
109
Monogram Pictures
254*
184*
Jan
Monroe Loan Soc
"50
234* May
37
Jan
35*
24*
1,300
64* June
100
9
34*
44*
425
6j«
ht
800
34*
4*
44*
..1
50
14
134*
14
Irving Air Chute..
14
14
144*
1
May
44* May
104*
134*
Common
55
59
May
Mar
400
1074* June
34* May
174*
Mar
174*
Feb
Apr
May
May
4*
June
34* May
Feb
Apr
1
80
May
974*
994*
30
90
May
102
May
80
97
May
109
Mar
2,200
18
June
30
Jan
4*
Jersey Central Pow & Lt—
100
103
100
194*
234*
264* May
Kansas G A E 7% pref. 100
113
Keith (Geo E)7% 1st pf 100
Kennedy's Inc
5
Ken-Rad Tube A Lamp A *
54*
54*
June
5
100
954*
May
74*
04*
34* May
Kimberly-Clark 6% pf-100
Kingsbury Breweries
1
Kings Co Ltg 7% pf B.100
6% preferred D
100
Kingston Products......1
111
Mar
Apr
1124*
Jan
»i«
95
Mar
55
734*
Mar
June
14*
14*
100
1
2
Jan
14*
100
14* June
24*
Jan
»i« June
14*
Jan
May
114* June
9
May
44* June
70
76
114*
54*
114*
700
54*
200
Lakey Foundry A Mach._l
Lane Bryant 7% pref.. 100
"104*
2,200
34*
300
75
May
55
40
100
Kress (S H) special pref. 10
Kreuger Brewing Co
1
Lackawanna RR (N J). 100
Lake Sbore Mines Ltd...l
Mar
m
70
Feb
16"
34*
"9l"
91
91
10
90
May
124*
May
June
434*
254*
24* May
44*
z71
Jan
154*
Apr
04*
4*
Mar
Class B._
Lefcourt Realty com
Conv preferred
24*
24*
4*
5
84*
244*
74*
Llpton (Thos J) class A..1
6% preferred
25
Lit Brothers common....*
254*
9
"360
500
Apr
Apr
Apr
Mar
Jan
Mar
100
May
124* May
104*
04*
4*
04*
3
Feb
Mar
Feb
Apr
Mar
May
4*
Jan
May
Jan
May
354*
124*
104*
224*
4* June
14*
21
74* June
104*
Jan
10
4*
Apr
May
44*
14* May
400
OH Develop...25
Le Tourneau (R G) Ino-.l
Line Material Co
National Container (Del).l
National Fuel Gas
*
Nat Mfg A Stores com
National Oil Products
National P A L $6 pref
4
*
National Refining com
Nat Rubber Mach
300
Loblaw Groceterias cl A
Class B
Apr
Mar
Mar
Apr
_*
National Steel Car Ltd
*
National Sugar Refining.»
-.114*
124*
200
9
84*
9
2,900
14*
._*
1
14*
10
1,600
May
75*
May
134* Mar
105* May
Long Island Lighting—
5* May
100
33
294*
33
150
24
100
294*
26 4*
30
450
24
Loudon Packing
Louisiana Land A Explor.l
Louisiana P A L $6 pref..*
44*
14*
44*
Jan
Jan
100
100
100
300
10
25
May
14* May
35* May
444*
Jan
24*
Mar
64*
Apr
V
June
1064*
Apr
1
100
14*
44*
Ludwlg Bauman A Co com*
Conv 7% 1st pref
100
Conv 7% 1st pfvto.100
Lynch Corp common
5
June
14*
484*
Mar
2
Apr
25
10
21
Jan
25
Jan
20
20
20
10
20
Jan
25
Jan
20
21
600
20
Majestic Radio A Tel__l
4*
Manatl Sugar opt warr
Mangel Stores
.......1
4*
10,700
400
June
294*
ht June
5*
14*
May
May
Apr
ht
Jan
14*
Apr
Apr
14*
15
18
134*
New Jersey Zinc
25
New Mex A Ariz Land...l
New Process Co
_l
N Y Auction Co
com
.*
N Y City Omnibus—
4 J*
45*
Feb
AH May
64*
May
600
50
134*
17
7% pref..100
"12"
40
preferred
54*% preferred
100
New York Transit Co
5
N Y Water Serv
0% pf.100
Niagara Hudson PowerCommon...
...10
5% 1st preferred
100
5% 2d preferred
105*
Feb
175*
Apr
50
35
500
314*
83
2,700
325*
"'960
*87 5*
"325*
x87
114*
600
Class B common..
5
29
Feb
144* May
17
Apr
2
Jan
14* May
214*
Jan
24*
Jan
5
Jan
42
Apr
A
Common
"54*
.....
""560
7
7
94*
14* May
54*
Memphis Nat Gas com..5
x44*
Mercantile Stores com...*
Merchants A Mfg cl A
1
54*
54*
900
1354* 1374*
100
44*
*44*
300
12
12
150
44*
123
34* May
11
May
34*
*
25
Merrltt Chapman A Scott *
Warrants
24*
24*
600
2
50
l
4*
Apr
Mar
May
4*
64*% A preferred... 100
May
May
24*
94*
1704*
Feb
4
Jan
304*
Jan
44*
Mar
4*
Mar
Feb
May
Jan
Apr
54* May
184*
Apr
67
Jan
4103.
4*
Mar
4*
June
34*
Jan
Feb
364* June
15
4*
500
100
25c
424*
Jan
44
Jan
Feb
Jan
97 H
Jan
35*
Apr
Jan
35* May
05*
Feb
June
644*
Jan
May
114*
Feb
84*
Mar
124*
Apr
15*
Feb
300
55* May
85*
Jan
14*
400
1
4*
14*
»ie
474*
Apr
144* May
134*
34*
7
"800
25
2,700
10
..v..
14*
4*
Jan
24
"
"74*
74*
74*
May
5* May
8
May
1104*
4* June
125*
Jan
104*
4
4
54*
54*
54*
May
84* May
117 4*
144*
Mar
844* May
104*
84*
844*
May
300
"loo
3
84*
624*
84*
50
66
275
1104* 112
30
44*
44*
600
114*
52
114*
574*
750
52
1
May
6
Jan
7
Apr
1
Jan
184* June
84* June
100
55
May
May
1104* June
35* June
104* May
49
May
Feb
Feb
2
400
1
33
1
164*
74*
109
17
74*
1084* 109
200
100
50
Apr
44* May
5* June
100
18
644*
Feb
Apr
154* May
304*
Apr
134*
704*
254*
Jan
Jan
Jan
136 4*
Apr
84* May
154*
Ape
67
14*
36
35*
15
Apr
Jan
Apr
Apr
Apr
284*
Jan
May
94*
Mar
1035* May
1184*
Jan
7
98
May
164*
100
11
May
1024*
164*
1014*
101
330
98
50
17
May
54*
19
20
54*
20
44*
78
109
54*
20,200
Jan
May
34* May
235*
Jan
108
75*
29
64*
Apr
May
Apr
Jan
80
225
Jan
73
May
92
Mar
68
80
June
87
Apr
1
Feb
'w
Jan
Feb
44*
44*
900
644*
"766
34* May
"ei"
4*
"~~H
"266
55*
Feb
85
44*
"ei""
5
.....
Vs
June
995*
Feb
50
May
714* May
94* Mar
84* May
5* May
34* May
14*
Jan
54*
?*
1
6,600
4* May
Jan
Jan
70
744*
325
174*
17?*
175*
100
Mar
494*
prior pref erred ...50
494*
"""80
Apr
57
May
15
May
126 5*
265*
Jan
444*
May
May
62
Feb
4*
72
14*
103 4*
15
...1
30 preferred
•
North Amer Rayon cl A..*
Class B common
*
No Am
1374*
15* May
314* May
764* June
31
Nor Amer Lt A Power—
0%
*
June
24*
Noma Electric
May Hosiery Mills Ino—
54 preferred
*
McCord Rad A Mfg B.__»
Dredging...*
Class
Nlplsslng Mines
150
May
75* May
10
1
Nineteen Hundred Corp B1
"166
June
5* May
May
14*
Jan
115*
1,100
25
31
Apr
Feb
10
Class A opt warrants..
Mapes Consol Mfg Co...*
Marconi Internat Marine
14*
Jan
5*
June
Class B opt warrants..
*
31
114*
4* May
17
100
31
Mar
814*
Niagara Sharepreferred
1
Mar
10
Apr
11
100
Nlles-Bement-Pond
Massey Harris common..*
Apr
May
134*
174*
400
«
Jan
Feb
June
215*
142
Shipbuilding Corp—
Mar
44*
June
Jan
""3OO
40
9 4*
10
114*
Founders shares
1
New York State El A Gas—
10
June
May
65* May
115* May
15
39
100
5* May
10
12
10
Jan
24*
12
700
4*
Warrants
N Y Merchandise
N Y Pr A Lt
May
£1
Jan
May
84* May
New England Tel A Tel 100
New Haven Clock Co
New Idea Inc common
*
10
24*
Jan
5*
Apr
24* May
24* May
3% cum4%non-cum_100
Pow Assoc.;
*
6% preferred
100
32 preferred
30
2
Jan
30
Nestle Le Mur Co cl A...*
Nevada Calif Elec new..10
30
Jan
26
6
Nelson (Herman) Corp...5
Neptune Meter class A
*
preferred.....*
...»
Jan
Apr
com
Manlscbewltz(The B) Col*
Marlon Steam Shovel....*
Mass Utll Assoc v t 0....1
1
24*
74*
171
75
Nebraska Pow 7% pref. 100
Nehl Corp common
*
1st preferred
N Y
Common
Jan
1394*
154* May
127
N Y A Honduras
Rosarlo 10
124*
Apr
Apr
700
54*
*
May
r0 4*
5
18
Nat Union Radio new__30c
Navarro Oil Co
75
114*
94*
5* May
May
May
Feb
Apr
41
14* June
*
Apr
Jan
1175*
55*
2,100
3
1
com
104*
84*
904*
24*
54*
New Engl
Class A
*
Nachman-Springfllled
Nat Bellas Hess
Apr
10
94* June
Lehigh Coal A Nav
""90
162
24*
National Tea 54* % pref. 10
National Transit
12.50
Nat Tunnel A Mines
Langendorf Utd Bakeries—
Jan
224* June
*
{Nebel (Oscar) Co
114* June
44* May
Lane Wells Co common
common..
15
40
104*
300
National Breweries com..*
May
Kobacher Stores Ino
Koppers Co 6% pref_._100
Kresge Dept Stores—
15*
160
National Candy Co
*
National City Lines com.l
33 conv preferred
50
Jan
Kleiner t (I B)Rubber Co.10
Knott Corp common.....1
oage
May
Feb
Mountain States Power—
Mar
814* June
Klrby Petroleum
1
Klrkl'd Lake G M Co Ltd. 1
Kelln (D Emll) Co com..*
see
May
Apr
705* May
May
6
Mountaln City Cop com_5c
Mountain Producers
10
Mar
274*
120
*
common
4*
200
Muskogee Co common...*
6% preferred
100
14*
300
22
300
14*
162
Murray Ohio Mfg Co
*
Muskegon Piston Ring. 2 4*
500
14*
For footnotes
1204*
24*
84*
6
May
55* May
244*
Jan
3,600
Mountain Sts Tel A Tel 100
24*
4*
2
106
»
Montreal Lt Ht A Pow..*
May
14*
100
65*
374*
4*
14*
1
12
2
7% preferred
.100
Jones & Laughlln Steel. 100
Julian & Kokenge com..*
A
12
Jan
*
5*
64*
{Moore (Tom) Dist Stmp l
Mtge Bank of Col Am shs.
Jan
*
Metal TextHe Corp
Par tic preferred
Jan
Apr
1
34*
37
"4*
Mar
54*
4*
1
H
64*
com
Mar
May
Italian Superpower A
Mesabl Iron Co
6
19
434* May
Moody Investors part pf.*
Jacobs (F L) Co
Jeannette Glass Co
Participating preferred.
Jan
Jan
11
675
$2.50
Apr
1,300
1,300
Mead Johnson A Co
Jan
May
90
..1
Monarch Machine Tool..*
200
Iron Fireman Mfg v t c.._*
McWllllams
Jan
"u
94*
94* May
4* May
Montana Dakota UtU...10
5,400
Master Electric Co
Mar
June
64*
400
34*
Jan
84*
94*
ord reg
4*
14*
Missouri Pub Serv com.
Mock Jud Voehrlnger—
4*
a:45*
Communlca'ns
Margay Oil Corp
Apr
Apr
June
44*
May
100
4*
Apr
84* June
8
conv
0%
Apr
94*
55
150
64*
Minnesota Mln A Mfg
*
Minnesota P A L 7% pf 100
Montgomery Ward A
Vitamin._.l
7% pref class A
0% pref class B
5
A Sup
*
Mining Corp of Canada..*
Mar
Interstate Home Equip.. 1
Locke Steel Chain
Lone Star Gas Corp
14*
9
May
100
9,300
144*
144*
109
14*
Interstate Hosiery Mills..*"
Interstate Power 57 pref.*
Leonard
Apr
64*
44* Mar
144*
10
500
1
1st pref
24*
4*
50c
94*
Warrants series of 1940.
conv
600
34*
1
Molybdenum Corp
SI.75 preferred.
S3.50 prior pref.
4%
Jan
H June
8
May
74*
4*
64*
dlv shares.'
Jan
6
Class B
Key Co
non cum
May
International Utility—
Class A
64*% preferred
6% preferred.
74* June
108**
Mississippi River Power—
—*
Investors Royalty
"ioo
Feb
4
Mldvale Co.....;
Feb
0,600
84*
warr
74*
Midwest Piping
Jan
International Petroleum
International
$2
Mid-West Abrasive
54* May
14*
Feb
44* June
14* May
Internat Metal Indus A..*
Coupon shares
74*
High
Midland Steel Products—
2,900
14*
4*
900
4* May
44* May
5* Mar
34*
Midwest OH Co
Internat Industries Ino..
50
1
504* aMy
550
500
"w
com..;
174* June
574*
"it
54*
104
t c
t 0
Feb
International Cigar Mach
Internat Paper
v
v
Middle West Corp
A p.
9
58
4*
54*
Low
10
4*
h%
100
preferred
Shares
•
Jan
1
Insurance Co of No Am. 10
Range Since Jan. 1, 1940
High
4*
Micromatic Hone Corp___l
Industrial Finance—
V t c common
Low
Middle States Petroleum—
Class B
Non-voting class A....1
Week
...»
Apr
22
Indian Ter Ilium Oll-
Class
preferred
Michigan Bumper Corp._l
Michigan Steel Tube..2.50
Michigan Sugar Co
Feb
74*
Mar
10V*
Jan
for
of Prices
Metropolitan Edison—
Jan
244*
Feb
10
70
Jan
Week's Range
Price
1940
29,
Sales
Sale
Par
124*
124*
134*
Apr
20
144*
17
1084* 1084*
Indpls P A L 6 X % pf-100
194*
54*
Last
Hihg
54* June
54* May
74* June
Imperial Tobacco of Great
Britain £ Ireland
£1
STOCKS
(Continued)
Shares
6
8
85*
04*
55*
*
Registered
High
June
Friday
for
Sale
STOCKS
(Continued)
Exchange—Continued—Page 3
Sales
Mar
•j 1
Jan
35*
Mar
Utility Securities. *
Nor Central Texas
OU...5
Nor Ind Pub Ser
0% pf.100
7% preferred
Northern Pipe Line
24* May
10
115*
104*
124*
Northwest Engineering. _*
Novadel-Agene Corp....*
15
15
15
com
4
Ohio Brass Co cl B com..*
Ohio Edison 30 pref
*
Ohio 0110% preferred..100
Ohio Power 6%
pref... 100
95
May
May
6
100
Northern Sts Pow cl A..25
Ogden Corp
20
97
1014* 1044*
May
May
May
3,100
7
50
12
265* June
25*
21
24*
20
2%
21
9,500
15* June
110
May
1174* May
94*
Apr
154*
Jan
21
Apr
384* May
25* June
100
17
May
244*
May
1004*
50
95
May
1105*
Mar
964*
150
94
June
107
Apr
1144* 1154*
70
1104*
Feb
100
955*
1105* May
Volume
New York Curb
150
Friday
Last
STOCKS
Sale
(Continued)
Par
Price
Week's Range
of Prices
High
Low
1734
1534
50
*
1
4334
4334
preferred
conv
Overseas
8 34
200
50
434
434
2134
1334 May
Apr
May
100
134
60
Mar
May
39
1,400
Apr
Apr
117
Mar
434 June
Feb
Savoy Oil Co
Schlff Co common......
1334
Feb
1534
May
3434
Apr
Jan
Feb
Scranton Lace
10834
80
72
May
9534
Jan
Scranton Spring Brook
Water Service S6 pref..*
4
May
Feb
Sculln Steel Co
20
Feb
400
84
83
2%
May
28
2634 May
234
634
20
Feb
234 June
4,200
3
Feb
Jan
Jan
Selby Shoe Co
May
3534
Jan
4934
Feb
211
May
16 34
27
May
36 34
Apr
May
30
2934
May
3234
54
May
34
1%
134
134
1634
1534
1734
Mar
36
35
36
35
Penn Water A Power Co.*
100
Perfect Circle Co
234
Jan
1134
Jan
2234
Ap*
Mar
Philadelphia Co common.*
*10
A. 10
Pierce Governor common. *
6334
63
434
x7
634
434
434
934
Mar
32 34
21434
1534
1;.:
153*
134
1,300
634
634
43
4134
Simmons H'ware A Paint.*
434
.434
134
34
834
Jan
Simplicity Pattern com..l
Simpson's Ltd B stock...*
Jan
Singer Mfg Co
3134
Feb
634
Feb
May
1534
Mar
May
47 54
Apr
Jan
1834
May
334 May
5
May
34
"i«
1
Jan
Feb
"466
6X
10534 10534
10
334
8734
8334
44341
41
8734
4534
Feb
834
Jan
2434
Apr
134
Jan
42
Mar
May
10
Feb
he June
May
Feb
May
934
934
Spencer Shoe Corp
Stahl-Meyer Inc
...
Standard Brewing Co
Apr
Standard Cap A Seal com.l
10234 May
107
May
11334
Mar
67
May
10634 May
May
6934 May
102
10
99
90
72
7734
575
2334
1934
2434
17
1834
29
754
5
3234
IO34
734
May
434 May
Pyrene Manufacturing-.10
Quaker Oats common
*
34
3,000
^
conv
Mar
13
Feb
34 June
IO34
Feb
'
934
3734
9 34
3734
50
10
*
1834
1834
1834
400
34
Feb
634 May
Feb
Mar
134
Feb
34
50c
10
May
Jan
May
5
1134
1134
50
Republic Aviation
434
434
9,700
434 May
14
100
1234 June
Rice Stlx Dry Goods
1
1
*
Richmond
1
""l34
14
4
134
134
300
34
34
"~50
May
134 May
200
'16634 'iook iook
Feb
4034
Reliance Elec A Eng'g
14
14
May
34 June
34 May
1634 May
34
434
common.*
234
2634
6
Jan
Jan
Jan
34
1354
634
1934
x5 34
254
Feb
Mar
Apr
Mar
Jan
Apr
Rio Grande Valley Gas Co-
34
95
May
11634
II
Roeser A Pendleton Inc..•
*11
Jan
May
94
Feb
May
104
Jan
Jan
10534 May
11634
14
Feb
Jan
Rolls Royce Ltd—
£1
5
dep rets ord reg
Rome Cable Corp com
834
834
9 34
200
134
"300
pref
1
134
Jan
334
Mar
Feb
June
334
734
Apr
he
Feb
34
*
*
Jan
*
Royal Typewriter
12 34
Jan
5
20
Roesia International
Royallte Oil Co Ltd
May
134 May
6
154
—5
...
Russeks Fifth Ave
47
350
pref
Ryan Consol Petrol...
For f oinotee see page
1
1034
*
*
4103
"800
June
65
Mar
254 May
44
2 34
Rustless Iron A Steel
34
734
5
Mar
42
"134 "134
"566
8
May
1654
Jan
40
"iok ~u~~
May
50
Apr
134 May
234
Jan
20
May
Apr
May
May
16
Apr
Jan
>11
Jan
May
234
Mar
134
34
100
500
Mar
Jan
634 May
1534 May
200
13
12
4
100
_
734
100
1734
1834
1,200
3134
32
600
10034 103
225
7J«
Jan
2
34
1654
Jan
Mar
24
Mar
234
Feb
14
Mar
11
Mar
1634
May
2634
May
2034
Feb
4154 May
10034 June
11034 May
34
June
54
Jan
34
May
Mar
34
2734
Jan
6
May
1034
300
50
24
May
834 May
734 June
950
34
34
61#
24
20
400
Jan
May
•i»
Apr
Jan
"206
19
May
134
134
500
1
Jan
4034
134
Feb
21
Feb
34
I'io
600
he May
60
3934 June
7 34
24
1534
phate A Acid Wks Inc. 20
v
c.l
Steel Co of Canada39 34
*
40
May
1034 June
Stein (A) A Co
2
May
33
Jan
6
Sterchl Bros Stores
May
134
Jan
Jan
62
Feb
15
Apr
454
934
Feb
Apr
May
934
Apr
38
634
134
134
6 34
100
134
134
100
534
134
Jan
Jan
2
Jan
100
134
May
334
Feb
3
3
25
234
May
454
*i«
Mar
34
Jan
"260
754
634
May
May
IO54
1354
Apr
8
May
"'834 ~~8%
8
200
8
.
"134 "in
i'eoo
Jan
15
Apr
Apr
100
34
2
" Jan
May
May
6
34
134
3354
21
134
May
934
254 May
2534 May
Apr
34
3654
Jan
Jan
34
134
Apr
May
1654
Feb
Feb
4034
Apr
36
Jan
Jan
Class B common
Corp....15
Taggart Corp com
1
Tampa Electric Co com..*
Tastyeast Inc class A
1
Taylor Distilling Co
1
Technicolor Inc common.*
Texas P A L 7% pref.. 100
Co....2
Thew Shovel Co com....5
Tllo Roofing Inc.
1
Tlshman Realty A Constr *
Tobacco A Allied Stocks—*
Tobacco Prod Exports.—*
Texon OH A Land
3
28
27
3
1,100
28
234
300
34
500
1%
2,700
34
~T%
10
1
934
10
700
10534 10534
"Ik
10
234
15
"734
"56"
734
"56"
434
254
Jan
2434
Apr
15
Apr
754
"56"
"lOO
734 June
Jan
34
4834 May
300
334 May
54
250
Mar
114
May
400
6634
Jan
May
1234
1034
66
Jan
May
150
Def
Jan
2
100
6
6
103
234
£1
registered
...5s
Todd Shipyards Corp
*
34
834
1534
Tobacco Secur Tr—
Ordinary reg
654
Jan
1154
Apr
434 May
Mar
.
1
Standard Tube clB
Swan Finch Oil
Apr
Mar
734
8
50
300
17
16
1734
—
72
17034
234
13.30 A part
1
Rochester G&E16% pfClOO
100
Rochester Tel 634% prflOO
34
734
734
17
3134
common..*
*
6% 1st preferred
50
5% 2d preferred
20
Sterling Aluminum Prod.l
Sterling Brewers Inc
1
Sterling Inc
1
Stetson (J B) Co com
*
Stlnnes (Hugo) Corp
5
Stroock (S) Co
—*
Sullivan M achinery
*
Sun Ray Drug Co...
1
Sunray Oil
1
534% conv pref
50
Superior OH Co (Calif)..25
Superior Port Cement
Jan
Mar
Jan
2
134
in
10
Starrett (The) Corp v t
Mar
1
734
1
6
..1
Standard Wholesale Phos¬
Jan
Jan
4634
3054
3034
634 May
400
22 34
May
34
*
6% preferred D
1434
1,700
834
May
734 June
154
834
"24"
Feb
*
*
50c
Voting trust ctfs
Feb
234
534
Standard Steel Spring
Raymond Concrete Pile—
Radiator
Mar
100
534
"834
Standard OH (Ohio) com 25
Common class B
Jan
Feb
100
134
preferred..20
Standard Oil (Ky)
234
44
35
50
7 34
334
17
16
534
Standard Silver Lead
May
Railway <fe Util Invest A.l
Rheem Mfg Co
60
40
Common
11.60
Mar
Jan
434
Jan
Apr
12a
June
6
Feb
May
66
654
154
I
34
28
167
734
May
534 June
*
Reiter-Foster OH
T300
I34 June
♦
10
Conv preferred
Ordinary shares
34
34
—
*
"32'
1,000
134
Standard Products Co...l
Rad io-Keith- Orphuem—
Reed Roller Bit Co..
May
May
34
8
Red Bank OH Co
3 34
May
616
June
94
70
101
Quebec Power Co
Raytheon Mfg com
100
Apr
Apr
Jan
35
*
*
142
100
..100
preferred
Jan
234
27
May
86
1334 May
1134
Jan
1,000
*
Common
154
Jan
2434 June
Standard Pow A Lt—...1
Feb
11334 May
May
58
3,900
1834
7534
Jan
234 May
10554 Mar
Feb
800
Jan
10934
June
10434 June
Apr
Mar
May
Spanish A Gen Corp—
Am dep rets ord reg..£l
Preferred
warrants
1
Spalding (A G) A Bros
5% 1st preferred
Jan
35
108
155
134
400
"134
26
Preferred A
Southland Royalty Co...5
634
575
108
134
954
500
2934
334
525
101
102
May
2934
154
3734
7 34
8134
June
Mar
2934
Standard Invest $5 34 pref
*
Ry A Light Secur com
134
334
Southern Phosphate Co. 10
$5 preferred
com
'""150
2834
2934
Soutnern Union Ga _._..*
May
109
7% prior lien pref... 100
56 preferred
112""
534 June
22
Southern Pipe Line.....10
Public Service of Okla—
Puget Sound Pulp A Tim
June
Standard Dredging Corp—
100
100
Puget Sound P A L—
55 prior preferred
Jan
54
134
"32"
Jan
Public Service of Indiana—
6% prior lien pref...100
134
134
Jan
Jan
May
Apr
134
900
54
Apr
May
/■10434 May
Apr
22 34
34
134
Public Service of Colorado
*
*
104"
134
May
95
..*
1534
Jan
3,600
100
7% preferred
434
"166
6%
May
5
134
South New Engl Tel...100
834
*
1134
Apr
Jan
Mar
954
10834
434
»i6 June
*
Prudential Investors
6% original preferred .26
6% preferred B
26
234 May
%
Jan
11454
8
..25
15
434
Nev_.20
Prosperity Co class B
*
Providence Gas
Jan
Apr
Penn Oil
11
June
32
Producers Corp of
100
19
...1
634% pref series C...25
34 May
*
conv
Boss Mfg com
Southern Colo Pow cl A.25
700
1
com
Pressed Metals of Am
52.50
Sonotone Corp
June
16
*
Prentice-Hall Inc
conv
1
1
2
8134
100
654
May
95
Solar Mfg Co
May
7
Power Corp. of Canada..*
Premier Gold Mining
1334
34 May
34 May
234 May
200
!
6234 June
106
reg.£l
Amer dep rets ord
734 June
100
334
v
6
5
I854
Sioux City G A E 7 % Pf 100
Skinner Organ
6
June
10
600
y<
334
25c
Powdrell A Alexander
Apr
Apr
May
Apr
Mar
134
25
Mar
700
2
104
65
100
734
10
434
Southern Calif Edison—
1334
6134
May
734
Mar
May
Apr
May
9
10
134
Jan
100
.100
South
10 34
43
10
Jan
2 34
Southwest Pa Pipe Line. 10
45
300
7.50
Apr
834
*
Feb
May
600
60
May
May
*
pref
Apr
May
290
51.20
conv
834
6
39
1,200
Root Petroleum Co
S3
Jan
75
1,400
May
25
2
400
2
Apr
Singer Mfg Co Ltd—
120
June
76
Jan
6934
May
20
Jan
11
134
54
634
May
*i«
"930
Mar
5734
75
Jan
Jan
634
334
~76""
834
10
Pittsburgh Plate Glass..25
54 May
234 June
134
834
11
654 May
10854
28<34
56
Pleasant Valley Wine Co. 1
Jan
May
1,000
10854 10834
"75" "72"
May
11
934
Apr
Mar
10
May
1
43
40
Blmmons-Boardman Pub—
"57"
Potero Sugar common
434
434
Jan
934
500
Apr
June
bhreveport El Dorado Pipe
2034
500
30
32
Jan
1
35
Sherwin-WiUiams of Can.*
Feb
May
June
17,900
Feb
Mar
1
34
34
Jan
June
500
734
934
1
54
50
Apr
2934
4
May
334
300
1634
7234
Pittsburgh Forgings
1
Pittsburgh A Lake Erie. 50
57 prior preferred..
56 preferred
Mar
Jan
•i« May
2,300
7ie
334
4334
9034
Pittsburgh Metallurgical 10
Roosevelt Field Inc
com..25
5% cum pref ser AAA 100
112
11334
Feb
8
1st preferred
Mar
454
3,800
1,000
34
3
May
113 34
8%
300
4334
34
South Coast Corp com...l
7% 1st preferred
2934
53
June
834 May
1
185
May
434 June
800
x7
34
434
4
"""266
634
54
4
434
53
50
75
35
5334 May
T660
67
*
56 preferred
May
£1
Jan
Pltney-Bowes Postage
Pitts Bess & L E RR....50
6% 1st preferred
34
54
22
62
67
Pioneer Gold Mines Ltd-.l
Am
634
Line stamped
Sllex Co common
12
62 %
1
Reeves (Daniel)
50
Serrlck Corp
1
Seton Leather common._.*
Shawlnlgan Wat A Pow..*
Phoenix Securities—
conv
44
Jan
May
2254
37
Shattuck Denn Mining...6
'
2
10334 May
9734 May
50 2-15834
160
160
*
Phlla Elec Pow 8% pref.25
Phillips Packing Co
*
53
50
1
14
44
800
6
Amer dep rets reg
Sentry Safety Control
bherwln-Wllllams
Phila Elec Co 55 pref
Option
2834
25
3834 May
June
34 May
1
6% preferred.
2534
.1
Convertible stock
15.50 prior stock
Jan
65
Apr
*
Pharls Tire & Rubber
Pratt <fe Lambert Co
Jan
May
Selfrldge Prov Stores—
3
33
Common
May
May
May
64
10534 10534
Pyle-National Co
2634
Allotment certificates
134
3,600
2,900
*
Polaris Mining Co
954 May
134
Jan
85
May
9
*
Apr
234
50
20
com
Mar
Selected Industries Inc—
41
56 preferred
com
54
100
Segal Lock A Hardware.. 1
Selberling Rubber com...*
Jan
Pennsylvania Gas A Elec—
Class A common
*
6%
10
*
Feb
Pennsylvania Edison Co—
Meter
May
May
*
334
1234
1034
50
12
2934
2 >4
*
*
Securities Corp general
Seem an Bros Inc
May
...50c
Pennroad Corp com
1
Penn Cent Airlines com.l
Conv 53 pref series
34
200
May
100
12
29%
—25
Common
10
*
com
20
♦
Pepperell Mfg Co
34
34
Warrants
6
"""366
*
Peninsular Telephone com*
634
334
*734 "734
Patchogue-Ply mouthMllls *
Pennsylvania tugar com
100
434
common.
8
10
Parkersburg Rig A Reel-.l
pref
100
34
May
4834 May
Feb
434
Jan
1534
Apr
454
Apr
8134 May
Scranton Elec S6 pref...
3134
June
1,700
3234
29
Paramount Motors Corp. 1
Pneumatic Scale
25
100
American shares
Penn Salt Mfg Co
150
600
34
May
2
2134 June
Mfg
*
55 series pref
12.80 series pref
High
May
May
2
14,100
534
10
*
Penn Traffic Co
3 34
60
434
34
5
25
3134
2834
210534 £10534
Pantepec Oil of Venezuela-
51.40 preferred
54
29
Feb
Pender (D) Grocery A
Class B__
Low
300
..
Feb
29
Parker Pen Co
57
Corp com.l
834
334
32
Plough Inc
5
May
1st preferred
2 34
3
60
1
May
pf.25
Penn IT & Lt 57
5
234
Pacific Public Service
Range Since Jan. 1,1940
9
100
preferred
Scovill
for
Week
Shares
2
Salt Dome Oil Co
Samson United
54
34
34
St Regis Paper com
7%
of Prices
High
Low
pref_.60
5
534% 1st preferred...25
Fuel..
conv
Sanford Mills
Pacific Lighting $5 pref..*
Pacific P A L 7% pref.. 100
Penn-Mex
Class A $2
_*
common.
Pacific G & E 6% 1st
51.30
May
Mar
Price
Ryereon & Haynes com.
St Lawrence Corp Ltd..
*
Securities
Pacific Can Co
June
1,100
17 H
43%
111
110
prior pref
Oldetyme Distillers
Oliver United Filters B—*
Omar Inc
1
S534
May
5
Oklahoma Nat Gas com. 15
S3
104
116 34
108 34
6
30
Par
High
Low
96
pref—100
6% 1st preferred
100
Sale
(Continued)
Week
Week's Range
Last
STOCKS
Range Since Jan. 1, 1940
for
4101
Sales
Friday
Shares
110
110
Ohio P 8 7% 1st
Ollstocks Ltd common
Exchange—Continued—Page 4
Sales
55
Mar
134
59
10 %
54
Apr
May
76
Apr
Jan
534
May
Jan
Apr
Apr
New York Curb Exchange—Continued—Page 5
4102
Friday
STOCKS
Last
0Concluded)
Sales
Week's Range
Sals
Par
Price
of Prices
High
Low
Friday
for
Range Since Jan. 1, 1940
104
104
104
10
95
7% preferred
100
Tonopah-Belmont Dev. 10c
Tonopah Mining of Nev.l
Trans Lux Corp
1
112
112
112
10
104
Trans western Oil Co
500
#i#
100
ht
hi
500
ht
1
10
2A
H
2%
Tri-Contlnental warrants
1
2%
Tublze Chatlllon
Corp—1
CvLflSS
1
■» ■»«»•» *#
Tung-Sol Lamp Works—1
80c conv preferred—
Udyllte Corp,,,.
1
J men A Co ser A pref
♦
Series B pref
*
Unexcelled Mfg Co.——10
Union Gas of Canada
5**
'Y.000
VA
"l~A
50
*
Union Investment com—*
Union Premier Foods Sts.l
16
1
"10a ~ii"
10 A
T200
United Elastic Corp..
United Gas Corp com
A
A
1
1A
1st $7 pref. non-voting.*
100 A
Option warrants
United G & E
7% pref. 100
United Lt A Pow
com
A..*
Common class B—
$3 partic pref
10**
Jan
39?*
3**
Feb
*x#
Jan
Apr
1**
Jan
1
Jan
3A
13**
3A
19**
Jan
04**
05
Jan
300
**
12,400
79
108** May
Feb
May
7i«
89
A May
A May
16** May
20
1,400
8,800
75
May
Feb
62
60 A
62 A
41
41
"5**
1
4**
conv
5**
200
4**
3,200
A
6ie
47**
2**
21**
28**
47
2H
2A
21**
28**
U 8 Rubber Reclaiming..*
U 8 Stores common
60c
3**
200
100
1,600
1A
3**
100
3**
900
"50
1 **
600
68**
03**
425
""A ""A
lOo
$5.60 priority stock—..1
loo
fUtll Pow A Lt 7% pf.100
Valspar Corp com
$4 conv preferred
1A
VA
1
1
8**
Waco Aircraft Co
4
1
Walker Mining Co
1
Wayne Knitting Mills...6
Wellington Oil Co
1
200
t
"h
for
Since
Price
$
Jan. 1
*
1
Woolworth (F W) Ltd—
5s
Wright Hargreaves Ltd..*
Power
1946
x
a
1
1st A ref 68——
1951
x
a
1
1st A ref 68
1950
x
a
1
1st A ref 58........
1968 y bbbl
105
1967 y bbbl
2016 y bb 4
102**
1963
108**
106**
Jan
Am Pow A Lt deb 6s
39
Apr
27
Apr
Mar
Appalachian Eleo Pow—
1st mtge 4s
7A
...
Debentures
4**s
x a
♦Debenture 5s
7A
Apr
Feb
Apr
Assoc T A T deb 5**s
Feb
Atlanta Gas Lt 4**s
A
Mar
Feb
0
28**
Apr
35**
Apr
2A
Apr
5A May
A
6
Jan
Jan
**
x
bbb3
15**
dddl
15**
15**
13**
13**
133*
15**
13**
60**
1977 zdddl
A '55 yb
1955
Atlantic City Elec 3**s
*64
a
2
x aa
3
x
16?*
16?*
16**
2,000
62**
30
83,000
10
10
15**
16
10
10**
7,000
9,000
26?*
28?*
28?*
34?*
53
59,000
23,000
75
104** 107?*
103** 110
9,000
Avery & Sons (B F)—
5s with warrants
—.1947 y bb
99
99
1947 y bb
$97
99
5s without warrants
2,000
95** 105
92**
98**
Baldwin Locom Works—
♦Convertible 6s........1950 zb
Bell Telep of Canada—
1st 6e series B
6s series C
1957
x aa
3
3
111
.04%
3
2
143**
97**
Mar
Birmingham Elec 4**s
Birmingham Gas 5s
1968 xbbb3
5A
1959 y bb
94**
2
Mar
Broad River Pow 5s
1954 y bb
...
aa
3
95
"76"
Canada Northern Pr 6s ...1953
x
Canadian Pac Ry 6s
ser D
1942
x a
1957 y bb
"98**
Cent States Elec 5s
1948 y cc
1954 y cc
24
Mar
13
Mar
Cent Power 5s
23**
2
Apr
May
72
Apr
90**
94?*
93,000
92
95
95
14,000
141** 143**
130**
88** 116
89** 117
138
5,000
152
95?*
62,000
90
00%
94
24,000
89
5,000
95
29,000
65
99 A
103**
100?*
83?*
97**
95**
101** 101**
69
70
66
97**
98**
14,000
95** 101 J*
31**
30
33
17,000
32
30**
41**
72**
33** 137,000
74**
16,000
25**
25**
74 A
64**
83
41A
40**
41**
31,000
37
49
79
79
1,000
77
93 J*
80?*
Cent States PAL 5**s—.1953 yb
Feb
102,000
65
a
May
110** 115
80?*
1,000
78**
95**
70
80
65**
78**
77**
Chicago A Illinois Midland—
1J*
1A
Jan
June
65**
Apr
Mar
*i«
Jan
1% May
2A
Apr
Jan
Mar
9
June
** May
20**
1**
Jan
29
Apr
21
May
May
30
May
84
Apr
Jan
May
63*
1A
6**S
x
bbb3
1927
z
bb
—1952
y
bb
Ry 4 **s series A
J»Chic RysSsctfs
1950
Cincinnati St Ry 5 **s A
6s series B
1
1960 y b
76
74
—.1950 yb
73 A
72
76
4,000
74** 329,000
1958 yb
73**
Debenture 5s.
5**s
1949 y b
71**
73?*
32,000
66
73 A
72
73**
14,000
66
85%
87 A
Debenture 6s
..1909 yb
Cities Serv PAL 5**s.—1952 yb
41
103?* 106
1955 y bb
Cities Service 6s
Conv deb 5s
63
4,000
83%
87
74,000
83%
87**
63,000
76**
75%
Apr
Community Pr A Lt 5s
1957
y
bb
Apr
Conn Lt A Pr 7s A
1951
x
aaa4
$120
92?*
126%
43,000
6 J*
10
Apr
3}* ""lOo
109** 109**
$107
110 ;
6,000
76?*
92?*
92**
Consol Gas El Lt A Power—
3**
"i«
4A
%
1A
96A
1%
4%
3A June
A May
A May
200
"2" ""706
600
10
100
7,500
12 A
May
May
1
May
92
May
IK May
3** May
2
74
Apr
5** May
1J*
Apr
1**
Feb
15 A
May
4
Jan
2
Jan
102
Feb
(Bait) 3**s
ser
N
1st ref mtge 3s ser P
Consol Gas (Bait City)—
Gen mtge 4**s
Consol Gas Utll Co—
6s
2A
7A
Jan
Cudahy Packing 3**s
Apr
Jan
17 A
May
11**
7**
Apr
Feb
0**
7**
Feb
Mar
1955
a
2
"97?*
1959
x
bbb4
105**
70%
300
5**
4
**
Jan
May
May
7?* May
5?* May
98
May
2
Jan
11 %
OA
Jan
Mar
112" "Apr
1950 ybb 2
Edison El 111 (Bost) 3 **8.. .1966 x aaa4
4
2030 yb
4
Elmlra Wa Lt A RR 58...1956 x a
El Paso Elec 5s A
Empire Dist El 5s
Ercole Mare 111 Eleo Mfg—
6 **s series A
1953 yb
Erie Lighting 5s
Federal Wat Serv 5**s
Finland Residential Mtge
Banks 6s-5s stpd
4
400
5 J*
100
4**
100
3 J* May
4** May
4** June
5**
5
5**
3**
600
5
June
12**
3A
June
6A
Jan
♦General Rayon 6s A
A
Jan
7A
Jan
x
y
b
1961
y
75
90**
89**
92** 217,000
5,000
45**
22,000
96** 98
105
12,000
105**
94,000
77**
80
80
Q4
45
76
110?*
80
8
25
1,000
110
120
103
106
101?* 105**
12,000
23
47**
106** 109?*
89
101**
"97**
35
104
^ 103**
42
$106** 109
96
97**
$26**
15,000
103** 104?*
60,000
Gatin*au Power 3**s A
1969
x
a
65
1953 y b
96
1956
1948
y
z
bb
40
ccc2
1943 ybb
x
62**
65
96
16,000
9,000
56
94
94
102
94
bb
1967
96**
19,000
83
100?*
$65
4
a
106**
June
$15
69
b
1941
y
ccc4
1950
x
a
3
1950
x
a
2
61?*
63**
$106** 110
2
$100** 103
Green Mount Pow 3 **8—1963 x aa
Grocery Store Prod 69..
1945 yb
14
7** June
15
Jan
14
T,o66
Feb
14
June
64
75
101
103?* 107**
46,000
b
z
59
75
65**
75**
$15
"69
2
Guantanamo A West 6s—1958 y ccc2
Guardian Investors 5s
1
1948 y c
66%
$75
$52**
$45
70
90
61**
6,000
106
99** 105?*
52
63**
58
46
49
25
30
1
$15
$15
50
53
23
42?*
15**
16
50
cccl
91
78
108?*
1935 zdd
28**
40,000
♦Hamburg El Underground
A St Ry 5**s
25
14
4,000
70
70
y
1953
87**
89
17,000
54,000
12,000
1978
♦Hamburg Elec 7s
8**
97** 102
75
98
96?*
105** 107
1965 y bb
Gr Nor Pow 5s stpd
15
105
1,000
Gobel (Adolf) 4**s._
Grand Trunk West 4a
Jan
100
100
100
Glen Alden Coal 4s
Feb
22** 57
98** 104 J*
54
100** 102**
104**
General Pub Serv 5s
Gen Pub Utll 0**s A
Feb
l'o'.OOO
102?*
Jan
28**
84**
6,000
Feb
29
85J*
112
2,000
y
22?* May
20** June
70
104
1944
12
1,000
108
103
♦Gesfruel 6s
20**
74?*
9,000
126,000
61?*
99**
107
Gary Electric A Gas—
Georgia Power ref 5s
Georgia Pow A Lt 5s
$20
93
104
112** 112**
5s ex-warr stemped
%
124** 127**
164"
cccl
4
111**
103
a
1954
105
18,000
110
"79**
42
1967
Florida Power 4s ser G ....I960 xbbb3
Florida Power A Lt 5s
1954 xbbb3
3**
5**
4**
4
1950 xbbb3
1952 xbbb2
86
97**
135**
104 J* 109
128
81
81
127
45
x
Elec Power A Light 5s
91
$126
91
Apr
300
2,100
aaa4
2
6 A
5%
3**
x
4
59**
4**
20
1954
1944 yb
5s
Jan
5?*
104**
aaa4
Cuban Tobacco
May
4
104
aaa4
x
Cont'l Gas A El 5s
May
9** May
3** May
400
x
86
Delaware El Pow 5**s
Eastern Gas A Fuel 4s
14
7**
1971
1969
4
A stamped
6
7
02%
1943 y b
1958 ybb
ser
31
1938
z
15** May
16
Apr
$16**
28
18
May
52
Jan
$14
20**
20
May
49
Mar
Danzig Port A Waterways
♦External 0**s
1952
7
7
♦German Con Munic 7s '47
♦Secured 6s
1947
2,000
17
18
13,000
$14
19
For footnotes see page 4103.
129
38,000
12
$14**
1955
38**
11
May
May
Apr
...1951
r.1953
121
102** 108
4,000
May
20**
1952
106** 111**
103** 108
11,000
3
Jan 1947
Cent Bk of German State A
♦Prov Banks 6s B..1951
109
J* 107**
105**
99
106**
98?* 103**
90?* 105**
30,000
60**
105** 106
107** 108
x aa
for
106
x
Week
Bogota (see Mtge Bank of)
♦Cauca Valley 7s
1948
5**s
3
103
25,000
49?* 135,000
58
1968 zdddl
♦Conv deb 5**s
104
106
16
z
105
2,000
7
BONDS
Ext 5s
105
16**
1998
Mar
122
44?*
1960
GOVERNMENT
♦6 series A
106"
Bethlehem Steel 0s
6**
108?* 109
106** 106**
48
3
37,000
25,000
105
106
19,000
101** 102** 139,000
96 J*
99
106,000
122
Apr
2 A May
Sales
Danish
3
1948 xbbb3
2024
98**
1949 zdddl
8
71
107** 107**
105** 105**
103
103**
1st A ref 4 **s
Jan
MUNICIPALITIES
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946
Range
Co—
1st 5s
Gen Wat Wks A El 5s
♦Baden 7s
Sales
5
1%
4%
Jan
Week
100
06A
Wolverine Portl Cement. 10
Wolverine Tube com
2
♦20-year 7s
Mar
700
1A
Winnipeg Electric B com.*
Wisconsin PAL 7% pf 100
AND
17**
"""2OO
Williams OU-O-Mat Ht—•
Wilson Products Inc
1
FOREIGN
Feb
14** June
8
"2
Wichita River Oil Corp.. 10
Williams (R C) A Co
»
Amer dep rets
%
4
*
Petroleum
Jan
4
Westmoreland Coal new.20
Weyenberg Shoe Mfg
1
Woodley
**
100
Western Maryland Ry—
Wilson-Jones Co
ht
»00
7% 1st preferred
100
Western Tablet A Statlon'y
Common
Mar
Jan
of Prices
Low
High
May
74
3**
Wentworth Mfg
1.25
West Texas Utll $0 pref—*
West Va Coal A Coke..—*
Western Air Express.....1
Western Grocer com
20
1
Mar
**
8
v t C—*
100
Watt A Bond class A——*
Class B...
...*
1
200
26?*
%
K
7% pref—100
Vogt Manufacturing.....*
*
Alabama
1**
17
25**
Mar
16 A
10%
5
See i
1A
Jan
Apr
14** May
1A May
*48 J* May
Feb
1**
A May
v
Va Pub Serv
Wagner Baking
7% preferred
June
Mar
100
Petroleum... 1
46 A
Jan
June
OA
Weeks' Range
15
600
....
6
Van Norman Mach Tool-5
Venezuelan
Apr
Apr
Sale
1950
»x»
...1
Mar
Last
♦Conv deb 5s.....
38
VA
1$
Mar
14 A
Friday
♦Conv deb 4**s
Utility & Ind Corp com..6
7
25,000
1,000
Feb
June
Bank
Jan
May
** May
2 % May
250
1A
"61A
**
Jan
Rating
BONDS
Apr
1A June
100
3**
16**
"l6A "l6A
75,000
15
26 A
26 A
Jan
16
"l,000
June
Elig. &
RAILROAD and INDUSTRIALS
4
"l6A
15,000
5**
**
15
45
26
"566
1%
16
18**
12**
**
83**
4
Utility Equities com
Conv preferred-
A
June
7% June
**
J Associated Gas A El Co—
♦Conv deb 4**s
1948 zdddl
ht
1
Utah-Idaho Sugar
6
Utah Pow A Lt $7 pref...*
Utah Radio Products
1
A
18**
Feb
ht
8
*
"5 A
Apr
lA May
19J* June
May
1
May
Feb
2**
100
*
Universal Products Co
11
7 **
47
Universal Cooler class A..*
Universal Pictures com
26
12
Apr
4**
United Wall Paper
2
Universal Consol Oil....10
1
28
1950 xbbb3
3** May
3** May
May
A May
1st 17 conv pref
*
United Stores common.50c
Class B
$20
$10
18**
$12
5**
♦Issue of Oct 1927
♦Mtge Bk of Chile 6s. 1931
Mtge Bk of Denmark 5s '72
♦Parana (State) 7s
1958
♦Rio de Janeiro 6**s_1959
♦Russian Govt 0**s..l919
♦5**s
1921
♦Santiago 7s...—
1949
1953 yb
May
3
1
Universal Corp v t c
Universal Insurance
26
Associated Elec 4**s
Apr
54
50
5
*
com
35
May
39** June
1,725
4**
1
20
pref
$20
June
U S Foil Co class B
U 8 Radiator
10
Feb
•
7**
U S Graphite com
...6
U S and Int'l Securities—
*
X7
5**
243?*
1A
10
U S Lines pref
U 8 Plywood
$8
Arkansas Pr A Lt 5s
239
1
13**
Apr
Mar
1958
Feb
United Profit Sharing..26c
151st pref with warr
Jan
Jan
74
4**
25
Feb
10**
2,000
Mtge Bk of Bogota 7s. 1947
♦Issue of May 1927
Apr
Feb
'Am dep rets ord reg...
United NJRR& Canal 100
Preferred
12**
♦Medellln 7s stamped. 1951
Appalac Power Deb 0s
United Specialties com
Jan
6 A
11
Apr
Jan
151« May
87% June
.-*
10% preferred
20
8
20
6A
High
Apr
5*< May
13,000
Jan
16
70
21**
6A
Low
11
12
20
Feb
2A
**
6A
10
lht
27A
23**
A
14%
$15
$
Jan
1
»ie
1958
♦Maranhao 7s
20
Range Since Jan. 1, 1940
for
Week
Apr
**
8A
84
23
Lima (City) Peru—
♦6 **s stamped
of Prices
High
Low
Feb
15** May
United Molasses Co—
United Shoe Mach com.25
Apr
♦Hanover (City) 7s
1939
♦Hanover (Prov) 6**s.l949
Mar
#i«
84
26**
Jan
8
6A
1**
1,100
23**
Jan
Jan
17,900
"u
*8 A
A May
1 %
*
S6 1st preferred
*
United Milk Products...*
Apr
1*<
Apr
2A
Feb
** June
300
1A
84
Apr
20,700
98** 100**
ht
Tu
Jan
5H
8 A May
59** May
*
Un Cigar-Whelan Sts.. 10c
United Corp warrants...
Jan
May
64**
United Chemicals com—.*
S3 cum A part pref
>n
14** May
100
16
Un Stk Yds of Omaha—100
United Aircraft Prod
Jan
Apr
May
% May
Jan
■x8A
4 A May
20
May
1H May
6** May
3A May
** May
% May
Feb
lA
7** May
2H Mar
200
"4A ~~6~A
27**
1A
115
2
100
5**
27**
VA
27**
Mar
A
100
Trunz Pork Stores Inc—*
Price
109
ht
400
A
High
May
May
Week's Range
Sale
(Continued)
Low
1940
Sales
Last
BONDS
Week
Shares
Toledo Edison 6% pref 100
ht
June 29,
Attention is directed
6
7
Jan
7?*
May
18
June
7 J*
May
15
June
Mar
to the new column in this tabulation
pertaining to bank eligibility and rating of bonds.
See a.
New York Curb Exchange—Concluded—Page 6
150
Volume
Sales
Batik
Friday
Elig. &
Last
Week's Range
for
BONDS
Rating
Sale
Week
(Continued)
See a
Price
of Prices
Low
High
1943
1943
Houston Gull Gas 6s
conv deb
0 Ms
x
y
6s series B
Idaho Power 3 Ms
-
111 Pr A Lt 1st 6s ser A
1st & ref 5 Ms ser B
1st A ref. 5s ser C
81 deb 5 Ms—May
Indiana Hydro Elec
5s
Indiana Service 5s
1st lien A rel 5s
1952 z bb
105m
1955 y b
1957 7 b
1952 y b
1957 y b
1952 y ccc2
1957 y bbb4
1961 y bbb4
1958 x aa 3
1952 y b
1903 y cc
7s series E
7s series F
Interstate Power 5s
Debenture 6s
Iowa-Neb LAP 6s..
SsserlesB
-
Iowa Pow A Lt 4Ms
Isarco Hydro Eleo
7s
Italian Superpower 6s
Jacksonville Gas
X 000
107m
65
105
106 m
104 m 105m
2,000
10,000
50,000
17,000
81
66
100 m 103 m
56,000
96 m
105
96 m
26,000
87
-1942 zb
93
100
*96 m 100
66 m
69 m
3o"66o
57
73 m
64
68
34,000
56
43,000
60
73 m
85
18,000
105
109 m
CO
79 m
105m 106m
106 M 109 m
29
42
35
37m
21,000
44
39
53 m
2,000
1,000
36,000
103 m 105 m
T606
117
110
120
104*32 104^32
104 m 104 m
106m 107
4
101m 105
102m 107m
127m
*17
1
b
12,000
y
b
2
x
aa
2
1965
x aa
2
4s series G
4
1945 y bb 2
1943 y bb 2
1967 x bbb2
1978 x bbb3
Middle States Pet 6Ms
Midland Valley RR 5s
Milw Gas Light
4MB
Minn PAL 4mb
—1955
x
1955
x
bbb2
Miss Power A Lt 5s
1957
1951
x
Missouri Pub Serv 6s
aa
4
bb
2
x
103
105
*109
110m
109m 110m
104 % 105m
97,000
5,000
2022
x
aa
1948
x
bbb3
90
1956
bb
2
3
1948 x aaa2
4
1947 yb
4
1948 y b
4
—1950 y b
5s
Conv deb 5s
New Eng Power
y
22
110
aaa2
*118
71
New Eng Pow Assn 5s
Debenture 5Ms
2,000
6,000
126
20,000
60 m
63
20
♦Income 6s series A
New
York
1950
stamped
1980
1964
2004
N Y State E A G 4MB
1st mtge 3 Mb
y
51
105
93
101
102
101M 101M
11,000
9,000
92
bbb2
92 m
4
104
4
105m 106
aaa3
104 m
10,000
17,000
23,000
1,000
x
aa
3
112M H2M
8,000
y
b
1
*58
1956 yb
Debenture 5s
103 m 103 m
1954
1953
N Y A Westch'r Ltg 4s
Nippon El Pow 6Mb
70
39.000
49m
74m
70
68,000
48
74 m
70
42,000
48
74m
173,000
36,000
48
74 m
49
74m
24 m
36,000
14 h
1940
z
34 m
30
35
....
7,000
35
28
37 m
z
1946
6,000
1
1953 yb
I960 x bbb4
104 m 105 m
1950
6s series A
105 m
13,000
69,000
2
106M
106m 106m
11,000
x
a
37
*112m 117
2022 y bbb2
-
Tide Water Power 5s
1979 y bb
Tletz (L) see Leonard—
Twin City Rap Tr 5Ms—1952 y b
3
40 m
18
30
21m
40
101m 100m
104 m 108 m
109
119m
88 m 103 m
94
61M
94 m
~i8~666
60 M
"94 m
4
27
61M
*14,000
50
1,000
7
12m
4,000
114
118m
16,000
24
45 m
16
21
69
fUlen A Co—
z
cccl
8M
8M
114m h4m
37
38 m
*15
35
z
b
1
*15
35
1975 y b
2
79
82
33,000
83
12,000
108
10,000
107
91m 107,000
78
95
110
119
8M
Conv 6s 4th stp
United Elec N J 4s
1950
z
1949
x
United El Service 7s
1956 ybb
aaa4
"38m
1
Debenture 6s
—
80 m
1974 yb
2
—1959 x bbb3
Debenture0Ms
1st lien A
81M
108
16
88 M
71m
71m
110
cons
5Ms
-
113
113
96
85
101m
99m 103m
95
103m
94
101m
3
3
102 M
101m 102 m
21,000
103 m
101
103 m
19,000
15,000
2
96 m
95
98 m
97 m
98 m
4m
4m
89
100m
1954 z cc
1st ref 5s series B—
Deb s f 6s
91
110
90
1940 ybb
1950 y bb
1940 y b
93
74m
7,000
16,000
96 m
94
m
89 m
72 m
85
*80
2
3,000
1944 x bbb3
2022 x bb 2
Deb 6s series A
Va Pub Service 5 M A
99 M
113
—1973 Y b
Deb 6s series A
Utah Power A Light Co—
1st Hen A gen 4MB--
100 M
3
1952 x bbb3
(Del) 5Ms_._ 1952 ybb
6s series A
89 m
91
19m
73
4m
Waldorf-Astoria Hotel—
a
3
99 m
99 m 100
104 m
104m 105
x
66
United Lt A Rys (Me)—
14,000
x a
x
74 m
65 m
24 m
83
100 m
97
102 m
103m
Penn A Ohio—
♦Ext 4mb
60
49
66
70
3
22
110
34,000
101M
y
40
85,000
70
23 m
62
62 m
102
bb
1949 ybb
1942
65 m
69
1950 z ccc2
Un Lt A Rys
New Orleans Pub Serv
5s stamped
108m
70
108 m 111M
120
128 m
64
17,000
105
~5~666
United Light A Pow Co—
71m
95m
105m
70
7s 2d stamped 4s
7s 2d stamped 4s
122 M
97
106m
90
65m
112m
52
94
53
104
8,000
65 m
107 m
26
51
95
37
2,000
69 m
101
115
17,000
56,000
106 m 110m
104
105 m
68M
109
60 m
107 m 108m
106 m 110m
8,000
9,000
3
3
1957 y b
♦United Industrial 6 Ms—1941
♦1st s f 68
1946
60 m
62
63
17,000
24,000
1957 yb
100 m
117^666
*u5m 123
"~63"
107m 108m
3
102
110M
*103m 106
67 m
71m
1961 x aaa3
1948 ybb 3 ""95"
95 m
1954 ybb 3
3Mb
22
104 m
108 M 110m
98
86
105k
x
N E Gas A El Assn 5s
97
bbb2
09
z
New Amsterdam Gas 5s
112
102 M 107
104 m
96
bbb2
1981
Nevada-Call! Elec 5s
41,000
70
104 m
98m 103 m
95
{♦Nat Pub Serv 5s ctfs—1978
6s series A
24,000
1,000
9,000
9,000
y
Nelsner Bros Realty 6s
105
101M 103
103m 103m
103
51m
98
95 m
25,000
m 103
102
112M
96
Stlnnes (Hugo) Corp—
91m 100 m
5,000
87
Deo 1 1900 y b
Debenture 6s
Texas Power A Lt 5s
3,000
2,000
69
111
4,000
97 m
91
104m 104m
96
97m
*105m 106
47
47 (
"97m
1945 x bbb4
(stamped)
109 m
100 m 100 m
102M 103 m
41
3
101M
95
98 m
64
104 m 104 m
40
41
2
107
3,000
81
26T666
y
71m
64
Standard Gas A Electric—
106
86 m
92 m
-—2026
2030
Nebraska Power 4mb
99
72 m
13,000
14,000
107m 108m
4
1951 y b
58 m
63
57
69
6,000
108M
1948 yb ! 3
100 m 100m
x
Deb 5s series B
3
3
1968 x aa 4
-1951 ybb 2
Debentures 6s
100 m
58—1945
Nat Pow A Lt 6s A
111M
1948 yb
5,000
69
109 m 111M
4
1989 z b
M 104
100 m 100m
1961 x bbb3
*104 m 105m
92 m
91m
57 m
57 m
57 m
*107
3
1960 ybb
Miss River Pow 1st 5s
Nassau A Suffolk Ltg
2
Spalding (A G) 6s
17
31
100
91
68M
2022 y bb
12
23
3,000
68M
58
2
2
So'west Pow A Lt 6s
S'west Pub Serv 6s
20
105 m 109 m
127
136
66
2
May 1 1960 x aa
July 1 '60 x aa
Ref M 3 Ms B
108 m
85 m
86 m
bbb3
1st A rel 5s
a
Southeast PAL 0s
—.2025 y bb
Sou Calif Edison Ltd—
Ternl Hydro El 0Ms
Texas Elec Service 6s
bbb3
Mississippi Power 5s
x
28
1957 y bbb2
Standard Pow A Lt 6s
♦Starrett Corp Ino 5s
*98 m 100
*25
101m 101M
59
57 m
bbb2
x a
103m 106"
103m 108
'
*56
bbb2
1971
x
136
2
6s
McCord Rad A Mlg—
y
cc
*130
*15
cccl
z
1947 y b'
6s gold debs
x
z
53|666
105m 107m
aaa2
Conv 6s (stamped)
6,000
"i06"
3
104m 108
*106m 107 m
*15m -40
4
1948
15
x aa
8*western Assoc Tel 5s
120
Memphis Comml Appeal—
Deb 4 Ms
1952
Mengel Co conv 4 Ms
1947
20 m
cccl
14m
1951 y b
Ref M 3Ms
99
18 m
1943
Sou Counties Gas 4Mb
Sou Indiana Ry 48
97
80
*15
1951
Sheridan Wyo Coal 6s
Sou Carolina Pow 5s
81
7,000
*15
Scrlpp (E W) Co 5 MS
42
44 m
m
z
108
100m
* 100
I
b
1937
♦8axon Pub Wks 0s
♦Schulte Real Est 6s
52
30 m
z
x
5,000
Mansleld Mln A Smelt—
Metropolitan Ed 4s E
1953
1958
Safe Harbor Water 4mb.—1979
San Joaquin L A P 6s B—1952
103
101m 101M
cccl
6s stamped
♦Ruhr Gas Corp 6Mb
♦Ruhr Housing 0Ms
86
83
83 m
51
*37
91m
16,000
91
83
29
*103
1941 zdd
89 m
83
54,000
u06m 108m
36
bbb3
♦7s mtgesf
89m
4
71m
2
a
2
v
51m
2
x
5Ms series A
92,000
4
1957
bb
1st A ref 4Mb ser D
1950
Queens Boro Gas A Elec—
63
103
96 m
2
Shawinigan WAP 4mb—1907
1st 4Ms series D
1970
106 m
106 m
4
a
93 m
Scullin Steel Ino 3s
a
a
x
1950 y bb
47 m
aa
x
C
49 m
41
38 m
104
104m
j103m 105
3
1952 y bb
ser
22
a
z
104 m
1966
1st A ref 5s
24
x
x
*106m 108m
94 m
96 m 113,000
92
94 m
17,000
4s series A
21m
x
1946
158
25,000
13,000
15,000
x
1945
128
59 m
"61M
3
1966
16
j146m 154
y aa
37
4
♦Leonard Tletz 7Ms
Lake Sup Dlst Pow 3 Ms
14
33
a
Long Island Ltg 6s.—
Louisiana Pow A Lt 5s
61
1,000
33 m
31m
35
x
-.1966
2022
7,000
16
43 m
1961
4Mb series C
Kansas Eleo Pow 3 Ms
Kansas Gas A E ec 6s
62 M
16
32 m
35
1947
------
62
1
Puget Sound P A L 5M8—1949 ybb 2
101M
93 m
Jersey Central Pow A Lt—
5s series B
2
Pub Serv of Oklahoma—
79
105m 109 m
107 m
101
98 m 107
—
68 stamped
Since
Jan. 1
x a
1959
6% perpetual certificates
72
67
107
Corp (Can)4MsB
♦Prussian Electric 6s
35
32
40
Range
i
High
Public Service of N J—
"si"
Indpls Pow A Lt 3 Ms
1968 x a
International Power Seo—
Week
Low
1954 zb
Power
66
1967 x aa
1953 x bbb3 105m
1954 x bbb3 105m
—-1956 x bbb3 103 m
96 m
1957 ybb 3
1958 y bbbl
1950 y b
2 "69 h
1963 y b
6 Ms series C
Price
for
of Prices
Sale
See a
100m 105
100
103m
*67
107 m
♦Indianapolis Gas 5s A
Rating
106 m 1hm
1949 y b
-
BONDS
(Concluded)
1,000
t
1949 y b
Hygrade Food 6s A
Since
108 M 108M
♦Hungarian Ital Bk 7 Ms.—1903 z c
Week's Range
Last
Elig. <&
Range
Jan. 1
103m 103 m
bbb3
bb 3
1966 * aa
Houston Lt A Pr 3Ms
*
4103
Sales
Friday
Bank
81
95m
102 m 105 m
104 m 109
102
106 m
111m 114m
52
65
7,000
94
104
Wash Ry A Elec 4s
West Penn Elec 5s
West Penn Traction
*105
Un 08—-1944 y bb 2
Wheeling Elec Co 5s
1941 x aaa2
112
112
"17666
49
45
49
7,000
106M
bbb3
1937 z bb 1
1947 v bb 2
Wise Pow A Light 4s.——1906 x
{♦York Rys Co 5s
♦Stamped 5s
107 m
112
West Newspaper
92
177660
5,000
6,000
92
94 m
10m
109m
108
104m 117
43
60 m
103
*103
107
104m 106m
92
4
107
104 m
18,000
1,000
107 m 107m
1951 x aa 4
2030 x bbb3
5s— .I960 x aa 2
94 m
105
102 m
107m
90
98
94
99
103
9,000
♦5s Income debt
106
60
-
No Amer Lt A Power—
5Ms series A—
1947
1948
x
aa
4
y
b
3
1957
x
bbb4
—1945
3M8-.—1968
y
bb
2
aa
4
Ohio Public Serv 4s
1962
x
a
3
Okla Nat Gas 3mb B
1955
1948
x
bbb3
x
bb
—1941
x
aaa2
^Pacific Invest 5s ser A--—1948
y
b
Pacific Ltg A Pow 5s
1942
x
aaa4
Pacific Pow A Ltg 5s
1955
y
bbbl
Park Lexington
1964
xbbb2
1977
z
ccc2
No Bost Ltg Prop 3Ms
Nor Cont'l Util 5Ms
N'western Pub Serv 5s
Ogden Gas 1st 5s
Ohio Pow 1st mtge
Okla Power A Water 5s
x
38
108M 108M
108M
109
5,000
109
49 m
101
106 m
2,000
25,000
21,000
106 M 106 m
4
35
4,000
39m
104 m 105
109
109
8,000
1,000
101M 101m
107 m 111m
103 m 109 m
103 m
109 m
104 m 109
100M 105
Pacific Gas A Elec Co—
1st 6s series B
3s
Penn Cent LAP 4mb
107m 108
107m
1
99^*32
"92 m
x aa
x
1950
y
108m
1959
y
bb
106
Penn Pub Serv 6s C——1947
x
aa
92 m
39 m
3,000
100m 103 m
103m
1971
1962
5s series H
47^660
90
bbb2
x
Penn Electric 4s F
1,000
39 m
1979
1st 5s
12,000
993*32
*108m 111 m
42,000
3,000
103
2
104m
107m 110 m
87 M 100M
109 m 112
86
97 m
39 m
43 m
96 m 104 m
101
107 m
100
106
104 m 105
3,000
aa
107
3,000
104 h 108 m
bb
107
7,000
104 m 109 m
4,000
1,000
1,000
105
•
107
-
Deb 5Mb series B
1954
5s8erie8 D
.
107 m
4s series B
1981 x
4s series D
1961 *
bbb2
*>bb2
Stamped
Potomac Edison 5s E
4Mb series F
Potrero Sug 7s stpd
.
x aa
y bb
7 b
y bb
y bb
* b
7 bb
z b
1956 * «
93 m
96 m
94 m
97
95 m
21,000
97 m
8,000
113m 114m
114m
34,000
97 m
97 m
1,000
3,000
38
*103 m 105 m
101
101
85
80
1961 * a
1947 7 ccc2
92
82 m
"85
77 m
80
49
102 m
2^666
24
48 m
I5T660
6,000
24,000
2,000
78 m
75
14
50
...,.
"7'"
'•
current week and not
"■■■
v
included In weekly or
••
No Sales.
Under-the-rule sales transacted during the
weekly or yearly range:
,-/„/■ .
current week and not Included In
No sales.
▼
Deferred delivery sales
weekly or yearly range:
No sales
94
63 m
during current week.
1948. July 1 at 100.
v
90
106 m 109 m
107 m 110m
•'
receivership.
Cash sales transacted during the
yearly range:
106 m
102 m
99
No sales being transacted
flat.
Pacific Investing 5s
100 m
13
107 m 108
108 m 108 m
*47
98 m
95
103
~
*15
107m
91
110m 115
not Included in year's range, d Exr Cash sales not In¬
In year's range,
Ex-divldend.
t Called for redemption:
108 m
„
1972
Phlla Rapid Transit 6s
1962
Piedm't Hydro El 6M8—1960
Pittsburgh Coal 6s
-—1949
Pittsburgh Steel 6s
1948
♦Pomeranian Elec 6s
1953
♦Portland Gas A Coke 58—1940
-
107m 107m
Bonds being traded
| Reported In
101m 107 m
106
108m
e
Peoples Gas L A Coke—
Phlla Elec Pow 5Ms
108m
104 m 106
106 m 106m
x aa
z
* Friday's bid and asked price.
♦
Penn Ohio Edison—
6s series A
No par value,
a Deferred delivery sales
n Under the rule sales not Included
lnterest.
cluded In year's range,
:
Abbreviations
transacted during the current week
and not Included id
*
.
Used Above—"cod." certificates
of deposit;
"cons." consolidated
"cum," cumulative; "conv," convertible; "M," mortgage; "n-v." non-voting
v t c." voting trust
certificates; "w 1," when Issued; "w w." with warrants:
•
stock'
"x-w"
without warrants.
A
Bank
Eligibility and Rating Column—x
for bank Investment.
Indicates those bonds which we
beUeve eligible
y
Indicates those bonds we believe are not bank eligible due either
provision In the bond tending to make lt speculative.
to rating
status or some
in process of reorganization.
The rating symbols In this column are based on the ratings assigned to each
bond by the four rating agencies—Moody, Standard, Fitch, and Poor's.
The
letters indicate the quality, and the numeral immediately foUowlng showB the number
of agencies so rating the bond.
In aU cases the symbols will represent the rating
given by the majority: for example, a bond rated Aa by Moody, A1 by Standard,
AAA by Fitch, and A by Poor's, would be represented by symbol aa2, showing
tne majority rating.
Where all four agencies rate a bond differently, then the
z
Indicates Issues
In default, in bankruptcy, or
rating Is shown.
majority of the Issues bearing symbols ccc
ddd or lower are in default.
highest single
A great
.....
or lower are In
issues bearing
Attention is directed to the new column
in this tabulation pertaining to bank eligibility
and rating of bonds.
See note A above.
default,
All
The Commercial & Financial Chronicle
4104
June 29, 1940
■■
.
Other Stock Exchanges
Sales
V
Baltimore Stock
June 22 to June 28, both
Sales
Week's Range
Last
Sale
Par
Stocks—
...—•
25c
Consol Gas EL A Pow
*
4%% pref B
100
East'n Sugars As com v t cl
Preferred vtc.
1
..100
Low
240
1,228
70
6
114% 114%
7%
6%
High
May
21%
June
55c
Jan
Apr
Belden Mfg Co com
83%
119%
Apr
Belmont Radio Corp
Bendlz Aviation com
May
111% June
Feb
May
May
14
Apr
Berghoff Brewing Corp.
16
31%
Apr
9
109
9
June
10
Feb
18
114
12
19%
Apr
Jan
200
2
13
June
27
15%
586
12
Apr
Bruce Co (E
950
May
May
17%
1.05
1.45
Jan
.
Bunte Bros com
1.05
2
-
14
1.05
84%
63%
50
U S Fidelity A Guar
-
17%
9
15
50
9
9
50
4
85
63%
20
17%
18%
1,330
32
26c June
1.00
84%
May
64% May
14% May
May
90
Mar
72%
Jan
23%
Jan
May
7% May
3% May
450
26%
4%
28%
1
8%
8%
200
1
3%
4
500
16
.
17
100
May
8% June
3% May
13% May
Common.
14%
16
600
13 %
14%
15%
310
6%
6
410
24 %
17
7
Jan
8%
4%
11%
18%
12
Apr
May
Apr
Apr
Apr
Jan
May
5%
36%
11%
Apr
Apr
Bait Transit 4s flat...1975
31
27%
31
$34,500
23
1975
35
32%
35
7,300
30
May
May
35%
Apr
Apr
40%
14% June
5% June
100
11
19
2%
5%
18%
200
2% June
4%
Mar
355
12
7%
23%
19%
Apr
12
4% May
17% June
10 % May
14% May
May
%
Jan
88% May
11
Burd Piston Ring com—1
2%
10
5
30c
Castle (A M) com
80
100
85
15%
10
Cent 111 Pub Ser $6 pref..*
Feb
Apr
450
11
5%
10
Cumul conv pref
Jan
Jan
25%
22%
11%
L) oom—..6
Butler Brothers
May
Feb
4% May
23%
18%
Brach A Sons (E J) cap..*
Camp Wy A Can Fdy cap*
Bonds—
A 6s flat
8% May
12 %
7%
Borg Warner Corp—
70c
May
45c
13%
Penna Water A Pow com.*
200
250
High
May
10%. June
3% May
4% May
2% May
350
9
Blnks Mfg Co cap....
Bliss A Laughlln Inc oom
45c
Northern Central Ry
150
15
5
6
20
4
300
3%
5%
2%
*
250
13%
15%
3%
4%
2%
Low
800
5%
12
12
Range Since Jan. 1. 1940
Shares
10
17
17%
New Amsterdam Casualty5
.
Bastlan-Blesslng Co com.*
2.50
1.35 May
1
North Amer Oil Co com_.l
4%
-
Barlow A Seelig Mfg A cm5
25c
69
Jan
Merch A Miners Transp..*
Mar Tex OH
Price
Aro Equipment Co com__l
9
18
Week
Athey Truss Wheel cap
4
Aviation Corp (Del)
3
Aviation A Transport cap. 1
11
218
74
for
of Prices
Low
Higl
6
17
6%
Finance Co of Am A com.5
Houston Oil pref
Range Since Jan. 1. 1940
28c
1.45
73
74
for
Week
1.60
25c
1.60
100
Par
Armour A Co common
Shares
15
15
15
Bait Transit Co com vtc*
1st pref v t c
of Prices
High
Low
Price
Stocks (Continued)
Week's Rangi
Sale
inclusive, compiled from official sales lists
Friday
Arundel Corp
Last
Exchange
15%
78%
81
Central 111 SecCom
50
240
%
71
100
%
%
June
20
Apr
Jan
Apr
Jan
%
Jan
Central A S W—
June 22 to June 28,
Exchange
both inclusive, compiled from official sales lists
Bales
Friday
Last
Par
Week's Range
for
Bale
Stocks—
of Prices
Low
High
Range Since Jan. 1,1940
Shares
Low
'it
7,400
%
Mar
$7 preferred.
..*
Prior lien pref—....
43
40
43
150
101
105
300
38 %
92
June
105
Central States Pr A Lt pfd *
6
6
60
5%
High
1st pref
6%
non-cum
50
50
100
pref
Amer Tel A Tel..
Boston A Albany
...100
Boston Edison Co.....100
Boston Elevated..
40
30c
Apr
15%
1%
1%
154% 160%
12
13%
Feb
15%
1
160%
81%
78%
81%
129% 135%
135%
100
Boston Herald Traveler.
Boston A
35c
35c
...»
100
2,604
40%
41
18
17%
18%
485
6%
6%
2
1%
Apr
144% May
May
May
38 % May
16% May
209
436
Jan
16% May
2
Jan
176%
356 x66%
362
126
40>*
*
60c
Mar
86
CI C 1st pref std
1%
June
13
300
% May
25% June
37
Feb
58
59
250
65
84
Apr
2
1%
25
143
11%
11
11
1%
2
12
Boston & Providence..100
Calumet A Hecla...
38
2
2%
12
.100
Class D 1st pref std. .100
Boston Personal Prop Trs *
516
5
Com part shs v t c A ..50
Container Corp of Am cm20
Crane Co com
25
12%
3% May
CunninghamDrugStores2 %
15%
2% May
3% Mar
Deere & Co
11
June
19%
Apr
Jan
2%
25% May
33
200
10
May
16%
300
1
3%
Jan
585
May
6% May
8
Jan
15
%
11%
%
12%
175
10
14%
14%
15%
15%
15%
5%
142
13% June
•
com
200
12
14%
5%
Diamond T Mot Car com.2
Common
10
4%
May
8%
Feb
Dodge Mfg Co
»
12%
12%
545
3% May
5%
Feb
Elgin Natl Watch Co...15
22%
23
1% May
May
12% May
3%
Mar
Fairbanks Morse A Co cm*
65 %
Mar
15%
24%
Mar
Fox (Peter) Brewing com 5
Fuller Mfg Co com
1
55
*
15%
42%
1%
40%
44%
4%
15%
9%
178
....100
19
16%
19
439
Common
100
58c
58c
Preferred B
100
7%
1%
18)4
3%
17%
7%
1%
3%
18%
360
*
4)4
4%
4%
235
Hathaway Bakeries cl A..*
3)4
3%
3%
50
40c
40c
5
„_*
Preferred
*
Isle Roy ale
Loews Theatres (Boston) 25
Maine Central com
100
33
1%
26
1%
1%
Mergenthaler Linotype...*
Narragansett Racing Assn
Inc
45c June
25
100
7% May
1% June
225
3%
20
1%
200
14
12
97
5
5
Mass Utilities Assoc v t c.l
50
33
11%
"5"
25
1%
14%
32
120
1.00
Gen Amer Trans Corp cm .6
General Finance Corp coml
Apr
General Foods
*
39%
Apr
Gen Motors Corp com.. 10
41%
Gillette Safety Razor
Mar
*
4%
Feb
Goodyear T A Rub com..*
14%
50c
Apr
Gossard Co(HW) com..*
Great Lakes D A D com..*
9%
19%
12%
Jan
1%
11% June
2
18
May
com
Jan
Hall Printing Co com
Apr
Hamilton Mfg cl A pt prflO
6
5%
5
5
New England Tel A Tel 100
115
110
NYNH&HRR.....100
5%
115
375
4%
Apr
Hein Werner Motor Parts 3
6%
Jan
424 rl08
May
10
137
June
Apr
7
♦
Pennsylvania RR
60
Shawmut Assn T C
Stone A Webster
45o
Feb
92c
May
Illinois Brick Co cap
10
Illinois Central RR com 100
40
11c
Jan
15c
Feb
Indep Pneumatic Tool vtc •
7%
14%
May
May
Apr
Indiana Steel Prod
.1
1%
24%
Jan
Feb
Inland Steel Co cap
*
International Harvest com*
80%
12
12%
Jan
Iron Fireman Mfg Co v t c
33%
Mar
10%
11%
155
18
20
737
*
"8%
•
24%
Union Twist Drill Co
5
United Shoe Mach Corp.26
"61%
Torrlngton Co (The)
cum preferred
25
7%
24
8%
1,570
766
30%
215
61%
732
40%
41
193
45c
76
*
*
193
60
20%
40 %
Utah Metal A Tunnel Co.l
Vermont A Mass Ry Co 100
Waldorf System
Warren Bros......
8%
25%
8%,
76
6%
1%
45c
100
1%
33
40
6%
May
May
22 % May
25%
Jan
65
May
39% June
35c May
70
31
Apr
Jarvla (W B)
com.
Feb
50
i
Apr
Apr
35 %
67%
Jan
2%
Jan
100
145
1,401
185
255
Common..
43
13%
15
Joslyn Mfg A Supply
Katz Drug Co
Apr
Apr
60c
17% May
9% May
150
50
150
8%
250
250
%
200
8
200
200
100
1%
83%
45%
13%
89
$15,000
87
2,000
86
June
Series D 6s
...1948
96
96
50
96
6
8
May
10
7
June
10%
15%
16%
19%
10% May
May
Jan
*i» May
2
May
6% May
18% May
1% June
1
Apr
Feb
Apr
Apr
Apr
Apr
Feb
Jan
5%
13%
Jan
28
Apr
Mar
156
66%
May
3%
90%
165
38 %
June
62%
Jan
17
Feb
50
11% June
Jan
10 %
U
550
9
May
17
44%
50
44
June
50
Apr
4%
4%
150
4
May
6%
8%
49%
%
1%
6%
Feb
Mar
10%
Kellogg Switchboard com. *
Kentucky Util Jr cum pf_50
Kingsbury Brewing cap.-l
1%
May
94
Feb
9% May
Mar
50
2%
20%
5% June
5
44%
*
com
7%
Mar
LaSalle ExtUnivcom
•
Le Roi Co
93
May
750
5
7%
43%
400
%
7
%
%
200
1%
1%
1%
50
43
100
5
5
10
com
80
75
LibbyMcNelll&Libby com7
89
June
9% May
1
Jan
Apr
91
May
% May
...1948
4
12%
49% Apr
56%
Apr
Apr
6%
25
Apr
Feb
12%
Jan
27%
Jan
•
June
Series B 6s
36 % May
38
May
17% May
com 5
...
84 %
Bonds-
Eastern Mass St Ry—
Series A4%s
1948
May
1% May
50
22
7%
22
Feb
Co-
44%
5%
25
1%
16 %
7%
5%
7%
22
Apr
5
14
2,100
May
49%
18
50
11c
Apr
2%
June
May
15
%
2%
May
14 %
15
Feb
Mar
14
66
9
%
14%
29%
May
230
Apr
11%
Jan
June
10%
xi«
20
...»
Feb
Feb
12 %
3
120
11c
Paolflo Mills Co
19
23%
10%
June
2
10
Houdallle-Hershey cl B_.*
Hubbell Harvey Inc com.5
Hupp Motor Car com
1
May
29 %
12
47c
...2.50
Jan
55
7%
8%t
25
Old Colony RR—
Ctfs of deposit
May
9% May
9
May
21
11%
*
Ji#
51c
3i«
4%
Jan
Apr
50
5%
Mar
Harnlschfeger Corp com. 10
Helleman Brewing cap
1
17
May
13% May
1%
19%
24%
950
.
6
Feb
2%
June
May
20
100
20%
12%
8%
May
1%
com
6%
42
% May
May
100
4%
41%
1%
May
12
Common
600
33%
15%
3%
20
4%
Feb
5
31%
Jan
7% June
16% May
3% June
Jan
2%
28
pref
50
400
2
2
1
com
2%
7%
26%
Apr
25c
Jan
com
Horders Inc com.?..!
1
North Butte
200
15%
2%
344
Gillette Safety Razor.
36
55
2%
3%
189
10%
12%
23%
633
46
Adjustment
100
East Steamsblp Lines com*
Employers Group
...»
10
Apr
Mar
Dixie-Vortex Co-
5%
40
Jan
11,700
4
46
Mar
75% May
6% May
%
Gardner-Denver
*
Feb
Jan
12%
2%
6%
5%
100
4
11%
91
Jan
6%
May
16
650
28%
Consolidated Oil Corp..-*
Consumers Co—
Eastern Mass St Ry—
6%
25
Evereharp Inc
Common
Class B__._
Capital
Mar
1% June
11% June
7% May
63 % May
64
June
70
1%
Commonwealth Edison—
50%
20%
Jan
June
200
5%
2
East Gas A Fuel Assn—
%% prior pref
6% preferred
5
9
485
64%
67
12
3
8
60%
Consolidated Biscuit com.l
Apr
2,050
64
10
com
200
1
4
6
25
Copper Range
4
Cities Service Co
10
7%
Chrysler Corp common..6
Chicago Towel com..
*
Jan
10%
Jan
6% May
28 %
%
149 %
May
1% June
1% May
1% May
4% May
.
10
Compressed Ind Gases cap5
5
42
Jan
Feb
77
28
Feb
Maine—
Prior preferred
...100
Class A 1st pref std.. 100
CI B 1st pref std
100
%
120%
Cherry-Burrell Corp com.5
Chicago Corp common..*.1
Chicago Yellow Cab cap.*
American Pneumatic Ber-
Common...
May
Convertible preferred..*
Chi Flexible Shaft com
5
Week
Price
50c
Common
Boston Stock
June
19
Mar
Liquid Carbonic
*
Apr
98
6
Lincoln Printing $3.50 pfd*
Lion Oil Refg Co cap
*
Lynch Corp
5
21
21
*
10%
11%
1,050
...1
3%
3%
4%
6%
800
Apr
101%
106%
Marshall
com
com
Field
com
6%
19%
120
9%
9%
20
12%
12%
50
100
5% May
38
%
May
JaD
1% June
5
June
5
May
9
18% June
26
9
Apr
Jan
Mar
Jan
Jan
Apr
Jan
11% May
14%
18%
Mar
21
June
28%
Apr
8% May
15%
Feb
May
Apr
Merch A Mfrs Sec—
Class A
CHICAGO
com
4
Mickelberry's Food com.l
Middle West Corp cap
6
Midland United conv pf A*
SECURITIES
Luted and Unlitted
5%
3%
4
1,800
5,200
1,900
*
ht
%
4%
100
3%
Common.
Apr
Jan
5% May
1% Mar
600
100
3%
ht
Jan
4
Jan
4%
Apr
Jan
9%
4% May
% June
Midland Util—
7% prior lien
6% prior lien
La Salle
19%
19%
39%
37%
40
100
Miller A Hart Inc
Members Principal Exchanges
Bell System Teletype
Trading Dept. OGO. 405-406
Municipal Dept. OGO. 521
10 S.
*
Montgomery Ward com .*
Muskegon-Mot Spec cl A *
Paal FLDavis & <90.
5%
5%
6%
19%
cnv
5%
pf.»
6%
Modlne Mfg com
Noblltt-Sparkslndlnc
St., CHICAGO
cap
5
51
Abbott Laboratories—
Common
Week's Range
for
Salt
Par
_
of Prices
Week
Price
Shares
56
Low
High
Amer Pub Serv Co pref. 100
Amer Tel & Tel Co cap. 100
see page
300
50% May
70%
Jan
13
51%
Apr
3%
33% May
2% May
9%
9%
100
13%
27%
150
26%
~"~3%
100
10% May
22% May
84%
88
110
73
May
100
724
146
May
175%
13
""88""
154% 158%
4107.
100
55%
28
Mar
36
Apr
5
<
8
5%
8%
51
51
9%
30%
20%
31%
25
25
com..
8
May
1
"9%
100
X
Jan
28%
Feb
Sears Roebuck A Co cap..*
Slgnode Steel Strap—
41%
Jan
Jan
Mar
Preferred
Spiegel Inc
common
2
424
423
100
Jan
29
Jan
Jan
Jan
Feb
Mar
Jan
14%
% June
102
60
95
June
123%
Feb
50
141
June
154
Feb
35
150
33
Feb
3
70%
X
9
3%
72%
50
20
350
24%
May
28
28
40
25
850
6%
May
1%
Feb
62
23%
6%
% June
9
473
28
30
Sou Bend Lathe Wks cap.5
1% May
15
May
25
May
23% May
6% May
% May
145
%
Rollins Bfery Mls(new)cm-4
Feb
200
Jan
14%
2%
24%
38%
35
9
4
8% May
5% May
12
70
145
Ray them Mfg Co com. 50c
Reliance Mfg Co com
10
14
Feb
June
60
20
%
3
7% June
45
Jan
100
145
...10
com
200
550
10
9
400
40
18%
29%
Process Corp (The) com..*
Quaker Oats Co common.*
56%
41%
3%
41%
May
June
20% May
20%
Preferred
Allied Laboratories com..*
A Ills-Chalmers
Mfg. Co..*
High
8%
32
20
50
Pressed Steel Car
Jan
Apr
50
1%
Rath Packing
•
Acme Steel Co com
25
Adams Oil A Gas Co com.*
Aetna Ball Bearing com__l
For footnotes
Low
Range Since Jan. 1,1940
24
150
100
Perfect Circle (The) Co...*
Sales
Last
Stocks—
17% May
Jan
Apr
569
"i%
cap
6%
6%
8%
20
com *
Peoples G Lt&Coke
Friday
Jan
24
9%
1%
Penn RR capital
50
3% June
3%
24
NoWest Util pr lien prf 100
Omnibus Corp com
6
Penn Gas A Elec cl A
20
20
5
North Amer Car com
20
Northwest Bancorp com..*
Chicago Stock Exchange
100
3% June
54
55%
1%
12
4%
Jan
Feb
Jan
Apr
88
Apr
Jan
31
Apr
20% May
5
May
30
Apr
11
Jan
Volume
The Commercial & Financial Chronicle
150
Last
Week's Range
Sale
Stocks {Concluded)
Par
Price
of Prices
High
Stocks (Concluded)
High
Low
Shares
May
IX
IK
1
May
2
140
23
633
179
IX Mar
20 X May
Feb
2X
24
26
750
15X
175*
19X
36X
45*
25
19
1,090
6
18
capital
25
Thompson (J R) common25
Trane Co (The) com
2
Union Carb & Carbon cap *
United Air Lines Tr cap. .5
U S Gypsum Co com
20
com
25*'
Price
50
Youngstown Sht A Tube.*
Mar
c
Youngstown St Dr com.*
25*
32 J*
13X
Apr
265* June
485*
Jan
125*
283
a 165*
High
May
285*
Jan
7X
224
15
May
Jan
28 5*
Low
Shares
aOX
alOX
Apr
Feb
9
29J* May
17
June
32 5*
Feb
20 X
600
17 X
May
265*
276
33
May
475*
4
Jan
55*
Apr
Apr
watling, lerchen & Co.
Mar
37 X
45*
200
12 X
250
10
June
16 5*
71
377
60 X
June
88
Jan
Members
Apr
66 K
155*
17X
650
12 X
May
235*
55X
53 X
267
50 X
June
875*
415*
May
685*
102
103 X
May
1245*
X May
15*
X
Jan
IX May
16 X May
14 X June
5*
Jan
25*
Apr
Chicago Stock Exchange
Jan
50
Detroit Stock Exchange
Apr
450
New York Curb Associate
Exchange
Jan
1145* U5X
York Stock
Jan
1,503
New
Apr
51
*175*
"53"
100
Utah Radio Products
Jan
Week
Mar
14
12
12
United States Steel com..*
pref
6
5X
25
Swift International cap.. 15
Swift & Co
25
cum
8
350
2
Sunstrand Mach T'l com.5
7%
300
IX
15*
Standard Gas & Elec com.*
8tewart Warner
12 X
22 X
1
Standard Oil of Ind
115*
12
20
Common (new)..
for
of Prices
Low
High
aSX
305*
Stand Dredge—
Texas Corp
Par
Week's Range
Last
White Motor
Preferred (new)
Range Since Jan. 1, 1940
Last
1,1940
Range Since Jan.
for
Week
Low
Sales
Friday
Sales
Friday
4105
50 X
1
1
1
Ford
DETROIT
Building
Telephone: Randolph 5530
Utility & Ind Corp—
Common
5
X
IX
195*
Convertible preferred..7
Walgreen Co common
*
Western Un Teleg com.100
X
IK
19 X
16X
Westh'se El & Mfg com.50
X
150
IK
20 X
16 K
92X
850
125
235* May
Jan
285*
76 X
40
88 X June
4
300
3%
May
55*
Feb
4K
100
3X
May
65*
Apr
June
to
*
91
Wlscusln Bank shares com*
4
Woodall In dust Inc cap. .2
4
Wrigley (Wm Jr) cap
K
77
11
77X
11
470
May
93 5*
Apr
17.5*
Apr
Stocks—
Par
Baldwin Rubber
June 28, both inclusive,
Week
Price
._.*
165*
*
75*
5
635*
25*
Det & Clev Nav com
compiled from official sales lists
Detroit Edison
com
66e
10
Sales
Friday
li",'
..-i'V'
ij'-V,
Stocks—
Par
Burger Brewing pref. ...50
Cin Advertising Prod
Week's Range
for
Sale
1.'
•
of Prices
Week
Price
II100
C N O A T P
—.20
Cin Street
47
7
102
10
Cin Telephone
775*
—
•>
—.50
Eagle-Picher
260
102
102
50
...
905*
775*
25*
915*
May
110
Feb
775*
June
87
15* May
Jan
25*
Mar
122
855*
May
1005*
Mar
590
9
85*
Mar
8
June
100
590
10
47
Jan
65*
20
25*
90 5*
Jan
43
20
7
65*
May
125*
Jan
Apr
165*
17
75
135*
Jan
195*
*
25
25
50
25
May
295*
Apr
100
7
7
50
6
Jan
14 5*
May
♦
29
295*
55
29
June
285*
925*
305*
414
Formica Insulation..
Gibson Art
Hatfield part pref
Hobart A
*
Kroger
Little Miami Gtd
30
...50
235* May
925* June
Jan
5*
50
92 5*
43
345*
Mar
Apr
1025* May
15*
Mar
715*
Apr
5*
5*
10
605*
665
185*
585*
185*
25
18
Feb
23
295*
95*
295*
90
275* June
39
Jm
95*
5
85* June
175*
Mar
45*
45*
125
45* June
55*
Jan
National Pumps
Procter A Gamble...
IllI* "60 5*
■
*
Randall A
U S Playing Card—
U 8 Printing pref
IIIlO
—
Western Bank
.50
«*'
~
m
-
10
185*
52 X
June
'
Apr
Apr
—
...25
Mill
City Ice
11
115*
286
95*
May
17
Apr
105*
105*
15
105*
May
14
Jan
*
Columbia Gas......
"AO
General Motors
115*
10 5*
Am Rolling
65*
42 5*
7
55*
445*
45*
1,345
445*
37
350
May
75*
Apr
May
565*
Apr
183
985*
May
670
15*
65*
200
35*
305*
270
13
45*
15*
1,326
Hall Lamp com
25*
Jan
200
35* June
65*
Apr
100
I
May
15* May
385* May
25*
Jan
1,338
435*
435*
25*
25*
300
75c
75c
1,050
75*
75*
200
Feb
14J* May
3
May
Hudson Motor Car com..*
Hard Lock & Mfg com
16
16
"~3X
35*
35*
36
35
1
15*
Kingston Products com_.l
15*
2
55*
100
650
300
3
May
250
1
May
Apr
35*
15*
135*
May
Apr
19
*
Jan
Apr
„if»Apr
Feb
65*
52
Jan
Jan
IX
1
42
42
100
35
Feb
60
Mar
Kresge (S S) com.......10
22
225*
740
195* May
26
Feb
78c
500
76c June
Klnsel Drug com
Masco Screw Prod com
McClanahan Oil
1
76c
78c
Mlcromatic Hone com
Jan
115*
Mar
122
18c May
330
72c
75*
325
75*
IX
450
15*
Jan
211
95*
May
55*
900
45* May
2 5* May
75*
15*
75*
.....
11
*
10
3%
com
11
5
5X
35*
4,645
345*
710
32 5*
2.50
Apr
16
Apr
85*
45*
Feb
Mar
*
com
34
*
Parke Davis com
35*
335*
105*
10 5*
105*
275
85*
Mar
145*
May
15*
15*
15*
15*
15*
400
1
Mar
15*
Mar
Peninsular Mtl Prod com.l
Reo Motor com
5
Rickel (H W) com
10
com..
Timken-Det Axle com..10
United Specialties
15*
200
15*
May
2
'335
25*
May
3
Jan
15*
100
25*
Apr
185*
15*
272
600
75c June
15*
Mar
15*
800
1
May
15*
Apr
235*
1,110
87c
15*
225*
1
15* May
18 5*
Jan
26 5*
380
2
May
25*
Apr
440
4
Jan
75*
Apr
1
1
May
2
55*
1
395
1
June
25*
May
25*
May
4
18 5*
!:
15*
15*
15*
350
1
3
3
3
100
3
Warner Aircraft com
1
15*
90
Wolverine Tube com
2
Young Spring & Wire
25
2
;
*
..*
Walker &CoB
June
Apr
5
235*
...1
U S Radiator com
Universal Cooler B
Jan
25*
.1
Tivoll Brewing com..
445*
18 5*
185*
1
com
May
25*
15*
2
Std Tube B
Apr
18c
75c
1
Motor Products com
Parker-Wolverine
Apr
1.25
18c
72c
Mid-West Abrasive com50c
Jan
15*
27c
Mar
1
*
com
Michigan Sugar com
Simplicity Pattern com_.l
gill1s i°»,0j russell co.
56
75c May
~~7X
Apr
2
2X
*
Feb
Mar
155*
105* May
43X
Hoover Ball & Bear com.10
Apr
45*
34
Jan
1
.1
com
Mar
95*
June
10
com
Goebel Brewing com
May
300
45*
15*
.1
com
3
Apr
15*
25*
65* May
205*
515
Jan
125
May
35*
*
•
66c June
900
69c
General Finance
Scotten-Dillon
Members Cleveland Stock Exchange
May
65*
River Raison Paper com..*
Ohio Listed and Unlisted Securities
Feb
May
25*
15*
25*
Murray Corp
Unlisted—
Apr
45*
555*
305*
125*
6X
Packard Motor Car com..*
„.
125*
905*
420
3
25*
General Motors
75* May
1,620
635*
Frankenmuth Brew,com.l
Gar Wood Ind com......3
Graham-Paige
Mar
367
8
75*
235*
5
com
Ex-Cel-O Corp com
Federal Mogul com
High
Low
Shares
47
......
_*
Cin Gas A Elec pref.
High
Low
Eureka Vacuum
IX
Apr
548
175*
45* June
135* May
__3
Divco Twin Truck com..l
Range Since Jan. 1, 1940
Last
■
745
112
108
100
Det-Mlchigan Stove com.l
High
Low
Shares
5
5
.
Continental Motors com.l
Cincinnati Stock Exchange
to
for
of Prices
Low
High
1
com
Briggs Mfg com
Burroughs Add Mach
Week's Range
Sale
Chrysler Corp com
June 22
Range Since Jan. 1, 1940
Last
Apr
95
8X May
72 X
197
10 x
*
Zenith Radio Corp com..*
Sales
Friday
Wieboldt 8tores Inc—
Cumul prior pref
Exchange
both inclusive, compiled from official sales lists
June 28,
Jan
1175*
29
91
87X
Detroit Stock
June 22
.
Apr
Apr
Mar
May
'
May
15*
15*
5,330
55*
55*
200
45* May
85*
120
7
85*
*
June
IX
Jan
65*
Mar
13 5*
Apr
Union Commerce Building, Cleveland
A. T. & T. CLEV. 565 & 566
Telephone: CHerry 5050
Cleveland Stock
June 22 to June
Par
Stocks—
Week's Range
for
Sale
of Price 8
Low
High
Week
Price
c Amer
Shares
High
Low
19X
May
1
45 X
89
June
Feb
a90
a91
5
1
14
14
50
12
May
16 X
55
55
125
46
May
63 X
Apr
210
26
May
43X
Mar
Controller
CI Cliffs Iron pref
c
*
"25X
26
14
15X
11
11
Jan
36
12 X
10 X
May
May
18X
Apr
Firestone T & R com.. 10
al3X al3X
74
12X May
3X
Feb
215*
June
26X May
10X May
41
Jan
Jan
Last
Week's Range
Range Since Jan. 1, 1940
for
Jan
6
Sales
Friday
Apr
37
official sales lists
both inclusive, compiled from
Apr
13
May
*
6
6
*
General Elec com
Glidden Co com
a32
a33
al2X a!3X
allX a 12X
*
Goodrich (B F)
a
5
Halle Bros com
Hanna (M A)
$5
cm
41
a96
a2l
pref..*
Steamship.....*
14X al5X
11X
11X
a95
Industrial Rayon com..*
Interlake
13
12
*
Goodyear Tire & Rubber.*
a21X
41
40
175*
17X
McKee (AG)B„:
*
28
28
Medusa Ptld Cement
*
13X
McKay Mac nine
._*
Midland Steel Prod
14X
a28X 0.30
al7X al8X
...»
1
National Acme
70
135
47
219
29
50
7
*
30
45
16 X
26
a5X
*
Feb
18
May
35
135* May
23 X May
13X
Jan
17X
40 X
21X
May
May
Jan
Apr
Apr
13 X
May
27
Jan
30
June
41
Apr
Jan
Feb
May
12
140
30
50
Feb
18 X
30 X
o6X
a
60
5X June
8X
50
9
May
9X May
30
Packer Corp
*
Reliance Electric
5
115*
115*
65
10
May
10X May
14 X June
*
al5X
32X
a30X
a40X
13X
049X
4X
a!7X
32X
O30X
a4lX
13X
053X
5
332
14
May
23 X
Jan
245
4
4
200
Republic Steel com
9
*
Rlchman Bros..
Thompson Prod Inc
*
Tlmk Roller Bear com..*
c
Union Metal Mfg
*
cU9 Steel com
*
U pson-W alton
Van Dora Iron Works
13X
.....
_.l
—
4
*
9
679
31
May
40X
Mar
115
25 X
May
35 X
May
38 X
52
Apr
20
13X
JuDe
15X
Mar
42
May
68 X
Jan
4%
May
3
May
5X
4X
Apr
7X
May
105*
Jan
June
65
Jan
50
427
Weinberger Drug Stores..*
8
8
122
West Res Inv Corp pref 100
a50
a50
5
For footnotes see page
4107,
May
May
4
June
75*
67
58
35*
7
—*
Jan
Apr
50
Jan
Jan
Feb
372
a685*
44
Apr
3
205
al75*
29
45c
15*
4
com..*
Central Invest Corp... 100
Chrysler Corp
5
Consolidated Oil Corp...*
Consolidated Steel Corp..*
25*
2
Calif Packing Corp
May
May
Apr
45*
25c
15*
2
ol75*
11
a685*
65*
Bolsa-Chica OH A com..10
Jan
25*
100
400
25c
15*
15*
Blue Diamond Corp
Mar
800
25c
Jan
15
35* Mar
25*
Apr
105 X
June
15*
Apr
June
25*
25c
20 X
11X May
High
Low
330
3
25*
24X
95
Week
Shares
25*
25*
May
May
May
100
of Prices
High
Low
Corp...50c
Bandlnl Petroleum Co—1
Berkey & Gay Furn Co...l
Aircraft Access
May
16 X
120
Price
10
12 X
34 X
135
Par
11
10
190
Sale
Stocks—
23X
19X
277
11X
all
com
116
32 K
cNY Central RR com...*
Ohio Oil
100
17X
6%.*
Nineteen Hundred A
2,256
32
Natl Mall St Cast com..*
Natl Refining pr pref
c
Teletype L.A. 290
Angeles Stock Exchange
June 22 to June 28,
May
22
15
General Tire & Rubber..25
c
17X
55
Fostorla Pressed Steel
c
565
Los
Jan
a28X atOX
5
Eaton Mfg
c
22 X
_1
Colonial Finance
c
a33X
*
Cliffs Corp com
c
a33
CI Graphite Bronze com 1
Cleve Railway........100
c
55
Log Angeles
Apr
12X
City Ice & Fuel pref...100
Clark
San FrancUce Stock Exchange
Angela Stock Exchange
Jan
66 X
98
42
a51X a5l»A
Home Prod com._l
Lot
623 W. 6th St,
June
al2X al3X
Addressogr-Mul com.. 10
Chicago Board of Trada
Nmte York Stock Exchange
Range Since Jan. 1,1940
Last
MEMBERS
sales lists
Sales
Friday
c
Wm.Cavalier & Co
Exchange
28, both inclusive, compiled from official
Preferred.
11
a
175*
105*
a685*
6H
65*
4
4
Creameries of Amer v t C..1
45*
Douglas Aircraft Co.....*
Electrical Prods Corp
4
a665*
75*
45*
45*
a665* a695*
75*
789
15*
May
May
80
155*
25*
Jan
Mar
May
26
Jan
105
85* May
12
Mar
50
575* May
223
300
6
May
905*
Jan
8
Jan
65*
Apr
11
Apr
6
June
23
875*
Apr
885*
Apr
85*
530
35*
May
105*
Mar
425*
425*
10
45*
45*
45*
Gladding McBean & Co..*
75*
95*
95*
Globe Grain & Milling..25
al45* al55*
al45*
Goodyear Tire & Rubber.*
9Q
275*
29
Hancock Oil Co A com...*
52 Xc
52 Xc
60c
Holly Development Co...l
235*
245*
255*
Lockheed Aircraft Corp.-l
35*
35*
35*
Los Angeles Investment. 10
40c
40c
40c
Mascot Oil Co
1
3
25*
35*
Menasco Mfg Co
1
Pacific Finance pref A... 10 al215* al215*al215*
a28 5* a305*
a305*
Pacific Gas A Elec com..25
315*
315*
315*
6% 1st pref
—.25
31
31
31
Pacific Indemnity Co.—10
a385* a415*
a405*
Pacific Lighting Coro com *
18
18
18
Puget Sound Pulp A Tlmb*
2
25*
25*
Republic Petroleum com.l
75*
IX
75*
Richfield Oil Corp com...*
976
385*
May
56
General Motors com
85*
85*
42
810
4,879
35* May
65*
215
14
310
May
June
27
600
May
45c May
65*
Apr
Apr
95* June
245*
40
Feb
Apr
80c
Jan
Apr
965
235*
June
415*
330
35*
May
45*
Jan
300
39c June
60c
May
Jan
45*
May
4,012
15*
90
125*
265*
Mar
125*
Mar
May
May
345*
Mar
29
201
30
175
375*
129
12
62
130
600
1,211
15*
6
345*
Apr
May
395*
Apr
May
49 X
Jan
Jan
28 5*
May
May
May
2H
Jan
85*
Jan
The Commercial & Financial Chronicle
4106
Sales
Friday
Last
(Concluded)
Week
4%
Ryan Aeronautical Co—
Safeway Stores Inc
Secur Co Units of Ben Int.
Solar Aircraft Co
a40%
26
6% pref B
25
6%% preferred C
26
So Calif Gas 6% pref A..25
Southern Pacific Co
28%
032%
9%
18%
*
Standard Oil Co of Calif..*
7%
4%
12%
*
Transamerlca Corp......2
25
7%
VandeKamp'8(HD) Baker*
Vega Airplane Co
1%
Wellington OH Co of Del..l
9%
920
4%
fl40% O40%
10
26
26
Range Since Jan. 1, 1940
Shares
4%
11
3%
160
27%
29%
1,033
28%
28%
a32% o32%
8
9%
18
18%
7%
7%
4%
4%
12%
12%
7%
7%
8%
9%
366
3%
27%
29%
So Calif Edison Co Ltd..25
Union Oil of Calif
for
of Prices
Low
High
Price
Par
Taylor Milling Corp
Week's Range
Sale
Stocks
3%
26
29%
157
Low
May
37% May
26
May
2% May
23% May
27% May
24% May
40
30
7
1,229
High
3%
715
7
ST. LOUIS, MO.
Apr
62%
Gatch Bros., Jordan & McKinney
Apr
33% May
4%
Inc.
Apr
ACTIVE IN:
30% May
30%
Jan
29%
Jan
34% May
May
May
16%
17%
June
26%
200
7%
June
10
ST.
May
May
7
OLIVE
418
12
100
7%
4%
o7c
o7c
a7c
400
1
t4c
4c
4c
Imperial Dcvelopment.25c
%c
%c
%c
400
2
Garfield 3450
Mar
St. L. 494
14
Apr
May
3%
Jan
6c June
14%c
St. Louis Stock
June 22 to June 28, both
Jan
5,700
4c
1,000
%c
Feb
7%c May
Par
Stocks—
*
o5%
10
a36%
25
Amer Rad & Std SanI
o5%
05%
a36% a36%
Amer Tel & Tel Co
100 olGO
0155% 161%
Anaconda Copper
20%
50
20%
20%
Atchsn Topk & S Fe RylOO
015%
al5% al7%
05
Aviation Corp (The) (Del) 3
a5
a5%
Baldwin Locomo Wks v t o.
015%
014% al6
Bendlx Aviation Corp
6
26%
26%
26%
076
Bethlehem Steel Corp—
072% a77%
Borg-Warner Corp—...6 014%
al4% ol5%
a3
Canadian Pacific Ry
a3
03
25
10
Cities Service Co
05%
*
6%
Commercial Solvents Corp*
08%
o5%
5%
a8%
Commonwealth & Sou...*
1%
1%
Curtlss-Wrlght Corp
1
Elec Power & Light Corp. *
7%
7
Columbia Gas & Elec
General Electric Co
*
6
32
•
General Foods Corp
Intl Nickel Co of Can
*
o40%
20%
International Tel & Tel...*
Kennecott Copper Corp..*
Loew's Inc..
*
03
025%
023%
39
Montgomery Ward & Co.*
New York Central RR...*
*
12%
16%
020%
05%
Packard Motor Car Co..*
3%
Nor American Aviation. 10
North American Co
...*
Ohio OH Co
Paramount Pictures Inc_.l
Pennsylvania RR
Radio Corp of Amer
50
05
o20%
♦
04%
Republic Steel Corp
*
17%
Sears Roebuck A Co
»
a72%
08%
Socony-Vacuum OH Co..16
Southern RyCo
*
al0%
Standard Oil Co (N J)...25
Stone A Webster Inc
*
Corp
32%
a9%
6%
1
Swift & Co
25
6
a5%
6%
a8%
1%
7%
425
o71
Jan
47%
Jan
May
174%
31%
24%
Mar
8%
Apr
19% May
May
Apr
5
13
May
May
19%
May
197
25%
June
34%
Apr
256
68%
June
84
Apr
108
16%
June
50
5%
Feb
Apr
24%
Apr
Apr
6
35
1,041
June
7%
Apr
40
13%
Jan
2,150
87 %c
May
16%
1%
June
7
June
11%
Mar
480
350
4%
4%
Apr
June
8
Jan
May
40
Jan
320
27
40
41
May
47%
Feb
190
20%
June
38%
Jan
10
2%
May
May
4%
Jan
120
27
20
22
222
39
38
Apr
June
35%
Feb
June
47%
May
1,106
9%
May
16%
16%
5%
June
June
23%
7%
2%
25
5%
21%
75
128
80
30
May
*
29
29
10
28
May
Burkhart Mfg com
1
21%
21%
100
16%
29
29%
170
27
13%
14%
3%
6%
Coca-Cola Bottling com__l
29%
Columbia Brew
5
13%
13%
*
4
14
14
Emerson Electric com
Falstaff Brew com
1
General Shoe com
1
Lemp Brew com
June
Columbia Gas A Elec Co.*
6%
Preferred
1
Copperweld Steel
..6
Devonian 011 Co
17%
10
Mar
170
12%
25
110
Wagner Electric com—15
26%
26%
26%
150
61%
61%
62%
25
1,134
June
23%
82%
St Louis Pub Serv 5s..1959
Incomes.
......
Quotations
51%
on
2%
Feb
65
for
San
to
30
31%
7%
7%
110
15
6%
938
25c
50
25
1
50
16
Apr
23%
May
43%
Apr
5%
6%
May
May
11%
13%
Jan
Assoc Insur Fund Inc
Feb
4% May
20c
Apr
7%
Apr
Calamba Sugar com
25c
Jan
1
50
125
12%
74
9
1%
400
Jan
20
Jan
Carson Hill Gold cap
Jan
1%
Apr
May
8%
Jan
30c
May
45c
Mar
100
70
91
May
10%
May
75c May
66
June
9,833
20c
1.50
Chrysler Corp
com
Apr
104%
Preferred
American Stores
159%
10
Bell Tel Co of Pa pref.. 100
Budd (E G) Mfg Co
*
Budd Wheel Co
*
Chrysler Corp
5
Electric Storage Battery 100
General Motors
10
lie"
......
4%
Pennsylvania RR
1
50
1%
20
*
Tonopah Mining
Preferred..
*
United Gas Improve com.*
Preferred
*
For footnotes
see
12
113
page 4107.
26
700
15c June
-
-
—
0,
3
25c
45
3
63%
63%
14
81
•
-
-
-
w
-
14%
May
95
May
20%
Apr
35
May
44%
Feb
170
77
15c May
25c
May
Jan
99%
Apr
21
22
19% June
33%
Feb
28%
Jan
Food Machine Corp com 10
Foster A Klelser com
2 %
22
15% May
2.20
Mar
1% June
"
2%
Mar
Hawaiian Pine Co Ltd
1.00
10
.42%
Low
June
1%
8%
8%
15%
8%
15%
55c
55c
200
10%
10%
280
6%
Feb
90%
Jan
33%
Apr
55%
Apr
35%
Apr
2%
Apr
14%
May
24%
Jan
June
120%
Jan
28% June
31%
Jan
8%
May
May
5
34%
May
150
49
9
8
8%
60
13
13
13%
265
LeTourneau (R G) Inb
1
Lockheed Aircraft Corp__l
25%
25%
25
23%
15
15
25%
26%
15%
941
982
12% May
2.90
3%
985
1.75
6%
130
8%
8%
670
3
May
June
26% June
10
1
2%
41%
3%
*
com
100
*
Paauhau Sugar Plant—15
Pacific Can Co com
*
Pacific Coast Aggregates.5
Pac G A E Co com
25
3
"30%
20%
29%
Jan
220
125
5
140
369
29
30%
31%
32%
2,677
1,520
29%
1,135
Mar
20%
Jan
76c
Feb
17%
12%
8%
16%
8%
Jan
Jan
Apr
Feb
Feb
35
Jan
41%
Apr
19%
Apr
4 50 May
11
10%
Apr
Mar
4
Jan
19% June
26
Feb
16%
23%
Feb
May
5
May
10
May
95c May
25% June
28% May
25% May
34
May
5%
Feb
15%
May
1.50
Jan
34%
Apr
34%
AIM-
31%
Jau
50
Jan
40%
595
105 %
196
100
May
108%
Jan
Pacific Pub Serv 1st pref..*
Pacific Tel A Tel com..100
17%
17%
279
16
May
Mar
Feb
Rayonler Inc
Feb
62
21
11%
Apr
10444
Preferred
com
com..
*
1
116
119
118
113
June
21%
138%
29
294
28
June
43%
1
200
1
Apr
1
1.35
Jan
Jan
■
13%
15%
"
_
7%
13%
28
"l6
25
Rteem Manufacturing Co 1
Rlctifleld OH Corp com
*
39
29
"118"
Pig'n Whistle pref
*
Puget Sound PAT com..*
Feb
20
56
*
$5 dividend
Jan
15%
20
1.25
28%
Jan
5% May
7% May
2% May
12
1.25
'
Pacific Light Corp com...*
Jan
117%
120
703
5
'
32%
Feb
May
5
12
-
6% 1st preferred
25
0%% 1st preferred...25
Paraffine Co's
107% June
Feb
11% May
4% June
21
May
23% June
5
Machine..5
Calcul
8
6%
*
.
7% May
May
50c May
10% June
9
May
14%
220
9
Hutchinson Sugar Plant. 15
Apr
%
Jig June
%
1%
350
March
High
112%
4%
May
"
30
100
June
Honolulu Plantation Co 20
2,228
Mar
1
38
15%
19%
27
307
725
1,019
1,375
*
20
113%
Apr
3% June
3% May
55% June
25% June
38
May
1.25
44
*
Holly Development
1
Honolulu OH Corp cap...*
Oliver Utd Filters A
281
21
185
Occidental Insurance Co 10
269
Apr
90
Jan
10,872
Feb
6
37%
Jan
34%
Apr
109
88
6
11
12%
111% 114
87%
Jan
Jan
Mar
36%
125%
353
4%
37%
No Amer Invest
2,118
55
Jan
89%
Apr
%
32c
Apr
May
50
Preferred
June
2%
52%
Fireman's Fund Ins Co..25
8%
1%
32%
3% May
12% May
75% May
14% May
245
6
657
May
Mar
June
4
422
15
Mar
2% May
57% June
103% June
2,802
83
Natomas Co
3,275
45
425
15
Menasco Mfg Co com
1
National Auto Fibres com 1
145
300
2,140
10
Jan
398
3%
63%
2
225
Apr
31
45
4%
14%
10
25c
4%
13%
80%
175%
15%
335
8%
103% 103%
4%
May
820
*16
50
May
24% June
May
%
2%
17
160
9%
61%
1%
1%
18%
20%
114% 114%
29%
4%
5%
37%
37%
6% May
30
26
146%
26%
44%
1
Transit Invest Corp prf
United Corp com
.__*
5
100
50
25
285
30
Phlla Electric of Pa $5 prf *
PhUa Elec Pow pref
25
Salt Dome Oil Corp
1
Scott Paper
61%
26%
Mar
5%
162
'•»
-
455
99
Jan
19
103
Jan
Shares
125
125
12% May
10
Feb
Range Since Jan. 1, 1940
41%
26%
Horn A Hard (NY) com..*
Pennroad Corp vtc
11
11%
155% 160%
9%
10%
115% 117
3%
3%
5% June
3% May
May
100
lc
Week
*
American Tel A Tel.... 100
Barber Co
100
3% May
Jan
7%
2%
Class B
for
High
June
Feb
lc
Sales
of Prices
Low
High
6
3
2
-
Langendorf Utd Bak A...*
Week's Range
Low
200
1% May
inclusive, compiled from official sales lists
Sale
6
8%
*
Emporium Capwell Corp.*
3
50
Crown Zellerbach com...5
Philadelphia Stock Exchange
Last
Range Since Jan. 1, 1940
Shares
2
Creameries of Am com___l
Genl Mtrs Corp com
Golden State Co Ltd
25
Sales
26
5
Jan
Unlisted—
1%
Exchange
380
—
Coast Cos G & E 1st prf 100
4%
22
are
13
Central Eureka Mincom.l
50
1,100
which
13
m —
Caterpillar Tractor com..*
May
6% May
100
lc
Exchanges,
2
«.
1
May
35c
Price
49%
Stock Exchange
3%
3%
109% 109%
Calif Water Service preflOO
June
7%
4%
~
Calif Packing Corp pref.50
Jan
1%
75
f
Calif Cotton Mills com. 100
Apr
75%
5%
1%
York
3
20
1
35c
lc
Stock
for
Price
10
17%
75%
5%
Par
47%
Week
Calif Natl Bank..20
25
15
1%
Angl
Jan
May
May
760
lc
Coast
of Prices
Low
High
Aircraft Accessories A__50c
Jan
13
15%
1,336
Stocks—
106% 109%
St Louis Union Trust Co..
Week's Range
Calaveras Cement com...*
14%
Friday
Ask
Bk
inclusive, compiled from official sales lists
Bank of California N A..80
85c
June 28, both
Commeroe
A Trust Co
May
8%
19%
1%
Par
26%
6%
to
Jan
Bid
MercantUe
Friday
May
Feb
19%
1%
Ask
Sale
75c
1
66%
12%
Jan
May
Francisco Stock
June 28, both
High
5%
Pennroad Corp vtc
May
8
Last
Low
6%
20%
55
800
Cortlandt 7-4150
Week
Shares
85c
22
$5,700
9
Broadway, New York
Range Since Jan. 1, 1940
6%
Westlnghouse Air Brake..*
9
Pacific
on
111
June 22
100
20c
Apr
Private Wire to own offices In San Francisco and Lob Angeles
Mt Fuel Supply Co
10
Natl Fireproofing Corp...*
Pittsburgh Plate Glass..25
1
30
St. Louis Bank and Trust Companies
Apr
50
Victor Brewing Co
9
Members New
Apr
38%
942
Mining Co
1
Shamrock Oil A Gas com.l
21% May
Schwabacher & Co.
30
...
solicited
Apr
9
1
Apr
Apr
until 5:30 P. M. Eastern Standard Time (2 P. M. Saturdays)
Apr
77
Renner Co
1964
Bid
Feb
23%
8%
Pittsburgh Screw A Bolt..*
9
Feb
May
8%
San Toy
Apr
9.
Bonds—
Orders
May
40% June
1% May
23
May
45
May
577
75
96
5% May
Jan
5%
open
*75"
com
Jan
87%
100
6%
Jan
*
Lone Star Gas Co
10
6%
Jan
Feb
100
Koppers Co pref
Jan
6%
12%
18
7%
1%
Feb
6%
Feb
62%
12%
21%
11%
Apr
1.37
"6%
12
May
5%
14
Follansbee Brothers pref 100
Fort Pitt Brewing
1
28
Jan
100
20%
7%
1
"19%
10
Jan
Apr
12%
43%
Sales
25c
Feb
6%
5%
1
Stocks—
Consolidated Ice Co com.*
Apr
4%
1.00 June
16
92
92
8
June
*
28, both inclusive, compiled from official sales lists
7%
5%
1.00
36%
3% May
4
Sterling Alum com
Pittsburgh Stock Exchange
7%
20% June
Scullin Steel com
27
June
092%
"30%
Feb
Apr
5
25
May
May
U S Steel Corp
•
Westlnghouse ElecA Mfg60
*
15%
45
100
1.00
Scruggs-V-B Inc 1st preflOO
May
2% June
4
Apr
June
15
4
Mississippi Valley Tr Co..
14
100
*
"To!
St Louis Pub Serv com A.l
10%
11
100
4
Mar
27
150
4
Apr
7%
30
255
..*
50
20%
20%
33%
10
2%
2%
o20% a20%
53
60%
o92% a92%
Armstrong Cork Co
6% June
5%
2%
37%
7%
79
2%
Byers (A M) Co com
275
25% May
5% June
5%
35%
265
a20%
Blaw-Knox Co
June
Apr
790
21%
Jan
4
Apr
a32% a34%
Allegheny Ludlum Steel..*
Arkansas Natl Gas pref.100
27
30
30%
23%
08%
c9%
6%
6%
al9% fll9%
70%
70%
of Prices
High
19%
June
330
4
Apr
3% June
12
>__10
34
13% June
30
2%
Rlce-Stix Dry Goods com.*
St Louis Car com
June
14
27
*
5
Key Co com
Natl Bearing Metals com.*
Apr
May
50
12
31%
Apr
36%
29
45
27
International Shoe com..*
46
Jan
162
29
Grlesedieck-West Br cm..*
First National Bank
87%
08%
a8%
ol0% alO%
32%
32%
Low
6%
Boatmen's National Bank.
May
United Corp (The) (Del).*
U S Rubber Co
10
Sale
6%
Jan
June
50
Price
3%
Apr
14%
al6% al8%
Par
3%
8%
68%
al8%
a34%
Stocks—
com
Dr Pepper com
Mar
4
89
Week's Range
High
38
24%
Jan
4%
Feb
1,598
073
al9%
70%
Last
Low
38
Apr
60
790
a5
Friday
Range Since Jan. 1, 1940
Shares
.*
Apr
May
May
May
399
United Air Lines Transp.5
United Aircraft Corp
6
22 to June
Price
Jan
380
18%
26%
Union Carbide A Carbon.*
53
Jan
135
a25% 025%
a5
10
15
a3
al8% o20%
a4%
a4%
18
16%
47%
148
Week
Brown Shoe com
115
6
a23% a23%
39
39%
10%
12%
16%
16%
o20% o22%
c5% a5%
3%
3%
May
for
of Prices
Low
High
Feb
%c
185
31% 32%
o40% o41%
20%
20%
03
417
•
5%
Week's Range
Sale
American Inv com...
Amer Smelting <fc Refining*
Sales
Last
June
Unlisted—
June 22
Exchange
inclusive, compiled from official sales lists
Friday
Mining-
^une
A. T. A T. Tel.
Jan
9%
Jan
2
Jan
17%
June
1,350
Black Mammoth Cons. 10c
Gold
(MEMBER)
STOCKS
Mar
2
Studebaker
LOUIS BANK
ST.
Jan
4%
LOUIS STOCK EXCHANGE ISSUES
ST
Jan
2,412
1,372
2
Cardinal
June 29, 1940
28%
14
14
7%
16
7%
44
12%
29% May
14
29%
150
Jan
May
24% May
12% May
2,110
5% May
415
548
May
37% May
19%
Jan
8%
Jan
Volume
The Commercial & Financial Chronicle
150
Sales
Friday
Range Since Jan. 1, 1940
Last
(Concluded)
Week's Range
for
Sale
Stocks
of Prices
and
Week
Low
Price
Par
considerable
a
1
*
com
85*
"~27~"
Soundvlew Pulp Co com_5
Preferred
100
So Calif Gas pref ser A. .25
Southern Pacific Co
*
Spring Valley Co Ltd
*
Super Mold Corp cap
10
Texas Consolidated OIl__l
Tidewater Assoc Oil com 10
Transamerlca Corp
Treadwell-Yukon Corp
755
5A
9 A
than
15A
Jan
22
Jan
6
Jan
20c
May
12
June
4A
May
May
May
17H
Jan
23 A
Apr
6c
8c
3,285
45,000
12%
1,766
165*
317
12 A
May
8A
3A
112
4%
Jan
195
3
0%
Jan
6c
12
16c
Jan
4% May
.5
11
11
11
287
8
May
13
May
275
275
275
5
265
June
301
Apr
100
15
June
Western Pipe & Steel Co. 10
16
16
22 A
Mr.
a5A
15
8
May
9%
will
149
June
174%
thus be in
-
—
*
Bendlx Aviation Corp
2.00
205
2A
250
3 A
120
2A
35*
~a29%
14%
a5A
Feb
6 A
aA
25
A June
A
through
April
494,342.
A
24
June
32 A
Apr
805
7
June
11H
Mar
25
May
28 A
91
7A
31A
680
all% al25*
5%
61
—— —
—
*
May
5
May
a4%
5
4A
June
85*
8c
500
a395*
175
0.3%
a 4%
100
19
140
June
June
26
Feb
Apr
130
14 A
May
26 J*
202
20 A
Mar
235*
Jan
25
15
June
23 J*
<z345*
3 A
545
3
May
Jan
19
540
16 %
June
4%
23 A
Apr
a5
110
4A
May
7A
5
Feb
10
12
10
June
20
21
28
30
18A June
7
May
24
May
25
8
295*
305*
Apr
7%
Apr
12 5*
Feb
27A
727
29 A
29
581
25
275
a5%
20
a7
30
d Deferred delivery,
Ex-rlghts.
97
r
280
May
5
May
5% May
39
375
682
June
615*
loan
O'Malley communication said, in part:
retireenmt
its
program
was
e
66 A
Jan
Jan
4
ing the legal debt limit."
Chicago Home
;
Loan
Advances
Tlie
in
\
95*
Apr
Bank's
Bank
ditional
of
in
cash
some
$35,000,000
of
several hundred
the
of
report
sin
the
half
a
Treasury
this
The
even
Treasury-
A.
R.
of the United
It was in line with the
for
$700,000,000
shared
brought
homes
the
possible by reducing funds
Since
that
the
needs of the Treasury
urgent with the imminence of un¬
more
His communica¬
of the
The League in its announcement
few weeks ago.
a
also said:
The
the
mainly
on
said
general
Mr.
O'Malley
by
the
enlarged
Such
A
this
on
difficulty,
these
of
This
the
was
the
the
second month in
investment
their books,
of
of
per
the Treasury
between
several
hundred
1934
and
existing
1938
and
institutions.
annum
has been
paid
semi-annually
on
in the associations since it was first put
and this is considerably above the cost of the funds to tjie
Treasury, it was pointed out.
for additional
buying
and
funds,
building
Seventy-four
more
than
In each State
Bank
lend these funds
their
of
outstanding
in which
row
at
the
the Bank's advances had
bringing them to a total of $23,044,748 as of
of this volume of credit is on a 10-year
cent
per
repayment basis, corresponding roughly to the terms on
tions
10%
>"'■J.';,•
to home
which the associa¬
Mr. Gardner said.
owners,
York
New
Savings
Urged
by
Low-Rent
State
Banks and Insurance Companies
Senator Desmond to Construct
Housing
by New York State savings banks and insurance
Action
Desmond, Newburgh
22 by State Senator Thomas C.
Senator Desmond said:
Republican.
Throughout the country there is increasing
clearance
and
York State,
New
in the
of
construction
The principal is, of course, entirely intact
by
private capital.
