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COPYRIGHTED IN 1941 BY WILLIAM B. DANA COMPANY, NEW YORK.
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JUNE 7,
Vol. 152
No. 3963
1941
CONTENTS
Editorials
The Financial Situation
The Chief Justice of the
Oil Industry
United States
and Governmental Obstructionists.
Comment and Review
Capital Flotations in May and Since Jan. 1, 1941.
The Business Man's Bookshelf
..
Week
the European
on
.— — _
3542
.3547 & 3594
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment
Course of the Bond Market
3554
.3561 v.
—3540
--3593
Indications of Business Activity
on
the New York Stock Exchange
Week
on
3561
3542
Stock Exchanges
Week
-3555
the New York Curb Exchange.--
News
Current Events and Discussions
Bank and Trust Company Items
General
Corporation and Investment News.
Dry Goods Trade
State and
Municipal Department
Stocks and Bonds
3593 & 3594
Foreign Stock Exchange Quotations
Bonds Called and Sinking Fund Notices.
Dividends Declared
Auction Sales
----- -
—
Exchange—Stock Quotations.
New York Sock
♦New York Stock
3594
3598
—3598
3608
Exchange—Bond Quotations-3608 & 3618
3624
-.3628
Other Exchanges—Stock and Bond Quotations.
-.3630
Canadian Markets—Stock and Bond Quotations
3634
Over-the-Counter Securities—Stock & Bond Quotations.3636
New York Curb
Exchange—Stock Quotations
♦New York Curb
Exchange—Bond Quotations
Reports
3546
Foreign Bank Statements
3594
Course of Bank Clearings
3571 & 3605
Federal Reserve Bank Statements
General Corporation
3640
and Investment News
Commodities
The Commercial Markets and the
Crops
-
Cotton
—3666
-.3669
—3672
Breadstuffs
column incorporated in our tables
on New York Stock Exchange and New York Curb Exchange bond quota¬
tions pertaining to bank eligibility and rating.
♦
Published Every
Attention
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to
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Saturday Morning by the William B. Dana Company,
25 Spruce Street, New York City,
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and Editor: William Dana Selbert. President and Treasurer; William D. Rlggs, Business Manager.
Other offices: Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone State 0613).
Edwards & Smith, 1 Drapers' Gardens, London, E.G.
Copyright 1941 by William B. Dana Company.
Entered as second-class matter
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The Financial Situation
mind
ANOTHER military machine, this time in Greece
German demonstration of the might of the
i
and, almost immediately following, in what was
supposed to be the strongly held island of Crete,
together with "political maneuvering" by the Ger¬
man
Fuehrer, has quite evidently brought a renewed
of uneasiness in Great Britain and
sense
almost
many
Americans.
developments
held
revealing Germany
as
A
One
of
strength
made
con¬
such
distant
bases
as
obviously
public officials
end.
Other giant
South
to
across
leaps
the
at
or
least, greatly feared.
ping
well
may
be
hazard
perhaps less in the
of the stage so
is
here in
being
has
to
a
tion, I
careful
for
come
of
this
to
and
war
in
heart
be
may
before it
in
pre¬
The
first
is
of
these
—
and
and
"firm stand" would
him to heel.
dearly for
German
him
war
what
not
cease
to
could
clear
even
that
a
even
is
the
he
as
of the
The
.
even
and
yet
of
war.
German
Production
A second lesson
indus¬
fact that
aid
to
possession
in
the
the
existence
inevitable
product
of
system of regimentation
which obliges the individr
barest
essentials
a
di¬
production to
war
goods.
no
and
verts all
he
of
success
is not merely
ual to sacrifice all but the
of
step as
public has
German
arming
an
a
know of
may
drastic
appar¬
ently slowly learned is the
The German
na¬
question.
a
another.
that by
threat
it
is
wholly
course.
But
could
never
have produced
now
everywhere
The
apparent.
Germans
obviously
done
a
production job.
They have
not only apparently known
precisely
they needed, and organized themselves to
produce it, but have, all through the population,
what
either been
willing
amount of work
or
obliged to do the
enormous
required—and thoughtful observers
familiar with the nature and habits of the German
people
the
are
term
likely to be
"slave
European
places of responsibility
altogether
conclusion
that
achievement
we
a
labor."
to
his
or
severely
things of themselves
the results
not
disabused
is
these
marvelous
they could not
degree
one
It
rationed, of
scarlet thread
have
that
It nearly always
not
bring
growing
in
unrealistic
.
that
peace,
and
some
Record
insidious, implicit notion, run¬
through the Presi¬
sentences, that somehow, not
only
as to defense needs but
as to
ordinary require¬
ments, a governmentally inspired and con¬
trolled
"planned
petroleum
economy" is
vastly superior to the traditional American
ning like
tale of little meaning in
strong words
world
be¬
persistence
thinking of the early days
the
President Roosevelt
throughout much
curb
loose
stop
certainly
country of
the
have
nothing to
with,
this
still
we
to
system.
way
or
speaks the
dent's
—
a
"stop
now," despite the
that
him
Insist¬
we
has been in
earlier period
appeared to suppose
expressing
he
in
a
although
suspect
telling
going to happen to him if he did
act
functioning,
available,
such
England have paid
supposition that they could stop the
machine—or Mr.
Hitler—by
was
countenance.
of that
and
to
for
Both France and
any
fact
But what troubles the
thoughtful citizen
kept asserting that Hitler
"bluffing"
its
generally
takes,
most
were
later
demand that
little
to
particularly
tion is regimented without
Chamber¬
those wiseacres
has been able
Hitler
store
transportation,
lain's appeasement
policy,
now clear
enough how
then
fully
elemen¬
petroleum, problems.
it is
wrong
this
defense petroleum problem—other than
cer¬
tain difficulties about
supplies in the East,
which, after all, are
may
was
reasons
here
is the futility of bluff and
bluster.
Whatever
be said of Mr.
industry and those
President, possibly in
not
good
too
can
Great
effective about it.
shaping their policies and operations
discovery, development, production,
facts
taken
well.
yet,
anything
ent
processing, transportation, storage, distribu¬
tion, marketing, consumption and
import and
export of petroleum and petroleum
products.
—The President to
Secretary Ickes.
reason
late.
who
the
good,
as
am
them in
The
its
and
balancing refining operations
with the petroleum
tries
which affect
order that the real lessons
liminaries
transportation
.
some
restrospection
do
be
can
as
tary fact, or if understand¬
ing it,
hereby designating you as Petro¬
leum Coordinator for National
Defense.
It is also
expected that you will consult
that the
us
use
it
meet
just
even
understands
location; elim¬
cross-hauling of
efficient
to
—
whether
to
as
Britain
development, produc¬
more
that
us
with the German
cope
scarecely help raising the
questions in many minds
national emergency
of
showed, and
episodes remind
Recent campaigns
unnecessary wells in proven fields and of
other
unnecessary activities and equipment.
In order to
provide the desired coordina¬
arouse
approval of drastic legis¬
lation, executive and other.
seems
of the German
France
operated at least
maximum yields of specific
prod¬
ucts with full
consideration for
requirements,
the most economical use of
the raw materials
and
efficiency of production and distribu¬
tion; and the elimination of the
drilling of
"fighting pitch," and, in¬
It
of
to
the
the
secure
cidentally, to obtain public
time
of
its
existing
All
the American people to
part in the World
with another
products and the devel¬
transportation facilities and of
of
facilities;
employed
effort to
an
requirements
reduction
and
methods by which
made of
is
public is concerned.
this
way
program,
which must be
of our petroleum
defense
The proper
or
opment
the
as
one
on
petroleum
center
far
essential
basis
are:
ination
even
here and in Great Britain
this
only
tion and utilization of
those reserves of crude
oil and natural
gas that are of strategic im¬
portance both in quality and
disturbing to officials
although
is
of the problems with which
we are
confronted and which require immediate
action
The
destruction of British ship¬
more
there
Some
America
now
predicted,
are
the Balkan and Crete
collapse
May 27, 1941, is the development
and utilization with maximum
efficiency of
our
petroleum resources and our facilities,
present and future, for
making petroleum
products available, adequately and continu¬
ously, in the proper forms, at the proper
places, and at reasonable prices to meet
military and civilian needs.
are
troubling
no
now
goojd
defense
the
declared
Dakar and the Cape Verde
islands
lords.
policy in the unlimited
Visions of seizure
quest.
a
the
national
of
war
The
our
the spine
"Planned Petroleum Economy"
care-
world
War sends shivers down
juggernaut
up
fully gathering her
for
a
Recent
are
too
to the idea that memories of
something
approaching panic in the minds of
of the notion that he can
greatly influence
policy by threats issued in Washington.
Far
many of us have doubtless clung much too long
Axis
in
must
little
appear
order
slow in the
From
to
all
this
to have
match
use
many
of
in
drawn the
this
German
similarly regiment and partially
Volume
somehow seemed to
German wage
and
gloss
virtue of contract, patent, license or otherwise,
which itself or through its exercise or control can be
used or is adaptable for use directly or indirectly in
any way for national defense or in the construction,
manufacture, production, transportation, repair,
testing or storage of military or naval supplies or
working
match the German
week and an incredible
can
we
40-hour
a
on
the long hours the
over
has worked and is
earner
tojsuppose that
achievement
or intangible, or any part thereof, or any right or
interest therein or with respect thereto, whether by
in^this country, but many have
ourselves
ration
multiplicity of restrictive union policies and practices.
Any such idea is a snare and a delusion.
The truth of the matter is that the more effee-
other articles, commodities, materials,
legitimate
tively the Government attends to its own
the productive
and distributive processes over and
required in any such
above the absolute minimum
"all-out" effort
We
had
have
the better the
have launched
as we
record will look when this
entirely
horrible business is done,
of the notion
much
too
that national armament
to
"way of life" we seek
defend, and there are entirely too many
regimentists
of a semi-
licking their chops over the prospects,
socialistic
state
to
follow
completiqn of the
the
program—and incidentally, all too many
honest citizens who seem to have in large
armament
able and
almost
adopted
part
oriental
an
fatalism and
apparently
resignation to what they do not like but
have almost lost
So far
as
hope of avoiding.
the Administration is
concerned it ap-
to believe that each new "emergency," and
each failure of the defense program to accomplish
pears
what it is believed vital for
with
it to do, is to be met
of dictatorial power to an
further grant
a
al-
over-burdened Chief Executive who is a
notoriously popr administrator and who, like most
ready
men
with that failing,
is almost constitutionally
in-
capable of assigning tasks for which he is not fitted
who is. The Germans have unques-
to some one else
tionably concentrated almost
the hands of a very
limitless powers in
few individuals, and they have
type of system work, but
made this
that does not
that it is the best system for us—even if we
the ablest administrators in the country manag-
prove
had
It is far from certain that it
ing it.
is the most
in the long run even in Germany
efficient system
where
regimentation has always been adored.
tainly
Cer-
we
te this
should be unwise to play the sedulous ape
case.
And it is high time we came to a full
understanding of the fact.
has
of
name
Measure after measure
placed on the statute book in the
defense which far outdoes even the New
been
now
Deal authoritarian program,
not
and end in
aid the desomething approach,ng
state socialism after that effort is over.
Absolutism
On
top
appear
which in heaven's
Incredible
as
it seems to
Americans the bill for this purpose
the Senate on
thoughtful
introduced in
Monday reads in part as follows:
"Be it enacted
by the Senate and House of Repre-
sentatives of the United
States of America in Con-
assembled, that, during any period of national
emergency proclaimed by the President, the President is authorized, when he deems it in the interest
of national defense, (a) to requisition and take over,
gress
either
kind
temporarily
or
or
permanently, property of any
character, whether real or personal, tangible
I
itself, could require such
these in the hands of the President or any
other person. Even a public long accustomed to
the incredulous in grants of power and much too
indifferent to them seems to have been aroused in
some degree at least by this measure, and the President who was supposed to be in support of it as written, soon began to "back off," but it is by no means
clear that some equivalent of the measure as introduced will not become law.
Meanwhile that essential part of the German effort—long, hard, toilsome, continuous work by the
mass of men who make the machines go—is finding
no counterpart in this country. Constant bickering
by the unions, ceaseless demands for higher wages,
uncompromising insistence upon various restrictions, work interruptions, sometimes with full approval of union officials and sometimes on an "outlaw" footing and all the rest continue to hamper the
preparedness program seriously and almost continuously. We do not charge that public officials
in Washington, long disposed to minimize this state
of things, have not reached the point of worrying
about it. The President has in several public utterances called upon wage earners to "cooperate."
There is every reason to believe that officials
charged with the responsibility for defense produetion take this recalcitrant attitude of labor very
seriously. Yet it continues, and the Administra¬
tion, which in the last analysis must bear a great
deal of the responsibility for it, either does not know
quite what to do about it or is unwilling to take the
steps necessary to end it.
Getting the
Not
^ ^ ^ COuntry such
J
,
Work Done
be n0 thought of anything
cou
c
try must
enough, comes a proposal which in the economic
field would make a virtual dictator of the Chief
Executive.
temporarily or
powers as
often said to
to give the President power
war
even
emergency,
..
Proposed
all these measures,
would
name
otherwise dispose of, either
and which, if care is
taken, may well retard rather than
tense program
or
permanently, any property, right or interest requisitioned or taken over pursuant to the provision of
this act."
:
It appears to us almost unimaginable that any
inevitably requires virtual
abandonment of the very
machinery or
equipment for national defense, and (b) to use and,
on such terms as he shall deem satisfactory, to sell
precisely what it needs
known—and the less it meddles with
affairs—that is to determine
and lets it be
3539
*
The Commercial & Financial Chronicle
152
.
,
exist
.
m
~
Germany.
Wa1. •
Work
remain on a voluntary basis.
m
as
in
is
this coun-
We should
not be willing to tolerate any other system. Nor
should we gain anything by trying to alter our tradi-
tional policies in this particular, any more than we
have gained or will gain from altering them as
respects what is known as capital. Neither should
we with proper management of our public affairs
have been or now be faced with this stubborn labor
attitude, which seems to us to be plainly attributable to New Deal policies during the past eight
years and at present. New Deal managers, including the President himself, have too often, too consistently and too passionately told the rank and file
of the wage earners of the country that they were an
abused lot, that they should organize and "free"
themselves of the yoke that greedy "capital" had
The Commercial & Financial Chronicle
3540
placed
their necks.
upon
The President himself
with his effective radio delivery and
has in
means
the past
too well to suit his
lions of
succeeded in all this much
He
present purposes.
Votes, but he finds himself
tion to
same
by various other
in
now
posi¬
no
preach sounder economic doctrines to these
when his consuming desire is to get
groups
no reason
interrup¬
tions which grow
out of differences among groups of
organized
earners.
It
be
may
having
its
bank
decreased, and afforded
a
The
reserves
doubtful if any
of
actually
Washington strongly suggesting, if they do
President
say,
himself,
"Moderate" wage
even
the
far from unsympathetic to
are
of the demands the unions
many
with
that New Deal managers,
today making.
are
increases certainly appear to meet
approval from officials who keep insisting that
prices remain unchanged
or even
leaders have all too much
reason
reduced.
to
Laborwell
as
employers avoided interruptions of work
The effective demand for credit
a
total of
$2,182,000,000.
brokers
to
$359,000,000,
the
all
limited,
these
circumstances
the
has limited himself, to
or
President
one
statement
the infirmities that beset his defense
program
labor
with
he
in its
warnings of horrible external dangers which
apparently is convinced face
far
so
as
In this he has
us.
affecting the attitude of
the rank and file of
wage earners is concerned.
care as
has
always been particularly convincing. It
repeatedly suggested that a full "war
been
status"
is
Doubtless
gency"
desired
the
was in
declaration of
psychological condition
thus lead to
a
that
our
among
the
masses,
its
a
own
"full
war
Federal
to do
so
we
produc¬
shall have to
we
of
discipline
in
industrial
used to be familiar and with
seemed at least
reasonably content.
FJ'XCESS
reserves of member banks
and another
over
legal
re-
sharp reduction is
for the
now
recorded in the sta¬
weekly period ended June
recorded is
4.
The
$410,000,000, which lowers
the aggregate
to $5,410,000,000.
Heavy borrowing
by the United States Treasury, which increased the
Treasury account with the 12 Federal Reserve banks,
is the
principal
cent flotation
was
actually decreased
Other
down
'
cash' of
the
of the
reserves
$24,575,000
increased
$20,601,-
to
$74,184,000 to $6,534,194,000.
deposits with the regional banks
were
Total
lower by $90,-
541,000 at $16,046,350,000, with the account varia¬
tions
consisting of
balances
drop of member bank
a
reserve
by $547,385,000 to $13,201,494,000;
of
crease
the
in¬
an
Treasury general account by $531,-
398,000 to $993,072,000; an increase of foreign
posits by $3,615,000 to $1,243,661,000, and
of
other
The
deposits
counts
by
by
$78,169,000
ratio fell to
reserve
the
regional
239,000 to $1,916,000.
de¬
decrease
a
$608,123,000.
to
91.2% from 91.3%.
institutions
Dis¬
dropped
Industrial advances
$2,-
were up
$573,000 to $8,736,000, while commitments to make
such
advances
were
no
period,
open
as
fell
$70,000 to $12,272,000.
There
market operations during the weekly
holdings of United States Treasury securi¬
ties remained
unchanged at $2,184,100,000.
The New York Stock Market
SMALL but fairly steady York stock market this
prices
the New advances were recorded
in
on
week, and there also
improvement
of
amount
The
in
cause of the
of
drop. Much of the re¬
$660,000,000 in new money bonds
paid for in cash, rather than by
were
the
occasional signs of modest
volume.
trading
No
buying interest developed
small
of listed
quirements have been moving irregularly lower
official banking tabulations of
recent months,
tistics
banks
Federal Reserve notes in actual circula¬
purchases
equities.
ington and the
decline
Reserve
were
of the
course
great
in equities.
sufficed, however, to effect
gains in almost all sessions and in the great bulk
Federal Reserve Bank Statement
in
of
new
the gold certificate holdings of
as
$20,314,730,000.
to
status," what¬
match the German
can
conditons
plants with which
•L-*
gold received in the
new
week,
warning about push¬
attitude toward continuous, unremitting,
under
we
emer¬
better attitude in the ranks of
record, but in order
which
"unlimited
tion
and
means.
The United States
toil
cooperation,
If so, it, too, has not succeeded, and
ing recklessly ahead to
change
an
full
part at least intended to produce the
its failure should
carry
tion
induce
to
necessary
wage earners.
ever
His
presented—if the utmost candor is in order
—has not
and
is
aspect—an attempt to frighten the country
obviously failed
12
299,000.
remedy for
because
refunding
Treasury in Washington neglected to "cash"
of the
any
obviously
Treasury
borrowing.
money
The
of
banks
same
security collateral fell
completion
institutions
Pleas
con¬
gain of $16,-
a
Loans by the
on
regional banks also fell, and total
Futile
In
dealers
and
$68,000,000 -to
$2,002,000
warnings about inflation.
The
City weekly report¬
ing member banks, combined, shows
the
constant
fair, meanwhile.
000,000 in business loans for the weekly period, to
by the simple expedient of granting all demands of
forthwith—notwithstanding
ample, of course, but it
statement of New York
the
unions
now
be expected for some time to come, under
ency can
present conditions.
suspect that in
most instances the Administration would be
satisfied if
mem¬
total
pronounced advancing tend¬
dition
out
excess
than
more
but far too many
not
modest off¬
a
lowering of
making for
reserves.
indicated is far
seems
monetary gold
$6,000,000 to $22,-
Non-member deposits with the Federal
579,000,000.
Reserve banks
accommodation remains
come
The
balances.
reserve
patience sorely tried by interruptions of any variety,
apparently informed reports
in circula¬
currency
stocks of the country increased
ber
There is
1941
$9,394,000,000, also contributed to the drop of
set to the influences
to doubt that it looks with disfavor upon
wage
at
member bank
clinging to
clear that the Administration is not still
of its notious about labor.
a
$100,000,000 in
7,
tion, which raised the aggregate to another record
any means
Nor is it by
great job of work done.
many
mil¬
won
increase of
An
June
deposit'credits.
different
apparent
from
on
The political situation in Wash¬
in Europe were not much
war moves
previous weeks.
Means Committee shelved the
crease
still
excess
profits taxation.
culated for
more
a
the
has been
"death
was
Treasury plan to in¬
already exorbitant corporate
An unfounded
time that the Securities and
Commission would be
fore
Some relief
Wednesday, when the House Ways and
the
sentence"
more
case
of
in
the
rumor
cir¬
Exchange
reasonable than hereto¬
the
enforcement
Public
Utilities
of the
Holding
Company Act.
Such incidents apparently provided
mild
for
other
stimulus
the
market.
The
hand, seemed to provide little
war
more
on
the
than
a
Volume
The Commercial &
152
further sequence
for
some
of the unfortunate reports current
The financial
time.
Financial Chronicle
looked up to some
markets, nevertheless,
degree, with a few issues show-
improved
ing substantial gains, while most others
modestly.
Eyes plainly were focused this week more on the
foreign affairs or
domestic economic trend than on
the
course
of
politics in Washington.
stocks reflected
some
Industrial
buying in nearly all sessions,
partly because of the price advances that are taking
place wherever the natural interplay of
forces meets
no
economic
interference from Washington.
The
liigh rate of production, where strikers fail to interfere,
plainly
impressed
motor and similar
tained
than
and
observers.
Steel,
industrial issues were well main-
occasionally advanced to better figures
prevailed just before the Memorial Day sus-
pension last week.
were
many
favorites
Aircraft manufacturing issues
of the heavy orders being
because
placed for fighter planes.
Anthracite coal mining
3541
425,935 shares; on Thursday, 604,550 shares, and on
Friday 327,370 shares.
On the New York Curb Exchange the sales on
Saturday were 20,260 shares; on Monday, 55,630
shares; on Tuesday, 89,065 shares; on Wednesday,
84,690 shares; on Thursday, 122,440 shares, and on
Friday, 79,370 shares.
The stock market on Saturday of last week re¬
sumed operations after the Memorial Day suspension on Friday, with trading the dullest and narrowest in nine months. Throughout the day prices
moved in aimless fashion and closed steady at irreg-
ularly easier levels.
Trading on Monday reflected
a better tone and held that way the greater part of
the day, but sales volume was confined to modest
proportions. Additional Federal regulation of the
oil industry proved an obstacle to petroleum shares,
but here and there they managed to show small advances.
On the day some feature issues accumulated gains of two points in a cautious market, while
fractional improvement occurred in the main section
of the list. A noteworthy rally of broad proportions lifted stocks sharply on Tuesday and sent the
volume of sales up from 255,308 shares the day before to 417,940 shares. A sizable share of the day's
business had the earmarks of investment buying
and involved many high-grade American securities
that the use of this facility steadily is increasing
formerly held by British investors. Aircraft shares
in the defense emergency.
Railroad stocks were
were encouraged by the announcement of Army
exceptions to the general trend, plainly because of
awards of $322,000,000 for large bombers, and these
demands for increased wages being voiced by carequities naturally responded favorably to the news,
rier employees.
Trading on the New York Stock
The height of the progressive movement was reached
Exchange held under the 500,000-share level in most
in the second and final hours. A belated rise in
sessions, but exceeded that figure to a modest extent
prices on Wednesday, inspired by the House Ways
on
Thursday, when the 600,000-share figure was
and Means Committee's rejection of the Treasury's
topped.
plan with respect to corporate excess profits taxes,
Listed bond dealings were quiet throughout, but
extended the advance of the day before. Better
here
also
some
performances were favorable to
levels were recorded among the aviation, anthracite
holders.
I/Fnited States Treasury issues were well
coal, and munition shares, while rail and some steel
maintained, with all signs pointing to rapid disissues were slow in getting under way. Aviation
tribution of dealer holdings of the new $660,000,000
shares were in the vanguard of rising prices late in
2%% bonds recently floated. Best rated corporate
the day. Further support was given the market by
obligations were in quiet demand but poor supply.
American Telephone & Telegraph, which rose three
Speculative railroad bonds reflected to some degree
points. The list closed irregularly higher. The forthe uneasiness caused by fresh and exorbitant deward trend of the market was carried into Thursmands for pay rises.
In the foreign dollar departday's session and lifted prices to their best levels
inent, good gains were recorded in Colombian bonds,
since April, while a better demand in utilities
after announcement by the officials of that country
boosted sales to the highest peak in a month,
of an impending offer to exchange defaulted 6%
Chemical shares were prominent among those stocks
bonds for new 3% obligations.
Some sizable dealthat advanced widely but later experienced some
ings developed in other foreign issues, most of which
downward revision. Among the most active issues,
were
well maintained.
The commodity markets
the utilities comprised one-half the number, their
were
active at times, and items which are not
gains for the most part being fractional. An easier
strictly under the thumbs of price administrators
tendency prevailed at the close, leaving shares irregin Washington tended to advance.
Wheat and other
ularly higher. Dulness returned to trading on Frigrains showed good net gains for the week, although
day as interest in utility, chemical and coal shares
base metals remained at previous levels.
The forlessened, resulting in fractional declines in the list,
eign exchanges reflected recoveries in Canadian and
After due consideration of the SEC Chairman's reCuban funds, but few other changes of any sigmarks before the Edison Electric Institute on Thursnificance.
*
day with respect to public utility holding cornOn
the New Yrork
Stock Exchange 45 stocks
panies, the market concluded that little if any change
touched new high levels for the present week while
could be expected in the basic attitude of that body
97 stocks touched new low levels.
On the New
toward this group, and equities as a result were
lrork Curb Exchange 34 stocks touched new higli
adversely affected. Mixed changes in the list were
levels and 69 stocks touched new low levels.the rule this week, as may be seen from a compariCall loans on the New York Stock Exchange reson of closing prices on Friday last with final
mained unchanged at 1%.
figures on Thursday a week ago.
On the New York Stock Exchange the sales on
General Electric closed Friday at 29% against
Saturday were 107,100 shares; on Monday, 255,308
28% on Thursday of last week; Consolidated Edison
shares; on Tuesday, 417,940 shares; on Wednesday,
Co. of New York at 18% against 17%; Columbia
stocks
developed strength, and cement issues also
basis
of recent price gains*in the commodity.
Power and
light utility issues were momentarily in demand,
owing to the rumors that the SEC might modify its
stringent attitude.
American Telephone shares
were sharply better for the week, since it appears
advanced, while sugar stocks improved on the
3542
The Commercial & Financial Chronicle
Gas & Electric at
3% against 2%; Public Service
Corp. of N. J. at 22% against 22%; International
49%; Sears Roebuck & Co.
69% against 69; Montgomery Ward & Co. at 33%
7,1941
As indicating the course of the commodity mar-
kets, the July option for wheat in Chicago closed
Harvester at 51 against
at
June
Friday at 98%c. against 93%, the close
of last week.
July
on
Thursday
at Chicago closed Friday
corn
against 33%; .Woolworth at 27% against 26%, and
at 73%c. against 73%c. the close on Thursday of
American
last week.
Tel.
Western
23%
& Tel. at
Union
157% against 150%.
closed
Friday at 21% against
Thursday of last week; Allied Chemical &
on
July oats at Chicago closed Friday at
36%c. against 36%c. the close
Thursday of last
on
week.
Dye at 148% against 147%; E. I. du Pont de Ne-
The spot price for cotton here in New York closed
at
148% against 144%; National Cash Regis-
Friday at 13.84c. against 13.53c. the close
ter at 12
against 11%; National Dairy Products at
day of last week.
mours
12% against 13%; National Biscuit at 15% against
15%; Texas Gulf Sulphur at 34% against 33; Loft,
Inc., at 19% against 17%; Continental Can at 31%
against 32%; Eastman Kodak at 124 against 122%;
Westinghouse Elec. & Mfg. at 91 against 86%;
Standard Brands at 5% against 5%; Canada
Dry
at 12
against 11; Schenley Distillers at 10% against
10%, and National Distillers at 19% against 19%.
In
the
rubber
closed
last
Friday at 16% against 16% on Thursday of
week; B. F. Goodrich at 12% against 12%, and
United States Rubber at 21
Railroad stocks
vania
RR.
closed
Friday at 22.25c. against 22.25c. the close
12c., the close
the close
ounce
on
Thursday of last week, and spot
silver in New York closed Friday at 34%c., the close
on
Thursday of last week.
In the matter of foreign exchanges, cable trans-
fers
London closed Friday at 84.03%
on
|4.04 the close
on
against
Thursday o£ last week.
European Stock Markets
IRREGULAR
I
against 12%; Union Pacific at 79% against 78%;
si0ns.
Southern Pacific at 11
against 11%; Southern Ry.
12% against 12%, and Northern Pacific at 6%
against 6%.
at
mostly higher the present week,
United States Steel closed Friday of 54
against 53%
on
Thursday of last week,
on
against 21%.
PennsylFriday at 23% against 24% on
were
Thurs-
at 23% pence per ounce as against 23 7/16 pence per
Thursday of last week; Atchison Topeka & Santa
Fe at 26% against 27; New York Central at
11%
Steel stocks
on
In London the price of bar silver closed Friday
lower this week.
were
Thurs-
Domestic copper closed Friday at
day of last week.
Goodyear Tire & Rubber
group,
on
The spot price for rubber closed
Thursday of last week; Crucible Steel
at
37%
against 37%; Bethlehem Steel at 71 against 69%,
Youngstown Sheet & Tube at 33% against 33.
and
In the motor group,
stock
cial
was
tional
resumed
situation
rapid German
ness as
tering
holidays
kept
week
Tuesday
faced
most
all
occa-
the Euro-
a
confused interna-
traders and
sweep over
investors.
The
Crete caused much uneasiwith attention
cen-
Syria and the possibility of Anglo-French
Some public unrest was noted in Great
hostilities.
because of still another evacuation.
Britain
The
General Motors closed Friday
at 37% against
37% on Thursday of last week;
Chrysler at 55% against 55% ; Packard at 2%
tendency
against 2%, and Studebaker at 4% against 4%.
Ainong the oil stocks, Standard Oil of N. J. closed
the week, although some modest declines were
Friday at 37% against 37
rail shares
Shell Union Oil at
on Thursday of last week;
13% against 1^%, and Atlantic
Refining at 19% against 21%.
Among the
In the aviation
group,
Curtiss-Wright closed Fri-
Thursday of last week;
Boeing Aircraft at 15% against 14%, and Douglas
Aircraft at 69% against 68.
Trade
and
on
the London Stock Exchange, accord*
on
was one
of extreme caution.
Gilt-edged
se-
well maintained in most sessions of
were
ported Thursday.
were
re-
Most industrial stocks and the
steady.
Merchandising shares fell
sharply and persistently in London, owing to orders
for
stocks, Anaconda Copper closed
Friday at 26 against 26% on Thursday of last week;
American Smelting &
Refining at 39% against 40%,
and Phelps Dodge at
29% against 28%.
copper
day at 8% against 8%
ingly,
curities
on
Monday, and when busi-
on
on
to next moves in the war,
on
this
witli business modest on
Whitsuntide
markets closed
pean
prevailed
exchanges in the leading European finan-
centers,
ness
tendencies
rationing of
was easy
a
new
clothing.
when dealings
were
The Berlin Boerse
resumed Tuesday, but
better tone developed in the mid-week session, and
continued thereafter.
improvement
The so-called
colonial issues again were in excellent demand on
the German market, and good advances also
peared in industrial stocks.
dam Bourse
was
Trading
on
ap-
the Amster-
quiet throughout, with modest de-
clines the rule.
industrial
reports indicate a good
general activity, notwithstanding
the sporadic strikes in various defense and other
maintenance of
,
Defense"and Diplomacy
Steel
DROBLEMS of American defense and of dipo1
matic relations between Washington and other
Institute at
99.2% of capacity against 98.6% last
clarified little, if at all,
week, 96.8%
a
industries.
today
were
last year.
operations for the week ending
estimated by American Iron and Steel
month ago, and 80.3% at this time
Production of electric
power
for the week
ended
May 31, which included the Memorial Day
suspension, was reported by Edison Electric Institute
at
2,898,000,000 kwh. against 3,011,754,000
the preceding week and
2,477,689,000 kwh.
kwli. in
in
of
the
corresponding week of 1940.
revenue
801,783
ican
freight in the week ended May 31 totaled
according to the Association of Amer-
cars,
Railroads.
from the
over
Car loadings
This
was
a
preceding week, but
drop of 64,234
a
gain of 162,663
the similar week of last year.
great capitals of the world appear to have been
address to the Nation of
by President Roosevelt's
May 27.
The confusion of
previous weeks assuredly has become
worse
con-
founded in defense industries during the last ten
days.
So rapid is the spread of strikes in vital
pro¬
duction lines, and so serious lias the situation become,
that Congress in the latter half of this week
finally began to consider drastic remedial action,
This quite possibly will prove to be the forerunner of
real action for
adjustment of
a
difficulty that has
cars
become intolerable.
cars
failed utterly to point the way out of the chaos, and
Administration
measures
have
if Congress finally notes the growing popular unrest
Volume
The Commercial & Financial Chronicle
152
of
Strikes
this week tied up airplane factories, shipyards, industrial plants by the score, and whole sections of
contributing raw material lines. This at a moment
action, order and a good rate
and takes suitable
defense
production
still be restored.
may
production emanates
when the call for "miracles" in
from
A typical expedient of the Roose-
Washington.
velt Administration
again is proposed, in these
The War
circumstances.
Congress, last Tuesday,
a
grant of powers to Presi-
dent Roosevelt which would make the Chief
Execu-
arbiter over all private property
tive the supreme
So
in the United States.
sweeping is the proposed
grant of powers that even some staunch
tion
dire
Department proposed to
Administra-
supporters denounced it roundly.
of aid to Great Britain
The program
naturally
hinges in large part on the progress of our own
defense
production.
difficulties
other
To the degree that strikes and
to the British
permit, aid
was
made available
lavishly this week. * Attention cen-
tered
upon
especially
shipping, since it is the Battle
Atlantic that
the
of
to offer the gravest
appears
immediate threat to the United
cise extent of the British
to be matter of much
and
Kingdom.
The pre-
danger appears once again
public debate in this country,
possibly also of some official uncertainty.
bassador John G.
months
in
Winant, after
a
Am-
stay of only a few
London, returned by aerial clipper to
Washington, late last week, and conferred at
great
length with President Roosevelt and Secretary of
State Cordell Hull.
Mr. Winant, it appeared, reat his
turned
own
suggestion to confer with his
superiors, and his reticence as to the occasion for
his
hasty journey provoked all sorts of public con-
It was commonly assumed that he wished
jectures.
impress upon Mr. Roosevelt the urgent nature
to
the crisis faced
surmised that the
proposals
peace
of
Some observers
Ambassador brought some sort of
by Great Britain.
back to Washington, and others
talks related in some
assumed that the Washington
the incident of the German No. 3 Nazi,
to
way
The mystery
Rudolf Hess.
that cloaked Mr. Winant
perceptibly to the public uneasiness apparent
added
in the United States.
In the nettle-strewn field of
international diplo-
the State Department marched boldly this
macy
week, with respect both to the Asiatic and European wars.
ton,
Under measures adopted in Washing-
exports from the Philippines to Japan were
brought under
tent
More
a
licensing system, with the clear in-
preventing supplies from reaching Japan,
of
significant still were moves by the Department
relating to assumed intentions of the Vichy Governof
ment
disclosed
D.
unoccupied
on
France.
The Petain regime
Wednesday that Ambassador William
Leahy had requested a definite statement on the
the Ger-
French trend toward "collaboration" with
man
Reich.
Secretary of State Hull issued a state-
Thursday which warned Vichy against collaboration with "other Powers" for the purpose of
ment
on
aggression and oppression.
"This,"-said Mr. Hull,
inimical to the just rights of
other countries, to say nothing of its ultimate effects
on the liberties, the true interests and the welfare
"could only be utterly
of the
that
people of France."
The statement revealed
previously had been given Vichy
United States had no other interest in- any
assurances
that the
territories of the French Empire
tion for the French
people.
than their preserva-
3543
Great Britain and Germany
ALTHOUGH there were few actual incidents of
Tx the war between Great Britain and Nazi Germany which differed greatly from those of previous
weeks and months, an air of suspense developed this
week with respect to the conflict. The close of the
Cretan campaign plainly provided the Germans and
Italians with the initiative in some respects and the
apprehension prevailed that a direct invasion attempt might carry the war to England even more
drastically than the air and sea attacks have done
of late. The unusual procedure adopted by United
States Ambassador John G. Winant, in hastening
to Washington at his own request, caused endless
conjectures ranging all the way from peace negotiations to an imminent collapse of Great Britain un¬
less the definite assurance of American intervention
can be extended. Extremely grave was the threat
of hostilities between Great Britain and France,
in consequence of the Syrian crisis. The Far East
contributed to the general uneasiness, since it is
more than possible that Japan will strike against
the British at Singapore and elsewhere. The Mediterranean war position cannot be regarded as comfortable for Great Britain, after the fall of Crete,
and some observers predicted the expulsion of the
British Navy from that sea. Fresh attacks on the
Churchill regime developed in the British press,
owing to the debacle in Crete, and it was freely predieted by political observers that the Cabinet would
fall if the Mediterranean is fully conquered by the
Axis.
Portentous rumors and
possibilities were
matched, to a degree, by actual developments that
cannot be regarded as favorable. German dictator
Adolf Hitler and Italian dictator Benito Mussolini
met at the Brenner Pass, for a long conference, in
which diplomatic and military experts of the Axis
countries also participated. This meeting on Monday was followed only by the usual comment that
negotiations were conducted in a "cordial" atmosphere. It was generally believed in Washington
that plans were discussed to meet any threat that
American intervention might offer to the virtually
complete Axis control of the Continent of Europe
and to gain full control of the Mediterranean,
There was reason to believe that the dictators discussed the role of France in the rapidly changing
situation, and possibly also of Japan. There was
less inclination than formerly to scoff at the conference of the dictators, since such meetings usually
have preceded dire events.
The war in the ajr over the British Isles and
northern Europe, and in the sea lanes of the Atlantic suggested a degree of intensification of the
struggle. After several weeks of relative inactivity,
great aerial armadas once again began to strike at
production facilities this week. British fliers hammered the great German ports and industrial
towns, and also paid close attention to the invasion
ports of France and the Low Countries. As
moonlight waxed and the weather improved, Ger^
man fliers came over in great squadrons and
blasted at British ports and a few inland cities, such
as
Birmingham.
Daylight raids by the Germans
reported on several occasions. The sinkings of
British, allied and neutral ships by German raiders
continued, with all statements of any consequence
emanating from Berlin. The British now make
were
The Commercial & Financial Chronicle
3544
known their losses
will
that
monthly, and the next statement
May sinkings.
cover
on
Tuesday
May sinkings totaled 746,000 tons, and that the
sinkings of the entire
half the
or
Berlin claimed
shipping available to Great Britain at
the start of the conflict.
able
No check
to German claims for
as
total 11,664,000 tons,
war now
far is avail¬
so
May, but for the
war
whole the German claims exceed admitted Brit¬
as a
ish losses
There
in
Crete and
of
likely
British
aerial
Palestine,
British
interesting in themselves.
are
Italian
of
the concentration
and
to
added
bearing
conflict, but which
ships
in
the friction
aircraft
London
between
began
French oil and other
of vast
British
Syria and Palestine have
and
Thursday to
on
ports in Syria,
on
Vichy.
bombard
the alleged
ground that German airplanes and ground
clared late last week that the British
already
of
aim is
one
general social security, a revival of international
trade and the
integration of Germany in
free economic cooperation.
A distinction
drawn
was
were on
This placed
the spot.
crews
fresh strain
a
relations between the former allies.
upon
Much of the flood of
system of
a
the
The dispatch
Anthony Eden, the British Foreign Secretary, de¬
war
the
of Sfax apparently tended to
the border of
on
few events this week which
may or
of the major
bombings
crystallize French official Sentiments.
a
course
of Syria as
emergence
of the "free French" General Charles de Gaulle to
a
the
the
French Tunisian port
have
on
1941
of the next act in the world conflict.
scene
were
may not
7,
Europe doubtless have been stimulated by the
fall
forces
by 100%.
June
related to the
from the Near East
rumors
growing friction between British and
with respect to the Eeich
French forces.
that
Wednesday, that diplomatic relations with Syria
were severed.
The Egyptian Cabinet resigned to
Germany,
by Mr. Eden, in the sense
the "worst master that Europe has
as
yet known," must be made impotent.
by the Foreign Secretary
President
all
Roosevelt's
was
fireside
The speech
commentary
a
chat.
on
Rationing of
clothing in the United Kingdom, by means of a
system, was announced last Saturday. The
coupon
British
Laborites
in
met
convention
early in the
make
possible the formation of
sein
Sirry Pasha.
forces
the
was
flight.
Mosul
has been
their
crushed.
marks,
to
remain
bombs
compromise, until Nazism
that
Saturday,
Italian
upon
neutral
in
and
dropped
their
Dublin, which is endeavoring
the European struggle.
The
determined to be of Nazi
were
sharp protest
origin, and a
registered by the Irish Free State.
was
The former Kaiser of
Germany, Willielm II, died in
Doom, Holland, on Wednesday, but the
his exile at
incident aroused little
than
more
memories
of the
first World War.
extended
French mandated
necessarily
this
week
to
the
territory of Syria, and the
battle.
for
arose
to
as
whether
the
The newest
of
development in the conflict be¬
the
Mediterranean
supplies
those unexpected turns for which this
will become renowned.
mer
It threatens to
a
light
one
by the frantic effort of
Washington
to
prevent
Vichy and Berlin.
tions
now
in London
Axis
a
manages
ranean
lead to
.
of
and
a
the
of
doubtless
pit the for¬
In
State Department in
"collaboraion"
between
course
ques¬
of the Euro¬
Already there is talk
regime, if the
prevail throughout the Mediter¬
the Near
East.
This, ip turn, might
a
complete change
affairs, it is suggested.
unhappy combination
to be forcing Vichy toward collabora¬
Nazis, although it is hardly to be sup¬
a
develop¬
The
protracted Franco-German negotiations
produced the statement by Marshal Henri
Philippe Petain, May 15, to the effect that France
which
will
cooperate with the "New Order" of the Reich
region
in
of
German fliers staged
so
Wednes¬
on
far experienced by the Egyp¬
more
than 100 lives
sustained
no
by the battleships in the base.
steadily attacked the Axis
were
damage
Brit¬
convoys
transporting troops to Tripoli, and Rome admitted
Rosso, 17,879 tons.
Aftermath of Crete
TWELVE days of sharp and desperate fighting
for the Greek island of Crete ended last Sun¬
day when London War Office announcements dis¬
closed abandonment of the
terranean
struggle for that Medi¬
outpost and withdrawal
of
some
15,000
troops who managed to escape the German Nazis in
epochal battle.
Reich
The amazing speed with which
Luftwaffe
established
supremacy
in
Crete, in the face of the Anglo-Greek ground resist¬
and the attacks of the British
Navy, support
fully the contentions of airmen that the newest mili¬
ance
tary arm long has been underrated.
across
as
a
narrow
waters
has
now
possibility, at least in
wheining force thus
Aerial invasion
been demonstrated
areas
where
over-
an
be brought to bear upon a
can
relatively small and static defense.
apprehension in England that
the
an
posed that the French people desire such
ment.
desert
thrust against the British de¬
a
the loss of the liner Conte
the
fall of the Churchill
Recent events afford
that appears
western
battering
severe
submarines
the
negotiated peace, and to
tion with the
have assembled
city of Alexandria, where the great British
this,
That
Upon the determination of
well depend.
to
the
German and
area.
naval base of the eastern Mediterranean is located.
is indicated, moreover,
prominent the entire
pean war may
in
war
one
Anglo-French allies against each other.
the threat is not
Egypt.
Vichy
Great Britain and the German-Italian Axis
control
Libya, for
fenses of
to control of the
ques¬
authorities of unoccupied France would enter the
tween
in the
are
in
day the worst raid
tian
as
troops are believed to
numbers
Italian
was
SLOWLY but surely the war in the Mediterranean
include
tion
successfully, last Sunday, and
fields, but British statements indicate
Empire units
great
ish
was
The Iraq campaign of British
concluded
lost, but British statements indicate that
France and the Mediterranean
area
National Govern¬
a
Some question remained
oil
German aerial bombers missed
last
deadly missiles
or
tense,
pro-Nazi leaders who started the fighting took
week, and voted overwhelmingly for continuance of
without peace
so
ment, and this was accomplished by Premier Hus¬
the
war
Egypt found the situation
Germans might succeed in
There is little
similar tactics by
an
attempted inva¬
sion of the United
Kingdom, for the Royal Air Force
stands in the
way
and
ized.
and there
in
in
are
vast land defense is organ¬
indications that
Great Britain for
are,
a
But the lessons of Crete cannot be
a
long while to
moreover, unpleasant
London,
island
now
ignored,
they will reverberate
come.
There
possibilities to be faced
that the Germans hold Crete.
doubtless
will
be
a
stepping stone in
The
the
Volume
German effort to drive the British from the
Medi-
a
Nazi-Fascist hegemony
throughout the Near East.
Events in Syria make
establish
and
terranean
plain the portentous repercussions of Crete.
Ango-Greek forces were fighting a last-
That the
delaying action in Crete was evident long be-
ditch
The flight of the
fore the final withdrawal.
Grecian
monarch, King George II, suggested the end
of the
week before the fall of the island was
acknowledged in London.
Official reports from
struggle
London
a
were
toward the end of last week,
hesitation in announc-
vague
but Berlin and Rome had no
ing swift advances of the troops
chute and
21 and 22, apparently made no
of May
losses
landed by para-
The British Navy, after its heavy
glider.
fur-
German advance over the
ther effort to contest the
the
No surprise
was occasioned, therefore, when a War Office statement in London admitted the witdrawal of 15,000
strip of water separating Crete from
narrow
German-occupied mainland of Greece.
troops and termination of the
"It
be
must
Cretian campaign,
been
losses have
that our
admitted
But German losses
were reported as "enormous," not only in men but
in airplanes.
Berlin spokesmen scoffed at the Brit-
heavy," the War Office said.
the German losses "re-
ish claims and asserted that
almost
about
as
increased
captured, and finally placed the
effectives killed and
totals
They
claims of British and Greek
their
daily
limits."
normal
within
mained
5,000 deaths and 25,000 prisoners,
confined to the
who could not be evacuated from the narrow
British
3545
Financial Chronicle
The Commercial &
152
losses, it is clear, were not
Japan and China
ALTHOUGH Far Eastern affairs are somewhat
overshadowed by the swift rush of European
military developments, decisions being reached at
Tokio and Chungking plainly are of inestimable importance to the United States and Great Britain,
The desire of Japanese authorities to engage in a
southward expansion program no longer is a matter
of doubt or question, for various measures point in
that direction. The Chinese Nationalist regime,
headed by Generalissimo Chiang Kai-shek, is believed to be more inclined than previously toward
examination of any Japanese peace "feelers," possibly because of the Russo-Japanese understanding,
and certainly because the United States Government
appears to be concerned more and more with Atlantic problems. Highly significant, in these circumstances, is a letter from Secretary of State Cordell Hull to the newly-appointed Foreign Minister of
China, Dr. Quo Tai-chi, in which the United States
was represented as ready to negotiate after the end
of the war for the relinquishment of extraterritorial rights in China. As disclosed last Saturday,
the letter sent by Mr. Hull expressed supreme confidence in the triumph of the cause of national
security in China and the United States.
ment regarding the willingness of the
The stateUnited States
to negotiate on extraterritorial rights was regarded
in Washington as more definite than previous declarations to the same general effect. Chungking
dispatches indicated that it had a reassuring effect
public unrest nevertheless developed
in China, which suggests that the maneuver possibly
will prevent any immediate "peace" negotiations
between Tokio and Chungking,
The principal problems of the Far East, however,
no longer relate merely to Sino-Japanese matters,
but rather to world affairs in general. American
antagonism toward Japan once again was reflected,
late last week, in an arrangement whereunder Philippine exports were placed under licensing controls. The loading of Japanese ships in several
Phillipine ports promptly was halted, in conse-
Kingdom, where it was pointed out that
quence.
troops
"ports" of southern Crete, but
few
beaches of the
include also effectives
were
bombed by the
on
the crowded ships which
Germans on the voyage across
the Mediterranean.
authorities endeavored to make the best
British
of this bad
action
the
situation, the claim being advanced that
Crete delayed the
in
drive toward the Near East
forces in their
But a good deal of
Iraq campaign.
troops had seven
Germans in their
and aided the Empire
in the United
British
months in which to prepare for the
privately, ac-
Both publicly and
defense of Crete.
cording to London reports, the demand was
tor full disclosure of all
reference
to
Prime
That
the
lack
Minister
voiced
relevant facts, with especial
of
adequate aerial defense,
Churchill will be
Winston
questioned closely when Parliament reconvenes was
accepted
as a
matter of course.
circles, which are the only ones
In German official
able to register any
reaction in the Reich to the war
conquest
developments, the
of Crete occasioned much gratification,
Marshal, Hermann Goering, issued
The German Air
a
special order last Monday praising the forces
took Crete and asserting that the capture
which
of
the
island.
island
proves
there
No indication was
is no
unconquerable
afforded, however,
as
to
attack Cyprus, Malta or even
England, by this means.
The Greek Government
any
German plans to
which fled to
Egypt was reorganized last Monday
by King George II, but Emmanuel Tsouderos was
retained as Premier.
An interesting echo of the departure of Greek
was
authorities from their own soil
heard in Moscow,
Government
Tuesday, when the Russian
recognized the German
withdrawing diplomatic
envoy.
conquest by
recognition of the Grecian
Secretary of State Cordell Hull revealed,
Tuesday, that his Department is studying the problems of shipments from Latin America to Germany
by way of the Far East. But no particularly effec¬
five action seems to have been taken in Washington
with respect to the Japanese seizure of some $10,000,000 of American-owned merchandise at Haipliong, French Indo-China, and definite conclusions
regarding American policy in the Far East are difficult to draw in these circumstances. It did not
escape notice that President Roosevelt, in his fireside chat of May 27, failed even to mention Japan
and her aggression in China. The conclusion in
some quarters was that Mr. Roosevelt still hopes to
alienate Tokio from the Rome-Berlin Axis arrangement. Rumors that a portion of the American
Pacific fleet has been withdrawn to the Atlantic
reinforced such observations.
Japanese authorities, on the other
hand, have
the
Foreign Minister Yosuke Matsuoka issued a statement late last week in which he
denied rumors circulating in the United States, to
the effect that Japan has cooled toward Germany
and Italy. Mr. Matsuoka took occasion to warn, at
the same time, that Japan might have to reconsider
her "peaceful" policy in the South Seas.
The
tended of late to reaffirm their allegiance to
Rome-Berlin Axis.
The Commercial A Financial Chronicle
3546
actual
shipments
standing to
strictions
notified Wednes¬
were
At the
made in Tokio that
time the statement
same
less than
no
1,500 tons of
tial foodstuffs and commodities
Germany
every
see
was
essen¬
being shipped
are
day by Japan, over the Siberian
The German Ambassador to Tokio, Gen¬
Railway.
Eugen Ott, conferred on a number of occasions
this week with officials of the
the
re¬
exports to Japan and would like to
on
them modified.
Japanese capital.
tions
Foreign Ministry in
The purport of such
conversa¬
not revealed.
was
a
Japanese capital
day that Japan objects to the British Empire
eral
THE Bank's statement for the last quarter of May
showed
large increase in note circulation of
1,164,019,000 marks,
tives in the
to
Germany Statement
The British an<J Australian representa¬
Japan.
1941
again made painfully clear in vir¬
was
tual demands for extensive oil and rubber
to
Bank of
Japanese policy respecting The Netherlands
East Indies
June 1,
record.
which raised the total out¬
the highest on
aggregated 12,594,
15,210,329,000 marks,
Circulation
a
year
182,000 marks and the
ago
before 8,525,426,000
year
Gold and foreign exchange
marks.
marks to
total of
a
dropped 121,000
77,721,000 marks, while bills of
exchange and checks
rose
911,680,000 marks to
record total of 15,917,621,000
The
marks.
a
propor¬
tion of
gold and foreign exchange to note circulation
is
0.51%, the lowest
now
0.61%
on
record, compared with
An increase of 115,542,000 marks
a year ago.
in other assets raised the total to
while investments and other
1,542,350,000 marks,
daily maturing obliga¬
rTlHE Swedish Riksbank
1
count rate from
on
Central Banks
May 29 lowered its dis-
983,000 marks and 268,488,000 marks
Below
which time
centers
Present rates at the leading
shown in the table which follows:
are
Rate in
Pre¬
Rale in
Date
Effective
June 6
Pre¬
Effect
Rate
Dale
vious
June 6
vious
Effect
Effective
Rate
Country
Changes
Holland
3
Aug. 29 1939
2
Jan.
51940
2*4
Hungary
3
Oct.
4
5
Dec.
1 1940
6
India
3
Nov. 28 1935
3*4
Canada
2*4
Mar. 11 1935
mmm
4*4
3
Dec. 16 1936
4
May 18 1936
Apr.
7 1936
5
Chile
Italy
Japan
Colombia..
1 1936
Mar.
3*4
July
4
Lithuania.
vakia
...
Jan.
3
Jan.
Oct.
4
7
Morocco
6*4
5
Norway
3
Poland
4*4
Dec.
3*4
2 1937
4
..
14 1937
4*4
1 1936
4
Danzig
Jan.
6
July 15 1939
May 28 1935
May 13 1940
Czechoslo¬
Denmark
16 1940
Erie
3
June 30 1932
3*4
2
Oct.
3
.
South Africa
May 15 1933
4*4
Oct.
1 1935
5
4
Dec.
3 1934
4*4
Spain
H
Mar. 29 1939
5
IVi
Mar. 17 1941
2
Sweden
3
May 29 1941
3*4
3*4
Apr.
6 1940
4
Switzerland
1*4
Nov. 26 1936
2
6
Jan.
4 1937
7
Yugoslavia.
5
Feb.
Germany
..
Greece
*
Not officially
"
—983~666
Investments
assets
+ 115,542,000
141,851,000 1,206,296,000
17,515,000
1,542,350,000 1,438,368,000 2,057,381.000
Liabilities—
Notes in circulation...
Oth. dally matur. oblig
liabilities
+ 1,164,019,000 15,210,329,000 12594182.000 8,525,426,000
—268,488,000 2,012,177,000 1,470.017,000 1,291,726,000
Other
a375,680,000
457,715,000
569,475,000
0.51%
0.61%
0.90%
Propor. of gold & for'n
curr. to note clrcu.'n
a
—0.04%
Figures as of April 15, 1941.
Foreign Money Rates
4 Yi
Finland
...
4*4
1 1935
6*4
confirmed.
IN bills Friday market discountagainst for1-32%
LONDON open 1 1-32%,
rates 1 short
on
on
were
as
Friday of last week, and 1 1-32%® 1 1-16% for
three months' bills, as against 1
Bank of
Reichsmarks
3*4
Estonia....
France
Silver & other coin
Advances
5
Mar. 31 1941
Sept. 12 1940
3*4
..
Reichsmarks
76,745,000
—121,000
77,329,000
77,721,000
+ 911,680,000 15,917,621,000 12568 503,000 7,546,765,000
124,146,000
439,970,000
al45.153.000
39,736,000
30,925,000
a25,364,000
Gold and for. exchange
4*4
4
Rumania
Reichsmarks
4*4
17 1937
3
Portugal
England...
26 1939
3.65
3
Java
5
18 1933
3.29
22 1940
May 31, 1940 May 31, 1939
May 31, 1941
Reichsmarks
Assets—
Other
2
Argentina..
Belgium...
Bulgaria...
years:
for Week
Bills of exch. & checks-
Country
show the different items with
REICHSBANK'S COMPARATIVE STATEMENT
raised from 3%.
was
we
comparisons for previous
The 3J^% rate
33^% to 3%.
had been in effect since May 17, 1940, at
it
tions declined
respectively.
Discount Rates of Foreign
Friday of last week.
England Statement
Friday
was
Money
1-32%@1 1-16%
on
call at London
on
on
1%.
THE Bank's statement of £5,917,000 ended June 4
showed
increase for the week in note circu¬
New York
an
Money Market
lation, which raised the total outstanding to £635,432,000, the highest
continued
have
to
on
record.
Notes in circulation
proportions each
record
reach
week since the middle of February.
occurred
week ago.
a
The only break
An additional £115,586 in
gold holdings raised the total to £1,961,148, while
reserves
fell off
lowered
were
895,674.
The
which decreased
to liabilities
accounts,
accounts,
The proportion of
rose
a year ago.
week
a
Government security hold¬
£5,110,000 while other securities declined
Other
and
advances"
securities
which
"securities",
made in the
2% discount rate.
BANK
OF
ENGLAND'S
decreased
1941
1940
June
7,
1939
previous
years:
June 8,
1938
June 9,
£
1937
...
Proportion of reserve
25.1%
to liabilities
2%
168s.
6.8%
2%
168s.
23.0%
2%
18.2%
2%
148s.
4d.
84s.
fails to
expand in the market to
any
great degree,
notwithstanding the steady growth of the loan total.
The
Treasury in Washington sold last Monday $200,-
000,000 of "replacement" discount bills, due in 91
days, and awards
on
an
were
at 0.107% average, computed
New York Stock
90
days,
on
the
Exchange held to 1% for all trans¬
actions, while time loans again
to
Call loans
annual bank discount basis.
and
1%%
for
were
four
to
1*4% for 60
six months'
datings.
New York Money Rates
was
loans and renewals.
continues
635,432,000 569,261,923 498,370,865 490,721 ,330 476 ,541,474
10 687,162
Public deposits
13,611,672
10,930,000
18,401,277
11,732 ,296
Other deposits..
173,919,658 168,405,032 136,727,140 146,534 ,861 144 ,204,638
Bankers' accounts. 121,866,126 118,790,523 100,622,937 111,110 291 107 ,428,668
Other accounts
52,053,532 49,614,509 36,104,203 35,424 ,570 36 ,775,970
Govt, securities..
130,312,838 161,732,838 114,176,164 111,421 ,164 101 ,203,013
Other securities
25,781,859 25,698,738 30,408,574 28,104, 449 25 906,727
4 832,696
Disc't & advances.
2,890,173
6,449,134
7,800,963
7,937, 500
Securities
19,332,725 22,808,565 22,607,611 20,166, 949 21 074,031
Reserve notes & coin
28,376,596
46,529,000 12,397,041
36,544, 860 45 612,671
Coin and bullion
1,658,964 226,747,461 327,266, 190 322, 154,145
1,961,148
Gold val. per fine oz_
departments.
supply of bankers' bills and commercial paper
ruling quotation all through the week for both new
Circulation
Bank rate
now
all
furnish
we
£
June 5,
the week
unchanged in
DEALING in detailfrom day toloan rates on the
with call day, 1%
Stock Exchange
the
COMPARATIVE STATEMENT
June 4,
The
again
were
No change
Below
the various items with comparisons for
modest in
rates
"discounts
comprise
£4,989,240 and £4,819,528 respectively.
was
reserves
compared with the record low, 5% April 16 and
£9,808,768.
and
£66,005.
bankers'
and other
£10,961,679
dropped to 25.1% from 26,7%
23, and 6.8%
ings
includes
latter
increased
which
ago,
Public deposits
£5,801,000.
£21,403,000 while other deposits gained £10,-
DEALINGS in the New York moneyending, and
market re¬
mained
ll*4d. 84s.
29.40%
2%
ll^d
up
quiet.
Rates continued nominal at 134%
to 90 days and
maturities.
The market for time money
1J4% for four to six months'
The market for prime
continued active this week.
commercial
supply and the demand has been brisk.
are
paper
Paper continues in good
Ruling rates
for all maturities.
Bankers' Acceptances
THE market for prime bankers' The demand has
acceptances has
been
quiet this wreek.
very
been
good but prime bills
are very scarce.
Dealers'
Volume
rates
The Commercial
152
reported by the Federal Reserve Bank of
as
and including 90 days are
New York for bills up to
six
months, %% bid and 9-16% asked. The bill-buying
months, 9-16% bid and %% asked; for five and
York Reserve Bank is %% for
bills
Enemy branch of the British Board of Trade.
Atlantic
1
Banks
of paper
shown
The following is the
Government obligations are
table.
in the footnote to the
schedule of rates
the
banks;
rediscount rates of the Federal Reserve
recent advances on
now
classes
in effect for the various
at the different Reserve
DISCOUNT RATES OF
kept
England, it is asked that dupli¬
insurance against possible loss by
as
ship sinkings.
What appears to be an
changes this week in
no
be
cates
the
•""THERE have been
shipment of banking docu¬
In connection with the
ments to and from
running from 1 to 90 days.
Discount Rates of the Federal Reserve
the
unexpected lifting of the
peg on
the
better
10 years previous to August,
part of
More
1939.
which has
surprising, perhaps, is the discussion
proposed upward
as a depre¬
pound sterling with reference to the yen.
developed in Tokio of
revaluation of the yen
Date
official financial information has come from
No
June 6
Established.
Federal Reserve Banks
Boston.
...............
Aug. 27,
Dallas..
•IX
...
Richmond....
...........
Atlanta......
..............
St.Louis
.........
Minneapolis..................
.....................
San Francisco
*
...
2
1, 1939
1937
4, 1937
May 11, 1935
Aug. 27. 1937
Aug. 21. 1937
Aug. 21. 1937
Sept. 2. 1937
Aug. 24. 1937
Sept. 3. 1937
Aug. 31, 1937
Sept. 3, 1937
Sept.
1
Kansas City..................
...
IX
ix
Sept.
1
IX
IX
IX
*1X
*\x
*1X
IX
•IX
Cleveland
Rate
Italy in the past several
that
New York....................
Philadelphia ....
Previous
.
IX
bear a rate of 1%, effective
Advances on Government obligations
Chicago; Sept. 16,1939, Atlanta. Kansas City and
Course of Sterling
2
unit
2
2
2
2 1
well
Sept. 1, 1939.
Dallas; Sept. 21, 1939, St. Louis.
unit
and
1914
In New
countries, which constitute
mand
United States.
result of
compared with the
except
Friday and at 11:30 a. m. on
its merits.
buyer.
British
scrutinize
If
a
draft has been in
not be repaid to the
banks also have been asked to
all commercial dealings concerning Iraq
materials, but as
a
sterling area,
products.
where no foreign exchange is
Canada,
Newfoundland,
and Hongkong,
Anglo-Egyptian Sudan, the Belgian Congo, and
many smaller States.
In addition to the strictly
sterling area, a very large number of countries hold
market will close at 3 p. m.
circulation the amount may
raw
territories mandated to Great Britain or to any
Dominion by the League of Nations, Egypt, the
Foreign Exchange Com¬
Australia without examining each
American
has had to sacrifice her eminence as
many
reported on Wednesday the receipt of notice
from London that henceforward the foreign exchange
case on
war
required, includes a large part of the world. Besides
the United Kingdom it comprises all the Dominions,
mittee
drafts issued on
the
clearing house for international
The
previous peg of 5.05 cents.
individual
shipping facilities, the principal re-dis¬
tributor of Latin
pegged in New York
on Monday through
Saturday. London also
reported that the Australian exchange control has
prohibited Australian trading banks from re-buying
formerly both the chief consumer and, because
of her vast
a
The New York Bankers
The
materials of Canada.
pound commands the primary products of all Latin
America to almost the same extent as ever. England
official marks are
pegged at 40.00 and registered marks are quoted at
May 27 at 5.26% cents,
international
now.
In addition she has access to the
manufactures and raw
European countries, but German
since
they have
and the
pound sterling have command of all the major
producing markets of the world. The United States
is providing close cooperation both as regards ship¬
ping facilities, the Lease-Lend program, the stabili¬
zation fund, and it cannot be gainsaid that British
official rates for the pound have the support of the
dollar.
By reason of this cooperation Great Britain
is in a position to receive .according to her needs the
manufactured products and raw materials of the
of the invaded European countries.