Moffat and I
session, is in a position to
1940 Hew York legislative
rapid development of such housing activity on a private
business
.v.5'.
The
two
new
Desmond-Moffat
which
insurance
companies,
finance limited
to
is action
Limited
are
authorize
measures
among
our
largest
dividend housing projects.
savings
projects
in
some
and
private
All that is needed
A few New York City savings
by the financial institutions.
dividend
banks
holders of
begun studying plans, but no construction is yet
banks have
offer
form
an
under way.
important means of
unemployed back to work and at the same time attacking
housing problem.
Such projects serve an important "inUnder the Desmond-Moffat-Mitchell Public Housing
of 1939, limited dividend housing companies may receive the benefits
form of tax limitation and are given power to secure building sites
putting
our
country's
this
Law
of
recognition of the need for
housing
rent
by virtue of two laws which Assemblyman
basis.
now
low
a
group.
In return they must submit to supervision designed
possible. A ceiling is set by
This enables their housing
the needs of a large group whose income is too high to admit
public projects but not high enough to permit the payment of
by condemnation.
to
make
law
to
to
meet
them
rents
sure
the
to
that their rents are as low as
rentals which they much charge.
charged for decent comportable homes in the "open
living in slum tenements because
families are now
they can pay.
operations and records are supervised by
insure that rents are kept as low as is
market."
Many
they cannot find
That their problem can be met
anything better at a rent
new
new.
3.5%
in
loans, and this time they netted a 7% gain
on
outstanding loans,
May 31.
a
to
Loan
Home
•.'
.
repayments
equal
by limited dividend projects is indicated by
Limited dividend companies are restricted
600
immediately available for repayment to the Treasury
averaging
as
year saw
announcement
these institutions operate.
amounts
Federal
the
from
month.
the
exceeded
in
borrowed
start of more than
since there is a rapid flow of savings from the public
institutians
return
the
institutions
capacity
lending
funds would be
without
into
the
financing
demand
in
interest
increasing
savings and loan associations,
Treasury investment in
explained, made possible
home
community
seven
associations in both States in the
that
increase
the communities where
in
advances
first
such
$35,000,000
Bank's
The
demanded.
President,
in
associations
total
ad¬
League's 41-man Federal Savings and Loan Committee in
Chicago
on
sav¬
\i-
Gardner,
district
witness a
result of discussions among members
the
was
Washington
in
time in the Bank's
said:
national de¬
precedented expenditures for armaments.
tion
Home
May, the
$2,197,980 advanced to
No month in all of last
month.
one
credit
much
further
sponsored
instrumentalities.
O'Malley explained,
Mr.
time,
Board
Federal
the
to
of
years' existence that it lias disbursed as much
$2,000,000 in
between"
have become
Volume
Federal
by the
advances
represented only the fourth
and
Federal savings and
financing of the
possibilities
the
Government
the
Largest
Made
ings, building and loan associations in Illinois and Wiscon¬
slum
which President Roosevelt sent to the Senate on
in
for
without increas¬
May in Nearly Two Years
June 24 is said to show.
In range for
urged upon all such associations in a
outlining
expenses
:
largest volume of
funds,
IS,
in its present search
Loan Bank of Chicago in 23 months was made in
t Title changed from
fin default,
Savings and Loan League.
message
in
of investments
savings and loan associations made by the Secretary of the Treas¬
in order to cooperate with the Government
ury
Admitted to unlisted
of the Federal Savings and Loan Committee
April
Federal savings
every
1940,
liquid funds to be used for current governmental
communication, June 24, from James J. O'Malley, Chairman
States
by July 31,
Apr
May
Loan Associations Urged to
Investments to Aid Defense
aid
associations to
fense
$117,-
*
companies to start building liomes for families of modest
retirement
in the
reached
*.
passed by the United States League's Federal Savings and
income was urged on June
shares
V;;
/.
Apr
2%
1A May
42 A
10
Jan
465* May
Mar
Cash sale—Not Included
$ Listed,
Savings and
Retire
Treasury's
Financing
owned
involved loans of
already
have
repayments
•
association
Jan
30 A May
May
44 A
Mar
Eversharp, Inc
voluntary
Corporation's lending
program
resolved, That the committee recommend to
loan
Federal
June
A
12 A
25%
Odd lot sales, b Ex-stock dividend,
Federal
The
RFC
The
Apr
a33A a38A
2%
2A
a49A a.53%
7A
7A
25*
repay¬
Mar
a7
a52»A
and
1940,
Apr
21A
15 A
a37A a37%
United Aircraft Corp cap.5
y
4%
Jan
4%
7A
19
a5A
—
and
Jan
65 A
May
May
40
Apr
12c
6c May
395*
2%
29 A
——————
United Corp of Del
*
United States Steel com..*
The Whal Co. to
35
June
28 A
-
possible."
Feb
May
3A
22
26 A
25
/Ex-dividend.
5c
Feb
5c
30
8
29 A
year.
Mar
June
10
~~275*
trading privileges,
355*
25 A
20 A
......
Standard Brands Inc
Reconstruction Finance
institutions.
Committee motivating the
Jan
a4A
— — — —
25
a
Apr
3%
ISA
a45*
25
No par value,
45*
1.55
21A
15A
------
6% preferred...
55*% pref
*
May
75c June
50
al55* al75*
215*
So Calif Edison com
West Coast Life Insur
Jan
4
19
------
Apr
381*
23
a2%
a4%
— — —
Schumach Wall Bd pref..*
Shasta Water Co com
*
Studebaker Corp com
1
Texas Corp com
...25
7
June
5
488
-
5c
5c
Oahu Sugar Co Ltd cap. .20
So Cal Ed
Apr
260
8c
—
795*
25 A
o37
—
"
June
255*
1
60
60
2 A
McKesson & Robbins com5
Radio Corp of America...»
Santa Cruz Port com
50
125
30
35*
a4%
Pennsylvania RR Co
as
Apr
400
23
Packard Motor Co com..*
205*
85c
5
North American Co com.10
Apr
June
*
Nash-Kelvlnator Corp
5
National Distillers Prod..*
No American Aviation.. 1
Jan
17
20 A
McBryde Sugar Co
— —
30,
resolution
Jan
60
80c
Montgomery Ward & Co.*
8 A
41
150
5c
Jan
36
Mar
1,150
Matson Navigation Co
5
5%
Jan
2
28 % June
5%
.
.
513
61
55*
"80c
10
4%
a20% a22A
a 2%
a2%
....
these
;.v
"Be it
Mar
242
30 A
—
early
as
May
aA
——
not
In 1939 repayments
associations which wished to stand
many
private investors
line with the
with
Jan
187
28
Copper Corp com..*
Mountain City Copper
Apr
May
75*
*
M J & M & M Cons
35A
June
9%
a4A
<Z22 5*
Klelber Motor Co
May
26 A
75c
7A
—
by
that then
and
years,
would be requested.
Apr
87
7
— — —
five
$50,-
was
Apr
5%
290
'"IYA.
Kenn
Apr
4%
June
a26% a29%
Idaho Mary Mines Corp__l
...
8H
3A
1,698
28 A
Italo Pet Corp of Amer pf. 1
t
1.00
75*
5
com
10
Jan
10 A
a%
a.29
Internatl Nick Co Canada *
Inter Tel & Tel Co
Mar
4.00
1.00
General Electric Co com..*
Guggenhime & Co pref
Jan
9%
8%
10 5*
—
"a55*
Curtlss-Wrlght Corp
1
Domlnguez Oil Fields Co.*
*
*
25 A
Jan
111
a27H a29%
1.00
— — — — —
Cons Edison Co of N Y..*
Goodrich (B F) Co com
May
4% May
2 A June
1,670
al55* al65*
a 6%
a7
a4%
a4%
— — — m
Claude Neon Lights com.l
ElecBond & Share Co
14
1.90
—
2H
6
1
May
8A
1
Bunker Hill & Sulllvan_25*
Cities Service Co com..10
Apr
10%
18 A
410
3
Blair & Co Inc cap
31A
Feb
1.50 May
500
10H
100
com
May
20%
105*
"aibli
—
92c June
Feb
20
5
Aviation Corp. of Del
Aviation & Trans Corp
62c
1,075
10 5*
•
Atchison T & S F Ry.._100
Atlas Corp common
5
Bait & Ohio RR
a5V
—
205*
Anaconda Copper Mln_.50
Anglo Nat Corp A com
Argonaut Mining Co
—
first
investment
the understanding that
on
$121,131,650 to savings, building and loan associations from Feb. 2, 1932,
Apr
*
made
were
the
this
invested
Treasury investments in the Federal savings and loan associations
experience
Mar
298
Sntry
for
year
one
was
O'Malley eaid that the experience of the Government with the
Loan
American Tel & Tel Co. 100 al605* a!55
al605*
Amer Toll Bridge (Del)_.l
91c
83c
83c
Am Rad & St
asked
any
funds from
on
ment of
May
♦
Unlisted—
be
would
10% in
"It
" /
for
appropriation
already
has
investment
Mar
Wells Fargo Bk & U. TrlOO
Preferred
original
total
Apr
14
Treasury
of the full amount
Feb
9
it
entirely
Feb
7c June
220
May
26«
33 A
125*
165*
8%
35*
"~~3~5*
of
more
May
400
4%
none
Jan
June
17 A
285
7c
May
Feb
34 A
,
May
5
2,399
23
,
12 Hi
5
15*
1
6 J*
215
185*
45*
8C
*
42
May
May
10OA
June
the
000,000," said Mr. O'Malley.
12 A
May
95 A
28 A
,9
"45*
1
Victor Equip Co com
21
17
100
7c
Union Oil Co of Calif...25
Vega Airplane Co
1,396
28
23
2
United Air Lines Corp
May
original
Apr
7
May
8
95A
8A
55*
185*
"i~8H
Standard Oil Co of Calif. _*
3A
152
32 A
9
25H
95 A
32
.....
983
45*
8 A
45*
45*
of
portion
been paid back by the associations, it was said.
High
Low
Shares
High
"The
Ryan Aeronautical Co
Shell Union Oil
4107
past experience.
to 6% dividends and their
the State Division of Housing
possible after necessary charges
are met.
Housing companies of this kind, although they serve a market
where the demand
for improved housing is very great, by their very
nature offer no hope of speculative profits, and much of the idle capital
now
in the hands of individuals is therefore not attracted.
But savings
banks and insurance companies rightly do not expect a speculative return
on
their investments, so that limited dividend companies, whose record
for safety in New
York State is excellent, offer a very suitable field
to
for
them.
.
.
The Commercial & Financial Chronicle
4108
June 29, 1940
Canadian Markets
LISTED AND UNLISTED
Montreal Stock
Service
Last
Stocks
(.Concluded)
Holllnger Gold
Members
Greenshields & Co
507 Place
Howard Smith Paper
*
Range Since Jan. I, 1940
Shares
465
11% May
850
19%
June
4,339
8%
June
4,700
13
12 J*
13%
20
20
20
Intl Nickel of Can
»
31%
31
32%
1,242
International Petroleum__*
12 H
12 N
13%
1,010
2%
2%
Provincial and
Municipal Issues
*
Preferred
100
Jan
23 %
Apr
34
Jan
12
June
16%
16%
Feb
June
28%
Feb
27% May
12% June
,
46%
Jan
24
Feb
Jan
June
2%
6
Jan
75
5
76
June
94
Feb
*
Lake of the Woods
Preferred.
85
High
15
20
40
International Power
June
9%
13
Imperial Tobacco of Can.5
Preferred
25
Closing bid and asked quotations, Friday, June 28
Low
440
20%
9%
8%
8%
for
Week
10
12N
19%
..*
Imperial Oil Ltd...
88 R
High
10
*
Hudson Bay Mining
d'Annes, Montreal
Low
10
6
Range
of Prices
Price
Par
Sales
Week's
Sale
Securities.
Montreal Stock Exchange
Montreal Curb Market
Exchange
Friday
all Canadian
on
15
15
106
14
Jan
2
120
May
Apr
27
110
75
Ask
Province of Alberta—
Bid
A sk
Province of Ontario—
*
3
3%
75
2%
Mar
5%
Jan
Masse y-Harrl8
Bid
100
Lindsay (C W)
(American Dollar Prices)
110
*
2%
2%
80
2% May
6%
Jan
5
5
125
5
9%
Jan
Feb
......
i
..
.
McColl-Frontenac Oil—_*
5
27
Montreal L H & P Cons..*
25%
27%
1,094
25
May
31%
Montreal Tramways... 100
40
40
40
60
40
June
26
25
26
1,430
25
June
56%
38%
Jan
32
32
2
33
June
^1%
Mar
38
38%
143
34
June
69
Jan
44
45
1,087
45
June
78%
Jan
21
775
20
June
11
146
June
162
Feb
9% June
12
Apr
Jan
1 1948
34
36
5s
Oct
1 1942
85
87,
4 %8
Oct
1 1966
33
35
6s
89
91
6s.
15 1943
May
11959
77
79
62
65
4s
June
1 1962
70
72
National Steel Car
4%b
Jan
15 1965
72
75
Noranda Mines Ltd
Prov of British Columbia—
6s
July
4Ns
12 1949
1 1953
Oct
58
62
Province of Manitoba—
Aug
5s
June 15 1954
2 1959
„
1 1941
Deo
72
4%s
Mar
2 1950
60
65
4s
Feb
1 1958
67
70
60
65
4%b
May
1 1961
71
73
Prov of New Brunswick—
.....Apr
15 1960
4%b
Apr
15 1961
Province of Nova Scotia—
m-
W
-
m
60
74
*
25
Preferred
Corp.*
44
16 1952
68
5s
June
15 1943
52
56
5%a
Nov
15 1946
53
57
Mar
1 1960
72
Oct
1 1951
68
..
■
>
.
;■
:•
.
Preferred
.1
"~8%
*
*
8
10
55
12
May
16
6
198
6
May
11%
10
10
11%
1,206
9
May
24
Jan
65
*
65
60
60
May
80%
Feb
13 J*
*
12 %
St Lawrence Paper pref. 100
Shawlnlgan W A Power..*
(American Dollar Prices)
Ask
Canadian Pacific Ry—
90%
2%
....*
50
A preferred
Closing bid and asked quotations, Friday, June 28
Bid
Corp
Bid
Ask
4s perpetual debentures.
40%
41
Sept
1 1946
63
6s
Sept
16 1942
66
68
5s
Dec
1
1954
59
61
4%b
Dec
15 1944
52
54
4^8
July
1 1960
60
53
5s..
July
1 1944
87%
89
4%b
66
Steel
Co
of
Canada
20
13
240
12
June
10
96
May
2%
2%
565
2
11%
12%
25%
360
,
125
May
ION May
20
May
16
May
Closing bid and asked quotations, Friday, June 28
Bid
Ask
Canadian National Ry—
Bid
Ask
Sept
4%b
June 15 1965
1 1951
74
75
75%
76%
6%b
4Ns
Feb
1 1956
74%
75%
4%a
July
1 1957
74%
6s
July
1 1969
75%
77%
6s
Oct
1 1969
76%
76%
5s
Feb
1 1970
76
1 1946
July
87
87H
3s
1 1962
..Jan
....
63
7
June
15
Mar
114
ic.;.:- 2
115
May
126
Mar
63
62%
June
86%
226
63
May
83
Jan
25
6
June
J1
May
3%
3%
3%
*
150
2% May
100
120
120
120
10
120
*
16
16
16
1.600
16
*
1.00
1.00
1.00
485
*
1.15
1.15
1.15
508
Class B
for
Shares
Low
High
3
May
Agnew-Surpass Shoe
9
9
50
9
June
Preferred
*
75c
7%
16
100
m%
Bathurst Pow A Paper A.*
8%
Bawlf
(N) Grain
Bell Telephone
*
145
British Col Power Corp A *
24
4%
*
5
Building Products A (new) *
13
Bulolo
*
Cndn Canners
5%
22
140
100
17
100
May
145
May
176%
Mar
178
June
212
Mar
284
23
285
June
311
Mar
150
150"
140
74
108
284
100
Royal
140
149
178
150
123
150
June
190
Mar
25
Industrial
10c
148
4%
13
1.75
*
8
31N
*
4%
31%
21%
21%
Mar
7
Feb
4
355
100
642
3% May
80
June
8%
99
Jan
Feb
Mar
122
2% June
10% June
8%
2\%
235
29
June
45
Jan
100
18
June
20%
Feb
830
13%
Feb
13%
Feb
Apr
Preferred
32%
410
29
May
48%
Jan
70
21
June
32
Apr
Apr
Apr
Jan
17 N
17%
17%
590
16
June
22
Feb
7%
1,195
6 %
June
3
May
15%
8%
Apr
89
Jan
7%
60
5
60c May
1.00
Jan
Mar
Jan
Jan
Apr
12
Feb
20
May
24
Jan
9
350
6
15%
Feb
10%
4%
70
140
8%
80
8
18
11
80
80
18
4%
77
4%
80
7% June
345
10
May
May
110
80
June
465
36
4% June
77
June
2%
3%
-
2%
100
2% May
3
3%
310
3
May
16%
96%
10%
96
5%
8%
150
5
Jan
Feb
Feb
Feb
Mar
Apr
June
May
2N
31%
Apr
Apr
235
Mar
150
175
Mar
June
June
15c
Feb
3.50
Mar
•
10c
...*
•» _
4%
2%
*»
14%
6%
*
_
.
MacLaren Pow A Paper..*
Massey-Harrls 5% cm pflOO
McColl-Frontenac Oil—
6% cumul pref
8%
32
pflOO
Intl Paints (Can) Ltd A..*
Internl Paints 5% cm pfd20
International Utilities B
1
Moore Corp Ltd
*
Nova Scot LAP6%cmpf 100
Page-Hersey Tubes Ltd..*
Provincial Transport Co..*
r
150
3%
875
80c
80c
310
75c
June
3%
Jan
29%
29%
100
29 %
June
29%
June
4%
310
3%
115
3
May
8%
Jan
4%
4%
2%
25
3
May
8%
Apr
725
2
June
6%
Jan
2
14
6%
8%
1.00
m »» —
«• —
■
—
m-—
"io%
11
25c
3%
May
3% May
4%
410
16%
518
14
6%
115
6
9%
645
32
1.00
11
5
3% June
May
May
7% June
32
June
5
1.00 May
5
13
25c
20
8%
10
Apr
Jan
10
Jan
22 N
Feb
20
Jan
21N
38
Jan
Mar
3.50
Jan
May
16%
Apr
20c May
60c
Jan
ION
10%
200
9
May
22
25
25
107
25
June
59
82
Melchers Distilleries preflO
Mitchell (Robt) Co Ltd..*
5c
1.75
32
100
Montreal Island Pwr Co..*
Mtl Refrig A Strg vot trst-*
Jan
3%
3%
M,
*
*
cm
100
Apr
3
«
29%
Ford Motor of Can A
Voting trust
300
8%
4
«
.»
Fleet Aircraft Ltd
10c
1.40
5c
3%
*
B
85c
1.70
"
Eastn Dairies 7% cm pf-100
Falrchlld Aircraft Ltd
5
No par value,
325
1.10
22
178% June
5c
Donnacona Paper A
6%
70
1.55 May
Alcohols
Frelman (A J)
100
10
150
-
Fraser Cos Ltd
40%
1.10
23^
Jan
Jan
8%
Jan
96%
8
Feb
35
Jan
May
11*4
Feb
111
20c
Feb
May
39
June
May
Mar
4
June
90
10c
3%
19%
4
265
May
30
5
178% 184
Cuty Gas A Elec Crp Ltd.*
1.65 May
7
May
1,371
5
24
150
94
Feb
Cub Aircraft Corp Ltd..*
27%
18
~
10
»
June
4%
860
30
*
19% May
4%
m
Dominion Oilclth A Llnol*
90%
25%
14%
Commercial
4%
Jan
Feb
94
1.10
Consolidated Paper Corp.*
Mar
100
June
May
155
June
10
14%
Apr
93
Jan
25
22
June
150
June
10
Jan
70
19%
10
June
85M May
23%
June
94
23
Catelli Fd Prd 5%cmpf.l5
9
148
89
MAy
10%
305
33
20
2
June
15
11
May
25
110
89
17N
May
200
72%
7
1,360
89
16%
Jan
6% June
May
5
148
6% June
8
Jan
80
72%
June
2
Feb
22% June
148
50
3%
70c
22
20
Feb
3% May
5
10
Mar
565
Jan
6%
5%
1%
355
3%
6%
30
128
4
5
100
4%
3
June
80
May
2.00
3%
Jan
V8
May
628
6%
Apr
85c
May
4
145
8
12%
80
June
3
20
22
80
1
106
5
Jan
230
*
50
905
32
100
cum pref
60
250
7
7%
100
210
28%
37%
17%
June
25
179
*
13%
8
90%
June
6
30
*
7% cumul pref
Cndn Marconi Co
Cndn Vickers Ltd
Apr
2
93
16%
High
2N
100
10%
*
26%
1.80
6
89
100
Claude Neon Gen Adv
725
Gypsum Lime A Alabas..*
*
30
91
Preferred
Hamilton Bridge
May
4% May
24
21%
....
*
ION
23%
60
100
169
June
23
Eastern Dairies...
preferred
94
June
85
*
General steel Wares
25
Can Nor P 7% cum pref 100
Cndn Breweries Ltd
*
3%
23
100
Electrolux Corp.
l
Famous Players C Corp.
Foundation Co. of Canada*
Gatlneau Power
Canada A Dom Sugar Co. *
Canada Malting Co Ltd..*
80
5
Dominion Textile pref. 100
Dryden Paper....
Calg Pr Co Ltd 6%cmpfl00
Apr
145
Feb
22
Dominion Textile
Mar
491
17%
*
100
Preferred
British Columbia Packers'*
23%
6%
Low
0.50 June
Jan
May
*
Dominion Coal pref
25
Dominion Steel A Coal B 25
Dom Tar A Chem
*
6% cum pref
Brit Amer Oil Co Ltd
Jan
1.75
May
110
*
Feb
15%
10
25
Bridge
112%
3,539
3%
6
4,800
2,020
3%
Apr
210
18
Range Since Jan. 1, 1940
Shares
2.00
4%
May
Jan
110
Ry_..25
Distillers Seagrams
Preferred
*
10c May
12
25
Consol Mining A SmeltlngS
Crown Corl & Seal Co
*
Bathurst P A P Co B
6%
125
9%
m
70c
87
110N
355
3%
U'm
6
230
30
m —
50c
2
3
«.
200
5
110
Locomotive
Pacific
6% cum pref
100
Abltlbi PAP 7% cm pf.100
Aluminium Ltd
*
70c
785
13
12
13%
Price
6%
24
100
Alcohol.*
Canadian
6%
9
12
6
Week
Bright A Co Ltd (TG)_._*
109%
*
Canadian
Dominion
6%
for
of Prices
Low
High
Jan
109
cm prf20
*
Celanese
Par
Week'8 Range
Beauharnols Power Corp.*
Mar
2%
9%
Apr
Sales
Last
Brewrs A Dlstlrs of Vanc.5
26%
19%
18
Preferred 7%
Candn Celanese rights
Cndn Foreign Invest
Cndn
9%
164
28, both inclusive, compiled from official sales lists
Apr
May
3%
Jan
178
178
Mar
May
4%"
Jan
149
100
Mar
12 %
24
June
Apr
Banks—
Commerce...........100
3.00
14%
3%
Apr
35
12
214
145
25
22
16%
215
29
Preferred
Canadian
May
16%
...*
Conv preferred
7
14%
80
Canada Steamship (new).*
5% preferred........50
1.50 May
Apr
18
8%
Mar
22
Cndn Industries Ltd B
Canada Cement pref.._100
Canadian Bronze
255
12
6
Canada Cement
25
7%
10c
...100
Brazilian Tr Lt & Power.*
Bruck Silk Mills
75c
7
4
14
*
70
20
Abltlbi Pow A Paper Co..*
High
10
*
2%
25
Stocks—
3
Asbestos Corp
Associated Breweries
2%
Range Since Jan. 1, 1940
3
Algoma Steel
24%
30
Friday
Acme Glove Works Ltd..*
Alberta Pacific Grain A..*
June
May
30
Exchange
Sale
*
120
Jan
June
100
pref
6%
62
Bales
Week's Range
Low
June
1.10 May
30
June
inclusive, compiled from official sales list«
Price
1.00
Jan
Montreal Curb Market
Friday
Par
Jan
260
~
Sale
Stocks—
Apr
45
%
6
77%
77%
Montreal Stock
Last
Apr
7
24
65
Kootenay pref
June 22 to June
June 22 to June 28, both
21
52%
65
Nova Scotia
68
Jan
5%
6
M ontreal...
Grand Trunk Pacific Ry—
4s....
..Jan
1 1962
Jan
65
Canadienne......
Canadian Northern Ry—
4%s
Jan
19%
46
Winnipeg Electric A
Zellers
Jan
17%
102
114
»
Woods Mfg pref
(American Dollar Prices)
Jan
.25
United Steel Corp
Bonds
Feb
17
16%
Wllsils Ltd
Government Guaranteed
June
12
90%
Mar
13%
...100
...
Tooke Bros pref
West
Dominion
June
7
100
Preferred
13%
6%
90%
25
"if"
Sherwin Williams of Can.*
Preferred
Canadian Pacific Ry—
50
12
...100
St Lawrence
Jan
6
Holland Paper vot trust...
Railway Bonds
33%
8
..100
Preferred
25
8%
10
Power Corp of Canada...*
Quebec Power
146
8%
Jan
6
"io"
Ottawa L H & Power. .100
6% preferred
'
20
146
100
Price Bros A Co Ltd
70
75
20%
Ogllvie Flour Mills
Ontario Steel Products
Ottawa Car Aircraft
72
64
4%b
Sept
6s
71
Prov of Saskatchewan—
58
4%b
•
Province of Quebec—
4%s
6s
%
June
Jan
National Breweries
6s
Sept
128
83
110
82
June
101 %
Apr
May
May
Apr
6%
15%
Mar
25c
Mar
3%
85c
36%.
100
4
21
3%
6%
6%
160
5%
25c
6%
25c
2
10c
85c
85c
100
36%
85c June
45
39
May
100
14
100
June
100
92
92
50
92
June
111H
5
4
May
7%
4%
Canadian market.
4%
Jan
Jan
85c June
100
36%
Jan
47%
Apr
June
Jan
Feb^
4109
Financial Chronicle
The Commercial &
ISO
Volume
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Week's Range
Last
Sale
Stocks
(Concluded)
Sangamo Co Ltd
Sou Can Pr
6%
cum
Jan
32
15
48
93 34
1.00
250
75c
100
36
Apr
112
Feb
12
Apr
30
9334
1.00
June
Apr
Jan
32
6
8
8
634% cum 1st pref—25
Walker-Good & Worts(H) *
31
3034
$1 cum. preferred-.--*
17
1634
432
2934
June
43 %
1634 June
20 Vs
_
fThe Toronto Stock Exchange
.
_
Members
Feb
(Winnipeg
Grain Exchange
Feb
250
3134
17
F. J. CRAWFORD & CO.
Apr
1.25
listed and unlisted
on
and Industrial Securities
High
Low
9334
.....
invited
Canadian Mining
Week
Shares
32
..*
1, 1940
Range Since Jan.
for
93 H
—*
pf.100
Thrift Stores Ltd
of Prices
High
Low
Price
Par
Inquiries
Sales
Friday
TORONTO
11 Jordan Street
Mines—
Ltd_ *
13c
35c
Jan
Arno Mines Ltd.
lc
1,500
lc June
lc
June
Arntfield Gold Mines Ltd.l
4c
4c
1,000
4c June
16 34c
Jan
1
4c
4c
1,500
4c June
13c
Jan
37
3c June
Aldermac Copp Corp
Beaufor Gold Mines Ltd.
.
3c
3c
13c
300
13c
June
Toronto Stock
5c June
Exchange
Sales
Friday
Big Missouri Mines Corp.l
Brazil Gold & Diamond Ml
134c
134c
500
6c
Mar
Last
Week's Range
for
Cartier-Malartic G Mines 1
lc
lc
500
lc June
2 34c
Feb
Sale
Cent Cadillac G M Ltd__l
634c
634c
1,300
634c June
20c
Mar
of Prices
Low
High
Shares
1734c 173^c
425
2.28
600
*
Dome Mines Ltd
2.25
East Malartic M Ltd—.1
134c
Apr
17c June
1.95
June
■
Stocks (Continued)
Price
Par
Jan
4.10
Davies
13c
12c
15c
22,400
12c June
35o
Apr
60c
60c
60c
1.35
Apr
3c
2,000
2,500
60c June
3c
3c June
8c
Jan
1834 May
30c
30c
1,200
25c June
1.25
Jan
Delnite Mines
1
2.05
2.05
50
2.27 May
5.05
Apr
Denison
1
21c
21c
100
20c May
68c
Jan
»
4c
4c
100
Distillers Seagrams
Preferred
4c
Feb
7c •May
Lake Shore Mines Ltd—1
16
17
June
3134
Jan
Maca&sa Mines
2.50
2.58
300
2.28 June
4.80
Feb
16
50
High
—*
Petroleum
1
Kirkland Gold Rand Ltd
Low
Jan
2934c
Faiconbridge Nickel Mine
Francoeur Gold
*
Eldorado Gold
Range Since Jan. 1, 1940
Week
"22"
Dome Mines
89
30
18
[67
86
June
979
2734 May
9734 Mar
16
June
29
Jan
106
156
June
210
Mar
1734
25
16
May
2234
Feb
20
19
Jan
1734
18
156
Dom Coal pref
295
1734
*
100
Dominion Bank
22
86
86
100
2134
156
25
65c
62c
68c
1.45
Mar
1,646
May
3634
21c
21c
25c June
5734c
Jan
Dominion Foundry preflOO
Dominion Steel B
25
2134
21c
5,700
100
57c June
..*
634
734
1,025
634
June
1634
Jan
1
55c
55c
60c
500
55c June
1.82
Jan
Dominion Stores
*
334
334
175
3
June
82c
82c
100
78c June
Dominion Tar.--
*
4
4
45
3
June
534
834
Apr
3c
3o
3c
500
2c
June
75
75
5
75
June
Pato Cons Gold Dredging. 1
1.60
1.55
1 55
June
Perron Gold
1.15
Malartic Gold Fields....
Gold
McWatters
O'Brien
Gold..
Pamour-Porcupine Mines.*
Pandora-Cadillac Gold
1
2.35
1034c
Jan
Jan
Preferred
"2634
*
7
:
75
100
1.70
1,475
2.55 May
Dominion Woollens pref.20
1.12
1.15
600
1.05 June
2 11
Jan
Duquesne Mining
1
San Antonio Gold Mines.. 1
1.47
1.47
200
1.47 June
2.40
Jan
East Malartic
1
Shawkey Gold Mining
1
1KC
134c
500
134c June
534c
Jan
Eastern Steel
*
Sherritt-Gordon Mines
1
60c
60c
900
60c June
1.15
Jan
Eldorado
1
Slscoe Gold Mines Ltd
1
60c
60c
2,000
60c June
95c
Apr
English Electric class B
Sullivan Cons Mines
51c
60c
.
_
_
434
70
5
3c
"2". 18
3c
2.30
14,400
1
51c
2,785
47c
1.00
1.90
25
2.00
May
3.35
Jan
Equitable Life-—
2.48
2.48
200
2.48
June
4.15
Jan
Extension Oil
*
Waite Amulet Mines Ltd.l
2.90
2.90
200
2.90 June
6.00
Jan
8c
834c
2,100
8c June
31o
Jan
Faiconbridge
Fanny Farmer
200
4.80 June
Jan
Federal-Kir kland
*
1
1
Fleet Aircraft
*
Ford
*
934
1034c
Feb
4.10
Jan
May
8
1834
1 23
8,600
21c June
234
5
234 June
Jan
Jan
Jan
Feb
6
Jan
Sylvanite Gold Mines Ltd 1
Mines. 1
1.90
Teck Hughes Gold
Jan
Mar
June
3c June
1.95
25c 2934c
234
*
155
9
9
"26c
Z% May
1,000
2.10
89
Wood-Cadillac Mines
1
4.90
Wright-Hargreaves
4.
June
8.2
Oil-
Anglo-Canadian Oil Co...
Davies Petroleums Ltd
*
56c
47c
56c
5,600
44c June
14c
14c
14c
14c June
1.30 May
65c June
Home Oil Co Ltd
*
1.45
1.42
1.50
2,000
625
Okalta Oils Ltd.
*
65c
65c
65c
900
1.03
Jan
14c June
3.10
Jan
65c June
36
Gatlneau Power
i634c
"2234
100
2,025
1 75
June
2234
1,315
2034
June
30
2 34c
3,000
2c May
6 34o
Apr
140
334 June
1034
Jan
Jan
22
2c
334
4
""80
*
434
Gillies Lake..
18
June
June 22 to June 28,
Exchange
Last
Sale
Pa
Stocks—
Price
Week's Range
of Prices
High
Low
20
80
May
97
Jan
1034
Feb
1034c
Jan
June
2J4c
Apr
25c May
69o
Jan
80
82
434
434
195
3 34c
2,000
134c
4,200
9c
9c
5c
High
Low
6%
50c
75c
2
June
2.50
Grandoro
Afton
*
*
Gunnar
2,070
1734
Jan
3c
2,500
334c June
6c
500
34 c June
Hal crow-Swazey
11c
500
1034c June
134c
2234c
Mar
11c
Jan
32c
25
1.00 June
2.87
Apr
Hamilton Theatres
52 V'
53 34
79
52
234c
2,000
51
3
1534
23-4
3134c
580
234
75
32c
2,900
100
June
234
87
5734
Feb
634c
Mar
June
234
13
June
8
Mar
3134c Juno
64o
Jan
May
534
Mar
34c June
3
May
334c
834
Apr
500
70c June
2.50
Feb
800
3
34 c
.3,000
234
334
50c
3
June
434
1.48
Jan
10c
Jan
7c June
1934 c
Jan
38o
Jan
Harding Carpets
*
3
734 May
134c June
1634
Feb
Hard Rock
1
55c
57c
4,160
634o
Jan
Harker
1
3c
3c
4,300
52c
734c
734c
1.50
734
934
734
5
734 June
16
1034
2,217
9.50 June
1.40
1.53
4,250
1,000
Jan
Highwood
Jan
Hlnde & Dauch
Arntfield
534c
17c
Jan
Astoria Que
Aunor Gold Mines
2c
234c
1,000
2c June
434c
Jan
Hollinger Consolidated—-5
Home Oil Co.—
•
95c
1.05
3c
3c
7c
7c
-
...
180
100
4,333
2,000
•
31
9c
834
45
Beattie Gold
"80c
80c
82c
2,400
Beauharnols
4
334
434
243
Bell Telephone
Co
.100
145
413
148
145
Jan
Jan
Honey Dew
-yT—- Hudson Bay Mln «&Sm—*
....
54
55
21
182
182
28
May
1534
Jan
Imperial Oil
Imperial Tobacco
5
Intl Metals A
»
7
80c June
1.19
Mar
May
634
Jan
234
June
145
11c
169
June
62 340
Mar
Huron & Erie
434
3.101
334
334
35
1734
2,229
35
26
25
34c
36c
7c
18,350
1,100
1,599
2c June
6c
4c June
19o
1.65
4,156
1.20 June
2.75
Apr
Jacola
534
Apr
2334
Jan
Kerr-Addison
28c
May
634c June
30
69c
1934c
Mar
Jan
—
G
Laura Secord (new)
Building Products..
12
1234
770
12
17 34
Jan
Lebel-Oro——
-
1.25
3,365
18c
19c
1,310
15
3
3
Canada Bread
Jan
Little Long Lac
47c
Jan
Loblaw
534
3934
10434
Apr
Macassa
Apr
150
Jan
MacLeod Cockshutt
Madsen Red Lake
3
May
Can Permanent Mtge._100
123
Canada Steamships......
50
Preferred
3
934
3234
140
2934
June
72
171
65
June
123
123
234
934
67
755
334
180
1134
4034
ClassB
45
21
16
Canada Wire A
16
7
23
Cnan Breweries pref
240
2334
138
138
6
6
1734
Canadian Canners cl A. .20
834
634
25
834
25
10
10
-
834
15
434
Apr
Maple Leaf Gardens
Preferred
24
Apr
2134
May
June
6
June
3134
178
Apr
Feb
1034
Feb
1734
June
22
Feb
110
7*4
May
14
Massey-Harrls
Preferred
McColl Frontenac
Preferred
1634
Jan
29
Jan
20
May
3734
Feb
105
10
June
32
Jan
1.65 May
3.62
Jan
Mining Corp.
10
15
100
12
May
1,385
4
May
334
May
1334
May
434
434
20
100
15
1.65 June
2.50
21
Mar
Apr
834
Mar
434
Jan
22
May
2634
June
4.75
May
2.65
-1
23c
25c
60c
70c
9,000
9
9
534
534
10
Mclntyre
McKenzle
Gas
.100
Cub Aircraft Corp
Class A
Morris-Kir kland--
*
100
1
June
5
May
8234
25
80
June
3834
395
38
June
125
Apr
Jan
National Grocers
Jan
5c
1,000
May
14c
Jan
17c
18c
2,100
15c June
54c
Jan
Nay bob
36
46c
4,600
4lc
May
1.05
Jan
New bee
5
5
460
334
May
934
Jan
Noranda
1.00
June
—-*
*
Oil—--------—-I
1
1.00
1.05
3,900
13 34
45
3134
3234
498
13
May
2834 May
147 34
62
142
June
90c
100
70
June
2.67
1.98
Jan
Nordon
O'Brien
49
Jan
Omega.—--
178
Feb
•
334
Jan
4,450
85c June
1.47
Jan
4c
.500
4c June
1534c
Jan
1,600
20c June
58c
48c
1,500
45c June
1.33
Jan
44c
1,650
40c June
9334 c
Jan
No par value
r1
348
36
28
145
June
48
May
3434
189
Apr
May
23
2c
500
2c June
8c
Jan
lc
500
lc
Jan
534
—*
pref---20
35
Jan
lc
534
100
234c
834
Mar
23
23
15
7
7
100
37
40
253
12c
lc
14c
6,100
134c
2,000
5
June
23
June
634 May
June
35
2634
10 34
69
Apr
Mar
Jan
Jan
37 34 0
Jan
lc June
434c
Apr
12c June
4334
50c
47
1,926
4334
June
7834
Jan
334c
Mines
Feb
Jan
92c
2c
A--*
National Steel Car,-----*
19
58
89c
14534 150
1
45c
5c
June
101
44c
National Sewer class
1.65
1
48c
1
75c
90c
25
410
26
7
534
634
5934
934
4c
Moneta
Moore Corp
2.55
142
May
134 May
22c 2234c
56c June
"3134
5
2 34c May
38
*
—
1.45 May
700
13
Smelters
10
Jan
534
1
McVlttie
500
1.00
1.45
634
82
534
62o
54c June
995
3
25
89c
9,700
Bakeries
13
23c June
1,275
234
234
*
100
*
—100
5c
Coniaurum
5
2
56c
"I
28 34
1.71
1.00
1.55
Chestervllle-Larder Lake.
2034 May
2.25
56c
"l7c
3.40
435
20
1.45
Porcelain
May
2234
550
1.65
1.65
880
1.99
2134
6,560
6,184
1.49
Apr
13
6340
7,770
1.65
Castle-Trethewey
41c June
6,800
2,540
1.15
Murphy
National Grocers
Wire bound
Jan
2.60
McWatters Gold
100
175
434
45c
June
lc
2134
5
534 June
1234 May
140
1,220
15
15
22340
9
500
Feb
160
634
534c June
675
1.00
Maple Leaf Milling
138
15,900
9 34
134c
32
1
Gold
14
1134
4
...
Malartic
65
90
634c
June
2.44
1
Mines
2134
Apr
7.60
16
1.85
B
15
June
4.75 June
9
2134
934
4034 June
June
175
ClassB.——-—...
834 May
110
18
175
175
Cndn Industrial Alcohol A
June
288
134c
3
—1
A—
2534
534
1234
Celanese
June
234
35
150
6
120
Jan
1,005
20
2.39
2934
...
*
June
65
Malting
Canada Packers
5,855
---
18c June
1.00
1.54
75c
5:00
43c
Leltch
1.10
5c
5 34c
*
Lapa-Cadlllac—
1.20
Feb
16 34
73c
Lamaque
Calmont
Jan
24
5.00
Lake Shore
Jan
May
70c June
47
16
Kirkland Lake
Jan
2,000
2,537
11,820
2c
2c
Jellicoe
May
2434 June
Apr
June
4c
1034
May
3
1434
114
1.55
June
334
Jan
115
1.60
334
434
334
Feb
Cockshutt Plow......
90
May
11154 May
2734 May
1234 June
14
8.60
Chemical Research
16
1234
434c
Central Patricia
50
95
115
Jan
1234
3.05 June
Cariboo
95
1534
International Petroleum—*
134c June
26
6
11.00 May
870
Canadian Wineries
93
Jan
1134c
1,000
C P R
534
3234
3.30
Canadian Oil
534
Mar
May
12
3034
134c
Canadian Dredge
645
1534
1634
3134
June
875
7c
Preferred
1334
13 34
Jan
June
834
12 34
June
220
*
3.05
Can Car & Foundry
Jan
June
10,109
100
154c
Class B
Jan
7434
June
54
180
International Nickel
7.40
1,500
8.00
3~05
Canadian Canners
Mar
934
115
Feb
25
34
834
100
Preferred
734o
Jan
Jan
Intl Milling pref
334c June
434 c
7.40
Brown Oil
Cndn Bk of Commerce. 100
134c June
Jan
3.10
Jan
534c June
14c-
May
1934 May
1734
834
Buffalo-Canadian
Calgary & Edmonton....
1.30
Apr
1,500
35c
B uffalo-A nkerite
15
100
55,050
Brit Columbia Power A—
Broulan-Porcuplne.
890
Imperial Bank of Can—100
Mar
534c
1634
British American Oil
22
Jan
211
13 34c
434c
Brewers & Distillers
2134
21
33c
June
lie
7.90
Brazilian Traction
234c
20
21
8c June
180
534c
—
Bralorne
500
20
Homestead Oil
Jan
28o
534c
Big Missouri..
Bobjo
2.68
1034 c
11c
Bidgood Kirkland
734
10
234c
June
3c June
8,400
9
*
7c May
91c
;
1,366
188
8c
8c
Bathurts Power A...
Jan
15
1.03
3.00
Base Metals
Jan
65c May
3c June
13c June
45
4e May
Bank of Montreal.-
Jan
280
3
1,000
41c June
Cons
Apr
2734
334
3,250
j* 1.00 June
Bagamac
Jan
Feb
June
134
50c
1.50
Jan
June
734
1,407
Consumers
58
134c
5.100
Cons
130
50c
3,300
Consolidated
62 34
3
1.60
Central
Jan
34c
1
4c
Canadian
26c
234
Hamilton Bridge
1.00
13c 13 34c
Anglo-Huronlan
Canadian
5c June
734
Steel
Anglo-Can Hold Dev
Canada
2,000
134c
Aldermac Copper..
Amm Gold Mines
Bankfleld
Jan
5c
8c
Mar
34c
1.00
Ajax O & G-._—
22o
3
334
-
Alberta Pacific Grain
734 c June
15
Gypsum
i
-
%C
234
——-
15,600
2 34c
52
*
Apr
23o
6034
Goodyear
3c
100
preferred
Acme Gas
Algoma
50c June
1,750
2"
65c
Jan
June
1
Eagle
Great West Saddlery
Abitlbi
lc
4,500
734c
434 June
334c June
1,500
26c
Voting trust pref
Week
Shares
Mar
1634
lc
Great Lakes vot trust
Range Since Jan. 1, 1940
for
Apr
June
8c
Goodyear Tire & Rub prf50
Sales
Friday
Feb
1034
26c
Golden Gate
both inclusive, compiled from official sales lists
Jan
26c
60
1134
*
Gold
6
6.00
2234
2,400
Glenora
God's Lake—
Toronto Stock
15c May
May
1634
334c
General Steel Wares
334 June
14
14
1034
1434
*
Preferred
100
4,500
2.10
1.90
Goldale———1
100
18
18
18
Royalite Oil Co Ltd
Jan
A
334
1534c 1634c
334
25
334c
1,000
334c June
7c
Feb
50c
60c
2,910
50c June
1.81
Jan
11c
11c
800
11c June
34c
Jan
Canadian Markets—Listed and Unlisted
Stock
Toronto
Sale
Stocks (Continued)
of Prices
High
Low
Price
Par
106
Ontario Loan
106
Week
Stocks (Concluded)
5
106
50
May
112
June
13 H
2Hc June
0Hc
Feb
90
91
Page-Hersey
92
181
90
7
.
June
111
80c
3,250
80c June
2.35
3Hc
3c
2Hc May
10Hc
1,000
2 He June
10c
Apr
20Hc
20Hc
21c
2,050
53c
Jan
1.10
1.12
2,100
1.01
June
2.12
250
15H
25c
1,100
25c
Jan
16 H
55
15 H
June
2.18
2.18
2.25
3,855
2.18 June
4.25
Jan
......
1.46
1.60
1,650
1.46|June
2.35
Cons
Paymaster
75c
1,950
3,065
Perron
......
Photo Engravers...,.
Pickle-Crow
Pioneer
......
—
Gold
Powell-Rouyn..
75c
......
75c
75c
75c
1.38
6H
1.38
7
1.55
Premier
Pressed Metals
Preston E Dome
Riverside Silk
Roche
23
......
L L
Royal
Bank
150
8t Anthony
12
.....
5c
Sand River
Sherritt-Gordon
—-
Jan
65
97
Feb
65c
War
1952
]
24
Loans.
65c
S100
Toronto Stock
Feb
June 22 to June 28,
Apr
Jan
for
Week
June
2.38
Jan
Price
of Prices
Low
High
2.18
June
28
Mar
0Hc
190
Jan
Bruck Silk........
4H
125
4H May
Jan
Can Bud Brew
5
5
100
4
Jan
17H May
36H
Jan
Can Vinegars......
6
7
35
5
May
Marconi.
80c
80c
1,505
3H
20c
4
21c
1,600
6H
22 H
6H
23 H
Slsooe Gold
148
1,150
9,717
936
62c
South End Petroleum..
.....
Standard Paving
...
Steel of Canada.......
65
8
8
Howard Smith.....
13
13
100
12 H June
Jan
Montreal Power
25 H
27 H
225
25 H June
Ont SUknlt........
30c
Jan
Feb
Temlsk Min
5
Pend-Orellle
Mar
95o
Jan
300
40c June
2.00
Jan
3H
25
3H June
0H
Jan
65H
167
62
June
80H
75
63
May
83
5
1.31
Jan
Jan
40
1.35
2.50
...
30c June
8
3.001
June
40
2,600
1,500
Mar
99c May
2Hc June
Jan
1,000
35c
Apr
61c
7Hc
7Ho
60c
;;
63
03
Preferred...
8
Jan
2Hc June
2Hc June
5,000
3H
.....
Fraser vot trust
8 75
May
60c May
20c June
4,875
1,100
23He 23Hc
2Hc
3c
2HC
2Hc
50c
Slave Lake
Dominion Bridge...
Foothills
Jan
6H
105
79 H
6H June
22
June
Jan
3H June
36
10
260
2,500
Jan
24
4.00 June
41
3
May
20c June
1,145
1.18
520 May
5.15
DeHavilland.
1.24
80c June
60c
Consolidated Paper.
Dalhousie
Jan
65c May
15c
10c June
16
May
85c
Apr
4H
57c
5c June
2,500
Feb
2.60
June
1.25 June
2,000
60c
60c
Sladen Malar tic
21o
20 H
8c May
10 H
15c
3X
Range Since Jan. 1,1940
Shares
May
2,700
90
Apr
Sales
Week's Range
2Hc May
25
100H
99H June
Exchange—Curb Section
Sale
23
3,083
3H
June
both inclusive, compiled from official sales lists
Last
5 He
83
90
3,650
Friday
16 H
4.30
5.00
Simpsons pref
99 H 100
Jan
150
300
1.55
99 H
Jan
1 30
67
8 He
-
Feb
52c
Sll verwoods
Preferred
8.15
1.42
80c
52c
.1
Sigma
4.25 June
5.00
12 H
14c
.....
...
30c
2,400
3,990
May
16H
.....
Shawlnlgan
Sheep Creek..
Aor
8c June
10c
4.85
5.00
Ucht Gold
25c June
75c June
1,000
12
1.36
1.41
......
16
75c June
25
2Hc
18X
8c
.....
San Antonio
Senator-Rouyn
5
47
9H June
Bonds—
Canadian
St Lawrence Corp A—
m June
25
Jan
I Jan
20
304
6
17,030
152
17 H
18H
...
20c May
100
23
2He
150*
Royailte Oil
100
10
Apr
Pandora-Cadillac
Petrol O&G
114
25
Jan
......
Partanen-Malartlo—-.
9H
8c
...»
Wright Hargreaves
Jan
25
Range Since Jan. 1,1940
Shares
High
1H
.
9H
—1
Wood Cadillac...
Jan
3Hc
3c
20,000
......
Porcupine...
80c
Low
Price
Par
...»
Westons—
Jan
1.11
Pamour
Week
.100
Preferred.
Mar
500
for
of Prices
Western Canada Flour.
Jan
8H
2Hc
Week's Range
Sale
Shares
106
8
——.
PacaltaOils
Sales
Last
Range Since Jan. 1, 1940
for
2Hc
Ottawa Car
Exchange
Friday
Sales
Week's Range
Last
Toronto Stock
Exchange
Friday
05
industrial and Public
Jan
Utility Bonds
Closing bid and asked quotations, Friday, June 28
(American Dollar Prices)
Steep Rock Iron Mines.
1.11
1.08
1.19
Straw Lake Beach.....
3He
3c
3He
9,000
1.05 June
3c June
8 Ho
>pr
9c 10 He
90c
97c
4,000
9c June
20He
Mar
Abltlbl P & P ctfs 5s..1953
Federal Grain 6s
220
90c June
2.05
Jan
Alberta Pac Grain 6s.. 1946
4He
1,000
4cjMay
8 He
Feb
Algoma Steel 5s
Gen Steel Wares 4Hs_1952
Gt Lakes Pap Co 1st 5s *55
52c
2,200
9,710
Sturgeon River
Sudbury Basin....
9c
...
Sudbury Contact
4Hc
Sullivan
.....
Sylvanlte Gold
.....
Tamblyn common
Teck Hughes
52c
1.90
10
2.40
2.50
Texas-Canadian
1.00
2.52
600
105
10c
10c
Gas....
United Fuel A...
1.02
Jan
British Col Pow 4HB.1960
Brown Co 1st 5Hs
1946
Lake St John Pr A Pap Co
Feb
Feb
Calgary Power Co 5s..I960
Jan
2.25
May
Canada Cement 4HS-1951
Canada 83 Lines 5s
1957
Maple Leaf Milling—
2Hs to '38-5Hs to '49..
Massey-Harris4Hs
1954
Minn A Ont Pap 6s
1945
McColl-Front Oil 4Hs 1949
Jan
35c
Jan
Canadian Inter Pap 6s 1949
Canadian Vlckers Co 6s '47
Consol Paper Corp-—
13
217
12
May
17
Feb
32
25
30
May
42
Mar
10
0H
Mar
Class B pref...
United Steel
100
3H June
3
May
55olJune
1,300
.......
Upper Canada
10,229
Ventures
1,079
Walte Amulet...
1.95 June
4.35
Jan
6.05
43 H
20 H
Jan
Feb
10o
29 H
429
16 H
Wendlgo
June
June
6c*June
4,500
-1961
N Scotia Stl A Coal 3 Hs '63
Power Corp of Can 4Hs '59
1961
Price Brothers 1st 5s._1957
Dom Gas A Elec 6H8.1945
Dom Steel A Coal 6Hs 1955
Quebec Power 4s
1962
Saguenay Power—
4Hs aeries B.
...1966
Winnipeg Electric—
5Hb ex-stock
Dom Tar A Chem 4Hs 1951
Donnacona Paper Co—
An-
1,050
Preferred
Jan
970 May
2.70 May
5,225
...
6Hs
Canadian Canners 4a. 1951
Jan
10c June
500
1.90
June
32
.....
Walkers
110
June
1.00
12 H
13
..1949
3.45
1.00 June
400
Tow ag mac
1948
12
4.15
105
6
1.07
apr
June
50c June
4,845
1.00
3.10
8H June
2.40 June
1.90
85
1.00
105
Tip Top Tailors pref...
Toburn
Union
2.04
8H
.....
7,890
4s
1966
4-5a series A
1965
Famous Players 4 Hs_. 1951
4-5s series B
1965
Jan
•No
par
value.
/Flat price,
n
Nominal
United States.
Canada
Australia
Argentina
Danube basin.
Total
489,545
564,244
% of Total
% of Total
United States,
10.3
20.5
Canada
28.4
34.2
Australia
17.1
11.4
Argentina
20.6
29.1
Danube basin.
13.4
15.0
Total.
CURRENT
From the announcement
Of
the
total
reported
States accounted
almost
22%
in
for
for
only
the
10%
July-April,
we
five
in
NOTICES
also quote:
largest surplus regions,
July-April,
1938-39.
1939-40,
Canada's
share
as
of
the United
compared with
the
total
was
—Manufacturers
wealth
issue of
of
Trust
Kentucky,
Company is Paying Agent for $100,000 Common¬
Campbell
County,
Road
and
Bridge
Bonds,
2%%
July 1, 1939, Serial Numbers 1 to 100.
'
34%
and
against
as
17% in
its
29%
nearly 18% last
1938-89.
share
creased
was
from
season.
Although
about
35%
last
season.
of
Australian
Argentina's
Danube
15%
both
the
total
basin
years.
for
were
exports
exports
increased
1938-39,
to
11%
as
against
this
season,
year
Southern .Hemisphere
July-April,
about
were
29% this
exports
40%
in
in¬
the
—William
Devins
Yergaeson,
formerly of W.
D. Yergasson & Co., has
become associated with E. G. Olwell & Co. in charge of their public utility
preferred stock department.
—Tobey & Co.,
members
of the New York Stock
the removal of their offices to 29
Broadway,
Exchange,
New York City.
announce
Volume
The Commercial
150
Quotations
City Bonds
1969
92
93*
a3s
Jan
1
1977
95
96
a3a
Feb
1
1979
95
96
a3*s July
a3*s May
1
1975
1
1954
a3*8 Nov
1
1954
1
1960
99* 101
104* 106
105
106*
103* 105
15
1976
103
1957
a3*s Mar
a3*s Jan
104*
1
1964.
114* 116
1
<X4* 8 Mar
a4*a Apr
1966.
114* 116
116*
115
15 1972
a4*s Apr
1 1974
04*8 June
a4*8
a4*s
a4*s
a4*s
a4*s
Feb
15
Jan
1
a 4*8
Bid
1976
116
1978
*% 41% due July
H% due
Aug
115* 117
115* 117*
1977.
116* 118
117* 118*
Nov
15
Mar
1
1981.
May
1
1
1957
Nov
1
1958
109* 110*
109* 111*
May
a 4s
Nov
1
1957
a4s
May
1
1959.—...
110
111*
a4*s Mar
1
1963
a4a
May
1
1977
111* 112*
a4*s June
1
1965
a4a
Oct
1
1980
111* 113*
a4*s July
1
1967.
a4*8 Sept
1
1960
113* 115*
a4*s Deo
15
1971
a4*s Mar
1
1962
114
a4*s Deo
1
1979
1 1940 6.25%
Sept 3 1940 6 .30%
*% due
Oct
1 1940 6.30%
& Trust
3B 1981
less 1
62 25
less 1
62 35
—
*
5a Jan & Mar 1964 to '71
140
Canal Imp 4*8 Jan 1964..
140
Can & High Imp 4*8 1965
137*
Bank & Trust
33 1-3
77*
75*
207
200
100
133
'67
133
1945.
113
*%
1%
1 1941 100 9 100 12
15 1941 100 25100.2J
Aug
Nov
294
485
1941
Deo
Af&S
1942-1960^,
6.25
107*
mm
—
105 *
Gen & ret 4s Mar 1 1976.
103*
102
"
:
mmm
6 50
M&S
106*
'■■'''kmrnm
—
99
1980
3*s b f revenue
M&S
1942-1960
62 60
3s serial rev 1953-1975..
100*
to 94
61.75 2.40
2*8 serial rev 1945-1952
101 12
16 '40 at 100* 101.4
98
99*
100* 102
1977
15 1941 100 11 100 14
May
*8
*% notes July 20 1941 100 19 100 22
*%
Nov
1 1941 100 19 100 22
*%
Jan
16 1942 100 20 100 23
101 4
1%
July
1 1942 101.1
U 8 Housing Authority—
100.24 100 30
lOf
New York Bank Stocks
Par
40
Bensonhuret National...50
13.56
Chase
15*
75
100
29*
31
171
165
38
43
24*
26
1.1
13
12*
National Safety Bank. 12*
10
Penn Exchange
60
Peoples National
4*8 Oct
100
1959
4*s July
25*
27
Sterling Nat Bank & Tr 25
23*
25*
mmm
Govt of Puerto Rico—
102
101
4*s July 1952
1952
102
105
6s
1941
New York Trust
102* 104
Apr
1952
1965
6s
Feb
6*8 Aug
....
115
115
112
118
108
July 1948 opt 1943.
111
Par
Bank of New York.
110*
U S conversion 3s 1946
Hawaii 4*8 Oct 1956
1670
120
110
103
99
99
5s
100
Merchants Bank
42
640
600
First National of N Y..100 1630
A sk
121
U S Panama 3s June 11961
Government—
Philippine
.100
Fifth Avenue
Bid
Ask
11*
9*
17*
Public National
United States Insular Bonds
Ask
Bid
National Bronx Bank...50
National City..
14
Bank of Yorktown..66 2-3
Par
Ask
Bid
Bank of Manhattan Co. 10
Commercial National.. 100
Bid
102 4
1*% notes Feb 1 1944.. 102
1*8 Jan 3 1944—
Triborough Bridge—
1941
Ask
Loan Corp
mmm
,
Inland Terminal 4 *8 eer D
v"
33*
Reconstruction Finance
1 1943 102 14 102 22
Call July 3 '40 at
Gen & ret 3*8
31*
Bid
1 1940 100.18 100.24
Apr
Call Nov
Gen & ref 4th ser 3s 1976
M&8
.
•
FRANCISCO—
SAN
Bkof Amer NT&SA 12*
2s May 16 1943—
Ask
Gen & ret 3d ser 3*s '76
Holland Tunnel 4*s ser E
Ask
Bid
282
100
Corp—
2s
Bid
Ask
107* 108*
...
465
Home Owners'
2s
Port of New York—
San Fran-Oakland 4s '76
35%
.45%
Par
Federal Home Loan Banks
Authority Bonds
California Toll Bridge—
6
Northern Trust Co
Federal Natl Mtge Assn—
Bid
6
Ask
Commodity Credit Corp—
Improvement—
Sept 1958 to '67
4s Mar &
'mmm
Public
35%
2 1941
Obligations of Governmental Agencies
Bid
Barge CT 4*8 Jan 1
6
Jan
51.20
4*8 April 1940 to 1949.
Canal Imp 4s J&J *60 to
Highway Imp 4*8 8ept '63
due
due
due.....June 21941
Harris Trust & 8avlngs. 100
193
178
100
World War Bonus—
Highway
Canal A Highway—
Ask
.30%
1 1940
2 1940
Continental Illinois Natl
Ask
Bid
Ask
Bid
6
Nov
Dec
due
Ask
Bid
Par
American National Bank
118* 120
119* 121
121* 123*
New York State Bonds
62 15
...
*9ro
*90
*9r0
*90
Chicago & San Francisco Banks
117* 119*
117 * 119*
First National
3s 1974
Bid
Ask
11940 6.25%
*% due
117*
115* 117
115* 117*
a4s
115*
Federal Intermediate Credit Bank Debentures
Ask
Bid
Ask
Bid
15
a2*s July
4111
Over-the-Counter Securities—Friday June 28
on
New York
& Financial Chronicle
10
Bankers
111
Conversion 3s 1947
Bronx County new.
J&J
106
106*
3s 1956 opt 1946...
J&J
106
106*
3s 1956 opt 1946... .MAN
106
35
310
300
Par
100
Fulton
48*
50*
16
20
Irving
72*
77*
Ask
_.
Kings County
84*
87*
42*
44*
30
37
New York
11*
12*
Title Guarantee & Tr
12
46
47
Trade Bank & Trust
111
111*
Continental Bank & Tr.10
Ask
210
20
Preferred
34
32
25
107*
Chemical Bank & Trust.10
...50
Clinton Trust
106*
20
Manufacturers
....20
107
3*8 1955 opt 1945—MAN
4s 1946 opt 1944
J&J
Bid
190
275
100 270
11
10
...10
1560
100 1510
29*
26*
25
Guaranty.....
Lawyers
Central Hanover.
Bid
Ask
3s 1955 opt 1945
—
...100
Brooklyn
Federal Land Bank Bonds
Bid
100
—
Companies
A sk
Bid
52*
750*
18
101
4*
3*
Bank Bonds
Joint Stock Land
99
Atlantic
Chicago. i
.
v.
.
■
-—.-i.
-
Lincoln 4*8.
r6
*s, l*s
Lincoln 5e_—
>3
i -i. —
-
3*
Lincoln 5*8
81
New York 5s
99
Oregon-Washington
r44
Pacific Coast Portland 5s.
99
3s, 3*s
Is, 2s
-
-
New
-
5% F.H.A. MORTGAGES® 1041/4
First
103
mmm
4*8....
102
mmm
99*
Potomac l*s
Trust Chicago—
4*8. 4*s.
Fletcher
r21
St. Louis
100
_
99
*s,2s
San Antonio
99
*s, 3*8
Illinois Midwest 4*8,
mmm
23
rll
13
Southwest (Ark) 5s..
80
85
Union Detroit 2*8......
99
98
Iowa 4*s, 4*8
.
.
Bid
Bid
Par
Ask
mmm
78
82
44
48
North Carolina.
4
7
...100
88
94
New York
Atlantic
FHA Insured Mortgages
Ask
100
Atlanta.........
New York
One Wall Street
Joint Stock Land Bank Stocks
Par
Company
99
Virginian Is, l*s
100
IndlanapollsSi
Travers King &
m
Southern Minnesota
99*
5s..
Telephone Whitehall 4-8050 collect
-
63
Fremont 4*8, 5*8
yield over 4.15
to
5s
Phoenix
99
First Texas 2s, 2*8
DELIVERY
Jersey and New York Metropolitan
---
Phoenix
C
1570
47*
98*
Pennsylvania 1*8, 1*8..
99
100 1520
84
99
First Montgomery—
First New Orleans—
United States
$250,000—each
100
...
North Carolina *s, 1*8.
Carolina—
l*s, 2s
90
We offer for IMMEDIATE
"mm
85
82*
._
99
Denver 2s, 3a
First
81*
13
80
mmm
78*
...
9*
8*
11
100
Ask
99
Lafayette *8, 2s
99
Atlanta 1*8, 2s
Burlington
.20
Empire
Bid
Ask
Bid
—
10
Underwriters
Corn Exch Bk & Tr.
56
62
Pennsylvania
100
30
.50
55
Potomac
100
110
Des Moines
100
51
58
San Antonio...
100
100
97
103
First Carol) nas
100
14
18
Virginia
Fremont
100
2*
5
.^...100
4*
Offerings Wanted—Circular on Request
34
100
7
Dallas
Denver
Lincoln
......
Virginia-Carolina...
2*
6
100
100
WHITEHEAD & FISCHER
3
44 Wall Street, New
105
Telephone and Telegraph Stocks
Par
Bid
Par
Ask
(N J) com. *
83
87*
100
112
Canada...100
Bell Telep of Pa pref
100
Cuban Teleph 6% pref. 100
90
New York Mutual Tel.
Bid
.25
FHA Insured Mortgages
15
Ask
Bid
Preferred
25
*
100
114* 117
Peninsular Telep com
Preferred A
13
16
31
Arkansas 4*8
28*
31*
Rochester Telephone—
41
100
100
Mtn States Tel & Tel.. 100
125
16.50 1st pref
District of
100
112
20
Franklin Telegraph
Int Ocean Telegraph
6s
mmm
74
130
So & Atl Telegraph
Sou New Eng Telep
25
100
-'mm
15
18
146
m
150
Columbia 4*8.
Florlda 4*8
4*8
4*8
Maryland 4*s
Louisiana
Chain Store Stocks
Par
4
5*
/G Foods Inc common..♦
1*
2*
common...*
1*
Minnesota
Bohack (H C)
101
102
103
102
101* 102*
Pennsylvania 4*8..
102* 103*
102
103*
101* 102*
101* 103
102*
102
102*
Tennessee
4*8..*.
Texas 4*s
Insured Farm Mtges4*s
103*
103
Rhode Island 4*s
South Carolina 4*8
Virginia 4*8
West Virginia 4*8..
101* 103
101
102*
101
7% preferred—.....100
19*
16*
Flshman (M H)
100
Co Inc..*
65
common..5
preferred
50
1
tee from
3
12
*% to *% must be deducted from Interest rate.
17
100
99
Miller (I) Sons
8*
Diamond Shoe pref
J. 100
7% preferred
7
8*
Reeves
U nlted
Kress (8 H)
*
6% pref... 100
No par value,
/Flat price,
maturities,
n
w
a
12*
11*
Interchangeable.
$5
SPECIALIZING
(Daniel) pref
F.H.A. INSURED
Cigar-W helan Stores
tcs
•
preferred
5 Basis price,
d Coupon,
The best
15*
17*
all
principal amount.
on
and Insurance Co's.
request
STORMS AND CO.
Phone Atlantic
Quotation not furnished by sponsor or Issuer.
T Quotation based on 389.50 of
Sept. 25
Circular
PITTSBURGH, PA.
Commonwealth Building
tNow listed on New York Stock Exchange.
*
'
MORTGAGES
"Hedge" security for Banks
e Ex Interest.
r in receivorshlp.
Quotation shown Is for
With stock.
* Ex-dlvldend.
y Ex-rlghts.
Nominal ouotatlon.
i When Issued
mmm
103* 106*
5% was paid on July 2 and
1170
102*
101* 102*
102* 103*
4*8
A servicing
Kobacker Stores—
103
101* 102*
2
*
Berland Shoe Stores
B
Bid
Ask
area) 4*s_.
New York State 4*8..
101
Massachusetts 4*8
Bid
...
4*8
N Y (Metrop
North Carolina 4*g
102
—
Michigan 4*8
Par
Ask
New Mexico
101* 102*
102
103*
101* 102*
101* 102*
101* 102*
101* 102*
Georgia 4*8...
Illinois 4*8
Indiana
New Jersey 4*s
Asked
102
101
Delaware 4*8
40
Emp & Bay State Tel. .100
101* 102*
101* 102*
102
103*
Alabama 4*s
29
25
Pac & Atl Telegraph
Bell Telep of
Bid
Asked
114*
Am Dlst Teleg
York, N. Y.
Telephone: WHitehall 3-6850
The Commercial & Financial Chronicle
4112
June 29,
3?
Quotations
on
Over-the-Counter Securities—Friday June 28—Continued
Insurance
Guaranteed Railroad Stocks
,.
Aetna Cas A Surety
Aetna Life
Agricultural
Joseph CUalkers Sons
25
agBB
173*
58
Jersey Insurance of N Y.20
353*
73*
13*
593*
383*
83*
19
18
Knickerbocker.——.5
93*
103*
Lincoln Fire
113*
413*
133*
433*
163*
433*
353*
10
American—23*
Shippers
25
Baltimore
Bankers A
Bid
Aslced
Camden Fire
-—
Central)
70
105
115
6.00
63
68
City of New York
10
City Title
5
Connecticut Gen Life—10
2.00
26
30
Continental Casualty
8.75
803*
84
Eagle Fire
10
15
323*
36
Excess
Michigan Central (New York Central)
Morris A Essex (Del Lack A Western).
83
86
Federal
5.00
553*
713*
603*
743*
A W)
Northern Centra) (Pennsylvania)
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U 8 Steel)
2.00
46
49
Fireman's Fd of San Fr_25
25
100
100
2.00
V.^48:^;
47
5.50
55
60
9.00
4.00
800
23 3*
253*
39
43
78
85
7.00
167 J*
7.00
6.64
1453*
543*
6.00
126
17234
Pacific Indemnity Co... 10
10
313*
743*
783*
57 3*
603*
Preferred Accident
13
15
88
91
Providence-Washington .10
31
33
413*
393*
106
■1
Phoenix
112
353*
59**
3.00
58
63
6.00
125
373*
23
25
St Paul Fire A Marine..25
Gibraltar Fire A Marine. 10
203*
223*
Seaboard Fire A Marine. .5
393*
413*
10
General Reinsurance Corp 5
10
Fire......—.5
6.00
14
Springlield Fire A Mar..25
60
Stuyvesant
26
Sun Life Assurance.
103*
103*
U S Fidelity A Guar
Great Amer Indemnity
55
50
50
3.50
V0
3.00
^51'^
1
83*
Hanover..............10
83*
233*
243*
743*
773*
U S Guarantee
54
56
Westchester Fire
10
Hartford Steam Boiler..10
63.50
2.50
68 25
7 00
Canadian Pacific 43*s
Central RR of N J 43*8
68 00
7 00
NY Chic A St Louis 4s
64 00
2.00
Central of Georgia 4s
64.25
3.25
Mills Inc
55
Amer Bern berg
123*
23*
303*
143*
5
13*
23*
Peoel-Cola
Ask
123*
2.25
American Enka
42
443*
62.50
2 00
American Hardware
*
25
193*
213*
63 50
2.00
Amer
Products...*
16
19
Ask
62 50
''■■•""'■i-''-' 2d
series
Maize
1
preferred
5%
323*
New Britain Machine
Corp
33*
1.75
American Mfg
66
72
1 80
Arlington
100
243*
383*
423*
N Y N H A Hartford 3s—
63.25
2.25
13
15
North Amer Car 43*s-53*s
Northern Pacific 23*s-23*s
64.50
3.25
Autocar Co com
1
5c
13*
Pilgrim
13*
2 3*
U3*
133*
..
Exploration
1
Pollak Manufacturing...*
Postal Telegraph System—
30 c
23*
273*
Armstrong Rubber A
*
Art Metal Construction. 10
103*
133*
263
123*
243
Petroleum Heat A Power.*
Petroleum
Conversion.
38 J*
83*
*
*
243*
36 3*
*
Co
4
214
20
50
Pan Amer Match Cor p.. 25
2.50
5% pref 100
Mills
4% preferred——.60
73*
43*
62.30
1.75
Bankers Indus Service A.*
1.25
NoWRefr Line 33*s-4s._.
63.65
2.25
Botany Worsted Mills cl A5
2
3*
33*
65.10
4.25
Pennsylvania 43*8 series D
61.50
1.00
33*
43*
Standard Screw
20
37
43*
40)*
63.25
2 25
62.50
2.00
11.25 preferred
10
Buckeye Steel Castings..*
Stanley Works Inc
25
42
44
1.00
—.
4s series E
62.50
2 00
63.75
2.75
Pere Marquette—
2.60
62.60
23*s series G AH
62 35
2,25
62.60
1 50
St Louis-San Fran 4s-43*8.
St Louis 8'western 43*s...
66 75
..
2 00
63 00
2.00
Brown A Sharpe
10
6 00
1 75
62.25
63.25
2.25
63 00
2.00
64.75
3.50
63*
73*
m-Vm
'
'
153*
173*
167
163
Mfg...50
Cessna Aircraft
23*s-2?*s and 43*8.....
Reading Co 43*3
Express
4s, 43*8 and 43*8
1
33*
Talon Inc com.
63*
23*
53*
City A Suburban Homes 10
Coca Cola Bottling (N Y) *
Tampax Inc com
Taylor Wharton Iron A
60
65
7
9
61.85
1 50
62.50
2.00
63 00
2.25
Southern Ry 4s
62.40
2.00
Consolidated Aircraft—
Kansas City Southern 3s..
62.50
1.50
Texas A Pacific 4s-434S...
62.25
1.75
conv
Lehigh A New Engl 43*s„
Long Island 43*s
62.50
1.50
1.50
Crowell-Colller
*
2.25
Union Pacific 25*s
Virginian Ry 43*8
62.10
63.25
61.50
1.00
Cuban-Amer Manganese_2
73*
83*
63.25
2.25
Western Maryland 2s
62.25
1.75
63.25
2.25
Western Pacific 5s.
63.25
2.25
523*
553*
West Fruit Exp 43*s-43*s.
62.25
1.75
Dentists Supply com...10
Devoe A Raynolds B com *
15
Wheeling A Lake Erie 23*s
61.90
1.25
Dictaphone Corp
*
Dixon (Jos) Crucible...100
Despatch
2J*s. 43*8 A 5s
62.75
2.00
Railroad Bonds
Akron Canton A Youngstown 53*8
-.1945
68........1945
Baltimore A Ohio 4s secured notes
Boston A Albany 43*s
Boston A Maine 5a
1944
45
/42
/42
46
54
Pub
57
Thompson Auto Arms
1
Time Inc.——.—.—..—*
193*
213*
323*
43*
United Artists Theat com. *
3*
13*
263*
293*
United Piece Dye Works.*
3*
233*
27
.100
13*
3*
23*
pf. *
263*
293*
Draper Corp
*
Farnsworth Telev A Rad. 1
623*
663*
70
99
166"
1995
52
55
—.1951
Chicago Union Station 3 3* ser F...
Cleveland Terminal A Valley 4s
108
1963
...
Connecting Railway of Philadelphia 4s
Cuba RR Improvement and equipment 5s
Elgin Jollet A Eastern 33*s ser A
Florida Southern 4s
"26"
1960
100
1945
70
75
—.1946
Hoboken Ferry 5s
Illinois Central—Louisville Dlv A Terminal 33*8
Indiana Illinois A Iowa 4s
23
1970
.....
37
43
101
1953
55 v:;
62
1950
52
58
1978
Kansas Oklahoma A Gulf 5s
91
95
Louisville A Nashville 33*a
4s
1950
I960
102?*
Memphis Union Station 5s
1959
1123*
New London Northern 4s...
New York A Harlem 33*8
1940
Pittsburgh Bessemer A Lake Erie 5s
Tennessee Alabama a Georgia 4s
983*
101
1948
96
98
103*
12
Federal Bake Shops
Preferred
——
35
1946
:.
1947
78""
46
Foundation Co Amer shs *
Garlock Packings com
*
Union Pacific ref mtee 33* ser A
United New Jersey Railroad A Canal 33*8
Vermont Valley 43*s
9
100
Veeder-Root Inc com....*
Welch Grape Juice com
7%
preferred
23*
100
58
West Dairies Inc com v t c 1
25
$3 cum preferred
2
483*
Gen Fire Extinguisher...*
103*
113*
Wilcox A Gibbs
193*
22
Worcester Salt
28
293*
Corp
com *
2
Good Humor Corp
Graton A Knight com
33*
53*
413*
Great Lakes SS Co com..*
Great Northern Paper..25
393*
453*
423*
38
42
Harrlsburg Steel Corp
5
*103*
Interstate Bakeries com..*
15
preferred
123*
1
13*
21
1
73*
Landers Frary A Clark..25
Lawrence Portl Cement 100
243*
263*
93*
83*
483*
113*
12
463*
483*
62
65
King Seeley Corp
com...
Long Bell Lumber
*
15 preferred
^100
Mallory (P R) A Co.—.*
Marlln Rockwell Corp
1
Merck Co Inc common.. 1
16 preferred
100
Muskegon Piston Ring. 2 3*
National Casket
*
mt*
223*
52
133*
114
8
t—
90
/283*
31
733*
76
1033* 1043*
Comml Mackay 4s w 1.1969
34
363*
Deep Rock Oil 7a....1937
Stamped
/423*
...
1961
McCrory Stores 3 3* s. 1955
Minn A Ont Pap 6s... 1945
.
5 NY World's Fair 4s. 1941
Old Ben Coal 1st mtg 6s '48
Scovlll Mfg 53*s
1945
443*
X
1013* 1023*
/253*
273*
22
25
38
403*
1043*
1950
98""
973*
2d conv Income 5s.. 1962
13
553*
I—.
1965
Brown Co 53*8 ser A—1946
Carrier Corp 43*s
1948
Chic Dally News 33*s. 1950
Superior Oil 33*s
143*
125*
/533*
..I960
Inland Steel 3s
93*
80
Preferred
-
2 3*
13*
19
Bonds—
Amer Writ Paper 6s__1961
Beth Steel 3s.
33*8—
223*
83*
—.*
*
"
53*
33*
1
*
100
Preferred
83*
'
413*
100
7% preferred
53*
7
...100
York Ice Machinery
Machine Tool
33
43*
50
com
3
31
Wickwlre Spencer Steel..*
Gen Machinery
20J*
2
*
463*
603*
18.3*
1083*
1073*
Woodward Iron Co—
•
52
...1947
102
Sugar Securities
1123*
1961
85
"89*
80
90
65
68
96
..I..1957
107
—1946
93
1980
1013*
1951
166"
109
Baraqua Sugar Estates—
•••:
97
106
1968
1013*
"86"
1940
"69"
Ask
Bid
AntUla Sugar Estates—
6s...
1951
1073*
1967
.......
30
23*
73*
*
90
1949
1941
1
~1942
Toledo Peoria A Western 4s
13*
...
1957
Terre Haute A Peoria 5s
Vicksburgh Bridge 1st 4-6s
Washington County Ry 33*s_.
West Virginia A Pittsburgh 4s
100
I..1947
.......
Providence A Worcester 4s
Toledo Terminal 43*s
Toronto Hamilton A Buffalo 4s
102
90
.2032
Norwich A Worcester 43*s
Pennsylvania A New York Canal 5s extended to
Philadelphia A Reading Terminal 5s...
Portland Terminal 4s
1013*
2000
New York Philadelphia A Norfolk 4s
New Orleans Great Northern Income 5s..
New York A Hoboken Ferry 5s...
cum
Preferred
Glddlngs A Lewis
"57"
130
17
68
65
126
12J*
99
101
123*
33*
64
WW-:!#
93*
23*
2
113*
303*
96
1961
*
Tennessee Products
43*
*
723*
1956
73*
2
92
..—.1951
*
common
33*'
Triumph Explosives
523*
703*
:
55
1
Trlco Products Corp
1944
Chicago Indiana A Southern 4a
Chicago St Louis A New Orleans 5s...
Chicago Stock Yards 5s
Steel
!
4
1955
43*8
52
...5
113*
1940
Cambria A Clearfield 4s
43*
193*
Tokhelm Oil Tank A Pump
Common
5
1943
'
33*
543*
pref.—......
Domestic Finance
Asked
Bid
33*
173*
20
17.
'
33*8
110
106
*
Stromberg-Carlson
Sylvama Indus Corp
Great Northern Ry 2s
Illinois Central 3s
Maine Central 5s
413*
273*
33
Columbia Baking com...»
$1 cum preferred
.♦
.
53*
383*
263*
»
3
2
Chic Burl A Quincy... 100
Chilton Co common
10
Shippers Car Line 5s
Southern Pacific 43*8
Bid
Par
Ohio Match Co
23*
A com...*
63.50
63.50
Merchants
65
2.50
—
1H
273*
63.25
..
Denv A Rio Gr West 43*s.
Louisiana A Ark
183*
453*
43 3*
613*
303*
Nat Paper A Type com
♦
62.40
23*s.
Del Lack A Western 4s
Grand Trunk Western 5s.
417
173*
61.90
,
Chic A Northwestern 4>*s.
Cllnchfield 23*s
Growers
407
Remington Arms com
*
Safety Car Htg A Ltg-.-50
Scovlll Manufacturing..25
Singer Manufacturing.. 100
Skenandoa Rayon Corp..*
62.00
Chesapeake A Ohio 43*s_.
Chic Burl A Quincy 23*s._
Fruit
220
100
Co. .2
10
Ask
Bid
Pa
Alabama
American Arch.—....*
V'A
11H
2H
New York Central 43*b_—
Canadian National 43*s-5s
Erie 43*s
....
Industrial Stocks and Bonds
24**
Bid
1.25
Chic Milw A St Paul 5s
1053* 109
23*
33*
170
—4
5% conv pref lBt ser.. 10
61.90
...
........
73*
100
U S Fire
Hartford Fire
American Cyanamid—
Bessemer A Lake Erie 23*s
Boston A Maine 5s
2.25
Travelers
10
5
10
67
5.00
Missouri Pacific 43*s
Nash Chat A St Louis 23*s
Nat Steel Car Lines 5a
63.25
30
243*
6
63
Ask
1.00
28
55
15
Amer Distilling Co 5% pflO
Bid
333*
Security New Haven
11
preferred
463*
58
52
Equipment Bonds
61.50
Seaboard Surety .......10
Globe A Rutgers Fire... 15
2d
4
220
210
53*
313*
9
Great American
73*
253*
233*
213*
23*
5
5
Amer Cable A Radio
_
63*
233*
10
10
241
10.00
100
Atlantic Coast Line 4 3*s_
Baltimore A Ohio 4 J*s
Reinsurance Corp (N Y) .2
333*
131
237 3*
41
5
Republic (Texas)
Halifax...
1313*
104
Revere (Paul) Fire..
Rhode Island
4.60
31
121
99
83*
Glens Falls
1.50
111
293*
Globe A Republic.
24
223*
National .25
73*
53
3.00
2.50
13?*
33*
923*
25
Northwestern
283*
52
833*
35
883*
Pacific Fire
5
Georgia Home
463*
23*
North River
103*
6
823*
5.00
West Jersey A Seashore (Penn-Reading)
23*
48
83*
Firemen's of Newark
5.00
6.00
Warren RR of N J (Del Lack A Western).—
Northern
323*
433*
123*
5
Franklin Fire
4.00
100
100
100
100
Second preferred..——100
Tunnel RR St Louis (Terminal RR)
—.100
United New Jersey RR A Canal (Pennsylvania)
100
Utlca Chenango A Susquehanna (D L A W)
100
Valley (Delaware Lackawanna A Western)
100
Vlcksburg Shreveport A Pacific (Illinois Central)..100
Preferred
^
44*"
40
600
3.875
Pittsburgh Fort Wayne A Chicago (Penna) pref
Pittsburgh Youngstown A Ashtabula pref (Penna)..
Rensselaer A Saratoga (Delaware A Hudson)
St Louis Bridge 1st pref (Terminal RR)
34
163*
143*
30?*
5
Northeastern
32
10
2
12.50
253*
140
60.00
60
Preferred
10
44
8
1263* 1323*
10
New Hampshire Fire
New York Fire
8
233*
Fidelity A Dep of Md...20
Fire Assn of Phlla
10
5.00
100
100
50
100
50
50
50
New Brunswick
22
7
13*
50
Fort Wayne A Jackson pref (N Y Central)
Georgia RR A Banking (L A N-A C L)
Lackawanna RR ol N J (Del Lack A Western)
283*
203*
5
3.50
Y Central).. 100
Cleveland A Pittsburgh (Pennsylvania).--.—
Betterment stock
Delaware (Pennsylvania)
27
.v;-
55
7
2
20
263*
53
10
National Liberty
7
233*
10
National Union Fire
44
6
Y..5
New Amsterdam Cas
23*
50
Carolina Cllnchfield A Ohio com (L & N-A C L)—100
Merch A Mfrs Fire N
National Casualty
National Fire..
2%
563*
40
5
com
19
Employers Re-Insurance 10
3.00
Merch Fire Assur
23*
13*
Ins..123*
17
5
8.50
73*
873*
Mass Bonding A
23*
53 3*
Maryland Casualty......1
585
10
Carolina
64 3*
6.00
5
568
5
10.50
100
100
100
50
100
100
100
(Illinois Central)
413*
333*
63*
843*
Boston..-.. ..—.—.100
Par in Dollars
Albany A Susquehanna (Delaware A Hudson)
Allegheny A Western (Bull Roch A Pitta)
Beech Creek (New York Central)
15
25
...10
Automobile
.
6
...10
American Surety
Dividend
Railroad
16
163*
American Reserve
(Guarantor in Parentheaea)
New York Lackawanna A Destern (D L
10
Ins Co of North Amer...10
American Re-Insurance. 10
Guaranteed Railroad Stocks
Cleve Cln Chicago A St Louis pre! (N
Homestead Fire
713*
203*
663*
5
American of Newark—23*
\~~msA
Boston A Albany (New York Central)
Boston A Providence (New Haven) —
30 3*
Par
5
American Home
2-6600
STOCKS
I Since 1855
Canada Southern (New York
Ask
28?*
13*
•:^;- ' '
Home
com 5
Co
Amer Fidel A Cas
Tel. REctor
GUARANTEED
-V
Alabama A Vlcksburg
Bid
10
483*
American Alliance——10
1
Dcalmin
NEW YORK
^
Home Fire Security
111
463*
253*
American Equitable
Members hirw York Stotk Ext be*ft
120 Broadway
.......
Companies
27
107
10
10
10
Aetna
ASk
ma
Par
,,
.
70
...1954
V 36
54
57
/48
/38
51
Punta
1954
41
Savannah
/12
15
1947
5s
New Nlquero Sugar—
For footnotes
Preferred
Haytlan Corp com
198 9
6s
Haytlan Corp 4s
33*s
21
/19
'
1940-1942
/19
42
1990
Stocks
see
page
Par
Eastern Sugar Assoc com. 1
4111.
:—
Bid
Ask
63*
1
1
73*
19
17
*
Alegre Sugar Corp. *
Sugar Refg
1
Vertientes-Camaguey
Sugar Co
5
West Indies Sugar Corp-.l
6
25
.
13*
7
---
23*
23*
5
53*
Volume
The Commercial & Financial Chronicle
150
Quotations
"Public
Over-the-Counter Securities—Friday June 28—Continued
on
Investing Companies
Utility Preferred Stocks'
Par
Admlnis'd Fund lnc
Sold
•
8.86
2.57
1
'
Tel. B A relay
16%
Series B-2
19.10
20.94
2.67
2.95
Series B-3
12.78
14.01
5.74
6.34
Series B-4
6.05
6.66
.24
.28
Series K-l
13.28
14.55
3
Series K-2
7.60
8.39
3%
3%
4%
Series S-2
10.75
11.84
Series S-3
7.35
8.13
2.99
3.37
5.35
5.90
2
5
♦Class A
♦5% preferred
Basic Industry Shares..10
Boston Fund lnc
Teletype N.Y. 1-1600
British Type Invest A...1
Broad St Invest Co Inc.
Bullock Fund Ltd
Public
Series S-4
Bankers Nat Investing—
New York City
7-1600
14%
Assoc Stand Oil Shares
ESTABLISHED 1879
115 Broadway
28.39
1
6
Knickbocker Fund
4
3
3.23
Bid
.13
8.83
9.65
20.82
11%
4.10
18.24
Mutual Invest Fund...10
.28
19.26
Par
Nassau & Suf Ltg
7%pf 100
6.88
3.00
16.96
12%
Mass Investors Trust
Nation .Wide Securities—
2.30
3.10
(Colo) ser B shares
*
(Md) voting shares. _25c
Century Shares Trust...*
Ask
6.23
1
Maryland Fund Inc... 10c
-
13.87
Canadian Inv Fund Ltd__l
Utility Stocks
101% 103%
1
Manhattan Bond Fund lnc
—
12.90
22.37
24.05
National Investors Corp.l
Bid
Ask
Chemical Fund
1
9.11
9.86
New England Fund
Commonwealth Invest
Par
Alabama Power 57 pref..*
1
Keystone Custodian Funds
Amer Gen Equities lnc 25c
Am Insurance Stock Corp*
Principal Stock and Commodity Exchanges
Members
9.09
26.00
Investors Fund C__
Amer Business Shares
Amer Foreign Invest Inc..
Jackson & Curtis
'
8.50
Series B-l
10.48
2.35
Ask
Bid
Par
9.85
18.14
Affiliated Fund lnc
1%
♦Amerex Holding Corp..*
Quoted
•
Ask
Bid
*
Securities...
Aeronautical
Bought
4113
1
2.98
3.24
28%
♦Continental Shares pf 100
Corporate Trust Shares.. 1
......
w
.99
1.13
X4.99
5.37
9.97
10.75
N Y Stocks lnc—
26
3.15
'
1
Agriculture
9
8
5.91
6.41
Amer Cable & Radio—
National Gas A El Corp. 10
3%
2.08
Automobile
3.96
4.29
See Industrial stocks
5%% pf-*
New Eng Pr Assn 6% pf 100
32%
64%
34
Series AA
1
2.05
Aviation
9.50
10.27
67%
Accumulative series... 1
2.05
Bank stock
7.42
8.03
Series AA mod
1
2.41
Building
4.37
4.74
63
66
...1
2.41
Chemical
New Eng G & E
AmerG&E4%% pref.100
Amer Utll Serv 6% pref.25
Arkansas Pr A Lt 7% pf__*
Associated
Gas
A
89
91%
Birmingham Elec 57 pref.*
Birmingham Gas—
53.50 prior preferred. .50
Carolina Power & Light—
57 preferred.
*
7% pf 100
%
<
117 %
i y
121
78
80%
44%
47
preferred
100
preferred
100
Cent Pr A Lt 7% pref.. 100
7%
Consol Elec & Gas 56 pref.*
Consumers Power $5 pref.*
7%
104% 107
74%
77
96%
98%
102 % 105
62%
11
13
23%
26%
*
101
57
preferred
101
9
11%
104% 107
87
89%
48%
54 preferred
Northern States Power—
(Del) 7%
*
19%
21%
51%
54%
81%
84%
♦Common B shares... 10
100
preferred
100
preferred
100
Okla G & E 7% pref... 100
Pacific Pr & Lt 7% pf-.lOO
Panhandle Eastern Pipe
102% 105
109% 111%
107% 110
84%
87%
25c
22 %
23%
Interstate Natural Gas...*
22
112%
19%
Shares
71%
Pub Serv Co of Indiana—
25
*
57 prior lien pref
86%
89%
Kansas Pow & Lt
4% % 100
Kings Co Ltg 7% pref. 100
Long Island Lighting—
7%
preferred.
100
29
105
31%
107%
96
98
79%
81%
100
2
100
6% preferred D
»
Sierra Pacific Pow com
31
33%
preferred
*
23%
25%
57
preferred
*
Mississippi P A L 56 pref.*
Missouri Kan Pipe Line..5
32%
80%
87 y
90
5%
102%
.24%
.32
.37
16.81
Putnam (Geo)
Xll.86
12.69
10.46
Quarterly lnc Shares.. 10c
6.05
6.85
Eqult Inv Corp (Mass)..5
Equity Corp $3 conv pref 1
Fidelity Fund Inc..
*
21.95
23.60
100%
21%
5% deb series A
*
Representative Tr Shs.. 10
97%
20%
15.19
16.34
5.41
6.00
F__
Bank stock series... 10c
99
17
101%
18%
82
3%
84%
4%
pf.100
104%
United Pub Utilities Corp
52.75 pref
*
24%
26%
75.67
77.19
7.28
7.93
Selected Income Shares.. 1
3.61
.53
.59
15.35
Sovereign Investors... 10c
Spencer Trask Fund
*
13.05
13.82
4.91
Standard Utilities Ino. 60c
2.82
8.23
Clark Fund Ino
2.34
3.16
«
m
-
-
Foundation Trust Shs A.l
3.50
4.00
14.12
Fundament'l Tr Shares A 2
14.18
-»
3.80
General Capital Corp
*
General Investors Trust. 1
M
•»
26.20
4.35
Chemical
5.85
Participating
26
44
46%
West Texas Utll 56 pref..*
96
1960
Utility Bonds
Amer Gas A Pow 3-58.1953
52%
54%
Amer Utility Serv 6s.. 1964
Associated Electric 5s. 1961
Assoc Gas A Elec Corp—
83%
56
Income deb 3%s___1978
Income deb 3%s...l978
Income deb 4s
1978
Income deb 4%s...l978
Conv deb 4s
1973
Conv deb 4%s
1973
/15%
16%
/15%
/16
16%
/16
Conv deb 5s
1973
Conv deb 5%s
1973
/27
/27
f'27
8s without warrants 1940
/53
30~
30
30
58
Kan Pow A Lt
3%s...l969
1970
..1955
Kentucky Utll 4s
4%s
Lehigh Valley Tran 5s 1960
Lexington Water Pow 5s'68
Marion Res Pow 3 %8.1960
Montana-Dakota Utll—
1954
4%s
Ask
102 % 103%
109
109%
1965
4s
/H
14
/II
/II
14
Old Dominion Pow 58.1951
4%s-5%8.._. 1986
14
Parr Shoals Power 5s_
Sink fund lnc 5-6s._1986
/H
14
1952
Penn Wat A Pow 3%s 1964
109
3%s
1970
Peoples Light A Power—
1st Hen 3-6s
1961
Blackstone Valley Gas
6 Electric
3%8
1968
107
Cent Ark Pub Serv 5s. 1948
Central Gas A Elec—
96
4.72
Trusteed Industry Shs 25c
.69
shares
3.45
3.77
U S El Lt A Pr Shares A...
14%
Equipment shares..
3.13
3.42
4.63
5.05
4.55
4.96
shares
Tobacco shares
1
.05
1.88
1964
3%s
Cent 111 El A Gas 3%s. 1964
Central Illinois Pub Serv—
1st mtge 3%s
1968
Pub Serv of Colo 3%s_ 1964
91
90%
93
101
102
103%
00 CO
102%
Income 5%s with stk '52
Cities Service deb 5s..1963
/1%
2%
72%
74%
6s series B
86%
Pub Utll Cons 5%s.—1948
Collateral 5s
1951
1947
4%s
Sioux City G&E4s._ 1966
103
♦Class B
74%
♦First Boston Corp
10
13%
1.24
♦Schoellkopf Hutton A
Pomeroy lnc com
10c
%
Calif Water Service 4s 1961
105
66%
Federated Utll 5%s.__1957
83%
1970
1950
United Pub Utll 6s A. 1960
109%
68%
3%s
71%
86
71
73%
98% 101 %
107
107%
104% 105%
99% 100%
1957
98
100%
126
1952
/48
103
51
104
102%
107
West Penn Power 3s. .1970
Towa Pub Rerv 3%s__1969
104% 105
West Texas Utll 3%s.l969
1960
104%
100
A 1966
105
86
St Joseph Wat 4s ser
Scranton Gas & Water Co
Water—
4%s.
100
102
5s..
•
■
---
Water Service 58.1961
1st A ret 5b A
Indianapolis Water—
1st mtge 3%s
1966
1957
1958
104
108
96
105
...
103%
Scranton-Spring Brook
104
1967
Shenango Val 4s ser B. 1961
105% 107%
104%
91%
95
102%
South Bay Cons Water—
Springfield City Water—
5s
4s A
4%s.l939
Co 5s—1958
Monmouth Consol W 5s '56
99
-.1950
1956
75
102%
101
Kankakee Water
Texarkana Wat 1st 5s. 1958
104%
Union Water Serv 5%s '51
102
W Va Water Serv 4s_.1961
105
Monongahela Valley Water
1950
5%s
Morgantown Water 5s 1965
Muncle Water Works 5s '65
New
105% 107%
5s series B.........1950
99
1951
1950
Westmoreland Water5s'52
102
102
5s series B
1956
100
5* series C
—
1960
1949
1st mtge 5s
1st mtge 5%s
94
1951
99
5%s
1951
New York Wat Serv 5s '51
95
100
5%s '53
Ohio Valley Water 58.1955
Ohio Water Service 4s. 1964
Ore-Wash Wat Serv 5s 1957
93
101
97%
97% 102%
For footnotes see
page
6s series A
108
4111
98
105
102
101
104% 105%
93
104%
Western N Y Water Co—
104%
105
Rochelle Water—
5s series B
104
101
Western Public Servioe—
5%s
102
109
Roch A L Ont Wat 5s. 1938
83
81
Ohio Cities Water
Wash Wat Pow 3%8.. 1964
Inland Gas Corp—
78
1946
Utlca Gas A Electric Co—
5b
100
Plalnfleld Union Wat 5s '61
103
104% 105%
53
50%
104% 105
debs
106%
Pittsburgh Sub Wat 5s '58
Richmond W W Co 5s 1957
Kokomo W W
104% 105%
f
103%
Pinellas Water Co 5%s.'59
...
84
S'western Gas A El 3%a '70
Dallas Ry A Term 68.1951
100
6s..
64%
100
1948
105
98%
22
/19%
104% 105%
105% 106
my 103%
1948
108
1946
5%s series B
6s aeries A
Huntington
c95%
1948
Phila Suburb Wat 4s..1965
105
106
Tel Bond A Share 5s.. 1958
Jersey Cent P & R 3%s '65
1941
108% 109%
74%
77%
104% 105%
100 %
100
1st consol 4s
109
104
.1950
1st consol 5s
City Water (Chattanooga)
S'western Lt A Pow 3%s'69
Dallas Pow A Lt 3%s.l967
1st A ret 5s__
City of New Castle Water
103% 104%
56
1st mtge3%s
1
Peoria Water Works Co—
---
.
Prior lien 5s
105% 107
56
s
14%
Bid
Ask
Bid
103%
105% 108%
89%
106,% 107%
2
1.00
77
53
54%
23
1
16.27
.91
62
54
1954
Cumberl'd Co P&L 3%s*66
«.
1%
20
1.13
102% 103%
87%
Coll lnc 6s (w-s)
*
15.05
104
1962
Toledo Edison 1st 3%sl968
%
♦Central Nat Corp cl A._*
Insurance Group shares.
105% 106%
1962
Texas PubUc Serv 5s. .1961
-
13.27
Banking
57%
89%
1962
58
Investment
12.05
♦Blair A Co
Republic Service—
Sou Cities Utll 5s A...1958
Crescent Public Service—
6%s stamped
1949
.77
-
102
St Joseph Ry Lt Ht A Pow
Cons Cities Lt Pow A Trac
5s...
Debenture 4s
Pub Serv of Indiana 4s 1969
1
Fund
Investm't Co of Amer.. 10
JopUn W W Co 5s
Central Pow 4 Lt 3%s 1969
Central Public Utility-
Consol E A G 6s A
1950
.52
~
Corporations
Nor States Power (Wise)—
6s
88%
Wellington
2.11
.47
1 .86
B
13.77
Corp
25c
Class B
.25
12.81
♦Huron Holding
»
Water Bonds
54%
Portland Electric Power—
1st Hen coll tr 5%s..l946
1st lien colli; rust 6s. 1946
4.27 "',i
4.85
5s
Sink fund lnc 6s
1983
101
Indiana—
ri2
5 fine
1
101% 102
N Y State Elec & Gas Corp
Northern
Cons ref deb 4%s...l958
Sink fund lnc 4%s__1983
14
B
Trusteed Amer Bank Shs—
97%
5s *62
NY PA NJ UtlUties 5s 1956
Public Service 3%s.l969
Assoc Gas A Elec Co—
♦Series
4.33
Bank Group shares
Bid
Kansas Power Co 4b. .1964
New Eng G A E Assn
/25
4.69
4.45
shares
Mining shares
17%
17
1
2.71
86
58
A
4.07
Investors..5
Independence Trust Shs.*
Institutional Securities Ltd
Ask
105% 106%
107% 108%
2.18
♦Series
7.31
Incorporated
1970
2.24
2.08
3.73
98%
2%s 1950
2.14
1
2.48
Steel
21%
25
3%ssf debs
1
Trustee Stand Oil Shs—
Food shares
Electrical Equipment
RR
19%
3%ss f debs
8.85
7.95
Petroleum
units
m
''w
^ J
8.14
C
♦Series
6.37
63%
Washington Ry A Ltg Co—
105 %
2.21
♦Series D
4.77
28%
West Penn Power com...*
Bid
1
-
Trustee Stand Invest Shs—
7.87
4.37
25%
19
Am
3.21
3.71
3.40
shares
.39
''
4.58
4.20
Building shares
61%
29%
104 %
,
Supervised Shares
7.24
*
i6y
Amer Gas A Elec
3.05
60
57%
Corp
4.73
shares
__
.33
*
Super Corp of Amer cl A.2
AA
..1
♦State St Invest
»
24.37
Group Securities—
Agricultural shares
*
53 pref
Utah Pow & Lt 57 pref
27%
Public
3.19
Merchandise
102
104% 107%
pref.... 15
.*
9.22
Investing shares
S'western G4E5% pf.100
Mountain States Power...
5% preferred
8.72
2.83
Republic Invest Fund
Selected Amer Shares..2%
2.11
Insurance stk series. 10c
Automobile
Fund..
Scudder, Stevens and
Aviation shares
34
77%
Monongahela West Penn
Pub Serv 7%
22%
109
Texas Pow A Lt 7%
Mass Utilities Associates—
5% conv partlc pref..50
Mississippi Power 56 pref.*
100
Southern Nat Gas com.7%
Mass Pow A Lt Associates
25
Southern Indiana G A E—
4.8% preferred
52
22%
4%
Rochester Gas A Elec—
xl .98
9.75
Series
B
6% preferred
Republic Natural Gas
X2.34
1
15.66
ment Fund series A-l...
Queens Borough G & E—
Jamaica Water Supply
*
Jer Cent P & L 7% pf__100
X2.39
1
Plymouth Fund Inc... 10c
Fundamental Invest Inc. 2
*
69
1
Series 1956
Series 1958
1.08
Fixed Trust Shares A... 10
17%
6.23
Series 1955
.98
*
110
5.33
5.74
xl .86
5.60
Fiscal Fund lnc—
Philadelphia Co—
4.92
44
No Amer Tr Shares 1953.*
.
—
4.95
33%
55 cum preferred
Indlanap Pow & Lt com..*
w
6.14
2.57
Railroad equipment
Steel....
.
2.50
63%
Penn Pow A Lt 57 pref
62%
...
.
5.85
5.66
2.37
No Amer Bond Trust ctfs.
....
3.10
C.
31%
Peoples Lt & Pr 53 pref.25
7.45
5.39
Railroad
15.90
2.55
9.19
6.88
Oils
....
1.29
Deposited Bank Shs ser A 1
Deposited Insur Shs A...1
60%
37%
60 X
115
14.71
*
37
Hartford Electric Light.25
110
First Mutual Trust Fund..
104%
6.87
8.50
Metals
28
Delaware Fund
*
35
8.43
6.34
equipment
Machinery
25
Eaton A Howard Manage¬
6%
7%
7.79
Insurance stock
....
x4.ll
Dividend
supplies
Electrical
26%
♦Crum A Forster Insurance
D
108
Ohio Public Service—
102
34%
24
115
Diversified Trustee Shares
.100
*
pref
(Minn) 5% pref
preferred...*
preferred
cum
100
Cumulative Trust Shares. *
Northeastern El Wat A El
Florida Pr A Lt 57 pref..*
cum
♦8% preferred
Penna Edison 55 pref
Federal Water Serv
56
♦Crum & Forster com..10
109
Line Co
56.50
103%
Series ACC mod
♦7% preferred
*
56 cum preferred
106 y 109
46
100
preferred
59%
56 cum preferred
New Orleans Pub Service.*
7% cum preferred...100
N Y Water Serv 6% pf.100
Continental Gas & Elec—
Derby Gas & El 57 pref.
_.*
*
*
57 prior lien pref
New York Power & Light—
Central Maine Power—
56
New Eng Pub Serv Co—
56 prior lien pref
Electric
56.50 preferred
*
Atlantic City El 6% pref.*
Cent Indian Pow
106% 108
7
5%
4%
1
105" "
■
The Commercial <£ Financial Chronicle
4114
June 29, 1940
TS
Quotations
on
Qver-the-Counter Securities—Friday June 28 -Concluded
If You Don't Find the Securities Quoted Here
Bid
Bid
ilil
38.1957
/28
Beacon Hotel lnc 4a.. 1958
/4
In this publi¬
B'way Barclay toe 2s.. 1956
SI 8
cation quotations are carried for all active over-the-counter
B'way A 41st Street—
1st leasehold 3H-5s 1944
25
30
53
57
N Y Majestic Corp—
4s with stock strap..1956
1957
/8
10
Cbanln Bldg 1st mtge 4s '45
Cheseborough Bldg 1st 6s '48
31
33
Public Utility Bond*
40
50
Public
Colonade Construction—
15
17X
which you have
interest, you will probably find them in
monthly Bank and Quotation Record.
our
stocks and
bonds.
The classes of securities covered
are:
Banks and Trust
1948
3s
Federal Land Bank Bonds
Utility Stocks
1st 4s (whs)
Railroad Bonds
Foreign Government Bonds
1950
2s
Real Estate Trust and Land
Title Guarantee and Safe
Deposit
45X
34 X
52
53 X
42
44
Ollcrom Corp v tc
1 Park Avenue—
25
IX
2
30 X
34
29
Eqult Off Bldg deb 5s 1952
Deb 5s 1952 legended...
32 X
/V
52
14
17
29
35
32
105 Broadway BulldlngSec 8 f ctfs 4X e (w-1)'58
Prudence Secur Co—
Stocks
Mill Stocks
50 Broadway Bldg—
U. S. Government Securities
U. S. Territorial Bonds
5^s stamped.
1st Income 3s
14
1940
Realty Assoc Sec Corp¬
S7X
Your subscription should be sent to
34
50
54
57
59
se
income
Roxy Theatre—
Film Center Bldg 1st 4s '49
33
37
40 Wall St Corp 0s... 1958
42 Bway 1st 6s
1939
/13
/25
14
1400 Broadway Bldg—
1st 4s stamped
1948
Dept. B, Wm. B. Dana Co., 25 Spruce St., New York City.
1943
1st mtge 4s ........1957
10
31
52d A Madison Off Bldg
1st leasehold 3s. Jan 1 *52
Quotation Record is published monthly and
55
1961
16
500 Filth Avenue—
OXb (stamped 4s)..1949
The Bank and
5%
43 X
...
...
22
Hotel units
Mining Stocks
sells for $12.50 per year.
16H
4
6X» series C-2.........
5Xa series F-l
5XB series Q
Eastern Ambassador
Stocks
ties
..1955
2d mtge 6s
1951
103 E 57th St 1st 0s_ ..1941
23
1st 3^8
Real Estate Bonds
Insurance Stocks
Joint Stock Land Bank Securi¬
1948
Dorset 1st A fixed 2S..1957
Industrial Stocks
Investing Company Securities
.
Court A Remsen St Off Bid
Railroad Stocks
Industrial Bonds
14 X
20X
5Xb series BK
Canadian
Out-of-Town)
60
Brooklyn Fox Corp—
Domestic
Domestic (New York and
Canadian
64
.....1945
S f deb 5s
Broadway Motors Bldg—
Municipal Bonds—
Companies—
Metropol Playhouses Ino—
e"
N Y Athletic Club—
•
4~6a
;
Ask
N Y Title A Mtge Co—
Alden Apt 1st mtge
in
35
1st
.1956
15
1949
28
31
Graybar Bldg lstlshld 5s '46
74
9
7
1956
60 Park Place (Newark)—
1st 3^8
1947
S7
38 with stock..
Sherneth Corp—
1st 5 $£ 8 (w-s)
12
Fuller Bldg debt 6s.-.1944
Savoy Plaza Corp—
.
8X
28
33
21
23
20
24
77
2)^-4s (w-s)
61 Broadway Bldg—
Harriman Bldg 1st 08.1951
Heafst Brisbane Prop 6s' 42
Inactive Exchanges
/14
16
38
40
Hotel St George 4s._.1950
Foreign Stocks, Bonds and Coupons
28
31
3X* with stock....1950
016 Madison Ave—
3s
1957
with stock
(Syracuse)
Syracuse Hotel
Lefcourt Manhattan Bldg
1st 4-5s
1948
62 William
49
Textile Bldg—
1st 3-5s
..1958
20
Lewis Morris Apt Bldg—
1st 4s
1951
40
Trinity Bldgs Corp—
1st 5Xa...
...1939
/20
27
Lexington
Tel. HAnover 2-5422
St., N. Y.
47
Lefcourt State Bldg—
1st lease 4-6 Xb
1948
& CO., INC.
BRAUNL
35
2 Park Ave Bldg
/38
42
10
13
Hotel
1st 3s
units
69
1955
51
37
1st 4-5s'46
23
Lincoln Building—
Income 5Xb w-s
Due to the European situation some of the quotations shown below are
nomin'al.
Bid
Anhalt 7s to.....
.1946
.1946
Bank of Colombia 7%. 1947
7b
1948
_
Barranqulfla
_
Rs'354(M6-48
Bavaria OXb to..
1945
Bavarian Palatinate Cons
Cities 7s to
/20
/20
/25
1958
f3X
7s...
1969
3K
6s
1940
fzy*
/15
/28
/35
/20
8s
1945
Brandenburg Eleo 6s. 1953
Brazil funding 5s.. 1931-51
Brazil
funding scrip
Bremen (Germany) 7e.l935
6s
1940
British Hungarian Bank—
7^8
1962
Brown Coal Ind Corp¬
Hungarian Cent Mut 7s '37
Hungarian Ttal Bk 7X* '32
Hungarian Discount A Ex¬
change Bank 7s
1936
Jugoslavia 5s funding. 1956
Jugoslavia 2d series 5s. 1956
1943
15
4
m
3X
3X
For footnotes
15
S15
Mannheim A Palat 78.1941
S10
40
Munich 7s to
/35
1945
Munio Bk Hessen 7s to '45
n
ox
io x
3
German Central Bk
S20
Colombia 4s
SO 5
/16
1940
Panama City OXb
1952
associated
/3
Panama
67
/40
/10
12""
Costa Rica Pac Ry 7Xb *49
/II
15
/9
12
1949
Cundlnamarca 6H8..1959
J8X
69
5% scrip
Poland 3s
9X
.1908
Protestant Church (Ger¬
many) 7s
...1946
Prov Bk Westphalia 6s '33
6s 1936
5s...
Dortmund Mun UtlI0Ms'48
Duesseldorf 7s to
1945
...
1950
.1941
1945
East Prussian Pow 6s. 1953
Electric Pr (Ger'y) QX» *50
6^8
-
1953
—New
tional
32
Saarbruecken M Bk 6a.'47
/15
1907
/2
Farmers Natl Mtgo 7s. '03
Frankfurt 7s to.
1945
/3
/15
French Nat Mall SS 6s '52
20
German Atl Cable 7S..1945
German Building A Landbank 6^8
1948
German Central Bank
/18
7s ctfs of deposit.. 1957
4s scrip
8s
deposit. 194f
Santa Catharlna (Brazil)—
8%
1947
Santa Fe 4s stamped. 1942
Santander (Colom) 7s. 1948
Sao Paulo (Brazil) 6a. 1943
/16
Saxon State Mtge 6S..1947
Stem A Halske deb 6s.2930
State Mtge Bk Jugoslavia
/22
3X
35
1957
/15
1953
66
/15
/15
Brothers,
representing
Embassy at Mex¬
1929
From
he
was
Europe,
and
1932,
to
firm
the
Amer¬
in
the
Swiss
Bank
made necessary
and
citizens
in
United
the
addi¬
taken
its
quarters
by the growing business of the
America.
Soutli
has
Corporation
The enlargement of
Besides
States,
supervising
the
bank
large
been
has
business
market
has
tended
to
developments
as
in
concentrate
through the usual channels
retirement
the
De Young
of
Alice
more
European
the
more
O.
and
situation
more
in
have
the
made
difficult.
Kay
from
limited
partnership
Kay from general partnership, it is announced that
York
will be continued
in
future
Eric H.
member of the New Y'ork Stock Exchange, has been ad¬
7X
Marks,
to
brokers
a
the
Stock
T.
Dimpei and Gerard F.
Hulsebosch
and
dealers,
&
Co.,
to
York
name
of Byfield
& Co. and that
Hulsebosch have formed the firm of
conduct
a
general
investment
business
as
providing primary markets and specializing in public
utility bonds and preferred stocks.
New
14 X
Exchange firm of Kay, Byfield & Co.
under the
general partnership.
—Ralph
Dimpel,
S5
/62
S13X
of
Offices of the firm are at 50 Broadway,
City.
S5
y-A war-time historical study of excess profits taxes of other countries
/15
/14
/15
in
200
relation
to
ernment has
the
been
proposed
excess
profits taxes of the United States Gov¬
prepared by Estabrook & Co., 40 Wall Street, New York
/15
/15
/15
20
City, under the title, "Excess Profit Taxes as a Possible Long Range Mar¬
20
ket Factor."
Toho Electric 7a
Tollma 7s
42
75
80
S13X
Hanover Harz Water Wks
6s
counselor of the American
as
this
during
2d series 5s
...1950
8tettln Pub Utll 7s... 1946
5s
Hamburg Electric 6s.. 1938
Housing A Real Imp 7s '46
1951
assigned
was
Chief of the Division of Latin
as
Mor¬
numer¬
the business of the New
S7
Saxon Pub Works 7s.. 1946
He
posts.
holding
increasing amount of business between Switzerland and South
—Following
/8
6^a
/40
/2
/12
;
/8
S7
SX
1948
8s ctfs of
American
been
Swiss
This
York
mitted
7s 1957
/2
/17
Pan
banking and
investment
From 1916 until 1929, Mr.
Equitable Building.
have
to
an
Salvador
1967
Haiti 68
Agency
the
.
of
and William
/12
1966
1948
in
Switzerland
transactions
S13
/20
/18
/15
/15
/15
7^8 Income
Guatemala 8s
Now
S5
/17
Agricultural 6s
1938
German Conversion Office
Funding 3s
1946
German scrip......
Graz (Austria) 8s
1954
with
America.
S13
/13
1960
7s Income
Lehman
York
space
investments
/49
/19
S2
S5
Rio de Janeiro 6%.__ J1933
vestment 7^s
connected
years
active in
secretary-general of the Kemerer Financial Mission to Peru.
as
is understood
/15
/15
Rom Cath Church 6Hs '46
European Mortgage A In¬
7s
Latin
/15
/16
/la
eight
past
1932
S3
R C Church Welfare 7s '46
Dulsburg 7% to
with
served
financing
Porto Alegre 7s
and
S3
1968
1940
a
affairs, and also acted
bank
Oberpfals Elec 7s
the
to
City with Ambassador Dvvight Morrow.
also
North German Lloyd—
4fl_.
1947
1945
for
S60
Hungary 7Xb
1962
National Hungarian A Ind
Mtge 7s
1948
7s to
Cordoba 7s stamped..1937
Costa Rica funding 5s. '51i
5s.
European
ico
Oldenburg-Free State—
Central German Power
Morgan,
period to the Department of State
ican
10 X
with
NOTICES
member of the United States diplomatic service,
was
ous
/15
Nassau Landbank OXb '38
W.
Airways and prior
gan
/15
/15
Municipal Gas A Eleo Corp
Recklinghausen 7s.. 1947
20
55
foreign diplomatic circles, has become associated with the New York Stock
/3
S9X
/15
/4
son
18
40
4111.
Exchange firm of G. H. Walker & Co.
Central Agrlc Bank—
City Savings Bank
Budapest 7s
..1953
63
see page
—Stckeley
American
S15
(A A B) 4s...1940-1947
(C A D) 48...1948-1949
Nat Central Savings Bk of
1934
43
20
..1948
Water 7s
/40
Madgeburg 0s
Chilean Nitrate 5s
1947
....1951
/15
Leipzig O'land Pr 6Xb '40
Leipzig Trade Fair 78.1953
Luneberg Power Light A
Montevideo scrip.
15
16
20
15
Meridlonale Eleo 7s-.1957
m
1950
Corp—
..1951
Westlnghouse Bldg—
1st mtge 4s..1948
1st 4fjs w-s
CURRENT
Buenos Aires scrip
Burmelster A Wain 6s. 1940
see
3s....
Ask
Nat Bank Panama—
v
'46
Call (Colombia) 7s...1947
Callao (Peru) 7J4s_._1944
Cauca Valley 7Xa
1946
Ceara (Brazil) 8s
1947
Walbridge Bldg (Buffalo)—
Wall A Beaver St
S3
Land M Bk Warsaw 8s *41
/16
Caldas (Colombia)
61
31
S15
/2
1953
ora
1st 5s (Bklyn)
1st 5s (L I)
S3
S3
Koholyt OXa
7s
Bogota (Colombia) 0J$s '47
28
58
28
1952
/16
(Republic) 8s. 1947
1945
Bid,
Ask
/16
/50
/15
/14K
/13
S2X
Bollva
lHt&gen3-4s
Ludwig Baumann—
:v:-'hiV'\v
Antloqula 8s
1963
London Terrace Apts—
Foreign Unlisted Dollar Bonds
1956
1955
.1947
—A
Uruguay conversion scrip..
70
S35
since
Unterelbe Electric 6s.. 1953
Vesten Elec Ry 7s
1947
SI 5
/15
E.
Wurtetnbenr 7s to
ri5
1945
statistical
brochure and graph
on
the domestic production and
con¬
sumption of cottonseed oil and lard, together with price trends and spreads
1922, has been issued by the commodity department of
A. Pierce & Cassatt, 40 Wall Street, New York City.
Merrill Lynch,
4115
FILING
REGISTRATION
OF
STATEMENTS
SECURITIES
The following
additional registration statements (Nos. 4438
Securities and
1933.
Commission under the Securities Act of
approximately $13,416,360.
Exchange
the State.
begin the work immediately, the Federal
right to start the work without a Federal
tape.
Governor Hoey said on June 19
that the Federal Power Commission had asked his for opinion on whether
the two streams were under its jurisdiction and he had written that he felt
the matter was solely in the jurisdiction of the State and the Commission
should concede the right of the applicant to proceed without a Federal
As it is necessary to
1 ower Commission conceded the
license.
4442, inclusive) have been filed with the
to
UNDER
ACT
The amount involved is
The
license.
State
also
red
cut
:
.
The Aluminum Co. of America will buy the power
Co. (2-4438, Form A-2), of Waterbury, Conn.,
has failed a registration statement covering $10,000,000 of 10 year deben¬
tures due 1950.
Proceeds of the issue will be used to retire the 5Y % con¬
vertible gold debentures, due 1945, and for machinery and equipment.
John H. Gross is President of the company.
Morgan Stanley & Co.* Inc.,
et al, have been named underwriters.
Filed June 30, 1940.
(See sub¬
Scovill Manufacturing
to finance the two
company's securities
projects.—V. 150, p. 3345.
American Air Filter Co.,
Directors have declared
Inc.—40-Cent Dividend—
dividend of 40 cents per share on the common
a
stock, par $1, payable July 5 to holders of record July 1.
Dividend of
25 cents was paid on April 1, last, and one of 80 cents was paid on Dec. 11,
details).
sequent page for further
Taylorcraft Aviation Corp. (2-4439, Form A-2), of Alliance, Ohio,
a registration statement covering 30,000 shares of 50 cents cumula¬
tive convertible series A preferred stock, no par, and 90,000 shares of $1
par common stock reserved for the conversion of the preferred stock.
Proceeds of the issue will be used to repay note, for additional plant develop¬
ment and working capital.
C. G. Taylor is President of the company.
Hoit, Rose & Troster. and Mackubin, Legg & Co. have been named under¬
writers.
Filed June 21, 1940.
American
has filed
Royalty Depositor Corp. (2-4440, Form 8-10) v of New York, N. Y.,
a registration statement covering 608 non-producing over riding
interests in Smith Ruckman Henthorn Unitized 640 acre tract in Grant
County, Kansas.
Interests will be sold at $45 each; underwriting discount,
$9 per interest.
Each interest will consist of 1-1280 over riding interest in
the tract.
Proceeds of the issue will be used to drill one gas well.
H. Henri
Clos is President of the company.
Paul M. Hale & Co. has been named
Aggregates Corp. (& Subs.)—Earnings—
Earnings for the Year Ended Dec. 31, 1939
Net sales, $1,380,754; cost of sales, $954,306; gross
sales
.
w
_
Profit from allied activities
_
.
_
profit on
_
_
$426,449
76,384
_
_
$502,832
Total
153,271
Selling, administrative and general expense..
has filed
June 21,
Filed
underwriter.
Form A-l), of Glendale, Calif., has
registration statement covering 108,500 shares of 50 cents par 12%
non-cumulative class A capital stock and 40,000 shares of 50 cents par
class B capital stock.
The class A stock will first be offered to stockholders
through warrants and the unsubscribed portion will be offered by the under¬
writers, and the class B stock will be offered by the underwriters for the
account of certain stockholders.
Proceeds of the issuers part will be used
for plant expansion, development and working capital.
Ted Lynn is
President of the company.
Sutro & Co. has been named underwriter.
a
Filed
June
24,
1940.
Keystone Custodian Funds, Inc. (2-4442, Form C-l), of Boston,
Mass., has filed a registration statement covering 100,000 Keystone
Custodian Fund certificates of participation with attached 9-10 apprecia¬
tion warrants, series B-2, which will tye offered at market.
Proceeds of
the issue will be used for investment.
Sidney L. Sholley is President of
the company.
Sponsored by depositor.
Filed June 24, 1940.
in
The last previous list of registration
our issue of June 22, page 3961.
Abitibi Power & Paper
x
x
Before
$181,931
depreciation and bond interest.
Liquidators Lose Plea for Right to Appeal—
Justice
April, 1938
$285,264
$237,830
$817,457
Earnings after expenses
May, 1938
May, 1939
C.
McTague
Toronto,
at
June 21,
,
refused an application in
behalf of the liquidators for leave to appeal against a judgment of Justice
W. E. Middleton of the Ontario Supreme Court ordering the sale of the
company's assetr.
Justice McTague reserved decision as to costs of the application, made
by D. L. McCarthy, counsel for the company.
Justice Middleton, in a judgment June 10, directed publication of ad¬
vertisements looking to the sale of the company's assets, equipment and
property next Oct. 16.
Application for the order has
Montreal Trust Co. in behalf of certain bondholders.
The court ruled then that the bonds
and
no
one
Aircraft Accessories
See list given on first page
$185,535
$148,633
59,345
32,736
36.038
8,647
928,824
306,454
789,392
216,619
65,140
Net ry. oper. income.
From Jan. 1—
Net from railway
170,502
Net ry. oper. income.
—V. 150, p. 3499.
Great Southern
1940
May-—
Gross from
$184,315
64,260
27,601
621,962
95,387
965,909
365,759
170,775
def41,631
1937
1938
148,606
$617,222
199,408
144,085
$522,430
93,527
65,227
$615,060
147,170
72,685
3,113,861
884,013
588,531
3,000,019
871,160
611,985
2,489,270
3,124,299
895,105
547,342
$686,754
228,185
railway.
Net from railway.
Net ry. oper. income
1—
p*From Jan.
Gross from railway..—
Net from railway
Net ry. oper. income...
—V. 150, p. 3499.
377,659
343,590
Service Co.—Bonds Called—
Alabama Water
$390,000 first mortgage 5% gold bonds series A, due Jan. 1,
redemption on July 30 at par and accrued interest.
Payment will be made at the Central Hanover Bank & Trust Co., N. Y.
City.—V. 150, p. 3961.
,•
A total of
1957, have been called for
Alpha
Portland Cement Co.—2o-Cent Dividend—
Directors have declared a
dividend of 25 cents per share on the common
stock, payable Sept. 25 to holders of record Sept. 2.
Regular
dividend of like amount was paid on June 25.—V. 150, p. 2562.
Alton RR.May—
1940
Net from railway
Net ry. oper. income—
1—
From Jan.
Gross
from
1939
1938
1937
$1,241,485
113,378
defll0,125
$1,280,465
$1,187,876
189,512
def76,460
$1,355,058
241,254
6,303,177
6,118,137
1,122,261
5,902,059
926,826
def369,680
6,797,846
Net ry. oper.
233,216
def.33,073
def30,440
..
railway
Net from railway
—V.
quarterly
Earnings—
:
Gross from railway
income—
967,841
def298,997
defl59,093
1,820,809
470,452
Aluminum Co. of
America—Power Unit to Expand—
Light Co. of Franklin, N. C., a subsidiary of
appealed to the North Carolina State Utilities Commission
for permission to build two plants costing between $10,000,000 and $15,000,000 to supply power for factories engaged in producing war materials.
One plant would be located on the Nanthala River in Macon County and
he other on Tuckaseegee River in Jackson County, in the western part of
The
....
Net profit
Nanthala Power &
266,277
$191,091
.
Consolidated Balance Sheet Dec. 31, 1939
Assets—Cash, $23,534; Federal Land Bank bonds (cost, $191,929; U. S.
Treasury bonds (cost, $14,631; accounts receivable, $238,797; inventories,
$135,188; prepaid insurance, rentals and taxes, $16,820; investmfnts,
advances, &c., $361,078; plant and equipment (less reserve for depreciation
of $1,769,961), $3,151,601; deferred charges, $56,862; total, $4,190,440.
Liabilities—Notes payable—bank, $100,000; accounts payable, $69,211;
real estate purchase contracts—due 1940, $20,000; accrued taxes, interest,
royalties, &c., $39,183; reserve for Federal income taxes, $153,713; real
estate purchase contracts—due 1941 to 1943, $11,000; minority interest in
subsidiary company—Permacrete Products Corp.,$12,422; lstmtge. bonds—
due Feb. 1, 1943, $206,500; 7% non-cumulative preferred stock (par $100),
$1,236,400; common stock (187,626 no parshares), $938,130; capital surplus,
$1,143,490; earned surplus, $260,391; total, $4,190,440.—V. 145, p. 3965.
Control—
,
,
controlling interest in American Bosch Corp. to
Swedish interests a little over a month before the German invasion of the
Netherlands, the Securities and Exchange Commission reported June 24.
Sale of 535,000 shares ($1 par) capital stock in the corporation to interests
identified with the Stockholm Emskilda Bank was reported by Administratiekantoor voor Internationale Relegging, Amsterdam, on April 6.
The Amsterdam company added that eventually the stock would belong
to the owners of the Stockholm bank.
The Dutch firm retained 2,332
Dutch concern sold its
p.
April stock transactions by
principal stockholders of corporations.—V. 150,
included in the SEC's report of
The deal was
officers,
directors
and
3345.
,
American Box Board Co,—Earnings—
6 Months
Ended May 31—
Net sales
1940
$1,218,491
941,021
Federal income taxes
income taxes
160,352
$55,143
683
$9/,245
14,669
—
1939
$982,412
766,917
169,413
$108,057
Drl0,812
•
*
$55,826
__
Provision for Federal
Net
^
8,620
$47,207
36,820
$10,387
$82,576
36,820
$45,756
profit
Provision for preferred dividends
Net
profit on common stock
149, P. 3252.
American
Car
41st annual report
& Foundry Co.—Annual Report—The
of the company for the fiscal year ended
April 30, 1940, made public June 27 by Charles J. Hardy,
President, reveals substantial gains in the company's volume
of business—gross sales for the period, less discounts and
allowances, totaling $35,795,090.
This represents an in¬
crease of $11,941,573, or approximately 50%, over sales of
$23,853,517 reported for the previous fiscal year.
For the fiscal year just closed the company reports a net
loss of $10,777, after all charges including interest, depre¬
ciation, repairs, and provision for estimated Federal income
taxes, compared with a net loss of $1,662,692 for the previous
fiscal year.
The report points out that operations for
second half of the year, reflecting a moderate resumption of
the
satisfactory volume of miscella¬
eliminated a net loss of some¬
what over $1,700,000 reported last October for the first six
months of the year.
This improvement was in spite of the
fact that the yearly depieciation charge of $1,500,000 in
effect during the first six months was increased to a yearly
rate of $1,860,000 in the last half.
Had the lesser charge
been continued throughout the year, obviously a net profit
railroad buying and a fairly
neous business,
practically
would have
A
resulted, the report states.
certificate summarizing a complete inventory and valuation of
properties of the company completed during the fiscal year
tangible
the
by
Colpitts, New York consulting engineers, to provide an
acceptable basis for a depreciation account in view of the requirements of
the tax laws and present day corporate accountancy, is contained in
Unverdale
150, p. 3499.
this company,
paid on
Profit before
1937
1938
$122,463
22,404
def3,713
RR.—Earnings—
1939
sale and dismantling of plant
count and expense,
—V.