York exchange is not quoted on the invaded
are
greater purchasing power in
Despite shipping difficulties, British trade
v
exchange is not quoted on Germany,
Italian lire
no
markets than
any
14.30-14.50.
parity of 19.30 cents or the yen to the corre¬
sponding value of 49.85 cents, the units would com¬
was
or
wages
ently reflect political rather than economic considera¬
Even were the lira to be restored to its pre-
4,04 selling.
Italy,
with real
tions.
large part of the trading world.
In London
in both coun¬
governmental control, with
strict
Alterations in the units of these countries appar¬
The free pound is
steady, showing only slight variations from day to
day and from week to week as the use of the free
pound becomes more and more negligible.
The
range for free sterling this week has been between
$4.03 and $4.03% for bankers' sight, compared with
a range of between $4.03% and $4.03% last week.
The range for cable transfers has been between
$4.03% and $4.04, 'compared with a range of between
$4.03% and $4.04 a week ago.
Official rates quoted by the Bank of England con¬
tinue unchanged: New York, 4.02%-4.03%; Canada,
4.43-4.47
(Canadian official 90.09@90.91c. per
United States dollar); Australia, 3.2250-3.2280; New
Zealand, 3.2280-3.2442. American commercial bank
rates for official sterling continue at 4.02 buying and
a
that living arrangements
under
far below the nominal lira and yen wage.
or
need of exchange in these
are
scarcity of sustenance materials and
Exchange
official sterling is the only
of value available throughout the sterling bloc,
hence the British authorities do not stand in
Registered
aware
tries
on
situation.
is improving although the outside world is
rency
2
STERLING exchange continues foreign exchange
influence
the general to have hardly
any
evidently designed for domestic consump¬
seems
'
:
In both
higher valuation of the monetary
tion, to make the multitude believe that their cur¬
2
.
but it is well known
higher value for the lira.
countries the talk of
2
years,
developments have occurred which
favorable
no
would justify a
2
a
intended in effect
*
7
Rate in Effect
the Italian lira
May 27 to 5.26%, the rate which had ruled for
on
FEDERAL RESERVE BANKS
important development in
foreign exchange market, but is not so in fact, is
ciation of the
banks:
Trading With the.
doubt to refer to the
and if in
%% bid and 7-16% asked; for bills running for four
rate of the New
3547
& Financial Chronicle
•
••
registered sterling accounts in London, as for instance
all 12 of the Central American States, and almost all
the South American republics, Canada, Newfound¬
land, Hongkong, and the Netherlands Indies. In
encounters no exchange
."
The British control through the companies organ¬
this
vast
area
London
difficulties.
ized for this purpose
.
has command of the production
The Commercial & Financial Chronicle
3548
and
distribution
tea,
tin,
products
British
everywhere
rubber, and
originating
Government
importer of tea.
in
is
of
such
products
large variety
a
foreign
at
60- and
A recent statement
longer quoted.
are no
Continental and Other Foreign Exchange
leaving 276,000 pounds
year,
available for countries outside the United
90-day bills
British
It bought 492,,000 pounds of tea
through February of last
Commercial sight bills finished at $4.00;
transfers.
The
present the sole
1941
Friday were $4.03% for demand and $4.03% for cable
as
of primary
countries.
June 7,
PERHAPS the European exchange is the change
Continental most important item relating to
Kingdom.
by Foreign Secretary Anthony
in the peg
of the Italian lira noted here last week.
Eden has attracted wide attention in British finan¬
The fixed rate of 5.05 has been maintained in this
cial and industrial circles.
market since
He observed that when
Great Britain will make such relaxations
peace comes
of her wartime financial arrangements as will
revival of international trade
a
taken
permit
along the broadest
will be needed
of
time
circulation
note
£635,432,000,
England
currency
this
on a
influence
pected that there
Bank's
time
distributing
expansion
currency
August
bank
of former
be
may
holiday cannot
It is still
years.
ex¬
now
stands at the all-
high of £680,000,000.
The London money
bills
against
Bill rates
are
available
at
%% to
1%.
unchanged, with two- and three-months
bills at 1 1-32%, four-months bills at 1
six-months bills
The
Call
easy.
at
Canadian
3-32%, and
1%%.
dollar
It has
funds
relatively
firm.
November, 1939.
moderately
ranged during the week between
large
a
The
purchases
press
the United
mystery why these
2
Secretary of
Morgenthau said that it is
the
escape
too
now
of such funds from the
When asked
conference whether he still favored
a
of
discount of 12%%
States, he asserted that the Axis
such
order, reportedly using the expression
an
the
ters
In responsible banking
Secretary's explanation
weekly statement of the
cover
May 28:
accepted without reservation.
new of importance can be said regarding
larger European countries beyond the fact that
the
it is
increasingly evident that Berlin is forcing its
ideas
of
collaboration
on
The French authorities at
GOLD IMPORTS AND EXPORTS MAY 22 TO MAY 28, INCLUSIVE
Imports
Ore and base bullion
Export8
*$1,827,698
Total
German
in the
$5,955,472
banking interests
tax
and
for
more
are
other
estimated at the record
$483
conquered countries.
Vichy it would
seem,
are
less avidity.
or
steadily expanding
larger European cities.
German
$738
Detail of Refined Bullion and Coin Shipments—
the
accepting the principle with
$738
4,127,774
_
United Kingdom
quar¬
not to be
appears
Nothing
which
Department of Commerce and
Refined bullion and coin
powers
already removed sizable funds in expectation
"The barn is empty."
1-16%.
taken from the
the week ended
in
Montreal funds
The amounts of gold imports and exports
are
a
On June
German, Italian, and all other foreign funds from
continues
the free market for tourist account.
follow
blocked.
same manner
invaded countries,
general order designed to prevent the removal
of
United States
rate
a
official explanation
no
less of
or
more
not
were
his
the
of the types of lire.
United States by a "freezing" order.
at
cents, the highest since
discount of 11
in
Some time after
would be blocked in the
late to prevent
89
a
found
the
time.
long been thought probable that Axis funds
and it has been
had
and
there is
to any
as
the accounts of the European
as
Wednesday's market the Dominion rate touched
reflected
in
some
This lira is sometimes
"emigrant" lira.
present
in this country
In
firmness
business
lire, much lower than the 5.05 official
the Treasury
market continues
is
At
rate.
from Rome
may
further increase in the
a
fiduciary issue, which
money
However,
lira has been nominal for
the
as
for "tourist"
smaller scale than that predicted for
The
summer.
have the
Future
when the
1939,
October, 1936, the Italian control also fixed
to their branches well in advance of seasonal
demand this year.
to
lira, purchased by Italian nationals here for
referred to
further rise in circulation during the
a
The London banks have been
readily be
month.
transfer to relatives abroad.
point to
ex¬
peg
gradually, reaching 5.05
chief interest of the market is
"miste"
According to London banking opinion all indica¬
summer.
following
The
all-
a new
high.
tions
allowed to decline
official type of
of the Bank of
at
August,
previous to
years
was
the
post-war problems.
The current statement
shows
10
rate
along with the cooperation of Britain's
ease
was
when without
5.26%, the rate which had ruled for the better part
In the next transitional period,
said, full collaboration of the United States
Dominions to
May 27,
on
planation the Italian authorities lifted the
lines.
possible
Mr. Eden
Sept. 25, 1939, and the market
by surprise
1941.
Berlin
sum
ordinary
of
considers
revenues
are
40,000,000,000 marks
the
debt
war
*
con¬
Ac¬
4,127,291
Chiefly $501,836 Mexico, $98,962 Peru, $947,612 Philippine Islands.
Gold held under earmark at
the Federal Reserve banks
was
decreased
during the week ended May 28, by $533,148 to $1,920,766,174.
last
was
$4.03%@$4.03% for
range was
On
$4.03% @$4.03% for bankers'
sight and $4.03%@$4.04 for cable transfers.
Tuesday bankers' sight
cable transfers
on
bankers'
sight and $4.03%@$4.04 for cable transfers.
Monday the
was
cording to Berlin the finances of the Reich
healthier condition than ever,
a
Referring to day-to-day rates sterling exchange
Saturday
as
siderably smaller than that of Great Britain.
Canada
On
$4.03)4@$4.03% and
$4.03%@$4.04. On Wednesday
$4.03%@$4.03% and cable trans¬
were
$4.03%@$4.04.
On Thursday the range
$4.03@$4.03% for bankers' sight and $4.03%
were
no
question of using the printing
the
war.
in
a
ended
such
was
range
$4.03@$4.03% for bankers' sight and $4.03%@
$4.03% for cable transfers.
Closing quotations
on
the
be
for financing
principal conclusions drawn
address to press representatives in Berlin.
the Reich tax receipts for the fiscal
March 31,
000,000 marks.
fers
On Friday the
recent
A year ago
a
@$4.03% for cable transfers.
were
can
in
by Dr. Fritz Reinhardt, State Secretary of Finance,
bankers' sight was
was
These
and there
press
are
substantial
1940,
year
estimated at 25,000,-
were
The figure had already represented
increase
the
over
year
1939,
when
receipts totaled 23,600,000,000 marks, and
the last full peace year
1938,
when they
were
over
17,-
•700,000,000 marks.
The
Swedish
Guenther,
said
Foreign
in
a
Minister,
recent
address
Christian
in
E.
Stockholm
Volume
that
this
after
Sweden will be able to renew
war
her commercial ties with
normal conditions
is
by
It is
sea.
shall be able to
overseas
"Under
countries.
70% of
about
our
entire trade
belief and our hope that we
our
continue,
rather to renew these
or
No
do
not believe that any higher common interest would
demand a change of front in our economic relations
in the world.
ties when there is again peace
matter how
Europe
out of this war, we
comes
These remarks by the
with the rest of the world."
viewed in Stockholm as a
Foreign Minister
were
declaration
Sweden
free
that
trade, and
as
the
after
looks
war
to
reminder to Germany that
extensively during
a
while Sweden has traded with her
period, there is no desire whatever
the present
in
economic domination by Germany
Sweden to accept
under any
future "New Order" for Europe.
Exchange
the invaded European countries
on
is
quoted in New York.
The German official
mark is pegged at 40.00 and registered marks are
not
week
The Italian lira is pegged in. New York in
quoted at 14.30-14.50, against 13.50-15.00 a
ago.
nominal
limited
trading
trading
2.05
at
Spanish
kronor in
against
quoted around
Swedish
•
steady around 23.86,
(commercial)
are
23.21 */£,
Exchange on Finland
(nominal), against 2.05 (nominal),
against
closed
5.263^.
at
are
Swiss francs
23.86.
23.22,
pesetas
nominally
are
against 9.25.
quoted at 9.25,
-
XCHANGE.
tine free peso
on
June 2
Latin
the
on
American countries
exceptionally steady.
continues
The Argen-
weeks and
has been firm for several
quoted
was
high
as
as
23.90, the highest
quotation reached in the past year and a half ,
The firmness of the unit is attributed largely to the
transfer of funds from the
regular fortnightly statement of
The
of
United States, partly but
wholly of European origin.
not
Argentina for May 15 shows gold at
the Bank
home at
(extension
abroad and
1,071,446,020 pesos and gold at home
foreign exchange fund) and gold
v
° ono no* onn
foreign exchange at 308,085,690 pesos.
of
Note circulation was 1,231,361,380 pesos. The gold reserve
ratio to notes in circulation increased from 111.54%
April 30 to 112.03% on May 15.
on
ratio of gold to notes
The reserve
and sight liabilities rose from
72.79% on April 30 to 74.04% on May 15.
(;;/
Official Argentine foreign trade returns for the
ended
April
show that imports for
four
months
that
period, computed in real values, amounted to
312,447,650 pesos, as against 583,051,201 pesos
the
same
period last
year.
in
The export balance was
balance
months
of 1940.
In April the export balance amounted to
30,365,486 pesos.
Exports to the United States
133,711,105 pesos, compared with an export
of
82,191,000 pesos in the corresponding four
and
Britain
Great
months'
were
almost equal
The four
totals in real values were
exports
156,-
and 158,103,097
pesos to the United Kingdom.
Shipments for the
corresponding period last year were 98,000,000 pesos
575,829 pesos to the United States
the
to
United
States
and
214,000,000
pesos
to
Great Britain.
In
week Uruguayan and Venezuelan
also unusually firm.
On May 30
Merchants' Association of New York was inthe
past
remittances
the
formed
were
that
the
Consulate
General of Venezuela
announced that in accordance with a recent Presi-
no
longer mandatory that import
Although
it is no longer necessary for the foreign shipper to
present the license, many exporters will undoubtedly
require such licenses in order to be sure that dollar
exchange will be available.
The Republic of Colombia took steps to tighten
its export law when on May 26 the Government
approved a resolution of the control board prohibiting the re-export of all products whose exporta-
tion from the country of origin requires a permit,
Exceptions were made in the case of certain products
which for justifiable reasons must be returned to
the country of origin.
-
The United States Department of State announced
May 29 that it would issue general licenses for
the export of a long list of articles to Brazil, Argentina, and Cuba, a step made possible by the imposition of export control systems in those countries
on
reshipped to Axis nations,
The announcement represented the first result of
the inter-American diplomatic negotiations designed
to strengthen hemisphere solidarity by tightening
leaks letting war materials go to Germany, Italy,
or Axis-controlled nations.
At least seven of the
American republics have adopted regulations of
varying degree to control re-exports.
In Chile discussions are under way for the creation
of. a State bank under Government control. Such
to preclude material being
is
institution
expected to simplify credits to
"jdustry shouid the anricipated participation of the
United States m the European war bring a severe
depression It is understood that sayings banks,
mmmg
credit organizations, industrial credit insti_
tutions, and similar organizations will participate , in
fhe Pr°P08ed
bank The balance of the stock
e,
0 e S°TT,.°
1S ftxPe. je
1C."
,
,
President Jorge Ubico of Guatemala issued a
decr,f on 3une 3 P^ibiting the export or re-export
°f all articles subject to export control in the United
States> aadt,he exportation to the Axis countries
w^fPr0 1 1 e.
.
,
•
*
dential decree, it is
licenses be stamped by the Consulate.
an
—4
_
3549
The Commercial & Financial Chronicle
152
,
'
.
.
,
The Argentine unofficial or free market peso closed
*
0
*
.
.
. r
at 23/80< agams
23"8f"
The Argentine official
Pegged f 29'/8' Brazll,'an m.llrelS cl°S,f
at 5.15, against 5.15. Chilean exchange is nominally
a ' ' ,f-j"18T.' A'r ,eru 18 namina a
5-^'_agamS.
'^ ' The Mexican peso is quoted
P680 *
.
,
'
agams
.
.
*
TTHERE is nothing new in the Far Eastern foreign
X exchange or financial situation. The economic
stress felt by Japan has created discussion in Tokio
of a probable upward revaluation 6f the yen, which
would be in effect a depreciation of the pound
sterling in terms of the yen. The unit is fixed in
terms of the dollar and has for a long time been held
steady at 23.46 cents to the dollar. Japan is greatly
concerned over the curtailment of its sea-borne trade
by both Great Britain and the United States, and
is negotiating with both countries to bring about an
improvement in the situation,
Beginning June 1 the Japanese Government has
undertaken to compensate exchange banks for all
losses from the purchase of export bills in sterling
currencies. This is being done in an attempt to
increase Japanese exports to the sterling bloc. As
the matter is stated in Tokio, the new effort to
establish a system of compensating exporters for
The Commercial & Financial Chronicle
3550
foreign exchange losses is due to fluctuations in the
British
pound and other currencies of the sterling
It is thought probable that a similar system
bloc.
Financial
circles
in the yen rate
devaluation
and
States
economic
Japan
are
urging
increase
against the pound amounting to
of the
pound
the ground that the
on
longer corresponds to Britain's real
no
strength.
The
of the matter is the
crux
economically depressed condition of the
Japan's
the
expansionist
Empire
a
sum
1937
retail
prices
100 to
the
in
has
cost
(about $4,-
yen
Wholesale prices in
100, stood
as
Empire.
equal to the entire Japanese
national income in 1936.
with
China
in
venture
than 17 billion
more
000,000,000),
a
artificially upheld by the United
is
rate
present
in
132.2 in
at
period
same
Japan,
1940, while
increased
from
154.3.
Closing quotations for
23.46, against 23.46
kong closed
on
checks yesterday
yen
Friday of last week.
were
Hong¬
24.50, against 24.55; Shanghai at
at
5.50, against 5.50; Manila at 49.95, against 49.95;
Singapore at 473^, against 47Bombay at 30.31,
against 30.31, and Calcutta at 30.31, against 30.31.
of South
bullion
British statutory rate, 84s.
the
in
llj^d.
principal- European banks
fine ounce)
per
of
as
respective
dates of most recent statements,
reported to us by
special cable yesterday (Friday); comparisons are
shown for the corresponding dates in the previous
admitted
1941
1940
£
England
£
*991,753
242,451,946
France y
x_
Netherlands
97,714,000
132,857,000
84,758,000
41,994,000
6,505,000
Denmark
_
6,555,000
6,667,000
8,222,000
698,099,799
692,777,784
698,041,347
Total week.
week.
Note—The
695,642,843
many
322,154,145
347,630,457
2,470,900
87,323,000
25,232,000
94,171,000
102,600,000
83,594,000
25,735,000
7,442,000
_
Norway
war,
2,522,000
war
In
17,440,000
97,714,000
132,857,000
79,277,000
41,994,000
23,400,000
100,750,000
82,260,000
98,858,000
33,444,000
6,602,000
Europe has made It Impossible to obtain up-to-date reports
Even
before
the
present
regular reports were not obtainable from Spain and Italy, figures for which
of April 30, 1938, and March 20, 1940,
respectively.
The last report from
as
France
was received June 7; Switzerland, Oct.
25; Belgium, May 24; Netherlands,
May 17; Sweden, May 24; Denmark, March 29; Norway, March 1 (all as of
1940)
and Germany, as of May 30, 1941.
-
»
Pursuant to the Currency and Bank
Notes Act,
1939, the Bank of England
statements for March 1, 1939, and since have carried the
gold holdings of the Bank
at the market value current as of the statement
date, instead of the statutory price
which was formerly the basis of value.
On the market
price basis (168s. per fine
ounce)
the
Bank
reported
holdings of
£1,961,148, equivalent, however, to only
about £991,753 at the statutory rate (84s. llj^d.
per fine ounce), according to our
In order to make the current figure
comparable with former periods
as well as with the figures for other
countries In the
calculations.
tabulation,
we show
English
holdings in the above In statutory pounds.
x Gold holdings of the Bank of
Germany as reported In 1939 and since Include
..deposits held abroad" and "reserves In foreign currencies,'
y The Bank of France gold
holdings have been revalued several times in recent
(23.34 mg. gold 0.9 fine equals one franc), Insti¬
tuted March 7, 1940, there are per British
statutory pound about 349 francs; prior
to March 7,1940, there
we^e about 296 francs per pound, and as recently as Septem¬
ber, 1936, as few as 125 francs were equivalent to the
statutory pound.
For details
of changes, see footnote to this table in issue of
July 20, 1940.
years; on basis of latest valuation
Since
the
foundation
United States 32
dent and 11
selected
were
of
the
Government of the
have held the office of Presi¬
that of Chief Justice.
These 11
were
by nine different Presidents, of whom three
not
number
men
of
themselves
the
lawyers.
Presidents
a
Among the whole
very
few have
been
genuinely great; the large majority have been clever
and politically
adaptable mediocrities; a smaller
number
narrow
have
been
in their
so
intellectually limited
partisanship that their
historic eminence should be
commiserated.
and
so
elevation to
of
account
on
followed,
soon
was, at
intellect, deserves to stand high
the roll of its true and exalted
Mi*.
to
his
patriots.
upon
Including
Rutledge, the First President had opportunities
appoint three different
station in the
world,
as
men
well
to the highest judicial
as
to do what
other
no
President has yet done,
select the entire membership
august tribunal. His first selection as Chief
of the
Justice
John
was
Jay, who retired
in
1795,
pre¬
ferring the governorship of New York, and the early
retirement in which he spent the
long remainder of
his
lift, to continuance
as
the head of the Judicial
Department of the central Government.
There fol¬
lowed the very short service of the eminent South
Carolinian, who
session of the
a
a
Connecticut, Oliver Ellsworth, who
vigorous and astute leader of the smallin the Constitutional Convention and,
Senator of the United
a
States, had drafted the
Judiciary Act, which remains to this day as
first
the
have presided at only one
from
States group
as
seems to
court, and then Washington named
pattern and framework of the judicial organiza¬
tion of the
country. But even Mr. Ellsworth, with
long record of service under the, central Govern¬
his
ment, determined, in 1800,
upon
retirement from
participation in Federal affairs
the
Nation.
and chose to
concluding activities of his life
to
the
State rather than to those of his
His
resignation as Chief Justice most hap¬
pily opened the door for the great judicial career of
John
Marshall, whose high competence and patri¬
otic
foresight rendered his long tenure of the office
blessing to his countrymen.
unmixed
an
Mr.
Marshall, a sturdy Virginian who had been a
Revolutionary soldier, had attained highest stand¬
ing at the Bar of the Old Dominion
felt
no
at the
vocation for
and probably
public life in any capacity when,
urgent solicitation of President Washington,
who deplored the low standards that
he found to
prevail among the Congressmen of his period, he
was
persuaded to enter the House of Representa¬
tives.
John
Adams, in the last days of his presi¬
dency and perhaps to forestall Thomas Jefferson,
by whom he was soon to be succeeded, designated
Mr.
Marshall
as
Chief Justice
and, promptly con¬
by the still Federalist Senate, he began an
unequaled judicial career that was not concluded
firmed
until
1835, when Andrew Jackson's
the White House
The Chief Justice of the United States
confirm
infirmity that eventually extinguished the light
of his great
6,549,000
861,744,802 1,030,136,112 1,104,061,502
861,995,945 1,031,338.083 1,103,886,607
of the countries shown In this tabulation.
insanity which
interests of his
£
327,266,190
293,725,922
6,505.000
Switzerland.
are
£
*129,869,608
311,709,194
3,010,000
63,667,000
6,667,000
Nat. Belg—
from
63,677,000
1937
63,677,000
25,232,000
123,398,000
76,929,000
74,332,000
29,082,000
6,540,000
Sweden
Prev
1938
£
*838,938
242,451,946
3,365,900
3,892,100
63,667,000
16,602,000
Germany
Spain
Italy
1939
the second and whom
was
to
distinguished services to his country and, despite
the
devote
Banks of—
declined
best, a man of profound learning who had rendered
direct
four years:
of the 11 Chief Justices.
any
them, unmistakably John Rutledge
vagaries of temper and conduct that presaged the
had been
THE following table indicates the amounts of gold
(converted into pounds sterling at the
with
Carolina, who
Senate
Senator
Gold Bullion in European Banks
so
The least among
the
be adopted regarding the dollar.
may
is not
It
June 7, 1941
close
of
his
was
half
second term in
completed. Almost at the
long retirement from public life,
ex-
President Adams declared that the
appointment of
John Marshall deserved to rate as the most useful
act of
his service to the
people.
shall's
leadership the Constitution of
States ceased to be
of
a
.Under Mr. Mar¬
moribund and
the
barren
permissions and prohibitions and became
and
United
fabric
a
vital
living instrument, enshrining sound and inde¬
structible
principles of freedom and fair dealing
with national integrity too lofty to be¬
among men,
come,
and
until, after
his
a
standards
worthy of
a
full century, his influence faded
were
superseded by others less
great and honest people, the temporary
Volume
and
of
The Commercial & Financial
152
time-serving instrument of class-selfisliness
shallow emotionalism
and
tinged with communistic
collectivism.
President
Jackson's
reluctance
to
admit
any
Chronicle
3551
that he foresaw. As Secretary of the Treasury in
Lincoln's Cabinet he had been frequently at odds
with most of his colleagues and at times coldly
critical of the leadership of the President himself,
Yet he became, for the nine years that lie survived
before he died in office, an excellent judge; was
self-willed and militaristic Chief Executive and the
supremely right when, as Chief Justice, he reversed
unflinching logic and acute political philosophy of
his attitude upon a question otherwise determined
the great Chief Justice were arrayed upon opposite
by himself, as Secretary of the Treasury, and led
sides, and it can scarcely be doubted that opporthe minority of the court which desired to hold that
tunity to choose a successor to the latter appeared
Congress had no right to confer the quality of legalto the former as a circumstance to be welcomed,
tender upon unredeemable paper currency; and the
His choice, Roger Brooke Taney, would stand far
sole substantial blemish upon his judicial career is
higher than he does in the estimation of men reathat he never for a moment suspended his pursuit
sonably acquainted with the history of the United
of the presidency and never ceased to regard the
States during the long period of the controversy
highest judicial office as a step towards the execuover slavery and States' rights were it not that his
tive office which he preferred,
fame is forever tarnished by the misfortune of idenPresident Grant was the fifth President to aptification with the unhappy determination in the
point a Chief Justice when, in 1874, his final choice
Dred Scott case.
That decision, proclaiming the
fell upon Morrison Bemick Waite, a Cincinnati
right of the owners of Negro slaves to take these
lawyer of notable ability and of the highest standbondmen into States in which slavery was proing, who had never held any judicial office but had
hibited without sacrificing ownership, and denying
served his country admirably as its legal advocate
the constitutional validity of the Missouri Comprobefore the international tribunal which gave it a
mise, had no substantial legal consequences, being
large pecuniary award on account of what are called
rejected by a preponderating and effective public
"the Alabama Claims." Judge Waite served acceptopinion that had passed the point at which it could
ably but without any extraordinary distinction for
be subdued by legalistic ratiocination, and in prac14 years, until 1888, when his death was followed
tical
politics its real consequence was to add
by the appointment of Melville Weston Fuller of
strength to the agitation that eventually swept away
Illinois, by President Cleveland,
slavery, restricted State sovereignty, and gave conMr. Fuller, like most of his predecessors, was
tinuing force to the movement towards the increaswithout experience in judicial office, and when he
ing centralization which has not yet ended. In all
was appointed was little known, either profesmatters which had no political implications, Mr.
sionally or otherwise, east of Chicago, but he was a
Taney was an able and an upright judge, while in
straightforward and upright judge whose excellent
cases of that class it is not doubted that he applied
qualities increasingly impressed themselves upon the
conscientiously principles which he had never queslegal profession and the public during the 22 years
tioned sufficiently to consider their reexamination,
of his tenure. He was followed by Edward Douglas
Before his appointment to the highest court he had
White of Louisiana, once a Confederate soldier and
served President Jackson at Attorney General and
the first and so far the only Associate Justice of
as Secretary of the Treasury,
advancing the conthe Supreme Court to be named, while serving as
tested removal of the Federal deposits from the
such, to preside upon its Bench. Moreover, as he
Bank of the United States in pursuance of the
was appointed by President Taft and had served
policy of his leader, and being, in consequence, deas a Democratic Senator from his State before he
nied confirmation by the Senate.
Yet, after a
was first designated for the court by President
struggle, the Senate consented to his appointment
Cleveland; it is the solitary instance of the naming
as Chief Justice, and he served as such until the
of a political opponent to the great office by any
year 1864.
It was while he presided in that
President. John Marshall Harlan, the Kentuckian,
capacity that Daniel Webster, then a Senator and
who was the Associate Justice of longest service
practicing extensively as an advocate before the
at that time, and had served in the Civil War as a
court, paused during one of his arguments to state
Union soldier, was aggrieved at being passed over
to the justices before him that he had impartially
but, on account of his seniority, had to administer
opposed the confirmation of every one of them.
the oath of office to his more fortunate rival. He
Salmon Portland Chase, the sixth Chief Justice,
subsequently told a United States Senator that
was appointed to that office by President Lincoln,
when he came to the words pledging the new Chief
and it is abundantly established that, while the
Justice to support the Constitution and laws of the
great war-President could readily convince himself
United States he read those words "very boldly."
that in making the designation he neither sacrificed
It is supposed that when a Pope is to be elected by
anything in the quality of the judicial office nor in
the Conclave of Cardinals, at Rome, there are
the public interest in an untainted administration
always some Cardinals who vote for elderly colof justice, he also believed that he saw advantages
leagues, in anticipation that their tenure will be
in the appointment of a character far removed from
brief, and another chance afforded to those who
those to be served by legal attainments or judicial
are passed over.
Some thought, in 1910, that in
capacity. Mr. Chase had sought the presidency, in
choosing Justice White the President followed the
the convention by which Lincoln was first chosen
same principle. Yet the court never had a more
as the candidate.
He had been Governor of Ohio
devoted and patriotic leader and the decisions of
and Senator, and he believed himself to be better
Chief Justice White, in spite of obscurities of style
qualified than any other, in 1860, to lead the Rethat he vainly struggled to avoid, rank very high in
publican party to victory in the contest before the
the estimation of the country's ablest lawyers. Anelectorate and the Nation through the difficulties
ticipated or not, the position of Chief Justice did
authority rivaling his own led to notable controversies in which the dominating personality of the
The Commercial & Financial Chronicle
3552
become vacant
only
a
by the retirement of Justice White
few weeks before his death, eight
Mr. Taft's tenure of the
living
after
years
1941
who comprehends more thoroughly the
man
potential
June 7,
consequences
of this elimination from the
came to an end
Federal fabric of the protection to minorities and
during the first year of the term of President
Harding, his first Republican successor.
to political stability which the Founders embodied
presidency
and
Mr.
Harding, with only
sion of the
liberty and public right implicit in the ugly trans-
requisites of the judicial calling, eagerly
seized upon
with
in the Constitution of 1787, or the vast dangers to
layman's comprehen-
a
the opportunity to place
man
judicial experience at the head of the Judicial
Department.
the
were
Among the drawbacks of this
fact
that
maximum age
and that
the
appointee had passed the
years
of
judicial interpretation.
service it is to be said that he
admirable
an
he
was
over-
He
pos-
ments and the permanence of appeasements, at least
in his
Of his
field, and he followed his inevitable bent
own
in acquiescing in concessions by which he hoped to
brought to the office
temper and patriotic purpose, with
which
by
sessed strong faith in the wholesomeness of adjust-
of political life he had been
trends
bolder
a
effectively resisted the flood-
to his faith and the lights which lie saw.
opportunity to keep himself abreast of the
current
resolute and
a more
more
demoralization
of
tide
commonly set for such appointments
during 20
might have
whelmed, but Justice Hughes had to live according
course
without
Possibly
formation.
ex-President
an
something from the general wreck of the Con-
save
stitution which he must have felt himself powerless
a
politician's dread of political implications possibly
to prevent.
lurking in desirable judgments and
sent the undermining of the authority of the court
executive
he
capacity that, aided by legislation which
promoted, enabled the court
sided to catch up
was
surprising
a
clogged by
an
accumulation of
cases
was,
titular
accorded
privilege of appeal, to be
a
by writs of certiorari issued only
upon
dis-
leader
during
There is not much
in respect of
of the right of appeal to the Supreme
Court, and substituting
the
room
men
conflict
to
with
its
social convenience
ideas
of
the
stances
still
for
early to relate fully the circum-
impelled
Charles Evans
President
Hughes, in 1931,
Hoover
as
to
So
Asso-
well
as
in the innate
as
principles and
standards
the
place
Should he happen to designate,
Chief
of
Justice
and
the
current
the Associate Justices,
vacancy among
men
soundly
little while before his demise.
The
President had first determined to
designate Associate Justice
Stone, but suddenly changed his mind
and, by naming Mr. Hughes, provoked an unwarwhich did not,
over
confirmation,
however, preclude the appointment,
story of the service of the Chief Justice who
is about to retire is almost
honorable
telligence and enlightenment, it may be that, like
forced by ill-health to
ranted and unfortunate contest
possessing the
the successor of
retire
a
jurisprudence and
aspirations of honest and able lawyers of broad in-
Taft, who
was
ican
name
Chief Justice
The
as
grounded in the philosophy and principles of Amertoo
that
only
for hopeful anticipation
which essentially characterize genuine capacity for
high judicial office.
the tribunal.
is
established
Unquestionably,
legislation began the decline in the prestige of
It
for
requirements of
the established rules of decision.
this
happen
its
ciate Justices have been grievously lacking in legal
respect
or
was
greatest
whom he has named
cally troublesome
its views of economic
who
its
of
by the present President of the United States.
far most of the
knowledge and experience,
and to evade others in which
man
time
Chief Justice who will be selected
any
cretion, thereby enabling the court to avoid politicases
re-
decline.
the
laws, which he favored, depriving citizens,
in most cases,
bitterly
thoroughly regret its almost complete loss
or more
awaiting
in part,
no man can more
of prestige than the distinguished
pre-
docket that, when he began,
a
Unfortunately this
argument.
result of
with
which he
over
Certainly
some
of the appointees to the court of Presidents
Jefferson
and
Jackson
who
extreme radicalism
vance
defiance
of
the
expected
were
to
ad-
by decisions rendered in
precedents
and
the
Constitution,
they will remember, while in office, that they
are
lawyers of integrity rather than subservient politicians.
told
One of the Stuart kinds of England was
by Lord Coke, in substance and effect, that
a
equally divided into two
king could make judges out of sycophants, but that
periods by President Roosevelt's 1937 effort to pack
genuine lawyers would not subvert the great prin-
the court and to
destroy the efficiency of its deter-
minations
tive.
court,
law, honestly
sovereign.
So
America,
as
and
with
reserved
dignity
the
legislation, and it
people's Constitution
retirement
of
was
lost.
f\*i
Department and the
"
as
his
sue-
the President has already been able to appoint
five
Associate
Justices, constituting a
majority of the court and, since February of this
fill when he
so
sixth vacancy, which he can
chooses.
When he has named a suea
to Chief Justice
the
once
Hughes he will have placed
exalted Bench
selection out of
a
seven
justices of his
total of nine.
Probably
no
living man measures more accurately than the retiring Chief Justice the decline in the character and
reputation of the Supreme Court during the later
period of his incumbency.
Nor can there be any
prove
to be in beclouded and
i
jm
m.
r*
*
Industry ana government
Obstructionists
Deventer, in
Black
cessor,
there has been
i
Beginning with the
Associate Justice Van
it
=========
defeated, but the
was
1937, and the selection of Senator
cessor
may
then constituted, unanimously opposed the
battle to protect the Judicial
upon
common
threatened
subversive
own
of the
purposes
and fairly applied, in order to win the favor of any
Decorously
lation
year
ciples and
concerning the constitutionality of legisforced through
Congress by the Chief Execu-
The economic madness of the times could hardly
be better illustrated than
by the spot in which the
major oil companies find themselves placed by the Administration's unexplained withdrawal of 50 tankers
from the Gulf to North Atlantic
serious
a
run,
thereby creating
bottleneck in the industry's capacity to
supply the
country's
major
industrial
areas
with
gasoline and fuel oil.
As
means
a
result, the
industry, which in this
sense
exclusively the big oil companies (as it abvays
does when such needs arise) is now girding itself for
an
outlay likely to
pipe-lines and
deficiency.
new
run
to nearly $500,000,000 for
sea-going "oilers" to make
up
the
Volume
But
The Commercial &
152
it faces
as
this almost unprecedented
task, it also faces the following
3553
Financial Chronicle
Justice continues to watch like a
rush
fundamental legal
,
movement
being set
attacks.
with the
the
of
Gestapo agent every
inter-company
committees
now
providing the Government
requested 50 tankers, to allocate the expense
up
to arrange for
land as interpreted by
the Supreme Court in the Madison Oil case last year, § of the new super-pipe lines soon to be rushed into
construction, and to take care of other emergency
any cooperative business action can affect prices,
developments.
anything that can affect prices is price-fixing, priceOn top of the whole picture has been set Mr.
fixing is in restraint of trade, and restraint of trade
Harold Ickes as Petroleum Coordinator, a man of
is a crime.
whom the best the trade can apparently say is that
On top of that the Department of Justice is still
he is honest according to his doctrinaire lights and
pressing the "Mother Hubbard" case against the
that they might have got somebody worse from the
American Petroleum Institute, the oil industry's trade
present Administration. This is the man who highassociation, 22 maj or oil companies, and 80-odd
pressured the industry under the old NRA Petroleum
satellite companies.
The suit is colloquially called
Administration into cooperating to stabilize prices,
the "Mother Hubbard" case because it covers any¬
then let it down when the legal hounds of the De¬
thing and everything, a blanket roll-up of all the
partment of Justice were after it at Madison by
charges ever levelled against the companies and a few
quietly refraining from a single public word to
new ones.
It accuses them, for instance, of violating
acknowledge his own responsibility for the acts for
the Clayton Act, the Sherman Anti-Trust Act, the
which the oil companies and their executives were
Robinson-Patman Act, the Interstate Commerce Act,
found criminally responsible.
and the Elkins Act.
In fact the very same question has now come up.
This is the celebrated case, launched last year by
The companies cooperated with the Government in
the Department of Justice as soon as the Madison
1934 and then nearly went to jail for it.
Now they
decision was handed down, which originally called
are asked to cooperate again—and they want to—
for a four-way dismemberment of the whole pe¬
but the calibre of the men with whom they must
troleum industry into production, transportation, re¬
First, under the law of the
The National Defense Ad¬
visory Commission looked it over and cautiously
suggested that such dismemberment was decidedly
not in the interests of national defense, upon which
fining and marketing.
the
of Justice cut out this defense-
Department
weakening section but only with the warning
it would be
put back whenever it felt
Final date for company
omnibus of legal
and over, so
off
case
still hangs over the industry
blade, and there has been no official
breath of suggestion
called
like it.
filing of answers to this
damnation has been extended over
that the
like Damocles'
that
that the dogs of law might be
during the emergency to encourage
companies to pitch more enthusiastically into
the
defense
The latest extension, to July 1, is "posi¬
tively the last," so that courtroom and newspaper
smearing is now not far away.
projects.
cooperate is so low that
they again risk good name
pocket-book by cooperating. Attorney General
Robert Jackson, after having vigorously argued last
and
year
that
before the Supreme Court in the Madison case
no
Government official could have legally
granted the companies immunity from
the Sherman
Act, is now as vigorously opposing any amendment
of the Sherman Act to legalize the currently indis¬
pensable cooperation of the oil companies, arguing
as Attorney General has full authority to
that he
grant them immunity, presumably by letters to the
Office of Production Management or to Mr. Ickes.
In contrast
with the responsibility imposed on
companies in the present emergency
bility shown on all sides by
ment.
To begin
with,
no
the
is the irresponsi¬
people in the Govern¬
satisfactory reason has been
shippers.
of 50 tankers. At the begin¬
British had nearly 500 tankers,
and they got 400 more from the Norwegians, Bel¬
gians, &c., for a total of 900, of which they are
supposed to have lost so far only about 100. True,
convoying slows tankers to half their normal per¬
and
formance, but
of that the companies have been haled into
under an extraordinary and newfangled inter¬
On top
court
pretation of the ancient Elkins Act, which originally
forbade rebates by transportation companies to
In this case the pipe-lines, wholly owned
originally constructed with parent-company
money, are
the offending transport companies, the
parent-companies are the shippers getting the al¬
leged "rebates," and the alleged rebates consist of
the pipe-lines to the parent
the dividends paid by
given for che diversion
ning of the war the
off-the-record criti¬
turn-around and
in convoy-assembling, and no explanation has been
vouchsafed why the transferred tankers are to take
the oil from Aruba instead of from the now dammedcisms of
back Gulf supplies.
companies.
Lastly the threat of compulsory divo ee hangs over
industry in the form of three bills by Senator
for
hearing this week before the Senate Judiciary Com¬
mittee, to separate the tanker fleets, pipe lines, and
distribution systems from production and refining.
for not
Gillette, S. 170, 171, and 172, which came up
While
and
none
of these threats of fine, imprisonment,
corporate dismemberment are
it will take a
immediate, since
long time for the legal charges to get
through the courts and the Gillette bill is so dis¬
tasteful to most Senators that it has hardly a chance
of
getting anywhere this year, nevertheless the com¬
involve the companies in pro¬
bination continues to
tracted legal expense
and psychological diversion from
hand. The Department of
the main defense task in
criticism. Reasons
good, and reasons
explaining even better. But reasons are much
to find for the Government's attitude toward
This, however, is a secondary
for the
the
there are serious
the British for slowness in
harder
50-tanker diversion may be
the domestic
For
throw
companies.
Administration has failed to
one
thing the
any
weight against current
dismemberment
proposals such as those in the Gillette bills which
threaten the industry's role in national defense. For
another, as already
cited, the Attorney General has
disregarded the perfectly sensible
desire of the in¬
legal shield against being later
damned for putting its collective heads together to
meet its national defense duties.
For another, this
same official continued to push his legal attack withdustry
for
some
3554
out
The Commercial & Financial Chronicle
change after it
jeopardize
fields,
pointed out that it would
was
so
damning the companies for failure to
tional
accomplish
the
greatest
conservation,
domes.
For
Federal
conserve
single
the
another, the
regulation
of
.
is
oil
against it and only
abandoned when nine State governments descended
like hornets on its proponents in
nothing but politics
which the President
to
by letter continued nevertheless
push the proposal
This
consistent
Congressman Cole.
on
irresponsibility
officials in the face
of true
reminiscent of the ironic
Public
Utilities
win in politics; after
can
petroleum economics is
of the
Securities
and
Ex¬
to the Commonwealth & South¬
and the
ern
when
Engineer Public Service Corporations
they tried to push economic rather than legal
arguments against the "death sentence," that it could
not
entertain
such
the
it
And it also
"usurp the
brings to mind
long story of contradictory Government
sures, on some
others to
on
lest
arguments
functions of the courts."
increase
them
sow
freely;
depreciation and
financing,
and
on
some
others, through regulation, to
equities; on floor traders, not to "accentuate
bankers,
through competitive bidding, to
accentuate it; on
industries like petroleum not to fix
prices and
others like soft coal to do so—and so on.
But the worst of the
story is that while the oil
companies whose alleged control of the
industry is in
theory so vicious have sprung to their national de¬
fense
problems with gusto in spite of the gathering of
Government legal attackers at their
heels, the chief
and
pure
ability is
Government, whose
whose
administrative
motives
and
our national
security and defense."
this, the big question among the Wash¬
The times call for technical
technical and executive
petition
the
life, whether it
not
troleum business
adventurers
and private
how
matter
nation's number-one
are
shortage
the
on
Atlantic Seaboard which will reach its
acutest point
January. At that time there will be no addi¬
tional
tankers, the pipe lines will not have been
pleted, and fuel oil requirements will be at their
com¬
peak.
The current Cole bill to
give the oil companies the
necessary right of way to build the pipe lines is
simple
enough for Congress to have passed in 24 hours
long
ago if the Administration had given the word.
industry is best organized
If the
meet the
ball
as
problems
soon
as
the
as
anything, it
they arise.
rumors
might ask for tankers
have
building
an
switched
uses
is,
It
means
that
was
right
on
the
spread that the President
from
12,000 tons
it
go on as it is to
for Great Britain.
Standard companies
owning 26
City,
as
Administration's "un¬
encouraged to
a
oil,
year,
example to the country and
Two of the
Broadway, New York
fuel
to
of
which
anthracite,
the
as
a symbol of their own
of the unlimited emergency which the
Administration presses on
everyone except its friends.
acceptance
industrial risk-takers have
for the Administration
are,
peril, but
a power
for defense.
The Course of the Bond Market
The public paid more than
and
of
stamps in May,
these
a
issues,
new
very
$440,000,000 for defense bonds
encouraging result of the sale
according
to
Secretary
Morgenthau.
The Government bond market has been firm this
week, and
there has beln little change in
corporate issues.
High-grade railroad bonds have
able
price
changes.
not
displayed
Medium-grade
bonds have been somewhat lower.
and
any
appreci¬
speculative
Great Northern
rail
(H) 4s,
1940, lost % at 97%; New York Chicago & St. Louis 4%s,
1978, declined
one to 61%.
New York Central issues regis¬
prices, and Southern Pacific debentures dropped
tered lower
fractions.
active.
Defaulted rail issues have not been
particularly
Erie
bonds
nouncement of
an
have
been
an
exception;
with
the
.
Although the utility bond market has been
have held firm
has
and
a
moderate demand
developed in the past few days.
such
as
Interstate
an¬
expected early consummation of reorgan¬
ization, the various issues gained.
Power
5s, 1948,
5s,
New
a
lower
result,
England
grades
issues
Power
Queens Borough Gas & Electric
and
a
1957;
for
As
qjuiet, prices
few points.
There has been
offering—$13,000,000 Southern Natural
one
Gas first 3%s,
1956.
,
Industrial
next
defense.
pe¬
by the
ready they
new
for national
ad¬
In the
Congress waits,while the public waits until
somebody explains that "big business" is not the
and
limited emergency" means
the industry should be
political
us
of that.
to wait until
5%s, 1952, have gained
The petroleum
com¬
But instead
political adventurers at
Washington to the point where they have to wait, no
Association
oil
German
specifically, the private technical
been reduced
now
much
even
companies,
might have been saved in the
fuel
the
cut-throat
means
times, and Washington, give
venture—and
at least two
gasoline
as every new
of
industry-wide collaboration.
or
great, has been delay.
If Congress and
the Administration had
snapped to it in the present
tanker-diversion emergency as fast as the
prospective
adventure,
innovation
indicates, and for national domination by men
engineering mind to whom technical adventure is
the breadth of
executive
so
months
courts
army
some
on
contribution of the
said
industry
Congress will first dismember the industry.
or
some
so
Committee
ington petroleum sophisticates is whether the
pressure, to switch to debt
the trend" of the
market, and on investment
on
Cole
utilities to
others to cut it; on
on
corporations, through tax
switch to
pres¬
corporations to restrict dividends and
The
observation of what the oil
interested in
In face of
of
government
reply recently given by the
Division
change Commission
of
industry.
our
.
doing and is prepared to do in behalf of national
are
Washington, proving
that
.
defense should give assurance and courage to all who
over¬
whelming technical evidence
the
"
defunct Cole bill for
now
pushed in the face of
was
of
tion
to
devised
yet
move
unit-exploitation
Army, the Navy, and the old National Defense
Advisory Commission, each put in its word separately
and independently for the present efficient
organiza¬
na¬
then jeopardizing their efforts
resources,
toward
The
cooperation in unitizing new oil
that the Administration is in the position of
company
June 7, 1941
this
week.
bonds
generally
Steel company
have
been
somewhat
higher
obligations showed mixed frac¬
tional changes, with the
up-side favored.
materials company issues have
been
Oils and building
steady to fractionally
higher, and lower grade issues, representing the
coal, ship¬
ping, textile and retail selling industries, showed moderate
strength.
In these latter classifications are included the
Hudson
1941;
Coal 5s, 1962;
Celanese
Drug 5s, 1953.
International Mercantile Marine 6s,
3s, 1955;
Trading
Childs
Co.
5s,
1943, and
United
was commenced in the new Swift &
Co.
2%s, 1961, at a price 1% points above the original offer¬
ing price of 99%, and a further fractional
gain was scored.
In the foreign list the
obligations of the Republic of
Colombia attracted some interest
upon the announcement of
a conversion
plan involving exchange of the
outstanding 6s
new
3% issue and funding of certain past due cou¬
Among Brazilian issues the Sao Paulo Coffee 7s con¬
tinued in demand,
gaining another 2 points. Uruguay issues
into
a
pons.
have been another firm
spot in the Latin American list.
Canadian and Australian loans held
up, while the European
section has been
spotty as Belgian bonds relinquished some
gains; German issues have been mixed, and
of their recent
Scandinavians have been generally
softer, except for some
strength in Norway 6s, 1943, which set a new
high mark
at 59.
Japanese loans improved further, with advances
ranging up to 3 points.
Moody's computed bond prices and bond
yield
given in the following tables:
are
averages
Volume
The Commercial
152
MOODY'S BOND YIELD
PRICES t
MOODY'S BOND
(Based
(Based on Average Yields)
1941
U. 8.
Awe.
Daily
Govt.
Bonds
rate *
Corporate by Groups
1941
*
Corpo¬
Aver ay a
Corporate by Ratings
P. U.
R. R.
Baa
Aa
AVERAGES t
Individual Closing Prices)
Corporate by Groups
Corporate by Ratings
Corpo¬
V
Average
Indus
on
Avge.
Dally
Aaa
3555
& Financial Chronicle
2.97
3.32
Indus.
R.
P. U.
3.96
3.12
2.99
R.
Baa
A
Aa
Aaa
rate
4.33
6—
118.81
106.74
117.20
113.70
107.27
91.19
96.69
110.88
113.31
6-———
106.56
117.00
113.70
107.09
96.69
110.88
113.12
5—
3.36
2.80
2.97
3.33
4.33
3.96
3.00
118.78
91.19
3.12
5-
June
3.35
113.12
4
3.36
2.81
2.98
3.33
4.33
3.96
3.12
3.00
3.36
2.81
2.98
3.33
4.33
3.96
3.12
3.00
3.37
2.81
2.99
3.34
4.33
3.97
3.13
3.02
3.37
2.82
2.99
3.33
4.33
3.96
3.13
3.02
Exchan ge Clos ed
3.33
2.99
2.82
4.34
3.96
3.13
3.02
3.97
3.13
3.01
3.96
3.13
3.01
3.01
'
June
4..
118.76
106.56
116.80
113.50
107.09
91.19
96.69
110.88
3-.
118.86
106.56
116.80
113.50
107.09
91.19
96.69
110.88
113.12
3
106.92
91.19
96.54
110.70
112.75
HH
2
2..
118.82
106.39
106.39
118.71
May 31..
30..
116.80
116.61
113.31
113.31
29..
118.71
Exchan Re Clos ed
113.31
116.61
106.39
28..
118.48
106.39
Stock
27..
106.39
118.46
107.09
110.70
96.69
91.19
1
May 31
112.75
30
112.75
2.79
Stock
„
29——
3.37
>
107.09
91.05
96.69
110.70
116.61
113.31
106.92
91.19
96.54
110.70
112.93
28——
3.37
2.82
2.99
3.34
4.33
116.61
113.31
107.09
91.19
96.69
110.70
112.93
27
3.37
2.82
2.99
3.33
4.33
3.37
2.81
2.99
3.33
4.33
3.96
3.12
•
,
26..
118.41
106.39
116.80
113.31
107.09
91.19
96.69
110.88
112.93
26
116.80
113.50
96.69
110.70
112.93
24
3.37
2.81
2.98
3.34
4.33
3.01
106.39
91.19
3.13
118.41
106.92
3.96
24-
96.69
110.70
112.93
23.—
3.37
2.81
2.98
3.34
4.33
3.96
3.13
3.01
4.32
3.95
3.13
3.02
23..
118.35
22..
106.39
116.80
113.50
106.92
91.19
118.37
106.39
116.80
113.31
106.92
91.34
96.85
110.70
112.75
22
3.37
2.81
2.99
3.34
113.50
91.34
96.85
110.70
112.93
21
——.
3.36
2.81
2.98
3.34
3.13
106.56
116.80
4.32
118.33
106.92
3.95
21..
96.85
110.70
112.75
20——
3.37
2.82
2.99
3.34
3.02
113.31
91.34
3.13
106.39
116.61
4.32
118.36
106.92
3.95
20..
116.61
113.31
97.00
110.70
112.75
19
3.37
2.82
2.99
3.34
4.32
3.02
106.39
91.34
3.13
118.43
106.92
3.94
19..
112.75
17——'
16—
3.37
2.82
2.99
3.34
4.32
3.95
3.14
3.02
3.37
2.82
2.99
3.34
4.32
3.95
3.14
15
3.37
2.82
2.99
3.34
4.32
3.95
3.14
3.02
3.33
4.32
3.95
3.13
3.01
3.13
3.02
17..
118.52
106.39
116.61
113.31
106.92
91.34
96.85
110.52
16-
118.52
106.39
116.61
113.31
106.92
91.34
96.85
110.52
112.75
91.34
96.85
110.52
112.75
113.31
106.92
„
3.01
3.02
118.61
14-
13-
106.39
116.61
118.61
15-
106.56
116.80
113.31
107.09
91.34
96.85
110.70
112.93
14-
3.36
2.81
2.99
106.92
91.48
97.00
110.70
112.75
13—
3.36
2.81
2.99
3.34
4.31
3.94
113.31
12
3.36
2.81
2.99
3.33
4.30
3.93
3.13
3.02
10
3.36
2.82
3.00
3.33
4.30
3.94
3.13
3.02
9
3.36
2.81
3.00
3.34
4.30
3.94
3.14
3.01
3.34
4.30
3.94
3.13
3.02
3.34
4.31
3.94
3.14
3.02
118.54
106.56
116.80
12-
118.51
106.56
116.80
113.31
107.09
91.62
97.16
110.70
112.75
10-
118.51
106.56
116.61
113.12
107.09
91.62
97.00
110.70
112.75
91.62
97.00
110.52
112.93
106.92
■
9-
118.45
106.56
116.80
113.12
8-
118.49
106.56
116.80
113.12
106.92
91.62
97.00
110.70
112.75
8
3.36
2.81
3.00
106.92
91.48
97.00
110.52
112.75
7
3.37
2.81
3.00
i
7-
118.59
106.39
116.80
113.12
91.48
110.52
112.75
«
3.37
2.82
3.00
3.34
3.02
113.12
97.00
3.14
106.39
116.61
4.31
118.64
106.92
3.94
6-
106.92
96.85
110.52
112.56
5
3.37
2.82
3.00
3.95
3.03
116.61
91.34
3.14
106.39
3.34
118.66
113.12
4.32
5-
110.52
112.75
3—
3.36
2.80
3.00
3.34
4.31
3.94
3.14
3.02
91.48
97.00
3-
118.64
106.56
117.00
113.12
106.92
2-
f
118.66
106.39
117.00
112.93
106.74
91.34
96.85
110.52
112.75
2
96.85
110.52
112.56
-
1
3.37
2.80
3.01
3.35
4.32
3.95
3.14
3.02
3.37
—
2.81
3.00
3.35
4.32
3.95
3.14
3.03
118.68
106.39
116.80
113.12
106.74
91.34
110.34
112.19
Apr. 25——
3.38
2.82
3.02
3.36
3.05
106.56
96.69
3.15
116.61
91.19
3.96
106.21
112.75
4.33
Apr. 25— 118.62
96.54
110.15
112.00
18-——
3.40
2.83
3.03
3.16
3.06
106.39
90.91
3.97
105.86
112.56
4.35
118.28
116.41
3.37
18.
117.36
105.69
112.19
106.21
109.79
111.81
3.07
10.
96.54
3.18
90.77
3.97
116.41
4.36
106.21
91.48
97.00
109.97
112.19
1-
J-X 4.
117.55
Mar.28..
106.04
116.80
112.37
3.41
2.83
3.05
3.38
4——
3.39
2.81
3.04
3.38
4.31
3.94
3.17
3.05
2.83
3.05
3.39
4.34
3.97
3.18
3.07
3.36
4.36
3.97
3.46
3.02
10
117.80
105.86
116.41
112.19
106.04
91.05
96.54
109.79
111.81
Mar. 28—
3.40
21..
117.85
106.21
117.00
112.93
106.56
90.77
96.54
110.15
112.75
21—-
3.38
2.80
3.01
109.97
113.31
14-.—
3.38
2.78
2.99
2.99
96.54
3.17
113 31
90.48
3.97
106.21
106.56
4.38
117.77
117.40
3.36
14-
109.97
113.12
7
3.39
2.78
2.99
3 00
96 23
3.17
90.20
3.99
117.40
106.39
4.40
106.04
113.31
3.37
7— 116.90
109.79
112.75
Feb. 28
3.40
2.79
3.01
3.38
4.43
4.01
3.18
3.02
95.92
3.02
Feb. 28— 116.93
105.86
117.20
112.93
106.21
89.78
109.60
112.75
21
3.42
2.80
3.02
3.19
89.52
95.62
4.03
112.75
106.04
4.45
105.52
117.00
3.39
21— 116.06
113.12
14—
3.40
2.77
3.00
3.38
3.00
117.60
109.60
3.19
89.64
95.92
4.01
106.21
4.44
113.12
3.38
2.76
2.99
3.37
4.40
3.97
3.18
2.99
3.95
3.18
2.97
n.
'
'
105.86
14.. 116.24
109.79
7
113.31
7— 116.52
106.2J
117.80
113.31
106.39
90.20
95.54
Jan. 31.. 117.14
24— 117.64
106.39
118.00
113.70
106.39
90.48
96.85
109.79
113.70
106.56
117.60
113.89
106.56
90.77
97.16
109.97
113.50
17- 118.06
106.56
118.20
113.89
106.56
90.48
96 69
110.15
113.89
17.—.
106.56
90.34
96.69
110.15
114.08
10
3
106.56
10— 118.03
118.20
114.27
.
31——
3.37
2.75
2.97
3.37
24
Jan
4.37
3.36
2.77
2.96
3.36
4.36
3.93
3.17
2.98
3.36
2.74
2.96
3.36
4.38
3.96
3.16
2.96
3.36
2.74
2.94
3.36
4.39
3.96
3.16
2.95
3.37
2.73
2.93
3.37
4.43
4.01
3.16
2.93
3.20
3.08
114.46
118.65
106.39
118.40
114.46
106.39
89.78
95.92
110.15
Hlgh 1941 119.05
106.74
118.60
114.85
107.27
91.62
97.31
110.88
114.66
High 1941
95.62
109.42
111.62
Low
3Low
1941
115.89
105.52
High 1940 119.63
1940 113.02
106.74
99.04
Low
1
89.23
119.00
115.04
106.74
89.92
96.07
110.88
114.85
112.19
109.60
99.52
79.37
86.38
105.52
106.56
High 1940
Low 1940......
110.15
99.84
79.60
86.51
106.04
107.44
June 6,1940—..
1
99.36
112.75
2
2 Yrs.Ago
100.65
June 6 '39 117.67
ha
114.46
110.15
105.69
89.23
83.40
98.57
3.06
3.39
4.47
2.72
2.91
3.32
4.30
3.92
3.12
2.92
5.24
4.68
3.42
3.36
3.81
3.06
3.19
3.78
3.35
2.70
2.90
3.35
4.42
4.00
3.12
2.91
3.79
3.02
3.16
3.76
5.22
4.67
3.39
3.31
3.84
4.91
4.47
3.41
3.25
Year Ago—
Years
Ago—
June 6, 1949—
108.52
2.84
4.03
3.35
106.04
Yr. Ago
June 6 *40 113.06
3.42
1941
112.00
116.22
3.71
—
2.93
3.16
do
on^the basis oi one "typical" bond (3*4% coupon, maturing In 25 years) and
the average movement of actual price quotations.
They merely serve to Illustrate In a more comprehensive way the
yield averages, the latter being the true picture of the bord market.
,
....
The latest complete list of bonds used in computing these Indexes was published In the issue of July 13, 1940, page 160.
prices are computed from averaure yields
* These
level
average
n
purport to show either the
relative levels and the relative
not
ot
movement of
t
The
Capital Flotations in the United States During the Month
and for the Five Months of the Calendar Year 1941
somewhat better than the average
than
in April, when the total amounted to only $147,650,400;
the month's placements were also well in excess of the
May, 1940, total of $173,097,430.
Issues for new capital
purposes, however, continued to play a minor part in cor¬
poration financing operations, with less than a quarter of
the total being intended for such purposes.
The $63,874,177
of previous
months this year and considerably higher
in this classification was, at least, more
the $39,469,665 of
encouraging than
April, although less than the $89,287,130
placed in May, 1940.
The high rate of industrial activity
financing rather
continues to find its reflection in Federal
private, with the Treasury taking over
than
$1,000,000,000
what
New Capital
■
i
J,;
*
..
T.,'-r
.
■ •'
•
\
'
8
$
52.788.677
267.889,665
320,678,342
February-—————-—
31,549.770
217,012,100
248,561,870
March——————
86.034,370
116,937,655
202,972,025
First quarter——————
—
May——————
among
the chief borrowers of new funds, took only a small
total in May, while a pharmaceutical manu¬
amount of the
facturer,
about
an
oil company and a rubber company
for most
each took
packing house $3,500,000, accounting
of the balance.
None of these amounts is great
$5,000,000 and
a
enough to be very significant, but, in the case of rubber,
the new capital market of an
it at least marks the return to
industry that has been virtually absent for over two years.
The Firestone Tire & Rubber Co., which was the company
involved, sold a total
of $50,000,000 3% debentures last
refunding purposes.
♦1939
Refunding
Total
$
t
S
35,469,718
46.004,059
30.527,491
New
Capital
8
Refunding
S
Total
8
16,312.332
159,948,072
137.994,832
173,464,550
5,926,032
10,386,300
211.341,581
103,799,050
257,345,640
23.833,072
136.115,000
134,326,541
58,179,191
48,688,660
106,867,851
87,938.295
195,189,960
283,128,265
181,769,350
161,502,000
259,969,392
251,798,424
283,039.488
170.372.817
601,839,420
772,212,237
112,001,268
453.135,463
39,469,665
108,180.735
147,650,400
197,102,123
260,976,300
192,353,442
83,810,300
101,476.480
246.278,652
63,874,177
53,925,210
89,287,130
9.771,328
111,247,808
78,200,042
21,740.443
31,241,064
377,640,222
530.623,890
131,181,549
595,069,774
726.251,323
152,983,668
1,009,379,578
••
Second quarter————
X'."
173,097.430
183.242.443
264,984,936
——
August
September
Third quarter........
•
Xt» 'mtm
mm
mm''
........
Nine months.............—
■
:
■
........
830,775,685
1,095,760,621
219,119,844
225,622,950
111,493.538
62,464,785
271,856,400
49,703,366
179,431,672
130,471,250
25.894,844
16,019,150
180,669.959
317,462.641
80.195,000
343,357,485
68,006,465
July—————
———
790,259.734
46.233,450
67.938.134
Six months———————
581,759,322
91,617,360
578.327,600
669.944,960
182.178,049
399,581.273
1,230,356,958
1,677,519,943
310,737,204
1,368,587.334
1,679,324.638
447,162,985
157.474.063
90,834.833
195,817,158
112,475.208
226,595.215
230,373,325
96,214.150
177.771,459
47,278,100
168.699.139
November
December
'
Fourth quarter
...
Revised.
—
'/X
—•»-.
—....
V. — .-
-
........
345.346,770
392,624,870
20,297,396
92.486,646
61,131,558
October
•
.
than half
565,136,731
June..———————
Twelve months
corporate consumers of
through the sale of equipment obligations.Public utilities, which in preceding months were
New Capital
Total
January———————
April—.——
chief
♦1940
Refunding
8
the
capital funds were sought, taking more
last month's aggregate
1941
.
new
month, but $44,600,000 was for
of its obligations in May.
from the public sale
continued
Railroads
Corporate security flotations in May had an aggregate
value of $260,976,300,
of May
328,211,682
261.185,785
389.343.240
21,640.375
30,778,057
766,045,098
1,043,153,895
72,715,828
444,126,054
516,841,882
277,108,797
1,996.402.056
2.720.673,838
383,453.032
1.812.713,388
2,196,166,420
724.271.782
The Commercial & Financial Chronicle
3556
Another heavy ref unding operation carried out last month
Amount
Amount
Applied for
Accepted
$
$
Date
executed
was
by the Union Electric Co. of Missouri,
North
a
June 7, 1941
Dated
Offered
Due
American Co. subsidiary, which offered $80,000,0001st mtge.
3^s and $15,825,000 $4.50 preferred stock.
The Louisville
(Ky.) of the Standard Gas & Electric
System, refunded its 7% and 6% preferred issues through
an offering
of $19,519,800 5% preferred. The Southern
9
May 16
May 22
May 22
May 22
May 23
Mayl-31
Pacific Co. brought out the largest
railroad issue with
an
offering of $14,625,000 2)4% equipment trusts.
month this year. In the first four months
private sales totaled $382,531,800, amounting to over 40%
proportion of
any
However, last month's results
of the total.
were
less
en¬
couraging when considered from the standpoint of number
of issues involved,
issues
for fully two-thirds of the bond and note
•
days
91
days
91
days
17
yrs.
2
17
yrs.
Mar. 15
2
yrs.