Gross from railway
Alabama
and equipment, $5,254;
bank loans and amortization of bond dis¬
$7,197; interest on first mortgage bonds,
$13,547; depreciation and depletion, $184,706; provision for
Federal income taxes, $55,573
on
interest
Selling and administrative expenses
Operating profit
Non-operating income
3811.
Ryv -Earnings-
1939
$457,368
Total income..
Cost of sales
Corp.—Registers with SEC—
1940
Gross from railway
Net from railway
The judge said the
3811.
of this department.—V. 150, p.
Akron Canton & Youngstown
May—
been made by the
had been in default for eight years
suggested their redemption was possible.
quiescent for two years.—V. 150, p.
matter had been
32,375
Dividend income
""American Bosch Corp .—Swedish Group Purchased Bosch
Go., Ltd.—Earnings—
May, 1940
Month—
statements was given
>___
Interest earned and miscellaneous income.
Loss
1940.
Aircraft Accessories Corp. (2-4441,
filed
$349,561
75,432
Profit
&
the
report.
The
••
-;v-A
'
.
v
• :
#
Hardy, together with income
sheet as of April 30, 1940, will be found
Documents" on a subsequent page.
remarks of President
account and balance
under "Reports and
■:
The Commercial & Financial Chronicle
4116
Consolidated Balance Sheet April 30
1940
Assets—
$74,682,425
9.269,828
8,912:453
1,819,211
3.298,443
9,828,571
1,643,748
— -
——
533,400533,400
27,331
Treasury
y
United States Government securities-.
Cash
—----.
101,911
150,996
171,055
175,108
94,432
103,924
4,905,319
5,804,577
Prepaid taxes, insurance, &c
Miscellaneous securities, less reserve
—;
Securities of affiliated companies, less reserve—.
Notes and accounts receivable of aifil. cos., not
-
current-.
^
-
-
Liabilities—
Preferred stock.
——
.
$30,000,000
—
30,000,000
Common stock
x
Accounts payable, &c
Bills pay (banks).---.---..--.---————Insurance reserve
—
on
common
Reserve for contingencies
Surplus account._
—
1,500,000
& maint—
—
American Radiator & Standard
This
were
American Smelting & Refining Co.—-Acquisition-—
6% sinking fund gold debentureTsonds due Feb. 1,
3345.
American Distilling Co. (&
American States Utilities Corp.
1939
——
—
...
—————
______
Interest charges less interest income, &c
'
-
—
—
$320,330
219,067
.si.
Profit
$101,263
Adjustment of
reserve for estimated profit on sales and storage
whiskey subject to deferred delivrey
113,600
Net profit for the year.
*'
Reduction of reserves for Federal taxes applicable to
prior years.
$214,863
71,929
Operating
expenses
$286,792
55,440
__
dividends
—
i::Consolidated Balance Sheet Dec. 31, 1939
————•—2——------
$576,475
$253,563
$519,346
$242,084
a Balance of income
b Net incomeofsubsidiary companies-------
$322,911
$277,262
_
;
—
Assets—r-Cash, $338,061; receivables, $5,286,656; inventories, $4,385,679;
$2,481,988;
prepaid
and
deferred
items,
$203,939;
total,
Liabilities—Notes payable to
banks, $4,529,627; accounts payable and
$674,439; reserve for Federal, State and local taxe3
(subject to review by taxing authorities), $212,905; owing to American
Commercial Alcohol Corp. (parent company), $2,964,504;
5% cum. pref.
stock ($10 par), $2,215,600; common stock
(par $10), $300,000; capital
surplus, $604,858; earned surplus, $1,342,923; total,
$12,844,856^
liabilities,
Export Lines, Inc.—Earnings—
Income Account for
Operating revenues
Voyage, cargo and terminal
Year Ended Dec. 31,
expenses,
&
gen. exps.
(incl. freight
branch office operating expenses)
Depreciation on vessels
(other than income taxes)
Net income-
Profit....
-
-
—
.
„
„
... .
.
.
a
...
_.
Interest
Applicable to
——
_
10,855
_
expense
52 707
Net
———IIII
income
.............._
Dividends on capital stock
...
68i000
$1,430,295
462,000
$312,000 paid in cash and $150,000 paid in three-tenths of one share
capital stock of American Export Airlines, Inc., for each share of
capital stock.
:
—
x
of the
Balance Sheet Dec. 31,19.39
Assets
-Cash in
banks
and
on
hand,
$930,580; accounts and notes re¬
$1,013,758; inventories of fuel oil, food, stores and
equipment,
ceivable,
$413,439; estimated receivable from U. S. Maritime
Commission, $990,617;
investments in and advances to American
Export Airlines, Inc., a subsidi¬
ary company, at cost, $411,534;
property and equipment (less reserves for
depreciation
of
$4,369,634), $9,081,818; advance
payments
tion of vessels under
agreements with U. S. Maritime
other
assets,
total,
$91,300; prepaid
expenses
and
for construc¬
Commission, $475,903;
charges, $268,081;
mJAakilities—Serial Preferred mortgage notes, payable
fro ,'«?; acccnjnts payable, trade, $1,011,072; reserve
within
1
year,
for
insurance,
$53,491; accrued items, $197,811; provision for Federal income
tax, subject
to review by U. S.
Treasury Dept., $119,576; deferred credits, $1,123,792;
serial preferred mortgage
notes, $5,708,044; reserves, $148,330; capital
stock (par $1), $480,000; earned
surplus (incl. $1,735,367 of consolidated
-—V.
surplus
of
predecessor
company
1CnUrplo®h^660,813: Paid-in surplus,
loU,
p. 3500.
American
Earnings
per
and
subsidiaries),
$3,059,023;
$592,851; total, $13,677,029.
Forging & Socket Co.—Earnings—
3 Months Ended May 31—
Net profit after depreciation, Federal
income taxes, &c
—-V,
share
on
capital stock...
150, p. 20/7.
American Hard Rubber
1940
1930
1Q3R
$39,053
$0.17
$25,895
$0.11
_
33,101
$312,288
-
$285,546
stocks of subsidiary companies owned.
common
b Whose
Sroperties were sold in 1938 or interest to parent company oiwere sold as of
.30, 1939 (after deducting the common stocks of which $4,350 in 1939
une
Restated.
c
Note—The gross revenues, operating expenses and taxes for the year 1938
shown above are different from the amounts reflected in the 1938 annual
the operations of subsidiary companies whose
properties were sold in 1938 or the common stocks of which were sold as of
June 30, 1939 have been excluded therefrom in order to present a statement
of combined income for that year comparable to the year 1939.
report for the reason that
Assets—Plant, property and equipment, $11,148,594; other assets,
$67,513; discount on preferred stock of a subsidiary company, not being
amortized, $40,000; bond discount and expense, in process of amortization
over the lives of the respective issues, $78,564; cash (including working funds
of $9,701), $679,452;
accounts receivable (net), $145,927; merchandise,
materials and supplies, $100,939; prepaid taxes, insurance, &c., $37,758;
total, $12,298,748.
Liabilities—5H% cum. pref. stock ($25 par), $3,402,37o; common stock
($1 par), $221,088; pref. stock of Southern California Water Co., $500,000;
funded debt of subsidiary companies, $4,701,000; customers' advances for
construction, $37,781; accounts payable and accrued liabilities, $98,952;
customers' service deposits, $56,591; accrued interest on funded debt,
$52,886; general taxes accrued, $46,348; Federal income taxes accimed,
$86,010; reserves, $2,500,150; capital surplus, $361,998; earned .sdrpi
$233,569; total, $12,298,748—V. 149, p. 3545.
Co.—Sales—
1940—5 Weeks—1939
$12,490,284 $10,762,640
1940—22 WeekA-—1939
Perio'l Ended June 3—
Sales.
150,
p.
3192.
American
$53,406,75$ $$,973,291
'
Water Works & Electric Co.,
In^.f— Weekly
Output—
Output of electric energy of the electric properties of American Water
1940, totaled 52,363,000
Works & Electric Co. for the week ended June 22,
kilowatt hours, an increase of 16.0% over the output of 45,133,000 kilowatt
hours for the corresponding week of 1939.
/
Comparative table of weekly output
follows:
Week Ended—
1940
1939
June
1*.
49,369,000 42,790,790
June
8...
52,392,000 45,105,000
June 15
.52,870,000 46,041,000
June 22-52,363,000 45,133,000
of electric energy for thiKlast five
years
*
L
1938
1937
1936
36,060,000 48,018,000 43,061,000
38,670,000 50,718,000 44,155,000
38,033,000 50,608,000 45,115,000
37,879,000 49,972,000 45,601,000
-
Includes Memorial
Day.
The
power
output of the electric subsidiaries
of the American Water
Works & Electric Co. for the month of May totaled 229,715,574 kilowatt
compared with 185.132,895 kilowatt hours for the corresponding
month of 1939, an increase of 24%.
For the five months ended May 31, 1940, power output totaled 1,127,471,317 kilowatt hours, as against 942,128,392 kilowatt hours for the same
period last year, an increase of 20%.—V. 150, p. 3962.
hours,
as
Ann
Arbor
RR.—Earnings—
1940
$330,893
53,535
16,131
1939
$283,483
31,207
def1,734
1938
$267,055
21,919
defll,201
_1,661,365
274,629
97*064
1,506,381
174,452
def.3,553
1,358,005
120,417
def50,488
May—
Gross from railway..-Net from railway....--
Net ry. oper. income.—
From Jan.
1937
$320,017
46,512
:>
12,185
1—
Gross from railway.
Net from railway
Net ry, oper. income.__
—V. 150, p. 3500.
1,726,416
338,314
155,859
Arkansas-Missouri Power Corp.—20-Cent Common Div.
Directors have declared
a
dividend of 20 cents per share
stock, payable July 15 to holders of record June 29.
This
on
the
common
compares with
50 cents paid oiuDec. 15. last, 35 cents paid on Dec. 23, 1938 and an initial
dividend of 25 cents paid on Dec. 24, 1937-—V. 150, p. 2867.
Arkansas Power & Light
Period End. May 31—
Operating
Operating
revenues
expenses
Direct taxes
Prop, retire,
res. approp.
Net oper. revenues
Other income (net)
Gross income—
Interest on mtge. bonds.
Other int. & deductions.
Int. chgd. to construct'n
Co.—-Earnings—
1940— Month—1939
$724,176
$681,621
282,807
291,187
101,439
93,000
87,189
91,000
$246,930
$212,245
933
1,497
$247,863
$213,742
146,365
146,385
19,785
7,477
1940—12 Mos.—1939
$9,865,225
$9,413,275
4,119,547
3,716,545
1,265,812
1,175,419
1,294,000
1,269,599
$3,185,866
11,661
$3,251,712
14,780 *
$3,197,527
1,756.507
277,143
Cr3,562
$3,266,492
1,756,624
114,034
Cr5,565
$1,167,439
949,265
$1,403,399
949,265
$218,174
$452,134
$10,675
$0.04
Netincome-.-
Cr246
Cr258
$81,959
$60,138
Dividends applicable to pref. stocks for the period
Co.—Capital Stock Reduced—
Stockholders at a special meeting held June 26
approved a reduction in
the authorized capital stock of the
company to $5,318,400 from $5,900,500
and the number of shares to 89,059 from
94,880 by reducing the number of
its previously authorized shares of
preferred stock, $100 par, to 17,309
from
23,130.
Stockholders also approved a reduction in
outstanding
capital to $4,961,250 from $5,543,450 by the cancellation and retirement
w ----------
deferred
$1<3,o77,029.
earned
-
$318,647
30,394
-----
$1,551,001
Provision for U. S, Federal income tax——
x
49[264
"$l ,540,146
...
Total income--
$342,682
.
18,042
69
Monthly Power Output—
I.""
.-i'__-
—
'
—
------
-----
$300,536
10,0o5
673
—
Total income
Expenses and taxes
23,275
$331,955
-
Amer. States Util. Corp.—
Interest from subsidiary companies.Miscellaneous income
-
$9,878,529
6,719,866
1,051,075
518,178
Taxes
Other income
1939
excl. of vessel deprec'n...
solicitation, booking and
9,043
Balance.
—V.
investments in and advances to affiliated companies (less reserve of
$76,500).
$148,533; properties, plant and equipment (less reserve for depreciation of
Admin.
1,276,206
and taxes--
Gross income——
American Stores
Balance, transferred to earned surplus
*
cl938
SI,768.585
1,249,240
$1,852,681
Consolidated Balance Sheet Dec. 31, 1939
Gross profit on sales, after deducting rentals of $119,322 charged
by parent company
$1,865,224
Selling, administrative and general expenses..
1,392,491
Provision for depreciation
152,404
American
( & Subs.)—Earnings-
Calendar Years—
Subs.)—Earnings■—
Earnings for the Year Ended Dec. 31, 1939
accrued
{
,
and $9,203 in 1938),
Debentures Called—
All of the outstanding
1942 have been called for redemption on Aug. 1 at 101 and accrued interest.
Payment will be made at the Harris Trustj& Savings Bank, Chicago, 111.
or
at
the Chase
National Bank of the City of New York.—V. 150,
$1,395,635),
$12,844,856.
,
Company has purchased the physical assets of the Andrews Lead Co. as
as the right to the use of the name "Andrews" in connection with lead
manufacturing.
:
i
The Andrews Lead Co.'s plants in Long Island City and Boston will be
run under the name of Andrews Lead
Division of American Smelting &
Refining Co.
The lead burning and construction activities formerly carried
on by the Andrews company will be expanded in the future.—V. 150, p.2710.
well
Colortype Co.—Bank Loan—
The proceeds are being applied (1) together with the funds held in the
sinking fund, to the redemption (at 101%) of the company's 6% debenture
bonds due Feb. 1, 1942, of which there are $427,000 outstanding in the
hands of the public, (2) to the payment of the balance of $42,000 due on
the 5% mortgage on the Clifton, New Jersey plant, and (3) to the re¬
demption (at 105) of the cumulative 6% preferred stock of American Art
Works, Inc., a subsidiary, of which $224,300 par value is outstanding in
the hands of the public.
The balance of the funds will be available for the
further improvement of plant facilities and for working capital.
With the retirement of the preferred stock of American Art Works, Inc..
all of company's subsidiaries have become wholly owned.
Preferred
All of the issued capital
European subsidiary of
Further details
At present the new company is inactive.
filed confidentially with the SEC.—V. 150, p. 2865.
this company.
————-$97,707,627 $100,630,227
Company on June 26 completed arrangements with the First National
Bank, Chicago, and Irving Trust Co., New York, for a loan of $900,000.
represented by its 3Y%% serial notes maturing at the rate of $150,000 an¬
nually from March 1, 1941, to and including March 1, 1946.
of bulk
corporation in a report to the SEC disclosed that a new European
Interest, amortization, minority interest, &c__—
American
ii
Sanitary Corp.—New
company has been organized with nominal capital.
stock of the new company has been acquired by,a
1,736,838
22,388,008
x Represented
by 600,000 shares of no par value,
y Represented by
10,550 shares of preferred stock and 600 shares of common stock.—V.150
3651.
,
,
.
European Unit—
P.
p.
„
2,833,645
1,900,873
22,377,231
—
,
———
1,500,000
10,640,885
——_
2,833,645
stock.-------
— .
—
—
4,595,878
4,500,000
.
Reserve for general overhead, impt.
Reserve for dividends
Total..
$30,000,000
30,000,000
1,530,852
1940
29,
issued and outstanding and
of 5,821 sharesof $100 par
preferred by the company during May and will result in an annual saving
of $46,568 in preferred dividend requirements.—V. 150, p. 3651.
$97,707,627 $100,630,227
——--————
—
4,381,680
8,578,572
-
Total..
1939
$63,294,413
Cost of properties-.--on hand...
Accounts and notes receivable.
Stocks and bonds of other companies—
Material
June
of the 5,821 shares of 8% preferred previously
now held by the company.
The transaction resulted from the purchase
Balance
—V. 150, p. 3652.
...
Arkansas Natural Gas Corp.—To Pay
30-Cent Pref. Div.
The directors have declared a dividend of 30 cents per share on the
6%
preferred stock, par $10, payable June 29 to holders of record June 27.
Dividend of 60 cents was paid on April 30 and Dec. 22 last, on Dec. 23,1938,
Volume
and
The Commercial & Financial Chronicle
ISO
made on the pre¬
April, 1932, when a dividend of 15 cents per share was
•i.vri-!:y -V"-.''
'
,•
Dec. 24, 1937, this latter being the first payment
on
ferred shares since
distributed.
New Directors—
First Vice-President of
Cities Service Co., was elected a director of this corporation to fill the va¬
cancy created by the death of Henry L. Doherty.—V. 150, p. 2710.
At
a
meeting
20 Henry L. O'Brien,
held June
Associated Gas & Electric
Co.—Weekly Output—
Utility Management Corp. reports that for the week ended June 21,
Associated Gas & Electric group was 94,456,494
This is an increase of 8,776,096 units of 10.2% above pro¬
duction of 85,680,398 units a year ago.—V. 150, p. 3963.
The
net electric output of the
units
Gross sales for the first four months of this year were $3,576,455, against
$11,884,453 for the full year 1939, when net earnings were equivalent to
$1.36 per common share, calculated in accordance with the participating
features of the preferred stock.
The company also revealed the receipt last month of an order in the
amount of $391,000 for trucks for the U. S. Army and an order from the
Sanitation Department of the City of New York in the amount of approxi¬
mately $500,000.
Consolidated balance sheet of the company and subsidiaries at April 30,
1940, as contained in the amendments filed, shows total current assets of
$6,093,287, including cash of $348,477, against total current liabilities of
$2,628,711.
Total assets on that date were $9,256,717.—V. 150, p. 3812.
(kwh.).
Associated Telephone Co.,
Period End. May 31—
Austin, Nichols & Co. (& Subs.)—Earnings—
1940—5 Mos —1939
$2,117,596
$1,939,013
7,525
8,649
Lncollectible oper. rev..
Operating revenues
Operating expenses
$428,156
260,099
$393,742
248,699
$2,110,071
1,283,979
$1,930,364
1,212,624
$168,057
65,600
$145,043
59,944
$826,092
320,119
$717,740
299.158
$505,973
1940
$418,582
Operating
revenues
Net oper. revenues.__
Operating taxes
Net oper. income..
$85,099
$102,457
Note—Comparison of 1940 operating results with 1939 operating results
are based on the combined operations of the Associated Telephone Co.,
Ltd., and the Santa Barbara Telephpne Co. for year 1939.—V. 150, p. 122.
950
12,482,872
2,215,238
50,189
17,554
x43,500
_
1,828
3,154
prof 17,682
$200,738
$118,184 prf$174,073
142,655
$200,738
$118,184
42,722
3,913
_
Res. for Fed. inc. taxes.
Loss
sale
on
assets
of
1937
1938
1939
prior A stock._
on
.
\$1,065,419
_
_
_
70,870
f$944.521
$1,613,132
71,097
__
$1,209,296
47,318
\ 294,799
_
Miscellaneous
earnings.! $1,136,517
Salaries and wages
10,213
$1,660,450
undistributed profits,
$1,443,860
$1,087,431
665,901
$959,690
656,365
675,021
-
General interest
156
63
11
;
1,053,664
669,350
1,361
1,238
Surplus April 30
65,361
66,106
75,702
165,889
$238,689
$356,106
$626,873
$151,739
25,000
100,000
60,000
34,400
Divs.
__ __. _
$183,532
3,941
118,184 prof174.073
$218,891
'
- -
200,738
$100,708
$361,546
142,655
def$193,756 def$100,030
$100,708
$218,891
prior A stock.,
on
Balance, April 30
Consolidated Balance Sheet April 30
Net income
Appropriations to
reserve
Balance, surnlus
Preferred
$117,339
56,533
$566,873
323,778
$256,106
107,926
$213,689
143,901
_
dividends....
Including directors' fees, legal and other expenses.
a
$
S
Patents,
'
of grocery
z
23,638,004
7% cum. pref. stk. 3,296,700
-../v.vsl
$6 cum. pref. stock 4,050,805
84 pref. cumulative 1,194,300
patent
rights, Ac......
CI. A
Unamort. debt dis¬
count & expenses
legal
1,062,937
987,815
5Yl%
ex¬
522,904
494,449
Accts. receivable..
1,032
48,040
Due fron sub. cos.
805,564
442,105
(par 81)
1,038,308
debentures. 11,900,000
Current
150
penses
Cash in banks....
2,231,482
pf. stk.
cum.
Com. stk.
liabilities-
D' e to sub.
134,505
cos...
25,249,179 25,713,991
7,771
Reserves!....
500,372
933,651
Surplus reserves..
195,000
707,706
175,000
621,210
Totai.........25,249,179 25,713,991
-V. 150. P. 2868.
1940—5 Mos.—1939
Period End. May ,31—
1940—Month—1939
Railway oper. revenues.$13,073,473 $12,089,006 $61,204,942 $56,082,383
52,239,566
49,528,229
Railway oper. expenses. 11,218,167
10,884,084
b6,112,291
b5,881,753
Railway tax accruals... al,2.54,579
al,055,693
J>6,349
Dr343,823
Other debits or credits..
CV30,909
Dr43,173
$631,637
income.
$106,055
$2,846,736
$328,579
$394,930 and $377,650,
representing accruals under the Carriers Taxing Act of 1937 and the Unem¬
ployment Insurance Acts,
b Includes for 1940 and 1939, respectively,
$1,845,753 and $1,756,096, representing accruals under the Carriers Taxing
Act of 1937 and the Unemployment Insurance Acts.—V. 150, p. 3501.
Includes
a
for
1940
1939,
and
respectively,
Birmingham & Coast RR.- -Earnings1939
1938
1937
$269,439
14,218
def.30,482
$249,950
def 7,272
def55,862
$312,118
29,062
1,531,955
245,354
def13,090
def152,339
26,698
def24,038
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway.
1,476,530
135,658
def 111,106
Net ry. oper. income...
1,402,481
100.417
deflO.650
1,668,125
257,113
45,983
—V. 150, p. 3501.
Atlanta & West Point RR. —Earnings—
May—
.■
Gross from
1940
$146,665
10,758
defll,381
,
railway
Net from railway..
Net ry. oper. income.._
From Jan.
$128,004
574
def23,862
1937
$147,544
18,502
def4,915
1—
769,885
714,505
647,224
773,683
96,651
86,630
Net ry. oper.
income.def22,945
def36,378
10,260
defl07,230
101,449
def14,137
—V.
p.
Atlantic Coast Line
Period End. May 31—-
Operating revenues---.
Operating expenses
9,626
5,179
202,292
477,916
Special deposits—
Surplus...
-
29,802
29,475
749,824
842,174
16,842
22,317
256,890
223,099
21,803
Special deposits.-.
24,473
Other assets
16,168
48,478
37,881
Net oper. revenues.
Represented by 125,627 (125.603 in 1939) no par shares,
y Repre¬
sented by 28,569 (28,549 in
1939) no par shares,
z After reserves of
$110,429 in 1940 and $103,997 in 1939.
b Includes accounts and notes.
—V. 150, p. 681.
.
•/ v
x
Inc.—100% Stock Dividend—
payable June 18 to holders of
Distributor—
RR.—Earnings—
3,086,432
17,673,242
16,056,644
$1,008,564
450,000
$5,195,158
2,600,000
$6,658,228
2,600,000
$25,409
219,176
\; >y
.
appointment of G. H. Walker & Co., as
all territory except
the New England States.
New England will continue to be served by
Perrin, West & Winslow, Inc., and Learoyd, Nightingale, Inc., both of
Company has announced the
national wholesale distributors
of its capital stock in
Boston.—V. 150, p. 3865.
Baltimore & Ohio
$13,008,331
820,305
Passenger revenues
All other
RR.—Earnings
-1939
1940—Month
Period End. May 31—
Freight revenues
881,143
302,972
151,084
379,856
300,329
167,632
revenues..^.-operating revs.
456,480
Loss.—V. 150, p.
Autocar
$558,564
281,287
$2,595,158
1,245,884
$4,058,228
1,286,001
x$193,767
$277,277
$1,349,274
to
revs...$14,753,077 $11,509,056 $67,864,993 $57,030,299
5,188,391
5,944,132
1,330,547
1,304,452
12,867,975
15,561,479
2,542,560
Maint.
2,984,003
1,906,532
2,021,893
408,477
Traffic expenses.
428,404
22,242,268
25,303,237
4,517,707
Traasportation expenses
5,036,520
534,365
606,145
125,464
Miscell. operations
144,904
2,450,947
2,538,954
461,273
General expenses.
600.560
4,728
7,437
Transp. for invest.—Cr.
2,156
Railway oper.
and struc.
of equipment—
______
5,123,028 $15,896,590 $11,844,549
4.364,950
868,933
4,767,916
951,963
218,927
950,760
683,298
158,542
642,366
$4,256,390
accruals-..
Equip, rents (net)
Joint facil. rents (net)..
955,748
182,213
Railway tax
ry.
oper.
159,486
income7$2,958,943
$876,626
Baltimore Transit
Operating revenues
Operating expenses....
870,830
$194,327
100,024
Operating income.$94,303
income
1,187
$95,490
5,289
-
-
-
—
Gross income.-
registration
statement
covering
50,000 shares of
Allen & Co., Bond & Goodwin, Inc., and
Inc., who hold options severally to purchase all or any part
be underwritten by
of the total from the owners.
Consolidated
net
profit of the company and subsidiaries for the four
30, 1940. after all charges, including interest and debt
for Federal normal and excess profits taxes, was
discount
and provision
$57,237,
$861,647
495,448
$710,967
448,263
$71,789
1,261
$366,199
$262,704
6,880
6,535
$73,050
6,453
$373,079
26,441
$269,240
31,223
$346,638
$238,017
90,480
compared with
$90,200
$37,162 for the corresponding period of
1939.
,
$66,597
$role—n0 deduction is made for interest on series
The approximate interest for the 5 months,
rates,' is $392,038.—V. 150, p. 3964.
tures
Exchange Commission at Washington June 24.
The 50,000 shares of common stock covered by the registration statement
are owned at present by Phoenix Securities Corp.
Public offering of the
months ended April
1940—5 Mos.—1939
$5,256,153
$4,897,763
4,394.506
4,186,797
$162,269
Net oper. revenues.__
stock of the company, including new unaudited financial state¬
four months of 1940, were filed with the Securities and
Battles & Co.,
$5,844,338
Co.—Earnings—
1940—Month—1939
$1,095,344 $1,033,099
901,017
A 4% and 5% deben¬
at the full stipulated
Baldwin Locomotive Works-—Orders—
dollar value of orders taken in May by the
ments for the first
shares will
$9,535,548
3501.
—V. 150, p.
Net income
3501.
the
3,905,343
1,285,913
642,007
1,834,571
$2,772,227
_
Co.—Registration Statement Amended—
Amendments
common
3,813,687
1,310,034
645,210
2,144,892
Maint. of way
Fixed charges.--
x
1940—5 Mos.—1939
$ ,794,001 $59,951,140 $49,362,465
Non-oper.
Net ry. oper. income-
*
dividend of 100% on the common shares
record June 17.
[Including Baltimore Coach Co.]
$475,409
450,000
_
......
Operating income.
Equip. & jt. fac. rents.
S3,791,321 $3,506,904
Total
...$3,791,321 83,506,904
Total
Taxes
Taxes
,
13,995
Deferred charges..
Period End. May 31—
1940—Month—1939
1940—5 Mos.—1939
$3,824,340
$4,094,996 $22,868,400 $22,714,872
3,348,931
ac¬
crued liabilities.
Accounts payable.
Mtges. rec. (not
3501.
150,
11,850
131,220
22,725
current)
Net
Gross from railway
Net from railway.
840
1,000
16,228
153,393
wages...
Accrued taxes
1,166,880
Net rev. from ry. oper.
1938
1939
$145,329
20,111
def6,906
125,603
1,000,000
3,076
360
4,058
Cash
Express
1940
$287,009
May—
Gross from railway.....
Net from railway
125,627
_
1,229,762
Mail revenues
Atlanta
856,470
1,625,000
.
pay able...
Miscellaneous
Notes and accts.
Directors have declared a stock
(Incl. Gulf Colorado & Santa Fe Ry. and Panhandle & Santa Fe Ry.]
Dlvs.
Other curr. liabs..
Mb'cell, receivables
b
Common stock-
Bank loans.
Accrued
140,699
...
Aviation Capital,
Atchison Topeka & Santa Fe Ry.—Earnings—
Net ry. oper.
1,825,700
receivable
3,296,700
4,050,805
1,194,300
2,231,482
1,038,308
12,021.000
143,763
......
Earned surplus....
Total
$
S
Liabilities—
.
3,076
2,146,313
busi¬
ness...
1938
1939
.
360
dividend..
Bal. rec. from sale
1938
1939
Assets—.
x
$26,058
$50,648
deposit to
on
meet
Prior A stock
$23,100
857,070
y
1939
$21,100
7% cum. pref. stk.
depreciation..,.
Cash
Inventories...._.
Balance Sheet Dec. 31
Investments .....22,960,167
1939
1940
Assets—
.
1940
Liabilities—
Plant & equip, less
[The accounts of subsidiary companies are not consolidated]
Prepaid
1937
1938
1939
$100,708
in
connection
investments
with
65,326
64,623
$532,365
def$193,756 loss$100,030
Total
and expense
Expends,
688
$533,604
1940
l.def$100,030
Adj. of res. of subs. (net)
Loss (as above)
93,726
Amort, of debt discount
$531,677
$533,604
$534,980
Consolidated Earned
1937
1938
$532,365
1,376
.L
Total
Previous balance May
Net earnings
Int. on debentures.
sur$31,418
Of subsidiary company.
$533,604
$533,604
1
Arising from exchange of
shares of pref. stock..
143,597
52,271
75,676
y
1939
1940
Previous balance May
il,249,533
140,914
$1,280,166
150,446
42,290
137,975
38,852
Taxes
on
1936
.
20,601
y907
(net)
Includes surtax
x
73,991
capital
Net loss
Divs.
26.837
Consolidated Contributed Surplus April 30
assoc. cos.:
Dividends
Total gross
$2,324,810
2,344,297
$93,726
Depreciation.
Telephone & Telegraph Co.—Earnings—
Calendar Years—
Interest
81,971,711
2,095,066
65,136
10,419
Interest.
[Accounts of subsidiary companies are not consolidated]
Inc. fr. sub. &
$2,463,683
19,189
$93,726
_
1937
$2,305,075
19,735
2,996
gen. expenses.
1938
$1,944,874
$1,733,747
1,776,933
Total income
Selling &
1939
$1,711,402
22,345
Gross profit from sales..
Inc. from other sources.
Balance, deficit
Associated
Years Endea April 30
Consolidated Income Account for
Ltd.—Earnings-^-
1940—Month—1939
$429,920
$395,550
1,764
1,808
a
4117
The
Baldwin Locomotive
subsidiary companies, including The Midvale Co., was an¬
25 as $2,750,357 as compared with $2,705,382 for May,
1939
The month's bookings brought the total for the consolidated group
for tlie five months of 1940 to $14,334,782 as compared with $26,977,179 in
Works
and
nounced on June
thCon^lidated*shipments,
135
as
for
compared with
including Midvale. in May aggregated $3,741,$2,312,649 in May, 1939. Consolidated shipments
$20,703,183 as compared with $9,900,284
five months of 1940 were
the five months of 1939.
for the
:
The Commercial £ Financial Chronicle
4118
On
May
31,
consolidated
1940,
unfilled
Including
orders,
Midvale,
amounted to $37,710,892 as compared with $44,215,799 on Jan, 1,
and with $30,558,469 on May 31, 1939.
!
All figures are without intercompany elimination.—V. 150, p. 3964.
1940
The board of directors, at a meeting
1940—Month—1939
Gross oper. revenues.$465,800
$487,277
a Operating expenses.,
324,339
333,958
$2,794,257
1,712,041
$2,901,462
1,747,947
$153,319
48,934
$1,082,216
283,671
$1,153,515
285,347
$798,543
Drl5,492
$868,168
Dr 12,768
-
$141,461
46,605
Net rev. from opers..
Tax accruals
$94,856
Operating income.
Other income-.-
$104,385
14,848.
10,606
of 20 cents per share on the common stock of the company.
will be payable July 15, Jj940, to stockholders of record
1940—5 Mos.—1939
'
business July 5, 1940.
This will mark the first common payment
20-cent dividend was also
$105,462
61,576
446
Interest on funded debt.
Other deductions
$119,233
62,785
1,553
$783,053
308,661
12,287
$855,400
$43,440
—
$54,895
$462,105
since June 30, 193/, when a
disbursed.—V. 150, p. 3348.
Buffalo General Laundries Corp.—Earnings—
Earnings for Period Jan. 1, 1939, to Dec. 30. 1939
Saies
Cost
Gross income
-
-
$981,171
—
—
of sales
91.2,445
57,315
—
$528,202
314.708
Depreciation
12,490
*_
Operating profit
$11,411
Other income, net
Net income..
a
1940
29
Budd Wheel Co.—Common Dividend—
held on June 21, declared a dividend
The dividends
at the close of
Bangor & Aroostook RR.—Earnings—
Period End. May 31—
June
standing pref. stock are needed to make the reorganization plan effectiveFor several reasons, it is imperative that security holders forward their
assents at once."—V. 150, p. 3348.
3,226
—
$14,636
Total income
Including maintenance and depreciation.—-V. 150, p. 3346.
46,620
Interest paid on bonds
Bates Valve
Bag Corp.—Debentures Called—
Corporation is notifying holders of its 6% 15-year sinking fund gold
debentures, due Aug. 1, 1942, that $46,000 principal amount of these
bonds have been drawn by lot for retirement by redemption on Aug. 1,
1940, at 100and accrued interest, to exhaust the balance now held in
the May 15. 1940 sinking fund.
Payment will be made at the office of J.
Henry Schroder Banking Corp. on and after Aug. 1, 1940, after which day
interest on the bonds shall cease to accrue.—V
149, p. 4166.
Bear Mountain Hudson River
Bridge Co.—Earnings—1939
$368,986
Years Ended Dec. 31—
Total income
i
1938
390,144
_
—
Expenses
Net loss
—
.
$382,208
397,868
$21,158
Net
in
banks
Net reduction of
on
Gross from railway
Net from railwayNet ry. oper. income...
From Jan. q—
Gross from railway-.—
Net from railway
Net ry. oper. income—.
—V. 150, p. 3502.
1938
$276,762
125,-776
68,284
106,065
42,457
1,287,284
598,619
310,716
1,314,352
609,362
314,394
1,392,550
666,016
371,288
1,548,187
810,540
456,895
Corp.—Sales—
compared with any like period.
Deliveries included both com¬
mercial biplane and twin-engine Beechcrafts, and Type C-45 personnel
transports and F-2 photographic planes for the U.S. Army Air Corps. The
June sales total is estimated at $364,166.
Firm orders are sufficient to absorb present production facilities of the
corporation for a full year, regardless of any developments in the inter¬
national situation, according to the company.—V. 150, p. 3964.
Bessemer & Lake Erie
1940
Net ry. oper. income-.
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income...
—V. 150, p. 3502.
Boston & Maine
Period End. May 31—•
Operating revenues
Operating expenses
Net oper. revenue
*
1939
'
1937
$756,790
160,180
122,538
$544,855
78,537
51,142
$2,139,395
1,317,164
1,060,105
4,620,496
1,431,708
1,203,971
2,574,027
defll9,750
def213,336
1,833,102
def313,379
def435,535
6,082,126
2,564,182
2,225,785
RR.—Earnings—
1940—Month—1939
1940—5 Mos—1939
$3,803,673
$3,776,685 $19,107,102 $18,533,121
2,788,587
2,829,181
14,306,004
13,846,917
$1,015,086
289,190
$947,504
314,280
$4,801,098
1,490,847
$4,686,204
1,529,238
210,640
213,163
1,052,806
1,103,143
5,801
10,370
63,542
90,406
$509,455
101,275
$409,691
94,489
$2,193,903
500,976
$1,963,417
499,316
$504,180
$2,694,879
$2,462,733
613,950
619,675
3,079,519
3,089,587
Equipment rents—Dr—
Joint facil. rents—Dr...
Net ry. oper. incomeOther income
1937
$112,850
def4,025
def21,043
$112,986
18,351
def6,320
522,632
28,340
def55,612
492,976
def21,972
554,436
8,107
542,402
80,990
def92,265
def82,645
def41,164
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from
railway
Net ry. oper. income.—
3503.
Burmah Oil Co.,
Ltd.—Annual Report—
1939
.£3,623,719
702,154
Profit.
— -
Baiance brought forward from
1938-
—
Total...
— .
General reserve
---D
equalization reserve—
—
Feids expenditure
(rentals,
Leaving
x
a
balance forward of-
Net deficit
$3,220
$115,495"
$384,640
$626,854
—V. 150, p. 3965.
Brazilian Traction, Light & Power Co., Ltd.—Earns.
1940— Monthr-1939
1940— 5 Mos—1939
$3,100,378
$3,321,849 $15,040,277 $16,124,274
1,546,141
1,603,935
7,819,285
7,454,341
x
Net earnings
x
Before depreciation and amortization.
$1,554,237
$1,717,914
$7,585,936
$8,304,989
The European war has made impossible the consideration of payment of
on the common stock of this
company at the present time, Miller
Lash, President, told shareholders at their annual meeting held June 25 in
Toronto. A few months ago, he said, the directors were
considering a div.,
but current developments have made it impossible.
While the trade picture in Brazil in 1939 showed a marked
improvement
over 1938, Mr. Lash added, the
present picture was not so favorable,
primarily because extension of the war had cut sharply exports markets for
coffee.—V. 150, p. 3813.
dividend
(& Subs.)—Earnings—
2,197,842
189,804
165,695
£701,401
—
£702,154
After allowing for administration expenses, taxation, directors, fees,
&c.
The directors recommend a final dividend on the ordinary stock for
1939 of 2s., together with a bonus of Is. 2.4d. per £l umt, both
subject to tax at 5s. 6d. per £ (being amount of British income tax after
rel.ef in respect of Dominion income tax), payable June 14.
y
the year
(Including Wholly-Owned Subsidiaries]
1939
Oil weils, boring plant, purchased oil lands, tanks
and buildings
:—
£350,000
Fields electrification, pipelines, refineries, tankers,
tank installations, lands and buildings
900,781
Stocks of plant and stores..
1,026,801
Investments in other subsidiary companies.
1,285,069
Investments in associated companies
1,384,573
Stocks of crude oil, &c
«.
1,093,252
Debtors and debit balances
1,280,799
Miscellaneous investments
15,085.586
British and Indian Government securities
4,282,576
1,306.008
1,399,599
1,134,976
561,491
15,131,163
4,552,833
631,132
330,/98
1938
Assets—
-
Loans, deposits, cash in bank and on hand
Total
Liabilities—
-
£250,000
750,000
3,000,000
13,736,513
1,100,000
provision for liabilities—
§59-229
1,500,000
-
1,500,000
700,000
2,156,904
Prov. for divs. and contributions to provident funds:
ordinary divs. and bonus
Contributions to provident funds.
------
1,176,876
700,000
2,198,443
equalization
Taxation.
949,410
1,147,692
£250,000
750,000
3,000,000
13,736,513
151,770
1,340,453
6% cumulative first preference stock
6% cumulative second preference stock
8% cumulative preference stock
Ordinary stock
Amounts owing to other subsidiary companies
Reserves—General
r£3o0,000
£27,320,569 £26,863.970
1939
1938
-
-
.
108,7o0
119,844
1,593,435
189,804
_
1,755,984
165,695
702,154
701,401.
Profit and loss account
£27,320,569 £26,863,970
Total
—V. 148, p
3054.
California-Oregon Power Co.—Accumulated Dividend—
pref. stock, par $100; a dividend of $1.50 per share on the 6% cum. pref.
stock, par $100, and $1.50 on the 6% pref. stock, series C of 1927, par
$100, all payable on account of accumulations on July 15 to holders of
record June 29.
Like amounts were paid on April 15, last, and dividends
at double these amounts were paid on Jan. 15, last.—V. 150, p. 3814.
^
California Water &
1940
.$10,574,012
$1,560,847
General oper. expenses..
415,856
Maintenance nf repairs144,531
y Depreciation
171,735
revenues
1939
1,344,713
lossl54,444
528,355 loss 965,703
Results during the sixth period of four weeks to May 18, 1940, were
considerably better than the average for the entire 24-week period.
On
sales of $2,024,689 for the final four weeks of the
period, the company
earned $301,216 before depreciation, depletion and interest on bonds.
After depreciation and depletion of
$143,190, income before bond interest,
but after Canadian income taxes and
adjustment for foreign exchange,
was $148,200.
<
"Response to the reorganization plan to date has been steady and en¬
couraging,
Serge Semenenko, Chairman of the reorganizations managers,
stated.
Assents have been received or promised from holders of about
32% of the outstanding 1st mtge. bonds and approximately the same
proportion of the outstanding pref. stock.
A larger proportion of assents
has been received from the general creditors and, of course, the assent
of the required proportion of common stock has been obtained.
"Considering the attention being given by investors to the foreign situa¬
tion, good progress has been made.
It should be remembered, however,
that assents from 66 2-3% of outstanding bonds and 51% of the out¬
_
Prov. for uncoil, accts—
1937
1938
$1,488,495
403,888
128,826
164,378
141,479
8,739
129,939
11,439
$678,507
6,511
$1,422,923
407,003
120,783
152,802
Net inc. from opers—
Other income (net)----Total income-
——
Other deductions.
—
.
-
Interest charges (net) —
Prov. for Fed. inc. taxes
_
88,286
5,400
$650,024
1,973
$619,541
2,443
$645,589
2,899
$685,018
7,751
$651,997
16,674
$621,984
19,050
$648,487
15,9,16
345.078
276,333
265,851
252,945
45,128
34,530
x41,232
$313,862
108,000
195,641
$302,553
108,CC0
174,981
$338,394
108.000
130,708
See
z
—$332,190
Preferred dividends-___
126,200
Common dividends.
181,305
Net income-
x
1936
$1397,843
399,793
110,460
148,316
117,334
5,460
,
$7,519,299
income
before depreciation, depletion, and
deferred interest on bonds-.
Net income after provision for depreciation and
depletion, but before bond interest—.—
Telephone Co.—Earnings—
1939
Calendar Years—•
Operating
Taxes
24 Weeks Ended May 18—
Consolidated sales.
300,000
Directors have declared a dividend of $1.75 per share on the 7% cum.
Dividends Halted by War—
Net
686,826
2,197,842
Final
expenses
500,000
-----
Preference divs. accrued, less tax
Period End. May 31—
Gross earnings from oper
637,271
300,000
686,826
Fire and marine insurance account
Brown Go.
£4.652,517
100,000
— —
stock
y Recommended dividend on ordinary stock.----If recommendation be confirmed, company's fur¬
ther contributions to its provident funds will take
Fields expenditure
interest, &c.)
Operating
1938
£4,015,246
£4,325,873
250,000
Calendar Years—
x
Creditors and
Total income..
deducts,
1938
$100,948
defl4.020
def30,101
Consolidated Balance Sheet Dec. 31
1938
$1,881,180
1,124,512
916,995
$610,730
Taxes
Total
1939
$101,913
8,460
def8,916
Net from railway
RR.—Earnings—
1940
Gross from railway
Net from railway
of
Burlington-Rock Island RR.—Earnings—
Gross from railway
Interim dividend on ordinary
as
inventories
$50,000, common stock. $50,000, surplus, net, $245,318; total, $1,118,040.
146, p. 3946.
Preference dividends for 1939
.
Beech Aircraft
1939
$23,079:
receivable,
—V.
1937
$271,385
Net delivered sales for the first 23 days of June totaled $295,694, a new
record
accounts
supplies, $51,117: accrued interest receivable, $252; special deposits and
investments, $969,727; total,
$1,118,040.
Liabilities—Accounts
payable,
$37,190; accrued expenses, $23,781;
reserve for self insurance, $8,250, funded debt, $703,500, preferred stock,
—V. 150, p.
1939
$225,140
75,478
19,412
$31,649
Condensed Balance Sheet Dec. 30,
Ry*—Earnings—
1940
$205,724
75,457
25,200
_
—
May—
hand,
Beaumont Sour Lake & Western
May—
surplus1
$73,866,
Assets—Cash,
$15,660
$156,172; investments (at cost)
$6,000; fixed assets (less depreciation and amortization of $2,187,847),
$2,261,346; deferred assets, $71,916; total, $2,495,434.
Liabilities—Accounts payable and accruals, $36.481; notes payable—bank
(secured), $150,000; funded debt—due April 1, 1953, $957,600; income 8%
debenture bonds,,'$1,102,100; capital stock and surplus, $249,253; total,
$2,495,434.—V. 150, p. 831.
and
$31,984
335
;
Miscellaneous adjustments of surplus—Net credit.
Balance Sheet Dec. 31, 1939
Assets—Cash
loss.
Includes $901 for surtax on
undistributed income,
y
Excluding depre¬
ciation charged to non-operating and to clearing accounts.
z No deduction
made for Federal income tax because of expense in redeeming outstanding
1st mortgage bonds,
1st motrgage
5% series of 1935, due Sept. 1, 1965, and the issuing of
principal amount.
bonds, 4% series, due 1969, of a like
Balance Sheet Dec. 31,1939
Assets—Fixed assets, $11,322,347; investments, $2,106; special deposits,
$5,244; cash, $338,227; accounts receivable (net), $168,133; construction
and operating materials and supplies. $125,726; unamortized debt discount
Volume
The Commercial & Financial Chronicle
ISO
and expense, $495,581: discount on capital stock, $150,000: unexpired in¬
surance and taxes,
$62,507; unamortized rate case and appeal expense,
$14,393; expenses of pending water right litigation, $45,804; sundry charges,
$10,236; total, $12,740,302.
Liabilities—Funded debt, $5,650,000; trade accounts payable including
refundable deposits, $107,187: taxes due and accrued, $53,405; dividend
declared on preferred stock, $37,500; accrued interest, $18,833; deferred
credits, $91,728; reserves, $1,687,824: 6%
cumulative preferred stock
($25 par), $2,500,000; common stock ($25 par), $2,108,200; earned surplus,
$485,626; total, $12,740,302 —V. 149, p. 571.
Canadian
„
4119
Utilities
Ltd.—Earnings—
Earnings for Year Ended Dec. 31, 1939
,
Sales of electric power
Operating expenses and taxes
Provision for depreciation
Net operating income
^
*■.
i
____
M iscellaneous income
Public
Service
Sell
Co.—To
Securities—
Proposed, Acquisition—
Interest and other charges
Dominion of Canada income
Provincial income tax
The Securities and Exchange
Commission, June 20, announced the fil¬
ing of an application (File 70-91) under the Holding Company Act regarding
the proposed acquisition by company of certain properties and assets of
Central Mendocino County Power Co. of Willits, Calif., for $235,000.
California Public Service Co., to raise the necessary funds to acquire
the properties and assets, proposes to sell $140,000 of 4H % first mortgage
bonds, due 1964, to the Provident Mutual Life Insurance Co. and 3,800
shares of common stock ($25 par), to its parent, Peoples Light & Power
Co.
Both the Bonds and Stock
be sold at par.
are to
Peoples Power & Light Co., it is stated, has pledged with the Chase
Bank, New York, as trustee under its Trust indenture dated
Jan. 1, 1936, all of the issued and outstanding capital stock of California
National
Public
Service Co., consisting of 16,480 shares.
The additional 3,800
be acquired also will be deposited under the trust indenture.
shares
to
—V. 149, p. 4021.
California Oregon Power Co.—Balance Sheet Dec.
1939
'
$
S
Assets—
Cash
on
363,228
303,763
Mat'ls & suppliescurr.
332,605
Customers' deps__
49,823
282,623
Dlvs.pay.on pf.stk
302,001
85,710
rec.
124,887
896.196
68,977
Indebted to affils
861,241
47,229
151,000
1,263
12,798
Accts. & notes
Other
26,798
Utility plant
37,154,422 36,278.086
charges2,549,176
2,820,544
3,220
2,802,803
2,499,250
45,889
Common stock..
x
no
Total
41,455,375 40,607,292
shares.
par
Note—The income account for calendar years was given in
of March
9, page 1595.—V. 150,
p.
5,703,200
6,847.100
1,367,595
1,641,572
....41,455,375 40,607,292
Represented by 82,061
/
"Chronicle"
3814.
Callaway Mills—Dividend—
Company paid
a dividend of 19 H cents per share on its common stock on
This compares with 11 y3 cents paid
May 20, last; 15^ cents paid on Feb. 20 last; 15 cents paid on Jan. 20,
last, Dec. 20, 1939 and on Nov. 20, 1939; 30 cents paid on Sept. 20, 1939,
two cents paid on Aug. 20, 1939; 7 cents paid on July 20, 1939; 22 cents
paid on June 20, 1939; 19 cents on April 20, 1939; 11 cents paid on March
20, 1939, and a dividend of 15 cents per share distributed on Feb. 20, 1939
—V. 150, p. 3814. •
'
June 20 to holders of record June 10.
on
Cambria & Indiana
May—,
RR.-
-Earnings-
1940
Gross from
"
railway
$108,516
16,212
.54,422
._
"
Net from railway
Net ry. oper. income.
1939
_.
1937
1938
$65,762
6,700
22,925
$69,965
def5,416
25,968
$82,583
19,018
68,238
From Jan. 1—
Gross from railway
630,351
249,649
434,224
Net from railway
Net ry. oper. income
—V. 150, p. 3503.
497,952
559,550
232,428
418,705
466,721
107,873
300,196
179,509
318,139
1939
Sales of gas
Expenses, &c
Deprec., depletion
$2,125,364
62,502
$2,286,518
64,427
$2,259,349
57,265
$2,350,945
1,662,943
$2,316,614
1,626,145
and
amortization
159,702
Preferred
193,803
198,874
222,090
$488,424
$492,360
163.906
240,000
168,268
X248.000
$489,128
172,966
240,000
$468,378
177.644
240,000
$84,518
"
Net income
$76,092
$76,162
$50,734
dividends
dividends
"
Balance, surplus
$8,000 of which
paid by distribution of securities.
was
Balance Sheet Dec. 31,1939
,
$140,972; miscellaneous reserves, $44,902; general reserve, $1,707,414;
capital redemption reserve (contra), $700,998; earned surplus, $217,341;
total, $18,276,908.—V. 148, p. 1796.
^
Cape & Vineyard Electric Co.—Earnings—
Years En ded Dec .31—
193 9
also totaled
a
dividend
25c. per share on the common stock,
June 25.
Last previous payment
of record
25 cents per share and was made on Nov.
Canadian Colonial Airways,
The New York Curb
tional
7,
1939.
$1,191,256
521,102
Maintenance
88,257
Provision for retirem'ts.
118,412
Federal income taxes...
43,146
Other taxes
141,153
__
Operating income
Other income (net)
$239,873
9,604
$249,477
Exchange has approved the listing of 60,000 addi¬
par $1, upon official notice of issuance.—
Canadian National Lines in New
May—
railway
railway
Net ry. oper. income...
From Jan. 1—
1939
1938
1937
$170,629
34,813
Gross from
Net from
England—Earnings-
1940
$94,549
def42,165
def84,557
$96,876
defl9,813
def61,639
def35,734
534,126
def84,289
def305,004
507,730
def87,762
def302,014
12,333
def213,144
defl2,213
Gross from railway
709,753
Net from railway
Net ry. oper. income...
7,761
def279,458
$129,347
9,287
609,708
—V. 150, p. 3503.
Canadian National
Period End. May 31—
Operating
Operating
revenues
expenses
Net revenue..
$3,511,934
$1,473,034 $10,638,876 def$493,321
Earnings of the System for the Week Ended June 21
1
1
"'r
Grolss
Q4rt
$5,063,551
revenues.
1QQQ
Tnrren
$3,470,811
70,000
57,889
28,619
75,490
1,345
Crl3,564
1,211
937
651
Cr 15,708
Cr38
Cr617
$177,466
167,500
$129,333
135,000
$101,775
97,500
Assets—Fixed capital, $4,739,856; investments, $15,608; deposit for bond
interest payable (contra), $15,000; special deposits, $117,050; cash, $277,554; notes receivable, $1,309; accounts receivable (net), $145,757; materials,
supplies, and appliances, $45,562; deferred debits, $62,824; total, $5,420,520.
Liabilities—Common stock (par $25), $1,250,000; premium on capital
stock, $500,000; long-term debt, $1,750,000; bond interest payable (contra),
$15,000; note payable (bank), $125,000; advances from affiliated financing
company, $29,498,; accounts payable, $26,325; customers' service and line
deposits, $35,833; Federal income tax, $41,734; other taxes, $17,951; int.
on long-term debt, $13,333; other interest, $2,424; miscellaneous
accruals,
$1,375; deferred credit, $29,021; reserves, $644,155; contributions for
extensions
(non-refundable),
$29,283; earned
surplus
(appropriated),
$177,577,; earned surplus (not appropriated), $732,010; total, $5,420,520.
—V. 149, p. 1756.
May—
1940
1939
$137,653
def38,219
def66.074
177,992
149,344
2,079,904
90,000
90,000
1,080,000
1,918,107
1,080,000
Net oper. revenues—
Other income (net)
$419,778
708
$344,447
842
$4,968,126
21,205
$4,802,779
22,882
$420,486
$345,289
191,667
5,762
$4,989,331
2,300,000
89,306
$4,825,661
2,300,000
73,673
Cr2,434
Direct taxes
1,204,559
356,266
204,909
Gross from
railway
railway
Net ry. oper. income
—V. 150, p. 3503.
Net from
1,302,407
$156,442
def24,939
def56,125
1,286,477
350,062
189,316
325,746
151,939
1939.
$83,181
def22,300
def45,733
1938
$71,418
def41,424
def66,926
$115,138
defl,190
def31,567
$507,666
def54,520
defl91,581
$397,168
defl23.939
def251,277
$323,587
def224,513
def354,340
$511,185
1—
$1,199,185
Casco Products
Corp.—Earnings—
Jess discounts, returns and allowances
sold
$2,023,888
1,255,372
—..—
Gross profit
Depreciation and amortization
than Federal income taxes)
def62,795
defl96,460
Ry.—Earnings—
1940
_
administrative, maintenance and general
66,918
expenses
Provision for bad and doubtful accounts
Gross
....
profit from operations
...
Other income
Total income
Cash discounts on
Earnings for the Week Ended June 21
3967.
$768,515
61,486
-
Taxes (other
Selling
Canadian Pacific
—V. 150, p.
$1,344,788
-V. 150, p. 3814.
1937
railway
Traffic earnings
$2,454,422
1,255,237
Cost of goods
1940
$95,009
def22,005
def49,933
Net from railway
Net ry. oper. income
income—
3503.
......
$2,600,025
1,255,237
Gross sales,
Canadian Pacific Lines in Vermont—Earnings-
Net ry. oper.
—V. 150, p.
......
Earnings for Year Ended Feb. 29, 1940
May—
From Jan.
...—
$219,065
$147,860
Divs. applic. to pref. stocks for the period —
Net income
Balance
Net ry. oper. income
From Jan, 1—
Gross from rail way
Net from railway
191,667
9,754
mtge. bonds....
on
1937
$138,978
def29,769
def60,560
1,622,885
636,500
463,727
1940—12 Mos.—1939
$931,837 $13,010,740 $11,907,753
348,046
4,882,710
4,106,867
Prop, retire, res. approp.
Int. chgd. to construct'n
1938
$216,984
38,343
13,081
!\ Net from railway
Gross from
$1,17.3,295
485,525
Gross income.
Gross from railway
Co.—Earnings—
1940—Month—1939
Period End. May 31—
Operating revenues
Operating expenses
Other int. & deductions.
Maine—Earnings—
$206,121
28,333
■75,978
Balance Sheet Dec. 31, 1939
Int.
Canadian Pacific Lines in
.
$221,905
197,500
stock
$1,592,740
—V. 150, p. 3967.
Dr799
$235,722
30,000
Carolina Power & Light
Ry«.—Earnings-—?
1940—Month—1939
1940—5 Mos.—1939
$20,281,335 $16,842,266 $91,821,614 $72,492,009
16,769,401
15,369,232
80.682,738
72,985,330
112,109
$204,613
1,508
&
Net income..
shares of capital stock,
551,396
122,924
88,781
14,554
12,364
expense
on com.
1936
$1,094,377
$236,521
long-term debt-
Int. chgd. to construct'n
Divs.
1937
$1,145,470
536,842
101,958
120,671
25,804
123,673
$292,050
Gross income
on
$1,128,526
542,786
97,262
94,358
28,772
125,475
$279,186
12,864
Inc.—Listing—
V. 150, p. 3966.
1938
Oper. revenue (electric).
Operating expenses
Amort, of debt disct.
(A. S.) Campbell Co., Inc.—25-Cent Dividend—
holders
;
$16,342,020; preference share redemption sinking
(contra), $700,998; investment in securities of affiliated exploration
company (net), $154,535; cash, $81,377; investments, $587,668; accounts
receivable (net), $294,283; indebtedness of affiliated
companies, $2,898;
advances to officers and employees for traveling and other
expenses, $3,446;
materials and supplies, $107,979; prepaid expenses,
$1,705; total, $18,276,908.
Liabilities—6% cumulative preference shares, $3,500,000; ordinary shares,
$8,000,000; reserve for amortization, $3,469,409; reserve for depreciation of
plant not subject to amortization, $60,419; consumers' deposits, $282,697;
accounts payable, $118,640; unclaimed dividends, $5,430; accrued interest
on consumers' deposits, $13,261; unclaimed consumers'
deposits, $10,424;
provision for further expenses re adjustment of rates in 1939, $5,000;
Dominion of Canada and Province of Alberta income and other taxes,
Int.
Directors have declared
&
1936
$2,187,866
1,528,926
1.501,703
$2,177,053
Other interest
payable June 28 to
Heat
1937
53.006
Total income.
,
Light,
$2,124,047
Other income
x
Gas,
1938
Assets—Fixed assets,
5,703,200
6,847,100
($100 par)
Natural
fund
pref. stock
Earned surplus...
x
Western
Calendar Years—
2,883,000
1,000,000
$211,546
66,700
138,030
„
Ltd.—Earnings—
Ordinary
construction
Total
Power Co.,
44,877
Contribs. In aid of
7% cum. pref.stk.
($100 par)
2,883,000
6% cum. pref.stk.,
($100 par)
1,000,000
6% cum. series of
1927
_
Balance Sheet Dec. 31, 1939
19,000,000 19,000,000
Deferred liabilities
139,573
76,649
Reserves
45,059
16,530
Assets—Fixed assets, $5,131,943; cash in hands of trustees, $530; cash,
$60,657; investments, $11,985; accounts receivable, $183,776; merchandise,
operating and construction supplies, $156,597; accounts receivable under
lien contracts, $10,590; deferred charges,
$68,265; total, $5,624,344.
Liabilities—7% cumul. redeemable preferred shares, $1,000,000; common
shares, $1,550,500; funded debt, $2,693,322; consumers' deposits and ac¬
crued interest, $91,940; deferred liabilities,
$14,042; current liabilities,
$168,271; miscellaneous reserves, $21,864; capital surplus, $41,934; earned
surplus, $42,472; total, $5,624,344.—V. 147, p. 2386.
Funded debt
assets.
Investments
Deferred
S
797,658
Accounts payableAccrued liabilities.
140,997
986,278
153,611
Preferred dividends
Common dividends
$
Liabilities—
hand and
deposit
on
1938
$426,746
......
tax
Net income...
Canadian
31—
1939
1938
$424,373
2,373
....
'
'
California
$1,236,360
688,351
123,636
...
$3,430,000
1939
$2,363,000
— ..
416,228
2,662
$221,221
9,362
$230,583
20,149
35,721
-
sales, interest paid and miscell. deductions
Provision for Federal income tax
Increase
$1,067,000
Net profit
Dividend paid
-
-
-
$174,713
170.452
The Commercial & Financial Chronicle
4120
Balance Sheet Feb. 29, 1940
Assets—Cash
demand
and
deposits
Central RR. of New
$165,7.37; accounts
banks,
in
re¬
ceivable (trade), (less reserve for doubtful accounts of $15,399), $178,551;
inventories of raw material, work in process, finished products and supplies
valued at the lower cost or market $327,915; accounts receivable (employees
$5,106; fixed assets, at cost (less reserves for depreciation and
amortization of $258,762), $442,958; patents, $1; deferred charges, $8,068;
total, $1,128,337.
Liabilities—Accounts payable (trade), $62,590; accrued payrolls, $44,900;
accrued city tax, $4,369; provision for Federal and State taxes, $54,522;
common stock (170,452 no par shares), $426,130; capital suimlus, $70,787;
earned surplus, $465,040; total, $1,128,337.—V. 150, p. 1130.
,
and sundry),
America—To Pay lQ-Cent Dividend—
Catalin Corp. of
Directors have declared
a
dividend of 10 cents per share on the
was
—V.
common
Dividend of 15 cents
Dec. 15, 1936.
of record July 1,
stock, payable duly 10 to holders
paid on Dec. 15, last and one of 40 cents was paid on
150, p. 3654.
Central Arizona Light & Power
.
Direct taxes_——
Prop, retire,
—
—
—
res. approp.
jEarnings—
Co.-
1940—12 Mo.?.—1939
1940—Month—1939
$342,884
$315,255
170,863
163.096
51,322
64,813
11,000
15,000
Period End. May 31—
Operating revenues——
Operating expenses
$4,371,117
1,981,000
848,647
414,000
$4,178,686
2,048,658
34,960
2,913
2,913
term investments
423,300
$97,062
$79,157
15
18
$97,077
18,958
$79,175
18,958
859
Net oper. revenues.._
Other income (net)
$1,092,510
18,959
691
$967,086
62,425
$1,111,469
227,500
9,035
$1,029,511
227,500
9,312
Cr 1,442
IMr
Gross income.
Int.
on
Other
mortgage bonds.
interest..
...
Cr484
Cr367
Int. charged to construe.
$59,526
$875,418
108,054
for the period
$686,087
11,771,207
3,080,529
346,901
14,067,220
4,157,607
1,388,457
68,664
14,391,707
3,365,539
414,799
13,022,054
3,040,837
201,956
Net ry. oper.
—V.
613,250
150, p.
income..
3503.
Central U. S. Utilities
840,832
286,157
Co.—Acquisition—
Exchange Commission, June 25 approved an appli¬
by the company for authority to acquire all the property and assets
of its wholly owned subsidiary, the Hopkinsville Water Co., Hopkinsville,
Ky.
■v:Central U. S. proposes to acquire all of the assets of Hopkinsville Water
Co. The consideration to be paid is the return for cancellation of the out¬
standing stock of Hopkinsville Water Co., owned by Central U. S., con¬
sisting of 1,500 shares ($100 par), and the cancellation of the open account
indebtedness of Hopkinsville to Central in the amount of $389,454 after the
elimination of $215,000 credited to the open account. Central also proposes to
assume the liabilities of Hopkinsville.
The total consideration to be paid
is $617,325.—V. 150, p. 1758.
The Securities and
cation
Charleston & Western Carolina Ry.
-Earning s1938
19.39
1940
1937
$231,506
76,265
47,459
Net from railway.
Net ry. oper. income..
From Jan. 1—
Gross from railway
Net from railway..
Net ry. oper. income..
$194,336
57,634
38,591
$198,551
61,322
40,994
$233,386
1,135,922
329,597
186,080
Gross from railway
$794,141
108,054
$767,364
$77,627
Net income.
Divs. applicable to preferred stocks
1937
$2,916,526
Gross from railway..__
Net from railway
—V.
\
1938
$2,417,519
700,651
167,085
Net ry. oper. income..
From Jan.-1—
.
May—
*
1939
$2,837,866
$2,685,386
629,532
65,865
Gross from railway
Net from railway
34,960
704,682
Jersey—Earnings—
1940
May—
Amortization of limitedl
June 29, 1940
994,790
320,706
183,469
932,874
1,115,983
89,203
63,386
210,826
400,271
87,299
251,723
150, p. 3504.
Chattahoochee Valley
Ry.—Note—
The Interstate Commerce Commission on June 12 authorized the company
Balance..
V.
150, p. 3968.
Central Electric & Telephone Co.
(& Sub.
-Earns.
[Tncluding Virginia Telephone & Telegraph Co.]
Operating
expenses
66,000
$1,931,347
1,014,571
313,273
166,439
35,296
$484,103
2,358
$457,500
5,991
$401,766
15,468
$486,461
179,637
2,889
$463,491
179,637
3,183
$417,234
179,637
2,863
$280,671
184,770
operations
earnings from
Other income (net)
—
Total net earnings
on funded debt
—
Interest
General interest—-
income
Preferred stock dividends—cash
P*Assets—Utility plant, $10,742,490; investments and advances, $334,287;
special deposits, $12,442; prepaid accounts and deferred charges, $62,653;
cash, $314,443; cash on deposit for payment of dividends, $15,045; accounts,
notes and warrants receivable
(net), $201,158; materials and supplies,
$282,550; total, $11,965,069.
^Liabilities—6% cumulative preferred stock, $3,079,500; common stock
(par $1), $721,419; funded debt, $3,592,750; deferred liabilities, $59,089;
accounts payable, $121,300; accrued interest on funded debt, $89,819;
State, local and miscellaneous Federal taxes, $104,965; Federal and State
income taxes, $106,855; dividends payable, $15,045; miscellaneous current
liabilities, $31,417; reserves,
$2,597,893; contributions for extensions,
$17,603; capital surplus, $1,176,550; earned surplus, $250,865; total,
$11,965,069.—V. 150, p. 3503.
Ry.—Earnings-
36,070
57,276
6,719,273
793,193
74,756
6,414,816
787,480
151,054
6,102,695
7,489,196
565,674
def!13,809
1,448,474
793,658
1939
$1,337,370
176,729
196,523
Net ry. oper. income...
1937
$1,470,245
241,725
115,204
From Jan. 1—
Gross from railway.....
Net from railway
Net ry. oper. income...
—V. 150, p. 3655.
Central Illinois
Period End.
Gross
expenses
$765,800
441,930
& taxes..
Prov. for depr. & amort.
Balance
1,028,200
$2,958,931
763,600
$141,447
41,800
15,951
$2,195,331
501,607
191,406
$1,502,318
Central Power &
Light Co.—Earnings—
1938
.
Gross income
long-term debt..
Miscell. int., amort., &c.
Net income
pref. stock
on
38,763,032
12,438,056
7,962,067
53,589,613
23,173,628
16,720,301
Int.
on
1,088
258,142
1P39
on
expenses.
payable
deb. bonds
1936
1937
$1,937
1,095
258,142
360,000
360,000
$520
1,064
258,142
360,000
$616,528
notes
Accrd. int.
1938
$2,709
Miscellaneous
$617,293
$618,686
'
$520
1,174
258,290
360,000
$618,944
Balance Sheet Dec. 31, 1939
$13,840,100; invest¬
Commodity Credit
Corp., %% notes, series D, due Aug. 1, 1941, $64,705; accrued interest
receivable, $169; total, $13,920,950.
Liabilities-—Funded debt, $6,000,000; deferred liabilities, $5,670,000;
notes payable, $4,290,000: accrued interest on notes payable, $2,082,470;
accounts payable, $225: capital stock
(27,491 no par shares), $3,749,025;
deficit, $7,870,770; total, $13,920,950.—V. 148, p. 2418.
Assets—Investments in Chicago Aurora & Elgin, RR.
ment in bonds of Gary Rys., $7,798; cash, $8,178;
Chicago Aurora & Elgin RR.—Earnings—
1939
Taxes.
..
..
1937
1936
$1,746,824
1,932,723
80,084
$1,909,571
2,023,688
70,264
$1,816,031
1,961,690
54,275
$231,962
213,518
.
1938
$1,754,874
1,901,698
85,137
Calendar Years—
$265,983
217,555
$184,381
235,436
$199,934
226,633
$51,055
16,082
$26,698
20,583
loss$ 18,444 loss$48,427
18,065
19,989
-
loss$38,433
loss$66,493
$34,973
$6,115
J
530,004
537,244
*541,472
x521,040
Net loss for the year..
$568,437
$603,737
$506,499
$514,925
_
cancellation and adjustment of charges applicable to
<fcc., of $7,600 in 1937, $33,969 in 1936.
y Before deducting
interest and expenses on obligations not assumed by receiver.
x
After deducting
$8,883,966
5,627,963
$8,846,669
5,531,397
$7,672,804
4,864,071
$3,086,527
1,836
$3,256,003
9,505
$3,315,272
22,022
$2,808,733
4,947
$3,088,363
1,418,720
238,615
$3,265,508
1,673,721
196,728
$3,337,294
1,707,650
187,423
$2,813,680
1,719,888
175,412
$1,431,028
842,413
Operating income
Divs.
1936
1937
37,728,087
11,341,209
7,063,446
Chicago, Aurora & Elgin Corp .—Earnings—
$1,317,536
1939
Other income (net)
on
..
charges.
Calendar Years—
Int.
._
Calendar Years—
—V. 150, p. 3655.
Operating revenues
$9,282,680
Oper. exp3. and taxes...
6,196,153
1937
$7,976,394 $10,933,718
2,978,115
4,793,445
1,999,579
3,397,424
53,636,671
22,734,793
16,448,793
..
Total income
$2,010,549
501,607
191,406
$83,696
1938
$6,397,913
1,586,284
812,996
—V. 150, p. 3504.
$2,782,971
772,422
$94,248
preferred stock.
^1,205,000
$151,999
41,800
15,951
Amort, of pref. stock exp
90,000
$206,932
65,484
.
1939
$12,090,641
5,742,938
4,146,141
..
56,871
income-...
on
Net ry. oper. income.
$8,856,217
5,045,046
115.000
Int. & other deductions.
Divs.
$9,569,503
5,405,572
$706,450
409,518
$208,870
Gross income.....
Net
Net ry. oper. income.
From Jan. 1—
1940—12 Mos.—1939
1940—Month—1939
Earnings—
1940
Gross from railway
Net from railway
Light Co.—Earnings—
May 31—
revenue
Oper.
Chesapeake & Ohio Ry.-
Deficit
1938
$1,238,829
142,186
defl6,591
1940
$1,363,233
May—
Inc.—To Pay Seven-Cent Dividend—
on June 24 declared a dividend of seven cents per share on the
stock, payable July 15 to holders of record June 30.
This com¬
pares with eight cents paid on March 27 last; 13 cents paid on Jan. 15 last;
seven cents paid on Oct. 14 and July 15, 1939; eight cents paid on March
29 and Jan. 14, 1939, and an initial dividend ot\% cents per share paid on
Oct. 15, 1938.—V. 150, p. 2717
Gross from railway...
Net from railway
[Including Virginia Telephone & Telegraph Co.]
Gross from railway
Net from railway
Chemical Fund,
Directors
common
May—
Consolidated Balance Sheet Dec. 31, 1939
Central of Georgia
promissory note or notes for not exceeding $330,000 to evidence a
loan in that amount, the proceeds to be applied to the payment of a like
amount of maturing bonds.
'
;
1
Company is controlled through 100% stock ownership by the West Point
Mfg. Co., owns and operates a line of railroad extending from a connection
with the Central of Georgia Ry. at Bleecker, Ala., to West Point, Ga.
It has outstanding $330,000 consolidated mortgage 6% bonds which will
mature on July 1, 1940,
Company does not have available the funds with
which to pay these bonds, and for that purpose proposes to borrow from
the Guaranty Trust Co. of New York $330,000, the loan to be evidenced
by a promissory note for a like amount.—V. 135, p. 2332.
$234,734
184,770
$2,129,417
1,052,176
323,784
203,354
Federal and State normal inc. tax...
Net
1937
$2,022,795
1,025,176
297,324
183,370
59,425
$303,935
184,770
—
and maintenance.
Provision for depreciation
State, local and miscell. Federal taxes
Net
1938
1939
Calendar Years—
Total operating revenues
to issue a
$1,395,058
842,413
$1,442,220
789.829
$918,379
473,954
$19,475,855; cash,
$51,200; receivables (net),
$69,787; materials and supplies, $128,040; special deposits, $7,819; deferred
charges, $24,623; total, $19,757,324.
nn.
Liabilities—7% prior lien cumulative preferred stock, $746,000; common
stock (95,000 shares of $1 each), $95,000; receivers' certificates, $8,821;
funded debt, $8,057,300; advances from Chicago Aurora & Elgin Corp.,
$940,000; accounts payable at date of receivership and accrued interest on
bonds and notes, $4,638,528; current liabilities, $404,903; matured interest
$588,615
$552,645
$652,391
$444,425
reserves,
prior
years,
Balance Sheet Dec. 31,
1939
Assets—Investments,
,
^
,
funded debt and income tax thereon, $5,619; deferred liabilities, $10,926;
$1,110,779: unadjusted credits, $26,708; capital surplus, $3,712,739; total, $19,757,324.—V. 147, p. 2418.
on
Balance to surplus..
Balance Sheet Dec. 31
1939
1938
$
Assets—
$
1939
1938
$
Liabilities—
Utility plant
S
52,
1,794,700 52,794,550
Cash
1, 461,221
L,
2,424,534
xNotes & accts.rec.
906,302
959,055
Mat'ls & supplies.
416,900
356,740
Prepayment
56,082
62,431
y
281,791
Interest accrued..
485,153
699,364
Taxes accrued
321,339
588,128
Consumers' depos.
Misc. curr. liabils.
482,691
492,337
44,544
47,396
9,607
15,357
Deprec'nreserve.. 3,018,236
2,327,534
Chicago Burlington & Quincy
RR. -Earnings-
1939
1938
1937
$7,561,626
1,433,759
$6,543,445
1,225,064
194,772
Bond dlsct. &exps.
in proc. of amort
3,554,206
Other def. charges
Special deposits...
Investments
2,120,624
6,061
25,613
273,650
25,056
173,051
Common stock. 7,721,039
7,721,039
7% pref. stock
9,365,500
9,365,500
6% pref.stock
3,113,800
3,113,800
Long-term debt...32,003,912 32,049,218
Accounts payable.
Custom,
...
Pref. div. accrued.
in
aid
construction
Earned surplus
59,488,675 58,922,1031
Total
x
n
After
1938.
reserve
y
for uncollectible
Total
accounts
140,402
140,402
of
...
124,205
114,422
2,376,455
2,052,832
59,488,675 58,922,103
of $247,438 in 1939 and $204,227
Represented by 202,180 shares of
Net ry. oper. income
Gross from railway
Net from railway
Net ry. oper. income
36,877,299
7,652,951
2,291,619
—V.
150,
p.
378,183
165,851
$7,300,100
687,587
def328,529
35,833,290
33,360,691
6,526,716
1,019,415
39,030,689
8,738,895
3,411,609
2,319,395
3504.
advs. for
construction
Contrib.
.
1940
$7,016,464
702,413
def345,436
May—
Gross from railway
Net from railway
no par
value.—V. 150, p. 2871.
Chicago & Eastern Illinois
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. 150, p. 3504.
1940
$1,189,904
175,947
def45,998
6,272,025
1,103,498
32,520
Ry.—Earnings1939
1938
1937
$1,175,719
$1,064,203
150.833
$1,304,028
169,737
def47,121
239,422
def68,118
11,900
6,114,677
1,114,862
5,762.239
33,312
def109,194
6,995,087
1,814,034
648,755
960.834
The Commercial
ISO
V flume
4121
& Financial Chronicle
now under discussion was submitted to the court after the
rejection of two reorganization proposals pu£ forward under the auspices
of the railroad.
Both of these had provided for some representation for
the stockholders in the reorganized property.
The rejection of each fol¬
The plan
RR.—Earnings— v
Chicago Great Western
May
Gross from railway
Net from railway.
Gross from railway
7,077,417
1,621,470
243,050
359,639
83,306
7,182,342
1,625.294
246,755
-
Net from railway
Net ry. oper. income..
.
$1,275,496
227,892
def25,120
$1,474,894
99,090
6,628,162
def379,041
7,582,384
1,570,059
112,530
$1,447,812
368,229
$1,438,500
-
.
Net ry. oper. income..
From Jan. 1—
1937
1938
1939
1940
.
307,878
8,530
964,909
—V. 150, p. 3504.
Chicago & Illinois Midland
1939
$254,428
64,131
46,058
1938
1937
$264,972
69,981
45,239
$261,884
1,458,615
1,391,564
362,694
245,399
586,633
407,911
Net from railway
Net ry. oper. income
From Jan. 1—■
Gross from railway
Net from railway
Net ry. oper. income
150,
395,477
3968.
p.
Earnings for Month of May and Year to Date
$810,600
283,182
Net from railway
151,127
Net ry. oper. income
From Jan. 1—
1937
1938
1939
$766,378
126,690
def4,165
1940
May—
Gross from railway
$653,959
94,549
def42,585
439,912
Net ry. oper.
income
3504.
Chicago Milwaukee St.
-Trustees9
Commission on June 17 authorized (1) the issu¬
secured 1M % trustees' certificates of in¬
debtedness, to be sold at par and accrued interest and the proceeds used to
purchase a like principal amount of equipment trust certificates of the
Chicago Milwaukee & St. Paul Ry. and the Chicago Milwaukee St. Paul &
Pacific RR.; and authorized (2) the pledge as a part of the collateral security
for the trustees' certificates all the road's right, title nad interest in and to
not exceeding $5,283,400 of matured equipment trust certificates and
$1,368,000 of unmatured equipment trust certificates of the Chicago Mil¬
waukee & St. Paul Ry. and the Chicago Milwaukee St. Paul & Pacific RR.
when and as acquired by the trustee under the indenture securing the
of not exceeding $5,000,000
trustees' certificates.
The report of the Commission says in part:
To effect savings in interest payments, the railroad trustees propose to
refinance the $5,283,400 of matured equipment trust certificates by issuing
$5,000,000 of trustees' certificates of indebtedness.
They there¬
fore propose to enter into an indenture to be dated as of a date to be here¬
after determined, but not later than July 30, 1940, with the Continental
Illinois National Bank & Trust Co. of Chicago, as trustee, providing for
the issue thereunder of not exceeding $5,000,000 of trustees' certificates.
After negotiating with several banks and investment houses, the railroad
trustees have agreed to sell the certificates to Salomon Brothers & Hutzler,
acting on behalf of themselves and Dick & Merle-Smith and Stroud & Co.,
Inc., at par and accrued interest.
and selling
Committee for Chicago
Terre ITaute & Southeastern Ry.
Bonds
Opposed to Change—
Chicago Terre Haute & Southeastern Ry. first lien
Charles B. Roberts of the Pennsylvania Co. for Insurances
on
Lives & Granting Annuities, announced June 27 that it planned to
oppose the changes in interest on Terre Haute bonds proposed in the plan
of reorganization approved by the Interstate Commerce Commission for
the Chicago Milwaukee St. Paul & Pacific RR., the parent company.
for
committee
bonds headed by
$8,958,869
1,076,241
1939
$8,347,725
895,483
Int.
defl36,441
Net ry. oper. income
From Jan. 1—.
defl93,288
defl73,210
43,379,555
8,706,367
Gross from railway
Net from railway
Net ry. oper. income.
—V. 150, p. 3968.
39,614,419
6,023,584
599,157
& Milwaukee RR.—Earnings—
1937
1936
$3,222,295
3,367,340
$4,091,724
4,088,858
$4,029,145
3.976,296
$63,159 def$145,045
17,204
9.560
$2,865
27.901
$52,849
28,193
$80,363 def$135,485
259,970
234,472
$30,766
251,786
$81,042
200,230
$179,607
$369,957
$221,020
205.349
196,657
$119,188
212,308
*1938
1939
$3,524,796
3,461,637
Net rev. railway oper.
Net auxiliary oper. rev.
from oper
Taxes
Operating deficit
Non-oper. income
207.819
pf$25»,742
al, 164,996
Total deficit
Profit and loss deficit
$173,300
xl.279.585
$1,139,254
10,785,778
Gross deficit
Fixed charges
$13,201 prof$93,120
xl.166,565
1,296,287
$1,452,885
$1,179,767
8.163,638
9,616,523
$6,927 adjustments applicable to prior years
(cr.) in 1938.
* Due to labor difficulties the
$37,021
$1,203,167
6.984,117
in 1937 and
railroad was
Aug. 16, 1938, and Oct. 6. 1938, a period of
Includes $11,569 credit adjustment applicable to prior years.
Consolidated Balance Sheet Dec. 31
unable to operate between
51 days,
a
1939
'
,
1939
■
Road A
equipm't.43,670,767
Property leased-1,719,062
Other investments
427,384
116,361
Cash
a
Accts. rec. & due
from officers
1938
Liabilities—
$
43,625,088 Com.stk.(par $100) 4,995,700
6% pref. stock (par
1,719,062
$100)
7,621,100
413,705
.
258,319 7% pref. stock (par
$100)
7,989,400
—
Receivers
and
157,812
234,803
427,672
220,675
Special deposits
Deposits for pay. of
matured prin. A
4,000
4,000
&c
Deferred charges A
39,234
39,837
unadjusted accts
452,254
475.591
employees
Materials A suppl.
Other assets
interest,
50,447
—
ctfs.
in connection with cor¬
obligs.
not
assumed by
91,165
gold
deb.
Accts.
7,089,400
36,895
and
4,165,613
payable
4,165,613
2,295,981
2,295,980
9,893,660
8,717,401
1,122,811
notes-.
Coll. loans past due
1,041,604
at
date of receiver¬
ship, Ac
-
Current liabilities.
Matured prin. and
int.
on
funded
39,234
39,837
392,971
417,935
3,357,338
...10,785,778
3,156,148
9,616,523
debt, Ac
Def. liabil. and un¬
adjusted accts..
Reserves....
Deficit
>
2,577.987
2,577,987
2,577,987
$3,559,866
$3,447,696
$3,254,602
*
Net loss—
Adjusted figures.
Balance Sheet Dec. 31
V
Instalment
96,113,930
3,609,710
96,044,511
3,832,100
4,995,800
1,500,000
pref. stk. A.
pref. stk. B.
Pr.
Pr.
$
$
Liabilities—
$
Assets—
Road A equip-.
Misc. phys. prop
1938
1939
1938
1939
4,995,800
1,500,000
Common stock
198,629
198,629
Funded debt—.
64,991.206
64,991,206
Notes payable
1,472,893
2,881,738
1,472.892
2,900,07b
z
note
Advert'g Co..
555,000
495,000
x
Sinking fund-..
465
465
x
Acc'ts payable
x
Accrued int. on
Depos. In lieu of
bonds A notes
mtgd property
sold
19,808,481
3,038
203,246
Trustee's certifi¬
200,959
cate of indebt.
200,000
200,000
1,479,910
122,530
1,312,302
155,343
Accrued taxes..
4,043,910
884,605
3,456,851
Acc'ts receivable
214,765
244,849
Accrued
302,382
Mat'ls A suppl's
484,054
486,899
Contract liabils.
311,503
72,206
Other accrued A
3,038
Sundry invest
Cash
Special funds.
._
Acc'ts payable..
wages
_
79
409
local trans cos
267,554
190,441
Deferred liabil..
deposit.
Deferred charges
13,798
11,798
712,152
Reserves
Accrued int.
y
rec.
curr.
Due from Chic.
Special
654,790
liabilities
738,456
88,274
v
17,888
20,414
126,274
4,717,774
def2,821,611
Surplus
48,206
5,105,658
685,008
103,692,554
Notes and accounts payable at June 28, 1932, date of receivership, and
accrued interest on bonds and notes,
y Being the estimated amounts
(subject to final determination) due in adjustment of passenger revenue
from intercompany transfers,
r Represented by shares of $1 par.—V.
..103,720,585 103,692,554
Total
Total-.—. ..103,720,585
x
148, p. 3839.
Chicago Rock Island &
Pacific Ry.—Earnings—
Island & Gulf Ry.)
(Including Chicago Rock
1939
1940
4
May—
Gross from railway—
—
railway.
Net railway operating income
Net from
$6,267,052
1,148,335
286,039
$6,160,093
30,847,444
5,607,352
1,184,420
29,878,444
4,626,867
From Jan. 1—
Gross from
railway
Net from railway
Net railway
—
operating income
3504.
Chicago St. Paul
379,593
Minneapolis & Omaha Ry.- -Earnings
1937
1940
1939
$1,359,384
$1,403,451
1&38
$1,267,26.5
$1,411,255
159,843
def70,506
101,814
deflO.5,253
159,948
def42,226
def103,320
May—
Gross from railway..
Net from railway
income—
Net ry. oper.
1—
From. Jan.
6,632,376
712,948
Gross from railway
Net from railway
—V. 150, p.
946,949
89,543
income— def411,289
3,504.
6,331,175
6,154,229
503,525
def545,216
675,365
def351,048
101,512
6,684,083
453,110
def631,517
Chicago & Southern Air Lines, Inc.—Common Stock
Offered—Voting trust certificates for 45,000 shares of common
stock were offered for sale June 27 by an underwriting group
composed of Stern, Wampler & Co., Inc.; I. M. Simon &
Co.; Auehineloss, Parker & Redpath; Dominick & Dominick,
and G. M.-P. Murphy & Co.
In addition 20,000 additional
shares of common stock are being offered by the same
group of bankers in the State of Illinois.
The securities,
according to the prospectus, are
offered as a speculation.
offered by
the
sub¬
Underwriting &c.—The shares of common stock are initially
the company to holders of record of its common stock on June 22, to
extent that such holders have not waived their preemptive
to
scribe for such shares, for subscription by such stockholders pro rata
ing to the number of shares of common stock then held and at
offering price.
Such stockholders will be allowed a period not
rights
seven
days within
accord¬
the public
exceeding
which to subscribe and make payment for the shares pur¬
chased by them.
Company
represents that It has procured from the holders of its common
waivers whereby such stockholders have waived their
stock valid written
aggregate of 63,879 shares out
of the 65,000 shares of
required
stock proposed to be issued so that only 1,121 shares are
offered to the common stockholders who have not waived their pre¬
emptive rights.
# :
,
The names of the underwriters of the shares of common stock and voting
trust certificates offered and the respective amounts underwritten are:
Stern, Wamoler & Co., Inc., 22,750shs.; I. M. Simon & Co., 22,750shs.r
Auehineloss, Parker & Redoath, 6,500 shsl; Dominick & Dominick,
shs : G. M.-P. Murphy & Co., 6,.500 shs.
By the terms of the underwriting agreement the underwriters
to deposit 45,000 shares of common stock to be purchased by them,
the voting trust agreement in exchange for voting trust certificates
common
to be
7,621,100
16,070,154 16,074,963
Funded debt (sec.)
Income
4,995,700
13,745,675
658,140
13,330,768
639,492
exp.
rights to purchase an
of
indebtedness-..
129,327
1938
1938
xl937
$13,100,551 $13,727,200
638,400
trustee.
Net ry. oper.
Operating revenues
Operating expenses
Includes
42,690,714
7,827,893
2,361,494
def55,178
Chicago North Shore
x
$8,660,724
1,065,172
21,793
36,728,792
5,476,830
3,178,002
__
Calendar Years—
and
&
porate
1937
1938
$7,284,661
957,572
1940
May—
Gross from railway
Net from railway.
def3566,533 defl735,120
13,443,861
reserve
—V. 150, p.
Date
Earnings for Month of May and Year to
Net rev
34,671,759
2,569,800
of Chicago El.
The Interstate Commerce
A
29,586,414
578,401
charges
Retirement
Certificates—
ance
31,011,945
2,199,189
def72,292 defl932,227
$7,415,436
Chicago Rapid Transit Co.—Earnings—
820,335
62,431
Paul & Pacific RR.-
.133,759
def665,613
Calendar Years—
1939
Oper.revs. & non-oper. income.
$13,100,382
Oper. exps., taxes rentals & trustee's ,
4,389,076
299,031
def422,484
247,044
def594,594
Net ry. oper. income
—V. 150, p. 3815.
$827,421
129,972
defl5,544
3,264,437
3,576,301
404,771
def290,898
1938
$6,051,070
465,146
def311,724
33,052,330
4,097,193
Net from railway
1939
$6,857,676
1,370,091
673,568
Net ry. oper. income
From Jan. 1—
Gross from railway
x
3,902,400
1,131,566
Gross from railway
Net from railway
1937
1940
$7,331,415
May—
Gross from railway
Net from railway.
interest
Louisville Ry.—Earnings—
Chicago Indianapolis &
—V. 150, p.
54,422
33,615
by several classes of bondholders who had contended
sufficient to meet the mortgages in full.
opposition
that North Western's assets are not
1,647,284
401,675
300,950
,
Gross from railway
—V.
Ry.—Earnings—
1940
$350,275
121,847
88,133
1,792,22.5
579,080
May—■
lowed
6,500
have agreed
under
evi¬
dencing an equal number of shares of common stock. The remaining 20,000
shares of common stock offered are included in the aggregate of 22,750 shares
underwritten by Stern, Wampler & Co., Inc. The amount to be purchased
by Stern, Wampler & Co., Inc. will be reduced by the number of shares, if
any, subscribed for by holders of common stock on the exercise of pree^fcheportion of the 20,000 shares as are subject to purchase bv Stern,
Wampler & Co., Inc. will be publicly offered by or through Stern. Wampler
& Co Inc. and will not be deposited under the voting trust agreement prior
delivery to the persons purchasing such shares.
Purpose—The company intends to apply the proceeds from the sale of the
more of the following purposes:
(1 ) Retirement by purchase, at a price not exceeding the redemption
price, or by redemption of all or a portion of the shares of the
to
shares to any one or
Total.-.-.
a
—-.47,249,349
Less reserve of
counts.—V. 149, p.
46,936,0531
Total. —
47,249,349 46,936,053
$.33,357 in 1939 and $33,798 in 1938 for doubtful ac¬
722.
Chicago & North Western
the process
Ry.—Hearings on Plan—
June 24 on the plan submitted by the Interstate
Commission for reorganization of the road, which has been in
of reorganization since 1935.
Federal Judge John P. Barnes
be conducted in order to expedite the pro¬
directed that evening sessions
21 passenger
ceedings.
ness:
Commission's plan, designed to reorganize the railroad's capital
structure under terms of the amended Federal Bankruptcy Code, eliminates
holders of both the common and preferred stock on the ground that the value
Ithe railroad is less than its mortgages.
The
convertible
equipment or otherwise
Hearings were started
Commerce
preference stock.
t
(2 ) Payment of expenses of purchasing new
expanding the services and facilities of the comrany;
(3 ) Payment or reduction of the company's bank
the American National Bank & Trust Co., Chicago,
with the purchase by the company in April, 1940, of four
and
airplanes
.
loan of $350,000 from
incurred in connection
Douglas DC-3,
and othef equipment for use in the company s busi¬
,
...
.
capital.
(4 ) Any balance for working
History A Business—Company
is now operating as an air carrier a passeneer
mail and express air service*between Chicago, 111., and New Orleans,
La' via Springfield, 111.; St. Louis, Mo.; Memphis, Tenn.; and Jackson,
The Commercial & Financial Chronicle
4122
Miss.
Company's line is called "The Valley Level Route" and it connects
industrial and distributing area of the Great Lakes with the Gulf of
the
Mexico and serves the more important centers of population in the Missis¬
sippi Valley between these terminals.
In addition to business originating
in its territory, the company receives business from and delivers business
to all of the trans-continental ajr lines of the
country.
The business of the company had its origin in the formation, in June,
1933, of Pacific Seaboard Air Lines, Inc. (Calif.), which operated a pas¬
senger and express air service within the State of California, without a
mail contract, bet ween San Francisco and Los Angeles by way of
Monterey,
Santa Barbara and intermediate points.
In May, 1934, Pacific Seaboard Air Lines, Inc., was awarded a mail
contract oetween Chicago, 111., and New Orleans, La., and moved its opera¬
tions, personnel and equipment to the territory involved in said mail con,
.
V':
Chicago Union Station—Bonds Called—
A total of $35,000
p..3815.
Pacific
name
by reason of the change in territory served,
Air Lines, Inc., was changed to Chicago and
On Dec. 31, 1935, the assets and business of Chi¬
Seaboard
Southern Air Lines, Inc.
and Southern Air Lines, Inc., the California corporation, were ac¬
quired by Chicago and Southern Air Lines, Inc., the company whose shares
cago
offered, which was incorporated in Delaware on Dec. 30, 1935.
relating to operations of the company during the calendar
are now
Statistics
yearS
1937- 1938
Total
revenue
a"d m9:
1939
plane miles.
1938
Increases in
total
mail pound miles have not resulted in increases in
operating revenues inasmuch as the company's mail pay rate is primarily
based on airplane miles flown.
Gross passenger revenue during the three months ended March 31,
1940,
50.21% larger than that of the corresponding 1939 period.
Other
comparisons involving the first three months of 1940 and the first three
months of 1939 reveal the following increases: Total revenue
plane miles,
was
33.82%; total revenue passenger miles, 49 64%; total number revenue pas¬
53.97%; total mail pound miles, 52.95%; and total express pound
miles, 7.25%.
These increases materialized prior to the installation of
Douglas service.
sengers,
vff'i--f
Capitalization
as at March
31# 1940
Authorized
Outstanding
Shares
Shares
.
7% Cum.
pref. stock ($10 par)-—
Common stock (no par)
a
conv.
49,088
a34,088
100,100
bSOO.OOO
During the period from April l# 1940, to June 15,1940, Inclusive; 1,140
shares of convertible preference stock
common stock.
were
converted into 2,280 shares of
b At March 31, 1940
93,742 shares of common stock were reserved for
of 34,088 outstanding shares of convertible
preference stock,
being the maximum number of shares into which the convertible preference
stock may be convertible.
At the present time the conversion ratio is two
,
conversion
shares
of
stock
for
each share of convertible preference
stock,
requiring at March 31, 1940, an aggregate of 68,176 shares of common stock.
Bank Loan—In April, 1940, there were delivered to
the company four
Douglas DC-3, 21 passenger, twin-engine airplanes, powered
by Wright
engines, purchased from Douglas Aircraft Co., Inc., Santa
Monica,
at
common
■■■■■■■■:'■?
A total of $192,000 first
mortgage bonds 3H% series due 1966 have been
called for redemption on Aug. 1 at 106 and accrued interest. Payment will
be made at the Irving Trust Co., 1 Wall Street, New York City.—V. 150,
3815.
p.
^Cincinnati New Orleans& Texas Pac. fly.~Earriings--May—
1940
Gross from railway..... $1,541,253
Net from railway. 605,898
Calif.,
an
aggregate price of $443,873.
The inauguration of Douglas service
necessitated additional expenditures estimated at
approximately $141,127
for spare engines, aircraft communications
equipment, parts, accessories,
new inventories and
equipment, for training of pilots and other personnel
and other necessary costs.
To meet in part the total estimated expenditure
of $585,000, the company borrowed on
April 29, 1940, from American
National Bank & Trust Co. of
Chicago, the sum of $350,000, the balance of
the estimated expenditure being
provided from the
company's cash depre¬
__
Cities
Indian
378,513
7,228,362
2,677,839
1,948,213
5,929,978
1,685,326
1,285,104
Service
Co.—Moves
Co.
and
American
of
secure an issue of
company owned at the date of the execution thereof
or thereafter
acquired.
Voting Trust Agreement—The voting trust certificates
evidencing common
stock will be issued under the terms and
subject to the provisions of a voting
trust agreement dated Dec.
31, 1935, as amended May 1, 1940.
The sole
voting trustee is Carleton Putnam,
Robertson, Mo,, who is President and
a director of the
company, and who at March 22, 1940, was the beneficial
The company, it is reported,
stock of the Indian
Options---In 1936 the company granted certain
options covering
of 25.000 shares of its common
stock, which
Lawrence Stern & Co.,
o-
same
as
provided in respect
of the options
to
the
persons
public.
*i.
,
The Cities Service Co. paid the estate $700,000 for this block of stock,
37 lA cents a share.
As part of its agreement with the Foster family,
the Cities Service Co. has agreed to
buy the balance of the outstanding
stock
from the public at the same
price, provided the offer is accepted
by Aug. 1.
The capitalization of the Indian
company consists of 1,304,600 shares of
common
class A stock and 7,090,036 of common class B.
The class A
stock has no voting rights other than those that
may be required by law,
but otherwise it ranks the same as the Ciass B.
At the close of 1938,
Cities Service owned directly or through subsidiaries 92 M% of the class A
stock and about 73% of the class B.—V. 150, p. 3350.
Cities Service Power & Light Co.—Dividends—
Directors have declared dividend of $1.25 a share on the $5 cumulative
a share on the $6 cumulative preferred stock and
$1.75 a share on the $7 cumulative preferred stock, all payable July 1 to
holders of record June 27.
Dividends on these issues are in arrears amount¬
preferred stock, $1.50
ing to $17.50; $21 and $24.50
Calendar Years—
3816.
p.
(& Subs.)—Earnings—
1938
J 1,783,858
792,613
1937
$1,869,437
1936
111,294
126,279
$1,924,118
912,523
131,898
(other than inc.
-taxes)
.-A -y
y yi _■y
Fed.& State inc.taxes._
154,712
Prov. for depreciations.
261,658
146,200
13,635
232,813
150,958
15,127
216,370
141,067
24,188
174,874
$449,905
13,039
$490,898
9,300
$497,241
15,166
$472,568
5,110
$462,944
$500,198
289,656
$512,407
280,154
$477,678
51,267
14,729
52,553
52,784
52,339
$117,650
$157,989
$165,233
Operating expenses
Maintenance.
_
_
_
_________
859,611
$1,729,965
806,143
111,124
Taxes
_
_
.
.
13,675
Net inc. from opers
Other income..
—
Gross income
.....
_
_
_
sonal
prop,
funded.
taxes
_
on
279,297
280,228
re¬
6,649
_____
3% inc. notes for
year
...
Other income deductions
Net income
<;
14,235
Consolidated Balance Sheet Dec. 31, 1939
$138,462
v
Assets—Utility and other plant and equipment, $9,507,328; investment in
securities of Central America Power Corp. (sub. not
consolidated), $507,377;
other investments and special funds, $109,560; sinking fund,
$12; current
and accrued assets, $951,592; deferred
debits,
$12,919; reacquired long-
term
debt, $274,275; total, $11,363,062.
Liabilities—Common stock (251,366 shares
$1 par), stated value,
$276,250; long-term debt, $7,058,070; current and accrued liabilities,
$409,372; deferred credits, $28,109; reserves, $3,168,642; contributions in
aid of construction,
$63,141; earned surplus, $359,479; total, $11,363,062.
—V. 150, p. 3815.
Cliffs
Iron
of
Co.—Preferred Dividend—
Electric
Illuminating
Co.—To
Issue $50,-
•
$42,000,000
of
the
proceeds
from
tne
on
the
bonds to be redeemed is
corporate funds.—V.
Cliffs
150,
p.
to be
provided by the
company
3655.
:
Corp.—Common Dividends—
Directors have declared a dividend of 15 cents per share on the common
stock, payable July 10 to holders of record June 29.
This compared with
10 cents paid on April 10, last; 30 cents paid on Dec. 21, 1939; 10 cents on
April 15, 1939; 15 cents on Dec. 21, 1938; 10 cents on April 1, 19.38, and
an ag¬
at the
above
dividends
of 20
cents
paid on each of the four preceding quarters.—V.
150, p. 3816.
in
Clinchfield RR.
May-
Amos
Culbert,
transferred and assigned to Bruce E.
respectively, one-sixth of his proportionate
common
stock.
Registrar—The
Sa
iite
expense
,
.
,
9 Mos.End.
Years EndedMar■ 31,'40 June 30. '39 June
30, '38 June 30, '37
$663,553
638,986
$794,220
696,572
$700,160
671,690
$547,557
538,345
$24,567
1,740
$97,648
1,907
$28,470
2,198
$9,212
2,260
ations
Total income
Income deductions
$26,307
8,156
$99,555
7,727
$30,668
12,461
$11,472
7,980
Provision for Federal and
State income taxes
5,316
19,250
Net income....
-V. 150, p. 3197.
$72,578
$14,007
499,149
217,506
3,815,293
2,145,771
1,762,538
2,758,005
1,349,010
1,173,123
183,572
1938
1937
434,451
171,806
127,054
580,670
275,339
261,097
2,394,991
3,056,803
1,519,240
1,443,130
965,800
772,021
Collins & Aikman Corp. (& Subs.)—Earnings—
3 Months Ended—
xJune 1, '40
Profit from operations.. $1,112,893
Other income
14,003
May 27, '39 May 28, '38 May 29, '37
$98,359 loss$276,917
$1,660,267
11,820
12,646
4,200
$12,835
:
Total income.
Net profit from oper¬
Other income
1939
710,366
364,045
288,782
—V. 150, p. 3504.
^
Income Account
for Stated Periods
revenue
Net from railway
Net ry. oper. income
transfer agent for the common stock
Louis, Mo., and the registrar is
Mississippi Yalley Trust Co. of St.
Boatmen's National Bank, St. Louis.
...
Net ry. oper. income
From Jan. 1—
Gross from railway
above, provided that the
by each such assignee shall not exceed
Earnings—
1940
Gross, from railway.
Net from railway
share of the aforesaid
option at the prices set forth
which may be purchased
Operating
Operating
shares, respectively.'—V. 150,
1939
Total operating income.
interest
•D^„pri 711940, Carleton Putnam
and
.3,000 shares of
a
Citizens Utilities Co.
from its
proportion to their respective
holdings of common stock
of the
company (as evidenced by
voting trust certificates or otherwise)
at the time of the
exercise, from time to time, of the
options.
Braun
common
estate of H. V.
redemption, at 105 of $40,000,000
mortgage bonds, series due in 1965.
The
balance would be used for the construction of a new
generating unit and
additional boiler capacity at an estimated cost of $6,300,000.
Accrued
referred to, Carleton Putnam, Mrs.
walker and Rogers Humphreys have the right to purchase shares
subject thereto
has acquired 1,853,000 shares of
or
mortgage bonds, due in 1970.
The application revealed that
V,"dnr the options here
#.
of
-
sale of the bonds would be
applied to the
of the company's 3%% first
6,250 shares; and Stern,
granted additional options to purchase
9f 25,000 shares, which options run for the same period and
Prices
Ownership
,
„
Company filed June 27 with the Securities and Exchange Commission an
application covering the proposed issue and sale of $50,000,000 of 3%
an aggre-
Zlo? co!?o)l'Ann11
gregate
v
,
Territory Illuminating Oil Co. from
Cleveland
options expire Feb. 25,
Wampler & Co., Inc., 6,250 shares.
Complete
.
000,000 Bonds—
194b.
Such options permit the
optionees to purchase common stock there*eb-25, 1942, at $7 per share and thereafter, on or be¬
fore Deb. 25, 1946, at
$8 per share.
The names of the optionees and the
amounts which each
may purchase under such options are as
follows: I. M.
"t
477,169
Directors have declared a dividend of $1 per share on the $5
preferred
stock, payable July 6 to holders of record June 28.
This compares with
$2 paid on Dec. 21, last; $1 paid on Oct. 31 and July 31, 1939 and $2.75
on Dec.
24, 1937.—V. 150, p. 2873.
holders of the common stock in the
exercise of preemptive
rights, may be
deposited under the voting trust agreement.
i°ri
7,393,011
2,865,855
2,135,470
This deal gives the Cities Service Co. all the outstanding common
shares of the company except 170,000 which still are in the hands of the
Foster.
Cleveland
of 58,682 shares of common
stock of the company
represented by
voting trust certificates, such common stock
carrying more than 25% of the
voting power of the company's
outstanding securities.
The voting trust agreement
provides that there may be deposited thereany authorized shares of the
capital stock of the company.
At May
6* 1940, there were deposited under the
voting trust 85,100 shares of common
stock and in addition there were
outstanding 16,450 shares of common stock
not deposited thereunder.
45,000 shares of the common stock offered by
this prospectus will be
purchased by the underwriters thereof and
deposited
under the voting trust agreement.
The remaining 20,000 shares of common
stock offered, whether offered
by the underwriters or whether purchased by
owner
to
Territory Illuminating—
Int.
company
Trust
Chicago and Benjamin G. Kilpatrick as
$350,000 of notes consisting of seven notes,
each in the principal amount of
$50,000, payable in quarterly installments
from Aug. 1, 1940, to May
1, 1944, inclusive, with interest at the rate of
4% per annum from the date thereof until
maturity on the balance of the
principal amount from time to time remaining unpaid.
Such notes are
subject to prepayment on any principal
payment date, in part or in whole,
plus a premium equal to \ lA% of any such
prepayment made on or before
May 1, 1941:1% of any such prepayment made
subsequent to May 1, 1941,
but on or before May 1,
1942, and y, of 1% of any such prepayment made
subsequent to May 1, 1942, but on or before May 1, 1943.
the trust in¬
denture constitutes a
mortgage on substantially all of the property of the
•
419,773
$1,543,691
658,912
—V. 150, p. 3655, 3504.
National
&
1937
7,558,358
2,813,764
2,061,231
529,977
From Jan. 1—
Gross from railway
Net from railway..
Int. on long-term debt..
2% normal tax and per¬
Bank
1938
$1,222,411
382,697
275,655
Net ry. oper. income...
ciation reserve fund (which amounted to
$187,299 on March 31, 1940)
and from the company's working
capital.
In connection with the making of such
loan, the company executed a trust
indenture dated April 25,
1940, between the
trustees, to
1939
$1,438,143
_
-----
*
y
.
Net ry. oper. income.
1937
•
1,768,668
1,441,735
1,341,604
Total revenue passenger miles
9,241,554
6,895,319
5,154,054
Total number of revenue passengers.
23,353
17,983
12,871
Gross passenger revenue
•_»
$424,115.24 $314,103.07 $225,362.35
*
Total mail pound miles.
192,459,984 134,668,391 108,384,820
Total express pound miles
56,411,769
42,157,946
39,934,669
_
3y% guaranteed bonds, due Sept. 1, 1951 has been
Cincinnati Gas & Electric Co.—Bonds Called—
■
In December of the same year,
the
1940
called for redemption on Sept. 1 at par and accrued interest. Payment will
be made at the Continental Illinois National Bank & Trust Co., Chicago.
111., or at the Pennsylvania RR., 380 Seventh Ave., N. Y. City.—V. 150,
'
tract.
June 29,
_
Depreciation
______
income
taxes.
Net profit_
Preferred dividends.
_
Common dividends.
Surplus.______
$3,492
$1,126,896
129,649
$110,179 loss$264,271
144,812
139,572
$1,660,267
133,800
loss$34,633 loss$403,843
$1,236,709
Fed., State & Canadian
256,162
y$741,085
53,075
289,758
54,149
140,700
59,267
140,700
60,367
844,200
$547,310 def$229,482 def$603,810
$332,142
140,700
x Excludes
Canadian subsidiary,
y Equal to $1.22 a share on 562,800
shares of common stock.—V. 150, p. 3656.
/.
Volume
The Commercial
ISO
Collyer Insulated Wire Co.—To Pay 20-Cent
Directors have declared
Assets—
Co.
Finance
6 Months Ended
(& Subs.)—Earnings—
1939
Profit-------
$287,723
-
Estimated Federal income tax
-----
._
$240,498
41,598
Sink,
and
$287,723
—
$198,900
1,178,148
Net income
1,114,106
31,101
650,628
$1,465,871
Total...-
$1,313,006
73,565
_
73,565
103,034
Dividends paid—On preferred stock
On common stock
102,736
71,963
632,799
25,760
17,214
deposits..
share on common stock
per
$1,136,705
$0.90
18,800
319,775
284,905
219
251
182,192
164,733
35
195
50,208
44,285
curr. assets.
Prepayments
Consolidated Balance Sheet April 30, 1940
& expense
count
Other def. debits.
139,889
139,706
56,213
DIvs. declared
Colorado & Southern
Ry.—Earnings—
1939
1938
$538,897
115,546
24,405
$461,163
83,060
defl2,871
$604,690
125,067
32,319
2,542,166
2,389,424
432,105
defl9,077
2,376,431
283,924
defl95,060
3,059,030
666,405
213,216
Net ry. oper. income
From Jan. 1—
Gross from railway.
Net from railway491,655
Net ry. oper. income--.
101,318
—V.
1937
1940
$512,593
80,942
68,996
,
150, p. 3504.
Columbia Broadcasting System,
Wave Stations—
Inc.—To Build Short'
687,063
5,461,133
4,928,646
88,996
87,402
Total
27,702,294 27,037,922
Commonwealth Edison
Columbus & Greenville
Ry.—Earnings—
$116,235
$95,770
$107,621
5,662
543
Net ry. oper. income.__
From Jan. 1—
28,185
19,498
20,853
13,453
18,813
8,469
571,582
139,686
485,433
63,055
548,062
98,464
85,140
26,908
46,291
.v'•:
v.
Gross from railway....499,395
Net from railway—85,734
Net ry. oper. income—
—V.
150,
p.
1937
1938
1939
1940
$91,085
Gross from railway.—Net from railway.
24,906
.
3505.
Commercial
Alcohols, Ltd.—Earnings—
1940
1939
$152,290
14,420
$121,423
14,380
$102,655
13,750
940
960
1,240
Provision for depreciation...
95
18,738
412
17,075
1,453
26,572
Prov. for Dom. & Prov. income taxes.
20,667
15,504
10,710
$97,430
20,000
17,912
$73,091
20,000
Years Ended March 31—
Net operating profit
Executive salaries.
—
Directors'fees
Legal fees...
Net profit..
— — ...
Preferred dividends paid and payable.
Common dividends paid
1938
'
,
$48,930
15,000
_____
p.
Co.—Weekly Output—
Per Cent
Increase
8 7
11.0
6.8
7.2
3969.
Commonwealth Water
Co.—Merger—
The State Board of Public Utility Commissioners of New Jersey has
approved the merger of the Chatham Colony Water Co. into the Common¬
wealth Water Co., which serves Essex, Morris & Union Counties, N. J.
Issuance of 10 shares of common stock ($100 par) in exchange for all capital
stock of Chatham Colony
Water also was approved.—V. 150, p. 3969.
Community Power & Light Co.—Plan Effective—
Company's plan of corporate simplification has become effective and
security holders are requested to forward their certificates to Continental
Bank & Trust Co., 30 Broad St., N. Y., agent for the company, in ex¬
change for new securities as provided in the plan.
The plan has been approved by the Securities and Exchange Commis¬
sion by order dated Nov. 18,1939, and by the U.S. District Court, Southern
District of New York, by order dated June 17, 1940, in proceedings insti¬
tuted by the SEC, at the company's request, under Section 11 (e) of the
Public Utility Holding Company Act of 1935, and the company has been
directed to carry the plan into
Removed from
The first
effect.
List—
preferred stock, $6 dividend series, no par, has been removed
by the New York Curb Exchange.—V. 150, p. 3969.
from unlisted trading
Concord (M.
H.) Electric Co.—Earnings—
1939
1938
1937
1936
$654,349
492,310
$635,592
476,237
$629,624
446,577
$594,023
459,787
$162,039
3,252
$159,355
$183,046
Dr691
819
$134,236
1,690
$165,291
2,156
$158,663
$183,865
1,111
$135,925
$163,135
13,500
140,000
$156,229
13,500
140,000
$182,754
13,500
140,000
$135,419
13,500
140,000
$9,635
$2,729
$29,254
def$18,081
Calendar Years—
Operating revenues
Total oper. expenses-
...
104,785
;
1,023,494
...27,702,294 27,037,922
—
Kilowatt-Hour Output1940
.u^'-.;>i939
151,467,000
139,317,000
147,124,000
132,571,000
148,363,000
138,901,000
135,565,000
126,446,000
Week Ended—
150,
May—
138,509
1,020,497
Total
129,340
194,490
——.
The electricity output of the Commonwealth Edison company group
(inter-company sales deducted) for the week ended June 15, 1940 was
151,467,000 kwh. compared with 139,317,000 kwh. in the corresponding
period last year, an increase of 8.7%.
The following are the qntput and percentage comparisons for the last
four weeks and the corresponding periods last year:
1.
3969.
cos
a
By which the book investments in stocks of subsidiaries exceeds the
adjusted net assets applicable to such shares at dates of acquisition,
b Represented by 765 (768 in 1938), $7 series A; 3,878 (3,970 in 1938), $6
series B and 12,418 (12,464,1938), $6.50 series C, all shares of no par value,
c Represented
by 3,406 class A shares, and 288,873 class B shares, both of
no par value.—V.
148, p. 2420.
8
p.
...
stocks
pref.
of sub.
June
Long Island, N. Y.—Y. 150,
construction
Earned surplus
—V.
to
Contribs. in aid of
Capital surplus
June
On of the permits woiild grant an increase in power and provide for the
removal of CBS's present short wave station from Wayne Township, N. J.
19,297
712,956
11,319
June 15.
broadcast stations.
55,990
32,678
credits..
Deferred
on
national
wave
8,871
97,863
220,057
59,203
Arrearages In divs.
Company has filed construction permits with the Federal Communications
Commission requesting permission to build two new 50,000 watt inter¬
short
-
Other current liab.
55,464
43,861
_
June 22
'•
-
8,469
101,709
269,613
accrued—
Interest
ance
May—
88,764
interest.
Customers' deps—
insurance and sundry, $60,675; fixed assets, $198,246; total, $16,393,761.
Liabilities—Notes payable, unsecured, $9,822,842; accounts and insur¬
Gross from railway
Net from railway......
currently
turing
Matured
listed securities, $34,588; repossessed automobiles, $12,842; other receiv¬
ables and investments, $198,352; deferred charges, prepaid interest, taxes,
payable, and accruals, $124,880; reserve for taxes, $162,811; reserves
for dealers, $137,640; reserves for losses, $182,580; deferred income, $611,949; 5M% cum. preferred (par $100), $2,675,100; common stock (par $1),
$207,668; earned surplus, $1,289,273; capital surplus, $1,195,755; less cost
•of 1,465 common shares in treasury, Dr$16,736; total, $16,393,761.—
V. 149, p. 4170.
950,477
55,923
Reserves
Unamort. debt dis¬
Assets—Cash, $2,267,176; notes and accounts receivable (secured princi
pally by automobiles). $13,521,624; other current receivables, $100,857;
Accounts payable.
debt—
Taxes accrued
and merchandise
Other
526,792
5,594,200
16,591
—
Interest receivable
Materials, supplies
$1,289,273
$1.40
Earned surplus April 30, 1939
Earnings
536,636
cos
Ling-term debt ma¬
loans
receivable
Accts. rec. (net)
3.628,250
com.
6,303,158
101,208
—sub.
Long-term
Cash
and
3,628,250
in
int.
Notes pay .—banks
21,776
65,612
receivable-
Notes
7,182,170
stocks—sub.
companies
Min.
$
1,594,092
stocks & surplus
special funds
Special
1,581,257
Common stock.. 7,182,169
Pref.
mlscell.
Notes & contra, not
curr.
Earned surplus balance at Oct. 31
c
1938
$
b Preferred stock,
23,817,151 23,179,160
2,501,565
2,503,907
15,901
12,845
tangibles)
Net amount
Investments
1940
April 30—
Liabilities—
$ -
$
Property, plant &
equip. (Incl. in¬
a
Colonial
1939
1938
1939
the common
stock, no par value, payable July 1 to holders of record June 24.
Previously
regular quarterly dividends of 10 cents per share were distributed.
An
extra dividend of 20 cents, was paid on Dec. 27, 1939.—V. 150, p. 2419.
4123
Consolidated Balance Sheet Dec. 31
Dividend—
dividend of 20 cents per share on
a
& Financial Chronicle
Balance Sheet March 31, 1940
Assets—Cash, $32,025; Dominion of Canada bonds, at market value,
$35,000; accounts receivable, less reserve, $32,097; inventories, $155,308;
containers on hand, $12,690; deferred charges, $11,659; buildings, plant
and equipment, at cost, $368,449; rights and contracts, $113,652; total,
$760,880.
Liabilities—Accounts payable and accrued charges, $6,786; provision for
taxes including Dominion and Provincial income taxes, $21,968; preferred
dividend payable April 15, 1940, $5,000; reserve for depreciation of fixed
assets, $168,547; preferred stock (par $5), $250,000; common stock (188,280
no par shares),
$178,602; earned surplus, $129,976; total, $760,880.—V.
150, p. 2419.
Income from oper
Non-oper.
revenues
Gross income
Inc. deduc.
Net
(int., &c.)__
income-—_
.
dividends—
Preferred
Common dividends-
Balance, surplus
2,434
Balance Sheet Dec. 31,
Commonwealth & Southern
Corp.—Weekly Output—
of electrical energy of subsidiaries of the
adjusted to show general business con¬
for the week ended June 20, 1940 amounted to
151,516,148 as compared with 138,055,509 for the corresponding week in
1939, an increase of 13,460,639 or 9.75%. The 1939 figure does not include
the output of the Tennessee Electric Power Co., the eiectric properties of
which were sold on Aug. 15, 1939 to the Tennessee Valley Authority and
other governmental agencies.—V. 150, p. 3969.
The weekly kilowatt hour output
Commonwealth & Southern Corp.,
ditions of territory served,
Commonwealth Utilities Corp.
(& Subs.)—Earnings-
Assets—Fixed capital, $2,238,720; non-operating property, $133,892;
investments, $94,886; cash, $25,026; accounts receivable,
$123,580; materials and supplies, $47,645; prepayments, $7,485; miscel¬
laneous suspense,
$65,925; total, $2,737,159.
Liabilities—Common stock (50,000 no par
Connecticut Gas &
1938
1937
$3,907,876
2,826,479
$3,676,494
2,699,787
$3,920,323
2,886,361
Operating income
Non-operating income
$1,081,396
51,895
$976,707
27,956
$1,033,962
39,546
Calendar YearsIncome—Dividends—
New Haven Gas Light
Co. (subsidiary)
The Hartford Gas Co_
$1,133,292
274,959
$1,004,663
267,106
$1,073,508
279,752
7,824
17.401
4,840
2,789
Expenses
24,185
2,933
3,011
12,993
3,207
Cr375
Crl43
Cr8,646
$828,643
$707,793
173,994
199,720
27,812
158,962
$783,191
152,478
165,463
16,608
Gross income
Interest
on
long-term debt
-
Amort, of debt discount and expense.
Other interest
Other deductions
Interest charged to
;
construction
Net income
Sinking fund approp. of net income..
Dividends on preferred stocks..
Minority interest
Balance of earns, of subs,
.
163,200
16,331
$427,117
$369,300
15,625
18,935
15,018
22,390
15,056
$461,677
Other income of C. U. C—
Total
$406,708
$488,701
Expenses, taxes and other deductions
Balance applic. to
C. U. C—
30,767
36,750
39,099
Divs.
on
Common dividends
25,002
$369,958
$449,601
109,771
110,215
110,578
$321,138
219,209
$259,743
219,209
$339,023
263,042
stocks of
(both series)
$493,040
4 41,998
-
Surplus, balance Jan. 1_
Advs. from the
under
19?7
1936
$493,040
41,998
$493,040
41,998
$493,040
47,248
$.535,038
2,221
$535,038
2,425
$540,288
2,721
and
15,499
15,698
12,454
12,636
$516,801
13,035
$517,118
2,897
$520,159
4,729
$524,930
11,789
16,382
75,000
65,000
$529,836
515,402
$536,397
523,362
$599,888
596,991
$601,720
596,991
$14,434
$13,035
$2,897
$4,729
U. G. I.
agreement
dated March 9, 1936-
Note—The above figures do not
include interest on loans obtained during
1935 from the United Gas Improvement Co., wnich
standing Dec. 31, 1939, in the amount of $171,173.
Balance Sheet Dec. 31, 1939
Assets—Investments, $15,316,330; cash,
t0tLiabmies—Preferve6.
$430,910
Balance applic. to com.
C.U. C
Federal
Surplus
capital stocks of
preferred stock of C. U. C__
1938
$535,038
2,738
for
State taxes
Co.
fcoke Securities Co.—Earnings—
1939
$448,643
Propor. of deferred divs. on cum. pref.
stocks of subs, applic. to C. U. C.
—deducted above
Prov.
Total------- —
Preferred dividends---.
applic. to
C.u. C
shares), $1,100,010; preferred
$225,000; notes payable, $110,000; accounts payable, $43,541;
customers' deposits, $12,466; taxes accrued, $30,530; interest accrued,
$470; miscellaneous accruals, $3,389; reserves, $764,597; contributions in
aid of construction, $12,967; earned surplus, $434,189; total, $2,737,159.
—V. 148, p. 1473.
stock,
Operating revenues of subsidiaries
Operating expenses, incl. taxes
Years—
1939
miscellaneous
1939
Calendar
507
loans remain out¬
$168,993, deferred debit, $460!
$11,939,820; common stock (299,498 no
par shares), $3,194,972; loans payable, $171,173; accounts payable, $140;
dividends declared, $127,468; amount payable to preferred stockholders,
$21 906; accrued taxes,
$15,620; other current liability, $250; surplus,
$ 141434;
stock,
total, $15,485,784—V. 148, p.
1637.
Consolidated Edison Co. of N. Y.—New
Secretary—
include net debits of $63,277 to contingent reserves in 1938 and net credits
Melville T. Chandler was on June 24 elected Secretary of the company to
succeed Frederick W. Jesser, who will retire at the end of this month after
of $1,193
51 years
Note—The statement does not include non-recurring income; nor does it
in 1937.
of service in the Edison system
and its predecessor companies.
The Commercial & Financial Chronicle
4124
CORROON & REYNOLDS CORPORATION
BOUGHT—SOLD—QUOTED
Vermilye Brothers
N. Y. CITY
BROAD ST.,
30
1940
18-inch mill for rolling steel into
an
,
,
Preferred Stock
Teletype N. Y. 1-804
HAnover-2-7881.
June 29,
billets and bars and by Aug. 31 a
12-inch mill and a 9-inch mill for rolling steel into bars and rods.
The
plant will have a nominal ingot capacity of approximately 100,000 gross
tons of ingots annually.
'
In addition to manufacturing alloy steels required for its Copperweld
■wire, rod and cable business, the company expects to manufacture special
alloy steels for sale to others to be used in the construction of machine tools,
aircraft, automobiles, trucks, tractors, engine parts and other products.
Domestic and international developments since the outbreak of the war in
Europe, it is stated, have given an impetus to the use of alloy steels.
Sales of the company for the five months ended May 31, according to
the registration statement, totaled approximately $3,583,000 compared
with $3,389,000 for the corresponding period of 1939.
Sales for the full
year 1939 were $10,446,000, the highest in the company's history, com¬
pared with $7,220,000 in 1938—V. 150, p. 3970.
,
'
15
,
,
,
^
;
Mr. Chandler, formerly Assistant Secretary,
July 1.-:"v
will assume his new post on
Gross
of New
Co,
Edison
York
1937
1936
$2,730,600
2,320,.548
96,444
$2,609,376
2,339,649
81,200
$2,677,803
2,285,656
62,572
49,769
Period End. Mar. 31—
Gross oper. revenue
Other income.
160,296
21,087
86,250
Maintenance.
86,250
17,124
15",060
0246,484
0-311,585
0148,388
Net income from oper.
$503,950
Preferred dividends—330,016
$417,887
192,579
$576,330
285,149
$385,253
223,360
deductions
Other
other
less
income
5,399
$4,095,884
461,604
130,193
345,000
$4,099,657
507,562
92.647
345.000
$1,012,907
106,147
19,344
$1,034,921
Operating costs
4,609
22,570
Cr212,913
...
Surtaxes on undist. prof.
Divs. on minority int
Minority int. in sub. cos.
1940—12 Mos.—1939
$4,095,048
$4,090,485
1940—3 Mos.—1939
$1,035,114
$1,012,850
Dr 192
57
$2,478,795
2,133,118
59,766
37,713
9,600
1,734
investments)
Expenses
Prov. for Fed. inc. tax..
Connecticut River Power Co.—Earnings—
&
1938
(excl. profits
on
sales of
earns,
losses
or
announced production
of the
electric plants of its system for the week ended June 23, amounting to
135,700,000 kwh., compared with 137,500,000 kwh. for the corresponding
week of 1939, a decrease of 1.3%.—V. 150, p. 3816,
Depreciation
Fed., State
1939
Calendar Years—
.
Weekly Output—
Consolidated
Reynolds Corp. (& Subs,)—-Earnings—
Corroon &
Consolidated Balance Sheet Dec. 31, 1939
on hand and demand deposits in banks,
$1,584,749; ac¬
receivable from insurance agents, brokers, &c., $2,631,198; notes
receivable (less reserve of $145,775), $49,930; cash surrender value of life
Assets—Cash
counts
munic,
179,529
194,121
712,576
782,327
$587,759
180,891
$607,045
184,903
$2,441,872
729,410
$2,376,760
744,900
fixtures,
exp. & prems. (net)
Other interest expense..
Other chgs. against inc..
27,059
39,229
10,024
26,612
108,481
38,825
13,232
157,857
16,537
106,537
150,898
13,232
Bal. before dividends.
Preferred dividends
$330,556
18,000
$343,473
18,000
$1,429,587
72,000
$1,361,193
72,000
$312,556
$325,473
$1,357,587
$1,289,193
represented by amounts for which capital stocks of certain subsidiaries were
issued or acquired (incl. Coroon & Reynolds, Inc. [New York]. Central
Fire Agency, Inc. [New York], and R. A. Corroon & Co., Inc. [New York],
wholly owned operating companies engaged in insurance management,
agency, and brokerage operations), $3,787,500; total, $15.165,922T
Liabilities—Notes payable,
$540,OO0; accounts payable to insurance
companies, &c., $3,084,205; other accounts payable and accrued expenses,
$45,291; provision for taxes, $305,331; suspense items deferred, $307,114:
minority interest in a subsidiary company and guaranty by Corroon &
Reynolds Corp. of $160,000 of preferred stock and $2,400 accrued dividend
of another subsidiary, $305,445; general reserve, $250,000; preferred stock,
50,900 no par shares, stated value $10 per share, $509,900; common stock,
(par $1), $787,310; capital surplus, $10,347,299; earned surplus (deficit),
$558,252: less cost of 9,738 shares of preferred Atock held in treasury by
parent and subsidiary companies, Dr%757,722; total, $15,165,922.—V. 150,
p. 3971.
;■ ' ,;'Ft?
taxes.
insurance, less loans, $7,386; investments, $6,887,836; loans to
Bal. before cap. chgs.
Interest on funded debt.
Amort, of debt discount,
Balance for
com.
divs,
and surplus
—V. 150. p.3969.
Consolidated
Bakeries
of
Canada, Ltd. (& Subs.)—
Consolidated Income Account Year Ended Dec. 30, 1939
Operating profit
$583,417
Provision
for depreciation, $141,342; executive salaries, $32,342; directors' fees. $600; solicitors' fees, $2,022
Operating profit
Other income...
------
176,306
At
the
directors
Profit for year
Provision for Dominion and provincial Income taxes
......
__
Net profit
meeting of stockholders held on June 24, the board of
to 10 with the election of Philippe Cotnareanu.
were reelected are H. L. Brooks, Yvonne Cotnareanu,
annual
increased
was
Other directors who
$488,330
89,588
Leon
B.
E.
Cotnareanu, Roland Coty, Paul Fuller Jr., Raymond Greilsamer,
Levy. G. A. Whalen and Robert M. Youngs.—V. 150, p. 3971;
V. 149, p. 1911; V. 148, p. 2264.
$398,741
Earned surplus brought forward
International—Directorate Increased—
Coty
$407,110
81,219
...
officers and
employees, $108,159; prepaid insurance, taxe6, &c., $26,557; furniture,
leasehold, improvements, &c., at cost (less allowance for depre¬
ciation and amortization of $192,220), $82,606; goodwill and agency plant
234,171
Curtiss-Wright Corp.—Enlarges Propeller Unit—
^
Total
The Curtiss
$632,913
Dividends
398,054
in
Earned surplus Dec. 30,1939
...
$234,860
reserve, $184,228; inventories,
$204,665; mortgage
funds provided for purchase by trustees of company's
receivable, $16,742;
fully paid shares held
for the benefit of employees, $21,392; prepaid insurance, taxes, licenses
and other expenses, $36,149; and buildings,
plant, machinery, &c. (less
reserve for depreciation of $2,411,471),
$1,867,681; total, $3,809,188.