May 28
91
June
1
May
10-12
Municipal
financing
*0.096%
*0.069%
*0.070%
2>*%
2H%
c661,750,800
ioo
d787,625,600
d924,000
100
260,380,000
374,777.142
100,257,000
374,777,142
days
yrs.
in
99.982
100
-
K%
99.983
1
.
*0.069%
f
<
7,653,639,236
Average rate on a bank discount basis,
Allotted
to
c
a
Slightly above par.
b Fractionally
Public cash offering,
d Public exchange offering,
f Comprised of three separate
Government investment accounts,
discount basis at 75,
2.90%; series F have a 12-year maturity, are sold on a discount basis,
2.53%; and series G have a 12-year maturity, are sold at 100, and
bear 2 H % Interest.
USE OF FUNDS
series, of which series E have 10-year maturity, are sold on a
and yield
at 74, and yield
Type of
$111,122,530
aggregated
99.983
2,225,888,542
sold directly to investors.
were
99.976
100,004,000
100,519,000
d787,625,600
d924,000
under par; infinitesimal yield,
e
100,031,000
315,843,000
374,651,000
301,533,000
C8268 254,250
months
Totals
23% of the total sold during the month, the smallest
91
Yield
total.
May
Private financing in May aggregating $58,886,500 repre¬
sented
7
May 14
May 21
June
2
2 May
May
May
Gas & Electric Co.
0y:;\Pr1eeyxyy;.
New
Total Amount
Security
Dated
May,
Accepted
Refunding
Indebiednes:
compared with $100,640,538 in April and $50,067,852 in
May, 1940.
Most of last month's total
for refunding
was
Jan.
2.
in which
new
money
financing has occupied first position.
The Treasury's new series E, F and G savings bonds went
on
sale in
May and featured the month's financing
Enthusiasm for the
tions.
moderate and the month's
issues
new
no
was
sidering that the first month's results
best of
form of
a
speak of.
go
100,023,000
100,078,000
101,298,000
100,078,000
101,298,000
635,055.400
635,055,400
189,275,833
189,275,833
501,836,000
100,450,000
13
90-day Treas.
100,294,000
91-day Treas.
bills
bills
100,294,000
19
100.110,000
100,110,000
26
91-day Treas. bills
100,127,000
100,127,000
2% Treas. bonds
%% Treas. notes..
1,115,868,600
32,422,500
120,680,174
1,115,868,600
1,669,952,274
1,549,272,100
120,680,174
100,968,000
99,316,000
99,113,000
5
Mar. 15
1
U.S. Savings bonds
„
tot
February
Mar.
100,002,000
100.023,000
100,450,000
Mar. 15
questionable how far this
toward financing the proposed
100,002,000
1,326,167,233
Feb.
Feb.
100,435,000
100.435.000
91-day Treas. bills
Feb.
Con¬
notes
January total
Feb.
number to come, it is
financing is likely to
Treas.
bills
bills
bills
bills
bills
U. S. Savings bonds
1.
than
likely to be the
are
31
$374,-
more
total sales amounted to
month without any selling campaign to
29.
Feb.
the earlier months of the year averaged more than $126,000,a
Jan.
opera¬
777,142. Sales of the discontinued series D baby bonds during
000
22.
Jan.
Treasury Financing in May
Treas.
Treas.
Treas.
Treas.
91-day Treas.
15.
Jan.
90-day
91-day
91-day
91-day
8.
Jan.
Jan.
outstanding issues, in contrast to most other recent months,
Jan.
al.
5..—
Mar. 19.
91-day Treas. bills
91-day Treas. bills
91-day Treas. bills
Mar. 26
91-day Treas. bills
Mar. 12
deficit.
Mar. 31.
After three weeks' experience with the new savings bonds,
the Treasury on May 22 announced a cash offering of about
Mar. 15..
*/i% Treas. notes
1..
U. S. Savings bonds
2H% Treas. bonds
32,422,500
120,680,174
200,284,000
200,317,000
101,204,000
200,167.000
100,413,000
c526,213,750
100,272,000
100,413,000
d447,458,200
d447,458*200
$600,000,000 of 2V2% Treasury bonds of 1956-58.
was no
doubt of the
success
of this
There
offering with subscriptions
aggregating $8,268,254,250, of which only 8%, or $661,750,800, was allotted.
The bonds were also offered on an
exchange basis for the 3 M %
Treasury
bonds
maturing
Aug. 1, holders of which also had the choice of exchanging
for % % Treasury notes, series D 1943.
Of the $834,435,200
maturing bonds, $787,625,600 took the
new
$924,000 the notes; the balance
exchanged.
It
was
was
not
announced last month that
a
bonds and only
Federal deposits.
it is
None
were
as
Apr.
Apr,
e28,940,200
32,639,300
131,961,202
32,639~,3(j6
1,868,393,652
882,954,500
91-day Treas. bills
100,571,000
91-day Treas. bills
100,571,000
100,091,000
total.
2.......
....
91-day Treas. bills
100,091,000
100,439,000
100,100,000
Apr. 30.......
91-day Treas. bills
100,069,000
1....... U. S. Savings bonds
131,961,202
985,439,152
61,967,535
Apr.
9....
16
Apr. 23
Apr.
91-day Treas. bills
April total.
May
100,439,000
100,100,000
100.069,000
61.967,535
563,237,535
91-day Treas. bills
7...
May 14...
91-day Treas. bills
100,031,000
61,967,535
501,270,000
100,031,000
100,004,000
100,001,000
collateral security for
issued in May, however, and
100,519,000
2Treas. bonds.
c661,750,800
June
certain de¬
91-day Treas. bills
2...
2...
2^% Treas. bonds.
d787,625,600
d
Mar. 15...
Vi % Treas. notes
91-day Treas. bills
d787,625,600
d924,000
d924,000
d
May 28...
to
May 21...
June
special issue of 2%
depositary bonds would be made available
positary banks, to be issued only
March
99,895,000
c526,213~,750
e28,940,200
Mar.
824,331,233
100,257,000
100,257,000
1...
U. S. Savings bonds
May
...
c661.750.800
....
374,777,142
374,777,142
2,225,888,542
mos-__l
1,189,360,600
1,036,527,942
7,653,639,236
May total...
Total 5
100,519,000
4,624,693,200
3,028,946,036
reported that the Treasury does not expect the total
c
issue to exceed $125,000,000.
Public cash offering.
issue of the month was placed at an average price to
yield
0.096%, but the others three yielded only 0.069% to 0.070%.
In the tabulations which follow we outline the
Treasury's
financing activities in the current year:
UNITED STATES TREASURY FINANCING
Date
Amount
Dated
Due
Applied for
DURING 1941
e
Allotted to Government
•
INTRAGOVERNMENT
1941
FINANCING
Issued
Retired
$
January—
Net Issued
%
%
Certificates.
49,800,000
Notes
38,460,000
20,500,000
11.631,000
26,829,000
88,260,000
32,131,000
56.129.000
January
total.
29,300,000
February—
Amount
A ccepted
%
Offered
d Public exchange offering,
Investment accounts.
The Treasury also disposed of the usual weekly bill issues
to meet maturities of about $100,000,000 each.
The first
%
Price
Yield
Certificates
113,000,000
113.000,000
1,195,000
Dec. 27 Jan,
Jan.
3 Jan.
2
90
days
91
days
Jan.
10 Jan.
15
91
days
Jan.
17 Jan.
22
91
Jan.
24 Jan.
29
Jan.
23 Jan.
31
Jan 1-31 Jan.
1
Jan.
8
648,182,000
560,547,000
398,849,000
303.957,000
day8
91 days
263,061,000
3% yrs. 2,756,463,500
10 years
189,275,833
total
100,435,000
100,002,000
100,023,000
100,078.000
101.298,000
635,055,400
189,275,833
Nil
Nil
Nil
a
'
'
Nil
•
r
Nil
a
100
75
*2.9%
x5,151,000
114,195,000
6,346,000
107349.000
10.000,000
February total...
""e".346",000
March—
Certificates.....
Notes
.............
March total.
171,612",000
12,556,000
xl0.000.000
159,056,000
171,612,000
22,556,000
149,056,000
April—
1.326,167,233
Certificates.
Jan.
31 Feb.
5
91
312,345,000
100.450.000
Nil
Feb.
7 Feb.
13
90
227,631.000
100.294,000
65,000,000
15,250,000
49.750,000
1,049,000
Notes
26,547,000
*25,498,000
66,049,000
41,797,000
24,252,000
b
14 Feb.
19
Feb. 21 Feb.
26
days
days
91 days
91 day8
25 Mar. 15
9 years
Feb.
Feb.
Feb.
25 Mar. 15
Feb 1-28 Feb.
Feb.
Feb.
1
2 years
10 years
209,830.000
100,110.000
258,063,000
100,127,000
1.115,868,600 1,115,868.600
32,422,500
32,422.500
120,680,174
120,680,174
total
99.998
*0.007%
99.989
*0.043%
100
2%
100
H%
♦2.90%
75
May—
Certificates
5
91
days
525,347,000
200,284,000
99.978
2,698,000
91
days
452,601,000
200,317.000
99.970
91
days
442,380,000
200,167.000
91 days
308,808,000
100,413,000
c6144786,150 c526.213.750
13 yrs.
d447,458,200 d447,458,200
e28,940,200
e28,940,200
2 yrs.
32,639,300
32,639,300
10 yrs.
131,961,202
131,961,202
99.971
*0.120%
*0.117%
*0.065%
Mar. 21 Mar. 26
Mar. 19 Mar. 31
Mar. 19 Mar. 15
Mar 1-31 Mar.
Mar.
total
1
2
91
days
4 Apr.
11 Apr.
9
91
days
16
18 Apr. 23
91
days
91
days
Apr. 25 Apr.
30
91
days
Aprl-30 Apr.
1
Apr.
Apr.
April
2H%
ioo
75
:;:
10 years
total
290,755,000
208,941,000
252,594.000
247,429,000
301,690,000
61,967,535
99.986
100,091,000
100,439,000
100,100,000
100,069,000
61,967,535
99.980
563.237,535
99.976
99.975
99.976
75
*0.055%
*0.079%
*0.093%
*0.097%
*0.097%
*2.9%
127,145,000
579,814,000
115,383,000
464,431,000
Comprises sales of special series certificates and notes; certificates sold to
Adjusted Service Certificates Fund and Unemployed Trust Fund, and notes to
Federal Old Age and Survivors Insurance Trust Fund (formerly Old Age Reserve
Account), Railroad Retirement Account, Civil Service Retirement Fund, Foreign
Service Retirement Fund, Canal Zone Retirement Fund, Alaska Railroad Retire¬
Fund,
Postal Savings System,
Government Life
Insurance Fund, National
Service Life Insurance Fund, Federal Deposit Insurance Corporation, and
Savings & Loan Insurance Corporailon.
x Excess of retirements.
In the
100,571,000
x^.855,000
12,553,000
*
ment
H%
*2.9 %
1,868,393,652
..
Mar. 28 Apr.
Apr.
99.984
"12",553", 000
139,698,000
*0.086%
7 Mar. 12
Mar. 14 Mar. 19
Mar.
137.000,000
137,000,000
Notes
May total.
1,669,952.274
28 Mar.
April total.
Federal
comprehensive tables on the succeeding pages we
the May and the five months' figures with those
for the corresponding periods in the four years preceding,
thus affording a give-year comparison.
Following the full-page tables, we give complete details of
the capital flotations during May, including every issue of
any kind brought out in that month.
compare
O
o
O
5
o
a
1937
123,4810 26,825 24,867935
175,23095 41,89*65 51,29386 271,34 21
Refundi g 71,254,8 0 19,680",5 1,284,628
92, 036 16,39l"6o5 13,8970 12,43106
$
•.
1
Capitl
.
$
:
New
Total
52, 6120 145 23,58 307
»
1
1
1
lilt
50 63.2 45C 63,9 06 93,15072
""62",
Refundi g 25,691 50
1
1
1
1
8
1938
Capit l
%
$
Netv
a
03
o
aj
3
Or
O
00
^4
Cn
tr
19,68350 2,0 ,0 15,60 193,950
6,765
71,25480
596,0 0
17,31.58
607, 0 7,287,150
3,"26 ,913 14,2961 2,9 31
3,193,685 30,784 52 29,10 6,973,0 7,805,10 3,26 ,913 27,518 2,9,31 60 ,0 5,193,685 83,01.572
2,0 ,0 "56 ",0 15,406 5
15,906450 40,756 26,40 56 "845",0 1,546", 0 63,26450
Refundig
"
2,631,20 92. 036
2,631,20 20,965483 50,61 0 1,6280 27,38 9 10, 675
New
20,37 12
Total
YEARS
1938
37,950 5,0 ,0 "8045"0, 1,540",0 45,360 20,b"o0"o",
"1
Refundi g 23,569750 2,01,90 66026",
158,943.
1,02"964,325 10,548623 1,3.05,391
Total
New
'
23,56970 2,6"01~,96 7120,' 0
25,691 50
14,053 2,98",16 "725.6 6 f,540",6 19,68350 2,90,60
Capit l
""62",
5,824,8 5 51,749 35 29,10 57,8970 9,43 ,150 3,26 ,913 5,09 209 12,306 78 60 ,0 0 7,824,8 5 175.23095
607, 0 7,8 3,150 93,1263", 2,306, 78
31,86 209
518,0
Capita.l 29,10 6,36,0 13,62 10 eO .O 2*.60,6 52, 6120
25,691 50 30,8"fo6 4,932,178 61,43 82
50 37,5480 3 ",150"6 8,21854
t*.
60 ,0 0
29,10 56.982,0 1,50, 0 23, 90 10, 0 :^:: 2,0 ,0 123,480
50,61 0 1,032,0 9,60,80 10, 0
1937
83,01 572 28,50"6 37,9 68 148,90258
till
%
.
1
lilt
7.201",
Total
1
1
45,360 2,0 ,0 15,60. 193,950
$
3
Ro
•i
eb
Total
3
to
q>
c
2,0 ,0 "50 0 0 15,406" 5
925,0 0 302,6 6 50 ,0 0
4,50,0 26,~4o ",6 2,84 ,543
25.691,50
725.6 5
1,546",0 37,5480
15,90645 16,905"20 18,40"50
t
1939
183,24 35,20. 0
14,530 4,50,0 2,60 1,092,43 10,5 0
Total
16.502, 5,20. 0 7,964,95
RefutidJg 126,0 4,50 . 0 20,4 0 10,5 0
1,024~*325 1,9631,284
1939
FGFotfverhdarnomgmaunicapl.ldyesMOTITIUSSCVANHOHNRRPEYEADE
FYOMTLAMEIFNIGUOAAVHVRCERRDSPNMGLT,
21,740 3 1,50, 0 93,58 64
18,42 0 2, 0,65 1,092,43
Capit l
New
9,607^430
163,490
Total
16,87410
Refundig 83,10.3
83,103 25.10 20,9 40 129.86,790
FCORPEIGANT,
OSUMFARY
1941
54,50
35,4 80 2,875,0
260,9730 3,740 1 ,2530 405,83 0
16,7532 35,4*.80
197,0213 28,30. 0 73,68 0 29.08, 3
2 ,702.
Total
Refundi g
54,50
63,8741 5,40, 0 37,4560
60,94 67 20.8705",
Capit l
New
NOGARENUFWPID
CHAR TE
106,749827
bStaeys
1,50 , 0 403,0
925,0 0 "i o"6 ,6 50 ,0 0
Total
1940
136,02
Total
Capital
83,103
6,094~024 "279",70 63,51"406 89,27130
35,4 80 2,875",0
250, 0
38,21980 36,7150 142,6580 5,0,0 10,2950 5,0 ,0 2,875,0 50, 0 7,850", 0 260,97 30
35,4 80 138,8,S01 4,0,0 2,170,32 2",S75",6 4,60 4,175,0 197,0213
54,50
54,50
2,875,0 36,7150 3,75.0 1, 0 , 0 7,95 ,17 5,0 ,0 5",40",0 250, 0 3",675",0 63,87417
2,875,0
notes naote.ds anontesd. Governmt" governmtGavcies,.-&^Municpatl—_S,Posein dfinuocbltaodoineset BNooteasn—ds &cop_,manufctres oi maannufcdtrig &c &htroalddciinngg,, NBoteosan—ds &coper,manuft acesori amannufcdtrig &c &htroacldd.iinn_gg,, utiles&ccoopal,,manufctres oiindmauansnuftrcditrilg b&uildcngs, h&troalddciinngg,, utiles&ccoopael,,manuftr acesoriindmuaasnnturficdtlrig b&uildcngs, .7_ "&chtroalddiinngg,, . csoerpcuritate
OFMMOANTYH Long-term Short-em Prefstorcekd Comstocokn bLoongn-tdersm Presftorcekd Comstocokn bLoongn-tdersm Short-em Presftorcekd Comstocokn corpate toal Tfighuerseos MMOFOANTYH
Long-Term Railroads util es sctoeall,,Equipment Moatonrds industral buildngs,Rub er Ship ing trust ,Miscelanous. Short-Tem Railroads util es sctoeall,,Equipment Moatnords industral buildngs,Rub er Ship ing trust ,Miscelanous
Corpate— Domestic— Candi — Short-em foreign— Candian foreignLoaannd USntaiteeds
boanndds .
Other
b
\
"
35,4 80
54.50
54,50
36,7150 3,75.0 1,0 0 5,029,67 5,0 ,0 5,40,6 250, 0 3,675,0 60,94 67
New
3,513,406 9,607,430 19,40 0
6,094,024
2,170,32 2,875,6 4,60 4,175,0 16,75 32
103,570 4,0,0
3,73,543 ~i o" ,6 213,90 "506",0 15,20 21,740 3
1,50 0 75,0 0 4,350, 0 2,960*,30
250, 0
36,7150 107,320 5,0,0 7,20,0 5,0 0 2,875,0 50, 0 7.850*6 2 ,70
Refundi g
16,502
3,5i 406 9.607,430 19,40 1,50 0 75,0 0 10,4 .024 3,24b'o 63",51.406 173,09 430
6,094 2
60, .0 79,6 70
1
Netc
202,0 0
20,4 .0 4,90,0 154,0 2,0 ,0
83,10
279,70
"350.6 6 23,712.43 6,40 , 0 154,803 2,0 ,0 3,7 3,543 "302",0 213,90 "500*00", 15,20 183,24. 3
2,84,543 ".213 90 "250~,6 3, 12.4 3 1,50 , 0 403,0
15,0 0 18,42 0
Refundi g 1,50 0 75,0 0 4,350 2,960*36
213,96
4.50 , 0 26,4"o ~,6
4,50 , 0
19,40 0 1,50 0 75,0 0 4,350, 0 3.240~6 6o",~o",6 163,490
Capit l 19,40 0
1941
15,0 0 15,03 4.50,0
202,0 0
Refundi g 134,0 2,0 ,0
New
89,27130 3.0 .0 29.158,362 12,45 92
New
40 ,0 0
Capital
173,0943 28,150 50,67852 251.3 ,28
Capitl 79.6 ,70 9,607~,430
1940
1,90 , 0 134.0, 2,0 ,0
Grand
Total
Other Farm
Total
*
Public Iron,
Other
Oil
Land,
Inv.
Public Iron,
Other
Oil
Land,
Inv.
Total
Stocks— Railroads Public
Miscelanous Railroads ste l,Equipment and .
Irsoten,l,Equipment Maotnords Land, Rub er Ship ing trust ,
Total
Other
Oil
Inv.
Total-
trust ,Miscelanous
Public Iron, Motors Other Land,Rub er. Ship ingInv.
Oil
Total
S
O
5
O
00
Cm
Cm
9
9
?
9.
t3-
00
vo
9.
450,29 064 36,240 0,6 0 10. ",bo 62,490 74,0,0 21,650 350. 0 250, 0 1,35,0 86,1320 805,8 , 0 6.10o. 0 6f0c,0.0 O"2,0 ,0
-
1937
Capit l
346.7,4527,40,0 59,67361139,06539
Total
1938
347,89350 4,650, 020,654 254.60,95
62,50
New
Total
1940
Capital
803, 0 13,0 0 124.756,90 43, 7923
125,870 46,0 84 1,625.0
984,51283
FCORRPEIGANT,
1941
Refundi g 801,6398 18,01965 86,3 25
Capit l
SOUMFARY
1,026730 19,7450 128.34,52 1,083612
New
1,80397
540, 0
850, 0
40.0 00",
785,120 519,7 26
907,12 78 6004,bo ",14,520 257,184
219,8231 1,6253 41,69820 10,543612
273,1659 670,4 0 26,73508
CIOTSURNPHIAEED
2,490652,83
GOANRNEUPFWDI
890, 0
8,206,90 1, 27*6 45,0 0
120, 0 21 ,0 0
5,7 5,0 106,9406 16, 8 10 15,7016*. 40 ,0 01,90 , 0 2,0 .0
13,4760
1,67 ,0 2.0 8.0
30,0 0 289,0 0
214, 9840
323,0 0 2,642,0
1,234,520 25,37 02 15,7 0 259,760425 40 ,598 46,5147 1, 75,0 2,843,50 45,0 0 *40 .6 6 6,024,520
Capit l 31,650 7.985.943 5,0 .0 3.90,0 25,316 47 40. ,0 2,145.0 1,50,0 15, 0 13,02590
1940
Refundi g
$
,57042 40 ,598 20,493 7 675,0 0
10 ,0 0
174,01. 0 238,92.30 216,5 0 28,75.0 21,80. 0 6,045,0 1.350, 0 15.80 803, 80
320,50
309,10
5.135,0 415.7 60 78.60 0 3,90,0 93",4709 40.75 0 4.123.0 213.90 14,25.6 20,1 50 726,340.9
13.20,59
79,074. 0 23,50 0 405.61 57 73.50, 0 19,461 53 1",87.6 12,75 0 1,750, 0 538,46130
320.50
52,46.190 31,650 10,28.943 5.10.0 3,90,0 74".035"47 40,75.0 2.45,0 213,90 f,5ob"6 18,3705 187, 780
13,0 0 13,0 0 79,410~310 585,0 0 5,40b",6 43,98 04 1,40,0 1,0 ,0 316,53296", 168.04,513 174.01 0 318.42610 217,40. 5.4ob"6o72.85 04 21.80 0 6.045.0 1.40,0 1,0 .0 1,350, 0165,7 159 984,512 3'
137,45602 19.753,0 216,0 0 23.07,0 10, .0 5.315,30 32,467930 624,35.1
13,92 67 10,9470 137,45.602 67.304,58 216,0 0 1,306:0 42.37,162 10. 0 5,315,30 49,3057 729, .205
3,0 ,0 3,0 ,0 67,5128 1,306, 0 19, 671 2
5 5,0 0
729,70
Capital 36,25 398 39,17897 5.705,0 1,80. 0 1.350, 0 83, 2.07 178,956.1
37,9205
1,02 ,80 10. ,0 149, 5940 9,329,40 21 ,0 0 1, 27,0 45,0 0 2,587",36 ! 217,4506 '
1,2 4,2 0 24,354.2 0 5,7 5,0 10,564 85 40 ,598 37,21 07 964,0 0 1,7 6,50 40 ,0 03,4 7,2 0 160.4980
2,50 , 0 2,60,0 2,143,0 48,71.90 750. 0 10 ,0 213,90
10 ,0
10 ,0 0
10. ,0 10, 0 ~958,1029 585,0 0 4~b94"o6 24,815 82 1,40,0 1,0 ,0 2,"403,52 6.157,43 36,25.398 51,038.26 1, 40, 0 4,094"65 30.62,82 1,80. 0 729,70 1,40.0 1,0 .0 1,350. 015,78.602 25,13608
250, 0
190, 0
5,1593480 27,910 68,50 0 47,59280 85,17 0 13, 950 50, 0 69",750 1,0267,30 5,0,0 7,0 ,0
204,50
6,850, 0 19,74 50 92",62",395 42, 7541
190, 0
Refundi g 62,08 0 457.21,0 62,40 0 38,42759374,2 0 12,76 50 4,60 0 50,2 8 95 801,6398 5, 0 , 0 7,0 ,0
150, 0
5,241,965 18,01965 84,63 ,65 2,542,670
87,1 6,325 67,508 0 542,03 65 69,40 0 41,20 63 74,2 0 12,76 50 4,60 0 5,47086 907,12 78
54,50
1,608, 35 1,62,53 7,628,740 39,72 45
4,8 0,327 52,4182 97,340. 78,3 740 6,10 , 0 48,9524 10,9530 373.0 0 5,40 , 0 250, 0 26,0 9467 273,16 59
New
Total
1941
f
1,50 0 78,65306
New
Total
20,30
1,0 2,50
2,50 , 0 14,0 0 830,0908", 49,027.890 750. 0 10 ,0 0 213,90
45,63 0 32,87.30 78.50 03,90 , 0 4,69120 40, .0 4,023,0 14,25.0 17,30 0 580,91 50 9,50 . 0 2.0 .0 10 ,0 0
$
1.578,091.67
1,28765,9
850, 0
2,482,70 16, 23. 76 12,57 *6537 ,90152 3,12073 " 9 0,5 6 57,08 4 6 198,762 0 20,6820 37,5 208 32,74 326 17,63*453108,2 742 80,164073 5,647,0 1,340,5 0 250, 0 6 , 27986 52,83721
2,0 ,0 4,650, 0 1,570,425 40 ,598 21,496 7 675,0 0
150, 0 50 ,0 0
Refundi g 14,0 0 324.851,3 73,50 0 19, 52 3 i.87s"b 12,75 0 1,750, 0 47.86,910 9,50 , 0 2,0 ,0
1939
25,13608 14,90 0237,16211,625,0 508,91.829
Capital 178,956.1 10, 0 23,46 82 4,730 61
.
Total
729, 205 10,987 0 28,90358 1,0698.7
New
$
New
28187. 0 0, 0 436,0i" 50 382,45 326 450, 0 1,026.8410
617,162
Refundi g 624,35 1 3.0 ,0 10.329 0S
Total
Refundi g 10, 0 149, 5 40
1938
FbSfFtGrmataoouehnvgidcrpyenmdlseaysl.TSMEF3YONIHAVIDAVR1ERSS
GFFMLAOITNUMVEAEFOSNYRHCNVDOPAIMDRVLGRT,
Capit l
950, 0 7,40 , 0
,
1,7 29,16
13.02590 2,60,0 5,409.40 46,83 790
15,7 0 256.190 24,895,0 2.S43.50 45,0 0 "40 ,6562,790, 0 347,893.50 2.0 ,65
Total
187,450 307,859611,40,0 657,1941
538,46130 8,250, 0 1,093487.2571,0 561
7,250, 0 84, 05,694 28,1 50 30,18 96 8 ,1067 5 "682",50 26,391859 258,36421 102,8 0 421, 0312 53,2645 0 4,934",60 62,51067 15,4 765 16,03 0 682.50 28,9 359 805,71 62
80 ,0 0
New
450, 0
309,10
'
32198,3 0 4,9 382 15,23950 5,065",40 30,9720 47,052 0 5,647,0 350, 0 250, 0 8,597,50 346,7.452 4,350, 0 10 ,0 0 60 ,0 0 1,40,0
Capital
726,340 9 28,50 1,52948,325453, 487 2,73814,02
Refundi g 384. 690 1,50 0 78, 65.30 63,0 0
$
2,537,50 639.457 48 1,450. 0 5.0 ,0
950,656
$
37,9205 396,850 364,5 0891,40,0 1,40.89,6
160,4980
10,7320 31,0461825,076 50 4,934",60 31,521,78027,3480 16,03 0
Refundi g
1937
217,4506 209,53 0 56,84528 4S3,67018
517,9 .50 14,0. 084.17,0 47,15890 63,0 0
Total
1939
62,50
13.47,60 2,642,0 19,631 254,60,95
New
1.23, 17
I 14,650 87,28,394 .81,876 12,*572653106,941821,8;3 l",673",05 83,472,345 457,126974 304,860 458,64239486,01876 2,572*653170,1948195,68321,650 2,03,05 *250,6695, 7,345 1,357908,4
Total
52,83721 43.0 0 35.927,41 931,76513
Refundi g 214, 9.840 2,0 8,0 1,02 ,80
Capital
2,154978,20
1,357.908, 4
Refundi g 539,47587,250, 0 183,96 5274,3976 2
New
85,0 0 134,0 013, 40 4 .75,296
805,71 6285,0 .0 134,0 090,3140 108,27.35
86,1320 14,650 243,6 9132 .46301
Total
1,2078 16 CHARCTE Capitl
New
97,340 70,1 0 6,10,0 9,165,207 10,9530 37 ,0 5,40,0 250, 0 19,521 05 219,8231
4,8 0,327 139,418 37 164,8 0 620,37 95 75, 0 0 90,72 15 8,1750 13, 950 50, 0 250, 0 81",480327
agencis-.&_ fuobntadies manufctrig &c-_ manufctrig •_ manufctrig —&c_ manufctrig
1,803,97
EM3NDA1Y naonteds. naonteds. anontesd. stock Governmt governm G t,♦Municpial—eSts,Po n dincnluoodet 3EMNAD1Y NBotoesan—ds &cop , manufctres oi and &c htroalddiinngg,, BNooteasn—ds &cop ,manufctres oi and &c &htroalddciinngg,, utiles.,&sccotoepall,,E,qumipanmufcetnrets anodi indausntridl b&uildcngs, httrroaulddsiintngg,,,Miscelano..us utiles. &cscotopea.,ll,,Equmipanmufcetrnets anodiindaustrdl b&uildcngs, h&ttrroaulddsciinntgg,,,Miscelanous csoercpuritate
MONTHS CorporatDomestic— Lbonogn-tedrmsShort-emPrefstrocekdComstocoknCandi— Lboongn-tedrmsShort-em.PrefstrocekdComstocokn foreign— bLoongn-tderms Short-em Pref d Comstocokn corpateCandian foreignLoaannd UStnaiteesd toal Tfighuersees MONTHS Long-Term Railroads utiles csoteall,,EquipmentMoatonrds industrial buildngs,Rub er Shipingtrust ,Miscelanous Short-TemRailroads util es sctoeall,,EquipmentMoatonrds industral buildngs,Rub er Shipingtrust ,Miscelanous
Total
Other
Grand
Other Farm
5
.
Total
♦
5
Public Iron,
Other
Oil
Land,
Inv.
Public Iron,
Other
Oil
Land,
Inv.
Total.
Stocks— Railroads Public
Total.
Iron, Motors Other Land,Rub er
Oil
Ship ingInv..
Total—
Railroads Public Iron,
Motors Other Land, Rub er Ship ingInv.
Oil
Total
Volume
The Commercial
152
FLOTATIONS
DETAILS OF NEW CAPITAL
BONDS
AND
NOTES
THAN
DURING
(ISSUES MATURING
197L
yield
from
0.40%
*500,000 Montour
June
16,
Awarded
2.45%,
to
Offered by Salomon Bros.
and Stroud & Co., Inc.
according
& Hutzler; Dick &
maturity.
Merle-Smith,
to
RR.
1.04%
equipment trust certificates, due
1942-46.
Purpose, purchase of new equipment.
Evans, Stillman & Co. on bid of 100.
Not
1.250,000 New York Chicago & St. Louis RR. 1%% serial equipment
trust certificates, due 1942-51.
Purpose, purchase of new
equipment.
Priced to yield from 0.35% to 2.10%, according
to maturity.
Offered by Halsey, Stuart & Co., Inc.; Blair
& Co., Inc.; Ladenburg, Thalmann & Co.; Otis & Co., Inc.;
A. C. Allyn & Co.; Gregory & Son, Inc.; The Milwaukee Co.,
and Edward Lowber Stokes & Co.
Offered Dy Lazard Freres & Co.
company
r
-
through Riter & Co.
$5,500,000
OTHER
*$2,000,000
INDUSTRIAL AND
MANUFACTURING
Addressograph-Multigraph
fund
debentures,
due April
15-year
Corp.
1,
3%
sinking
Purpose, refunding.
1956.
Sold privately.
200,000 Moore Corp. 5% 1st mtge. sinking fund bonds due 1951.
Purpose, refunding ($170,323); working capital ($29,677).
Price, 100 and interest.
Offered by Illinois Securities Co.
*5,000,000 E. R. Squibb &. Sons 20-year 3*4% sinking fund debentures
due May 1, 1961.
Purpose, retire serial bank notes ($2,500,000); pay cost of completed laboratories, working capital
($2,500,000).
Placed privately.
$7,200,000
OIL
*$5,000,000 Standard Oil Co. of Ohio serial debentures due 1949-56
(interest rates averaging from 2.65% to 3%).
Purpose,
working capital.
Placed privately.
LAND, BUILDINGS, &c.
$2,250,000 Richmond Hotels,
due
$36,715,000
PUBLIC UTILITIES
*$200,000 Armstrong Water Co. 1st mtge. bonds, series A, 3 H %
due April 1, 1966.
Purpose, refunding.
Placed privately.
*1,000,000 Butler Water Co. 1st mtge. bonds, series A 3%%, due
April 1, 1971.
Purpose, refunding.
Placed privately.
*400,000 Cairo Water Co. 1st mtge. bonds, 3%% series B, due
May 1, 1971.
Purpose, refunding ($375,000)
new money
($25,000).
Placed privately.
*7,500,000 East St. Louis & Interurban Water Co. 1st mtge. bonds,
3 % % series B, due May 1, 1971.
Purpose, refunding ($7,200,000) new money ($300,000).
Placed privately.
*250,000 Ellwood Consolidated Water Co. 1st mtge. 3%% bonds
due
1966.
Purpose,
refunding.
Price,
102%.
Placed
privately with an insurance company.
*2,000,000 Iowa Electric Light & Power Co. 1st mtge. bonds, series B
3 %%, due March 1, 1971.
Purpose, capital expenditures.
Price,
101% and interest.
Sold to Mutual Benefit Life
Insurance Co., Massachusetts Mutual Life Insurance Co.,
Bankers Life Co. (Des Moines), and Northwestern Mutual
Life Insurance Co.
*1,050,000 Iowa Electric Light & Power Co. gen. mtge. serial 334%
notes
due
Dec.
1,
1942-June 1, 1951.
Purpose, capital
expenditures.
Price, par and interest.
Sold privately to
Equitable Life Assurance Society of the United States.
Water
Co.
refunding.
1st
mtge.
Price,
3 H%
104%.
bonds, due
1966.
Placed privately with
insurance company.
Co. 1st mtge. bonds, 3%% series B,
Purpose, refunding ($500,000)
new
money ($150,000).
Placed privately.
*316,000 Penobscot County Water Co. 1st mtge. 3%% bonds due
1966.
Purpose, refunding.
Price, 105.
Placed privately
*650,000 Morgantown Water
due
May
1,
1971.
$2,875,000
RUBBER
due
$50,000,000 Firestone Tire & Rubber Co. 20-year 3% debentures
May 1, 1961.
Purpose, refunding ($44,600,000); balance
($5,400,000) will be added to cash funds to be used in ordinary
course
of business.
Price, 99 and interest.
Offered by
Harriman Ripley & Co., Inc.; Otis & Co. (Inc.); Blyth & Co.,
Inc.; The First Boston Corp.* Halsey, Stuart & Co., Inc.;
Lazard Freres & Co.: Lehman Brothers; Glore, Forgan & Co.;
Goldman, Sachs & Co.; Hayden, Stone & Co.; Kidder, Pea¬
body & Co.; Lee Higginson Corp.; Stone & Webster and
Blodget, Inc.; Merrill Lynch, E. A. Pierce & Cassatt; W. E.
Hutton & Co.; F. S. Moseley & Co.; Union Securities Corp.;
White, Weld & Co.; Eastman, Dillon & Co.; Hayden, Miller
& Co.; Hemphill, Noyes & Co.; Dean Witter & Co.; A. G.
Becker & Co., Inc.; Blair & Co., Inc.: Alex. Brown & Sons;
E. H. Rollins & Sons, Inc.; Central Republic Co.; Coffin &
Burr, Inc.; Jackson & Curtis; Riter & Co.; Stifel, Nicolaus
& Co., Inc.; The Wisconsin Co.; A. C. Allyn & Co., Inc.;
Wertheim & Co.: First of Michigan Corp.; Graham, Parsons
& Co.; Laurence M. Marks & Co.; McDonald-Coolidge & Co.;
Tucker, Anthony & Co.; Baker, Watts & Co.; Bankamerica
Co.; Dick & Merle-Smith; The Dominion Securities Corp.;
The Illinois Co. of Chicago; Mackubin, Legg & Co.; G. M.-P.
Murphy & Co.; Paine, Webber & Co.; L. F. Rothschild & Co.;
Schwabacher & Co.; oinger, Deane & Scribner; Starkweather
& Co.; Stroud & Co., Inc.; Whiting, Weeks & Stubbs, Inc.;
BancOhio Securities Co.; Hawley, Shepard & Co.; Merrill,
Turben & Co.; G.
H. Walker & Co.; Wells-Dickey Co.;
Bacon Whipple & Co ; Blair, Bonner & Co.; Bodell & Co.;
Burr & Co., Inc.; Curtiss, House & Co.; Emanuel & Co.;
Equitable Securities Corp.; Fahey, Clark & Co.;
Richards & Co.; The First Cleveland Corp.; Janney & Co.,
Inc.; Maynard H. Murch & Co.; The Milwaukee Co.; Minsch,
Moneil & Co., Inc.; Pacific Co.'of Calif.; Arthur Perry & Co.,
Inc.; Sills, Troxell & Minton, Inc.; Stein Bros. & Boyce;
J. G. White & Co., Inc., and Yarnall & Co.
Field,
SHIPPING
*$250,000 American Barge Line Co. 1st pref. mtge.
(0.75-3.50%), due 1942-51.
Purpose, repay
Placed privately with Prudential Insurance Co.
McCourtney-Breckenridge& Co.; McDonald, Coolidge
Securities Corp.; Merrill Lynch, E. A. Pierce
Turben & Co.; Metropolitan St. Louis Co.;
Milwaukee Co.; Morgan Stanely & Co., Inc.; F. S. Moseley
& Co.; Maynard H. Murch & Co.; G. M.-P. Murphy & Co.;
Newhard, Cook & Co.; Newton, Abbe & Co.; Otis & Co.;
Arthur Perry & Co., Inc.; R. W. Pressprich & Co.; Reinnoldt
& Gardner Riter & Co.; E. H. Rollins & Sons, Inc.; L. F.
Rothschild & Co.; Schwabacher & Co.; Shields & Co.; I. M.
Simon & Co.; Smith, Barney & Co.; Smith, Moore & Co.;
William R. Staats Co.; Starkweather & Co.; Stern Brothers
& Co.; Stern, Wampler & Co., Inc.; Stifel, Nicolaus & Co.,
Inc.; Stix & Co.; Stone & Webster and Blodget, Inc.; Spencer
Trask & Co.; Tucker, Anthony & Co.; Union Securities Corp.;
G. H. Walker & Co.; Whitaker & Co.* White, Weld & Co.;
Whiting, Weeks & Stubbe, Inc.; Wisconsin Co., and Dean
& Cassatt; Merrill,
Witter & Co.
serial bonds
bank loans.
MISCELLANEOUS
Inc., 10-year 5% conv. debentures,
of pref. stock ($175,000)
($85,000); working capital ($90,000).
Offered by Wyeth, Hass & Co.
California Packing Co. 2%% debentures, due annually,
1942-58.
Purpose, refunding ($4,000,000); working capital
($3,500,000).
Placed privately with John Hancock Mutual
$350,000 Ben-Hur
*525,000 Riverton Consolidated Water Co. 1st mtge. 334% bonds,
due 1966.
Purpose, refunding.
Price, 104%.
Placed pri¬
vately with an insurance company.
& Co.; Mellon
Oct. 15,
Wibbing
& Co.
*4,000,000 Peoria Water Works Co. 1st mtge. bonds, series A3 %%,
due April 1, 1971 •
Purpose, refunding.
Placed privately.
& Co.;
Offered by Galleher &
Torresdale,
with an insurance company.
*3,421,000 Southwestern Public Service Co. 3%% 1st mtge. sinking
fund bonds, series A, due 1966Purpose, refunding.
Price,
105% and interest.
Sold privately to Equitable Life Assur¬
ance Society of the United States.
80,000,000 Union Electric Co. of Missouri 1st mtge. collateral trust
bonds, 3%% series due 1971.
Purpose, refunding.
Price,
107% plus interest.
Offered by Dillon, Read & Co.; A. C.
Allyn & Co,, Inc.; Bacon, Whipple & Co.; Baker, Weeks &
Harden BancOhio Secruties Co.; A. G. Becker & Co., Inc.;
Blair, Bonner & Co.; Blair & Co., Inc.; Blyth & Co., Inc.;
Bodell & Co., Inc.; Bonbright & Co., Inc.; Y. E. Booker &
Co.; Alex. Brown & Sons; Central Republic Co.; E. W. Clark
& Co.; Coffin & Burr, Inc.; Crago, Smith & Canavan, Curtiss,
House & Co.; Dominick & Dominick; Eastman, Dillon & Co.;
Edgar, Ricker & Co.; Estabrook & Co.; Farwell, Chapman
& Co.; Ferris, Exnicios & Co., Inc.; Field, Richards
Co.;
First Boston Corp.; First Cleveland Corp.; First of Michigan
Corp.; Folger, Nolan & Co., Inc.; Francis Bro. & Co.; Gatch
Bros., Jordan & McKinney, Inc.;
Glore, Forgan & Co.;
Goldman, Sachs & Co.; Graham, Parsons & Co.; Hallgarten
& Co.; Halsey, Stuart & Co., Inc.; Harriman Ripley & Co.,
Inc.; Harris, Hall & Co. (Inc.); Hawley, Shepard & Co.;
Hayden, Miller & Co.; Hayden, Stone & Co.; Hemphill,
Noyes&Co.; Hill Brothers; Illinois Co. of Chicago* Jackson&
Curtis; Johnston, Lemon & Co.; Edward D. Jones & Co.;
Kidder, Peabody & Co.; Kuhn, Loeb & Co.; Ladenburg,
Tnalmann & Co.; W. C. Langley & Co.; Lazard Freres & Co.;
Lee Higginson Corp.; Lehman Brothers; Laurence M. Marks
maturity.
125,000 Sisters of the Holy Family of Nazareth,
Philadelphia, Pa., 3-3%% serial bonds, due
1941-51.
Purpose, refunding.
Offered by O. H.
to
*800,000 Wheeling & Lake Erie Ry. 1%% equipment trust certifi¬
cates,
due serially,
1942-51.
Purpose, purchase of new
equipment.
Awarded to Harriman Ripley & Co., Inc., on
bid of 100.112.
Inc., 3-3%-3%-4% 1st mtge. bonds,
refunding.
Priced to yield from
Purpose,
500,000 St. Joseph's Hospital, San Francisco, Calif., 1st mtge.
real estate (2-2%-3%)
bonds, due 1942-53.
Purpose, re¬
funding.
Offered by Dempsey-Tegeler & Co.
and Kidder, Peabody & Co.
yield from 0.40% to 2.65%, according to maturity.
Offered by The First Boston Corp.; Mellon Securities Corp.;
F. S. Moseley & Co.; Kean, Taylor & Co.; R. W. Pressprich
& Co.; Estaorook & Co., and The Illinois Co. of Chicago.
1942-56.
to 4%. according to
Co., inc.
1%
14.625,000 Southern Pacific Co. 2*4% equipment trust certificates*
due 1942-56.
Purpose, purchase of new equipment.
Priced
an
3% debentures due
Sold pri-
of plants.
*3,000,000 Copperweld Steel Co. 4% 1st mtge. bonds, due May 1, 1956.
Purpose, refunding ($1,900,000); working capital ($750,000);
adjust bank loan ($350,000).
Sold privately to an insurance
Pere Marquette Ry. 2%% equipment trust certificates, due
June
1,
1942-56.
Purpose, purchase of new equipment.
Priced to yield from 0.35% to 2.45 /0, according to maturity.
*600,000 Latrobe
Purpose,
COPPER, &c.
to
reoffered.
2,775,000
due
.
RR.
2,895,000 Missouri Pacific RR. 234% equipment trust certificates,
due 1942-57.
Purpose, purchase of new equipment.
Priced
STEEL, COAL,
*$2,500,000 American Rolling Mill Co. series A
July 1, 1950.
Purpose, modernization
vately to two insurance companies.
1%% equipment trust cer¬
*4,970,000
tificates, due June 15, 1942-51.
Purpose, purchase of new
equipment.
Awarded to Central Hanover Bank & Trust
Co. on bid of 100.0777.
Not reoffered.
to
ftnn
IRON,
3,100,000 Chesapeake & Ohio Ry. 1%% serial equipment trust cer¬
tificates (second equipment trust of 1941), due 1942-51.
Purpose, purchase of new equipment.
Priced to yield from
0.25% to 1.95%, according to maturity.
Offered by Halsey,
Stuart & Co., Inc.; Blair & Co., Inc.; Ladenburg, Thalmann
& Co.; Otis
Co.; A. C. Allyn & Co., Inc. Gregory & Son,
Inc.; First of Michigan Corp.; The Milwaukee Co.; Edward
Lowber Stokes & Co., and Walter Stokes & Co.
Nashville
Ann
$107,312,000
RAILROADS
&
Placed privately.
Property ($250,000).
2,400,000 Williamsport Water Co. 1st mtge. bonds, series A 3% %,
April 1, 1971.
Purpose, refunding.
Placed privately.
*o
LATER
FIVE YEARS)
$5,800,000 Baltimore & Ohio RR. 1% % equipment trust certificates,
series L, due 1942-51.
Purpose, purchase of new equipment.
Priced to yield from 0.45% to 2.20%.
Offered by Drexel
& Co. and Harris, Hail & Co. (Inc.).
Louisville
bonds series A 3%%, due
Purpose, refunding ($2,750,000); improve-
*$3,000,000 Wichita Water Co. 1st mtge.
1941
MAY,
LONG-TERM
3559
& Financial Chronicle
Products,
Purpose, purchase
due Feb. 1,1951.
liquidation of bank loans
Price, 100 and interest.
*7,500,000
Life Insurance Co.
$7,850,000
MATURING UP TO
SHORT-TERM BONDS AND NOTES (ISSUES
AND INCLUDING FIVE YEARS)
OTHER INDUSTRIAL
AND
MANUFACTURING
debenture notes,
obligations.
and to
*$54,500 Victor Products Corp. 5% sinking fund
series A, due 1945.
Purpose, retire short-term
Notes sold privately to holders of short-term paper
'
v:
■!;
banks.
STOCKS
preferred
at
(Preferred stocks of a stated par value are taken at par, while
stocks of no par value and all classes of common stock are computed
their offering
prices.)
PUBLIC
$19,519,800 Louisville Gas
UTILITIES
& Electric Co. (Ky.)
780,792 shares of 5%
existing 7 %
Offered first
for their
holdings.
Unexchanged portion offered by Lehman Brothers;
Blyth & Co., Inc.; The First Boston Corp.; Goldman, Sachs
& Co.; Hemphill, Noyes & Co.; Stone & Webster and Blodget,
Inc.; Almstedt Brothers;
The Bankers Bond Co., Inc.;
Bear, Stearns & Co.; A. G. Becker & Co., Inc.; Alex. Brown
& Sons; H. M. Byllesby & Co., Inc.; Central Republic Co.
(Inc.); Dering & Co., Inc.; Drexel & Co.; Equitable Securities
Corp.; Field, Richards & Co.; Foiger, Nolan & Co., Inc.;
Francis, Bro. & Co.; Glore, Forgan & Co.; Granberry & Co.;
Hallgarten & Co.; Harris, Hall & Co. (Inc.); J. J. B. Hilliard
& Son; W. E. Hutton & Co.; W. L. Lyons & Co.; Laurence M.
Marks & Co.; Berwyn T. Moore & Co., Inc.; G. M.-P.
Murphy & Co.; O'Neal, Alden & Co., Inc.; Otis & Co.;
Security & Bond Co.; Smart & Wagner, Inc.; Stein Bros. &
Boyce; Union Securities Corp.; J. D. Van Hooser & Co.;
Wakefield & Co.; Wertheim & Co.; James C. Willson&Co.;
pref. stock (par $25).
Purpose, refunding
pref. stocks.
Price, $27.25 per share.
holders of 7% and 6% pref. stock in exchange
cum.
and 6%
to
Dillon, Read &
Co., and Kuhn,
Loeb & Co.
The Commercial & Financial Chronicle
3560
Co. of Missouri 150,000 shares of pref.
stock
(no par), $4.50 series.
Purpose, refunding.
Price,
$ 105M and divs.
Offered by Dillon, Read & Co.; A. G.
Becker & Co., Inc.; Blyth & Co., Inc.; Bonbrigbt <fc Co., Inc.;
Coffin & Burr, Inc.; Orago, Smith & Canavan; First Boston
Corp.; Francis, Bro. & Co.; Gatch Bros., Jordan & McKinney,
Inc.; Glore, Forgan & Co.; Goldman, Sachs & Co.; Harriman
Ripley & Co., Inc.; Harris, Hall & Co. (Inc.); Hayden, Miller
$15,825,000 Union
Electric
7
414,200 Crucible Steel Co. of America 10,900 shares of common
stock
(no par).
Price, $38 per share.
Offered by Shields
& Co.
762,500 Crucible Steel Co. of America 20,000 shares of
&
*
lane
$37,632,000 American Viscose Corp. 1,568,000 shares of common stock
(par $14).
Price, $24 per share.
Offered by same bankers
wno offered the preferred shares (see above).
Co.; Hill Brothers; FJdward D. Jones & Co.; Kidder,
Peabody & Co.; W. C. Langley & Co.; Hazard Freres & Co.;
~+Lee Higginson Corp.; Lehman Brothers; McCourtney-Breckenridge & Co.; Mellon Securities Corp.; Metropolitan St.
Louis Co.; F. S. Moseley & Co.; Newhard, Cook & Co.;
Otis & Co.; Reinholdt & Gardner; Riter & Co.; E. H. Rollins
& Sons, Inc.; Shields & Co.; I. M. Simon & Co.; Smith,
Barney & Co.; Smith, Moore & Co.; Stern Brothers & Co.;
Stifel, Nicolaus & Co., Inc.; Stix & Co.; Stone & Webster
and Blodget, Inc.; Spencer Trask & Co.; Tucker, Anthony
& Co.; Union Securities Corp.; G. H. Walker & Co.; Whitaker
& Co.* and Wisconsin Co,
stock (no par).
Price, $38 H per share.
garten & Co. and Blyth & Co., Inc.
Offered
common
by
Hall¬
1,087,750 General Electric Co. 38,000 shares of capital stock (no par) ;
Price, $28K.
Offered by Merrill Lynch, E. A. Pierce &
Cassatt.
1,040,000 Great Northern Ry. 40,000 shares of pref. stock (nojpar).
Price, $26 per share.
Offered by Merrill Lynch, E. A.
Pierce & Cassatt.
*176,000 Illinois Power
due Dec.
& Light Co. 1st & ref.
1, 1956.
mtge. series C 5s
Price, 105 and interest.
Sold to North¬
American Co.
western Mutual Life Insurance Co. by North
$35,344,800
OTHER
INDUSTRIAL AND
*778,500 Illinois Power & Light Co. 1st & ref. mtge. series A 6s,
due April 1, 1953.
Price, 106M and interest.
Sold to North¬
MANUFACTURING
western Mutual Life Insurance Co.
$2,875,000 Merck & Co., Inc., 100,000 shares of common stock (par $1.)
Purpose, general corporate purposes.
Price, $28.75 per share.
Offered by Goldman, Sachs & Co.; Lehman Brothers; Baker,
Watts & Co.; Bairer, Weeks & Harden; Bodell & Co., Inc.;
Bosworth, Chanute, Loughbridge & Co.: Central Republic
Co. (Inc.); Clark. Dodge & Co.; Dillon, Read & Co.; Drexel
& Co.; Eastman, Dillon & Co.; Emanuel & Co.; Estabrook
& Co.; The First Boston Corp.; Glore, Forgan & Co.;
Graham,
Parsons & Co.; Hallgarten & Co.; Harriman Ripley & Co.,
Inc.; Hayden, Stone & Co.; Hemphill, Noyes & Co.; Hornblower & Weeks; W. E. Hutton & Co.; Jackson & Curtis;
Kidder, Peabody & Co.; Ladenburg,
Thalmann & Co.;
Laird, Bissell & Meeds; Lazard Freres & Co.; Mackubin,
2,943,195 Merck & Co., Inc., 102,372 shares of common stock (par $1).
Price, $28.75 per share.
Offered by same bankers as offered
the 100,000 new shares (see above).
526,500 Owens-Illinois Glass Co. 13,000 shares of common stock
(par $12.50). Price, $40K Per share.
Offered by Wertheim
& Co.
1,040,000 Socony-Vacuum Oil Co., Inc.,
stock
(par $15).
Price,
E. A. Pierce & Cassatt.
.
common stock
(par $10).
Awarded by the State of Maryland on a bid of
$9,273 per share to Stein Bros. & Boyce; Mackubin, Legg &
Co.; Elex. Brown & Sons, and Baker, Watts & Co.
Placed
privately.
Intermediate Credit Banks %% consolidated
debentures, dated June 2, 1941; due $16,915,000 Dec. 1, 1941,
and
$16,825,000
March
2,
1942.
Purpose,
$28,300,000
refunding; $5,440,000 new money.
Price, slightly above par.
Offered by Charles R, Dunn, New York, fiscal agent.
>
ISSUES NOT REPRESENTING NEW FINANCING
common stock
common
$82,102,729
*
Indicates issues placed
Foreign Capital
cum. pref.
(par $100).
Price, $107.50 per share plus dividends.
Offered by Morgan Stanley & Co., Inc.;
Dillon, Read & Co.;
Blyth & Co., Inc.; Clark, Dodge & Co.; Dominick & Dorainick; The First Boston Corp.; Goldman, Sachs & Co.;
States
British and Canadian capital funds in the
were
Decreased
in
reduced in
February by
a
United States
net of $69,789,000 and $6,017,-
000, respectively, while French funds increased by $282,000
and German
Ripley & Co., Inc.; Hemphill, Noyes & Co.;
Kidder, Peabody & Co.; Kuhn, Loeb & Co.; Lehman Brothers;
Mellon Securities Corp.; Shields & Co.;
Smith, Barney & Co.;
Union Securities Corp.; White, Weld & Co.; A. C.
Ailyn
& Co., Inc.; Almstedt
Brothers; Ames, Americh & Co., Inc.;
Auchincloss, Parker & Redpath; Bacon, Whipple & Co.;
Baker, Watts & Co.; Baker, Weeks & Harden; Ball, Coons
& Co.; BancOhio Securities
Co.; Bankamerica Co.; Bateman,
Eichler & Co.; Bear, Stearns & Co.; A. G. Becker &
Co., Inc.;
Biddle, Whelen & Co.; Blair & Co., Inc.; Bodell & Co., Inc.;
Boenning & Co.; Boettcher & Co.; George D. B. Bonbright
&
Co.; Bosworth, Chanute & Loughbridge & Co.; Alex.
Brown & Sons; Brush, Slobumb &
Co.; H. M. Byilesby &
Co., Inc.; Frank B. Cahn & Co.; Childress & Co.; E. W.
Clark & Co.; Richard W. Clarke &
Co., Inc.; Cooley & Co.;
Courts & Co.- Curtiss, House &
Co.; J. M. Dain & Co.;
Davenport & Co.; Paul H. Davis & Co.; Dick & Merle-Smith;
R. S. DicKson & Co., Inc.; Dixon &
Co.; Drexel & Co.;
Francis I. du Pont & Co.;
Eastman, Dillon & Co.; Elkias,
Morris & Co.; Elworthy & Co.; Equitable Securities Corp.;
Clement A. Evans & Co., Inc.;
Evans, Stillman & Co.;
Fahey, Clark & Co.: Far well. Chapman & Co.; Fenner &
Beane; Ferris & Hardgrove; Ferris, Exnicios & Co., Inc.;
Field, Richards & Co.; First of Michigan Corp.; Folger,
Nolan & Co., Inc.; Rooert Garrett &
Cons; Graham, Parsons
& Co.; Granbery, Marache &
Lord; Green, Ellis & Anderson;
Grubbs, Scott & Co.; Hallgarten & Co.: Harris, Hall &
Co. (mc.); Hawley
Shepard & Co.; Hill & Co.; Hill, Richards
& Co.* J J
B. Billiard & Son; Hornblower &
Weeks; W. E.
Hutton & Co.; Jackson &
Curtis; Janney & Co.; Johnson,
Lane, Space & Co., Inc.; Johnston, Lemon & Co.: Kalman
& Co
Inc.; Kirkpatrick-Pettis Co.; Knight, Dickinson & Co.;
Laird, Bissell & Meeds; W. W. Lanahan & Co.; Lazard
Freres & Co.; Carl M.
Loeb, Rhoades & Co.; W. L. Lyons
& Co.;
Mackubin, Legg & Co.; Laurence M. Marks & Co.;
Mason-Hagan, Inc.; A. E. Masten & Co^; Maynard, Oakley
&
Lawrence; McDonald-Coolidge & Co.; Merrill
Lynch,
A-,V.erc® & Cassatt; Merrill, Turben & Co;. The Milwaukee
Co.; Minsch, Monell & Co., Inc.;
Mitchum, Tully & Co.;
Moore, Leonard & Lynch; Maynard H. Murch &
Co.;
Skit? "?* Murphy & Co.; W. H. Newbold's Son & Co.;
Newhard, Cook & Co.; O'Melveny-Wagenseller & Durst;
1 acific Co. of
Cadf.; Paine, Webber & Co.: Piper, Jaffray
& Hopwood;
Prescott, Jones & Co., Inc.; R. W. Pressprich
& Co.; Reinholdt &
Gardner; Reynolds &
Co.; Riter & Co.; The
Robinson-Humphrey Co.; E. H. Rollins
& Sons. Inc.; L. F.
Rothschild & Co.; Schoellkopf, Hutton &
Pomeroy, Inc.; Schwabacher & Co.; Scott &
Stringfellow;
Chas. W. Scranton & Co.; 1. M. Simon &
Co.; Singer, Deane
& Scribner; Smith
Moore & Co.; Wm. R. Staats Co. Stark-
stee»n Bros. & Boyce; Stern Brothers & Co.;
& Co.; Stone & Webster and
Blodget, Inc.; Stroud & Co.,
Inc.; Lowry Sweney, Inc.; Swiss American
Corp.; Spencer
Trask & Co.; Tucker,
Anthony & Co.; Van Alstyne, Noel
& Co ; Vietor, Common &
Co.; G. H. Walker & Co.; Watling,
JLerchen & Co.; Weeden & Co.;
Wells-Dickey Co.; Wertheim
& Co.; The Wisconsin Co
; Dean Witter &
Co.; WoodardEhvood & Co., and Yarnall & Co.
Other foreign countries' bal¬
by $1,036,000.
decreased $29,853,000 and there was a net decrease of
ances
$104,341,000 in foreign capital held in this country.
The
Harriman
the United
by Lee
stock
^
Stix
in
privately.
February—Substantial Decline in British Holdings
22,848,000 American Viscose Corp. 228,480 shares of 5%
I
.
5,871,000 Wisconsin Electric Power Co. 58,710 shares of pref. stock,
4%% series (par $100). Price, $96.75 per share.
Offered by
Dillon, Read & Co.; The Wisconsin Co.; The First Boston
Corp.; Blyth & Co., Inc.; Harriman Ripley & Co.; Smith,
Barney & Co.; Union Securities Corp.; Stone & Webster and
Blodget, Inc.; Shields & Co.; Spencer Trask & Co.; Harris,
Hall & Co. (Inc.); Edgar, Ricker & Co.; Kidder, Peabody
& Co.; The Milwaukee Co.; Lee Higginson Corp.; F\ S.
Moseley & Co.; Riter & Co.; L. F. Rothschild & Co.; Tucker,
Anthony & Co.; Loewi & Co., and Wells-Dickey Co.
*$2,000,000 American Barge Line Co. 1st pref. mtge. serial bonds
(0.75 to 3.50%), due 1942-51.
Placed privately with Pru¬
dential Insurance Co.
170,438 American Cyanamid Co. 4,500 shares of class B
stock (par $10).
Price, $36K per share.
Offered
Higginson Corp.
120,000 shares of capita
Offered by Merrill Lynch,
*213,820 Union Trust Co. of Md. 21,382 shares of
$33,740,000 Federal
(par .$5).
Price, $11 per share.
Offered by F. Eberstadt
Co., Inc.; Auchincloss, Parser & Redpath; Jackson &
Curtis; Hawley, Shepard & Co.; Otis & Co.; G. H. Walker
& Co.; Singer, Deane &
Scribner; Stifel, Nicolaus & Co.,
Inc.; Ames, Emerich & Co., Inc.; Laurence M. Marios & Co.;
Moore, Leonard & Lynch; Blair, Bonner & Co.; Boettcher
;::v++;++:4 & Co.; Grubbs, Scott & Co.; Loewi & Co.; Bond & Goodwin,
Inc.; Bosworth, Chanute, Loughbridge & Co.; Fuller, Rodney
& Co.; Riter & Co.; Stein Bros. &
Boyce; Wells-Dickey Co.;
Ferris, Exnicios & Co., Inc.; Robinson, Itohrbaugh & Lukens;
George V. Rotan Co.; Dallas Rupe & Son; Chas. B. White
& Co.; The Bankers Bond
Co., Inc.: W. L. Lyons & Co.;
A. G. Edwards & Sons; J. J. B. Milliard &
Son; Mosle &
Moreland; Schwabacher & Co.; M. H. Lewis & Co.; The
Milwaukee Co.: Carter H. Harrison &
Co.;
Hill Richards
& Co., and Westheimer & Co.
$9.50.
common
170,816 Southern Advance Bag & Paper Co., Inc., 16,665 shares
(v. t. c.) common stock (no par).
Price, $10.25 per share.
Offered by E. H. Rollins & Sons, Inc.; Coffin & Burr, Inc.;
Schoeilkopf, Hutton & Pomeroy, Inc.; Schroder Rockefeller
& Co., Inc., and Johnson, Lane, Space & Co., Inc.
LOAN AND GOVERNMENT AGENCY ISSUES
&
stock (no par).
Offered by Union Securities Corp.
Price, $81.25 per share.
Moseley & Co.; G. M.-P. Murphy & Co.; W. II. Newbold's
Son & Co.; Otis & Co.: Pacific Capital Corp.; Piper,
Jaffray
& Hopwood; Riter & Co.; E. H. Rollins & Sons, Inc.; L. F.
Rothschild & Co.: Schroder Rockefeller & Co., Inc.; Schwabacher & Co.; Shields & Co.; Smith, Moore & Co.; Stern
Brothers & Co.: Stern, Wampler & Co., Inc.; Tucker, Anthony
& Co.; Union Securities Corp.;
Wells-Dickey Co.; Wertheim
& Co.; Whitaker & Co.; White, Weld &
Co.; Whiting, Weeks
& Stubbs, Inc., and Wurts, Dulles & Co,
2,601,720 American Barge Line Co. 236,520 shares of
.
812,500 (J. C.) Penney Co. 10,000 shares of
M&Pierce & Cassatt;M. Marks & Co.; &Merrill Lynch,
Co.; Laurence Moore, Leonard
Lynch; F. 8.
FARM
by the North American Co.
1,013,790 Leece-Neville Co. 109,599 shares of common stock (par $1).
Price, $9.25 per share.
Offered by Van Grant & Co.
following tabulation has been prepared from figures
appearing in the May issue of the Treasury "Bulletin":
NEW
CAPITAL
MOVEMENT
BETWEEN
FOREIGN COUNTRIES, JAN.
-f Indicates Inflow.
—
THE
UNITED
AND
Indicates Outflow.
Jan
'
2, 1935,
.
~
.to
Feb. 26. 1941
Movement in Short-Term Banking Funds
United Kingdom
•
$
Of Which from
Jan. 30 to
Feb. 26,
1941
»
+ 550.624,000
+530,567,000
+2,222,699,000
Germany
other
Total
—5,987,000
+2,100,000
—24,109,000
+3,$74,290,000
^
Canada
—68,301,000
+400,076,000
+ 170,324,000
France
All
STATES
2, 1935, TO FEB. 26. 1941
—96,180,000
+ 117,000
Movement to Brokerage Balance—
United Kingdom
+ 16.991,000
—90,000
France
+ 19,295.000
Canada
+ 10,916,000
+ 94,000
+545,000
Germany
—213,000
Total.
...
+ 5,000
+ 50,205,000
All other..
—2,125,000
+97,194,000
—1,571,000
Movement in Transactions in Domestic Securlties-
Unlted Kingdom.
France..
+ 257,726,000
Germany
—1.774,000
+ 74,212,000
....
All other
Total
—10,000
—26,893,000
Canada.....
—1,236,000
—30.240,000
—1.054,000
+ 683,610.000
—7,192,000
+ 958,415,000
—11,266,000
Movement in Transactions in Foreign Securities—
United Kingdom..
France
+ 129,454,000
+ 376,000
+ 43,629,000
+81,000
Canada
+ 26,420,000
+661,000
Germany..
+ 36,480,000
—15,000
All other
+577,187,000
+ 3,573,000
+813,170,000
+4,676,000
United Kingdom
France
+954,795,000
^—69,789,000
+ 667,703,000
+282,000
Canada
+410,519,000
—6,017,000
Germany.
+ 176,351,000
+ 1,036,000
Total
Net Capital Movement—
All other.
+ 3,533,701,000
—29,853,000
Total.
+ 5.743,069,000
—104.341,000
Volume
The Commercial &
152
Business. Man'sBookshelf
The
The Stock
Exchange Official Year Book
& Co.
Thomas Skinner
3,207
the
(Publishers), Ltd.
Published under;
Price $25.
pages.
has been unobtainable and it has
in such cases to reproduce figures pre¬
enemy
been found necessary
London Stock Exchange.
viously published.
been released in this
The 1941 Official Year-Book has just
Lists of Brokers, General Information, Notices of certain
Enemy Securities and Particulars of Alterations to Capital
made prior to February, 1940.
Recent information about securities situated in countries
occupied by the
the
of
Committee
the
of
sanction
3561
Financial Chronicle
War time conditions have made the preparation
of this voluminous and most useful issue unusually difficult.
country.
Owing to the paper shortage, and in order to comply with the
requirements of the Paper Control certain temporary ex¬
cisions have had to be made, including the Special Chapters,
In other respects the book follows the familiar lines of
previous editions containing the complete financial particu¬
lars of over 12,000 companies and 21,000 securities.
Of
particular use and interest, due to the war is a special list
of emergency addresses of companies, local authorities, regis¬
trars, &c., dealt with in the book.
Indications of Business
Activity
as
THE
STATE
EPITOME
TRADE—COMMERCIAL
OF
Friday Night, June 6, 1941.
business
activity
Commerce."
115.8, according to the "Journal of
was
This
index figure of
The latest weekly
reflecting the holiday.
122.3 for
with their figure of
compares
week, when the all-time high for this barometer
the previous
with
roads
for the week,
Business activity showed a substantial drop
Loading of
according to reports filed by the rail¬
Association
the
made
public today.
below
the preceding
This
Railroads
American
of
was
week this
corresponding week
a
162,663
year,
more
week
than the
above the same
This total was 134.66%
for the corresponding
and
of 64,234 cars
decrease
1940, and 238,474
in
period two years ago.
loadings
May 31
freight for the week ended
revenue
totaled 801,783 cars,
of average
the 10 preceding
of
reached.
was
years.
The
Europe has been anything but heartening,
from
news
development of strikes, despite the Presi¬
and the continued
dent's declaration of
The latest walkout is at the North Amer¬
gravest concern.
ican
the
Aviation
of 52,800,
Calif., which increases
at Inglewood,
plant
total of
current
high
unlimited emergency, is causing the
an
and
defense workers to a 1941
strike-idle
of demands in
touches off a series
in
Congress for instant action to restrict work stoppages
industries vital to the armament program.
North American Avi¬
unlimited emergency in the current
likely to hasten the transformation of
strike is
ation Co.
arbitration
an
similar to the War Labor Board.
agency
The steel
on
defense needs and "prompt and decisive
action
on
Age."
"How need for
tion is growing is
shown by the second Gano Dunn report
the
on
of
Lease-Lend Act
the
the defense program have
the Nation's
of
adequacy
steel capacity to meet all demands.
passage
"Iron
the
straightening out of steel distribu¬
a
Roosevelt
President
according to
priorities,"
mandatory
The report found that
and further increases
output
106,395,
was
short-end
vehicles
the
work
were
curtailed
A
period.
of
caused a sharp increase in steel
Management's
Production
somewhat
would
total
Last week's
by
holiday
the
time 95,560
this
at
ago
year
completed.
of recent
lines,
weeks, although less favorable weather conditions
blow to the brisk spurt getting under way in summer
a
&
Dun
Inc.,
Bradstreet,
observed
today
in
their
Demand for staples and durable
weekly trade summary.
items, however, was strong enough to take up most of the
In many centers the rash to buy
slack, it was pointed out.
ings
at a pace unequaled in history, it was said.
was
weeks of
general
steel
"After
aggressive buying," the agency said, "demand was
Sales of home
reported to be more, rather than less, urgent.
furnishings
were
frequently running 35% to 50% above last
year's volume, and automobile sales usually better than 50%
over
Sales comparisons with dollar trade volume in
1940.
1940
held
margin of 16% to 20%.
to a
The heavy rains in the East, while benefiting many areas,
their
took
in
toll
other
West Virginia
today,
preference order of the past week is interpreted as formally
high
governmental standpoint an actual practice
boys
and
destruction
Pennsylvania and northern
continuous 36-hour rainfall sending
a
water through
Death
sections.
rode flood waters over western
Office
week
current
Retail sales last week held close to the near-record levels
in
requirements.
"The
for
production
automobiles, electrical appliances and other home furnish¬
industry wants Washington to make an authori¬
tative statement
to
Board into
Defense Mediation
the National
truck
133,645 units, highest week's volume of 1941.
dealt
It is said that defiance of the President's declaration of
an
Ward's Reports, Inc., estimated today that passenger car
and
were
defining from
which
has
in
been
The
months.
a
effect
order
stronger measures.
is
non-defense
steel
industry for several
merely
but
inquiries which
may
have
and
farther
into
farther
the
steel
upon
slow up some of
flowing
been
Meanwhile non-essential tonnage
offices.
forerunner of
a
broad effect immediately
practices,
production
the
Last week's rearrangement of priori¬
ties will not have any
mill
in
considered
into
the
sales
has been forced
background
by the growing
weight of the defense program."
The
Edison
Electric
Institute
output of
elec¬
sea¬
sonally to 2,898,000,000 kwh., a decrease under the revised
and
a
of calculation,
week
are
of 17%
gain
Because
1940.
of
3.7% under the preceding week
or
production in the corresponding
over
of
holiday
conditions
construction
awards
for
all
figures
preliminary.
Engineering
the
570,000, reach the fifth highest peak of the
week,
year
$132,-
and are
104% above the volume for the corresponding 1940 week
since
This
and
Nov.
is 13%
higher than
a
year
ago.
peak volume, in combination with the 91.3% increase
in Federal
est
1940, and
point
awards
work, brings public construction to its fifth high¬
of the year,
for
the
week
week.
and
are
96%
133%
downstream, impeding navigation; a locomotive and nine
cars of a Pittsburgh & Lake Erie RR. train were overturned.
Hundreds
over
of
was
swept away.
isolated
were
persons
Coal mines
hardest hit section.
were
in
two towns
shut down.
of
the
A bridge
General rains of the week in the States
the west bank of the Mississippi River and also
Northern States to the eastward either entirely relieved
bordering
on
the time being or brought tempo¬
the drought situation for
relief
rary
to
localities
those
New York City
lighter.
cessant rains for three
The
tures
weather
the
amounts
were
days.
Friday
on
where
had its full share of almost in¬
was
clear and cool as tempera¬
ranged from 56 degrees to 73 degrees.
No change
was
night.
Partly cloudy and milder
weather is forecast for Saturday, with the probability of a
for
expected
Friday
change to fair and
tended to diminish
warmer
on
Sunday.
and were veering in
Northerly winds
a
southerly direc¬
with indications pointing to a moderate increase in
velocity on Saturday.
Lowest temperatures for Friday
night were set at 58 degrees in the city and 50 degrees in
municipal construction is at the highest level
16,
Homes were
swept from their foundations, two big river boats sank in
the Monongahela River, and a half dozen barges were swept
tion,
as
reported by "Engineering News-Record."
State
that damage approached $1,000,000.
ficially
in
estimated
tricity for the week ended May 31 declined less than
method
of towns.
Two men and two
known to be dead.
The death of a fifth was
attributed indirectly to the flood.
It was estimated unof¬
scores
last
higher
year.
than
in
Private
the
1940
the
suburbs,
rising
to
a
'
Saturday.
high
of
about
80
degrees
on
^
Ovemiglit at Boston it was 50 to 57 degrees; Pittsburgh,
Portland, Me., 50 to 64; Chicago, 61 to 83; Cin¬
56 to 76;
cinnati,
54 to &4;
Cleveland, 54 to 78; Detroit, 57 to 80;
Milwaukee, 62 to 84; Charleston, 71 to 91; Kansas City, Mo.,
70 to 83;
Springfield, 111., 59 to 83 ; Oklahoma City, 62 to 81;
73, and Seattle, 56 to 74.
Salt Lake City, 47 to
The Commercial & Financial Chronicle
3562
Moody's Commodity Index Advances
Commodity Price Indexes of 10 Countries Compiled
by General Motors and Cornell University
Motors
General
University,
Cornell
and
Corp.
which
prior to the European war had collaborated in the publica¬
world commodity price
tion of a
index, have resumed issu¬
statistics, but
international price
of
ance
Instead of a composite index of
basis than before the war.
prices, these organizations now are publishing the
information only as individual country indexes.
The index is built upon 40 basic commodities and the list
is the same for each country in so far as possible.
Each
world
importance in world production.
its relative
to
The
actual price data are collected weekly by General Motors
Overseas Operations from sources described as "the most
responsible agencies available in each country, usually a
government department."
The commodities involved in¬
clude "a comprehensive list of several groups, including
grains, livestock and livestock products, miscellaneous foods
(coffee, cocoa, tea, sugar, &c.), textiles, fuels, metals, and a
list of other miscellaneous materials (rubber, hides, lumber,
newsprint, linseed oil, &c.)." Weights assigned in the index
to the different commodity groups are as follows: Grains,
20; livestock and livestock products, 19; vegetable fats and
other foods, 9; textiles, 12; fuel, 11; metals, 11; miscel¬
compared with 194.2 last week Thursday.
as
cotton
prices.
The movement of the index
Pri.
prices expressed in the
of each country, were reported May 26 as follows:
Sat.
Mon.
June
1
Tues.
June
2
"Wed.
June
3
Thurs. June
4
Fri.
5
June
Revenue
-
Aus¬
Can¬
tina
tralia
ada
Freight Car Loadings Total
During Week Ended May 31
Loading of
revenue
Swe¬
'dica;':-/
Java
New
Zeai'd
den
Switz¬ United
erland States
announced
on
801,783
Cars
freight for the week ended May 31
June 5. This
increase of 162,663
was an
cars
25.5% above the corresponding week in 1940, and an
increase of 238,474 cars or 42.3% above the same week in
1939.
Loading of revenue freight for the week of May 31
which included a holiday was a decrease of 64,234 ears or
7.4% under the preceding week.
The Association further
or
reported:
below the preceding week, but an increase of 82,837 cars above the
cars
corresponding week in
120
118
120
143
116
112
131
132
112
June..
118
118
120
144
116
113
114
131
136
109
145
115
cars
the preceding week, but an increase of 31,286 cars above the corresponding
in
1940.
Grain and grain products loading totaled 36,143 cars, a decrease of
3,987
cars
below the preceding week, but
118
118
120
112
114
132
140
109
August
118
119
120
150
115
111
120
132
144
109
the corresponding
116
120
121
145
116
110
122
135
153
111
and
158
113
123
122
145
117
110
120
139
.
113
125
124
146
118
142
164
118
113
126
126
149
120
Ill
U1
118
_
119
144
168
118
January....
114
127
126
150
121
111
119
144
171
120
February.._
114
126
127
150
121
113
119
147
171
120
March
119
122
129
150
123
114
119
154
176
122
Apr.
rll9
120
131
fl51
124
114
119
157
180
124
Apr.
rl20
121
131
rl50
124
rii5
120
156
180
125
180
126
114
below the preceding week, but an increase of
above the corresponding week in 1940.
Coal loading amounted to 144,507 cars, a decrease of 7,371 cars below
September..
.
1940.
Loading of merchandise less than carload lot freight totaled 143,327
week
May
113
December.
152.9
171.8
149.3
197.4
171.6
the Association of American Railroads
cars,
cars, a decrease of 18,927 cars
Mez-
MMland
1940—
October
196.3
190.3
Low—Feb. 17
195.8
totaled 801,783
12,888
Argen-
November.
follows:
as
was
Holiday Two weeks ago, May 23
194.0 Month ago, May 6.
___.194.4 Year ago, June 6
194.8 1940 High—Dec. 31
195.4
Low—Aug. 16
195.2 1941 High—May 21
May 30
May 31
on
(August, 1939=100)
July
The
the rise in wheat and
were
Miscellaneous freight loading totaled 339.774 cars, a decrease of 29,501
laneous, 18.
The indexes, which are based
currency
Friday,
principal individual changes
weighted uniformly for each country, accord¬
commodity is
ing
Moody's Daily Commodity Index closed at 195.8 this
different
a
on
June 7, 1941
week in
an
increase of 8,900
cars
above
In the Western Districts alone, grain
1940.
grain products loading for the week of May 31 totaled 24,115
cars, a
decrease of 2,944 cars below the preceding week, but an increase of 8,250
cars
above the corresponding week in 1940.
Live stock loading amounted to 8,973 cars a decrease of 1,456 cars below
1941—
1941—
Weeks end.:
116
122
121
131
H50
120
157
121
120
131
rl50
127
116
120
156
122
120
130
*150
127
116
120
156
125
121
120
rl32
*150
128
117
rl24
120
134
*150
129
117
126
120
*134
*150
131
117
-
decrease of 984
below the corresponding week
cars
Forest products loading totaled 39,196 cars, a decrease of 2,522
126
-
below the preceding week, but an increase of
cars
ponding week In 1940.
120
156
190
127
rll9
155
190
7-130
120
155
*190
131
1
a
in 1940.
126
7184
'
*
the week of May 31, totaled 6,635 cars, a decrease of 957 cars below the
preceding week, and
.
5__
12__
Aprl 19__
Apr. 26-May
3-May 10—
May 17May 24--
the preceding week, and a decrease of 1,560 cars below the
corresponding
week in 1940.
In the Western Districts alone, loading of live stock for
Ore loading amounted to
preceding week, but
76,145
cars, a
cars
above the
corres¬
decrease of 456 cars below the
increase of 16,482
an
6,933
cars
above the corresponding
week in 1940.
♦
Preliminary,
r
Revised.
Coke loading amounted to 13,718 cars, a decrease of 14 cars below the
preceding week,
but
an
increase
of 4,897
cars
above the
corresponding
week in 1940.
Commodity Price Average Registers Fractional Gain in
Week Ended May 31, According to National Fer¬
AH districts reported
increases compared with the corresponding weeks
in 1940 and 1939.
tilizer Association
1941
The
general
level of
wholesale
commodity
prices
only slightly higher in the last week of May, according to
the price
tion.
index compiled by The National Fertilizer Associa¬
In the week ended
May 31 this index
pared wtlv 106.8 in the preceding week, 104.5
and 97.0
The
to
a
based
year ago,
Association's
on
a
com¬
month ago,
the 1935-39 average as 100.
under
report,
100.9,
was
date
of
June
2, went
on
4 weeks of
January
4 weeks of February
in
Declines
foods
and
cottonseed
oil
In
the
farm
in
rise
farm
products were offset by higher prices for
Dower
commodities.
quotations for butter, eggs, meats, and
for the decline in the food price average.
responsible
were
product
lower prices
group
cotton, resulting in
a
small
for grains and livestock offset
drop in the
a
The textile
index.
group
receded for the first time in six weeks due to lower prices for raw
An upturn in the price of gasoline took the fuel index to the
highest
average
silk.
point
drop
recorded
since
linseed
in
oil
1937.
was
The
more
building
than
material
index
price
counterbalanced
by
665,547
572,025
10
837,149
861,277
866,017
801,783
680,628
687,480
639,120
554,644
612,888
623,542
563,309
16,336,291
Week of May
Week of May
14,017,582
12,699,847
Week of May 17
Week of May 24
Week of May 31
Total
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
.
(Number of Cars)
The only other group index to change during the week
representing the prices of miscellaneous commodities, which ad¬
the highest point reached this
year.
During the week price changes were about evenly balanced, with 18
price
Loaded
series
included
preceding week there
in
the
41
were
were
index
advancing
advances
and
44 advances and
and
21
13
declining;
20
declines;
in
in
the
second
the
declines.
Own
Received, from Connections
Weeks Ended—
Lines
(1935-1939=100*)
1941
Atchison Topeka & Santa Fe Ry_
Baltimore & Ohio RR
Gulf Coast Lines
Per Cent
Latest
Bears to the
Group
Week
May 31, May 24,
Total Index
25.3
Preced'g
Week
Each Group
1941
Foods
1941
Month
Ago
May 3,
1941
1,
1940
100.9
101.1
99.4
111.5
99.1
119.7
120.8
Livestock...
17.3
Fuels
68.4
/
102.9
98.3
84.4
'
123.2
Grains..
104.9
102.7
Cotton.
121.4
108.4
95.6
93.4
94.3
90.8
87.1
100.8
...
100.9
97.1
79.1
107.2
106.5
103.4
103.7
Miscellaneous commodities..
115.3
115.0
114.3
112.6
8.2
Textiles
127.6
128.3
122.0
103.2
7.1
Metals
103.4
103.4
103.4
Building materials
117.7
116.6
116.6
104.8
104.3
107.1
107.9
101.1
101.2
99.3
99.7
52,494
7,295
28,882
21,647
24,557
11,523
16,538
13,046
9,239
15,852
12,438
21,979
14,117
9,281
9,298
12,574
2,228
1,559
1,747
1,442
2,657
3,379
10,908
35,774
5,104
19,549
58,092
2,990
3,477
48,376
13,120
23,942
80,776
88,079
Pere Marquette Ry
Pittsburgh <fc Lake Erie RR
Southern Pacific Lines._
6,297
8,337
8,528
4,754
6,136
31,527
34,297
25,294
5,236
6,039
4,298
Wabash
Ry
Total
6,765
7,402
8,556
3,284
10,133
6,415
55,260
6,499
8,530
11,401
10,601
11,455
49,925
13,574
6,149
57,029
6,484
1940
5,03
16,23
10,92
6,86
6,17
8,92
1.17
1.67
2.38
8,03
37,54
9.39
4,17
43,09
4.68
10,122
11,489
6,49
11,378
7,35
7,48
372,393 407,256 291,535 250,242 260,363 187,647
101.4
99.3
1,929
4,310
14,802
104.5
101.1
17,091
22,807
23,634
3,223
7,481
100.7
107.1
29,487
1941
17,225
103.9
104.8
21,851
41,576
23,777
101.7
6.1
RR
Missouri Pacific RR__
New York Central Lines
1941
1940
Pennsylvania RR
67.7
Farm products
2,738
1,844
4,198
13,577
45,166
5,795
1941
N. Y. Chicago & St. Louis Ry
Norfolk & Western Ry
90.7
110.8
Cottonseed oil
23.0
37,882
27,834
14,984
20,193
20,913
______
Missouri-Kansas-Texas
Ago
Fats and oils
...
21,319
International Great Northern RR
Year
June
May 31 May 24 June 1
May 31 May 24 June I
Chesapeake & Ohio Ry_________
Chicago Burlington & Quincy RR
Chicago Milw. St. Paul & Pac. Ry
Chicago & North Western Ry
WEEKLY WHOLESALE COMMODITY PRICE INDEX
Compiled by the National Fertilizer Association.
100.5
10.8
1.3
...
Chemicals and drugs
m aterials
.3
Fertilizer
.3
Fertilizers
.3
Farm
100.0
100.
on
Weeks Ended—
to
preceding week there
*
679,065
The first 18 major railroads to report for the week ended
May 31, 1941 loaded a total of 372,393 cars of revenue
freight on their own lines, compared with 407,256 cars in
the preceding week and 291,535 cars in the seven days ended
June 1, 1940.
A comparative table follows:
that
vanced
2,976,655
2,225,188
2,495,212
794,301
4 weeks of April
lumber quotations.
was
2,282,866
3,123,916
in
increase
an
2,288,730
2,488,879
3
5 weeks of March
a
rose;
2,557,735
2,740,095
2,824,188
3,817,918
2,793,563
say:.
industrial
1939
1940
was
machinery
All groups combined
Base period changed Jan. 4 from
Indexes on 1926-1928 base were:
1940. 75.6.
....
*
106.9
1926-1928
106.8
average
to
104.5
97.0
1935-1939 average as
May 31, 1941, 83.3: May 24,
83.2; June 1,
TOTAL LOADINGS AND
FROM
RECEIPTS
CONNECTIONS
(Number of Cars)
1
Weeks Ended—
May 31, 1941
Chicago Rock Island
& Pacific Ry_
May 24, 1941
June 1, 1940
26,927
21,036
59,432
Illinois Central System
34,687
St. Louis-San Francisco Ry
14,483
28,681
37,423
15,813
76,097
81,917
Total
27,143
11,253
Volume
The Commercial & Financial Chronicle
152
In the following
t
undertake to show also the loadings
we
for separate roads and systems for the week ended May 24,
REVENUE FREIGHT LOADED AND RECEIVED FROM
Total Revenue
from Connections
1939
1940
585
1,822
8.615
Maine
Chicago Indianapolis A Loulsv.
.
1,473
550
1,682
1,579
7,245
1,396
578
Arbor.
Boston A
1,620
7,221
236
291
13,751
1,566
2,747
10,281
2,192
1,081
1940
2,801
1,132
2,651
1,071
363
436
433
302
358
10,891
26,327
8,899
20,242
8,760
18,521
526
487
344
673
622
146
131
145
888
;■ ? 710
122,711
99,341
90,909
90,465
66,203
Chicago A North Western
23,634
18,349
16,183
12,574
9,161
Chicago Great Western
2,877
21,951
4,021
21,438
1,107
10,706
2,368
18,463
2,536
3,072
9,298
2,429
6,670
3,897
2,967
Nashville Chattanooga A St. L.
Norfolk Southern
Richmond Fred. A Potomac...
19
19
21
73
77
1,360
4,871
8,936
1,239
2,745
2,092
Southern System
4,177
8,605
10,091
7,841
Tennessee Central
9,511
283
377
194
7,5,10
1/17
Winston-Salem
310
Delaware Lackawanna & West.
Detroit & Mackinac
Detroit A Toledo Shore Line...
360
298
263
15,847
12,356
10,700
15,252
6,140
4,833
4,299
8,939
2,372
1,896
8,993
Grand Trunk Western
,2,037
1,196
1,304
3,251
Erie*......;....................
3,259
Detroit Toledo & Ironton
...
2,068
3,113
3,652
426
235
1,966
33,312
9,228
1,298
48
31
253
312
228
1,967
1,869
Lehigh Valley
9.616
1,839
7,947
2,569
4,645
3,145
6,438
Monongahela
2,284
53,356
;
New York Central Lines
N.Y.N.H. A Hartford
New York Ontario A Western..
Louis
N. Y. Susquehanna A Western.
Pittsburgh A Lake Erie..
N. Y. Chicago A St.
2,082
41,540
9,173
12,160
1,138
6,765
1,028
5,461
7,973
2,785
507
360
13,574
1,626
10,126
6,447
5,858
38,552
11,554
1,891
9,572
1,219
6,886
6,484
4,871
2,562
404
8,524
7,402
Pere Marquette
49,063
16,733
5,641
4,904
4,973
752
888
286
357
390
304
386
229
1,311
838
653
—«
629
632
631
1,715
1,109
.
6,039
4,855
6,331
4,579
3,463
2,441
1,156
11,378
4,427
185,311
147,241
131,361
206,666
Pittsburgh A Shawmut
North..
Pittsburgh Shawmut A
Pittsburgh A West Virginia
Rutland.............
- ....
.*'■*
Wheeling A Lake Erie
Total.....
r
86
5,135
Seaboard Air Line
...
Southbound...
Total.
85
8,044
Northwestern
Duluth Missabe A Iron Range
.
Duluth South Shore A Atlantic.
Elgin Joliet A Eastern
2,434
814
1,118
5,123
4,667
6,715
6,438
14,027
19,942
3,415
16,153
1,003
14,146
533
474
5,819
7,973
282
923
9,223
4,704
183
682
470
493
127
168
18,494
16,208
3,826
3,157
629
456
573
735
558
2,644
2,194
8,225
2,578
2,545
1,850
9,092
Great Northern
....
9,514
Green Bay A Western
Lake Superior A
17,779
3,677
22,921
Moines A South.
Ft. Dodge Des
Ishpeming
Minneapolis A St. Louis..—..
Minn. St. Paul A 8. S. M
Northern Pacific
1,534
6,030
5,890
9,263
70
64
2,147
2,856
4,353
1,691
2,200
3,702
232
213
190
310
342
2,442
1,818
1,758
2,115
1,472
134,695
108,831
99,833
55,424
39,942
21,851
3,440
18,185
2,589
19,992
2,984
7,295
2,984
5,192
1,787
700
550
454
88
83
17,091
3,085
13,804
2,836
12,792
13,153
9,281
7,036
1,783
1,364
872
671
10,690
2,294
10,892
2,080
674
631
597
2,096
1,719
1,729
9,892
3,191
1,638
3,370
8,369
2,490
1,380
2,867
International
Spokane
Spokane Portland A Seattle
Total.
3,225
155,261
Central Western District—
Santa Fe System
Alton...;.....
725
489
404
935
872
41,576
7,386
32,067
28,605
4,292
21,979
2,352
17,879
2,459
5,701
3,222
1,203
1,584
District—
Chicago Milw. St. P. A Pac—
Chicago St. P. Minn. A Omaha
Atch. Top. A
Alleghany DistrictAkron Canton A Youngs to wn __
Baltimore A Ohio
Bessemer A Lake Erie—
Buffalo Creek A Gauley
Cambria A Indiana
Central RR. of New Jersey....
....
-
:
2,796
11,381
7,132
1,823
1,186
6,717
2,330
Lehigh A Hudson River
Lehigh A New EnglandMaine Central
1,227
430
1.494
Central Vermont
Delaware A Hudson
3,528
Piedmont Northern
6,355
10,065
Central Indiana.....
-«...
1941
Southern District—(Concl.)
Bangor & Aroostook
Wabash
from Connections
1939
1940
1941
Eastern District—
Montour
Freight Loaded
Railroads
1940
1941
Total Loads Received
Total Revenue
Total Loads Received
1941
Ann
1941.
During this period 117 roads showed increases when
compared with the same week last year.
CONNECTIONS (NUMBER OF CARS)—WEEK ENDED MAY 24
Freight Loaded
Railroads
3563
268
363
290
4
4
2,023
1,362
6
15
8,235
6,272
1,547
6,346
15,206
11,686
--
Bingham A Garfield
A Quincy.
Chicago A Illinois Midland
Chicago Rock Island A Pacific
Chicago A Eastern Illinois....
Chicago Burlington
Colorado A Southern
Cornwall
Cumberland A Pennsylvania...
695
639
518
63
50
Denver A Rio
315
235
245
33
40
Denver A Salt
276
234
192
30
28
Ligonier Valley
135
60
79
25
38
Fort Worth A Denver
1,302
Illinois Terminal
2,051
1,192
2,029
1,049
1,692
1,258
1,713
1,125
1,680
1,026
1,879
1,546
499
374
—
748
Lines..
Pennsylvania System...
Reading Co
Union
(Pittsburgh)
Maryland
580
653
2,925
1,710
88,079
16,791
19,254
1,095
895
63,827
13,936
16,044
54,792
1,883
57,029
23,319
4,459
Long Island
Penn-Reading Seashore
3,538
3,594
Western
192,399
Total.
146,208
12,631
7,136
2,563
1,259
45,111
16,407
5,472
6,372
6,940
8,652
121,527
141,351
110,227
Grande Western
Lake
City...
Missouri-Illinois
—
106
769
873
511
407
17
45
18
0
0
28,654
23,067
20,810
6,525
4,603
358
268
337
1,533
1,186
14,384
Pacific
Peoria A Pekln Union
Southern Pacific (Pacific)....
Toledo Peoria A Western
Union Pacific System
152
961
Nevada Northern
11,882
12,485
North Western
Virginian
...................
Total.
29,487
23,942
4,832
24,369
21,686
14,117
19,820
16,260
6,149
11,298
4,464
4,055
3,820
1,793
10,095
7,624
112
133
1,602
1,473
2,319
2,308
118,784
94,634
95,350
63,184
49,032
48,244
41,766
22,059
16,741
Northern
344
247
225
213
169
Atl. A W. P.—W.
RR. of Ala..
A Coast..
Atlantis Coast Line
Central of Georgia
Charleston A Western Carolina
Cllnchfield..................
Columbus A Greenville
806
689
639
840
663
574
11,775
4,478
8,838
9,575
1,935
1,179
6,816
1,431
Atlanta Birmingham
3,628
454
622
1,488
748
4,028
1,883
2,975
3,784
518
1,838
1,192
4,840
3,050
1,167
2,041
327
255
279
302
281
206
Durham A Southern
159
165
492
393
1,027
1,413
485
936
1,018
Gainsville Midland..—.—...
44
27
31
100
70
Georgia.....
............
Georgia A Florida
Gulf Mobile A Ohio..
1,172
1,107
871
2,097
1,558
Florida East Coast
368
304
261
520
471
3,835
*1,508
17,991
3,076
14,570
18,487
7,491
3,106
10,089
5,318
Illinois Central System
23,988
Louisville A Nashville
27,321
3,360
19,203
22,912
179
139
96
118
146
Macon Dublin A
Savannah
137
Mississippi Central
Note—Previous year's figures revised.
Bureau of Labor Statistics*
781
x
272
Week Ended
slackened considerably except for marked gains
during the week ended May 31 rose 0.2% to 85.2%
1926 average although only four of the 10 major
commodity groups shared in the advance," Mr. Hinriehs
said.
"Two groups declined slightly and four remained
unchanged at last week's level." The all-commodity index
has risen about 23^% during May and is 9^% above a year
ago.
Further details were given by the Labor Bureau as
series
the
follows:
fuel oil and gasoline prices
rose
sharply
on reports of
probable shortage of transportation facilities because of the diversion of
tankers to
were
up,
British
shoes also advanced.
Higher prices
were reported for cotton goods
including duck, print cloth, ticking, tire fabric, broadcloth and sheeting.
Jute and burlap continued to advance.
Prices were also higher for boxboard,
Cylinder oils and soap.
The lumber index
rose slightly because of higher
prices for yellow pine dimension, drop siding and finish.
lower for gum,
Quotations
were
oak, yellow pine boards, flooring and timber, and for maple
and oak flooring.
Average prices for crude rubber fell 2M% during the week and fats and
Outside of a minor decline in the price of pig tin
oils declined almost 3%.
the primary
metal markets were steady.
Wheat declined
more
than 5%, barley,
over
Corn, rye and cotton, on the contrary, were higher.
during the week and cattle declined.
in prices for
fruits and vegetables.
3%, and oats, 2%.
Hog prices advanced
Seasonal advances
298
1,994
1,151
.209
359
1,007
677
1,889
1,705
1,818
2,619
1,948
1,666
1,461
325
907
861
1,389
281
261
478
383
437
233
204
212
163
341
287
4,310
14,831
3,665
12,276
3,723
3,477
11,455
2,630
Litchfield A Madison
^Midland Valley
Missouri A Arkansas
Missouri-Kansas-Texas Lines.
Missouri Pacific
11,111
229
8,670
85
79
107
103
112
8,371
2,660
7,850
4,351
6,037
2,123
5,874
3,832
6,593
1,947
6,192
3,680
6,002
3,141
3,945
4,687
3,901
2,288
2,649
3,880
160
167
179
08
37
15
21
51
53
28
53,856
42,981
42,796
45,181
32,819
Quanah Acme A Pacific
St. Louis-San Francisco
St. Louis Southwestern
Texas A New Orleans
Texas A Pacific..
Wichita Falls A Southern
Weatherford M. W. A N. W_.
Total...
Foodstuffs In wholesale markets
were
averaged 0.4% lower than for the pre¬
prices were reported for flour, fresh pork, mutton,
butter, fresh milk at Chicago, cocoa beans, lard, pepper,
sugar and cottonseed oil.
Cattle feed dropped 2M%. Prices were higher
for corn meal, cured beef and pork, canned salmon, coffee, eggs and molasses.
Prices averaged higher for household goods such as bedding, floor cover¬
ceding week as lower
ings, sewing
reported
machines and electric refrigerators.
During the previous week (ended May 24) commodity
prices in many wholesale markets continued to move upward
sharply. The Bureau of Labor Statistics' index of nearly 900
price series rose 0.5% to a new high for the period since midOctober 1937, Acting Commissioner Hinriehs reported on
"The tight shipping situation, congressional pro¬
crop loans, continued heavy demand, and
speculation in commodity markets were largely responsible
for the current widespread increase," Mr. Hinriehs said.
"Marked advances were reported for hides and skins, grains,
raw cotton and wool, petroleum products and oils and fats."
The Bureau's announcement of May 29 also said:
May 29.
vision for
higher
The all-commodity index,
March and rather sharply
of the
1926 average.
four weeks and more
which has risen steadily since the first week in
during the past three weeks, now stands at 85.0%
This represents a gain of nearly 2M% in the past
than 9%
as
has been a rise
Since
the outbreak of war, there
14%. Prices of farm
compared with last year at this time.
mid-August 1939, the low point of prices prior to
in the general level of approximately
increase, 28%, textile prices have risen
leather products, 15%, and building materials
products have shown the greatest
23%, foods, 20%, hides and
more than 12%.
of the 10 major groups of commodities
foods which declined 0.3% because of
reactions in markets for meats, fruits and raw sugar, following earlier rapid
advances.
The increases range from 0.1% for metals and metal products
During the week just past, each
showed
Favorable crop reports were largely responsible for a break in the grain
market.
338
1,747
2,990
1,661
212
Louisiana A Arkansas
Prices of leather, particularly harness and sole,
use.
127
3,108
2,371
2,885
A Gulf.—.
Southern
Kansas Oklahoma
Kansas City
178
2,486
1,564
dressed poultry,
in prices for petroleum products and leather, Acting Com¬
missioner of Labor Statistics, A. F. Hinriehs, reported on
June 5.
"The Bureau's index of approximately 900 price
Crude petroleum,
International-Great Northern.
Index of Wholesale Com¬
May 31-—Changes in Previous Week Reported
a
196
3,223
1,929
Gulf Mobile A Northern only.
The recent sharp upward movement in commodity prices
of
Southwestern District—
Burlington-Rock Island
660
406
* Previous figures,
modity Prices Advances Further in
at wholesale
Total.
Gulf Coast Lines
Southern District—
Alabama Tennessee A
4
979
58,261
Norfolk A Western
*
316
Western Pacific
Chesapeake A Ohio
1,767
1,667
Utah
Pocahontas District—
914
971
to
a
rise, with the exception of
1.3% for farm products.
Average prices of
rise in cotton textiles
textile products were up 0.6% because of the 1.4%
and higher quotations for raw silk, men's work shirts
The Commercial & Financial Chronicle
3564
responsible for the 0.8% increase in the group of hides and leather
were
prices,
The lumber index
time, advanced 0.3% during the week.
0.7% with
Quotations for
maple flooring and yellow pine dimension were lower.
(1) index numbers for the principal groups of
weeks, for May 3, 1941, and for June 1,
22.1
... -
13.7
_—_—
Not
—
20.7
8.4
11.5
19.9
22.2
15.8
16.1
available
-----
Southern States
.
—-
Rocky Mountain
Pacific Coast-.
14.1
21.3
—
West Central
Prices of crude rubber dropped nearly 5%.
commodities for the past three
21.0
New England- - .
Middle Atlantic
Central Industrial,
'
boxboard caused an advance of 1.4%
Rising pricas for book paper and
in the index for paper and pulp.
The following tables show
■
Week Ended
May 17. 1941
some
rose
sharply higher prices reported for most types of lumber.
Week Ended
May 24, 1941
1941
31,
May
Major Geographic Regions
which have bean relatively steady for
7, 1941
PREVIOUS YEAR
Week Ended
products.
Building material
FROM
INCREASE
PERCENTAGE
Advancing prices for hides and skins and leather
and manila and sisal rope.
June
—.—
4.9
4.5
16.3
17.0
,
Total United S tates
*17.0
.... ...
.....
1940. and the percentage changes from a week ago, a month ago/and a
year ago (2) percentage
changes in subgroup indexes from May 24 to May
Preliminary due to holiday conditions.
x
'
RECENT
FOR
DATA
31, 1941:
(THOUSANDS
WEEKS
OF
KILOWATT-HOURS)
(1926=100)
Percent
Change
31,
Commodity Groups
17,
1940 May 24, May
Farm products
Foods---
77.3
-----
77.3
79.5
+2.4
1940
0.0
+ 3.9
+ 14.0
78.0
70.8
—0.4
+ 1.5
+ 11.9
105.0 100.5
+0.8
+2.7
+ 7.3
80.9
72.2
+ 0.4
+2.8
+ 15.2
materials.
77.7
76.2
75.6
74.2
72.3
+2.0
+4.7
+ 7.5
Metals and metal products.-
98.2
98.2
98.1
97.9
94.7
0.0
+0.3
+ 3.7
100.5 100.5 100.2 100.3
Building material
83.7
82.8
83.9
84.2
Chemicals & allied products
92.3
91.0
92.5
92.7
Housefurnisbing goods.....
92.5
0.0
+0.2
+8.6
76.6
—0.4
+ 1.3
+ 9.5
89.9
+ 0.2
+0.9
+ 3.1
78.5
76.9
0.0
+ 1.5
+ 3.6
Textile products-
-
Fuel and lighting
-
-
82.4
82.9
83.2
—
...
..
79.4
79.7
79.7
Miscellaneous.------------
77.5
71.4
+0.6
Raw materials-
80.4
86.7
86.5
86.4
85.1
78.0
+0.2
+3.7
+1.9
+ 12.6
Semi-manufactured articlesManufactured products—..
87.6
87.5
87.2
85.9
81.1
+0.1
+2.0
+8.0
farm
products.
+ 11.2
than
other
commodities
All
79.3
79.9
87.0
—„ .
+0.3
80.0
85.2
86.5
86.7
•r
than
+2.1
+8.8
■
■
+0.6
82.5
+2.1
+ 6.9
PERCENTAGE CHANGES IN SUBGROUP INDEXES FROM
Feb.
2,972,566
..
15--
Clothing—
0.3
Hides and skins
0.3
1.1
2,314,859
2.238.281
2,564,670
+ 15.4
2,297,117
2,112,046
2.242,433
+ 16.5
2,967,576
2,546,816
2,269,061
2,071,639
2,982,203
2,986,470
2,568,328
+ 16.1
2,293,582
2,077,334
2,237,729
2,553,109
+ 17.0
2,054.861
2,964,817
2,550,000
+ 16.3
2,285,175
2,275,658
2.251,888
2,251,111
2,524.066
+ 17.1
2,258,221
2,272,424
2,027,433
2,956,149
2,937,585
2,493,690
+ 17.8
2,050,101
2,010,121
,4+
1--.—
8--
m
Mar. 15-.
2,225.539
2,066,563
2,036,671
2,237,926
2,183,704
2,218.798
2,218,615
2,229,866
2,529.908
+ 13.9
2,243,986
2,234,908
2,873,710
2,528,868
+ 13.6
2,265,216
2,926,445
5
2,499,060
2,503,899
2.515,515
+ 17.1
2,244.039
1,995,555
2,237,542
+ 16.4
2,224,723
1,992,161
+ 18.3
2,238,826
2.225,194
2,242,421
2,550,071
+ 17.0
2,234,592
2.019,065
2,023,830
2,588,821
+ 16.3
2,277,749
2,030,754
2,477,689 x+17.0
2,186,394
1,936,697
2,882,319
Apr. 12-Apr. 19....—
Apr. 26—
+ 18.1
2,508,321
2,963,579
Mar. 22
Man 29
Apr,
2.225.581
m
Mar.
m
May 3...
May 10-.-..-.
May 17—
%
May 24..
2,914,882
2,975,024
2,982,715
3,011,754
•
*2,898,000
2,328,756
*•
2,056,509
2,260,771
2,082,232
2,287,420
2,395,857
2,653,788
2,051.006
2.362,436
2.664,853
-
mm
2.249,305
2,251.995
2,176,399
2.266.759
2,340,571
2,598,812
7._
2,016,227
2.074,014
2,659,825
July
July
5
2,425,229
2,145.033
1,937,486
2,285,362
2,139,281
12
2,651,626
2,154.099
2,358,438
2,681,071
2,402,893
2,377,902
2,152,779
2,321.531
26
2,760,935
2,426,631
2,159,667
2,762,240
2,399,805
2,193,750
2,312,104
2,341,103
Hosiery and underwear
1.
Woolen and worsted goods..
0.2
0.2
July
July
Iron and steel
0.2
Aug.
Cotton goods..
0.8
Cement
0.2
x
19-.
•
2--.——
-
Preliminary due to holiday conditions.
Other miscellaneous
0.7
Lumber..
0.2
Other farm
0.7
0.5
0.3
Furnishings
0.2
Furniture.
0.2
business indices.
0.1
tinued for
Livestock and poultry...
+ 13.6
2,130,558
2,097,789
.+»
Feb. 22—.
Mar.
0.8
products
Other textile products..
2,327,192
2,958,855
8——
Feb.
0.9
.
+ 13.1
1
Fruits and vegetables
.
2.286,494
2,236.074
2,632,555
2,616,111
Feb.
Bituminous coal
.
2.139,311
June 28--
1.2
Shoes
2,340.339
2,979,610
2,977,501
June
4.9
Feather
+ 12.0
25
June 14..-..-.
1941
Increases
products
2,277.509
2,660,962
2,688,380
2,673,823
June 21
Petroleum
2,278,249
2,156,468
2,995,562
4
May 31
MAY 24 TO MAY 31,
2,142,112
2,163,915
2,342,328
2.985.304
18--——./•r
.«•
86.4
87.3
87.7
88;2
products and foods..
farm
2,238,719
2,329,057
+ 12.0
2,558,180
11.......
Jan.
Jan.
m
All commodities other
1937
+ 10.7
+ 11.0
2,831,052
Jan.
Jan.
+ 0.5
67.8
79.7
107.8 106.9 106.1
Hides and leather products-
+0.2
77.8
1941
74.4
76.3
79.2
—
83.2
84.6
85.0
85.2
1938
from
1940
3, June 1,
1941
All commodities-
1939
1941
1940
1941
Week Ended
1,
1941
1941
1941
1941
Percentage Changes to
May 31, 1941 from—
June
May
3,
May
May
24.
Mag
Paper and pulp
Note—To
a
assist
those
organizations which use the output report statement in
&c„ the data on the same basis as formerly released wiil be con¬
Based on the old series, the figure for the current week was
few weeks.
2,730,000,000.
Decreases
Other foods
3.7
Rubber, crude
0.4
Cattle feed
3.5
Silk
0.4
Grains
3.1
Cereal products
0.3
Oils and fats
2.9
Paint and paint
Dairy products
0.9
Non-ferrous metals
0.1
0.6
Other leather products...
0.1
Meats
mtaerials
0.2
Weekly Electric Power Output Report of the Edison Electric Institute Revised
The above
weekly output figures reported by the Edison Electric Insti¬
tute have been revised
upward by reason of a broader definition of what
constitutes the public supply of power for the United States as a whole.
This change has
been made to bring the data reported by the Institute in
closer agreement with statistical reports
of the Federal Power Commission
in Washington.
Continued
Noted
Rise
Federal
in
Reserve
Index
of
June 5 that its seasonally
on
System
The index is shown below for the last three months
May.
and for
May, 1940.
public supply not heretofore reported.
The revised definitions similarly increase
figures on total generating capacity
of all plants contributing to such supply.
May Engineering Construction Up 46%—Private and
Public Awards Gain Over Year Ago
Engineering construction awards for May total $409,371,000, the third highest May volume on record, being
topped only by the 1929 and 1930 figures for that month,
according to a report issued June 3, by " Engineering News-
INDEX OF DEPARTMENT STORE SALES a
1923-1925 Average=100
May, 1941
definition includes certain additional governmental and indus¬
adjusted index of
department stores sales advanced from 104 in April to 106
in
new
trial power generation as part of the
Department Store Sales for May
The Board of Governors of the Federal Reserve
announced
The
Apr., 1941 Mar., 1941
May, 1940
Record."
Cleveland
+21
+ 18
+ 16
+ 31.
+ 12
+ 16
+ 17
+25
r+26
+ 12
+6
+ 15
Richmond
+25
+20
+ 37
+ 12
+ 17
+ 20
The weekly average for the five weeks of the current month,
$81,874,000, is 45% higher than for the five weeks of May,
1940, but is 14% below the weekly average for the four weeks
of April, 1941.
Private awards, on the weekly average basis, are up 35%
compared with last year, but 18% below last month. Public
construction tops a year ago by 50%, but is 12^% under a
month ago.
State and municipal construction and Federal
work, which make up the public total, are 4 and 121% above
their respective volumes for May, 1940, but are 5 and 17%
lower, in that order, than in April.
Values of awards for the
Atlanta-
+25
+28
+ 11
+ 14
+ 19
+25
+ 10
+8
+ 16
three months
Chicago
+21
+20
+ 11
+ 13
+ 16
+ 18
+ 11
+ 14
St. Louis—___
+27
r+29
+ 16
+ 11
+20
+ 12
+24
+9
+ 13
+ 12
M'04&
106
Adjusted for seasonal variation
Without seasonal adjustment
103
93
106
106
89
Change from Corresponding Period a Year Ago (Per Cent)
Federal
Reserve
Year
Four Weeks Ended—
One Week Ended-
1/1
i>U
District
May
May
May
31
24
17
10
Boston
+19
+29
+ 18
+8
May
April
Mar.
31
May
26
29
+ 17
+24
+8
Mar.
May
31
:1
+21
+ 14
New York
+ 19
+ 18
+8
+10
+ 13
+20
+4
+ 12
+ 11
Philadelphia
+26
+23
+8
+11
+ 16
+ 36
+ 10
+ 15
+ 17
♦
*
♦
i
*
are:
+ 17
+ 14
+8
+8
+ 10
+23
r+10
+ 20
+8
+ 15
+ 14
+4
+9
+ 11
(5 Weeks)
Dallas
+24
r+29
+ 20
+21
+ 24
+21
+5
+25
+ 14
+ 13
+ 17
+ 21
+9
+21
+21
+ 12
+ 13
+ 16
+23
+9
+ 12
+ 14
May, 1941
(5 Weeks)
+ 14
+ 16
+ 10
+5
April, 1941
(4 Weeks)
May, 1940
Kansas City
Minneapolis
San Francisco
.
,
+ 14
$282,296,000
92,649.000
$381,563,000
121,863,000
125,280,000
189,647,000
116,127,000
Total construction
Private construction
U. S. total—
259,700,000
284,091,000
102,608,000
121,321,000
73,520.000
157,092,000
162,770,000
Public construction
State and municipal
WEEKLY
INDEX,
WITHOUT
1941—May 31
SEASONAL ADJUSTMENT,
.....108
May 24_
1940—June
1935-1939=100
1_.„.
90
117
May 25
97
May 17
....110
May 18
99
May 10
...128
*
May
11...
114
K / •./y•' :.*'/'*• 7, ^"+y'
Revised.
r
Monthly indexes refer to daily
figures estimated from weekly sales.
average
sales
in
calendar month;
■
May,
*;-V■ '•'
...
The May volume brings
252,182,000,
last year.
an
Edison Electric Institute, in its current weekly re¬
port, estimated the production of electricity by the electric
ended
power
industry of the United States for the week
May 31,
1941, was 2,898,000 kwh.
The current
17.0% above the revised output of the cor¬
responding week of 1940, when production totaled 2,477,689,000 kwh.
The revised output for the week ended
May 24, 1941, was estimated to be 3,011,754,000 kwh., an
increase of 16.3% over the like week a year ago.
week's output is
over
Federal, 546% over last
a
and public construction, $1,615,023,000, exceeds
year,
Of the public total, $1,068,520,000 is
and $546,503,000 is State and municipal, 6%
year ago.
averages
in the various classes of construction compared with
those of the corresponding month
of 1%, in public
building
the total for the corresponding period
Private awards, $637,159,000, are 63% higher than in the five-
May weekly
Electric Output for Week Ended May 31, 1941, Shows
Gain of 17.0% Over Year Ago
light and
construction volume for 1941 to date to 82,-
increase of 98%
its 1940 five-month total by 117%.
1941
below
The
_
month period a year ago,
Not shown separately but included in United States total,
a
Federal
$409,371,000
and
last year show gains in streets and roads
buildings, 267%, industrial buildings, 32K%, commercial
large-scale private
classified construction, 162%.
housing,
26%,
bridges, 36%, and un¬
Losses are in water works, 20%, sewerage,
13%, and earthwork and drainage, 75%.
Comparisons of current
creases
scale private housing,
and
averages
in streets and roads, 4%,
3%, and bridges, 65%.
with those of a month ago reveal in¬
public buildings, 9%, industrial buildings,
Decreases are in commercial building and large-
17%, water works, 55%, sewerage, 21%, earthwork
drainage, 52%, and unclassified construction, 43%.
Geographically, all sections of the country record increases over last May.
Construction volume in New England is 74%
higher, Middle Atlantic is
up
38%, South, 36%, Middle West, 23%, West of Mississippi, 48%, and Far
West, 118%.
■
;;<.'L•+
Volume
The current
show
ago
regional weekly
averages
92% gain in South, and
a
other four sections
in West of
The Commercial & Financial Chronicle
152
are
a
compared with those of a month
below April averages,
Mississippi to
a
ranging from
a
9% decrease
drop of 45% in the Far West.
New Capital
New
capital
for
increase of 4%
an
month's
$223,996,000,
the volume reported in May, 1940.
over
The current
financing is made
new
}■ V-. o
totals
construction
up
for
purposes
May
United
States
$9,029,000
Housing Authority loans for low-rent housing projects,
$5,830,000 in corporate security issues, $2,417,000 in Reconstruction Fi¬
nance
Corporation loans for industrial expansion, and $759,000 in: RFC
loans for public improvements.
New construction financing for the year to date,
$3,271,780,000, is 463%
higher than the $581,403,000 reported for the five-month period last year.
Of the 1941
volume, $2,891,337,000 is in Federal appropriations for defense
construction, $111,542,000 is in corporate security issues, $217,005,000 is in
State and municipal bond sales, $22,550,000 is in USHA loans for slum
clearance projects, and $29,346,000 is in RFC loans, $28,287,000
dustrial expansion,
50,150,000, the highest figure on record.
Total unemploy¬
ment was 3,526,000 less than the. Board estimated for April
a year ago.
With allowance made for the 2,271,000 persons
comprising the Government's emergency labor force, there
for in¬
totaling
ment of June 2 further said:
A
contra-seasonal
industries
tries
this
a
Bank debits
Year
Ago
reported by banks in leading centers for
the week ended May 28 aggregated $10,109,000,000.
Total
debits during the 13 weeks ended May 28 amounted to
$129,505,000,000, or 15% above the total reported for the
corresponding period a year ago. At banks in New York
City there was an increase of 7% compared with the corre¬
sponding period a year ago, and at the other reporting centers
there was an increase of 20%.
These figures are as reported
on June 2, 1941, by the Board of Governors of the Federal
Reserve System.
SUMMARY
BY
with
facturing,
with
12,000.
390,000.
engaged
service
the
in
Additions
Other indus¬
of this rise.
usual for
than
148,000
occurred in
increase
public utilities,
and
with 30,000,
transportaton,
;
A seasonal
of
employment,
agricultural
Of the broad groups, only mining recorded fewer workers engaged.
Owing to the strike of bituminous coal workers, which alone caused a de¬
in
crease
employment for the month of 311,000, employment in the mining
industry
the lowest
was
drop of
than
more
employment
1940,
10,476,000
it
Although
creased
only
month.
upswing,
mid-1937.
time,
In the service industries
were
than
more
engaged
compared
as
with
1,600,000
per¬
in April, last year.
lower,
was
than
about
deducted,
the
would
for
that
at
at
two and
a
unemployment
April.
for
except
other
any
time
half
figure
a
few
since
millions
If that substantial addition to
mark and
force
There
46,005,000.
to
employment increased 752,000 in April, unemployment de¬
705,000 because of additions to the labor force during the
increment of
an
April of this year than in
4,145,000 greater in
amounted
Unemployment
1937
the
from the March employment figure.
manufacturing
in
This represented
record, and stood at 459,000.
employed this April than
were
sons
on
40%
was
when
persons
to
summer
October,
the
would
go
despite
working force were
below
the
three
million
labor
emergency
estimated at less than
was
of
months
1930,
working force since
the available
be only slightly above the Government's
In.. 1929 unemployment
half
a
million.
UNEMPLOYMENT
RESERVE DISTRICTS
FEDERAL
persons
high employment record.
trade, distribution and finance, with 228,000; manu¬
12,103,000 this April.
as
all-time
recording employment increases of greater proportions
Total
14.5% Above
222,000
of
the
to
branches accounted for 189,000
time of year are
April,
Bank Debits for Week Ended May 28, 1941,
increase
contributed
the military
to
a
and $1,059,000 for public improvements.
only 3,141,000 jobless out of the Nation's labor force
about 55,500,000 persons.
The Board's announce¬
were
of $172,500,000 in Federal appropriations
for construction, $33,461,000 in State and municipal bond sales,
in
The
10% increase in Middle West.
3565
AND
EMPLOYMENT
(In Thousands)
(In Millions of Dollars)
Awe.
Mar.,
Apr.,
Feb.,
Mar.,
Apr.*
1929
13 Weeks Ended
Week Ended
1933
1940
1941
1941
1941
Federal Reserve District
May 28,
May 29,
May 28,
May 29,
1941
1940
1941
1940
$545
.
.
Cleveland------Richmond.
-
3,885
526
........
Philadelphia
$463
4,263
Boston.-.
New York
499
718
-
304
309
Chicago..——
St. Louis...—————
229
1,502
Atlanta------.——
1,272
375
19,701
3,995
337
169
165
293
Minneapolis
9,151
4,976
4,177
250
Dallas
246
197
San Franelsoo—————
785
641
2,334
3,832
3,195
10,327
Total, 274 reporting centers..—
$10,109
3,930
5,367
$8,825
3,609
4,552
$129,505
48,655
70,090
811
664
10,761
Kansas City _
_
429
Agriculture
140 Other leading centers *
133 Other centers
*
$112,733
45,311
8,938
35,884
46,005
9,961
11,431
10,539
Forestry and fishing.
6,117
7,029
48,439
49,398
5,412
50,150
10,536
10,893
11,283
267
Extraction of minerals
136
211
211
216
222
19,097
Total industry
10,966
15,956
17,967
18,267
18,163
1,067
11,059
645
744
764
770
459
6,966
10,476
3,340
941
Transportation
2,465
1,549
1,940
1,859
11,790
2,459
1,997
11,955
Construction
12,103
2,756
2,048
Public utilities
1,167
865
936
957
965
977
Trade, distribution and finance..
8,007
6,407
7,390
7,526
7,569
Service industries
9,003
1,012
7,711
10,080
11,170
11,410
7,797
11,632
703
937
1,027
1,044
1,053
Manufacturing
Miscell. industries and services.
New York City *
14,762
47,925
Employment total
$6,018
49,324
5,734
7,171
3,998
3,387
16,509
3,317
2,304
3,427
2,741
8,803
$7,263
53,402
7,152
584
379
...........
Unemployment total
*
.
2,560
2,018
Preliminary.
58,341
9,082
Weekly Statistics of Paperboard Industry
Centers for which bank debit figures are available back to 1919.
We
Report of Lumber Movement, Week Ended May 24, 1941
Lumber
production during the week ended May 24, 1941,
3% less than in the previous week; shipments were 9%
less; new business 1% greater, according to reports to the
National Lumber Mfrs. Association from regional associa¬
tions covering the operations of representative hardwood and
softwood mills.
Shipments were 1% below production;
new orders
18% above production.
Compared with the
corresponding week of 1940, production was 3% greater,
shipments 8% greater, and new business 31% greater.
The
industry stood at 129% of the average of production in the
corresponding week of 1935-39 and 130% of average 1935-39
shipments in the same week.
The Association's report
was
give herewith latest figures received by us from the
National Paperboard Association, Chicago, 111., in relation
to activity in the paperboard industry. "...Q:
The members of this Association represent 83% of the
total industry, and its program includes a statement each
week from each member of the orders and production, and
also
figure which indicates the activity of the mill based
operated. These figures are advanced to equal
100%, so that they represent the total industry.
a
the time
on
STATISTICAL
Orders
corresponding weeks of
and
new
orders
were
1940, shipments
were
17%
above the shipments
21% above the orders of the 1940 period.
weeks of 1941 to date, new business was
ments
were
14% above
For the 21
528,155
420.639
-
429,334
520,907
May
682.490
June
Percent of Activity
Current
Cumulative
508,005
-
579,739
453,518
449,221
466,942
624,184
509,781
587,339
72
71
70
71
69
167,240
137,631
129,466
193,411
247,644
236,693
70
70
70
76
72
79
73
73
July
544,221
August
452,613
468,870
670,473
487,127
162,653
74
73
470,228
163,769
72
73
648,611
184,002
#79
November
488.990
509,945
161,985
77
73
December
464,537
479,099
151,729
71
73
January
February
673,446
608,521
629,863
202,417
261,650
75
648,579
March
Supply and Demand Comparisons
The ratio of unfilled orders to gross stocks was
year ago, gross
April
652,128
571.050
337.022
82
857,732
726,460
447,525
656,437
602,323
488,993
141,176
261,650
277,115
300,378
322,605
337,022
September
Unfilled orders
Remaining
Tons
October
10% above production, and ship
6% above production.
compared with 21% a year ago.
ACTIVITY
of-
March
was
MILL
Orders
Tons
Tons
February
Reported production for the 21 weeks of 1941 to date
Production
Received
Period
January
Year-to-Date Comparisons
PRODUCTION,
Unfilled
1940—Month
further disclosed:
REPORTS—ORDERS,
40%
were
on
May 24, 1941,
68% greater than
a
stocks were 14% less.
Softwoods and Hardwoods
1941—Month
April
Record for the current week ended May 24, 1941, for the previous week
196,037
73
of-
—
May.
81
*
83
__
mm
mm
mm
"
Week Ended—
and for the corresponding week of a year ago, follows, in thousand board
1941—
feet:
Mar.
Softwoods
Hardwoods
Softwoods and Hardwoods
155,262
154,001
168,701
1
Mar.
8
Mar. 15
167,430
161,996
183,264
181,778
160,769
166,338
Mar. 22
1941
Previous
Mar. 29
Apr.
5--—
Apr. 12.
1941
1941
1941
1940
Week
Week
Week
Week
Week
(Revised)
Apr.
475
May
May
Apr.
09
393
Mills-.
240,034
10,565
100%
469
469
100%
250,599
243,061
Shipments......—.
235,080
98
11,858
112
258,871
270,837
283,595
118
11,794
112
246,938
295,389
228,434
Orders.
225,863
292,635
Production—
May
May
May
19
26
3
10..
17
24.
31.
165,583
.
170,436
161,295
168,875
155,831
138,165
82
77
80
82
78
82
78
84
79
143,748
141,874
147,263
146,578
150,259
368,304
393,732
85
80
134,853
415,485
78
80
147,582
147,188
148,381
149,884
152,410
151,648
431,859
447,525
466,064
472,782
489,915
84
80
83
80
84
80
84
80
85
81
488,993
84
81
83
79
ii'V:'
Note—:Unfilled orders of the prior week plus orders received, less production, do
Conference
Board
Reports
April
Unemployment
De¬
clined to 5,412,000—Over 1,500,000 Persons Found
Work in March and April
A
drop in unemployment of 705,000 in April reduced the
not
Wheat
Conference Board, New York.
ployment
was
752,000
and
The month's increase in
brought
total
employment
em¬
to
Seeding Practically Completed in Canadian
Provinces, Says Bank of Montreal
Prairie
total number of jobless to
5,412,000, the lowest for any April
since 1930, when fewer than 3,000,000 were without work,
according to the Division of Industrial Economics of the
Compensation for delinquent
filled from stock, and other items made necessary adjust¬
necessarily equal the unfilled orders at the close.
reports, orders made for or
ments of unfilled orders.
"In
the
Prairie
Provinces
of
Canada
wheat
seeding is
practically completed and the sowing of coarse grains is
well advanced," the Bank of Montreal stated in its May 29
crop
report.
"A Dominion Government survey indicates the
<
1941 wheat acreage at
The
1940.
from
Germination
the
on
20,882,000 acres, or
acreage
greater than last
which continues:
to
sown
decline of 25%
a
grains
coarse
will
be
year," according to the bank's report,
even,
early
and
growth
is
In Quebec Province operations on
present prospects.
maintain
to
countries shall not
progressed satisfactorily under generally favorable conditions
and seeding is nearly completed in most areas.
The season is about two
weeks earlier
than usual, but latterly lack of
moisture has retarded
In the
growth.
Ontario seeding operations are nearing completion about a
usual, but In many sections growth has been delayed
In
further said:
by the Bureau of Customs,
The quota status of imported
presentation of entry for con¬
the customhouse in the port where the coffee
administration of the coffee quotas
sumption in proper form at
has arrived.
When the Bureau's
authorization of entry for consumption of coffee is
of any import quota, the customs officer in charge
arrived will telegraph the Bureau for its
presentation of entry for consumption.
required for the control
where the coffee has
at the port
quota status upon
earlier than
week
by deficiency of moisture.
Fruit trees have blossomed heavily.
In Nova
Scotia and Prince Edward Island, rainy weather has delayed work on the
land.
New
In
and
indicated
well under
Brunswick potato planting is
generally is fairly well advanced.
grain
crops
are
way
and seeding
In British Columbia a heavy hay crop is
advanced.
Prospects are for com¬
apples and berries.
well
paratively light crops of cherries,
♦
Quotas Favored by Over 80% of Farmers Voting
Wheat
National
in
Referendum—First
Control Has Been
The
nearly
Time
Marketing
Applied to Wheat
Department of Agriculture announced on June 3 that
complete unofficial returns indicate that wheat
approved
farmers in the national referendum on May 31,
marketing quotas for the 1941 crop with a 80.8% favorable
vote, far above the required two-thirds.
More than a half
million wheat farmers voted in the referendum held in 40
tabulated to date 408,091
in favor of quotas, and 97,116
opposed. An estimated 40,000 to 50,000 votes, principally
absentee ballots, remain to be tabulated, according to the
Department which also stated:
Of
States.
the
505,207 votes
the Department states, were
This is the first time marketing quotas,
Adjustment Act of 1938,
Germany Again Led the World in 1940 Rayon Produc¬
tion—Total Output for All Countries Established
New
of rayon (yarn plus staple fiber) reached
high record production level of 2,380,810,000 pounds
in 1940, an increase of 7% compared with an output of
2,227,490,000 pounds reported for 1939, according to a com¬
pilation contained in the current issue of the "Rayon
Organon," published by the Textile Economics Bureau,
Inc., New York.
Of the 1940 total, 1,143,960,000 pounds
were rayon filament yarn and
1,236,850,000 pounds were
rayon staple fiber.
According to the Bureau rayon was the only fiber to set a
new high production record in 1940, and, for the first time in
history, the world output of rayon exceeded the world
production of raw wool (scoured basis).