Liabilities—Accounts payable and accrued charges, $199,062; reserve for
tickets, $5,820; reserve for Dominion income and other taxes,
$93,354; salesmen's and drivers' deposits, $91,663; capital stock (318,440
ordinary shares, 3 preferred management shares), $1,184,430, earned
surplus, $234,860, total, $3,809,188.—V. ,149, p. 3869.
Continental
Roll
&
Steel
Foundry
Readjustment of Capital Structure—
Co.—Completes
The recapitalization of the company under the plan and agreement
Oct. 6, 1939, has been completed.
dated
Rights of old bondholders to extend
their bonds expired June 15. No time limit has as yet been fixed for holders
of preferred stock, who have not yet
exchanged their shares, to participate.
Giving effect to the exchanges under the plan, company's outstanding
capitalization will be: $3,082,000 of first mortgage 6% bonds, due June 1,
1950; 27,961 shares of 7% prior preference stock, 1,039 shares of 7% pre¬
ferred stock, and 337,432 shares of common stock
(par $1).
8 financial position %as
strengthened as a result of the plan.
The $200,000 of notes owed a
stockholder, carried in the balance sheet as of
/Dec. 31, last, have been paid off.
Working capital now stands at ap¬
proximately $2,900,000.—V. 150, p. 3816.
Converse Rubber Co .—Earnings—
July of
factory
a
on a
$398,794
54,910
319,997
Net profit from operations.
$23,887
6,590
Purchase discounts and sundry income
Total income
Interest paid and provision for bad debts
Provision for Federal income tax...
$30,477
27,202
500
•
installed
^"v• v!"■
$2,775
Balance Sheet Jan. 27, 1940
$105,426: accounts receivable (net), $455,157; inventories,
surrender value of life insurance (assigned as security for
contra), $11,449; advances to and accounts receivable from offi¬
$425,240; cash
cers
and
employees (book value), $26,063; prepaid
expenses
and deferred
charges, $7,387; fixed assets (net), $533,187; trade marks, patents, &c.
(assigned as security for loan, see contra), $1; total, $1,563,909.
Liabilities—-Notes; payable, banks, $217,500; accounts payable, $158,977;
F®deral. State and local taxes, $41,459; other accrued liabilities,
035; ather liabilities, $162,843; special preferred stock (par $10), $175,-
8t,ock (par $33), $585,486;
common stock (59,998 no par shs),
$299,990; capital surplus, $149,995; earned deficit March 28, 1936, $259,146;
■
total, $1,563,909.—Y. 145,
p.
107.
Copperweld Steel Co.—Files for Common Stock Financing
Company has filed
a
registration statement with the Securities and Ex¬
change Commission in connection with the contemplated offering, subject
to favorable market
conditions, of a maximum of 75,000 shares of ad¬
ditional
It
is
common stock.
Riter & Co. is named as principal underwriter.
not known at this time whether the
financing will take the form of a
public offering of the shares.
Net proceeds from the proposed
offering of common stock will be devoted
partly to the discharge of a $500,000 bank loan and partly for additions
to the company's general funds
representing reimbursements for capital
expenditures and additions to working capital.
The company announces that it is now
completing
facture of electric-furnace alloy steels,
its plant for the manu¬
costing approximately $3,200,000.
Early this month it started commercial production of such steels in the
form of blooms and billets and it is
expected to place in operation by July
■ ,v,
>.
.<**;>
■.>* v.
1
,
•>'" '•* ,*• / .'v., _y.
■'■•••
"The establishment of this new manufacturing unit," states Guy W.
Vaughan, President of Curtiss-Wright Corp., "will more than double the
production facilities of our Clifton, N. J., and Pittsburgh, Pa., propeller
units which now comprise a total of approximately 220,000 square feet,
and therefore enable us to keep pace with the increasing mass production of
aircraft engines and planes for the nation's air defense program."
Approximately 1,500 skilled workmen will be employed in the new
?lant. At units.—V. 150,1,600 operators are employed in the Clifton and
ittsburgh present about
p. 3971.
Dallas Power &
Light Co.—Earnings-
Operating
Operating
expenses
Direct taxes
Prop, retire,
90,387
9,841
$7,077,729
2,601,087
1,220,872
541,785
$6,714,940
2,565,583
1,123,766
372,711
res. approp.
Net oper. revenues
Other income
$223,321
$2,713,985
$2,652,880
$575,333
217,903
101,406
27,523
$535,323
211,774
$228,501
revenues
1940—12 Mos.—1939
1940—Month—1939
Period End. May 31—
341
186
$223,321
46,667
a42,421
$2,714,326
560,000
b490,467
$2,653,066
560,000
b489,616
Net income.
$180,029
$134,233
Divs. applicable to pref. stocks for the period
$1,663,859
$1,603,450
Gross Income.
Int.
on mtge.
bonds
Other int. & deductions.
$228,501
46,667
1,805
507,386
507,386
$1,156,473
$1,096,064
Includes amount required to amortize debt discount and expense over
the life of the outstanding debt plus an additional
b Includes for both periods amount required to
amortization of $37,000.i
amortize preferred stock
commission and
expense over the life of the charter, plus an additional
amortization of $264,592 for the 12-month period ended May 31, 1940;
also includes amount required to amortize debt discount and expense over
the life of the outstanding debt, plus an additional amortization of
and $424,500, for the 12-month periods ended May 31, 1940, and
1939, respectively.—V. 150,
p.
Delaware & Hudson
3658.
$180,472
May 31,
>
RR.—Earnings—
1940
Gross from railway
Net from railway
Net ry. oper. income
1937
$2,145,114
688,194
432,804
$1,878,792
571,526
402,933
$2,302,679
520,017
347,358
10,608,265
2,840,419
1,948,152
Net ry. oper. income
From Jan. 1—
1938
635,233
453,887
Gross from railway
Net from railway
1939
■
$2,203,602
May—
Net profit
near
230,000 square
September
parts will
feet of floor area, is scheduled to be completed by the end of
when considerable new equipment for production of propeller
a
Earnings for Fiscal Year Ended Jan. 27, 1940
on sales, before depreciation
Depreciation charged to manufacturing
Selling, administrative and general expenses
see
beginningconstruction early
Caldwell-Wright airport
Balance.
Gross profit
loan,
site adjoining the
The new unit, comprising approximately
Caldwell, N. J.
Consolidated Balance Sheet Dec. 30, 1939
Assets—Cash in banks and on hand, $109,173; investments in stocks and
bonds less reserve, $1,369,158; trade and sundry accounts receivable, less
Propeller division of Curtiss-Wright Corp., will double its
present propeller manufacturing facilities by
9,989,695
2,953,916
2,036,184
8,488,180
1,634,691
828,007
11,320,073
2,711,299
1,876,599
—V. 150, p. 3505.
Delaware Lackawanna & Western R R.—Earnings—
Gross from railway
Net from railway
Net ry. oper. income...
From Jan. 1—•
Gross from railway
Net from railway
Net ry. oper. income
—V.
150,
p.
1940
$4,279,180
1,025,630
569,560
1939
$4,297,321
1,140,995
637,193
1938
1937
$3,775,624
687,922
220,379
$4,562,192
1,187,155
678,811
21,521,195
4,709,599
2,220,784
May—
20,456,907
4,661,816
2,140,305
17,841,181
3,211,483
887,643
22,002,938
5,554,734
3,295,313
•
3971.
Denver & Rio Grande Western
1940
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. 150, p. 3971.
RR.—Earnings—
1939
1938
1937
$1,901,647
206,109
def61,799
$1,822,730
61,457
def215,665
$1,687,820
120,573
defl80,939
$2,046,167
defll4,lll
def382,872
9,361,432
8,765,546
870,784
def397,587
8,109,581
542,133
def846,994
10,226,912
643,336
def581,570
1,176,169
defl45,574
Volume
The Commercial & Financial Chronicle
150
Denver & Salt Lake
Ry.- -Earnings—
May—
1937
$137,947
8,848
36,976
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway.
1938
1939
1940
$108,248
def34,881
defl5,964
$110,103
deflO.274
11,114
$159,630
941,602
254,700
360,445
848,895
123,112
195,068
709,776
95,281
179,140
1.132,409
345,849
403,022
_
Net from railway
;
Net ry. oper. income
—V. 150, p.3505.
29,604
54.525
Detroit & Mackinac Ry.—Earnings—
1940
$64,126
13,156
4,555
May—
Gross from railway——
Net from railway..
Net ry. oper. income
From Jan. 1—
1937
$79,625
14-?19
5,196
281,564
32,399
347,160
79,202
2,916
38,117
1938
...*
Net from railway.
defl,569
income
—V. 150, p. 3506.
banks and
in
on
Products Corp.—Listing—
additional shares of common stock, par $l,upon
the New York Curb Ex¬
3971.
The listing of 175,000
official notice of issuance has been approved by
change.—V. 150, p.
Detroit Toledo & Ironton
RR.—Earnings—
,1939
$459,993
164,468
105,167
May—
Gross from railway
2,767,634
1,238,748
2,116,350
724,611
833.207
431,316
$540,137
.
220,986
Net from railway
Net ry. oper. income.
From Jan. 1—
143,692
_
Gross from railway
Net from railway
3,486,760
1,772,421
1,219,879
_
.
Net ry. oper. income.
—V. 150, p. 3506.
-
_
1937
1938
$364,743
103,807
1940
$613,917
283,682
157,997
57,094
,3,739.044
2,018,448
1,323,735
\
.
hand,
for uncollectible accounts of $3,000), $155,685; interest receivable
accrued, $720; inventories, $341,467; non-current notes receivable (less
reserve), $425; fixed assets, at cost (less reserve for accrued depaciation of
$187,615), $270,826; patents, $1; deferred and prepaid items, $3,895;
total, $994,540.
Liabilities—Accounts
payable, trade,
$54,026; accounts receivable,
credit balances, $6,126; salaries and wages payable, $19,913; taxes payable,
$79,835; preference stock called for redemption, $1,111: reserve for contin¬
gencies, $25,000; common stock (par $2.50), $307,800; surplus earned,
$425,119; paid-in surplus, $75,610; total, $994,540.—V. 150, p. 3356.
reserve
'
"
-
...
•- V'.'-
.
Eastern Gas & Fuel Associates
•r '
v
x
(& Subs.)—Earnings—
705,473
4,317,713
1939
$8,043,232
383,767
4,063,415
2,810,759
2,925,351
615,012
637,566
$2,787,682
$33,133
$11.31
12 Months Ended May 31—
$0.13
1940
$11,236,639
Federal income taxes (estimated)
Depreciation and depletion
Interest-.
..
Debt discount and expense
Detroit Paper
•
$67,875; Government and other
marketable securities, cost (less reserve for shrinkage to market value of
$4,228), $153,645; notes, warrants and accounts receivable—trade (less
Assets—Cash
Total consolidated income
288,926
42,620
2,823
270,903
30,215
Gross from railway
Net ry. oper.
$66,593
12,371
9,005
1939
$71,626
14,942
3,430
'
4125
Consolidated Balance Sheet Feb. 29, 1940
,
Net income available for div. requirements
Earned per share of 4M % prior pref. stock
Bonds Called—
The Union Trust Co. of Pa. will until July 20 receive bids for the sale to
it of sufficient first mortgage and collateral trust bonds, series A 4%, due
March 1,1956 to exhaust the sum of $22,037 at prices not exceeding 102 and
accrued interest.—V. 150, p.
3506.
Eastern Utilities Associates (&
Operating revenues
Operation
Maintenance
Subs.)—Earnings—
1940—Month—1939
1940—12 Mos —1939
$8,673,111
$715,865
$9,000,285
$727,652
4,202,454
377,799
364,025
4,344,096
344,749
423,859
33,389
36,158
Period End. May 31—
;
RR.-
1940
$265,898
114,816
42,090
764,725
1,167,746
$152,470
6,868
$2,145,165
12,907
$2,193,438
Dr26,476
1,687,786
925,147
431,663
1938
1,344,261
574,920
182,221
Net ry. oper. income
From Jan. 1—
$159,338
36,217
$2,158,072
$2,166,962
438,782
11,662
498,010
10,377
$1,707,628
77,652
$1,658,575
77,652
Applicable to minority interest
$1,629,976
24,630
$1,580,923
24,777
$1,605,346
309,824
$1,556,146
309,824
$1,915,170
141,123
$1,865,970
$1,774,047
$1,738,563
Taxes (incl. inc. taxes)
Earnings—
1939
$152,369
18,058
def30,175
May—
Gross from railway
Net from railway
1937
V
$134,688
$280,776
23,713
def22,978
137,131
59,002
1,043,036
431,249
119,510
1,809,176
1,066,853
•
105,906
Net oper. revenues
$146,048
10,389
Non-oper. income (net).
$156,436
Balance
Interest & amortization-
—
Gross from railway
Net from railway
Net ry. oper.
779,004
1,308,161
Non-subsidiary income
Detroit & Toledo Shore Line
—V. 150, p.
63,708
99,504
64,510
Retirement res've accruals
income
3506.
571,278
Miscell. deductions
Balance
36,282
249
_
$119,905
.
109
$123,012
Preferred dividend deductions: B. V. G. & E. Co-
Dominion Oilcloth & Linoleum Co., Ltd.—Extra Div.—
have declared an extra dividend of 10 cents per share in
to the regular quarterly dividend of 30 cents per share on the
common stock both payable July 31 to holders of record July 15.
Directors
Balance
-
addition
1937
1938
1939
1940
Years End. Mar. 31—
Expenses, taxes and interest.
Net trading profits after
_x$2,881,579 x$l ,092,847 x$l,705,188
depreciation
Interest
Prem.
on
on
,790,771
197,351
2,350
2,200
bonds redeem.
—
14,857
75,642
76,750
78,988
12,939
18,175
14,867
831,898
10,263
244,514
9,268
420,089
285,384
$1,752,841
461,229
$550,748
486,234
$978,967
480,0.59
$1,169,440
504,097
......
Net profit from opers.
Other income
to
surplus account.
pref. stock
_
on
$1,036,982
135,842
1,350,000
1,350,000
common
$1,459,026
$1,673,538
135,842
1,350,000
135,842
1,350,000
$3.34
$2,214,070
135,842
stock
Earns, per sh.on 270,000
shs. com. stk. (no par)
on
10,990
$4.90
$5.69
$7.70
in 1940, $1,002,198 in 1939 and
depreciation.
After deducting $1,748,704
x
in 1938 provision for
Comparative Balance
1940
$
4,133,243
Oth .loans & mtges.
22,352
Bills &acets.rec.. 3,649,057
subsidiaries
Stock mfd.
72,247
2,302,580
and in
2,546,899
2,637,318
Interest on bonds.
232,627
114,390
Preferred dividend
Deferred charges..
356,342
2,695,688
361,992
3,037,335
securB
Reserves
........
Profit and loss
16,189
12,500
33,961
33,961
15,044,456 14,350,923
4,905,192
5,122,400
46,872,507 44,763,418
Total
Total..^....—46,872,507 44,763,418
b Represented by 270,000
shares no par,—V. 149, p. 1322.
Dresser Manufacturing
Ebasco Services,
was
of $1 per share on the common stock,
Initial dividend of 75 cents
3199,1432; V. 149, p. 3407.
record July 1.
Duluth Missabe & Iron Range Ry.- -Earnings1938
1937
1940
1939
$3,184,312
2,214,680
1,641,145
$1,801,136
1,201,910
758,109
$814,898
241,895
140,732
$4,344,811
3,160,764
2,894,822
3,976.392
2,285,903
852,127
def672,275
df1,426,953
1,326,948
dfl,394,177
dfl,710,081
6,784,243
3,014,883
1,654,641
May—
Net from railway—...
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper.
def355,348
income
3506.
—V. 150, p.
Duluth South Shore & Atlantic Ry.- —Earnings—
18,892
def 1,182
729,971
def63,295
def157,585
858,901
104,335
22.275
Gross from railway
income..
3506.
Net ry. oper.
697,001
def41,847
def132,647
1939
$94,600
1940
3,250
1938
$86,978
defl7,203
702
defl8,782
def35,776
589,191
110,039
530,564
59,128
471.916
def 1,535
def56,546
defl22,025
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income.__
—V. 150, p. 3506.
defl8,427
--
Edmonton Street
Period End. May 31—
Total revenue
Total oper.
Renewals
$302,688
103,566
80,199
1940—5 Mos.—1939
-
48,875
$56,022
46,146
$338,566
247,924
$315,248
232,545
$9,876
5,776
5,000
4,271
$90,642
32,632
67,000
23,992
$82,703
$5,171
$32,982
$29,247
$59,821
28,882
60,000
23,068
Electric Auto-Lite Co.—Debentures Called—
that it will redeem $662,500 principal amount of its
Company announced
4% debentures due 1952 on Aug. 1, 1940, at 104)4%. Drawn by lot, the
bonds will be redeemed at the principal office of the trustee, Central Hanover
Bank & Trust Co., 70 Broadway, New York.—V. 150, p. 3506.
Electrical Products Corp.—50-Cent Dividend—
declared a dividend of 50 cents per share on the common
July 16 to holders of record July 10.
Dividend of 25 cents
paid on Dec. 27, 1939.—V. 146, p. 107.
stock, payable
was
Electric Power & Light Corp.
Period End. Apr. 30—
Subsidiaries—
Operating revenues
$30,155,922
Operation------------- 10,261,014
b Maintenance
1,404,929
4,380,508
Taxes
Property retirement and
depl. reserve approp—
4,539,066
$9,570,405
.
63,404
Other income-
97,876
including taxes
$9,535,933
2,984,596
long-term debt-.
Int.
on
.
499,807
337,090
deductions-
0863
.
(& Subs.)—Earnings—
1940—3 Mos.—1939 '
1,971,618
1940—12 Mos.—1939
$26,677,403 $112448,765 $104639,871
9,654,486
1,367,653
3.863,489
40.909,569
5,834,143
16,281,925
38,499,995
5,731,455
14,449,105
3,858,518
17,505,212
15,798,486
$7,933,257 $31,917,916 $30,160,830
76,514
-427,194
484,367
110,961
402,319
418,008
$7,898,810 $31,942,791 $30,227,189
3,032,526
12,015,604
12,266,587
486,509
293,557
Crl ,484
1,971,618
2,013,273
1,437,858
Crl9,102
7,886,473
2,000,034
1,326,859
073,203
7,886,473
308,232
80,121
368,732
268,095
$3,435,453
$2,035,963
$8,239,953
$6,552,344
$3,435,453
2,656
$2,035,963
$8,239,953
Other income.
$6,552,344
1,196
Expenses, incl. taxes—
(
Int. and other deduct'ns
$3,438,109
57,674
412,003
$2,035,963
50,628
414,148
1937
$108,389
15,731
def5,867
618,205
143,451
16,305
Feb. 28 '39
$263,243
$2.15
$2.07
$227,283
$1.78
3,271
$8,243,224
285,010
1,653,204
$6,553,540
283,757
1,657,665
carried to con-
$4,612,118
b Does not
gasoline, and
sulphur,
Such maintenance, together with all other costs, is transferred to
inventory and subsequently, upon sale, is included in cost of product sold
surplus. $2,968,432
$1,571,187
$6,325,010
Electric Power & Light Corp. in income of subsidiaries,
include maintenance incurred in the production of crude oil,
a
$270,627
stock
1940—Month—1939
150, p. 3506.
1,167,773
296,980
181,136
Feb. 28 '38
Feb. 27 '40
__
Total deficit.
Balance
for all Federal
Earns, per share on com.
;
Taxes—
—V.
Ry.—Earnings—
$6,984
Operating surplus
charges
Fixed
1937
Co.—Earnings—
Years Ended—
taxes
1
P. C.
10.2%
11.9%
15.8%
$10,946
5,526
7,000
4,404
expenditures
sol, earned
Duncan Electric Mfg.
Increase
Amount
11,769,000
7,300,000
11,665,000
The above figures do not include the system inputs of any companies not
appearing in both periods.—V. 150, p. 3972.
& Pacific Ry.—Earnings—
$121,573
22,141
Net from railway
$143,136
3,677
def12,837
1939
1940
127,679,000 115,910,000
Electric Power & Light Corp. 68,572,000
61,272,000
Nat. Power & Light Co
85,632,000
73,967,000
ority interests
Duluth Winnipeg
May—
Gross from railway
[
-
.
Other
Net from railway
Net profit after prov.
$196,992
$233,637
65,657
46,087
Net ry. oper. income..
From Jan. 1—
—V. 150, p.
1939
1940
May—
Gross from railway
Net from railway
1938
input of the
Directors have
Co.—$1 Common Dividend—
paid on Dec. 15 last.—V. 150, p.
Gross from railway
$1,738,563
Inc.—Weekly InputV—
Amer. Power & Light Co
Directors have declared a dividend
payable July 15 to holders of
$1,773,513
For the week ended June 20, 1940 the kilowatt-hour system
Common stock. 18,375,000
process &suppl's
Cash
Marketable
S
18,375,000
1,940,600
30,996,714 Preferred stock... 1,940,600
Bonds
4,400,000
4,317,000
4,007,789 2%% serial bonds
payable
100,000
26,731
355,267
512,982
2,183,383 Open accts'& dep.
288,917
917,608
46,030 Taxes payable....
6,270
21,308
1,351,737 Duetosub.co
174,100
Allow'nce for wages
391,693
Inv. in & ad vs. to
Raw cotton..
1939
$
Liabilities—
b
Land, bldgs., ma¬
chinery, &c
30,861,472
Accts, receivable..
1940
5
$1,310,473
Sheet March 31
1939
Assets—
534
__
operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power & Light Co., as
compared with the corresponding week during 1939, was as follows:
Operating Subs, of—
transferred"""
Net profits
127,407
—V. 150, p. 3356.
72,555
50,792
23,029
tive officers
Directors' fees
Pro v. for income tax
Amount not available for dividends and surplus
Balance available for dividends and surplus
execu¬
Legal fees
Divs.
—
199,410
and
discount
Remuneration of
Divs.
195,184
2,450
168,444
bonds
Amort. of bond prem.
.
Ltd.—Earnings—
Dominion Textile Co.,
in the
current period.
The Commercial & Financial Chronicle
4126
Note—No provision has been made in the above statement for possible
Federal Water Service
losses resulting from pending suits and
claims against United Gas Corp. and
(arising principally in connection with gas and
It is the practice of the companies to record any
certain of its subsidiaries
Statement
Gross income from subs.
Other
of $1.50 per share on account of ac¬
on the 4% preferred stock, on July
1 to holders of record
Dividend of $1 was paid on April 1, last.—V. 150, p. 2423.
Directors have declared a dividend
3.271
June 20.
Fonda Johnstown & Gloversville
1.196
$2,980,058
265,010
$2,224,387
283,757
387,500
96
592
55
1,550,000
60,829
38,974
2,268
1,133
$344,858
$74,826
$1,061,844
387.500
14,664
9,743
2030---b Amortization
16.258
9,743
Other int. deductions....
Premium
c
f
Net income
a
Freight revenue
Passenger
Total ry. oper. revs..
67,255
Railway oper. expenses.
150,
p.
$84,715
113,116
14,620
$90,421
119,316
14,491
$282,965
$38,949
32,964
$46,322
32,916
$212,450
171,004
$224,228
165,296
way operations
Railway tax accruals—
$5,984
2,938
$13,406
3,175
$41,446
15,318
$58,933
16,149
Railway oper. income-
$3,047
$10,231
445
519
$26,128
2,604
$42,783
1,928
$2,602
$9,712
666
601
$23,524
2,018
$40,855
2,690
$3,268
3,323
$10,313
2,953
$25,542
8,947
$43,545
7,501
x$55
$7,360
$36,044
2,775
59,231
2,464
$28,426
592
Net revenue from rail¬
844
On Power Securities Corp. collateral trust gold bonds, American 6%
b Of debt discount and expense on gold debentures,
c And expense
Power Securities Corp. bonds retired.—-V.
1940—5 Mos.—1939
38,974
Net rents..-.—_
series,
on
revenue.
1.550,000
RR.—Earnings-
1940—Month—1939
$16,268
$22,151
19,713
21,215
2,967
2,956
All other revenues
Interest
a
$539,602
50,628
$814,535
57,674
Expenses, incl. taxes—
Interest on gold deben¬
tures, 5% series, due
p. 3821.
cumulations
1940—12 Mos.—1939
$2,976,787
$2,223,191
Period Ended May 31—
Total
Corp.—V. 150,
Filing Equipment Bureau—Accumulated Dividend—
of Income (Company Only)
1940—3 Mos.—1939
$811,879
$539,602
2,656
April 30—
1940
Corp.—To Sell Water Company —
See Northeastern Water & Electric
oil producing properties).
ucn losses when and as settled.
Period End.
June 29,
3818.
Net railway oper. inc.
Electrol, Inc.—Dealings Suspended—
Other income
■;>
The New York Curb Exchange on June
19, suspended from dealings the
voting trust certificates representing common stock, par $1, and on June 26
the voting trust certificates were stricken from listing.
The voting trust agreement under which shares of common stock have
been deposited has been terminated by reason of the death of Morgan J.
Hammers, the sole voting trustee.
The directors have determined not to
participate in any endeavor to substitute one or more new voting trustees
or establish a new voting trust.
The transfer books for the voting trust
certificates were closed June 24, 1940.
Corporation has advised the Curb Exchange that it is not its present
intention to apply for the listing of the common stock for trading purposes.
—V. 150, P. 3972.
v,'
' v
:
Total income
Misc. deduc'ns from inc.
fixed
Gross from railway
Net from railway
1939
$1,112,383
133,061
Net ry. oper. income
From Jan. 1—
1937
$1,916,554
590,680
266,140
def24,145
def8,935
336,543
7,873,184
2,394,230
Net ry. oper. income...
—V, 150, p. 3506.
1,347,240
6,651,351
1,731,631
863,022
4,311,746
405,137
defl05,161
9,850,405
3,265,229
1,916,090
x
Extra Dividend—
Directors have declared an extra dividend of 10 cents per share in addi¬
tion to the regular semi-annual dividend of 50 cents per share on the common
stock, par $10, both payable July 1 to holders of record June 29.
Extra of
20 cents was paid on Jan. 2, last, and an extra of 10 cents was paid on
July 1, 1939.—V. 150, p. 277.
of
Mass.
434
£1,558.990
678
lossl ,453
176
6,912
£1,415,476
863,723
£1,577,002
815,065
£1,590,778
10,977
6,934
135,268
10,028
7,000
108,500
12,389
7,000
x21,241
____
x4,935
3,144
Int. over-reserved in pre¬
vious years..
24,198
income
Deprec. & obsolescence.
to
employees'
845 if 22
Contrib.
Interest, &c
dividend of 20 cents per share on the common
stock, payable June 29 to holders of record June 25.
This compares with
15 cents paid on March 29, last; 45 cents paid on Dec. 30, last; 15 cents paid
in each of the three preceding quarters; dividend of 20 cents paid on Dec. 30,
1938; 15 cents on Sept. 30,1938, and 10 cents paid on June 30 and March 30,
1938.—V. 150, P. 2096.
_.
Prov.
for loss at Near
Eastern branch__
precautions ex¬
penditures
Excess profits tax, &c
Misc. charges & losses..
Profit
before
38*272
appro¬
£400,985
326,250
326,250
and
scattered
shares held in France and Australia, and none is expected on
21,250 shares held in Holland for the account of brokers here.
The com¬
pany has 862,098 shares outstanding and a two-thirds vote is needed to
make the capital change.
Harry E. Miller, President, said the building
at
120 Broadway was now 84.5%
rented.—V. 150,
Erie RR.—Trustees Would
is
p.
3819.
1939
Pay Bond Interest—
Included would be payment of interest
on
New York & Erie second mortgage
5% bonds, covering period from Sept. 1, 1939 to July 1, 1940, and payment
on New York & Erie third
mortgage 4H % bonds for the period
from Mar. 1, 1938 to Juiy 1, 1940, both of which issues are
provided to be
of interest
Machry.,
£
Liabilities—
tools &
.May—
Net from railway.
Net ry. oper. income
From Jan.
(Including Chicago & Erie RR.)
$6,640,686
$6,204,877
$5,401,123
1,802,813
1,376,241
"
775,534
986,759
559,272
defl8,778
Income tax reserve
2,988,676
for future llabs..
530,000
<fcc.,
Reserve for taxat'n
544,863
39,321
11,673
Net ry. oper. income...
—V. 150, p. 3972.
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
36,394,001
11,352,632
7,141,826
1,899,176
1,549,037
Cash
2,935,774
account
1,725,725
875,617
1,567,596
Guarantee suspense
fund
paid
150,
p.
Fairbanks Morse & Co.—Notes Paid
Company
1
on
Dec. 15, 1939, and
Fort Worth & Denver City
May—
Net ry. oper. income
From Jan. 1—
Gross from railway.....
Net from railway
Net ry. oper. income
—V. 150, p. 3508.
Net ry. oper. income—
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income.
—V. 150, p.
Ry.1940
3358.
Earnings—
1939
$946,277
262,621
116,400
$715,375
152,544
5,828,176
2,001,778
1,303,566
2,287,740
505,415
164,330
Gatineau Power Co.
Period End. Mar. 31—
Operating
revenue
Otherincome
...
Total income
1,082,000
16,073,568 15,901,693
-
Ry.—Earnings1938
$431,954
60,638
def23,969
$515,110
135,944
56,177
2,216,712
387,064
18,303
2,482,609
544,005
132,726
2,515,601
723,648
367,351
{& Subs.)—Earnings—
1940—3 Mos—1939
$2,294,653
$2,269,643
41.797
24,336
$9,263,465
200,578
142,737
$9,464,043
886,255
224,773
:
872,181
$8,943,915
924,051
219,190
571,885
222,960
Taxes
256,248
Net inc. before int.,&c $1,818,189
on
$2,336,450
39.052
1940—12 Mos.—1939
$8,801,178
,813,539
$7,480,833
$7,228,791
588,220
852,564
2,528,972
3,415,354
207,272
126,771
153,358
721,750
52
801,073
136,697
300,000
47,400
166,995
101,703
1,333,005
188,093
673,983
401,521
$548,526
bonds
$538,867
$2,492,993
$1,980,418
and
prior liens
Interest on debentures &
other obligations
on
1937
1939
$461,173
87,816
1,318
$2,293,980
221,011
42,675
216,754
exchange..
of storage works
Amort, of disct. & exp__
35,765
Net profit..:
—V. 150, p. 2576.
1938
1937
$666,477
def7,843
$758,229
218,485
40,165
5,387,364
2,066,293
1,284,902
5,968,444
2,582,019
1,756,534
5,409,684
2,058,255
1,338,080
139,971
3,463
Dividend—
Directors have declared a dividend of $1 per share on the common stock
of the company,
payable Aug. 1 to stockholders of record at the close of
business July 10.
Additional dividend of 37M cents and regular dividend
of $1 were paid on May
of
Florida East Coast
1940
$467,239
95,603
23,625
General Mills, Inc.—Common
Off—
May 15, last, paid off $262,500 of its 2H% serial notes, of
which $75,000 were due then and $187,500 were due in 1941 and 1942.
—V. 150, p. 2724, 2252.
May—
2,799,234
1,381,537
ac¬
—
Total
16,073,568 15,901,693
184,319
x After
depreciation, &c.
y Leasehold, land, buildings, plant, machinery
&c., connected with undertakings situated outside British Isles at cost less
depreciation and stock of autos, parts and stores, debtors' cash, &c.—V. 150,
P. 2879.
1277.
on
Gross from railway
N et from railway_
_
129,413
310,850
2,915,300
Capital reserve
count..
Total.
231,526
:
Deprec. and amortizat'n
Directors have declared an extra dividend of $1
per share in addition
to the regular quarterly dividend of $1
per share on the common stock,
par $25, both payable June 29 to holders of record June 21.
Extra of 50
cents was paid on March 30 last; one of $2 was
of $1 was paid on June 30, 1939.—V.
136,709
Profit & loss surp.
Loss
Fafnir Bearing Co.—Extra Dividend—
one
pay.
Employees' invest.
out¬
.......
accts.
& accrd. accts..
Inventories.
Interest
1—
Gross from railway
Net from railway
2,475,201
Trade
Oper. admin. & gen. exps
Maintenance....
$7,466,552
2,278,900
1,411,663
1,254,309
4,102,172
side Brit. Isles..
In
Earnings for Month of May and Year to Date
9,000,000
4,630,234
Fixed assets, in¬
vest.,
-V'-. £
9,000,000
3,941,735
plant,
equip
Inv. in sub. cos...
y
1938
£
Capital stock.
4,076,402
1,632,123
tories, <fcc
fnterstate Commercereorganization plan which has been approved by the
aid in cash by the Commission.
addition, the petition asks authority to pay to holders of Erie prior
lien 4% bonds, Erie & Jersey 6% bonds, and Genesee River
6% bonds, an
amount equal to interest for six months
period ending June 30, 1940, with
respect to new bonds which the plan provides will oe issued in exchange.
405,000
1939
1938
£
Assets—
Land, bldgs., fac¬
Gross from railway
Net from railway
Authority to pay interest aggregating $1,632,023 on various bond issues
sought by petition filed in Federal Court, Cleveland, by the trustees.
£671,902
profits tax and national defense contribution—reserve for estimated lia¬
bility.
:i
' V
Balance Sheet Dec. 31
this corporation
of directors in view of the downtown New York rental situation.
No proxies were received on about 132,000 shares held in England
£604,706
326,250
Provision for loss suffered by a subsidiary company, less profit of Near
Eastern branch,
y Reserve (proportion) for loss on debt due from Ford
Motor Iberica (Spain) made in previous years, no longer required,
z Excess
in
Europe caused the adjournment of the annual meeting of
on June 20 until July 30, except for the reelection of direc¬
tors, since disruption of normal mail service and events in the war prevented
the management from receiving sufficient proxies to ratify the reduction
in stated capital from $8,986,645 to $862,098, recommended
by the board
war
2 241
50,000
Z425.000
x
a
Equitable Office Building Corp.—Meeting Adjourned—
The
v
Air raid
Trade accts., &c__
'
109,375
109,386
12,257
9,000
Directors' fees
(Boston)—
20-Cent Dividend—
749,571
:
'
benefit scheme
x
Corp.
1936
£1,576,392
302
£2,761,652
Near East brch
on
Reserve, &c
x
Investment
1937
£1,416,627
1939
Dividends (less tax)
Equitable Fire Insurance Co. (Charlestown, S. C.)—
Equitable
1938
£2,728,996
237
lossl 1,765
24,184
y20,000
Trading profit, &c
Sundry profit, rents, &c_
Profit on exchange
priate for inc. taxes £1,310,787
Empire Sheet & Tin Plate Co.—See page 4149.
Directors have declared
$47,244
Co., Ltd. (England)—Earnings-
Years End. Dec. 31—
Total
The Empire Ordnance Corp., recently organized by Empire Securities,
Inc., which controls Willys-Overland Motors, Inc., has purchased the
Fencoyd (Pa.) plant of Carnegie-Illinois Steel Corp. for a reported sum of
$300,000.
The property acquired covers 14 acres on which several build¬
ings with 150,000 square feet of floor space are located. Buildings include a
completely equipped machine shop and an adjoining assembly plant.
Empire Ordnance Corp. will manufacture principally guns of medium
caliber, both field and anti-aircraft, ranging from 75 to 155 mm. Operations
at the Pencoyd plant are scheduled to g"t under way in about two or three
weeks, it is said.
At the outset, employees will number about 100 but this
force will be expanded as rapidly as definite orders are received.
(See also
Willys-Overland Motors Inc. in V. 150, p. 3842.)
$5,762
550
12,079
Loss.—V. 150, p. 3823.
Profit
Empire Ordnance Corp.—Buys Carnegie-Illinois Plant—
493
$12,771
Net deficit-
Ford Motor
1938
$847,875
93,293
Gross from railway.....
Net from railway
...
493
$16,594
3,025
58,350
2,464
550
11,673
deductions
Other
Elgin Joliet & Eastern Ry.—Earnings1940
$1,459,498
428,763
for
charges
Interest deductions
•
May—
available
Income
Rent for leased roads—
87H cents
per
1, last, and previously regular quarterly dividends
share were distributed.—V. 150, p. 2254.
General Aniline & Film Corp.—Stock to Swiss Concern—
annual report filed June 26 with the Securities
said the International Gesellschaft fuer Chemische Unternehmungen of Basel, Switzerland, became the owner of 2,825,000
shares, or 91.05% voting control, of the class B stock in May.
The Swiss
company firmerly held 11.02% and a Dutch company, 17%.
Continental European interests frequently place their holdings in United
States and other corporations in the hands of Swiss, Belgian, Dutch, Swe¬
dish or Luxembourg corporations, it was pointed out.
Since the occupation
The corporation, in its
and Exchange Commission,
The Commercial & Financial Chronicle
ISO
Volume
of Holland by the German
Army several blocks of stock in United States
corporations have been transferred from Dutch to Swedish or
150, p. 3825.
(H. W.) Gossard Co.—Earnings—
Swiss nominees
—V.
Motors
this
Earlier
year
Acceptance
the company obtained an additional
6 Mos. End. May 31—
Net profit
x
Corp.—$50,000,000 2%
Debenture Issue Placed Privately—Proceeds to Refund 3}4S—
$20,000,000 Borrowed at llA% from Insurance Company—
The corporation has recently placed privately $50,000,000
of 2% debentures with a group of insurance companies, in¬
cluding the Metropolitan Life Insurance Co.
The issue
matures seiially, but has an average life of about 91^ years.
Proceeds will be used to pay off the $50,000,000 334%
debentures due 1951, which have been called for redemption
Aug. 6 at 103 and accrued interest.
General
Earnings
$145,511
$183,693
$0.86
$0.67
$0.84
v
$0.85
After depreciation and normal Federal income taxes but before surtax
undistributed profits.—V. 150, p. 2425.
on
Grand Trunk Western
Gross from railway
Net from railway
..
Net ry. oper. income.
From Jan. 1—
Gross from railway.
1939
1938
1937
$1,674,311
254,321
54,807
$1,289,906
def27,567
def207,497
$2,237,078
577,182
317,095
8,719,503
6,818,075
1,376,996
defl34,526
385,656 def1,078,590
10,972,529
3,034,933
1,602,047
150,
10,423,898
2,604,804
—
..
Net from railway....
Net ry. oper. income.
—V.
RR.—Earnings—
1940
$2,010,457
485,570
268,244
May—
..
1,529,914
-
3509.
p.
Great Atlantic & Pacific Tea Co.
from two
Years End. Feb. 28—
Corp.—Stockholders Number 394,493—
Sales
for the second quarter
of 1940 was
first quarter of 1940 and with 388,758 for the second quarter of 1939.
There were 373,040 holders of common stock and the balance of
Extra
Depreciation.
Federal taxes
pay" system,
giving eligible employees this summer
17,084,622
16,430,448
39,369
1,495,702 def4,256,366
96,637,481
95,141,780
2.085,812
2,085,812
$6.72
$3.50
614,805
99,398,146
Balance, surplus
Earn, per share on
1
1
68,279,075
not owned...
10,000
38,548,615
Notes & accept's
24,877
4,877
231,607
30,136,687
5,699,471
5,464,525
3,685,121
3,436,065
Total..
a
$1,959,258
29,338
$145,871
$1,988,595
30,275
.367,423
72,160
859,841
Net
income.on
$53,951
$43,436
$761,331
3,242
38,910
$40,193
$722,421
$628,927
__
From Jan.
I
...
__
Net ry. oper. income
—V. 150, p. 3826.
$8,849,060
3,659,007
2,753,689
32,489,257
8,657,784
4,316,715
28,638,364
5,695,227
1,577,091
23,983,251
3,239,284
def867,787
32,087,613
8,208,273
4,934,994
on
1940
May—
1940
1939
1938
$131,898
29,653
13,999
$142,381
45,335
$120,482
31,073
23,270
11,400
Gross from railway
690,116
Net from railway192,039
685,412
206,845
100,705
579,167
125,856
42,063
Net ry. oper. income...
From Jan. 1—
$454,741
1—
1939
1937
$309,977
50,336
1,455,550
224,378
206,007
1,583,492
260,732
216,396
Gross from railway...._
Net from railway....__
1938
$295,067
45,840
42,145
railway
v
1,381,389
151,228
130,245
1938
?
$144,614
$179,955
22,419
def6,578
71,432
def23,784
1,039,657
221,320
70,029
1,101,112
212,055
Gross from railway
Net from railway
Net ry. oper. income.-—V. 150, p. 3509.
Co.—See
defl4,673
page
Co.
42,993
on
>
1,613,556
356,691
311,061
Oct. 14,
■
Gulf Mobile & Northern
def4,369
888,036
90,576
1937
...
—
3,320,952
611,322
3,047,843
654,891
2,836.880
2,716,756
2,724,783
3,242,784
Net from railway......
860,083
417,734
856,957
433,574
766,767
254,713
1,193,409
571,608
Net ry. oper. income—
—V. 150, p. 3510.
Gulf Power Co.- •Earnings—
Period End. May 31—
—
$157,555
25,796
$122,040
$169,682
25,000
1940—Month—1939
Int. & other
$152,431
102,465
14,583
$43,758
20,489
$35,382
$519,815
242,081
$431,879
20,318
$23,269
5,584
$15,064
5,584
$277,733
67,014
$191,350
67,014
$17,684
$9,480
$210,719
$124,330
1937
134,259
28,721
deductions__
Net income
Divs. on
pref. stock.—
-
—V. 150, p.
______
Net profit
—
—
...
......
$153,074
118,644
$144,682
118,644
Consolidated Balance Sheet March 31, 1940
Assets—Cash,
notes
$150,230;
marketable
securities,
at
market,
$200,000;
and accounts receivable (lessreserve for doubtful accounts of $10,469;
stock (202 shares at cost), Dr$9,345; reserve for contingencies and
and vessels obsolescence, $304,420; surplus, $612,997; total, $2,408,854.—V. 148, p. 3688.
treasury
240,529
3662.
May—
Gross from railway
-
railway;
oper. income—
Net from
Net ry.
Gr
$300,093; merchandise and supplies. $884,091; plant, equipment and vessels,
(less reserve for depreciation of $669,328), $683,389; sundry assets, $191,053;
total, $2,408,854.
Liabilities—Accounts payable, $94,981; dividend payable, $29,661; re¬
serve for taxes, $52,391; capital stock (39,750 shares, no par), $1,323,750;
plant
-
47,642
Gulf & Ship Island
....
1940—12 Mos.—1939
$1,946,907
$1,788,773
1,245,841
1,165,435
181,250
191,458
$159,928
100,337
15,833
Gross income.
v
Balance
:A,_
——
1937
$673,904
239,679
111,288
Operating exps. & taxes.
Prov. for depreciation__
$183,351
30,277
goods sold
:
Selling and general expenses.
1938
$537,058
161,103
62,129
1,115,927
273,271
164,453
1939
$3,824,774
1939
$561,943
185,588
100,625
Gross from railway—_.
$186,604
24,534
7,801
1940
$4,089,829
RR.—Earnings-
1940
$572,660
165,956
77,957
Net ry. oper. income...
From Jan. 1—•
:
4149.
Years Ended March 31—
Dividends paid.....
Ltd.—Accum. Div.—
Like amount was paid on April 15 and Jan. 15 last and
July 15 and April 15, 1939 —V. 150, p. 2578.
May— v:a Gross from railway
(& Subs.)—Earnings—
Net sales
Provision for Federal taxes.
167,648
90,540
Directors have declared a dividend of 50 cents per share on account of
Gross revenue
Gorton-Pew Fisheries
Trading profit
Other income
694,925
accumulations on the 7% cum. pref. stock, payable July 15 to holders of
Net from railway.
1939
1940
$196,105
27,847
1,593
Net from railway
Net ry. oper. income-__
From 'Fan. 1—•
1937
$141,723
30,948
10,500
record June 29.
Georgia Southern & Florida Ry.—Earnings—
May—
V
>
.
Net ry. oper. income—
—V. 150, p. 3509.
101,135
Net ry. oper. income...
—V. 150, p. 3510.
Guardian Realty Co. of Canada,
$302,085
41,651
35,846
;
$331,113
53,324
42,596
Gross from railway
Western RR.—Earnings—
May—
Net from railway
$483,895
$21,650
$21,475
Net from railway...
Net ry. oper. income
Total
Co.—Preferred Dividend—
the 6%
Gross from railway.....
Georgia RR.—Earnings—
Cost of
1938
$5,189,032
1,052,307
264,490
a dividend of 75 cents per share on account of ac¬
cumul. pref. stock, par $50, payable July 20 to
holders of record July 2.
Dividend of $1.50 was paid on March 30, last,
and one of $3 was paid on Dec. 27 last.—V. 150, p. 2099.
Jan. 1 to June 14——
1940
1939
1939
1940
Oper. revenues (est.)—
—V. 150, p. 3974.
Goodman Mfg.
1937
$7,555,001
2,359,421
1,512,813
Great West Saddlery
cumulations
-
—Week Ended June 14
Gross from
3661.
1—
Gross from railway
Net from railway
Georgia & Florida RR.—Earnings—
From Jan.
1939
1940
railway
railway
Net ry. oper. income...
Net from
Green Bay &
_
150, p. 3974.
p.
Co., Ltd.—Bonds
$9,119,723
3,684,561
2,603,113
May—
Gross from
Bal. avail. for common
—V.
Power
38,910
$50,708
Electric
Directors have declared
$5 pref. stock._
stock and surplus.
195,654,887 190,340,712
^Tireat Northern Ry.—Earnings—.
$667,837
3,242
Total
shares.—V. 150,
as fiscal agent, announced that $450,000 principal
7% sinking fund bonds, series A, due 1944, have
designated by lot for redemption on Au$. 1, 1940, at 100 and accrued
interest, out of moneys in the sinking fund which the company has deposited
with the fiscal agent.
Payment will be made on and after Aug. 1 at the
New York office of Dillon, Read & Co., or, at the option of the holder, at
the office of J. Henry Schroder & Co., London.—V. 149, p. 4179.
865,776
Charges of subsidiaries__
Charges of Gen. Public
Utilities, Inc
Divs.
Consolidated
no par
236,672
97,699,515
Dillon, Read & Co.,
359,949
72,094
4,294,425
$1,893,562
30,505
Gross income
813,681
Res. for Inc. tax.
been
$1,870,302
23,260
$156,550
income
Non-oper. income
oper.
Res. for self 1ns.
10,000
159,489
26,873,526
752,790
3,557,107
8,019
96,637,481
Called—
1940—12 Mos.—1939
$6,242,008
$5,760,894
2,613,820
2,429,411
$138,772
7,099
...
Fed. normal income tax.
Net
payable.
amount of first mortgage
Subs.)—Earnings—
$150,601
5,949
Prov. for retirements
General taxes
Accts!
195,654,887 190,340,712
Represented by 2,085,812
Great
206,782
559,893
573,191
121,315
Maintenance..
>
_
Pref. stk. of sub.
Surplus
the class A stock, payable one on Aug. 15, 1940 to stock¬
Nov. 15, 1940 to stock¬
222,100
705,758
631,537
109,535
36,306,100
Other reserves..
Aug. 5, 1940, and the other on
holders of record Nov. 6, 1940.—V. 150, p. 3974.
22,501
49,121
47,485
7,760
$
26,036,200
Common stock 36,306,100
74,160,363
Inc.—Dividends—
19,888
58,859
52,257
11,425
a
Deferred charges
meeting held on June 20 declared two dividends
share each on the preferred stock, payable one on Aug. 15, 1940
record Aug. 5, 1940, and the other on Nov. 15, 1940 to
stockholders of record Nov. 6, 1940; and also declared two dividends of $1
expense
53,186,503
Accts. receivable
The board of directors at a
Operating
50,100,671
25,926,200
38,548,615
Stocks & bonds
to stockholders of
1940—Month—1939
$512,041
$470,136
219,011
204,497
Preferred stock.
U. S. Govt, sees-
of $1.50 per
revenues
Feb. 28, '39
$
21,421,051
Merchandise
plant negotiations, to an "equivalent of 1H cents an hour."
The "umpire" provided for will be empowered to adjudge an employee's
guilt or innocence in disciplinary layoffs and discharge cases.
If the em¬
ployee is innocent, the corporation must reistate him "in full" and pay him
any wages lost during his absence.—V. 150, p. 3974.
General Public Utilities, Inc. (&
Liabilities—
$
23,429,768
Goodwill..
,
Period End. May 31—
Feb. 29, '40
Feb. 28, '39
qg
"'
Plant & equip..
Cash
timing of operations.
of vacation with pay for the year 1940," the contract says,
"40 hours' pay at each employee's rate of pay on July 1, 1940,
.
.
.
will
be paid each factory employee covered by this agreement."
This pay is extended to all employees having a year's seniority on July 1,
1940. who are on the payroll of that date or who have been laid off since
May 1,1940.
J
The wage provision binds General Motors to grant increases, through
Gross oper.
2,086,748
$7.31
Consolidated Balance Sheet
Feb. 29, '40
A SSCtS
lieu
each per share on
holders of record
com.
Year ended Feb. 29.
z $1,821,287 ($1,823,209 in 1939) preferred and
$16,686,496 ($12,514,872 in 1939) common. -
rates and
Co.,
2,085,812
$8.07
y
estimated at $7,000,000.
Outdoor Advertising
1,062,034
97,699,515
Shs.com.stk.out.(no par)
The con¬
tract, submitted on June 18 to the union's General Motors council for approval, covers 54 plants employing 140,000 workers.
An innovation in major automobile plants, provided by the contract, is
joint employment by union and corporation of a full-time "umpire" to act
as final judge in nearly all grievance disputes except those involving wage
General
18,663,571
—
Profit and loss
United Automobile Workers (C. I. O.).
"In
9,119,114
13,296,816
78,664
the
esti¬
V
15,833,783
Net profit.
Pref. &
equivalent of an extra week's wage, and provision for wage increases
mated by union sources to total $5,000,000 to $6,000,000 a year, are con¬
tained in a proposed new contract between General Motors Corp. and the
The total annual vacation bonus is
$
com. divs.zl8,507,783
zl4,338,081
Surplus adjustments
0906,246
^
Pay in Lieu of Vacation—
"vacation
$
21,453
represents holders of preferred stock.
These figures compare with 371,835
common stockholders and 21,472 preferred for the first quarter of 1940.
A
1937
1938
$
-.990,358,339 878,972,184 881,703,076 907,370,991
26,515,227
23,139,457
14,878,682
24,515,795
3,546,656
3,730,674
3,925,568
4,136,173
4,305,000
3,575,000
1,834,000
3,295,000
Total earnings
and preferred stockholders
394,493, compared with 393,307 for the
The total number of General Motors common
(& Subs.)—Earnings
1939
yl940
$
General Motors
1937
1938
1939
$188,585
1940
$185,461
on
x
$20,000,000 of
May 18. p. 3231, $7,500,000 was borrowed by the company
Canadian life insurance companies.—V. 150, p. 3661.
share
per
common
working capital through the placing with an insurance company of a 1M %
note for that amount maturing in five years.
Also, as noted in our issue
of
4127
ossTr om^r'ad way—-
Net from
-
railway..—
Net ry. oper. income—
—V. 150, p. 3511.
Hart &
RR.—Earnings—
1940
100,940
4,410
1939
106,656
11,282
1938
109,356
11,396
def20,969
defl4,530
defl5,210
1,675
522,035
47,189
def75,855
509,007
44,857
def83,254
557,939
51,293
def86,941
697,174
143,705
4,326
Cooley Co.—Extra Dividend—
have declared an extra dividend of $1 per share in addition
regular quarterly dividend of $1 per share on the common stock,
Dar
$25, both payable July 1 to holders of record June 21.
Extra of
50 cents was paid on April 1 last; one of $2 was paid on Dec. 16 last, and
one of
was paid on July 1, 1939.—V. 150, p. 1280.
Directors
to
the
fl
The Commercial & Financial Chronicle
4128
Hawaiian Sumatra
Directors have declared
a
Plantation, Ltd.—Common Div.'—
dividend of 40 cents per share on the common
June 29,
1940
freight cars, two or three complete streamlined Diesel passenger trains*
and six additional Diesel passenger engines.
The loan was made at 3%
—V. 150, p. 3663.
.
stock, par $10, payable June 25 to
25 cents
was
holders of record June 18.
Dividend of
Dec. 23,
Terminal RR.
Illinois
paid on Mar. 25 last and one of 50 cents was paid on
1939.
Net from railway—
Hayes Industries, Inc.—Earnings—
1940—9 Mos.—1939
$41,394
$251,966
$91,292
$0.20
$1.18
$0.42
x After depreciation, interest, reserve for contingencies and provision for
Federal taxes, y On 212,000 shares common stock (par $1).
1940—3 Mos.—1939
Period End. Apr.30—
x^Sfet profit..--y Earns, per share
$107,316
$0.50
— .
1939
1938
1937
$479,280
162,634
$433,014
123,197
$481,513
147,168
96,156
98,847
62,917
62,015
2,419,766
773,252
|/
2.251,246
660,955
2,082,271
546,653
2,615,151
962,216
431,400
368,754
235,867
Net ry. oper. income—
From Jan. 1—
Gross from railway
Net from railway——Net ry. oper.
income...
3512.
—V. 150, P.
Underwriters—
Co.—Earnings-
1940
$496,705
166,360
May—
Gross from railway
605,710
y
Independent (Subway) System of N. Y. City—Earnings
The company has filed an amendment to its registration statement
reporting that the 30,597 shares ($1 par) common stock would be offered
to the public at $8.33 a share.
The underwriters will be Van Grant & Co.
and^Brown, Schlessman, Owens & Co.—V. 150, p. 3827.
Hollinger Consolidated Gold Mines, Ltd.—Extra Div.—
Directors have declared an extra dividend
1940—Month—1939
Period End. Mar. 31—
$1,843,739
1,364,782
Operating re venues
Operating expenses
1,159
$480,116
regular monthly dividend of like amount on
bothlpayabie July 15 to holders of record June 29.
paid on June 17, April 22, Feb. 26, last;
Nov. 4, Oct. 7 and on Aug. 12, 1939.—V. 150, p. 3978.
tion to the
the capital stock,
Dividends of like
Dec. 30, Dec. 2,
[Canadian Currency)
7 'Months Ended May 31—
Net income before income taxes.,.
1949
$27,867
—
of
Excess
revs,
,
1939
loss$7,171
—V. 150, p. 3827.
Corp.—Earnings—
1940
$105,865
3 Months Ended March 31—
Net loss after all charges.,.—
.
—V. 150, p. 3827.
■-
Direct taxes.._
Prop, retire, res. approp.
$3,302,960
:
11,416
$3,819,594
$3,314,376
..
,
1939
$95,270
$144,850
$135,051
$717,067
141
132
698
645
Operating revenues...
Operating expenses
$144,709
83,179
$134,919
69,280
$716,369
382,214
$663,494
333,538
Net operating revs...
Rent for lease of oper.
$61,530
$65,639
$334,155
$329,956
50
50
628
20,623
20,047
102,744
287
100.250
$40,857
29,525
$45,542
33,020
$230,783
171,390
$229,419
169,111
property
Operating taxes
■,
,
& Power Co.—Earnings—
Net operating income.
1940—Month—1939
1940—12 Mos.—1939
$1,058,209
$1,012,960 $12,445,555 $11,825,853
435.772
415,200
5,633,860
4,586,237
143,988
120,188
1,623,565
1,552,133
143,420
112,820
1,394,380
1,520,603
Telephone Corp.—Earnings—
1940—Month—1939
Period End. May 31—
Operating revenues. —.
Uncollectible oper. rev..
.
Houston Lighting
$3,808,306
11,288
over
operating expenses.
—V. 150, P. 3050.
Indiana Associated
Honey Dew, Ltd.—Earnings—
Period End. May'SI—
Operating revenues.....
Operating expenses.,...
$533,845
,
of five cents per share in addi¬
amounts were
Hotel Waldorf-Astoria
$532,402
1,443
$478,957
Income from ry. oper.
Non-operating income..
1940—9 Mos.—1939
$1,836,410 $15,642,279 $14,370,627
1,304,008
11,833,973
11,067,667
Net income
150, p. 3512.
—V.
1940—5 Mos.—1939
'
$664,139
>
Industrial Credit Corp. of New England—Extra Div.—
have declared an extra dividend of 6% cents per share in
to the regular quarterly dividend of 32 cents per share on the
stock, both payable July 1 to holders of record June 18.
Similar
amounts were paid in preceding quarters.—V. 150, p. 1769.
Directors
addition
on
863
935
$3,819,282
962,500
174,707
mortgage bonds.
$263,248
stocks for period—
$2,682,075
$241,544
income
Balance
"
$4,185,231
962,500
158,084
315,078
-
$3,064,647
315,078
$2,366,997
Dividends applicable to pref.
—V. 150, p.
$4,166,880
18,351
25,532
$356,687
80,208
13,231
•
Other int. & deductions.
Net
$3,793,750
$335,892
80,208
14,140
Gross income
Int.
$355,752
$335,029
Net oper. revenues.
Other income
common
International
Directors
$2,749,569
3827.
Business
June 20 declared
Machines
Corp.—Dividend—
quarterly dividend of $1.50 a share on
10 to holders of record Sept. 23.
time, it was stated, due to the fact that
quorum of the board at the regular meeting date, June 25,
will be available in August.—V. 150, p. 3513.
on
a
the capital stock, payable Oct.
This action is taken at this
there will be
and
no
no quorum
Button-Hole
International
Sewing
Machine
Earnings for Year Ended Dec. 31, 1939
profit before depreciation
Depreciation.
Servicing, selling and general expenses..
Gross
Coal Co.—New Directors—
Hudson
Dr.
S. "Weston and Ralph E. Weeks have been elected
150, p. 3512.
U. A. Noble, C.
Co.—$580,888
•
156,206
153,276
directors of this company.—V.
$271,406
12,919
Profit
Hudson & Manhattan RR.—Earnings—
1940—Month—1939
$636,416
$635,536
Period End. May 31—
Gross oper. revenue
446,023
$190,392
$200,832
10,118
10,624
$200,511
154,810
120,650
$211,456
156,327
$74,949
Operating income—
Non-oper. income...
Gross income
Income charges
.
.
.
_
Interest
a
>'
1940—5 Mos.—1939
$3,171,328
2,205,497
434,704
Oper. exps. & taxes.,..
Deficit
Other income
$3,161,611
2,198,216
$965,830
52,329
$963,396
54,498
$71,546
$358,206
$397,743
782,262
633,375
On adjustment income bonds outstanding in the hands of the public,
5%.—V. 150, p. 3978.
"
a
at
Hudson Motor Car Co.—June Sales Gain
63%
Reporting a gain of 63 % in retail sales of new Hudson cars for the first
half of June over the same period a year ago, George H. Pratt, General
Sales Manager
Profit-
$1,017,894
126,675
$1,018,159
773,115
603,250
of this company disclosed that this percentage gain for the
full month in the calendar year and was
half month exceeded that of any
indicative of sustained business during the summer montas.
Total retail
already 76% highe than for the entire 1939 model
Mr. Pratt stated that this gain was due in large measure to a
steadily increasing penetration of total market as evidenced by the fact that
52% of the 1940 Hudson deliveries have been to buyers who formerly drove
Huntingdon & Broad Top Mountain RR. & Coal Co.
•—Equipment Trusts—
;•/.'• / ; ^
The Interstate Commerce Commission on June
17 authorized the
com¬
modify not exceeding $77,000 of equipment-trust 6% certificates,
18th serios, by extending the maturity date to Oct. 1,1944, and by reducing
the interest rate from 6% to 3% per annum.—V. 146, p. 3806.
Period End. May 31—
1940—Month—1939
$7,724
$7,522
Net loss
x
Net ry. oper. income...
From Jan. 1—
Gross from railway
Net from railway
Net ry/oper. income—
$48,837
Directors have declared a dividend of 50 cents per share on the common
stock, par $10, payable July 16 to holders of record July 2.
This com¬
pares with $1.50 paid on March 21, last; $1 paid on Jan. 3, last: 50 cents
Illinois Central
May—
Gross from
railway
Net from railway
Net ry. oper. income—From Jan.
March 24, 1939, and $1
8,617,701
1,836,600
831,352
8,121,516
1,921,580
851,305
9,574,921
46,378,181
10,384,514
43,806,697
10,025,259
41,646,674
9,925,103
,5,304,941
5,152,672
4,774,064
47,705,365
10,527,222
4,747,758
1939
— —
railway
Net ry. oper. income—-
1938
r,937,036
717,898
Earnings of Company Only
May—
Gross from
1940
1939
1938
1937
7,593,403
1,243,530
374,254
7,441,457
1,454,110
633,952
7,018,064
1,566,517
699,085
8,296,191
1,563,282
559,504
40,228,407
8,613,591
38,222,212
8,521,384
4,590,520
36,075,521
41,109,916
8,433,206
3,730,836
m
railway——
Net from railwayNet ry. oper. income-From Jan. 1—
Gross from railway
Net from railway
Net ry. oper.
..
income—
4,554,039
International
8,339,206
4,225,019
$11,000,000 Loan—
The company June 26 received an $11,000,000 loan commitment from
Finance Corporation to facilitate purchase of 3,00
4,665,980
465,302
def.303,787
5,009,880
554,256
def291,267
5,465,581
908,995
def781
Telephone & Telegraph Corp.—To Pay
Stock Exchange has received notice from the company
The New York
that the interest due July 1, 1940, on the 25-year 4% debentures, will be
paid when due.—V. 150, p. 3514.
Interstate
Bond
Co., Ltd.—See page 4149.
Co., Atlanta, Ga.—See page 4149.
Iowa Electric Co.—Accumulated Dividends—
a
dividend of 43 % cents per share on account
class A pref. stock, par $100, and a
cum. class B pref. stock,
of accumulations
on
dividend of 40^
cents per share on the 6H%
?ar $100.
15.
une
the
7%
cum.
Both* dividends will be made on precedingto holders of record
paid in June 29 quarters.—Y. 150,
payments were
Similar
2884.
P.
V
Central Power & Light Co.—$38,000,000 1st
Mtge. 3%% Bonds Offered—A new issue of $38,000,000 3lA%
1st mtge. bonds, due 1965, was offered June 24 by a group
headed by First Boston Corp., E. H. RoJlins & Sons, Inc.,
Jersey
Halsey, Stuart & Co., Inc.
The* bonds were priced
102^ and interest.
The flotation was being made by an
underwriting group of 52 houses, supplemented b37 about
583 dealers throughout the country.
Associated with The
First Boston Corp., E. H. Rollins & Sons, Inc., and Halsey,
Stuart & Co., Inc., in the underwriting group were: Blyth
& Co., Inc.; W. C. Langley & Co.; Harriman Ripley & Co.,
Inc.; Mellon Securities Corp.; Smith, Barney & Co.; H. M.
Byllesby & Co., Inc.; Eastman, Dillon & Co.; Kidder,
Peabody & Co.; Glore, Forgan & Co.; Harris, Hall & Co.
(Inc.); Stone & Webster and Blodget, Inc.; White, Weld
& Co.; A. C. Allyn & Co., Inc.; and Central Republic Co.
The issue has been oversubscribed.
City Bank Farmers Trust Co.,
Principal and interest (M-S) payable at office or
Dated March 1,1940; due March 1,1965.
New
York, trustee.
of company in New York.
Definitive bonds will be issued as
coupon bonds in the denom. of $1,000, registerable as to principal and as
registered bonds without coupons in denom. of $1,000 and such multiples
of $1,000 as may hereafter be authorized.
agency
the_ Reconstruction
1937 ,
$1,042,177
152,129
def22,654
at
1937
1940
8,957,516
1,709,895
633,713
•
1938
$958,152
82,048
def79,956
and
RR.—Earnings of System—*
1—
Gross from rail way
Net from
on
4,680,015
434,502
def237,583
RR.—Earnings-
1939
$918,412
114,472
defl9,301
«
Interest—
1940—5 Mos.—1939
Hyde Park Breweries Association, Inc.—Dividend—
paid on Oct. 4 and July 15, 1939; $1.50 paid
paid on Jan. 3, 1939.—V. 150, p. 1601.
1940
$930,793
83,006
def53,010
The directors have declared
$34,297
49,444
—V. 150, p. 3829.
Dec. 21, 1937.—
After depreciation and 77B administration expenses.—V. 150, p. 3512.
3,500
$146,498
;
...
International Great Northern
International Petroleum
Huyler's of Delaware, Inc. (& Subs.)—Earnings—
CY813
*
——
May—
Huttig Sash & Door Co.—25-Cent Dividend—
x
^$149,185
—
Gross from railway
Net from railway——
Directors have declared a dividend of 25 cents per share on the common
stock, payable June 29 to holders of record June 22.
Dividend of 50 cents
was paid on Dec. 20 last; one of 25 cents was paid on Sept. 30, 1939, and
on
—
Balance Sheet Dec. 31, 1939
Assets—Cash, $68,373; accounts receivable, $237,675; inventories, $171,120; marketable securities (at cost), $161,961; investments in subsidiary
companies (at cost), $21,240; machines on lease (less reserve for depreciation
of $768,119), $851,293; patents (less reserve for depreciation of $9,851).
$6,681; other assets (less reserves for contingencies of $564,475), $1; total,
$1,518,344.
Liabilities—Accounts payable, $152,147; accrued payroll, $6,075; social
security taxes accrued, $298; Federal and Massachusetts income taxes for
the year 1939, $3,500; accrued charges, $50,076; capital stock (less 8,796
shares in treasury, $87,960), $412,040; surplus, $894,207; total, $1,518,344.
—V. 150, p. 1939.
pany to
previous payment was the 50 cents dividend distributed
V. 149, p. 4031.
..
Net gain for year
current model season are
other makes, as compared with 38% last year.
Mr. Pratt revealed that 1,036 new dealers have joined Hudson so far in
the current model season.—V. 150, p. 3512.
.
Dividends paid
Pratt also reported that shipments to domestic buyers so far in the
season.
135,140
....
Net income, Germany...
......
Provision for Federal and Massachusetts income taxes
sales for the two-week period amounted to 3,950 units.
Mr.
$284,325
Total income—
Other charges.
Volume
& Financial Chronicle
The Commercial
150
Operating
property taxes and capital stock taxes) imposed upon and paid by such
owner under any law of the Commonwealth of Pennsylvania, not exceeding
Operating expensesMaintenance
mills upon each dollar of the taxable value of
in any year five
Listing—Company has agreed to
the bonds of the
1965 series upon
4129
Summary of Earnings for Calendar Years
Company covenants to reimburse any owner of bonds of the 1965 series,
subject to certain conditions and limitations, for any taxes (other than
estate, succession, income and inheritance taxes), but including personal
such bonds.
revenue
1939
Y/::1937 ■'*
1938
$11,362,472 $11,729,791 $12,351,702
4,377,409
4,028,166
4,182,476
1,033,061
*662,568
1,284,728
200,000
820,332
930,192
1,331,448
260,000
769,078
1,074,752
1,360,318
335,912
$4,153,949
Dr15,559
Provision for retirementsTaxes (other than income taxes)
Federal income taxes
its best efforts to effect lising of
the New York Stock Exchange or the
use
:
$4,205,343
Dr31,598
$4,434,233
Dr41,553
$4,138,390
$4,173,745
$4,392,680
—
New York Curb Exchange.
Operating income
Redemption Provisions—Bonds are redeemable at option of company in
whole or in part by lot, on any date prior to maturity, at following per¬
centages of the principal amounts thereof:
107
if red. on or before
Feb. 28, 1941, with successive reductions of H of 1% of the principal
amount onf March 1, 1941 and March 1 of each of the years 1942 to 1947,
incl., and M of 1% on March 1, 1948, and March 1 of each of the years
1949 to 1963, incl., and at 100% of red. on or after March 1, 1963, and
prior to maturity; together, in each instance, with accrued and unpaid int.
to date fixed for their redemption.
Other income (loss)
Grossinc. beforeint. &otherdeduc.
*
In addition $250,000 was transferred from
for retirements in 1937.
Annual interest requirements on the $38,000,000 1st mtge. bonds, 3K%
series due 1965,
initially to be outstanding, will amount to $1,330,000.
Fund—Company covenants to pay to trustee semi-annually,
before March 1 and Sept. 1 in the year 1951 and in each year there¬
Sinking
■on or
after, so long as any bonds of the 1965 series are outstanding, as a sinking
fund for the bonds of such series, an amount equal to H of 1% of the
largest aggregate principal amount of bonds of such series at any one time
theretofore outstanding.
Any sinking fund payments may be made, at
the option of the company, either in cash or in bonds of the 1965 series
previously outstanding (taken at the principal amount thereof).
A cash
payment for the sinking fund may be made only on or within six months
next prior to the sinking fund payment date on which it is due.
Moneys in the sinking fund are to be applied by the trustee, in the manner
specified in the supplemental indenture, to the purchase of bonds of the
1965 series at prices not exceeding the then prevailing sinking fund redemp¬
tion price thereof, or to the redemption of bonds of said series at such re¬
demption price.
In the event the trustee shall purchase or redeem any
bonds of the 1965 series at a price in excess of the principal amount thereof,
the company agrees forthwith to pay to the trustee, for the sinking fund,
the amount of such excess.
Bonds delivered by the company to the trustee
in full or partial satisfaction of sinking fund payments, and bonds pur¬
chased or redeemed by the trustee with sinking fund moneys, are to be
canceled, and such bonds are not thereafter to be used as the basis for the
issuance of additional bonds or the withdrawal of cash or the taking of a
credit
under
any
indenture.
of the provisions of the indenture or the
)
supplemental
'
1
Bonds of the 1965 series are redeemable, at any
time, in whole or in part
of the sinking fund and through the use of sinking
fund moneys, at the following percentages of their prihcipal amount,
together, in each instance, with accrued and unpaid interest to the date
fixed for their redemption:
101H if red. on or after March 1, 1951, and
prior to March 1, 1953, with successive reductions of }A of 1% of the
principal amount On March 1, 1953, and on March 1 of each of the years
1954 to 1962, inclusive, and at 100 if red. on or after March 1, 1963, and
prior to maturity.
Maintenance and Renewal Fund—Company agrees that, so long as any
bonds of the 1965 series are outstanding, it will, in each fiscal year after
Dec. 31, 1939, make expenditures for maintenance plus expenditures for
renewals together aggregating an amount at least equal to the greater of
(A) 16Yi% of gross electric operating revenue (after deducting therefrom
an amount equal to the cost of electric energy purchased for resale) plus
15% of all other gross operating revenues but not including non-operating
by lot, for the
purposes
an amount equal to the cost of gas purchased
for resale) derived during the fiscal year from the property required to be
maintained, or (B) $2,000,000; which percentages set forth in (A) and the
amount set forth in (B) are subject to adjustment by agreement between
the company and the trustee or by arbitration in certain instances as set
forth in the supplemental indenture.
Company is entitled to a credit against any deficiency in such expendi¬
tures during any such fiscal year equal to the sum of (a) the balance of net
bondable value of property additions which might otherwise then be made
the basis for the authentication and delivery of bonds (any earnings re¬
quirement being disregarded), (b) 100% of the principal amount of bonds
which might otherwise then be authenticated and delivered for the purpose
of refuning bonds (any earnings requirement being disregarded) and (or)
142 6-7% of the principal amount of bonds which might otherwise then
be authenticated and delivered for the purpose of refunding prior lien
bonds, and (c) the amount of cash deposited with the trustee for the purpose.
Items applied to any such deficiency may be withdrawn to the extent of
excess expenditures for maintenance and renewals in later fiscal
years.
The "property required to be maintained" includes all the property subject
to the lien of the indenture, excluding ahy property subject to any lien
(other than permissible encumbrances as defined in the indenture) prior
to the lien of the indenture under which lien additional bonds may be
revenue
(after deducting
..
issued pursuant to the provisions of the
indenture.
Company provides electric or manufactured gas service, or both, within
area of approximately 1,460 square miles, or about 19.4% of the total
of the State of New Jersey.
The territory includes approximately
159 communities (viz. political subdivisions such as cities, towns, boroughs
and townships) in the north central, east central and southern parts of the
State.
The population of the territory provided at retail with one or
more services by the company is estimated by it on the basis of the 1930
Federal census at approximately 396,000 as of 1930.
Approximately 93%
of the population served is located in communities having a population of
1,000 or more..
\:.y:
Electric Operations—At Dec. 31, 1939, company supplied electric service
at retail in 129 communities having an aggregate population, estimated by
the company as of 1930 on the basis of the Federal census, of approximately
an
area
337,000.
At
about Aug. 1, 1940, of
$10,225,000 1st mtge. 20-year 5% gold bonds, series B,
due Aug. 1, 1947, requiring, exclusive of accrued interest---.$10,378,375
(b) To the redemption, at 104, within 40 days after delivery
of the bonds of the 1965 series, of $32,000,000 1st mtge.
30-year 4Vz% gold bonds, series C, due June 1, 1961, re¬
31, 1939, the company served 104,137 electric customers, of
88,954 were residential customers and 14,151 were commercial
For the 12 months ended Dec. 31, 1939, approximately 46.5%
electric operating revenue of the company was derived from resi¬
dential
customers;
approximately 23.1% from commercial customers;
of the
approximately 19.2% from industrial customers; approximately 6.9% from
sales to municipalities for street
lighting; approximately 1.7% from sales
public authorities including municipal distribution systems; and approxi¬
mately 2.6% from other sources,
Gas Operations—At Dec. 31, 1939, company supplied gas service at retail
in 84 communities having an aggregate population estimated by the company
as of 1930 on the basis of the Federal census, of approximately 201,000.
At Dec. 31, 1939, the company served 42,726 gas customers, of whom
39,763 were residential customers and 2,963 were commercial and industrial
customers.
For the 12 months ended Dec. 31, 1939, approximately 83.5%
of the gas operating revenue fot ehc ompany was derived from residential
customers; approximately 15.1% from commercial and industrial customers;
and approximately 1.4% from other sources.
Approximately 10.7% of the
gas operating revenue for the year was derived from sales for house and
other space heating (all of which is included under the residential classi¬
to
fication)
on or
33,280,000
27.
the
production, transmission, distribution and sale of electricity and in the pro¬
quiring, exclusive of accrued interest
—
History and Business—Company was organized in New Jersey March
Company is an operating public utility engaged principally in
all within the State
duction, distribution and sale of manufactured gas,
Company has two wholly owned subsidiaries, Lakewood
Agincourt Land Corp., but the income received by the
company from such subsidiaries is not significant.
For the calendar year
1939 approximately 81.2% of the consolidated gross operating revenue
of the company and its subsidiaries was derived from electric operations
of the company, approximately 18.0% from gas operations of the company,
Water
and
Jersey.
Co.
and
approximately
0.8%
from water and
sewerage
Lakewood Water Co.
Upon or shortly after its organization in 1925 the compay became the
by merger to 11 operating electric, gas, or electric and gas com¬
panies whose properties were located principally upon the eastern seaboard
of New Jersey and which were, in turn, successors to a number of other
corporations.
Subsequent to these mergers and prior to April 30, 1931,
company acquired by merger or otherwise the properties of seven other
corporations and six municipal electric or gas systems.
Included among
such acquisitions were properties providing electric and gas service in the
north central part of the State.
As of April 30, 1931, company purchased
the property and assets of Eastern New Jersey Power Co., which operated
along the eastern seaboard of New Jersey, and which had previously acquired
the properties of a number of other companies.
Since Apnl 30, 1931, with
one minor exception, company has not acquired the physical properties
of any other companies but has expanded and consolidated its operations
by the construction of additional facilities and by extensive rehabilitation
of properties previously acquired from others.
Capitalization, Giving Effect to Present Financing
r.
Authorized
Outstanding
3H% series due 1965—
3% promissory notes due 1940-50,
Pref. stock (par $100 per
6% series..5H % series
sh.)—7% series-]
\ b400,000 shs.
J
—
Common stock (no par—stated value
per
a
share)--
Authorized
$38,000,000
c5,300,000
(70,845 shs.
a
incl-.$5,300,000
__
amount
is
2,000,000 shs.
unlimited but further issue is
strictions of the indenture.
b Of the 400,000 shares of pref.
\69,623
shs.
78,621 shs.
$10
-
-
1,053,770 shs.
subject to re¬
„
stock authorized, 71,000 shares have
series," 79,000 shares have been designated as
109,672 shares have been designated as "5Yi% series."
the certificate of incorporation the following
series of preferred stock, to be issued in such amounts as may be fixed
by the board of directors (but the board of directors has not yet authorized
the issue of any such shares): "8% series," "7^% series," "6H% series,"
and "5% series."
The board of directors is also authorized to create
been
designated as "7%
"6% series," and
There have also been created by
additional series.
$265,000 due Nov. 1, 1940,
and $265,000 due June 21, 1950.
c
'
$530,000 due Nov. 1, 1941-49, inclusive,
'Wv.;*
•
'
'
l
purchase, are as follows:
53,900,000
3,900,000
Halsey, Stuart & Co., Inc— 3,900,000
Blyth & Co., Inc
1,550,000
Harriman Ripley & Co., Inc.
Smith, Barney & Co
950,000
800,000
850,000
750,000
750,000
750,000
& Co., Inc...
Eastman, Dillon & Co
Kidder, Peabody & Co
Glore, Forgan & Co
Goldman, Sachs & Co
Harris, Hall & Co. (Inc.)
Stone & Webster and Blodget,
750,000
_.
300,000
Hayden, Stone & Co
-
Hemphill, Noyes & Co
—
Schoellkopf,
Hutton
&
.
Central Republic Co.
Estabrook & Co
Whiting, Weeks &Stubbs, Inc.
250,000
250,000
Alex. Brown & Sons..
200,000
Granbery, Maraehe & Lord—
200,000
200,000
200,000
200,000
200,000
200,000
Hayden, Miller & Co
Minsch, Monell & Co., Inc
Newton, Abbe & Co..
Arthur Perry & Co., Inc.-
200,000
Bacon, Whipple & Co_.
150,000
—
150,000
500,000 R/L. Day & Co
160,000
500,000 Equitable Securities Corp
150,000
500,000 The Illinois Co. of Chicago.—
150,000
500,000 Jackson & Curtis
100,000
400,000 Starkweather & Co-—--.—400.000 Dillon, Read & Co
2,775,000
600,000
-
Graham, Parsons & Co
Lee Higginson Corp..------F. S. Moseley & Co..
Union Securities Corp
Blair & Co., Inc
300,000
300,000
300,000
275,000
250,000
250,000
Pom-
eroy, Inc
750,000
625,000 Stern, Wampler & Co-, Inc.-.
625,000 Stroud & Co.. Inc..
White, Weld &Co
A. C. Allyn & Co., Inc
-
Shields & Co
$400,000
Bodell & Co
—
Mellon Securities Corp
Inc
The Wisconsin Co
1,450,000 Tucker, Anthony &Co
1,400,000 Riter & Co.
1,200,000 A. G. Becker & Co., Inc..—
1,200,000 E.W. Clark & Co.————
W. C. Langley & Co
H. M. Byllesby
Amount
Name—
Amount
Name—
The First Boston Corp..
E. H. Rollins & Sons, Inc
400,000
—
Bonds Called—
Company has called for redemption
Bank Farmers Trust Co., trustee, its
and payment on Aug. 1 next, at
outstanding first mortgage 20-year
5% gold bonds, series B due Aug. 1, 1947, at the principal amount
bonds plus interest accrued to date of redemption and a premium of
of the
1 ^ %.
is also calling for redemption and payment on July 29, at
City Bank Farmers Trust Co., trustee, its first mortgage 30-year 4^%
gold bonds, series C, due June 1, 1961, at their principal amount plus
accrued interest and a premium of 4%.
Holders, at their option, may
obtain the full redemption price at any time prior to the redemption dates
at the offices of the bank, 22 William St.. New York,—V. 150, p. 3829.
The company
Jones & Laughlin
Directors
Steel Corp.—To Pay $1 Accum.Div.—
have declared a dividend of $1
per
share
on
cumulations on the 7% cumul. pref. stock, payable July
record July 8.
Like amount was paid on April 15, last and
disbursement made on these shares was the $1.75 dividend
1937. which also was on account of
Julian & Kokenge Co.
account of ac¬
22 to holders of
the last previous
paid on Oct. 15,
arrearages.—V. 150, P. 2729.
(& Subs.)—Earnings—
Earnings for 0 Months Ended April 80, 1940
operations of the
successor
1st mtge. bonds,
'■
.
Principal Underwriters—The names of the principal underwriters and
respective amounts of bonds which they have severally agreed to
the
1925.
•of New
Dec.
whom
customers.
Otis & Co
Application of Proceeds—Concurrently with the delivery of the bonds
company will borrow $5,300,000 from certain banks.
The sum so borrowed,
and the net proceeds from the sale of the bonds estimated at $37,940,434,
together with other funds of the company in the estimated amount of
3417,941, are to be applied as follows:
(a) To the redemption, at 101H
earned surplus to reserve
Federal income taxes, &c
share on 122,030 shares common stock (no par)
Net income after depreciation,
Earns, per
—V.
150, p. 693.
'
,
Kansas City Power &
Period End.
1940—12 Mos.—1939
$1,355,009 $17,061,758 $16,508,418
684,899
8,157,470
$8,647,171
1,426,322
102,479
2,131,566
$8,350,948
1,409,344
102,479
3,285
5,447
71,485
] 18,972
5,540
83,392
-------
Amort, of disc. & prem._
8,414,587
$676,676
118,716
8,540
175,956
64,716
897,394
18,911
64,598
837,144
$308,191
Interest charges.
678,333
$702,036
116,262
8,540
Net earnings.-
$293,247
$4,005,723
$3,694,122
178,551
Depreciation
Amort, of limited-term
1,560
investments
Misc. income deductions
Fed. & State inc. taxes..
Net profit
Earns, per share common
after income tax
Kansas Oklahoma
May—•
•
railway
Net from railway
Net ry. oper. income—
Gross from
2,224,350
$6.58
general property tax.—Y. 150. p. 3515.
$0.55
Including maintenance and
From Jan.
$1.81
Light Co.—Earnings—
sources) $1,386,935
Operating expenses...
a
$221,182
,
May 31— 1940—Month—1939
Gross earns, (all
a
,
$0.52
$7.17
& Gulf Ry.—Earnings—
1940
$180,390
93,119
56,703
1939
1938
1937
$233,535
119,825
81,279
$168,244
68,945
$189,273
40,669
53,463
936,863
574,938
1,099,091
558,436
365,491
927,326
430,732
265,681
914,228
444,919
258,980
94,585
1—
Gross from railway
railway.
Net ry. oper. income—
—V. 150, P. 3362.
Net from
338,527
Kansas Power & Light Co.—Initial Preferred Dividend—
declared an initial dividend of $1.12 H per share on the
stock, payable July 1 to holders of record June 20.—
Directors have
4U% preferred
V. 150, p. 3515.
The Commercial & Financial Chronicle
4130
Kentucky Rock Asphalt Co., Inc.—EarningsEarnings for the Year Ended Dec. 31, 1939
plant.
Selling and administrative expenses—
tion and storage
$136,462
11,824
Net ry.
$148,285
Gross from railway
■**
m
«.
wCi
W
^Interest accrued on bonds
'mL**
-
~
"m
»
~
<*»•'<■»
— ■*»
39,845
1,538
5,000
14.169
U.—i—i
.......
Oth er interest ------Provision for bad debts, sales
Bonus
» *>
i_ - - - - ------- —
promotion and adjustments— —
-
-
-
-
_ -
-
-
-
—
1,715,158
568,358
"
-
-
.
—.----
Net from
442,953
$70,843
Note—Depreciation and depletion aggregating $62,358 were charged off
in 1939 and this amount is included in the costs and expenses shown above.
Net profit.
— ---- - --
railway.p.
3516.
491,631
394,252
,
1940
1939
1938
1937
$3,863,695
1,108,661
$3,960,776
1,116,827
$3,425,808
872,517
410,531
$4,247,539
891,632
415.288
16,574,833
3,418,232
961,774
21,841,979
5,465,498
2,925,358
May—
Gross from railway.
Net from railway
Net ry. oper.
677,291
636,262
income—
From Jan. 1—
Balance Sheet Dec. 31, 1939
103,314
1,703,498
244,541
206,899
473,894
'
,
50,310
Lehigh Valley RR.—Earnings—
16,891
Federal and State income taxes
150,
$375,278
130,362
1,320,843
■
V;
1,670,404
592,141
Net ry. oper. income—
—V.
69,915
134,507
104,002
oper. income.-From Jan. 1—•
,
'' '
m
1937
$293,164
$413,464
175,720
$372,067
132,693
Net from railway--
1938
1939
1940
May—
Gross from railway.
' V '
;V:;V
Lehigh & New England RR.—Earnings-
335,887
82,025
--
Operating profi t
...
Profit from commissaries, rentals and other income
Total
1940
$8411,754; earned surplus, $3,249,353;
(par $1), $450,000; capital surplus,
total. $5,843,512.—V. 150, p. 3980.
So54,374
discounts
-of plant, river transporta¬
Gross sales, less commissions, allowances and
Cost of sales, including all expenses
June 29,
$266,492; accrued payroll and expense!;, $104,357; Federal capital stock
tax and income tax, $478,005; deferred rental income, $40,040: capital stock
'.A, •
18,741,272
5,263,587
/
.
railway—19,125,851
Net from railway
5,046,312
Net ry. oper. income—
2,297,175
—V. 150, p. 3830.
Gross from
$220,974; accounts receivable (less reserve for doubtful
accounts of $1,559), $49,579; inventories, $208,277;
prepaid expenses,
$24,288; slow accounts and notes receivable, $1,935; due from plant em¬
ployees for fuel, $230; investment in company's own stock (4,987j^ shares
of common), $4,988; land, mineral rights, plant and quipment (less re¬
serves
for depreciation and depletion of $1,795,173), $1,051,741; total,
$1,562,012.
Liabilities—Accounts
payable—trade creditors, $9,810; commissions,
$81,781; officers and employees, $10,491; accrued bond interest—due in
1940, $19,923; other interest and expenses, $461; payroll taxes withheld
from employees, $968; accrued taxes, $21,274; loan from Reconstruction
Finance Corporation—due June 10, 1940, $1,000; first mortgage bonds—
6lA%—1945, $613,000; accrued interest deferred (for years 1937,1938 and
1939), $49,806; reserve for adjustments and sales promotion, $9,500;
class A common stock (13,526 shares, $25 par), $338,150; common stock
$92,868
Preferred dividends.
1,679
Common dividends-90,707
(139,866 shares, no par), $139,867; capital surplus, $65,750; earned surplus,
$191,632; barge insurance reserve, $8,600; total, $1,562,012.—V. 146,
p. 3957.
Assets—Cash, $210,787; notes receivable, $1,836,297; other current re¬
ceivables, $25,191; interest accrued on small loans, $15,180; repossessions,
Assets—Cash,
June 19 announced that com¬
Holding Company Act
than $300,000 of
The bonds are to
be purchased for cash at the market price, but at not more than 102% and
accrued interest, the initial redemption price, it is stated.—V. 150, p. 3205
pany
had filed an application (File 70-90) under the
regarding the purchase in the open market of not more
its 4 Vi % sinking fund mortgage bonds, due Feb. 1,1955.
Gold Mines,
Kerr-Addison
Directors
the
common
have declared
an
Ltd.—Initial Dividend—
initial dividend of five cents per share on
July 15.
stock, payable Aug. 1 to holders of record
Year 1939
x$414,198
Depreciation---i---—64,825
Provision for Federal taxes on income and capital
60,009
$289,364
165,081
Net income for year
Dividends paid
..—___
Earnings per share on 164,645 shares common stock-___
x
deducting
After
$1.76
administrative and
manufacturing, selling,
general
expenses.
Consolidated Balance Sheet Dec. 31, 1939
Assets—Cash in banks and on hand, $573,881; marketable securities—
bonds—at cost (market quotations,
acceptances
receivable,
$384,582;
$24,834), $24,857; trade accounts and
debtors, $7,750; inventories,
sundry
$1,321,028; due from officers and employees, $54,249; prepaid expenses,
$81,510; investments and other assets, $213,263; fixed assets (net), $694,097;
goodwill, trademarks, patents, &c., $1; total, $3,355,217.
Liabilities—Trade accounts and acceptances payable, $151,909; accrued
expenses, $177,665; due to officers, employees and related interests, $28,903;
sundry creditors, $17,280; reserve for market decline in purchase commit¬
ments, $10,385; common stock (par $10), $1,900,000: treasury stock, at
cost(25,355 shares), $188,033; capital surplus, $754,107; earned
$503,003; total, $3,355,217.—V. 150, p. 1939.
surplus,
Kroger Grocery & Baking Co.—Sales—
Officers of the company on June 25 announced a 9% increase in sales
during the sixth four-week period of 1940 over company sales for the
same period last year.
*
Sales for the period, ended June 15, were $20,070,008, compared with
sales of $18,358,563 for the corresponding four weeks in 1939.
Cumulative sales for the first six periods were $118,052,876 while sales
for the same six periods in 1939 were $110,018,922, an increase of 7%.
Average number of stores in operation during the period was 3,872,
compared with an average of 3,917 stores for the sixth period a year ago.
—V. 150, p. 3516.
'
Lake
Superior & Ishpeming RR.—Earnings—
1940
May—
Gross from
railway
Net from railway
Net ry. oper. income...
From Jan.
1939
1938
1937
$433,088
307,925
271,196
$281,206
180,637
90,694
$80,761
def7,731
def46,499
$528,198
383,681
291,615
1—
Gross from railway
624.066
Net from railway
Net ry. oper. income
199,704
55,125
—V. 150, p.
391,046
28,427
defl54,324
222,989
defl94,088
def318,015
Operating expenses and small loan loss provision.
Provision for Federal income taxes
Net
919,847
426,981
260,250
3516.
1940
1939
1938
by the road of Pennsylvania Station, the
facilities of the Pennsylvania
Island City was filed with the Interstate
Commerce Commission June 26 for approval by that body, in accordance
with the provisions of the Interstate Commerce Act.
Operation of the new joint facility agreement between the two railroads
will effect a material reduction in the total annual charges paid by the Long
Island to the Pennsylvania for the use of the latter's property in New York,
and will thus relieve in some measure the distressed condition of the Long
Island.
The agreement is made retroactive to Jan. 1, 1936.
Under the terms of this new agreement, interest on the valuation of the
property used by the Long Island will be reduced from 5% to 4% annually
ana the Long Island will be charged for the use of only two of the four East
River tunnels.
In addition, the Long Island will receive credit for income
from restaurant, news-stand, and other concessions located in the portion
of the Pennsylvania Station adjacent to the so-called "Long Island Con¬
course" utilized principally for handling the Long island's passenger traffic.
The present method of computing rental for the leased property on the
basis of comparative use as between the Long Island and the Pennsylvania,
commonly known as the "wheelage basis," is replaced in the new contract
by a rental based upon the valuation of those portions of the property which
may be considered to have been designed and constructed for the use of the
Long Island, plus taxes and cost of operation.
In announcing the filing of the new proposed contract,George LeBoutillier,
Vice-President, said:
"This new joint facility agreement, if approved by the ICC, will operate
to relieve in some measure the distressed situation of the Long Island
RR. through a reduction in the amount which it pays for the use of the
Pensylvannia's terminal, tunnel, track, and other facilities in New York and
Long Island City.
"The Long Island has been operating at a deficit for the past five years.
It has been losing more and more traffic to the subways and busses, to the
private automobile and to the motor truck, as the city's rapid transit
facilities and the high-speed highway development are extended into its
territory.
On the other hand, it has been required to make large outlays
for the elimination of grade crossings and will be obliged to continue to
expend large sums for the reconstruction of bridges, due to increased highway
traffic and the opening of new streets across its lines.
Its tax bills mount
higher and higher year by year.
The result is an annual deficit which has
been met each year by advances from the Pennsylvania now amounting
to
$12,500,000."
• *
The present joint facility contract between the two railroads was entered
into in 1932 and will be superseded by the new agreement.
A new contract covering
the
use
East River tunnels, and the trackage and other
Manhattan and
in
Long
1938
def74,489
Gross from railway
def488,112
$114,546
37,820
11,433
$140,973
12,990
666,958
222,414
645,220
214,539
571,161
91,103
82,812
21,166
149,018
39,633
14,830
709,745
229,599
94,613
Los
•'•••
Passenger
1940
31—
revenue
from
.
_
__
1,536,763
def22<^923
1939
1937
1938
$6,246,846
$5,674,305
$4,392,403
5,243,705
248,987
4,331,319
222,763
4,013,715
166,999
2,627,557
146,762
$2,238,633
39,953
$1,692,765
31,118
$1,493,591
26,668
Net operating revenue
$1,618,084
.
—
Taxes
1939
$5,000,642
—
490
27,110
revenue
Depreciation
1936
$7,731,325
W:
$5,206,064
355
transportation. _—.—(.—
Revenue from other rail and coach operations
Other
_
(R. G.) Le Tourneau, Inc. (& Subs.)—Earnings—
sales
10,000,355
Angeles Ry. Corp.-—Earnings—
5 Months Ended May
_
Calendar Years—
570,408
136,431
8,809,402
1,505,799
def388,387
9,550,674
1,547,376i
1,391,907
def689,596
$2,226,313
547,774
30,121
i
70,875
9,173,152
Net ry. oper. income
From Jan. 1—
1937
$1,981,387
1939
$2,270,182!
t, 575,542!
1940
May—
Gross from railway
$2,018,650
Net from railway.449,073
—V. 150, p.3516.
Net
$2,880; sundry
1937
$127,266
39,334
51,737
23,679
Net ry. oper. income.
From Jan. 1—
Gross from railway
74,970
insurance and
$20,793; furniture, fixtures and automobiles used in operations,
less depreciation, $38,473; total, $2,185,565.
Liabilities—Notes payable, $1,113,652; accounts payable, taxes and
interest, $45,421; reserves for dealers, $20,111; reserve for insurance re¬
newals, $2,341; reserve for losses,
$29,704; deferred income, $62,415;
preferred stock, $22,400; common class A stock, $364,115; common class B
stock, $57,535; capital surplus, $394,638; earned surplus, $73,232; total,
$2,185,565.—V. 147, p. 1345.
—V. 150, p. 3517.
$144,200
_____
Net from railway
Net ry. oper. income
$88,772
2,186
expenses,
Net from railway
Net ry. oper. income.__
Lehigh & Hudson River Ry. —Earnings—
May—
22,431
income.--.-------
-
Gross from railway.
Net from railway.
299,517
_
1938
$400,836
36,313
258,372
17,379
Balance Sheet Dec. 31, 1939
RR.
(I. B.) Kleinert Rubber Co. (& Subs.)—Earnings—
Consolidated Statement of Income for
1939
$444,981
30,165
Cost of borrowings
Long Island RR.—Rental for Station Use Reduced—
SEC—
first page of this department.—V. 150, p. 3829.
Net income from operations—
Liberty Loan Corp. (& Subs.)—Earnings—
Years Ended Dec. 31—
Gross income
■
Keystone Custodian Funds, Inc.—Registers with
See list given on
2,959,344
$9,072; receivable from dealers on recourse repossessions,
receivables and investments, $26,891; prepaid interest,
Kentucky Utilities Co.—To Purchase Bonds—
The Securities and Exchange Commission
-
44,631
$5,233,530
4,064,332
580,979
$5,045,763
$588,219
401,733
$678,441
386,661
$186,486
1,061
$291,781
2,755
$187,547
331,284
1,982
$294,536
353,070
2,790
$145,720
$61,324
3,768,919
598,402
Cost of sales, oper. exps..
&c., less miscell. inc..
Depreciation.
Profit
Interest
earned
22,359
Operating income
—
Non-operating income
------—------
Gross income
$2,278,586
11,005
paid..
$1,723,883
31,417
$1,520,259
10,718
451,110
280,000
a247,000
a273,600
$1,412,466
561,591
$1,262,541
1,122,459
$1,364,393
1,346,135
Provision for Federal inc.
& excess profits taxes
.
on
.
._
funded debt
on
unfunded debt
$1,640,442
2,449
$1,816,471
449,856
Total income
Interest
Interest
Interest
_
Net loss
Louisiana & Arkansas
Net
profit
Dividends
a
Includes surtax on undistributed profits,
$2,800 for 1936 and $12,000
for 1937.
Consolidated Balance Sheet Dec. 31, 1939
Assets—Cash in banks and
on
hand, $363,057; U. S. Savings bonds at
$7,500; notes and accounts receivable (less reserve of $27,916),
$790,261; accounts receivable, officers and employees, $11,371; inventories,
$2,510,014; other assets, $108,123; capital assets, accost (less reserve for
depreciation of $511,387), $1,987,367; patents, less amortization, $4,433;
deferred charges, $61,386; total, $5,843,512.
Liabilities—Notes payable to banks and bankers, $400,000; drafts drawn
cost,
on
consigned merchandise, discounted, $13,511; accounts payable, trade,
—
—V. 150, p. 3363.
Ry."—Asks RFC Loan—
asked the Interstate Commerce Commission's approval
$1,000,000 loan from the Reconstruction Finance Corporation.
Pro¬
ceeds would be used to repay at par value the 2K% $350,000 promissory
note maturing Jan.
16, 1942, to First National Bank, Chicago and to
provide funds in part, for a program of improvements to the carrier's line.
At the same time, the L. & A. asked the ICC for authority to have au¬
thenticated and delivered $300,000 of first mortgage 5% bonds, series A,
due Jan. 1, 1969 to be pledged as part collateral security for the loan.
Other collateral security to be put up by the carrier includes $650,000 of
L. & A. first mortgage 5% bonds series C, due Jan. 1, 1969; $600,000 of
Kansas City Southern Ry. ref. & improvement mtge. 5% bonds, due
April 1, 1950 and $1,000,000 Rock Island Arkansas & Louisiana Ry. first
mortgage 4K% bonds due March 1, 1934.
The company has
of
a
Volume
The Commercial & Financial Chronicle
ISO
(Includes Louisiana Arkansas & Texas]
May—
1940
Gross from
railway
Net from railway
V
1939
$597,077
232,309
139,029
188,407
103,599
Period End. May 31—
Total operating revenues
3,328,209
1,144,639
650,351
2,881,567
909,031
488,440
Non-operating income..
income..
Net from railway
Net railway operating income
—V. 150, p. 3517.
Louisiana Power & Light
Period End. May 31—
Operating
Operating
Co.—Earnings—
1940—Month—1939
$658,337
367,095
76,898
1940—12 Mos —1939
67,186
$8,091,890
4,279,909
977,090
797,668
$7,285,208
3,730,000
910,110
720,500
$142,753
Dr201
$2,037,223
11,030
$1,924,598
13,615
$147,482
expenses
Direct taxes
$587,846
315,276
68,317
61,500
$147,158
324
revenues.
Prop, retire,
,
$706,948
Net railway operating
From Jan. 1—
Gross from railway
$142,552
72,960
5,296
$2,048,253
875,368
88,205
Cr4,197
$1,938,213
res. approp.
Net oper. revenues
Other income (net)
Gross income
Int. on mtge. bonds
.
72,947
6,765
Cr27
Other int. <v deductions.
Int. chgd. to construct'n
Net income....
$67,797
$64,296
875,525
60,895
Cr8,881
$1,088,877
$1,010,674
356,532
356,532
$732,345
$654,142
Divs. applic. to pref. stock for the period
Balance
AAi
'A A
A A.
Louisville & Nashville
May—
RR.—Earnings—
loan
■
Gross from
railway
Net from railway
Net ry. oper, income._
1Q9Q
$8,305,620
2,383,941
1,630,801
1QOQ
$6,365,534
1,574,774
853,375
$6,488,116
1,604,710
930,170
1937
$8,019,480
2,282,800
1,566,408
33,343,949
30,816,683
5,596,111
2,564,878
37,809,407
9,820,334
6,943,516
.
From Jan. 1—
Gross from railway
Net from railway.____
39,752,345
2,728.046
6,391,391
Net ry. oper. income._
—V. 150, p. 3518.
7,635,916
4,413,867
Gross
—V. 149, p. 4179.
Service,
Ltd.,
Edmonton,
on
Int.
on
Alta.—
The gross
operating revenue decreased from $341,093 in 1938 to $257,172
in 1939.
This decrease is directly attributable to the pre-war depression
particularly to the immediate effect of Canada's entry into the war.
a detrimental effect on prospecting in the Canadian Northwest.
This had
The results for the year show a net loss of $8,034.
Comparisons of the operating statistics for the
are
as
years
Air hours flown
After writing off bad debts of
$5,239,
5,451
825,999
4,125
accounts receivable total
Income Account for Year Ended Dec. 31, 1939
Operating and airmail revenue, $257,173; non-recurring revenue,
$2,052; total
Direct flying expenses,
$149,870; repairs and maintenance,
-
$37,390: radio
—
...
„
$4,813; base expenses, $21,355: pho¬
tographic expenses, $11,436: overhead expenses, $42,395
1937
4,530
1,151,001
2,708
$54,457.
$259,225
expenses,
debt
267,259
1939
Assets—Cash on hand and In banks, *$39,463; accounts receivable,
$54,457; sale of equipment, $95,473; employees' accounts, $868; supplies
and materials, $11,533; equipment,
$156,269; investments, $1,359; de¬
ferred charges, $17,611; intangible assets, $21,654; total, $398,687.
Liabilities—Accounts payable (not incl. $4,748 pending
adjustment),
$25,184; bank loan, $28,500; reserves, $23,857; capital stock (300,376
shares, no par), $206,376; surplus arising out of retirement of preferred
shares, $25,000; earned surplus, $89,770; total, $398,687.
Maine Central
1940—Month—1939
$986,348
723,288
$977,080
736,937
Equipment rents
Joint facility rents—Dr_
$263,060
74,325
Cr21,442
22,484
$240,143
66,038
Dr5,681
Net ry. oper. income.
Other income—
$187,693
33,611
Net oper. revenue....
Taxes
Gross income
1940—5 Mos.—1939
$5,250,066
$5,116,705
3,786,464
3,732,858
$1,463,602
28,937
388,404
Dr95,848
113,690
$1,383,847
335,059
Drl43,975
129,088
$139,487
37,350
$865,660
116.332
$775,725
178,899
3,160
43,790
$42,775
$587,851
13,461
14.128
166,067
$36,498
$28,647
$421*784
Balance
available
—:—
$221,304
$176,837
$1,031,992
$954,625
(rentals, in¬
&c.)
164,705
169,346
825,922
848,685
income
$56,599
$7,491
$209,070
$105,940
Corp.—Court
Confirms
—V. 150,p. 3519.
Majestic
Radio
Television
&
Reorganization Plan—
common stock
—V. 150. p.3831.
(Glenn L.) Martin Co.—Common Dividend—
Directors on June 25 declared a dividend of $1 per share on the common
stock, payable July 19 to holders of record July 9. Initial dividend of like
amount was paid on Dec. 21, last.
Contracts—New Director—
Plans Stock
,
Options in Revamping Terms—
contemplates granting
Stock options which corporation
*
■"
-
■
.
Glenn L. Martin, President, disclosed that contracts in hand amounted
$110,000,000 plus an undisclosed backlog on a new type bombing plane
for the British Government. Of the amount, Mr. Martin
added,
to
$25,000,000
represented orders from the United States Government.
Election to the Board of John W. Hanes, former
Undersecretary of the
Treasury,
announced.
was
Mr. Hanes
until
was a
director of the Martin company
a member of the Securities
December, 1937, when he was appointed
Exchange Commission.—V. 150, p. 3665.
Trustees have declared a distribution at the rate of 21 cents a
share, pay¬
able July 20, 1940 to shareholders of record June 28, 1940.
This distribu-
tionjs from investment income
on securities owned for the quarter ending
June 30 and compares with payments of 19 cents a share for the first
quarter
of this year and for the corresponding period a year
ago.—V. 150, p. 3206.
Material Service Corp. (&
sales--—........^.$10,846,189
Net profit
a463,919
After deducting all charges including interest $69,361, depreciation and
depletion $232,914 and Federal income taxes, $129,900.
a
Consolidated Balance Sheet at Dec. 31, 1939
Assets—Cash, $92,621; receivables (less—reserve for doubtful accounts
$175,249), $1,883,263; inventories (as taken and valued by management
at cost or market, whichever lower), $231,969; balances to be
liquidated
through materials and services, $6,838; prepaid expense, $11,594; other
assets, $1,259,053; fixed assets (at cost), (less—reserve for depreciation and
depletion of $742,182), $1,308,621; goodwill, $1; total, $4,793,961.
Liabilities—Trade creditors, $767,968; accrued compensation, $39,269;
customers' credit balances, $8,160; accrued local and Federal taxes (subject
to
Treasury Department's review), $351,173; bank secured loans due
June 30, 1941, $595,000; purchase money obligation due Nov. 14, 1944,
$16,300; capital stock ($10 par), $1,250,000; earned surplus, $2,328,364;
less—Treasury stock at cost, Dr$562,272; total, $4,793,961.—V.
147,
of
120.
May Hosiery Mills, Inc.—Special Class A Dividend'—
Directors have declared a special dividend of $1 per share on the class A
stock, payable July 10 to holders of record June 28.
Company states that this dividend is in lieu of the dividend usually pay¬
able Aug. 31.
Regular quarterly dividend of 50 cents was paid on June 1
and on March 1, last.—V. 149, p. 4034.
common
Metal Box Co., Ltd.—Final Common Dividend—
have'declared a final common dividend of 10%, less
Directors
a
bonus of
a
2lA%, less tax, making
ago.—V. 146, p. 4123.
upon consumma¬
Inc., in the direction of its affairs. Majestic "will
grant to Allen B. DuMont Laboratories,
Inc., an option to purchase
100,000 shares of new common stock at $1 a share, exercisable in whole or
in part, at any time or from time to time on or before four years from the
date of the order confirming the plan."
a
tax, and
total of 17% for the year, unchanged
year
Middle West
Corp.—Delay in Hearing Denied—
The Securities and Exchange Commission has denied the motion of the
corporation and its subsidiary companies to postpone until July 29, 1940,
the hearing in the proceedings instituted under Section 11 (b) (1).
The
hearing as previously scheduled, will be held June 28 at the Commission's
Washington offices.—V. 150, p. 3666.
Midland
Valley RR.—Earnings—
1940
$94,694
23,961
5,866
-
Net from railway
Net ry. oper. incomer—
—V. 150, p. 3520.
1938
$92,760
31,181
15,907
1937
$97,604
26,515
13,011
518,434
227,00,5
135,699
490,886
171,606
84,526
569,796
128,999
Net from railway— J.
Net ry. oper. income—
Front Jan. l—~
Gross from railway
1939
$96,750
36,448
19,015
542,186
226,738
railway.....
Gross from
246,495
158,563
Minneapolis St. Paul & Sault Ste. Marie Ry.—Earnings
[Excluding Wisconsin Central Ry.]
1940—Montfi—1939
1940—5 Mos.—1939
$1,042,290
$5,243,052
$4,178,887
56,970
195,301
237,301
111,460
108,312
482,432
468,033
May 31—
Freight revenue
—
$1,320,672
Passenger revenue——
42,570
All other revenue.
Total revenues-
$1,474,703-
„
$1,207,572
$5,920,785
$4,884,222
356,606
243,356
35,045
522,072
52,679
270,955
220,681
36,756
509,513
52,146
1,041,265
1,195,599
175,558
2,57.5,940
247,939
1,020,255
1,13.5,476
171,601
2,541,080
$264,943
86,154
$117,521
83,724
$684,483
465,661
x$240,919
452,224
$178,789
14,162
12,690
$33,798
16,643
13,015
$218,822
66,322
61,770
x$693,143
76,069
65,733
Maint. of way & struc¬
tural expense
Maint. of equipment—
tion of the plan of reorganization are contained in a letter to stockholders.
The letter states that in order to obtain the participation of Allen B.
Subs.)—Earnings—
Earnings for Year Ended Dec. 31,1939
Net
Period End.
Reorganization plan (V. 150, p. 3980) was confirmed June 25 by Federal
—"Judge Barnes at Chicago.
r
The court named Richard Rex Parkin, a lawyer, as a director.
Other
directors are:
Parker McMahan, Chicago; Paul
Raibourn, New York;
Allen
B.JDumont, New York; Walter Glenn Scott, New York; Elmer C.
Upton, Wheaton, 111, and Curtis Franklin, New York.
.
for
May—
Deductions
terest,
&
4,507
from
RR*—Earnings—
Period End. May 31—
Operating revenues
Operating expenses
disc.
$1,006,599
346,500
28,457
$49,959
$8,034
....
$933,513
22,710
$79,415
31,354
2,125
Net income
Div. accrued on $5 pref.
stock
I.
p.
loss.
Balance Sheet Dec, 31,
Net
of
$2,976,732
1,314,700
215,001
71,301
197,899
244,317
$3,218,743
1,419,801
209,337
104,068
189,989
288,949
exp. & other deduct'ns
1937, 1938 and 1939
1938
3,647
662,173
2,361
Express and mail carried (lbs.)
Passengers carried
Net
serial notes
follows:
1939
res.
mtge. debt
Amort,
$248,497
108,564
17,347
6,304
14,157
$2,948,065
28,666
23,351
.
Net earnings
Int.
21,543
$80,065
22,604
2,995
u
...
Prov. for retirement
Annual Report—
and
$266,260
116,942
20,347
9,336
16,219
1940—12 Mos.—1939
$3,197,200
Massachusetts**! nvestors Trust—Dividend—
a dividend of $1.75 per share on account of
the 8% cumulative Second preferred stock, payable July 1
to holders of record June 22.
Dividend of $1.50 was paid on Dec. 30, last.
on
Air
1940—Month—1939
$264,405
$247,073
1,855
1,423
General taxes
Federal income taxes
Maintenance
McCaskey Register Co.—Accumulated Dividend—
Mackenzie
revenues
Operation
and
Directors have declared
accumulations
'fi
,
Marion-Reserve Power Co.—Earnings—
»
'
-V. 150, p. 3664.
4131
The investigation by the Department on its own motion into the
propriety
of rates charged for
electricity by the company will be discontinued for the
time being.—V. 141, p. 3866.
Earnings for Month of May and Year to Date
Traffic expenses
Transportation exps
General expenses
256.729
DuMont Laboratories,
"It is contemplated that options on not to exceed 100,000 shares of
new
stock may be granted to some or all of the key personnel of the
reorganized company at such times and upon such terms as the board of
directors shall then determine."
■
■
•:
\
common
or
Under the plan stockholders of record as of June 25, 1940 (or any person
persons to whom any such stock may be transferred prior to July 25,
1940) are offered the right to subscribe on or before July 25,
of debentures and new common stock.
cents a unit to one unit
1940 at 30
Each unit
consists of 30 cents face value of 10 year 5% sinking fund debentures and
one share of new common stock.
An estimated unaudited statement of the company's net current position
as of May 31, 1940, lists cash on hand and in banks at $97,073 and inven¬
tories at
$143,875.—V. 150, p. 3980.
Maiden Electric Co.—Rate Reduced—
The Massachusetts Department of Public Utilities in a decision handed
down June 21 ordered this company to file a new schedule of rates, to be¬
effective July 1, which will result in a saving to customers of approxi¬
mately $107,000 annually.
The amount of the reduction was the result of
a
tentative agreement between the company and representatives of its
customers following conferences suggested by the Department.
come
Net railway revenues-
Taxes-
-
-
-
-
A-
-
------
Net after taxes.——
Hire of
equipment
Rental of terminals...._
$1,51,936
8,954
Net after rents...
Other income
(net)
interest
Int. being accrued & paid
Income before
Balance before interest
on bonds, &c--—
x
$4,141
11,347
$90,730
51,201
x$834,946
59,683
$160,890
1,129
$15,487
3,841
$141,932
15,659
x$775,263
17,835
$159,761
$11,646
$126,273
x$793,097
Loss or deficit.
(Including Wisconsin Central Ry.)
Mau—
from
railway.
Net from railway. - —
Net ry. oper. income.__
From Jan. 1—■
Gross from railways.—
Net from railway
Net ry. oper. income—
Gross
—
-
-_v.
150.
p.
3520.
1940
$2,652,567
611,288
383,020
1939
1938
1937
$2,273,128
373,148
130,544
$1,836,331
216,045
def74,504
$2,432,287
530,492
210,115
10,922,706
1,790,853
491,132
9,409,195
8,744,518
659,926
324,090
def663.666 def1,177,493
10,550,882
1,634,138
310,016
The Commercial & Financial Chronicle
4132
Minneapolis & St. Louis RR.—
.
.
.
Net from railway.
Net ry. oper. income
From Jan. 1—
Gross from railway._—
Net from
railway
-
Net ry. oper. income..-
—V. 150. p.
Monongahela Ry.—Earnings—
-
1940
$728,80.5
97,818
17,095
1939
1938
1937
$755,247
135,136
64,929
$673,027
$670,853
85,698
84,578
984
3,530,975
586,375
176,220
3,381,469
563,966
158,220
3,312,935
vVwl
May—
Gross from railway. _
13,014
3,223,933
332,736
def 121,596
464,993
82,658
1940
Net from railway
Net ry. oper. income...
From Jan. 1—
$59,520
def 1,933
def 11,034
328,471
34,636
Gross from railway
Net from railway
Net ry. oper. income..—V. 150. P. 3520.
defl0,827
Mississippi Power Co,—Earnings—
31— 1940—AfonM-—1939
10,033
673
230
def 8,784
315,237
374,901
32,957
54,798
def 16,483
6,202
25,000
183,407
23,333
$61,177
38,436
$87,515
47,658
$1,014,882
$22,741
$456,652
253,062
$386,601
21,088
$39,857
21,088
$1,653
$18,768
$203,590
$133,539
income
preferred stock-
Balance..
$976,984
590,383
558,231
253,062
Dec. 18, 1939, of certain properties
conveyed to Tennessee Valley Authority and other public agencies on that
date are included herein.—V. 150, p. 3667.
Note—Results of operation through
Mississippi Power & Light Co♦—Earnings—
1940—■-Month—1939
1940—12Afios.—-1939
Period End. May 31—
Prop, retire, res. approp.
$582,618
340,484
64,722
65,000
$566,803
337,676
61,145
63,333
$7,634,437
4,522,183
920,888
768,333
$7,404,975
4,245,565
938,239
736,667
Net oper. revenues
Other income (net)—..
$112,412
101
$104,649
$1,423,033
4,805
$112,513
66,667
10,742
$104,682
68,142
6,450
$1,427,838
$1,486,255
810,325
123,075
817,700
$35,104
$30,090
$494,438
$591,775
_
Direct taxes.
Gross income.
Int. on mtge. bonds
Other int. & deductions.
Net Income
a
33
pref. stock for the period.
403,608
..
Balance
a
76,780
accumulated and unpaid
Dividends
403,608
$90,830
Divs. applic. to
$188,167
to May 31,
:
1939
$181,913
72,223
$190,678
92,061
$88,950
8,624
55,370
def6,444
•
Net ry. oper. income..*
■■v? From Jan. 1—
Gross from railway
40,67.6
$120,171
30,326
9,692
•_
Net from railway
Net ry. oper. income...
—V. 150, p.
841,027
355,147
216,994
596,796
188,866
84,677
433,155
82,392
4,054
819,447
356,120
204,893
ie
Interstate Commerce Commission for
applied to the Interstate Commei
authority to issue $750,000 of equipment trust certificates, to finance in
part the purchase of new equipment costing an estimated total of $940,000.
Competitive bids are being requested for the certificates and the interest
rate will be determined when those bids are all in.
The equipment to be
purchased consists of 11 Diesel electric switching locomotive, 1 Diesel
locomotive, 1 streamlined train consisting of 1 coach-mail car
passenger
and 1 coach-grill, and 30 cement hopper cars.
/
Federal Judge George II. Moore has authorized Guy A. Thompson,
to pay interest at the rate of 3H% per annum for six months
ending July 1, 1940, on Pacific RR. of Missouri (extended) 2d mtge. bonds
In amount of $45,207.
trustee,
Earnings for Month of May and Year to Date
1940
1939
$6,663,979
1,232,869
$6,455,740
1,201,227
434,284
921,642
$7,062,429
1,301,439
287,907
49,300
371,817
31,672,247
5,700,764
30,975,631
4,913,029
38,065,159
8,775,351
2,497,837
1,377,295
587,372
3,768,627
From Jan. 1—
Gross from railway
Net from railway.
Net ry. oper.
—V.
150,
p.
income...
3666.
Mobile & Ohio
The
;
-
.
reorganization committee (Frederic W. Ecker, Chairman) in a letter
reorganization committee is pleased to report substantial progress
Ohio and
Northern.
the Mobile
& Ohio properties and has appointed a special master to conduct the sale.
On June 14 the Court announced upset prices for the various parcels to
be sold.
Definite dollar prices were announced for most of the parcels, but
certain items such as materials and supplies and net current assets which
fluctuate from day to day cannot be determined accurately until the day of
the sale.
However, the Court order provided that these fluctuating items
should be determined at certain percentages of the book value of such items.
Certain receivership and foreclosure expenses are to be deducted from the
proceeds of the sale and cannot be estimated exactly at this time.
However,
the reorganization committee estimates that on the basis of the April 30,1940,
balance sheet the portion of the upset prices applicable to the refunding
and improvement bonds will not exceed about $182 per $1,000 bond and
that the portion applicable to the 5% secured notes will not exceed about
$218 per $1,000 bond.
Similarly, it is estimated that the portion applicable
to the Montgomery Division bonds will not exceed about $163 per $1,000
towards the completion of the reorganization of the Mobile &
consolidation of its properties with those of the Gulf Mobile &
The
Court
has signed the foreclosure decree ordering sale of
bond.
reorganization committee must emphasize to holders who have not
deposited that if they desire to receive the new securities they should deposit
The
their bonds.
Earnings for Month of May and Year
Gross from railway
Net from railway
Net ry. oper. income...
From Jan. 1—
Gross from
railway
Net from railway
°Net ry. oper. income—
—V. 150, p. 3982.
947,143
391,929
382,598
1940
$1,030,224
235,733
84,828
to
was
paid on
1938
$1,033,283
$890,360
203,552
78,610
Nashville Chattanooga & St.
4,815,653
972,716
280,978
4,771,160
987,181
285,812
$1,259,085
270,624
149,062
' '•
6,201,816
1,391,757
826,536
$1,229,353
Net from railway241,345
Net ry. oper. income.._
136,837
From Jan. 1—
^
Gross from railway
6,206,174
1,223,872
678,775
.
Net from railway
income...
—V. 150, p. 3521.
Net ry. oper.
Louis Ry.—Earnings1937
1938
1939
1940
May—
Gross from railway
$1,156,468
307,450
214,470
$1,194,312
153,088
45,129
5,583,477
1,059,328
539,545
6,383,665
1,174,329
677,686
National Acme Co.—25-Cent Dividend—
The directors have
declared
dividend of 25 cents per share on the
a
stock, par $1, payable July 12 to holders of
common
This
record July 3.
with 50 cents paid on Dec. 27 last; 25 cents paid on Dec. 29, 1938:
50 cents paid on Dec. 20, 1937; 25 cents paid on Nov. 15 and June 30, 1937,
and on Dec. 22, Nov. 20 and Aug. 20, 1936, this latter being the first divi¬
dend paid by the company since May 1, 1931, when a quarterly dividend of
20 cents was distributed.—V. 150, p. 3982.
compares
National Fire Insurance
Co.—Official Resignsr &c.—
directors the resignation of F. B. Se.vmour
as Secretary and Treasurer was accepted.
Mr. Seymour has been with the
company
since 1882.
Garrison Lowe, who had been Comptroller, was
elected Vice-President and Secretary.
Cameron Winslow, who had been
Secretary of the
investment department, was elected Treasurr and will
continue in charge of the investment department.
Assistant Secretaries
W.
H. Hinsdale and W. O.
Minter were elected Secretaries.—V. lii.
At the recent meeting of the
4352.
p.
National Investors Corp.—S-Cent Dividend—
cents per share will be paid on July
This payment compares with 14 cents
dividend of 8
A
record
June 29.
20 to holders of
paid on Dec. 23
July 20, 1939; four cents paid on Dec. 24, 1938, and
share paid In each of the preceding quarters.—V. 150, p. 2889.
last: five cents paid on
National Public Service Corp.—Sale Postponed—
The New York Trust Co., trustee for the company's debentures, has
postponed to July 31 from June 26 the sale at public auction of a single
block of 712,411 shares of Jersey Central Power & Light Co. common
stock, collateral supporting the debentures.
The stock was originally
scheduled to be auctioned on Sept. 28, 1936, but the sale has been postponed
from time to time.—V. 150, p. 3366.
/
National Tea Co.—Sales—
June 15, 1940 amounted to $4,549,749 as
compared with $4,154,412 for.the corresponding four weeks in 1939, an
increase of 9.51 %.
The number or stores in operation decreased from 1,099 in 1939 to 1,059
at June 15, 1940.
Average sales per location increased 13.65%.—V. 150,
P. 3521.
(& Subs.)—Earnings-—
National Terminals Corp.
1939
$87,177
1,769
8,913
b Additional Interest
^6,406
Int. on bonds other than debentures....85,066
86,914
Int. on 6H% conv. gold debentures
...
1,495
1,495
Int. on 6% cum. income debentures———.....
36,120
36,120
Provision for depreciation and amortization
150,955
115,603
Provision for Federal income taxes———--—-300
v.
Years Ended March 31—
1941)
$156,337
■
depreciation, amort. & interest.
Interest expense
—-
Net loss..
a
$119,367
-
$168,275
debt, less interest income,
b On April 1, 1933,
and premium on retirement of 1st mortgage and
Other than on funded
maturities and coupons
collateral trust 6H%
gold bonds.
Consolidated Balance Sheet March 31,1940
t
Assets—Cash, $82,721; U. S. Govt, securities, at cost, $75,000; accounts
and notes receivable, trade (less reserve for doubtful accounts of $8,665),
$1,207; inventory of ice, estimated,
receivables, $2,491; plant and equip¬
(net), $3,277,365; deferred charges and prepaid expenses, $52,432;
assets held by trustee as security for collateral trust sinking fund 6H%
bonds due Apr. 1, 1943, $112,054; total, $3,702,842.
ment
by $400,000 mortgage note of subsidiary
payable, trade, $28,472; other payables and
to affiliated company, $32,406;
deferred rental credit, $93,740;
reserve for handling charges and deferred income, $9,620; accrued interest
on
cumulative income debentures, $180,600; reserve for extraordinary
repairs, $5,100; funded debt, $1,336,300; capital stock (par $5), $590,495:
surplus, $578,762; total, $3,702,842.—-V. 150, p. 2585.
Liabilities—Bank loans (secured
company), $30,000; accounts
accrued expenses, $219,946; account payable
funded debt, due within one year, $597,400;
Co.—Sells hand to Government—
Natomas
of 4,472 acres of land to the United States Army
approximately $145,000 represents one of the largest real estate trans¬
concluded by the company in recent years.
As of Dec. 31. 1939,
Natomas Co. had 61,228 acres of agricultural land carried on the balance
sheet at $7,363,325, or an average of about $120 per acre.—V. 150, p. 3056.
Sales by this company
for
actions
Nehi
The
Corp.—Listing—
New
Exchange has stricken from listing the common
value.—V. 150, p. 3833.
Cirb
York
stock, without par
Nevada Northern
Ry.—Earnings—
1937
1938
1939
1940
May—
Gross from railway
39,702
Net from railway.
1937
$1,053,163
239,670
106,743
29,635
17,866
15,168
17,475
Gross from railway.....
Netfrom^raifway
301,226
169,077
269,648
129,650
279,961
121,743
87,063
213,191
73,904
49,448
Net ry. oper.
—V. 150, p.
5,073,114
1,224,350
603,318
income
income._.
3521.
i
New Britain Machine
133,088
95,488
I
Co.—Extra Dividend
Directors have declared an extra
dividend of 50 cents per share in addi¬
quarterly dividend of 50 cents per share on common shares, both
payable June 29 to holders * 1 :record June tr. f;aj>ont HivirifinH W-»cwas paid
of
21. Extra of 25 cents TiaiVl r»n
^
i
-e
+
tion to
4,768,995
890,674
181,976
Initial dividend of $1
Net ry. oper.
Date
1939
235,065
94,669
Dividend—
share on the common
of record June 29.
April 25, last.—V. 150, p. 3366.
The committee believes it is in the interest of bondholders to
deposit and urges them to do so at once.
Those holders who do not accept
the plan will be entitled to receive only their pro rata share of the net pro¬
ceeds of the foreclosure sale.
Based on deposits now in hand and promised,
the reorganization committee and Gulf Mobile & Northern RR. are proceed¬
ing to consummate the plan and to provide funds to liquidate the undeposited bonds at the final prices determined by the foreclosure sale.
May—
113,105
548,063
118,113
162,187
$234,274
118,587
$98,573; accounts receivable, other,
$1,000; non-current investments and
RR.—Deposit of Bonds Urged—
dated June 22 states:
The
31,687
513,143
109,115
166,680
1937
1938
$6,092,317
33,830,859
6,675,865
Net ry. oper. Income..*
77,786
Directors have declared a dividend of 25 cents per
a
May—•
1937
1938
$112,859,
27,853
stock, payable July 20 to holders
Net income before
Interest—
Gross from railway
Net from railway
582,120
1939
$84,831
15,384
14,914
Sales for the four weeks ended
-Equipment Issue-
has
trustee
1,950,925
1,146,951
817,243
295,435
327,784
Net ry. oper. income—
3520.
Missouri Pacific RR.
The
220,888
1940
$201,473
84,901
Gross from railway
Net from railway
1937
1938
1940
railway
664,654
687,412
Net ry, oper. income—
From Jan. 1—
two cents per
Missouri Illinois RR,—Earnings—
May—
Gross from
1,282,343
income...
3520.
May—
1940, amounted to
$521,327. Latest dividend, amounting to $2 a share on $6 preferred stock,
was paid on May 1, 1940.
Dividends on this stock are cumulative.—V.
150, p. 8832.
Net from railway
71,437
1,226,379
689,506
217,124
Gross from railway
Net from railway
$1,484,504
1,751
Operating revenues
Operating expenses
9,219
1,255.189
Mountain States Power Co.—25-Cent
1940—12 Mos.—1939
$3,562,890
$3,565,780
2,259,674
2,267,129
288,333
321,667
174,771
Gross income
on
$70,598
$294,255
Int. & other deductions.
Net
129,120
Net ry. oper.
1937
$62,253
$260,948
Oper. expenses and taxes
Prov. for depreciation..
Divs.
1937
$354,981
206,002
93,779
—V. 150, p. 3365.
Period End. May
Gross revenue
1938
$261,078
164,907
Montour RR.—Earnings—
1938
1939
$66,427
def1,414
defl0,745
325,147
18,226
def30,002
1939
$179,148
89,400
2.140.572
Net ry. oper. income
From Jan. 1—
Gross from rail way...
Net from railway.
Mississippi Central RR.- -jEarnings—
May—
1940
$411,443
249,009
May—
Gross from railway
Net from railway
—V. 150. p.
3832.
Gross from railway
June 29, 1940
a
OA
,
_
.
-
Volume
The
150
Nevada-California Electric Corp. (&
.
-*
;
^
-
$499,195
15,421
182,371
48,231
49,923
Maintenance.
Other oper. expenses
Taxes
Depreciation
* -
*
-—- -
*
_
Net oper. revenues
$203,248
Other income
1,555
Gross income*
/Interest
•
*
1940—12 Mos .——1939
$5,280,423
$5,592,579
252,166
243,967
2,285,063
2,132,638
570,278
561,282
597,259
589,715
20.326
195,554
51,531
41,877
$1,752,820
31.299
$201,685
1,607
$1,887,814
27,255
$1,784,119
1,348,890
6,752
1,043
6,809
1,090
81,341
82,957
13,534
14,821
$82,249
$340,353
$440,454
"3*.478
5,121
18,272
44,112
25,930
60,419
$82,329
.
.
$203,292
113,145
$85,807
_w
.
$77,128
$314,513
$405,965
*
.
4133
New Orleans Texas & Mexico Rv.-~Earnings
'-.'■'•'j
$1,915,069
1,376,837
Amortization of debt dis¬
count and expenses
Miscell. deductions**
Subs.)—Earnings
toon
•
-
$510,973
$204,803
111,201
*
ie* J*
-
1940—Month—1939
Period End. May 31
Operating revenues
Commercial & Financial Chronicle
#.
May-
iam
-r:
inoo
1938
i aoa
1940
Gross from railway
Net from
1939
$175,115
33,738
44,280
1,122,576
411,775
440,116
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
1937
$237,195
88,938
95,166
1,163,473
60,399
431,792
430,964
$245,969
126,504
119,460
1,208,713
512,137
517,099
$201,109
63,763
railway
1,415,978
731,625
664,658
—V. 150, p. 3521.
New York Central RR,—Earnings—
1940
May—
Gross from railway.. —$29 ,494,370
Net from railway.
6 ,936,974
Net ry. oper. income
2 ,873,605
From Jan. 1—
Gross from railway
145 ,450,851
1938
1937
1939
$25,343,068 $22,896,666 $31,127,851
7.522.379
4,586,725
5,700,642
902,346
3.956.380
1,688,138
,
Net income
Profit on retirement
bonds & debs.
of
(net)_*
Othermisc. debits (net).
a
Earned surplus..
a
Available for redemption of bonds, dividends, &c.
Gas
Association—£ystem
Electric
&
For the week ended June 21 New England Gas & Electric System reports
electric output of 8,308,459 kwh.
This is an increase of 633,457 kwh., or
8.25%, above production of 7,675.002 kwh. for the corresponding week a
year ago.
Gas output is reported at 92,021 mcf.* an increase of 6.492
mcf.y or 7.59%, above production of 85,529 mcf. in the corresponding
week
a
ago.-—V.
year
150,
New Haven Gas
3982.
p.
Light Co —-Earnings—'
1936
$2,481,118
1,570,213
80,539
bl938
$2,436,999
1,537,008
88,350
1937
$2,388,411
1,519,931
89,754
50,000
99,777
11,626
234,285
50,000
96,963
11,424
220,411
50,000
a86,393
11,613
215,230
Calendar Years—■
1939
Operating revenue
Ordinary expenses
Maintenance-
$2,389,033
1,518,210
86,160
Provision for deprec., re¬
newals & replacements
Prov. for Fed. inc. taxes
Prov.for other Fed.taxes
Prov. for other taxes
Operating income
_
$434,678
Non-operating income.
Int.
$432,844
75,221
83,443
6,168
211,256
$412,124
89,231
91,116
$526,569
$508,065
$506,605
$501,355
6,973
4,312
CV337
6,881
4,092
Cr 131
5,630
3,947
3,804
$515,622
495,000
$497,223
495,000
$497,028
495,000
$495,826
49o,000
unfunded debt..
on
71,671
$415,489
91,891
*
Gross income
_
Miscellaneous interest-.
Int. charged to constr'n-
1,725
*
Includes $225 provision for Federal surtax on,,,undistributed profits,
b Restated.
a
Assets—Property,
plant
and
equipment;
toward
refunding them well in advance of that time.
debits, $30,353; total,
$10,46^471.
678,750 of the notes.
The Chesapeake & Ohio Ry. owns $3,583,750 of
has agreed that if other holders of not less than $8,000,000 of
1
1940, it will take the new debentures-forforegoing its proportionate share of the 20%
cash payment amounting to $716,750.
The debentures will be dated June 1,1940, will he due in 10 years, and will
carry a covenant on the part of the company to retire in each year, beginning
in 1942, debentures equal to 25% of its net income for the previous year,
but not less than $400,000 annually.
In his letter to the noteholders, President G. D. Brooke also states that
holders desiring to accent the offer should send their notes to Manufacturers
Trust Co., 45 Beaver St., New York, N. Y., agent.
Authority to issue the new debentures is sought in an application filed with
the Interstate Commerce Commission.
As soon as authority is received,
the cash payment and the new debentures will be available.
notes accept the offer by Dec.
the full amount of its holdings,
Earnings for Month of May and Year to Date
1940
$3,449,064
881,397
383,332
1939
$3,170,516
911,119
431,457
1938
$2,737,642
663,230
224,544
1937
$3,469,101
1,127,960
572,564
18,436,838
5,448,066
2,743,078
16.133,611
4,686,282
2,297,917
13,917,191
3,158,430
891,285
18,493,262
6,499,511
3,651,484
New York Connecting RR.—Earnings—
May—
1940
1939
1938
Gross from railway
$197,858
$187,456
$164,476
Net from railway
118,471
98,933
111,203
Netry. oper. income-.
73,486
54,728
*
43,989
1937
$239,620
184,671
119,873
May—
Gross from railway
Net from railway._____
Net ry. oper. income...
From Jan. 1—
Gross from
—V.
150,
The offer of Thomas L. Russell heretofore made to purchase all of the
(in liquidation) as of March 1, 1940. for sum a equal
a dividend of 3% on all claims allowed, or to be allowed in the
liquidation
proceedings has been rejected.
All real estate now in possession of the Commissioner of Banking and
Insurance of the State of New Jersey for sale and realization will be offered
for sale to the highest bidder at public auction on Aug. 1, in the offices of
Louis A. Reilly, Commissioner of Bank and Insurance of the State of
New Jersey, in Room 307, 1060 Broad St., Newark, N. J.
There will be also offered for sale at the same time and place to the
highest bidder at public auction all other assets, such as accounts receivable
and salvage, in the possession of the Commission of Banking and Insurance.
—V. 145, p. 3824.
railway.
Gross from railway
Net from railway..
1939
$245,425
88,775
35,496
1938
1937
$246,782
86,992
32,115
$270,790
100,281
33,088
1,295,500
Gross from railway
1,195,617
410,291
142,696
1,208,070
346,547
69,102
1,356,638
535,656
258,358
447,955
Net ry. oper. income
—V. 150, p. 3521,
181,337
.
New Orleans Public Service Inc.—Bonds Called-—
1935,
as
amended
and
supplemented
bv
plan and agreement dated Aug. 24, 1934.
payable on Aug. 1 at their unpaid principal
original
interest; at
the
Called bonds
amount (i.e.,
together
with
accrued
Co..
New
which
amount),
100 Broadway, New York, or at the Whitney
Orleans, St. Charles and Gravier Streets, New
also
states
that
holders
of
bonds
called
for
extension
will become
90% of the
the
New
York
National Bank
Orleans.
The
redemption, on
payment of the 10%
of the principal amount has not been collected
in accordance with terms of the extension plan, may obtain the 10% upon
—V. 150, p.
Direct taxes
Prop. retire. res. approp.
Net oper. revenues
Other income (net)
1940—Month—1939
$1,605,647
748,448
ISTow JcTscy
mortgage bondsOther int. & deductions_
on
Balance
_—*---
-V. 150, p.3666.
'
-.
of
■r>.
charges
c607,875
635,722
c491,093
3,491,698
c2,156,006
2.881,717
c2,717,437
rejected on dates stated be¬
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. 11,
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
RR., Providence Warren & Bristol RR. and Boston & Providence RR.
Corp 1621S6S ' *
'' '
.;v'\ ' 'f j 1
V >' ,•.
,-V. ' * ' -'' 1
V;
V.''"'', '
c For the purpose of showing the complete account for the operated system
includes charges for accrued and unpaid real estate taxes on Old Colony
and Boston & Providence properties, and accrued and unpaid charges against
said properties for Boston Terminal Co. taxes and 1940 bond interest.
I
Suggested to Aid Reorganization Plan—
suggested solution of the difficulties which have been raised in coimec-_
by failure of the Interstate Com
merce Commission to provide for inclusion of the Old Colony RR. in the
reorganized system, was offered to the Commission June 27 by C. A.
Coolidge, attorney for the Old Colony.
Appearing before the ICC at arguments on petitions for reconsideration
of the Commission-approved final reorganization plan for the New Haven,
Mr. Collidge suggested:
\
(1) That the ICC authorize trustees of the Old Colony to abandon opera¬
tion over the road's so-called Boston group of lines, for its own account, and
provide in the reorganization plan that the New Haven extend its lines to
the Boston group for freight service only.
■'
(2) Provide that the New Haven acquire all Old Colony s properties,
including the fruit terminal, union freight stock and other facilities at or
tion with reorganization of the company
.
„
near
,
,
Boston.
'
Mr. Coolidge asserted
..**
that these provisions would solve all
ties that 'have .been raised.:'
In its final reorganization plan,
,
the difficul¬
*
.
,
.
,
the ICC made no provision for inclusion
in the New Haven system because of the road's unfavor¬
able earnings position.
The Commission also refused to approve a separate
reorganization of that road at this time.
.
Mr. Coolidge said that under his proposal the New Haven would be
of the Old Colony
_
.
protected because the present economies in operation
would be made permanent, and because much greater
of the Old Colony
economies could he
participate.—V. 150, p. 3668.
New York Ontario &
■
$321,249
$5,137,218
2,239,614
255,147
$4,249,057
2.364,933
—V. 150, p.
Gross from
249,841
Cr32,872
_ * _
7,521
,
def77,377
railway.__—
income
def63,122
def447,455
Net ry. oper.
New York &
$1,667,155
544,586
Operating revenues ..»*■*
Gross income after re¬
$2,097,871
$1,122,569
Net income
accruals
150, p.
Am„
2,096,476
1938
$517,894
27,256
def56,382
2,881,316
426,065
2,504,751
26,309
def385,166
def45,221
1937
$599,815
94,899
12,864
•>:
:/_>•,.•
**m(
2,901,046
468,419
28,348
Richmond Gas Co.—Earnings-
May 31-
544,586
tirement
^
1939
$568,442
61,714
def31,662
3521.
Period End.
—V.
Western Ry.—Earnings-
1940
$450,748
May—
$372,060
184,241
$2,642,457
514,243
******
The leases of the following companies were
low but net railway operating income includes
a
$4,242,556
6,501
192,451
20,603
1940—Month—1939
1940—5 Mos.—1939
,647,839
$6,867,355 $33,273,434 $32,858,790
440,744
2,067,223
2,539,526
351,626
Net ry. oper. income.^
Income avail, for fixed
a
$5,135,615
1,603
~~ $164,601
$108,195
applicable to pref. stock for the period
Net income
,
New York New Haven & Hartford RR.—Earnings—•
$321,404
Drl55
23,218
1»,
Period End. May 31—
Total oper. revenue
:
1940—12 Mos.—1939
$1,499,505 $20,075,480 $18,509,515
723,109
8,971,173
8,877,474
277,992
3,519,671
3,265,485
2,449,021
177.000
2,124,000
Int. charged to constr'n.
Divs.
'Sr**
payments will not be resumed until a settlement has been
reached in the New Jersey State litigation, it was said.—V. 150, p. 2433.
$371,786
274
197,643
$4
on
Net from
Gross income
Int.
Long Branch RR.—Dividend Deferred—
meeting voted to suspend payment of the
company's common stock ordinarily due at this time.
Company is Jointly owned by Pennsylvania RR. and Central RR.
Directors at their recent
dividend
railway.*
Net from railway..
Net ry. oper. income._.
From Jan. 1—
Gross from railway.*...
287,770
697,599
The
Earnings for Month and 12 Months Ended May 31
Operating revenues
Operating expenses
1,245,069
1,001,584
241.436
suggested solution of the Old Colony problem was offered shortly
after tne ICC began the arguments in which 32 attorneys are scheduled to
presentation of their bonds to the New York Trust Co., agent.
Period End. May 31—-
845,048
560,580
580,773
income.__
3521.
.
Company announced on June 25 that it is calling for redemption on
Aug. 1, 1940, $1,000,080 principal amount of its general lien 4%% gold
1,
1,104,233
781,452
498,389
Net ry. oper.
A
1940
$264,985
89,491
40,425
Net ry. oper. income.__
From Jan. 1—
July
1,017,788
684,242
Gross from railway
Net from railway
Plan
New Orleans & Northeastern RR.— -Earnings.May—
Trust
3521.
p.
b Net def. after charges
assets of the company
announcement
railway.....
Net from railway
Net ry. oper. income..-
Jersey Fidelity & Plate Glass Insurance Co.—?
to
of
proposal mailed
Dividend
Offer Rejected—Sale-—
face
a
them and
$37,512;
cash,
—Capital stock (par $25), $6,875,000; notes payable (banks),
$280,000; accounts payable, $117,080; dividends declared, $370; customers'
deposits, $101,779; taxes accrued, $361,404; interest accrued, $19,690;
other current liability, $2,750; deferred credits, $4,787; reserves, $1,789,230;
contributions in aid of construction, $243,835; earned surplus, $672,545:
total, $10,468,471.—Y. 148, p. 1651.
due
In
June 26 to the noteholders, the company is now offering them 20% in cash
and 80% in 6% debentures.
There are outstanding approximately $12,-
New York &
$9,489,342:
special deposit, $296; temporary cash investments, $53,831; note and loan
receivable, $5,850; accounts receivable (net), $697,929; dividend receivable,
$448; rents receivable, $1,085;. materials and supplies, $151,825; deferred
bonds
21,345,947
150, p. 3833.
New York Chicago & St. Louis RR.—Offers Noteholders
20% Cash, Balance in Debentures—•
Balance Sheet Dec. 31,1939
Net from
39,654,649
18,921,725
26,986,850
6,233,565 def814,057
12 ,464,909
From Jan. 1—
Net income
Dividends declared
New
129,274,228 115,902,370 155,829,496
32 ,644,394
The company instead of awaiting the nearer approach of the maturity of
6% unsecured notes, not due until Oct. 1, 1941, is taking steps looking
Exchange has removed from unlisted trading the
old common stock, par $100, and has admitted to unlisted trading the new
common stock, par $10.
The new common stock was issued, share for share,
in exchange for the old common stock.—V. 150. p. 3668.
The New York Curb
New England
Output—
—V.
_
**
its
Unlisted Trading—
.
Net from railway
Net ry. oper. income*
3668.
1940—Month—1939
$101,894
$99,300
27,461
13,590
25,903
13,330
1940^-12 Mos.—1939
$1,226,964
$1,198,353
328.523
158,997
312,384
161,154
The Commercial & Financial Chronicle
4134
New York
Susquehanna & Western RR.—Earnings—
1940
$248,029
1939
$271,625
1938
$243,622
1937
$307,023
74,980
19,085
102,819
34,830
57,821
defl4,830
126,930
57,888
1,302,261
May—
1,325,982
498,351
144,794
1,297,922
435,810
74,872
ware
Gross from railway
Net from railway
Net ry. oper. income--.
Morris^1^at^''::C^,;,;^;■Neptunua■■■■Watw:''G^.'*^:New.'
WaterSupply: Go.,
Jersey Water Service Co., Ocean City Sewer Service Co., Ocean City Water
Service Co. and Punxsutawney Water Service Co.
The application stated that Northeastern has a general program to divest
tself of all holdings other than operating water companies.—V. 150, p. 3522.
1,513,690
■
June 29, 1940
Northern Indiana Public Service
GS?romraiiway
480,040
199,411
Net from railway
...
Net ry. oper. income...
594,594
263,911
—V. 150, p, 3521.
New York Westchester & Boston
poned—
Ry.—Hearing Post¬
'
,,
Federal Judge John C. Knox has adjourned until Oct. 4, a hearing on the
petition of the receiver, for an order to dismantle the road. It was reported
to the court that an engineering survey of the road has been completed
and that factual details collected are being worked into a reorganization
plan.
v
£
The plan is to be presented to the Port of New York Authority and, if
feasible, may result in the reopening of the road under Port Authority
management, Mayor Stanley Church, of New Rochelle, N. Y., said.—V.
150, p. 2891.
Norfolk & Southern
2,002,077
1,766,487
*1,858,167
*1,568,858
Net operating income- $4,954,029
Other income
108,160
$4,519,103
48,391
$4,839,798
$4,199,392
65,220
135,872
Gross income
Other deductions-
$4,567,494
$4,905,018
$4,335,265
237,813
2,494,353
Taxes
Interest on
$5,062,189
264,854
funded debt2,431,295
230,068
2,487,697
$2,366,039
1,377,486
$1,873,220
1,377,486
$2,187,252
1,377,531
$1,603,099
$988,553
3,142,692
Net income
dividends
Preferred
227.157
2,467,117
$495,734
2.181,417
$809,721
1,797,864
<742,096
Balance to surplus—
Surplus Dec.31
RR.—Earnings—
Includes
x
1940
1939
1938
Gross from railway..
$338,583
$337,943
$382,457
Net from railway
31,397
29,710
75,096
Net ry, oper. income...
def20,929
def22,334
20,889
From Jan. 1„
j
Gross from railway
1,678,036
1,700,728
1,683,087
Net from railway
145,855
191,798
193,172
Net ry. oper. income— defl01,996
def45,400
def47,896
—V. 150, p. 3522.
May—
-.
1937
* $387,422
63,135
5,237
conform
provision
uniform
to
373,178
102,290
1,019,338
undistributed profits tax.
y Reclassified to
of accounts prescribed for public utilities,
Restated for comparative purposes.
for
1, 1937.
effective Jan.
861,003
system
z
Balance Sheet Dec. 31
1939
1,921,335
Co.—Earnings—-
1939
1938
zl937
yl936
$18,491,458 $17,256,629 $17,799,800 $14,641,959
10,035,352
9,571,039
9,701,835
7,473,708
1,500,000
1,400,000
1,400,000
1,400,000
Calendar Years—
Operating revenue
Operating expenses
Depreciation
A
O O fit Q..H
i....
1938
*7"
1939
Liabilities—
$
'
Utility plant
1 86,028,240
Cap. stk. diset.
and expense1,756,413
84,258,894
—
1,756,413
_
1938
$
*
7% pref.stock..
6 985,800
6% pref.stock.. 12,450,500
514% pref. stock
2,571,500
6,985,800
12,450,500
2,571.500
Inv. in & adv. to
Norfolk & Western
Ry.—Earnings—
Period End. May 31—
1940—Month—1939
1940—5 Mos.—1939
Freight revenues
$8,543,412
$4,790,904 $39,819,784 $28,290,650
Passenger, mail & exp.
revs
282,388
278,419
1,449,220
1,394,227
Other transport revs....
31,273
148,992
25,216
132,750
x
Common stock
18,068,700
18,068,700
subs.; aflil. &
other cos., &c.
Sinking funds A:
Long term debt.
50,400,000
48,944.000
1,371,727
3,593,995
depos.
y25,263
147,221
Deferred charges
7.614,490
4,382,041
Current assets
7,195,036
5,233,507
special
44,586
46,019
revs
Ry. operating revs.$8,903,092
Maint. of way & struc..
916,104
Maint. of equipment
1,726,983
292,699
225,076
1,808,828
17,384
190,108
24,453
$5,139,125 $41,710,695 $30,042,703
656,054
4,214,460
3,393,613
8,511,617
1,267,453
6,952,297
726,745
137,556
680,576
1,466,816
9,115,350
7,820,585
16,106
90,091
81,409
183,389
943,296
874,886
3,371
86,803
15,753
Netry. operatingrevs. $4,113,216
Ry.. Tax accruals.
1,340,019
$1,415,122 $18,195,939 $10,255,090
749,233
6,074,39 1
4,186,349
Traffic
154,922
expenses
Transportation rail line.
Miscell. operations
,
General expenses
Transp'n for invest—Cr.
Ry. operating imcome $2,773,197
Equipment rents (net)-.
Joint facility rents (net)
Net ry. oper. income.
G'r248,472
Dr9,931
.
$665,888 $12,121,548
CV75.308 Crl,386,122
Ilrll,513
/>60,577
$6,068,741
0901,974
/>73,220
Total
x
103,991,169
Represented
—V. 150, p.
y
Special
deposits
only.
From Jan. 1-—
Gross from railway
25,126,328
22,585,882
2,437,066
Net from railway
Net ry. oper. income—_
4,927,130
3,593,287
1,027,826
1938
defl61,004
1937
$5,082,128
592,725
335,667
19,662,921
931,005
def440,125
24,931,934
3,661,017
2,574,902
$3,964,816
138,169
—V.150, p.3522.
Northern States Power Co. (Del.)—Accumulated Div—
the 7% cum.
on the 6% cum. pref. stock, both payable
July 20 to holders of record June 29.
Like
paid on April 20, last, and dividends of $1.31# and $1.12
pref. stock and $1.50 per share
$752,148 $13,588,249
178,191
888,183
$7,033,172
891,897
per
$573,956 $12,700,065
$6,141,274
account of accumulation on
on
share, respectively,
were
paid in preceding quarters.
Weekly Electric Output—
Electric output of the Northern
States Power Co. system for the week
ended June 22, 1940, totaled 27,382,139 kwh., as compared with 26,436,676
American
Co.—Blocks
Disclosure
of Integration
Exchange Commission,
arose to state in a
public hearing his opinion
of the issues in the North American integration
case, Pearce Browning,
Attorney for the company .objected.
Mr. Binford's statement was to have set forth the
rearrangements of
properties which the SEC utility division believes North American is
required to make under the terms of the "death sentence" in the Utility
Act of 1935.
The statement would have been a tentative, official inte¬
gration plan for the company.
Trial Examiner Y illiam Swift upheld Mr
W
Browning's objection to the
Browning had argued that the statement was not legal
evidence and would serve no purpose.
Mr. Binford appealed the trial
Examiner's ruling on the ground that an attorney is
privilegSd to state his
understanding of the issues at the opening of a case.
If the appeal is up¬
held, the official integration statement may yet be made public.
North American Co. also won a postponement of future
integration
hearings until July 15, to allow it additional time to prepare its case. Mr.
Browning asserted that on that date the company would be ready to defend
itself and to uphold the integration plan which it has
suggested. Mr. Binford
also objected to the postponement.—V. 150, p. 3834.
statement after Mr.
North Texas Co. (&
Period End. May 31—
Subs.)—Earnings-—
1940—Month—1939
$116,102
$119,046
64,441
64,196
17,331
17,598
12,484
12,865
Operating revenues
Operation.
—,
Maintenance
——
kwh. for the corresponding week last year, an increase of 3.6%.—V.
p. 3983.
Northwestern Pacific RR.
The company, June 21 blocked, at least temporarily,
any disclosure of
official integration plans for the company's utility system.
When Ralph C. Binford, Counsel for the utility division of the Securities
—
99,372,070
shares,
1939
$5,384,363
901,241
590,991
$6,897,494
135,678
Plans—Hearings Postponed to July 15—
—
103,991,169
Total
no-par
1940
$5,758,142
1,491,630
1,168,028
$729,742 $13,447,094
22,405
141,155
150, p. 3521.
Taxes—
2,545,764
2,181,417
railway
Net from railway
Netry. oper. income—-
$2,842,878
Net income
and
670,224
677,140
3,749,030
Ry.—Earnings-—
May—
Gross from
$3,020,459
177.581
funded debt
North
constructs
3,142,692
99,372,070
1,806,870
by
Northern Pacific
amounts were
—V.
of
Reserves
2736.
8,720
Gross income
on
692,726
4,261,439
Directors have declared dividends of $1.75 per share on
$3,011,739
_
Other inc. items (bal.)__
Int.
682,303
5,263,503
liabs._
Surplus———.
__
Incidental & joint facil¬
ity
Deferred liabs-.
Current
Contribs. In aid
1940—12 Afos.—1939
$1,375,170
$1,355,251
759,974
748,035
199,160
200,063
146,560
148,035
May—
150,
—Earnings—
1940
1939
1938
$265,486
defl0,752
def41,906
$287,617
3,825
def24,311
$280,573
def25,692
def55,546
1937
$331,702
38,657
17,548
1,183,667
defl70,340
323,669
1,198,840
defl31,701
def263,721
993,019
def514,323
def658,546
54,933
def64,178
Gross from
railway
Net from railway
Net ry. oper. income.—
From Jan. 1—
Gross from railway
Net from railway......
Net ry. oper. income.__
—V. 150, p. 3522.
Northwestern
Public
District in Nebraska
Service
1,487,594
Co.—Consumers
Power
Offers Bonds—
The Consumers Public Power District of Columbus, Neb., has purchased
the properties of the Northwestern Public Service Co. in the Columbus
district for $1,240,000.
,
Bonds bearing 3interest rate will be issued through a group headed
by John Nuveen & Co. of Chicago.
The bonds will be retired serially from
to 25 years with an option to retire the entire issue at any time after
three years at $103.50.
The purchase results in the saving of 1 >2% interest or about $20,000 a
year from the interest payments under the previous lease agreement.
This
saving will be based along to consumers through a 20% rate reduction to the
City of Columbus for street lighting and a probable reduction in the com¬
mercial-industrial rate of from 3 to 2 cents per kilowatt-hour.
The District granted a general 10% reduction wrhen it first took over
the property under a lease-purchase agreement.—V. 150, p. 3983.
one
NoXzema Chemical Co.—To
Pay 15-Cent Dividend—
Directors have declared
Net oper. revenues
$21,847
$269,476
67
21
$21,883
10,314
Non-oper. income (net)
$24,387
$24,387
12,728
$269,543
138,773
$259,139
140,358
37
-
Balance
Retirement accruals
Gross income
$259,118
$11,570
$11,659
equip, notes, &c_
929
998
$130,770
10.572
$118,781
6.885
Bal. before bond int__
Int. on bonds-—3% fixed
$10,641
2,842
$10,660
3,428
$120,197
37,754
$111,896
Int.
on
42,244
a dividend of 15 cents per share on the common
stock, payable July 1 to holders of record June 24.
This compares with
30 cents paid on Dec. 30, last; dividends of 15 cents paid on Dec. 29, and on
July 1, 1938, and previously semi-annual dividends of 30 cents per share
were
distributed.—V. 149,
"
$7,798
$7,232
on
bonds..
Net income
-V.
150,
p.
$69,652
$44,512
3% income interest
$82,443
37,931
$26,394
Ohio Associated Telephone Co.—Earnings—
Period End. May 31—
1940—Month—1939
$69,112
$66,093
160
152
revenues
Uncollectible open rev—
1940—5 Mos.—1939
$338,124
$321,492
788
745
43,258
Operating revenues
Operating expenses
$68,952
$337,336
220,874
$320,747
215,362
$24,067
8,199
.
$65,941
44,466
$21,475
6,779
$116,462
40,395
$105,385
34,103
$15,868
.
$14,696
$76,067
$71,282
44,885
3983.
Northern
California
Withdrawn—
Net oper. revenues—
Goldfields,
Inc.—Registration
a--o:
..The Securities and Exchange Commission
on June 24 pursuant to Sec.
(2) of the Securities Exchange Act of 1934, ordered withdrawn the
registration on the San Francisco Mining
Exchange and the Standard
Stock Exchange of Spokane of the common
stock, 10-cent par value, non¬
assessable, of the company, effective at the close of business on July 15, 1940.
19
4037.
The common stock, par $4, has been admitted to Tistlng and registration
by the New York Curb Exchange.—Y. 150, p. 3983.
Operating
Balance
p.
Ogden Corp.—Listing and Registration—-
(a)
Operating taxes
Net oper. income
—V. 150, p. 3522.
Ohio Power Co.Calendar" Years—
Operating
Operation
Maintenance.
Depreciation-
____
Northeastern
Water
Union Water Service
& Electric Corp.—To
Acquire
Corp.—Bank Loans Arranged—
The Securities and Exchange
Commission June 24, announced that
corporation had filed an application and declaration (File
70-96) under the
Holding Company Act regarding the proposed
acquisition from Federal
Water Service Corp. of all of the
outstanding stock of Union Water Service
Corp., consisting of 9,900 shares of common stock, (no par), and 6,000 shares
of $6 cumulative preferred stock (no
par), for $1,225,000.
Northeastern proposes to obtain a loan of
$750,000 from the Chemical
Bank & Trust Co. and $500,000 from Schroeder Trust
Co., New York, the
proceeds of which will be used to purchase the securities.
The loan will be
evidenced by a promissory note bearing interest at the rate of
2% % per
annum.
Water Service Corp., it is stated, owns all of the
outstanding
securities of Citizens Water Service Co.,
Clymer Water Service Co., Dela¬
Union
Taxes
_
-Earnings■
revenue..
•
—
_
-
»
-
1938
1939
al937
.$25,673,645 $23,502,980 $24,278,002
8,472,719
8,194,595
8,066,164
1,453,671
1,300,914
1,473,534
3,322,572
—
3,413,188
3,031,730
2,475.616
3,189,685
2,785,777
-.
—
——
Operating Income
Other Income (net)
-----—-
$9,144,381
46,738
$8,209,284
18,597
$8,920,796
52,150
Total income-----..-—-------- $9,191,119
Interest on funded debt
2,255,312
Amortization of debt discount & exp_
159,212
Other deductions (net)
•
Cr7,615
$8,227,880
2,754,858
280,864
95.391
$8,972,947
2.881,953
300,045
78,113
Net income
Preferred dividends
$5,096,765
1,188,390
2,773.994
$5,712,834
1,188,390
3,769,787
—
Common dividends
a
$6,784,210
1,188,390
4,374,376
Amounts restated for comparative purposes.
Volume
The Commercial & Financial Chronicle
150
Balance Sheet Dec, 31
1939
A OtftPtt
mi.
«J-' '
■
Utility plant..
s
_
475,540
2,356
133,975
1,173,973
1,508,581
87,905
accrued
571,442
322,599
621,029
Taxes accrued..
3,110,868
2,535,194
99,032
99,032
Interest
3,104,455
Divs. accrued
accts.
Mdse. for resale
Prepayments...
285,339
Other accrd. lia¬
Unadj. credits._
27,814
437,219
Reserves.......
16,633,630
14,556.376
Contrib'n
disct. and exp.
3,056,383
1,199,086
120,190
Common stock
17,782,015
9,896,153
19,806,500
17,782,015
8,564,614
...137,742,028
133,981,122
Surplus.
Total...... .137,742,028
133,981,122
Represented by 3,556,403
Ohio Edison
& taxes._'
225,000
Gross income
Int. & other deduc'ns
$7,573,795
$7,546,202
286,820
3,386,241
3,446,869
$308,985
155,577
$4,159,961
1,866,923
$4,126,926
1,866,923
$157,644
$153,408
$2,293,038
$2,260,003
3983.
Ohio Water Service Co.—
-Earnings-
1939
1938
1937
1936
Operating revenues...._
Oper. expenses & taxes..
$674,719
325,671
$594,914
$672,154
308,078
313,023
p.
Net earnings
Other income, net
$349,048
$286,836
3,023
$359,131
4,164
$339,939
2,370
Oper.
Gross income
Int. on long-term debt..
$352,921
191,000
4,791
$289,859
191,000
$363,295
191,000
1,093
$342,309
Miscellaneous interest.
_
827
191,000
652
Amort, of debt discount
and expense
10,648
10,648
10,648
10,648
$146,483
121,566
$87,383
113,462
$160,554
113,462
$140,008
101,305
*
__
Net income
Divs. on cl. A com. stock
Net
equipment, $7,409,244; miscellaneous in¬
vestments,
$1,650; deferred municipal
accounts
receivable,
$119,697;
cash, $206,710; working funds, $3,865; U. S. Government bonds, $25,477;
bonds of affiliates, $26,495; accounts receivable, $58,614; accrued unbilled
revenue. $18,939; materials and supplies, $32,979; prepaid taxes, insurance,
&c., $8,243; deferred charges, $200,591; total, $8,112,504.
Liabilities—Long-term
debt,
$3,820,000;
accounts
payable,
$6,690;
general taxes accrued, $44,729; Federal income taxes, $23,605; interest on
long-term debt, $79,583; interest on consumers' deposits, $4,226; miscel¬
laneous accruals, $3,855; consumers' deposits, $16,063; raserve for retire¬
ments and replacements, $465,349; contributions for extensions, $20,723;
class A common stock (40,522 no par shares), $3,155,898; capital surplus,
$213,900; earned surplus, $257,882; total, $8,112,504—V. 150, p. 2737.
1939
$34,594
13,032
5,911
117,699
21,967
defl0,413
158,972
56,490
26,330
180,070
58,166
15,184
Gross from railway
Net from railway......
Net ry. oper. income
From Jan.
Net ry. oper. income
—V. 150, p. 2891.
S
Liabilities—-
hand and
1,981,024
(at cost)
1 164,996
Indebt. of affiliates
248
Acc'ts & notes
Deferred
1,177,438
349
87,952
Prepay rnents.....
Contribs.
518,538
122,550
101,164
(par
reserve
such sale.—V.
14,647,800
93,097,334'
......
General
taxes
150, p. 2264.
... .
__
.....
... _
u%.
-
.
Gross
^_
...
Retirement
accruals.
_
:
_
_
.
_
_
_
^
_.
income
$4,736,287
1,230,368
$3,505,919
969.715
Interest on funded debt.
Other interest
$526,341
.
_
_
_
Net income
Preferred stock dividend requirements:
Convertible 6% prior preference
$5.50 convertible prior preferred
*
Balancefor common stock and
^
_
surplus
Pro Forma Statement for 12
$4,191,465
1.082,871
^3,108,594
-
12,93,5
1,293,808
52,382
112,061
14,020
$1,636^323
50,405
26,242
45,140
208,279
273,156
273,150
$533,403
$3,393^income tax assumed
expense,
on bonds, $322; loss on
$455; provision for income and excess
retirement of property,
192,479
$69,596
Net profit fbr year ...... _ .
. . .
.....1........ - - ----- -----
$340,924
Consolidated Balance Sheet as of Dec. 31, 1939
development, plant machinery, equipment (cost), &c.
for depletion and depreciation of $1,156,115), $2,517,648;
investments,
$99,528;
cash,
$340,281; inventories, $82,747; accounts
receivable, $168,317; deferred charges, $44,162; total, $3,252,684;.
Liabilities-—First mtge. 6% sinking fund gold bonds series A, $1,602,500;
deferred
liabilities, $199; total current liabilities. $102,430; due parent
company, $219,144; capital stock (represented by 7,500 shs. $7 cum. pref.
stock, no par and 100,000 shs. common stock, no par), $950,000; capital
surplus, $1,000,000; earned deficit, $621,589; total, $3,252,684.—V. 132,
Assets—Land
(less reserves
p.
4427.
Called—
Pacific Investing Co.—-Debentures
A total of
$3,400,000 5% class A debentures due 1948 have been called
1 at par and accrued interest.—V. 136, p. 858.
for redemption on July
Pan American Airways Corp.
(& Subs.)—Earnings-
Earnings Statements for Calendar Years (Company and Subsidiaries)
1939
1938
1937
1936
Rev. from
transp't'n...$20,003,075 a$15570,060 $14,142,722 $10,387,898
478,370
255,484
424,713
371,031
$20,481,445 $15,941,091 $14,567,435 $10,643,382
Non-operating income. _
129,485
131,862
161,977
274,160
$20,610,930 $16,072,952 $14,729,412
Total income
"b Operating expenses...
Income deductions.
Prov. for Fed. inc. tax..
$10,917,543
9,513,277
17,266,498
14,655,242
13,502,131
862,357
1,371,038
716,864
497,637
--—-
448,914
...—
$46,672
$510,417
$955,352
a Includes $8,304,280 from carriage of United States and foreign air mail,
Includes maintenance and repairs, rents, depreciation, amortization, &c.
$1,984,438
Consolidated Balance Sheet Dec. 31
$
%
d2,489,997
Accts. rec. (net)
2,757,969
Securities owned..
53,038
Mat'ls & supplies
3,066,064
Cash & securities
deposit
-
...
Notes pay
46,302
for
1,427,695
equipments
Bal. rec.
1,979,143
789,514
Inv. in assoc. co--
Airports, bldgs.
1,187,456
&
25,818,876 20,825,733
from for¬
charges-..
Charges related to
contracts, &c—
200,067
188,168
326,803
eign gov'ts. ---Prepaid and def'd
$
1,842,343
370,519
965,000
257,541
34,638
34,638
purch. price
Bal. relating to as¬
equip.
purchases
Bal. of
1938
1,546*071
492,114
to bks.
of assets
securities
&
.
—
Deferred income..
17,985
at cost
res'd
$
2,820,319
847,954
accruals..
2,007,140
1,526,966
41,781 Equip, trust ctfs-.b2,820,000
636,729
2,715,429 Reserve for taxes
of foreign govts.
Cash
Liabilities—
Notes pay . to bks.
Accts. pay., inch
Cash on hand and
on
1939
1938
.
246,464
4,486,184
4,736,489
sets ree'd by
for-
c294,798
eigh sub,, &c___
Res. for deprec.
of
bldgs., Ac.----11,079,263
Int. of min. stock¬
8,992,415
334,088
250,467
1,543,392
1,193,024
Sundry res. bals.
of foreign subs..
138,283
Capital stock
7,059,820
122,382
7,034,000
holders in subs.
Res've
for
.
self-in¬
sured risks.
____
10,458,434 10,885,733
Consol earned surp 1,715,174
847,753
$1,920,047
$1,229,973
133,200
Months Ended May 31, 1940
IGiving effect to present capitalization resulting from refinancing by sale of
securities in August, 1939, showing current level of earnings based on
operations for the 12 months ended May 31,1940.1
7,062
-
Consol. cap. surp.
■
...
110,489
Total
Interest on funded debt, $92,676; other general int., $13,176;
amortization of bond discount, $12,862; amortization of lease
__
2,955,587
233,862
722,616
154,933
$2,446,621
.
_
Amortization of debt prem., discount & exp. (net)
Taxes on tax-free covenant securities.
Preferred..
$4,187,798
3,667
1,394
Non-operating income (net)___._.
Balance
$8,254,796
$4,734,893
...
_
1939
$9,265,836
3,231,209
247,885
755,840
296,008
-■<
Federal and State income taxes
_
Corp.-—Earnings-
Net prdfit from operations
Additions to income
Assets—
Co.—Earnings.1—.....
Net operating revenues.
Co.—Exchange Date to Expire—-
$672,934
36,103
b
1940
__.....
31, 1939
Net Income from plant operation and lease
Other expenses and taxes (other than Federal income tax)
Depreciation and depletion
-.91,148,341 93,097,334
Total...
Operation....
_
$100,922
26,450
Consolidated Income Statement Year Ended Dec. 31, 1939
2,231,700
19,190,000 19,190,000
1,603,834
surplus... 1,646,956
789,891
12 Mfmths Ended May 31—
...
$140,142
115,000
Pacific Coast Cement
1939
_
$111,418
106,500
167,290
of $100,057 in 1939 and $101,147 in 1938.
revenues
$428,583
327,661
scrip certificates are being notified that as provided in the
the period in which scrip certificates aggregat¬
ing a full share of common stock may be exchanged for a certificate for a
full share expires on July 1, 1940.
The company is directed by its
certificate of incorporation to sell for cash, as soon as practicable after
that date, the full shares of common stock reserved for, but not previously
issued
in
exchange for, scrip certificates outstanding at the close
of
business on that date.
Thereafter holders of scrip certificates will be
entitled to receive only their proper proportion of the net proceeds of
of Feb. 24, page 1289—V. 150, p.. 3669.
Operating
$456,582
316,440
of
Note—The income account for calendar years was given in "Chronicle"
Maintenance.
$421,465
310,047
Oliver Farm Equipment
88,595
(par
$100)
Capital surplus
2,654,769
Oklahoma Natural Gas
$426,720
1,863
Total
2,231,700
8100)
Common stk.
.
91,148,341
After
290
$137,331
106,500
24,000
income
Net income
x
$456,292
1,686
6% cum. pref. stk.
Earned
Total
$419,779
$436,973
299,642
Other rev. from opers
168,175
__
7% cum. pref. stk.
(par $100)..... 14,647,800
1,558,186
Utility plant
76 413,584 78,636,028
Deferred charges.. 5 108,849
5,569,223
Commu & exps. in
of pref. stock.2 654,769
__
$1,296,419
869,699
certificate of incorporation
753,850
in aid of
construction
1 517,569
& sales
2,690,858
5,437
7,121
673,341
141,276
Long-term debt.-.43,550,000 44,011,000
4,489,754
4,255,633
150,422
518,538
Unbilled electricity
issuance
liabilities
294,779
2,366,667
Reserves.
rec.
(other)
Investments
1,827,863
207,689
affiliate
to
Customers' deps._
supplies
1936
$1,341,434
885,142
Balance Sheet Dec.
$
2,366,667
728,806 Indebt.
767,518
(customers)
&
1938
$
Accounts payable.
Notes payable....
Accounts & notes
rec.
24,752
Accrued liabilities-
demand deposits 2 813,155
Mat'ls
72,554
1939
1938
S
Assets—
x
5,573
216,480
Sheet Dec. 31-
& Electric Co.—Bal.
1939
on
15,530
.
Oklahoma Gas
Cash
$47,.546
1—
Gross from rail way.....
Net from railway
1937
842,784
Assets—Utility plant, $8,540,070; cash, $72,726; TJ. S. Treasury bills,
$350,000; special deposits, $1,464; accounts, notes and warrants receivable,
$94,590; materials and supplies, $93,153; prepayments, $3,809; bond dis¬
count and expense in process of amortization, $203,274; total, $9,359,086.
Liabilities—Common stock (60,000 no par shares), $539,099: 6% cum.
pref. stock (par $100), $1,775,000; long-term debt, $5,445,000; accounts
payable, $52,402; dividends payable on pref. stock, $26,625; customers'
deposits, $78,653; accrued taxes, $71,193; accrued interest, $89,499; cus¬
tomers' advances for construction, $4,506; reserves, $1,211,863; contribu¬
tions in aid of construction, $44,374; earned surplus, $20,871; total, $9,359,086.—V. 150, p. 3670.
1937
1938
$32,668
5.591
def2,749
-Earnings-
1938
$1,262,564
393
6% pref. dividends
City-Ada-Atoka Ry.—-Earninqs—
1940
$21,418
1,752
def4,421
$1,992,434
$436,579
Common dividends
profits tax,
Oklahoma
319,000
273,165
surplus
1939
income
plant and
May—
stock and
Net oper. income
Otherincome
Balance Sheet Dec. 31, 1939
Assets—Property,
common
$1,279,368
842,788
& taxes.
expenses
Holders
3,873
$2,584,599
3983.
Gross earnings
$629,138
289,199
Calendar Years—
securities
Oklahoma Power & Water Co.
1940—12 Mos.—1939
$595,805
pref. stock
150,
Gross
$313,220
155,577
....
Balance for
—V.
Int. & other deductions..
$586,327
273,107
income
debt
on
tax-free covenant
on
Net income
Annual preferred stock dividend requirements:
$5.50 convertible prior preferred
Preferred
shares.—V. 149, p. 421.
$1,538,111 $19,639,508 $18,987,863
742,306
9,468,305
9,014,068
200,000
2,625,000
2,400,000
$1,575,299
763,972
Provision for deprec'n..
—V. 150, p.
no par
1940—Month—1939
revenue..
on
.......
Total
interest..
Taxes
Calendar Years-
Co,—Earnings—
Period End. May 31—
Balance
Other
Amortization of premium
87,703
19,806,500
of construction
x
Dividends
$3,480,190
633,750
203,500
50,405
Cr5,000
12,935
in aid
6%
pref. stock
($100 par)
3,168.807
1,494,518
Net
102,000
2,078,877
339,179
Unadjust. debits
expenses
Balance
Bond interest, series B 3 %s, 1955...
Interest on bank loans
100,000
36,078
Unamort'd debt
Oper.
97.645
Contracts liabil.
(notcurr.)
Gross
109,614
bilities
212,360
2,251,805
Mat'ls & suppl's
Notes and accts. '
$3,505,919
25,729
....
on
pref, stock,
65,329
x
from
Customers' dep.
138,640
3,259,868
debt...
assoc.
972
.......
receivable
rec.
863,756
Accts. payable..
2,451
2,650,218
2,303,805
Municipal scrip.
Working funds.
Notes and
67,000,000
1,470,892
1,741,571
Special deposits.
Cash
66,750,000
cos....
F.unded
Advances
859,324
1,684,906
—
1938
Liabilities—
122,389,024 118,387,143
Contr. construe.
Investments
1939
1938
Q
'<* I.
4135
Gross income......___.i._____________..._.............
Est. add'l Fed. & State income taxes due to decreased int. chgs.
Total
41,434,191 34,341,885
Total
41,434,191 £4,341,885
Including $304,596 In foreign countries available for current; use In
those countries,
b Includes $705,000 due within one year from Dec. 31,
1939
c Balance relating to assets received by foreign subsidiary expected
to be liquidated by issue of capital stock of such subsidiary,
d Includes
$526 400 cash deposited with trustee for payment of principal of equip¬
ment trust certificates and interest maturing Jan. 1, 1940.—V. 150, p. 3212.
a
The Commercial & Financial Chronicle
4136
Co*—Construction Pro¬
Panhandle Eastern Pipe Line
Following a meeting of directors, held June 21, J. D. Creveling. Presi¬
dent, announced that because of the increase in the demand for gas through¬
the company's system the Board had authorized a new construction
program involving the expenditure of $2,800,000.
The program calls for
the construction of 105 miles of 24-inch, 22-inch and 20-inch pipe line
out
"looping" to provide additional facilities for the company's growing mar¬
requirements.
The work will be financed out of the company's present
working capital, Mr. Creveling stated.
This program is in addition to the
$3,500,000 expansion project now Hearing competion.
ket
To
1940
Pennsylvania-Reading Seashore Lines—Earning.s—
1940
1939
.
1938
1937
$412,886
$422,771
$384,324
$512,076
Net from railway
def22,906
def97,680
def59,771
35,524
Net ry. oper. income... def177,698
def247,705 def206,941 defl29,697
May—
Gross from railway.....
gram—
;
June 29,
Pay Dividends—
♦
company's
common stock.
These were
date, and
represent dividends for the first and second quarters of the current year.
Both dividends on the common are payable July 12 to stockholders of record
June 26.
The directors also declared the regular quarterly dividend of
$1.50 per share on the company's 6% class A and class B preferred stocks,
payable July 1 to stockholders of record June 21; a dividend of $1.50 per
Directors have declared two
dividends of 50 cents each on the
declared out of 1940 earnings to
on the class A and class B preferred, payable Oct. 1 to stockholders of
14; and a participating dividend on the class A preferred, equal
approximately $2.69 a share.
The latter dividend is payable July 12 to
stockholders of record June 26.
Both the class A and class B preferred
stocks are entirely owned by Columbia Oil & Gasoline Corp.—V. 150, p.
From Jan. 1—
,
Net ry. oper.
—V. 150, p.
_
_
2,105,558
def253,231
1,956,465
1,837,593
1.706,892
def398,899
def434,882 def484,426
defll35,096 defl091,134 defll64,555
Gross from railway
Net from railway
income
def995,855
I
3524.
Philadelphia Co. (& Subs.)—Earnings—
Year Ended April
1939
1940
30—
Operating revenues
Operation-.--.——.
Maintenance and repairs
-
$46,053,715 $41,331,905
15,412,268 14,487,122
^
—
3,331,266
3,047,048
Appropriations for retirement and depl. reserves..
Amortization of limited-term utility investments,
5,783,717
5,491,592
leaseholds, &c
Taxes
Provteionfor Federal and State Income taxes—....
24,571
3,116,860
2,624,321
19,939
3,001,892
1,878,057
share
record Sept.
to
2738.
1940
April 30 (Incl. Subsidiaries)
1939
1938
$2,416,180
$2,213,259
$1,817,373
96,094
117,044
Other income—.......
Depletion & depreciation
Int. &c., incl. amort, of
1,296,462
bond disct. & expense
Prov. for Federal income
440,108
32,153
15,000
36,925
5,588
tax
Provision for conting—
71,680
$2,347,900
1,030,213
495,933
548,340
x43,577i
35,000
x34,677
70,000
stockholders'
min.
to
...
1940
1939
1940
$
1,553,072
Liabilities—
%
1,684,696
Assets—
Cash
2,366,825
y Class B com.stk. 3,406,590
Paid-in surplus
177,641
Earned surplus
518,302
2,366,825
& employees
12,611
Funded
_
debt
pref.
_
stock
($1,000 par)
14,133
Prop., plant and
equip, (less re¬
serves for depree
and depletion) ..26,956,797 29,296,998
3,406,590
1,637,459
600,990
Par value of stock
held by trustee.
Dr46,250
218,254
66,465
$8,603,117
Dividends on capital stocks of subsidiaries
1,585,156
Minority interest in undistributed net income of a
>
$6,300,960
1,581,562
11,676
20,869
—
Net income before minority interests—
$4,698,529
a To reserve for payments (made to others) on obligations of street rail¬
way companies guaranteed by Philadelphia Co.
b On the Consolidated
Consolidated net income........—........ —$ 7,006,284
City of Pittsburgh preferred capital stock.
Notes—(1) This statement excludes Pittsburgh Rys. and
subsidiaries of Philadelphia Co., and Beaver
Gas Co. of the
street railway
of 10 cents per share on the
25 to holders of record July 1.
April 25, last, and compares with 25 cents paid on
Jan. 25, last; 10 cents paid on Oct.
25 and on July 25, 1939; 15 cents on
April 25, 1939, and 20 cents paid on Jan. 25, 1939.—V. 150, p. 3525.
The
directors haves declared a dividend
stock, no par value, payable July
common
Like amount was paid on
Philadelphia Electric Power Cos—Bonds Called—
gold bonds 53^% series, due 1972 has
Aug. 1 at 106 and accrued interest. Payment
Fidelity-Philadelphia Trust Co., Philadelphia, Pa.—V.
A total of $209,000 first mortgage
been called for redemption on
will be made at the
149, p. 4184, 119.
(Albert) Pick Co., Inc.—10-Cent Dividend—
Total..
...33,111,340 34,938,045
1940.
The U. 8. Circuit Court of Appeals directed Federal District Judge
George A. Welsh on June 27 to reinstate the suit of lone M. Overfield of
Salt Lake City, who is seeking to hold officers and directors of the corpo¬
ration responsible for losses he said were incurred in promotion of a motor
frelght-forwardmg company.
*
Mr. Overfield charged that the officials used investors' funds for the
benefit of the Pennsylvania RR.
The suit was dismissed several months ago by Judge Welsh on the ground
that another Pennroad stockholder had filed a similar suit in Federal Court
Wilmington, Del. The Circuit Court's opinion said Judge
have retained jurisdiction.—V. 150, p. 3835.
at
Welsh should
dividend of 10 cents per share on the common
20.
This compares with
10 cents paid on Dec. 15;
1938, and on Dec. 20, 1937.
The item erroneously appeared under the heading (Albert) Pick Barth
Co., Inc., in last week's "Chronicle," page 3984.—V. 150, p. 1610.
Peck Stow & Wilcox Co.—25-Cent Dividend-—
Corp.—Suit to Be Heard—
a
stock, payable Aug. 2 to holders of record July
15 cents paid on Feb. 20, last, and dividends of
Pitney-Bowes Postage Meter Co.—-Earnings—
Directors have declared a dividend of 25 cents per share on the common
stock, payable June 25 to holders of record June 21.—V. 149, p. 1924.
[Including wholly owned subsidiaries]
3 Mos. End.
Year Ended'-—■*—
Period—
Mar. 31 '39
Sales & rental income, less discounts,
returns and allowances
$721,454
Cost of product sold and expenses for
selling, servicing and gen. admin.
441,009
Prov. for deprec. and amortization. _
105,571
Net
rev.
1940—Month-—1939
1940—5 Afos.—1939
167,184
148,988
Profit from operations
—
Dividends from British affiliate——
$129,944
$766,790
$690,3321
3,114,100
473,606
473,458
803,488
238,908
$7,604,512 $49,760,788 $39,084,840
2,662,600
12,984,800
11,102,417
447,524
2,447,157
2,250,234
404,633
2,447,202
2,019,739
417,114
3,032,220
1,963,133
159,567
852,448
745,394
►,870,431
—
Jt. facil. rents—Dr. bal.
Net ry. oper. income
$3,513,074 $27,996,961 $21,003,923
Earnings of Company Only
1940
1939
1938
$37,683,303 $30,688,016 $27,684,173
11,992,755
7,634,731
7,446,950
income.6,900,323
3,552,667
3,384,449
Gross from railway
Net from railway.
1937
$40,645,156
10,589,770
6,591,119
From Jan. 1—
Gross from railway
Net from railway
180,807,114 155,771,384 138,507,372 194,834,929
49,860,882
39,197,193
32,685,769
48,164,419
N^ry-°Per. income.- 28,147,486
—V.
150,
p.
3835.
Pere Marquette
21,159,475- 14,494,407
31,061,398
1940—AfonM—1939
Operating re venues
Operating expenses
taxes
182
1,599
1,603
$130,126
—-
....
$784,846
.
$721,985
and foreign
—
26,050
157,808
135,569
$104,076
$627,038
a$586,416-
89,727
————i
$13,572,987 $11,462,327
1,886,452
10,390,348
9,468,167
$2,179,148
Railway tax accruals...
$568,952
186,041
$292,696
162,773
$3,182,639
900,443
$1,994,160
777,399
Operating income
Equipment rents (net)..
Joint facility rents (net).
$382,911
70,299
58,304
$129,923
48,557
56,318
$2,282,196
418,290
161,101
$1,216,760
351,521
160,804
Net ry. oper. income..
$254,308
$25,047
46,372
$1,702,805
280,775
$704,435
204,073
$318,884
5,324
$71,419
5,627
$1,983,580
29,802
$908,508
30.489
5,367
28,989
1,336,900
30,773
1,353,172
$587,889
x$505,927
revenue....
_
Other income
64,576
Total income.
Miscell. income deduc'ns
Rent for lease of roads &
equipment
Interest on debt
266,007
5,737
269,018
Net iucome..
$42,186
x$208,962
IncomMVjplied
fun# & other
to sink,
.'-V:-:-
resreves.
575
575
$587,314
x$506,502
Income transferred to
profit and loss.....
Loss or deficit.—V.
$42,186
150, p. 3525.
x$208,962
a
Profit
for
period
...
Dividends
448,633
446,711
$0.70
$0.65
Earnings per share
.........
—...
k Before deducting flood loss of $35,592 in 1938.
Consolidated Balance Sheet as of
Assets—Cash in banks and on hand,
March 31, 1940
$448,996; securities held, at approxi¬
$4,074; accounts receivable from customers (includ. $17,918
accounts) (less reserves $30,407), $425,471; receivable from
officers, employees and sundry debtors, $18,647; inventories, at cost,
$432,706; investment in British affiliate, $306,397; fixed assets and rental
equipment at cost, $4,917,624: patents, goodwill and development, $518,038;
deferred charges to operations, $31,669; total, $7,103,622.
Liabilities—Accounts payable and accruals,
$146,203; provision for
Federal, State and foreign taxes, $145,689; advance meter rentals (net),
$532,507; reserves for depreciation and amortization of fixed assets and
rental
equipment, $2,845,678; capital stock (897,266 shares no par),
$1,774,298; capital surplus, $13,282; earned surplus, $1,645,965; total,
$7,103,622.—V. 149, p. 3568.
mate market,
of
instalment
1937
May—
1940—5 Mos.—1939
$2,650,852
2,081,899
x
Profit before taxes
Prov. for Federal, State
12,581
1
......
Pittsburgh & Lake Erie YUR..—Earnings1940
1939
1938
Ry.—Earnings—
^ Period End. May 31—
Net oper.
17,473
16,453
Proportionate share of undistributed
$37,766,186 $30,765,866 $181,179,562 $156,142,978
expenses. 25,792,195
23,161,354 131,418,774 117,058,138
from ry. oper.$11,973,991
Net ry. oper.
1,937,995
398,116
2,243,233
466,188
revenues
Railway taxes
Unemploym't ins. taxes.
Railway retirem't taxes.
Eqpt. rents—Dr. bal-
WMay—
^
44,930
profits of British affiliate.
[Excluding Long Island RE. and Baltimore & Eastern RR.]
_
$3,175,431
$3,643,395
Expenditures for develop. & research
Other credits, net--.-
Period End. May 31—
Mar. 31 '40 Dec. 31 *38
^
Pennsylvania RR. Regional System—Earnings—
■
its subsidiaries,
Valley Traction
Co., and its subsidiary.
(2) In the above statement of income the previous year figures have been
adjusted to reflect changes in the classification of certain items and to
certain items applicable to the period charged directly to surplus during
1939.
Directors have declared
231,321
-33,111,340 34,938,045
Railway oper.
Railway oper.
69,192
198,859
69,584
*
Miscellaneous deductions
Dr46,250
x After special reserves of $4,648,387 in 1939 and $1,869,997 in
Represented by shares of $5 par.—V. 150, p. 2739.
Pennroad
555,746
69,192
199,449
and dividends
Taxes assumed on interest
& de¬
ferred charges..
Total
524,514
b Guaranteed payments.
13,588,400
164,674
($100 par)
13,588,400
Class A com, stock
168,596
exps.
9,247,700
1,154,219
Res. for contings.
Min. int. in subs.
(less res.).
to offi¬
Prepaid
8,801,900
1,186,107
Cum.
receiv¬
Advances
cers
420,000
458,831
bonds
and
2,562,112
420,000
2,156,545
962,471
(less reserve)...
ables
100,000
17,166
CV137.983
—
Dividends—
pay., accr. int.
accrd. taxes, &c. 2,691,826
216,464
Inventories
Non-curr.
$
.
500,000
2,244,769
1,109,152
(at cost)
Receiv. (less res.).
Stocks
1939
$
::
Curr. liab.—Accts.
U, 8. Govt, securs.
y
43,710
48,447
$661,922
$383,276
$587,269
$620,959
Including $1,117 ($2,722 in 1937) for surtax on undistributed profits.
Consolidated Balance Sheet April 30
Profit for year
142,955
15,822
Cr44,833
—...
charged to construction——
Appropriation
subsidiary
Proport'n of profit applic.
int. in stock of sub. co.
40,530
....
_—■_
income tax settlement
Interest on Federal
Other interest
$2,276,220
$2,265,411
1,055,184
480,548
76,857
52,152
$1,934,417
1,017,852
$2,512,274
Total income
..$15,447,847 $13,190,893
5,462,812
5,467,979
507,660
509,554
debt
Interest
1937
a
Profit from coal sales and
auxiliary operations..
.'
Gross income......
Interest on funded
Income Account Years Ended
x
operatlngrevenue—-.$15,760,712 $13,406,255
(net)
..........—............
Dr312,865 Dr215,361
Amortization of debt discount and expense
Peabody Coal Co. (& Subs.)—Earnings—
x
Net
Other income
Gross from railway.....
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway.....
Net from railway
...
Net ry. oper. income...
—V. 150. p. 3835.
524,434
109,962
8,482,468
1,118,796
5,883,410
74,168
4.684,699
def287,520
1,415,179
410,308
44,993
$1,077,515
49,404
.
Pittsburgh & Shawmut Northern
1940
May—
Gross from railway.....
Net from railway
Net ry. oper. income
$95,136
25,749
12,295
1939
$51,884
1,958
defl.3,285
From Jan. 1—;
Gross from railway.
519,659
359,831
Net from railway—
—
Net ry. oper. income...
—V. 150, p. 3525.
$2,191,705
529,073
$977,147
7,130
51,997
$1,853,045
535,327
.
10,337,434
1,899,604
2,000,520
RR.—Earnings$66,382
1937
$75,204
10,796
defl,204
80
def8,855
445,508
65,971
14,551
1938
172,228
83,740
357,092
56,650
98,557
23,759
defll,643
Pond Creek Pocahontas
588,097
_
Co.—Leases Coal Projperty-
Francis, President of Island Creek Coal Co. and this company,
on June 21 made the following statement:
"The Marianna Smokeless Coal Co., a wholly-owned subsidiary of Pond
Creek Pocahontas Co., has today executed a lease with the W. M. Ritter
Lumber Co.
for approximately 6,000 acres on the Virginian
Rv. near
iames
D.
Volume
Pineville,
The Commercial & Financial Chronicle
150
Wyoming County, W.
Va„ and will
immediately proceed with
the
development of this property.
plant will have a capacity in excess of 750,000 tons per annum,
will be fully mechanically operated.
Two mines, with mining plants,
villages and stores will be constructed on the property, and when completed
these plants will
employ approximately 600 men.
The mines will be
equipped with the latest model steel tipples, washing and cleaning plants,
and will make all sizes of smokeless coal for domestic, steam and indus¬
"The
and
trial
the
Of
use.
The
latest
type
inside
of
of
these
mechanical
mechanized with
equipment suitable for this seam
will
mines
leading
be
completely
4137
Regent Knitting Mills, Ltd.—To Pay 4Q-Cent Dividend—
Directors have declared a dividend of 40 cents per share on the common
stock, payable Aug. 1 to holders of record July 15. Last previous payment
was made on Nov.
1, 1937 and amounted to 25 cents per share.—V. 146,
p. 3818.
Remington Rand Inc. (& Subs.)—Earnings—
Years Ended March 31—
Net sales.
"It is expected production will begin around Oct. 1, and that these
will be at capacity by the first of the year.
The new type of
equipment used makes it possible to develop the mines quickly without
the long waiting period necessary for deVekipmeht in former years.
"The seam to be mined is the Sewell, one"(5$ the best known of the
West
Virginia
Smokeless coals.
It
is
a
low-ash,
high-fusion
coal,
particularly suitable for domestic, steam, industrial and metallurgical uses.
"The new company is a wholly-owned subsidiary of the Pond Creek
Pocahontas Co., and will be operated as a unit of the Island Creek organiza¬
tion, and the coal will be sold through Island Creek Coal Sales Co.. the
main sales offices of which are located in Huntington, W. Va."—V. 150.
p, 3984.
xl939
1940
-$44,030,527 $42,671,741
23,632,820
23,568,640
17,210,880
16,802,999
Cost of sales-
coal.
Selling, administrative and general
expenses
mines
Pittsburgh Shawmut & Northern RR.—Earnings—
1939
1938
1937
$136,783
61,177
46,234
$26,703
def8,372
def8,866
$38,966
def2,304
def2,467
$22,522
def22,087
defl8,131
466,952
155,458
95,278
212,411
def 1,719
208,208
def29,998
def31,541
271,904
def9,538
4,701
May—
1940
Gross from
railway
-Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway.
Net ry. oper. income.__
defl6,443
—V. 150, p. 3526.
May—
1940
$326,904
65,969
48,835
From Jan. 1—
1938
$217,818
40,773
30,466
1,193,285
295,016
206,587
^
1937
$363,998
44,219
56,993
1,101,990
202,244
200,713
1939
$203,138
> 37,941
11,817
1,692,038
458,224
377,616
Gross from railway......
Net from railway.,.,.,
Net ry. oper. income
1,826,013
498,108
529,857
-
Gross from railway.....
Net from railway.
Net ry. oper. income...
—V. 150, p. 3835.
Process
^
ended March 31, 1940)
Corp .—Earnings—
82,833
Other income.
Profit from operations and other income
Interest on debentures
Provision for foreign exchange.
636,408
$3,996,866
814,526
289,000
94,164
494,000
$3,043,048
829,123
36,000
110,535
317,000
$2,305,177
822,709
1,264,525
$0.94
-
-
Expense of properties not used in operations
U. S. & foreign income taxes (estimated)
Net profit
$4.50 preferred stock dividends (cash)
Common dividends (cash)
Earns, per sh. on 1,584,895 shs. com. stk. (par $1)
$1,750,391
817,442
1,263,946
$0.59
x All active
wholly-owned subsidiaries are included in the consolidation
except: (a) Subsidiaries in Germany, Hungary and Czechoslovakia, which
again are omitted because of foreign exchange restrictions of those countries,
and
(b) subsidiaries in Norway, Holland and Belgium which are omitted
because of trade and other uncertainties following recent events in those
Inter-company profit on goods sold by subsidiaries in the latter
countries, and a dividend from net profit of one such subsidiary, have,
however, been taken up in the consolidated profit and loss statement to
the extent received in U. S. currency by the parent company during the
year ended March
31, 1940.
Foreign and domestic corporations not
wholly-owned are not included in the consolidation.
No specific provision has been made in the financial statements as at
March 31, 1940, for possible losses on European investments and opera¬
tions which might arise as a result of the war.
Note—Provision for depreciation of properties charged to profit and loss
amounted to $931,852 for year ended March 31, 1940 and $895,936 for
year ended March 31, 1939.
Condensed
Statement
of
in
Investment
Foreign
Subsidiaries and
Branches
March 31, 1940
$439,226
436,085
18,398
Cost of goods sold and operating expenses
on
106,538
727,206
-
Earnings for Year Ended Dec, 31, 1939
Net sales.
Depreciation
$2,300,101
countries.
Pittsburgh & West Virginia Ry.—Earnings—
■■■
Profit from operations.
$3,186,827
Profits from transactions with & operations of nonconsol. subs, in Norway, Holland and Belgium
(incl. only amt. ree'd in U. S. currency in year
building and equipment
Net operating loss
Wholly-Owned Foreign Subsidiaries and Branches Consolidated—
Canada,
Mexico tfe
England
So.Amer.
France
$15,257
874
Sundry deductions, less sundry income
Total loss for year
Final net loss..
$2,325
Total
& Sweden
17*.236
922,504
732,932
1,195,458 1,072,122
441,J76
136,590 2,067,552
267,482 3,173,098
assets.-2,296,557 1,992,758
578,837
383,879
971,203
25,665
421,308 5,681.826
65,165 1,053,546
945,538
124,423
10,674
356,143 4,628,280
1,203
162,418
8,239
594,136
2,278
45,467
2,270,168 1,711,635 1,080,635
14,451
67,792
32,636
367,863 5,430,301
18,516
133,395
res.
Inventories-
Total
India
187*.704
57,641
275,526
638,036
Receivables, less
$16,132
13,807
Non-recurring income
171,595
Current assets—Cash.-
Algeria, Jugoslavia,
Egypt & Portugal
and
curr.
Current liabilities
Balance Sheet Dec. 31, 1939
Assets—Cash on hand and in banks, $17,140; due from customers—les
$35,007; accounts payable debit balances, $38; merchandise in¬
ventories, $29,666; sundry inventories, $9,638; cash value of life insurance,
less loans thereon, $304; sundry receivables, $662; fixed assets (less, reserve
for depreciation of $418,019), $181,960; goodwill, $1; total, $274,416.
Liabilities—Accounts payable, $8,464; notes payable in
1940, $994;
accrued commissions and bonuses, $3,250; reserve for taxes, $6,136; reserve
for refunds, $500; notes payable after 1940, $3,010; capital stock (60,000
shares no par),
$506,800; deficit, $254,738; total, $274,416.—V. 145,
p. 2240.
*4
wffiM **4
tilka
reserves,
Public Utilties Securities Corp.—Unlisted Trading—
The $7 participating preferred stock, no par, has been stricken from un¬
listed trading by the New York Curb Exchange. Dealings in this issue have
been suspended since Aug. 30, 1939.—V. 149, p. 1486.
Net current assets. 1,717,720
Rental machines (net)-
Totals-
Statutory & other res'sNet assets
June 20.
have
declared
a
dividend
of
$1.25
per
share
account
on
—V. 150, p. 3674.
Quincy (111.) Memorial Bridge Co.—Report—
For the fiscal year ending on
April 30,1940 bridge tolls collected amounted
—
88,648
14,108
349,347 5,296,906
1,047,999
1,643,843
Advances—Wholly-Owned
Foreign
240,468
221,724
;
Total investment in foreign subsidiaries and branches
Note—The parent and domestic subsidiaries had
T7. S. dollar drafts and
accounts receivable from
foreign dealers of $1,069,377 (including $603,653
discounted) against which reserves for normal losses have
been provided, and also merchandise and rental machines on consignment
with foreign dealers, amounting to $29,102 net, at March 31,1940.
Since the financial statements were prepared, events have occurred in
France which were not contemplated.
The following is a summary of the
of dealer drafts
net assets in France included in the consolidated balance sheet:
during
Receivables, less reserves
fiscal year by $5,897.
Operating expenses for the year decreased by a small sum, amounting
to $49; fixed charges and general office expenses decreased by the amount
of $251, and the finance charges during the year decreased by $19,823.
By reason of the increase in income and the decrease in expenses, the
balance carried to surplus (deficit) increased greatly; the amount carried
to this account for the year ended April 30, 1939 was $4,252, and the
amount carried to this account for the year ended April 30. 1940 is $37,271.
During the year the corporation refinanced its outstanding 6)4 % bonds
by selling an issue of 3 h % serial notes.
The savings by this reduction in
interest of 2h%, on the total issue of $480,000 is approximately $13,000
any
annually.
2
Inventories..
Total current assets
Current liabilities
Bridge operating expenses
Fixed charges and general office expenses
Depreciation
Interest on mtge., $20,097; discount and expense on mtge.,
$1,788; trustees fees, $866; premium on bonds, $675
—
Assets—Property
account
(less
at
$148,757
10,222
14,470
63,367
11,321
6,883
$235,708
Total
15,798
$219,910
Net assets
The
operations of the French subsidiary for the year resulted in a net
this subsidiary is included
consolidated profit and loss in this report.
loss of $16,310, and the profit and loss account of
in the statement of
23,426
April 30, 1940
depreciation
of
$625,397),
$459,047
241,543
$217,504
Net current assets
Consolidated Balance Sheet March 31
1940
as
—
Properties (net)
Deferred charges, &c
$37,271
Balance, surplus
Balance Sheet
'
-
April 30, 1940
Gross income
^
$102,801
138,105
218,141
Cash.
Statutory and other reserves
^
Income Account Year Ended
250,511
6,009,609
$147,857.
This amount exceeds the tolls collected for the fiscal year
1939 by $10,837 and exceeds the largest amount of bridge tolls collected
to
,462,192
Investment—Partly-owned foreign sub. (in Germany) not consol-
of
on the preferred stock, payable July 15 to holders of record
Arrears after the current payment will amount to $27.50 per share.
-2,255,717
—
Subsidiaries, not Consolidated—
Germany. Hungary and Czechoslovakia
Belgium, Holland and Norway
Puget Sound Power & Light Co.—Accumulated Dividend
Directors
accumulations
—
and
Investments
1,608,879
161,215
372,826
18,407
Properties (net)
Deferred charges,&c---
$640,7091
cash on hand and in bank, $7,518; funds in hands of mortgage note trustee!
$71,158; other assets, $790; deferred charges, $4,452; total, $724,627.
Liabilities—6)4% cumulative preferred stock, $320,700; preferred sub¬
scriptions, pjtrt paid, $860; common stock (10,000 shares, no par), $42,725;
3H% serial mtge. notes ($60,000 due July 1, 1940), $480,000; current
liabilities, $9,123; reserve for maintenance, $8,353; deficit, $137,133; total,
$724,627.-—V. 144, p. 4197.
Radio-K%ith-Orpheum Corp.—Listing & Registration—
The New York Curb Exchange has admitted to listing and registration
$
Liabilities—
9
(pay'Ie
In for'n currencies)
478,886
Trade accts. pay'Ie 1,041,352
$
Bank loans
Cash deposits and
cash funds
5,734,310
4,655,360
Accts, drafts and
notes receivable. 9,657,278
10,145,267
x
Z1939
1940
Z1939
$
Assets—^
Commissions,
1,091,668
sal¬
14,302,678 13,596,040
aries & wages. Accrd. taxes, int.,
883,879
891,226
equipment-—- 2,541,004
Investments
and
'
2,398,713
insur., rents, &c.
770,296
657,809
1,227,047
1,530,652
of mdse. coupons
963,396
939,348
9,299,952
577,365
&
Inventories
-
Rental machines &
>
advances------
Other assets
y
.
-
.
—
Properties—— 8,909,440
324,591
1
Deferred charges
-
-
Goodwill, pats.,&c.
-
Estd.
1
cost
of red.
completion of
545,054
543,970
513,046
524,113
423,030
181,225
service contracts
252,684
U. S. & foreign in¬
come taxes
(est.)
able—-
the option warrants to purchase common stock, par $1, of the corporation.
Each option warrant entitles the holder thereof to purchase, at option, either
one share of common stock for $15 on or before Jan. 31,1950, or one-half of a
Divs.
share of common stock for $5 on or before Jan. 31, 1945.—V. 150, P. 3985.
Reserves
922,722
903,661
20-yr. 4H% debs.19,060,000 19,385,000
$4.50
pref. cum.
4,623,289
($25 par)
4,623.296
Com. stk. ($1 Par) 1,584,895
1,584,895
8.836.542
Capital surplus
8,836,550
Earned surplus— 3,713,493
3,725,188
Reading Co.—Earnings—
1940—Month—1939
1940—5 Mos.—1939
Railway oper. revenues. $4,935,968
$4,463,576 $24,896,935 $21,979,217
Railway oper. expenses3,393,751
3,209,909
17,639,753
16,032,351
Net rev. from ry. oper. $1,542,217
$1,253,667
$7,257,182
463,929
323,195
2,065,046
$5,940,860
1,621,537
Railway oper. income. $1,078,288
Equipment rents (net)__
Dr39,298
Cr6,239
Net ry. oper. income-
$1,045,229
—V. 150, p. 3526.
Dr9,978
$5,192,136
Dr376,556
Crl7,l51
$4,325,329
Dr106,455
Dr20,097
$958,059
$4,832,731
$4,198,777
$930,472
Cr37,565
43,659,745 43,142,699
Total
Total
204,676
after
43,659,745 43,142,699
$977,288 in 1940 and $1,274,830 in 1939.
y After
reserve for depreciation of $16,725,517 in 1940 and $16,177,195 in 1939.
z gee footnote
(x) under income statement.—V. 150, p. 3836.
x
Joint facility rents (net).
due
one year
Period End. May 31—
Railway tax accruals,..
pa;
LiabJls.
After reserves of
Reynolds Investing Co., Inc.—Unlisted Trading—
stock, par $1, has been removed from unlisted trading by
York Curb Exchange.—V. 150, p. 2895.
The common
the New
The Commercial & Financial Chronicle
4138
(C. A.) Reed Co.—Accumulated Dividend—
Directors have declared
accumulations
on
Richmond Fredericksburg & Potomac RR.—$2 Div.—
Directors have declared
a dividend of $2 per share on the voting and non¬
shares and on the dividend obligation stock all payable
June 29 to holders of record June 21. Dividends of S3 was paid on Dec.
23,
common
last; $1 on June 30, 1939, and on Dec. 31, 1938: 50 dents paid on June 30,
1938, and previously regular semi-annual dividends of $2 per share were
distributed.
1940
$781,445
141,515
railway
Net from railway.
.
_—
Net ry. oper. income—
From Jan. 1—
Gross from railway
Net from railway
1939
$726,862
176.568
60,724
9,750
4,276,944
1,136,888
399,343
___
Net ry. oper. income
—V. 150, P. 3526.
Rike-Kumler Co.—To Pay
$709,383
209,855
103,498
;
3,575,075
730,647
185,981
4,038,072
1,254,245,
631,225'
50-Cent Dividend—
Directors have declared
a dividend of 50 cents per share on the common
value, payable July 15 to holders of record June 21.
This
compares with $1 paid on Jan. 23, last; 50 cents paid on July 17, 1939, and a
dividend of 25 cents paid on Jan. 23, 1939 this latter being the first dividend
paid since Jan. 25, 1936 when $1 per share was distributed.—V. 150, p. 286.
stock
no
par
Ritter Dental
Directors
have
the
on
;Y
Corp., Ltd.—Accumulated Dividend—
■
-yy;,V>
Directors have declared a dividend of 20 cents per share on account of ac¬
cumulations on the 4% cumulative class A stock, par $50, payable July 15
to holders of record July 2.
Like amount was paid on April 15, last; divi¬
Dec.
St. Louis Brownsville & Mexico Ry.1940
$553,688
125,566
73,587
May—
Gross from railway
Net from railway..
Net ry. oper. income—
From Jan. 1—
Gross from railway
Net from railway....
973,903
St. Louis County Water
Calendar Years—
1939
1938
1937
$629,553
218,261
3,914.323
1,784,786
1,302,528
3,564,770
1,384,637
Net ry. oper. income—
—V. 150, p. 3527.
-Enrnings-
1939
$693,838
256,522
174,125
3,824,936
$615,673
189,610
116,001
133,751
4,180,996
1,907,050
1,340,831
1,625,386
1,120,427
Co.—Earnings1938
$1,184,521
1937
$1,156,606
b608,509
$1,185,148
b603,881
$537,720
15,182
$548,097
$581,267
17,169
20,436
$565,266
184,309
$552,902
169,114
$601,703
155,266
$382,392
49,020
$383,789
42,320
$414,514
$333,372
109,200
198,000
$341,469
$373,834
109,200
242,000
$1,239,515
690,523
Operating revenue
Operating expenses.
646,801
al936
Manufacturing Co.—Accumulated Div.—
declared
a
dividend of $1.25 per share on account of
5% convertible preferred stock, payable June 28 to
A rrearages after the current payment will amount
$6.25 per share.—V. 150, p. 3985.
accumulations
3215..
St. Lawrence
P.
1937
$651,992
120,709
23,493
400,666
Joseph Ry. Light Heat & Power Co.—Bonds Called—
15, 1938.—V. 1.50, p. 2115.
1938
3,905,258
1,055,631
St.
A total of $36,000 first mortgage bonds 4XA% series due 1947. due Dec. 1,
1947 has been called for redemption on Aug. 1 at par and accrued interest.
Pavment will be made at the Guaranty Trust Co. of New York.—V. 150,
dend of $1 was paid on Dec. 1, last, and one of 50 cents was paid on
Earnings for Month of May and Year to Date
May—
Gross from
See list given on first page of this department.
the $2 cum.
pref. class A stock, no par value, payable
Aug. 1 to holders of record July 19.
Dividend of $2 was paid on May 1,
last; 50 cents was paid on Feb. 1, last; one of SI was paid on Nov. 1, last;
and dividend of 50 cents was paid in preceding quarters.—V. 150, p. 2266.
voting
Royalty Depositor Corp.—Registers with SEC~—<
dividend of 50 cents per share on account of
a
June 29, 1940
Operating income....
Non-operating income.
$548,992
Gross income._______
$566,701
17,709
_
holders of record June 26.
to
Income deductions
Rochester
in
Gas
& Electric
registration statement stating that its plan to offer privately its $15,000,000
general mortgage Z%% bonds, series K, due in 1950.
The
originally had planned to offer the bonds to the public
syndicate headed by the First Boston Corp. and Smith, Barney
a
The amendment declared the company would offer the bonds
privately
holders of its general mortgage 4% series F bonds.
One
two of the present holders of series F bonds also would
receive the
to certain present
right
purchase for cash, at 105, the balance of the series K bonds which are
not issued in exchange.
Nearly the entire issue of series F 4s is held by eight ihsurance
companies,
of which
Metropolitan holds $6,326,000, New York Life $3,909,000.
Northwestern Mutual $1,750,000, Equitable Life $1,326,000 and
John
Hancock $1,000,000.
Other original purchasers were the Utilities Mutual
Insurance Co. $50,000, Massachusetts Mutual Life
$30,000, Rochester
Trust & Safe Deposit Co. $594,000, and
Employees' Benevolent Association
°f Rochester Gas & Electric
Corp. $15,000.
The old bonds are redeemable
to
105, and the
at
p.
new
securities
are to
be sold at not less than 105.—V.
150,
3836.
Rockland Light & Power Co. (&
Calendar Years
1939
Income from oper....
1938
1937
Balance of earnings..
dividends.___
Preferred
Common dividends
2,273,345
$3,769,173
2,301,051
$3,668,255
2,095,218
$1,567,566
$1,468,122
$1,573,036
revenues
Drl 0,549
2,375
£>r2,389
.Drl.685
Gross income
Inc. deduc's (int., &c.)«..
$1,486,890
472,425
$1,569,941
$1,465,732
476,106
Net income
Common dividends
$1,014,465
947,137
$1,113,450
947,137
$989,626
947,137
$1,210,366
$67,328
$166,312
$42,489
Consolidated Balance Sheet Dec. 31
$263,229
1939
•
SSCtS' 1
1938
360,986
947,137
1939
<j£
Utility plant
1938
$
$
Liabilities—
24,700,503 24,024,612
Other phys. prop.
Mlscell. investm'ts
157,467
11,426
159,212
Cash
Cap.stk. ($10 par) 13,530,530 13,530,530
Long-term debt— 7,142,000
7,142,000
163,006
492,385
Accounts payableNotes payable....
107,437
433,643
Working funds...
5.50,000
300,000
4,530
4,100
Mat'ls & supplies.
Accts. receivable..
Consumers' deps..
135,143
131,366
246,485
681,320
248,521
Matured interest-_
Taxes accrued
1,616
1,377
671,903
351,892
300,043
33,048
30,947
Interest accrued..
52,139
56,944
8,653
14,525
2,896,582
2,632,989
Prepayments
Special deposits...
Deferred debits...
Capital stock
11,426
231,329
501,212
25
exp.
....
Mlscell.
cur.
296",402
Deprec.
reserve
501,211
Res. for uncollect,
liab..
accounts........
Contrlbu'ns in
99,356
99,840
of construction.
Deferred credits.
Total
155,535
155,921
184,612
1,814,186
1,783,115
....27,000,989 26,440,720
148,
p.
Total
Income from
Other income
'
1940
operationsy$352 011
y$305,444
1,576
$109,153
1,130
Balance Sheet Dec. 31, 1939
debits, $13,368: total, $11,135,690.
Liabilities—$6 cum. pref. stock,
$1,794,800; common stock (22,000
shares), $1,515,000; long-term debt, $4,612,000; note payable
(bank), $100,000; accounts payable, $45,126; dividends declared, $27,408;
customers' deposits, $77,941; taxes accrued, $88,608; interest accrued,
$26,227; other current liabilities, $2,875; deferred credits, $680,799; re¬
serves,
$1,707,192; contributions in aid of construction, $1,167; earned
surplus, $456,547; total, $11,135,690.—V. 149, p. 423.
no-par
St. Louis-San Francisco Ry.
Period End. May 31—
Operating
Operating
revenues.....
expenses.
Net ry. oper. income
Other income
$307,020
6,122
56,938
30,000
$110,283
5,656
x33,600
$288,813
75,932
$213,960
$71,027
$1.47
$1.12
Total income.
Other
$88,967
6,142
Bal. avail, for int., &c.
1L657
on
66i922
income
8,924
year
~~~
IIIIII
$18,609
surtax
on
undistributed
Vi. "ianufacturing and
def$34,250
35,558
$82,263
$268,565
def$69,808
From Jan.
1939
$3,683,701
450,408
92,796
def217,740
244,454
17,627,544
1,923,814
376,367
17.168,234
1,646,669
20,7.38
16,454,867
84.3,338
def892,525
20,138,708
$3,287,899
200,411
1937
$3,876,320
581,525
1—
Gross from railway
Net from railway.
—
Net ry. oper. income.
Interest
1938
1940
$3,469,985
426,555
86,539
__
'
3,335,537
1,690,729
Payment Authorized—
Federal Judge George H. Moore at St. Louis has authorized the trustees
at St. Louis to pay interest due Sept. 1, 1940. on bonds of the Kansas City,
Memphis & Birmingham RR., in amounts of $66,460 on general mortgage
on the income 5% bonds.—V. 150, p. 3527.
4% bonds and $89,550
St. Louis San Francisco & Texas Ry. —Earnings—:
May—
1940
1939
1938
1937
$114,325
$122,742
$115,420
$126,931
18,693
14,692
8,560
15,160
defl4,029
def21,924
def31,011
def26,199
Gross from railway
Net from railway......
Net ry. oner, income.
1—
Gross from railway
Net from railway
516,753
8,696
5°1,559
54,162
defl55,891
Net ry. oper. income...
—V. 150, p. 3527.
defl22,871
;■);y
31—
oper. revenues.
oper. expenses.
51,893
563,790
29,841
defl, 5,900
,
St. Louis Southwestern Ry. LinesRailway
Railway
593 /.
defl43,645
1940—Month—1939
$1,626,754
$1,529,960
1,212,884
1,290,022
-Earnings—
1940—5 Mos.—1939
$8,216,229
$7,767,785
5,917,859
6,040,177
Net
rev
.from ry.oper'si
reserve
Railway
oper.
profits,
other
y
expense
Provision for
classifications
acceptances
and
stock (of $5
par), $949,150; capital surplus,
surplus, $499,484; total, $2,978,721.—V.
150, p. 701.
common
$817,227;
earned
RR.—Earnings—
1940
oper. income.
—V. 150, p. 3836.
$298,850
defl03,308
defl34,490
1,398,028
Net from rail way......
_.
$2,298,370
111,581
554,557
545,571
$301,468
22,044
$128,357
25,823
$1,743,813
126,291
$1,182,037
136,782
$323,512
$154,180
$1,870,104
$1,318,819
141,401
156,615
806,374
832,385
$182,111
x$2,435
$1,063,730
$1,727,608
Deductions from railway
income
Net ry. oper. income.
6,468
5,794
33,939
$486,434
37,218
Gross income.
Deduc'ns from gross inc.
$188,579
270,795
$3,359
271,875
$1,097,670
1,335,939
1,339,048
$82,216
$268,515
$238,269
$815,397
$523,652
xLoss.—V. 150, p. 3675.
accounts), $571,497; inventories,
reserves for depreciation of $287,319),
$H8,519; total, $2,978,721.
payable to banks," $500,000; accounts payable and
accruals, $52,918; taxes, including Federal and
State income taxes for the
fiscal year ended March
31, 1940 (estimated), $82,405; reserves, $77,536;
From Jan. 1—
Gross from railway
i
$239,938
receivable—
AJ5J«n'/?lant a?d equipment (less
Net from railway._____
Net ry. oper. income...
fncome.
Net deficit.
accounts
of $16,726 for doubtful
railway.____ :
ipcome.
$413,870
112,402
and $86,315 in 1939.
Liabilities—Notes
Netry.
37,936
Non-operating income..
$1'°.8f29?: prepaid items,
May—
May—
Gross from railway.....
Net from railway. _____
Net ry. oner, income...
operating
Balance Sheet March 31, 1940 '
v
Gross from
$306,502
Earnings of Company Only
Other ry. oper.
$376 316
$96,381 in 1940
Rutland
$88,815
6,552
$82,825
deductions.
$0.37
24,305
-<4sscfs—-Cash, $216,747: note^f;
(after
Earnings of System—
1940—5 Mos —1939
1940—Month -1939
$3,621,488
$,' ,841,242 $18,345,726 $17,905,702
3,175,347
3,371,443
16,389,830
16,198,958
72,452
74,605
233,711
defl00,635
16,514
14,209
72,790
66,385
Railway tax accruals
per share
amounts to
1938
$342,638
233,485
Reserve against price declines.
Includes
1639
$591,102
285,658
gen. expenses......
Total income
Other deductions.
Federal & State taxes
Net profit for
Dividends paid
109,200
264,000
Assets—Property, plant and equipment, $10,920,275; sinking fund,
$1,062; cash, $56,689; special deposit, $108; accounts receivable (net),
$73,237: rents receivable, $35; materials and supplies, $70,915; deferred
Period End. May
$699,169
347,159
Sell,, admims. &
x
27,000,989 26,440,720
Corp.—Earnings—
Years Ended March 31—
Gross profit on sales
Earnings
100,370
1492.
Rome Cable
$407,316
1936 figures restated for comparative purposes,
b Includes Federal
surtax on undistributed profits in the amount of $253 for 1937 and $1,942
for 1936.
From Jan.
aid
Surplus..........
—V.
109.200
209,000
a
$1,571,351
456.491
Balance, surplus
$446,436
39,120
40,680
1936
$3,840,911
$1,497,440
Total oper. expenses
Non-oper.
Subs.)—Earnings—
$3,855,785
2,3.58.344
Operating revenues..
.
Sink, fund appropriation
company
& Co.
or
income..
Net
The New York P. 8. Commission has authorized the
corporation to
issue $15,000,000 30-year 3Ys% bonds series K to refund an
equal amount
of series F 4% bonds.
The bonds to be redeemed were issued under
authorization of the Commission in several capitalization
proceedings in
1935 and 1936.
' Y
The corporation on June 27 filed with the SEC an amendment to
its
through
150,752
Corp.-—To Offer New Bonds
Exchange—
1939
1938
1937
$301,941
13,290
def6,908
$250,233
def5,681
def37,423
$310,936
44,469
26,557
1,483,070
116,869
34,536
1,353,751
1,160,042
23,871
16,498
def90,191
def88,804
defl78,887
def329,002
Salt Lake & Utah RR. Corp.—Securities—
The Interstate Commerce Commission on June 17 modified its order of
April 13, 1938,
so as to authorize the amendment of the sinking-fund pro¬
indenture securing the $400,000 of siilking-fund firstbonds,, to provide that sinking-fund payments of $15,000
be made on April 1 and Oct. 1, 1940, and like payments on April 1 and Oct.
1 in each year thereafter to and incl. April 1, 1948.
As consideration for this modification, the company proposes simul¬
taneously with the making of the modification to procure a purchase from
the Reconstruction Finance Corporation of one-half of the loan of $400,000
now held by the Finance Corporation.
The company proposes that onehalf of the bonds securing the loan shall be delivered to the purchaser or
purchasers of the one-half of the loan and that the semi-annual sinking-fund
payments, when made, shall be applied ratably to the simultaneous reduc¬
tion of the principal of the indebtedness to the Finance Corporation and the
indebtedness to the proposed purchaser of one-half of the loan.
The company has received a firm offer from the First Security Bank of
Utah to purchase or cause to be purchased one-half of the loan simultaneous¬
ly with the making of the modification.—V. 146, p. 2868.
vision in the trust
mortgage 4%
Volume
The Commercial & Financial Chronicle
150
St. Louis Public Service
4139
Co.—Earnings—
Earnings for the Year Ended Dec. 31, 1939
Operating
Operating
revenue
_.
expenses
...
Provision for depreciation
Taxes
__
assignable to railway and bus operations
Social security taxes
Provision for injury and damage claims
on
MEMBERS NEW YORK
549,512
123,907
1st mtge. 5% bonds
25-year convertible income bonds.
Non-operating rents and other interest
Tel. Bowling Green 9-3100
■
Earnings for the Year Ended April 30, 1940
Liabilities—
$76,745
Class A stock (?1 par)
Inv. in & advs. to Florissant
Surplus from repur. of bonds.
77,266
Deficit
46,864
Construction, Real
Estate
& Investment Co
1,130,157
19,796
Other assets.,...
deposit
for
Funded
,
Materials and supplies
1,594,848 Reorganization
518,317
Accounts
186,646
Accrued wages
39,768
Outstanding tokens
15,149
Employees' deposits
U. S. Treasury bonds
Cash
3,485,201
Deferred charges
116,789
Accrued
7,134
Profit for the year...
Surplus
340,307
accrued
Total
Dividends
calendar Years—
19.39
$8,684,720
Operating revenues1,305,002
Electricity & gas purch.
2,919,997
635,320
1.034.200
f_
Provision for deprec.
State, local, &c.. taxes.
857,150
159,800
Federal income taxes...
Co.—Earnings-
Balance Sheet
$1,7/3,252
9.416
Net earnings
.....
Int. on funded debt
$1,782,668
754,311
15,508
123.181
interest
Amort. of debt disc. & exp.
Misc. deductions.
.
... •
3,068
*
Net income.........
1937
$8,093,297
1,496,957
2,701,446
471,197
662,855
116.600
81.400
$1,797,092
29,779
$1,904,642
5,310
6,155
$1,826,871
852,250
24,079
87,780
22.098
$1,909,952
981,400
19.659
29,616
20,977
$1,874,674
981,400
14,628
29,615
$840,664
345.000
498,000
$858,300
$849,030
345,000
110,000
$886,601
313,790
Dividends pref. stock
common stock
Dividends
Assets—Cash
1936
1938
$8,303,361
1,386,337
2,765,379
519,126
893,877
824,950
290,500
$1,868,518
345,000
110,000
franchises, &c..32,506,910 31,928.628
Invest's & advs...
57,553
63,183
Scovill Mfg.
Special
$
5,810,000
5,810,000
Funded debt-...- 18,590,000
340,033
18,800,000
331,134
210,000
200,000
361,048
331,417
Def'd liabilities...
5,000
deposit...
b Common stock..
Deferred charges &
Name
760,802
Accrued taxes....
230,457
2,380
2,660
Fed. Income taxes.
144,149
233,603
88,535
Harriman
505,829
Cash.
557,797
Accrued interest..
227,901
226,856
Hornblower & Weeks
Miscell. curr. liab.
8,177
Deposit for paym't
of bond interest.
Accts.
receivable.
Materials and sup¬
392,881
441,289
plies
(current)
Accounts payable.
Contribu. for ext..
578,658
5,486,043
Reserves
182,165
193,694
The
146,207
a
Represented by 30,000 shares of 8% pref. stock, 10,000 shares of 7%
pref. stock and 5,000 shares of 7% pref. stock,
b Represented by 83,000
shares of
no
par
value,
From Jan. 1—
Gross from railway
,
_
Net from railway
Net ry. oper. income—
526,195
27,199
defl29,577
Earnings—
1937
1938
1939
$126,377
19,844
defl0,727
614,702
80,662
$100,768
defl5,045
def46,208
83,760
$95,437
7,411
def21,949
513,530
def53,294
def216,765
578,377
109,509
def57,214
—V. 150, p. 3527.
,
Santa Cruz Portland Cement Co.—25-Cent Dividend—
Directors have declared
a
dividend of 25 cents per share on the common
stock, par $50, payable July 1 to holders of record June 25.
div. of 50 cents was paid on April 1, last.—V. 144, p. 2499.
1937
$6,468,751
1,785,942
880,619
$6,001,264
1,768,081
437,277
745,608
876,039
$1,839,576
11,408
$2,142,586
6,125
$2,174,257
47,640
$2,424,268
41,875
$1,850,984
211,250
$2,148,710
$2,221,898
340,590
$2,466,144
Operating income.
Other income (net)
Total income
:
Interest
funded debt.
on
3 Mos.
9 Mos.
86,288
13,447
$14,599
2.439
Net operating income.
Other income
on
$151,518
6,749
$17,038
35,000
Interest
on
first mortgage
income bonds.,
52,500
Depreciation
69,137
..
$139,599
Balance Sheet April
_
8 1,628,604
319,488
$158,266
105,000
157,500
207,411
$311,645
9
(& Subs.)—Earnings—
[Exclusive of Schulco Co., Inc.]
10
Working funds...
Temp, cash
1.50,
p.
3527.
Mat'ls &
$40,893
$178,456
$287,339
Accts.
from
$
6,500,000
163,738
pay., assoc.
50,957
companies
15,780
Interest accrued..
85,215
98,693
649,644
Customers' depos.
63,405
718,579
73,321
915,000
761,400
Deferred credits.
422,712
Reserves
100
supplies.
*1938
$
915,000
Misc.
133
830
15,906
27,727
4,947
639
12,857,014
59,918
$6 cum. pr. stock 5,324,800
Common stock.. 6,071,866
4,970
5,324,800
6,071,866
780,000
3,898,401
3,645.026
In aid of
construction
y
7L856
x
19,354
51,308
Prepayments
Earned surplus—
Capital surplus
assets
39,898
liabs..
13,434,561
curr.
Contribs
assoc.
—
780,000
Notes & accts. rec.,
not current—.
Deferred debits...
Total...x
no
559,935
54,753
551,135
74,575
37,177,411 36,259,373
par
37,177,411 36,259,373
Total
Represented by 2,500,000 no par shares,
y
Represented by 53,248
shares.—V. 149, p. 123.
Seaboard Air Line Ry.—Plans Submitted—
of reorganization for the road were projected June 25
public hearing at Norfolk, Va.
Tazewell Taylor, Special Master
at a
the hearing, which was
holders of the company.
$26,553
1,612,500
1st mtge. bonds,
314%, due 1967 6,500,000
Accts. pay., gen'l
191,018
696,907
592,415
(at cost)
Special deposits...
over
<
$1,987,700
319,488
Taxes accrued..__
10,500
inv't'ts
Three major plans
1940—5 Mos—1939
after
and credits.----..-..
—V.
1940— Month—1939
$1,834,920
319,488
1,325,000
728,482
Oth. cur. & accr'd
May 31—
deprec. and
77B admin, exps., but
before special charges
$1,917,253
319.488
1,500,000
22,590
40,003
34,312
1939
1,197,095
10,500
Other security inv.
at cost, $35,424; other inventories, $52,631; prepaid ex¬
$84,808; miscellaneous investment, $1; fixed assets (less reserves
for depreciation of $967,920), $ 13,615,111; total, $14,196,422.
Liabilities—Accounts
payable, $87,936; accrued liabilities,
$48,182;
accrued interest on first mortgage, $11,667; cumulative interest at 3% on
income bonds dated Oct.
1, 1936, $752,500; funded debt, $9,800,000;
reserve for
repairs, $30,751; class A common stock (par $1), $82,050;
class
B common stock (par $1), $27,350; capital surplus, $4,769,901;
deficit, $1,413,913; total, $14,196,422.—V. 150, p. 3986.
beverages,
End.
19,246
Liabilities—
1,757
Oth. phy. property
companies
penses,
Period
415,850
12.075
1938
Utility plant
33,041,040 32,703,997
117
Contractual constr
39,957
Rec'd
30, 1940
reserves
Loss
961
S
Mdse. for resale..
Schulte Retail Stores Corp,
881,279
Balance Sheet Dec. 31
1939
Assets—Cash in banks and on hand. $304,961; accounts receivable (less
reserve for doubtful accounts of $18,086), $103,486; inventories of food
and
578,014
799,247
'
1,075,000
Assets—
Accts. receiv'le—
Net loss
211,250
a
Amounts restated for comparative purposes.
a
Cash
Net income before interest and depreciation.
752,826
and expense.
962
Other deductions..10,168
Net income
$1,759,679
1,311,420
258,863
37,879
$541,097
426,763
Real estate taxes
453,438
Amort, of debt discount
$6 preferred dividends.
Other taxes
1936
1938
$6,016,549
1,787,080
1939
Common dividends
Operating revenues—Rooms, restaurant, bever¬
ages, telephone, &c
Oper. and general and administrative expenses
Interest
Co.—Earnings—
Regular quar.
Savoy-Plaza, Inc.—EarriingsPeriod Ended April 30, 1940—
650,000
Operating revenue..... $5,759,043
Operation..
1,961,102
Maintenance
380,852
Depreciation...
760,190
Taxes
817,323
Calendar Years—
1940
$98,852
def3,566
def32,409
May—
Gross from railway. _*
Net from railway
Net ry. oper. income
650,000
750,000 White, Weld & Co
prospectus states
Scranton Electric
stock, $100 par.—V. 150, p. 2896.
San Antonio Uvalde & Gulf RR.-
250,000
750,000
Chas. W. Scranton & Co..
650,000 Smith, Barney & Co
3986.
Represented by 45,000 shares of 6% cum. pref.
c
650,000
_
Ripley &Co. ,Inc
not be discontinued at any time.
„
The price at which the debentures will be offered to the public, the
redemption provisions and the underwriting discounts or commissions are
to be furnished by amendment to the registration statement.—V. 150, p.
Total ....—.,-30,862,325 36,312.201
862,325 30,312,201
_
$750,000
650,000
that to facilitate the offering it is intended to
stabilize the price of the debentures.
This is not an assurance, it states,
that the price will be stabilized or that the stabilizing, if commenced, may
100,480
Earned surplus...
Total
Drexel & Co
7,528
519,403
5,017,037.
Paid-in surplus...
re¬
Amount
Morgan Stanley & Co.,Inc.$2,350,000 Kidder, Peabody & Co...
Clark, Dodge & Co
1,250,000 Mellon Securities Corp
Dominick & Dominick
650,000 Putnam & Co
2,635,120
731,932
prepaid accounts 2,522,562
and notes
Co.—Debentures Registered—
iWflTYlP
4% serial notes
*
accounts
Company on June 26 filed with the Securities and Exchange Commission,
registration statement (No. 2-4438, Form A-2) under the Securities Act of
1933 covering $10,000,000 debentures due July 1, 1950.
The interest rate
is to be furnished by amendment.
The net proceeds from the sale of the debentures will be applied to the
redemption, on or about Sept. 16, 1940, at 104%, of the company's out¬
standing $7,850,000 of 15-year 5H% convertible gold debentures due
Jan. 1, 1945. The balance or the proceeds will be used for general corporate
purposes including, it is stated, additions to machinery and equipment.
The names of the underwriters and the principal amount of debentures
to be taken by each are as follows:
c4,500,000 a4,500,000
Preferred stock.
rts*.,
$24,809;
hand,
on
a
1938
Liabilities—
s
$
prop.,
1939
1938
1939
Assets—
and
28,460 shares, stated at $25 each, $711,500; common stock, 66,000 no-par
shares, stated at $1 each, $66,000; surplus, $144,024; total, $1,244,655.
—V. 150, p. 2896.
Balance Sheet Dec, 31
Plant,
bank
$3.53
(less reserve of $9,961), $167,227; inventories at cost, $15,312;
investments, $76,755; plant and equipment (less reserve for depreciation
of $22,765), $524,727; gypsum deposits and claims, as
appraised by di¬
rectors in 1932, plus subsequent additions at cost, $22,810; goodwill, as
independently appraised in 1926, $350,000; deferred charges, $18,992;
total, $1,244,655.
Liabilities—Notes payable, $124,000; accounts payable, $144,870: divi¬
dend on pref. stock payable May 15, 1940, $14,230; accrued wages, $8,222;
accrued taxes, other than Federal income, $7,270; reserve for Federal
income tax, $20,000; sundry accrued expenses; $4,089; instalment note
payable, secured by trust deed, $450; partic. pref. stock without par value,
red. at $30 per share, cum. divs. $2 per share per annum, outstanding
450.950
603,175
699,919
66,400
2,000
774.800
in
$144,024
April 30, 1940
ceivable
$7,805,768
1,589,288
2,525,516
undist. profits
Other income (net)
General
$215,174
71,150
preferred stock
Surplus at April 30, 1940
Earnings per share on preferred stock
San Antonio Public Service
on
on
S54,646.647
Total
-V. 150, p. 2592.
Operation
Maintenance..
$100,284
114,890
April 30, 1939
at
4,203
Res. for State income taxes..
$54,646,647
2,204
$219,028
107,572
11,172
58,819
656,014
taxes
Interest
Total
$216,824
;
Profit
Loss on abandonment of old plant.
Provision for Federal income tax...
253,046
40,593
Profit.
_
Other income
491,244
___________
payable
Working funds
$402,616
185,792
on sales ($50,618 deprec. charged to product, costs)
Selling, shipping and general expenses, incl. $7,108 deprec
299,534
expenses
Notes &
accounts receivable.
Gross profit
26,888,607
25,353,945
debt
Reserves
Liabil. prov. for by deposits.
special
purposes
Surtax
Bell System Teletype N. Y. 1-752
Schumacher Wall Board Corp.—Earnings-
Balance Sheet Dec. 31,1939
Assets—
on
New York
$121,186
loss....
Property, plant & equipment.547,686,030
Cash
EXCHANGE
STOCK
15 Broad Street
4,483
3,191
Provision for State income taxes
DEPARTMENT
Eastman, Dillon 8 Co.
$559,907
on
Net
TRADING
$556,290
3,618
—
Total income
Interest
Convertible Non-cum. Income 4s due 1964
25f'XX?
1,177,395
_
Net operating income.
Non-operating income and credits..
Interest
St. Louis Public Service Co.
$13,340,115.
8,659,367
1,567,272
1,124,824
The attorneys
.
.,
.
for reorganization of the line, presided
attended by attorneys representing security
.
„
agreed that the first major step of reorganization was to
of the new company before any effort was made to
decide on capitalization
The Conimercial & Financial Chronicle
4140
holders of the
old company.
No action was taken and the hearing was adjourned until
July 10, when it will be resumed in New York.
determine how securities should be distributed among security
,
Earnings for May and Year to Date
May— '
$3,812,117
510,396
income.—
73,165
.
1940
21,519,507
4,634,422
2,169,279
*938
1939
$3,632,737
561,423
141,950
19,671,956
4,096,363
1,645,761
-
_
Gross from railway
Net from railway
-
Net ry. oper.
From Jan, l~,m :
Gross from railway.---Net from railway
Net ry. oper. income...
—V. 150, p. 3986.
'
■
J-''
■
$3,269,851
483,914
98,952
'-"ui-
,.
1937
$3,564,392
703,468
325,804
■■
18,313,355
3,599,366
1,179,201
i Sc udder* Stevens & Clark Fund, Inc.—Balance Sheet
May 31, 1940—
TAabUUies—
Cash in bank8408,226
x9,749,640
64,899
Investments..
Income accrued...-.
Reserve for other expenses—
12,692
ylO,190,802
Capital <fe surplus
$10,222,665
Total
$10,222,865
Total
$19,171
Reserve for taxes
31, 1940. y Represented by 138.614 shares of class
A stock and 30 shares of class B stock.
Value of one share, $73.50.—V.
150, p. 3372.
x
Market value. May
Seattle Gas Co,—Earnings1939
$1,952,689
Calendar Years—
Gross revenues
Operation
993,535
-
Prov, for
1938
125,565
190,535
266,502
96,963
Maintenance
196,598
depreciation.-
274,938
Taxes
1937
$1,885,156
1,156,432
98,675
181,003
253,012
payable July 10 to holders of record July 1. This compares with 10 cents
paid on April 15, last; stock dividend of 100% paid on Oct. 2,1939 and cash
dividend of 30 cents paid on July 1,1939.—V. 150, p. 1613.
Signal Oil & Gas Co. (& Subs.)—Annual Report—
Earnings for Year Ended Dec, 31,1939
Income from sales and royalties (net)-—
.——.—.$23,038,381
Cost of sales, marketing. selling & administrative expenses
21,215,967
Profit from operations, before depreciation, &c
$1,822,414
Other income—.——————————.—-..*
323,361
Income before interest,
depreciation, &c
499,722
Amortization of intangible drilling costs capitalized since Dec.
31,1938 (see note)
—-
...
Net Income
-
Earned surplus, Jan. 1,1939...—..—
Gross earned surplus...
Class A dividends——————.
Class B dividends
Assets—"Utility plant, $12,014,293: non-utility' and non-operating prop¬
$66,024; sinking fund and other special deposits, $29,062; prepaid
charges, $101,617; cash, 80,800; accounts and notes
receivable (net), $342,231; materials and supplies, $234,850; total $12,868 877.accounts and deferred
Liabilities—$5 1st preferred stock, $3,307,500; 2d pref. stock, $688,900;
stock (23,825 no.par shares), $23,825; funded debt, $4,971,000;
liabilities, $121,850; demand notes payable to banks, $195,500;
demand and instalment notes payable, $213,030; accounts payable, $68,080;
accrued interest, $63,453; accrued taxes, $170,917; miscellaneous accrued
liabilities, $20,153; reserves, $2,907,080; earned surplus, $117,589; total,
common
deferred
$12,868,877.—V. 150, p. 2896; V. 149, p. 3123.
Gross income--—.—-
1936
$450,235
2,854
15,610
1,016
"1*315
$426,810
73,559
7,252
$367,850
74,164
4i353
11,650
$525,238
88,679
-12,141
$454,405
108,210
5,368
$277,683
a334,645
$424,419
b686,382
$340,826
c.312,580
"3" 500
expenses....
Other expenses
Net income
Dividends paid
from
$520,723
34,140
Prov, for Fed. Inc. taxes
Paid
1937
1938
$352,239
Optional dividends
Interest on bonds—
Operating
Inc.—Earnings-
$385,916
6,754
$345,999
a338,889
-
distribution
surplus,
b Of which $601,492 paid from
distribution surplus and $84,890 from capital surplus,
c Paid from dis¬
tribution surplus.
In addition during 1936 an optional dividend of $3.25
per share was paid, of which $1,234,678 was in stock and $886,243 was in
cash, and both charged to capital surplus.
a
$2,104,514
—...———
...
Assets—Cash, $107,802; cash dividends receivable, $24,115; accounts
receivable, $73,411; investments at cost, $9,684,159; deferred charges,
$15,870; total, $9,905,357.
Liabilities—Due for securities purchased but not received, $134,964;
accrued Federal taxes, estimated, $35,748; accrued management, custodian
and transfer agent's fees and expenses, &c., $7,197; due for capital stock
surrendered for redemption, $202; other liabilities, $2,078; capital stock out¬
standing ($2.50 par value) ,$2,565,368; distribution surplus, $12,629; paid-in
surplus (after writing off deficit in earned surplus of $3,017,871), $7,098,271;
earned surplus, Jan. 1, 1939 to Dec. 31, 1939, $48,901; total, $9,905,357.
—V. 149, p. 4041.
Jan.
1,
..... ... ..
—...
1939.
the
$5.31
company
Assets—Cash, $1,156,805; marketable securities (market value, $67,705),
$62,800; customers notes and accts. receivable, $1,738,150; other notes &
accounts receivable, $177,210; crude oil (at market), $56,163; petroleum
products and accessories (exclusive of inventories held on consignment) (at
cost), $147,314; operating supplies (at cost), $84,396; investments in and
advances to Southwest Exploration Co.
(not consolidated) and other
related oil companies, $1,369,746; property (after reserves for depreciation,
depletion, and revaluation of $7,743,004), $4,762,248; gas and marketing
contracts (company's valuation as of Jan. 1, 1932, less amortization, $180,000), $320,000; deferred charges, $330,941; total, $10,205,776.
Liabilities—Accounts payable, $2,045,848; bank loans (current), $300,000;
purchase money obligations, $89,072; unsecured notes, $441,067; taxes
payable (including Federal and State taxes on income), $336,514; accrued
interest, $14,232; bank loans, $2,500,000; other non-current liabilities,
$1,196,779; reserve for contingencies, $409,188; class A stock (146.999
shares no par value), $734^995; class B stock (41,282 shares no par value),
$206,410; capital surplus, $274,653; earned surplus (since Jan. 1, 1932),
$1,657,016; total. $10,205,776.—V. 149. p. 1628.
Silverwood Dairies,
Ltd.—Earnings—
T Years Ended March 31—
1940
Sales
——
Cost of mateiial and production expenses
Selling & general expenses—branches.
$6,778,631
4,417,526
1,686,213
247,009
Int. received
revenue.
re
advances made under guarantee
Total.
Less—Management, adminis. & gen. expenses
Int. on 5% first mortgage bonds
Interest
Interest
on
on
—
'
mortgages
6% debentures
Provision for Dominion & Provincial income taxes.
1939
$437,393
155,949
$588,888
279,524
,.
Collection and delivery costs
Selling costs.
Office expenses
$46,629
7,897
$54,923
15,741
6,867
$54,526
22,635
5,663
$32,316
Net sales
Laundering costs
$597,969
292,579
143,239
25,087
28,467
61,968
$47,874
7,049
-
$602,060
4,091
29,531
64,720
Total sales
1
Linen supply depreciation
1938
$441,638
160,422
$593,343
4,454
-
$26,228
143,450
23.790
Administrative expenses
Other income.
Other expenses
..."
Federal income tax.
Surplus net profit
-V. 126, p. 2805.
Period End. May 31—
Operating revenues
Operation
Maintenance
Taxes
Net oper. revenues
Non-oper. income (net).
Balance.....
Retirement accruals
Gross income
Interest & amortiz., &c_
Net income
Preferred dividends.
Common dividends
$76,144
V
$76,053
11,747
$64,306
11,034
$53,272
■
'J
1940—12 Mos.—1939
$2,176,013
$2,008,804
651,966
726,643
110,834
101,537
303,890
331,090
$1,016,743
3,675
$942,114
3,569
$73,313
7,527
$1,020,418
111,735
$945,683
$65,786
11,334
$908,682
134,074
$854,744
134,444
Assets—Cash
cost
on hand and in banks, $424,138: Dom. of Canada bonds at
(market value approximately $74,800), $75,000; accounts and notes
$5,675,506; cash held by trust company for bondholders, $5,700; mortgage
and sundry investments,
$1,841; deferred assets, $104,435;
total, $6,852,718.
Liabilities—Accounts
payable—milk
and
cream
patrons,
$165,037;
other accounts payable and accrued charges, $179,660; estimated Dominion,
Provincial and other taxes, $54,669: interest due and accrued on bonds and
debentures, $59,561; dividend payable, April 1, 1940, on preference shares,
$29,000; milk salesmen's deposits, $28,138; first closed and refunding
mortgage 5% redeemable serial bonds maturing 1941-52, $1,081,000; 6%
registered sinking fund redeemable debentures due April 1, 1966, $1,450,000;
reserve for depreciation of buildings, machinery and equipment and other
capital assets, $2,699,433; preferred stock, 145,000 no par shares, $725,000;
common stock, authorized 1,000,000 shares of no par value of which 23,402
shares are under option to the management trust and 176,598 shares have
been issued, $265,000; earned surplus, $116,219; total, $6,852,718.—V.
150, p. 3837.
receivable
Simmons Hardware & Paint
At
a
special meeting June
Corp.—Sale Voted—
21, stockholders approved the sale of the
business and assets of the corporation and its subsidiaries to the Shapleigh
Hardware Co. for $2,712,497.—V. 150, p. 2743.
Simplicity Pattern Co., Inc. (& Subs.)—Earnings—
90,939
rr
2,093,640
851,176
104,353
248,652
expenses
....
income
Total income
—
Income deductions
Special charges
210,000
339,626
Unrealized loss
339,628
July 19
mortgage and refunding
gold bonds series B 5K % due March 1, 1957 to exhaust the sum of $16,000
at prices not exceeding par and accrued interest.—V.
150, p. 3988.
per
74,540
2,238
$68,982
43,531
$311,663
91,237
32,382
131,585
$112,513
67,046
30,144
5,098
Net profit for the year
Earnings
$3,649,577
2,160,462
1,253,247
90,108
$277,965
33,698
Operating profit
Other
1938
$5,171,362
1,521,785
70,555
2,533
Provision for doubtful accounts receivable
$720,301
The New England Trust Co., Boston,
Mass., will until 10 a.m.
bids for the sale to it of sufficient first
$3,648,875
Selling, general and administrative
Provision for depreciation
Outward freight and parcel post
Taxes, other than income taxes
$774,609
Tenders—
receive
Net sales
Cost of goods sold
210,000
■
1939
Provision for foreign income taxes
$54,452;
$59,409
...
$73,510
Drl97
Dr9l
$336,586
128,187
48,306
1,429
87,000
12,254
Sales...—$4,993,394
Returns and allowances
1,344,518
Co.—Earnings-
1940—Month—1939
$172,631
$161,278
58,164
51,275
8,911
12,607
29,412
23,885
$447,814
123,711
49,224
412
87,000
Consolidated Balance Sheet Mar. 31, 1940
Calendar Years—
Sierra Pacific Power
$323,453
13,132
37.400
....
Gross profit on sales........
262,682
$427,883
16,991
2,939
$150,067
Provision for depreciation....-
Miscellaneous
1939
$6,710,228
4,455,509
1,668,583
receivable less reserves, $257,250: inventories, $226,498: life insurance on
the life of the President—cash surrender value, $82,351; capital assets,
Shepherd Laundries Co.—Earnings—
Calendar Yeats—
$1,657,016
adopted the practice of
capitalizing intangible drilling costs and amortizing them over the estimated
productive lives of the various properties.
In prior years such costs were
charged against income when incurred. ' The total amount of intangible
drilling costs capitalized by the company in 1939 was $647,916 and the
amortization thereof for the year amounted to $22,516.
If all intangible
drilling costs applicable to properties now in production had been capitalized,
the amortization for the year 1939 would have amounted to approximately
$95,000.
Consolidated Balance Sheet Dec. 31,1939
Trading Co., Ltd.—No Dividends—
No further dividend is to be paid for 1939 by this company, it was an¬
nounced on June 20.—V. 150, p. 3373.
49,921
21,015
Net profit—
Dry cleaning.
293,998
82,564
Redemption premium. ......
Condensed Balance Sheet Dec. 31, 1939
Shell Transport &
$1,000,662
1,103,851
Earnings per share of stock outstanding
erty,
_
—___
$110,792
7>372
Balance Sheet Dec, 31,1939
Proceeds of prop. divs
—_
-
Note—Effective,
1939
22,516
,
Abandonments—134,177
Provisions for loss on uncollectible accounts, less recoveries
53,312
Amortization of gas and marketing contracts
60,000
Miscellaneous
3,939
Provision for Federal and State taxes on income
103,066
Portion of income reserved for contingencies under continuing
contractual obligations—
154,574
x$58,733
x$63,656
Selected American Shares,
$2,145,776
113,809
Depreciation and depletion
1936
$1,810,565
949,044
95,484
173,210
224,844
xLoss.
Years End. Dec. 31—
Cash dividends
—-
Interest
Earned surplus, Dec. 31.1939
Net income---
the common stock,
2,388
2,388
249,076
25,849
.
on
Charges in connection with debs, redeemed in adv. of maturity:
Unamortized discount and expense
$196,033
252,751
$390,655
Miscellaneous interest..
Amort. of reorgan. exp.
20%
$367,980
253,913
1,012
2,261
$211,631
249,825
23.074
2,388
$113,342
Net oper. revenues
Interest on funded debt.
Shakespeare Co.—Stock and, Cash Dividend—
Directors have declared a stock dividend of
——
$1,931,095
1,136,862
1940
29,
payable July 10 to holders of record July 1.
Directors also declared a cash dividend of 30 cents per share, likewise
19,978,702
5,134,011
2,843,624
June
share
on
500,000
common
shares
Consolidated Balance Sheet Dec. 31,
$51,361
$0.10
$15,324
$6.03
1939
Assets—Cash, $150,693; accounts receivable (less reserves of $24,809),
$516,172; inventories at lower of cost or market prices, $437,723; other
Volume
The Commercial & Financial Chronicle
150
$16,460; miscellaneous investments, $685; land, buildings,
machinery & equipment, &c. (less reserve for depreciation of $521,533),
$1,153,154; patents and trade-marks, at nominal value, $1; deferred
charges, $45,994; total, $2,320,883.
Liabilities—Notes payable, $113,285; accounts payable, trade, $171,422;
accrued liabilities, $120,673; other current liabilities, $96,119; long-term
debts, $374,452; reserves, $520,278; common stock ($1 par value), $500,000;
capital surplus, $526,248; deficit, $101,595; total, $2,320,883.—V. 148,
p. 3542.
current assets,
4141
Southern Bleachery & Print Works, Inc.—Accum. Dw*
Directors have declared a dividend of $1.75 per share on account of
accumulations on the 7% cumulative
preferred stock, par $100, payable
July 1 to holders of record June 20.
Like amount was paid on April 1 and
Jan. l last.
Dividend of $4.42 was paid on Oct. 1,1939, and dividends of
$1.75
were
paid in preceding quarters.—V. 150,
1787.
p.
Southern Ry,—Earnings—
[Includes Northern Alabama Ry.]
Sioux
City Stock Yards Co. (& Subs.)—Earnings—
Calendar Years—
Gross earnings
r
Operating
;
.
State income taxes
i;. - 'Net
Dividends
on
Dividends
on common
on
stock
120,000 shares
4,513
$195,480
90,000
135,000
$0.88
$267,948
90,000
180,COO
$1.48
preferred stock
share
per
$1,168,882
936,483
32,405
$1,223,567
885,508
62,600
7,511
expenses
Federal income taxes
Earnings
1938
1939
common
1940
Gross from railway
Net from railway
$7,557,563
income
41,858,780
11,889,508
7,129,056
38,488,697
10,735,037
Net railway operating income
Net railway
operating
From Jan. 1—
Gross from railway
Net from railway
—Third
Gross earnings (est.)
Southern Weaving Co.
Selling, administrative, and general
$142,004
109,333
expenses
Balance Sheet
Accounts payable, trade.'.
180,636
Common stock
Total
Acorued wages and taxes.....
99,620 Surplus balance May 31,1940.
10,693
$443,000
...
Represented by 20,000
no par
Total
Profit from operations
12,059
Gross income
.........
r•;" y37,132
.....
Provision for Federal income tax................
57,800
;
incomes.$228,781
Preferred dividends.......................
x
$53,828
1,953
8,561
$323,713
..Income;charges...
Net
$32,671
21,159
$311,654
.
$443,000
Southwest Dairy Products Co.—Annual
Calendar Years—
Plant sales.
1938.
1939 and $271,460 for
Includes provision for contingencies of $33,000 in 1939.
y
Balance Sheet Dec. 31, 1939
of
Liabilities—Accounts payable, $62,707; accrued accounts:
taxes (incl.
$86,405; other liabilities, $25,075; reserves, $33,270;
5% cumulative prior preferred stock (par $100), $530,100; 5% class A
preferred stock (par $100), $6,500; common stock ($5 par), $1,717,705;
capital surplus, $1,656,513; earned sin-plus since Jan. 1, 1933, $2871910;
total, $4,406,185.—V. 145, p. 2089.
Sonoco Products Co.—Balance Sheet Dec. 31,
Cash....
is...
$300,952
.......
321,049
«
Acounts receivable.
.
Accounts payable
Accrued payroll, extra com¬
pensation and Insurance
Miscellaneous receivables and
accruals
...............
Inventories
Other assets
Investments
..
.
.
.
..........
Fixed assets...
x
Accrued
4,678
532,557
29,037
Reserve
141,012
Federal
2,826.788
for
conting.,
taxes,
Earned
384,500
Paid-in
surplus
Surplus
from
1,184,405
surplus
12,078
plant
1,576,227
161,027
assets..
—
y
400,000
$179,616
19,715
$18,765
Springs
$199,331
18,703
7,114
16,062
4,851
106,157
$31,323
and
plant
sundry equipment discarded
15,120
Net profit.
Consolidated Balance Sheet
as
of Dec. 31, 1939
Assets—Cash on hand and in banks, $51,775; notes & accounts receivable
(net), $173,828; inventories, $79,194; other assets, $8,071; real estate,
$195,693; buildings, machinery & equipment, $1,828,119; less provision for
depreciation, $413,294; balance, $1,414,824; deferred charges, $38,117;
unamortized bond discount and expense, $36,403; intangibles, $9,546;
total, $2,007,453.
Liabilities—Notes payable, $63,532; accounts payable, $228,170; deferred
liabilities, $244,608; bonds & debenture notes outstanding, $602,250; un¬
earned insurance premiums, $7,273; common stock (par SI), $96,401;
capital surplus, $895,688; profit and loss deficit, $130,469; total, $2,007,452,
—V. 138, p. 3790.
Southwestern Associated
Period
End. May 31—
Operating revenues
Telephone Co.—Earninqs—
Uncollectible oper. rev..
1940—Month—1939
$115,449
$107,267
300
250
Operating revenues.
Operating expenses
$115,149
69,737
$107,017
62,784
Net oper. revenues..
$45,412
10,714
$44,233
$34,698
$34,300
Operating taxes
$4,205,099
Shares of $5 par value.—V. 1495
2,821
58,540
$179,819
21,339
5,933
17,629
3,100
113,053
Income tax
Provision for depreciation
Loss: Abandonment Sulphur
of
appraisal
Total
After depreciation of $2,387,737.
6,000
—
5% cumul, pref. stock
y Common stock
$4,205,099
148,102
234,558
36,948
(net)..
$110,279
1938
13,257,476
2,818,629
197,869
8,932
Profit before interest and depreciation
Interest on bonded debt
Amortization of bond discount and expense
State
&c
Deferred charges
x
and
taxes
Patents, drawings, and trade¬
marks
1939—
Liabilities—
$149,712
21,176
Southwestern Lloyds
(less reserved for depreciation
$7,539; formulas, patents,
Federal income tax),
Assets—
'
Central office other income, net
J
Net profit of two subs.—Dairy Investments and
$2,484,110), $2,865,723; deferred charges,
&c., $1; total, $4,406,185.
,
.
Balance
Report—
1939
$3,360,572
2,939,899
201,035
5,020
64,907
General interest
Assets—Cash, $778,569; accounts receivable, $324,935; accrued interest
receivable, $91; inventories, $376,426; investments (less reserves for revalua¬
tion, $153,265), $21,250; insurance premium deposits, $31,652; land,
buildings, machinery and equipment, &c.
Plant general and administrative expense
Plant other deductions (net)
Central office general and administrative expenses
$43,314
39,210
35,369
After depreciation amounting to $283,863 for
$38,597
14,706
x200,000
189,697
shares.—V. 149, p. 4041.
Cost of sales
Income credits
May 31,1940—
$69,373
82,779
Fixed assets (net after deprec.)
Def'd charges & other assets..
1938
1939
$450,478
138,824
1939
Liabilities—
Cash In banks
Accounts receivable, customers
Inventories
..
Corp.—Earnings—
Calendar Years—
Gross profit
1940
$2,385,409 $63,223,035 $58,899,870
Assets—
x
x
6,181,661
Jan. 1 to June 21
1939
$2,497,650
1,949,217
1,099,888
—V. 150, p. 3990.
accounts of
Skenandoa Rayon
Week of June
1940
Consolidated Balance Sheet Dec. 31, 1939
Assets—Cash, $443,058; accounts receivable (less reserve for doubtful
$4), $52,201; inventories of feed, bedding and supplies, $89,127!
other investments, &c., $142,475; property, plant and equipment, $5,191,673; deferred charges and prepaid expenses, $54,350; total, $5,972,884.
Liabilities—Accounts payable,
$17,552; accrued expenses, $178,102;
4% first mortgage 15-year bonds, $1,000,000; preferred stock ($15 par),
$900,000; common stock ($15 par), $1,800,000; capital surplus arising from
reduction in capital, $1,800,000; earned surplus, $277,229; total, $5,972,884.
—V. 150, p. 853.
1939
$8,313,490
2,342,223
1,368,532
.
Net operating
—V.
150,
income.
3528.
p.
1940—5 Mos.—1939
$573,983
$528,264
1,500
1,250
9,933
$572,483
345,199
$527,014
315,948
$227,284
53,382:
$211,066
49,395
$173,902
$161,671
p. 4041.
Sonotone
Spicer Mfg. Co. (& Subs.)—Earnings—
Corp.—Listing—
3
The New York Curb Exchange has approved the listing of 41,000 ad¬
ditional shares of common stock, par $1, upon official notice of issuance.—V.
150, p. 3064.
South Carolina Power
Period End. May 31—
Gross
Oper.
expenses
Net income.
preferred stock
on
Balance
.
.......
$3,494,380
2,019,093
383,752
$98,981
55,388
$1,062,938
673.654
$1,091,536
679,608
$43,592
14,286
$389,283
171,438
$411,297
171,438
$3,292
Int. & other deductions.
$3,771,494
2,333,556
375,000
$17,578
14,286
Gross income.
$293,212
162,982
31,250
$73,516
55,937
_
Divs.
1940—12 Mos.—1939
$308,427
203,662
31,250
and taxes
Prov. for depreciation.
^
Co.—Earnings-
1940—Month—1939
revenue
$29,306
$217,845
Period—
Net
Gross
1940—12 Mos.—1939
$4,524,047
$4,081,689
2,646,612
2,22a,918
593,452
501,843
i
"
$110,822
31,984
$1,283,983
390,071
$1,358,928
381,284
34,358
10,848
$78,837
34,358
10,848
$893,912
412,296
130,181
$977,644
412,296
130,181
$35,918
$33,631
$351,435
$435,167
$113,667
F Gross income
Int. & other deductions.
32,542
The Interstate Commerce Commission has certified to the Federal Court
Washington, Northern Division, results of creditor
balloting on the Commission-approved plan for reorganization of the
Spokane International Ry. and Coeur D'Alene and Pend. D'Oreille Ry.
Holders of $2,497,000 Spokane first 5s out of a total of $4,200,000 out¬
standing submitted acceptable ballots, all in favor of thejplan.
Holders
of $286,000 Coeur D'Alene first 5s voted out of a total of $544,000 out¬
standing, also 100% in favor of the plan. Holders of these two bond issues
were the only creditors entitled to vote.
Earnings for Month of May and Year
$81,125
Net income
Divs.
Gross from railway
Net from railway
Net from railway
Net ry. oper. income...
—V. 150, p. 3529.
Date
1938
1937
484
$57,063
def2,949
defll,386
$65,377
7,002
def2,554
301,862
53,757
298,174
49,590
11,904
21,445
265,356
16,218
def20,463
318,876
55,091
11,989
Net ry. oper. income
From Jan. 1—
Gross from railway
to
1939
$62,884
1,910
def6,560
1940
$70,021
9,512
Standard Cap & Seal Corp. (& Subs .)—Earnings—
br*
}
9 Months
Spokane International Ry.—Plan Approval—
$240,489
1940—Month—1939
$385,341
$349,868
189,592
222,220
49,454
49,454
revenue
Oper. expenses & taxes_
Prov .for deprec.& amort
—»
for Eastern District of
May—
T Period End. May 31—
Ended
^
profit../
—V., 150, p. 3676.