Thus rayon moved
into second place in the four fiber group, the total output
being exceeded only by that of cotton.
Wool output ranked
a
Cotton, tobacco
new
third and silk fourth.
The Bureau further reports:
provided, under the Agricultural
have been applied to wheat.
High Record of 2,381,810,000 Pounds
World production
in 1939, again was first in total rayon production.
Germany in 1940, as
Total rayon
production in Germany and occupied countries amounted to
The Act provides that
when supplies of wheat are 35% or more above normal domestic consumption
and exports, marketing quotas must be proclaimed.
Quotas remain in
effect, however, only when approved by two-thirds of the wheat farmers
825,000,000 pounds, or 35% of the world's
voting in a national referendum.
the world output for 1939.
and
peanut growers previously
approved quotas.
Quotas will apply on all farms where wheat seeded for
exceeds
larger.
their
1941 harvest
15 acres, or normally yields more than 200 bushels, whichever is
Farmers who have seeded within their allotments may market
entire
excess
production
without penalty.
Wheat produced on acres in
of the allotment will be subject to a per-bushel
choice of
paying the penalty on it (in which case he may market it), storing
bond,
delivering it to the Government for use in supplying
or
wheat is sealed in approved storage,
excess
collateral for
a
it under
relief needs.
it will be considered eligible
Government loan at 60% of the regular loan rate
offered
cooperators.
program
The 1941-42 wheat
and represents the minimum allowed by
The wheat marketing quota is designed
law.
to divide a limited
and to keep part of the supplies
market among all growers
off the market until needed.
May 17,
the referendum
page
were
discussed in
our
issue of
3099.
production of rayon filament yarn in 1940 was essentially equal to
Had it not been for the substantial increase in
production of rayon filament yarn by the United States, however, and a
moderate increase in the output of Germany's rayon yarn industry, the
production of rayon filament yarn in 1940 would likely have
world
All of the European
countries engaged in actual hostilities, except Ger¬
The Bureau of Customs announced on June 5
Agree¬
producing countries in North and
South America, except Brazil, showed gains in 1940.
The increased production of rayon filament yarn in the United States
is
all rayon filament yarn
noteworthy.
especially
yarn at
production of filament rayon
United States'
390,070,000 pounds in 1940 accounted for 34% of the world pro¬
yarn
pre-eminent in the rayon
The dominance of the United States in the world rayon picture
field.
is further
emphasized by the fact that Germany, including many subju¬
of the world's yarn total last
gated countries, accounted for only 22%
Japan's production in 1940 declined from the 1939 level due to a
year.
shortage of raw materials, coal, and power.
The world production
of staple fiber in 1940, aggregating 1,236,850,000
pounds, set a new record total for this branch of the industry, exceeding
the previous high
duction of rayon
in 1939 by 14%, and also was larger than the world pro¬
filament yarn for the first time in history.
ing growth of rayon staple fiber production is
fact that the 1940 world output was twice the world output
shown
as
With the exception of Japan and
the United Kingdom, the 1940 output
of all other principal producing countries was in excess
On
1939 totals.
of staple fiber in
over
a
percentage basis, the United States'
Established
pounds, an increase of 31 % over 1939.
increased
crease
18% to
a
The output of staple fiber in Italy
total of 225,000,000 pounds.
While Germany's in¬
French, and Polish production,
reflected the inclusion of Belgian,
the great bulk of the increase was
due to expansion of Germany's "own"
staple fiber industry.
The decline in British
staple fiber output in 1940 was due to various
dislocations created by the war,
while the slump in Japan's staple fiber out¬
put to a 1940 total of 300,000,000 pounds was
due to
Guatemala
Brazil
Colombia
Costa Rica
Cuba
El Salvador
Honduras
Mexico
Nicaragua
Ecuador
Haiti
Peru
Non-signatory countries:
All types ol coffee.
Following is the world production of rayon filament yarn plus rayon
staple fiber, in pounds, for the more important countries for the years
1939
Germany *
(Date)
Pounds
filled)
filled)
filled)
1,071,510,967
364,885,141
1941
1941
1941
1941
1941
1941
1941
56,755,243
1,354,737
53,341,476
16,685,766
17,887,442
34.444,042
46,957,980 (Apr. 21, 1941
42,192,125
45,566,830
15,873,120
70,767,660
55,555,920
L,230,166,800
416,669,400
26,455,200
10,582,080
79,365,600
2,645,520
62,831,100
25,793,820
19,841,400
36,375,900
3,306,900
May
May
May
May
May
May
May
24,
24,
24,
24,
31,
31,
31,
(May 31, 1941
Mocha coffee..
2,120,335
Arabica coffee other than Moca
2,645,520
825,000,000
1938
470,000,000
Under tne terms ol an Executive Order, signed April 21,
Japan
525,000,000
600,000,000
548,850,000
471,170,000
379,940,000
Italy.
325,000,000
268,310,000
Great Britain
150,000,000
84,640,000
310,000,000
180,000,000
208,700,000
197,295,000
2,380,810,000
2,227,490,000
1,945,885,000
All others
Total
584,600,000
287,485,000
138,195,000
24,460,859
4,187,674
2,800,577
729,185
May 31, 1941
May 31, 1941 Import quota
Allother coffee
filled
x
1941, entry lor con¬
sumption ol collee the produce ol non-signatory countries is limited to imports ol
the Arabica species during the period April 22 to Aug. 31, 1941, and separate quotas
1 not more than 20,000 bags each were established lor Mocha collee and lor Arabica
1940,
United States
As of
(Import quota
(Import quota
(Import quota
May 24, 1941
May 24, 1941
May 24, 1941
May 24, 1941
April 22 to August 31,1941, Incl.—
Non-signatory countries:
x
the same causes
that curtailed its output of filament yarn.
Entered for Consumption
Quota
(Pounds)
Venezuela..
production
1940, at 81,100,000 pounds, showed the greatest gain
the 1939 level with an increase of 58%.
1939, and 1938:
of May 24, 1941.
12 Months from Oct. 1, 1940—
Dominican Republic
of this product
in 1937, a span of only three years.
1940
Quota Period
The astonish¬
strikingly illustrated by the
Germany's 1940 production of rayon staple fiber amounted to 575,000,000
preliminary
figures for imports of coffee subject to quota limitations
under the President's proclamation of the Inter-American
Coffee Agreement on April 15, 1941, and an Executive order
signed April 21, 1941 (referred to in our issue of April 26,
page 2632).
The following tabulation made available by the Treasury
Department, lists the coffee quotas which have been filled,
and shows import figures for the quotas now under tele¬
graphic control as of May 31, 1941. Total imports under
Country of Production
On the
produced less rayon filament yarn in 1940 than in 1939.
hand,
other
of the
Import Quotas Under Inter-American
ment Reported by Bureau of Customs
the other coffee quotas are
fallen
well below that of 1939.
of rayon staple fiber
♦
Coffee
The
duction, definitely establishing this country as
supply is estimated by the Agriculture
Department at 1,236,000,000 bushels and exceeds the mar¬
keting quotas level by 217,000,000 bushels.
As reported in our issue of May 31, page 3526, the 1942
national wheat acreage allotment at 55,000,000 acres.
This
was a reduction of 7,000,000 acres below the 1941 allotment
Plans for
States
output of
many,
The farmer who has wheat in excess of his allotment has the
Japan was second with
total.
525,000,000 pounds, or 22%, closely followed by the United
with an output of 471,170,000 pounds, or 20%.
an
penalty of 50% of
the basic loan rate.
If
all types the produce of non-
The quota for Arabica coffee other than Mocha has now been
for consumption of Mocha coffee the produce of non-signatory
exceed 2,120,335 pounds during this period.
priority import permits will not be granted.
coffee will be determined as of the time of
have
land
Mocha, within the annual quota for
signatory countries.
filled- therefore, entry
strong and
Soil drifting has caused slight damage in some areas, but recent
moderate to heavy rains will prove beneficial.
In northeastern Alberta
and the northern and western districts of Saskatchewan, good rains are
the
coffee other than
Jane 7, 1941
The Bureau's announcement
is
whole
sturdy.
needed
Chronicle
The Commercial & Financial
3566
*
Germany's output for 1940 includes the production ol Belgium, France,
Czechoslovakia, Hungary, Netherlands, Norway, Poland, and Rumania;
the totals lor Austria and Czechoslovakia are
Austria,
for 1939
included; and lor 1938 it includes the
output ol Austria.
Domestic
Continued at High
Inventory in Hands of Weavers
Rayon Yarn Shipments
Level in May—Yarn
Deliveries of rayon filament yarn to domestic mills during
May totaled 39,900,000 pounds as compared with 38,700,000
Sounds1940, according to April Textile Economics Bureau,
delivered during the and 32,200,000 pounds in
lay,
Inc., New York. Yarn inventories held by producers at the
end of May amounted to 5,900,000 pounds, a further reduc¬
tion from the already-low figure of 7,400,000 pounds held at
the end of April.
It was also reported that
deliveries of
Volume
The Commercial & Financial Chronicle
152
rayon yarn to
domestic
for the first five months
consumers
of 1941 have amounted to 180,600,000
pounds as compared
with 154,700,000 in the same period of 1940, or an increase
°f 17%.
The
inventory of
rayon
filament
in the hands
yarn
might culminate in
a
consent decree.
,
,
of
the end of May amounted to 28,400,000
weavers at
3567
Ickes before making
any major decisions in matters such as
the major oil case now before the District Court in the
District of Columbia which
possibly
pounds
compared with 27,300,000 pounds on April 30, and 21,600,000 pounds held on May 31, 1940.
With the entire
rayon yarn situation continuing tight, this less-than-fourweeks* yarn supply held by weavers may be considered rea¬
sonable, says the Bureau.
as
Following the report of the American Petroleum Institute's
special fact-finding committee to Coordinator Ickes on Tues¬
day in which the oil group found that a shortage of oil
tankers made necessary drastic curtailment of
consumption
of refined products on the East Coast, Mr. Ickes
sought to
alleviate the distress conditions by a
plan of reallocation of
maritime tanker facilities as the first
phase of a concerted
effort to lighten the burden which otherwise would fall
upon
Agricultural Department Reports Drought Threatens
Eastern
Pastures and Crops, as
Farm
Income and Costs Rise ro New High Levels
For text of this article see advertisement page iii.
Prices,
and Its Products—Secretary Ickes Named
Industry's "Dictator" by President Roosevelt—
Cooperation of Justice Department Announced—
Secretary Ickes Seeks Reallocation of Tankers—
API Committee Reports
Shortage in East NearDaily Average Crude Production Drops—California
Price Advances Under Investigation
The $10,000,000,000 American petroleum industry
under control of the Federal Government on
passed
May 31 when
President Roosevelt, acting under power of the National
emergency he had proclaimed four days earlier, named Secre¬
tary of the Interior Harold L. Ickes "Petroleum Coordinator
for National Defense."
In announcing the appointment,
President Roosevelt ordered Mr. Ickes to formulate a
pro¬
gram to insure "that the supply of petroleum and its products
will be accommodated to the needs of the Nation and the
National defense program."
In the letter of
appointment to the Secretary of the
gave
Mr. Ickes
only
power
"make specific recommendations" to Federal or State
governmental authorities and to the petroleum industry.
Under the powers granted to the President in his unlimited
to
emergency
ruling of May 27, however, there
was
that the "recommendations" of the coordinator
little doubt
on
matters
involving
petroleum would virtually be a ukase. The
President specified the four problems
facing solution by the
Petroleum Coordinator in his
letter, which recognized that
the difficulties facing the United States was not
shortage of
petroleum or refined products but a bottleneck in the trans¬
portation end of the industry, intensified by the "lendlease" move whereby 50 oil tankers were turned over to
Great Britain by American oil
companies.
The President's letter to Mr.
Ickes, listing the four
lems, follows:
1
The proper
development, production and utilization
of those
prob¬
reserves
of crude oils and natural
gas that are of strategic importance both in
and location.
2 Elimination
quality
reduction of cross hauling of petroleum and its products
and the development of
transportation facilities and of methods
or
by which
efficient
more
use
be
can
made
of existing
transportation and storage
facilities.
3
Balancing refining operations
products
use
of the
4
with
raw
full
consideration
materials and
The elimination of
to secure the maximum
for
requirements,
yields of specific
the most
economical
efficiency of production and distribution.
drilling of unnecessary wells in
proven fields and of
other unnecessary activities and
equipment.
While the letter of appointment did not contain
any specific
powers, specifically authorized Mr. Ickes to
make recommendations to the Office of Price
Administra¬
tion and Civilian Supply, a
price-fixing
power which in effect, it is
generally conceded, opens the door for the establishment of
price ceilings should petroleum price advances get out of
hand.
Mr. Ickes notified the Office of Production
Manage¬
that his office would
accept the special report of the
committee appointed by the American Petroleum
ment
Institute
the request of the OPM to make
recommendations for
dealing with the threatened shortage of gasoline and other
refined petroleum products
along the Atlantic Seaboard
at
this
summer.
The
Department of Justice, according to a letter from At¬
torney General Jackson to Coordinator Ickes, will cooperate
to the fullest possible extent.
The validity of any group
action by oil companies, made in order to
expedite defense
efforts at the request of the
Government, will be passed upon
by the Department of Justice.
Judging from
previous statements of Attorney General Jackson that when
in advance
the anti-trust laws interfere with the National defense
needs,
the laws will have to be
temporarily suspended, it appears
though industry-wide action, which might otherwise
bring the oil companies into conflict with the Department of
as
Justice
on anti-trust violation
changes, apparently will be
"overlooked" if it is in connection with the National defense
program.
'
Attorney General Jackson previously had entered into
similar arrangements with the OPM and with the Office of
Price Administration and Civilian Control.
The setup, in
the case of the OPM, allowed the organization or
committees to work with OPM
industry
on
production, allocation of
orders and other defense acceleration activities.
of the
In the
case
OPACS, it cleared the way for Government-industry
action in setting maximum prices.
It was indicated further
that the Department of Justice will confer with Coordinator
Coastline
areas.
At the samd time, he disclosed
that the Oil Burner Institute,
working in cooperation with
the
Government, and which represents the manufacturers
equipment, has started a campaign
to conserve heating oil by
increasing the efficiency of heating
equipment in homes, offices and factories.
The confidential report made to Coordinator Ickes
by the
and dealers of oil burner
Petroleum
Interior, President Roosevelt
Atlantic
American Petroleum Institute special committee held that
the
consumption curtailment necessary for the East Coast
"should be shared equitably
by the entire Western Hemis¬
or at least all of the United States."
In holding forth
the somewhat grim
prospects of gasolineless
phere,
Sundays,
re¬
strictions of residential fuel oil
consumption, reduction of
house temperatures in order to conserve distillate fuel oil
and restriction of kerosene for
heating purposes, the report
recommended to Mr. Ickes that a formal
industry committee
the problems
relating to defense demands and
needs of petroleum and its
products.
Representative Cole, head of the special subcommittee of
the House Interstate and
Foreign Commerce Committee,
testified before the latter
group on Tuesday in connection
with its hearings on
legislation enabling the Government to
build pipelines
and/or permit private companies con¬
structing pipelines necessary for defense needs the right of
eminent domain, which legislation was
requested of the
House
recently by President Roosevelt. Mr. Cole told the
House Committee that the need for
pipeline facilities from
the Gulf producing areas to the Atlantic Coast
region had
become imperative in view of the tanker
transfers to Great
be established to work out with Federal
agencies
which will arise in matters
Britain.
He presented a letter from
Acting Secretary of the
Navy Forrestal which stated that the "Navy Department is
vitally interested in the development of pipeline facilities
contemplated in this bill to insure expeditious, safe and eco¬
nomical
transportation of petroleum products."
Representatives passed the Cole pipeline
bill, designed to relieve the expected shortage of refined
petroleum products along the Atlantic Coast, on Thursday
as newly-appointed Oil Coordinator
Ickes made a plea to
automobile owners in the Eastern area to
voluntarily curtail
their consumption of gasoline.
Barring a voluntary reduc¬
tion of
consumption sufficient to relieve the situation,
mandatory restrictions of gasoline useage was indicated by
The House of
Mr. Ickes.
The Texas Senate passed
legislation extending the oil
proration law for two years from next September 1, instead
of accepting the measure passed
by the House which would
have extended the law
indefinitely. It was also disclosed
Thursday that the Senate has passed to third reading the
House bill which would give the Railroad Commission the
power to consider statewide market demand for crude oil
in establishing the allowable production for the
State, rather
than individual field demands and thus eliminate
selective
buying.
The pipeline question was
investigated extensively in the
API report which suggested a coordinated
pipeline program
including the immediate use of all existing facilities east of
Lima, Ohio, use of existing facilities east of Chicago which
might be supplemented by new construction, building of
new pipelines from
Portland, Me., to Montreal, and from
Baton Rouge into Georgia,
South Carolina and North
Carolina and also suggested a possible
pipeline from St.
Joe, Fla., to Chattanooga.
Incidentally, during the week
it was leported from Washington that the railroads in several
Southern States which had previously held
up pipeline con¬
struction by refusing to grant right-of-way for the
pipelines
over their properties had withdrawn this
opposition.
Some,
it was indicated, planned construction of
pipelines under
the planned new laws.
Mr. Ickes voiced approval of the API
report "in general"
on
Wednesday, disclosing that while he had not read the
report in full as yet, he thought he would approve them in
principle.
It was indicated in Government circles, however,
that an "overall" committee such as recommended in the
API report, which would work with the Administration
upon
problems arising out of defense needs of petroleum and its
products, would not be used.
Rather, there would be a
setup providing for the appointment of special committees
from the industry to cope with special
problems.
W. R.
Boyd Jr., Executive Vice-President of the American Petro¬
leum Institute, in commenting upon Mr. Ickes'
appointment
as Petroleum Coordinator
pledged full support to Mr. Ickes
as did R. B. Brown, General Counsel of the
Independent
Petroleum Association of America, and Frank
Buttram,
President of the Independent Petroleum Association.
Sole
dissenter was Representative Rizley, of Oklahoma, who
told the House that there
industry."
was no
need for
"
a
"czar for the oil
Quick action by the industry, working with the
Maritime
Commission, has been taken for replenishing the supply of
oil tankers held by American petroleum companies.
It
was disclosed early this week that Congress will be asked
legislation enabling the Maritime Commission
for private industry to build, through
about
$100,000,000 of new tankers.
This would mean the construction of about 38 ships, and is
shortly to
to
build
pass
or
arrange
loan,
Government
in addition to the
tanker-construction program already under
Some of the new funds requested would be used, it
was indicated, for expansion of existing shipbuilding facilities
to provide additional ways for the new tankers.
W. 8.
Farish, President of the Standard Oil Co. of New Jersey,
told stockholders at the company's annual meeting on June
3 that Standard of New Jersey is one of a group of oil com¬
way.
panies that will establish a shipbuilding company for the
construction of the new tankers in accord with the Maritime
Commission's ainouncement.
major California oil companies have been invited to
representatives to a meeting to be held by the OPACS at
San Francisco June 7 to discuss recent West Coast markups
in crude and refined products.
Governor Olson, whose
Ad
send
Henderson for an investigation of the
touched off the probe,
send a representative.
Standard
Oil of California defended the recent price advances in a
statement issued June 3.
"When the Government authori¬
ties meet with the California oil industry they will find that
the increases in the price offered to producers of crude oil
and the selling price of gasoline are justified" it was de¬
clared.
"The price of the company's regular grade of
gasoline is now Yi cent lower than the price in effect before
the reduction of May 27, 1940."
As the OPACS moved to probe the West Coast industry,
the Madison anti-trust violation cases came to an end on
June 2 when two oil companies and four individuals were
fined a total of $18,500 by Federal Judge Lindsay on charges
that they conspired in 1935 and 1936 to raise and fix retail
gasoline prices at artificial high levels in violation of the
Sherman anti-trust laws.
The defendants, convicted at the
recent
Leon
to
request
and refined advances
crude
also has been invited to
close
of
retrials
four-month trial in 1937-38, has been granted
a
and
had
changed their
pleas of
"not guilty" to
Fines Were imposed as follows: Standard of
"no defense."
Indiana, $5,000; City Service Oil Co., $5,000; Alexander
Fraser, President of Shell Oil, $2,500; W. G. McGuire,
Vice-President
Wadhams
division
of
Socony-Vacuum,
$1,500; E. J. Bullock, Vice-President Standard of Indiana,
$2,500; O. J. Tuttle, Sales Executive of Cities Service,
$2,000.
The charges against H. E. Brandli and H. O.
Fruehauff, both of Cities Service, were dismissed.
A sharp expansion of production in Illinois was the main
factor in a net gain of 13,250 barrels in the daily average
flow of crude oil in the United States during the final week of
June 7, 1941
Chronicle
The Commercial & Financial
3568
was stated by the OPM.
Reason for the requested ex¬
pansion of refining facilities, however, is "the recent increase
in prospective requirements of both the United States and
British air forces," according to defense officials.
A comparatively recent development, 100 octane gasoline
has replaced the 91 octane gasoline in all flight except com¬
mercial and basic military and naval training.
In advanced
flying and actual tactical flying, the higher grade gasoline
is now demanded.
The OPM disclosed that no expansion
it
production of 91 octane gasoline is neces¬
The Army and the Navy are unable to
plaie finn orders for the expanded output of the 100 octane
gasoline, it was said, but they will recommend certificates
of necessity up to the total capacity specified.
The fact-finding committee of the American Petroleum
Institute, whose report to Coordinator Ickes is covered
above, indicated that in addition to the current action taken
to alleviate the shortage of transportation facilities from
the Gulf Coast to the Atlantic Coast, the industry hoped to
eventually solve the problem by the construction of two new
pipelines at an estimated total cost of $140,000,000.
One
would be a 24-inch crude line to run from the Texas producing
area to the New York-Philadelphia refining area, while the
other would be a 24-inch products line to run presumably
from the refining area either on the Gulf Coast or the MidContinent to New York and New England.
From 12 to 15
months would be required to complete the two pipelines,
which would represent the carrying power of 120 tanks of
10,000 tons each.
7
Price changes in the major markets throughout the country
were limited this week as the industry waited further ex¬
pected action by Coordinator Ickes and other Federal
agencies on price control measures. Wholesale prices of
gasoline in the Mid-Continent area gained A cent on the
low side, rising to 5% to 6A cents a gallon on June 4.
Lubricating oils in the Mid-Continent market also displayed
further strength.
Refinery operations dropped 4.1 points to 86.2% of
capacity during the May 31 week, with daily average runs
to crude oil to stills slumping 168,000' barrels to 3,699,000
barrels.
The American Petroleum Institute report also
in facilities for the
sary
at this time.
disclosed that stocks of motor fuel
off 966,000 barrels
were
Production of gasoline dropped 486,000 barrels during the week.
Inventories of residual fuel
oil, reflecting the high industrial consumption, were off
1,017,000 barrels while stocks of gas oil and distillate gained
to
93,845,000 barrels.
422,000 barrels.
Representative price changes follow:
June 4—Bulk gasoline
prices
advanced
were
low side in the Mid Continent area, rising to
H cent a gallon on the
5% to 6% cents.
U. S. Gasoline (Above 65 Octane), Tank Car Lots,
New York—
Chicago
Texas.$.084
$.085
Socony-Vac
x
.09
y
Shell Eastern
x
Branded,
demand estimate of the Bureau of Mines of 3,799,700 barrels.
Louisiana and Texas accompanied Illinois in reporting
higher
Mines reported.
Price changes follow:
.08
N. M., crudes
on a
gravity basis, beginning at 80 cents
New York—
j
June 3—Conforming with the 7-cent advance
in Michigan basin fields,
prices in the
from $1.38.
N. Y. (Harbor)—
Bunker C
Prices of Typical Crude per Barrel at Wells
$2.55
____
Corning, Pa..1.31
Eastern Illinois
1.22
_
.
....
Mld-Cont't, Okla., 40 and above..
Smackover, Heavy....
LINES
LINE
1.25
.83
.
COST
PRICES
OF
Kettleman Hills, 37.9 and over
Pecos County, Texas
Lance Creek, Wyo
Signal Hill, 30.9 and
1.20
,92
.85
1.26
over
INCREASED
FACILITIES—TWO
AVIATION
NEW
PIPE¬
$140,000,000 SEEN NECESSARY—GASO¬
AGAIN
ADVANCE
OPERATIONS
STOCKS
$.85-.90
1.50
| Chicago—
$.041
28.30 D_........
Terminal
or
.-_S.03H-.03tf
i Tulsa
.
$.053
1
May 31, 1941, Gained 13,250 Barrels
daily
Rodessa, Ark., 40 and above
$1.25
East Texas, Texas, 40 and over.... 1.20
SEEKS
PRODUCTIVE
REFINERY
FUEL
1.37
PRODUCTS—OPM
AT
..
.....
2.00
Daily Average Crude Oil Production for Week Ended
SUFFER
IN
CURTAILED
MID-CONTINENT—
SHARPLY—MOTOR
DECLINE
A 25% increase in plant capacity for 100 octane aviation
gasoline was asked this week of the petroleum industry by
the Office of Production Management.
In acting for the
first time to assist in the expansion of production of refined
products, the OPM announced that certificates of necessity
and five-year amortization will be granted for the con¬
struction of new plants to boost output of the vital military
aviation gasoline.
; ' The 25% expansion in productive facilities will raise the
industry's production of aviation gasoline to 50,000 barrels
daily within the next 18 months, the OPM announced.
Current production of aviation gasoline ranges between
35,000 and 37,000 barrels daily.
Present capacity of the
industry to produce aviation gasoline used by the Army and
Navy on tactical flights is substantially greater than current
demands and "entirely adequate" for the next 12 months,.
American
The
(All gravities where A. P.I. degrees are not shown)
GASOLINE
Savannah, Bunker C.$1.30 iGulf Coast
Phila, Bunker C.....1.35 I Halifax.
..$1.35
N. Y. (Bayonne)—
7 plus
Adams-Arenac County prices went from $1.25 to $1.27.
REFINED
.Q4X->0i%
Tulsa
Fuel Oil, F.O.B. Refinery or Terminal
southwestern Michigan shallow traverse were lifted to $1.45
Illinois Basin
.041
....
of
grades.
Bradford, Pa
$.05251 New Orleans.$.05^-.0d
Philadelphia
$.052 North Texas
.05251
(Bayonne)
Baltimore
Previously, the posting was a flat price of 94
$1,12 for 40 and above.
cents for all
.05^-.06H
Super.
y
Gas Oil, F.O.B. Refinery
for below 20 gravity, and rising 2 cents per degree of gravity to a top
%
.05J4-.06
Kerosene, 41*43 Water White, Tank Car, F.O.B. Refinery
Diesel.....
June 2—-Sinclair-Prairie Marketing, effective May 30, placed postings
for Eddy County,
..$.05
...
Gulf Coast...
Oklahoma
TideWater Oil...
The American Petroleum Institute report placed the
total at 3,786,100 barrels daily, against the May market
May.
production totals, while California and Kansas were off on
the week.
Stocks of domestic and foreign crude oil held in
the country were off 1,069,000 barrels during the May 24
period, dropping to 261,576,000 barrels, the Bureau of
F.O.B. Refinery
Other Cities—
New York—
Petroleum
Institute
estimates
that
the
ended
May 31, 1941, was 3,786,100 barrels.
This was a gain
of 13,250 barrels from the output of the previous week. The
current week's figures were below the 3,799*700 barrels
crude
average
oil
production for
the week
calculated by the United States Department of the Interior
to be the total of restrictions
imposed by the various oil-
producing States during May.
Daily
for the four weeks ended May 31,
3,774,850 barrels.
ended
June
details
as
1,
The daily
1940,
average
production
1941, is estimated at
average
output for the week
totaled 3,749,050 barrels.
Further
reported by the Institute follow:
Imports of petroleum for domestic use and receipts in bond at principal
United States ports, for the week ended May 31, totaled 1.809.000 barrels,
a
daily
aveiage
of 258,429
barrels,
compared
with
a
daily average of
308,429 barrels for the week ended May 24, and 274,857 barrels daily for
the
four
whether
weeks
bonded
ended
or
May 31.
for
domestic
These figures include all oil imported,
use,
but
it
is
impossible to make the
separation in weekly statistics.
Receipts of California Oil at Atlantic Coast ports during the week ended
May 31, totaled 149,000 barrels,
which
was
a
daily average of 21,286 barrels, all of
gasolone received at the port of Philadelphia.
Reports received from refining companies owning 86.2% of the 4,535,000
barrel
estimated daily
potential refining capacity of the United States,
indicate that the industry as a whole ran to
stills, on a Bureau of Mines'
basis, 3,699,000 barrels of crude oil daily during the week, and
that aU
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines
as
of the end of the week, 93,845,000 barrels of finished and
unfinished gasoline.
The total amount of gasoline produced by all com¬
panies is estimated to have been 12,380,000 barrels during the week.
Volume
The Commercial & Financial Chronicle
152
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures In Barrels) % f*'V
is estimated at 10,470,000 net tons, an increase of 312,000
••
tons,
3.1%,
or
duction
in
the output in the preceding week.
Pro¬
corresponding week of 1940 amounted to
over
the
Actual Production
7,839,000 tons.
Four
B. of M.
Week
Change
Weeks
Week
State
Ended
from
Ended
Ended
Alloto-
May 31,
Previous
ables
1941
Week
May 31,
1941
Calcu¬
lated
Require
ments
3569
June
1,
1940
{May)
422,350
158,850
Oklahoma
440,000
Kansas
213,900
410.000 b413,350
217,900 b208,900
—1,350
—8.050
210,200
4,800
<>4,300
—50
4,350
100
Panhandle Texas
77,800
+ 1,350
78,800
99,650
30,000
+250
99,500
104,550
29,900
259,100
+1,166
255,750
Pennsyl¬
May 24 was estimated
at 840,000 tons, a decrease of 32,000 tons (about 4%) from
the preceding week*
In comparison with the output in the
corresponding week of 1940, there was a decrease of 4,000
67,450
North Texas
r'/':
cXCCy
The United States Bureau of Mines reported that
vania anthracite for the week ended
32,550
236,750
79,050
396,600
219,350
228,250
Nebraska.————
415,400
tons.
UNITED
STATES
PRODUCTION OF SOFT COAL, IN
THOUSANDS OF NET TONS. WITH COMPARABLE DATE ON PRO¬
DUCTION OF CRUDE PETROLEUM
'
ESTIMATED
West Central Texas._
Wert Texas
East Central Texas.
East Texas.
Southwest
„
.
79,500
+ 700
373.700
_
—
,
+50
78,600
373,700
209.850
Total Texas
+200
209,700
276,650
Texas
Coastal Texas
+ 600
276,300
Week Ended
May 24 May 17 May 25
1941
1941
1940
Bituminous Coal
+4,250 1,402,250 1,364,550
1,382,200 C1417222 1,406,250
.....
Coastal
Total
Louisiana...
72,700
244,800
237,950
+ 6,000
317,500
308,050
Dally,
70,100
+6,666
325,800
Louisiana...
320,300
320,324
83.900
76,673
Illinois
Indiana
+200
72,850
71,900
22,900
b27,500
—500
336,100
23.900
Arkansas.——.——,.
Mississippi
341,200
b22,000
+ 20.500
28,700
328,150
449,600
+ 1.300
20,800
11,900
+3,900
91,350
73,200
9,350
Eastern (not lncl. Illi¬
nois and Indiana)..
102,300
94,150
Michigan
Wyoming
40,000
90,900
38,000
85,150
Montana
21,300
+2,266
83,150
+ 50
19,000
98,900
59,150
72,200
17,900
+ 50
3.800
average.
10,470
New Mexico.
5,200
113,900
-----
Total East of Calif- 3,201,600
California
598,100
.....
114,000
—50
111,900
a
These
610,200
+ 13,250 3,774,850 3,749,050
Bureau of Mines calculations of the requirements
are
of domestic crude oil
based upon certain premises outlined In its detailed forecast for the month of May.
As requirements may be supplied either from stocks, or from new production, con¬
templated withdrawals from crude oil Inventories must be deducted from the Bueau's estimated requirements to
b Oklahoma,
7
determine the amount of new crude to be produced.
Kansas, Nebraska, Mississippi, Indiana figures are for week ended
May 28
a. m.
7,839 177,645 180,445 213,289
1,433
1,307
1,454
1,706
6,042
6,062
6,144 122,046 126,175
d
Subject to current adjustment.
ESTIMATED PRODUCTION OF PENNSYLVANIA ANTHRACITE
AND BEEHIVE COKE
(In Net Tons)
May 24 May 17 May 25
1941
1940.
1941
Panhandle shutdown days are May
10, 17, 24 and 31.
For East Texas and the
they are May 3, 4, 10, 11,17, 18, 24, 25 and 31.
d Recommendation of Conservation
fuel. a....
...
840,000 872,000 844,000 20,017,000 19,390,000 29,307,000
»
147,600 126,600
United States total
25,200
2,105,900
700,100
1,564,200
21,100
4,200
16,983
5,646
12,615
24,600
Daily average...
b Excludes colliery fuel,
operations,
RUNS
TO
STILLS,
c
Adjusted to comparable periods in the
three years.
WEEKLY
ESTIMATED
■
,
PRODUCTION
(The current weekly estimates are based on railroad carloadlngs and river ship¬
subject to revision on receipt of monthly tonnage reports from district
of final annual returns from the operators.)
Week Ended
Po¬
Gasoline
to Stills
Produc'n
Fin¬
Of
ished <Sr
Gas
of Re¬
011
sidual
tion
and
Fuel
Gaso¬
Re¬
tial
fineries
P.
lncl.
Daily Oper¬ Natural
port¬
Rate
C.
Aver.
ing
Blended
ated
Unfin¬
ished
a
May
Stocks
Gaso¬
a
Dis¬
line
643 100.0
574
89.3
Appalachian..
156
91.0
120
84.5
Ind., 111., Ky.
743
90.2
626
93.4
1,635
431
2,346
Avia¬
line
tillates
on
Alaska
Alabama.
8,012 E,
21,657
9,060
3,082
356
432
17,007
3,057
C'st
3,470
616
420
76.9
86.7
1,110
280
59.6
120
71.9
583
Texas Gulf...
1,071
89.2
877
91.8
2,724
14.119
Louisiana G'lf
164
97.6
148
92.5
361
3,420
6,601
1,247
No. La. & Ark
101
51.5
48
92.3
151
573
280
7,874
2,281
1,343
367
508
398
333
13
18
6
49
66
84
73
10
109
168
1
1
1
1
f
'
918
832
678
477
813
1,292
386
336
262
14.5
299
394
33
Indiana
27
35
19
56
81
83
79
42
90
131
844
—
757
756
368
834
679
242
183
Iowa.
Kansas and
1,932 Inter'r
1,008
1,387
7,221 G. C'st
3,850
1,493
305
—
e
1
•
87
—
Missouri
Kentucky—Eastern—....
Inland Texas.
45
,
12
Arkansas and Oklahoma..
Colorado
f
3
291
61
331
——
...
3
4
4
;
Georgia and North Carolina
Okla.,
Kans.,
Missouri.
1923
Stocks b Stocks
Illinois.
East Coast...
Avoe.
May 17 May 10 May 18 May 20 May 18
1929
1939
1941
1941
1940
Crude Runs
P. C.
tent
Stocks
Slate
at Re¬
District
■■>
and State sources or
(Figures in Thousands of Barrels of 42 Gallons Each)
Daily Refin¬
ing Capacity
■
r
STATES
BY
COAL,
(In Thousands of Net Tons)
'
OIL, WEEK ENDED MAY 31, 1941
v
OF
PRODUCTION
ments and are
OF GASOLINE AND STOCKS
OF FINISHED AND UNFINISHED GASOLINE AND GAS AND FUEL
CRUDE
truck from authorized
Includes washery and dredge coal, and coal shipped by
.
might have been surreptitiously produced.
c
Comm'l production.b.. 798,000 828,000 802,000 19,018,000 18,421,000 27,197,000
Beehive Coke—
■
oil which
1929
c
Total, including colliery
Committee of California Oil Producers.
Note—'The figures indicated above do not include any estimate of any
1940
1941
Penna. Anthracite—
a
This Is the net basic 31-day allowable as of May 1, but experience Indicates that
It will increase as new wells are completed, and If any upward revisions are made.
Calendar Year to Date
Week Ended
c
rest of the State
89,217
Includes for purposes of historical
107,350
38,050
3,786,100
d571,000
3.799,700
1,693
comparison and statistical convenience the
production of lignite,
b Total barrels produced during the week converted to
equivalent coal, assuming 6,000,000 B. t. u. per barrel of oil and 13,100 B. t. u.
per pound of coal.
Note that most of the supply of petroleum products Is not
directly competitive with coal.
("Minerals Yearbook, 1939," page 702.)
c Sum
of 21 full weeks ended May 24, 1941, and corresponding 21 weeks of 1940 and 1929.
a
+28,450 3.147,450 3,155,450
593,600
627,400
—15,200
3,175,900
10,158
1,745
—————
3,300
19,050
4,000
113,050
Colorado
1929
Crude Petroleum b—
Coal equivalent of weekly output.
.
1940
1941 d
c
a—
Total, including mine fuel
73,200
252,600
North Louisiana.....
Calendar Year to Date
—
89
104
51
193
20
23
29
42
7
7
2
1
14
12
41
37
42
36
47
42
17
16
17
13
f46
157
206
Western
38
Maryland
47
'
Michigan
—
Montana
—
Mew Mexico.....
......
..
Mtn..
California....
56.0
51
75.0
232
1.663
136
504
87.3
525
71.9
1,427
15,619
10,372
Calif.
66,263
31
14
12
15
18
Reported
86.2
3,369
Est. unrep'ted
24
561
558
389
272
389
860
2,766
2,648
1,877
1,233
2,68.5
3,578
137
97
95
121
1,666
11,000
87,295
32,844
91,222
7,140
1.380
86.2
6,550
680
1,535
320
330
North and South Dakota
Pennsylvania bituminous
121
836
Rocky
...
—
Utah
♦Est. tot. U.S.
Virginia—
4,535
12,380 e93,845
12,866 94,811
3,699
4,535
May 31, '41
May 24, '41
3,867
33,524
33,102
7,460
7,392
92,757
93,774
—
Washington
West
.
*
and
Bureau of Mines basis,
Estimated
pipe
dl 1,386 100,946
c3,607
May 31, *40
a
28,119 103,079
5,503
At refineries, bulk terminals, In transit
b Included in finished and unfinished gasoline total,
c May,
d This Is a week's production based on tne U. S. Bureau of
1940, daily average,
e Finished 86,311 bbls.; unfinished, 7,534,000
lines,
1940, dally average,
Mines May,
barrels.
22
250
28
22
21
38
44
2,273
2,225
1,760
1,4,58
1,873
1,380
840
835
564
539
686
862
88
70
80
54
96
110
*
*
Other Western States.c
10,158
coal
-■
9,400
♦
f3
.
7,541
Pennsylvania anthraclte.d...—-
872
829
11,030
10,229
5,09.5
936
831
Total, all coal.--t
8.372
6,031
f5
9,102
10,878
1,389
1,932
10,491
12,810
the N. & W., C. & O., Virginian, K. & M„ B. C. & G.,
b Rest of State, in¬
Tucker counties, c In¬
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.
a
Includes operations on
and on the B. &
Gas
74
;v
230
—-——- - -
Total bituminous
52
.
185
-»
-—
Wyomlng
18
3
279
■■
♦U.S.B.of M
15
331
...........
—
-
15
38
34
Virginia—Southern.a
-
54
8
49
372
.—-—
Northern, b
115
8
49
Tennessee—
Texas...-——.-
O. in Kanawha, Mason and Clay counties,
cluding the Panhandle District and Grant, Mineral, and
cludes Arizona, California, Idaho, Nevada, and Oregon,
Utility Revenues Gain for First Quarter
Manufactured and natural gas utility revenues amounted
$274,803,800 for the first three months of 1941, as com¬
with $271,991,700 for the corresponding period of
1940, an increase of 1.1%, it was announced on June 2 by
to
pared
Non-Ferrous
the American Gas Association.
manufactured
The
gas
industry
reported
revenues
$104,811,600 for the first quarter, an increase of 1.5% from
the same period of the preceding year.
The natural gas
Utilities reported revenues of $170,052,200, or 0.8% more
than for the first three months of 1940.
Total
were
manufactured
gas for the first quarter
cubic feet,
an
increase
of 3.0%.
utility sales for the period amounted to 456,-
sales
of
114,020,300,000
Natural gas
804,700,000 cubic feet, an increase of 4.3%.
Manufactured gas sales for domestic uses, such
as
cook¬
ing, water heating, refrigeration, &c., were 1.1% below the
same
period of 1940.
Sales for house-heating purposes
gained 1.3%, commercial uses gained 2.0%, and industrial
uses increased 21.2%.
Natural gas sales for domestic purposes showed a decrease
of 2.8%,
while industrial sales gained 11.9%.
Weekly Coal Production Statistics
United
States
the total
Department
of the Bituminous Coal Division
of the Interior showed that
production of soft coal in the week ended May 24
Sellers
Marking
Time
"Metal
and Mineral Markets" in its issue
of June 5
reported that Government control of the distribution of
copper, announced last Saturday, brought up many ques¬
tions of procedure that could not be answered immediately.
The result was that sellers moved cautiously in meeting new
demands of buyers and, in a sense, the entire industry marked
time, which condition may hold until the control plan can
be put into operation.
Demand for all of the major metals
was active last week, but the sales volume was kept down
by
restricting
measure
The
on
offerings.
June
2
that
President
Roosevelt signed
legalizes mandatory
a
priorities.
publication further reported:
Copper
Effective June 1, the copper
industry was placed under mandatory con¬
of production, the Quan¬
the Government for the month of June amounting to
20% of the April output, or 25,000 tons.
The percentage figure for the
"pool" is subject to change from month to month.
Copper owned by the
Metals Reserve Co. hereafter will be distributed by the Priorities Division.
Allocation of copper for civilian needs will be regulated under the new
order.
Excessive stocking of copper by customers is prohibited, which
trol.
The order sets up an emergency reserve out
tity earmarked by
The current weekly report
Metals—Copper
Pending Clarification of Control Regulations
of
3570
The Commercial & Financial Chronicle
action removes the metal from
inventory control restrictions under General
Metals Order No. 1, issued
recently.
How the need for
is growing Is
by the second Gano Dunn report to President Roosevelt on the
adequacy of the Nation's steel capacity. A highlight of the Dunn
report
is an estimate by the American Iron and Steel
Institute's Commercial
*
Spiraling of purchases occurred in
result that
later.
some
instances,
with
were
Research
for
the
inflated demand threatened to upset the
industry sooner
not mentioned In the control order and
the
an
Prices
or
through sales by
The
Priorities
Division
of the
Office of Production
tons in
Jobbers, dealers and distributers took
8,800,000 tons last year, and will take an estimated
11,800,000 tons in
1941 and 12,300,000 tons in 1942.
Management has
Mr. Hammond
has been associated with the New York sales
office of Kennecott Wire &
Cable Co., a subsidiary of Kennecott.
His father is Vice-President and
saies manager of the wire
company.
The
Domestic sales of copper for last week totaled
12,793 tons.
Sales for the
month of May totaled 80,833
tons, which compares with 88,179 tons in
April.
The tonnage set aside for June
by Metals Reserve has not been
nounced.
..V"'
offerings.
Sales of
W:.'-^
■;
ready market
a
as
a
contend accounts for part of the
expanding demand.
antimony
are
coming into the picture.
Foil makers
tities of lead.
at
5.70c.,
which
using larger
116,861 tons
a
quan¬
May 1, against 125,346
tons a month
previous and 152,285
year ago.
Zinc
Sales of zinc by the Prime Western
division for the week ended
May 31
totaled 3,988 tons, with
shipments in the same period amounting to
5,690
tons.
The backlog at the end of the week
was 96,999 tons.
The market
situation was unchanged, the
quotation for Prime Western
continuing at
7He., St. Louis.
The
industry
now feels that
will be imposed
on
modified form of the copper control order
or later.
a
zinc sooner
Tin
Demand for tin
was
Prices showed little
Concern about the
shipping situation tends to bring in buyers.
variation.
The operating rate of the
tin-plate
of
vv
-
fair throughout the last week.
industry has increased
to about
capacity.
was as
88%
follows:
Broadened authority was given the OPM Priorities
Division, headed by
on Monday
June 2) when the President signed
the Mandatory Priorities Bill.
At the same time the President
signed a
bill permitting Canadian
ships to carry iron ore from American
ports to
lower lake ports
during the 1941 season. Pressing demand for ore for
blast
furnace and steel rpoduction
prompted this unusual legislation. When the
President acted the Lake Superior iron ore
fleet had
just completed May
shipments totaling 11,081,199 gross
tons, a new all-time monthly record
which may bring the ore movement
to as much as
75,000,000
navigation
May 29
May 30
May 31....
alack of
July
52.200
Jyne
52.125
52.125
2
,
August
September
52.000
51.900
HOL IDAY
52.100
52.050
52.050
52.000
June
3
52.125
June
52.050
4
52.200
52.125
►
51.875
52.000
52.000
52.000
52.000
52.100
-
52.000
99%, spot,
was
nominally
as
follows: May 29,
4, 51.625c.
DAILY PRICES
OF
METALS
Electrolytic Copper
11.925
11.775
10.950
3
11.800
June
4
11.800
St. Louis
St. Louis
5.85
5.70
Holiday
5.70
7.25
5.85
5.70
7.25
52.125
i
62.125
5.85
5.70
7.25
52.250
5.85
5.70
7.25
10.960
52.175
5.85
5.70
7.25
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.
Copper, lead and zinc
deliveries; tin quotations
auotations
are
are
based
for prompt
In the trade,
domestic copper prices
delivered at consumers'
plants.
As
on
sales for both
prompt and future
delivery only.
are
quoted
on
a
delivered basis; that Is,
delivery charges vary with the
the figures shown above
destination,
are net prices at
refineries on the Atlantic seaboard.
livered prices in New
De¬
England average 0.225c. per
pound above the refinery basis.
Export quotations for copper are
reduced to net at refineries on
the Atlantic
seaboard.
On foreign
business, owing to the European
War, most sellers are
restricting offerings to f.a.s.
transactions, dollar basis.
Quotations, for the present,
reflect this change in
method of doing business.
A total of 0.05c. is
deducted from
f.a.s. basis (lighterage,
&c.) to arrive at the f.o.b.
refinery quotation.
Due to the
European
a
the usual table of
Prices on standard
war
daily London
prices is not available.
tin, the only
prices given, however, are as follows:
May 29, spot, £261 %,
three months,
£263%; May 30, spot, £263, three
months,
£264%; June 3, spot, £264%, three
months, £265; and June
4, spot, £265, three
months, £265.
five point gain in the
Detroit district.
remains
Mills
Look
to
on
Washington
Plate
THE
for
Prompt
Priorities
mandatory priorities.
turers would like to
to
as
see
is
which
on
mandatory
materials
and
priorities
Age" further reported:
The "Iron
Age"
largely due
scrap composite
COMPOSITE PRICES
Lb.
[Based
2.261c.
on steel bars, beams, tank plates.
wire, rails, black pipe, sheets and hot
rolledstrips.
These products represent
,
2.261c.
____2.26c.
85% of the United States output.
High
2.261c.
Jan.
7
2.261c.
Jan.
2
....2.286c.
Jan.
3
1941
1940
.
1939
.
1938
2.512c.
1937
Low
Mar.
Dec. 28
9
.........2.062c.-"Oct.
1
2.118c.
Apr. 24
1.953c.
Oct.
3
1.915c.
Sept. 6
.....1.981c.
Jan. 13
1934..
1933
1932..
1931
1930
.,2.192c.
1929
June 3, 1941, $23.61
a
Gross Ton
One week ago
One month ago
One year ago..
w
■
18
4
Mar. 10
Jan.
8
.
„
May 28
Jan.
2
May
2
1.870c.
1.883c.
1.962c.
2.192c.
Mar. 15
'V''I.'"
Dec.
29
Dec.
Oct.
V.
9
29
■'
•
on average for basic iron at Valley
Chicago,
Philadelphia,
Buffalo,
Valley,
and
Southern iron at Cincinnati.
.
//fyh
1941
Low
■
.$23.61
Mar. 20
$23.45
Jan.
2
23.45
Dec. 23
22.61
Jan.
2
22.61
1940
Sept. 19
20.61
Sept. 12
July
...
1939
1938..
23.25
June 21
19.61
23.25
Mar.
9
20.25
Feb.
16
19.74
1937..
1936
1935
Nov. 24
18.73
Aug.
11
18.84
Nov.
5
17.83
6
May
14
17.90
May
1
16.90
Jan.
27
16.90
Dec.
5
13.56
Jan.
14.81
Jan.
5
13.56
Dec.
6
15.90
Jan.
6
14.79
Dec.
15
.18.21
Jan.
7
15.90
Dec.
16
May 14
18.21
Dec.
17
1934
1933
1932
1931
1930
1929
18.71
i'
June 3, 1941, $19.17
a
Steel.Scrap
Gross Ton
3
V-Vf'-'A
[Based
on No.
1 heavy melting steel
quotations at Pittsburgh, Philadelphia,
$19.17s
19.17
and
Chicago;
18.581
:
High
1941
$22.00
Jan.
Low
Apr.
9
Oct.
3
14.08
May
16
15.00
1936
Apr.
-16.04
Nov. 22
11.00
June
7
21.92
1937
$19.17
Dec. 30
22.50
1939
1938
7
21.83
1940.......
Mar. 30
12.92
10
Nov. 10
1931
Dec. 21
12.67
June
3
Dec.
10
10.33
Apr.
29
13.00
1933
17.75
13.42
....
1935
1934....
Mar. 13
9.50
12.25
8
6.75
Jan.
5
8.50
1930
Aug.
Sept.29
Jan.
12
6.43
July
11.33
1932
Jan.
6
8.50
Dec.
3
25
15.00
American Iron and
Feb.
18
11.25
Dec.
9
17.58
1929
The
Oct.
Jan.
furnace and foundry iron at
22.61
r-
7
16
May 16
[Based
$23.61 (
23.61
......
Jan.
Apr.
1.945c.
1.792c.
7
Jan.
2.236c.
Pig Iron
an authoritative
statement from
defense needs the steel
2.261c.
2.211c.
2.236c.
2.211c.
2.249c.
2.016c.
2.056c.
May 17
2.512c.
2.249c.
1936...
1935
What steel manufac¬
industry
They hope for prompt and decisive action
for steel
plates and structural
eventually on other products.
The "Iron
should fill first.
a
One month ago
Action
The "Iron
Age" in its issue of June 5 reported that
steel
producers and consumers this week are
attempting to analyze
a series of new
developments which point to a further drastic
curtailment in steel for
commercial consumption and
the
Washington
"IRON AGE"
June 3, 1941, 2.261c.
One month ago..
One year ago
-
establishment of
half point to 99 H
%,
unchanged at $19.17.
One week ago
Steel
rose a
7.25
Holiday
5.85
Average prices for calendar week ended
May 31 are: Domestic copper
f.o.b. refinery,
11.820c., export copper, f.o.b.
refinery, 10.950c., Straits
tin, 52.190c., New York
lead, 5.850c., St. Louis lead,
5.700c., St. Louis
zinc, 7.250c., and silver, 34.750c.
The above quotations
to
week, his fabricating
gone down two weeks ago.
Steel ingot production this week
One year ago
10.950
11.815
agency officials continue to debate the
question
One week ago
New York
Holiday
10.950
_
Washington defense
an
departments, face
Finished Steel
52.125
>
steel plant
supplying preferential treatment on plates for
freight car builders, with
the 23,705 freight cars
ordered in May equaling
any half year total from
1936 through 1939. In addition to the
two freight car shops which
have been
shut down for several weeks due to
lack of steel plates, another
large unit
was forced to
stop operations last week because of lack of material.
Another
car builder will
shut down his production lines this
yiS Zinc
52.250
10.950
June
at
However, pipe mills, like other
steel.
QUOTATIONS)
Holiday
10.950
11.775
2
M. J."
Lead
New York
10.950
Holiday
May 31
June
&
Straits Tin
Dom.,Refy. Exp., Refy.
May [2 9
May 30
("E.
tons before the
ends.
of
51.500c.,
May, 30, holiday, May 31,
51.625c., June 2, 51.500c., June 3, 51.500c.,
June
Average.
raw
shop having
Chinese tin,
season
Output of coke pig iron in May totaled
4,599,966 net tons, equal to
93.8%
of capacity, as
compared with 4,334,267 tons or
91.8% in April.
Daily
output in May was 2:7% over April.
More than 850,000 tons of
pipe line, one representing 500,000 tons of
24-in., and the other around 350,000 tons of 20-in.
pipe, both running from
Texas to the Atlantic
Coast, is expected to be formally allocated in the
next
few days,
climaxing a month in which the pipe market, one of the
blackest
spots in the steel picture of the
1930's, found inquiries and orders
At
June
formally
Edward R. Stettinius Jr.,
all-time peak.
Straits tin for future arrival
as
governmental
flowing into sales offices. Meanwhile, non-essential
tonnage
has been forced farther and farther
into the background
by the growing
weight of the defense program.
some
^
on
/v,
immediately upon steel
mill production paractices but
may slow up some of the non-defense
inquiries
Stocks of lead in all forms at smelters and
refineries in this country totaled
tons
a
a
President
■■■
which have been
Die castings of lead
are
Production
standpoint an actual practice which has
been in effect in the steel
industry for several months. The order is con¬
sidered merely a forerunner of
stronger measures.
Last week's
rearrange¬
ment of priorities will not have
any broad effect
also the contract
substitute material,
of
consequence,
defining from
lead for the last week amounted to
8,208 tons.
Refining Co., and
Lead is finding
Office
The OPM's general steel order of the
past week is interpreted
common
St. Louis.
Dunn,
earlier this year.
signs of abating, and producers again limited
was
capacity report of Mr.
the
V
no
Quotations continued at 5.85c., New
York, which
settling basis of the American Smelting &
steel
report finds a deficit of 1,400,000 tons for
1941, as compared with
surplus of 10,100,000 tons estimated in the first
report to the
an¬
V-V
.
latest
Management steel consultant, found that passage of the Lease-Lend
Act
and further increases in the defense
program have caused a sharp increase
in steel requirements for both
military and civilian use. As a
general
Lead
for example, that automobile trucks and
mechanized
10,600,000 of
ingots in 1940 and will require 11,000,000 tons in 1941 and
9,000,000
in 1941 and 8,100,000 tons in 1942.
named Edgar Hammond administrator of
copper control.
Inquiry for lead shows
on
1942. The construction
industry, aside from public utility work and
shipbuilding, received 6,900,000 tons in 1940, but will take
9,400,000 tons
custom
few small producers.
a
civilian steel requirements for various
industries
1942 and its report on steel distribution for
last year.
The
military equipment, excluding tanks, took approximately
tons of
continued to operate last week with the bulk of the
production moving
12c., and scattered tonnages bringing 12He.
"
Committee
1941 and
committee reports,
industry
at
smelters and
June 7, 1941
straightening out of steel distribution
shown
First reaction among producers to the
announcement regulating the in¬
dustry was one of relief
The job of satisfying customers
got to be too
big.
As the authorities in Washington made greater
demands on the
industry for supplies, the wants of ordinary consumers of
copper also
Increased.
a
Jan.
29
-14.08
Dec.
3
Steel
Institute
June 2 an¬
nounced that
telegraphic reports which it had received indi¬
cated that
operating rate of steel companies having 96% of
on
'
Volume
The Commercial & Financial Chronicle
152
the steel capacity of the industry will be 99.2% of capacity
the week beginning June 2, compared with 98.6 one
for
week ago, 96.8% one month age, and 80.3 one year ago.
This represents an increase of 0.6 points, or 0.6%, from the
preceding week. Weekly indicated rates of steel operations
since May 6, 1940, follow:
H
1940—
1940—
May
6..—65.8%
May 13
70.0%
May 20
73.0%
1940—
97.5%
3
Mar. 10
89.7%
Dee.
2
96.9%
91.3%
Dec.
9
96.0%
16
96.8%
Mar. 17
Dec. 23
Sept. 16
Dec. 30
80.8%
95.9%
Mar. 24
June
Sept. 30
82.5%
91.9%
92.9%
92.5%
92.6%
Dec.
May 27
Aug. 26
Sept. 2
Sept. 9
Oct.
7
94.2%
Jan.
Oct.
14
76.9%
80.3%
10
84.6%
17.___.87.7%
24
86.5%
1_____74.2%
8.
86.4%
15
86.8%
22
88.2%
29
90.4%
5
90.5%
12
89.5%
3
June
June
June
July
July
July
July
July
Aug.
Aug.
"Steel" of
markets,
on
Sept. 23
Oct.
28
Nov.
4__
6
Mar. 31
99.3%
98.3%
96.0%
Apr. 28—-t-94.3%
7
Apr. 14
Apr. 21
97.2%
Jan.
13
Jan.
20
96.5%
27——.97.1%
Jan.
98.5%
96.0%
Feb.
3
Feb.
10
Feb.
17
94.6%
Nov. 25
Feb.
24
96.8%
99.2%
May 19
99.9%
May 26
98.6%
June
2. —99.2%
97.1%
96.3%
96.6%
Cleveland, in its
June 2 stated:
is expected to speed even more
Larger proportions of steel
are
"unlimited national emergency"
rapidly developments in the steel industry.
expected to go for Britain and defense, with
Business as usual, with complete
correspondingly curtailed.
supplying of all peace time steel needs, apparently now seems impossible,
even
to the die-hards.
dent's reference
Steelmakers expect, at least hope, that
needs for
to
and labor will be backed up
Washington.
needs limited
more
oyer
Deliveries
steel
are
more
on our
becoming
sharply, sentiment was expressed
consultation, is that tonnages of products delivered to customers
need
one
large maker of
books, where no priority rules, specify
on
becoming stricter because of the rapidly-changing picture and
listed, only the kinds of products.
mention of tonnages, which would seem
of inventories.
granted
exception
an
whereby it
needed to give an accurate picture
The initial report must be filed by
The Central Iron & Steel
may
with
order by the OPACS
price freezing
charge $5 per ton over the official 2.10-cent price, this being
the second company to be granted specifically an
In line
June 10.
Co., Harrisburg, Pa., maker of plates, has been
the steel
in
the
current move
to
exception.
simplify steels the number of SAE
standard steels has been cut from 109 to 85, the last previous
Such strictness makes incoming
Though Memorial
departments
Day is not
observed
an
it
official holiday in the steel industry,
Some warehouse distributors
such.
as
closed from Thursday night to Monday morning.
Number of merchant ships now under construction or
99%.
steel
rate fell
ingot production
Declines took place in three districts:
Wheeling 1 point to 88 and Cleveland
contracted for is 750.
point
one
advnaced, Detroit by 3 points to 92, New England 5 points to 95 and
Cincinnati by 3H points to 92>4.
at
93,
Birmingham at 95, St. Louis at 98, Pittsburgh at
"Steel*8
three
10034, eastern
for last week were unchanged:
composite price groups
Iron and stee' at
$3^.15, finished steel at $56.60 and steelworks scrap at
Steel
ingot production for the week ended June 2, is placed
99% of capacity according to the "Wall Street Journal"
of June 4.
This compares with 100% in the previous week
and 993^% two weeks ago. The "Journal" further reported:
at
week before and
Leading Independents are credited with 99%, com¬
100% two weeks ago.
pared with 100% in the preceding week and 99% two weeks ago.
The
following table gives
comparison of the percentage of production
a
previous years, together with the
with the nearest corresponding week of
approximate changes, in points, from the week immediately preceding:
Independents
u. s. Steel
Industry
99
—1
1941
capacity has been engaged for 420,000 tons of tin plate for
—1
9834
80
+4
8334
+634
1939
be
99
1940
52 34
+4
4734
+5
—
77
+
6634
■
+
1
134
3
234
same
over
1938
26
—234
2634
—2
26
—
monthly.
1937
75
—8
88
—134
64
—14
actively figuring on 240,000
1936
6934
1935
40
1934
60
1933
46
1931
Great Britain
39
the next 12 months, to be shipped 35,000 tons
destination pig iron producers are
pig iron, half low phos and half bessemer, one discussed plan being
allocate among producers with respect to their percentage
of national
capacity.
Fabricators of shapes are making new speed records for
erecting
Buffalo
Unchanged were the following:
Pennsylvania at 96 and Youngstown at 97.
placed.
For the
Three districts
point to 96.
H
last week to
Chicago 2 points to 100 H.
A pipe line from Baton Rouge, La. to
ships.
New York, involving 435,000 tons of mostly 24-inch pipe, is about to
Tin plate
revision having
been made in 1935.
inquiry calls for 400,000 tons of plates for shipbuilders who are to
new
Many expect
"
turn out 123 more merchant
to
be
to
U.S. Steel is estimated at 9834 %, against 9934 % in the
For
extended.
taper sharply.
tons of
not
supplemental ruling from Washington later, these perhaps to provide for
Some makers who had been selling half-heartedly for 1942
1943 delivery.
A
One im¬
through much inter¬
common,
company
homes."
ever more
difficulty of foreseeing conditions in 1942.
orders
be extended,
"Better to walk, if that will insure
remarking:
man
plates orders now being placed
are
Apparently no
1, known as inventory control.
regimentation of
may
In speaking of the possible necessity of
curtailing automobile production
a
more
priorities
the loose rulings now in force and civilian
drastically.
against bombs dropping
implies
It is recognized that
inventory control tightened
typically by
'
$19.16.
••
steel and other industries.
delivery
the Presi¬
by strict enforcement of industrial peace by
declaration of national emergency
The
'
of reports by steelmakers for
interpreted the order in the same manner.
portant interpretation, which has become
between capital
harmonious relations
more
General Metal Order No.
The national
an
1
.
.
two steel companies
many
of the iron and steel
summary
10, completed fabrication that month and finished the con¬
April 1.
Much confusion has attended filling out
5
May
May 12
96.9%
Nov. 11.....96.1%
Nov. 18
96.6%
President Roosevelt's declaration of
civilian uses
98.8%
99.4%
99.8%
99.2%
Apr.
94.4%
94.9%
95.7%
21
Oct.
Mar.
1941—
tract
3571
does
1941—
Aug. 19
erection Feb.
for
defense
plants.
Thus
Steel
Bethlehem
fabricating and
Co.
fabricated,
delivered and erected 2,000 tons for a defense shop for the Otis Elevator
+1
+ 134
—134
48
i
71
1929
9634
1928
1927
2
+
2
—
1
2
134
6734
75
1930
+
3834
—2
40
—
53
+ 1
3734
+ 134
—2
+
42
+1
37
—2
73
70
6434
9434
79
+ 34
—434
78
—234
+
2
71
100
76
+ 134
—334
74
—IK
73
—
3
Co., Harrison, N. J. in under three months, it also booked 4,800 tons for the
Republic Aviation Co., Farmingdale, N. Y.
Note—1932 not available.
early in February, started
Current Events and Discussions
AS8ETS AND LIABILITIES OF WEEKLY
The Week with the Federal Reserve Banks
IN CENTRAL
During the week ended June 4 member bank reserve
balances
bank
decreased
reserves arose
$548,000,000.
set
in
Reductions in member
June 4
by increases of $9,000,000 in
posits and other Federal Reserve accounts.
of member banks
on
June 4
mately $5,410,000,000,
a
were
Excess
36C6 and 3607.
Changes in member bank reserve balances and related
items during the week and year ended June 4, 1941, follow:
on
pages
Increase
(+)
r:::
June 4, 1941
May 28, 1941
S
Bills discounted
2,000.000
-
S
—2,000,000
2,179,000,000
U. S. Govt, guaranteed obligations.
5,000,000
U. S. Govt, direct obligations
Industrial advs.(not Incl
1940
S
carrying securities
Real estate loans..
-—
45,000,000
2,240,000,000
-.22,579,000,000
3,136,000,000
-
+1,000,000
+10,000,000
+ 9,000,000
+ 6,000.000
Treasury currency..
---------+3,000,000
Member bank reserve balances
13,201,000,000 —548,000,000
-
Treasury cash
Treasury deposits with F. R. banks.
Non-member
deposits
and
other
9,394,000.000
2,229,000,000
993,000,000
2,137,000,000
F. R. accounts
_
+4, 000,000
—290, 000,000
+ 3,298, 000,000
+128, 000,000
—186, 000,000
+100,000,000 +1,676, 000,000
+8,000,000
+24, 000,000
+531,000,000
+685, 000,000
75,000,000
Returns of Member Banks in New
+ 936,000,000
York City and
Chicago—Brokers' Loans
Below is the statement of the Board of Governors of the
System for the New York City member
Chicago member hanks for the current
week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday:
Federal Reserve
banks and also for the
June 5
1940
$
$
•
2,577
809
2,176
589
584
25
34
582
25
417
19
40
25
54
55
65
21
21
17
86
46
11,832
3,837
11,759
3,442
9,228
2,760
2,566 ;
804
2,166
92
427
1,656
359
312
163
159
113
114
32
448
121
93
...
Loans to banks..31
Other loans..---
Treasury bills.
--------
Obligations
I
450
—————
guaranteed
by
104
32
376
365
969
2,560
——
V
86
252
1,736
1,385
5,658
112
1,737
1,375
125
265
125
222
159
835
843
713
390
129
421
1,176
43
323
46
129
406
L169
43
314
45
134
358
L174
39
293
48
2,237
497
100
2,245
499
85
1,909
504
1,027
8
954
8
----
503
1,455
3,247
----
the
United States Government—
Other securities
575
1,456
3,293
— — .————..
United States bonds
...
1,279
1,295
6,470
81
86
Balances with domestic banks—
109
Other assets—net
334
6,042
97
116
324
11,030
721
11,291
724
20
19
9,412
672
44
3,871
3,682
642
1,027
586
3,897
601
295
291
296
15
15
10
1,522
1,515
1,504
271
269
254
Reserve with Fed. Res. banks..
Cash in vault-—--
—
—
,
Liabilities—
Demand
—1,000,000
—288,000,000
—5,000,000
-
_
deposits—adjusted
Time deposits
U. 8
Government deposits
Inter-bank deposits:
Foreign banks....
Borrowings
Capital accounts—.——..—...
Returns of
Reserve
As
7
...
Other liabilities
Complete
.
„
84
'
Domestic banks
9,000,000
commitments, June 4)
Other Reserve Bank credit-..--——
Money in circulation
June 5,
$12,000,000
Total Reserve Bank credit
Gold stock
(—)
Decrease
Since
or
$
$
Other loans for purchasing or
Treasury notes....
The statement in full for the week ended June 4 will be
found
1940
and
Loans to brokers and dealers..
reserves
decrease of $410,000,000 for the
.
159
Commercial, Industrial
agricultural loans.
Open market paper
estimated to be approxi¬
week.
$
2,182
Loans and Investments—total..
credit, $6,000,000 in gold stock and $3,000,000 in Treasury
currency and a decrease of $75,000,000 in non-member de¬
1941
$
Loans—total
Reserve Bank
June 5
May 28
i94l
from increases of $531,000,000 in Treas¬
in circulation, and $8,000,000 in Treasury cash, off¬
part
'
Chlcaflo
June 4 May 28
1941
1941
New York City
deposits with Federal Reserve banks, $100,000,000 in
money
,/
(In Millions of Dollars)
Assets—
ury
REPORTING MEMBER BANKS
RESERVE CITIES
Member
Banks of the Federal
System for the Preceding Week
explained above, the statement of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures of the Reserve banks themselves
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of
The Commercial &
3572
the Federal
week ended with the
Reserve System for the
The condition statement
Credits—Obligations
192,000 Outstanding on April 15
Short-Term
of weekly reporting member banks in 101 leading
cities shows the following
principal changes for the week ended May 28:
Increases of $34,000,000
in commercial, industrial, and agricultural loans,
and dealers in securities, $60,000,000 in
banks, $46,000,000 in demand
$51,000,000 in deposits credited to domestic
$116,000,000 in loans to brokers
reserve
deposits—adjusted,
Reserve
Federal
balances with
and
banks.
agricultural loans increased $17,000,000 in
Commercial, industrial, and
$34,000,000 at all reporting member banks.
Loans\
and dealers in securities increased $95,000,000 in New York City,
New York City and
to brokers
and $116,000,000 at all reporting
Y'O-.
;>V.'
Y+YYv Y
'
$10,000,000 in the Chicago District,
member banks.
YYt+YY Y'/YY
~
bills decreased $49,000,000 in the Chicago District,
$10,000,000 in the St. Louis District, and $46,000,000 at all reporting mem¬
ber banks and increased $17,000,000 in New York City.
Holdings of United
Government bonds increased $41,000,000 in New York City and $53,Holdings of Treasury
000,000 at all reporting
decreased $60,000,000 in
member banks.
Holdings of "Other securities"
New York City and $68,000,000 at all reporting
member banks.
Demand
and
deposits—^adjusted increased $110,000,000 in New York City
District, and decreased $89,000,000 in
$68,000,000 in the Chicago
outside New York City and $59,000,000 in the St.
the New York District
Louis
All reporting member banks
District.
showed a net increase of
Agreement on
Totaling $31,-
German-American Standstill
Renewal of
28:
close of business May
June 7, 1941
Financial Chronicle
Chairman of the American
Harvey D. Gibson,
Committee
June 4
Creditors of Germany, announced on
the American representatives and the German
for Short Term
that
repre¬
respective Committees had reached an
agreement as to the basis for the renewal of the so-called
Standstill Agreement which expired on May 31, 1911.
The
announcement said:
The terms of the new agreement which will be for one year are, with
one exception, substantially the
same as have existed during the past year,
this one exception being that one-half of the unavailed lines will be dis¬
continued.
This will be beneficial to the American banks in that it is
customary to carry full reserves against unavailed lines, and thus one-half
of the amount set aside for that purpose can now be used for other pur¬
poses or added to undivided profits.
The rate applicable to the amount
outstanding remains unchanged in the new agreement and averages approxi¬
the
of
sentatives
mately 3%.
As of April
with the American hanks
There were unavailed
lines totaling $1,507,000.
The amount outstanding shows a reduction as
compared to about this time last year of $9,545,000, and since 1931 when
the Standstill first came into existence of $434,000,000.
there were outstanding
1941
15,
$31,192,900.
Standstill obligation totaling
German
$46,000,000.
Deposits credited to domestic
banks increased $64,000,000 in New York
District and $51,000,000 at all reporting
City, $43,000,000 in the St. Louis
member banks, and decreased
somewhat in most of the other districts.
A summary of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended May 28, 1941, follows:
Increase
(+)
(—)
Decrease
or
Since
May 28, 1941 >
May 21, 1941
May 29, 1940
$
%
Loans and Investments—total
$
27,915,000,000
10,226,000,000
Commercial, industrial and agri¬
cultural loans..*..5,673,000,000
+ 117,000,000
Loans—total
+ 180,000,000
367,000,000
+ 7,000,000
571,000,000
+ 116,000,000
+93,000,000
451,000,000
+ 4,000,000
+ 2,000.000
+ 50,000,000
+ 2,000,000
—4,000,000
+291,000,000
Assets—
Open market paper
Loans to brokers and dealers in
securities
Other
loans
for
purchasing
+1,306,000,000
+45,000,000
.....
Loans to banks
Other loans
Treasury bills
Treasury notes.
United States bonds
+ 15,000,000
+ 302,000,000
—46,000,000
-5,000,000
+286,000,000
+ 53,000,000
on
cancelled.
According to advices received
States Government
.....
Reserve with Fed. Reserve
+ 3,000,000
+ 623,000,000
—68,000,000
+ 60,000,000
of New 3% Bonds—Plan Becomes
Effective on June
30—Protective Council Again
Protests Against Inadequacy of Plan
Bonds $50,000,000
+ 290,000,000
563,000,000
+28,000,000
+ 75,000,000
3,532,000,000
+2,000,000
+ 247,000,000
24,311,000,000
5,425,000,000
414,000,000
+ 46,000,000
—1,000,000
+4,024,000,000
+ il 3,000,000
—7,000,000
—167,000,000
9,220,000,000
+ 51,000,000
+ 789,000,000
663,000,000
3,000,000
U. S. Government deposits
+ 5,000,000
+ 2,000,000
—44,000,000
+ 2,000,000
Inter bank deposits:
Domestic banks
Foreign banks
Borrowings
Further
Liquidation of British-Owned American
Securities Reported
T. J.
Carlyle Gifford, who
as
Special Agent of the British
Treasury has been in charge of the sale of British-owned
securities in this market' states that, as the result of further
sales made since May 1, 1941, when a similar
list
was re¬
leased, the British holdings of the following issues have
been
now
Creole Petroleum Corp.
General Electric Co. of N. Y.
Ohio Oil Co.
common
$50,000,000 Republic of Colombia 3% external sinking fund
dollar bonds was announced on June 5 by Gabriel Turbay,
Colombian Ambassador to the United States, on behalf of
Gonzalo Restrepo, Minister of Finance and Public Credit
of the Republic.
The negotiations for this settlement have
been pending since the Presidency of Dr. Alfonso Lopez
Pumarejo and have been carried out by the present Ad¬
ministration headed by Or. Edwardo Santos.
The basic terms of the offer, Ambassador Turbay said,
are
identical with those announced on Dec. 30, 1940, at
which time the Department of State of the United States
$5 cumulative preferred
Sherwin-Wiiliams Co. common
common
Superheater Co.
Tide Water Associated Oil Co.—
common
National Power & Light Co. $6 cum. pref.
S4.50 convertible preferred
Niagara Hudson Power Corp. 5% 1st pf.
Union Oil Co. of California
Northern Indiana Public Service Co.—
6% cumulative preferred
BONDS
American Telep; & Teleg. Co.—
of the offer
4, 1941, page 30).
1927 and due Jan.
1,
bonds
2%, 1947
in
2H%, 1948-51
214%, 1948
for
2%%, 1956-59
U. S. A. Treasury notes—
liH%. Dec. 15, 1942
1%, Mar. 15, 1944
1%, Sept. 15, 1944
%%, June 15, 1944
Home Owners' Loan Corporation2H% G, July 1. 1942-44
4H%, Apr. 1. 1970
With
our
issue of
May 3,
page
respect
the
progress
of liquidation appeared
The
of
following is learned from
an
Value
Associated Press dispatch
May 29 from Santiago:
The cash value of the United States dollar in relation to the Chilean
peso
was
reduced today by about 20%.
as
tendered in exchange, there will be paid,
the annual rate of 3%
1, 1940 to Oct. 1, 1940, the date of the new
July
■
City Bank of New York has been
exchange agent under the offer and Hallgarten
3% bonds will
new
issued
be
with April
1, 1941 and subsequent
coupons
attached.
They will be redeemable as a whole or in part on any
date
at least
of
a
30 days'
notice at their principal amount
semi-annual
sinking fund.
.
.
and
.
least 15 days prior to
1, 1941, the Republic
agents, as sinking fund pay¬
ments, $150,000, to be increased to $250,000 after Oct. 1, 1945, plus an
amount equal to six months' interest on all bonds theretofore redeemed or
each
Will
the
semi-annual
remit
retired.
The
.
.
in
full
sinking fund
currency
faith
and
more
the paying
to
^
bonds will be
and
credit
obligations of the Republic, which pledges
the due and punctual payment of principal,
direct
for
sinking fund thereon.
of other external bonds of
terms
provide that, at
payment date after April
interest
lawful
.
new
interest
for imports handled through the Exchange Control
benefit
of
terms
its
No explanation was offered.,
upon
have the
of 31.
equal to 50%
,
designated by the Re¬
& Co. and Kidder,
Peabody & Co. as paying agents for the new loan.
The Jan. 1, 1940 and
July 1, 1940 coupons on the 1927 bonds and April 1, 1940 and Oct. 1, 1940
coupons on the 1928 bonds are covered by an offer of payment at the annual
rate of 3%, made by the Republic through these paying agents last year.
public
The Exchange Control Board ordered
Board remained at 31 pesos to the dollar.
(
bonds
''r.YY
banks to buy dollar checks, drafts, etc., at 25 pesos to the dollar, instead
The exchange rate
1, 1939 inclusive, in an amount
interest
2777.
Dollar
from
period
National
The
The
Cuts
1,
principal
1927
to
bonds.
will
Chile
fund gold
addition, cash in an amount equal to interest at
The
in
equal
of the face amount of such coupons.
3H%, 1946-49
previous report of the
sinking
1961, are to have the
due Oct. 1,
for
April 1, 1935 through Oct.
3M% ret. & impt. D, May 1, 1996
4*4% gen. mtge., Mar. 1, 1992
Columbia Gas & Electric Corp.—
A
external
6%
30, 1941,
bonds, dated
which becomes effective June
offer,
the
Republic's
in exchange for coupons of the 1927 loan, maturing July 1,1935
through July 1, 1939, inclusive, and for coupons of the 1928 loan, maturing
SH%, 1943-47
General mtge. 4^% A, June 1, 1965
of
terms
the
bonds of 1928,
3%, 1946-48
3*4% mortgage, July 1, 1997
Pennsylvania RR. Co.—
3H %, Apr. 1, 1952
of
1961, and 6% external sinking fund gold
opportunity of exchanging
amounts of Republic of Colombia 3%
external sinking fund dollar bonds, dated as of Oct. 1, 1940, and due Oct. 1,
1970.
The amount of bonds of the new loan available for this exchange
is not to exceed an aggregate principal amount of $43,716,500.
The balance of the new loan, amounting to $6,283,500, is reserved for
July
their
4J4% convertible. Dec. 1, 1948
Chesapeake & Ohio Ry. Co.—
5%, Jan. 15, 1951
the
Under
holders
Atchison Topeka & Santa Fe Ry. Co.—
Missouri Public Service Corp.—
5% A 1st mtge., Aug. 1, I960
N. Y. Central & Hudson River RR. Co.-
Details of the plan as announced
June 5 are as follows:
on
issuance
U. S. A. Treasury bonds—
3 H%, 1941
5H% Nov. 1, 1943
release, commenting with respect to the fair¬
(this statement was given in our issue of
issued a press
Pacific Gas & Electric Co. 6% 1st pref.
Pacific Lighting Corp. common
Public Service Corp. of New Jersey—?
General Motors Corp. $5 cum. pref.
International Harvester Co. 7% pref.
Liggett & Myers Tobacco Co. B
debt
Jan.
STOCKS
Addressograph-Multigraph Corp.
Cuicago Pneumatic Tool Co.—
$2.50 prior preferred
6% dollar bonds and the matured coupons on this
through an offer to bondholders of a new issue of
standing
ness
liquidated in their entirety:
the Republic of Colombia's out¬
plan of settlement of
A
JLiabilities—
Demand deposits—adjusted
Time deposits..
6% Dollar
Offers Holders of
Colombia
of
Republic
+ 124.000.000
Cash in vault
of government
pledged for the loan: 1,439,472 bags
0,477,605 bags of planters coffee.
remain
coffee and
+1,305,000,000
3,022,000,000
3,693,000,000
banks..11,493,000,000
Balances with domestic banks
from Banco do Commercio e
Sao Paulo, Brazil, there
S.A.,
Paulo,
Sao
de
Industria
Obligations guaranteed by United
Other securities
for
Ilenry
have been
or
carrying securities
Real estate loans...
+ 34,000,000
+4,391,000,000
+1,751,000,000
7%
Schroder Banking Corporation, New York, an¬
June 4 that in accordance with the terms of
Decree No. 23,829 of Feb. 5, 1934, promulgated by the Fed¬
eral Government of Brazil, as modified by Decree-Law No.
2085 of March 8, 1940, bonds of the State of San Paulo 7%
Coffee
Realization Loan of 1930 for $763,0fX> nominal
amount of the U.S.A. dollar issue and £247,100 nominal
amount of the sterling issue have been purchased towards
the sinking fund requirements for the second six months'
period ending March 31, 1941.
The bonds it is pointed out
J.
nounced
—30,000,000
1,239,000,000
42,000,000
1,883,000,000
929,000,000
2,212,000,000
7.833,000,000
$763,000 of Bonds of State of San Paulo (Brazil)
Coffee Realization
Loan of 1930 Purchased
Sinking Fund Requirements
favorable than
the
The Republic will not offer to
those
holders
outstanding any settlement on
contained in this offer; and to the extent
Republic
now
.
Volume
that holders of such other external bonds may be accorded more
favorable
receive proportionately
terms; the bonds shall be entitled pari passu to
favorable treatment.
more
3% bonds will not be issued in smaller denominations
Since the new
than $500, the plan provides for the issuance
for
bonds, for past-due
The
period in
after
which
the
of certificates, exchangeable
tendered in lesser aggregates than $1,000.
coupons
will
these certificates may be exchanged for bonds
which
April 1, 1944,
expore on
3573
The Commercial & Financial Chronicle
152
or
certificate
such later date as the Republic may designate,
holders
will
be
entitled
only to share propor¬
also promulgated figures showing the
trading by members of the New York Curb Ex¬
change for their own account to total transactions on the
Exchange.
During the week ended May 17, the member
trading was 73,860 shares, or 15.36% of total transactions
of 446,385 shares, while in the preceding week (May 10)
the Curb members traded in stocks for their own account in
The
Commission
relation of
80,870 shares, which was 17.63% of total volume
amount of
of 442,490 shares.
tionately in the proceeds of the sale of bonds and unmatured coupons held
in respect to these certificates.
The present offer by the Republic of Colombia will remain opal until
York Stock Exchange and the New
Oct. .1,
tive members.
1943, the Republic reserving the right to extend the period for its
weekly reports filed with the New
The data published are based upon
These reports are
York Curb Exchange by their respec¬
classified as follows:
It is expected
June 30,
In
that, the
new
Stock
Total number of reports received
the Foreign Bond¬
holders Protective Council, Inc., New York, issued a state¬
ment on June 5 reiterating its previous stand; protesting
against the "inadequacy and unfairness" of the plan.
It
above offer,
the
on
says:
this
a
just, fair and equitable offer be¬
(a) A
very
substantial cut in
can
interest is
provided, entirely out of line
do and not in consonance with her
2. Reports showing other transactions
position as a
credit risk;
(b) The offer discriminates against the bondholders in providing only
50% interest while serving internal bonds and short-term credits in full.
3. Reports showing other transactions
in
is
*
Sinking Fund
City Bank Farmers Trust Co., New York,
as
initiated off the
168
Reports showing
registered and the round-lot transactions
segregated from the
resulting from such odd-lot transactions are not
On the New York Stock Exchange, on the
other hand, all but a fraction of the odd-lot transactions are effected by dealers
engaged solely In the odd-lot business.
As a result, the round-lot transactions of
specialists In stocks in which they are registered are not directly comparable on the
specialists' other round-lot trades.
two exchanges.
The number of reports In the
more
various classifications may total more than
received because & single report may carry entries in
than one classification.
TOTAL ROUND-LOT STOCK SALES ON THE NEW YORK STOCK EX¬
CHANGE AND ROUND-LOT STOCK TRANSACTIONS FOR ACCOUNT
OF MEMBERS * (SHARES)
Week Ended May 17, 1941
Total for
Securities
80,770
2,171,580
Short sales
Other sales.b
2,252,350
Total sales.
members, except for
of odd-lot dealers and specialists:
Round lot transactions for account of
B.
the odd-lot accounts
1.
Transactions of
specialists In stocks in which they are
Exchange
Commission
on
;
Other sales-b
34,040
155,360
Total sales.
189,400
-
Total sales
June 2
STOCK
FOR
Total sales
ODD-LOT
78,160
..
58,050
342,020
Short sales
-
ACCOUNT OF
b
Total sales
400,070
-
Total for
BERS *
AND
Week Ended May 17,
May 31
Total for
'41
Number of orders
9,914
8,277
Number of shares
258,634
207,781
8,514,316
Transactions of
12,682
144
Short sales
10,485
31,195
10,629
....
5,451
305,125
3,331
247,565
310,576
55,745
Total sales.
2. Other transactions
Customers' other sales,**.........*.........*
2,845
52,900
...
Other sales.b.
Number of shares:
Customers' total sales
446,385
members:
specialists In stocks In which they are
registered—Total purchases
....
Initiated on the floor—Total purchases
9.74
6,560
250,896
Short sales...
200
Other sales.b.
....
a
4,330
Round-lot transactions for the account of
B.
1.
Customers* total sales
Cent
442,055
Total sales.
Number of orders:
Customers' short sales
,
Other sales.b
Odd-lot purchases by dealers (customers' sales):
211
Per
Week
Total round-lot sales:
A.
Short sales
Dollar value....
CURB EX¬
OF MEM¬
1941
for Week
May 24, '41
Customers' other sales.a
16.28
(SHARES)
Total
Week Ended
STOCK SALES ON THE NEW YORK
STOCK TRANSACTIONS FOR ACCOUNT
ROUND-LOT
CHANGE
ODD-LOT
SPECIALISTS ON THE NEW YORK STOCK EXCHANGE
Customers' short sales.
2.92
333,335
4. Total—Total purchases
TOTAL
THE
71,660
.......
incorporated
previous week.
TRANSACTIONS
DEALERS AND
6,500
Other sales.b
Other sales
5.32
53,355
floor-Total purchases
Short sales..
specialists who handle odd lots on the New York Stock
Exchange, continuing a series of current figures being pub¬
by the Commission.
The figures are based upon
reports filed with the Commission by the odd-lot dealers and
specialists.
The Commission also made public yesterday (June 6) the
with the
107,080
132,510
-
3. Other transactions Initiated off the
lished
8.04
17,510
115,000
Other sales.b
actions for the odd-lot account of all odd-lot dealers and
are
purchases
Short sales
made public a summary for the week ended May 24, 1941,
of complete figures showing the daily volume of stock trans¬
figures for the week ended May 31; these
172,900
registered—Total purchases
Short sales
on
and
P 7
Cent a
Week
Total round-lot sales:
A.
New York Stock Exchange During
Weeks Ended May 24 and 31
The
620
odd-lot transactions are handled solely
2, Other transactions initiated on the floor—Total
Odd-Lot Trading
47
624
transactions
no
Note—On the New York Curb Exchange,
fiscal agent,
notifying holders of City of Sydney, New South Wales,
Australia, 25-year
sinking fund gold bonds, due Feb; 1,
1955, that on or before noon, June 17, 1941, it will receive
written proposals for the sale to it of a sufficient amount of
these bonds to exhaust as nearly as possible any funds avail¬
able in the sinking fund.
The offer is made in anticipation
of the receipt of the sum of $53,325 from the Municipal
Council of Sydney as the sinking fund payment due on
June 17, 1941.
Proposals are to be sent to the corporate
trust department of the fiscal agent, 22 William St., New
York, and should not exceed 100% of the principal amount
of the bonds plus accrued interest.
91
25
initiated on the
floor
the number of reports
Holders of City of Sydney (Australia) &%% Gold Bonds
Due 195|5 Invited to Sell Bonds to Exhaust Amount
188
floor
of specialists
783
1.069
specialists
by specialists In the stocks In which they are
cause:
with what Colombia
Exchange
181
1. Reports showing transactions as
4.
Council does not consider
—
Curb
Exchange
3% bonds will be reacly for delivery about
1941.
commenting
The
New York
New York
acceptance.
3,950
Total sales...
4,150
---
1.20
8,271,264
3. Other transactions Initiated off the
Round-lot sales by dealers:
Number of shares:
Short sales..................
............
Other sales.b...............................
floor—Total purchases
Short sales
....
30
20
100,160
*—
25,545
590
79,250
13,375
Other sales.b
Total sales
Total sales
4. Total—Total purchases
Round-lot purchases by dealers:
Number of shares
—
13,965
4.42
79,270
45,800
63,300
-
Short sales—
3,635
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 long position
which is lees than a round lot are reported with "other sales."
70,225
a
73,860
Total sales.
Odd-lot transactions for the account of
Customers' short sales
C.
Member Trading on New
York Stock and NewYork Curb
Exchanges During Week Ended May 17
15.36
specialists:
1
33,310
Customers' other sales.c
33,311
Total purchases
f
Trading in stocks on the New York Stock Exchange by
members, except odd-lot dealers; for their own account,
amounted to 400,070 shares during the week ended May 17,
itlwas announced by the Securities and Exchange Commis¬
sion
on
June 2,
which amount was
16.28% of total
transactions on the Exchange of 2,252,350 shares.
During
the previous week ended May 10 round-lot purchases and
sales of stocks for the account of the members, except oddlot dealers, totaled 586,670 shares; this amount was 18.32%
of total transactions for the week of 3,340,190 shares.
17,600
Total sales
*
The
term
"members"
partners. Including
special partners.
Shares In mempers'
a
Ju
Includes all Exchange members, their firms and their
transactions as per cent of twice total round-lot volume.
calculating these percentages, the total of
members' transactions Is compared
round-lot volume on the Exchange for the reason that the total
of members* transactions includes both purchases and sales, while the Exchange
volume includes only sales
with twice the total
sales which are exempted from restriction by the Commission
with "other sales."
b Round-lot short
rules are included
c
Sales marked "short
exempt" are included with "other sales."
The Commercial & Financial Chronicle
3574
Listed
Stocks
of
Value
Market
York
New
on
Stock
May 31, $31,815,306,034, Compared
with $37,710,958,708 on April 30—Classification of
Exchange
on
Listed Stocks
announced on June 4 that
1941, there were 1,234
stock issues aggregating 1,463,343,927 shares listed on the
New York Stock Exchange, with a total market value of
$37,815,306,034.
This compared with 1,232 stock issues
aggregating 1,462,624,273 shares listed on the Exchange on
April 30 with a total market value of $37,710,958,708, and
with 1,234 stock issues aggregating 1,446,890,277 shares
with a total market value of $36,546,583,208Jon May 31,1940.
In making public the figures for May 31 the Exchange said:
The New York Stock Exchange
as
of the close of business May 31,
May 31,
As of the close of business
member
total
net
these member borrowings to
date
The ratio of
$453,356,763.
to
ordinarily exceed the precise relation¬
ship between borrowings on listed shares and their total market value.
April 30, 1941, New York Stock Exchange member
following table listed stocks are classified by leading
groups
with the aggregate market value and
price for each:
• 1
In the
industrial
May 31, 1941
April 30, 1941
Market
Avge.
Market
Aver.
Value
Price
Value
Price
Group
$
Automobile
Aviation..
$
238,163,282
11.09
250,931,612
11.69
2,774,620,070
521,161,157
23.20
2,818,619,275
23.59
Amusements..-.-
-
416,261,984
266,110,410
5,156,270,721
1,208,939,382
561,544,508
741,872,086
2.423,649.343
Building
Business and office equipment
Chemicals.
Electrical equipment
Farm machinery
Financial----Foods
—
37,594,989
Garments
16.56
503,347,000
411,899,293
19.11
22.75
54.56
256,543,021
5,093,112.257
755,366,817
14.67
2,439,108,224
36,552,914
12,928.651
21.82
25.75
2.66
27.66
Textiles...
Tobacco...
1,239,898,159
23.88
17.41
20.09
25.52
386,077,460
3,690,477,770
22.05
17.84
19.19
2,950,283,952
1,996,483,984
25.57
29.93
30.06
27.28
3.64
317,525,669
93,590,836
6,848,383
42.80
2,116,930,819
42.71
19.55
231,096,759
19.83
46.37
1,289,369,710
48.22
21.75
21.84
3.73
Conversion
2.
Utilities:
1,942,731,181
21.12
9.81
970,668,168
10.13
80.00
3,283,224,712
73.809,908
issues
71,559,305
Communications
20.05
9.29
Miscellaneous utilities.
9.58
as
Only 7.8% of the secured bond
debt
Senior
3.
with 56.3% in
issuable
was
only
regards
as
the
case
1.7%
of secured bonds,
convertible feature occurred quite frequently,
Only 5.4% of preferred
stock issues, however, had warrants attached.
entitled to participate
Some 18.1% of the preferred stock issues were
under certain circumstances in additional
dividends.
All but 11.7% of the preferred stock issues provided
6.
for cumulative
dividends.
Ordinary voting rights were granted to 33.4% of the preferred stock
12.66
424,795,905
12.89
15.22
646,716,267
15.98
issues.
18.41
110,270,208
18.79
25.84 37.710,958.708
25.78
Voting rights were limited to certain contingencies, usually
passing of
of the
8.
number of preferred stock issues.
The remaining preferred stock
Value
Price
Value
1939—
Ordinary voting rights were granted to all but 2.6% of the number
Price
common
of
stock issues.
$32.35
Further details
1940—
Feb. 28
were
given by the Commission as follows:
Secured and Unsecured Bond Issues
Apr. 29
May 31....
June 30
July 31
Aug. 31
Sept. 30....
31
Nov. 30....
Deo. 30
$46,270,987,418
40,921,074,970
40,673,320,779
43,229,587,173
41,004,995,092
44,761.599,352
41,652,664,710
47,440,476,682
47,373,972,773
45.505,228,611
46,467,616,372
$32.44
Apr. 30..
$46,769, 244,271
28.69
May 31..
36,546 ,583,208
25.26
28.51
June 29..
38,775 241,138
26.74
39,991 ,865.997
40,706 ,241,811
27.51
28.56
corporation finance generally.
29.38
only connote added protection'for the individual investor but constitute at
32.37
Jan.
31_.
Feb.
Mar. 31
Oct.
Average
voting rights.
of the issues had par value, leaving
Among common stocks, 78.8%
21.2% without par value.
9.
Market
the
specified number of quarterly dividends, in an additional 53.0%
a
issues, 13.6% in number, had neither ordinary nor contingent
Average
compared
of unsecured bonds.
For preferred stock, the
4.
108,049,841
Market
of secured
However, additional debt of
being present in 38.6% of preferred stock issues.
417,018,677
616,001,033
We give below a two-year compilation of the total market
value and the average price of stocks listed on the Exchange:
A similar
against 27.4% for unsecured bonds.
feature, warrants attached, was found in only 5.2%
equal rank could be issued in the case of 80.9% of secured bonds,
Miscellaneous businesses
37,815,306,034
maturity.
less frequently in the case of
much
compared with 37.% for unsecured bonds.
Foreign companies
All listed stocks
Thus,
failed to pro¬
bonds and 4.4% of unsecuied bonds.
7.
U, S. companies operating abroad
convertible,
were
type of
79.76
1,884,948,398
939,865,094
3,293,075,103
occured
features
secured bonds than for unsecured bonds.
5.
(operating)
(holding)
of secured bonds and in 60.0% of unsecured bonds.
vide for any periodic retirement prior to
14.41
22.44
2,024,679,502
318,985,825
93,241,614
6,694,263
2,120,882,190
227,848,618
Gas and electric
of the secured
Sinking funds occurred in an addi¬
bonds and 21.5% of unsecured bonds.
only 17.0% of secured bonds and 18.5% of unsecured bonds
20.30
Gas and electric
peridoic retirement
Serial maturities were found in 7.4%
maturity.
31.30
21.80
,
A considerable number of bond issues provided for
40.82
182,786,212
Rubber
a
535,010,265
1,351,669,372
1,303,675,389
...
May 29
1,228,506,715
2.94
Retail merchandising
and Exchange Commission made public
detailed statical survey of the principal charac¬
teristics of security issues effectively registered under the
Securities Act of 1933 as prepared by the Research and Sta¬
tistics Section of
the Trading and Exchange Division.
This report presents data for the combined 4-year period
1937-1940, as well as for each year, on the basis of both the
number and the dollar amount of issues having certain charac¬
teristics.
Included in this study are 230 secured bond
issues amounting to $2,958,567,000, 135 unsecured bond
issues amounting to $1,861,287,000, 332 preferred stock
issues
amounting
to
$766,108,000 and 735 common
stock issues amounting to $1,068,141,000.
A summary of the main statistical results for the 4-year
period follows:
Securities
42.84
20.26
....
Period
1940
The
30.80
21.36
Ship building and operating
Shipping services
Steel, Iron and coke
Securities
tional 75.6%
14,300,432
Petroleum
of 57.2% from March.
Principal Characteristics of
Study of
Effectively
Registered
During
1937-
Issues
SEC
1.
179,062,374
1,348,786,112
1,411.765.094
385,604,294
3,862,758,432
2,944,093,742
Land and realty.
Leather
Machinery and metals
Mining (excluding Iron)
Paper and publishing
Railroad
April, 1941 amounted to $597,635, a decrease
before
25.58
20,112,545
March.
Total principal amount of bonds
sold was $269,892,300, an increase of 14.4% over March.
The two leading New York exchanges accounted for 93.3% of the market
value of total sales, 91.2% of the market value of stock sales, and 99.9%
of the market value of bond sales on all registered securities exchanges.
The market value of total sales on all exempt securities exchanges for
15.99
63 89
excluding rights and warrants, was
The volume of stock sales,
18.97
22.23
The Commission's announce¬
April totaled $91,905.
shares, an increase of 9.1 % over
on
total net borrowings amounted to $382,745,630.
The ratio
of these member borrowings to the market value of all listed
stocks on this date was, therefore, 1.01%.
average
sales in
ment further said:
As the above figure includes all types of
member borrowings, these ratios will
As of
sales, excluding rights and warrants, hao a market value of
$416,581,899, an increase of 8.7% over March.
Bond sales
were
valued at $133,274,405, an increase of 12.1% over
March's total.
The market value of right and warrant
the market value of all listed stocks on that
1.20%.
therefore,
was,
1941, New York Stock Exchange
borrowings amounted
June 7, 1941
28-.
45.636,655,548
46.058,132,499
46,694.763,128
31.68
Mar. 31..
31.96
Apr. 30..
32.34
May 31
39,398,228,749
39,696,269,155
37,710,958,708
37,815,306,034
30.29
31....
Feb.
29
Mar. 30
of the
bond characteristics analyzed in the
31.31
29.12
Oct.
33.15
Nov. 30..
41,491 ,698,705
42,673 ,890,518
41,848 ,246,961
33.11
Dec. 31..
41,890 ,646,959
28.80
40,279,504,457
27.68
of the number of unsecured debt issues.
27.08
comparatively little fluctuation
28.70
_.
31..
28.00
28.72
1941—
31.79
27.24
25.78
25.84
least
one
The New York
Stock
Exchange announced June that
the total of money borrowed as
reported by the Stock
Exchange member firms as of the close of business May 31
aggregated $453,356,763.
This compares with a total of
$382,745,630 as of April 30.
The announcement of the
Exchange to this effect stated:
The total of money borrowed from
lenders in the
United
The
on
of
close
of
business
May
31,
1941,
aggregated
$453,356,763.
were more
compiled
on
the
same
basis,
as
of the
close of business AprU 30, 1941, was
$382,745,630.
bonds
with
played
a
of the number incorporating that feature, as
Exchanges
of
unsecured
for
periodic retirement
bonds
in
Remaining bond issues with no
1938.
averaged
17.0%
bonds and 18.5% of the total number of
Sales on National Securities
Increased 9.5% Over March But Was
56.7% Below Year Ago, According
to
SEC
The Securities and Exchange Commission announced on
May 29 that the market value of total sales on all registered
securities exchanges for April, 1941 amounted to $549,948,209, an increase of 9.5% over the market value of total sales
for March and a decrease of 56.7% from April, 1940.
Stock
provision
of the total number of secured
unsecured bonds over the 4-year
period.
features, in addition to holding forth the promise of price
Conversion
before
is,
of the serial
appreciation, also suggest the possibility of partial or full retirement
maturity
Such
no
a prospect,
however, is entirely conjectural and there
periodic schedule of retirements as in the case
the sinking fund..
or
The extensive
One of the few
to be found
April
The annual percentages dis¬
fair degree of consistency except for an unusually low percentage
for
was
Value
number
the other hand, were more prevalent among
on
75.6%
use
of the convertible
a
privilege among unsecured bonds is
of the number of issues had this feature.
examples of a clearly-defined trend over the 4-year
for this characteristic, the
each year from a high of 41.9% in
Market
generally incorporated in the smaller
compared with 60.0% for unsecured bonds.
indicated by the fact that 27.4%
The total of money borrowed,
considerably lower at
dollar amount rather than number of issues, indi¬
Sinking fund provisions,
secured
of course,
the
as
the last three years of the period
is true, was
it
Secured bonds showed much lower ratios—7.4% based on
maturity.
exchanges reported by New York Stock Exchange
firms
Furthermore, the ratio showed
of issues and 1.0 % based on amount of issues.
banks, trust companies, and other
of National securities
long-term debt.
maturities were provided for in 21.5%
over
figure,
percentage
13.6%, when based
States, excluding borrowings from other members
member
for example, not
check upon the accumulation of excessive corporate
covered.
issues.
Exchange Member Firms' Borrowings
as
of
May 31 Totaled $453,356,763—Increase of
$70,611,133 from April 30
Retirement provisions,
It is deemed significant that serial
cating that serial provisions
New York Stock
study may be
in the nature of protective features for the bondholder, certain
of these characteristics have an added interest from the standpoint of
as
July 31..
Aug. 31
Sept. 30..
1940—
Jan.
While most
regarded
period of descending or
period is
proportion dropping successively in.
1937 to a low of 6.3% in 1940.
This
stationary stock prices, a condition
not
Only 7.8% of
offered, the convertible privilege, with a
especially conducive to the flotation of convertible issues.
the
number
of secured
bonds
declining trend shown only after 1938.
Bond issues to which
securities
may
attached warrants for the purchase of other
offer the possibility of price
appreciation, although
possibility of retirement of the bond issue to which the warrants
attached.
Such instances were comparatively rare, only 5.2% of the
affording
are
also
were
no
number of secured bonds and
Moreover, almost all such
4.4% of unsecured bonds having this feature^
cases
occurred in 1937.
The Commercial & Financial Chronicle
Volume 152
One of the most pronounced differences between secured and unsecured
be made
3575
the printed forms and forwarded in the special envelopes which
on
bonds prevailed with respect to limitations upon the issuance of senior debt.
will be supplied by Federal Reserve Banks
In
therefor.
only 1.7% of the number of secured bonds could senior bonds be issued,
whereas this could be done in 37.0%
of the unsecured bond issues,
issuance of equal debt was permitted in 80.9% of the secured bond issues and
trust companies and from
56.3% of the unsecured bond issues.
securities.
of neither senior
nor
The remaining issues in which debt
equal rank could be issued accounted for 17.4%
secured bond issues and 6.7%
of unsecured bond issues.
of
Annual figures,
while fairly consistent for secured bond issues during the last three years,
of secured bonds and
redemption.
were
callable with 96.5% of the number
98.5% of unsecured bonds containing
Similar uniformity
a
provision for
shown with respect to income bonds,
was
pendent upon earnings and only 1.5% of the unsecured bonds containing
such
It should be noted, of
provision.
a
nection^^
that bonds issued in
course,
con¬
of exchange (which often have the form of income bonds)
excluded from the anlysis.
are
conditions
certain
as
corporated in 36.1%
protecting the bonds
52.6% of the unsecured bonds.
of property was
was
in¬
compared with
as
As regards secured bonds only, substitution
permitted in 94.8% of the total number, while the issue
made subject to a prior lien
In any
fulfilled,
are
of the number of secured bonds,
was
made by the
or
heavily, since approximately 32%
of the number of secured and unsecured bond issues registered In the
4-year
period fell in that year*
Convertible provisions were considerably
mire
right to accept
was
1940, for example, 28.2% of the issues still had convertible features
in 1937.
An
marked decline from the 46.7%
Issues with warrants attached
only 5.4%
the period and with
over
were
no cases
few in number, representing
shown for both 1938 and 1939.
In 11.4% of the cases there was various restrictions upon pre¬
ferred dividends, such as the use of earned surplus accumulated only after
certain date
the maintenance of specified financial ratios.
or
vision that dividends be made cumulative
of cases,
88.3%
was
found in
of the issues having this feature.
The pro¬
large majority
a
Annual data covering
dividend provisions showed reasonable
consistency over the period covered.
Ordinary voting rights, such
as
are
typically
conferred
upon
common
stock, were granted in 33.4% of the number of preferred stock issues.
ratio
was
first
two
considerably higher in the last two
Voting rights which
years.
occurrence
years
may
The
of the period than in the
be exercised only upon the
or
tion shown for the individual years.
completed at the Federal Reserve Bank
any
any
special treatment,
enacted.
The
or
tion
now
or
as
bills shall
there
such,
such, under Federal tax Acts
be
now
hereafter
or
subject to estate, inheritance, gift,
or
or
other
State, but shall be exempt from all taxa¬
or any
of the possessions of the United States,
For
purposes
are
of taxation the
amount
or
by any local taxing
of discount
at
which
originally sold by the United States shall be considered
interest.
;
Federal Reserve Report on Brokers' Balances for April
—Customers' Debit Balances for New York Stock
Exchange Firms Decreased $27,000,000 and Firms*
Borrowings Were Down $19,000,000
The Board of Governors of the Federal Reserve System
announced
on May 21 that member firms of the New York
Exchange carrying margin accounts for customers
reported for April, 1941, a decrease of $27,000,000 in their
customers' debit balances and a decrease of $19,000,000 in
money borrowed by the reporting firms.
During the year
ending April 30, 1941, customers' debit balances decreased
by $304,000,000 and money borrowed by $258,000,000.
The Board's summary of the customers' debit balances
and principal related items of the member firms of the New
York StocK Exchange that carry margin accounts, together
with changes for the month ana year ended April 30, 1941,
Stock
follows:
were
with little varia¬
cases,
Increase or Decrease
In the remaining 13.6 % of the number
Since
April 30,
neither ordinary nor contingent voting rights, the
as
widespread
as among
of all issues.
Preemptive rights
The redemption feature, although
bond issues, occurred in 83.4% of the
number of preferred stock issues.
Par value
were
expressly granted in 12.0% of the
total number of issues, this proportion
applicability of statutory
characteristic of 75.6%
was
giving
no
effect, of course, to the
1940
Debit balances:
$606,000,000
$27,000,000
-$304,000,000
96,000,000
+6,000,000
+9,000,000
368,000,000
—19,000,000
-258,000,000
265,000,000
Customers' debit balances
—3,000,000
+4,000,000
+ 13,000,000
—13,000,000
Debit balances In firm and partners'
Investment and trading accounts.
Cash on hand and in banks
199,000,000
+7,000^,000
Credit balances:
Money borrowed
—
-
Customers' credit balances:
law rights.
or common
In evaluating the results for the 4-year
April 30,
1941
While sinking fund provisions generally are identified with bond issues,
of the number of preferred stock issues.
,
1941
March 31,
it is interesting to observe that a sinking fund was provided for in 17.2%
quite
as
hereafter imposed on the principal or interest thereof by any
Treasury bills
to be
exemption,
other disposition of Treasury bills shall not have
proportion being somewhat lower in the latter half of the 4-year period.
not
in part, and his
or
Payment of accepted tenders at
of special events, such as the omission of a stipulated number of
quarterly dividends, vere granted in 53.0% of the
of issues
all tenders, in whole
or
other immediately available funds on June 11, 1941.
or
and loss from the sale
even
level reached
of the issues had the right to participate in dividends in excess of the stipu¬
a
any
The income derived from Treasury bills, whether
interest or gain from the
sale or other disposition of the bills, shall not have
In
analysis of dividend rights of preferred stocks indicates that 18.1%
lated rate.
reject
issue.
was downward over the period, the rate of decline
a
of
Over the 4-year period
much less pronounced than in the case of unsecured bond issues.
though this represented
or
action in any such respect shall be final.
the prices offered must be made
prevalent among preferred
bond issues.
38.6% of the number of preferred stock issues contained the conversion
privilege. While the trend
range
The Secretary of the Treasury expressly reserves the
Treasury Department Circular !No. 418, as amended* and this notice,
prescribe the terms of the Treasury bills and govern the conditions of their
Preferred Stock Issues
stock issues than among unsecured
.
Those submitting tenders will be advised of the acceptance
rejection thereof.
State,
For example, in the number of issues, the
more
'
'
Secretary of the Treasury of the amount and price
accepted bids.
authority.
equal.
weighted somewhat
,
Reserve Banks and Branches, following which public announcement will be
amount of issues was not
was
'
excise taxes, whether Federal
in only 7.4% of the total number.
interpretation of the over-all results for the 4-year period, it must
1937
guaranty of payment by an incorporated bank
an express
or trust company.
be remembered that the relative importance of each year in number and
yeai
responsible and recognized dealers in investment
Tenders from others must be accompanied by payment of 10%
accompanied by
in cash
The safeguard represented by a restriction upon payment of dividends,
except
applications
on
Immediately after the closing hour, tenders will be opened at the Federal
secured bonds containing any provision making interest de«
none of the
Branches
of the face amount of Treasury bills applied for, unless the tendets are
moved in rather irregular fashion for unsecured bond issues.
Practically all of the bond issues
or
Tenders will be received without deposit from incorporated banks and
The
Free
period, allowance must be made
for the concentration of preferred stock issues in
1937,
some
46% of the
60,000,000
Other
Credit balances in firm and partners'
investment and trading accounts.
+ 1,000.000
2,000,000
227,000,000
—4,000,000
,000,000
Common Stock Issues
.
Ordinary voting rights
were
conferred in 97.4% of the number of common
stock issues, with annual data showing marked
0.8% for
28,000,000
Credit balances in capital accounts.
total number of issues having been registered in this single year.
uniformity.
This left but
Tenders of $334,889,000
Received to Offering of $200,000,000 of
91-Day Treasury Bills—$200,139,000
Accepted at Average Price of 0.107%
stocks having contingent voting rights only and 1.8%
common
for issues having neither ordinary nor contingent voting rights.
Restrictions
the
cases,
were
annual
attached in only
Par
value
issues,
placed
0.8% of the
was
were
common
registering
as
in
variation.
16.6%
of the
Warrants
were
78.8%
of the
common
stock
displayed marked consistency.
Pre¬
respects
percentages
expressly granted in 25.6% of the
being fairly consistent except in 1938.
of
stock dividends
little
cases.
provided for
and the annual
emptive rights
on
figures
cases,
the proportion
As noted previously in the analysis
preferred stocks, these data do not reflect preemptive rights which
may
inhere by virtue of statutory or Common law; provisions.
In any
over
interpretation of the results demonstrated for
the
4-year
cases
fell in the single
in view of the pronounced consistency
the
not
common
common
stock
characteristics,
year
stock issues
1937.
that
However,
shown in the annual data for most of
concentration in
any
of 91-day Treasury bills totaled $334,889,000, of
$200,139,000 was accepted at an average price of
abouts
which
The Treasury bills are dated June 4 and will
0.107%.
mature
on
peared in
Sept. 3, 1941.
Reference to the offering ap¬
of May 31, page 3421.
our issue
following regarding the accepted bids for the offering
is from Mr. Morgenthau's announcement of June 2:
The
period, consideration should be given to the fact
approximately one-half of the
The Treasury Department announced on June 2 that the
tenders to the offering last week of $200,000,000 or there¬
one
year
would
greatly affect over-all statistical results indicated for the 4-year period
Total applied for, $334,889,000
Range of accepted bids:
Total accepted, $200,139,000
1
100
99,968 Equivalent rate approximately 0.127%
High
Ixyvv
Average price-
99,973 Equivalent rate approximately 0.107%
accepted)
.
(88% of the amount bid for at the low price was
New
Offering of $200,000,000 of 91-Day Treasury Bills—
Will
Tenders to
Be
Dated
June
11
offering of 91-day Treasury bills to the
amount of $200,000,000, or thereabouts, to be sold on a
discount basis under competitive bidding, were invited on
June 6, by the Treasury Department.
Tenders will be
received
at
thereof,
at
the Federal
Reserve
banks, and the branches
to 2 p. m. (EST) June 9, but will not be re¬
the Treasury Department, Washington.
The
Treasury bills will be dated June 11 and will mature on
Sept. 10,1941, and on the maturity date the face amount of
the bills will be payable without interest.
There is a ma¬
turity of a previous issue of Treasury bills on June 11 in
amount of $200,317,000.
Mr. Mongenthau in his Announcement of the offering
,
further said:
They (the bills) will be issued in bearer form only, and in denominations
of $1,000,
value).
Final Subscription and
a new
up
ceived
■
$5,000, $10,000, $100,000 $500,000, and $1,000,000 (maturity
Each tender must be for an even multiple of $1,000, and the price
offered must be expressed on the basis of 100,
decimals, e.g., 99.925.
Fractions
may not
with not
be used.
more
than three
It is urged that tenders
Allotment Figures
on
Treasury
Offering of 2J^% Bonds of 1956-58 and j%% Notes
of Series D-1943
announcing on June 3 the final subscription and allot¬
figures with respect to the offering on May 22 of
$600,000,000 of 23^% Treasury bonds of 1956-58 and M%
In
ment
Treasury Notes of Series D-1943, Secretary Morgenthau
reported that cash subscriptions to the bond offering ag¬
gregated $8,268,254,250 and exchange subscriptions totaled
$787,625,600.
The total cash subscriptions allotted were
$661,750,800, whereas the exchange subscriptions were
allotted in full, making total subscriptions allotted for the
new bonds $1,449,376,400.
The total subscriptions received
and allotted for the notes aggregated $924,000.
The refund¬
ing operation involved the 3^% Treasury bonds maturing
Aug. 1, 1941, in amount of $834,435,200.
This Treasury financing operation was referred to in these
columns of May 24, page 3262, and the preliminary results
appeared in our issue of May 31, page 3420.
3576
The Commercial &
Financial Chronicle
Subscriptions and
several
allotments were divided
Reserve Districts and the
Federal
follows:
2H%
TREASURY BONDS
OF
the
among
Treasury
Statutory Debt Limitation
as
1950-58
and the face amount which
Received
Boston
Allotted
$699,489,060
4,012,804,350
New York
Exchange
Subscriptions
Total Cash
Subscriptions
Philadelphia....
555,971*300
Cleveland
472,505,350
519,213,660
37,898,300
41,571,500
Richmond
307,800,1,50
24,6.50,100
Atlanta.
341,838,450
27,355,400
Chicago
878,371,900
183,499,500
70,320,150
St. Louis
Minneapolis
64.929,300
62,684.1.50
67,690,500
34,351,350
8,838.300
6,023,200
123,704,300
9,918,400
206,645,3.50
16,545,300
11,540,200
2,927,000
371,686,100
40,325,500
29,698,800
3.226.500
9,210,650
1,100,650
-$35,381,657,181
L $8,781,345,500
2,273,850,000
Treasury bills (maturity value)
1,603,263,000
Certificates of indebtedness
38.909,450
$8,268,254,250
5661,750,800
$787,625,600
$1,449,376,400
Treasury
Total
Yt%
—...-$65,000,000,000
Treasury notes..
128,950,650
23,180,950
Kansas City
--
certificates, bills, notes,
Treasury.————.
.$29,554,232,400
Savings (maturity value)*
5,084,113,225
Adjusted service--.—----743,311,556
84 6,690,250
Dallas
San Francisco-
still be issued under this limitation:
Outstanding as of May 31, 1941:
Interest-bearing—Bonds:
$121,870,250
6,995,950
58,630,500
8,454,650
14,726,300
110,370,600
Allotted
$65,898,950
525,659,800
27,031,000
21,112.650
43,040,400
.
321,030,460
of May 31, 1941
as
savings certificates, stamps, &c„ which may be
outstanding at
any one time
Subscriptions
Full)
1941
outstanding
can
Total face amount of bonds, savings bonds,
Total
Received (Al¬
lotted in
7,
Section 21 of the Second
Liberty Bond Act, as amended, provides that
the face amount of obligations issued under
authority of that Act "shall
not exceed in the aggregate $65,000,000,000
outstanding at any one time."
The following table shows the face amount of
obligations
Total
Total Cash
Subscriptions
Federal Reserve
District
June
14,861,500
21,458,600
19,472.300
12,658,458,500
Matured obligations, on which interest has
ceased.
$48,040,115,681
177,413,200
4,327,150
48,217,528,881
Face amount of obligations issuable under above
authority
$16,782,471,119
Reconcilement with Daily Statement of the United Slates
Treasury May 31, 1941
face amount of outstanding public debt
obligations issued
TREASURY NOTES OF SERIES D-1943
Total
Total
Federal Reserve
under authority of the Second
Subscriptions
Total
Federal Reserve
Allotted
Received and
District
unearned
discount
on
Liberty Bond Act, as amended—$48,217,528,881
Savings bonds (difference between
Allotted
District
Boston
Deduct,
Subscriptions
Received and
$20,000
_
New York...
St.
170,000
310,500
Philadelphia
Cleveland
Atlanta...
Chicago
38,700
value)
statutory limitation:
78,000
-
Interest-bearing (pre-war, &c.)
60,000
...
San Francisco
Matured obligations on which interest has
ceased.
Bearing no interest..
15,000
$196,102,380
12,914,180
370,274,267
-
Treasury..:.--Total..
1,076,053,985
....
$47,141,474,896
Add other public debt obligations
outstanding but not subject to the
68,000
1,000
Minneapolis
Kansas City
Dallas.
86,600
53,200
23,000
Richmond.---—.---
Louis...........
current redemption value and
maturity
579,290,827
$924,000
Total gross debt
outstanding as of May
31, 1941..
$47,720,765,723
*
Approximate maturity value.
Principal amount (current redemption
according to preliminary public debt statement,
$4,008,059,240.
Treasury Explains Outstanding Debt Subject to Debt
Limitation of $65,000,000,000
The Treasury Department made
public on June 3 its
monthly report showing the face amount of public debt
obligations issued under the Second Liberty Bond Act
(as
amended) outstanding May 31, 1941, totaled
$48,217,528,881
thus leaving the face amount of
obligations which
may
Banks
be
however,
95% of the
not
are
amount of United States
Government and Governmentguaranteed securities, held
by all banks and insurance com¬
panies, are presented in the following
tabulation, taken from
subject to the debt limitation.
Thus the total gross
public
debt outstanding on
May 31 is shown as $47,720,765,723.
The following is the
Treasury's report
as
of May 31:
SUMMARY OF OWNERSHIP BY TYPE OF
SECURITY,
total
Government-guaranteed
request of March 29, made to 6,500 banks and
1,000 insur¬
ance
companies, to which reference was made in our issue
of April 5,
page 2164.
The figures which are based on
reports of institutions that account for about
public
which,
com¬
amounting to $27,602,000,000, or 64% of the
$42,943,000,000 outstanding.
The data were submitted
to the
Treasury in response to Secretary Morgenthau's
outstanding public debt obligations ($48,217,528,881) should
deducted $1,076,053,985
(the unearned discount on
savings bonds), reducing the total to
$47,141,474,896, and
to this figure should be added
$579,290,827, the other
outstanding,
Companies Report Holdings of
64% of Federal Debt
securities
be
obligations
Insurance
Commercial banks, savings banks, and insurance
panies have reported to the
Treasury Department
holdings of Federal Government and
issued subject to the
$65,000,000,000 statutory debt limi¬
tation at $16,782,471,119.
In another table in the
report
the Treasury indicates that from the
total face amount of
debt
and
value)
the
BY
May issue of the "Treasury Bulletin":
CALL
(Par Value—In
Millions
CLASSES, AND
of
BY
TAX-EXEMPTION PROVISION
Dollars)
Public Marketable
Interest-Rearing Securities
a
Held by Institutions
Covered in Treasury Survey
Classification
Held
6,125 Ranks
Total
775 Insurance Companies
by All
Amount
Other
Outstanding
Total
575 Fire.
5,638
A.
Savings
Ranks
-
--.....
_
Postal savings and pre-war Issues
G uaranteed issues. b
Companies
_
......
1 to
:;v
645
3,360
3,088
2.875
213
13,276
272
179
10,478
93
2,798
2,362
5,831
4,717
1,114
10,425
*
*
196
611
17
566
16
5,888
4,473
27,602
45
34
16
3,899
42,943
20,891
5,081
15,755
10,152
5 years
5 to 10 years
10 to 20 years..
..
...
.......
...
After 20 years
H
;
1
1
Partially exempt from Federal Income
taxes.d_.„
Subject to Federal income taxes
Total
959
179
238
574
479
95
1,416
17,596
3,295
6.711
5,376
1,335
15.341
11,904
2,753
8,239
2,548
406
285
7,417
121
823
1,923
7,059
5,286
1.747
4,178
4,611
1,108
1,773
3,453
1,364
1,431
383
7,397
342
1,158
5,769
3,093
2,786
2,296
490
.*
4,507
*
*
6,711
5,376
1.335
1
27,602
1
>,
206
1
20,891
5,590
2,578
33,304
21,941
17,596
2,356
15,788
4.049
3.082
2.747
1 42,943
than
32
3,661
3,295
'
Wholly exempt from Federal Income
taxes.c
Less
1
9,986
50
C. By tax-exemption
provisions:
*
3,159
42,943
Total
-
Insurance
becoming callable:
Within 1 year
'
Marine
19,107
By call classes:
first
Investors
Casualty,
and
1.604
1
Total.
or
Insurance
5,722
29,532
...
Treasury notes.
Treasury bonds
Due
200 Life
Total
Companies
By type of security:
Treasury bills
B.
487 Mutual
Commercial
Ranks
Total
27,602
49
15,341
2,196
13,138
126
97
3,012
6,153
4,975
1,179
11,363
486
335
275
60
966
17,596
20,891
222
2,650
2,262
3,295
6,711
5,376
1.335
15.341
159
,
$500,000.
Stilted
PXi"
T88,?0 povernment
ami trust funds, (2) adjusted service
CommerL. LnS? $165 mUllS SS !>"tT bonds, and (3) United
tanks, KmSrn
securities Issued
the credit ol the
^S?SliSScSSaS%TSSmZ^llton8•
^ ^
United
Securities the
from which is
States, and (3) oSations sSd d£tlv to the
exempt from both the
Treasury
rates and surtax
rates
the^FedS income^tax
purities the income from which is exempt only from the normal
ireasury.
of the
Federal income
Are
Dartiallv tax-exemot securities
th^normaf rates"?! theTFederStn^me^ax d
85,000 of 1>rincipal amount ot these securities owned by any single bolder Ls exempt from the surtax
well
divided
were
as
iollows:
b Excludes (1)
c
EHA
debentures, (2)
on
ncome
normal
of
rates
tax
as
Trpnsiirv hnnris
classified
as
rates as
Nation's Banks Commended for
Their Part in Defense
Program by Deputy Comptroller of
Currency C. B.
Upham—Addresses South Carolina Bankers'
As¬
sociation
f
America's banks
major
in
Now
by making direct purchases of Government securities,
Mr. Upham added:
many other ways.
they
with their
are
upholding their traditional
role
as
a
the
National defense wheel, C. B.
Upham,
the Currency, said on
June 3 in
addressing the South Carolina Bankers' Association in annual
convention at Myrtle
Beach, S. C., Mr. Upham declared
cog
camps,
and in
Deputy Comptroller of
our
banks "have met the
challenge" by providing credit
facilities for industrial
borrowers, by serving general banking
needs of military and defense
production communities and
are well
launched in
a
great movement to market defense issues
customers, thus avoiding, to that,extent, the inflationary evils
that would result
from the financing of our defense effort
by bank credit
alone.
The loyalty and enthusiasm with which the banks
have given co¬
operation in this enterprise should
bring them and the Government great
satisfaction in the
days ahead.
Mr.
Upham said the defense financing program was not
solely to raise money, being equally intended to
secure "a
greater investment by our
people in their Govern¬
ment and a
greater participation in its activities so that there
conceived
The Commercial & Financial Chronicle
Volume 152
be developed
1* That
a more
extent as
an
3*
Stock of
minimum.
The
The speaker urged that ordinary, unspectacular banking
functions should not be overlooked during the stress of the
war effort.
One function, he said in this connection, which
makes for "better, stronger banks" is the reduction in
moneys held in the United States Treasury and by
Federal Reserve banks and agents.
The figures this time
for April 30, 1941, and show that the
money in circula¬
tion at that date (including, of course, that held in bank
Reserve District, which includes South
commendable in this respect, showing a re¬
duction of 50% in the last five years ana now amounting to
only $6,400,000 which amount is still being reduced steadily.
$40,000,000,000 Loaned by Nation's Banks
According to President Houston of A. B. A.
-'-Speaks at Convention of American Institute of
Banking
vaults
.
the
at
annual
convention
of
the
address delivered
an
American
Institute
of
of member
of the Federal Reserve System)
against $8,923,765,478 on March 31,
1941, and $7,559,107,386 on April 30, 1940, 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 state¬
was
banks
$9,070,656,951,
as
ment:
£2.s®
-i-o
More than $40,000,000,000 of loans were made in 1940
by 6,100 of the Nation's commercial banks, it was stated
at San Francisco on June 3
by P. D. Houston, President of
the American Bankers' Association, in
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of bank loans conducted by the Association.
Mr.
Houston emphasized that the survey was participated in by
only 43% of the 14,000 commercial banks throughout the
country.
"A survey of the lending activities of all the banks,
if such a survey were possible, would show even
larger totals
for the number of loans and their dollar volume," he de¬
S'S*
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These banks reported that during 1940 they made:
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new
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12,295,835 renewals of loans totaling
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new mortgage
<T3
loans totaling
952,003,424
27,632,634 credit extensions totaling
£.»
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$42,263,149,647
Sal
A total of 1,362
banks reported that they were maintaining open or
conf irmed lines of credit
on
their books available to established borrowers
0
O
This year, as in 1940, the banks are continuing to make the loans needed
were
being used by borrowers
on
are also meeting the credit require¬
for National defense that have been constantly increasing in recent
credit commitments for defense purposes of almost a billion
dollars outstanding on March 31.
"We are currently con¬
ducting surveys in the field of defense loans made by banks,"
he said.
goods."
Transmits
Report to Congress
Industry Through Research
special message to Congress
assurance
heavily
in
both
our
continued
the
and
pure
applied
"Research—A
on
trial
Research,"
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Mr. Roosevelt made
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transmitting to Congress a re¬
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these further statements in
port
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of national progress after the emergency we rely
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the arsenal of democracy is our national ability and interest
in industrial research."
The President added that "for the
of
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President Roosevelt Calls Industrial Research One of
Greatest Resources in Arsenal of Democracy-
vigorous prosecution
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for loans to finance orders for defense
that
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345 banks in 137 cities in the industrial centers had nearly
Roosevelt
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In
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Dec. 31.
months.
a
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sum
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Mr. Houston asserted the survey indicates that banks are
willing to lend to regular, established borrowers almost three
times the amount of credit those borrowers want or are able
to use.
From his remarks we also quote:
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these 6,100 banks made 27,600,000 credit extensions
totaling $42,200,000,000 to business firms and individuals.
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have the lending record of 6,100 banks or 43.3% of the
banks for the whole of 1940.
The survey shows that during the
<
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to say:
now
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o*
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These loans involved $27,000,000 extensions of
He went
gM&Sg8""*
sSmDOS
©
©a2,r n. B »♦
credit to individuals and business enterprises, Mr. Houston
said.
He explained that this statistical picture of the lend¬
ing activities of banks last year is the result of a semi-annual
clared.
>
X)
I
Banking.
money
are
was
Than
Money in the Country
Treasury Department in Washington has issued the
ing the
the
in 1940
resources;
customary monthly statement showing the stock of
the Sixth Federal
More
our
in the country and the amount in circulation after deduct¬
book value of real estate owned either by
charge-off or sale.
He told the convention that the record of national banks in
Carolina,
conserved
■v-i,
non-inflationary basis to as great
a
have
the
to
possible, and
That non-defense expenditures should be held at
methods
better products; and new products have
health, pleasure, and comfort of the general public.
Such changes have not taken
place without some temporary misfortunes.
Here and there industries have
disappeared and people have been tempo¬
rarily thrown out of work, but the net result of 40 years of organized
industrial research in this country has been the enrichment of life to an
incalculable degree.
1
contributed
tion,
2' That public borrowing should be on a
efficient and economical
materials have made possible
new
substantial part of the cost of defense should be met by taxa¬
a
3577
More
lively appreciation of our demo¬
cratic life."