Southern Indiana Gas & Electric Co.—Earnings—
Months
May 31, '40 Feb. 29, '40 Nov. 30, '39 May 31, '40
$476,165
$601,974
$510,904
$1,589,043
y Earns per shares
$1.41
$1.83
$1.53
$4.77
x After
y On 300,000 shares of common
charges and Federal taxes,
stock.—V. 150, p. 2440.
x
on
preferred stock.
Amort, of
pref. stk. exp.
Balance
—V. 150, p.
3677.
Southern Pacific
Co.-=—Earnings—
come
...
Net ry.
From Jan. 1—<
$912,353
12,439
Net
$728,287
104,868
$639,608
profit before Federal income taxes
Provision for Federal income taxes.
152,578
$763,213
123,605
miscellaneous
Depreciation and amortization
$881,787
602
160.977
income
$861,167
$924,792
taxes
Other income
Interest and
1938
1937
1940
1939
$14,010,038 $13,441,846 $11,918,816 $13,635,972
2,068,588
2,605,258
3,654,649
3,562,753
75,016
760,243
oper. income.._
1,669,509
1,600,793
1938
profit from operations—before provision for
depreciation and amortization and Federal in¬
Total
May—
Gross from railway
Net from railway—
1939
Years Ended Dec. 31—
Net
$623,418
170,499
386,417
20,620
922
'
Gross from railway
Net from railway
Net ry. oper. income...
—V. 150, p.
65,164,169
14,471,631
4,914,724
56,029,534
60,717,990
7,423,446
13,524,923
4,457,946 defl869,569
69,192,465
15,484,167
6,931,642
Net profit
Div.
Div.
paid on conv. pref. stock ($1.60 per share)
paid on common stock ($1.80 per share)
May—
Gross from railway
171,040
388,750
Consolidated Balance Sheet Dec. 31, 1939
3989.
Southern Pacific SS.
Net from railway
Net ry. oper. income
—
Lines—Earnings—
1939
1938
Assets—Cash, $617,766; marketable securities, $33,375; accounts and
receivable (less reserve for doubtful accounts of $17,052), $280,084;
inventories, $180,631; investments and other assets, $25,494; capping ma¬
chines (less reserve), $706,833; property, plant & equipment (less reserve)
notes
1937
1940
$829,393
64,989
36,189
$625,120
38,563
20,335
$591,917
69,059
54,762
$569,392
defl8,230
def33,603
3,775,572
309,755
187,325
2,969,607
218,338
137,805
2,657,453
defl07,048
defl85,639
3,303,109
147,523
11,730
From Jan. 1—
Gross from
railway.....
Net from railway
Net ry. oper. income
—V. 150, P. 3528.
accrued taxes, wages, &c., $32,698; provision for Federal income
$124,462; instalment contract payable, $51,000; deferred income,
for officer and employee stock plans, $34,067 reserve for con¬
tingencies, $10,800; convertible preference stock (par $10), $1,069,445;
$17 000;
taxes,
$836;'reserve
The Commercial <£ Financial Chronicle
4142
stock (par $1), $215,972; capital surplus, $94,470; earned surplus,
$700,316; total, $2,393,831.—V. 150, p. 3374.
common
Springfield Gas Light Co.-—Earnings—
1937
1938
Calendar Years—
1939
Operating revenues
$1,829,550
Operating expenses -——
1,561,381
1936
$1,790,108
1,547,532
—
$1,788,668
1,544,228
$1,792,766
1,541,415
Inc. from operations..
Non-operating revenues-
$268,169
34,766
$242,576
$244,440
26,090
Gross income..
Inc. deduct'ns (int., &c.)
$302,935
28.593
$260,004
29,784
$270,530
33,786
$280,310
31,478
~ $274^342
$230,220
$236,744
214,404
214,404
compensation insurance and sundry, $11,632; prov. for Federal and State
taxes on income (est.), $84,500; reserve, for prior years' taxes and con¬
tingencies. $11,818,;commonstock(par
total, $3,089.662.—V. 150. p. 3529.
214.404
$5). $1,094,810;surplus,$1,565,210;
$248,832
214,404
1940
plant and equipment (less reserves for depreciation of $1,607,838), $1.335 562; patents and patent development, $105,454; deferred charges, $33,443;
total, $3,089,662.
Liabilities—Accounts payable, $296,023; accrued taxes, $25,670; royalties,
$251,351
17,428
June 29
—
Net
-
income....--.
-
—
Dividends paid....
Balance Sheet Dec. 31,
28,959
Co.—Weekly Output—
Standard Gas & Electric
companies in the Standard
the week ended June 22, 1940, totaled 125,928,355 kwh., as compared with 113,016,947 kwh. for the corresponding
week last year, an increase of 11.4%.—V. 150, p. 3990.
Electric output of the public utility operating
Gas & Electric Co. system for
Standard Tube Co.—Earnings—
1939
1939
Years Ended Dec. 31—•
and
equipment,
$9,675,575;
miscellaneous
physical
34,995; other investments, $58,516; cash, $255,585; notes re¬
ceivable, $920; accounts receivable, $475,810; materials and supplies,
$410,941; prepaid accounts, $14,044; unadjusted debits, $6,331; total,
Assets—Plant
property,
Net sales
Cost of products sold...
$925,862
936,814
148,191
..
—
Selling and administrative expenses —
Provision for doubtful accounts receivable
1938
$1,308,382
1,197.392
..
_
114.073
11,119
5,000
Operating loss
Other deductions
$48,320
27.566
$130,024
Total loss..
$75,886
$150,725
—
$10 932 718
Liabilities'—Capital
stock,
stock ($25 par), $5,360,100; premium on capital
10-year notes, $800,000: accounts payable, $73,834;
$3,429,291;
consumers' deposits, $55,048; tax liability, $39,279; interest accrued, $5,523;
other accrued liabilities, $6,485: unadjusted
credits, $50,719; reserves,
Profit
$534,853; surplus, $577,586; total, $10,932,718.—V. 150, p. 287.
Standard Chemical Co., Ltd.
xl938
$77,961
17,500
10,966
x!939
$119,502
x!940
$150,485 <
Years End. Mar. 31—
Profits,
17,500
17,500
Prov. for income taxes—
18,300
Other deductions......
57,355
11,500
50,081
$57,330
$40,420
Depreciation
Net
profit
Assets—Cash, $23,431; trade accounts receivable (less reserve). $126,390;
inventories, $168,221; other assets, $9,907; machinery and equipment (less
reserves
for depreciation and amortization), $363,152; deferred charges,
$7,611; total. $698,712.
Liabilities—Notes payable, $66,570; accounts payable, $153,646; accrued
$49,495
$60,660
taxes, interest and insurance. $4,739; notes payable to stockholders, $49,800;
class A common stock (9.980 no par shares), *49,900; class B common stock
($1
and in banks, $83,808; working funds, $11,206;
less reserve, $237,737; inventories, $825,058; invest¬
ments, $14,246; fire insurance fund investments, $67,908; unexpired insur¬
ance premiums, prepaid taxes, &c., $7,237; fixed assets (less—reserve for
depreciation of plant of $297,500), $470,443; total, $1,717,642.
hand
on
Liabilities—Accounts
payable and accrued liabilities, $170,822: taxes
payable and accrued, $24,601, dividend payable, April 15, 1940, $18,638;
insurance fund. $67,908; reserve for contingencies, $24,155; capital
stock, authorized—38,750 shares without nominal or par value, of wnich
37,277 shares are issued fully paid. $1,301,550; earned surplus, $109,968;
fire
$410,000; capital surplus, $470,139; earned, deficit, $506,082;
par).
total, $698.712.—V. 150, p. 3374.
accounts receivable,
Stanley Works (& Subs.)—Earnings—
dividends
Common
Years Ended Dec. 31—
Consolidated Balance Sheet Dec.
1939
1939
Notes A accts.
1,094,568
2,778,871
7,852,389
(net)
1,352
1,561
$49,182
28,563
27,474
20,674
27,474
and for
418
mestic
depletion of quarry and clay beds
.....
Prov. for Dominion and Provincial income taxes—
Balance Sheet Dec. 31, 1939
Steamship Corp. (& Subs.)-—Earns.
1939
246,321
247,745
308,272
.
Operating profit
Other income
(net)
9,287,409
Pats.,
trade-mks.
& goodwill
1
Total income
$2,030,337
1,247,563
89,671
15,489
Net profit,
$
244,578
1939
$
Liabilities—
749,137
to planters,
contractors, Ac.
Stocks and bonds.
Fruit
39,390
180,537
?
x
51,446
40,766
&
Instalm'ts
Steamship Corp.
43,666
430,715
380,786
392,651
Fixed assets—14 772,057
17,357,522
charges,
Secured
partic.
z
$7
195,300
776,000
1,533,058
pref.
534,174
subs,
c
b
Total
443,862
38,560
1,296,000 / 1,008,000
6,400,000
.14,397,137
56,482
681,117
57.156
2,886
3,197
$1)
483,984
Capital surplus... 6,499,775
29.471
credits..
483,985
6,499,775
1,163,722
Common stk.
14,519,810
98,752
(par
6,028,101
96,830
647,641
—18.976.236 21,472,399'
18,976,236 21,472,399
Total
For contract performance guaranty-deposits and unclaimed matured
b Less reserves for depreciation of buildings and equipment of
$1,120,542 in 1939 and $993,570 in 1938.
c For contract performance
a
20,887,8891
Represented by 129,388
Total
—.18,446,327 20,887,889
—
shares (117,528 in 1938).
no par
x
Rep¬
Spring Co.—-Earnings—
V
—
"
$484,148
26,004
:
-
•"
214,292
-
$510,153
61,769
76,000
8,500
$363,884
320,943
stock
Balance Sheet Dec. 31, 1939
Assets—Cash, $298,587; accounts receivable
$675,720; investments
and
other
(less reserves),
$9,453;
assets,
$631,442;
property,
bond
interest
(contra).—
__
Ry.—Earnings—
1939
1938
1937
$135,413
8,001
def24,110
$130,688
9,274
def24,554
$127,204
6,170
def27,627
$125,122
1,981
def25,341
652,671
28,358
def133,267
666,220
28,715
def148,544
def3,225
defl ,109
def 171,767
def144,755
1940
—
609.160
651,769
Stromberg Carlson Telephone Mfg. Co.—Annual Report
Calendar Years—
Net profit after all chgs.
and taxes
Preferred dividends paid
NetP«)«t
matured
Staten Island Rapid Transit
From Jan.. 1—
Gross from railway—
Net from railway—
Net ry. oper. income
—V. 150, p. 3529.
~
unclaimed
.
$5,284,392
4 268,326
II—III —I
316,658
Total profit
Other deductions
Federal income taxes
State income taxes
and
Gross from railway—
Net from railway.
Net ry. oper. income
Operating profit
Other income.
guaranty-deposits
V. 148, p. 3544.
967
—
Cost of products sold
Selling, administrative and general expense
Provision for bad debts
Provision for depreciation and amortization..
interest,
May—
Earnings for Year Ended Dec. 31, 1939
Net sales...
32,210
—
459,989
Earned deficit
29.471
rec.
Def. A prepd. chgs.
504,000
2,685,840
2,130,807
Liability
35,000
«
527,759
Res. for acc't elms.
100,000
&
1,186,000
2,681,840
1,976,235
cum.
2,601,442
5% secured income
bonds, 1950
6,400.000
Deferred
100,000
Land, bidgs.
equipment
142.500
Acer. def. int. pay.
not
investments
1939
Acer, int., tax., Ac
4,578,950
Insusp. (contra)
After reserve for depreciation of $4,276,950 in 1939 and $4,191,495 in
on common
in
Accounts payable.
38,560
con¬
consolidated
Notes & accts.
resented by 5,040 no par shares (11,860 in 1938).—V.
149, p. 4041.
inventories,
not
11,241,160 11,165,160
Surplus.
Standard Steel
2,705,095
32,210
Inv.In & advs. to
Other
pref.stk
Com. stk.(par §10)
Total —.......18,446,327
.
S
$6,690,625 $7,165,000
Sundry instals. due
payable
926,964
rec.
(after reserve)..
on deposit
1938
$
Real estate mtges
974,724
Cash
other
170,000
stock.
hand
Corp.,
72.004
Funded debt
$3
1939
Liabilities—
$
solidated
deb.
/
1938
sub. 40 Wall St.
notes
y
Dividends
a
pur.
ser.
$1,163,722
companies in connection
Consolidated Balance Sheet Dec. 31
Notes A accts.
64,152
on
$431,776
731,946
$6,028,101
-
Includes deficit acquired from predecessor
with reorganization as of Feb. 29,1936.
pur.
ofSS. Eros
stock....
y
Deficit Dec. 31
x
Inv.in A advs. to
of SS. Erin
$760,713
328,936
$4,864,379
1,163,722
1,053,885
on
$460,713
300,000
$4,864,379
on
164,975
obligations
Instalm'ts
$34,571 loss$140,713
320.000
320,000
5% income bonds of Starrett Corp
Surplus credits.
Notes pay. A other
103,461
172,762
U. S. Govt, securs.
1938.
bonds of Starrett Corp
on
1938
$1,563,136
1,703,848
$285,429
4,578,950
795,280
763,952
129,568
45,000
Drafts payable
Res. for inc. tax..
Advs.
.
Interest
1938
$
Accounts payable.
684,240
904,654
907,343
832,563
.
1939
$1,632,277
1,597,705
before deducting interest on 5% in¬
profit
come
...
Cash in banks and
1938
l ,290,519
Deferred
...
Deductions from income
1939
Inventories
_x
Income
Assets—
Cash
Standard
Corp.—Earnings—
[Including Wholly-Owned Domestic Subsidiaries]
x$919,243
Consolidated Balance Sheet Dec. 31
x
Starrett
$680,230 x$ 1,163,820
Accts. receivable.
24,434,686 23,112,382
Years Ended Dec. 31—
Loss.
1939
Total
..24,434,686 23,112,382
150, p. 1951.
121,077
$911,356
186,126
45,000
___
6,245.109
1
115,322
122,686
48,349
106,379
Prof, before providing for prop, abandonments..
Abandonments of properties
Reserve for income taxes
Assets—
6,931,876
$620,432
907,440
Interest paid
Accounts charged off—net
x
Total
—V.
107,293
Surplus
$513,261
107,171
Exchange adjustments and other items
3,170,300
12,000,000
9,103,105
Net
$2,272,364
1,759,103
Depreciation and amortization
18,997
3,170,175
270,778
cos
companies
1938
$3,408,384
1,466,459
$1,941,925
88,412
General and administrative expenses
20,111
Pref. capital stock
Com. capital stock 12,000,000
Deferred charges..
Assets—Cash, $19,929; trade accounts and bills receivable (after providing
for bad debts), $37,102; inventories, $211,971; investments at cost, $6,380;
deferred charges to operations, $4,388; real estate, buildings, equipment,
quarry and clay beds (less reserves for depreciation and depletion of
$508,250), $871,723; goodwill, $50,000; total, $1,201,493.
Liabilities—Trade accounts payable, $6,038; provision for taxes. $633;
bond interest accrued, $2,289: 6% sinking fund gold bonds, $457,900;
capital Btock (7,500 shares), $750,000; deficit, $15,367; total, $1,201,493.
—V. 148, p. 3544.
Years Ended Dec. 31—
Gross profit
1.091,268
in
consol. subs
2,012.856
7,449,679
do¬
—
Net loss
Standard Fruit &
1,301,684
int.
$
4,218
-
Plant & other prop.
prof $616
other
in
Inv.
Reserve for depreciation of buildings and equipment
Bond interest—
credits..
582.490
Inv. in other for'n
$1,001
-
——
1.010,840
Reserves
1,011,298
Minority
Mdse. inventories.
—
1938
:
Accounts payable.
rec.
$55,036
—
-
Total income
1939
Liabilities—
$
2,901,597
Deferred
bonds—
ketable
1938
$47,622
$1.69
31
1938
$
2,759,561
U. S. Govt. & mar¬
$53,683
-
Other income
„
Earnings per share on 480,000 shs. of com. stock._
Assets—
Operating profit—
$4.00
1939
$2,078,249
158,510
Preferred dividends.
Cash
Ltd.—Earnings—
1,224,000
1938
$971,882
158,515
552.000
Years Ended Dec. 31—
Net income.
total, $1,717,642.—V. 150, p. 3837
Standard Clay Products,
2.746
$147,978
Balance Sheet Dec. 31, 1939
$88,754
17,500
10,594
Consolidated Balance Sheet March 31, 1940
Assets—Cash
—
xl937
Exclusive of Wood Products Go., Ltd.
x
8.314
$67,572
sale of eqpt., int. & miscell. income
on
Net loss-
(& Subs.)—Earnings—
20,701
1939
$67,476
56,262
1938
$130,626
59,074
1937
$199,207
*197,740
1936
$235,531
177,230
Consolidated Balance Sheet Dec. 31, 1939
Assets—Cash, $378,163; notes and accounts receivable, less reserves,
$1,085,069; cash surrender value of life insurance policies, $46,419; inventores, $1,769,849; investments and advances, $105,185; land, buildings,
machineryfactory equipment, tools, &c., at cost, $5,436,330, less—re-
Volume
The Commercial & Financial Chronicle
150
for depreciation, $2,884,911, balance, $2,551,419; deferred charges,
$32,287; total, $5,968,392.
Liabilities—Notes payable, $625,000; accounts payable
and accrued
liabilities, $296,212; provision for Federal income taxes, $25,150; sundry
reserves, $5,121;
preferred stock, $851,800; common stock (273,280
no
par shares), $2,732,800; surplus, $1,432,309; total, $5,968,392.—V.
150, P. 1297.
serve
Wells-Titusville
Struthers
Tampa Electric Co.—Earnings—
Period End. May 31—
Operating
Operation
Corp.—Annual Report—
_
_
.
Net operating
J.
Other charges (net)..
_...;
Interest charges on funded debt
__$3,625,369
3,092,434
436,652
6,335
138,644
as at
Deficit
...
-
Common
—V.
&
-
.
.
..
Consolidated net profit
Corp.,
$130,539
$36,539
Other income
Gross Income
A
depreciation of plant
and equipment. „w«.-A— «
Amortization
of research, develop¬
ment and patent costs—
Provision for Federal taxes on income
(estimated).^..
....... j..
Premiums on life insurance on presi¬
dent and general manager (net)..
Other deductions
Net profit...
Dividends paid
x
15,252
holders
...
70,888
59,964
Secur. at
264,165
Due
from
148,162
14,663
Cash
23,584
Divs. receivable..
A/ay31,'40
taxes.
for future delivery, $362,500;
capital stock (845,998 no par shares),
$7,838,190.—V. 150, p. 3220.
$6,558
...
188
43,331
190
37,075
408
Deferred charges..
$6,973
Net from
Inc., v
quired—not yet
6,761
7,178
70,888
$6,320,820 $8,159,4321
Total
Total
Direct taxes
1939
$2,409,671
8,780
Exchange compensationTotal oper. income
Net oper. earnings—
Reserve for deprec
—
Reserve for taxes
_
_
—
1,186,041/
\
$1,375,291
66,064
219,005
$1,090,223
Profit...
Common dividends—..
x
$2,418,451
$2,561,332
Less: Oper. expenses
\
Administrative exps.
5--J
824,875
1,067,122
*51,545
83,333
764
$945,695
824,875
Balance Sheet March 31,1940
mint settlements outstanding, $140,198; bonds and
debentures, at cost, $125,476; stores and materials, at cost or market value,
whichever was lower, $101,478; shares in, and loans to, subsidiary com¬
including
panies. $1,915,861; buildings, plant and equipment (less—reserve for
depreciation of $951,261). $70,760; mining properties, development, &c.,
off, $1,401,146; outside properties and expenditure on
claims under option, $24,455; prepaid expenses and sundry assets, $63,584:
total, $4,072,615.
less $592,637 written
$3,286,872
12,639
$2,767,151
12,573
$2,779,724
1,686,500
$3,299,511
1,686,500
2,630
32,091
31,253
.~~$~127,930
$87,317
$1,580,920
375,678
$1,061,971
375,678
$1,205,242
$686,293
—V.
$271,195
—
.
applicable to preferred stock for the period.
—
150, p. 3839.
Ry. —Earnings—
MayGross from railway
Net from railway......
Net ry. oper. income—
From Jan. 1—
Gross from
railway
Net from railway
Net ry.
$1,230,740
125,045
160,000
$1,021,417
824,875
$230,069
420
$230,489
140,542
...
bonds
Balance
60,112
$1,061,229
824,875
1940—12 Mos.—1939
$8,295,925
\58,778,532
3,330,332
3,503,733
1,161,328
1,025,041
1,000,000
1,000.000
2,723
Divs.
$2,175,427
884,576
$1,207,627
41,210
145,000
$669,317
274,709
81,206
83,333
Net income.
28,190
$1,299,783
50,929
187,625
-Earnings-
140,542
Gross income._
1937
$2,147,237
$2,269,919
1,001,570
60,722
261,846
138,548
Other interest.
Interest on mtge.
Texas Mexican
1938
$2,255,381
14,538
Assets—Cash on hand and on deposit, $229,658; bullion on hand and in
transit,
1,062,401
Other income (net)—
$6,320,820 $8,159,432
After deducting other income of $14,490.
.
886,514
174,852
35,344
$270,431
Sylvanite Gold Mines, Ltd.—Earnings—
1940
$2,561,332
951,478
199,425
55,011
Net oper. revenues...
Represented by capital stock—Authorized 2,000,000 shares of a par
value of $1 each, outstanding (lass 125,585H shares in treasury), 886,028% shares, $886,028; paid-in surplus, $8,374,757; undistributed net in¬
come, $6,861; security profits (deficit) account, $81,897; excess of cost over
market value of securities owned, Z>r$l,123,758; total, $8,061,992. c Repre¬
sented by capital stock (authorized 2,000,000 shares of a par value of $1
each) issued, less 190.119 shares in treasury, 821,494 shares), $821,495;
paid-in surplus, $7,783,787; undistributed net income, $12,150; security
profits (deficits) account, $53,080 and excess of cost over market value of
securities owned, $2,340,571.—V. 150, p. 3991.
Years End. Mar. 31—-
1937
$203,294
43,706
20,875
Prop, retire, res. approp.
/
b
Bullion produced
1938
$165,263
28,733
2,959
$729,845
278,077
98,004
Operating expenses
surplus._lc6,223,781 b8,061,992
.
32,890
4,229
1939
1940—Mrmth—1939
Period End. May 31—
Operating revenues
Paid-in
Earned surplus.
railway
82,159
_
of $5,-
reserve for contingencies
$40,000;
$6,265,676; surplus, $369,362; total,
$183,179
Texas Electric Service Co.
12,400
Liab. in respect, of
outstand'g
payable.
840,296
26,651
_
Net rv. oper. income..
—V. 150, p. 3529.
(cap. stock reac¬
scrip
.
Gross from railway
Distrib.
59,323
$468,169
599,047
1,109,446
284,554
132,600
— _
Net ry. oper. income.
From Jan. 1—
1,561
received)
25,635
$1,050,536
1940
Net from railway._
Due to Mass. Dis¬
tributors,
5,881
$218,318
53,141
Gross from railway
yet
not
103.226
Tennessee Central Ry.—EarninqsMay—
JuneSOfZS
for cap. stk.
reacq,
153,517
.
Liabilities—Accounts payable, $209,530: property purchase obligation
by mortgage), $16,800; customers' deposits, $334,669: accrued
&
Cxps.
received
Rec. for cap. stock
—I
Accrued
Pay.
brokers
for sec. sold—sold
Liabilities—
258,072
(secured
75,892
May3l,f40 June30,'39
market..$5,998,473 $7,950,013
215,356
Federal capital stock taxes, $24,297: provision for Federal taxes on income—
1939 (estimated),
$215,356; customers' deposits (not current)—on con¬
Balance Sheet June 30
Assets—
146,048
154,954
development, patents and good will, $2,020,016;
prepaid insurance, taxes, &c., $66,038; total, $7,-
research,
$1,637,294;
$76,766
82,159
.
inventory of supplies,
838 190
stock¬
to
164,205
158,865
$912,614
845,095
..
tracts
Distribution
181,626
Condensed Consolidated Balance Sheet Dec. 31, 1939
19,740
$56,784
$942,191
11,906
Assets—Cash, $2,968,089; trade accounts receivable (less reserve
Inc.—Earnings-—
15,148
$1,696,782
43,379
000), $468,105: inventories, $217,428; investments & other assets, $461,220;
property, plant and equipment (less reserves for depreciation of $1,265,892),
May 31, '40 June 30,'39 June 30, '38 June 30, '37
$89,594
$90,456
$72,036
$96,507
$75,307
10,262
of
account
14,148
$791,371
150,820
;?.
capital stock outstanding
(no par)....
845,998
842,664
803,081
Earnings per share
$1,07
$1.24
$0.58
x Net profit after capitalizing patent
costs of $19,108 in 1939, $33,847
in 1938 and $28,368 in 1937, and research costs of $45,483 in 1939 and
$20,923 in 1938.
<
Shares
payable
April 1,
April 1,
paid on
p. 2117
$75,446
$1,453,988
242,793
58,633
344,421
for
Provision
Suburban Electric Securities Co .—-Accumulated Div
a dividend of 50 cents per share on
$4 cumul. 2d pref. stock, no par value,
July 1 to holders of record June 25.
A like amount was paid on
last; Dec. 28, Oct. 2, July 1, and April 1, 1939, Dec. 23, July 1, and
1938, and compares with $1.75 paid on Dec. 29, 1937; 75 cents
Oct. 1, July 1 and April 1, 1937, and $1 on Jan. 4, 1937.—V. 150,
1937
$3,133,267
1,938,843
$1,484,604
tion
14,423
The directors have declared
1938
$4,646,992
2,820,715
63,047
309,241
$1,239,413
245,191
profit before provision
depreciation and amortiza-
for
55,377
of accumulations on the
Earnings—
Operating
24,201
Assets—Cash, $252,247: notes, acceptances and accounts receivable (net),
$1,584,815; merchandise inventories, $1,781,797; reserve for slow moving
items, $75,000; prepaid and non-current items, $17,526; securities and
investments, $75,283; real estate, plant and machinery (reserve for de¬
preciation of $4,439,728), $2,543,266; Ljungstrom turbine and patent
rights purchased (net), $29,007: total, $6,208,942.
Liabilities—Notes payable to banks, $1,078,929; accounts payable and
accrued items, $407,194; provision for current taxes, $97,787; Camden plant
purchase obligation, $17,377; reserve for contingencies, $100,000; capital
stock, $3,339,300; capital surplus, $51,625; earned surplus, $1,116,730;
total, $6,208,942.—V. 139, p. 3817.
»-;
Rose &
1939
Selling and shipping
Consolidated Balance Sheet Dec. 31, 1939
Net income...
Hoint,
$5,111,630
3,424,426
97,665
350,125
Administrative and general
exchange equivalent in United States dollars.
Expenses
Taylorcraft Aviation
Technicolor, Inc. (& Subs.)
Note—Income of Canadian subsidiary in consolidation has been adjusted
Supervised Shares
of
Calendar Years—
$62,639
67,900
$266,237
35,767
52,741
31,960
......
Other charges
Interest on borrowed money
Provision for Federal and Canadian income taxes..
.3 Mos. Ended—
3991.
p.
Sales (net)
J—,
Cost of goods sold
209,563
$154,944
111,293
Total income
Income—Cash divs--..
$1,490,465
70,000
1,338,916
70,000
1,338,947
field at this time after 26 years of dealing in securities
public service by supplying
airplane building company."
See also list given on first page of this department.—V. 150, p. 3991.
$6,017,004
4,537,660
1,207,142
5,076,673
1,248,689
212,681
$145,770
......
$1,479,650
592
With the proposed public offering in conjunction with Mackubin,
Co. of Baltimore, Md.t of 30,000 shares of the 50c. cum. conv.
1938
1939
$6,692,987
—
Net profit from operations...
Other income
$130,244
money to an
..
Depreciation
to its
$121,692
430,000
the underwriting
Account
Manufacturing cost
:
Selling, administrative and general expense....
$1,498,493
8,028
because we believe that we can render a real
•
Net shipments to customers
$1,486,801
7,151.
industry.
,
Howard S. Hoit, general partner of the firm, said, "We have gone into
(B. F.) Sturtevant Co.—-Earnings—
1
$130,836
dividends
150,
stock
Liabilities—Notes and trade acceptances payable, $511,004; accounts
payable (trade), $847,205; accrued liabilities, $174,984; funded debt,
$1,515,000: preferred stock, $1,364,313; common stock (105,379 no par
shares), $527,895; capital surplus,
$1,209,508; operating deficit since
Jan. 1, 1938, $416,454; total, $5.733.454.—V. 147, p. 1505.
•
$1,928,493
Legg
pref.
Troster, over-thecounter securities
dealers, with offices in New York, Boston and San
Francisco, make their entrance into the underwriting field.
Although they
have previously served as "technical" underwriters for several small issues,
the Taylorcraft offering is their first venture in supplying new money to
receivable, $635,699; miscellaneous receivable, $4,813; inventories, $1,563,791; other assets, $23,221; property, plant and equipment (after depre¬
ciation of $1,376,998), $3,245,392; deferred charges and prepaid expenses,
$185,262: total, $5,733,454.
\
$1,916,801
430,000
Taylorcraft Aviation Corp.—Underwriters—*
Assets—Cash, $69,406; marketable securities, $5,869; notes and accounts
Consolidated Income
653,143
164
Preferred dividends
Balance Sheet Dec. 31, 1939
Calendar Years—
$1,925,406
3,086
$122,326
634
Interest
$416,454
..
—
269,984
$166,670
35,833
$166,505
227A
.
.
Dec. 31,1939
1,637,764
291,462
709,536
$158,159
35,833
Non-oper. income (net)
236,937
1940—12 Mos.—1939
$4,486,298
$4,847,210
1,932,729
$1,913,483
3,318
$157,932
.
_
$179,517
Dec. 31, 1938
as at
Net oper. revenues.
$48,696
31,216
99,605
Net loss for year
Deficit
;
Taxes..
Selling, general and administrative expenses
Provision for doubtful accounts
Provision for depreciation
1940—Month—1939
$410,966
$383,352
170,480
139,934
23,703
23,236
53,676
58,851
A
revenues
Maintenance
Earnings for Year Ended Dec. 31, 1939
Gross sales, less discounts, returns and allowances
Cost of goods sold (exclusive of depreciation) _ _ _
4143
Liabilities—Accounts payable and accrued charges, $105,142; reserve for
taxes, $228,000; reserve for contingencies, $105,000; subscribed capital
(less: discount on shares of $916,500), $2,383,000; profit and loss balance,
$1,251,472; total, $4,072,615.—V. 150, p. 855.
income...
3529.
oper.
—V. 150, p.
1940
$97,852
38,495
29,899
378,113
85,536
40,405
1939
$101,626
36.189
22,984
446,295
121,787
71,159
1938
$97,238
25,308
13,488
484,568
89,594
50,869
1937
$159,554
62,572
44,089
654,871
217,946
140,737
Texas & New Orleans RR.- —Earnings
;
May—
Gross from railway
Net from railway.
Net ry. oner, income—
From Jan. 1—
railway
Net from railway—..
Gross from
Net ry. oper. income..
—V- 148, p. 3529.
1940
$3,525,274
660,069
111,590
18,480.727
4,454,916
1,599,763
Texon Oil & Land Co.
1939
$3,584,391
866,519
335,460
17,530,553
4,260,661
1,640.059
$3,439,584
771,350
288,540
1937
$3,849,010
822,898
296,559
17,050,101
3,233,077
645.478/
19,908,255
5.145,974
2,532,589
1938
(Del.)—Assets of Sub. Acquired—
Oil & Land Co. (Texas), a wholly-owned subsidiary of Texon
Land Co. (Delaware), the latter 57.5% controlled by Continental
Oil Co., distributed all its properties to the Delaware company in complet
Texon
Oil
&
The Commercial & Financial Chronicle
4144
cancellation and redemption of its outstanding capital
last.—V. 150. p. 1457.
Texas & Pacific
of May 31
revenues
$117,339; common stock unsubscribed (par value), (less uncalled sub¬
scriptions to common stock of $1,250,000). $3,750,000; total, $4,157,734.
78,157
95,263
— —
June 29, 1940
Liabilities—Accounts payable, $218,024; traffic balances payable, $6,559
salaries and wages, $34,275; deferred credits, $31,537; self insurance reserve,
1940—Month—1939
1940—5 Mos.—1939
$2,146,627
$2,044,520 $10,808,102 $10,521,607
1,557,119
,1,502,499
7,663,099
7,580,691
121,041
151,066
772,095
/
759,179
Operating expenses
Railway tax accruals
Equip, rentals (net)
as
Ry.—Earnings—
Period End. May 31—
Operating
stock
477,663
Tri-State
Period
4,216
5,288
14,904
$368,988
32,345
$307,510
34,557
$1,880,341
166,959
$342,067
5,579
324,327
$2,047,300
23,246
1,611,612
income
$77,561
$12,161
$412,442
1940—5 Mos.—1939
$2,712,601
$2,460,091
8,862
1,702
$562,621
392,587
$310,578
403,916
$2,703,739
1,932,428
$2,458,389
1,918,514
Net oper. revenues—
$1,801,237
charges
$401,333
3,246
320,526
1940—Month—1939
$564,387
$306,944
1,766
Cr3,634
Operating revenues—
Operating expenses
$1,636,235
165,002
$136,367
May 31—
$170,034
47,620
x$93,338
Crl2,168
$771,311
242,338
$539,875
198,978
$122,414
54,285
x$81,170
113,794
$528,973
185,700
$340,897
revenues
23,870
Net ry. oper. income-
Telephone & Telegraph Co.—Earnings—
Uncollectible oper. rev..
521,632
Joint facility rents (net)-
End.
Operating
Other income
-
.
Total income.—
Miscell.
Fixed
deductions
Operating taxes
39,617
1,625,253
Net operating income.
Net income
Net
—v.
150,p.3375.
■
Texas Power &
of
United Drill & Tool
res. approp.
United Gas
limited-term
investments
146
386
4,256
2,313
$316,509
925
$317,434
170,417
Int.
Int.
on
on
mortgage bondsdebenture bonds-
$347,070
177,708
10,000
10,258
Gross income
$346,773
10,000
11,854
Other int. & deductions-
$4,488,276
15,532
1940—3 Mos.—1939
1940—12 Mos.—1939
revenues_._$12,758,624 $10,745,250 $44,103,284 $40,491,746
4,921,190
4,678,400
19,540,250
18,792,429
Taxes
1,311,923
1,083,742
4.387,234
3,660,805
Property retirement and
depl. reserve approp..
2,715,886
2,188,320
9,724,115
8,659,227
$4,335,752
7,215
$4,503,808
2,081,458
120,000
111,678
297
Corp. (& Subs.)—Earnings—
Period End. April 30—
Total
Net oper. revenues—
Other income (net)
Corp.—Class A Dividend—
stock, both payable Aug. 1 to holders of record July 20.
Arrearages after
current payment will amount to 20 cents per share.—V. 150, p. 2596.
.
Direct taxes
289,668
Loss.—V. 150, p. 3530.
Directors have declared a regular quarterly dividend of 15 cents per
share ordinarily due at this time and a dividend of 15 cents per share on
account of accumulations, or a total of 30 cents per share on the class A
1940—Month—1939
1940—12 Mos.—1939
$858,981
$896,705 $11,316,537 $11,230,209
360,466
372,774
4,521,614
4,733,527
89,088
86,122
1,213,477
1,071,341
92,532
90,890
1,088,914
1,087,276
Operating revenues
Operating expenses
Amort,
,
Light Co.—Earnings-
Period End. May 31—
Prop, retire,
/
x
$4,432,967
2,132,500
120,000
158,969
oper.
Operating
expenses
'
Net oper. revenues...
$3,809,625
48,477
Other income
$2,794,788 110,451,685
$9,379,285
385,235
54,320
354,247
96,386
353.278
364,016
$2,752,722 $10,452,654
76.920
303,180
$9,400,504
•
335,279
Other income deductions,
Net
income
$147,508
$126,759
.
$2,190,672
865,050
Dividends applicable to pref. stocks for the period
$1,931,498
865,050
including
85,611
taxes
Gross income
Balance
$1,325,622
-$3,772,491
Int. on mtge. bonds
75,120
Int. on coll. trust bonds
48,750
Interest on debentures.
405,063
Other int. (notes, loans,
&c.)
480,504
Other deductions
9,573
Interest charged to const.
C'r34
$1,066,448
—V. 150, p. 3839.
^
'
Prriod End. May 31—
1940—Month—1939
1940—11 Mos.—1939
Operating revenues
$1,263,lo /
$1,277,528 $13,255,108 $13,031,267
Operating expenses--.-931,828
971,258
10,043,883
9,930,343
Preferred
Net oper. revenue
Taxes
$306,270
147,347
$331,338
lo2,814
-
""$178,525
Operating income
$3,211,226
1,667,291
$158,922
23,414
$1,543,935
249,636
$182,337
210*382
$1,793,571
2,375,704
$1,797,049
2,383,490
$13,571
Deductions
—
$28,046
$582,133
1,939,817
Cr383
Crl0,043
1,947,414
211,266
Crl7,435
56,002
to
212
212
847
847
40,814
$586,441
Balance carried to
34,030
169,556
115,452
$2,712,489
$1,708,299
con-
sol. earned surplus.
Gross income
470,747
9,084
198,194
1,620,250
195,000
1,620,250
Portion
$1,534,713
262,337
$198,888
212,459
dividends
public—Subsidiary.applic. to min¬
ority interests
$3,100,924
1,566,211
20,363
Non-oper. income
48,750
405,063
_
Third Avenue Ry. System—Earning*—
$6,178,045'
$4,989,237
Note—No provision has been made in the above statement for possible
losses resulting from pending suits and claims (arising principally in connec¬
tion with gas
Net
loss
Interest—
and oil producing properties).
It is the practice of the
panies to record any such losses when and as settled.
Statement of Income
•
The interest due July 1, 1940, on Third Avenue RR. first
mortgage 5%
50-year gold bonds, due 1937 (principal waived to 1943) will be paid on that
date upon presentation of bonds for stamping.—V. 159, p. 3529.
Todd
Shipyards Corp. (& Subs.)—Earnings—
Gross earnings from operations
Operating expenses, other than taxes and depreciation
Taxes, other than Federal income tax (exclusive of taxes $74,053
applicable to leased properties)
$17,428,080
15,482,859
637,261
purchase money contract of Galveston plant
retirement of fixed assets (incl. loss on sale of Clinton
plant $181,263)--Depreciation (exclusive of $223,763 applicable to leased prop¬
erties)
Estimated Federal income tax
—
.
$1,654,119
23,316
1939
1938
15,796
22,ill
839,631
245,733
100,298
858,240
232,920
94,118
——
Aircraft operation and maintenance
Ground operation and maintenance
Incidental services
Traffic and general administration
General taxes
Net operating loss
Miscellaneous income.Interest on capital invested
Deficit provided by Dominion subsidy
Publishers, Inc.—Earnings—
Feb. 29, *40
$5,626,174
.
on
:
debentures
2,107,995
Feb. 28, '38
$5,672,305
2,717,185
2,035,137
661,660
682,048
49,709
52,593
$528,843
86,913
exps__
2,769,656
2,082,862
480,099
48,744
_*
Feb. 28, '39
$5,728,886
2,562,961
___
$711,370
98,350
$734,641
93,766
44,918
22,977
92,462
39.320
on
41,884
16,379
—
borrowed money
Federal taxes
10,955
110.630
65,631
Other charges——————.——
14,500
10,428
17,485
$306,101
Net profit
$439,123
$463,032
(less: reserve for
$1,239,288; inventories, $585,422; real
(less: reserve for depreciation
of
$1,082,798),
$1,797,578; other investments,
$27,728; commissions
advanced to salesmen on business booked but not shipped, and other
deferred items, $129,733; goodwill, trade-marks and copyrights, $1; total,
$3,862,434.
Liabilities—Accounts payable, $222,464; provisioin for Federal income
taxes, $66,439; accrued expenses and other taxes, $106,265; bonds and mort¬
doubtful
of
accounts
$205,277),
estate, buildings, machinery and equipment
$579,224:
preferred stock
($10 par),
$1,000,000; common stock
$602,705; earned surplus, $950,993;
($1 par), $334,344; capital surplus,
total, $3,862.434.—V. 148, p. 3702.
31, 1939
Express.
increase of 7,617,207 kwh. or 8%.—V. 150, p. 3992.
Depreciation
Interest
Interest
gages,
Allother
an
Profit
Lines—Earnings—
Income Account, Year Ended Dec.
5,306
$4,369,747
Co.—Weekly Output—■
Miscellaneous income
951,996
285,648
121,748
Mail
39,916
Condensed Balance Sheet Feb. 29, 1940
-934,640
284,756
43,015
1,759,604
•«
.
Administrative, selling & other
Net profit from operations
1
United Public Service Corp. (&
$643,915
1,632,873
23,613
50,072
^Calendar Years—
1939
Operation
;
expenses
-
Maintenance-
"
Depreciation
-
Amortization of franchises
State, local & miscell. Federal taxes—
Federal and State income taxes—.—Net operating Income
$236,270
Other income (net)--
517
175,904
Gross income
Amortization of bond disct. &
Other deductions
-
Net income.
Dividends paid
f4,363; materials andsubsidy, $36,331; deferred debits, $37,458; property
Jominion of Canada
supplies, $231,139; other current assets, $11,046;
,
Balance of net income
$644,338
33,819
84,599
33,800
84,599
1,592
49,399
13,358
38,642
45,139
9,111
$140,614
253
$134,880
17,686
$140,867
$152,566
74,409
1,733
1,592
54,426
20,021
222
on funded debt
General interest
Assets—Cash, $256,734; working fund advances, $1,320; special deposits
$68; accounts receivable, $451,466; traffic balances receivable, $53,226;
balances receivable from agents, $8,935; motor fuels and
lubricating oils,
1937
$681,006
196,279
161,363
$153,932
—
Interest
$411,657
1938
$736,189
218,626
169,175
Total operating revenues
Power and gas purchased---
$2,350,474
1,724,153
636,257
20,538
195,032
10,763
and equipment (less depreciation of $634,241), $3,065,648;
total, $4,157,734.
Sub.)—Earnings—
[Including Kentucky Power & Light Co.]
Balance Sheet Dec. 31, 1939
$3,922,879
$1,457,303
—
Years Ended—
\ %:.■
Net sales
Gross profit from operations
$183,126
21,587
863
$183,406
28,999
Operating revenue—Passenger
revenue
$1,141,907
,413
26
Assets—Cash, $82,684; accounts and notes receivable
$174,599
Trans-Canada Air
Total
2,006,100
1,764,425
37,624
7,093
United Printers &
1937
$175,899
37,074
9,616
Net from railway.
:
Net ry. oper. income.117,508
—V. 150, p. 3530.
2,006,100
429,054
9,939
1,459
95,290,544 kwh.
RR.—Earnings—
1940
Net ry. oper. income--From. Jan. 1—
Gross from railway
$8,180,673
The electric output for the U. G. I. system companies for week just
closed and the figures for the same week last year are as follows:
Week ended June 22, 1940, 102,907,751 kwh.; same week last year,
buildings,
machinery,
patents,
patterns
and
for depreciation of $9,943,648), $12,931,189;
$1,570,767; tools, tool parts,
&c., $370,196; cash, $2,020,750; accounts and notes receivable (less reserve),
$3,648,312; work in progress, $519,939; materials and supplies, at or below
cost, $1,356,090; marketable securities at cost, $634,594: other assets,
$305,251; miscellaneous investments, $55,772; deferred charges, $162,683;
total, $23,575,545.
Liabilities—Common stock (205,402 shs. no par), $4,919,674; earned
surplus, $16,744,338; reserve for contingencies, including claims for com¬
pensation payable over a period of years under self-insurance plan (less
charges thereto (including $202,728 transferred to earned surplus), $265,123)
$250,000; purchase money instalment contract payable 1941 to 1954,
$334,879; purchase money instalment contract payable, $33,144; notes
payable, $7,500; accounts payable, $449,601, accrued payrolls, $155,467;
estimated accrual for taxes (incl. Federal iDcome
taxes), $494,357; miscel¬
laneous accruals, $23.163; advances on work in progress and future
contracts.
$163,420: total, $23,575,545—V. 150, p. 3530.
railway
railway
256.401
$7,738,121
—V. 150, P. 3839.
317,902
258,317
reserves
Gross from
70,511
Net income..
investment in stocks of affiliated companies.
Net from
$1,216,426
7,228,660
221,857
$832,727
462,435
-
Toledo Peoria & Western
$1,552,195
6,442,327
$2,083,884
501,525
United Gas Improvement
May—
644,200
62,750
-
estate,
(less
$677,407
1,476,688
Gross income.
Consolidated Balance Sheet at March 31, 1940
Assets—Real
653,500
$2,406,647
Interest on debentures—
501,525
Interest on notes & loans
433,875
Other interest..
11,651
Other deductions
2,293
including taxes
346,159
Net income for year..
Dividends paid during year
$8,621,548
6,074,171
686,751
$1,307,960
on
drawings
$1,095,994
1,373,403
gas
Other income
Total income
on
$9,911,854
6,903,510
802,649
Other income deductions,
Profit from operations----
Loss
1940—12 Mos.—1939
Net oper. revs, natural
Other income---
Interest
(Company Only)
Period End. Apr. 30— 1940—3 Mos.—1939
Oper. revs., natural gas. $3,692,503
$2,865,105
Operating expenses
2,123,728
1,767,975
Taxes
262,281
210,623
Property retirement re¬
serve appropriations-_
210,500
209,100
Consolidated Income Account Year Ended March 31, 1940
com¬
;
exp—
-
-
$154,154
70,814
1,808
72,454
965
195,007
148,145
71,820
1,592
8,833
8,854
9,094
12,121
13,005
11,960
$60,577
31,516
$45,588
47,329
$55,369
47,271
$29,061
def$l,741
$8,098
Volume
The Commercial & Financial Chronicle
ISO
Consolidated Balance Sheet Dec. 31, 1939
Assets—Utility plant, $3,054,742; investments and advances, $148,112;
cash, $251,875; special deposits, $3,024; receivables (net), $82,958; accrued
interest receivable from
Southern
United
Ice Co.,
supplies$25,453; prepayments, $43,843; deferred
$4,328; materials and
charges, $53,335; total,
Liabilities—Capital stock ($1 par), $315,532; long-term debt of subsidiary
company, $1,233,400; accounts payable, $39,856; capital stock dividend
payable, $8,893; customers' deposits, $27,305; accrued taxes, $67,183;
accrued interest, $21,125; other current liabilities,
$5,090; deferred lia¬
bilities, $404; reserves, $275,651; contributions in aid of construction.
$14,539; capital surplus, $1,583,652; earned surplus, $75,041; total, $3,667,671.—V. 150, p. 3681.
Consolidated Income Statement, Year Ended Dec.
31, 1939
....
————
Cost of goods sold
---------
...
Gross profit from operations—...
Other income.-.—
$127,902
—.
-
110,089
...
.......
$17,813
210,358
...
....
Total income
$228,171
112,823
3,144
------
Expenses
-
Other deductions
-
...———...
Net credit to surplus account..
$112,205
Dividends paid-.--.—118,034
-----
—
Consolidated Balance Sheet, Dec. 31, 1939
Assets—Timber lands and real estate, $1,445,158; furniture and fixtures
and equipment, $3,641; salvage value of plant and
equipment (estimated),
$17,286; investments, $5,862,226; inventories, $7,662; accounts receivable
(less reserve for bad debts of $1,559), $88,173; accrued interest on certifi¬
cates of deposit, $2,130; accrued interest on bonds,
$8,190; prepaid insur¬
ance, $145; certificates of deposit, $400,000: cash,
$741,255; other assets,
$31,615; deferred charges, $2,318; total, $8,609,800.
Liabilities—Accounts payable, $4,769; dividend payable Jan. 2, 1940,
$590,170; other reserves, $18,086; common stock (117,711 shs. no par,
$5,885,580, less liquidating distributions of $590,170), $5,295,380; paid-in
surplus, $500,000; earned surplus, $2,201,395; total, $8,609,800.—V. 149,
4188.
p.
U. S. Industrial Alcohol' Co.
(& Subs.)—Earnings—
Earnings for 3 Months Ended March 31,1940
Net
sales-.....———————...-$3,052,143
Cost of sales
—
————————
.......
—
Selling, general and administrative expenses
Provision for renewals and replacements
Provision for deprec. of property' 'capitalized since Jan.
1,1933"-
2,245,483
518,721
105,000
61,410
Net operating profit
Other Income—net-——...———.—.—...——.
$121,529
100,900
Net profit
the New York Curb
stock and the class B
$0.57
—V. 150, 7777-.
Development of an airplane armor plate of rubber and steel, which is
superior in bullet-penetration resistance to steel armor plate of ?0%
greater weight, was announced by P. B. Davis Jr., President of this
company.
The new armor plate has been created in the laboratories of the
company's automotive lire plant at Detroit, using a secret rubber com¬
pound.
Development of the new plate has been carried on for nearly
three years at the Detroit plant, Mr. Davis said.
Old steam pipe tunnels
under the plant—which covers 64 acres—were converted into firing ranges.
Controlled
experiments of comparative resistance of the familiar steel
armor plate and the rubber-plus-steel plate,
he 6aid, "finally demonstrated
that the unexpected
combination of steel plus a rubber oompound has
repulted
in
a
new
kind
of armoring
with the
striking weight-saving
factor."
"Some
of
the
implications of the new armoring material are of great
importance and interest," Mr. Davis declared.
"The turning over to
manufacturers of this weight-saving could be used by them for greater
armament, wider armored areas, more speed, greater maneuverability or
greater cruising radius.—-V. 150, p. 3068.
U. S. Rubber
Reclaiming Co., Inc.—Accum. Dividend—
Directors have declared a dividend of 50 cents per share on account of
accumulations on the 8% prior preference stock, par $25, payable June 24
to holders of record June 21.
Like amount was paid on April 2, last, and
with $1 paid on Dec. 27, last; 50 cents paid on Oct. 31 and on
Sept. 1, 1939; dividend of $1 paid on May 2, 1939 and on -Dec. 23, 1938
and 50 cents was paid on Oct. 25, 1938.
Arrearages after the current pay¬
stock
trading by
non-voting common
Aug. 5, 1939.—
Dealings in the
have
been suspended since
Valve Bag Co.—EarningsEarnings for Year Ended Dec. 31, 1939
Profit from operations
Income charges (net)
_
$207,605
44,156
24,199
Depreciation
Net income
Surplus, Jan. 1, 1939
Discount on preferred stock purchased-Total
Preferred stock dividends----Profit and loss charge
$139,250
245,188
10,234
----------
$394,671
52,851
17,830
——
Surplus, Dec. 31,1939
$323,990
-
Balance Sheet Dec. 31, 1939
Assets—Current assets, $1,146,225;
investments, $2; fixed assets less
reserve for
depreciation, $1,129,556; deferred charges,
$3,171; total, $2,278,Liabilities—Current liabilities,
$158,218; deferred credit, $1,068; 6%
($100 par), $874,300; common stock
(41,000
par), $921,378; surplus, $323,990;
total, $2,278,954.—Y, 143,
cumulative preferred stock
shares,
p.
no
4171.^4':
Van
.
Camp Milk Co.—Annual Report—
Years Ended March 31—
Gross profit from operations
1940
$307,658
1939
1938
a$193,731
144,134
a$208,935
140,849
$49,597
1,500
$68,085
91,197
$179,241
$51,097
$159,282
34,436
1,257
28,002
$144,805
Selling, administration
$49,840
53,812
$131,280
55,572
56.250
def$3,972
$19,458
$0.66
$1.01
& gen. exps__
Net profit from operations.
145,753
$161,905
17,336
—
Miscellaneous income—net
Net profits before prov.for inc.taxes
Provision for Federal, State and
y
un¬
distributed profits taxes
Net profit
Preferred dividends
Common dividends
50,033
56,250
Balance, surplus
Earnings
a
$38,522
$1.26
per share on common stock.
After cost of sales and
depreciation;
Note—Depreciation for the year ended March
31, 1940, amounting
$83,186 was charged to profit and loss.
Balance Sheet
Assets—Cash in banks and
reserve for
U. S. Rubber Co.—New Product—
Exchange.
V. 150, p. 3992.
$222,429.,
Earns, per share on 391,238 shs. com. stock (no par)
—
The non-voting common
stock, par $1, the class B stock, par $1, and the
7% preferred stock, par $100, have been stricken from
unlisted
United States Lumber Co. (& Subs.)—Earnings—
Sales-...—
4145
Utilities Power & Light
Corp.—Unlisted Trading
as at
to
March 31,1940
on
hand, $274,243; accounts receivable
doubtful accounts,
discounts, spoilage and declines of
(less
$28,472),
$333,216; cow notes receivable (less reserve
for doubtful notes
$2,170),
$3,088; inventories, $261,921; deposots in closed
banks (less reserve
$1,579),
$119; reciprocal insurance subscribers' fund and
surplus reserve, $20,283:
prepaid expenses, $9,395; land, buildings,
machinery and equipment (less
reserve for depreciation of
$760,723), $1,053,298; established milk
supply
system—nominal value, $1,000;
total, $1,956,562.
Liabilities—Accounts payable and accrued
expenses, $220,658; reserve
for Federal and State Income
taxes, $32,500; reserve for
contingencies,
$15,000; $4 cumulative preferred stock (12,492
shares, no par),stated at
$80 per
share), $999,360;
stock
common
(75,000 shares of $1), $75,000;
capital surplus, $432,090; earned
surplus, $181,953; total, $1,956,562.—V.
149, p. 4045.
Virginian Corp.—Notes Called—
A total of $700,000 collateral
trust 5% serial
notes, series D has been
called for redemption
July 5 at the principal amount thereof
plus a premium
of one-third of 1 % of such
principal for each year of major fraction
thereof
by which the maturity date of any note so to be
redeemed is anticipated or
accelerated by the call for the
redemption of such note, together in
each
case with accrued and
unpaid interest thereon to
July 5, 1940.
On the
redemption date, the notes will cease to bear
interest and coupons
maturing
subsequent to said redemption date shall be null
and void.
Holders of notes are required to
present them for payment and
redemp¬
tion at the principal office of the
Union Trust Co. of
Pittsburgh, Pa., or, at
the option of the holder at the
principal office of the
Guaranty Trust Co.
of New York, New York
City.
compares
ment will amount to
$10.50 per share.—V. 150,
p.
2276.
Virginia Public Service Co.- "Consolidated Balance
Sheet
Dec, 31—
1939
Utah Light & Traction Co.—EarningsPeriod End. May 31—
1940—Month—1939
$93,542
$93,405
79,894
82,409
6,588
7,285
Operating revenues
Operating expenses
Direct taxes————
Net oper. revenues
$7,060
44,658
...
Bent from lease of plant.
$3,711
48,169
$51,718
50,763
1,276
-
mtge. bonds
Other int. & deductions.
on
Balance, deficit-.
$51,880*
51,268
937
$321
$325
50,376,311
1,191,390
Investments
1940—12 Mo.*.—1939
$1,108,204
1,012,157
86,121
$1,104,950
990,281
87,430
$9,926
607,933
$27,239
595,108
$617,859
$622,347
610,388
11,338
618,557
7,709
$3,867
$3,919
Note—No provision has been made in the above statement for
unpaid
6% income demand note, payable if, as, and when earned,
amounting to $1,963,199 for the period from Jan. 1, 1934, to Dec. 31, 1939.
interest on the
1 .192,291
Deposits for mat'd
bond, bond int.
& divs.
(contra)
141,477
104,731
Special deposits... 2,244,950
Cash (lncl. work'g
funds)
1 ,217,965
Notes receivable. 1
Accts.
Gross income
Int.
1938
51 ,042,701
Fixed capital
604,371
receivable./
f
2,035
count <fe expense
Appli'ce
1,696,950
46,673
39,828
9,442
20,537
unadj.
sold
Total
Period End. May 31—
Operating revenues
Operating expenses
1940—Month—1939
1940—12 Mos.—1939
$1,111,841
$1,053,479 $13,954,868 $12,859,578
496,914
464,253
6,326,863
5,413,474
153,444
174,931
2,209,333
2,013,355
approp.
91,000
91,000
1,092,000
1,092,500
-
a
58,194,859
65,587,4031
(contra)...
$370,483
$323,295
405
$4,326,672
4,485
$4,340,249
$323,700
191,793
25,000
19,020
$4,331,157
$4,345,190
2,275,178
300,000
185,411
2,319,547
300,000
196,549
$138,615
$87,887
Divs. applic. to pref. stocks for the period
$1,570,568
1,704,761
$1,529,094
1,704,761
$ 134,193
$175,667
18
Gross income
Int.
$370,501
189,028
25,000
mtge. bonds
Int. on deb. bonds
Other int. & deductions.
on
17,858
4,941
Balance, deficit
Dividends accumulated
and
unpaid to May 31, 1940, amounted to
$7,671,425, after giving effect to dividends of $1.16 2-3 a share on $7
preferred stock and $1 a share on $6 preferred stock, declared for payment
on July 1,1940. Dividends on these stocks are cumulative.—V.
150, p. 3840.
a
Utah Ry.—Earnings—
Afflu—"
v
Gross from
railway
Net from railway
Net ry. oper. income
From Jan.
..
*
...
1940
1939
1938
1937
$39,592
def3,035
def5,099
$25,501
def6,810
def6,889
$32,379
def5,372
defl3,788
$37,989
defll,034
defl0,740
333,715
54,107
18,692
311,279
49,211
17,703
245,380
1
2,504
def51,827
576,789
111,656
35,472
■
1—
Gross from railway
Net from
railway
Net ry. oper. income—
—V. 150, p. 3530.
97.873
misc.
169,806
1,269,224
6,774,762
162,420
192,751
58,194,859 55,587.403
Represented by 40,440 shares 7% cum. pref. stock
($100 par); 53,764
cum. pref. stock ($100
par), and 782,000 shares of $1
par
stock.
shares of 6%
common
_
Note—Earnings for the year ended Dec.
"Chronicle" of Feb. 17, page 1148—V.
Wabasso Cotton
Years Ended—
31,
p.
1039.
2902.
appeared
in
the
Co., Ltd.—Earnings—
Apr. 27, '40 Apr. 29, '39
Net profit for year
$1,719,547
17,823
Net income....
—
expenses
$811,628
13,770
$1,737,370
1,160,508
Interest on investments
Operating
Net income
a
&
credits.. 7,094,730
Total
150,
Net oper. revenues—
Other income (net)
245,130
665,262
63,832
322,460
accts. rec.
Reserves
Earned surplus.—
(& Subs.)—Earnings—
202,500
330,162
678,711
67,578
363,327
Customers' depos.
1 ,539,383
Misc. unadj. debits
578,637
v
Interest accrued..
Miscell. accruals..
Unamort. debt dis¬
Prepayments
141,477
......
30,000
488,420
maturing curr'ly
Taxes accrued
264,838
Contrib. for exten.
Utah Power &. Light Co.
Direct taxes
Long-term debt,
97,873
Appli'ce accts. rec.
sold (contra)...
—V. 150, P. 3840.
Prop, retire, res.
(contra)..-.—
Note payable
1741,406
297,083
...
36,140,500
Mat'd bonds, bond
Interest & divs.
,910,027 Accounts payable.
Mat'ls, supplies &
merchandise
1939
1938
Liabilities—
$
$
Capital stock... 10,202,400
10,202,400
Long-term debt...37,298,000
a
$825,398
637,420
Net profit.
$576,862
$187,979
96,466
69,903
Balance Sheet April 27, 1940
Assets—Cash on hand and in bank,
$288,430; Dominion of Canada and
Provincial bonds with interest accrued, less
reserve (market value
$1,126,635), $1,033,517: accounts and bills
receivable, less reserve, $624,164;
inventory, $963,765; real estate, buildings,
plant, machinery, &c., at cost,
less amounts written off (less reserve
for depreciation of
$5,352,810),
$4,165,074; investments, $255,592; unexpired
insurance, prepaid taxes,
Sec., $66,716; total, $7,397,258.
Dividends paid
Liabilities—Accounts and bills payable,
$237,966; operating expenses
wages, $74,517; accrued Government
and municipal
taxes,
$492,239; bond interest accrued, $23,797; 4% 1st
mtge, bonds due Feb. 1,
1941, $175,000; deferred liabilities, $311,620; first
mortgage bonds, $2,225,000; capital stock issued (69.903 shs., fully paid),
$2,000,000; earned
surplus, $1,857,118; total, $7,397,258.—V. 150, p. 1790.
and accrued
For other investment
news see
page
4148.
The Commercial & Financial Chronicle
4146
and
PUBLISHED
AS
Qotummis.
FORTY-FIRST ANNUAL REPORT—YEAR
herewith Consolidated Balance Sheet,
Consolidated Income Account and Statement of Consolidated
Earned Surplus, prepared and certified by independent
auditors (whose Certificate of Audit is attached) showing the
result of operations of your Company and its wholly-owned
subsidiaries for the fiscal year ended April 30, 1940 and their
condition at the close of that period.
For the first half of your Company's fiscal year just closed
—that is, for the six months' period ended October 31,1939—
there was reported a net loss of somewhat over $1,700,000,
this based on a yearly depreciation charge (then in effect)
There are submitted
against your Company's properties at the rate of $1,500,000.
seen by the annexed statements, during the second
As will be
half of the fiscal year
and with
a
(November 1, 1939—April 30, 1940)
depreciation charge for the year of $1,860,000 in-
$1;500,000, the loss shown as of October 31 last has
practically overcome, and the net loss for the entire year
stead of
been
Obviously, if for the entire
is somewhat less than $11,000.
the depreciation charge had been continued at the lesser
the two amounts stated (the difference being a little over
year
of
$360,000) there would have
resulted
a
profit from the year's
operations instead of the small loss shown.
In the letter accompanying the report for the year ended
April 30,1939, reference was made to the advisability, in view
requirements of tax laws, Federal, State and local, and
of the
corporate acsetting-up and maintaining an acceptable basis
present day requirements with respect to
of
countancy, of
for
depreciation account as such—this involving a departure
previous practice of your Company in that regard.
In
letter it was stated that Messrs. Coverdale & Colpitts,
a
from
that
consulting engineers of the highest standing and in every way
fitted capably to
handle the work, had been retained for the
and that the task was then nearing completion,
Since then, the work has been completed and the results are
summarized in the certificate of Messrs. Coverdale & Colpitts
purpose
of which a copy
is attached to this report—and your Manage-
ment is
say
glad to
that the conclusions reached have proven
acceptable to the Treasury Department and that your Com-
the
That certificate shows conditions
pany's Federal tax matters have been "cleared" through
ende^ April 30, 1939.
year
as
of that
date and with respect only to your Company,
The annexed statements are in conformity
dale &
with the Cover-
Colpitts findings, but cover the condition and opera-
tions, for the fiscal year ended April 30, 1940, not only of
your
Company itself
but
also of its wholly-owned sub-
beginning of the year just closed your Company
dollar value of approxi-
At the
its books business having a
on
During the^ first four
but little of railroad buying—
the end of August buying was resumed in some
mately two and one-half millions.
months of that year there was
but at about
considerable volume and continued until early November,
when it
again lessened.
Of such buying as there was, your
Company obtained its full share—and this, together with a
fairly satisfactory volume of miscellaneous business, resulted,
as
already noted, in practically entirely overcoming the loss
attendant upon
year.
operations during the first six months of the /
At this writing there are some indications of the re-
sumption of equipment-buying in volume—but with world
conditions
as
they unhappily
are,
whether there will be such
problematical and beyond .the. ability of anyone to predict
with any great degree of certainty.
is
It will be noted that the annexed Consolidated Balance
Sheet shows the item of Inventories (taken as usual at cost or
less and not in excess of market
in
excess
prices) to be
very
considerably
of the amount shown at the close of the prior year,
This is the natural result of the volume of business,
approxi-
mating in amount $22,000,000, on our books at the close of
the
year—such business including military supplies and rail-
way cars,
taken at
the
<xc,u
ENDED APRIL 30, 1940
There
also will be noted, on the liability side of the Balance Sheet,
the item of $4,500,000 bills payable to banks, against which,
on the asset side, is shown cash in excess of $8,500,000.
Since the close of the year this cash has been drawn upon to
the extent necessary to discharge the item of indebtedness to
banks—so that at this writing your Company has no outstanding bank debt. The increase over the preceding year in
the item "Repairs, New Patterns, Flasks, etc.", shown on
the Income Account, is largely due to the very substantial
increase in the amount of business done during the year,
The war now raging in Europe, with all its implications and
attendant possibilities, presents a condition unparalleled in
history—and its repercussions on American industry cannot
be foreseen. Fortunately, our people, if not yet entirely in
unison as to methods, are united in the resolve to protect and
defend, at no matter what cost, our own ideals of life and
government. What this resolve may ultimately lead to is
beyond prediction, but at the moment it means "preparedness"—ability to protect our legitimate concerns and interests
and to resist aggression if that should become necessary.
To accomplish this, every effort must be directed—and in its
accomplishment your Company will play its part. Already
its experience and facilities have been availed of by our own
Government—your Company having been awarded a coutract, the first of its kind let, for the making of more than
three hundred light combat military tanks. This work is
being earned on at our Berwick plant in a special "Ordnance
Department" set up for the purpose, and is proceeding to
the entire satisfaction of the Government and of ourselves,
Undoubtedly a great number of these military tanks, both
light and heavy, will be required in the carrying-out of the
program of national defense, and it reasonably may be expected that your Company will be called upon to aid in their
production. In the making of such tanks armor plate of a
thickness permitting its use in mobile mechanized military
units is an essential, and of such, the sources of supply are
limited. Also by reason of its experience gained in the
manufacture of the tanks it now has under contract and the
special facilities it has installed for the purpose, your Cornpany is now in position to supply, whether for its own operations or to other concerns needing it, the armor plate required
in the construction of such units.
To your Company was awarded, by the British Government, the first substantial order for shells placed in this
country .
In this contract the interests of your Company are
well safeguarded—and f6r it your Company has equipped and
sidiaries.
had
company
required to handle the volume of business booked.
stockholders:
to the
June 29, 1940
ADVERTISEMENTS
american car and foundry
clce
t
freight and other.
or near
The inventories
the close of the
year, were
as so
shown,
all verified under
supervision of responsible employees of your Company,
conservatively valued and are no more than normally
were
reopened its plant at Buffalo, New York, which has not been
in operation for some.time past. This will give employment
to a large number of workmen, and if the need should arise
we shall have there a plant fully equipped to supply our own
Government's requirements in the way of shells, demolition
bombs and the like-—this in addition to the facilities available
at our other plants not only for such work as we may be called
upon to do in connection with the program of national
defense, but also for the conduct of our ordinary business as
a manufacturer of railroad 'equipment and miscellaneous
supplies.
As a.part of the report for this year
there are attached
illustrations of some of your Company's varied products.
Included among these, and of peculiar interest at the present
time, is that of one of the military tanks referred to above
and, also, that of a 110-ft. submarine chaser built for our
Government and recently launched at our Wilmington plant.
The carburetor shown is that produced by our Carter
Carburetor Corporation—and the illustrations of cars show
some of the types of such vehicles, passenger and freight,
produced by your Company at its various plants,
The Management regrets to state that during the year
because of the condition of his health, Mr. William M.
Hagerv who has served your Company faithfully and well in
various capacities since its organization, was compelled to
resign as Vice-President and to decline a re-nomination as a
member of the Board of Directors.
', >
Volume
Once
Commercial & Financial Chronicle
The
150
the Management makes of record its sincere
more
4i47
CONSOLIDATED BALANCE
appreciation of the unswerving devotion and loyalty of the
individual members of
April 30, 1940
organization in their work of
our
protecting and advancing the interests of
:
\.
Company and
your
Buildings,
Machinery
Equipment
By order of the Board.
Less:
-
:■
1„.
assets
♦PLANT AND PROPERTY ACCOUNT
Land and Improvements.
its Stockholders.
SHEET
$63,294,4
'
;
-V-
;.
■ -
Reserve for Depreciation.
16
$7,496,654.27
and
.$64,605,883.27
27,864,475.08 36,741,408.19
Respectfully submitted,
Intangibles
June 21,1940.
CHARLES J. HARDY, President.
19,056,350.70
CURRENT ASSETS
Cash in banks and
U.
COVERDALE
&
28,607,096.92
hand
on
$8,578,572.20
27,331.25
S. Government Securities at cost
(Quoted market value $30,153.44)
Accounts Receivable, less reserve.._______
tNotes Receivable, less reserve..
Materials, inventoried at cost or less, and
COLPITTS
7,082,967.99
1,829,185.34
—_______
Consulting Engineers
July 15, 1939.
AMERICAN CAR AND FOUNDRY COMPANY
serve
30 Church St.
_
NOTES AND ACCOUNTS
New York. N. Y.
In accordance with
inventory
lands,
ATED
of April 30,
as
engagement by you, we have made
our
1939 of the plants and properties, consisting of
improvements,
land
buildings
and
other
.
machinery,
structures,
and all other physical properties (except materials, supplies
and work finished or in process), found by us at the following locations:
equipment,
Operating Plants
Plant at Wilmington, Delaware
Freight car plant at Buffalo, New York
Freight car plant at Chicago, Illinois
i
.Indiana
T,„
—=
a. £epew»
£ope2y
plant at St. Charles,
.
.
Foundry at St. Louis, Missouri
described in
our
As of April 30, 1939.
As
our
,
For Dividends
to be
depreciation
of
several
the
items
reserves appears
examination
EARNED
Recapitulation.
described in
2,833,644.74
1,900,873.53
SURPLUS ACCOUNT
22,377,230.87
Contingent Liabilities:
undepreciated and depreciated
in the Company's property
as
Guaranteed bank loan of Hall-Scott Motor Car
Company in the amount
$375,000.00.
notes
aggregating $596,251.00 purchased by American Car
and Foundry Securities Corporation, a wholly-owned subsidiary, and
by it resold under agreement to repurchase in event of default.
contained
in similar
detail
of
Secured
the
was
in Volume I.
In connection with
our
made of title to the properties covered thereby.
"
inventory
our
satisfied
STATEMENT
CONSOLIDATED
report
of April 30, 1939
as
ourselves
caption "Operating Plants"
that
are
in
adequately maintained,
the
are
in existence.
properties above
use or are
listed
available for
and constitute going
We have
under
use, are
the
concerns
for the
Chilled cast-iron railway car wheels
Chilled cast-iron mine car wheels
Railroad freight cars of all descriptions
Railroad passenger cars of all descriptions
Mine cars of all descriptions
A.C F
Pressed steel bakery and hotel ware
General
Income
of all
$3,139,278.24
,
The properties
Other Income:
lubricated valves
so
as
Other
$652,398.50
n
$22,247.97
752,275.34
—91,538.38
93,877.14
—
—
_
959,938.83
— —
Charges:
Interest
_
_
k-
-
--.
•
... -
Miscellaneous
Loss
abandoned operating units,
on
Property Retirements
_
_
Loss for year-..-....--—
$57,996.92
99,946.55
60,410.61
99,963.02
318,317.10
,
—
Royalties
of that date.
3.791,676.74
$307,540.33
above listed under the caption "Plants Not in Operation!'
inventoried them
,
Royalties..
Miscellaneous
Jobbing machining work
of April 30, 1939 partially or wholly
have
$1,820,175.62
1,971,501.12
Loss from operations
Dividends——.,—.
Interest-—
Special small rolling mill work
Jobbing cablnetmaking and wood
mill work
Jobbing foundry work
Jobbing blacksmith work
32,655,812.02
Repairs, New Patterns, Flasks, etc
Depreciation
Miscellaneous products
descriptions
$35,795,090.26
Selling and
Expense and after providing for estimated Federal
Tax ($209,417.65)* but before Depreciation,
Re¬
pairs, New Patterns, Flasks, etc
and for the execution of:
Railroad car repair work
ACCOUNT
Gross Sales, less discounts and allowances
Cost of goods sold, including Administrative,
Yachts and small boats
Electric rivet heaters
-
OF
INCOME
in usable
manufacture of:
as
declared by Board
$97,707,626.89
We have satisfied ourselves by personal inspection that the properties
we
as
Volume I."
by plants and departments thereof, and sets forth
were
paid when and
Stock,
Contingencies
depreciation reserves which, we have prepared with respect to the depreciable
items of such property.
A recapitulation of such property accounts and
and
1,500,000.00
Common Capital
on
of Directors
For
Company,
aforesaid property according to its various classifications and broken down
condition
6,234,518.27
For Insurance.
engagement included the determination of dollar amounts which
values
similarly
$4,595,877.75
4,500,000.00
______
accounts, our report sets forth in a series of volumes the inventory of the
no
30,000,000.00
9,095.877.75
T_
Bills Payable (Banks)
ACCOUNTS
.
Depreciation Schedules.
LIABILITIES...
RESERVE
At New York and other cities
opinion might properly be used
our
book
York
Memphis, Tennessee
report entitled ' 'American Car and Foundry
Inventory of Physical Property.
in
,
value)
par
Accounts Payable, Accrued Taxes and Pay
Rolls
Administrative Offices
Missouri
one year.
STOCK
CURRENT
Property at St. Louis, Missouri
Pennsylvania
as
no
—
Property at Gary, Indiana
Pennsylvania
Pressed steel plant at Milton,
$97,707,626.89
.
Preferred, authorized and outstanding (300,000 sharespar value $100.00 per share)
--$30,000,000.00
Common, authorized and outstanding (600,000 shares—
Property at Bloomsburg, Pennsylvania
Wheel foundry at Madison, Illinois
.
LIABILITIES
CAPITAL
Unimproved Real Estate
.
Freight car plant at Madison, Illinois
Tank car plant at Milton,
'
-
included at cost.
are
Foundry at Buffalo, New York
Plant at Indianapolis, Indiana
Plant at „Terre Haute, Indiana
Freight car plant at Huntington,
West Virginia
Passenger car plant at Jeffersonville,
car
4,905,318.94
533,399.75
tlncludes $1,499,553.89 maturing subsequent to
,j
Plants not in Operation
Plant at Detroit, Michigan
Passenger
AFFILI¬
♦Plant and Property of parent Company included in above valuations were
inventoried and valued by Coverdale & Colpitts, Consulting Engineers, as
of April 30, 1939, on the basis of values at March 1st, 1913, with sub¬
sequent additions at cost.
Plant and Property of Subsidiary Companies
Freight car plant at St. Louis, Missouri
Plant at Berwick, Pennsylvania
^
OF
reserve
10,550 shares of Preferred Capital Stock
600 shares of Common Capital Stock
complete
a
,
94,432.00
_
RECEIVABLE
COMPANIES, loss
;
101,911.24
171,054.88
TREASURY STOCK AT COST__._
*
Dear Sirs:
'
not in excess of present market prices.._
9,269,828.47
Marketable Securities, at cost or less
1,819,211.67
(Quoted market value $1,952,033.64)
PREPAID TAXES, INSURANCE, ETC
MISCELLANEOUS SECURITIES, less reserve
SECURITIES OF AFFILIATED COMPANIES, less re¬
120 Wall Street, New York
$10,776.77
Each item of property described In our report has been assigned its cost
obtained from the Company's records or from the best available sources,
♦In respect to
Profits of Subsidiary Companies.
except those items of property which were carried on the records prior to
March 1,
In the latter cases, a March 1, 1913 value has been
1913.
STATEMENT
as¬
signed, derived in the case of land from appraisals obtained by the Com¬
OF
CONSOLIDATED EARNED
SURPLUS
pany and In the case of other property from estimates made by us from
the best information available.
by the Company, but
mad^
we
The pricing of the various items was done
maintained
a
computation of what we consider to be
accumulated depreciation reserve as of April 30,
the period from April
Less:
a
Consolidated Earned Surplus, April 30,
1939
was
based (a)
as
to
ERNEST
30, 1934 (when the Company changed its depreciation
-'
the Company's records and on our
inventory
(b)
of
as
estimated value of the
shown by the Company's records, less
as
corresponding retirements, and (c)
prior to March 1, 1913,
on
estimates made by
us
estimated
amount
of
uncapitalized
as to
our
the period
from our study of the
quisition and construction records of the Company.
the
as
ac¬
This figure represents
replacements less the estimated
retirements for this period.
on
the foregoing, we certify that in our opinion
(a) the
amount of
cost or
March
1, 1913 value
as
aforesaid), can properly be used
depreciated book value of the properties (b) the depreciation rates
mended by us
and shown
on our
as
un¬
recom¬
report are reasonable, (c) the accumulated
depreciation reserve of $25,051,823 as of April 30,
1939 is
a
reasonable
reserve,
and (d) the balance as oothat date, $43,724,862, can properly be
used
depreciated book value of the properties.
as
DIRECTORS,
30 Church Street, New York City.
We have examined the Consolidated Balance Sheet of the AMERICAN
CAR AND FOUNDRY COMPANY and its wholly-owned subsidiaries as
of April 30, 1940, and the Consolidated Statements of Income and Surplus
ended, have reviewed the system of internal control
and the accounting procedures of the companies, and, without making a
for the fiscal year then
detailed
audit
of the
transactions,
have examined
or
tested
physical inventory of the parent company's plant and property,
independent engineers as of April 30, 1939, segregated the values
taken by
of the included assets in order to form a basis for depreciation charges, and
these charges
of the parent company during the year, at rates recommended
by the said engineers, have been computed on such values.
In our opinion, the accompanying Balance Sheet and related Statements
of Income and Surplus present fairly the consolidated position of the
AMERICAN CAR AND FOUNDRY COMPANY and its wholly-owned
subsidiaries at April 30, 1940. and the consolidated results of their operations
for the fiscal year, in conformity with generally accepted accounting prin¬
applied (except as noted in the preceding paragraph)
consistent with that of the preceding year.
Yours very truly,
ciples
Very truly yours,
COVERDALE
&
COLPITTS,
Consulting Engineers.
accounting
records of the companies and other supporting evidence, by methods and to
the extent we deemed appropriate.
The
Based
$68,776,685, shown in Volume I of our report as the total investment (i.e.,
COMPANY
American Car and Foundry Company,
to the period from March 1, 1913 until April 30, 1934, on the amount
uncapitalized replacements
BELL AND
New York
TO THE
of April 30, 1939),
of the depreciation rates recommended by us and shown in our report,
on
W.
25 Beaver Street
aforesaid of depreciable property during the five years
(the amounts of additions and retirements during these five years being
based
____$22,377,230.87
Certified Public Accountants
we
_
as
1940
reasonable amount for
policy) to April 30, 1939, on the application, to the book values which
had arrived at
$22,388,007.64
10,776.77
Loss for year
constant supervision of the work and
checks thereof which we considered appropriate.
Our
Consolidated Earned Surplus, April 30, 1939
f
New York, June 19,
ERNEST
1940.
W.
BELL
AND
on
a
basis
COMPANY
The Commercial 6 Financial Chronicle
4148
Wabash Ry.—Earnings—
Net ry. oper.
1939
1940
$3,604,342
741,324
May—
Gross from railway
Net from railway.
1938
$3,260,484
651,518
$3,517,806
651,105
1937
$3,693,215
751.863
183,040
96,931
99,056
238,015
18,450,251
3,829,828
17,351,520
3,402,122
Net from railway.
Net ry. oper. income...
506,538
2,386,228
—V. 150, p. 3682.
Waldorf System,
Inc.—Options Granted—
"
Company reports the granting of an option to James J. Curry to pur¬
chase 15,000 shares of common stock of the corporation at $8 per share
on
or before Dec.
81, 1942, and an option to Austin 0. Uhl to purchase
shares of
1,500
before
stock of the corporation at $8
common
1942.—V.
81,
Dec.
150,
p.
per
share
on
or
2902.
B.
Saterlee,
on
Willys-Overland Motors, Inc. (& Subs.)—Earnings—
1940
$9,337,310
8,683,030
6 Months Ended March 31—
935,933
$755,705
16,977
$237,970
43,327
$738,728
17,118
$281,297
Expenses
x
-
1939
$5,663,574
5,660,383
758,896
$281,653
43,683
Net sales
x Cost of sales......
$755,846
....
Loss from
operations
Other income
Loss
Interest, taxes, Ac
Waterbury Farrell Foundry & Machine Co.—To Pay
50-Cent Dividend—
Co.—New Secretary—
Assistant to the President, will become Secretary of the
July 1.
Announcement of his appointment was made on
June 23 by R.
B. White, President.
Mr. Saterlee will succeed Lewis
V. 150, p. 3841.
McKisick, retiring after more than 50 years of service/
G.
company
19,919,295
5,020,605
996,404
15,587,797
2.248.850
def613,998
Income—-
GrS?fromnrai1i:way
June 29, 1940
Western Union Telegraph
.............
Net loss
x Includes for depreciation and amortization, $444,064 in 1940 period and
$333,631 in 1939.—V. 150, p. 3842.
.
Company will pay a dividend of 50 cents per share on the common stock,
par
Wilson & Co.,
$25, on July 1 to holders of record June 24. Like amount was paid on
22, last and a regular quarterly dividend of 20 cents was paid on
Dec.
Oct. 20. 1939.—V. 149, p. 4189.
Westbrook-Thompson Holding
Directors
Inc.—To Pay Accumulated Dividend—
declared
have
dividend
a
of $1.50
share
per
account
on
of
accumulations on the $6 preferred stock, payable Aug. 15 to holders of
record July 31.
The dividend applies on the accumulation from Feb. 1,
1939 to April 30, 1939.
—V. 150, P. 2131.
Corp.—Earnings—
Income Account Year Ended Dec. 31,4939
Gross revenues
$427,746
231,680
Operating costs and expenses (exclusive of deprec. and depl'n)..
Operating income
$196,065
Other income credits
238
Gross income
Income charges
$196,304
88,270
—
Wisconsin Central
Period End. May 31—
Freight revenue
Total
Net income
$108,034
251,008
Surplus Jan. 1, 1939
$4,130,374
100,876
293,723
$1,065,556
$5,001,920
$4,524,973
166,164
171,028
28,877
431,048
192,881
154,839
30,277
397,878
34,054
593,375
853,724
144,657
2,128.287
175,507
581,198
804,639
141,420
1,932,253
164,618
$346,345
50,027
$255,626
68,770
$1,106,370
366,659
$900,845
395,450
$296,318
35,062
30,172
$186,856
26,164
34,289
$739,711
$505,395
151,574
182,542
$231,083
Dr3,014
$126,403
$400,402
Dr4,896
Dr 19,349
$171,279
Dr23,741
$228,069
$121,508
$381,053
$147,538
9,452
10,382
47,326
51,058
$218,618
way
317,277
34,402
of
70,477
$1,177,864
revenues
structure
$359,042
183,511
Surplus, Dec. 31,
Assets—Total
4()39
JL Balance Sheet Dec. 31, 1939
$175,531
proifrty,
$1,063,313; crude oil inventory, $3,149; current
deferred debit items, $20,253; total, $1,196,685.
Liabilities—Capital stock (1,835,108 shares, no par), $133,308; current
assets, $109,969;
liabilities, $9,653; depreciation reserve, $846,562; depletion reserve, $31,631;
surplus, $175,531; total, $1,196,685.
West Virginia-Ohio River
$111,126
$333,727
$96,480
Maintenance of equpt..
Traffic expenses
General expenses
Net railway revenues.
Taxes.
Net after taxes
Hire of equipment.
Rental of terminals
Years Ended March 31—
1940
Tolls
1939
$84,609
27,273
Operating expenses
•Income before interest
Interest
$81,088
30,800
being
paid
and
186,892
152,417
'
Net after rents
Other income (net)
Bridge Corp.—Earnings—
96,919
A
expenses
Transportation expenses
Gross surplus
Dividends
1940—5 Mos.—1939
$4,587,724
81,867
Passenger revenue
All other revenue
Maintenance
Ry.—Earnings—
1940-—Month—1939
$1,078,347
$975,886
17,650
19,192
accrued
Balance before interest
Operating profits
$57,336
$50,289
74
191
Other income (interest)
Total income
$57,410
19,540
Bond interest
Other interest
50
Depreciation
Income bond interest
8,000
16,680
(3%)
discount
Bond
$50,480
20,814
8,000
17,805
1,165
768
on bonds, Ac
—V. 150, p. 3532.
7::vo
■
Wisconsin Public Service
Corp.—Bonds Called—
A total of $250,000 first mortgage 4% bonds series due 1961 has been
called for redemption on Aug. 1 at 102and accrued interest.
Payment
will be made at the First Wisconsin Trust Co., Milwaukee, Wis.—V. 150,
P.
3993.
'
Wood, Alexander & James, Ltd.—Accumulated Div.—
Net profit
$12,372
-
$2,696
Balance Sheet March 31,1940
Assets—Cash
hand
and
The directors have declared a dividend of $1.75 per share on account of
on the 7% cumulative first preferred stocks, par $100 pay¬
accumulations
in
bank, $19,335; permanent assets, cost,
intangible assets, $36,899; bond discount, $9,724; prepaid
$662; total, $970,908.
Liabilities—Accrued bond interest, $21,545; accrued taxes and dividends,
$5,822; first mortgage bonds
outstanding, $556,000; reserve for Federal
income tax, $833; reserve for depreciation, $215,231; reserve for mainte¬
nance,
$13,159; capital stock outstanding, $137,615; surplus, $20,708;
total, $970.908.—V. 148, p. 3703.
on
$904,287;
able Aug. 1 to holders of record July 15.
Like amounts
of the 13 preceding quarters.—V. 150, p. 2279.
expenses,
Western Grocer Co.
Directors
;
have
accumulations
on
declared
a
share on account of
7% cum. pref. stock, payable June 29 to holders
Like amount was paid on Jan. 22, last.—V.
150, p. 1622,
Western Maryland
Period End.
per
May 31—
Operating revenues
Maint. of way A struc.'.
Maint. of equipment—
Traffic expenses
Transportation expenses
Miscell. operations
General expenses
Transp. for invest.—Cr.
1940—5 Mos.—1939
$7,717,847
$5,917,883
657,831
1,365,006
195,529
1,756,911
18,317
227,504
10,044
382,632
382,058
3,759
50,638
804
2,633
46,991
3,073
912,166
1,623,754
197,591
2,038,653
30,612
235,694
17,610
$449,490
110,000
$247,299
60,000
$2,696,987
550,000
$1,706,829
350,000
$339,490
on
Woodall
a dividend of $1.50 per share
on account of
6% cumulative preferred stock, payable July 1 to
declared
the
Industries,
Period End. May 31—
x
Earnings
$103,327
per
449.
Inc.—Earnings—
1940—3 Mos.—1939
Net profit.
y
$0.34
share
$43,679
$0.14
1940—9 Mos.—1939
$315,000
$1.05
$91,813
$0.30
After depreciation, Federal income taxes, Ac.
y
Ry.—Earnings—
1940—Month—1939
$1,440,287
$1,015,672
206,347
94,783
309,785
207,045
38,440
37,936
have
holders of record June 22.—V. 150, p.
x
paid in each
Preserving Corp.—Accumulated Dividend—
Directors
accumulations
(Iowa)— Accumulated Dividend—
dividend of $3.50
the
of record June 20.
Wood
were
On 300,000 shares of capital stock.—V. 150, p. 2131.
(Rudolph) Wurtlizer Co. (& Sub.)—Earnings—
Consolidated Income Account Year Ended March 31, 1940
Gross profit from sales—
Operating
ful
expenses,
$4,769,772
$4,100,652; provision for losses on doubt¬
accounts, $105,016
4,205,668
Profit from operations..
Other income
$564,104
1,146,680
.
Total income
Net oper. revenue
Taxes
Operating income
Equipment rents—_
Joint facility rents (net).
Cr20,754
Drl2,181
$187,299
Drl,530
Drl2,145
$2,146,987
Cr79,145
Dr60,140
$1,356,829
Cr76,342
Dr63,587
Net ry. oper. incomeOther income
$348,063
10,436
$173,624
5,251
$2,165,992
52,765
$1,369,584
30,342
Gross income
Fixed
$358,499
278,407
Net
$1,399,926
1,380,676
def$96,679
$820,289
May—
Gross from
From Jan.
Net ry. oper. income...
p.
Western
...
277,500
$1,050,132
91,350
180,580
$2.39
share on common stock
Consolidated Balance Sheet as at March 31, 1940
ance
(pledged to
secure
on
hand, $1,307,233; cash value of life insur¬
notes payable to banks). $143,921; receivables (less
for losses on repossessions and doubtful accounts and reserve for
lessons of $1,256,807), $8,874,617; inventories, $2,140,306; other
1938
1937
$1,299,094
139,963
defl7,644
$1,150,869
defl45,368
def276,918
$1,388,631
def95,695
def210,617
assets, $271,776; properties, eouipment, &c. (less reserves for depreciation
of $2,391,859), $6,022,275; deferred charges, $135,721; patents, goodwill,
6,362,030
1,021,473
182,677
5,658,879
4,748,217
530,801 defl087,968
defl89,624 defl826,534
6,295.177
accrued salaries, commissions, interest, taxes, Ac., $975,915;
provision for additional compensation, $85,000; mortgage maturities due
151,224
def615,802
.
1939
1938
$147,193
18,192
9,474
$137,361
15,874
3,439
$129,997
16,074
4,688
725,424
87,682
33,803
697,377
98,197
36,114
def2,649
X
Gross from railway
Net from railway
Net ry. oper. Income...
150, p. 3532.
.
653,362
52,596
1937
'
$143,940
-23,810
12,241
716,506
82,871
32.760
Net ry. oper. income...
From Jan. 1—
Gross from railway
Net from railway
r^n°per oSi?me—
150, p. 3532.
Ac., $1; total, $18,895,850.
1940
1,423,829
537,697
415,829
1939
1938^
865,338
172,259
753,371
150,044
86,072
131.930
£,327,575
1.671,366
$837,886;
within
one
year,
$65,137; dividend on 7%
credit
balances,
cumulative preferred stock,
Yale & Towne Mfg.
Co.—15-Cent Dividend—
a dividend of 15 cents per share on the common
1 to holders of record Sept. 10.
Regular quarterly
dividend of like amount previously declared will be paid on July 1.—V. 150,
p. 2752.
Directors have declared
1937
1,531,750
501,613
419,437
Youngstown Sheet & Tube Co.—Subsidiary Dissolved—
Com pan v
been
reports
Zinc Co., an Ohio corporation, has
This company held 60% of the shares of
shares, which were pledged under the lien
to Bankers Trust Co., trustee, under which
C 4% first mortgage bonds weTe issued,
lien of said first mortgage and have been
that the Century
1,245,448
614,194
6,977,902
2,377,296
dissolved.
and said
of the company's first mortgage
mortgage the company's series
975,151
375,141
2,046,793
have
4,865,196
customers'
payable April 1,1940, $22,837; Federal and State taxes on income, payable
during current year, estimated, $443,703; notes payable to banks, due
subsequent to one year (partially secured), $1,300,000; real estate mort¬
gages (less maturities due within one year included above of $65,137),
$1,412,263 reserves, $756,738; deferred income, $324,116; contingency
reserve, $1,000,000; 7% cumulative preferred stock (par $100), $1,305,000;
common stock
(par $10), $4,015,230; paid-in surplus, $225,000; earned
surplus, $6,100,622; total, $18,895,850.—V. 150, p. 858.
the
2,105,314
payable,
$26,401;
stock, payable Oct.
,
Wheeling & Lake Erie Ry.—Earnings—
May—
Gross from railway
Net from railway
music
Liabilities—Accounts
1940
Net ry. oper. income...
Jh TOITI tJ CLT%0
1939
$1,499,121
322,425
133,211
Ry. of Alabama—Earnings—
May—
.
income,
reserve
3532.
Gross from railway
Net from railway
—V
per
Assets—Cash in banks and
RR.—Earnings—
on
Net profit for year ended March 31,1940
Dividends on 7% cumulative preferred stock
Dividends on common stock.
$19,250
1—
Gross from railway
Net,from railway
loU,
Miscellaneous deductions
Provision for normal Federal taxes and State taxes
estimated
196,203
115,296
59,419
12,234
1940
railway
Net from railway
Net ry. oper. income—
—V.
$1,710,784
real estate operations, after
allocation of rentals to retail
(incl. as expenses, interest of $58,353 on mortgages and
depreciation and amortization of $84,609)
Interest charges (other than interest on mortgages)
Loss on disposition of capital assets
on
stores
Earnings
income
Western Pacific
.
$2,218,757
1,398,468
150, p. 3841.
—V.
—V
$178,875
275,554
$80,092
charges-
Loss
3,646,649
liquidated
Centurv
been
cancelled
and
Zinc
Co.,
released
in
from
the
liquidation.—V. 150, p. 3682.
Volume
The Commercial & Financial Chronicle
ISO
International Petroleum
Assets—
Co., Ltd.—Earnings—
Period. Ended Dec. 31, 1939—
6 Months
Cash in banks and on
Cash on deposit with trustees
18 Months
12 Months
Combined profit from operations..$14,707,909 $27,712,050
Counsel
and
solicitors'
fees
and
$42,419,959
x
Customers' settlements in transit
United States Treasury bonds
Tax liens, certificates and deeds and accrued int. & costs thereon
Contracts receivable.
salaries of executive officers includ¬
ing all salaried directors
and depl. of land,
162,945
490,761
327.817
Prov. for deprec.
Sroducing wells, pipe lines, buildigs, plant and equipment
expenses,
3,395,194
5,817,392
9,212,586
1,857,206
&c_
4,409.426
Balance of profit from operations._
and oividends received on
6,266,632
$9,292,565 $17,157,415 $26,449,980
_
to write-down
prov.
Dominion
Canada & other bonds
the basis of market
1,141,682
Due from former agent—secured
Total
quotations
as at
Dec. 31,1939
217,303
lossl03,088
loss320.391
Total income
...$10,651,550 $18,206,059 $28,857,608
Contrib. to employees' pension plan.
660,216
660,216
Proportion thereof applicable to shs.
of minority interests
Earnings
and
x
per
share
common
After
expenses,
17,737,853
7,771
202,088
124,129
12,404
43,958
1,250
32,849
1,983,500
687,500
Reserve for Federal and State income taxes
Bond interest accrued
....
400,333
255,369
_
stocks
Reserve for losses and adjustments
Funded debt
Class AA 7% cumulative preferred (par $100)
Class A non-cumulative participating preferred (no par)
Class B common (no par)
$17,290,474 $27,797,059
337,505
585,170
24,172,270
41,910,123
combined pref.
on
$350,126
21,500
Sundry credits
144,964
Balance, carried to earned surplus.$10,506,585
Preferred dividends
247,665
Common dividends
$3,521,226
Liabilities—
Notes payable, banks
z
Notes payable, others
Accounts payable and accrued expenses
Due to subsidiary for purchase of tax liens
Due to others for purchase of tax liens
of
hand to
on
49,870
2,418
1,037
199,743
12,836
5,521
204,384
8,572
„
2,510,716
1,369,034
2,761.115
Investment in and advances to subsidiaries
Investment in Fleetwood of Fairyland Hotel Corp
Furniture, fixtures and automobiles, depreciated value
Deferred charges
Interest
bonds, stocks and other investments
Profit realized on sale of securities and
$52,619
179,472
33,385
10,253
Sundry receivables
Advances to officers and agents
Prov. for amortization of concessions,
rights & development
4149
Balance Sheet March 31,1940
hand
$0.72
96,100
Surplus
54,322
3,729
Total
^
$3,521,226
$1.91
$1.19
charging all producing, refining, manufacturing and distributing
and income taxes amounting to $2,204,717 for the six months
1938, and $3,585,995 for the year 1939.
—V. 149, p. 1918.
ended Dec. 31,
Empire Sheet & Tin Plate Co.—Earnings—•
Consolidated Balance Sheet Dec. 31, 1939
'
.V:'./
ASSCtS—*"*
'
'*•
;■ /
";'J
v. V (-V. •_
Cash on hand and in banks
$8,359,027
Earnings for the Year Ended Dec. 31, 1939
•
Bonds, valued on the basis of market quotations which was less
than cost—plus accrued interest
Accounts and notes receivable, less reserves (including $96,260
owing by a shareholder company)
Inventories
Deferred accts. receivable & miscell. loans & advs. (less reserves)
Investments (at cost)
Deposits
contracts...'
on
....
Deferred and prepaid charges
Gross sales
Returns, allowances and discounts
Freight on sales
2,707,206
I
Total...
Long-term
on
1,409,100
6,324,186
indebtedness under
15, 1945
purchase
Fire and marine insurance and other
Capital stock held by minority interests and proportion of
plus applicable thereto
Preferred stock (par $2.50)
....
Common stock
Earned surplus
..jfc
Total
x
par
sur¬
394,833
500,000
zl00,375,000
19,588,927
....
reserves
.
.
shares.—V.
149,
p.
z
$536,193;
the
year's business.
aside
as
were
assets,
$48,895;
fixed
assets,
Goodman Mfg. Co.—50-Cent Dividend—
This left a total of $35,882, of which $28,096 was
addition to reserves, leaving a net of $7,785.
However,
charges, one amounting to $1,474 on account of
retirement of 543 shares of class B stock, and another on account of payment
of $7,241 due to payment of the Federal and State governments for income
taxes for the years 1936 and 1937.
set
other
for bond interest due April 1, 1940, $13,918; portion of
long-term notes
payable, duo on April 1 and Oct. 1, 1940, $25,914; 4% notes payable, ma¬
turing Aug. 1, 1943, $524,086; reserves, $21,599; first mortgage 10-year
6% convertible gold bonds dated Oct. 1, 1933, $939,125; common stock
(78,664 no par shares, stated value $10 per share), $786,648; capital sur¬
plus, $1,979,774; deficit, $733,415; total, $4,392,382.—V. 150, p. 432.
Co., Atlanta, Ga.—Report—
March 31, 1940, after deduction of
expenses, taxes (other than provision for income taxes for the fiscal year),
interest, amortization of debt discount and expenses including amortiza¬
tion of stock sales and expenses, was $41,793.
Of this amount $5,911 was
set aside to provide for estimated Federal and State income taxes based
there
$1,118,237;
charges, $19,753; total, $4,392,382.
Liabilities—Accounts payable,
$701,351; accrued wages and taxes,
$127,882; accrued interest on long-term notes payable, $5,500; provision
The net income for the year ended
on
inventories,
$2,523,733; prepaid insurance and taxes, $8,627; repairs and other deferred
$90,416,580.
y After
Represented by 14,324,088 no
3265.
Interstate Bond
31, 1939
Assets—Cash in banks and on hand, $122,095; deposit with trustee for
bond interest accrued, $14,849; notes and accounts receivable,
&c. (net),
for depreciation and depletion of
for amortization of $41,487,791.
55,999
$39,141
Balance Sheet Dec.
.$144,423,932
After
reserve
bonds
on
Note—In 1939 the provision for depreciation was not included in the pro¬
duction and inventory costs.
As a result the above net profit is less than
that which would have been reported if the methods of computing costs
had not been changed, but it is impracticable to make an accurate determina¬
tion of the amount involved.
•
9,206,588
6,625,297
reserves
$137,032
41,892
charges
Net profit
agreement—payable
before Dec.
or
Other
Interest
....
$115,198
21,834
...
Total income
$144,423,932
Purchase obligations payable in 1940
$5,348,049
83,733
274,060
Profit
Other income..
'
Accounts and notes payable and accrued liabilities
...
Net sales
$4,990,256
Mfg. cost & other exps. incident to oper., incl. repairs & maint.
of plants and est.
provision for taxes
.
4,429,096
Provision for depreciation of operating plants
177,858
Selling, general and administrative expenses...
262,714
Provision for doubtful accounts—»••#**.5,389
5,485,354
13,195,779
8,156,831
11,052,787
127,468
385,010
Land, producing wells, pipe lines, buildings, plant and equip¬
ment, on basis of cost
x34,342,215
Concession, rights, development expenses, &c
y60,612,255
Liabilities—
-
an
Directors have declared
a dividend of 50 cents per share on the common
par $50, payable June 28 to holders of record June 28.
Dividend
of 25 cents was paid on March 29, last; $1.10 was
paid on Dec.
two surplus
stock,
40 cents
21, last;
paid on Sept. 29, 1939; and regular quarterly dividends of 25
share were previously distributed.—V. 150, p. 2098.
was
cents per
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
after the
COMMERCIAL EPITOME
Friday Night, June 28, 1940.
Coffee—On the 24th inst. futures closed 1 point off to 9
points up for the Santos contract, with sales totaling 12 lots.
There were three contracts traded in the Rio (new
A) con¬
tract, which showed net losses of 18 to 17 points.
Coffee
futures, in a sharp contrast with last Monday's active and
higher session, were quiet at losses of 2 points.
Wednesday
will be the first notice day on July contracts.
Actuals were
steady, but very little business was passing.
According to
reports from Brazil, registered spot sales in Santos last week
were 44,000 for the United
States, against 110,000 bags in
the previous week and none for Europe.
One boat was
reported loading for the United States, against none the
previous week, while one was also loading for Europe, against
two the week before.
On the 25th inst. futures closed 4 to
5
points net lower for the Santos contract, with sales totaling
There were traded three contracts in Rio
July at
3.76, which was unchanged from previous close.
There
was
nothing new in the situation.
Sales by Brazil to the
United States were still small and generally American
roasters appeared to be marking time.
So far European
markets have not been opened for trade and the estimate
that a market for 7,000,000 bags has been lost could
very
easily be raised to nearer 10,000,000 bags unless France is
permitted to buy as needed.
Nothing has been announced
from the Pan-American coffee conference, in its third week
of meetings here.
On the 26th inst. futures closed 1 to 2
points net higher for the Santos contract, with sales totaling
23 lots.
51 lots.
Santos coffee futures contracts turned better
soon
■*
;
opening when 17 transferable notices issued against
July contracts were accepted.
In the early afternoon the
July contract stood 3 to 4 points higher against earlier losses
of 2 to 4 points.
March was selling at 6.19c., up 3 points.
There was still nothing exciting in the actual market where
first hand sellers were not making price concessions of
any
consequence.
On the 27th inst. futures closed 3 to 5 points net higher
for the Santos contract, with sales totaling 32 lots.
Santos
coffee futures sales up to 1 o'clock totaled 1,000 bags.
All
of these were in the September contract and sold at 5.88c.,
to 3 points from last night's final bid price.
nothing in the news to move the market one
There
up
other.
It
was
way
or
was
the
said that the United States Government had
accepted offers
6Me. to 6%c.
new
on 40,000 bags of coffee at prices from
Earlier this week there were reports that
Government specifications on coffee purchases would
require that the coffee bought be moved to this country
in American ships.
To-day futures closed unchanged com¬
pared with previous finals.
Sales totaled only 9 lots, all
the
in
Santos
contract.
Santos
coffee
futures
were
not
traded
during the first three hours, although the tone of
the market was steady. Mild coffees were said to be up y$
to Mc. per pound on short covering at primary points. The
trade was interested in the $600,000 suit against various
steamship lines, reputed to have been started by a number
of coffee fires.
Italy will again ban coffee on July 1st,
suggesting
that
stocks
are
again
exhausted.
Rio coffee
July
--
September-
prices closed
as follows:
3.781 December
—.3.881 March
--4.02
4.7
The Commercial & Financial Chronicle
4150
closed
Santos coffee prices
1
as
world sugar contract
follows:
July
—5.731 March, 1941.....—September----.-....- — -.-—5.88 (May, 1941
December
Cocoa—On the 24th inst. futures
cocoa
closed 17 to 13 points
Transactions totaled 1,007 lots.
Trading in
futures was unusually heavy and was at the expense of
Prices broke 14 to 22 points
values.
with the maximum loss
July, which sold at 4.86 cents a pound.
The break in
July was due to the circulation of 55 transferable notices for
some time before they were stopped.
Heretofore manu¬
facturers have stepped into the ring and halted the circula¬
tion of notices promptly, but this time they were indiffer¬
ent, with the result that longs in July became alarmed.
They
hastily liquidated or else switched into deferred positions.
It is believed that as a result of today's trading the July
in
position has been pretty well
cleared up.
by Southern refiners, but maintained
which stood
When trading
were
trading prices eased in company with
4.35c.
of
Later, a portion of the loss was
sharp break in the market.
regained, the market standing 12 to 16 points net lower this
afternoon, with July at 4.68 cents, off 16 points.
Sales to
that time totaled 235 lots.
The open position in July stood
at 71 lots this morning.
This was the second July notice
Warehouse stocks decreased 1,300 bags. They now
bags, compared with 1,420,448 bags a year
ago.
Local closing:
July, 4.70; Sept., 4.83; Dec., 4.93;
Jan., 4.97; Mar., 5.04.
On the 27th inst. futures closed unchanged to 4 points net
day.
total 1,060,260
Cocoa futures were
with a steady undertone.
Liquidation in July
appeared to have dried up as that position held at 4.72c.,
up 2 points.
The trading was dull without a price trend,
sales to early afternoon totaling only 75 lots.
Warehouse
stocks increased 200 bags.
They now total 1,060,455 bags
irregular
Prices closed
July—
-
1.90
1.94
-
——-1.98
points lower.
Trading was light in the morning, but scat¬
tered selling orders were attracted by the slightly lower action
of other markets.
Futures opened 2 to 5 points lower, then
eased 5 to 7 points below previous finals.
The hog market
was very steady despite the
slightly larger marketings at
Chicago, and other packing centers in the West.
Chicago
receipts totaled 22,500 head.
Total receipts for the Western
run amounted to 84,200 head against 59,700 head for the
Sugar—On the 24th inst. futures closed 3 points off to 2
points up for the domestic contract, with sales totaling 282
lots.
The world sugar contract closed 434 to 234 points net
lower, with sales totaling 47 lots.
The sugar markets were
easier.
Circulation of 20 transferable July notices in the
domestic futures market caused active selling, with the result
that this afternoon July was 3 points lower, with sales at
1.73c.
The raw sugar spot market also was lower.
It was
revealed that 4,387 tons of Philippines, due tomorrow, had
been made to the American Sugar Refining Co. at 2.70c. a
same
day
a year
$5.45 at Chicago.
ago.
Sales of hogs ranged from $4.75 to
On the 25th inst. futures closed 10 to 12
The market ruled heavy from the start,
as lower hog and grain markets.
opening range was 2 to 5 points off from previous close.
Hog receipts for the Western run totaled 108,800 head,
against 60,000 head for the same day last year.
Sales of
hogs ranged from $4-85 to $5.30.
On the 26th inst. futures
closed 5 to 7 points net higher.
Opening prices were un¬
changed to 2 points lower.
The active months at one time
showed advances of 10 to 12 points.
English purhcases of
lard during the week have amounted to about 40,000,000
pounds.
For the past few days Western hog marketings
have been running fairly heavy and receipts at the principal
packing centers in the West as reported today totaled 72,300
head, against 51,700 head for the same day a year ago.
Hog sales ranged from $4.90 to $5.35 at Chicago.
On the 27th inst. futures closed 12 to 15 points net higher.
The market's firmness to-day was attributed largely to the
bullish spring pig crop report.
It was reported early in the
day that England was inquiring for 9,000 additional tons
of American lard at fixed prices, slightly below current
levels. The latter amount is equivalent to about 20,000,000
pounds. This report also had a steadying influence. Later,
the spring pig crop report was issued and it showed the
estimate to be about 8% smaller than last year's and the
combined spring and fall crop is expected to be about 10%
smaller than 1939-40 crop. Hog marketings for the western
points net lower.
with bearish influences such
Offers today included two lots placed
The
one a
Puerto Ricos and the other a cargo of Philippines,
_
Lard—-On the 22d inst. futures closed 5 to 7 points net
1,063,721 bags compared with 1,416,923 bags a year ago.
4.80; Dec., 4.90; Mar., 5.00.
parcel of
due over
the week-end.
The bill which extends the sugar act for
another year, passed the House last week.
The trade heard
that Senator Ellender intends to offer an amendment raising
the continental cane sugar quota to 500,000 tons.
On the
25th inst. futures closed 1 to 2 points net lower for the do¬
mestic contract, with sales totaling 73 lots.
The world
sugar contract closed 9 to 6 points net higher, with sales
totaling 106 lots.
The sugar markets were weak today.
In the domestic trading circulation of 61 transferable July
notices started a selling wave which depressed prices 1 to 3
points.
Overnight reductions of 25 points in refined sugar
in Southern markets added to the pressure.
During early
afternoon July contracts were selling at 1.70c., while Sept.
stood at 1.82c.
A sale of 1,000 tons of Philippines raw
sugar, due here July 12 to Refined Syrups at 2.70c. a pound,,
was reported in the raw market.
In the world sugar market
liquidation of July in advance of next notice day on Friday,
caused prices to fall 434 to 6 points.
A growing conviction
that further sales to Europe were impossible pending the end
of the war, was responsible for the weakness.
On the 26th
inst. futures closed 1 point up on all active deliveries in
the domestic contract, with sales totaling 189 lots.
The
—1.81 January, 1941
___1.87 March, 1941
1.91 May, 1941
higher.
The market ruled firm during most of the session,
with trading fairly active.
There was very little selling
pressure in evidence.
There was a rumor current that
England had purchased an additional 10,000,000 pounds of
American lard over Friday night, and this seemed to have a
steadying influence.
There was not much activity in the
hog market and prices remained nominally steady at Friday's
finals.
On the 24th inst. futures closed unchanged to 2
local closing: July,
pound,
follows:
September
4.93; Mar., 5.00. Today futures closed 12 points up to 3
points off compared with previous finals. Sales totaled 87
lots.
Trade in cocoa futures was exceedingly dull, but prices
were firm, standing 2 to 3 points net higher this afternoon.
Sales to early afternoon totaled only 25 lots.
Warehouse
stocks increased 3,300 bags overnight.
They now total
the market last week at 2.75c. a
as
-
November.
against 1,418,555 bags a year ago.
Arrivals this month
have increased.
Local closing: July, 4.68; Sept., 4.80; Dec.,
pound last Friday.
pound on refined sugar. This is the first revision in
against July contracts. It is understood that Great Britain
bought ah unspecified amount of raw sugar in Cuba and
possibly San Domingo recently, and more recently Peru,
but no details were available.
Today futures closed 5 to 3
points net higher for the domestic contract, with sales total¬
ing 171 lots. The world sugar contract closed 334 to 7 points
net higher, with sales totaling 61 lots. Sugar markets rallied.
Domestic futures were 2 to 3 points higher in a rise which
reflected a recovery of 4 points in the raw sugar market and
expectations that the refined trade would respond to the
price concessions made this week by refiners.
In the rawmarket the American Sugar Refinery Company paid 2.75c.
a pound for
1,500 tons of Philippines, due July 9th and
2,000 tons, due July 12th. An operator paid 2.78c. for 1,885
tons of Philippines, due August 8th.
In the refined market
Refined Sirups named a price of $4.25 a hundred on prompt
sugar, 10c. lower than was previously quoted. World sugar
futures gained 5 to 6 34 points. The improved tone reflected
the prompt acceptance of notices issued against July,
Transactions totaled 272 lots.
Circulation of
of delivery on July contracts caused a
fresh outbreak of liquidation in that month, which caused a
on
a
this territory since early in the year.
In the world sugar
market prices were 234 to 3 points higher in spite
news
that ninety transferable notices will be issued tomorrow
lower.
Transactions totaled 163 lots.
point
1
the 27th inst. futures closed unchanged to
On
35 transferable notices
lower.
early after¬
higher for the domestic contract, with sales totaling 119 lots,
The world sugar contract closed 3 points off to 1 j>oint Up?
with sales totaling 58 lots. Domestic futures responded to
increased activity in the raw market by advances of about
2 points.
In the raw market buyers were more interested
and several transactions were disclosed.
A Boston refiner
paid 2.68c. a pound for Philippines, due over the week-end,
while Savannah bought a cargo of Cubas due early July at
2.72c. delivered.
In the meanwhile an eastern refiner an¬
nounced a reduction in eastern territory of 15 points to
early afternoon, standing
net
34 to 134 points net lower during
noon.
unchanged to 2 points lower.
other com¬
modity markets and a declining securities market.
It de¬
veloped this morning that in the heavy trading yesterday
the July position had been pretty well liquidated, only 78
lots remaining open today, compared with 489 yesterday
morning.
With that liquidation virtually completed, the
market during the early session held fairly steady.
Ware¬
house stocks increased 2,700 bags overnight.
They now
total 1,061,510 bags, compared with 1,420,448 bags a year
ago.
Local closing:
July, 4.84; Sept., 4.96; Dec., 5.07;
Mar., 5.19.
On the 26th inst. futures closed 13 to 15 points
to
unchanged the price
the Eastern area of the country.
However, a show down is due about Friday it is believed as
existing contracts will expire June 30.
In the world sugar
market prices broke badly, all deliveries selling at new lows
for the season.
Then short covering rallied the market
1,420,448 bags a year ago.
Local closing:
July, 4.91;
Sept., 5.06; Oct., 5.09; Dec., 5.16; Mar., 5.27.
On the 25th
inst. futures closed 7 to 10 points net lower.
Transactions
totaled 124 lots.
The cocoa futures market was steady up
In the later
closed 2 K points to 1 point net lower,
totaling 122 lots.
of 4.50c. established in
outstanding.
Sales today totaled
800 lots to early afternoon.
Warehouse stocks increased
2,300 bags.
They total 1,058,000 bags, compared with
started 489 lots
sales
with
lower.
net
1940
The raw sugar market was
quiet and unchanged. A cargo of prompt Cubas was offered
at 1.85c., while 1,500 tons of Philippines due July 9 were
offered at 2.75c.
In the refined market a further complica¬
tion arose when the Holly Sugar Co. announced cuts and
allowances on beet sugar which brought the price down to a
basis of about 4c. a pound compared with the old price of
4.30c.
Eastern cane refiners met cuts made in the South
6.22
—..6.32
—...6.09|
...
June 29,
'
Volume
The Commercial & Financial Chronicle
ISO
totaled 64,100 head
run
against 54,100 head for the same
day a year ago. Hog sales at Chicago during the day ranged
from $4-70 to $5.60.
To-day futures closed 5 points lower
to
unchanged.
Tradihg was light, with the undertone
steady. Hog prices continued to advance at Chicago, prices
showing gains of 10 to 15c., bringing the top to $5.75.
DAILY
CLOSING
PRICES
OF
LARD
FUTURES
IN
CHICAGO
Sat.
Man.
Tues.
July
September
5.72
5.70
5.90
5.60
5.77
5.85
6.00
5.97
October.
6.00
6.17
6.00
5.87
6.05
5.95
6.10
6.05
6.15
6.10
6.25
6.25
6.25
6.25
6.15
6.20
6.32
6.30
5.90
December
January,1941
—
Wed.
Thurs.
5.65
Fri.
5.77
5.80
Pork—(Export), mess, $20.25 (8-10 pieces to barrel);
family (50-60 pieces to barrel), $16.25 (200 pound barrel).
Beef: (export), steady.
Family (export) unquoted.
Cut
meats: pickled hams: picnic, loose, c. a. f.—4 to 6
lbs., 11 Mc•;
6 to 8 lbs., 10%e.; 8 to 10 lbs., 10Mc.
Skinned, loose, c. a. f.
—14 to 15 lbs., 16c.; 18 to 20 lbs., 14Mc»
Bellies: clear,
f. o. b. New York—6 to 8 lbs., 11c.; 8 to 10
lbs., 10Me.;
12 to 14 lbs., 9Me. Bellies: clear, dry salted, boxed, N. Y.
—16 to 18 lbs., 7Mc.; 18 to 20
lbs., 7Me.; 20 to 25 lbs.,
7Mc.; 25 to 30 lbs., 7Mc. Butter: firsts to higher than extra
and premium marks: 26 M to 27Me. Cheese:
State, held *39,
20Me to 22c. Eggs: mixed colors: checks to special packs:
14M to 18c.
Oils—Linseed oil interest is virtually nil.
Linseed oil in
cars is quoted 9.0 to 9.2c.
Quotations: Chinawood:
tank
tanks, spot—23c. bid; Aug. shipment—22 to 23c.; drums—
26Mc. Coconut: crude: tanks—.03 bid; Pacific Coast
—.02M bid.
Corn: crude: west, tanks, nearby—.05 M to
.05M- Olive: denatured: drums, spot—$1.50 bid; Afloat—
no quote.
Soy bean: tanks, west—.04% bid; Oct.-Mar.—
.04M to .04M; New York, 1. c. 1., raw—.065 bid.
Edible:
Coconut: 76 degrees— .08 M bid. Lard: ex. winter
prime—8
offer; strained—7 M offer. Cod: crude—no quote. Turpen¬
tine: 32M to
24M-. Rosins: $4.50 to $7.30.
24 to
Cottonseed Oil sales, yesterday,
contracts.
Crude,
S.
E.,
val.
including switches, 139
5M«
Prices
closed
as
follows:
July—,
August
6.00® 6.02 November-*
6.05@
n
December
6.12® 6.14 January, 1941
6.14© 6.15 February, 1941
September
October--*.;
6.14© 6.18
6.18©
6.20©
6.24©
6.20
6.23
u
Rubber—On the 22d inst. futures closed 6 to 4 points net
higher.
Transactions totaled
339( lots in the old contract
and 20 tons in the new standard contract.
The outside
market ruled quiet the same as futures.
Spot standard
No. 1-X in cases, remained unchanged at
23Mc. per pound.
Local closing: June, 23.12; July, 22.80;
Sept., 20.14; Dec.,
18.81; Jan., 18.66.
On the 24th inst. futures closed 52 net
lower to 34
joints net higher. Transactions totaled 81 lots.
Evening up in the July position caused prices to fall moder¬
ately in the absence of good news from abroad.
During
early afternoon July stood at 22.70c., off 10 points, and
Sept. at 20c., off 14 points.
Sales to that time totaled only
19 lots.
of 2 lots.
The
new
standard contract traded to the extent
Singapore
easier and shipment offerings were
Singapore closed 1-32 to 13-32d.
lower.
London
was
unchanged.
Local
closing: July,
22.45; Sept., 19.62; Dec., 18.40; Mar., 17.80.
On the 25th
inst. futures closed 94 to 72 points net lower.
Trans¬
actions totaled 147 lots.
Rubber futures ignored favorable
statistics as the market nervously broke on war fears.
Dur¬
ing early afternoon prices were 37 to 45 points lower, with
July selling at 22c., off 45.
Japanese threats against French
Indo-China were a factor.
Sales on the old contract to
early
made
in
fair
was
volume.
afternoon totaled 55 lots.
The new contract was inactive.
The London rubber market closed Md. lower to
Md. higher.
In Singapore the market was unchanged to 1-16d. lower.
the
trading
creased
was
30 tons
4151
in the old contract.
to
250
The
tons.
Certificated stocks de¬
London
market
closed
steady and unchanged to Md. lower.
Singapore was quiet,
1-32 to l-16d. lower.
Local closing:
July, 20.90; Sept.,
18.81; Dec., 17.71; Mar., 17.27.
Hides—-On the 22d inst. futures closed 5 to 10
points net
higher.
Transactions totaled 1,840,000 pounds.
The chief
influence ■ favoring the hide market
today was the recent
advance in domestic spot hides.
Light native cow hides
were sold at 12c. a
pound, it was reported.
Tanners have
been showing a fair interest
lately.
Transactions in futures
today totaled 1,840,000 pounds. The opening range of
futures vras unchanged to 29
points net lower.
Local closing:
June, 10.57; Sept., 10.65; March, 11.07; June, 11.28.
On
the 24th inst. futures closed 8 to 9
points net lower.
Trans¬
actions totaled 61 lots.
The opening range was 15 to 3
points lower.
Prices firmed after the opening.
Transac¬
tions totaled only 26 lots to
early afternoon.
An amount of
280,000 pounds were tendered for delivery against the June
contract, bringing the total for the month to 3,440,000
pounds.
Trading was quiet and governed mainly by the
stock market.
Local closing:
Sept., 10.56; Dec., 10.77.
On the 25th inst. futures closed 40 to 42
points net lower.
Transactions totaled 156 lots.
Raw hide futures Opened with
September selling 4 points higher.
Other months were 3 to
10 points lower.
Further declines were registered during the
morning.
September sold at 10.28, off 28, and December at
10.50, off 27 points.
Easiness of the stock market caused
general selling.
Local closing:
Sept., 10.16; Dee., 10.35;
March, 10.57.
On the 26th inst. futures closed 9 to 16
points net higher.
Transactions totaled 110 lots.
Raw
>
hide futures opened 10 to 18 points lower.
Prices were steady
during the morning.
September sold at 10.05, off 11, andDecember sold at 10.25, off 10.
The decline was due to
liquidation by commission houses.
Local closing:
Sept.,
10.25; Dec., 10.50; March, 10.73.
On the 27th inst. futures closed 7 to 5 points net
higher.
Transactions totaled 30 lots.
Raw hide futures opened 14
points higher to 2 points lower. The market failed to follow
through on the early advance, which latter was the result of
commission house buying.
Transactions totaled 400,000
pounds.
Certificated stocks decreased by 4,535 hides to
792,272 hides.
Total withdrawals from certificated stocks
this month amount to 212,858 hides.
Local closing: Sept.
10.32; Dec. 10.55. Today futures closed 3 to 2 points net
lower.
Transactions
totaled
75
lots.
Raw
hide
futures
opened 13 to 20 points higher. Prices eased off during the
morning.
Early gains were lost when dealer selling de¬
veloped.
Transactions amounted to 56 lots.
Certificated
stocks decreased by 2,700 hides to 89,572 hides.
Total
withdrawals from certificated stocks aggregated 218,828
hides. Local closing; Sept. 10.29; Dec. 10.53; Mar. 10.73.
Ocean Freights—Trading
was relatively quiet the past
Developments in Europe have caused much unsettlement and uncertainty. Charters included: Grain: Australia
to North Atlantic, $15.50 per ton.
Plate to North Atlantic,
$9 per ton (heavy grain), basis Buenos Aires. Time: Round
trip West Indies trade, end-June, $3.50 per ton.
West
Indies or Canadian trade, $3 per ton.
Round trip, South
African trade, mid-July, $3.65 per ton.
Scrap: Pacific
Coast to Japan, July, $13.50 per ton.
Atlantic Range to
Japan $15.50 per ton. Gulf to Japan, $15.50; Pacific Coast
to Japan, $13.50 per ton.
West Indies to Japan $16. Coal:
Hampton Roads to Buenos Aires, available at about $7.50
to $7.75.
Hampton Roads to Rosario, $8 nominal per ton.
Hampton Roads to Rio Janeiro, available at about $7 per
ton.
Hampton Roads to Lisbon, $10 per ton.
Hampton
week.
Roads to
Santos, $7.25
per
ton.
Local
closing: July, 21.51; Sept., 18.90; Dec., 17.55.
On
the 26th inst. futures closed 9 to 45 points net
higher.
Transactions totaled 244 lots.
was
July
decidedly
and
The rubber futures market
firm as a result of concentrated buying of the
Sept.
options,
which was attributed to Akron
believed to represent hedge
lifting
The market this afternoon stood 34 to 50 points
rubber interests and
was
operations.
higher, with July at 21.95c., up 34 points, and Mar. at
17.45c., up 50 points.
The rally followed an initial decline
in which July broke 51 points.
Sales to early afternoon
totaled 176 lots.
Fifty tons were exchanges.
The London
market closed Md. lower to Md. higher.
Singapore was
quiet, 1-16 to 5-32d. lower.
Local closing:
July, 21.60;
Sept., 19.25; Dec., 18.00; March, 17.35.
On the 27th inst. futures closed 5 to 30
points net higher.
Transactions totaled 75 lots.
Rubber futures were firm on
trade buying and short covering.
There was a good deal of
switchiifg also.
Prices this afternoon were as much
points higher.
Singapore cabled that the warehouse
was
about to be settled.
The turnover here
was
as
38
strike
64 lots to
early afternoon, 80 tons being exchanged for physical rub¬
The London market closed unchanged to
Md. lower.
Singapore was 3-16 to Md. higher.
Local closing: July,
ber.
21.65; Sept., 19.50; Dec., 18.30. Today futures closed 75 to
38 points net lower.
Transactions totaled 151 lots.
News
that a deal for the purchase of 100,000 tons of crude
rubber
as a reserve stock, had been
arranged. July broke a cent a
pound, with sales at 20.65c.
September lost 80 points at
18.70, and December 70 and 17.80c. Speculative and dealer
selling caught stop loss orders on the way down. Trading to
early afternoon reached 76 lots, a moderate turnover.
All
Coal—A continued rise in
the output of Pennsylvania
production was recorded for the week ended June
15th, according to the reports for the Department of the
Interior.
The estimated production was 1,186,000 net tons
and represented an increase of 208,000 tons, or
21.3%,
over that of the prior week, and of 433,000 tons when com¬
pared with the production in the corresponding week in
1939. Up to the season ended June 16th, this year, bitum¬
anthracite
inous coal
loaded into
vessels
at
lower
lake
ports totaled
15,394,863 net tons. Of this amount 14,993,041 tons were
cargo and 401,822 tons fuel.
Dumpings this year are not
comparable with those of last year to date, due to the
miners' strike in 1939.
The total dumpings to June 16th,
this year, however, are but about 400,000 tons less than
those to the
same
date in the
of 1937, a year when
season
production of coal amounted to 445,531,000 tons, and when
total loadings over
45,000,000 tons.
Lake
Erie
/
ports
'
amounted
to
over
«i
Wool Tops—On the 22d inst. futures closed 1 point ad¬
to 6 points decline.
The market was fairly active,
vance
though only about 25 contracts or 125,000 pounds were done
during the short session.
Spot tops were unchanged at
$1.05 a pound.
Local closing: July, 96.3; Oct., 93.9; Dec.,
92.5; .Mar., 91.5; May, 91.0.
On the 24th inst. futures
closed 2 to 4 points net lower.
Prices moved within a nar¬
row range in flow trading.
Total sales on the New York
Exchange to midday were estimated in the trade at ap¬
proximately 250,000 pounds of tops. After sagging on the
opening, prices turned firmer in later dealings as offerings
became less
numerous.
While the demands for contracts
'
The Commercial & Financial Chronicle
4152
June 29, 1940
COTTON
not numerous,
they were sufficient to raise prices to
of the previous trading day.
Prices
at midday were 1 point above to 3 points below Saturday's
last quotations.
Local closing: July, 96.0; Oct., 93.5;
Dec., 92.3; Mar., 91.2.
On the 25th inst. futures closed 2
to 13 points net decline.
The greatest loss was in the July
position, which was subject to liquidation forced out by 23
notices of delivery totaling 115,000 pounds.
Sales were
were
around the closing levels
the Crop, as indicated by our tele¬
Movement of
The
900,000
Spot tops declined 20 points or 2c. a pound to
7,036,127 bales, against 3,428.090 bales for the same period
trade at about 180 contracts
or
Local closing: July, 94.7; Oct., 93.3; Dec., 91.8;
Mar., 90.8.
On the 26th inst. futures closed 6 to 11 points
net lower.
Wool top futures sold in a moderate volume of
$1.02.
dealings at prices somewhat below the closing levels of the
preceding day.
Trade and commission houses were active
on
Friday Night, June 28, 1940.
;
For the week
reached 40,690
bales, against 25,490 bales last week and 20,074 bales the
previous week, making the total receipts since Aug. 1, 1939,
estimated in the
pounds.
jA''
both sides of the market.
Total sales
on
the New York
grams
from the South tonight, is given below.
ending this evening the total receipts have
of 1938-39, showing an increase
were
Sill*—On the 24th inst. futures closed 4c. to 5c. net lower.
Transactions totaled 83 lots, all in the No. 1 contract.
silk futures were steady during most of the session.
Raw
Open¬
ing as much as 7c. under last Friday's close, the market
during the early afternoon was 2% to 33^c. lower on a turn¬
over of 45 lots, all on the No. 1 contract.