The speaker cited the three fundamental posi¬
tions taken by Secretary Morgenthau in
public utterances
concerning defense financing, which he listed as follows:
may
M rf. © © ©
MHffl*©63
which
was prepared by the National Re¬
Planning Board with the assistance of the National
Academy of Sciences and the National Research Council.
rf.
©Ml
sources
the
E
to to to to to CO
to CO 03 — © to
E
report," the President recommended that the members
Congress carefully read the report.
His message also
stated:
The
o a s
bb t-i bb
© rf.
~b
©'
©©
I
©©0©to©i-*-4'
our
■changes that have
significant
come
paragraph
about through
our
in
national life.
the
report
sums
industrial research:
up
the
great
«•
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ft
rftOO© wco
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B
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III
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til
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fill
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a
defense, and enriched
following
Wrf.1
©©i
g,
§"©"©*©©*©
OO©©©
clear record of how successfully we have trans*
lated our oid-time Yankee ingenuity for invention into American
genius
for research.
Our scientists have uncovered and explained the secrets of
Nature, applied them to industry, and thus raised our standard of living,
The
s
.
report presents
strengthened
-4t0i-*W
©rf.©w-4j4
Saying that "our people can justly take pride in the record
of the accomplishment by American industry contained in
of
rf.
I
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f
I
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 sliver dollars (these
notes are being canceled and retired on receipt); (111) as security for outstanding sliver
certificates, silver In bullion and standard silver dollars of a monetary value equal
to the face amount of such silver certificates; and(Iv) as security for gold certificates—
gold bullion of a value at the legal standard equal to the face amount of such gold
certificates.
Federal Reserve notes are obligations of the United States and
a
The Commercial & Financial Chronicle
3578
first lien
all the assets of the Issuing Federal Reserve Bank.
secured by the deposit with Federal Reserve agents of
on
notes are
Federal Reserve
a like
I
by the defense authorities of this Government and by the
Federal Power Commission that this additional
power is urgently needed
connection with the Government's national defense
program.
It is
amount of
gold certificates or of gold certificates and such discounted or purchased
paper as is
eligible under the terms of the Federal Reserve Act. or, until June
30. 1941, of
direct obligations of the United ritates If so authorized
by a majority vote of the
Board of Governors of the Federal Reserve System.
Federal Reserve
Federal
in
likewise
bankB must
maintain a
In gold certificates of at least
reserve
fund, which must
Reserve
be deposited
understood
Canadian side
the
I
President
opened on June 3 in a Nation-wide broadcast
an appeal by President Roosevelt for
support
An
and local responsibility.
action doubly
defense workers
both
are
a
vote is
Los
"the
locally
are,
I
on a
the very foundation-stones of its
Because recreation is part of our total defense
program, it is the first
concern of every citizen.
This applies also to the
money
USO's service clubs for
men
in
uniform
and
for
defense
needed to
workers.
run
The
campaign goal of $10,765,000 will provide necessary services in hundreds of
thousands of young men and women.
From all of us
towns and for many
who possibly can,
an
contributing to this fund and for this purpose is
obligation but also an opportunity.
Even those who do
soldier
or
sailor
or
live in defense
communities,
defense worker on their home town
not
who
and friends and neighbors on the front line of
American defense.
Every
man
ing the Nation.
and
sector
by concurrent legislation of the Canadian
American Congress.
Only a majority
When
similar pact
a
brought before
was
was
before that,
over
of world events
gives
such
assurance
A
bill
democracy that, however
intend to outstrip them in the
we
authorizing President Roosevelt
of
terms
the
agreement
to
introduced
was
A previous statement
by the President urging support
the USO appeared in our issue of
April 19, page 2477.
carry out the
the House on
in
be
project would
$266,170,000.The President's
message was as follows:
To the
Congress of the United States:
I recommend authorization of construction of
the St.
and
power
Canada,
project,
as
an
pursuant
the
to
of
integral part of the joint defense
of the
19, 1941, with
North American
-l V:'. rf
Production and
national
Lawrence seaway
of Mar.
agreement
defense.
production is the keynote of
Electric power and transportation
more
our
all-out
are
limiting factors
'
President Roosevelt Asks Senate
with
Canada for Diversion
Power Purposes
in the production of
planes, guns, tanks and ships.
The enemies of
democracy are
developing hydro-electric
to
of
Approve Agreement
Niagara Waters for
on May 29 to
ratify
American-Canadian Treaty of 1909 re¬
garding the use of the waters of the Niagara River. Accord¬
ing to notes exchanged by the two governments on
May 20,
it is proposed that, for the duration of
the emergency, the
United States be permitted to
divert, for power purposes,
5,000 cubic feet of water per second on the American side
Niagara River above the Falls, and that Canada
permitted to divert 3,000 cubic feet
side.
a
second
on
be
the Canadian
The
President in asking for the Senate's
approval,
the texts of the notes and also a
letter from
Secretary of State Hull explaining the agreement.
The Senate Foreign Relations
Committee on June 4
approved the agreement.
1
Mr. Roosevelt's brief
message said:
To the
of the United States—
end
herewith the texts of notes
exchanged at Washington
between the Governments of the
United States and
Treaty signed
United States of America and the United
tion of the
emergency and in all events
Governments
on
Oct. 1, 1942, an
of the waters of the
on
on
May 20, 1941,
Canada amending in
Jan. 11, 1909, between the
Kingdom,
to permit for the dura¬
purposes,
the Falls.
I transmit also for
the information of the
Senate
tary of State regarding this exchange of notes.
our
Are
resource
and
to
we
this
short-sighted interests
allow
the
oppose
greatest resources?
project will either
of the greatest
transportation
Both countries need the
or
resources
defense of North
open or
offered
ever
withhold 2,200,-
a
keep bottled
up
people.
Both face power shortages which
threaten
the demands of the defense
power.
to grow more serious as
almost
Let
program
incredible rapidity.
us
remember
that
hours
materials
that
go
aluminum program alone calls for
present
a year.
multiply with
it takes tens of thousands of
kilowatt
electricity to produce the
into
a
hours of
single airplane.
Our
than ten billion kilowatt
more
It is constantly expanding with the need for
more
planes to
outstrip the aggressors.
Steam
power-plant construction offers
No steam plants
power.
can
no substitute for
St. Lawrence
provide the large blocks of low-cost electric
energy required for certain essential defense
industries.
are
to
going
meet
to need all
our
Furthermore,
we
capacity to produce steam power-plant equipment
the tremendous demands which
are
growing in other parts of the
country and to build power installations to drive
Our defense production is
conveyor belt.
a
report by the Secre¬
Recent surveys have indicated that
there is now idle equipment available
and set up which could use at once an
additional diversion for power
purnoses of 5.090 cubic feet per second on
the United States side.
If
raw
breaks down.
a
our
gigantic assembly line.
merchant and naval
Transportation is its
materials cannot flow freely to our
great industrial
plants and the products
cannot
move
continuously to the front, defense
Bottlenecks in transportation
are
as
serious
as
shortages of
power.
Expanding production
are
is going to burden the railroads to the limit.
expanding their rolling stock
orders
Secretary Hull's letter said, in part:
for
new
cars
as
fast
as
we
can,
but
even
We
the present
and
locomotives are competing for
manufacturing
capacity which could otherwise produce tanks and other items of
heavy
armament.
The seaway will
help prevent transportation bottlenecks.
a
great
,
of
Dardanelles.
this project will either make available
one
I transmit
subject to reconsideration by both
additional diversion, for power
Niagara River above
one
on
to the
because
for
race
vessels.
that I may receive the
approval of the Senate,
its application Article 5 of the
Norway
out-matched
000 horsepower of low-cost electric
power for the joint
America.
Your action on this
transmitted
To the Senate
be
to
Your action
amendments to the
of the
every waterway from
continent
development of
President Roosevelt asked the Senate
of
by Representative Mansfield, Democrat of
Texas,
the Rivers and Harbors Committee.
Public
hearings before this House Committee will begin on June 16.
Continent.
♦
race
Chairman of
That is
serve.
we
June 2
sons
way—one important way
and
no
It has been estimated that the cost of
the
a
states
Mr. Roosevelt said that
no
will demonstrate to the enemies of
of our national defense
pro¬
one
course
long the effort,
production."
woman in America wants to have a share in defend¬
Contributing to the USO is
—in which all can
only
see
streets, have
their personal stake in the recreational
gram.
not
never
June 5
on
transportation bottlenecks. He concluded by
asserting that
single project of this nature is "more important to this
country's future in peace or war," and that "its authorization
Taft have
success.
Congress
no
am
am sure,
Speed
Lawrence
right to take chances with the national
safety."
Stressing the need for the project, Mr. Roosevelt said
that both countries require the additional
electric power for
defense production; and that the
seaway will help prevent
coordinated
Mr.
to
St.
the
required.
danger will be
have
urgept for all fronts.
you and
of
authorization, the President
national
glad to learn from you and from others that it is
working
basis of genuine community cooperation.
Its local committees
Congress
that the project can be built in four
years.
Saying that he
would like to agree with the people who
say this country's
success
The six national voluntary welfare organizations
which Incorporate the
are to be commended for their effective efforts
to integrate their work
with the existing program, both national and local.
On the national level
the USO is, I understand, operating within the framework for
I
Upon
Construction
in treaty form and failed to
receive
the necessary two-thirds vote of
approval.
In his current plea for
More recent developments make united national
health, welfare and recreational activities, which
Calls
of
the Senate in 1934 it
USO
set up.
pre¬
on
Parliament and
great Interest the steps taken to make this
joint
As I said in my letter to you on the occasion
armed forces and
our
Roosevelt
become effective
Army,
Christian
preliminary USO conference in April, recreation and leisure-time
for
making this proposal this Government is
between the United States and Canada
Mar. 19, 1941, providing for the
development
of the seaway and power project
(noted in these columns of
Mar. 29, page 1996).
The terms of the agreement would
effort really Nation-wide.
activities
In
agreement
signed
was
Association, the Jewish
Welfare Board and the National Travelers Aid
Association.
The following is the President's appeal:
I have followed with
in
legislation authorizing the construction of the St.
seaway and power project be approved.
In a
special message to Congress the President termed the
pro¬
ject "an integral part of the joint defense of the North
American Continent" which must be
expedited because "no
comparable power, shipbuilding and transportation facilities
can be made available in the time
required to construct this
project."
The USO is a non-profit
corpora¬
tion formed by the Young Men's Christian
Association, the
National Catholic Community Service, the Salvation
of the
the
Lawrence
Assistant to Mr. McNutt.
hearty good wishes for the
on
efforts
war
additional diversion for power purposes of
5,000
on the United States side of
the Niagara
President Roosevelt recommended to
Others participating in the radio appeal for funds
included:
Secretary of the Navy Knox, John J. McCloy, Assistant
Secretary of War; General George C. Marshall, Chief of
Staff of the Army; Admiral Harold R.
Stark, Chief of Naval
Operations; Thomas E. Dewey, Chairman of the USO;
Walter Hoving, President of USO; and Charles P.
Taft,
my
furtherance of the
that the
said,
Will you convey to the leaders of the USO and to their
workers In
Canadian
immediately
Seaway and Power Project—Says Its Development
Is Important to
Country's Future
Activities, said that
"recreation is part of our total defense program" and because
everybody in America "wants to have a share in defending
Angeles and throughout the country
of their campaign ?
an
Authorization
of Health Welfare and Related Defense
Women's
1, 1942,
Iiiver above the Falls.
of this drive.
The President's letter, read
by Paul V.
McNutt, Federal Security Administrator and Coordinator
Young
appropriate
assurances that no objection will be raised to an
additional
diversion of 3,000 cubic feet per second on the Canadian
side of the Niagara
River above the Falls.
which included
the
the
pared to give
The Nation-wide campaign to raise
$10,765,000 for the
United Service Organization's program to provide
soldiers,
sailors and defense workers with recreation and leisure-time
the Nation," contributing to the
USO, the President
"is one important way in which all can serve."
with
cubic feet per second be utilized
Roosevelt
was
the
propose
ments on Oct.
activities
with
through this exchange of notes that for the duration of the
emergency and in all events subject to reconsideration by both
govern¬
Urges People to Contribute to
United Service Organization's
Campaign for $10,765,000 for Service Clubs
■
conversations
in connection
Canada.'
used
Includes credits with the Treasurer of the United States
payable in gold certificates
Federal Reserve.bank notes and National bank notes are In
process of retirement.
President
from
officials that 3,000 cubic feet per second could be used
40%, Including the redemption
Treasurer of the United States,
against
actual circulation.
"Gold certificates" as herein
in
notes
with
June 7, 1941
informed
am
cut
by
highway
more
It will provide
to and from important defense production areas.
than
a
thousand miles the stretch
of
dangerous
open
It will
water
which must be traveled
by supplies to Great Britain and strategic North
Atlantic bases. It will increase our
capacity to build
ships.
Volume
The Great
of
resources
cause
now,
Lakes today hold many shipways and drydocks,
and materials for shipbuilding.
men
have
we
The Commercial & Financial Chronicle
152
If
delayed completing the seaway.
freed by transferring a portion of the longer-term
Great Lakes,
The
St.
v
Lawrence
naval program to the
the degree
available in the
be made
can
advised that
with the people who say that the country's danger
But the course of world events gives no
than that.
sooner
such assurance,
and
have
we
right to take chances with the
no
national
safety.
country's
Its authorization will demonstrate to the enemies
single project of this nature more important to this
no
future in peace or war.
of democracy tha
the
however long the effort, we intend to outstrip them
,
in
In the modern world that race determines the rise
production.
race o
and fall of nations.
^1 hope that authorization will not be delayed.
FRANKLIN
ROOSEVELT
D.
The White House, June 5,
President Roosevelt Asks Congress for
Build
Roads
$125,000,000 to
Strengthen
and
Areas
Defense
in
1941.
Bridges
special message to Congress
appropriation of $125,000,000
for construction of the country's highways and bridges re¬
quired for the defense program.
The President proposed
that $100,000,000 be authorized specifica ly for assisting in
the development of "access roads" and that $25,000,000 be
authorized "to strengthen bridges and widen surfaces in
President
Roosevelt
2
June
on
of
survey
of
Agency
Works
Federal
the
by the
highway
defense.
The
message also said that the Federal Works Ad¬
would shortly submit to Congress a bill author¬
President's
of
viewpoint
the
from
ministrator
national
izing the appropriations, adding that he hoped the matter
would have early consideration.
The text of President
Roosevelt's message follows:
the
To
Congress of the United States:
Anticipating that the development of the
have
of
survey
and
with
from the viewpoint of national defense
steps that appeared necessary, particularly
to
as
me
any
and egress from urban centers,
respect to the adequacy of ingress to
and proposed Army, naval, and air bases and
the possible necessity for the strengthening of bridges and the widening
of reads in strategic areas.
This survey has been completed and a report
has been submitted to me indicating the need for additional funds to aid
the
of existing
servicing
in
in numerous areas.
congestion
relieving traffic
at the time of its completion, indicated that there were
which access roads and highway bridges in military, naval,
The survey,
in
areas
industrial
of
cost
found
of
and
for
be
to
financed.
reach
a
204 areas will aggregate
financed
funds
It
wa3
would
facilities
of
and
of
by
urgently
involved will
more
areas
me
for
needed
now
community
access
prevent
roads.
the
use
for highway improvements.
for community facili¬
greatly in excess of local resources and present
portion
roads
access
available
that
of
amount
Federal
are
additional
that
and
funds
funds
will
be required imme¬
in important areas.
In
for the Federal Government to bear
the
entire expense
of providing these facilities, but local participation
should be encouraged to the fullest possible extent.
I recommend that
$100,000,000 be authorized specifically for assisting in the development
diately
of
to
be
required
of
as
a
by
Federal
the
Works
Agency
that $458,000,000
for strengthening the entire straetgic net¬
minimum
75,000 miles.
It is my belief that no
necessity exists for undertaking such an extensive program now.
Some
progress is being made in this work under the normal highway program.
There is a need, however, for giving immediate attention to strengthening
highways
bridges in key
date
rolling
these
of
areas
key
authorized
permit
more
areas.
It may
the Army.
to. the
widening
also be necessary to give
some highways in
of the surface of
Much of ths work should be accomplished within presently
funds, but in
the diversion
and widen surfaces
some
areas
obligations already incurred will not
funds to these more important needs.
I recom¬
an additional $25,000,000 to strengthen bridges
of
of
mend the authorization
Any
than
where existing structures are inadequate to accommo¬
equipment of
consideration
some
President
in key areas.
appropriation
areas
access
roads
Federal Highway
as
made
for
access
roads
in
the
should be available
for
use
No attempt should be made to apportion funds
manner
in
which
funds
key military
matching
in
the
are
apportioned under the
All plans for highways should be coordinated insofar
Act.
practicable with State planning agencies.
within
Concerning the improvements
the authorizing legislation should provide for
manner now followed with respect to Federal-aid
areas,
same
highway construction and provision should be made for the determination
of
the
ments
the
needs
or
usual
the
D.
ROOSEVELT.
Foreign
Signs
Maritime
Ship-Requisition¬
Commission
Power
to
Roosevelt
signed
yesterday
(June 6)
the bill
power
executive order
empowering the Maritime Commission to
Congressional action on the legisla¬
tion was completed on May 29 when the Senate approved the
conference report, which had been adopted in the House on
May 27.
Original House passage of the measure came on
May 7 by a vote of 266 to 120, while the Senate took similar
action on May 15 by a 59 to 20 vote.
Under the legislation
the President can acquire the vessels by purchase, charter,
requisition or condemnation, with just compensation pro¬
vided in all cases.
There are now approximatesly 84 foreign
flag ships tied up in American ports; these include 2 German,
28 Italian, 39 Danish and 11 French, all of which have been
taken into custody by the United States Coast Guard.
Previous Congressional action on this bill was reported in
our May 17 issue, page 3110.
take
over
the vessels.
Legislation
Iron
Allowing
Ore
Canadian
Vessels
to
Lakes
Signed
by
Great
on
Transport
President
Roosevelt
President Roosevelt signed on May 31 a bill authorizing
of Canadian registry to transport iron ore between
United States ports on the Great Lakes during 1941.
This
vessels
bill
suspends during the 1941 shipping season the laws re¬
serving the coastwise trade to United States vessels.
The
measure passed
the House on May 15 and the Senate on
May 23. The purpose of the bill is to provide the necessary
means of transporting on the
Great Lakes the tonnage of
iron
essential for the manufacture of steel.
ore
President
the
The State
Department, the Maritime
Commission and the Office of Production Management all
favored enactment of this legislation.
Department,
Commerce
Roosevelt
Signs Bill Giving Government
Mandatory Priorities on Industry
Power to Impose
Legislation giving the Government broad powers to im¬
mandatory priorities on American industry in the
interests of national defense was signed by President Roose¬
velt on May 31.
The completion of Congressional action
on this bill came on May 23 when the
Senate adopted a
conference report which had been approved by the House
on May 22.
Original passage of this legislation by the House
came on May 8 while the Senate agreed to the hill on May
16.
A previous item on the legislation appeared in our issue
of May 31, page 3426.
Following are the six purposes of the measure:
pose
1.
To permit assignment of mandatory priorities to contracts
of any foreign government
or
orders
which the President brings within the terms of the
Lease-Lend Bill.
2.
of
a
To permit assignment of mandatory priorities to any contract or order
government agency other than
the Army
or
Navy
or
of private in¬
dustry which is of vital importance to the defense program.
3.
To make clear that mandatory priorities may be extended to sub¬
directly
and
or
for
suborders
supplies,
parts,
and
materials
which
enter
indirectly into fulfillment of the prime contracts which
are
subject to mandatory priorities.
4.
To permit control of the distribution
in which shortages appear
and to
by reason of the impact of the defense program
permit allocation of such products and materials to defense and to
needs in preference to less important
the most important civilian
5.
To permit adequate
system.
6.
of those products and materials
To
*
'
;;;
r
protect persons
uses.
information to be obtained to operate the priorities
complying with priority orders against liability
for damages.
President Roosevelt Signs
$1,147,624,384 Treasury-Post
signed on May 31 the Treasury-Post
appropriation hill for the 1942 fiscal year providing
appropriations of $1,147,624,384.
This measure appro¬
priates $304,330,185 for the Treasury and $843,294,199
for the Post Office.
Final Congressional action on the
measure came on May 23 when the Senate adopted the con¬
ference report which had been approved by the House on
May 22.
The compromise bill was $7,978,594 less than
the budget estimates and $2,515,928 less than the appro¬
priation for the 1941 fiscal year.
The House originally
passed the bill on Feb. 13 and the Senate on May 7. Final
action by Congress was reported in our issue of May 31, page
3426.
:
V'
President Roosevelt
Office
.
.
■
certified by the War or Navy Departments or the Office for
Emergency Management.
for
consideration.
to requisition all foreign vessels lying idle
in American ports.
After taking this action he signed an
.
only in
early
a
Office Appropriation Bill
estimated
been
has
work
Roosevelt
roads.
access
It
will
relieve the existing traffic congestion
instances it may be necessary
many
have
may
Congress
herein indicated,
1941.
2,
Bill—Gives
contracts
clearly evident that the financial requirements
is
ties
the
of
number
the
considerable
any
It
many
cover
in
increase
The
Projects Administration,
by the Work
meeting in part these new requirements.
believed that the amount recommended
for
matter
House, June
giving him
The work thus far provided for has
figure of $350,000,000.
by Federal-aid high¬
way funds, and by contributions of counties or States.
It is my hope that
readjustments in highway programs now authorized may release additional
been
this
the
to
purposes
Take Over Immobilized Vessels
costing $123,-
100 additional areas have
over-all cost of providing these facilities will
estimated that
It is
become involved and that the
now
the
in
involve 2,594 miles of highways.
Means have
the construction of about 1,090 miles at a cost
leaving 1,594 miles of the original program
$54,400,000,
200,000
will
financing
and
It is estimated that the
facility
type of
this
204
importance.
the utmost
of
were
areas
providing
.$177,600,000,
been
White
President
highway facilities
our
advise
to
Federal
the
of
national-defense program would
the highway system of the country, I requested the
Works Agency nearly a year ago to make a
effect upon
some
Administrator
submit
soon
appropriations for the
a
an
He based his proposals on a
Administrator
facilities
sent
recommending
areas."
key
hoped that
will
Administrator
FRANKLIN
We
taxed.
mistakes of that kind.
build the St. Lawrence project in four years.
can
we
I should like to agree
I know of
Works
bill authorizing
a
is
The
people have under¬
Under emergency pressure it may be completed in less time.
over
Federal
it
ing
to which our present resources will be
cannot afford to make any more
will be
and
this project.
In dealing with the present emergency, too many
am
start the seaway
we
The
draft of
No comparable power,
project must be expedited.
time required to construct
I
well as
as
bottled up be¬
y.:;:(<y
shipbuilding and transportation facilities
estimated
are
be built in coastal yards
of additional merchant ships may
scores
They
3579
through certification
Office
for
apportionment
thereof by the War or Navy Depart¬
Management, and without regard to
Emergency
formula.
Governor Harwood
of Virgin Islands Sets Up Defense
Solidarity with United
States
Council—Cuban
Reaffirmed
Roosevelt's declaration of an un¬
Harwood of
the Virgin Islands issued on May 29 a proclamation establish¬
ing a defense council for the Virgin Islands. This was don«,
it was explained, for the purpose of assisting in the coordinaFollowing
President
limited national emergency, Governor Charles
The Commercial & Financial Chronicle
3580
tion of insular
the House at $100,000,000.
This measure,
passed the Senate on May 17 and the House on May 28,
also extends the life of the Disaster Loan Corporation and
the Electric Home and Farm Authority, both subsidiaries of
the RFC, to Jan. 22, 1947, and permits loans to foreign
governments when American securities are offered as col¬
000,000 and
and local activities related to national insular
which
defense.
Approval of the President's speech of May 27 was officially
May 28 in a note issued
by President Fulgencio Batista. According to Havana cable
advices to the New York "Times," the note said:
voiced by the Cuban Government on
We
reiterate
must
with emphasis our moral identification
high human duty of loyalty and
the United States, to whose
solidatity with such principles and with
side chat"
was
reported in
our
issue of May 31,
3426.
page
Senate Votes Bill Aiding Domestic Sugar
Reallocation of Philippine Deficit
destiny our own is closely linked.
President Roosevelt's speech or "fire
House passage was
lateral.
with the
position of the American Continent and the statements of President Roose¬
velt directed toward the defense of America and its democratic principles,
as a
June 7, 1941
given
'
in these columns of May 31, page 3423.
The Senate
Growers by
June 3 by a vote of 45 to 26 passed and sent
bill amending the Sugar Act of 1937 providing
on
to the House a
deficit in the Philippine sugar quota be reallocated
domestic producers and foreign countries. This bill,
which was strongly opposed by the Administration, would
give the first 75,000 tons of any Philippine deficit to foreign
countries other than Cuba and the remainder to domestic
producers, continental and offshore.
Existing law provides
that any Philippine sugar deficit be allocated among foreign
countries other than Cuba.
The Administration, through
Secretary of State Hull and Secretary of Agriculture Wickard, voiced its objection to enactment of this measure because
it considers it a repudiation of "the policy of hemispheric
defense and the economic cooperation which the American
republics agreed upon at the Havana Conference less than a
that any
President Roosevelt Signs Measure Extending
Control System to Philippine Islands
Export
Legislation extending the export licensing control system
territories
to
dependencies and possessions of the United
signed by President Roosevelt on May 28. This
States was
designed to control the export of strategic and
needed in the Defense Program,
covers principally the Philippine Islands but also includes
the Panama Canal Zone and the District of Columbia.
The
measure,
critical articles and materials
legislation, adopted by the Senate on May 15 and the House
on May 19, was requested by the War Department and had
the backing of the Philippine Government.
In accordance with this resolution the President, on May
#
proclamation extending the export control
system to the Philippines.
Concerning this proclamation
the statement issued by the White House said:
issued
28,
Export control was established originally within the United States
under
of the Act of July 2, 1940. It now provides a
control over every exit for goods and materials from the United States and
insures that all articles and materials needed in the expanding defense
will be held available.
Islands by the High Commis¬
Licenses will be issued in the Philippine
sioner acting on behalf of the Secretary
Since there is
Islands,
no
of State.
jurisdiction of offenses committed
Philippine
in the Philippine Islands in
the Philippine
Courts.
President Manuel Quezon of
the Philippines, on May 29,
proclamation putting into effect the export
license system.
Francis B. Sayre, High Commissioner of
the Philippine Islands, will have supervision of the licenses.
In Associated Press advices from Washington May 29 it
also issued
a
stated:
The State
a step
Department announced tonight that it would issue general
Brazil, Argentina and
export-control systems
preclude material being reshipped to Axis nations.
made possible by the imposition of
in those countries to
The announcement represented the first
result of inter-American diplo¬
matic negotiations designed to strengthen hemisphere
ing leaks letting war materials go to Germany,
solidarity by tighten¬
Italy
or
Axis controlled
nations.
At least
Legislation Giving President Power to Seize Property
seven
of the American republics have adopted
regulations of vary¬
Introduced
Defense
for
in
Congress
intro¬
Presi¬
either
temporarily or permanently, for just compensation, any kind
of property, whether real or personal, in the interest of na¬
At the request of the War Department, there was
duced in Congress on June 2 a bill which would give
dent Roosevelt the power to requisition and take over
This
measure,
which also had the approval
Navy Department and the Office of Production
Management, aroused considerable reaction in both the
Senate and the House because of its drastic provisions.
of
the
According to a letter to Speaker Rayburn sent by Under
Secretary of War Patterson, whose office prepared the bill, it
would:
Permit the acquisition of defense
supplies and materials needed for the
with minimum de-
manufacture of defense items from recalcitrant owners
jay and prompt
compensation.
Tend to stabilize prices
licenses for the exportation of a long list of articles to
Cuba,
ago."
tional defense.
District Court of the United States in the
violation of the Export Control Act has been conferred on
was
year
a
the provisions of Section 6
program
among
and prevent profiteering and hoarding, which the
For example, extremely high
War Department now is powerless to do.
prices for second-hand machine tools, which in numerous cases
seemed ex¬
purely voluntary
which continue only dur¬
ing the pleasure of the owners of such property.
There is also some evi¬
dence of the acquisition by individuals or commercial concerns of unneces¬
sarily large stocks of materials of types needed for defense purposes.
Permit the use of some needed part of a manufacturing plant in cases in
orbitant,
are now
under some measure of control through
agreements which are not legally enforceable and
which the facilities of the entire plant are not
Permit
ing degree to control re-exports,
the
prompt
required.
acquisition and effective employment of required
equipment, such as machine tools not presently employed or not
Legislation Extending Export Licensing Control System
to Philippines Signed by President Roosevelt
President
sary
is not
Roosevelt
signed on May 28, the resolution
extending the export licensing control system to all terri¬
tories, dependencies and possessions of the United States,
including the Philippine Islands, the Panama Canal Zone
and the District of Columbia.
This measure, which passed
the Senate on May 15 and the House on May 19, was neces¬
in order that the United States
may
control materials
which otherwise would be lost, particularly some
Philippine
commodities important to the defense program.
This legis¬
lation, which had been requested by the War Department
because of defense needs, had the support of the Philippine
Government.
for sale because its owner
Permit the acquisition and use of
available.
In
several instances,
thus disrupting
plants for the purpose of manufacturing articles
usually procured by such plants and not capable of being
them
been
proceedings,
efficient installations and scattering valuable tools.
Permit the taking over of
not
-
manufacturing facilities not otherwise
the equipment in small plants has
auction under court orders in bankruptcy
sold piecemeal at
without changes in
produced by
installations.
Permit the acquisition of contracts and contract
rights, as distinguished
from finished articles.
Enable the War
Department to compel compliance with defense needs
from corporations and plants under
foreign ownership or control.
Congressional lead¬
other things this property
President Roosevelt conferred with his
ers on
—■—
fully em¬
large, ex¬
little, but which
desires to retain it for his own occasional use.
ployed in the interest of the national defense, as for example a
pensive , special-purpose machine tool which is used very
June 3 and discussed among
He later explained at his press conference that
legislation is designed primarily to enable the Govern¬
ment to take over plants which are halting defense pro¬
seizure bill.
President
Roosevelt
$174,409,630
Deficiency Appropriation Bill
Signs
Urgent
President Roosevelt signed on May 24, a bill making an
appropriation of $174,409,630 "to supply urgent deficiencies"
in certain appropriations for the fiscal year ending June 30,
1941.
Of the total, $165,000,000 is for permanent and
temporary defense housing.
This measure, as it passed the
House on May 7, amounted to $173,749,630, but the Senate
in approving it on May 19, increased it to $174,409,630.
This $660,000 increase was agreed to by the House on
May 21.
Congress Completes Action on Bill Giving RFC Broad
Powers to Expedite Defense Program—Borrowing
Power Increased by $1,500,000,000
Congressional action
the
legislation authorizing the
Reconstruction Finance Corporation to create corporations
to expedite the national defense
program and to increase its
borrowing power by $1,500,000,000 was completed on June 5,
when both the Senate and House approved a conference
report. The measure now goes to the President for his signa¬
ture.
According to the compromise bill the RFC is pro¬
hibited from using any of its funds on the St. Lawrence Water¬
way, the Passamaquoddy Tidal Project, the Florida Ship
Canal, the Tombigbee Waterway or the Nicaraguan Canal,
and expenses of any new defense corporations are limited to
$200,000,000. The Senate had voted the restriction at $300,-
on
the
duction.
Secretary of War Stimson on June 5 vigorously defended
legislation and called for its quick passage.
The Senate Military Affairs Committee on June 5 voted
to begin hearings on the measure on June 16.
It is expected
that the bill will be considerably amended in committee.
the
Treasury Excess Profits Tax Program Voted Down By
House Ways and Means Committee—Said to Favor
Recommendations of Colin F. Stam of Joint Con¬
gressional Committee on Taxation—Secretary Morgenthau Regrets Committee's Action
Ways and Means Committee, which began on
executive hearings on the proposed new tax measure,
designed to raise $3,500,000,000 in additional revenue
rejected on June 4 the Treasury's Department's excess
profits program and decided to retain the optional method
of computing excess profits on either an average earnings or
invested capital basis, with such revisions as the Committee
may determine later.
United Press accounts from Washing¬
The House
June 2,
ton June 4
In
effect,
reporting
the
his said:
Committee
Stam, Director of the Joint
accepted
the recommendation
Taxation, that abandonment of the optional
effect
on
business
of Colin F.
Congressional Committee on Internal Revenue
generally.
method would have a disastrous
If revised, the present excess
profits tax.
Volume
The Commercial & Financial Chronicle
152
Mr. Stam contended, should be
changed in the matter of rates rather than
method of computation.
Secretary of the Treasury Morgenthau
June 5
of
excess
that date from which
on
The Committee
present system
favor
of
indicated
voted
20
also quote:
we
4
to
against the
all
on
income
certain
over
In
Treasury request that the
return on invested corporate
a
"I think the
Treasury's suggestions
Morgenthau said
at
a
profits
excess
"As
defense
contribute
liberal share of their profits to help pay for the defenses of this
a
And
country.
the
so,
dispatches Mr. Morgenthau
was
said
conference that he believed that
some
day Congress would be forced by circumstances to
adopt a plan similar to the Treasury proposals.
As has
heretofore
been noted (May 24, page 3265 and May 31,
3427), the Treasury's plan, presented to the Committee
on
May 19 by John L. Sullivan, Assistant Secretary of the
Treasury, called for elimination of the present formula of
basing excess profits credits on average earnings in the base
period 1936-1939 and suggested a maximum credit of 10%
on current invested
capital and levying taxes ranging from
33% to 65%.
From its Washington bureau on June 2 the New York
Commerce"
stated
that
Committee's
the
at
executive
hearing on June 2, Mr. Stam was reported to have
testified that adoption of the Treasury plan to base the credit
solely on return on invested capital would impose unneces¬
sary hardships on efficiency in corporate management and
almost make it impossible for some corporations to remain
in business.
The
1
account said:
same
He is said to have offered
alternative plan of excess profits taxation
an
Committee, retaining the present principle of allowing corporations
the right to choose either the average earnings or invested capital formula
in
computing their
profits credit and that the rates
excess
now
imposed
corporation profits above the credit allowance be sharply increased
upon
produce
more revenue
for the Government.
Assistant
navigable streams could
The lower court
William
which
Congress could
"And
we
House Committee in
recording its action
adopted the following resolution:
computing
excess
on
under the
engage
non-navigable parts of
of the
in whole
so
or
may
commerce clause of the Constitution.
"For just
profit taxes with such revisions
as
the Committee may
announcing
the
,
in part in flood control
on
Today's decision held
as
a
not
the
Committee
pledged
were
to
secrecy
executive meetings, and what proposed revisions of the
law
are
It
reported, however, that
tion of tax
was
the
such
Committee
one
as
concerning
excess
had
a
hardship
indication that the
on
any
reasons
change
ering the entire basin of
"We need
no
survey to
to the floods of the
a
warned
the
of
for rejecting the
now
in computa¬
no
constitutional necessity for
a
know that the tributiries
comprehensive plan
Mississippi," the court said.
are generous
inequities which might follow
had
excess
arrived at
"And it is
commerce
common
knowl¬
in the affected
areas
Supreme Court decision, sustaining the
in requiring the Appalachian
Electric Power Co. to obtain license for power project, and
Federal
Power
Commission
which extended the Federal Government's control over the
Nation's waterways was handed down on Dec. 16 last and
was referred to in the Dec.
21, 1940, issue of the Chronicle,
3672.
page
Indictments
Against Pacific Coast Food Group Voted
by Federal Grand Jury at San Francisco
Indictments
returned
by a Federal Grand Jury in
against 194 food distributing associa¬
tions. firms, and individuals on allegations of comspiring to
fix and control prices.
Affected by the indictment, it is
stated, were vegetable and fruit canning, dried fruit process¬
ing, rice processing and distribution, sardine packing, and
evaporated milk industries.
Concerning the indictments, San Francisco advices of
San Francisco
were
on
June 3
June 3 to the United Press also said:
Many of the indicted firms operate on
Thurman
anti-trust
were
firms situated in
vegetables are
nation-wide scale.
a
California, where
grown and
But most
a large
part of
processed,
Arnold, Assistant United States Attorney-General in charge
activities, said
the indictments resulted from
vestigation of food distribution and food prices
on
a
special in¬
the Pacific Coast, and
particularly in California, since last November.
Federal spokesmen said the jury action was part of a Government cam¬
consumer
costs
distributing.
by
eliminating
growers
and at the
unnecessary
same
methods
time decrease
of processing
and
,
Fourteen associations, 89 corporations and 91 individuals were named in
all.
Bail of $1,000 each will be set for the individuals.
could be imposed
in jail, or both, on each count.
maximum $5,000
fine
on
on
Maximum penalty
individuals indicted would be $5,000 fine
or
a
Corporations would be subject to
a
each count.
profits
was
given in
an announce¬
are
before the Com¬
mittee.
Treasury proposed retention of the present normal rates, and
on
a surtax
on
Internal
Revenue, headed by Colin F. Stam,
proposed the same normal rates with
a surtax
starting at 6%
on
the first
dollar of taxable income.
Henderson,
Administrator
of
Price
Control,
and
Marriner
S.
Eccles, Chairman of the Board of Governors of the Federal Reserve System,
Mr. Eccles proposed also to lower the base by
applying the income tax to married couples receiving $1,500 or more and
proposed higher tax rates.
lowering the exemption on dependents from $400 to $300.
did not agree to
Mr. Henderson
the lowering of the base.
The effective rate under Mr.
Eccles's proposal would
be 1.6%
on
low
incomes, rising gradually to $10,000 and then increasing at about the rates
proposed by the Treasury and Mr. Stam.
The Treasury's proposal would mean an
taxable income,
I
^ffectivetax/rate
of 16.5% on
the Stam plan 10.4%, and "the Eccles-Henderson plan a
simple increase in normal rates.
The Committee adopted a second
resolution today by which it announced
that it would impose a floor tax in adding excise taxes or increasing existing
This tax would apply to goods in the hands of manufacturers, whole¬
salers, retailers
or
jobbers when the tax bill becomes effective, and is de¬
signed to prevent hoarding of goods or tax avoidance, Mr. Douglton said.
Makes
Promise
in
Letter
New
to
Chinese
Foreign Minister
Secretary of State Hull revealed on May 31 that when
again prevails in China the United States intends to
relinquish its special rights incident to extraterritorial
peace
jurisdiction
and
related
practices.
This
disclosure
was
by the State Department in releasing an exchange of
letters between Secretary Hull and Dr. Quo Tai-chi, the
new
Chinese Foreign Minister, who is en route back to
China
the first dollar of taxable income.
The Joint Committee
Hull
made
Three definite proposals for increased income levies
starting at 11%
United States Pledges to Relinquish Special Rights in
China When Peace Is Restored—Secretary of State
the
fairly definite ideas
tion of individual income tax rates.
ones.
cov¬
contributors
and have impaired navigation itself."
Many witnesses
by Mr. Dough ton that the members would turn tomorrow to considera¬
Leon
its tributaries."
profits tax
basis of tax computation.
Committee
about what it would recommend in
The
the
particular river.
edge that Mississippi floods have paralyzed
small corporations and those
personal service companies.
elimination of the average earnings
ment
of the main
the fear of members that
liability might work
of peculiar set-ups,
An
over
navigable
under consideration could not be learned.
was
Treasury proposal
before
a
only that Congress could treat the watersheds
key to flood control but that there is
viewing each reservoir project in isolation from
year
of
on
last remaining premise upon which the
far-reaching New Deal public powerflood control program could be challenged in the courts.
that
also stated:
Members
control
First effect of the power decision appeared to be removal of
virtually the
of
of the Committee to retain the present optional plan of
the action, Representative Dough ton,
Committee, declined to amplify it or to
comment on what revisions might be in prospect said special
advices to the New York "Times" on June 4, in which it
was
as
the key to flood control
paign to increase prices paid to food
Chairman of
power
river may be essential or desirable in the interests
a
navigable portions,
stream be found
June 4
fit to make."
In
a
add that the power of flood control extends to the tribu¬
now
taries of navigable streams," the court said.
the country's fruit and.
see
legally to include
O.
of the defendants
sense
be expanded
Douglas.
It pointed out that the supreme tribunal recently
recognized that flood protection, watershed development and recovery of
the cost of improvements
through utilization of power were functions in
taxes.
"It is th8
not
upheld by a unanimous decision written by Justice
was
Secretary of the Treasury Sullivan was heard
by the Committee at its executive session on June 3, when,
said the "Journal of Commerce" he was reported to have
again urged upon the Committee the adoption of Treasury
recommendations submitted in open session last month
abolishing the average earnings formula of computing the
excess profits credit and
allowing all corporations a minimum
return of 4% on invested capital before
application of the
excess profits rates.
It is further stated in the same paper that Mr. Sullivan
at the June 3 hearing urged the Committee to correct "de¬
fects" in the present system of excess profits taxation by re¬
quiring corporations to compute their profits on the basis
of returns on capital so that the Government
may reach
the profits of many concerns not now paying excess profits
The
:
s
of Oklahoma land, much
The United States
to the
to
follows:
as
acres
dam.
page
of
the highlights of the decision
Governor Phillips contended that 100,000
of it valuable oil and agricultural
property, would be inundated, and that
much land would be withdrawn from state tax rolls.
He challenged the con
to have added at his
press
"Journal
the United States
stitutionality of the project and argued that the Government's authority
I'm willing to bide my time."
Associated
2,
power dam on the Red river near Denison,
United Press advices from Washington on June 2
Texas.
over
In
June
on
Phillips of Oklahoma,
right of the Government to build a
program
by leaps and bounds, the country is going to demand that corporations
grows
decision
$54,000,000
good ones,"
were
the
unanimous
missed the suit of Governor Leon C.
which challenged the
gave
on
conference.
press
Supreme Court in Unanimous Decision
Federal Control Over Navigable Streams
Supreme Court held that the Federal Government's control
over
navigable streams extend to its tributaries. The ruling
of the tribunal
upheld the decision of a lower court and dis¬
capital.
Mr.
3581
States
Broadens
on
exempting "average earnings" from the tax be junked in
levy
a
was
expressing "real regret" at the action of the Com¬
rejecting the Treasury's plan to broaden the base
profits taxes, according to United Press advices
as
mittee in
United
from
after his brief stay in Washington.
London, where he was Ambassador.
Dr. Quo
came
Expressing thanks for the cordial hospitality extended tp
him, the Foreign Minister told Secretary Hull in his letter
that the Chinese Government and
people endorse the United
principles for an international order based on thecooperation of independent nations, viz.: equality of treat¬
States
ment
among nations in international relations, equality of
opportunity and nondiscrimination in commercial relations,,
and
set
broader
forth
by
cultural exchange.
Secretary
Hull
These
in
his
were
public
the principles
statement
of
July .10, 1937, when he gave the
Government's position ill;
regard to international problems and situations in which
this country felt concerned; the statement appeared in our
issue of July 24, 1937, page 537.
Dr. Quo Tai-chi informed Secretary Hull that when peaceis restored the Chinese
Government expects to apply these*
principles "in its own economy and in its political and eco¬
nomic relations with
other countries."
The Commercial & Financial
Chronicle
3582
Saying lie
gratified by
was
the Minister's
reaffirmation
Secretary Hull "would not only be yielding priceless rights
of
the endorsement by China of the American
principles,
Secretary Hull declared:
The Government
principles
tion
we
with
in which
the
China
and
among
United
States
the people of
confident
are
dealing
of
that
other
the
this
dedicated to
which
of
cause
we
Without
are
beyond the requirements of a harsh armistice,
once place France in substantial
political and
military subservience and instrument of aggression against
many other peoples and nations."
The Secretary added that
a collaboration
policy between France and Germany, exceed¬
ing the strict limitations imposed by the armistice, "would
seem
scarcely believable" and "would only be utterly inimical
to the just rights of other countries."
It was pointed out
by Mr. Hull that the American policy has been "to continue
friendly and helpful cooperation with France, in the present
but it would at
the
reserva¬
committed
national
and interests
security,
along
of
fair
with justice—will prevail.
peace
Dr. Quo Tai-chi's letter to Secretary
Francisco, May 20, follows, in part:
With
the support of
believe.
country
to
cause
countries—the
nations, and of
is
Hull,
dated
San
the
general principles of the foreign policy of the United
States,
forth in your public statement of
July 16, 1937, I have
1 could, therefore, readuy appreciate the importance
which
as
you
indicated in our conversations, your Government attaches
to the principles of world order under law and of
equality of treatment
which
set
were
difficult situation in which its action is restricted
and limited
long been familiar.
by the terms of its armistice with Germany and
nations, and to general recognition of the need for free international
My Government shares the desire
hope of your Government that there may be brought about
by
processes of agreement conditions in world aifairs in which these
principles
will be universally accepted and applied.
govern¬
trade and for broader cultural exchange.
ment, colonies and people of France, which
that there was no intention of
the
You
will
recall
munication
that
from
Aug.
on
1937,
12,
there
sent
was
to
you
a
assurances
armistice terms.
received
My
country
has
for
four
neariy
great friendship and
China.
Chinese
the policy
tude,
We
The
feel,
and
the
United
My
the
that
moreover,
evolving along lines
sympathy
Government
action
are
dealing among nations which
relations
arrived
at.
Upon
restoration
seek and to
first
of
effect
and in
economy
in
States
and
its
have
people
in
the
this
the
adjustment of problems in inter¬
to
nearly
the
political
Our
when
ago
Govern¬
there
were
and
Occidental countries.
Government desires and
expects
Chinese
and
treatment.
China
fullest application
economic
V.
agreement freely
of equality of
principle
century
a
between
the
peace
the
principles of cooperation
implicit in the faithful observ¬
are
non-discriminatory
of
inter¬
broad
subscribe
treaties
in
of
these principles in its own
relations with other countries.
Yours
sincerely,
I
in
during
We
regard
is
Washington, May 31,
for your
Washington and
1941.
our
principles which this Government
foundation
May 26,
conversations
for
is
international
an
reaffirmation
freely with each other
of
the
convinced
order
the
general
and
constitute
wherein
to their
of
the
independent
mutual benefit.
know, the program in which the Government
and people of the
you
States
their trust is based
put
and
upon
revolves
about the prin¬
ciple of equality of treatment
among nations.
This principle
comprehends
equality in international relations in a
juridical sense, non-discrimination
and
equality of opportunity in commercial
relations, and reciprocal inter¬
change in the field of cultural
developments.
Implicit in this principle
is respect
by each nation for the rights of other
nations, performance by
each nation
of
nations
fair
by
established
processes
trade.
alternation
but of
One of
you
the
had
of
of
purposes
this
program
maladjustments which
is
to
effect
tend to lead to
of
the
already
anomalies
the Government
taken
in
its
of
toward
removal
United
progress
of
the United
meeting
ot
of
States,
States
China.
in
con¬
China's
aspirations for
international relations,
expects when con¬
to move
rapidly, by processes of
peace again prevail
orderly
negotiation and agreement with
the Chinese
Government, toward relinquish¬
ment of the last of
certain rights of a
special character which
together
with
agreements
other
this
countries,
has
long
possessed
in
providing for extraterritorial jurisdiction
This Government
welcomes and
and
China
virtue
of
related practices.
encourages every advance made
by lawful
The
letter
by
country,
and
orderly processes by any
country toward conditions
stability, justice and general welfare.
Excellency's
of
assurances
under
peace,
given
security,
in Your
acknowledgment of China's support of the
prin¬
ciple of equality of treatment
and
non-discrimination in economic relations
should have
wholesome effect both
during the present period of world
conflict and when
hostilities shall have ceased.
The Government of
the United States is
dedicated to support of the
principles in which the
people of this country believe.
Without reserva¬
tion, we aie confident that
the cause to which
we
are
with China and
committed along
other countries—the
cause
of national
security, of fair
dealing among nations and of
peace with
justice—will prevail.
With kindest
regards and best
wishes, I am, my dear Mr.
Minister,
Sincerely
•
Secretary
With
of
State
-y-'',
Hull
Germany Would
Instrument
of
Would Be Inimical
statement
''
yours,
Says
Make
to
received
we are very
be growing up.
"preliminary reports"
French Government replying to the
May 24, page 3260.
Secretary Hull's statement of
some
preliminary reports from Admiral
Leahy.
much concerned about the situation which
seems to
As you know,
we have
throughout
our
pathetic to the true aspirations of France.
history been
sym¬
We have fought beside
her.
H3r
The principles of free
representative government
by the people have been the basis of the democratic
institutions of both our
countries.
cause
has been
our cause.
■
In her present difficult situation we
have
given concrete evidence of our
sympathetic friendship and thought for the
well-being of the French people
and the French Empire.
We have continued to maintain full and
friendly diplomatic relationship
Vichy and have received its emissaries
freely
We have given the fullest and most
sympathetic
with the French government at
in this country.
tion
to
considera¬
financial
problems
connected with the
maintenance of French
only in this hemisphere but in the Far
East, both diplo¬
semi-diplomatic services.
not
have, through Admiral Leahy, the American
Ambassador
consistently conveyed to the French government our
French
we
our
Collaboration
Her Subservient
Such
and
Policy
French-American relations,
on
June 5 said that
preliminary
reports indicate that the French
Government at Vichy would
adopt a policy of collaboration "with
other powders for the
purpose of aggression and
oppression."
"Such action, said
at
could in solving their problems for the
ultimate
forces of conquest which had invaded and
We have aided in the
children's supplies
are
Cross, and
Vichy,
understanding of the
determination to be of
every assistance
benefit
of the
people.
a
French
basic policy of this
defense against those
are
same
subjugating France.
furnishing of foodstuffs for unoccupied France
,and
now being distributed
through the American Red
we had planned the continuation
of these services.
We have facilitated the
passage of ships from this
hemisphere to France's
African colonies.
We have collaborated with the
other American
republics
as well as with the
French Government in
safeguarding the welfare and
maintaining the integrity of the French possessions in the
Western Hemis¬
phere.
v
v
In collaboration with the French
government
VU,
' 'V-
we have
arranged for the
maintenance of the economic
stability of the French North African terri¬
by providing facilities for increasing trade and the
tories
of commodities
to
purchase from
urgently needed by the people of North Africa with
maintaining their previous
status
Empire.
in
any
as
an
us
view
a
integral part of the French
,.~.v ';r ;:'T
Happily, whenever
able to
assure
the
such action
Vichy
was
necessary, Admiral Leahy has been
government that this Nation had
territories of the
French
French people.
no
other interest
Empire than their preservation for
the
We have given the most
sympathetic consideration to the financial
prob¬
lems arising out of the
freezing of French funds.
It has been the determined
policy of this Government to continue
friendly
and helpful
cooperation with France in the present difficult
situation in
which its action is restricted and limited
by the terms of its armistice with
Germany and Italy.
This policy has been based
upon assurances
French government that there
was
no
intention
strict limitations imposed
by those terms.
It would seem
on
by the
its part to exceed the
scarcely believable that the French government at
Vichy
should adopt the
policy of collaboration with other powers for the
of
aggression
purpose
and
oppression—despite indications appearing in
our
liminary reports.
pre¬
Such action would not
only be yielding priceless rights and interests be¬
yond the requirements of a harsh
armistice, but it would at once place
France in substantial political and
make
military subservience and would also
her, in part, the instrument of aggression against
many other peoples
and nations.
This could only be
utterly inimical to the just rights of other
countries, to say nothing of it's ultimate effects on the
liberties, the true
interests and the welfare of the people of France.
We
are
therefore undertaking as speedily as
possible to assemble every
material fact and circumstance calculated to
shed light on this alleged course
of the French
government.
tablishment
Inquiry
Just Rights of Other
Coun¬
concerning
Secretary of State Hull
have
Recommendation
CORDELL HULL.
-
Aggression—Warns
tries
In fa
We
Frankly,
devel¬
political conflicts.
the Government and
people of the
profound interest in the
welfare and
steps
readjustment
ditions
a
between
international
without saying that
goes
tinuation
agreements
also aware,
are
long have
of
orderly and free negotiations, and
economic relations essential
to peaceful
life and the
mutually profitable growth of
economic and other
It
force
dealing in international
opment of national
As
obligations,
not of
on
D.
We have made clear to the French
government that
Government was to aid Great Britain in her
v
visit.
your
nations may cooperate
letter of
to
people
practical
As
thank you
to
here.
gratifying to receive in your letter
by the Chinese Government and
very
fundamental
United
and
visit
your
greatly enjoyed
It
endorsement
only
to
short sojourn
your
based
William
difficulties of their position and
acknowledge the receipt of
was
We
Department of State,
My dear Mr. Minister:
1941,
Admiral
June 5:
matic and
letter follows:
on
exceeding the
President appeared in these columns
The following is the text of
establishments,
QUO TAI-CHI.
Secretary Hull's
based
v;;:.':'
communique by the
of
deeply appreciate the atti¬
Government of the United States.
of peaceful negotiation and
and
and
indication
being negotiated the
to
and
processes
believe
opportunity
clear
gave
by
We
commercial
ment
relations
international agreements and
national
Government
traditionally believers in non-discrimination
and
of
self-defense.
and
commercial
fair
in
United
people
the
national
ance
the
the
attitude, objectives and policies are
constantly
more
completely in harmony with those of
our
more
States.
people
fighting
people of
for
and
of
been
years
and
from
was
Leahy, United States
Ambassador to France, who conferred with
Marshal Henri
Philippe Petain, French Chief of State, at Vichy on June 4.
This latest statement followed the recent
issuance of a
statement
by
President
Roosevelt
on
French-German
collaboration given in our issue of
May 17, page 3106. A
my
During this period the Government
'
Secretary Hull's action
com¬
Government endorsing the principles enumerated in
your statement of
July 16, 1937, and stating that China's
policy was
therefore in full harmony with the views of the
Government of the United
States.
Such was the position of China
then, and such is the position now.
shown
Italy."
Earlier in his statement Mr. Hull reviewed the
various forms
assistance rendered by this Government to the
of
among
and
June 7, 1941
Effective
of
of
Found
Tariff
Commission
Led
to
Es¬
Wheat
Import Quotas—Bureau's
Wheat Program Would Be Less
Unless
Restrictions
Were
Comment by AAA Administrator Evans
Imposed—
President Roosevelt's action on
May 29 proclaiming
limitations on imports of wheat and wheat flour was taken
pursuant to a report by the United States Tariff Commis¬
sion on an
investigation instituted at his request in December,
1939.
At that time the President asked the Commission
to
determine whether wheat and wheat products "are
being or
are
practically certain to be imported under such conditions
and in sufficient
quantities as to render or tend to render
Volume
The Commercial & Financial Chronicle
152
ineffective
or to materially interfere with"
the wheat pro¬
under the Soil Conservation and Domestic Allotment
Act.
With respect to the Commission's findings, an an¬
nouncement issued May 29 said:
gram
During most of the period since the investigation
in the prices of wheat in the
of imports, has been less than the amount of the duty and imports
source
have been unimportant.
lative
ordered the spread
was
United States and Canada, the most likely-
However, in anticipation of the
in the United States
measures
wheat prices have increased markedly in recent weeks.
of legis¬
passage
Congress looking towards
increase
an
in the amount of loans to be made available to wheat farmers, the
domestic
During the period
April 23 to May 16 the price of No. 1 Dark Northern at Minneapolis, rose
from 90%
to 99 M
cents per bushel,
whereas the price of the most com¬
parable grade of Canadian wheat at Winnipeg remained practically constant
at about 73
K cents per bushel in Canadian currency (equal to 66 H cents
in American
has
The spread between domestic and foreign prices
currency).
already closely approached the point at which it is profitable for im¬
to enter duty-paid foreign wheat
porters
for consumption in the United
States, and is practicaUy certain to reach this point.
N On the basis of the upward trend of domestic prices
well
as
are
interfere with the wheat program unless
new
tablished.
recommended
The
Commission,
wheat and wheat flour
therefore,
be limited
materially
import restrictions are es¬
that
of
imports
The Commission made no
by quotas.
feeds, and
no
restrictions
import
new
were
imposed
on
these
products.
He praised organized labor, employers, banks and civic
organizations for
contributing to the
In
the establishment of import quotas for
of the
Agricultural Adjustment Administration, said on May 29:
commenting
In the first
is evidence of the
excellent price position of the
it."
He scorned the possibility of coercing or frightening the Nation into buy¬
ing the securities, pointing out that "our results prove that
Our wheat program is holding the price of our wheat high above
world level so that even
42-cent tariff.
a
the
slight rise might completely offset the effect of the
In other words our price is almost 42 cents better than
the
world price.
► Secondly, the action is an additional safeguard for wheat farmers in the
The last time
United States.
price went over the world level by more
our
than 42 cents we imported about 30,000,000
the bad drought year
of 1936 and
we
could
That was
bushels of wheat.
use some
wheat then, but to¬
day we have plenty in reserve for all possible needs and another good crop
The import quotas will enable our farmers to maintain their
coming up.
wheat prices at a reasonable
level
even
action
was
"Events
across
cry out
to us every day to speed up our effort in
"So far
our
defense production program has only
way our
defense savings program has barely begun to reach the immense
the giant industrial strength of this continent.
In the
same
earning capacity of the American people."
He paid especial tribute to the newspapers, radio, motion picture and
affiliated industries for
"freely and generously helping the Treasury" to
carry on our program more
economically than any similar effort in the his¬
tory of our country."
The
Treasury Department revealed on May 29 that the
days' sale of Defense Savings Bonds totaled $347,861,000, while Postal Savings Stamps sold in this same
period amounted to $2,800,000.
The Defense Bond report for May 1-24, was made up of
the following items, with figures rounded to even thousands:
first 24
Defense
;
Savings Bonds
Issue Price
Series E
$ 91,751,000
Series F
of imports in the past, the
37,226,000
218,884,000
Series G
They realize that after
harvest we will have wheat enough for nearly two years, and
the present
sea
rouse
though the world wheat sin-plus has
good neighbor policy.
the
direction," he said.
preceded by conferences with officials of the Dominion Govern¬
ment in accordance with our
do not need
begun to
weighed the world price down to the lowest levels in history.
Since Canada has been the principal source
we
employ such methods."
every
United States wheat grower as compared with that of wheat growers else¬
where.
American parties have
"We have had during this first month a preview of the national
unity
which this country must have if it is to surmount the crisis that now faces
on
place it
of the campaign.
success
"All sections, all creeds, all economic
groups, all
done their share and will continue to do their share," he declared.
to
wheat and wheat flour, R. M. Evans, Administrator
' ..- \y
year ago.
finding at this time with respect to feed wheat, feed flour and wheat by¬
product
were
Mr. Morgenthau stressed the successful opening of the campaign and
pointed out that sales of the series "E" bond, the new low priced "Baby
Bond," were almost twice as much in May as sales of the old Baby Bonds
practically certain to be imported under such conditions
and in sufficient quantities as to tend to render ineffective and to
Defense
Savings Bonds and $3,522,000 in Postal
purchased during May, the first month
of the National Defense
Savings program.
In making a
report to the country, Secretary Morgenthau found it "very
encouraging" that bond sales had consistently averaged
around $100,000,000 a week,
explaining that "it is more
than any of us in the
Treasury had dared to expect." Analyz¬
ing the May sales of bonds and stamps, Mr. Morgenthau
said that they were
enough to pay for four battleships or
1,000 long-range bombers. He added that the money raised
in May was sufficient "to
pay for the building of 20 cruisers,
or 100
destroyers to guard the ocean lanes." The following
concerning his remarks was reported in United Press Wash¬
ington advices of June 5:
other in¬
wheat
in
Savings Stamps
a
as
formation obtained in the investigation, the Commission found that
and wheat flour
000
3583
Total bonds
$347,861,000
they agreed with us that as part of our price-protection program it was
for
necessary
to restrict imports.
us
bushels available for export,
Canada has a total of 565,000,000
but during recent
between 100,000,000 and 200,000,000 bushels.
other countries,
was
years,
has been exporting
total
import quota established by the President's
proclamation was 800,(XX) bushels for wheat, and 4,000,000
pounds of wheat flour, cracked wheat, and similar products.
Of the total, Canada's quota amounts to 795,000 bushels of
wheat and 3,815,000 pounds of wheat flour, cracked wheat,
and similar products, and the remainder is distributed to 13
other countries.
Establishment of the quota was
reported in these columns
May 31, page 3425. The President's request that the Com¬
mission study the wheat problem was mentioned in our issue
of Dec. 23, 1939, page 3949.
State
Administrators
for
Appointed
Treasury Morgenthau
Savings
allocated on the basis of imports during the 12-year
period, 1929f-40.
The
Thirteen
Their quota, like those for
Program
National
by
Defense
Secretary
of
Appointment of 13 additional State Administrators for
Defense Savings program was announced on
the Treasury Morgenthau.
These
officers, already serving the Treasury as a Collector of
Internal Revenue or a Collector of Customs, will cooperate
with the Defense Savings Staff of the Treasury in stimulat¬
ing the sale of Defense Bonds and Stamps through establish¬
ment of representative, non-partisan State, Territorial and
local committees to develop community interest in the
program.
The new appointments bring to 21 the number
of States where Administrators are now functioning.
The
the National
June 3 by Secretary of
13
men
named
on
June 3
are:
Roy G. Paschal, Little Rock, Ark.
States Ambassador
United
from
Following Return
England Reports to President Roosevelt
left
England on May 28 arrived in New York aboard the
Yankee Clipper on May 30. He spoke with President Roose¬
velt at Hyde Park, N. Y., by telephone on May 31 and held
an hour's conference with him in Washington on June 3, at
which time he submitted a report to the President.
Rumors that his return was associated with efforts to end
the wrar were denied in an interview with reporters June 3
when he said he had not heard any peace talk at all in
England. Advices of June 4 from Washington to the Phila¬
delphia "Inquirer" said:
Interviewed
as
he was leaving the
the military and economic
on
"Some people
we
would
when
a
White House after
a
second conference
as
Arthur D.Reynolds, St. Paul, Minn.
Eugene Fly, Jackson, Miss.
John E. Manning,
William H. Bartley, Great Falls,
It is easy to understand,
however,
that
time, it is natural that we as people want to get as much
possible.
I would like to say that the British, through our
Mr.
Bartley is the only Collector of Customs in the list.
All of the others
A
previous reference to the appointment of State Adminis¬
was made in these columns of April 12, page 2325.
trators
Control System on Steel Orders
Cork Put Under Industry-Wide
Controls—Price Ceiling Set on Nickel Scrap
OPM Imposes Priority
general preference delivery order on all kinds of steel in
order that defense and essential civilian purposes will have
first call
It.
on
this metal.
Stettinius
and
The
Ambassador reiterated
British "are
He
when
a
the
opinion he
voiced
yesterday
that
the
gallant people, a united people, and have great morale."
repeated also that it was his intention to make a public statement
he
has concluded his
series of conferences with Army,
Office of Production Management
Navy and
officials.
♦
Management on May 29 issued
The Office of Production
a
fense
v'".:,/:
and
—Copper
capacity
-V;
The
ington.
experience is of great military value in preparing this Government to arm
'
Collectors of Internal Revenue.
report to Field Director Gale F.
Johnston at Defense Savings Staff headquarters in Wash¬
democracy."
war experience, and that that
are
Administrators
State
because
tlheir
Mont.
Fred H. Kanne, Honolulu, Hawaii
Okla.
taken
military observers, have made available
Newark, N. J.
H. Clifford Jones, Oklahoma City,
situation in Great Britain.
England.
might constitute a danger to its fighting forces.
same
F. Roy Yoke, Parkersburg, W. Va.
Clinton A. Clauson, Augusta, Me.
Winant said that he had submitted a report
country is at war there is a hesitancy in mailing public reports that
"At the
Marion H. Allen, Atlanta, Ga.
feel," he said, "that we don't get as much information as
like from
information
Fred C. Martin, Burlington, Vt.
Will H. Smith, Indianapolis, Ind.
John G. Winant, United States Ambassador to the Court
of St. James who, as we stated in our issue of a week ago,
with President Roosevelt, Mr.
Lipe Henslee, Nashville, Tenn.
John L. Fahs, Jacksonville, Fla.