September stood
at $2.58 and December at $2,533^.
The easier tone of
primary markets was a factor.
The price of crack double
extra silk in the outside market declined 33^c. to $2.70 a
pound.
Local closing: No. 1 contracts: Aug., 2.60; Sept.,
2.563i; Nov., 2.53; Dec., 2.52.
On the 25th inst. futures
closea V2e. to 2c. net lower.
Transactions totaled 29 lots,
all in the No. 1 contract.
Raw silk futures ruled steady
during most of the session, with the trading quiet.
Sales
to early afternoon totaled only five lots with November
No. 1 contracts changing hands at $2.53, unchanged.
The
price of crack double extra silk in the New York spot market
advanced 3^c. to $2,703^ a pound.
Tender of 120 bales for
delivery on June contract was made, bringing the total this
month to 610 bales.
The Yokohama Bourse
closed
3
yen
lower to 16 yen
higher.
Grade D silk in the spot market ad¬
vanced 2]/2 yen to 1,445 yen a bale.
Local closing: No. 1
contracts:
Aug., 2.59; Sept., 2.56; Oct., 2.53; Nov., 2.51;
Dec., 2.51; Jan. 2,51.
On the 26th inst. futures closed lc.
Total
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
Receipts at—
1,462
991
330
277
5,547
1,260
2,171
1,961
600
Galveston
182
480
Houston
New Orleans
218
732
730
373
1,845
6,436
18
14
104
45
___.—
estimated in the trade at ap¬
proximately 425,000 pounds of tops.
Local closing: July,
94.1; Oct., 92.4; Dec., 90.7; Mar.. 89.7.
On the 27th inst. futures closed 5 to 8 points net higher.
Sales were light, with the total estimated at about 65 con¬
tracts, or 325,000 pounds.
Spot tops were unchanged at
$1.01 a pound.
Latest advices from Boston state that sales
have been closed on a few grades of territory wools at prices
lower than on the sales of last week. Combing three eighths
blood territory wools were sold at 76 to 78c. scoured basis,
and combing one quarter blood territory wools sold at 71 to
73c. scoured basis.
Weakness in prices of South American
crossbred wools was exerting pressure on prices of three
eighths and one quarter blood domestic wools.
Graded
French combing length fine territory wools were sold at
prices ranging 82 to 87c, scoured basis.
Local closing for
wool tops: July, 94.9; Oct., 93.0; Dec., 91.4; Mar., 90.5;
May, 89.5.
Today futures closed 2 points up to 2 points
off.
Wool top futures opened firm, but declined somewhat
in later dealings, with prices at noon showing an advance
of 1 point to a decline of 4 points from the closing levels of
the previous day.
Trading was quiet, with total sales on
the New York exchange to midday estimated in the trade
at only about 225,000 pounds of tops.
Offering came from
trade sources, while contracts were taken by spot interests.
July, 95.1; Oct., 93.1; Dec., 91.2; Mar., 90.6.
Exchange to- midday
since Aug. 1, 1939 of 3,608,-
037 bales.
2,248
1
185
6
576
578
11,890
Mobile.
11,920
4
5
Savannah
"""!
Wilmington
""30
Norfolk
5,963
4,009
17,781
158
158
17,752
40,690
Baltimore
1.162
Totals this week.,
3,044
6,582
9,076
3,074
The following table shows
total since Aug. 1, 1939,
with last year:
the week's total receipts, the
and the stocks tonight, compared
Stock
1938-39
1939-40
Receipts to
This
June 28
Week
Galveston
——.—
Corpus Christi—
Beaumont
New Orleans
Mobile —
Pensacola & G'p't
Jacksonville
—
SinceAug
1, 1938
Week
475.222
6*566
635",923
17
38,821
96,315
610,818
70,641
54,297
1,380
112,673
25,522
4,181
7,581
34,299
5,000
3,095
1,150
548,561
43,148
31,778
412,520
38.668
z3,438
1.343
142,682
30,797
5,419
9,195
27.419
1,037,221
293,713
16,678
8",338 846,425
67,701
1,377
11,920
10,325
34,623
374
285
12,800
2,178
36,683
16,096
38,780
13.658
16,402
158
Savannah
22,028
644
26,180
209
38,565
Charleston
Lake Charles.—.
45,971
578
Wilmington
Norfolk
New York
Boston
-
Baltimore-
100
1,250
1.225
30.001 3.428,090 2,348,059 1.772.765
40,690 7,036,127
Totals
x
1939
1940
646,363
12,190 1,003.575
5,963 1,766,416
41,153
4"099 2,081,423
179,248
71,685
17,781 2,460,920
185
161,720
54,593
1,882
65,575
—
Brownsville
Houston-
This
SinceAug
1, 1939
Receipts included in Corpus Christi.
Gulfport not included.
z
In order that
we
comparison may be made with other years,
give below the totals at leading ports for six seasons:
1939^40
Receipts at—
1935-36
1936-37
1937-38
1938-39
4,441
4,529
1,114
9,923
Orleans.
Mobile
7,854
4,185
4,782
2,576
Savannah....
6
209
805
'""578
•""374
909
711
11,920
158
285
706
All others
662
365
1.679
Total this wk-
40,690
30.001
22,893
15.752
Houston—..
New
Charleston
Wilmington
__
Norfolk
—
518
2,006
4.602
12,190
6,566
8,338
1,377
-
1934-35
1.116
1,297
5.963
4,099
17,781
185
Galveston
2,365
4,012
430
1,157
194
782
152
628
533 ■K.m32Q
429
177
628
2,368
507
405
664
21.952
9,188
Since Aug. 1__ 7,036,127 3,428,090 7,071,497 6.247,345 6,685.631 4,004.266
The exports
for the week ending this evening reach a total
of which 9,084 were to Great Britain, 3(818
to France, 1,992 to Japan and 1,400 to other destinations.
In the corresponding week last year total exports were 26,063
bales.
For the season to date aggregate exports have been
5,905,438 bales, against 3,230,069 bales in the same period
of the previous season.
Below are the exports for the week.
of 16,294 bales,
to 3c. off for both contracts.
Trading was quiet with prices
trending lower.
Trade buying and Japanese selling again
made up the bulk of the volume.
There also was some trade
switching noted during the day.
Sales totaled 480 bales in
the No. 1 contract.
There were no transactions reported in
the No. 2 contract.
The Kobe market
was
not received yes¬
terday.
Futures at Yokohama declined 39 to 21 yen while
dropped 15 yen to 1,430 yen.
Spot sales in Yoko¬
hama amounted to 325 bales, while futures transactions
totaled 14,250 bales.
Local closing:
No. 1 contract
July, 2.57; Aug., 2.57; Sept., 2.54; Oct., 2.513£ Nov., 2.493^
Dec., 2.49.
Exported to—
Week Ended
June 28. 1940
Exports from—
Ger¬
Great
France
Britain
Galveston...
New Orleans.
% point off to 2% points
compared with previous finals.
Transactions totaled
lots, all in the No. 1 contract. The market was easy in
sympathy with a decline in the Japanese market, where
liquidation was reported.
During early afternoon prices
here were 3^ to lc. lower on a turnover to that time of 43 lots.
In the spot market the price of crack double extra silk was
13^c. lower at $2,663^ a pound.
Tender of 140 bales was
made on the July contract. The Yokohama Bourse was 12 to
16 yen lower.
In the spot market Grade D silk was 15 yen
lower at 1,415 yen a bale.
Local closing: July, 2.56W,
Sept., 2.56; Oct., 2.54; Dec., 2.50; Feb., 2.473^. ' Today
futures closed 3 to 43^c. net higher.
Transactions totaled
39 lots, all in the No. 1 contract.
Silk futures were firm in
a
quiet market. Sales to early afternoon totaled only 7 lots,
all on the No. 1 contract.
The price of crack double extra
silk in the New York spot market advanced
l^c. to $2.66 a
pound. In Yokohama the Bourse closed 4 to 14 yen higher.
Grade D silk in the spot market advanced 15 yen to 1,430
yen
a bale.
Local closing: Aug., 2.62;
Sept., 2.60; Oct., 2.57;
Nov., 2.55; Dec., 2.54M; Jan., 2.53Feb., 2.51.
up
Japan
1,610
Norfolk
Los
CMna
Other
1,400
1,596
"500
3,495
2~222
9,084
3 818
3,370
8,094
Total.
Total
1939..
Total
1938
..
4,612
209
209
Ange'.es.
Total
5,256
1,492
1,325
395
758
4,671
Grade D
On the 27th inst. futures closed
Italy
many
3,764
6,217
1,400
1,992
15,104
14,039
2,409
2,840
1,050
16,294
2,410
5,426
26,063
35,828
Exported to—
From
Aug. 1,1939 to
June 28,
1940
Ger¬
Great
France
Exportsfrom—
Britain
Galveston
377,922 141,252
482.992 174,325
71,308 27,424
many
Italy
Japan
China
Other
Total
52
r
;
Houston
Corpus Christi
Brownsville
—
Beaumont
8,496
6,861
8,257 203,838
10,242 18,329
4,334
Lake Charles
.
Mobile
725,231
16,290
67.297
185
'
400
New Orleans.
208,732 52,685 415,050 1348,144
244,805 198,510 369,232 1681,959
37,586 10,390 25,452 200,731
3,922
4,309
27,922
286 152,217
437",024
227,420
86~,399
491
"8469
1,135
22,878
4,179
19,494
10~5l6
1,872
50
811
"2406
2*708
196
1,704
11,170
8,837
100
11,267
75,278
27,810
6,773
24,629
11,791
199
1,050
5,231
211
Jacksonville-.
550
Pensacola, &c.
6,182
""75
42,700
10,281
1,575
"486
1,825
1,271
Savannah
Charleston
.
Wilmington.Norfolk
—
York
Boston
6,773
14,145j
Gulfport
New
26.225
7,388
284
11,507
18,824
50
...
585
71,342 226,314 1781,899
9,324
31,419
11,499
10,902
300
100
127 282
31,572
11,352
1
Los Angeles..
San Francisco
59~215 10*943
24,540
200
"214
1,336
199,691
78,416
Seattle
Total
...
1960,866 835,698
33,456 611,279
464,361 394,208
452,826 297,895
872,341 524,963
Total
1938-39
Total
1937-38 1591,186 755,539
31,850
12,386
1
63,643
21,558
365,756
138,236
12
Baltimore
12
897,937 399,218 1166984 5905,438
876,057
649,668
95,639 649,083 3230.069
91,381 1023650 5508,728
Volume
The Commercial & Financial Chronicle
ISO
In addition to above exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On
Shipboard Not Cleared for—
Leaving
June 28 at—
Ger¬
Great
Britain
Galveston
2,500
9,547
1,914
Houston.
New
Orleans..
France
Other
Foreign
Stock
Coast¬
many
wise
700
3,738
3,138
"854
Total
2,000
100
5,200
14,189
5,052
Savannah.
Charleston
"81
"81
Mobile
Norfolk
Other
ports...
641,163
621,734
605,766
112,673
25,522
70,560
34,299
211,820
points net higher during midday, pending nomination of the
markets
There
was trade covering and local buying supplemented by de¬
mand for nearby positions from abroad, while offerings for
the most part represented hedge selling and liquidation.
Only eight July transferable notices were issued, including
new as well as old contracts.
The paucity of tenders was a
Republican
were
a
Total 1940—
Total 1939—
1938—
Total
*
14,042
4,409
10,909
804
3,000
2,048
3",853
6,977
7,576
13,962
20,380
2,100
5,136
4,534
24,522 2,323,537
30,360 1,742,405
44,848 2,348,502
points to
Estimated.
was
moder¬
ately active during the past week, with price trend irregu¬
lar.
Fears of further political repercussions in the
and
areas,
tions in the
Balkan
disposition to awTait the presidential nomina¬
a
to 10
the
Republican party tended to restrict operations
local
cotton
On the 22d inst.
Trading
narrow
was
was
market.
prices closed 10 points
up
to 1 point lower.
a
Interest, aside from European developments,
centered in the evening up of July contracts prior to
notice day next Tuesday.
interest in July
At the start of trading today
deliveries—both old and
amounted to 194,300 bales.
new
first
open
broadened somewhat to include foreign covering as well as
the usual trade price fixing.
Part of the buying was attrib¬
uted to Bombay account and there was also believed to have
been
hedge lifting against foreign cotton.
Initial prices were
points higher and prices later worked up a few points.
Selling was restricted, although a little hedging appeared on
1 to 6
Sales of spot cotton at
reporting markets of the
South today totaled 4,729 bales against 12,910 bales same day
last year.
Middling quotations were unchanged to 9 points
higher.
On the 24th inst. prices closed 2 points higher to 5
points off.
The signing of the armistice between France and
Italy had little apparent effect on cotton prices in the local
market, which appeared to be more interested in July cover¬
ing before first notice day today.
Earlier in the trading
there was a little foreign liquidation and some selling of July
by Liverpool.
This selling was attributed in part to the
action of the Liverpool Exchange in fixing the transfer differ¬
ence between July and August at 15
points, presumably to
prevent manipulation at a time when shipments of cotton to
Liverpool is made difficult.
After starting unchanged to
4 points lower, the local market tightened up.
Trade houses
were buying July, while longs appeared to be
holding about
Tomorrow is first notice day on July
140,000 bales intact.
contracts and virtually all the stock is expected to be de¬
livered.
A leading spot house during the day offset 18,200
bales of July and October at 90 points difference.
Southern
spot markets today were generally 2 points higher to 4 points
lower.
Spot sales totaled 4,024 bales against 4,729 on
Saturday and 5,197 bales a year ago.
On the 25th inst. prices closed 19 to 25 points net lower.
The opening range was 2 points lower to 1 point higher.
The
market then slowly sagged on near month liquidation.
Wall Street interests sold about 10,000 bales of October early,
and the circulation of 97 July notices caused persistent even¬
ing up in that month.
The notices circulated freely, and
were reported finally stopped by a leading
Georgia spot firm.
There were feeble rallies during the day on some local buying,
based on rain reports in the cotton belt, but when the fore¬
cast indicated fair and warmer weather, selling was resumed.
Outside markets turned lower as foreign dispatches indicated
that Germany continued to threaten England.
The Bombay
market was easier.
July-August broach cotton in Bombay
was close to 450 points under July, New York, or the
largest
discount in many years, if not on record.
Southern spot
markets today were generally 10 to 30 points lower.
Spot
sales
totaled
9,563 bales, against 4,024 on Monday and
5,612 a year ago.
On the 26th inst. prices closed 19 to 5
points net higher.
Cotton futures were firm in an idle market
this afternoon, prices showing advances of 2 to 5 points over
previous finals during midday.
The tone was steady on the
opening, initial prices being 1 to 2 points lower in partial
response to weakness in both Liverpool and Bombay.
Both
these markets were credited with sending selling orders here,
while an important spot firm was a seller of October
contracts,
possibly undoing hedges.
The South also was on the selling
side.
Buyers included trade interests, shorts and New
Orleans operators.
Forty July transferable notices were
issued, 33 on the new contract and 5 on the old, by a spot
house.
They were soon stopped.
After the initial trading
a scarcity of offerings of July contracts was
noticeable, the
market advancing 9 to 14 points rather easily before
midday
as
shorts covered.
In the Southern spot markets prices
averaged somewhat lower.
On the 27th inst. prices closed 4 to 12 points net higher.
In
a
waiting market cotton futures stood unchanged to 3
influence.
market
Information
from
the
South
fair demand for old crop spot cotton of special
a
English points net higher, off somewhat from the best
of the
day.
.
in the New Orleans market
Weakness
sympathetically influential
causing cotton futures to lose early gains, prices
during early afternoon standing 3 to 5 points net lower.
was
in
The opening range was 6 to 8 points higher, but soon eased
under the pressure of liquidation and selling caused by the
circulation of 56 July notices of delivery issued by an im¬
portant spot firm.
By the end of the first hour the market
was 5 to 12 points lower.
Selling of October and December
active, much of it originating with
Wall Street
a
com¬
coupled with occasional liquidation of July
Bombay was a buyer of December, while the
contracts.
South
of
was
both
identified with the selling side.
News that mills
and South Carolina would curtail
North Carolina
week did not help the market, although the curtail¬
ment, at least in part, is a routine affair, customary annu¬
ally in Fourth of July week.
next
contracts—
It is anticipated that the greater
part of the 26,000 bales of cotton in certificated stocks will
be tendered in settlement of the delivery.
Buying in July
advances.
foreign
due
mission house,
relatively light, with fluctuations confined to
range.
than
Today prices closed 3 to 6 points net lower.
was
in
Better
initial advances of 4 to 8 points.
grades, with cotton continuing to come out of Government
loans.
The Liverpool cotton market today closed unchanged
here
Speculation in cotton for future delivery
<
candidate.
factor in
favorable
levels
:
4153
The official quotation for middling upland cotton in
New York market each day for
Sat.
June 22 to June 28—
Mon. Tues.
Middling upland % (nominal)
11.02
Middling upland 15-16 (nom'l)_ 11.22
11.04
11.24
__
the
the last week has been:
Wed.
10.82
11.02
Thurs.
10.96
11.16
10.93
11.13
FrI.
10.85
11.05
Premiums and Discounts for Grade and
Staple—The
gives the premiums and discounts for grade and
staple in relation to the base grade. Premiums and discounts
for grades and staples are the average quotations of 10
markets designated by the Secretary of Agriculture.
table below
Old Contract—Basis
Middling J^-inch, established for de¬
on July
5, and
staple
premiums
represent 60% of the average premiums over %-inch cotton
liveries
on
contract
at the 10 markets on June 27.
Contract—Basis Middling 15-16 inch, established for
on
contract on July 5, and
staple premiums
and discounts represent full discount for %-inch and 29-32New
deliveries
inch
staple and 75% of the average premiums
cotton at the 10
markets
on
June 27.
Old Contract
A
Inch
Inch
15-16-inch
*;New Contract
1 In.
15-16
over
*
and
A
15-16
31-32
Inch
Up
29-32
Inch
Inch
Inch
1 in.
and
Uv
White—
,36
on
.45
on
.54 on
.60
on
,66 on
.50
on
.66
.60
.75
8t. Good Mid—
.70
.31
on
,39
on
.49
on
.65
on
.61
on
Mid
.44
on
.54
.64
.25
on
,33
on
.43
on
.49
on
.55
on
.31
on
.52
on
.30
on
.37
on
.44
on
,06
on
.14
on
.51 off
1.08 off
.41
.32
,12 on
.19 off
,69 off
.20
Basis
.41
.11
.98
.91
,27 off
♦St. Good Ord.. 1.54 off 1.46
1.41
2.11 off 2.01
1.98
.73 off
.23 Off
.54
,19 off 1.10
,69 off 1.59
,20 off 2.13
Fair..
Mid.
Good
Mid
St
Mid.....
Low Mid....
St
Low Mid
♦Good
Ord
.55 on
.22
,10 off
Basis
.62 off
off
.49 off
.42 off
off
.06 off
.02 Off
off
.57 off
off
.12 off
.53 off
.09 off
Extra While—
.25 on
.33
on
.41
on
.52 on
.12 on
.20
on
.11
on
.22
.19 off
.10 off
.54
.64
.43
on
.30
on
.49
on
.55 on
.37
on
.44
.06
on
.14
on
.62 off
.54 off
.69 off
.49 off .42
Low Mid
1.08 off .98 off .91 off 1.27 off 1.19 off 1.10 off 1.06 off 1.02
♦St. Good Ord— 1.54 off 1.46 off 1.41 off 1.73 off 1.69 off 1.59 off 1.57 off 1.53
♦Good Ord..
2.11 off 2.01 off 1.98 off 2.23 off 2.20 off 2.13 off 2.12 off 2.09
off
off
Good Mid-.
.44 on
St. Mid
.31
Mid
Even
St. Low Mid
on
.51 off
on
.41 off
on
on
Even
.32 off
on
off
off
Spotted—
Good Mid
.09
on
.19
on
.28 on
.11 off
St. Mid..
.08 off
.03
on
.13
.25 off
on
.02 off
.16 off
.06
on
.07 off
.12
on
.19
on
.01 off
.06
on
.42 off c.80 off a.72 off a.63 off a.58 off a.62 off
.51 off
.61 off
•St. Low Mid— 1.25 off 1.17 off 1.11 off 1.44 off 1.39 off 1.30 off 1.28 off 1.22 off
♦Low Mid
1.89 Off 1.84 off 1.81 off 2.07 off 2.06 off 1.99 off 1.97 off 1.94 off
Mid.......
Tinged—
Good Mid
.51 off
.35 off ♦.69 off ♦.65 off ♦.57 off ♦.53 off *.47 off
.57 off ♦.90 off ♦.86 off ♦.78 off ♦.75 off ♦.69 off
.43 off
St. Mid
off
♦Mid
off 1.22 Off 1.47 off 1.45 off 1.41 off 1.40 off 1.37 off
Off 1.80 Off 2.02 off 2.01 off 1.98 off 1.98 Off 1.97 off
.64
.71 off
1.28 off 1.25
♦St. Low Mid— 1.83 off 1.81
♦LOW Mid
2.33 off 2.33
off 2.32 off 2.52 off 2.52 off 2.51 off 2.51 Off 2.50 off
Yellow StainedGood Mid
•St. Mid
•Mid
.89 off *1.22off *1.19off ♦l.lOoff ♦1.07Off ♦l.OOoff
1.39 off 1.38 Off 1.35 off 1.57 off 1.67 off 1.66 off 1.54 off 1.53 off
1.88 off 1.88 Off 1.87 off 2.06 off 2.06 off 2.06 off 2.06 off 2.05 off
1.03 off
,96 off
Gray—
Good Mid......
St. Mid
Mid
.61 off .54 off .44 off ♦.80 off ♦.75 off,*.67 off *.63 off ♦.55 off
.91 off. .82 Off .77 off .70 off
.69 off .59 off .95 Off
.76 off
1.28 off 1.21 off 1,16 off1.46 Off 1.42 offII.35 off 1.32 off 1.29 off
♦Not deliverable on future contract,
a
Middling spotted shall be tender able
only wben and if tbe Secretary of Agriculture establishes a type tor suob grade.
Market and Sales at New York
each day during the
indicated in the following statement.
For the convenience of the reader we also show how the
The total sales of cotton on the spot
week at New York are
market for spot
and futures closed
.
-
Old
-
Saturday
Monday
Tuesday
"500
Thursday
Friday
Total week
Since Aug. 1
New
days:
Total
New
Old
i
i
i
i
i
i
•
i
i
*
i
i
i
i
i
tf» I1 «1 t
t111
1
t1«(
1
t
1
1
i
i
i
i
Old
1
i
,1
•
•
New
1
«
•
i
i
-
same
Contract
i
Wednesday
the
on
Spot
1
«
1
t
1
1
lil
t
"500
1
1
i
t i «i it
i i i iit
«ii
1
i
500
—
107,742
83,900
3,500 191,6412
•
i
■
500
3,500
1940
214,000
7.60d.
June 28—
Futures Markets Closed
Spot Market Closed
Stock in Alexandria Egypt
Middling upland, Liverpool
,
Egypt, good Giza, Liverpool
Nominal
Nominal
Steady
Steady..:
Barely steady
Steady
Nominal.
Steady—
Steady
Steady
Barely steady
Steady
Steady
Nominal.
Saturday..
Monday—
Tuesday—
Wednesday
Thursday..
Friday
Steady
Steady
...
Nominal
Nominal
Futures—The highest, lowest and closing prices at New
York for the past week have been as follows:
Saturday
Monday
Tuesday
June 22
June 24
June 25
Wednesday
June 26
Peruvian Tanguis,g'd fair,L'pooJ
Broach, fine, Liverpool
1939
1938
1937
159,000
6.87d.
212,000
5.62d.
210,000
4.96d.
8.25d.
5.29d.
4.27d.
4.06d.
8.20d.
5.93d.
5.96d.
4.36d.
4.13d.
&.83d*
13.64d.
O.20d.
.
5.91d.
C. P. Oomra No. 1 staple, super¬
fine,
Liverpool
— —
Interior
the movement, that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in
At
the
Towns,
■
■•SB
r..-i
detail below:
Thursday
Movement to June 28,
Friday
June 27
June 28
Towns
—
Week
|
1940
Ship-
Receipts
Season
merits
June
Week
28
Movement to June 30.1939
Stocks
Receipts
■
Ship:meats
i
Wnk
,
Season
Week
Stocks
June
30
f'?M :.
1941-
January
March
.
May
New Orleans
.
Z '
■
-■
.
Volume
The Commercial & Financial Chronicle
150
exporting cotton sold for export from July 31,1940 to Oct. 31,
1940, and the time for exporting
cotton products from
Oct. 31, 1940, to Nov. 30, 1940.
The announcement added:
by Secretary of Agriculture Henry A.
Wallace because war conditions in Europe, lack of cargo space, and dis¬
rupted shipping schedules have delayed actual export of part of the cotton
products sold under the program.
The equivalent of about 400,000 bales
of cotton, in the form of cotton or cotton products, remains to be exported.
Under original provisions of the program, payments were made on cotton
and cotton products sold for export and exported within a designated time
limit.
Since Jan. 30, when rates were suspended on lint cotton, sales and
The
extensions
were
granted
deliveries have comprised cotton products only.
Total sales and deliveries of cotton and cotton products under
Week
4155
Receipts at Ports
Receipts from Plantations
Stocks at Interior Towns
End.
1940
1938
1939
1940
1940
1938
1939
1939
,
1938
Mar.
29.
38,925
Nil
10,815
25,074
11,165
13,145
25.3231
NU
NU
16,110
3,173
14,040
NU
13,710
87.760
19,979
44,595 2617,890 2951,233 2397,991
72,250
54,785
46,094
50,671
11,788
51,480 2570,714
26,976 2527.094
30,687 24*0,117
45,944 2454.769
2907.928 2362,621
24,610 2411,420
16.918 2360,407
17,042 2321,071
14.112 2288,087
17,425 2251,647
2757,237 2263,791
Nil
NU
Nn
2725,840
2692,155
2667,674
2635.929
2237,238
2216,336
2194,843
Nil
NU
NU
Nil
NU
NU
9,324
NU
NI1
2167,585
NU
NU
NU
20,069 2220,186 2600,639
27,019 2190,925 2570,117
24.113 2152,669 2541,961
22,893 2100,527 2512,919
2138,409
2119,356
2100,775
2081,164
Apr.
5.
12.
19.
26.
21,385
13,296
12,397
2870,759 2338,818
2831,695 2322,171
2795,440 2289,937
NU
May
.
3.
17.
35,572
41,104
3U.262
24.
42,308
10,724
15,932
16,953
31.
30,472
17,870
21.
27,624
32,919
25,190
36,239
28.
40,690
26,909
the pro¬
gram since it was made operative amount to 6,338,543 bales, after de¬
duction of cancellations made because of war conditions.
This total in¬
cludes sales and deliveries of cotton products equivalent to 476,342 bales.
10
16,498
June
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
Southern principal cotton markets for each day of the week:
7.
14.
Below
Closing Quotations for Middling Cotton on—
Week Ended
Saturday
Monday
15-16
%
In:
In.
Friday
Thursday
Wednesday
Tuesday
%
i
June 28
%
15-16
In.
In.
I In.
15-16
%
In.
In
In.
In.
%
15-16
In.
In.
15-16
In
10:45
4510.28 10.48
10.45 10.65 10 47 10
Galveston.
Vi
15-16
80il0.70 10.90
10.80
10.33
10.35
10.90 11.0510 92 11
.87(10.92 11.07
.4510.50 10.65
New Orleans. 10.83 11.0310 80 11
Mobile
10.46 10.5610
Savannah
Norfolk
42| 10
.27| 10.23
Alexandria Receipts and
10.70
.3211.24 11.39
11.40
Alexandria, Egypt,
10.30 10.50 10 30! 10 5010
.5010.30 10.50 10
10.50
.3010.15 10.35 10
Nil
Nil
3,282
9.95 10.2510 05 10 3510
.3510.05 10.35 10
Shipments
,
10.35
Little Rock.
10.21 10.4110 22.10 42 10.02 10 .22 10.09 10.29 10
Dallas
5,532
June 27
10.40 10.6010 40,10 6010
.
7,966
8,083
10.50
11.35 11.5011 37 11 5211
Memphis
Houston
NU
NU
Nil
Nil
8,427,704 bales.
(2) That, although the receipts at the
outports the past week were 40,690 bales, the actual move¬
ment from the plantations was nil bales, stock at interior
towns having decreased 52,142 bales during the week.
4510.40 10.50
Montgomery. 10.45 10.5510 45'10 5510
Augusta
NU
3,658
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1, 1939 are 6,847,665 bales;
in 1938-39 they were 4,401,026 bales, and in 1937-38 were
11.07
10.50 10.65 10 50 10
16,177
23,331
10.35
10.25
.15'10
Receipts (cantars)—
This week
;
Since Aug.
1
New Orleans Contract Market—The
closing quotations
leading contracts in the New Orleans cotton market for
the past week have been as follows:
v;/. vu-:-y.,, '
This
Tuesday
June 22
June 24
June 25
Thursday
Friday
June 27
Wednesday
June 28
June 26
Since
This
Since
This
Since
Week
Aug. 1
Week
Aug. 1
Week
Aug. 1
167,919
179,507
661,384
27,264
4,600
8,650
178,821
174,492
705.127
Exports (bales)—
To
Monday
17,000
10,312.521
6,500
7,880,637
7,000
8,428,690
....
^
for
Saturday
1937-36
1938-39
1939-40
Liverpool
To Manchester, &c
To Continent and India
243,472
168,922 4",900
583,389 10.650
48,419
_.
To America
25,859
1940—
..
New
October
10.38
10.40
10.19
10.566
July old
10.586
10.376
10.37
—-
9.40
9.15-
9.24
9.24
9.00
9.17
9.09
9.17
9.116
8.876
8.966
9.24
9.30
9.28-9.29
9.046
9,086-9.09a
1941—
9.156-9.16a
January
March
...
9.006-9.01a 8.956-8.96a 8.736-8.75a
8.786-8.80a
8.83
May
8.60
-
8.83
8.956
8.896-8.9la 8.806-8.82a
8.676-8.68a 8.736-8.75a 8.646-8.66a
Tone—
Quiet
Steady
Quiet
Quiet
Steady.
Old futures
Steady
New fut'es
Steady
Steady
Steady
Barely st'y
Barely st'y
Steady
Steady
Steady.
Steady.
Spot
Asked,
1044,202 15,550 1036,074 13,250 1084,299
Total exports
102461034
10.516-.52a 10.506
9.46
__
December.
102061021a
10.38
Quiet.
Steady.
Steady.
Note—A cantar is 99 lbs.
Egyptian bales weigh about 760 lbs.
This statement shows that the receipts for the week ended June 27
7,000 cantars and the foreign shipments nil bales.
Manchester Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Demand for yarn is improving.
We
give prices today below and leave those for previous weeks
of this and last year for comparison:
ft Bid.
1939
1949
Returns
by Telegraph—Telegraphic advices to us this
conditions have been generally fair to good in
replanting has been done in northwest.
Rain¬
fall
has
been
widespread in most of the cotton belt;
however, it was very light except in some western and north¬
western sections.
Plants are blooming in the southern half
of Georgia.
evening
Texas;
say
Rainfall
Inches
Days
1
Texas—Galveston
Amarillo
.
Abilene._
—
.
Brenham......
Brownsville
.
...
.
Christi
Corpus
.
...
.
Kerrville
.
14.40
12
3
@12
12..
14.55
12
3
@12
19..
14.75
12
4 >£@12
26..
14.78
12
12
5..
6
8.12
8.09
4>£@12
4>£@12
12
4>£@12
11 10>£@12
7>£
7>£
1>£
8.18
14.08
24..
Nominal
77
31..
14 04
11 10 >£@12
70
'
59
d.
s.
4.95
8
9
@
4.62
8
8M@ m
8>£@ 9>£
8X® 9H
8>£@ 9>£
7>£@ 8 10>£
9
@ 9
7>£@ 9 10>£
8.07
8
8
Oklahoma—Oklahoma City.
Arkansas—Fort Smith
Little Rock..
..
.
.
Orleans
Louisiana—New
.
.
Shreveport
Mississippi—Meridna n
Vicksburg
.
.
.
Alabama—Mobile
.
5.28
5.33
9
8J£@ 9>£
9
@93
0.48
Closed
8%@
9H
9
@93
5.49
@93
@93
5.77
@93
5.66
@93
5 62
77
78
7..
14.04
11 10 >£@12
1>£
74
14..
14.04
11 10>£@12
1>£
7 25
92
72
21..
14.22
12
4
>£@12
7>£
7.82
100
52
62
9H@10X
9 >6 @10
9
@10
9
58
81
28-
14.06
12
6
@12
9
7.60
9
9
90
60
75
92
63
78
92
56
61
58
0.67
2
0.19
94
i
0.92
96
.
Pensacola
.
Tampa.
...
Georgia—Savannah..
..
Atlanta
.
...
.
._
South Carolina—Charleston.
_
.
North Carolina—Asheville
Charlotte.
.
.
Raleigh
.
W ilmington.
_
__________.
Tennessee—Memphis.
Chattanooga..
.
....
.
Nashville.
bville.__IIIIIlIZIIII
_
78
77
93
59
76
0.36
95
60
i
0.21
92
57
3
1.47
91
70
78
75
81
1
0.07
94
61
2
0.34
95
57
78
76
1
0.21
91
65
2
1.08
81
0.37
93
89
67
2
_
_
2
0.58
94
2.92
90
68
3
1.47
95
2.12
95
3.17
93
0.87
91
60
1
:
0.04
yyy
77
80
68
79
82
67
81
63
78
76
0.98
90
64
77
0.40
89
62
2
1.40
95
65
76
80
1
0.26
89
52
71
3
0.84
93
2
0.05
76
75
2.28
96
89
58
53
1
61
75
2
1
0.34
92
61
78
2
0.53
91
55
73
1
0.50
95
54
75
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 28.1940
.
_
_.
Feet
of gauge-
...Above zero of gauge-
9
9
@10
*
5.76
Shipping News—As shown on a previous page, the
exports of cotton from the United States the past week
have reached 16,294 bales.
The shipments in detail, as
made up from
mail and telegraphic reports, are as follows:
Bales
Bales
GALVESTON—
To Great Britain..
To Japan....
LOS ANGELES—
........
.......
To Great Britain
__—
To South
..
_;
3,495
2,222
..
..
500
To Great Britain.....
1,616
_Y__
1,400
209
..
1,596
America
To France
To France
1,492
NEW ORLEANS—
;
To Great Britain.....
3,764
To Japan
NORFOLK—
16,294
Total..
Freights—Current rates for cotton from New
no longer quoted, as all quotations are open rates.
Cotton
York
are
Foreign Cotton Statistics—Regulations due to the war
prohibit cotton statistics being sent from abroad.
therefore obliged to omit the following tables:
in Europe
We
are
World's Supply and Takings of Cotton.
India Cotton Movement from All Ports.
Liverpool Imports, Stocks, &c.
The tone of the Liverpool market
each day of the past week and
cotton have been as follows:
Spot
Saturday
Monday
for spots and. futures
the daily closing prices of spot
Tuesday
Thursday
Friday
Moderate
Moderate
demand
demand
Wednesday
_
4.1
V;5.6
11.6
20.2
P. M.
of gauge.
10.2
Shreveport
Vicksburg
9.9
Above zero of gauge.
Above zero of gauge-
13.3
5.8
10.2
A lair
Market,
12:15
19.0
.Above
...
Closed
June 30.1939
Feel
Orleans.
June
74
58
60
65
The
Memphis..
1>£
78
1.34
1
Augusta
Macon.
74
'
i
i
3
.
Miami
6.54
Closed
Nominal
64
2
...
Florida—Jacksonville
9
8 10>£@
@10
60
i;
3
.
6.00
9
1>£
@93
8.14
7.42
90
,
3
Birmingham
Montgomery
4.99
9
8 10>£@
91
dry
.
4.93
1>£
SX® 9X
8X@ 9%
94
dry
dry
:
9
May
0.76
2.48
Paris
Antonio
d.
@ 9
0.38
0.97
1
2
1
Taylor
Upl ds
d.
8.
9
8
® 9H
0.34
1,.
Palestine
Above
zero
zero
Mid.
upl'ds
Quiet
Receipts from the Plantations—The following table
indicates the actual movement each week from the planta¬
figures do not include overland receipts nor
consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports:
7 pt.dec. to
3
7
l
pts.
Pts., adv.
Irreg., July
Market,
4
Quiet,
Steady,
The
Southern
Quiet
Y'-"
12 pts. dec.
other
mos.
to
10
dec.
Quiet but
steady,
6
to
10
5 to 8 pts.
*
points
advance
P. M.
decline
Quiet,
6
to
pts.
9
dec.
Quiet but
Steady,
2 pt. dec.to
2
pts. adv.
Steady,
3 to 5 pts.
advance
Quiet,
Quiet, un¬
steady, un¬ changed to
9 points
changed tc
15 points
decline
7.60d.
7.63d.
7.56d.
7.70d.
7.80d.
CLOSED
Market
o. ene
business
doing
Futures
tions.-
8H
7.84
14,74
94
7.70
6
17..
0.04
3
7>£
7 >£
10..
73
Middlg
Apr«
79
83
82
94
2
Lampasas.
Luling
Nacogdoches
Nashville.
@12
14.85
93
<!•
Cotton
Shirt¬
Common
to Finest
ni*
3__
0.04
d.
Lbs.
ings,
Twist
4
Paso
Houston
San
12
14.31
29..
A
73
0.38
32s Cop
Mar
78
3
8H
Cotton
d.
s.
54
53
64
94
d.
s.
82
0.97
;
to Finest
d.
i
Middl'g
Upl ds
Common
ings,
Twist
73
2
1
1
Shirt-
1
Dallas
New
32s Cop
-Thermometer
Low
Mean
90
101
93
0.02
0.40
2
High
Lbs.
8X
some
Rami
El
were
advance
1
pt.
dec.
to
9 pts. adv.
The Commercial <Sc Financial Chronicle
4156
Prices of futures at
Liverpool for each day
are
given below:
June 29, 1940
development of a Western Hemisphere export program en¬
couraged most dealers to adopt a waiting attitude.
Wed.
Tues.
Mon.
Sat.
June 22
Thur..
Fri.
to
Close Noon Close Noon Close Noon Close Noon Close Noon Close
June 28
contributed
Northwest
July
d.
d.
New Contract
7.49
*
October
7.19
-----
*
May
7.16
7.13
7.02
6.85
7.01
6.68 n6.64 716.64
6.59
----
6.86
trade
to
experts.
6.75
6.78
6.75
European markets now closed to imports
6.69
6.67
blockade and
6.59
German
domination
flour the past
in
week, the consuming trade showing an almost complete lack
below
It is expected
expectations.
that the movement
it
Deliveries against contract are
in the market.
of interest
of the
increased interest in flour
an
in
some
quarters
wheat crop will bring with
new
buying.
The crop is still
moving rather slowly, however, and the bulk of new wheat
higher.
advanced 2c.
prices
Wheat
prices closed 1% to l%e. net
within fractions of the level of
decline
that
today,
returning
to
accompanied the French capitulation.
Pros¬
pects of Government flour buying this week-end and reports
of
some
crop
deterioration in the spring wheat belt, caused
part of the buying, but traders said there also
less
discouragement
signs of
were
certain aspects of the international
economic situation.
In connection with this they cited two
recent developments which may affect grains.>J
One was the
indicated change in the British attitude toward purchase of
over
food from the United States
as a
result of disclosure yester¬
day of negotiations involving buying of lard and canned
milk.
The other was development of the Administration's
Pan-American economic plan for disposition of Western
Hemisphere food surpluses.
Broomhall states that crops
in France have been damaged
extensively, On the 24th
inst. prices closed %c. off to He. up.
At one time during
the early session today prices fell H to J^c., influenced largely
by beneficial rains over the week-end in the spring wheat
belt.
The market spent the rest of the session working back
to around Saturday's close.
Buying credited to mills in
connection with Government purchases of white flour for
relief distribution, helped the rally.
Failure of the new
wheat movement to expand materially and reports of rust
damage in soft and hard winter wheat areas, added to the
market's strength.
At one time during the session prices
showed net gains of as much as % to %c.
Week-end rains
were both bearish and bullish as far as grain
prices were
concerned.
While fair to good moisture over much of the
spring wheat zone was welcome and likewise helped corn,
rains in parts of the Southwest and in the soft wheat belt
delayed harvest and maturity.
However, fair weather was
predicted for most of the belt. On the 25th inst. prices closed
1% to l%c. net lower.
Wheat futures ruled heavy during
most of the session, with prices closing at about the lowest
of the day.
The weakness of the grain market was in¬
fluenced by favorable crop and weather reports, lower
security prices, uncertainty over the war situation in Europe
and lack of demand in the face of selling by houses with
Eastern connections.
Numerous reports of the spread of
rust in the wheat belt failed to attract much attention from
trade.
the
Advices
from Nebraska reported
wheat fields
full of rust, and there were also complaints of drought and
heat in the Northwest.
Southwest weather was favorable
to
harvesting, with little rain reported, and the forecast
for continued fair and
warmer
cloud the issue.
% to lc. net lower.
After
week-end
total of 1,153,000 bushels in the last two weeks.
26th inst. prices closed unchanged to %c. higher,
with
of
previous
than
finals.
The
market
ruled
a
On the5
compared
within/
a
range
cent
today, with selling due to favorable
weather offset by buying associated with reports of less
promising yields and poorer quality of late maturing new
wheat in the
Southwest.
Prices
closed
slightly higher
than yesterday.
Trade was unsettled by rumors of the
possibility of an early truce in the European war, but most
dealers found themselves unable to predict the effect of such
a
development on grain prices.
The movement of new
wheat is expected to expand materially in the near future
although the volume of hedging pressure on futures markets
probably will be well below normal due to the fact that much
of the grain will be stored for Government loans if
present
price relationships are maintained.
Prices of new wheat
more
a
at most terminals
are
several cents below the loan rate.
On the 27th inst. prices closed 1 to l%c. net lower.
grain
traders
might
lead
market
ated
for
for
awaited
to
a
clarification
reopening
foodstuff
of
While
of
negotiations that
European
wheat prices today fluctu¬
the
Continental
imports,
nervously, advancing first then declining to net losses
the
session.
Rumors
of
situation.
weather,
Wheat
declines
net
of
at
and
possible truce in Europe and
the
time
one
134c.
an
early
uncertain
during
Recurring
interna¬
the
session
of
rumors
truce
negotiations and unsettled conditions in the Balkans also
attracted trade attention, and some dealers
expressed be¬
cessation
of
hostilities
would
have
bullish
effect
on
grains if there is any likelihood of revival of European
pur¬
chasing.
Open interest in wheat tonight was 65,732,000
bushels.
DAILY CLOSING PRICES
__
.
DAILY
—
CLOSING
PRICES
OF
WHEAT
OF
WHEAT
Sat.
July....
September.-..
December
July
September
__
December
DAILY
Mon.
7954
8034
8054
Season's High and
When Made
1115*
.11134
85%
Wed.
7754
7854
783-s
802*
795*
782*
7924
7654
7654
77%
When Made
June 17,1940
June
17,1940
June
75
17. 1940
FUTURES IN WINNIPEG
Mon.
TUes.
Wed. Thurs. Fri.
Sat.
7324
75
-
Corn—On the 22d inst.
77
7734
785*
WHEAT
October.
December
9534
FUTURES IN CHICAGO
Tues.
Wed. Thurs. Fri.
I
OF
Fri.
9534
7924
May 27, 1940 December
PRICES
Thurs.
9654
7954
■
July
Corn closed
NEW YORK
Season's Low and
22, 1940 July
74
18, 1940 September
74
Apr.
Apr.
.
CLOSING
IN
Sat. Mon. Tues.
9854
985*
9634
.
No. 2 red
7124
7324
732*
75
7124
7324
7424
—„
7324
7424
prices closed Y to He. net higher.
the best levels of the day.
Shippers sold
11,000 bushels and handlers booked only 47,000 bushels to
near
arrive, with today's receipt of 280 cars consisting mostly
of Government corn being put into
position for export to
Great Britain.
On the 24th inst. prices closed
H to l^c.
net lower.
July corn which ruled weak, pulled the deferred
deliveries lower.
Receipts of 381 cars resulted in a M to
He. lower spot market, but most of this corn was Govern¬
ment owned.
Domestic visible supply increased 1,392,000
bushels, compared with a decrease of 960,000 a year ago,
reflecting the movement of Government corn from interior
points to terminals in process of exportation.
Good rains
accounted
for
some
of
the
weakness.
On
the
25th
inst.
prices closed H to lHc. net lower.
The corn market was
influenced by the weakness of wheat.
Favorable weather
and
new
On the
comment added to the bearish influences.
inst. prices closed unchanged to He. lower.
crop
26th
Corn prices declined about He. during the
early part of the
session, the market being influenced more or less by reports
of favorable crop conditions
following the recent rain.
Some Iowa reports were that corn was in as
good condition
as last year's.
On the 27th inst. prices closed
34c. off to 34c. up.
Corn
early highs. There is so much confusion and
uncertainty, with peace talk in the air, that many traders
fell lc. from
have been disinclined to make commitments until the atmos¬
phere clears.
Trading
was
Today prices closed 34 to
light and without feature.
DAILY CLOSING
PRICES
No. 2 yellow
OF
7954
DAILY CLOSING PRICES OF
Flour purchases over the
officially reported at 512,000 barrels for
were
Southwest, favorable
tional
Sat.
was
in that section and for showers
where needed in the Northwest.
coun¬
and at what price,
showed
week ago, before the sharp
a
the
of
deficiency
lc., wheat prices today turned lower and
registered the lowest close since last Sept. 1, the day the
European war began.
Initial strength was borrowed from
the stock market, which reflected trade sentiment regard¬
ing the Willkie nomination, but later selling pressure in¬
creased in connection with larger wheat
marketings in the
lief
is going into storage.
Wheat—On the 22d inst.
because
the
advance of almost
Friday Night, June 2%, 1940.
far
an
On the other hand, the questions of how the poten¬
for grains on the Continent is to be met, by
Today prices closed
business
de¬
such
demand
whom,
new
of
6.59
BREADSTUFFS
effect
eventuality might result in the opening up of much of the
tries.
little
believe
6.66
6.69
6.82
tial
was
dealers
Many
What
grain prices is
on
6.85
*
Flour—There
reaction.
late
would have
6.83
6.82
♦ Closed.
Nominal.
batable
the
to
hostilities
of
6.74
6.77 M6.69 716.69
6.71
7.08
cessation
6.65
7.74
6.80
7.11
»«««.
7.28
-
6.77
6.69
6.75
7.19
7.10
7.09
6.88
d.
7.23
6.87
7.32
6.78
6.89
d.
d.
d.
7.24
6.85
6.71
•
October.
n
7.25
6.93
6.81
*
March
7.39
7.20
6.90
July
7.39
6.97
January 1941
d.
d.
d.
7.45
•
December
d.
d.
*
1940
Some
hedging sales and favorable weather conditions for harvest
in the Southwest and spring crop growth in parts of the
CORN
Mon.
7824
IN
34c.
net
NEW
Tues.
YORK
Wed.
7724
higher.
7724
Thurs.
775*
Fri.
772*
CORN FUTURES IN CHICAGO
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
July
September
622*
6024
5824
December
612*
6034
585*
6124
5924
5734
5054
59^
5754
Season's High and When Made
J
Season's Low and
July
6934
May 10, 1940 July.
525*
September— 70
May 15, 19401 September
522*
December
6024
June 12, 19401 December
542*
6024
5854
57 5*
6134
5954
5724
When Made
Oct.
23,1939
May 18,1940
June 17,1940
Oats—On the 22d inst. prices closed %c. to He. higher.
Trading
was
light, with the undertone steady in sympathy
with the firmness of wheat and corn.
On the 24h inst. prices
closed Hc. to He. net lower.
Trading was light, with
prices sagging in sympathy with the weakness in wheat and
corn prices.
On the 25th inst. prices closed He. to lHc.
net lower.
Sentiment in the grain markets was decidedly
bearish and oats futures came under its influences, prices
dropping to within fractions of the season's lows.
On the
26th inst. prices closed He. to He. net higher.
Oats prices
were
steady and around the lowest level of the season.
On the 27tk inst. prices closed
34 to 34c. net lower.
The
market ruled heavy, with trading light
Today prices closed
34c. off to 34c. up.
This market was quiet, with prices
showing little change.
DAILY
CLOSING PRICES OF
OATS
FUTURES
IN
CHICAGO
'
Sat.
July
September
December
3224
3034
3024
Mon.
3154
292*
305*
Tues.
3034
2854
2934
Wed.
31
295*
2954
Thurs.
302*
282*
2924
Fri.
3054
2824
2924
Volume
The Commercial & Financial Chronicle
ISO
Season's High and When Made
I
Season's Low and When Made
July
38 %
Apr. 19, 19401 July
30 %
June 26, 1940
September...
36
Apr. 19, 1940 September
28%
June 19,1940
December—. 34 %
June 12, 19401 December—. 29%
June 27, 1940
DAILY CLOSING PRICES
FUTURES IN WINNIPEG
OF OATS
Sat.
July
Mon.
Tuej.
29%
27%
26%
27
26%
31
30 %
October
28
December
27 X
to He. net higher.
Rye—On the 22d inst. prices closed
The firmness of wheat and
corn
Fri.
29%
26%
26%
Wed. Thurs.
29%
29%
27%
26%
26%
influenced considerable
cover¬
futures, and this latter played a part in the day's
On the 24th inst. prices closed unchanged to He. up.
The steadiness of rye on the face of heavy wheat and corn
markets was somewhat of a surprise.
There was no pressure
of selling, however, and the rye market proved sensitive to
demand.
On the 25th inst. prices closed 17Ac. to 2He. net
lower.
There was nothing in the news to sustain rye futures,
and they naturally came under the influence of declining
wheat and corn values.
On the 26th inst. prices closed He.
to He. net higher.
Trading was light, with the undertone
ing in
gains.
rye
firm.
Exports from—
New
York
The
displayed in the wheat markets and the bearish
weakness
weather and crop
reports had their bearish effect on rye
futures, the market ruling heavy during most of the session.
Today prices closed % to %c. net lower. Trading was light
without
DAILY
feature.
CLOSING
PRICES
RYE
OF
Sat.
July
September
42%
4434
46%
December
FUTURES
Mon.
Tues.
42%
44%
46%
CHICAGO
IN
Wed.
41
40
42%
45
4034
42 34
44%
41%
Fri.
39%
4134
44%
43%
Thurs,
Season's High and When Made
July
September
I
Season's Low and When Made
Dec. 18, 1939! July
38%
May 18,1940
Apr. 22, 1940 September
40%
May 18, 1940
May 29, 19401December
43%
June 20, 1940
76
76%
50%
December
DAILY CLOSING PRICES
Flour
Oats
Rye
Barley
Barrels
Bushels
Bushels
Bushels
■
149,000
45,705
293*,666
Albany
201666
Baltimore
New Orleans
4,000
"2",000
049,705
2,000
9,000
Montreal
525,000
227,000
Total week 1940.
703,000
520,000
Since July 1 1939 145,244,000 27,819,000 3,984,266 4,198,000
Total week 1939.
1,655,000
3,556*666 10,2841666
150,703
9,000
29,000
Since July 1 1938 137,402,000 68,458,000 5,589,761 3,908.000
1,8*4*71666
229,000
18,238,000
Export data not available from Canadian ports.
a
The
visible
supply of
grain, comprising the
stocks
in
granary at principal points of accumulation at lake and
seaboard ports Saturday, June 22, were as follows:
!■/:
V'^''7
GRAIN STOCKS
Wheat
Corn
Oats
Bushels
United States
Bushels
Bushels
New York
"
134,000
afloat
Bushels
22,000
97,000
24,000
60,000
Rye
-
117,000
103,000
Barley
Bushels
126.000
34,000
107,000
170,000
New Orleans
194,000
1,217,000
194,000
16,000
20,000
297,000
25*666
*
5,783,000
1,215,000
3,945,000
1,131,000
20,496,000
4,282,000
66,000
22,000
"*8~, 000
9,000
*6*,000
1,932,000
Philadelphia
On the 27th inst. prices closed % to %c. net lower.
Corn
Bushels
Wheat
Bushels
Baltimore
and
4157
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
Sioux
548,000
72,000
15,000
799,000
233,000
12,000
14*666
801666
69,000
10,000
201,000
699,000
916*666
282,000
622,000
_
Indianapolis
458,000
1,611,000
389,000
671,000
62,000
...
4,000
230,000
Peoria...
_
Chicago
516,000
3,288,000 10,092,000
399,000
H
afloat
3,000
1,000
1,000
4,000
50,000
240,000
City
St. Louis
5,000
3*8*,000
199,000
On Lakes
52,000
Milwaukee.
361,000
1,219,000
121,000
799*,000
1,625,000
Minneapolis
16,440,000
2,448,000
Duluth
20,543,000
556,000
98,000
2,652,000
2,631,000
2,787,000
458,000
55,000
2,971,000
2,000
2,825,000
1,437,000
356,000
348,000
16,000
178,000
Detroit
RYE
Sat.
October
44%
December
DAILY
CLOSING
r
PRICES
FUTURES
Mon.
Tues.
44%
43%
44%
41%
41%
Sat.
Mon. Tues.
33%
32%
34%
34%
33%
35%
35%
34%
July
October
December
Closing quotations
Thurs.
41%
40%
41%
OF BARLEY FUTURES
;
WINNIPEG
IN
Wed.
40%
39%
40%
40
41
WINNIPEG
IN
Wed.
Fri.
Thurs.
32%
33%
34%
Fri.
32%
33%
34%
32%
33%
follows:
were as
FLOUR
4.95@5.10
4.75@4.95
4.40@4.60
5.10(«)5.30
4.95@5.10
Spring pat. high protein
Spring patents
'
Clears, first spring
Hard winter straights.
Hard winter patents
Hard winter clears
Rye flour patents
.3.95@4,15
Seminola,bbl.,bulkbasis_5.30@
Oats good
Corn flour
2 .85
2.35
3,430,000
6,771,000
9,340,000
9,444,000
7,203,000
6,241,000
7,073,000
3,751,000
Canal
Total June 24. 1939—
*
4.75@6.75
Oats, New York—
95%
82%
No. 2 white
Rye, United States, c.i.f
(Barley, New York—
40 lbs. feeding...
Chicago, cash..
77%
87,286,000 23,197,000
65,498,000 31,575,000
Baltimore also has 9,000 bushels Argentine oats in store.
Note—Bonded grain not Included above:
Oats—Buffalo, 371,000 bushels; total,
bushels, against 78,000 bushels in 1939.
Barley—New York, 217,000
bushels; Buffalo, 849,000; Baltimore, 156,000; total, 1,222,000 bushels, against
107,000 bushels in 1939.
Wheat—New York, 991,000 bushels; New York afloat,
371,000
170,000; Boston, 2,227,000; Philadelphia, 1,673,000; Baltimore, 1,384,000; Portland,
1,211,000; Chicago, 47,000; Buffalo, 4,844,000; Buffalo afloat, 251,000; Duluth,
2,732,000; Erie, 2,023,000; Albany*, 4,893,000; Albany afloat, 158,000; on Canal,
338,000; in transit—rail (U. S.), 1,809,000; total, 24,751,000 bushels, against 4,465,Albany also has 1,482,000 bushels Argentine rye In store.
Wheat
45%
57%
Corn
Bushels
Canadian—
GRAIN
No. 2 yellow, all rail
3,167,000
Total June 15, 1940...
On
*
1.2-0.3-0.2
Corn, New York—
180,000
758,000
afloat
Prices Withdrawn
Fancy pearl (new) Nos.
Wheat, New York—No. 2 red, c.i.f., domestic
Manitoba No. 1. f.o.b. N. Y
2,000
1,106,000
Buffalo
000 bushels in 1939.
Barley goodsCoarse
Nominal
4,000
729,000
Total June 22, 1940... 85,098,000 24,595.000
OF
July
Bushels
Oats
Rye
Bushels
Lake, bay, river & seab'd 58,982,000
Ft. William & Pt. Arthur 58,412,000
Other Can. & other elev. 134,435,000
Bushels
1,171,000
1,488,000
3,704,000
6,347,000
1,781,000
6,206,000
3,167,000
6,347,000
......
287,000
323,000
4,260,000
Total June 22,1940...251,829,000
9,340,000
1,781,000
6,241,000
6,206,000
54%
49-56N
Canadian
of the last three years:
85,098,000 24,595,000
........251,829,000 '
.......
—...
...
Total June 22, 1940...336,927,000
The world's
24,595,000
,9,514,000 11,121,000 12,447,000
shipments of wheat and
corn, as furnished by
Exchange for the week
ended June 21, and since July 1, 1939 and July 1, 1938, are
shown in the following:
Broomhall to the New York Produce
Wheat
Wheal
Flour
Corn
Oats
Rye
Barley
Week
Exports
bbls 196 lbs
bush 60 lbs
bush 56 lbs
Minneapolis
927,000
Duluth
352,000
bush 32 lbs
3,403,000
323,000
1,057,000
Chicago
215,000
190,000
...
Milwaukee.
57,000
2,000
*81666
76,000
285,000
*
68,000
321,000
1*1*81666
92,000
275,000
35,000
558,000
26,000
28,000
281,000
184,000
496,000
66,000
Joseph.
Wichita
337,000
...
22,000
2,000
4,000
62,000
"lelooo
92,000
27,000
1I666
8,611,000
665,000
259,000
Same wk '39
4,409,000
16,606,000
534,000
411,000
6,607,000
3,844,000
7,748,000
1,175,000
Same wk '38
1,279,000
143,000
Since Aug. 1
1939
20,014,000 349,918,000 222,364,000
1938
....
Total
88,187,000 28,370,000 107733000
99,723,000 25,474,000 93,083,000
receipts of flour and grain at the seaboard ports for
the week ended Saturday, June 22, 1940, follow:
Flour
Wheat
Corn
Oats
bbls 196 lbs
New
bush 60 lbs
bush 56 lbs
bush 32 lbs
Rye
York.
175,000
398,000
68,000
33,000
3,000
Baltimore..
11,000
231,000
1,000
35,000
4,000
9,000
NewOrl'ns*
24,000
72,000
Barley
bush 56 lbs bush 48 lbs
36,000
Philadelphia
12,000
Galveston..
*5*41666
Montreal..
525,000
Boston
elooo
2,000
262,000
1,211;000
405,000
63,000
6,000
5,000
63,005,000
15,773,000
2,421,000
1,613,000
1,131,000
t
*
on
1,
Since
July 1,
No. Amer.
Black Sea.
Argentina.
Australia
1939
1938
Bushels
Bushels
Bushels
Bushels
Bushels
2,297,000 206,092,000 243,222,000
456,000
41,820,000 91,447,000
3,986,000 168,738,000 111,883,000
11,293,000 103,740,000
7,344,000
447,000 27,929,000 70,989,000
103,000
5,599,000 18,763,000
610,000 113,066,000 140,578,000
.
India
Other
688,000
23,824,000
35,632,000
7,427,000 451,767,000 593,268,000
1,745,000
456,000
95,000
8,000
231,000
7,357,000
41,152,000
11,176,000
1,987,000
434,000
2,333,000
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
43,731,000
43,930,000
Report for the Week Ended June 26—The
weather for the week ended June 26, follows:
During the first day of the week a disturbance advanced from Lake
Superior eastward to the St. Lawrence Valley, attended by cloudy, showery
over
the northeastern States, with some heavy local rainfall;
on the morning of June 19, Canton, N. Y., reported 5.05 inches as a 24-hour
fall. Early in the week an extensive "high" overspread the northern Great
Plains, with a sharp drop in temperature in the Northwest.
This polar air
mass drifted slowly eastward and southeastward during the following few
days and much lower temperatures prevailed throughout the northern half
of the country east of the Plains, with frost in exposed places.
The latter
weather
part of the week a disturbance advanced eastward over the Lake region,
attended by much warmer weather and general showers in central and
northern sections from the Plains eastward.
At this time extensive rain
occurred in the Southwes talso.
Weekly mean temperatures
were
abnormally low from the Potomac,
Ohio, middle Mississippi, and ower Missouri Rivers northward.
In con¬
siderable portions of this area the minus departures were from six degrees
to nine degrees.
In other sections from the Great Plains eastward aboutwhole.
West of the Rocky
The north-central Plains also had
abnormally high temperatures, exceeding 100 degrees in some places.
Likewise, the maxima in much of the Great Basin ranged from 100 degrees
some
109 degrees at Boise, Idaho. The highest reported was 117 degrees at
Phoenix, Ariz., on the 19th.
Generous rains occurred in most localities in the Northeast, the Ohio
up to
Valley, Lake region, and in central-northern States, and over a large south¬
western area, including particularly much of Texas and parts of New Mexico
East of the lower Mississippi Valley well distributed, light
to moderate showers occurred, but no precipitation was reported west of the
and Oklahoma.
statement:
Rocky Mountains.
\
a
degrees to as many as 11 degrees warmer than normal.
Maximum temperatures did not reach 90 degrees from the northern
Ohio and upper Mississippi Valleys eastward, but they were high in the
The exports from the several seaboard ports for the week
ended June 22 and since July 1 are shown in the annexed
86,000
1,246,000 190,325,000 274,260,000
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
Southeast, reaching 100 degrees locally.
322,000
Since Jan. 1
1939
July
1940
normal warmth prevailed for the week as
6,115,000
Week 1939.
21,
1938
Mountains abnormally high temperatures were experienced, with some new
seasonal high records set up in parts of the Great Basin.
Between the
Pacific coast and Rocky Mountains the week averaged generally from seven
2,000
Since Jan. 1
1940
*3*,666
"
2,000
227,000
19,000
Tot. wk. '40
June
1,
1939
Weather
1,010,000
1,373,000
670,000
20,827,000 338,464,000 256,797,000
17,987,000 281,178,000 299,068,000 106,228,000 25,320,000 93,919,000
Receipts at—
July
Since
"
388,000
373,000
1937
1,
Corn
:
Week
Bushels
Total—
8*31666
City.
Tot. wk. '40
July
,
Since
1940
countries
7,000
Sioux
Since
2,000
22,000
*61666
6,000
49,000
Kansas City
Omaha
"3I660
24,000
'36,000
Louis..
Peoria
139,000
371,000
60,000
276,000
12*. 000
967,000
Indianapolis
St.
86,000
36,000
2,016,000
Buffalo
St.
179,000
802,000
16,000
Toledo
June 21,
bush 56 lbs bush 48 lbs
138,000
1,014,000
Summary—
American
All the statements below regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
Receipts at—
Barley
Bushels
1,670,000
417,000
The Commercial & Financial Chronicle
4158
While the week's weather was quite variable in its relation to crop de¬
■
velopment.
conditions,
in general,
Widespread rains
satisfactory.
were
Rocky Mountains were decidedly helpful as
some sections in this area had become dry, and at the same time showers
in the Southwest were quite beneficial.
In much of the Northeast there
was too much rain and cloudy weather for best growth, while a little farther
between the Lake region and
^
June 29, 1940
tral.
Winter wheat harvest rapid progress in south third where about threefourths cut; uneven growth, late development and wet field delayed har¬
vest elsewhere; very little combining in northwest.
Oats mostly in shock;
harvest about over in west.
Progress of cotton only fair in southeast and
south-central due rain; fields weedy and condition poor; elsewhere progress
excellent
and
condition
good.
Progress of corn very good; condition
truck
mostly
excellent
generally excellent.
Gardens,
progress and condition.
with crops becoming very weedy in some sections, while
there was some erosion and wind damage in Wisconsin and Minnesota.
On the other hand, dryness is still largely unrelieved in the west-central
Great Plains, particularly in Nebraska,
and northwest Kansas, while
extremely high temperatures and the absence of rainfall have created a
rather serious drought condition in the central Rocky Mountain States
and eastern and northern Great Basin. There were local frosts on lowlands
in Minnesota, Wisconsin, the Lake region, and New England which nipped
tender vegetation, but no serious harm was reported.
Farm work made
fairly good progress, except from the Lake region eastward and in the
lower Mississippi and upper Ohio Valleys where it was too wet for cul¬
tivation.
Wheat harvest was delayed somewhat by rain in parts of the
Arkansas—Little Rock: Adequate rain: soil too wet to work much of
week and fields grassy.
Progress of cotton fairly good, but sunshine needed;
weevil activity favored.
Progress of corn good; condition mostly good.
central Gulf
,
area,
Southwest.
-Vl"""'
.
Grains—There
Small
was
some
Tn Kansas harvest is general
over the eastern two-thirds and beginning in many western counties.
In the central and eastern portions of the belt, wheat continued to make
satisfactory development. In Kansas considerable has lodged in the eastern
third, with some lost, while hot winds were detrimental in the northwest;
considerable rust is reported, but not generally serious.
In Nebraska hierh
temperatures caused rapid ripening and some further deterioration was
reported. Winter wheat is heading in many areas of the northwestern Plains.
Generous rains were rather general in the spring wheat belt and were
helpful in most areas, though conditions had been unfavorable in South
Dakota where much wheat was burning and heading short,
The rains
come rather too late in
southwestern Minnesota, but elsewhere in that
State conditions are good to excellent, and are very good in North Dakota
where recent rains Will be beneficial in most sections. In central and eastern
Montana spring wheat is generally good. Oats, on the whole, are doing well,
while the progress of rice in Arkansas, Louisiana, and Texas continues satis¬
combining in the northwest.
factory.
Corn—'In most of the eastern corn belt temperatures were too low for
while cultivation has been delayed in some sections,
the eastern Ohio Valley.
Otherwise conditions were mostly
rather generally.
In the western Ohio Valley progress of corn was mostly good to excellent,
while good growth is reported from the Greaf Plains, although in some
southern localities it has been too wet for proner cultivation.
Tn Towa
progress was good to excellent, with plants mostly from a foot to hip high
and some laid by in all parts of this State; stands and color are good, al¬
though there is some chinch bug menace.
In the Lake region corn needs
the
growth,
best
especially
favorable, with the crop making satisfactory development
warmer
weather.
Cotton—In
most
of
the
belt
cotton
temperatures
week
during the
averaged about normal.
While precipitation was widespread the amounts
were mostly light to moderate, except in some western and northwestern
sections.
Except in the Mississippi Valley and some local areas in the
western belt where less moisture and more sunshine are needed, the week
was
generally favorable for cotton.
Texas progress and condition
Tn
were
generally fair to good, although
plants are late and uneven, being in all stages of growth from squaring
and blooming in the south to some Just replanting in parts of the north¬
west; field work is backward.
Tn Oklahoma progress and condition were
only fair in the southeast and south-central counties whero fields are weedy
rom lack of cultivation, but elsewhere the outlook is satisfactory.
In Arkansas and Louisiana more sunshine and less rain are d«*sirpd in
most places, especially in southern Louisiana where cub,ivat,'on is needed
badly.
East of the Mississippi River conditions were favorable and Pro¬
gress of cotton was mostly good.
Plants are blooming in the southern half
of Georgia.
The
weather bulletin furnished
the following resume of
conditions in different States:
Virginia—Richmond: Subnormal
warmth;
light
rain.
Rain
badly
and middle.
Irrigated farms operating full
Potatoes excellent; digging at peak.
Pastures
deteriorating somewhat; haying completed.
Corn making good growth;
most fields clean,
Cotton and tobacco favorable advance.
Transplanting
needed in parts of Tidewater
time in
Tidewater areas.
potatoes about done.
Harvesting wheat and oats. Barley harvested.
Large peanuts good condition; still planting Spanish peanuts.
sweet
Favorable
Carolina—Raleigh:
North
warmth,
except
2
cold
mostly adequate rains, except little locally in east and central.
nights;
Progress
ample sunshine, favorable humidity and warmth;
condition only fairly good.
Slight hail damage to tobacco on 19th.
Prog¬
ress
of corn good account rain.
Marketing truck and vegetables and
digging potatoes favored.
Pastures good progress in west, but need rain
in parts of east.
of cotton good, account
Soul/i
more
Carolina—Columbia:
Mostly favorable warmth and ample rain;
Progress and condition of cotton
rain needed, or too much, locally.
fairly good; sunshine favored cultivation, but some interior fields grassy
as soil too
wet to cultivate; some blooming in south and ^ast.
Corn,
truck, tobacco, pastures and gardens generally good progress, except
locally on coast where lack of rain felt.
Oat and wheat harvests favorable
progress in interior; yield mostly fair.
Georgia—Atlanta: Favorable warmth; rain mostly adequate,
but lack
felt in few central areas by sweet potatoes, corn, tobacco, truck, pecans,
Seanuts and sugar cane. for checkingcotton good: much tobacco. Harvest¬
alf; conditions favorable Progress of weevil.
Curing blooming in south
ing cantaloupes, tomatoes, beans and okra.
Watermelon shipping starts
soon.
Florida—Jacksonville: Warm days; adequate rains; soil moisture ample.
Progress of cotton fairly good: condition fair; favorable for checking weevil;
blooming.
Corn good; maturing.
Sweet potatoes good.
Tobacco har¬
vested; fair crop; curing.
Truck scarce.
Citrus improved; some drop but
still good crop.
Alabama—Montgomery:
Little rain until
near
end
of week when
gen¬
erally ample.
Progress of cotton good; condition mostly good, but late;
blooming in south and middle.
Corn, cane, legumes, and truck growing
nicely.
Oats harvest about over; yield satisfactory.
Sweet potatoes and
truck good.
Cattle in good condition on abundant pasturage.
Mississippi—Vicksburg: Favorable warmth; little rain some sections,
in limited areas.
Progress of cotton fairly good to good.
Progress of corn mostly good
Oat and alfalfa harvests delayed.
Pastures,
gardens and truck mostly good advance.
but too much
.
Louisiana—New Orleans: Soil too wet to cultivate in many areas, mostlv
in
where fields weedy and farm work backward.
Progress and
but only fairlv good to locally
in south, where needs cultivation badly and some fields abandoned.
Corn, rice, truck and vegetables doing well, except in many wet areas of
south, where considerable deterioration and some damage.
south,
condition of cotton mostly good in north,
poor
Texas—Houston: Favorable warmth; too much rain in north-central,
more needed in extreme south; ample elsewhere.
Winter wheat harvest
progressed to southeast Panhandle, but delayed bv frequent rains; some
slight rain damage locally to shocked wheat; condition of some poor in
previously dry west-central areas; otherwise condition generally fair to
good.
Corn good growth generally; condition mostly fair to good, exceptin some previously dry southwest areas and in low sections in north-central
where
frequent
rains
caused
rank
growth.
Oat
harvest
good
progress-
condition generally fair to good, but some damage
by rains in north-central.
Progress of cotton fair to good and condition generally fair to good, but
areas; plants in all stages in south, ranging to squaring and
blooming, while some planting and replanting yet to be done in northwest.
Field work generally backward.
Progress and condition of ranges truck
gardens and rice mostly good.
Cattle generally good.
late in most
Oklahoma—Oklahoma
City: Favorable
warmth;
rain
adequate
for
present needs, except more needed in much of the northwest and north-cen¬
Oat
and
wheat
harvests
by rain.
Rice
Pastures good growth.
delayed
Hay crops good condition.
and potato harvests.
v =:v.
satisfactory
progress.
Rain delayed tomato
/■■■•'''r
Tennessee—Nashville; Winter wheat harvest good progress; condition good
to very good.
Progress of cotton fairly good; chopping good advance;
condition fair; some lice damage.
Progress of corn good to excellent;
averages knee high; condition mostly very good.
Tobacco growing; con¬
dition fair in east, good in west, but some loss from wildfire and blue mold.
Truck and vegetables doing well, but need rain locally.
Farm work catch¬
ing up.
'
V"
■-
by showers to winter-wheat
Centraly Valleys, but elsewhere
cutting progressed satisfactorily.
At the close of the week harvest had
begun as far north as Maryland and Virginia, southern and western Ken¬
tucky, the extreme southern portions of Indiana and Illinois and southern
Nebraska.
In the Southwest harvest advanced to the south Panhandle in
Texas and made rapid progress in the southern third of Oklahoma, but rain
and uneven development in other sections of Oklahoma delayed operations,
with very little
;
delay
harvest in the Southwest and locally in the
*
i
broomcorn
and
south, principally in the Potomac Valley, rainfall was again light or entirely
absent and moisture is badly needed.
There was too much rain in the
THE DRY GOODS TRADE
New
Unfavorable
York) Friday Night, June 28, 1940.
weather
conditions
prevailing
during
the
larger part of the week and the depressing influence of events
abroad had an adverse effect on retail business in the period
under
review.
A
counteracting factor
was
the
stimulus
exerted by better employment in industrial sections due to
the carrying out of the national defense program.
Sports¬
wear and other summer apparel lines, as well as accessories,
attracted most attention, but it was noted that preference
given to goods in the lower price brackets.
Department
country over for the week ended June 15, ac¬
cording to the Federal Reserve Board, increased 9% over the
corresponding week of last year.
In New York and Brooklyn
stores a loss of 0.7% was registered, but Newark establish¬
ments reported a gain of 6.9%.
Trading in the wholesale dry goods markets showed moder¬
ate activity.
Growing attention was given to fall require¬
ments although wholesalers in general were disposed to main¬
tain their previous cautious attitude with regard to purchases
for forward delivery.
Some additional reorders for summer
goods came into the market.
An influence of increasing im¬
portance was seen in the accelerated Government buying for
defense as well as relief purposes, and the greater firmness of
prices was largely attributed to this factor, as it was realized
that considerable equipment will be diverted to the manufac¬
ture of products for the defense program. • A feature of the
week was a 5% advance in wool blankets announced by one
producer.
Business in silk goods expanded slightly as buy¬
ers showed more interest in offerings
for fall.
Trading in
rayon yarns continued fairly active with the delivery situa¬
tion, notably in the acetate division, giving signs of further
tightening.
Weaving plant operations remained at high
levels ana the yarn demand from this source showed no signs
was
store sales the
of abatement.
1
Domestic Cotton
Goods—Trading in the gray cloths mar¬
kets dwindled to very small proportions although prices held
steady notwithstanding repeated efforts on the part of pros¬
pective buyers to force concessions.
Determining factors
were the reaction in raw cotton values, the depressing effect
of the French
collapse, and the disappointing movement of
goods in distributive channels.
Offsetting influ¬
ences were the stronger position of most mills because of re¬
cent heavy sales, and the general expectation that Govern¬
ment defense buying will counteract in some measure the
unfavorable effect of recent developments in the European
war.
The subsequent rally in the cotton market, renewed
predictions of contemplated curtailment measures by the
mills and an improvement in weather conditions caused a
better feeling later in the period under review.
Business in
fine goods also slowed down materially and transactions were
restricted to occasional fill-in lots.
Prices, however, ruled
firm as mills, fortified by substantial order backlogs, refrained
from pressing their goods on the market.
Closing prices in
print cloths were as follows: 39-inch 80's, 6^c-.; 39-inch
72-76's, 6%c.; 39-inch 68-72's, 5%e.; 3834-inch 64-60's,
4% "to 4%c.; 383^-inch 60-48's, 4^c.
finished
Goods—Trading in men's wear fabrics continued
chiefly affected by heavy Government buying for de¬
fense purposes, with prices following a stiffening trend and
with
mill
operations in general reported at peak levels.
While clothing manufacturers in view of the slackening pace
of distribution in consuming channels, maintained their
cautious attitude, it was believed that further covering of
Woolen
to be
fall requirements would not be delayed much longer as grow¬
ing industrial employment figures are foreshadowing ma¬
terially increased sales in the early fall months.
Reports
from retail clothing centers made a spotty showing, mainly as
a result of unseasonal weather conditions prevailing in im¬
Business in women's wear
improved perceptibly and prices revealed a firmer
trend predicated on a larger influx of orders by garment
manufacturers, in view of the satisfactory response to the new
portant sections of the country.
fabrics
fall collections.
Foreign Dry Goods—Trading in linens was quiet as sea¬
as well as the continued disturbed situation in
sonal factors
the
foreign supply centers served to further impede trans¬
Business in burlap bore a nervous character, with
the market closely following the rapid fluctuations in Cal¬
cutta, where rumors of alleged Government price control
plans proved an unsettling factor.
Domestically lightweights
were quoted at 5.20c., heavies at 7.35c.
actions.
Volume
The Commercial & Financial Chronicle
ISO
.
In fr^png the new rates the City Council
sions
and
Specialists in
of the
borough
City Charter.
,_
acted under mandatory provi¬
following tabulation shows
,
$100
per
$2.98
.13
.15
2.99
2.84
-
2.84
,2.84
—
.31
3.15
.16
2.99
.
_____
___•
2.96
,
,
In the cases of the Bronx and
Richmond the total rates are less than the
of the basic and local rates
because of the method of dealing with
sums
fractions in the local rates.
City Relief Taxes Passed by Council—The City Council*
a
lengthy session held on June 24, finally adopted the
after
314 N. Broadway
ST.
basis
Total Rate
2.84
Brooklyn..
Founded 1890
WIRE
new
Rate per $100
$0.15
$2.84
___
gronx---
Stifel.Nicolaus & Cojnc.
DIRECT
the
Local Assessment
$100
per
.
Manhattan
Queens.
Richmond
CHICAGO
The
rates:
Basic Rote
Illinois & Missouri Bonds
105 W. Adams St.
4159
LOUIS
emergency relief taxes
to
take
care
of welfare relief from
July, 1940, to July, 1941.
The taxes included the general
business tax, the two cents sales
tax, the conduit tax, the
utilities tax and
tax was the
Colorado—Flan to Tax Intangibles Goes on Ballot—A
proposed constitutional amendment to place a tax of not less
than $5 on each $1,000 worth of intangible
property within
the State was assured first place on the November ballot,
according to the Denver "Rocky Mountain News" of June 20.
The
pensions, aid to dependent children and aid
on
June 21
,
explain his attitude.
Ohio—Legislature
Adjourns—After one of the shortest
record, the State Legislature adjourned on June
20, completing enactment of the entire program recommended,
sessions
on
by Gov. John W. Bricker.
The major items in the
program were:
Separation of the Presidential and State ballots, so that another Demo¬
landslide nationally would not effect State and
county candidates
through straight ticket voting.
Appropriation of $1,400,000 for poor relief, to make"the State's share
of poor relief costs during the last six months of 1939
equai to 50% of the
total expenditures.
Increase in the maximum old age pensions from $3 to
$40 a month,e
cratic
Approximately $26,000,000 in 1938 and 1939 taxes, some of which has
Payment by the utilities has been
been paid, is involved in the litigation.
held up by the dispute.
hinges on the method of assessment to be used in determining
of various municipalities in the levies—the valuations of local
those of State Tax Commissioner J. H. Thayer Martin.
or
effective next Jan.
The
legislature transferred the assessment power from local assessors to
The courts ruled the legislation unconstitutional.
After the legislature passed two 1940 laws
validating Mr. Martin's
Mr.
,
The Mayor then appeared at the meeting and made a
direct appeal to
the members not to reduce the tax rate from 2.84 to 2.82.
He said that
as a matter of fact the Council had no
power to make the change and under
the charter it must fix the rate as it did
previously at 2.84 based on the
total valuation of real estate and budget as stated
by the Comptroller.
New Jersey—Supreme Court Rules
Against Cities in Tax
Case—Jersey City and Hoboken failed in the Supreme Court
to obtain an order requiring
payment of millions of dollars
in gross receipts and franchise taxes by
public utility cor¬
porations under a system favorable to them, according to
an Associated Press dispatch out of Trenton on June 26.
case
adopted
!■
The Council was ready to take this action in
spite of a letter sent to the
Council by the Mayor saying that the tax must be based on
the figures
submitted by the Comptroller.
To avert the proposed cut in the tax rate
going into effect and thus threatening the case going to the
courts, the
Mayor finally requested permission to appear before the Council and to
Intangible personal property up to $3,000, insurance policies and noninterest bearing accounts receivable would be exempted from the tax.
The proposed amendment provides that the actual amount of the tax be
fixed by the General Assembly, but specifies that it cannot be less than
five mills ($5 per $1,000) nor more than 10 mills for each
$1,000 of actual
intangible personal property valuation.
The
place of the personal property tax.
calculated by the City Collector to produce a revenue
are
he thought 2.82 was sufficient.
as
to the blind.
assessors
tax takes the
$72,000,000.
new tax
Secretary of State George E. Saunders petitions bearing 46,174
names.
This is 10,000 more than required to place a proposed amendment
on the ballot.
Primary purpose of the tax, they said, would be to insure minimum sub¬
sistence budgets for Colorado needy.
Any additional money would go to
the shares
new
one
Previous to action on these taxes the Council had
decided to change the
basic tax rate from 2.84 to 2.82 in view of a statement
by the Mayor
that he had been surprised that a 2.84 tax had been
Leaders of the National Annuity League, old
age pension organization,
as
new
only
The five taxes
of over
filed with
other welfare activities such
a
use
emergency tax.
The new use
that created some diversion of sentiment
as it was amended to
provide that the purchase of raw ma¬
terials used by manufacturers here should be
exempt, al¬
though the'city administration was opposed to the change.
News Items
Appropriation of
applicants now
Martin.
for
1.
an
Public Works
assessments for
1938 and 1939 and two others establishing his method for
future use, Jersey City and Hoboken won a Supreme Court decision that
the validating acts were unconstitutional.
additional $10,000,000 for old
on the
age pensions to
provid
waiting list.
Administration—Building Program Nearly
Completed—The following is the text of a press release made
public by the above named Federal agency on June 16:
Legislature Adopts Appropriation Bill—The State Legislarearly on June 25 approved a general appropriations bill
providing for expenditure of $39,111,938 for the 1940-41
fiscal year.
The Assembly also approved the highway appro¬
priation measure calling for expenditure of $44,931,000.
The highway bill passed the Senate
recently.
The
ture
gigantic task of rebuilding America charged to the Public Works
Administration
ago
is practically complete.
Reporting to
Federal Works Administrator John M. Carmody, the
Acting Commissioner
of Public Works, Colonel E. W. Clark advised that
16,136 out of a total of
seven
years
16,648 non-Federal projects have been completed and
still under construction and
nine has not
been
started.
because
■
of
are
in use—503
legal proceedings construction
;;V
•;?
are
on
v-'>^
Seven years ago on June
16, 1933, President Roosevelt signed legislation
creating the Federal Emergency Administration of Public Works to pro¬
vide jobs, to stimulate business, to increase the national
purchasing power
and to help fulfill the needs of the people for permanent and useful
public
The general appropriation bill is $758,000 lower than the original measure
by the Appropriations Committee and $123,000 less than last
introduced
The original figure was cut by a special committee composed
Stanger of Cumberland and Assemblyman Kerner of Union.
Declaring it would have been impossible to reduce the bill more, Senator
Stanger said that all but $8,500,000 in the budget provides for fixed charges
year's bill.
of Senator
and salaries.
During its seven years PWA has allotted $2,317,782,736 toward the
estimated construction cost of $4,211,160,449 for the 16,648 non-Federal
In addition, $1,775,542,395 of PWA funds have been allocated
to various departments and agencies of the Government for the
construction
of 17,820 Federal projects.
This makes a total of 34,468 projects financed
projects.
To reduce this more, he said, would require drastic cuts in
institutional
appropriations.
According to Senator Stanger, the measure provides about $10,000,000
aid to counties and municipali its, more than $3,100,000 for
debt
service, and $3,384,000 for the Teachers' Pension and Annutity Fund.
He said $15,000,000 is for salaries.
The higway measure provides $9,182,000 for debt service, $9,570,000 in
aid to counties and municipalities, and $14,638,900 for new construction.
The remainder will be used for administration,
maintenance, highway light¬
ing, and to finance the departments operating on motor vehicle revenues.
in
in
structed
New York, N. Y.—
City Tax Rate Set at $2.84, New High
city's basic tax rate on real estate for the fiscal
year ending June 30, 1941, was fixed by the City Council
on June 21 at $2.84 per $100 of assessed valuation.
The
new rate,
two points higher than the $2.82 rate for the
current fiscal year, is the highest in the city's history to date:
The Council also fixed the following borough rates, computed
by adding
improvement assessments to the basic figure for the city:
Manhattan, $2,98, up 3 cents from 1939-40; Bronx, $2.96, up 4 cents:
Brooklyn, $2.99, up 4 cents; Queens, $3.15, up 11 cents, and Richmond,
$2.99, up 4 cents.
of
the
basic
caused surprise and disappointment
had confidently expected that the 1940figure of $2.82.
Leaders of the
Democratic majority in the City Council also voiced disappointment at
the rise in the basic rate and attributed it to failure by Mayor LaGuardia
and his administration to take proper account of the various factors
engering into the tax-rate situation.
An important factor contributing to the 2-point rise in the basic tax
rate was the dropping from the tax rolls of $83,000,000 of assessed valua¬
tions represented by properties once owned by B. M. T. system, but now
belonging to the city.
This change cut about $2,500,000 from the city's
annual real estate tax revenues.
Some $60,000,000 of assessed valuations
represented by Interborough-Manhattan properties taken over by the city
in the course of transit unification remains on the rolls, but will be
dropped
for the fiscal year 1941-42.
This property remains on the 1940-41 tax rolls
because the Interborough-Manhattan receiverships had set up tax reserves
for that year and those sums were turned over to the city as part of the
new
rate
current
2-point rise in
tax
the
basic tax rate
despite the fact that
Texas—County
The
Comptroller's figures indicated that
assessed
valuations
subject
taxation would be $361,146,185 less than for the current fiscal year.
Financial
Statistics
State has
or
utilized in
some
Compiled—The
phase
during
fifth
just been prepared by Garrett & Co., First Na¬
This booklet, first prepared
in 1936, has received much favorable comment because- it
summarizes important data on each county, such as up-todate figures on outstanding debt, assessed valuations, popu¬
lation, 1939 tax rates, tax collection trend, &c. We are ad-vised by P. B. (Jack) Garrett, President, that copies of
the 1940 edition will be sent upon request to the above firm.
tional Bank Building, Dallas.
budget for the current fiscal year.
The new rate was fixed on the recommendation of the Council's Finance
Committee, headed by Councilman Joseph E. Kinsley, Bronx Democrat.
In its report the Committee noted that the general fund for 1940-41 had
been estimated at $114,300,000 by Comptroller McGoldrick, leaving $466,748.834 of the total budget of $581,048,834 to be raised by real estate taxes.
the PWA is continued by the Congress
annual edition of financial statistics for the counties in the
the
came
wages.
engineers have been utilized.
During the past seven years PWA has been the largest single customer
of national industry.
Up until June 1, 1940 approximately $3,200,000,000
had been spent for materials for PWA projects.
In the production of raw
materials, transportation and fabrication for use on PWA projects addi¬
tional millions of men have been employed in mines, mills and forestsrailroads, navigation and truck lines.
A still further aid to national pur¬
chasing power has been the effect of the spending of PWA payrolls locally
in every section of the country.
In supplying consumers goods and services
in exchange for payrolls, huge benefits to industry in general have accrued.
Thousands of communities from small villages to N. Y. City, unable to;
round out civic improvement plans because of the depression now have
new schools,
hospitals, waterworks, sewage disposal plants—streets, city
halls, armories, community buildings, recreation centers, light plants and
libraries.
Counties and States have improved main and secondary high¬
ways, highway bridges, county and State buildings, institutions for the
blind, deaf, aged, homeless and insane.
The visible wealth of the Nation
has been increased by nearly $6,000,000,000.
Through the non-Federal program, PWA has, indirectly, been of value to
national defense in aiding in the construction of municipal airports, armories
and hospitals.
This is also true of arterial highways, channel rectification,
wharves, piers and docks.
Out of nearly $1,225,000,000 allocated to various
deUnfess
the
"budget of $581,048,834 is about $6,400,000 lower than
PWA
of the national defense program, it will be in process of liquidation
the fiscal year beginning July 1.
unification deal.
The
award, private contractors and builders have con¬
projects.
Thus millions of skilled and semi¬
given employment at constuction sites at pre¬
As of May 1, 1940 a total of $1,551,224,455 had been paid
Similarly the services of a great number of architects and
the
departments, close to $500,000,000| was allocated to the War, Navy and
Treasury Departments directly for projects in connection with the national
■
1940-41
contract
of
vailing wages.
out in
Mark—The
Publication
all
skilled workers have been
r
among real estate groups which
1941 rate would not exceed the
part or wholly by PWA costing a total of nearly $6,000,000,000.
PWA has operated, from the start, on the basis of
competitive
Since
bidding and
:
to
<
The Commercial & Financial Chronicle
4160
United
States—Housing Officials Turn Attention Toward
"Defense Housing"—Appointment of a committee on de¬
fense housing to advise local public housing agencies and the
Federal Government on emergency housing was announced
on
in the belief that the low-cost public housing
will soon have to fit part of its current plans into the building of
accommodations for expanded populations in war defense industry towns
and Army and Navy post communities, according to the Association.
In the latter connection, President Roosevelt has already approved the
first of a probable series of United States Housing Authority loans giving
$1,305,000 to the Montgomery Housing Authority and $643,000 to Pensacola, Fla., for dwelling units at army and naval air stations.
The "big, general problem," the Association noted in a bulletin to mem¬
bers, "is to start an energetic, flexible housing program closely geared to the
manufacturing, shipping and military phases of defense, without destroying
or perverting long-term housing objectives and purposes."
Although most of the direction and financing of the emergency housing
will come from the Federal Government, local housing authorities can
contribute valuable information already gathered on housing conditions,
site possibilities and other factors, it was pointed out.
Where local au¬
thorities have been established and are properly staffed, they should be
able to provide the complete machinery for construction and management.
"Coordination locally of housing efforts with other parts of the defense
program will demand more and more attention," the Association said.
"A
large-scale, high-geared defense program will affect directly not only housing
but schools, public health, public works and other local activities."
P* In 1917, when there were not local housing authorities, the Federal Gov¬
ernment had to create a Bureau of Industrial Housing and Transportation,
later the United States Housing Corporation, to supervise emergency hous¬
ing for war industries workers and others.
Appropriations totaling $150,000,000 were made to this agency in 1918.
Its program had to be under¬
taken on the basis of little more than quick survey information.
The National Association of Housing Officials' special committee is headed
by C. F. Palmer, Chairman of the Atlanta Housing Authority, and Presi¬
dent of the Association.
Other members are Edward Weinfeld, State
Commissioner of Housing, Division of Housing, New York; Miles Colean,
in charge of a special housing study for the Twentieth Century Fund and
until recently Assistant Administrator of the Federal Housing Administra¬
tion; Ernest J. Bohn. Executive Director, Cleveland Metropolitan Housing
Authority; and Carleton F. Sharpe, Community Manager of Greenhills,
29,
1940
Refunding bonds tendered in the amount of $12,868.80, and road district refunding bonds, series B, tendered in the amount
of $12,214.08, were not recommended for purchase.
•
•
De Vails Bluff Bridge
by the National Association of Housing Officials.
June 24
June
California Municipals
The Committee was set up
program
Ohio.
.
m
| '
Bond Proposals and Negotiations
ALABAMA
HOMEWOOD,
Ala.—BOND TENDERS ACCEPTED—In connection
the call for tenders of refunding bonds, it is reported by the First
National Bank of Birmingham that $6,000 general refunding, first series,
with
were
purchased
at
75.00, and $12,000 improvement refunding, second
$3,000 at 80.49, $3,000 at 80.99, $3,000
series, were purchased as follows:
BANKAMERICA COMPANY
Los Angeles
San Francisco
N§v> York Representative
V\'
Telephone WHltehall 3-3470
52 Wall St.
CALIFORNIA
CALIFORNIA, State of—WARRANT SALE—The following warrants
aggregating $4,283,658, offered for sale on June 24—V. 150, p. 4006—were
awarded to the Bank of America, National Trust & Savings Association of
San Francisco, at 2%, plus a premium of $5,611: $2,361,113 unemployment
relief and $1,922,545 general fund warrants. Dated June 27.1940. Due on
or about May 28,1941.
Legal approval by Orrick, Dahlquist, Neff & Her-
rington of San Francisco.
R. H. Moulton & Co. at $2,182 for 2s; Weeden &
Other bidders were:
Co., at $1,234 for 2s; and Kaiser & Co.. at $7,282 premium for 2&s.
DISTRICT OF SOUTHERN CALI¬
Los Angeles), Calif.—.ADDITIONAL INFORMATION—
METROPOLITAN
FORNIA (P.O.
WATER
In connection with the sale by the Reconstruction Finance Corporation of
the $20,088,000 4% interim certificates to the Bank of America National
Trust & Savings Association of San Francisco, as noted here on June 15—
V. 150, p. 3857—it is now reported that the certificates are in process of
being exchanged for an equal par value of 4% refunding bonds, dated
April 1,1940, which are due $588,000 in 1953 to 1988 incl.
RIVERSIDE
COUNTY
(P. O.
Riverside), Calif.—SCHOOL BOND
OFFERING—It is stated by G. A. Pequegnat, County Clerk, that he will
10 a. m. on July 1, for the purchase of $6,000
Edom School District bonds.
Interest rate is not to exceed 5%, payable
receive sealed bids until
Denom. $1,000.
Due $1,000 Aug. 1, 1943 to
Principal and interest payable in lawful money at the County
The bonds will be sold for cash only and at not less
than par and accrued interest to the date of delivery.
Enclose a certified
check for not less than 5% of the amount of the bonds bid for, payable to
the Chairman Board of Supervisors.
F-A.
Dated Aug. 1,1940.
1948.
Treasurer's office.
SAN BERNARDINO COUNTY (P. O. San Bernardino), Calif.—
BOND SALE—The $60,000 Redlands School District bonds
3858—were awarded to the Harris
Trust & Savings Bank of Chicago, as 1 *4b . paying a premium of $247. equal
to 100.411, a basis of about 1.67%.
Dated July 1, 1940.
Due $6,000
from July 1,1941 to 1950, inci.
SCHOOL
offered for sale on June 24—V. 150, p.
and $3,000 at 81.99
at 81.49,
HUNTSVILLE, Ala.—BOND SALE-^The $1,750,000 electric system
anticipation bonds offered for sale on June 20—V. 150, p. 3857—
were awarded to a syndicate composed of Smith, Barney & Co., Phelps,
Fenn & Co., both of New York, Marx & Co., Watkins, Morrow & Co., both
of Birmingham, and the Cumberland Securities Corp., of Nashville, at a
price of 100.02, a net interest cost of about 2.89%, on the bonds divided as
follows:
$850,000 bonds maturing on July 1, $75,000 in 1943, $77,000 in
1944, $79,000 in 1945. $81,000 in 1946, $83,000 in 1947, $85,000 in 1948,
$88,000 in 1949, $91,000 in 1950, $94,000 in 1951, and $97,000 in 1952, as
2Hb, $774,000 maturing July 1, $100,000 in 1953, $103,000 in 1954, $107,000 in 1955, $110,000 in 1956, $114,000 in 1957. $118,000 in 1958, and $122.000 in 1959. as 3s, J-J, and $126,000 maturing July 1, 1960, as 2Hb.
COLORADO
W
revenue
MOBILE, Ala.—BONDS SOLD—The following refunding revenue bonds
aggregating $1,093,000, which had been scheduled for sale on July 8—
V. 150, p. 4006—were awarded on June 27 to a syndicate headed by the
First National Bank of Birmingham, as 3s at par:
$421,000 Alabama State Docks port facilities, 1940 bonds.
Due Feb. 1,
as follows: $12,000 in 1941 and 1942, $13,000 in 1943, $17,000 in
1944, $18,000 in 1945 to 1947, $19,000 in 1948, $21,000 in 1949
and 1950. $22,000 in 1951 and 1952: $23,000 in 1953, $24,000 in
1954 to 1956, $28,000 in 1957 to 1959, and $29,000 in 1960.
Int.
payable Feb. and Aug. 1.
Issued for the purpose of refunding
a like amount of "Mobile Port Facilities
Revenue Anticipation
bonds, 1938," which latter bonds were issued for the purpose of
financing the construction and equipment of a dock, transit shed,
pier, slip and facilities and equipment incident thereto.
472,000 Motile State Docks cold storage, 1939 bonds.
Due Dec. 1, as
follows: $13,000 in 1940, $14,000 in 1941, $15,000 in 1942, $20,000
in 1943 to 1946, $22,000 in 1947 and 1948, $24,000in 1949, $25,000
in 1950 and 1951, $26,000 in 1952 and 1953, $27,000 in 1954,
$28,000 in 1955, $30,000 in 1956, $31,000 in 1957, and $32,000 in
1958 and 1959.
Interest payable June and Dec. 1.
Issued for
the purpose of refunding a like amount of "4% Dock and Cold
Storage Plant Revenue Bonds," which latter bonds were issued
for the purpose of financing the construction of a cold storage
plant, fruit shed, dock and incidental equipment and facilities.
00,000 Mobile State Docks extension bonds.
Due Dec. 1 as follows:
$6,000 In 1940, $7,000 in 1941 to 1944, $9,000 in 1945 to 1950,
$10,000 in 1951 and 1952, $11,000 in 1953, $12,000 in 1954 and
1955, $13,000 in 1956, $14,000 in 1957 and $15,000 in 1958 and
1959.
Interest payable June and Dec. 1.
Issued for the pur¬
pose of refunding a like amount of "City of Mobile, State Docks
'Extension Revenue Bonds," which bonds were issued for the
purpose of financing the construction and equipment of a dock
and shed for the handling, storage, weighing and transhipping of
bulk fertilizer materials and bulk chemicals, together with in¬
Colo.—BONDS SOLD—The following letter was sent to
us by Sidlo, Simons, Roberts & Co. of Denver, on June 20:
We wish to report that on June 17 the account of Sidlo, Simons, Roberts &
Co. and J. K. Mullen Investment Co. bought $50,000 La Junta, Colo.,
funding bonds paying a premium of 100.33 for bonds bearing an interest
rate of 2.60%.
The maturities of these bonds are $5,000 each year 1945
to 1954* inclusive.
LA JUNTA,
CONNECTICUT
CONNECTICUT (State of)—AUTHORIZES ISSUANCE OF BRIDGE
BONDS—Norman H. Judd, Deputy State Treasurer, reports that the
Hartford Bridge Commission, having estimated that cost of the proposed
Hartford Toll Bridge would not exceed $4,400,000, was authorized by
Governor Baldwin recently to issue bonds in that amount and to proceed
The commission is empowered to issue not
$7,000,000 bonds under a bill signed by the Governor last
The Deputy Treasurer also took occasion to advise that no action
has been taken in connection with the $8,500,000 Groton-New London
with construct on of the span.
than
more
January.
Toll
Bridge
bond issue which was similarly authorized in a bill signed by
the Governor in January
HARTFORD,
Conn.—BOND
OFFERING—George
H.
Gabb,
City
Treasurer, will receive sealed bids until 11 a. m. (EST) on July 1 for the
purchaseof $1,750,000 coupon, not registerable, bonds, divided as follows:
$750,000 public works bonds, series D, general obligations.
annually on May 1 from 1941 to 1955 incl.
1,000,000 refunding bonds, series F, general obligations.
annually on May 1 from 1941 to 1950 incl.
Due $50,000
_
Due $100,000
All of the bonds will be dated May 1, 1940.
Denom. $1,000.
Bidder
a single rate of interest, expressed in a multiple of l-10th of 1%.
Principal and interest (M-N) payable at the City Treasurer's office.
The
bonds are authorized by the Court of Common Council under the City
Charter, the provisions of which direct, authorize and obligate the city
to raise sufficient funds to meet the annual maturities by direct taxation.
Bonds are free from present Federal income taxes, and, by Act of the
General Assembly, are exempt from taxation in the State of Connecticut.
A certified check for 2% of the bonds bid for. payable to order of the City
Treasurer, is required.
Legal opinion of Storey, Thorndike, Palmer &
Dodge of Boston will be furnished the successful bidder.
Payment for
and delivery of bonds to be made July 11,1940, at City Treasurer's office,
or at such other time and place as the successful bidder and the city may
to name
agree upon.
sealed tenders until July 12, at noon
(ODST), for the purchase of public improvement refunding l%-5% bonds,
Sept. 1, 1966, sufficient to exhaust a sinking fund
deposit of $14,933.42, public improvement refunding l%-5% bonds,
hospital refunding 3%-5% bonds, and general refunding l%-5% bonds, all
dated Sept. 1, 1936, due Sept. 1, 1966, sufficient to exhaust a sinking fund
DISTRICT (P. O. HartA. Goodwin, Chairman of
(EST) on July 8
for the purchase of $1,000,000 not to exceed 6 % interest coupon or registered
East Branch additional water supply bonds.
Dated July 15,1940. Denom.
$1,000.
Due $25,000 annually on July 15 from 1941 to 1980, incl.
Bidder
to name a single rate of interest, expressed in a multiple of
of 1 %. Prin.
and int. (J-J) payable at the District Treasurer's office in Hartford.
These
bonds are authorized by a special Act of the General Assembly of the State,
entitled "An Act Creating a Metropolitan District within the County of
Hartford," passed at its January session, 1929, and approved May 13,1929,
as amended
by an Act entitled "An Act Amending an Act Creating a
Metropolitan District within the County of Hartford," approved April 30,
1931, as further amended by an Act entitled "An Act Amending an Act
Creating a Metropolitan District within the County of Hartford," ap¬
proved May 9, 1939, and of an Act of the General Assembly entitled "An
Act Increasing the Powers of the Metropolitan District, Respecting Water,"
passed at its January session, 1931, and approved May 20, 1931, and by
deposit of $7,995.55, and hospital refunding 3%-5% bonds, dated Sept. 1,
1936, due Sept. 1, 1966, sufficient to exhaust a sinking fund deposit of
and
cidental facilities.
All of the bonds are subject to registration as to prin¬
cipal and are subject to prior redemption at a redemption premium of 7%
for the first five years after the date of the bonds and a premium of 5 % after
Denom. $1,000.
the first five years.
flAssociated with the above named bank in the purchase were: First Na¬
Bank of Montgomery: the First National Bank of Mobile; Ward,
Sterne & Co. of Birmingham, and Shropshire & Co. of Mobile.
tional
F»TUSCUMBIA, Ala.—BOND TENDERS INVITED—It is stated by the
First National Bank of Birmingham, sinking fund agent and depository for
the above city, that it will receive
dated Sept. 1, 1936, due
$2,710.95.
KAI1 tenders must state the time and place of delivery and the place of
delivery must be at the above-mentioned bank or at the Chemical Bank &
Trust Co., New York.
All tenders must specify the numbers of the bonds
Any tender may stipulate it is for the purchase of all or none
of the bonds tendered.
Enclose a certified check for 1 % of the face amount
tendered.
of the bonds tendered.
ARKANSAS
(State of)—BONDS TO BE PURCHASED—In connec¬
of bonds and certificates, it is stated by Charles
T. Ryan, Supervisor of the Bond Refunding Board, that he has recom¬
mended to the Board the purchase of $475,370.29 at $473,988.28.
Poten¬
ARKANSAS
tial ipurchasers divided by classifications are as follows: highway refunding
bonds, series *
par value $262,000, top price 101.25; highway refunding
bonds, series B, par value $85,619.66, top price 100.87; toll bridge refund¬
ing bonds, series A, par value $11,000, top price 101.25; toll bridge refund¬
ing bonds, series B, par value $15,961.26, top price 100.87; road district
refunding bonds, series A, $98,500, top price 96.50; certificates of indebted¬
ness, $2,289.37, top price par.
Conn.—BOND OFFERING—Charles
District Commission, will receive sealed bids until 11 a. m.
vote of the District Board
are
passed at a meeting duly warned on July 1,1940,
of providing funds for defraying the cost of
issued for the purpose
constructing a dam with appurtenant works on the East Branch of the
Farmington River in Barkhamsted, to form a water storage reservoir,
including cost of compensation and of acquiring land and rights and of
constructing highways, a connecting pipe line from said reservoir to the
filter station at West Hartford with connecting pipe lines to the present
reservoir,
a
balancing or equalizing reservoir for storage in
the vicinity of
Hartford with connections therefrom to the present water system, and an
tion with the call for tenders
,
HARTFORD COUNTY METRPOLITAN
ford),
The legality of this issue will be passed
upon by Storey, Thorndike, Palmer & Dodge of Boston, and the pur¬
chaser will be furnished with their opinion without charge.
Payment in
full must be made by certified check covering the amount of the bid plus
accrued interest on the face value of the bonds bid for from July 15, 1940,
to date of delivery, and bonds will be delivered on or aboutUuly 15, 1940,
at the office of the District Treasurer.
It is requested thaf bidslbe made
on the basis of $100 and accrued interest.
Proposals must be accom¬
panied by certified check, payable to the order of the District Treasurer
for 2% of the face value of the bonds bid for.
addition to the filtration plant.
WEST
HAVEN,
Conn.—BONDS AUTHORIZED—At the June 19
2H% funding and improvement bonds
town meeting an issue of $180,000
was
authorized.
Volume
The Commercial & Financial Chronicle
150
FLORIDA
DADE COUNTY (P. O. Miami) Fla.—DISCUSSION ON RESULT OF
BOND VOTING—In connection with the report carried here to the effect
that the vote held on May 28 had resulted in the defeat of bonds aggregating
$5,630,000—V. 150, p. 3695—the following report on the complications
which have arisen subsequent to this election is taken from the June
issued by A. B. Morrison & Co. of Miami:
bulletin
■
Both the Board of County Commissioners of Dade County and the
Board of Public Instruction declared the recent bond issues for the county
and school districts
respectively were carried. This was in spite of the fact
% of the registered freeholders did not vote on the issues as required
by law.
Those who did vote were overwhelmingly in favor of the bonds.
The argument advanced to show these issues carried was ingenious to say
the least.
The election was held at the same time as the second primary.
Both boards held that while 51 % of the registered freeholders did not vote
for the bonds, more than 51% did pass through the voting booths, (as
shown by the primary vote), and that therefore 51 % of the registered free¬
holders actually were present at the election and could have voted if they
had wanted to. The Florida Supreme Court may hold this argument valid,
but we would like to have seen a clean-cut total for and against the issues,
of at least 51 %. No sale date for the bonds has yet been set and probably
won't be until the Supreme Court acts.
that 51
DAYTONA BEACH, Fla.—BOND TENDERS ACCEPTED—In con¬
with the call for tenders of city refunding bonds, issue of 1936,
series A, B, C, and D, and city interest refunding bonds, issue of 1936,
series A, B, C and D, it is stated by the Chairman of the City Debt Service
nection
Commission, that $33,100 bonds
ORANGE
COUNTY
were
SPECIAL
purchased at prices averaging 95.05.
TAX
4161
Bidder—
Continental
DISTRICT
SCHOOL
NO.
4
'
Rate Bid
,
Illinois National Bank & Trust Co., First National
Bank of Chicago, Harris Trust & Savings Bank, Nortnern Trust
Co. of Chicago, City National Bank & Trust Co., Chicago, and the
American National Bank & Trust Co., Chicago
102.03
Harriman Ripley & Co., Inc., Blyth & Co., First Boston Corp.,
Lazard Freres & Co., Illinois Co. of Chicago, Mercantile-Com¬
merce Bank & Trust Co. and associates
x —101.719
Chase National Bank of New York, Bankers Trust Co. of New
York, A. C. Allyn & Co., Inc., Union Securities Corp., Goldman,
Sachs & Co., City National Bank & Trust Co., Kansas City, Paul
H. Davis & Co. and the Union Trust Co. of Indianapolis
101.119
National City Bank of New York, Smith, Barney & Co., Kidder,
Peabody & Co., R. W. Pressprich & Co., Roosevelt & Weigold,
Inc., Graham, Parsons & Co., A. S. Huyck & Co. and G. M.-P.
Murphy & Co
..
101.109
Haisey, Stuart & Co., Incu, Blair & Co., Inc., E. H. Rollins & Sons,
Inc., F. S Moseley & Co., Shields & Co., Darby & Co., Inc.,
Central Republic Co., Chicago, and associates .................101.048
_
,
COOK COUNTY FOREST PRESERVE DISTRICT (P. O. Chicago^
111.—TO SELL $2,000,000 BONDS—Additional borrowing by the Forest
District of Cook County for the purpose of acquiring further
acreage under land legislation signed by Governor Horner last week was
authorized by the board of commissioners of Cook County the past week,
The county board also acts in a similar capacity for the forest preserve
.
Preserve
district.
Bids are to be invited from bankers on a new issue of bonds amounting
$2,000,000, to be opened at the next meeting of the board on July 18.
Maturities of the new bonds have not been determined definitely yet,
to
but it is regarded probable that they will run for five to 20 years.
(P. O. Orlando) Fla .—BOND SALE— The $38,000 4% semi-ann. school
on June 24—V.
150, p. 4006—were awarded to the
Approximately $11,000,000 of forest preserve bonds are outstanding at
present, but some of the $400,000 series J 4Hs are scheduled to mature on
Florida
July 15.
bonds offered for sale
Bank
of
Winter
Park,
paying a premium of $178.60, equal to
100.462, a basis of about 3.96%, according to the Secretary of the Board of
Public Instruction. Dated June 1, 1940. Due on June 1 in 1943 to 1967.
PENSACOLA,
Fla.—CERTIFICATE
SALE—The
$108,000
issue o
water revenue of 1940 certificates offered for sale on June 24—V
150, p.
3858—was awarded to a syndicate composed of Stubbs, Smith & Lombardo,
of Birmingham; R. K. Webster & Co., of New York, and Shropshire & Co.,
of Mobile, as 3s, paying a premium of $853.20, equal to 100.79, a net interest
cost of about 2.87% .
Dated July1,1940.
Due on July 1 in 1941 to 1951.
POLK
COUNTY SPECIAL ROAD AND BRIDGE DISTRICTS
Bartow), Fla.:—BOND SALE—'The following refunding, issue of
(P. O.
LASALLE, 111.—BOND SALE—An issue of $25,000 swimming pool
construction bonds
was
purchased recently by O. W. McNear & Co. of
Chicago.
McLEANSBORO TOWNSHIP SCHOOL DISTRICT No. 58 (P. O.
McLeansboro), 111.—BOND SALE NOT CONSUMMATED—The sale
in May of $23,000
3^ % construction bonds to Vieth, Duncan & Wood of
Davenport, and the Municipal Bond Corp. of Chicago, jointly, at $100.51—
3544—was not consummated, as the voters rejected the issue at an elec¬
tion
on
June 15.
RANDOLPH
COUNTY ROAD DISTRICT NO. 9 (P. O. Evansville), 111.—PURCHASER—The $45,000 3% road bonds awarded June 13
1938 bonds aggregating $16,000, offered for sale on June 21 —V. 150, p.
3858—were purchased by the First State Bank of Fort Meade, at par;
at a
$10,000 5J4% Special Road and Bridge District No. 10 bonds.
were
Due
on
Jan. Tin 1948 and 1949.
6,000 5H% Special Road and Bridge District No. 15 bonds.
Due on
Jan. 1 in 1948 and 1949.
The following refunding, ssue of 1938 bonds offered at the same time,
were awarded to S. P. James of Bartow, at a price of 100.10:
$5,000 5M%
Special Road and Bridge District No. 12 bonds.
Jan. 1 in 1946 and 1947.
2,000 5% Snecial Road and Bridge District No. 14 bonds. Due
in 1946.
6,000 5M% Special Road and
Jan. 1 in 1948 and 1949.
Bridge
District
No.
15
Due
on
bonds.
on
Jan. 1
Due
INDIANA
CLARK TOWNSHIP (P. O. Ladoga), Ind.—BOND OFFERING—
Norman L. Himes, Trustee, will receive sealed bids until 2:30 p.m. (CST)
on July 12 for the purchase of
$45,000 not to exceed 43^% interest bonds,
divided as follows;
All of the bonds will be dated June 1, 1940.
Denom. $500.
Bidder to
single rate of interest, expressed in a multiple of H of 1 %.
Interest
The school township bonds are payable out of unlimited ad valorem
taxes to be levied on all of its taxable property; the civil township bonds
are payable out of unlimited ad valorem taxes to be levied on all of its tax¬
able property.
Legal opinion of Matson, Ross, McCord & Ice of Inname a
Gk,—BOND
ELECTION—U is reported that at the
primary election to be held on Sept. 11, the voters will pass on the issuance
of the following bonds aggregating $370,000: $200,000 auditorium; $90,000
sewer; $50,000 hospital, and $30,000 paving bonds.
t
e
J-J.
GRIFFIN, Ga.—BONDS VOTED—At the election held on June 15 the
voters approved the issuance of the $90,000 school improvement bonds,
according to report.
dianapolis will be furnished the successful bidder.
EAST
Speer
&
Sons
Co.
as
-.
INDIANAPOLIS SCHOOL
In accordance with custom for which there
subsequently upheld by the United States
'
CHICAGO SANITARY DISTRICT, III.—BOND SALE—The issue of
$5,000,000 88th issue sewage treatment construction bonds offered June
27—V. 150, p. 4007—was awarded to a syndicate composed of John Nuveen
& Co., Chicago, Equitable Securities Corp., New York, E. W. Clark & Co.,
Philadelphia, R. S. Dickson & Co., Charlotte, Kaiser & Co., San Francisco,
White-Phillips Corp., Davenport, Breed & Harrison, Inc., Cincinnati,
Fahey, Clark & Co. and the First Cleveland Corp., both of Cleveland,
Ryan, Sutherland & Co., Toledo, Blair, Bonner & Co., Chicago, Edward
Co., Philadelphia, Knight, Dickinson & Kelly, Inc.,
Chicago, Kalman & Co., Minneapolis, H. C. Speer & Sons Co. and Alfred
O'Gara & Co., both of Chicago, Baum, Bernheimer & Co., Kansas City.
Daniel F. Rice & Co.,Chicago, Robinson-Humphrey Co..Atlanta, McDougal
& Condon, Chicago, J. M. Daln & Co., Minneapolis, Widmann & Holzman
of Cincinnati, and H. V.
Sattley & Co., Inc., Detroit.
This group named
an interest rate of 2H % and paid par plus a premium of $107,350.51,
equal
to 102.147, a basis of about 2.27%.
Dated July 1, 1940 and due July 1,
1960.
Optional at the rate of $250,000 each year on July 1 from 1941 to
Lowber
Stokes
INDIANAPOLIS SCHOOL CITY, Ind.—BOND SALE—'The $50 00
series E refunding bonds offered June 25—V. 150, p. 3696—wera
to Haisey, Stuart & Co., Inc., Chicago, as l?4s, at par plus
premium of $335, equal to 100.67, a basis of about 1.68%.
Dated .Tune 29*
1940 and due $5,000 on April 1 in 1942,1944, 1946, 1948, 1950, 1952, 1954,
1956. 1958 and 1960.
Second high bid of 100.591 for l»As was made by
John Nuveen & Co. of Chicago.
coupon
awarded
OSGOOD, Ind.—BOND SALE—McNurlen & Huncilman of Indianap¬
olis, and the Ripley County Bank of Osgood, jointly, purchased an issue
$47,000 3waterworks revenue bonds at par.
Dated Jan. 1, 1940.
Due Jan. 1, 1965.
Legal opinion of Matson, Ross, McCord & Ice of
of
Indianapolis.
UNION COUNTY (P. O. Liberty), Ind.—BOOT SALE—The $2,5.00
4lA% Hanna's Creek Dry Ford construction bonds offered June 22—
V. 150, p 3696—were awarded to the Merchants' National Bank of Indi¬
anapolis.
Dated Jan. 1, 1940 and due $500 on Jan. 1 from 1942 to 1946,
inclusive.
UNION TOWNSHIP SCHOOL TOWNSHIP (P. O. Deedsville), Ind.
$16,300 budding bonds offerpd June 17—V. 150,
—BOND SALE—'The
3544—were awarded to the Peru Trust Co. of Peru, as 2s. at par plus a
premium of $50, equal to 100.30, a basis of about 1.995%. Dated May 25,
1940 and due as follows:
$550 July 1, 1941; $550 Jan. 1 and July 1 from
1942 to 1953, incl.; $1,100 Jan. 1 and $550 July 1, 1954; $900 Jan. 1, 1955.
Otner bids;
p.
Int. Rale
Bidder—
City Securities Corp........
BONDS PUBLICLY OFFERED—John Nuveen & Co. of Caicago and
re-offered the bonds to yield from 0.50% to 2.50%, according
associates
optional maturities.
bids for the issue, all of which named
Other
—.............
First Bank & Trust Co. of South Bend.......
Premium
2H%
4%
$179.00
158.24
IOWA
ARCADIA, Iowa—BOND OFFERING—It Is stated by M. C. Mohr,
Town Clerk, that he will receive bids until July 8, at 7:30 p. m., for the
purchase of $4,850 water system bonds.
Denom. $500, one for $850. Due
on July 1 as follows:
$500 in 1942 to 1949, and $850 in 1950. These bonds
are being offered subject to an election to be held on June 27.
CLIVE INDEPENDENT SCHOOL DISTRICT (P. O. Clive), Iowa—
Board of Directors
25—V. 150, p. 4007—were
BONDS NOT SOLD—It is stated by the Secretary of the
1960 incl.
to
,
group
&
-ollows:
CITY, Ind .—NOTE SALE—The $425,000
150, p. 4007—was awarded to
composed of the Union Trust Co., Indiana National Bank, Mer¬
chants National Bank, Indiana Trust Co. and the American National Bank,
all of Indianapolis, at 0.425% interest, at par plus a premium of $15.49.
Dated not later than June 29, 1940 and due Dec. 31, 1940.
The City
Securities Corp. of Indianapolis and Albert McCann Securities Co. of South
Bend, each named a rate of 0.625%, with the former bidding a premium
of $56 and the latter $42.
a
legal basis the Board paid off the 1929 warrants on a numerical
a pro-rata basis and there are still about $10,000,000 outstand¬
ing which remain unpaid.
To force payment some holders brought suit
in the United States District Court here and obtained
judgment against the
was
Ind.—LOAN OFFERING
temporary loan issue offered June 25—V.
no
such judgments the State Legislature in 1937 passed special
legislation designed to authorize the Board of Education to fund such judg¬
ments with a 20-year bond issue.
The present
suit was brought by Frank C. Leviton, a taxpayer, to
restrain the Board of Education from issuing the judgment funding bonds
under the 1937 legislation.
In answer the Board of Education in the Circuit
Court of Cook County filed a motion to dismiss the Leviton petition which
the Circuit Court sustained.
Upon appeal the Illinois Supreme Court
reversed and remanded the Circuit Court's dismissal of the suit,
thereby
making it go to trial.
Discussing the U. S. Circuit Court of Appeals decision wherein they
upheld the judgments some of the warrant holders obtained against the
Board of Education, Justice Gunn of the Illinois Supreme Court said:
"As we read this decision no accounting is required from anything except
the 1929 school taxes as collected.
The ultimate relief depends upon the
accounting.
"A tax anticipation warrant is simply an assignment of tax money which
directs the treasurer to pay holder.
We have repeatedly held no debt is
created by an anticipation warrant and after delivery there is no future
obligation upon it either absolute or contingent to pay out of anything
except the levy anticipated when collected."
1,180.00
City Comptroller, will receive sealed bids until 11 a.m.
July 12 for the purchase of a $100,000 not to exceed 6% interest tem¬
porary loan.
Dated July 12, 1940 and due Nov. 14, 1940.
Interest pay¬
able at maturity.
Payable to bearer at the County Treasurer's office or
at one of the authorized depositaries in the City of Indianapolis.
The
notes or warrants shall import no personal obligation for their payment
and shall be payable only out of taxes actually levied and now in process
of collection pursuant to State law providing for creation of sanitary districts
the total outstanding
pay
..........
......... .....
INDIANAPOLIS SANITARY DISTRICT,
rather than
To
...
on
The Board of Education issued about $63,000,000 of 1929 tax anticipation
against a tax levy which was pared to $66,000,000.
As tax collec¬
were slow and interest for several years accumulated on the unpaid
Board of Education which
Circuit Court of Appeals.
1,275.00
1,221.50
....
—James E. Deery,
tions
warrants and interest thereon.
i
Union National Bank.................
warrants
pay
$1,495.86
.............
McNurlen & Huncilman
John Nuveen & Co.
CHICAGO SCHOOL DISTRICT, III.—STATE SUPREME COURT
BLOCKS $10,000,000 FUNDING ISSUE—Issuance of judgment funding
bonds by the Board of Education of the City of Chicago to pay the judg¬
ments obtained by holders of that body's unpaid 1929 tax anticipation
warrants has been blocked by a decision of the Supreme Court of Illinois.
A rehearing of the case Frank C. Leviton versus the Board of Education
will be asked on behalf of the warrant holders.
existed
Premium
Seasongood & Mayer.
COUNTY SCHOOL DISTRICT NO. 33 (P. O. Poplar
Grove), 111.—BOND SALE—The $15,900 school house addition and
improvement bonds offered June 21—V. 150, p. 3858—were awarded to the
Channer Securities Co. of Chicago. Dated May 1, 1940 and due May 1 as
follows: $500 in 1944; $1,000 from 1945 to 1958 incl. and $1,400 in 1959.
BOONE
levy became insufficient to
Chicago
follows;
Bidder
udgment funding bonds.—V. 150, p. 4007.
tax
Ind.—BOND SALE—The $84,000 East
bonds offered June 24—V. 150, p. 3858—were awarded to
Bank of East Chicago, as 3s, at par plus a premium of
$1,537.20, equal to 101.83, a basis of about 2.84%. Dated July 1, 1940 and
due $3,000 on Jan. 1 from 1942 to 1969 incl.
Other bids, also for 3s, were
ILLINOIS
BERWYN, 111.—TO EXERCISE OPTION—H. C.
the
CHICAGO,
Park District
the First National
of Chicago exercised their option to purchase as 3s at par an issue of $646,000
warrants
150, p. 3858,
$22,500 school township school bldg. bonds. Due as follows: $500, July 1,
1941; $1,000. Jan. 1 and $500, July 1 from 1942 to 1951 incl.; $1,000,
Jan. 1 and July 1 from 1952 to 1954 incl. and $1,000, Jan. 1, 1955.
22,500 civil township community bldg. bonds.
Due $1,500 on Jan. 1 from
1942 to 1956 incl.
on
GEORGIA
COLUMBUS,
price of 101, a basis of about 2.83%, as reported in V.
purchased by Reinholdt & Gardner of St. Louis.
that the $3,000 building bonds offered on June
not sold as
all bids were rejected.
HOLLY SPRINGS
a
rate of 2H%, were as
CONSOLIDATED SCHOOL DISTRICT
(P. O.
Hornick), Iowa—BOND SALE— The $15,000 building bonds offered fo
sale on June 20—V. 150, p. 3859—were awarded to Vieth, Duncan & Wood
The Commercial & Financial Chronicle
4162
of
Davenport,
3s, paying
of the Board of Directors.
as
price of 100.333, according to the Secretary
v;v,
'
>
a
.
OXFORD.JUNCTION INDEPENDENT SCHOOL DISTRICT NO. 4
(P.
O.
Junction)
Oxford
Iowa—BOND SALE—The $28,000
building
bonds offered for sale on June 24—V. 150, p. 4007—were purchased by the
White-Phillips Corp. of Davenport, as 2,14s, at par, according to the
Secretary of the Board of Directors.
•
Coupon bonds, dated July 1,1940.
Denom.$500.. Due in 1942 to I960.
Interest payable J-J.
POSTVILLE INDEPENDENT SCHOOL DISTRICT (P. O. Postville), Iowa—BOND OFFERING—It is reported that bids will be received
July 2, by the Secretary of the Board of Directors, for the
purchase of $60,000 building bonds.
;
MONTGOMERY COUNTY (P. O. Rockville), Md.—TEMPORARY
FINANCING—The Farmers Bank & Trust Co. of Montgomery County, of
Rockville, purchased on June 11 the following certificates:
$125,000 tax
anticipation, due in three months, at 0.875%: $19,000 special street improvement, due in one year, at 2%.
MASSACHUSETTS
until 8 p. m. on
,
SIOUX
CITY,
Iowa—BOND SALES—The $150,000 airport bonds
BOSTON,
Halsey, Stuart & Co.,
of about
2.23%.
&
SCHOOL
DISTRICT
June 24—V.
on
Wood
of
Davenport,
of interest in
but
150, p. 4008—were awarded to Vieth, Dun¬
2Ms, according to the Secretary of the
Sioux City), Iowa—BOND SALE—
TOWNSHIP
(P.
O.
Kansas
FALL
National
Shawmut
0.386%; First
RIVER, Mass.—BOND SALE— The issue of $450,000 municipal
I
Rate Bid
101.058
Abbe & Co
100.969
Tyler & Co. and R. K. Webster & Co
Graham, Parsons & Co.: Ghace, Whiteside & Symonds, Bond,
Judge & Co. and John Nuveen & Co
100.799
100.678
100.52
First Boston Corp.
SL.
R. L. Day & Co.; Estabrook & Co, and Whiting, Weeks & Stubbs
...
100.33
LAWRENCE, Mass.—BOND OFFERING—William A. Kelleher, City
Treasurer, will receive sealed bids until
chase
of
$100,000
noon
(DST)
on
July 2 for the pur¬
third municipal relief bonds.
Dated July 1,
Due $10,000 on July 1 from 1941 to 1950, incl.
Bidder to name one rate of interest, expressed in a multiple of M of 1%.
Prin. and int. (J-J) payable at the Second National Bank of Boston, or, at
holder's option, at the City Treasurer's office.
Bonds may be registered
upon presentation at the City Treasurer's office for cancellation of coupons
1940.
Denom.
coupon
$1,000.
and for appropriate endorsement.
Legal opinion of Ropes, Gray,
& Perkins of Boston will be furnished the successful bidder.
that
declared valid by the Circuit Court of Kenton
Boyden
LYNN, Mass .—NOTE SALE—The city recently sold $1,000,000 notes
follows:
as
-
$250,000
to First
National
Bank
of
Boston,
at
0.54%, due
Feb. 13, 1941: $250,000 to Merchants National Pank of Boston, at 0.54%,
LOUISIANA
1941; $500,000 to Leavitt & Co. of New York, at 0.58%, due
due Feb. 26,
$250,000 each on April 9 and April 23, 1941.
BOSSIER
PARISH
CONSOLIDATED
SCHOOOL
DISTRICT
(P. O. Benton), La .—BOND OFFERING—It is stated by R. U.
Secretary of the Parish School Board, that sealed bids will be re¬
ceived until 2 p. m. on July 23, for the purchase of $85,000 not to exceed
6% semi-annual building bonds.
Dated Aug. 1, 1940.
Denom. $1,000.
Due Aug. 1, 1941 to 1960.
The approving opinion of Chapman & Cutler of
Chicago, will be furnished. Enclose a certified check for $2,000, payable to
John J. Doles, President Parish School Board.
3
MASSACHUSETTS (State of)—NOTE SALE—The issue of $5,000,000
Kerr,
150, p. 4008—was awarded to the First National
notes offered June 25—V.
Bank of New York at 0.114% interest at par.
due Nov, 22, 1940.
Other bids:
Dated June 28, 1940 and
Int. Rate
Bidder—
Premium
Bankers Trust Co. of New York, Merchants National
Bank of Boston, Second Nationa
nk of Boston
_
$35.00
Co
_■
0.13%
City Bank of New York and the Bank of the
and Day Trust
GUEYDAN, La.—BOND OFFERING—Sealed bids will be received until
a.m. on July 9, by Charles A. V. Evans, Town
Clerk, for the purchase
of the following not to exceed 6% semi-annual bonds
aggregating $44,000:
National
11
Manhattan
0.14%
First National Bank of Boston
15.00
0.16%
0.275%
Co
Whiting, Weeks & Stubbs
$34,000 Sewerage District No. 1 bonds.
Denom. $500.
These bonds were
approved by the voters on June 4.
A certified check for not less
than $700, payable to the district, must
accompany the bid.
10,000 public improvement
bonds.
Denom.
$500 and $250.
These
bonds were approved also on June 4.
A certified check for not
less than $200, payable to the town, must
accompany the bid.
25.00
Par
MEDFORD, Mass —BOND OFFERING—John J. Ward, City Treas¬
will receive sealed bids until noon (DST) on July 2 for the purchase of
$142,000 coupon bonds, divided as follows:
urer,
$42,000 water mains bonds.
Due July 1 as follows: $5,000 in 1941 and 1942
and $4,000 from 1943 to 1950, incl.
100,000 street bonds.
Due $10,000 on July 1 from 1941 to 1950, incl.
Dated July 1, 1940.
Due on July 1 in 1943 to 1960.
The approving
opinion of B. A. Campbell of New Orleans, and the transcript of record as
passed upon, will be furnished to the purchaser.
(This notice supplements the offering report given in our issue of June 15
—V. 150, P. 3859.)
All of the bonds will be dated July
name rate
1, 1940.
Denom. $1,000.
Bidder to
1%.
Prin. and int. (J-J) payable
Legal opinion of Ropes, Gray,
of interest in a multiple of M of
Bank of Boston.
at the National Shawmut
Boyden & Perkins of Boston will be; furnished the successful bidder.
MAINE
BANGOR, Me.—BOND SALE—The $39,000
NEW BEDFORD, Mass.—NOTE SALE—The issue of $300,000 notes
National Bank of Boston at 0.59%
Dated June 27, 1940 and payable Dec. 17, 1940, at the First
National Bank of Boston or at the Central Hanover Bank & Trust Co.,
N. Y. City.
Legal opinion of Storey, Thorndike, Palmer & Dodge of Bos¬
refunding bonds
offered June 21 were awarded to the Merrill Trust Co. of
Bangor, as \%s,
100.113, a basis of about 1.74%.
Dated Aug. 1, 1940.
Denom.
$1,000. Due Aug. 1 as follows: $2,000 from 1941 to 1959, incl. and $1,000
in 1960.
Interest F.-A.
Legality approved by George F. Eaton, Esq.,
Bangor.
Other bids:
coupon
offered June 26 was awarded to the First
discount.
ton.
Other bids:
_
Bidder—
Bidder—
int. Rate
Eastern Trust & Banking Co. of Bangor
Pierce, White & Drummond...
F. Brittain Kennedy & Co...
Rate Bid
2%
_
100.91
First Boston Corp
Harriman Ripley &
2%
100 78
Bishop, Wells & Co
Lee Higginson
2%
2%
100 674
2%
100 13
2M%
Frederick M. Swan & Co
Chace, Whiteside & Symonds
E. H. Rollins & Sons, lnc
101.665
PEABODY,
—
Corp
0.61%
0.61%
0.62%
0.65%
Mass.—BOND SALE—The $90,000 coupon street paving
R. K. Webster & Co. of Boston,
bonds offered June 27 were awarded to
1Kb. at a price of 100.544, a basis of about 1.07%.
Dated June 1, 1940.
Due $18,000 on June 1 from 1941 to 1945 incl.
Prin. and int. (J-D) pay¬
able at the National Shawmut Bank of Boston.
Legality approved by
as
MAINE (State of)—PROPOSED BOND ISSUE—A
proposal to issue
$2,000,000 bonds in order to improve the State's military defenses through
of new armories and improvement of
airport facilities was
scheduled to be considered at a special session of the
Legislature on June 26.
PORTLAND SEWERAGE
Co., Inc
100 52
construction
SOUTH
and
Bank of Boston,
Bidder—•
KENTUCKY
NO.
of Boston
Halsey, Stuart & Co., Inc., and First of Michigan Corp
Harriman, Ripley & Co., Inc.; F. L. Dabney & Co., and Newton,
of the water works system and revenues of the first extension
system.
reported
Bank
Second National
follows:
stitute valid and binding obligations of the township, payable
solely from
revenues of the first extension system.
These bonds, in accordance with
the statutes of the State, constitute a specific first lien on the first extension
is
National
price of 100.284, a basis of about 1.70%.
Dated July 1, 1940 and due
$45,000 on July 1 from 1941 to 1950, incl.
Re-offered to yield 0.40% to
1.80%, according to maturity.
Other bids, all for 2% bonds, were as
City), Kan.—BONDS
VALIDATED—It
0.37%;
relief bonds offered June 25—V. 150, p. 4008—was awarded to Goldman,
Sachs & Co. and Kidder, Peabody & Co., Boston, jointly, as 1Mb, at a
interest payment date thereafter, in the inverse numerical order at
102.00; $5,000 of bonds due in 1970 shall be callable on July 1, 1945, or any
interest payment date thereafter and $32,000 callable on
July 1, 1950, or
any interest payment date thereafter, in the inverse numerical order at
102.00.
Prin. and int. payable at the State Treasurer's office in
Topeka.
These bonds, in the opinion of counsel, will be authorized an-issued in
accordance with the Constitution and statutes of the State, and will con¬
were
Merchants
jointly,
National Bank of Boston, 0.42%.
any
Ky.—BONDS
a
of $500,000 revenue an¬
June 27—V. 150, p. 4008—was awarded to the
County National Bank of Everett, at 0.348% discount.
Dated
June 27, 1940 and due $250,000 each on May 5, 1941 and June 5, 1941.
1958 to 1962, $5,000 in 1963 to 1966, $6,000 in 1967 to 1969, and $37,000
in 1970.
Bonds maturing in 1960 to 1969 shall be callable on July 1, 1950,
COVINGTON,
15
EVERETT, Mast..—NOTE SALE—The issue
TO PUBLIC—An
revenue
$350,000 funding bonds
County on June 15.
July
on
part of each issue.
Other bids:
issue of $125,000 4% first extension water
bonds is be.ng offered by Beecroft, Cole & Co. of Topeka,
for general investment at prices to yield from 2.50% to
3.75% for the
maturities up to 1959. and at 104.00 thereafter to final
maturity.
Dated July 1, 1940.
Denom. $1,000.
Due July 1, as follows:
$1,000 in
1943 to 1947, $2,000 in 1948 to 1952, $3,000 in 1953 to 1957, $4,000 in
or
no
Bank,
3Ms, due Feb, 1,1952 to 1959,
WYANDOTTE
annually
Middlesex
Kan.—BOND SALE DETAILS—It is reported by the
City Clerk that the $17,500 water system bonds sold to the Rhodes-Seltsam
Co. of Topeka, at par, as noted here—V. 150, p. 4008—were purchased as
follows: $10,000 as 3s, due on Feb. 1 in 1941 to 1951, the
remaining $7,500
OFFERED
$417,000
ticipation notes offered
KANSAS
works
Due
BROCKTON, Mass.—BOND SALE—The $30,000 coupon water loan
No. 2 bonds offered June 24—V. 150, p. 4008—-were awarded to Tyler &
Co. of Boston as 2s at a price of 101.155, a basis of about 1.84%.
Dated
June 1, 1940 and due $2,000 on June 1 from 1941 to 1955, incl.
R. L. Day
& Co. of Boston, second high bidder, offered 100.54 for 2s.
\%s, paying a premium of $2,426, equal to 101.617, a basis of about
1.54%, according to the County Treasurer.
Dated June 1, 1940.
Due on
June 1 In 1944 to 1950, inclusive.
The second highest bid was an offer of $2,425 premium on 1 Mb, tendered
by the Iowa-Des Moines National Bank & Trust Co., while Wachob-Bender
& Co. of Omaha, offered $2,250 premium.
as
bonds.
15, 1940.
Bidder to name the rate
multiple of M of 1 %.
A different rate may be named for all
Prin. and int. (J-J 15) payable at the City Treas¬
urer's office.
Bonds are exempt from taxation in Massachusetts and from
the present Federal income tax.
A certified check for 1% of the bonds bid
for, payable to order of the City Treasurer, is required.
O.
of¬
The $150,000 funding bonds offered for sale on June 24—V. 150,
p. 4008—r
were awarded at public auction to the First National Bank of
Chicago, as
MAHASKA,
relief
Due July 15 as follows: $67,000 from 1941 to
1950, incl., and $66,000 from 1651 to 1955, incl.
70,000 fire stations construction and improvement bonds.
Due July
15 as follows: $4,000 from 1941 to 1950, incl., and $3,000 from
.1951 to 1960, incl.
110,000 highway bonds.
Due July 15 as follows: $6,000 from 1941 to
1950, incl., and $5,000 from 1951 to 1660, incl.
85,000 sewerage bonds.
Due July 15 as follows: $3,000 from 1941 to
1965, incl., and $2,000 from 1966 to 1870, incl.
as
COUNTY (P. O.
City
from 1941 to 1950, incl.
Board of Directors.
WOODBURY
McCarthy,
All of the bonds will be dated July
(P.
City), Iowa—BOND SALE—The $80,000 refunding bonds
fered for sale
can
INDEPENDENT
J.
noon (DST) on July 2 for the pur¬
part of $5,435,000 coupon bonds, divided as follows:
1,000,000 funding bonds.
BONDS OFFERED FOR INVESTMENT—The larger issue was reoffered
by the successful bidder for general subscription at prices to yield from 0.40%
2.25%, according to maturity.
CITY
no
$4,170,000 municipal
on June 26—V. 150, p. 4007—were awarded to
Inc. of Chicago, as 2Ms, at a price of 100.20, a
Dated July 1 1940.
Due on July 1 in 1941 to
to
WEBSTER
OFFERING—James
Treasurer, will receive sealed bids until
I960 incl.
;■)]
%?.
The $74,141.77 judgment funding bonds offered for sale the same time—
V. 150, p. 4007—were awarded to John Nuveen & Co. of Chicago, as 2s,
paying a price of 101.317, a basis of about 1.64%.
Dated July 1, 1940.
Due on July 1 in 1951 to 1956 incl.
Webster
Mass.—BOND
chase of all but
offered for sale at auction
basis
June 29, 1940
bonds are dated July 15, 1940 and mature Jan. 15, as follows:
$5,000 in 1951 and $12,000 from 1952 to 1957, incl.
Legal opinion of Niles,
Barton, Morrow & Yost of Baltimore.
The
Storey, Thorndike, Palmer &
for 1 Ms was
DISTRICT
(P. O. South Portland), Me.— BOND OFFERING—Harry A. Brinkerhoff, District Treas¬
urer, will receive sealed bids until noon (EST) on July 3 for the
purchase of
$30,000 coupon sewerage and drainage bonds.
Dated July 1, 1940.
De¬
nom.
$1,000.
Due $5,000 annually on July 1 from 1955 to 1960, incl.
Bidder to name rate of interest, expressed in multiples of
M of 1%.
Prin¬
cipal and interest (J-J) payable at the National Bank of Commerce of Port¬
land.
These bonds are exempt from taxation in Maine and from all Federal
Dodge of Boston.
Second high bid of 100.468
made by the First National Bank of Boston.
PLYMOUTH COUNTY (P. O. Plymouth), Mass .—NOTE OFFERING
Ewell, County Treasurer, will receive sealed bids until 11 a. m.
(DST) on July 1 for the purchase at discount of $135,000 tuberculosis hos¬
pital maintenance notes. Dated July 2, 1940. One note for $10,000, others
$25,000 each.
Due March 20, 1941.
Notes will be authenticated as to
genuineness and validity by the Second National Bank of Boston, under
advice of Storey, Thorndike, Palmer & Dodge of Boston.
—Avis E
income tax under present laws and will be issued under the
and certified as to genuineness by the aforementioned
supervision of
bank, and their
legality approved by Carroll S. Chaplin, Portland, whose opinion will be
SOMERVILLE, Mass.—NOTE SALE—The issue of $400,000 revenue
anticipation notes offered June 25—V. 150, p. 4008—-was awarded to the
National Shawmut Bank and the Merchants National Bank of Boston,
furnished the purchaser.
All legal papers incident to this issue will be filed
with said bank, where they may be inspected.
Bonds will be delivered to
the purchaser on or about July 8, 1940, at National Bank of Commerce
jointly, at 0.39% discount.
Dated June 25, 1940 and due $200,000 each
on Feb. 20 and April 10, 1941.
Other bids: Leavitt & Co., 0.37%, New
York delivery, 0.405% Boston delivery; Second National Bank of Boston,
0.467%.
of Portland.
MARYLAND
HARFORD
SOMERVILLE, Mass .—BOND SALE—The $100,000 coupon municipal
relief bonds offered June 27 were awarded to
COUNTY
(P. O. Bel Air), Md.—NOTE SALE— Alex.
Brown & Sons of Baltimore purchased on June 42 an issue of
$80,000 2%
public school coupon notes at a price of 100.235.
Due serially on Jan. 15
from
1951 to 1957, incl.
Bankers announced the notes were placed
privately.
Halsey, Stuart & Co., Inc.,
basis of about 1.42%.
Dated
1 from 1941 to 1950
incl.
Prin.
Shawmut Bank of
Boston.
Legality approved by Storey, Thorndike, Palmer & Dodge of
New York, as IKs, at a price
July 1, 1940.
:
of 100.437,
a
Denom. $1,000.
Due $10,000 on July
and int.
(J-J) payable at the National
Boston.'.' 'Other bids:
■
:
Volume
The Commercial & Financial Chronicle
ISO
Bidder—
Rate Bid
Int. Rate
1M %
l%%
1H%
____1M%
1%%
,__1M %
WATERFORD, WEST BLOOMFIELD, AND WHITE LAKE TWPS.
FRAC. SCHOOL DSTRICT NO. 2 (P. O. Pontiac), Mich.—NO BONDS
2 ENDERED—Director Cleveland E. Collins
reports that none of the 1937
refunding bonds were tendered for sale on June 26.
100.279
101.123
101.01
100.919
100.799
100.789
Whiting. Weeks & Stubbs andEstabrook & Co-..__
Chace, Whiteside & Symonds
National Shawmut Bank of Boston and Merchants Na¬
tional Bank of Boston
R. K. Webster & Co..
Tyler & Co. and F. Brittain Kennedy & Co
Bond, Judge & Co
MINNESOTA
ANOKA COUNTY SCHOOL DISTRICT NO.
SOUTHBRIDGE, Mass.—NOTE SALE—The Second National Bank of
was awarded on June 24 an issue of $100,000 notes at 0.288% dis¬
count.
Due Nov. 15, 1940.
First National Bank of Boston bid 0.30%.
In addition, an issue of $50,000 notes due May 1, 1941, was sold to the First
National Bank of Boston at 0.48%.
The other bank bid 0.497% for the
,
BOND SALE—The $92,000 coupon macadam bonds offered the same day
—V. 150, p. 4008—were awarded to the Harris Trust & Savings Bank of
Chicago as Is at 100.02, a basis of about 0.99%.
Dated July 1, 1940 and,
July 1 as follows: $20,000 in 1941 and $18,000 from 1942 to 1945, incl.
Second high bid of 100.008 for Is was made by Newton, Abbe & Co. of
Boston.
Other bids: For lMs—Bond, Judge & Co., 100.543; Graham,
Parsons & Co., 100.456: R. L. Day & Co., i00.39: Tyler & Co., 100.359;
Merchants National Bank of Boston,
100.31; Union Securities Corp.,
100.31; Estabrook & Co., 100.304; R. K. Webster & Co., 100.209; First
National Bank of Boston, 100.179: Halsey, Stuart & Co., 100.179; Bristol
County Trust Co., 100.178, and Lyons & Shafto and F. B. Kennedy & Co.,
jointly, 100.025.
due
WORCESTER, Mass .—BOND OFFERING—Harold J. Tunison, City
a. m. on July 2, for the purchase
Treasurer, will receive sealed bids until 11
of $764,000 bonds, divided as follows:
$564,000 municipal relief bonds.
1941 to
200,000 trunk
Due April
1
as
1944, incl. and $56,000 from
sewer
bonds.
Due $20,000
on
$57,000 from
follows:
1945 to
1950, incl.
April 1 from 1941 to 1950,
inclusive.
All of the bonds will be dated April 1, 1940.
Denom. $1,000.
Bonds will
be issued in coupon form and may be exchanged if desired for fully regis¬
tered bonds if presented for exchange at any time more than one year
before
Bidder to name a single rate of interest, expressed in a multiple
M of 1%.
Principal and interest (A-O) payable at the First National
Bank of Boston.
Bonds will be certified by the Boston bank and the
maturity.
of
approving legal opinion of Ropes, Gray, Boyden & Perkins of Boston will
be furnished the successful bidder.
A certified check for 1% of the bonds
bid for, payable to order of the city, must accompany each proposal.
MICHIGAN
CLINTON, Mich.—BOND OFFERING—Raynor F.
Marshall,
Village
Clerk, will receive sealed bids until 8 p. m. (EST) on July 1 for the purchase
of $40,000 not to exceed 6% interest coupon sewer system bonds.
Dated
July 15, 1940.
Denom. $1,000.
Due $2,000 on Jan. 1 from 1942 to 1951
incl. Principal and interest (J-J) payable at the Village Treasurer's office.
The bonds are general obligations of the village and the legal opinion of Berry
& Stevens of Detroit will be furnished the successful bidder.
Village will
pay for the opinion and printing of bonds.
A certified check for 2% is
required.
,
DEARBORN, Mich.—-BOND SALE—The $16,500
coupon
paving bonds
offered June 18—V. 150, p. 3697—were awarded to Crouse & Co. of Detroit.
Dated May 15. 1940 and due Nov. 15 as follows:
$2,500 in 1941 and $3,50
from 1942 to 1945 inrl
The bonds
were
sold at par plus a premium of $2.50, as follows:
BLUE EARTH COUNTY (P. O. Mankato) Minn.—BONDS SOLD—
It is stated by the County Auditor that $28,000 funding drainage bonds were
on June 20 to local investors.
Denom. $1,000.
Dated July 1, 1940.
Due on July 1 as follows: $5,000 in 1945 to 1949, and $3,000 in 1950.
It was stated subsequently by the County Auditor that the above bonds
sold
sold
were
as
2s, at par.
.
\
<,
GOLDEN VALLEY (P. O. Highland Station,, Route 7, Minneapolis),
Minn.—WARRANT OFFERING—It is reported that
sealed
bids were
received about 8 p. m. on June 28, by Gail D. Wilson, Village Clerk, for the
purchase of approximately $10,000 street improvement warrants.
Due in
l.to 5 years.
The warrants are to be issued for street improvements in the
village and are payable solely from special assessments.
The village will
furmsh printed warrants and legal opinion.
Enclose a certified check for
MONTROSE, Minn.—BONDS SOLD—The Village Clerk reports that
$13,000 3% water works bonds have been purchased at par by the State
of Minnesota.
Due in 1941 to 1955.
MOUND, Minn.—BOND SALE—The $8,000 park site purchase bonds
offered for sale
on June 24—V. 150, p. 3860—were awarded to the AllisonCo. of Minneapolis, as 2s, paying a premium of $40, equal to
100.50, a basis of about 1.90%, according to the Village Recorder.
Dated
Aug. 1, 1940.
Due $1,000, Aug. 1, 1942 to 1949 incl.
Williams
PAYNESVILLE
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
Minn.—BOND OFFERING—It is stated by George V.
Paetznick, Clerk of the School Board, that he will receive sealed and auction
bids until July 5, at 8 p.m., for the purchase of a $65,000 issue of building
bonds.
Dated July 1, 1940.
Denom. $1,000.
Due July 1 as follows:
$2,000 in 1943, $3,000 in 1944 to 1956, and $4,000 in 1957 to 1962. Rate of
interest to be designated by purchaser.
Prin. and int. (J-J) payable at any
suitable bank or trust company designated by the purchaser.
These are
the bonds authorized at the election held on March 26, by a vote of 279 to
127.
The district will furnish the printed bonds and the apporving legal
opinion of Fietcher, Dorsey, Barker, Colman & Barber of Minneapolis, both
without cost to the purchaser.
The bonds will be delivered within 30 days
after the date of sale at the office of the District Treasurer, or at the option
of the purchaser at Minneapolis or St. Paul.
Enclose a certified check for
at least $2,000.
Paynesville),
SACRED HEART, Minn.—BONDS SOLD—The Village Recorder states
$22,500 sanitary sewer system bonds approved by the voters last
October, have been purchased by J. M. Dain & Co. of Minneapolis, as
2)4s, paying a premium of $126, equal to 100.56, a basis of about 2.13%.
Due on Jan. 1 as follows: $500 in 1942; $1,000, 1943 and 1944, and $2,000,
that
1945 to 1954.'
SIBLEY
(P.
,
COUNTY
INDEPENDENT
SCHOOL
DISTRICT
NO.
Gibbon),
$2,500
MISSISSIPPI
AMITE COUNTY (P. O. Liberty), Miss.—BONDS SOLD—It
is stated
by the Clerk of the Chancery Court that $112,500 refunding bonds have
S. Love Co. of Jackson.
been purchased by the J.
CALHOUN COUNTY (P. O. Pittsboro), Miss.—BONDS SOLD—The
funding
Clerk of the Chancery Court states that $25,000 5M % semi-annual
have been purchased by Leftwich & Ross of Memphis.
Dated
bonds
Mich.—TENDERS
DETROIT,
WANTED—City Controller Donald
Slutz, in his capacity as Secretary of Board of Trustees of City Retirement
System, announces that the Board will receive sealed offerings until 10
a. m. (EST) on July 2, to be firm until 1 p. m. the following day, for city
bonds in the amount of about $125,000, under the following conditions:
No callable bonds with a coupon rate in excess of 4M % will be accepted.
When the interest rate is 4)4% or less, the yield shall be computed to the
If bonds are offered at par or less than par, the yield shall be
sixth call date.
computed to the date of maturity. The yield on non-callable bonds shall
be computed to the date of maturity.
All offerings shall be in writing and
Offerings shall show the purpose, the rate of interest, date of
maturity, the dollar value and the yield. The Board of Trustees reserves the
right on bonds purchased, which are delivered subsequent to July 10,1940,
to pay accrued interest up to that date only.
Offerings will be accepted on
the basis of the highest yield.
shall be sealed.
ECORSE TOWNSHIP SCHOOL DISTRICT NO. 9 (P. O. Allen
Park), Mich .—CERTIFICATES PURCHASED—In connection with the
call
for
tenders
of
1937
certificates
Co. of Detroit report that
91.05.
of indebtedness,
Matthew
$23,791.03 were purchased at
v
an
Carey &
average price of
FERNDALE, Mich.—BONDS AND CERTIFICATES PURCHASED—
In connection with the call for tenders of 1935 refunding bonds and cer¬
tificates of indebtedness, Jay F. Gibbs, City Manager, reports the purchase
of $10,000 series B bonds at 94.73, and certificates of indebtedness, as
follows: $457.50 series A and B at 94: $887.50 A and B at 94; $455 A and B
95; $550 A and B at 95, and $52.50 series B at $95.
at
MACOMB
COUNTY
(P.
O.
Mount
Clemens),
Mich.—TENDERS
WANTED—Sherwood J. Bennett, County Comtproller. will receive sealed
tenders until 10 a. m. on July 8 for sale to the proper sinking funds of the
following:
$5,000 series B refunding bonds, issued Feb. 15, 1936, and $5,000
1936.
interest refunding certificates, issued Feb. 15,
OWOSSO, Mich.—BOND SALE—The $28,000 refunding bonds offered
June 24—V.
150, p. 4009—were awarded to Braun, Bosworth & Co. of
2s, at par plus a premium of $56, equal to 100.20, a basis of about
Dated June 15, 1940 and due June 15 as follows: $3,000from 1941
to 1949, incl., and $1,000 in 1950.
Second high bid of 100.066 for 2s was
made by the Channer Securities Co. of Chicago.
Toledo
as
1.96%.
PETERSBURG, Mich.—BONDS NOT SOLD—D. E. Hewitt, Village
Clerk, reports that the $41,500 not to exceed 3)4% interest water works
bonds offered June 24—V.
150, p. 3860—was not sold.
He explained
the failure as follows:
There has been some delay in getting a Works
Projects Administration commitment for this project and as the ballot
used in the special election authorizing this bond issue specified a WPA
project, the five
the
WPA
bids which
were
has made an allocation
submitted were withdrawn
of funds for the project.
until
the
ROYAL
OAK, Mich.—BOND SALE—An issue of $392,000 water
refunding bonds is reported to have been sold as 3s and 3 Ms to
(The voters on June 7 approved an
issue of $392,000 not to exceed 3)4% interest water mortgage refunding
bonds, to mature serially from Sept. 1, 1941 to March 1, 1957.—V. 150,
revenue
the Peninsular State Co. of Detroit.
p.
3860.)
r
BOND CALL—City has issued call for redemption on Oct. 1, 1940 of $392,-
4M% North Woodward Avenue water system bonds, due April
1957.
Redemption price is 110, according to report.
000
SAULT
the
Board
1,
STE. MARIE, Mich.—BOND OFFERING—The Secretary of
of Education will receive sealed bids until 5 p.m. (EST) on
July 15 for the purchase of $45,000 not to exceed 4% interest coupon build¬
ing bonds.
Dated July 1, 1940.
Denom. $1,000.
Due $9,000 on July 1
1941 to 1945 incl.
Rate of interest to be expressed in a multiple of
from
M of 1%.
The bonds are general obligations of the
the taxation limitations of the State Constitution.
district and are within
Principal and interest
(J-J) payable at the First National Bank, Sault Ste. Marie.
A certified
check for 2%, payable to order of Roy A. Peterson, Treasurer of the
Board of Education, is required.
Legal opinion of Warner & Sullivan, of
Sault Ste. Marie will be furnished the successful bidder.
64
Minn.—BOND SALE—The $20,000 coupon building
150, p. 3698—were awarded to the
State Bank of Gibbon, at a price of 101.05, on 2 Ms. a basis of about 2.15%.
Dated July 1, 1940.
Due $1,000 on July 1 in 1943 to 1962 incl.
The second highest bid was an offer of 101.025 on 2 Ms, tendered by
Mairs-Shaughnessy & Co. of St. Paul.
O.
bonds offered for sale on June 21—V.
due Nov. 15, 1941 with interest at 3M% to Nov. 15, 1940, and 1M%
thereafter; $3,500 due Nov. 15, 1942, interest at 3% % to Nov. 15,1940 and
1M% thereafter; $3,500 due Nov. 15, 1943, interest at 3%% to Nov. 15,
1940 and 1M% thereafter; $3,500 due Nov. 15, 1944, interest at 3M% to
Nov. 15, 1940 and 1% % thereafter, and $3,500 due Nov. 15,1945, interest
at 3 % % to Nov. 15, 1940 and 1 % % thereafter. Second high bid of par and
$5.56 premium for 2s was submitted by Braun, Bos worth & Co. of Toledo.
(P. O. Centerville)
is reported by the Clerk of the Board of
Education that the $22,000 not to exceed 3% semi-ann. refunding bonds
offered on May 24—V. 150, p.3241—were not sold.
Due on
Jan. 1 in
1941 to 1962; optional on and after July 1, 1950.
atter loan.
•
6
Minn.—BONDS NOT SOLD—It
Boston
TAUNTON, Mass.—BONDS AND NOTES SOLD—The issue of $200,000
notes offered June 25—V. 150, p. 4008—was awar_'e. to the Bristol County
Trust Co., Taunton, at 0.289% discount.
Dated June 26, 1940 and due
Dec. 17,
1940.
Other bids: First National Bank of Boston, 0.327%;
Merchants National Bank of Boston, 0.36%.
4163
Nov. 1, 1939.
GREENWOOD, Miss.—BOND OFFERING—It is reported that sealed
be received until July 2, by Bonner Duggan, City Clerk, for the
bids whl
purchase of the following bonds, aggregating $60,000:
$30,000 street equipment bonds.
Due $1,000 in 1941 to 1943, $2,000 in
1944, and $5,000 in 1945 to 1949.
30.000 armory and general improvement bonds.
Due $1,000 in 1941 to
1943, $2,000 in 1944 and $5,000 in 1945 to 1949.
BEACH, Miss.—BONDS SOLD—The Town Clerk states that
general refunding bonds have been sold.
Dated May 1,
LONG
$63,000 4M%
1940.
m
•
.
(State of)—BOND OFFERING—Sealed bids will be re¬
m. on July 2, by Greek L. Rice, Secertary of the State
Bond Commission, for the purchase of the following not to exceed 4%
MISSISSIPPI
ceived until
10
a.
semi-ann. coupon
highway bonds aggregating $3,000,000:
$1,000,000 Seventh Series bonds.
Due $100,000 Aug. 1, 1942, and $100,000 Feb. and Aug. 1, 1943 to Feb. 1, 1947.
2,000,000 Eighth Series bonds.
Due $500,000 Aug. 1, 1959 and Feb.
and Aug. 1, 1960 and Feb. 1, 1961.
$1,000.
Dated Feb. 1, 1940.
Rate or rates of interest to be
multiples of Mof 1 %.
No bid of less than par and accrued interest will
Each bidder is requested to bid in the alternative for the
above bonds issued without option of prior payment and for the above
bonds issued in such manner that the State will have the option of redeem¬
Denom.
in
be considered.
in inverse numerical order on Feb. 1,
thereafter at par and accrued interest,
premium of 1%, and the bonds of the Eighth Series on Feb. 1, 1950,
and on any interest payment date thereafter, at par and accrued interest,
plus a premium of 1%.
Bidders will file separate bids for the bonds of
the Seventh Series and for the bonds of the Eighth Series and may specify
one rate, or rates, for non-optional bonds and another rate, or rates, for
optional bonds.
The bonds will be issued and sold pursuant to Chapter
130, Laws of Mississippi, 1938, and resolutions adopted by the State Bond
Commission, reference to which is made for a more detailed description
thereof.
These bonds may be registered as to principal only.
Prin. and
int. payable at the State Treasurer's office, or at the Guaranty Trust Co.,
New York.
The bonds are 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 accordance 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 un¬
der 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 as to principal and interest.
The approving opinion of Chap¬
man &
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 State Treasurer.
ing the bonds of the Seventh Series
1942, and any interest payment date
plus
a
NATCHEZ, Miss.—BONDS SOLD—The Deputy City Clerk states that
$33,000 water works bonds have been purchased by the City Bank & Trust
Co. of Natchez.
Dated Jan. 1, 1940.
MONTANA
COUNTY (P. O. Glendive), Mont.-—BOND SALE—The
$163 500 refunding bonds offered for sale on June 24—V. 150, p. 3546—
were awarded to the State Board of Land Commissioners,
as 2%s, ac¬
cording to the Clerk of the Board of County Commissioners.
DAWSON
LEWIS AND CLARK
COUNTY SCHOOL DISTRICT NO. 1 (P. O.
Helena), Mont.—MATURITY—It is now reported by the District Clerk
the $60,000 building bonds sold to the State Board of Land Com¬
missioners as 2s, at par, as noted here—V. 150, p. 3861—are due $6,000 on
that
Tnri
1
in
1941
to
1950 incl.
The Commercial & Financial Chronicle
4164
MONTANA
Mont.—BOND
PLENTYWOOD,
SALE— The
$15,000 coupon street
offered for sale on June 17—V. 150, p. 3396—were
purchased by the Security State Bank of Plentywood, as 5s at par, according
to the City Clerk.
No other bid was received.
Improvement bonds
PONDERA COUNTY SCHOOL DISTRICT No. 18
Mont.—BOND OFFERING— Sealed bids will be received
(P. O. Valler),
until 8 p. m. on
July 9, by C. P. Fuller, District Clerk, for the purchase of $21,000 not to
exceed 6% semi-ann. building addition bonds.
Dated July 9, 1940.
Amortization bonds will be the first choice and serial bonds will be the
second choice of the School Board.
..
^
^
;
V '
If amortization bonds are sold and issued, the entire issue may be put
into one single bond or divided into several bonds, as the said Board of
determine upon at the time of sale, both principal and in¬
to be payable in semi-annual installments during a period of 20
from the date of issue.
■
If serial bonds are issued and sold they will be in the amount of $1,050
each, the sum of $1,050 of the said serial bonds will become payable on
the 9th day of July, 1941, and a like amount on the same day each year
thereafter until all or such bonds are paid.
The bonds, whether amortization or serial bonds, will be redeemable in
full on any interest payment date from and after five years from the date
Trustees may
terest
years
will be sold for not less than their par value with ac¬
bidders must state the lowest rate of interest at
will purchase the bonds at par.
The said bonds
,
GLOUCESTER CITY. N. 3.—BOND SALE-*The $25,000 coupon or
registered school bonds offered June 26—V. 150, p. 3861—were awarded to
Pearce & Co. of Camden, as 4s, at par plus a premium of $66.53, equal to
100.266, a basis of about 3.90%.
Dated July 1, 1940 and due $5,000 on
July 1 from 1941 to 1945, Incl. Other bids:
Bidder—
Warren A. Tyson Co..
Camden Trust Co...............................
M. M. Freeman & Co........
(P. O. Shawbe received until
the purchase of $3,000
WHEATLAND COUNTY SCHOOL DISTRICT No. 20
Mont.—BOND
mut),
bids will
OFFERING—Sealed
2 p. m. on July 8, by Alice Zier, District Clerk, for
not to exceed 6% semi-ann. gymnasium bonds.
Dated June 5, 1940.
Board and serial
$300, payable to
Amortization bonds will be the first choice of the School
bonds will be the second choice.
A certified check for
the above Clerk, must accompany the bid.
...........
Int. Rale Premium
4%
$65.00
4%
Par
5%
200.00
HACKENSACK,
N.
J.—REFUNDING
APPROVED—The
State
Funding Commission has approved an issue of $225,000 refunding bonds.
HILLSIDE TOWNSHIP (P. O. Hillside), N. J .—REFUNDING CON¬
SIDERED—The State Funding Commission on June 17 laid over for further
study the township's proposal to issue
crued interest, and all
which they
June 29, 1940
1940.
Denoms. $1,000 and $500.
Due June 1 as follows: $1,500 from 1941 to 1948 Incl. and $1,000 in 1949.
Principal and interest (J-D) payable at the Citizens National Bank &
Trust Co., Caldwell.
Bidder to name a single rate of interest, expressed
in a multiple of M of 1%.
The sum required to be obtained at sale of
the bonds is $13,000.
The bonds are unlimited tax obligations of the
borough and the approving legal opinion of Hawkins, Delafield & Long¬
fellow of New York City will be furnished the successful bidder.
A certi¬
fied check for 2% of the bonds, payable to order of the borough, must
accompany each proposal.
'
;l
, ,
, ,
,
*
All of the bonds will be dated June 1,
$327,000 refunding bonds.
HOBOKEN, N. J .—LIMITS BONDS TO BE SOLD PRIVATELY— The
Local Government Board on June 24 refused the city's request for permission
to sell all of a $1,202,000 refunding bond issue privately.
The Board ad¬
hered to an original program approved several weeks ago under which the
city was required to
public offering.
■
sell part of the bonds privately and the remainder at
■
. -. ■.
^■
■
KEARNY, N. 3.—BOND SALE—The $225,000 coupon or registered
bonds offered June 26—V. 150, p. 3861—were awarded to a group composed
of H. L. Allen & Co.; Eastman, Dillon & Co., and Minsch, Monell & Co.,
Inc., all of New York, as 2M®, at par plus a premium of $427.50, equal to
100.19, a basis of about 2.23%.
Sale consisted of:
$174,000 sewer bonds. Due annually from 1941 to 1960, incl. Prin. and
int. (J-J) payable at the West Hudson National Bank, Harrison.
26,000 equipment bonds.
Due annually from 1941 to 1945, incl.
Prin.
and interest (J-J) payable at the West Hudson National Bank,
Harrison
25,000 school bonds.
Due annually from 1941 to 1953, incl. Prin. and
int. (J-J) payable at the First National Bank & Trust Co., Kearny.
All of the bonds will be dated July 1, 1940, in $1,000 denoms. and mature
annually on July 1 as follows: $15,000 from 1941 to 1945, incl. and $10,000
from 1946 to 1960, inclusive.
The purchasers re-offered the bonds to yield from 0.40% to 2.25%,
according to maturity.
Among other bids were the following:
No Bonds
MISSOURI
CARTHAGE SCHOOL DISTRICT (P. O. Cartha.e), Mo.—
$25,000 building bonds
approved by the voters at an election held on April 2, have been sold.
SOLD—It is stated by the District Secretary that
SCOTT COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 36
(P. O. Vanduger), Mo.—BONDS SOLD—A $5,000 issue of 6% refunding
bonds is said to have been purchased by Berger-Cohn & Co. of St. Louis.
Dated May 1,1940.
NEBRASKA
BAYARD, Neb.—BONDS VOTED—At
voters are said to have
power
an
election held on June 17 the
approved the issuance of $78,102 electric light and
plant acquisition revenue bonds by a substantial margin.
POWER DISTRICT (P. O. Columbus),
is stated that $1,240,000 3M%
semi-annual
bonds were purchased recently by a syndicate
composed of John Nuveen & Co., A. C. Allyn & Co., both of Chicago,
Stranhan, Harris & Co., Inc. of Toledo, the Wachob-Bender Corp. of Omaha,
Steinauer & Schweser of Lincoln, and Ballman & Main of Chicago.
Dated
CONSUMERS
Neb.—BOND
electric
PUBLIC
SOLD—It
power
revenue
July 1, 1940.
Due July 1 as follows: $50,000 in 1941 to 1964, and $40,000
in 1965.
The bonds are redeemable at any time after three years at 103.50.
In Nov., 1939, the above syndicate contracted to purchase $1,200,000,
4\i% electric revenue bonds due serially in amounts to be determined up
to 25 or 30 years, callable on or after one year at 105.
•
;
McCOOK,
election
Neb.—BOND SALE NOT
Bid For
Bidder—
CONSUMMATED—The
pre-
sale of the
$425,000 3M% semi-annual electric light and power
purchase revenue bonds to the First Trust Co. of Lincoln, noted
here on May 18—V. 150, p. 3242—was not consummated as the
bonds
were not approved by the voters at the election held on June 20.
company
Blair & Co., Inc.; Goldman,
and H. B. Boland & Co
Int. Rate
Rate Bid
Sachs & Co.,
225
John B. Carroll & Co.; Buckley Bros., and
J. B. Hanauer & Co
B. J. Van Ingen & Co., Inc.; J. 8.
2H %
100.188
225
2.40%
100.315
100.09
Rippel &
Co., and P. E. Kline, Inc
West Hudson National Bank of Harrison..
225
2.40%
225
2.40%
100.08
Inc.: E. H. Rollins &
Sons, Inc., and MacBride, Miller & Co.-
224
2.50%
100.555
A. C. Allyn & Co.,
MIDDLETOWN TOWNSHIP SCHOOL DISTRICT (P. O. Leonardo),
J.—BOND OFFERING—Barry S. Chamberlain, District Clerk, will
July 12 for the purchase of $76,000
2, 2M. 2M, 2%, 3, 3M. 3M. 3%, or 4% coupon or registered school bonds.
Dated July 1, 1940.
Denom. $1,000. Due July 1 as follows: $2,000 from
1942 to 1946 incl. and $3,000 from 1947 to 1968 incl.
Bidder to name a
single rate of interest. The sum required to be obtained at sale of the bonds
is $76,000.
The bonds are unlimited tax obligations of the district and
the approving legal opinion of Hawkins, Delafield & Longfellow of New
York City will be furnished the successful bidder. A certified check for 2%
of the bonds offered, payable to order of the Board of Education, must
accompany each proposal.
N.
receive sealed bids until 8 p. m. (DST) on
NEWARK, N. J .—BOND OFFERING—Vincent J. Murphy, Director
Finance, will receive sealed bids until
a.m. (DST) on July 2 for the purchase of $1,411,000 not to exceed 6%
Interest coupon or registered bonds, divided as follows:
of the Department of Revenue and
11
$80,000 equipment bonds.
Dated July 1, 1940 and due July 1 as follows:
$15,000 from 1941 to 1944 incl. and $20,000 in 1945.
Int. J-J.
156,000 water bonds.
Dated July 1, 1940 and due July 1 as follows:
$5,000 from 1941 to 1964 incl. and $6,000 from 1965 to 1970 incl.
Interest J-J.
NEW
1,175,000
HAMPSHIRE
awarded
25 an issue of $100,000 revenue notes at 0.62%
16, 1940.
The First National Bank of Boston,
second high bidder, named a rate of 0.67%.
was
June
on
Due
NASHUA,
Dec.
June
N.
H.—NOTES SOLD—An
issue of $100,000 notes wa
York, at 0.3175% discount.
Dated June 28, 1940 and due Dec. 20, 1940.
Legality approved by Storey,
Thorndike, Palmer & Dodge of Boston.
The Second National Bank of
Nashua, next high bidder, named a rate of 0.32%.
awarded
26
Leavitt &
to
Co.
of New
PORTSMOUTH, N. H.—BOND SALE—The issue of $250,000
100.85,
a
coupon
was awarded to John Nuveen & Co., Chicago,
Kennedy & Co. of Boston, jointly, as l)4s, at a price of
basis of about
1.34%.
Dated June 1, 1940.
Due $25,000 on June 1 from 1941 to 1950 incl.
for l^s was made by Tyler & Co. of Boston.
Dated March 1, 1940 and due $230,000 on
Interest M-S,
Denom. $1,000.
Second high bid of 100.769
'
Bidder to name a single rate
of interest, expressed in a multiple of M of 1% •
The price for which the
bonds may be sold cannot exceed $1,412,000.
Principal and semi-annual
interest payable at the National State Bank, Newark.
A certified check
payable to order of the city, is required.
Legal opinion of
Reed, Hoyt, Washburn & Clay of New York City will be furnished the
for $28,220,
successful bidder.
NEW
BRUNSWICK, N. J.—TO ISSUE SCHOOL BONDS—An ordin¬
construction bonds wiil
1941 to 1957, incl.
providing for an issue of $225,000 high school
receive final reading on July 2.
Due seriaiiy from
ance
water bonds offered June 26
and F. Brittain
relief bonds.
All of the bonds will be in $1,000 denoms.
BERLIN, N. H.—NOTE SALE—F. W. Horne & Co., Inc. of Hartford
discount.
poor
March 1 from 1941 to 1945 incl.
NEW
BRUNSWICK
HOUSING
J.—BOND OF¬
Authority, will receive
purchase of $100,000
AUTHORITY, N.
FERING—Noel C. Cobb, Secretary of the Housing
bids until 2 p.m. (DST) on July 3 for the
sealed
housing authority amortized 4% bonds.
The bonds will be dated July 1, 1940 and will be
H
amortized over a period
The bonds will bear interest at the rate of 4% per annum,
figured on the amount of principal remaining due at each annual interest
period.
Payments of interest and principal will be made annually on
July 1 of each and every year during the life of the bonds.
The amount
of 28 years.
NEW
JERSEY
ATLANTIC COUNTY (P. O. Atlantic City), N. J.—BOND SALE—
The.$305,000 coupon or registered county building bonds offered June 26
—V. 150.P. 3861—were awarded to V. P. Oatis & Co. of Chicago, as 3 Ms,
at par.
Dated July 1, 1940 and due July 1 as follows: $16,000 from 1941
to 1945 incl. and $15,000 from 1946 to 1950 incl.
Stranahan, Harris & Co.,
Inc. of New York bid 101.583 for $301,000 3 Ms.
AVALON, N. J .—REFUNDING PLANNED—The Local Government i
will hold a public hearing July 1 at its office in Trenton for the!
of the borough in!
Board
purpose of determining the outstanding indebtedness
connection with plans now under consideration for the
debt.
;
;;;
,
refinancing of such
V;.-
BEACH HAVEN,
N. J.—BOND SALE—The $35,000 coupon or regis¬
bonds offered June 21—V. 150, p. 3861—were awarded
to Joseph G. Kress & Co. of Perth Amboy, as 3Ms, at a price of 100.314,
a basis of about 3.46%.
Dated July 1, 1940 and due July 1 as follows:
$2,000 from 1941 to 1950 incl. and $3,000 from 1951 to 1955 incl.
Other
tered series J water
Bidder—
Int. Rate
„
4%
4%
Rate Bid
100.18
100.13
BERGEN COUNTY (P. O. Hackensack), N. J .—BOND OFFERING—
R. S. Tipping, County Treasurer, will receive sealed bids until 10:30 a. m.
(DST) on July 9 for the purchase of $282,000 not to exceed 6% interest
registered general obligation bonds. Dated July 15,1940. Denom.
Due July 15 as follows: $25,000 from 1941 to 1943 incl.; $27,000
tn 1944 and $30,000 from 1945 to 1950 incl. Bidder to name a single rate of
interest, expressed in a multiple of M or l-10th of 1%.
Principal and
interest (J-J) payable at the Chemical Bank & Trust Co., New York City.
The price for which the bonds may be sold cannot exceed $283,000.
A
certified check for $5,640, payable to order of the county, must accompany
each proposal.
Legal opinion of Reed, Hoyt, Washburn & Clay of New
York City will be furnished the successful bidder.
coupon or
$1,000.
per annum on
$100,000, of which sum an
unpaid
At the
exniration of 28 years from July 1,1940, the bonds will be totally amortized.
The bonds will be secured by a trust indenture with the National Bank of
New Jersey as trustee and will constitute a first lien on the housing units
recently erected by the Housing Authority of the City of New Brunswick
commonly known and designated as Project No. 1, Remsen Court, Lee
Terrace, Reed Court, a description of said premises being more fully set
forth in said trust indenture.
The principal and interest will be paid exclu¬
sively from the income and revenues of said housing projects and will
not be a lien or charge upon any other assets of the Housing Authority either
now held or hereafter acquired by it; said bonds being strictly limited, both
as
to the
are
payment of interest and
principal to the project for which they
issued.
bonds of the denomination of $1,000 each, and
no provision will be made for their registration.
Each coupon will show
upon it the amount paid as interest and the amount paid on the principal
of the bonds.
The bonds cannot be called for a period of 15 years from
July 1, 1940, without the consent of the Housing Authority and 75% in
value of the bondholders but are callable at any regular period thereafter
for the principal amount then due thereon, together with any sum or sums
of interest, or other charges, due and payable, but not having been paid in
accordance with the terms of the bonds.
They are obligations of the
Housing Authority of the City of New Brunswick, but are strictly limited,
both for payment of principal and interest, to the income and revenue
derived from the various housing projects covered by the trustindenture.
They are not obligations of the State of New Jersey or any political subdivi¬
sion thereof and are not obligations of the City of New Brunswick.
NEW JERSEY,
^ ESSEX
FELLS, N. J .—BOND OFFERING—Frederic R. Webb, Borough
Clerk, will receive sealed bids until 8:15 p.m. (DST) on July 8 for the
purchase of $13,000 not to exceed 3M% interest coupon or registered
bonds, divided as follows:
$9,000 sewer assessment bonds.
<
4,000 sewer bonds.
State of—MUNICIPAL TAX RATES SHOW WIDE
municipal tax rates for 1940, the State tax depart¬
reported on June 21, range from six cents in Linden Township, Union
County, to $13.19 on tiny Brigantine Island near Atlantic City.
Rates are
based on $100 of valuation.
The Linden township rate was the same as
last year.
Brigantine city's was a drop from $13.40 last year
Other municipalities with rates over $10 were Margate City, Atlantic
County, $10.48 compared with $9.36 in 1939; Barnegat City Borough,
Ocean County, $10.86 compared with $11.52; South Cape May Borough;
SPREAD—New Jersey
ment
payments will be 6%
equal to 4% figured on the principal at such time remaining
will be interest and the balance will be applied against principal.
The bonds will be coupon
bids:
J. B. Hanauer & Co
H. L. Allen & Co
of such
amount
Volume
ISO
The Commercial & Financial Chronicle
$12.54 compared "with $11.24, and West Wildwood
Borough, $10.22 com¬
pared with $10 50
Newark, the State's largest city, reported a rate of
$4 85 compared with $4 55 last year
Flemington in Hunterdon County reported the second lowest rate in the
State at 81 cents, same
moved
as
last year.
Other bids:
Bidder—
Int. Rate
Manufacturers
& Traders Trust Co. of Buffalo
Union Securities Corp
Gordon Graves & Co
R. D. White & Co
Sherwood & Co. and C. F. Childs & Co
Roosevelt & Weigold, Inc..
E. H. Rollins &
Many large corporations recently have
Flemington to take advantage of low
their
4165
All of the bonds will be dated
April 1, 1940.
registered offices to
intangible personal property assessments.
Roseland in Essex County reported a 1940
rate of $1.05 against $1.12
last year.
JERSEY
(State of)—TO REDEEM $11,000,000
BONDS—The
State Sinking Fund Commission
plans to retire $11,000,000 worth of bonds
July 1 and reduce the State's bonded indebtedness to
$149,396,000, Gover¬
nor A. Harry Moore said June
26.
^
Bonds to be retired include
$6,000,000 of a highway extension series
ordinarily would not mature until 1954 and $5,000,000 in road and
bridge bonds.
Cash for the retirement has been secured over the last
several weeks through sales of
municipal and county bonds held by the
sinking fund.
0.005% interest plus
a
follows: $50,000 July 25,
;/ v1;-
premium of $7.
1940; $100,000
Manufacturers & Traders Trust Co.
George B. Gibbons & Co., Inc
Int. Rate
H. B. Boland & Co
Butcher & Sherrerd
Campbell & Co
E
H. Rollins & Sons, Inc
H. L. Allen & Co.
Schmidt, Poole & Co
Buckley Bros.
C. C. Collings & Co
Minsch. Monell & Co., Inc
——————
Pearce & Co
M. M. Freeman & Co
City National Bank & Trust Co., Salem
WEST
LITTLE
were
NEW
1940 and
100.156
100.101
Par
as
int. Rate
Rate Bid
2M%
2.40%
2.40%
2.40%
2.60%
2.70%
2.70%
w
100.06
100.49
100.28
100.18
100.28
1
100.439
100.27
a
Denom. $1,000.
Bidder
single rate of
interest, expressed in a multiple of M or 1-10th
Principal and interest (J-J) payable at the First National Bank,
Mount Vernon, or at the
Guaranty Trust Co., New York City.
The
of
1%.
bonds are unlimited tax
obligations of the town and the approving legal
opinion of Hawkins, Delafield & Longfellow of N. Y.
City will be furnished
the successful bidder.
A certified check for $1,180,
payable to order of
the town, must
accompany each proposal.
Housing Authority Bonds
MAMARONECK UNION FREE SCHOOL DISTRICT NO.
1
Mamaroneck), N. Y.—CERTIFICATES SOLD—The
(P. O.
Chase National Bank
York purchased on June 20 an issue of
$200,000 tax anticipation
certificates at 0.71% interest, plus a premium of $20.
Dated July 1, 1940
and due $100,000
^ 1940 and
Company
of New
.
NEW
N. Y.—BOND SALE—The $19,000 coupon or
building bonds offered June 27—V. 150, p. 4011—
& Co. of New York, as
2Ms, at par plus a
100.263, a basis of about 2.22%.
Dated July 1,
due $1,000 on July 1 from 1941 to
1959, incl.
Other bids:
All of the bonds will be dated
July 15, 1940.
to name
Government Bonds
76 BEAVER STREET
100.17
100.169
100.42
$31,000 series I bonds for public improvement work relief
purposes.
Due
July 15 as follows: $6,000 in 1941 and 1942; $7,000 in 1943 and
1944, and $1,000 from 1945 to 1949, incl.
28,000 series II (home relief) bonds.
Due July 15 as follows: $4,000 in
1941 and 1942; $3,000, 1943 and
1944; $4,000, 1945 to 1947, incl.,
and $2,000 in 1948.
$5,000 from 1947 to 1956 incl. J. S. Rippel & Co. of
Newark, only other
bidder, offered a premium of $140.73 for 4Ms.
&
of Buffalo
MAMARONECK (P. O. Mamaroneck), N. Y.—BOND OFFERING—
Bert C. McCulloch, Town
Supervisor, will receive sealed bids until ll a. m.
(DST) on Juiy 8 for the purchase of $59,000 not to exceed
6% interest
coupon or registered general bonds of
1940, divided as follows:
Jlus a premium of $988, equal follows: $4,000 from 1941 to4.06%.incl. and
to 101.33, a basis of about 1946
Dated
uly 1, 1940 and due July 1
Tilney
100.284
100.148
...
Marine Trust Co. of Buffalo..
Manufacturers & Traders Trust Co
Roosevelt & Weigold, Inc
N. J.—BOND SALE— The $74,000 coupon or
registered public improvement bonds offered June 25—V.
150, p. 3861—
were awarded to B. J. Van
Ingen & Co., Inc., New York, as 4Ms, at par
-
100.05
100.04
2%
2%
2%
2%
2.10%
VALLEY,
Bidder—
Union Securities Corp
E. H. Rollins &
Sons, Inc
Ii. D. White & Co
Blair & Co., Inc
100.05
100 27
100.1608
100.16
100.113
100.058
100.051
100.547
100.289
100.134
100.11
YORK,
Municipal Bonds
Rate Bid
1.70%
1.80%
awarded to Sherwood
premium of $50, equal to
Rate Bid
1M%
1M%
1M%
1M %
1M%
1M%
1M%
1M%
154%
1 M%
1M%
2M%
2M%
2M%
Int. Rate
registered municipal
:;f.
;■
or
•
SALEM, N. J.—BOND
Bidder—
100.18
100.16
SALE—The $25,000 coupon
Bidder—
R. D. White & Co
H. L. Allen & Co
C. F. Childs & Co. and
Sherwood & Co
Workers Trust Co. of Johnson
City
Union Securities
Corp
SALE—The $23,000 coupon or registered fire
engine and improvement bonds offered June 24—V.
150, p. 3861—were
awarded to Parker & Weissenborn of
Newark, as lMs, at par plus a premium
of $12.55, equal to 100.054, a basis of about
1.23%. Dated June 1, 1940 and
due June 1 as follows:
$5,000 from 1941 to 1943 incl. and $4,000 in 1944
and 1945. Other bids:
Graham, Parsons & Co
Dougherty, Corkran & Co
100.37
$1,000.
Due July 1 as follows:
$4,000 in 1945 and $3,000 from 1946 to 1952 incl.
Principal and interest
(J-J) payable at the Workers Trust Co., Johnson
City, with New York
exchange.
Legality approved by Dillon, Vandewater & Moore of New
York City.
Other bids:
PASSAIC
VALLEY
WATER
COMMISSION
(P.
O.
Paterson),
N. J,—NOTE SALE—The First National Bank
of Paterson purchased an
issue of $250,000 revenue notes at
as
100.43
2%
regis¬
tered refunding bonds offered June
21 were awarded to E. H. Rollins &
Sons, Inc., New York, as lMs, at a
price of 100.189, a basis of about
1-48%.
Dated July 1, 1940.
Denom.
which
Dated June 26, 1940 and due
Aug. 26 and Sept. 26, 1940.
JOHNSON CITY, N. Y.—BOND
100.141
100.122
100.06
2.10%
2.10%
Sons. Inc
NEW
Rate Bid
1.90%
1.90%
1.90%
2%
YORK, N. Y.
.
$100,000-Feb. 1, 1941.
Telephone: WHitehall 4-8898
Bell System Teletype: NY 1-2395
ROCHESTER, N. Y.—NEW
May 31
was
CITY MANAGER—L. B. Cartwright on
appointed City Manager, to succeed Harold W. Baker.
ROCHESTER, N. Y.—NOTE SALE—$570,000 pavement reconstruc¬
tion (Ord. 40-149-150) notes offered June
27 were awarded to the National
NEW
City Bank
YORK
BEDFORD (P. O.
Katonah), N. Y.—KATONAH WATER DISTRICT
EXTENSION NO. 1 BONDS SOLD—The $6,300
coupon or registered
district bonds offered June 21—V. 150,
p. 4010—were awarded to the
Mahopac National Bank of Mahopac, as 2.90s, at a price of
100.20, a
basis of about 2.88%.
Dated June 15, 1940 and due $300 on June 15 from
1941 to
1961 incl.
Bidder—
Roosevelt & Weigold
GLENS
Rate Bid
3%
3.20%
100.45
100.80
the First National Bank of Glens
about 1.08%.
Sale consisted of:
Falls
as
p.
1.10s
coupon or regis¬
3699—were awarded to
at
100.126,
basis of
a
$4,000 from
$6,000 from
1941 to 1945 incl., and $5,000 from 1946 to 1950
incl.
All of the bonds will be dated June
1, 1940.
Of the 19 other bids for the
bonds, six named a rate of 1.20%, four at 1.25%, two at
1.30%, three
each at 1.40% and 1.50%, and one at
1.75%.
The offers for 1.20s were
as follows:
Bidder—
Rate Bid
Blyth & Co., Inc
Minsch, Monell & Co., Inc
100.21
100.14
100.131
„
Sherwood & Co
Alex. Brown & Sons
Lehman Bros
100.101'
100.07
100,059
GREENBURGH UNION FREE SCHOOL DISTRICT NO. 1
(P. O.
Tarrytown), N. Y.—BOND OFFERING—M. F. Bellows, District Clerk,
will receive sealed bids until 3
p. m. (DST) on July 5 for the purchase of
$35,000 not to exceed 6% interest coupon or registered
improvement bonds.
Dated June 1, 1940.
Denom. $1,000.
Due June 1 as follows:
$10,000
from 1941 to 1943 incl., and
$5,000 in 1944.
Bidder to name a single
rate of interest, expressed in a
multiple of M or l-10th of 1%.
Principal
and interest (J-D) payable at the
Washington Irving Trust Co., Tarrytown,
with New York exchange.
The bonds are general obligations of the
district,
payable from unlimited taxes.
A certified check for $700,
payable to order
of the district, must
accompany each proposal.
Legal opinion of Dillon,
Vandewater & Moore of New York
City will be furnished the successful
.> -
HARRISON (P. O. Harrison), N. Y.—CERTIFICATE
SALE—The
Rye Trust Co. of Rye was awarded on June 25 an issue of $280,000 tax
lien
certificates at 0.70% interest, at par plus a
premium of $10.70.
Dated
July 1, 1940. Due July 1, 1941. Legality approved by Dillon,
Vandewater
& Moore of New York City. Other bids:
Int. Rate
0.85%
1.20%
Premium
$3.50
2.80
HASTINGS, N. Y.—BONDS AUTHORIZED—The Board
of Trustees
George B. Gibbons & Co., Inc
recently authorized
HEMPSTEAD
an
(P.
issue of $20,000 road repair bonds.
O.
Hempstead),
N.
Y.— WEST LONG
BEACH
1941 to 1956 incl.
Int. Rale
HUDSON FALLS,
istered
bonds
July 1 from
Other bids:
Bidder—
2.70%
2.90%
Preniium
$11.52
N. Y.—BOND SALE—Thfe $30,000 coupon
offered June 25—V. 150, p. 4010—were awarded
13.00
or reg¬
to
the
Manufacturers National Bank of Troy, as 1.60s, at
par plus a peremium of
$47.25, equal to 100.157, a basis of about 1.57%. Sale consisted of:
$10,000 sewer bonds of 1940.
Due April 1 as follows:
$800 from 1941 to
1945 incl. and $1,200 from 1946 to 1950 incl.
20,000 general bonds for street improvements.
Due April 1 as follows:
$1,800 from 1941 to 1943 incl.; $2,400 from 1944 to 1948 incl.
and
$2,600 in 1949.
(Town of), N. Y.—CERTIFICATES SOLD—George B. Gibbons
& Co., Inc. of New York purchased on June 21
an issue of $314,421.59
certificates of indebtedness at 0.53% interest, at
100.001. Dated June 25,
1940 and due June 25, 1941. Legality
&
approved by Reed, Hoyt, Washburn
Clay of New York City.
RYE UNION FREE SCHOOL DISTRICT NO. 1
(P. O. Mamaroneck),
N. Y.—BONDS DEFEATED—'The
proposal to issue $175,000 construction
bonds was defeated at an election on June 19.
SARATOGA
COUNTY
(P.
O.
Saratoga
Springs),
N.
Y —BOND
SALE—The $38,500 coupon or registered county
building bonds offered
June 25—V. 150, p. 4011—were awarded to the
Saratoga National Bank
of
Saratoga Springs,
101.85,
follows:
as 1.40s, at par plus a premium of $712.50, equal to
basis of about 1.30%.
Dated June 1, 1940 and due June 1 as
$3,500 in 1941; $3,000 in 1942 and $4,000 from 1943 to 1950 incl.
a
Other bids:
Bidder—
Int. Rate
E. H. Rollins & Sons, Inc
1.40%
C. F. Childs & Co., Inc., jointly with Sherwood & Co_ 1.50%
■
Manufacturers & Traders Trust Co., Buffalo
Blair &
Co., Inc
icn,
-
ivioneu <x <jo.,
———
Roosevelt & Weigold, Inc
Corp
R. L. Allen & Co.
Co., Inc
—
TON A WAN DA,
84.32
100.00
—
-
50.00
i.ouy0
inc
R. D. White & Co., Inc—i.——
Geo. B. Gibbons &
$60.45
107.00
1.50%
F. W. Reichard & Co
Union Securities
Premium
1.60%
1.70%
Manufacturers National Bank of Troy
42.35
69.30
1.70%
1.50%
1.70%
1.60%
1.60%
1.50%
53.90
85.00
62.00
106.65
38.50
Y .—TO ISSUE REFUNDING BONDS—Roland
Baxter, City Attorney, reports that an issue of $156,000 refunding bonds will
be soid within
a
an
N.
few weeks.
WELLSVILLE
—At
election
(P.
on
O.
Wellsville),
N.
Y.—BONDS
AUTHORIZED
June 12 tne voters approved an issue of $18,900 road
improvement bonds
north
ALBEMARLE.
carolina
N.
C.—NOTES SOLD—A $39,000 issue of six-months
been purchased by the First National Bank of Al¬
bemarle, at 1M %, Plus a premium of $10.
notes
SEWER DISTRICT BONDS SOLD—The $8,000
coupon or registered sewer
bonds offered June 25—V. 150, p. 4010—were awarded to
Sherwood & Co.
of New York, as 2.70s, at par
plus a premium of $36, equal to 100.45, a
basis of about
2.64%. Dated July 1, 1940 and due $500 on
A. C. Allyn & Co., Inc
Roosevelt & Weigold, Inc
jointly as 1.20s, at a price of 100.33.
Due serially from 1941 to
1951 incl.
Reoffered to yield from 0.20 to 1.25%,
according to maturity.
Second high bid of 100.319 for 1.20s was made
by Manufacturers & Traders
Co., Lehman Bros, and Kean, Taylor & Co.
RYE
R. D. White & Co
registered bonds
Trust
$45,000 series I work relief bonds.
Due June 1 as follows:
1941 to 1945 incl., and $5,000 from 1946 to 1950
incl.
55,000 series II home relief bonds.
Due June 1 as follows:
Bidder—
Par
27
York,
FALLS, N. Y.—BOND SALE— The $100,000
150,
coupon or
offered June 28, full description of which was
given in V. 150, p. 4011,
were awarded to C. F. Childs & Co. and
Sherwood & Co., both of New
Int. Rate
Inc
E. H. Rollins & Sons, Inc
0.28%
0.74%
ROME, N. Y.—BOND SALE—The $267,000
general bonds offered June 26—V.
bidder.
,
Bank & Trust Co., jointly
Chase National Bank of New York..
Other bids:
Sherwood & Co___
tered
of New York at 0.27% int. at par plus a premium of
$14.
Dated June 28,1940 and due Feb.
28,1941. Other bids:
Bidder—
Int. Rate Premium
Bank of the Manhattan Co.
0.27%
$12
Chemical Bank & Trust Co. and Central Hanover
is said to
nave
BREVARD, N. C.—BOND TENDERS INVITED—It is stated by Alex.
H. Kizer, Town Clerk, that, pursuant to the provisions of the refunding plan
and the respective bond orders and ordinances authorizing their issuance, he
will receive sealed tenders until July 15, at noon, for the purchase by the
sinking fund of the town in the
name
and
on
behalf of the town,
of the
following bonds:
1. Refunding bonds, dated July 1, 1936, payable July 1, 1976.
2.
Re|ristered interest funding bonds, dated July 1, 1936, payable
JUAyil tenders must be considered firm for five days following date of opening.
CATAWBA COUNTY (P. O. Newton) N. C.—NOTES SOLD— It is
reported that $58,900 bond anticipation notes were purchased recently by
the Citizens Bank of Conover,
COLUMBUS COUNTY (P. O. Whiteville), N. C.—NOTES SOLD—
reported that $12,600 three-months notes have been purchased by
S. Dickson & Co. of Charlotte, at 1M%. Plus a premium of $2.60
It is
R.
The Commercial & Financial Chronicle
4166
COUNTY
CRAVEN
(P.
O.
New
Bern),
TENDERS
N. C.—
JNVITEIJ—It is stated by Jane Holland. Clerk of the Board of County
Commissioners, that pursuant to the provisions of the agreement with the
bondholders' committee, she will receive sealed tenders until July 8, at
noon,
nent
for purchase of refunding bonds dated July 1. 193f> (including perma¬
improvement and school refunding bonds).
Such tenders must give
bond number, and principal amount of each bond, and shall
the series,
stipulate the price at which the bonds are being offered which price shall:
be interpreted to mean, plus accrued interest from July 1, 1940 to date of
delivery.
All coupon bonds offered shall have the Jan. 1, 1941 and subse¬
quent! coupons attached.
All offerings must be firm until July 10.
One
or more bonds may be tendered.
' ■
..
Bonds purchased will be purchased at the lowest tendered price.
Such
of the tendered bonds as are accepted for purchase, shall be delivered
„
through either the Branch Banking & Trust Co., or the First-Citizens
Bank & Trust Co., New Bern, within five days from notification of the
acceptance of the
tender.
O. Rutherfordton), N. C.—NOTES
is said to have been purchased by
American Trust Co. of Charlotte, at 2%, plus a premium of $11.50.
RUTHERFORD COUNTY (P.
SOLD—A $25,000 issue of revenue notes
the
June
and accrued interest, subject to the approving
M. Miller, Esq., of Columbus, whose opinion will be
Enclose a certified check for $10,000,
payable to the District Treasurer.
;
bidder at not less than par
opinion of Thomas
furnished at the expense of the district.
MONTGOMERY COUNTY (P. O. Dayton), Ohio—OTHER BIDS—
bond awarded to the BancOhio Securities
i)lus $3,835 premium, equal to 100.71, a
basis of about 2.12%—V. 150, p. 4011—were also bid for as follows:
The $540,000 series H refunding
Co. of Columbus as 2Ms at par
Int. Rate
Bidder—
■
tion that $6,000
Department.
OHIO
COUNTY
ATHENS
(P.
Athens),
O.
Ohio—BOND
SALE— The
$40,000 delinquent tax poor relief bonds offered June 26—V. 150, p. 4011
awarded to Ryan, Sutherland & Co. of Toledo as 1 Ms at a price
of 100.422, a basis of about 1.66%.
Dated June 1, 1940, and due $2,500
on June 1 and Dec. 1 from 1941 to 1948 incl.
Second high bid of 100 37
—were
for 1 Mb was
made by Fulierton & Co. of Columbus.
BELLAIRE, Ohio—BOND OFFERING—Ed Kinkade,
City Auditor,
9 for the purchase of $15,000 4%
swimming pool construction bonds. Dated June 1, 1940. Denom.
$1,000. Due Dec. 1 as follows: $2,000 from 1941 to 1947 incl. and $1,000 in
1948. Bidder may name a different rate of interest provided that fractional
rates are expressed in a multiple of X of 1%.
Principal and interest (J-D)
payable at the City Treasurer's office. A certified check for 1 % of the gross
amount of the bid, payable to order of the city, must accompany each
proposal.
will receive sealed bids until noon on July
Oh! o—DOUBTFUL
CINCINNATI,
OF
MARKET
FOR
STREET
"Enquirer" of June 20:
£
City Manager C. O. Sherrill reported to Council yesterday that he
doubted whether the citjr could sell revenue bonds "at any price" to buy
the Cincinnati Street Railway Co., and estimated that it would cost $3,000.000 to take over the 229 busses now operating in the city.
Reporting on the motion last week of Councilman Herbert 8. Bigelow,
Sherrill said it would cost $9,866,200 to retire the company's bonded debt,
adding that it was "impossible" to estimate the purchase price of the com¬
pany's common stock.
Prices of the stock would rise materially with a
declaration of intention to buy, Sherrill explained, although he reported
"it is reasonable to suppose" that an agreement could be reached with
Cincinnati
'
stockholders.
However, bonds secured only
tion
by anticipated revenue from the transporta¬
system would have little market,
Sherrill contended.
Such a procedure
transfer "the hazardk of the transitory phases through which the
transportation operations are now passing" from stockholders to bond¬
would
holders, he said.
Based on figures
supplied by Edgar Dow Gilman, Utilities Director,
bus at $10,000 and the cost of
garages, shops, and equipment at $500,000, making the total probable
capital investment, including working funds to operate the number of
busses now in service, $3,000,000.
Ohio—BOND OFFERING—G. A.
Gesell,
Director of
Finance, will receive sealed bids until noon on July 11 for the purchase of
$4,000,000 4% coupon refunding bonds of 1940, divided as follows:
$2,500,000 series A bonds. . Due $250,000 annually on Dec. 1 from 1945 to
1954 incl.
Payable from taxes unlimited as to rate or amount.
447,000 series B bonds issued to refund bonds heretofore issued under the
then existing 15-mill tax limitation prior to Jan. 1, 1931.
Due
Dec. 1 as follows: $44,000 from 1945 to 1947 incl. and $45,000
from 1948 to 1954 incl.
474,000 series C bonds issued to refund bonds heretofore issued under
the then existing l()-mill tax limitation prior to Jan. 1, 1931.
Due Dec. 1 as follows:
$47,000 from 1945 to 1950 incl. and
$48,000 from 1951 to 1954 incl.
402,000 series D bonds.
Due Dec. 1 as follows: $40,000 from 1945 to
1952 incl. and $41,000 in 1953 and 1954.
Payable from taxes
subject to previously existing 15-mill limitation.
177,000 series E bonds.
Due Dec. 1 as follows: $17,000 from 1945 to
1947 incl. and $18,000 from 1948 to 1954 incl.
Payable from
limited taxes.
1
-
'ryT.-
All of the bonds will be dated
Aug. 1, 1940.
Denom. $1,000.
Bidders
may bid for a different rate of interest in a multiple of ^ of 1%.
If bids
are received based upon a different rate of interest than specified the highest
bid based upon the lowest interest cost to the city will be accepted, such
acceptance to be approved by resolution of the City Council.
Bids may be
made separately for each lot or for "All or None."
Split rate bids will not
not be considered on any single issue, but different interest rates may be
bid for different issues.
Prin. and int. payable at the Irving Trust Co.,
New York.
At the request of the owner, coupon bonds may be exchanged
for bonds registered as to principal and interest.
Coupon bonds also may
be registered as to principal only, and thereafter be transferable to bearer.
These bonds will be issued by the city, under authority of law and ordinance.
The proceedings relating to the issuance of the bonds have been taken under
supervision of Squire, Sanders & Dempsey of Cleveland, whose approving
opinion can be obtained by the purchasers at their own expense.
Delivery
of bonds to be made on or about Aug. 1, at any bank in the city designated
by the purchasers, or at a bank agreed upon by the purchasers and the
Director of Finance.
A full transcript of the proceedings will be furnished
to the purchaser.
No bid will be entertained unless made on a blank form
furnished on application by the Director of Finance.
Conditional bids
will not be considered.
Enclose a certified check for 1% of the amount of
bonds bid for, payable to the City Treasurer.
(Preliminary report of the offering appeared in V. 150, p. 4011.)
GUERNSEY COUNTY (P. O. Cambridge), Ohio—BOND OFFERING
R. Castor, Clerk of the Board of County Commissioners, will
Dids until noon on July 9, for the purchase of $20,000 4%
delinquent tax poor relief bonds.
Dated May 1, 1940.
Denom. $2,000.
Due $2,000 on May 1 from 1941 to 1950, incl.
Bidder may name a different
rate of interest provided that fractional rates are expressed in a multiple
of X of 1%.
Interest M-N.
A certified check for $400, payable to order
of the Board of
bids until 7:30 p. m. on July 15 for the purchase of $345,000 4% coupon
district bonds.
Dated July 1, 1940.
Denom. $1,000.
Due Nov. 1, as
follows:
$4,000 in 1942, $8,000 in 1943 and 1944, and $13,000 in 1945 to
Bidder may present a bid or bids for the bonds based on their bearing
a different rate of interest than above
specified, in multiples of X of 1%.
Bids may be made upon all or any number of bonds issued.
The bonds
are issued for the purpose of raising money, in anticipation of the col¬
lection of the instalments of an assessment heretofore levied by the district,
1969.
to
the principal and interest of notes heretofore issued, which notes
issued to pay a portion of the cost of the execution of the official plan
district, including superintendence of construction and adminis¬
pay
were
of
4,266.00
oOO.OO
2X%
____—3%
— —
—
System
1948, $23,000 in 1949, $24,000 in 1950, $25,000 in 1951 and 1952, $26,000 in
1953, $27,000in 1954, $28,000 in 1955 and 1956, $29,000 in 1957, $30,000 in
1958, $31,000 in 1959, $32,000 in 1960, $33,000 in 1961, $34,000 in 1962,
$35,000 in 1963, $36,000 in 1964, $37,000 in 1965, $38,000 in 1966, and
$39,000 in 1967, subject to call or redemption, however, on Nov. 1, 1942,
or on any interest paying date thereafter, at not more than par.
In event less than the outstanding bonds are to be redeemed, the numbers
of the bonds to be redeemed shall be selected in their reverse order.
REYNOLDSBURG
RURAL SCHOOL DISTRICT, Ohio—BOND
G. Smith, Clerk of the Board of Education, will receive
$40,000 not to exceed
OFFERING—C.
sealed bids until noon on July 11 for the purchase of
interest
6%
construction and equipment
Denoms. $1,000
Dated July 1,
bonds.
1940.
Due as follows: $1,000 April 1 and Oct. 1, 1941
and $900.
1942; $900 April 1 and Oct. 1 from 1943 to 1962 incl.
Interest A-O.
A certified check for $500, payablet to order of the Board of Education,
and
must
accompany
each proposal.
SANDUSKY, Ohio—BOND SALE—The $7,190 coupon street sweeper
150, p. 3700—were awarded to J. A. White &
Co. of Cincinnati as 1 Ms, at par plus a premium of $38.90, equal to 100.54,
a basis of about
1.09%.
Dated June 1, 1940 and due Dec. 1 as follows:
$1,000 from 1941 to 1946. incl., and $1,190 in 1947.
The BancOhio Se¬
curities Co. of Columbus submitted the second high bid of 100.54 for
bonds offered June 24—V.
1.09%.
„
Bidder—
Rate Bid
Inl. Rale
:
100.65
Ryan, Sutherland & Co
2X%
Seasongood & Mayer
—2 X %
Van Lahr, Doll & Isphording.
— _ ——
2M%
Provident Savings Bank & Trust Co... —
2M%
100.11
100.14
100.13
—.—
TILTONSVILLE, Ohio—BOND OFFERING—Joe Sutak. Village Clerk,
July 8 for the purchase of $16,532.31
4% interest coupon bonds, divided as follows:
$7,000.00 storm sewer bonds.
Denom. $700.
Due $700 on Dec. 1 from
1941 to 1950, incl.
will receive sealed bids until noon on
not to exceed
9,532.31 street
assessment
One bond for $982.31, others $950
bonds.
1 as follows: $950 from 1941 to 1949, incl.,
1950.
Issued in anticipation of collection of
special assessments for street improvements.
All of the bonds will be dated June 1, 1940.
Rate of interest to be ex¬
;
Due
each.
and
Dec.
in
$982.31
^
pressed in a multiple of X of 1 %.
A certified check
bid for, payable to order of the village, is required.
for $200 on each issue
TOLEDO, Ohio—OTHER BIDS—As previously reported in V. 150.
4011 the $300,000 city's portion grade elimination bonds offered
18 were awarded to Stranahan, Harris & Co., Inc. of Toledo and
associates, as 2 Ms, at 101.40, a basis of about 2.63%.
Second high bid of
101.65 for 3s was made by Halsey, Stuart & Co., Inc.
Other bids were
p.
June
'
follows:
as
.
Premium
Int. Rate
Bidder—
1& Mayer; Walter,
Woody & Heimerdinger; Pohl & Co., Inc.; P. E.
Kline, Inc.; Bohmer, Reinhart & Co.; Commerce
Fox, Einhorn & Co.; Seasongood
Union Bank, Nashville, and
^
Ford R. Weber & Co. 3%
Corbett,
$3,8/0.00
3%
2.340.00
F. Childs & Co., and Martin, Burns &
C.
Inc..
-
—
Provident Savings Bank &
Trust Co.; Weil, Roth &
Irving Coj Van Lahr Doll & Isphording, Inc.,
and Siler, Roose & Co
——
Fahey, Clark & Co.; Blyth & Co., Inc.; Hayden,
Miller & Co.; Lowry, Sweney, Inc., and Hawley,
— _
Huller & Co
BancOhio Securities Corp., and Otis &
3X%
4,982.00
.
3,818.00
3X%
Co—3M%
1.200.00
TOLEDO, Ohio—PLANS $1,000,000 RELIEF OF BOND ISSUE—City
is preparing legislation to permit the issuance of $1,000,000 bonds to fund
the 1939 relief deficit, representing judgments obtained by local merchants
for relief supplies furnished on credit in that period.
The bonds would be
issued under the Milroy Bill, recently reenacted at a special session of the
State Legislature,
WEST
VIEW
(P.
O. Olmstead Falls), Ohio—BOND OFFERING—
Clerk, will receive sealed bids until noon on July 23
L. C. Blodgett, Village
purchase of $5,000 4% storm sewer bonds.
Denom. $500.
Due
$500 on Oct. 1 from 1941 to 1950, incl.
Bidder may name a different iate
of interest, expressed in a multiple of X of 1 %.
Interest A-O.
A certified
check for $100, payable to order of the Village Treasurer, is required.
for the
OKLAHOMA
BLACKWELL,
Okla.—BOND
ceived until 7:30 p. m. on
OFFERING— Sealed bids will be re¬
City Clerk for the
July 2, by Dwight Randall.
purchase of a $10,000 issue of fire department improvement
$3,000 in 1943 and 1944, and $4,000 in 1945.
The bonds will
bidder offering to pay par and
of interest.
Enclose a certified
CHANDLER
SCHOOL
BOND SALE—The $20,000
bonds
Due
be sold to the
accrued interest . Bidders to name the rate
check for 2 % of bid.
DISTRICT
(P. O.
Chandler), Okla.—
semi-annual building bonds offered for sale on
May 29—V. 150, p. 3399—were awarded to the Small-Milburn Co. of
Tulsa, at a net interest cost of about 2.73%, on the bonds divided as
follows:
$12,000 as 3s, due $2,000 in 1943 to 1948, and $8,000 as 2M»,
due $2,000 in 1949 to 1952.
♦
HITCHCOCK, Okla.—BONDS SOLD TO RFC—A $36,000 issue of water
approved by the voters at an election held last October, have
the Reconstruction Finance Corporation.
works bonds
been purchased by
PAWNEE,
bids will be received
Okla.—BOND OFFERING—Sealed
until 7:30 p. m. on July 1, by W. C.
of a $65,000 issue of municipal light
Williams, City Clerk, for the purchase
and water plant bonds. Due $4,000 in
1944 to 1959, and $1,000 in 1960.
The bonds shall be sold to the bidder
offering the lowest rate of interest and agreeing to pay par and accrued
interest. The bonds are issued in accordance with Sections 5929 and 5930,
Oklahoma Statutes, 1931, and were authoriz3d at the election held on
June 11, by a vote of 202 to 140.
Enclose a certified check for 2% of the
amount of bid.
the
tration, under authority of the Conservancy Act of Ohio, the notes having
been issued pursuant to a resolution of the district approved and adopted
by the board of directors on June 11, 1940, the bonds herein described to be
issued pursuant to a resolution of the district approved and adopted by the
board of directors on June 19, 1940. The bonds will be sold to the highest
4,406.00
150, p. 4011—were awarded to Merrill, Turben & Co. and McDonaldCoolidge & Co., both of Cleveland, jointly, as 3s, at par plus a premium of
$1,855, equal to 100.25, a basis of about 2.88%.
Dated June 1, 1940,
Denom. $1,000.
Due Nov. 1 as follows: 18,000 in 1941, $19,000 in 1942
and 1943, $20,000 in 1944, $21,000 in 1945 and 1946, $22,000 in 1947 and
County Commissioners, must accompany each proposal.
MASSILLON CONSERVANCY DISTRICT (P. O. Massillon), Ohio—
BOND OFFERING—Charles N. Hostetter, Secretary, will receive sealed
2,862.00
2X%
MUSKINGUM WATERSHED CONSERVANCY DISTRICT, Ohio
SALE—The $742,000 coupon callable bonds offered June 21—
—Ralph
receive sealed
——>
V.
Sherrill's report estimated the cost for each
CLEVELAND,
—
2,305.80
—BOND
coupon
RAILWAY REVENUE BONDS—The following item was taken from the
1,014.67
Braun, Bosworth & Co., Toledo; McDonald-Coolidge
& Co., and Merrill, Turben & Co., Cleveland—__ 2M%
First Cleveland Corp., Cleveland; Hawley, Huller & Co.,
Cleveland; Hay den, Miller & Co., Cleveland; Lowry
Sweney, Inc., Columbus, and Field Richards, Cin¬
Ohio State Teachers Retirement
auditorium bonds have been purchased by the State Land
$1,801.85
—
cinnati
DAKOTA
NORTH
LIDGERWOOD SPECIAL SCHOOL DISTRICT (P. O. Lidgerwood),
N. Dak.—BONDS SOLD—It is stated by the Clerk of the Board of Educa¬
Prem.
Seasongood & Mayer: Pohl & Co., Inc.; Walter, Woody
& Heimerdinger; Chas. A. Hinsch & Co., Inc.; Fox,
Einhorn & Co., and P. E. Kline, Inc
—
2M%
Stranahan, Harris & Co., Inc., and Ryan, Sutherland
& Co., Toledo
2X%
Van Lahr, Doll & Isphording, Inc.: Provident Savings
Bank & Trust Co.: Weil, Roth & Irving Co.; Breed
& Harrison Co., and Prudden & Co., Cincinnati-— 2M%
Katz & O'Brien: Bohmer-Reinhart; Fulierton & Co.;
Nelson Browning & Co.; Middendorf & Co.; Brockhaus & Co.; Widman & Holzmann, and Zieverink
& Co
SAMPSON COUNTY (P. O. Clinton), N. C.—NOTES SOLD—It is
reported that the Wachovia Bank & Trust Co. of Winston-Salem, has
purchased $25,000 revenue anticipation notes at 1 M%. Plus a premium of
$1.57.
"
1940
29,
V.
.
.
(This notice supplements the offering report given m our issue
150, p. 4011.)
of June 22—
SAPULPA, Okla.—BOND EXCHANGE IN PROGRESS—It is stated
by J. W. Howard, City Treasurer, that the following refunding bonds,
aggregating $695,800. are being exchanged with the holders of the original
bonds:
$421,800 series A, and $724,000 series B bonds.
Volume
The Commercial & Financial Chronicle
150
election
OREGON
COOS COUNTY SCHOOL DISTRICT NO. 26-C
(P. O. Ha user),
Ore.—BOAD OFFERING—Sealed bids will be received until 7:30
p. m. on
July 3, by Z. Devereux, District. Clerk, for the purchase of $13,000 not to
exceed 6% semi-ann. school bonds.
Dated July 1, 1940.
Denom. $1,000.
Due $1,000 July 1, 1942 to
1954-, provided, however, that all bonds which
mature thereafter shall be subject to call and
redemption on July 1, 1945,
and
on
any semi-annual
payable at the fiscal
interest paying date thereafter.
Treasurer's office.
Shuler & Kelley, of Portland, will be furnished the
purchaser.
Enclose
PHILADELPHIA, Pa.—HIGH STATE COURT APPROVES WATER
^
BOND ISSUE—The State Supreme Court on June
25, gave final approval
to $18,000,000 bonds that carried at the
primary election on April 23, for
and int.
City, or at the County
The approving opinion of Teal, Winfree, McCulloch,
Prin.
agency of the State in New York
certified check for $500.
rehabilitation of the water system.
In a per curiam decision the court
upheld the city's right to issue these bonds to finance the water improve¬
ments.
As a result, it was expected that the rehabilitation
program would
.:.S be begun next month. '
a
LANE
(P.
for
O.
sale
The decision also
COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 71
Lowell), Ore.—BOND SALE—The $32,500 school bonds offered
June
on
to
Charles
N.
Tripp & Co. of Portland, according to the
Dated July 1, 1940.
Due on
OFFERING—It is reported that sealed bids
$44,000,000
sewer
Directors, will receive sealed bids until 6 p. m. on July 19 for the purchase
building bonds.
Denom. $1,000.
Due serially from 1943 to
Bonds will be issued subject to approving legal opinion of Townsend, Elliott & Munson of Philadelphia.
1960, incl.
UPPER YODER TOWNSHIP SCHOOL DISTRICT (P. O. R. F. D.
No. 5), Johnstown), Pa.—BOND SALE—The $10,000 3%
.
emergency
uncollected tax series of 1940 bonds offered June 24—V. 150, p. 3701—were
awarded to Johnson & McLean. Inc., of Pittsburgh, at par plus a premium of
issue of June 15—
$159.60, equal to 101.596,
and due June i
YONCALLA, Ore.—BOND OFFERING—Sealed
a
of $12,000
payable at the
our
for
of
less than $260.
(This notice supplements the offering report given in
V. 150, p. 3863.)
way
PORTER TOWNSHIP SCHOOL DISTRICT (P. O. R. D. 2. Jersey
Shore), Pa.—BOND OFFERING—A. E. Carpenter. Secretary of the Board
will be received until 8
p. m. on July 1, by Geo. R. Duncan, Town Recorder,
for the purchase of $13,000 not to exceed
6% semi-ann. street oiling bonds.
Dated July 15, 1940.
Denom. $500.
Due $1,000 July 15, 1941 to 1953,
reserving, however, to the town the right to redeem in numerical order on
July 15, 1945 and on any semi-annual interest
paying date thereafter any or
all of the bonds
maturing after that date.
Prin. and int.
Town Treasurer's office.
These are the bonds authorized at the election
held on May 17, by a vote of 217 to
160. Enclose a certified check for not
paving the
The court held, however, that since the water bonds would be selfsupporting, because of receipt of water rents, such a restriction did not apply.
The court disagreed with Judge Gerald F. Flood, of Common Pleas
Court No. 6, by declaring that proposed bond issues of this nature must be
submitted to referendums.
Judge Flood had maintained that self-supporting
issues did not require a vote.
of Commissioners.
STAYTON, Ore.—BOND
as
by Margaretta V.
Atkins, in a taxpayer's suit, and the technical argument was made that the
proposed bond issue was invalid because it added to the already exceeded
debt limit.
PORT OF BANDON (P. O.
Bandon), Ore.—BOND SALE—The
$25,000 water, series L bonds offered for sale on June 25—V. 150, p. 3863—
awarded
regarded
program scheduled for next fall, under the same financial
conditions.
The decision, upholding a ruling of the Common Pleas Court, had been
sought by the city in order to make absolutely sound the sale of the water
bonds to prospective purchasers.
The appeal was taken
150, p. 3863—were purchased by the Federal
Securities Co. of Portland, at par, divided as follows:
$10,000 maturing
$1,000 July 1, 1941, and January and July 1, 1942 ,to Jan. 1, 1946, as
2Ms;
$10,000 maturing $1,000 July 1, 1946, and January and July 1, 1947 to
Jan. 1, 1951, as 2s; $5,000
maturing $1,000 July 1, 1951, and January and
July 1, 1952 and 1953, as 2 Ms; and $7,500 maturing $1,000 January and
July 1, 1954 to 1956, and $1,500 Jan. 1, 1957, as 2Ms.
were
was
improvement
22—V.
Secretary of the Board
July 1 in 1945 to 1952.
4167
April 23, and are issued subject to the favorable opinion o
Townsend, Elliott & Munson of Philadelphia.
Enclose a certified check
for 2% of the
par value of the amount of bonds bid for, payable to the
Borough Treasurer.
(These are the bonds offered on June 3, for which all bids received were
rejected.—V. 150, p. 3701.)
on
bids will
be received
incl.
until 7:30 p. m. on July 2,
by H. C. Johnson, City Recorder, for the pur¬
chase of $30,000 not to exceed
6% semi-ann. water, second series bonds.
a basis of about 2.73%.
Dated June 1, 1940
$5,000 in 1945 and $1,000 from 1946 to 1950,
bid of 101 was made by Phillips, Schmertz & Co. of
follows:
Pittsburgh.
Dated July 1, 1940. Denom. $500. Due
July 1, as follows: $500 in 1944 to
1946, $1,000 in 1947 to 1950, $1,500 in 1951 and
1952, $2,000 in 1953 and
1954, $2,o00 in 1955 and 1956, $3,000 in 1957 to 1959, and
$3,500 in 1960.
I he right will be reserved
to redeem qny of the bonds, or
any part, at any
Jan. 1 interest-paying date on or after Jan.
1, 1944, at the par value thereof
and accrued interest.
Prin. and int. payable at the City Treasurer's office.
The bonds will not be sold for less than
par and accrued
interest, and
as
Second high
WILLI AMSTOWN, Pa .—PROPOSED BOND ISSUE—Borough plans to
issue $32,000 4% bonds, including $14,000 sewer construction and $18,000
street and
June 1
alley improvement. Dated June 1, 1940. Denom. $1,000. Due
$1,000 from 1941 to 1968 incl. and $2,000 in 1969 and
follows:
as
1970.
YORK, Pa.—BOND OFFERING—Harvey N. Werner, Director of Ac¬
were
counts and
authorized at the election held on
May 25.
All bidders shall satisfy them¬
as to the
legality of the bonds, for which purpose a transcript of the
proceedings of the city in connection with the bond issue will be furnished
Finance, will receive sealed bids until 9:30
a. m.
(EST)
on
July
12 for the purchase of $250,000 1, IK, IK, IK, 2, 2K,2K,2K or 3%
coupon, registerable as to principal only, improvement bonds.
Dated
selves
Aug. 1,1940.
by the City Recorder to all prospective bona fide bidders,
upon application
therefor
Enclose a certified check for not less than
2% of the par value of
Denom. $1,000.
Due $25,000
on
Aug. 1 from 1948 to 1957,
incl.
Bidder to name a single rate of interest, payable F-A.
Bonds are
issued subject to approving legal opinion of Townsend, Elliott & Munson
the bonds bid for.
of Philadelphia.
A certified check for 2% of the bonds bid for, payable to
order of the City Treasurer, must accompany each proposal.
PENNSYLVANIA
DAUPHIN COUNTY (P. O.
RHODE
Harrlsburg), Pa.—BOND OFFERING—
The Clerk of the Board of
County Commissioners will receive sealed bids
until July 17 for the purchase of $365,000 not to exceed
2% interest court
house bonds.
DERRY
TOWNSHIP
SCHOOL
DISTRICT
(P.
O.
Derry),
Pa.—
BOND SALE—The $75,000 coupon
emergency operating expense bonds
offered June 24—V. 150, p. 3863—were awarded to
Phillips, Schmertz &
Co. of Pittsburgh, as 2 Ms, at par
plus a premium of $251.80 equal to
100.335, a basis of about 2.42%.
Dated July 1, 1940, and due July 1 as
follows: $10,000 from 1941 to 1944,
and $5,000 in
1950.
Other
j
Int. Rate
$126.25
2H%
2H%
3M%
3M%
701.25
390.00
495.75
355.00
—
____
—
_________
ELIZABETH TOWNSHIP SCHOOL DISTRICT (P. O.
Boston),
Pa.—BOND SALE DETAILS—George G. Applegate of
"Pittsburgh was
associated with Phillips, Schmertz & Co. and
Hemphill, Noyes & Co. in the
purchase on June 18 of $75,000 bonds as 2 Ms, at par and $252
premium,
equal to 100.336, a basis of about 2.45%—V. 150, p. 4012. Other bids:
Bidder—
Int. Rate
E. H. Rollins & Sons, Inc
Johnson & McLean, Inc
Premium
2%%
2M%
2%%
$857.25
692.25
3%
1,010.60
„
684.00
FORKS TOWNSHIP SCHOOL DISTRICT (P. O. Easton, R. D. 2f
Pa.—BOND OFFERING—Elbert F. Seifert, District
Secretary, willreceve
bids until 2 p. m. on July 6, for the purchase of
$14,000 2)4, 3, 3M and 4%
coupon or registered school bonds.
Dated Sept. 1, 1940.
Denom. $1,000.
Due $1,000 annually from 1942 to 1955, incl.
Bids will be received in the
alternative for bonds at any of the aforementioned interest rates.
All bids
shall be subject to acceptance by the Board and
approval of the Pennsyl¬
vania Department of Internal Affairs.
A certified check for 2% of the
amount bid for, payable to order of the
district, must accompany each
proposal.
^
HARBORCREEK TOWNSHIP SCHOOL DISTRICT (P. O. Harborcreek), Pa.—BOND OFFERING—W. R. Blackwood, Secretary of tht
Board of School Directors, will receive sealed bids until 7 p. m.
(EST) on
July 1 for the purchase of $120,000 1M,IK, 2, 2)4,2)4, 2% or 3%
coupon,
registerable as to principal only, high school construction bonds.
Dated
July 1, 1940. Denom. $1,000.
Due $5,000 on Jan. 1 from 1942 to 1965
incl. Principal and interest (J-J) payable at the District Treasurer's
office.
Bidder to name a single rate of interest. A certified check for 2
% of the bonds
bid for, payable to order of the District Treasurer, must
accompany each
proposal. The bonds will be issued subject to approval of the Pennsylvania
Department of Internal Affairs.
The district assumes and agrees to
pay
any tax or taxes, except succession, inheritance or gift taxes, now or here¬
after levied on either the bonds or interest thereon under
any present or
future law of the Commonwealth of Pennsylvania.
JOHNSTOWN, Pa.—BOND SALE—The
issue
of $200,000 refunding
bonds offered June 25—V. 150, p. 3701—was awarded to an account
com¬
posed of Hemphill, Noyes & Co., S. K. Cunningham & Co. and
Phillips,
Schmertz & Co.. all of Pittsburgh, as 2 Ms at par plus a premium of
$1,236.
equal to 100.618, a basis of about 2.38%.
Dated July 1, 1940 and due
$20,000 on July 1 from 1941 to 1950, incl.
Reoffered to yield from 1% to
2.45%, according to maturity.
Second high bid of 101.509 for 2Ms was
made by Blair & Co., Inc., and Butcher & Sherrerd.
NORTH YORK SCHOOL DISTRICT (P. O. York), Pa .—BOND
SALE—The $8,000 3M% school bonds offered June 24—V. 150, p. 3701—
basis of about
OXFORD, Pa.—BOND OFFERING—C. C. Baer, Borough Secretary,
will receive sealed bids until 8 p.
(EST) on July 1 for the purchase of
$145,000 1, IK, IK, IK. 2, 2M, 2K. 2K, 3, 3K or 3M% coupon sewer
bonds.
Dated June 1, 1940.
Denom. $1,000.
Due June 1 as follows:
$1,000 in 1944, $3,000 in 1945 and 1946, $4,000 in 1947, $5,000 in 1948.
$4,000 in 1949 and 1950, $5,000 in 1951, $4,000 in 1952, $.5,000 in 1953 to
1957, $6,000 in 1958 and 1959, $5,000 in 1960, $6,000 in 1961, $7,000 in
1962, $6,000 in 1963 and 1964, $7,000 in 1965 to 1968, $8,000 in 1969, and
$9,000 in 1970.
Bids will be received for the entire issue at any of the above
rates of interest but no bid combining two different rates of interest will be
accepted.
The bonds may be registered as to prinicpal only, and will be
sold to the highest responsible bidder, provided such bid is not less than
par
and
accrued
interest.
These
are
m.
the
bonds
authorized
at
the
primary
SCHOOL
offered
RICHLAND COUNTY (P. O. Columbia), S. C.—BOND OFFERING—
*
It is stated by W. C. Thomas, Secretary of the Board of County Com¬
missioners, that he will receive sealed bids until 11 a. m. on July 1, for the
purchase of the following not to exceed 4% coupon semi-annual bonds ag¬
gregating $435,000:
$10,000 medical clinic bonds.
Due $1,000 on July 1 in 1941 to 1950, incl.
425,000 hospital bonds.
Due July 1 as follows: $13,000 in 1941 to 1943,
$14,000 in 1944 and 1945, $16,000 in 1946 and 1947, $19,000 in
1948, $20,000 in 1949, $21,000 in 1850, $24,000 in 1951 and 1952,
v
$25,000 in 1953 and 1954, $26,000 in 1955, $27,000 in 1956 and 1957,
$28,000 in 1958, and $30,000 in 1959 and 1960.
Dated July 1, 1940.
Denom. $1,000.
Rate of interest to be in
a
multiple
of K of 1%, and must be the same for all the bonds of each issue.
No bid
at less than par and accrued interest will be considered.
Principal and
interest
payable in New York.
General obligations.
Unlimited tax.
Purchasers will be furnished free of charge with the
unqualified approving
S. Monteith Jr. of Columbia, and Storey, Thorndike,
The county will furnish the bonds.
Enclose
certified check for 2% of the amount of the bonds bid for, payable to the
opinions of Colin
Palmer &
a
Board of
Dodge of Boston.
Cpunty Commissioners.
SOUTH
DAKOTA
ABERDEEN INDEPENDENT SCHOOL DISTRICT (P. O. Aberdeen).
S. Dak.—BOND ELECTION—It is reported that an election will be held
on July 9 in order to have the voters pass on the proposed issuance of $100,000 not to exceed 4% semi-annual building construction and equipment
bonds.
Due in 1941 to 1953.
TENNESSEE
COUNTY (P. O. Union City), Tenn.—MATURITY—It is
stated by the County Judge that the $28,000 refunding bonds sold to the
First National Bank of Memphis, as 3 Ms, at a price of 101.35, as noted
here—V. 150, p. 4012—are due on July 1 as follows: $1,000 in 1941 to 1950,
j and $2,000 in 1951 to 1959, giving a basis of about 3.11%.
OBION
PUTNAM COUNTY (P. O. Cookeville), Tenn.—BOND OFFERING—
It is stated
by B. C. Huddleston, County Judge, that bids will be received
for the purchase of $10,000 armory bonds.
Denom.
Due $2,000 in 1941 to 1945.
until July 11, at noon,
$1,000.
Dated July 1, 1940.
TEXAS
CORPUS CHRISTI, Texaa—BONDS OFFERED TO PUBLIC—The
Ranson-Davidson Co., Inc. of San Antonio, is offering for general invest¬
ment a $375,000 issue of 3K % coupon semi-ann. sewer improvement and
extension, series 1940 bonds at prices to yield from 2.00% to 3.75% accord¬
ing to maturity.
(
awarded to
Mackey, Dunn & Co. of Philadelphia, at a price of 106.139,
1.69%.
Dated June 20,1940 and due $2,000 on June 20
from 1942 to 1945, incl.
Second high bid of 103.81 was made by C. C.
Collings & Co. of Philadelphia.
a
s
Moore, Leonard &
Lynch
Pohl & Co., Inc__-_________
Premium
2M%
CAROLINA
DISTRICT NO. It (P. O.
Run), S. C.—BONDS SOLD—A $15,000 issue of building bonds
COUNTY
for sale on June 24 and was awarded to R. M. Marshall &
Bro. of Charleston, as 3Ms, paying a premium of
78, equal to 100.52,
according to report.
was
Glover & MacGregor, Inc
Johnson & McLean, Inc
were
Adams
bids:
Bidder—
Moore, Leonard & Lynch
Glover & MacGregor_^_
SOUTH
CHARLESTON
incl.; $6,000 from 1945 to 1949, incl.,
E. H. Rollins & Sons, Inc
S. K. Cunningham & Co., and
ISLAND
WARWICK (P. O. Apponaug), R. I.—BONDS AUTHORIZED—The
City Council on June 20 authorized $28,000 police and fire signal system
bonds and $12,000 fire truck purchase bonds, to mature $5,000 annually
from 1942 to 1949 incl.
CORYELL
COUNTY
(P.
O.
Gatesville),
Texas—BONDS
NOT
SOLD—It is stated by the County Judge that the $30,000 not to exceed 3%
semi-annual county hospital bonds offered for sale on June 10—V. 150,
p.
3702—were not sold.
Dated June 10, 1940.
Due in 1941 to 1958.
EAST BERNARD INDEPENDENT SCHOOL DISTRICT (P. O.
East
Bernard), Texas—BONDS SOLD—The President of the School
Board, states that the $2,000 school bonds offered for sale without success
on April 1, have been purchased by the State Board of Education, as 3Ms,
at par,
MONAHANS-WICKETT
INDEPENDENT
SCHOOL
DISTRICT
(P. O. Monahans), Texas—BONDS OFFERED—It is said that sealed bids
received until 8p.rn.on June 26 by the Superintendent of Schools for
were
the purchase
of two issues of 3% semi-annual building bonds, aggregating
!llffio',eriiduS!ndl10WDue
20,000 series 2 bonds.
83.500 from July 1. 1941 to 1950, Incl
Due $2,000 from July I, 1941 to 1950, incl.
The Commercial &
4168
BEAVER COUNTY SCHOOL
BONDS SOLD—It is reported
DISTRICT (P. O. Beaver), Utah—
—
.
—i
■
U
Trust Co. of Salt
i
ii
anticipation notes at 1% %.
MILLARD COUNTY
BONDS SOLD—A
refunding bonds
National Bank & Trust Co. of
Due on March 1, 1956.
MIDVALE, Utah—NOTES SOLD— The
Lake City is said to have
W
radios, tubes, cameras,
that $8,000 3M% semi-ann.
have been purchased by the Continental
Salt Lake City
Dated March 1, 1940.
Continental National Bank &
purchased recently $35,000 tax
Dated Jan. 15, 1940.
Due on Jan. 14, 1941.
Utah—
SCHOOL DISTRICT (P. O. Fillmore),
$26,000 issue of 2% semi-ann.
refunding bonds is re-
Trust
rrted toCo. of been purchased recently by the 1, 1940. Due on June 1 as
have Salt Lake City. Dated June Continental National Bank
follows: $4,000*
1943 to 1947, and $6,000 in 1948.
VERMONT
Rate Bid
Int. Rate
Bidder—
Montpeller National Bank
E, H. Rollins & Sons,
F. W. Home & Co., Ine
—
National Life Insurance Co. of Montpelier_.
I
2V%%
2M%
—
101.09
100.63
100.273
2%%
101.00
3%
100.258
;RobS(&,GO--*-.—3%
WISCONSIN
COUNTY (P. O. Mauston), Wig.—BOND OFFERING—
Sealed bids will be received until 2 p. m. (CST), on July 22, by Willard
Franke, County Clerk, for the purchase of $65,000 2H% semi-ann. court
house and jail
bonds.
Dated July 15, 1940.
Denom. $1,000.
Due
May 15, as follows: $7,000 in 1942 to 1946, and $6,000 in 1947 to 1951.
The bonds will be sold to the highest responsible bidder at not less than
JUNEAU
95% of the par value thereof and
accrued interest.
The approving opinion
will be furnished to the purchaser.
the par value of the bonds, payable
of Chapman & Cutler of Chicago,
Enclose a certified check for 2% of
to the County Treasurer.
OCONTO COUNTY (P. O. Oconto), We.—BONDS TO BE SOLD—
M. Cook, County Clerk, that the county will offer for
immediately $70,000 3% highway improvement bonds.
Denom.
$1,000.
Dated July 1, 1940.
Due on Jan. 1, 1945. Prin. and Int. (J-J)
payable at the County Treasurer's office
It Is stated by Josie
sale
RICHLAND AND CITY OF RICHLAND CENTER
Wig .—BOND SALE—The $48,000
semi-annual gymnasium-building bonds offered for sale on
June 20—V. 150, p. 3864—were awarded jointly to John Nuveen & Co.;
Paine, Webber & Co., and the White-Phillips Co., all of Chicago, paying
a premium of $3,665,
equal to 107.62, a basis of about 2.10%.
Dated
Dec. 1, 1938.
Due on June 1 in 1941 to 1953.
The second best bid was an offer of $3,530 premium, submitted by
Harley, Haydon & Co. of Madison.
TOWN
OF
JOINT SCHOOL DISTRICT NO. 2,
3%
coupon
VERNON COUNTY (P. O.
Virocua), Wis.—BOND SALE—The $100,-
000 Wt % coupon semi-annual non-taxable highway improvement, series N
bonds offered for sale at public auction on June 20—V. 150, p. 3702—were
awarded to the Central Republic Co. of Chicago, paying a premium of
Dated May 1, 1940.
)ue
f2,155, May 1, 1943.
equal to 102.155, a basis of about 0.58%.
on
Milwaukee
The
Co.
of Milwaukee
was
second
best,
offering $2,150
premium.
VILLAGE OF BRUCE AND TOWN OF STUBBS, JOINT
SCHOOL
(P. O. Bruce), Wis.—BONDS SOLD—It is stated that
offered for sale on April 26—V.
150, p. 2618—were purchased by Bigelow, Webb & Co. of Minneapolis,
at a price of 102.00: $13,800 refunding and $10,000 building bonds.
Dated
April 1, 1940.
Denoms. $1,000 and $500, one for $800.
Due April 1, as
follows: $1,300 ih 1941, $i ,500 in 1942 to 1952, and $2,000 in 1953 to 1955.
DISTRICT NO. 1
the following bonds aggregating $23,800,
WAUSHARA
The
June
$100,000
19—V.
COUNTY
2H%
150, p.
(P.
O.
Wautoma),
the House of Commons, estimated total revenues
$650,000,000. but warned that the $498,000,000
$700,000,000.
"The future may well demand even more," he said in his two-hour
budget speech, arguing that those who think the tax program too drastic
might ask "what will become of their property or incomes if Germany and
Italy should conquer the British Empire."
:
New income taxes are to begin on the first $250 of net income, or any por¬
tion thereof, in excess of exemptions, and will be based on a 6% rate.
Exemptions for married persons were lowered from $2,000 to $1,500
and for single persons from $1,000 to $750.
The following tabulation of the new taxes and their estimated yields was
taken from the Canadian press.
The first figure gives the yield forecast for
a full fiscal year and the bracketed figures the yield for the rest of the cur¬
rent fiscal year which ends March 31, 1941:
New excise tax on new and unused automobiles ranging from 10% on
for the
fiscal
year
RAPIDS,
at
deficit could easily increase to
value of $700 to 80%
on excess over
($1,500,000).
$1,200, $3,500,000
,
.
,
Personal income tax rates sharply increased and exemptions for single
and married persons lowered, $58,000,000 (Nil).
New national defence tax of 2% of income and 3% in case of single persons
than $1,200.
Tax credit of $8 for each dependent, $35,000,000 ($20,000,000).
^
Excess profits tax revised, abolishing optional graduated rate on returns
from capital, and rate on total profits raised from 50% to 75% of all profits
in excess of a base rate from average profits over four-year pre-war period,
earning more
$100,000,000 ($25,000,000).
A war exchange tax of 10% of value of all imports except those com¬
entered
under
the
British preferential tariff,
$65,000,000
($50,000,000).
'<
■
A new tax of 10% on all radios, radio tubes, phonographs and cameras,
$1,500,000 ($1,100,000).
Excise tax on cigarettes raised from $5 to $6 per 1,000.
Excise tax on manufactured tobacco raised from 25 to 35 cents a pound.
Excise tax on cigarette papers and tubes raised from 2 to 5 cents per 100.
New excise tax on raw leaf tobacco sold to consumers of 10 cents a pound.
Excise tax on cigars increased from 50 cents to $1 per 1,000.
Excise tax on matches increased one-third, or from % cent to 1 cent on
modities
o
box of 100.
(The above taxes on
smokers' supplies are expected to yield
$15,500,000
and$11,700,000.)
Tariff changes of technical nature.
Tax of five cents a pound on rubber tires and tubes except those on new
cars, compared with two and three cents a pound respectively under present
schedules, $1,100,000 ($800,000).
Imported malt syrup rate raised from 21 to 24 cents a pound.
Dressed or dyed furs taxed 12% instead of the present 8%.
Sales tax exemption to home canners limited to 10,000 one-pound cans
and flower sales tax exemption for farmer-florists limited to $500.
New taxes expected to produce $280,000,000 in a full year and $110,000,000 in current fiscal year.
Estimated total revenue $760,000,000.
For current fiscal year, expendi¬
tures $1,148,000,000; total deficit $550,000,000 to $600,000,000.
PLANS NATIONAL JOB INSURANCE SYSTEM—Implementing a
recommendation of the Sirois Commission and previous promises of the
Prime Minister the Government, through Justice Minister Ernest Lapointe,
has given notice of legislative steps necessary to establish a national scheme
of compulsory unemployment insurance.
The first move is adoption by the two branches of the Canadian Par¬
liament of a Joint Address to His Majesty the King that he direct the
British Parliament to bring in a measure amending the British North
American Act so that the Parliament of Canada will have the necessary
power to enact national unemployment insurance legislation.
A large amount of constitutional and-legislative procedure is required
to have inserted the words "unemployment insurance" in the list of matters
enumerated in section 91 of the B.N.AJfAct and over which the Dominion
shall have jurisdiction.
How soon Canadian employers and employees
will be compelled to pay for unemployment insurance will depend upon
how soon the British Parliament acts upon the Joint Address.
While the Sirois Commission in its report recommended that the Federal
Government take the necessary steps to establish a national scheme of
compulsory unemployment insurance it admitted there are objections to
such a plan.
"No system of unemployment insurance," the report stated,
"will take care of all the unemployed at all times."
Wig .—BOND SALE—
semi-annual refunding bonds offered for sale on
3864—were awarded to C. W. McNear & Co, of
Chicago, paying a price of 102.00, a basis of about 2.12%.
1940.
Due $10,000 on June 1 in 1941 to 1950, inclusive.
WISCONSIN
supplies tax, $15,500,000
phonographs, $1,500,000; tires, $1,100,000; other
excise taxes, $500,000.
Mr. Ralston, addressing
manufacturers'
CASTLETON (P. O. Castleton), Vt.—BOND SALE—The $60,000
coupon refunding bonds offered June 20—V. 150, p. 3864—were awarded
to R. K. Webster & Co. of Boston, as 2Ks, at a price of 101.299, a basis
of about 2.35%.
Dated July 1, 1940, and due $3,000 on Dec. 1 from 1940
to 1959, incl.
Other bids:
1940
29,
June
$3,500,000; tobacco and smokers'
bile excise tax,
!
UTAH
Financial Chronicle
Dated June 1,
Wis .—BOND SALE—The $160,000
general
obligation coupon storm sewer bonds offered for sale on June 4—V. 150,
p. 3550—were purchased by the State Land Commission, as 2Ms. according
to report.
Dated June 1,1940.
Due $80,000 on June 1 in 1950 and 1951.
CANADA
(Dominion
Minister of Finance has
of)—TO REDEEM STERLING
ISSUE—The
announced that the Dominion Government
would
$74,900,000 of Dominion of Canada registered stock on Oct. 1,
1940. The stock was issued in 1913-15 and is held by investors in the United
Kingdom.
This is the second repatriation operation to be carried out by the Do¬
minion since the outbreak of war. The ultimate effect will be that Canadian
dollars will be made available to the United Kingdom for purchase of
Canadian primary commodities and manufactured products required in the
redeem
war.
at the option
in
BIG HORN COUNTY SCHOOL DISTRICT NO. 1 (P. O. Byron),
.
Wyo.—BONDS SOLD—It is stated by the District Clerk that the $40,000
150, p. 3864—
were purchased subsequently by the American National
Bank, and the
Stockgrowers National Bank, both of Cheyenne, jointly, as 3s at par.
school bonds offered for sale without success on May 27—V.
HOT SPRINGS COUNTY (P. O. Thermopolis) Wyo.—BOND PRO¬
are informed by tne Clerk of the Board of
County Commissioners that the proposal to issue $50,000 road bonds has
POSAL CANCELED—We
been canceled.
WYOMING, State of—ACQUISITION OF HIGHWAY BONDS RE¬
Treasurer Mart T. Christensen disclosed recently that
Wyoming soon will own its entire outstanding highway bond issue, totaling
$2,800,000.
Mr. Christensen said $715,000 worth of bonds have been
held by the Treasurer's office for some time and that the remainder are
,
Bank, which purchased
a
large number of bonds
for its clients, is handing the transaction to turn them back to the State,
the Treasurer said.
Holders of the bonds will be paid interest to maturity
date, April 1, 1941, without premiums.
April 1, 1941," Mr. Christensen said, "the issue will be refunded at
compared with the present rate of 4%—which
State Highway Department funds."
acquired by income from permanent
school funds in compliance with statutory duties imposed on the State
"On
a
the
Oct. 1, 1960, but is subject to call on
of the Government on three months' notice.
of £19,300,000 against which there is a
amount
£2,463,000, leaving a
900,000 at the current rate of exchange.
The first large repatriation took place last October when
Dominion of Canada 1930-50 registered stock was called for
The operation resulted in
available to the United Kingdom.
April 17.
MONTREAL, Que.—TAX
the issue of the
redemption last
approixmately $91,000,000 being made
BILL PASSED BY PROVINCIAL
LEGIS¬
the levying of a series of new taxes as part
rehabilitate the municipal finance structure
was given third reading in the Quebec Legislature on June 13, which means
that from July 1 on, Montrealers will pay municipal taxes on telephones,
radios, automobiles and gasoline pumps.
The bill only required the
approval of the Legislative Council and of the Lieutenant-Governor to
become a law, and such sanction was anticipated at an early date.
The
city's financial difficulties precipitated default on a maturity of bonds and
bank loan on May 15 and resulted in placing control of the municiplaity in
the hands of the Quebec Municipal Commission.
The tax measure, accord¬
ing to the Montreal "Gazette" of June 14, provides as follows:
Imposes a tax of $2 on Montrealers for ownership of radios.
Levies a tax of $5 on all owners of automobiles whether they be residents
of Montreal proper, or Westmount, Outremont, Ville St. Pierre, Montreal
LATURE—The bill providing for
of the Government's program to
v.
PORTED—State
being acquired.
The Chase National
Oct. 1, 1940,
It is outstanding
sinking fund of
net amount to be redeemed of £16,837,000 or $74,-
The stock matures on
WYOMING
lower interest rate—2%
will result in adding that saving to
He added the bonds "are being
Treasurer."
The plan for the State to obtain ownership of the bonds was proposed
by Gov. Nels H. Smith and Highway Superintendent Frank Kelso.
Mr.
Kelso estimated the transaction would save the State approximately
$190,000 in interest.
East
or
Pointe
aux
Trembles.
Imposes a tax of 25 cents on every
telephone, plus 10 cents for every
}
extension line.
Quebec Municipal Commission, now
metropolis, to collect an unspecified amount on every
the city.
This tax is expected to vary between $30 and
Authorizes
the
the location of the pump.
Increases the present tax for
ments
street and sidewalk and
by 10 cents per $100 of realty
•*:
in control of the
gasoline pump in
$50, according to
other public improve¬
valuation.
authorities, i.e., the Quebec Municipal Commission,
to increase all existing taxes, excepting the new ones and the school, sales,
income and one or two others, to a higher rate than that now provided
Allows the municipal
CANADA
ALBERTA
(Province of)—INTEREST PAYMENT OFFERED— Hon.
S. E. Law, Provincial Treasurer, announces that the province will pay
interest to bona fide holders of debentures which matured Jan. 1, 1939,
at the rate of 2%% per annum in respect of the half-year ending July 1,
1940, being at the rate of $13.75, $6.88 and $1.38 respectively for each $1,000,
$500 and $100 denomination.
Holders will be paid interest as above on
presentation of their debenture or debentures for notation thereon of such
payment of interest at any branch of the Imperial Bank of Canada in the
Dominion of Canada, or at the Bank of the Manhattan Co. in the City of
New York, in the United States of America.
Debentures should be ac¬
companied by the usual ownership certificate required by the Dominion
and
other
CANADA (Dominion of)—WAR BUDGET ENVISAGES $498,000,000
DEFICIT DESPITE INCREASED TAXES—Finance Ministw J.
ston on June 24 announced a Canadian wartime budget of $1,148,000,000,
^Ral¬
requiring drastically increased income taxes and anticipating a deficit of
at least $498,000,000.
He estimated that new and increased taxes would
produce new revenue of about $280,000,000 annually, as follows: Excess
profits tax, $100,000,000; graduated personal income tax, $58,000,000;
national defense tax, $35,000,000; war exchange tax, $65,000,000; automo¬
bodies.
Replacing the present 5-man Executive Committee there will be a com¬
seven to be chosen by the 99 councillors installed in office, the
chairman of which will receive $10,000 a year, and the members $7,000
mittee of
apiece.
Government as in the case of coupons.
Moreover—though it is less interesting for the time being to the tax¬
payer—provision is also made for complete revision of the mode of admin¬
henceforth be enforced in Montreal.
Instead of 35 wards into which the city is now divided for aldermanic
representation, there will be 11 districts which will send a total of 66 council¬
lors to the City Hall, the remaining 33 to be designated by various trade
istration which will
■
Despite all this change, however, the fact remains that the Quebec
Municipal Commission will have full control over Montreal finances with
Honore Parent, K.C., former director of services under the old regime, in
omplete charge as administrator for the Commission.
OTTAWA, Ont.—BOND SALE—An issue of $571,702 three to 20-year
bonds was awarded June 26 to the Bank of Montreal, at price of
or a net cost to the city of 2.88%.
Second high bid of 98.92 was
made by the Bank of Nova Scotia and associates.
serial
99.09,
Volume
The Commercial & Financial Chronicle
ISO
ni
Subscription Price $12.00 per Year
State
Single Copies $7.00 each
and
Municipal Compendium
Shows at a glance the financial status of over 20,000 municipalities and taxing districts, listing
outstanding bond issues and maturities; gross debt and sinking funds; assessed valuations,
tax rate, population, where interest is payable, &c.
For each State gives details of State debt and digest of laws and constitutional provisions
affecting the issuance of securities, and types of investments legal for trust funds and savings
banks.
.-
Includes the
history and present status of the debt of the Federal Government and the laws
authorizing the same.
Also gives a complete analysis of the municipal bond sales for the
preceding
year.
Carefully compiled from official
PART
PART
JUNE
I.
and revised to date of issue.
sources
II.
DECEMBER
Connecticut
New
Alabama
Island Possessions New Mexico
Texas
Delaware
New Jersey
Arizona
Kansas
North Carolina
United States-
Dist. of Col.
New York
Arkansas
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/■•
Maine
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Maryland
United States—
Island
Debt,
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&c.
Vermont
Michigan
Published by William
25
B. Dana Company
Dividend Notice
Foreign
AMERICAN
CAN
COMPANY
NATIONAL BANK
COMMON STOCK
On
of
The Board
declared
a
share
1940
dollar per
Stock
of
quarterly
a
share
bf EGYPT
dividend
Head Office
declared on the
Company, payable
was
this
Commercial
.
«
.
<
.
Cairo
.
.
Register No. 1
Cairo
August 15th, 1940, to Stockholders of record
dividend of 25c
on
25th,
June
one
Common
of Directors today
per
&c.
Spruce Street, New York
Dividends
Dividends
Stock
Debt,
Utah
the
at
the Common
of
close
Transfer
of this Corporation,
business
will
Books
July
remain
25th,
open.
1940.
Checks
FULLY PAID CAPITAL
RESERVE FUND
.
....
£3,000,000
£3,000,000
will be mailed.
payable July 16, 1940 to stock¬
holders of record July 5, 1940.
R. A. BURGER, Secretary.
LONDON AGENCY
Checks will be mailed.
6 and 7
S. W. DUHIG,
Vice-Prea. arid Treas.
King William Street, E. C. 4
Branches in all the
June 25, 1940
principal Towns in
Magma Copper Company
EGYPT and the SUDAN
Dividend No. 72
A dividend of
declared
SHELL UNION
on
Fifty cents per share has been
the stock of this company, pay¬
able September 16, 1940. to stockholders
record August 10, 1940.
OIL
CORPORATION
AMERICAN
Brooklyn, New York
facturing
Company
has declared the regular
quarterly dividend of $1.25 per share on the Preerred Stock and a dividend of 25c. per share
on the Common
Stock of the Company.
Both
payable July 1, 1940, to Stockholders of record
June 15, 1940.
Common Stock Dividend No. 98
A cash dividend declared by
the Board
June 12, 1940, for the
ending June 30, 1940, equal
2% of its par value, will be paid
upon the
Common Capital Stock of
this Company by check on July 15,
1940, to shareholders of record at the
close of business on June 29, 1940.
The Transfer Books will not be closed.
COMPANY
The Board of Directors of the American Manu¬
DIVIDEND NOTICE
on
MANUFACTURING
Noble and West Streets
PACIFIC GAS AND ELECTRIC CO.
of Directors
of
H. E. DODGE, Secretary.
ROBERT
quarter
B.
BROWN,
D. H. Foote,
Secretary-!" reasurer.
M
*
;
California.
For othor dividend*
h«
pftgo
ii
Expandit" Binder
,
is Neat and
Electric Bond and Share Company
In sizes up to
$6 and $5 Preferred Stock Dividends
regular quarterly dividends of $1.50 per
the $6 Preferred Stock and $1.25 per
share on the $5 Preferred Stock'of the Company
have been declared for payment August 1, 1940.
to the stockholders or record at
the close of
business July 10, 1940.
A. C. RAY, Treasurer.
Practical
13x8H inches
Price $2.00 each
The
share
San Francisco,
The
Treasurer.
to
Plus postage
on
Prices for
on
THE
25
larger sizes
application
"EXPANDIT" Binder
Spruce St.,
New York City
iv *
Foreign
Established 1856
F. H. PRINCE & CO.
THE CANADIAN BANK
A
PROVIDENCE, RHODE ISLAND
.....
•", vjV.V
OF COMMERCE
•
$•
HIGH-GRADE INVESTMENTS
New
Exchange
Curb
Exchange
Exchange
of
Board
Chicago
20,000,000
Cotton
York
Trade
Exchange
Grain
Winnipeg
New Orleans Cotton Exchange
Members
York, Chicago & Boston Stock
This Bank is in close touch with
Exchanges
:
the
commercial
financial
and
And other Exchanges
life
of Canada and is well
corporations,
serve
equipped to
firms and in¬
interested
dividuals
:;.5
Stock
York
New
$30,000,000
Paid-Up Capital
;
York
New
Established 1867
Reserve...
New
Members
TORONTO
OFFICE:
HEAD
;"r.*?.: ■ •«?
• «f
'•
•*
;
Co.
H. Hentz
BANKERS
N. Y. Cotton Exchange BIdg.
NEW YORK
Canadian
in
business.
r;i i-!.r:
Branches
A,
& Co.
Wellington
in
PITTSBURGH
DETROIT
important
city ahd town in Canada and New¬
foundland, also in Portland, Oregon;
San
Francisco; Seattle; Los / An% geles; London, England; Havana;
Kingston, Jamaica; Bridgetown,
Barbados,
and
Port
of Spain,
every
'DALLAS
CHICAGO
BOSTON
ROTTERDAM
PARIS
CARLO
MONTE
„
LONDON
GENEVA
AMSTERDAM
;
Members New York Stock Exchange
120 Broadway
Trinidad.
Underwriters
NEW YORK
YORK AGENCY
NEW
Exchange PL & Hanover St*
Wholesale Distributors
Australia and New Zealand
and Dealers in
Over-the-Counter j
BANK OF
Securities
NEW SOUTH WALES
FINCH, WILSON & CO.
Members New York Stock Exchange
■;> j
v*'
Commission Orders
£8,780,000
6,150,000
Reserve Fund......
7.'-v-'J"• f
;•
(ESTABLISHED 181T)
Paid-Up Capital..
Reserve
Carefully Executed
for Institutions and
120 BROADWAY,
Individuals
Kobbe, Gearhart & Parsly
8,780,000
Liability of Proprietors
£28,710,000
INCORPORATED
Aggregate Assets 80th Sept., 1989.£180,808,611
SIR ALFRED DAVIDSON,
K.B.E.,
General Mana gar
Head Office:
The Bank
LAMBORN & CO., INC.
George Street, SYDNEY
99 Wall Street.
in
Australasia.
With
over
900
SUGAR
branches
in
aU
States of Australia,
in New
Zealand, Fiji,
Papua and New Guinea, and
London, it offers the most complete and efficient
banking service to investors, traders and travellers
Export—Imports—Futures
DIgby 4-2727
interested in these countries.
LONDON OFFICES:
Members New York Stock Exchange
29 Threadneedle Street,
47 Berkeley Square,
New York
E.C,
W. 1
Agency Arrangements with Banks
the U. S. A.
Cables: "Lindros"
N. Y. C.
of New South Wales is the oldest and
bank
largest
120 Broadway
Teletype N. Y. 1-576
Tel. Rector 2-3600
NEW YORK
OTTO FUERST & CO.
New York
45 Nassau Street
Foreign
throughout
Royal Bank of Scotland
BANK OF MONTREAL
l8l7
Established
Incorporated by Royal Charter 1727
Leading Out-of-Town
Investment Bankers & Brokers
Ooes
200 Years of
ComuercialBanking
Head
ST. LOUIS
HEAD
OFFICE—Edinburgh
General Manager
Rest
Total number of offices, 258
Co.
8
?
/
£4,125,965
.....—...
Jackson Dodds
A
Canada
In
In London:
Head Office:
MARX[& CO.
^
26, Bishopsgate, London, E.C.
Subscribed Capital..
CORPORATION BONDS
'v*
;i
NATIONAL BANK OF NEW ZEALAND, Ltd
Eslabllshed.1872
undertaken
DETROIT
t'"/
\
Head Office: 8 Moorgate, London,
>
Subscribed Capital.
E. C. 2, Eng.
,.....£6,000,000
Paid-up Capital..
MICHIGAN MUNICIPALS
£2,000,000
Reserve Fund
£1,000,000
£500,000
Currency Reserve
Charles A. Parcells & Co.
Members of Detroit Stock Exchange
PENOBSCOT
BUILDING, DETROIT, MICH.
■
P. R. M. Hanna, General Manager
The
A.T.T. Teletype—Hartford 564
/'
Chief Office in New Zealand: Wellington
v:
PUTNAM & CO.
HARTFORD
'■
banking
*
Specialists in Connecticut
Members New York Stock Exchange
i
i
£2,200,000
-
/Securities
-j
47 Threadneedle St., E.C. 2;
9 Waterloo Place, S.WV 1.
Street. V
Trusteeships and Executorships also
HARTFORD
•.
and Newfoundland—
.£2,000,000
The Bank conducts every description of
and exchange business
-
,U
Branches and Agencies
States—New York, 64 Wall St. ;
Chicago: 27 South La Salle St.;
San rrancisco: Bank of Montreal
(San Francisco), 333 California
....£4,000,000
Reserve Fund...
G. W. Spinney
.
In the United
in
Paid-Up Capital
and
Mewburn, C.M.G.
1/,vMore than 500 Branches..„
India, Burma, Ceylon, Kenya
Colony and Aden and Zanzibar t/''■>/.'
Branches
BIRMINGHAM, ALABAMA
<
Managers
—
Williams Deacon's Bank, Ltd.
NATIONAL BANK OF INDIA, LIMITED
v
Drummond
General
Bankers to the Government in Kenya Colony
and Uganda
BIRMINGHAM
Tel. 6-0151
$950,000,000
W. A. Bog
|
.
CENTRAL ROW,
-
President
Mai.-Gen. The Hon. S. C.
£69,921,983
Associated Bank,
Members St. Louis Stock Exchange
6
$36,000,000
$39,000,000
Huntly R.
£8,780,192
Reserve fund
Deposits
/
•
^
Vice-Presidents
oo^otivc st,
MUNICIPALS
-
Excess of
*
.'
Bishopsgate, London, England
Capital {fully paid)
SAINT LOUIS
SOUTHERN
-
Total Assets in
CHIEF FOREIGN DEPARTMENT
*
■;
-
-
-
Capital■-
William Whyte
St/x
Montreal
Office
Bank
business
description of banking
New Zealand.
conducts every
connected
with
Correspondents throughout the
Secretary & London Manager: J.
World
H. Lawrie
x
@FedFRASER