Winant
This action, announced by Edward
of Priorities of the OPM, was
"the overall demand for steel, including de¬
Jr., Director
civilian
demand,
is
greater
than
the
apparent
make deliveries of certain types of steel and
steel products promptly."
According to the Associated Press the steel order estab¬
lished a system which works thus:
Anyone ordering steel and unable to get it can report to the Office of
to
Production management
if the need is deemed essential; the OPM will take
that the order is filled.
that defense needs will get pref¬
and that civilian needs deemed most essential
whatever steps are necessary to see
May Sales of Defense Savings Bonds Totaled $438,230,000, Secretary of Treasury Morgenthau Reports—
Stamps Sold in First Month of Defense Savings
Program Amounted to $3,522,000
*
Secretary of the Treasury Morgenthau revealed on June
a nation-wide radio broadcast, that a total of $438,230.-
5, in
In
practice,
erence
will
be
over
it
is
expected to
all civilian uses,
filled
mean
before other types of civilian
users
get any steel.
report recently made to President Roosevelt showing
that steel requirements in 1941 and 1942 will excel capacity
was referred to in our issue of May 31, page 3430.
A
The Commercial &
3584
31 Mr. Stettinius announced that copper has been
essential defense metals under manda¬
On May
added to the list of
tory industry-wide control.
At the same time
Price Administration and Civilian Supply,
the Office
which is
Leon Henderson, issued a civilian allocation pro¬
gram for copper.
This latter move, which is the first of
its kind, sets up the standards under which, competing
civilian demands will be met after defense requirements.
Regarding the control plan for copper which was issued
due to a shortage, the Associated Press in its May 31
advices stated:
how the plan was designed to work:
be issued for copper needed in defense
available supply will be allocated for
by the Priorities Division in accordance with recom¬
this explanation of
Officials gave
Priority, or preference, ratings will
industries.
The remainder of the
civilian
purposes
Henderson's office.
mendations of Mr.
will be required to set aside an amount of
Beginning June 1, refiners
will be allocated specifi¬
equal to 20% of April production, which
meet emergency needs.
copper
cally by the OPM to
owned by the Metals Reserve Company, a subsidiary of the
Reconstruction Finance Corporation, will be allocated by the OPM after
All copper
1.
June
Officials said that the supply
of refined copper this year probably
would
In order
1,340,000 and 1,470,000 short tons.
Total military and
requirements, however, are estimated at about 1,810,000 tons.
civilian
announced
Stettinius
Mr.
be
June 2 that cork will
on
placed under industry-wide control on June 12.
Up to that
time cork manufacturers will continue to cut their process¬
supplier of cork will be required to set aside his entire
stock in all forms as a reserve out of which allocations
will be made to defense orders.
each
materials contain¬
Ceiling prices for scrap and secondary
ing nickel were established by the OPACS on June 1.
Mr.
Henderson said that this schedule, the eighth one issued, had
"outrageous" prices charged
recently for materials containing nickel. The following was
reported by the United Press:
made
been
The
nickel scrap, ferro-nickel-chrome-iron scrap,
monel metal scrap, cupro-nidel alloy scrap, stain¬
order covers
new
by the
necessary
ferro-nickcl-iron
scrap,
pure
nickel steel scrap, secondary monel metal Ingot, secondary
shot and secondary copper-nickel shot.
It also covers the
metal
nickel.
straight chrome type of stainless steel scrap, which contains no
The
carrying out these responsibilities, it is expected that you will
with the several officers and agencies of the Federal Government,,
In
consult
in any joint capacity, to the end
with the States acting severally or
and
the purposes-
consistently further
participation shall
Government
all
that
outlined.
that you will consult with the petroleum industry
affect its functioning, to aid them in shaping
It is also expected
their
which
industries
those
and
and operations
policies
transportation,
processing,
discovery,
the
in
production,
development,
consumption
marketing,
distribution,
storage,
and export of petroleum and petroleum products.
In order to facilitate your work and efforts, I am requesting that the
and import
and agencies having functions related to the petroleum'
several departments
problem give you antecedent advice on any action proposed which may
continuous, ready availability of petroleum or petroleum prod¬
ucts for military and civilian needs, so that you may have opportunity to-
affect the
specific recommendation concerning such action.
also requesting that they notify you of all meetings and conferences
make
I
am
problems, so that your representatives may be in
it advisable.
suggested that from time to time you call together all or any of
with
dealing
these
attendance when you deem
It
the
is
heads
such
of
their representatives,
departments and agencies, or
committee to discuss such problems as may arise
of
means
a
effectuating the highest degree of coordination of Federal func¬
tions for the furtherance of the policy
herein outlined.
The heads of the departments and agencies concerned are being
of this
as
and to develop ways and
informed
suggestion and of the contents of this letter, and I am sure you
the assistance requested
will find them ready to cooperate fully in rendering
schedule, relating to combed cotton
reported in our issue of May 31, page 3429.
previous price
yarn, was
I am hereby designating
1. To obtain currently from the States and their agencies, from the
petroleum and allied industries, from the officers and agencies of your
department, and from other appropriate Federal departments and agencies
information as to (a) the military and civilian needs for petroleum andpetroleum products; (b) the factors affecting the continuous ready avaliability of petroleum and petroleum products for those needs, and (c) any \
action proposed
which will affect such availability of petroleum and.
petroleum products.
2. To
make specific recommendations to any appropriate department,
officer, corporation or other agency of the Federal Government, particularly
the Office of Production Management and the Office of Price Administra¬
tion and Civilian Supply, to the appropriate agency representing any Stateor
any combination
of States, and to any appropriate industry or partthereof, as to action which is necessary or desirable, on the basis of your
determinations, to insure the maintenance of a ready and adequate supply
of petroleum and petroleum products.
less steel scrap,
monel
elimina¬
of other
that capacity it
On June 12 and thereafter
half.
ing operations in cork in
of the raw
use
you as Petroleum Coordinator for National Defense.
In
will be your function and responsibility as my representative:
between
range
economical
most
of production and distribution; and the
unnecessary wells in proven fields and
activities and equipment.
to provide the desired coordination,
unnecessary
of
headed by
of
drilling
the
of
tion
the
requirements,
for
consideration
materials, and efficiency
7, 1941
June
Financial Chronicle
herein
otherwise needed
or
Within
the limits of
to
such
assure
funds
success
as
the program.
of
be made available to you, you
may
employ
may
necessary personnel, including a deputy coordinator, whose
by me and to whom you may make any
delegation of functions, and may make provision for transporta¬
subsistence, and other expenses incidental to the performance of
appointment shall be approved
Secretary Ickes Appointed Petroleum Coordinator for
National
Defense-—President
Roosevelt
Directs
Him to Form Program
Insuring Adequate Supply
for Nation and National Defense
necessary
tion,
their duties. ,v:;V
You
will, of course,
Interior
May 31 named Secretary of the
Ickes as Petroleum Coordinator for
L.
Harold
on
other
and
sonnel
Roosevelt
President
to
you
of
the
through
make
of such
use
general services and
the Office for
maintenance of
"will be accommodated to the needs of the Nation and the
defense
national
program," pointed out in his letter the
various problems which require immediate action.
As was noted in these columns May 24, page 3267, the
President, in urging passage of legislation for the construc¬
tion of pipelines,
stated that the present transportation
facilities in
of oil
Middle Atlantic
the
consumption to essential
within
States makes
uses
"restriction
distinct possibility
a
Further
Negotiations in Anti-Trust Oil Suits to
Ickes—Announcement by
Attorney General Jackson Following Mr* Ickes's
Appointment as Petroleum Coordinator for Na¬
tional Defense
Following the action of President Roosevelt,
nounced the
anti-trust
day by Attorney General Jackson that the*
same
suits against 22 major
oil companies would not
permitted to impede Mr. Ickes's regulation of the oil
industry, and that negotiations were under way to reach an
be
agreement with the oil companies on the anti-trust actions.
The Attorney
To
avoid
established
General is reported
as
saying:
conflict with the administrative program which may be
by the Secretary of the Interior, further negotiations in the
any
pending proceedings will
be submitted to
defense objectives of the new oil control
him,
the end
to
shall be in
no
significant developments indicate the need of coordinating exist¬
over oil and gas and insuring that the supply of petroleum
will
among
relating to
oil-producing
States.
petroleum industry itself
One
must
the
of
be
national
facilities,
at
Some
the
basis
wit^
maximum
pres. ,c
the
and
of
various
phases
are
of
prices
action
those
cross-hauling of
transportation
operations
and
divided
now
Employment at New Peak—Substantia! In¬
in Floor Space in First Quarter Year—Four
Months' Wajrplane Output Near 1940 Aggregate
More
than
in
the
43,000
jobs, carrying with them payroll
27,
May
for
making
the
in
to meet
is
the
petroleum
petroleum
proper
forms,
at
development
products
which
are:
The
we
are
proper
crude
oil
now
development,
and
petroleum and
its
products,
the
maximum
yields
of
it
was
reported
tinued
natural
and
the
more
or
specific
Colonel
merce
of
John
H.
America,
and
use
of
products
with
today
from
gave
a
survey
the
Aviation
News
Committee the
above
just completed by the Chamber.
companies showed:
1.
There
were
against 193,893
employment
2.
can
full
Jouett, President of the Aeronautical Chamber of Com¬
Salient facts from the reports of 47 airplane, 11 engine and six propeller
are
development
efficient
con¬
in
Europe,:
April 1 figures represent increases of 436% in employment, 472% in
W
war
payrolls, and 246% in floor space over Jan. 1, 1939.
of
reduction
that
The report
the
which
production
gas
high
:
Indicative of the strides made since the outbreak of the
our
places,
and
record
June 2
tary aircraft, a total of 8,329,930 square feet of new floor
space was added during
the same three-month period—
findings, gleaned
confronted
the
during the first
by the Aeronautical
Chamber of Commerce of America.
Making possible theindustry's spectacular increase in the production of mili¬
available,
the proper
created by
were
when employment reached a
of 1941,
237,267,
week,
and
and
resources
military, and civilian needs.
with
of
1941,
our
facilities and of methods by which
secure
of
new
totaling $1,841,940 a
January, February and March—of 1941.
defense program which
existing transportation and store facilities; balancing refining
to
quarter
petroleum defense policy in the unlimited
on
effieieney of
reserves
operation
of
strategic importance both in quality and location; elimination
be made of
Nation
and complex.
numerous
future,
problems
require immediate
utilization
the
of
petroleum problems
The
our
continuously,
and
reasonable
of
are
of
declared
emergeroy
adequately
and
needs
essential requirements of the national
made
utilization
the
officers and agencies of the Federal Government and the
numerous
principal
accommodated to
be
program.
functions
that national
impeded.
crease
ing authority
products
way
Aircraft
American aircraft manufacturing industry
its
May 31,
naming Secretary of the Interior Harold L. Ickes asPetroleum Coordinator for National Defense, it was an¬
My dear Mr. Secretary:
national defense
on
in
increases
Government
Be-
Submitted to Secretary
dated May 29 but was not released until May 31, at
Hyde Park, N. Y.f where the President spent the week-end:
the
D. ROOSEVELT.
FRANKLIN
The following is the President's letter to Mr. Ickes, which
and
other agencies
or
•'
♦
—
was
Recent
fiscal, per¬
have available
now
Yours sincerely,
few months."
a
you
Emergency Management
ready and adequate
a
supply of petroleum and petroleum products" for the needs
of the Nation and the national defense program.
This was
the first major action taken by the President since declar¬
ing the existence of an "unlimited national emergency" on
May 27.
In a letter to Secretary Ickes the President said
that one essential defense requirement "is the development
and utilization with maximum efficiency of our petroleum
resources and our facilities, present and future, for making
petroleum and petroleum products available, adequately and
continuously, in the proper forms, at the proper places, and
at reasonable prices to meet military and civilian needs."
The President, after declaring that "recent significant de¬
velopments
indicate the need of coordinating existing
authority over oil and gas" and insuring that the supply
as
Government.
National Defense and instructed him to make recommenda¬
tions "to insure the
statistical, informal,
facilities
on
3.
was
Weekly
Jan.
1.
Total
237,267
on
an
increase of 43,374.
on
April 1,
as
(On Jan. 1, 1939, total
44,296.)
payrolls
(On Jan.
floor
employed in the industry
persons
Jan. 1,
spa^e
April
on
1,
1
were
$8,761,426,
as
against $6,919,486-
1939, payrolls totaled only $1,532,723 per week.)
on
April 1 amounted to 32,786,351 square feet,
as-
Volume
The Commercial &
152
against 25,456,421 feet on Jan.
(On Jan. 1, 1939, total floor space
1.
3585
Financial Chronicle
Pittsburgh, Pa./Truck Drivers Strike Ties Up Defense
Shipments
9,454,550.)
was
findings, said:
Colonel Jouett, commenting on the survey
"The
manufacturing
aircraft
lected, has made amazing
undertaken.
progress
of
Production
The Government
evidenced by the data col¬
in the huge expansion program it has
warplanes in the first four months of
industry,
4,746
as
only about 1,000 less than production for the entire year of
1940, is proof that this expansion job is being done with efficiency and
speed unequaled in all of America's industrial history."
Airplane builders alone, between Jan. 1, 1939, and April 1, 1941, in¬
creased floor space from 7,478,832 square feet to 23,110,017 square feet *
employees from 31,568 to 175,525, and weekly payrolls from $1,054,219
to $6,497,284.
Aircraft engine manufacturers boosted floor space from 1,726,037 square
feet to 8,116,481; employees from 11,323 to 52,080, and weekly payrolls
from $425,964 to $1,923,512.
Propeller concerns increased floor space from 249,681 square feet to
1,559,853 square feet; employees from 1,405 to 9,662, and weekly pay¬
this
year,
rolls from $52,540 to $340,630.
sought on June 1 by conciliation to end
strike of 3,200 freight truck drivers and helpers which
a
threatened the movement of defense materials in 13 Eastern
States.
The strike call was issued at Pittsburgh, Pa., on
May 31 by Local 249 of the General Teamsters Union,
American Federation of Labor, after negotiations with 179
hauling concerns of the Pittsburgh district had broken down.
Associated Press dispatches from Pittsburgh, Pa., on June
1, reporting the strike said:
m .*■
John A.
Moffett, Labor Department conciliator, arranged to meet with
union delegates and a committee representing the
Pennsylvania Truckers
Association.
Tonight the conferees emerged from a five-hour meeting with no comment
other than that they
would meet again tomorrow.
The chief union demands
48-hour week.
are
a wage
increase of 10 cents an hour and a
The companies offered a 54-hour
week, contending that a
shortage of drivers for long-distance hauls made a shorter week impossible.
James
G.
Forecasts
Blaine
United States Defense In¬
Obtain
Will
Materials
Raw
Increasing Amounts of
China
from
"beyond
Chair¬
3,fore¬
cast that China would supply United States defense industries
with increasing amounts of essential raw materials.
Mr.
Blaine, who is also President of Marine Midland Trust Co.,
of New York, said he based his predictions upon both the
industrial rebirth now taking place in China, and upon eco¬
nomic consequences of the European conflict, which has in¬
terrupted or stopped exports to this country from many
former markets.
"The growing importance of China to the
United States as a source of raw materials already is ap¬
parent in increases between 1939 and 1940 in this country's
metal imports from China," said Mr. Blaine.
Reports Large Increase in Capital
Invested in Manufacturing in 1940—Total Now
Almost $51,500,000,000
and steel of various types used
capital invested in American manufactur¬
ing enterprises increased more than $3,000,000,000 in 1940,
to
study
a
of
annual
increase
invested
sum
the
of Industrial Eco¬
the Division
by
This
Board.
Conference
nomics
was
the
sharpest
1925, and it raised the total capital
almost $51,500,000,000.
This
more than $10,000,000,000 below the
since
in manufacturing to
nevertheless
was
1929 peak of $62,200,000,000.
The Board's announcement
regarding its study, issued May 31, also said:
of
$5,800
capital
This
for each
per
decline reflects
facturing
as
industries
some
before
was
whole
a
the
in
the
during the depression,
This
earner.
wage
earner
wage
the
was
late twenties,
somewhat smaller than the
when it was about $7,000.
invested
ill
some
industries
has not yet been
there
capital
per
was
earner
wage
is barely
In the textile industry,
depression.
severe.
In
complete recovery,
at garages
in
half what it
for example, invested
capital per wage earner averaged $4,326 in
for
year
$2,299.
1925, but in 1938, the latest
industries are available, it was only
In the food, liquor and tobacco industries it was $6,304 in 1938,
which
figures
on
separate
compared with $9,000 in the middle twenties,
as
industries
in
there has
In
been
which
invested
capital
per
despite Repeal.
wage
is high, how¬
earner
tendency toward recovery to pre-depression levls.
In the chemical industry it increased from $14,000 in 1937 to $17,000 in
1938, when it compared favorably with the average of the late twenties.
ever,
In
the
paper
invested
and pulp, metal products, and
capital per
r' 1 V
recoveries.
Work
a
wage
earner
is
rubber
also high,
industries, in
there have
been
which
similar
'
Resumed
West
in
Coast
Shipyards
Pending
Negotiation of Grievances
Complying with
#
a request
of the National Defense Media¬
tion Board, the American Federation of Labor Bay Cities
Metal Trades Council on June 3 ordered members of all
metal crafts, except striking A. F. of L. machinists back to
work at the Bethlehem Shipbuilding Co.'s plants here pend¬
ing negotiation of grievances.
Associated
Press advices from San
Francisco, Calif.,
on
This would be
union, said that by tomorrow
all shipments through picket lines established
Intracity traffic was not affected because local
and warehouses.
in dispute.
contracts were not
"Non-Operating"
Unions
Railway
Ask
for
Wage
Increase
"non-operating" railroad labor organizations,
more than 800,000 workers, decided on June 4
increases of 30 to 34 cents an hour, according
Associated Press advices from Chicago which added:
Fourteen
representing
to seek wage
B. M. Jewel, president of the
Railroad Employees Department of the
American Federation of Labor, said that the unions voted to open
wage agreements to
existing
make such changes as might be necessary to provide
minimum wage of 70 cents an
a
hour
as
the lowest to be paid in the
industry and to effect other increases up to $1.15 an hour for highly skilled
•workers.
Mr. Jewel said the present minimum
an
hour while highly skilled
for semi-skilled workers was 36 cents
workers received 85 cents an hour.
Five unions embracing the
operating personnel, engineers, firemen, con¬
ductors, switchmen and trainmen, voted on May 19 to request a
advance for the 350,000 men they
The demands of both groups
30% wage
represented.
will be presented to the carriers on June 10.
effective as of July 10.
The railroads will be asked to make the new rates
increases
terms of
would
add
unestimated
millions to the carriers' annual
The non-operating unionists did not compute their demands in
payrolls.
dollars, but the operating brotherhoods calculated that
the increases
they sought alone would amount to about $168,000,000 a year.
Eastern Railroads Ask for Revised Working Rules
manu¬
and
reported the strike would im¬
Edward E. Persloger, business agent for the
the union expected to "freeze"
liquidation of capital employed in manufacturing
which
was
factories and warehouses.
The
provide machinery, plant and other operating facilities for employ¬
in manufacturing there was in 1940 an average capital investment
To
ment
it
in armament manufacture.
accomplished, the union said, by affecting movements at railroad terminals,
for
according
ability to pay."
peril shipments including munitions, glass, electrical and chemical materials
to
Conference Board
The amount of
our
From union and company sources
James G. Blaine, National Campaign Committee
man of United China Relief, in a statement issued June
committee, said the
increase would add $1,000,000 yearly to operating expenses and was
wage
dustries
Jr., Chairman of the employers'
Joseph Kenny,
In a move designed to offset the recent demands of five
engine and train-service brotherhoods for a blanket 30%
wage increase, a representative group of the leading Eastern
railroads on May 27 served notice on the unions, under the
provisions of the Railway Labor Act, of their intention to
revise certain of the "featherbedding" rules. Under "feather-
bedding" rules, railroad employees receive extra compensa¬
tion, sometimes amounting to a full day's pay, for relatively
short overtime work.
In notifying the unions, the roads stated that the proposed
changes are to become effective within 30 days. One of the
changes proposed would give the carriers the right to start
yard crews at any hour of the 24, as service requirements
may dictate.
Under existing rules yard crews may be started
only between 6.30 a.m. and 8 a.m., 2:30 p. m. and 4 p. m.
and 10:30 p. m. and midnight. Railroads finding it necessary
to start
yard crews outside of these periods have been penal¬
by the National Railways Adjustment
ized
Board when
presented by the employees.
Another rule which the roads wish to change governs the
conditions under which crews operating a train in road
service may be called upon to perform incidental switching
claims
were
service.
June 3 reporting the strike said:
The action
was
significant in view of Bethlehem's importance in the San
Industry's Contribution to Our Economy Through
Regulation Without Regimentation Reviewed by
Joseph E. Pogue of Chase National Bank in Ad¬
dress at Dallas—Sees Defeat for Democratic Way
Oil
Francisco Bay area shipyard strike, but its effect on th8 larger problem was
not
immediately apparent.
-
4
r
Two weeks ago the council denounced the A. F. of L.-C. I. O. machinists
strike, which has interrupted $500,000,000 in defense construction in
bay
area
11
of Life with
Centralization
shipyards, and asked its men to return to work at all plants but
Bethlehem.
This yard was
excluded then because it had not agreed to
tion
union shop.
A few hundred men other than machinists responded to the council's
appeal immediately and their number has slowly increased.
probably not
more
But the total,
than 2.500, was small compared to the 15,000 or so idle.
Harry Hook, A. F. of L. machinists' business agent, informed of the
council's action, said
it would in no way affect the machinists.
craftsmen did not accept a coastwide wage and hour
These
stabilization contract,
negotiated recently, which set wages at $1.12 an hour with time and a half
for overtime.
That the oil
a
The machinists demanded $1,15 an hour and double
over¬
industry "has created a pattern of coopera¬
business and Government which is not only
between
significant now, but may prove to- be invaluable to our
country in the period of reconstruction" was the statement
made on May 30 by Joseph E. Pogue, Vice-President of the
Chase National Bank of New York at the annual convention
Dallas, Tex., of the National Oil Scouts and Landsmen's
"It would be a serious defeat for the demo¬
in
Association.
if this evolutionary development were
in its progress," said Mr. Pogue, "and
pioneering industry recast in the rigid mold of cen¬
cratic
of
way
life
time.
The old scale was $1 an hour and double overtime.
arbitrarily stopped
► The
Defense Mediation Board, in two telegrams to union leaders and to
this
Bethlehem yesterday, asked both sides to
"show their patriotism by taking
thefnecessary steps to insure the immediate resumption of production
pending the Board's recommendation in the matter."
It also called a
hearing on the strike for Monday, June 9, in Washington.
A
of
previous reference to the strike appeared in our issue
May 24, page 3271.
tralization."
Democracy
under
which
In part, Mr. Pogue also
said:
the preservation of our system of free enterprise
is won through competition.
Our economic life is
envisions
success
grounded upon
competition and
degree
of
our
system of economic enterprise requires
with the social welfare.
it implies that under some circura-
competition consistent
the
maximum
The
qualification, however, is vital for
The Commercial & Financial Chronicle
3586
and this
the question of
the initiative of the
individual.
The unabridged freedom of laissez faire implies no restraint;
the full regimentation of totalitarianism denotes complete coercion.
Some*
where in the middle ground stands our economy today and our destiny
competition needs to be tempered,
stances
hangs
the
upon
which the system
in
direction
and particularly
It
moves,
its final position after the current upheaval has run its course.
the solution of this issue that the petroleum industry offers
upon
is
poses
properly may be imposed upon
that
restrictions
the
to
experience and example.
its
...
confronted with a
the happy absence of an orthodox
imposed from the outside, has worked out an original and
practical answer in terms of a decentralized structure of laws and admin¬
istrative procedure that function® with increasing effectiveness and avoids
It
happens that the petroleum industry has been
so
in regulation and, in
complex problem
solution
effects of regimentation.
the stifling
industry has created a pattern of cooperation between business and
Government
which
is not only significant now
but may prove to be
Our
invaluable
ment
The
of life if this evolutionary develop¬
way
its progress and this pioneering industry
centralization.
and
States
authorities;
bodies; a
regulatory
the
and
ratified
the Federal
coordinating mechanism
entered
Compact
by
into
tariff
policy
This
country.
the brain
child
economic
interests.
the way
vention
controlling
group,
and
necessity
Further
of
the
the clash
problems.
elements
are
Federal
producers and
issue,
of
thus
its
admits
diversity of
now
competing
by the inter¬
orders
have suitable conservation laws,
continuously improving.
its
the
balance
a
administration
is close
practicable and
internal
this
convert
to
workable.
interests
the
problem at
system
into
Springs, Va.
In his address the assertion was made
by Mr. Delano that "consumer credit is at an all-time high.
It should be reduced.
Clear and correct thinking on these
a
above all,
a
centralized
continua¬
one
would
a rigid
policy without external balance; would freeze the industry
single pattern, and lessen competition where competition is needed ;
and woud open the way more
easily to the control of economic functions
detached
from
entail
short,
centralization of the system
Would
and social contributions of this great industry.
Democracy
There
are
as
in the United States today some 15,000 banks.
centers of our economy.
In the matter Of direct action, there is
production or purchase
posed by the national emergency.
the limitation on credit to be extended either for the
of consumptive goods, with
A strong
control
particular reference to installment contracts.
loans for speculative purposes, is, of course, obvious,
over
but it is in the realm of the fiscal education of the
the country can really make
public that the banks of
their contribution toward the preservation of
a
decent world in which to live.
a
substantial segment of its money income
-
understand the importance of voluntarily withholding
The public must
from ordinary purchases, divert¬
ing all it can possibly spare toward savings or better
James
Speyer Elected Member of
of
New
York
Chamber
of
Half
Century
Club
Commerce
Speyer, a Vice-President of the New York State
Chamber of Commerce, was elected a member of the
organ¬
izations' Half Century Club on June 5.
Mr. Speyer com¬
pleted his 50th
a
member of the Chamber. In reading
Speyer, H. Boardman Spalding, Chairman
year as a
tribute to Mr.
of the Executive Committee said:
Early in his life he
was
and
in the
seems
philanthrophic work, which
was
happiness
His interest in social, educational
evidenced when he
has increased with the years.
man,
nm mm mi
was
a
very
young
He has been honored at home and
decorated abroad.
What
we
should all be interested in is what can be done to make
how much can the
New York Chamber of
in
reductions
Commerce
non-defense
expenditures
by the
elimination of all deferrable public improvements and other
unessential outlays are urged upon the Federal, State and
local
governments in a report adopted by the New York
State Chamber of Commerce at its
monthly meeting on
June 5.
The report,
people do in the way
voluntarily to control ourselves—thus relieving the Government
do
which
was
drawn by the Committee on Taxa¬
tion of which William J.
from
the same time preserving our traditional
Certainly it is the democratic and the better way.
freedom and liberties?
That
Period—
W. L. Batt Warns Electric Institute Convention
Cuts
In
Non-Defense
Expenditures Urged
Upon Federal, State and Local Governments By,
these
In a great crisis,
of self discipline—how much will we
governmental restraints as few and as light as possible.
Business
Drastic
mm mmmmmmm
undue alarm about an approaching
period of inflation, Mr. Delano declared that there is little
reason to suppose that an inflation at this time would differ
from all the previous inflations of history and fail to be
followed by a crippling deflationary period.
In the interests
of safety, he continued, restraints must be imposed.
He
no
the necessity of controls and at
Mr. Speyer in thanking Mr. Boardman for the tribute,
responded by saying, "I simply tried to do the best I could
for my home town."
Further
its defense program.
i
•
added:
to have discovered that the secret of
making of other people happy.
toward the purchase
of the bonds which the Government is offering to finance
While expressing
James
They are the
The officers and employees of these banks
of informing our citizens of the great changes im¬
share the responsibility
unnecessary forfeiture of the competitive forces that are responsible
an
for the remarkable growth
In
a
of
a
conservation.
is," he said, "as essential
is rapid production of the materials of
In his address the Comptroller also said in part:
fundamental economic problems
nerve
And
competition to insure
June 5 to take the lead in educat¬
at Hot
warfare."
the
on
goods to purposes of National Defense.
The
appeal was made by Preston Delano, Comptroller of the
Currency, in an address intended for all bankers, before the
District of Columbia Bankers' Association annual convention
in
Its
urged
were
consumers'
balances.
result in
into
Bankers
State Legislatures, and
between
of District of
ing the American people to save a greater portion of their
incomes, thus converting excess funds from the purchase of
The system Is
and
checks
own
by the courts,
providing
sufficient
To
progress.
a
is not deflected
process
carries
Its
consumers.
thus keeping
the framework
tion
is
and
subject to review
Congress,
of
...
of them
structure
imports
invariably invoke Federal control for the solu¬
Nearly all the oil-producing States
in
law
State lines, and a
admitted into
across
of
a
in the development of this technique of regula¬
who
the administration
oil
volume
Urged by Comptroller
Currency Delano at Convention
Columbia Bankers' Association
of
oil-producing
principal
spring
not
amidst
progress
centralists
decentralized
the
Consumer Credit
Reduction in
form of
full-bloom into existence as
but evolved step by step under the impulse
did
system
of any
tion of industrial
the
the hope that the number of
about 1,174,000 could be
reduced without injury to government services and some of
the employees turned to national defense work.
Commenting upon the 85% parity plan for farm products,
the report said it would encourage the production of un¬
profitable surpluses and that the financial losses which would
be transferred from the producer to the Federal taxpayer
might reach "unprecedented amount^."
It was pointed out that Federal, State, county and local
taxes had risen from $66 per capita in 1932 to $109 in 1940
and would be much higher in 1941 due to the vast expendi¬
tures for national defense.
The report was signed by Mr.
Schieffelin as
Chairman and by George W. Bovenizer;
Charles B. Couchman; Cleveland E. Dodge; Peter Grimm;
Otto E. Reimer and Harold S. Sutton.
Committee expressed
The
producing
the
in
of advisory estimates of demand,
be expected, provided the
may
and
appren¬
civilian Federal employees, now
by the Congress of the United States; and support by
Government in
against the movement of illegally produced
flexible
between
cooperation
close
a
State
Oil
Interstate
tion
of getting
the defense industries."
tices and skilled workers for
...
worked out in the oil industry over the past
involves four elements: State conservation laws administered
years
State
of
the farms, and the difficulties
on
7, 1941
system of regulation
interest
this
It would be a
in the period of reconstruction.
the rigid mold of
in
dozen
an
country
our
arbitrarily stopped in
were
recast
by
to
defeat for the democratic
serious
of labor
June
OPM
as
Usual is Over for Emergency
Deputy
Director
Discusses
Defense
Effort
Warning that the United States is facing the gravest
situation in history, W. L. Batt, deputy director of the
Office of Production Management, in a speech before the
Edison Electric Institute convention in Buffalo, June 4,
industry to concentrate on the defense
problem and stop worrying about the post emergency situa¬
tion.
He said he could only hope that Britain will have time
enough to let the United States production catch up.
Reporting on his remarks, the Wall Street "Journal" of
called upon American
Schieffelin Jr., is Chairman, con¬
demned the proposed expenditure of hundreds of millions of
dollars for such projects as the St. Lawrence-Great Lakes
June 5 said:
Waterway, the Florida Ship Canal, the Tombigbee-Warrior
Rivers development in Alabama as
being "uneconomical and
end of business
a
as
has
Hj forecast the
make England's mistake, which she
yet entirely corrected, of trying to run a
cheap war.
usual for the United States until the emergency
and hinted that civilians must get
is over
ready for curtailment in the use of many
comfort giving things.
waste of national defense funds."
The Chamber committee said that inasmuch
He pleaded that this country not
not
as
it had been
Addressing the Edison Electric Institute convention
Mr. Batt said that
accepted in the present emergency that business could not
carry on as usual government should recognize that it could
production of aluminum
above the now scheduled figure of 1,600,000,000 pounds annually, or four
times what it was in 1939.
It is now estimated, he said, that this country
not continue to
will
spend
in normal times and political groups
no time for
"politics as usual."
The President and political leaders should "take a firm
stand towards drastic reductions in non-defense expenditures,
and implement the frequent declarations that the defense
program calls for sacrifices by everyone," the report urged.
In addition to reductions
suggested in the Works Progress
Administration,
Civilian
Conservation
Corps
and the
National Youth Administration, the report said, cuts might
also be made in expenditures for soil conservation, parity
payments, non-defense highways, postal subsidies and Con¬
gressional franking.
A study of government agencies distributing non-defense
money indicated that more than 12,000,000 persons were
recipients, the report declared, adding that these agencies
"no doubt are to some extent responsible for the shortage
as
should concede that it
was
the Administration
have to
copper
was
working on plans to boost
import from Chile or
elsewhere more than 500,000 tons of
it was felt the importation of only
whereas only a short time ago
150,000 tons would be more than adequate.
What
looked
dwindled to
a
like
an
adequate
shortage of 25%.
supply
of nickel,
he added,
has now
The Federal official hinted that some
of
industry overbuilding in¬
ventories.
The greatest bottleneck, he said, is shipping.
While the United
States is not building another Hog Island it is building many sections of a
Hog Island all over the country, so that this country's construction combined
with that of England's will equal the rate of sinkings.
The United States, he warned, is trailing far behind Germany in pro¬
duction of war goods.
Furthermore, he added, German equipment is of the
best, has refinements not produced in this country and is a direct challenge
to the best production brains of the nation.
This country, he said, is only
beginning to assess the job in its true size.
It has large productive capacity
which could be used and which is not being used, and he indicated that
the shortages
industry
soon
were
being caused by American
would be asked to make such
for the defense job.
capacity immediately available
Volume
The Commercial & Financial Chronicle
152
The United States is "walking on the
verge of war, he told the convention,
adding that the already large construction
programs in many
instances will
have to be increased
substantially to confront the tremendously strong ad¬
versaries.
As an indication he stated that airplane
engine
capacity may
have to be doubled
or
trebled.
even
ship 25,000,0C0 tons of steel
to
This country, he said, will have to
England to equal Germany's
resources
of that
product.
As
an
example of what
50mm. airplane
than
war means in dollars
cannon were fired
$5,000 of ammunition,
hour would
consume
the speaker explained that if a
steadily for
while
hour it would
one
anti-aircraft
one
use more
battery working
can
ing
on defense
not do it
by the casual approach.
the first and
as
can
vitally first job coming before everything
Batt forecast
defense purposes.
the
expenditure of 25%
of
national income for
our
The present $45 billion commitments will be increased
W.
Smith, Vice-President in charge of engineering,
Westinghouse Electric & Manufacturing Co., who addressed
the convention June 3, said that if maximum benefits are
to be obtained from modern
production methods, a greater
effort should be made to crystalize and coordinate some of
the strong
individual opinions that have developed during
rapid growth of the electrical industry. He continued:
the
Both the manufacturer and the
utility users of equipment benefit by
Also, both of us benefit by any fundamental develop¬
standardization.
that
ments
be made
can
in
materials.
An
outstanding example of the
benefits derived from these two items is the static
capacitor having wide
acceptance today for the release of system
capacity
voltage regulation to better
existing investments.
your
substantially, he said.
maintain'our gross'nationaroutput
_____
M.
do it
The way we will do it is by look¬
else."
Mr.
portant it is to the electrical industry to
1943 levels.
,*
at
upwards of $130,000 of ammunition.
"Although the job is big," Mr. Batt said, "American industry
but
one
3587
serve
or
the improvement of
your customers and make better use of
In the past
people
15 years we find that the size of
capacitors has been greatly reduced and that the cost is at the present time
"That is not to say," he explained, "that we have not made real
progress,
because we have progressed, but many of us have been naive about the size
approximately 40% of the 1930 figures.
This is a good example of how
improvements in materials and the acceptance of standardization
by the
operating companies has resulted in material saving to you, still allowing
and cost of this
the manufacturer to make
The OPM official felt that the
country
has not been behaving
as a
who understood the seriousness of the
present situation.
undertaking."
Already rationed on aluminum, nickel and magnesium and facing short¬
ages of
steel, zinc and copper, Mr. Batt expressed the fear that before long
Obviously,
we
reasonable profit on his product.
a
do not want to advocate the standardization of apparatus
and systems to the point that the
other materials would be added to the list.
be restricted.
Despite a jump in machine tool production to $750 million for 1941 from
$100 million in 1938 the speaker claimed a
shortage still existed and was to
improvements
be corrected by extensive
designers' initiative and imagination will
minal
many objections that
sub-contracting of defense work regardless of the
industry has advanced to such
a
procedure.
While the speaker knew of
no single case where one of the country's in¬
dustries has been approached with the request for the loan of machine tools
that it might have in its plant, these
requests are now going to be made.
As an example of the time it takes to
get an armament program under
way Mr. Batt cited the experience of the Budd Co.
tool up a plant and to produce its first million
next
million
came
It took 15 months to
heavy howitzer shells.
The
encouraged
If
we
in
far, the major advances such
go too
transformer
iron
used to advantage.
or
as
the fundamental
previously mentioned
would
not
On the other hand, such items
be
ter¬
as
arrangements, methods of mounting, taps and the like can readily
be standardized to the advantage of all concerned.
The telephone companies have long been leaders in standardization and
have profited extensively by using its principles
effectively.
Perhaps the
industry could study with profit some of the lessons they have
Perhaps, for example, it might be possible to arrive at a stand¬
power
learned.
ardization of fewer voltage classes with
greater rating standardization and
more uniform structural standardization.
off in two months.
The speaker advocated universal
daylight saving as a measure to be used
to relieve any power
of the country,
able to
shortages which
many
sections
Edward
Canada, he explained has been
150,000 kilowatts through such
save
being caused in
are now
because of the drought.
a
C.
Eicher
Meeting SEC
Utility Act
device.
Edward C.
D.
C.
Prince
National
Electric
Discusses
Possibility of $110,000,000,000
Output in Peace Time—Address Before
Convention—M.
W.
Smith
Advocates
goods for
war,
told
Edison
June 5.
Electric
Institute
convention
Buffalo
at
He estimated that this would be the total national
under the defense effort by 1943, based on the
assumption that 55,000,000 people would then be employed
a week,
which, he said, was calculated to be full
employment of all employables on an overtime basis. He
estimated that output in this volume would be
$28,000,000,000 more than in 1940 and should be divided among
population groups as follows: $10,000,000,000 to raise the
average incomes of the 18,000,000 families in the lowest
income brackets to $1,500 each
per year; $3,000,000,000 to
provide for population increase; $5,000,000,000 for families
above $1,500 income; $6,000,000,000 for national
security,
and $4,000,000,000 for plant and
equipment expenditures.
Assuming the return of peace by 1946, he estimated that
there would then be 57,000,000
employables and that these
could produce $110,000,000,000 of
goods a year working
43 hours a week, and he proceeded to
analyze the possibilities
output
46 hours
contained
therein
for
the
manufacturers and power
electrical
producers.
industry—equipment
He said:
Institute
11
Section
of
Eicher, Chairman of the Securities and Ex¬
any possible doubt concerning
application of the integration provisions of the Public
the
Edison Electric
of
can
Electric
Enforce
to
change Commission removed
the
worth
do it for peace, D. C. Prince, Manager,
Commercial Engineering Department, General Electric
Co.,
the
it
Edison
Utility Holding Company Act in
Standardization of Equipment
the Nation can produce
$110,000,000,000
If
Tells
Intends
of the SEC
purposes
an
address June 5, before
Institute convention in
form of five "truths"
as
Buffalo.
The
described by Mr. Eicher in the
were
to the
policy of the Commission with
respect to Section 11, and the first of these, he said, was,
"we intend to enforce it"—"'Let there be no question about
that," he is quoted as saying.
Mr. Eicher, who had asked that he be permitted to speak
at the meeting, declared that requests by utility
companies
for suspension of enforcement on the grounds that the
defense program would be hampered, were not based on fact.
On the contrary, he said, the defense effort makes it more
imperative that the program go forward.
However, he
offered assurance to investors in utility companies that the
Commission
interest
of
members
consumers
would
hold
their
interests
the
and
paramount in the enforcement, which
he said would be carried out with
care and thought and not
explosively.
Concerning Mr. Eicher's address, the Wall Street Journal
of June 6, said in part:
Mr. Eicher said that there is nothing in the law which requires the sale
of any
holding company assets at unfair or inequitable prices.
"In fact,
it is clearly the statutory duty of this Commission to protect holding com¬
security holders against sales on such terms," and he added, "I
pany
can
Ten billions of dollars worth of products will be
produced to raise 18,000,000 families to the $1,500 level.
Many of these families will
state unequivocally for the entire Commission that we shall perform that
the first time,
our
then, for
be in the market for electric appliances and other types of
In fact, sales of such products to these and other
duty, even though at times it may appear to slow up the effectuation of
families may be $5,000,000,000, or 50% greater than in 1940.
000,000,000 will provide
new and
for electric ranges and air
large
increase
in the
better homes—more homes to be wired
conditioning.
domestic
load.
All of these things will cause
Of
peacetime production must increase also.
the
course
industrial
load
a
for
These people must be
transferred from the ranks of the munitions makers.
and makers of appliances will
use
The
some
building material
of the power released
that
seen
as
the income above subsistence increases, the indus¬
trial power load rises also.
Let
how much power would be
us now see
INCOME
ABOVE
POWER
LOAD
SUBSISTENCE AND
IN
1943
National
AND
INDUSTRIAL
1946
Above Subsistence
Income
Power Loads
Subsistence
Paid Out
Actual
(Billion)
IKwhs.)
In 1926
$30.9
$43.4
$52.4
59.5
1943
100.0
32.0
68.0
82.0
80.0
1946.
100.0
33.0
67.0
80.6
income
would
years,
largely because by 1943
ex¬
a smaller
1946.
If
our
be
about
$68,000,000,000
in
1943
and
In 1926 dollars these figures become $82,000,-
At these levels of income above subsistence,
commercial large light and power
in
for the
holding company and its security holders.
SEC
That
was
"In fact," he
apparently hopes that the dismemberment
total output
sales .would total_85,000,000,000 kw. hrs.
were
the $82,000,000,000
he asserted that in many instances, there
will be
underlying securities in the geneial market.
can
be
head said, "that there are
seem to
quite
a
no
necessity for the sale
"The fact is, * the SEC
few situations in which such public sales
be wholly inappropriate and could probably
not be approved
by the Commission as the proper method for complying with Section 11
orders."
With
these five truths
in mind,
Mr. Eicher said, investors in public
only $90,000,000,000 in
1946
for them
are
wholly unjustified.
dynamite," he said.
"The process of accomplishing the objectives of
Section 11 is to be carried forth carefully and thoughtfully, with the best
interests of the investors and consumers always uppermost in our
(com¬
defense program on
have
be
some reason
with underestimating the effects of the
their projected system loads.
"In fact," he said, "we
to believe that a few holding company managements may
curtailing or postponing the installation of additional facilities that are
known to be needed for defense production, either because of
as
to the
apprehension
holding company's ability to finance them or because of fears that
their control might be
In} 1940 after allowing for population
endangered."
The Chairman forecast a move on
a
probably drop to around 65,000,000,000 kw. hrs.
gram upon
This indicates how im¬
minds."
Changing his topic to that of national defense, Mr. Eicher charged some
growth and for increased defense outlays) then the commercial load would
program
made clear by Mr. Eicher in his fifth guiding truth, in which
holding company managements
000,000 and $81,000,000,000.
parable with
com¬
disintegration
"Holding companies are not going to be smashed by sudden explosions
paid out would be about $100,000,000,000, and
subsistence
in
of its holdings in operating companies is by no means a losing propo¬
of the fears which have been conjured up
of industry than at present.
above
made
accomplished to a large extent by exchange of securities instead of sale.
percentage of total defense expenditures will probably be spent for output
national
being
'present going' value."
of
1943 the ratio of the power load to income above subsistence is
pected to be less than in peacetime
The
is
added, "studies of independent statistical agencies indicate that the 'break¬
85.0
income
progress
utility holding companies and their subsidiaries can rest assured that many
$74.3
$67,000,000,000 in 1946.
reasonable
The fourth truth, the Chairman said, is that the sale by a holding com¬
pany
sition
would
In
and
performance.
of
1940
flat statement that there would be no time limit set for
pliance if proper cooperation was demonstrated by the holding company
managements
The
sistence that would be produced in 1943 and 1946, with a National
Output
of $110,000,000,000.
OF
moderation at all offered the industry in the enforcement of the
a
re¬
quired (on the basis of past relationships) to produce the income above sub¬
ESTIMATE
in
was
up' value of many holding companies is substantially greater than their
by the munitions makers.
We have
Act
Someone must make these extra
refrigerators, washing machines, and automobiles.
processors
The $10,-
orders under Section 11."
The only
durable consumers goods.
program
the part of the Commission to launch
for operating company financing of the huge construction pro¬
which the industry is embarked to increase its power facilities
The Commercial & Financial Chronicle
3588
C. W. Kellogg, Chairman of the Edison
Eicher's address,
Mr.
After
should be completely lacking frankness if I gave
Electric Institute, said: "I
said."
R. E. Fisher Warns Against Reducing Sales
Effort
Delivering the keynote address at the first general session
of the Ninth Annual Convention of the Edison Electric
Institute at Buffalo on June 3, Charles W. Kellog, President
of the Institute who is serving as Chief of Power/of the
0. P. M., declared an allegation of power shortage in the
is "unwarranted" until various
present defense emergency
With respect to
which he outlined, have been tapped.
such resources he said:
In addition to the
unprecedented increases of 7,500,000 kw. in generating
resources,
reserve
capacity to be added in 1941 and 1942, a great basic element of strength
is the ample reserves of generating capacity
in the electric power situation
been
have
that
annual
built up over past
The
years.
excess
of 30%
the
over
equipment in this country, is required partly by the insufficiency of stream
units at full capacity and partly by the
flow at times to operate all hydro
units, but there is still left
maintenance requirements of steam
over
a
generating margin averaging perhaps 10 to 15% to be drawn upon as
needed.
Another unused reserve, in the case of steam generating stations,
in emergency to exceed rated capacities by a margin of 10 to
is the ability
15% during a peak of moderate duration, and in the case of hydro gen¬
erators, a still larger effective
capacity above nameplate ratings.
A still
further resource, that has so far hardly been tapped in the present emer¬
is the huge increase in energy that would be available from
gency,
tinuous operation
That
is
throughout the 24 hours of the day for 7 days
schedule
the
on
which
our
This alone could add 15
the annual
power
output of all electric generators,
20% to
o
sufficient to
carry
a
further increase in industrial production of nearly 20%.
Reviewing operations during the
ended May 30, he
year
must, therefore,
While we are shouldering defense responsibilities, we
by all agencies contributing to
152,900,000,000 kwh.,
11.8%
of
increase
an
the public supply totaled
the
over
136,800,000,000
reported for the previous 12 months.
Revenues from consumers totaled
over
the
The
unchanged.
Due
increase of 6.2%
an
in factories, (the
use
substantially
was
the heavier industrial load and to
to
second and third shift operations
some
tinued successful operation.
spread
of
better load factors and operaing expenses have so far increased at a smaller
than
rate
have gross revenues.
On the other hand drastically increased
taxation has absorbed all the rest of the gain in revenues, so that the position
of the investor—taken
as
a
whole—has shown further deterioration.
erating income for the 12 months ended May 30 was the
ing for the previous 12 months.
operations,
the
whereby
Op¬
the operat¬
Net income available for stockholders and
surplus has increased by about 2%, but this has
funding
same as
return
the
to
bejen due entirely torebondholders
has
been
reduced.
investment has remained substantially unchanged, the
on
of the operating
companies have been forced to forego
an
increasing volume of dividends, because this money has had to be used to
finance
new
construction.
An analysis of the balance sheets of the operating
companies from 1937 to 19.39 show certain trends which persist with even
greater force at the present time.
During the 2
of
construction
new
total of about $600,000,000
was a
by electric operating companies.
financed from depreciation reserves
new
Half of this
on
wras
reinvested in plant, $100,000,000 of
each $100 of book value of
averaged
common stock.
by the Japanese Chamber of Commerce of New York, Inc.
Waldorf-Astoria in New York City. Address¬
ing the gathering, Admiral Nomura stressed the advantages
to both nations of maintaining peace between Japan and the
United States saying:
No
earnings failed by $170,000,000 to defray construction costs.
current year,
spread to that ocean.
nothing to gain and every¬
to lose by armed conflict.
Between America and Japan the way of
is the only way.
It is the way we have followed in all the 86 years
quite clear that both our countries have
It is
thing
peace
of
with
a
budget for construction of $100,000,000
more
a
built up ever since the day of
particularly at a time like this.
valuable asset,
Commodore Perry are
speakers at the dinner were: Admiral William V.
Other
operations; Major Gen. John
wartime commander of the 27th Division, New
York National Guard and John A. Zellers, Vice-President
of Remington Rand, Inc.
Pratt, former chief of naval
F. O'Ryan,
Death of Former Kaiser Wilhelm II of Germany
of Germany, died on June 4
Holland.
He was 82 years old.
The former
Emperor of Germany had been living in exile at his estate
in Doom which had been his refuge since his abdication after
the defeat of Germany in the first World War in 1918, dur¬
ing all of which time he never returned to Germany.
Former Kaiser Wilhelm II,
at
Doom,
From Associated Press
advices from Berlin June 4
we
take
the following:
Doom on Monday in a service which, as his wil
He will be buried at
requested, will "take place within
be a military funeral
It will
the simplest framework possible."
as is given to a fallen field marshal,
such
with the attendance limited to the
family, representatives of Adolf Hitler
the old
imperial army and navy and a group of the present-day
German forces.
He will be clothed in the uniform of a field marshal; at the
and of
delegation will march the 91-year-old Marshal August
head of the old-guard
Mackensen.
von
telegraphed his condolences to the Kaiser's widow. Princess
Hermine, and former Crown Prince Frederick
German
It
news
Arthur Seysz-Inquart, the Nazi
for the Netherlands, will represent Hitler.
soleum
or
crypt, the
Wilhelm, D.N.B., the official
announced tonight.
agency,
understood that
was
usually preached
will perform the
Lutheran burial rites.
the Kaiser will be brought in a coffin to the little
Until Monday, when
on
of the Berlin Pro¬
Kaiser's birthday sermon
the
baptized and confirmed most of the imperial grandchildren—
at Doom and
chapel
Commissioner
Pending construction of a mau¬
burial will be in a small chapel on the estate.
Cathedral—who
testant
the Hohenzollern estate, the dead
Emperor lies in the bed where
of the Garde du Corps
dressed in the field marshal's uniform
died,
Regiment, his hands folded.
In the
Death
than the
responding equity coverage, the problem of financing the extensions re¬
quired by
the national defense has become
necessity
of maintaining
investment
largely
perplexing
one.
In
ratios
between
medium-term
as was
funded
bank
and
total
rather
than
debt
borrowing,
the practice in former years.
This means
that the equity coverage thus obtained comes eventually from
earnings.
periods
sound
through
through the sale of stocks,
course
most
a
the market conditions I have mentioned have produced the
years
A decade
ago
commercial bank loans at the rates and for the
Arthur
of
Formerly
Railroad
Magnate—
James, former Chairman of the Western
Pacific RR. Co., and reputedly one of the largest investors
in railroad securities in the United States, died June 4, at the
of 74, at the Harkness Pavilion of the ColumbiaPresbyterian Medical Center in New York City. Mr. James
age
had been in ill health for several years^ resigned the
Chairmanship of the Western Pacific in 1939.
He had
acquired control of the road in 1926.
Concerning Mr. James' death the "Wall Street Journal"
who
said:
of June 5
nowr prevalent would have been unthinkable.
representing the third generation of a
railroad builders.
Mr. James, who inherited copper, silver and gold mines and railroad
securities from his grandfather and father, used his wealth to purchase
more railroad stock. He was reputed to have trebled his inherited fortune
His passing
It is worth
recording that the latest available combined
utility balance sheet of the country shows a ratio of 51.8 to
48.2 between bonds and stocks—a
relationship the same as
12 years before.
The maintenance of this conservative debt
ratio, difficult though it may be, is a source of underlying
strength to the utilities, which should bring renewed public
confidence in
their securities when
normal financial
con¬
ditions return.
R. E.
General
Sales
told the convention June 4
Committee
that it
of
must
the
be realized
that
expanded industrial activity resulting from the defense
will produce "only an illusion of greater prosperity.''
He added:
and
we
regarded among the 12 richest men in
was
The James fortune
was
not made in
the operation
be fooled into thinking that
mean
the
a
peace-time "yardstick."
given
wrar
was
best.
Pacific
an
equivalent peace time
and
Western
Phelps Dodge Corp.
in the railroad industry,
While
startled
the
largest
Chicago,
however, that the world knew Mr. James
individual holder of Great Northern, Northern
Burlington
&
Quincy railroad shares, Mr. James
in
1926 when he announced he had control of the
Pacific which,
with the Missouri Pacific, jointly controlled the
the
&
country
Rio
Grande.
His investments
at one time were estimated at
40,000 miles of railroad.
After keeping Wall Street guessing—he had never been a familiar figure
the Street—for more than a year as to the identity of the mysterious
$350,000,000 in approximately
time national
production of similar goods or retention of the
high standard of living characteristic of
a
It was accumulated chiefly from
gold mines of the southwest controlled
Daniel James, his grandfather, founded what
of copper, silver and
later became the nucleus of the
It
the world.
railroads as was so large a part of
Hill and Harriman wealth.
the Gould,
Denver
A war-time economy,cannot be measured with
would
family of daring industrialists and
Institute
program
Neither must
brings to a close a career
by the Phelps Dodge Corp.
Fisher, Vice-President Pacific Gas & Electric Co.
Chairman
income
James,
Curtis
Chairman Western Pacific RR. Co.
Curtis
Arthur
.With the high cost of equity money on the one hand and, on the other
hand, the objection to selling additional senior securities Without cor¬
same
The traditions of peace, cooperation and mutual re¬
intercourse.
our
spect which we have
financing.
and
the Pacific must remain peaceful and that the con¬
flagration now raging elsewhere must not
previous year, approximately $250,000,000 will have to be raised by new
of
the present moment.
All of you are aware of these prob¬
need for me to describe them.
And yet, it is still my
lems and there is no
firm contention that
of construction funds from depreciation accruals and undistributed
sources
recent
pretend that American-Japanese relations are free from diffi¬
one can
cult problems at
he
For the year 1940, with a construction budget of $500,000,000 the current
net
a
at the Hotel
capital was raised and $150,000,000 consisted of profits from operation,
which should have gone to the common stockholders and which
$1.75 annually
of honor at
According to present plans, the Rev. Bruno Doehring,
1938 and 1939, there
years,
Ambassador to
dinner held June 4
Kichisaburo Nomura, Japanese
Admiral
the United States, was guest
Adolf Hitler
While return
stockholders
We've got to keep him that way.
from now.
Japanese Ambassador Nomura Emphasizes Advantages
of Continuing Peace between Japan and United
States—Honored at Dinner in New York
factor is the highest
the electrical utilities have been able to operate at somewhat
record)
on
$2,500,000,000,
$2,355,000,000 of the previous 12 months.
of the previous year's income statement
trend
will not lose place, position or identity—the essentials to con¬
This year's customer is not necessarily a cus¬
we
eye so
unprepared for peace as we found ourselves un¬
sustain our selling program to keep our product in the public
tomer two years
said generation, sales and revenues from electrical operations
had reached new all-time records.
He continued:
Generation
that slack. Unless business disci¬
market development and sales work, we
expansion of normal activities to take up
plines itself to a policy of long-range
week.
industry operates, others could
own
approach closely to this performance.
a
con¬
Momentum must be maintained so
the future.
shall once again be caught as
by the installed capacity of generating
peak loads, represented
not comparable—in¬
are
their sales efforts because they are in a seller's
slackens the impetus will have been provided for
that when defense work
prepared for war.
Denies Power Shortage Exists—
Addresses Convention of Edison Electric Institute—
Kellog
W.
Charles
situations simply
psychologically.
not building for
are
..
Kellogg gave assurances to Mr. Eicher
that both holding and operating companies would use their best efforts
operating, engineering, financing, to see to it that the power supply of this
country, so far as they are responsible for it, is adequate at all times.
two
Business men who lessen
market
/ V
closing the convention, Mr.
In
The
income.
dustrially, economically or
listeners agreed with everything you
the impression that all of your
you
national
June 7, 1941
in
buyer who had acquired a
block of Western Pacific stock every time the
Volume
The Commercial & Financial Chronicle
152
vicissitudes of the market created
announced
his yacht, Aloha.
He
sagging price, Mr. James
a
his acquisition and left the next day for a cruise on
resigned
as
order to
lighten the burden of business responsibilities.
Chairman of tne Board of Western Pacific
on
Dec. 31, 1939, in
Mr. James expressed on many occasions his sincere interest in the
building
of the western section of the country and his desire to participate in
up
project having
any
its
as
than anything
more
the development of this region.
purpose
else, prompted him to become
the Western Pacific RR.
a
This,
leading interest in
Several years after this acquisition he drove
the
final golden spike in the link connecting the Western Pacific and Great
Northern, marKing the completion of
generations to build.
He
a trustee of several
organizations.
He
was
also a member
3589
Bateman
Mr. Timberlake gave particular attention during his nine terms in Con¬
to farm legislation.
As
the
Philippine Islands.
As
was
Casper
S.
Yost,
Editor
the St.
of
Louis
Globe-Democrat
Louis Globe-Democrat, died of
of the St.
page
He
76 years
was
Louis,
Mr. Yost who had been with the
1899 was known particu¬
old.
Louis Globe-Democrat since
larly for his writings on national, international, and re¬
ligious affairs.
In reporting his death, Associated Press advices from St.
Louis, Mo., on May 30, gave the following summary of Mr.
Yost's
career:
native of Sedalia,
the
age
Mo., Mr. Yost began his newspaper career as a
of eight.
He was
reporter on
a
"The St.
Chronicle" and "The Missouri Republican" before going to
Democrat," where he served also
Louis
"The Globe-
assistant managing editor and Sunday
as
editor.
In 1932 Mr. Yost received
medal of honor for distinguished service in
a
journalism from the Missouri University School of Journalism and
award for
a
national
scholarship in journalism from Sigma Delta Chi, national journal¬
istic fraternity.
In 1934 Mr. Yost was
lor
of
editorial
an
Doctor
of
honorably mentioned by the Pulitzer prize board
"Freedom of the Press."
on
from
.Laws
the
He received honorary degrees
University of Missouri,
Lincoln Memorial
was
a
critic
severe
be
President
displayed
Coolidge
the American
the first
on
was a
page
when
its
importance
warranted.
friend of Mr. Yost and at his request addressed
Society of Newspaper Editors in 1925.
President
Justices
Congressman
M.
New
M. Michael
dead
on
on
Edelstein
brethren"
Mr.
the
which
is
"It
June 2 in
on
Chief
the
Justice
little
a
replied
than
that
Jewish
the
a
explained that "considerations
I he relieved of the
In replying to this letter the President said he was
"deeply distressed" to learn of the Chief Justics's decision,
and that "my every inclination is to beg you to remain; but
my deep concern for
your health and strength
must be
paramount."
Chief Justice Hughes, who is 79 years old, will avail him¬
self of the law permitting members of the Supreme Court
to retire at full pay when they reach the age of 70.
"was
entirely
controlled
Supreme Court of the United States, June 2, 1941.
My dear Mr. President:
Considerations
relieved
the
of
of
health
I
make
age
been
have
1937,
1,
The Associated Press likewise indicated Mr. Edelstein
war
men
Jme 2, 1941.
2223
It
the United States,
Street, N. W., Washington, D. 0.
My dear Mr. Chief Justice:
I
deeply
am
retirement
States.
This
for
My
distressed
July
on
comes
shock,
great
service
for all
many
every
1
by
to
as
me,
of
us
letter
of
June
2
service
your
active
from
as
Chief
Justice of
I know
it
had counted
will
I
say
it is unfair and
un-American."
continuing
you
to remain; but
Sincerely and affectionately
D.
The
on
British War Aim Is
to
Defeat
Hitlerism—Receives Honorary Degree from Colum¬
bia
University
on
C.
States,
on
Ambassador to the United
June 3 declared that the British Commonwealth of
Nations have made their choice in the present conflict for
which there can be no turning back.
Addressing the annual
luncheon meeting of the Alumni Federation of Colombia
University in New York City, Lord Halifax reaffirmed his
belief that Britain's first
ism
and
future
declared that
unless
the
war
aim is the destruction of Hitler¬
there
American
is
little
and
hope for the world's
people "can join
British
hands to build it."
The
luncheon
meeting, held
as
part of the university's
187th commencement program, was also addressed by Dr.
Nicholas Murray Butler, President of Columbia University,
and by Rear Admiral Clark H. Woodward, United States
Navy, retired. Both Lord Halifax and Admiral Woodward
were the recipients of the honorary degree of Doctor of Laws
at exercises later the same day.
Jan.
This
yours,
ROOSEVELT.
Mr.
of
Hughes
will
create
second
a
McReynolds,
3.1, 1941
whose resignation
latest
(noted in
resignation
our
effective
1, page 770).
members of the
became
leaves
issue of Feb.
only
two
Supreme Court who were not appointed by President Roose¬
are
The five other
Hugo L. Black, Stanley Reed,
Felix
Frankfurter, William O. Douglas and Frank Murphy.
In
as
much as the Supreme Court recessed this week until
September, it is not expected that President Roosevelt will
the
near
future
name
the
successors
to
Hughes and Associate Justice McReynolds.
Chief
Justice
the leading candidates for the posts are
It is reported
Attorney Gen¬
eral Robert H. Jackson and Senator James F.
Byrnes, Demo¬
that
crat
Viscount Halifax, the British
this
vacancy in the Supreme Court's membership, as President
Roosevelt has not yet named a successor to Associate Justice
in
Reaffirms
see you
5.
June
retirement
velt—Harlan F. Stone and Owen J. Roberts.
Halifax
a
Mr. Hughes was a luncheon guest of the President at the
Associate Justices
Lord
as
deep concern for
my
lower east side of New York
sorrow.
your
United
splendid
your
I shall hope to
(a Democrat) was 53 years of age.
He
entered Congress in February, 1940 after being elected at
a special election to fill the
vacancy created by the death of
Rep. William I. Sirovich.
He represented a district on the
City.
News of the fatality was quickly conveyed to the House
which adjourned after adopting a resolution expressing its
the
to come.
years
inclination is to beg
health and strength must be paramount.
James
Edelstein
of
me
the whole Nation,
to
your
on
telling
coming week in Washington.
as
in this House and outside this
House attempt to use the Jews as their scapegoat.
HUGHES.
(N. Y.) home:
sent from his Hyde Park
was
The Chief Justice of
Honorable
The
White House
policy,
be
Following is the. President's telegram accepting the resig¬
nation, which
"I deplore the idea that any time anything happens, whether it be for a
Mr.
EVANS
CHARLES
FRANKLIN
a
should
I
the honor to remain
have
your
saying in his last speech:
against
that
necessary
28
the New Yorker said.
or
it
discharging with increased diffi¬
right and privilege granted
United States Code, Section 3758, and
from regular active service on the bench as Chief Justice of the
States, this retirement to be effective on and after July 1, 1941.
the Act of March
I
and
which
duties
For that reason I avail myself of the
culty.
by
banKers."
becoming the plan and the work of those people who want to
policy
follows:
The Chief Justice's letter to President Roosevelt
demagogue to speak about 'Jewish brethren' and 'international bankers',"
war
This
duties which I have been discharging with increased diffi¬
speech
protest against a statement
of pur international Jewish
meeting
States.
letter to President Roosevelt
a
Respectfully yours,
were
other
Chief Justice of the United
as
York
House in
Street and
Edelstein
service
culty."
of
attempting to get the United States into
war.
Representative Edelstein was responding to remarks
in the House by one who was reported as saying that inter¬
national bankers so feared the prospect of peace in Europe
that they held a special rally in Wall Street.
On June 30 the Associated Press Washington advices
quoted Mr. Edelstein as follows:
persons
Expresses
of health and age make it necessary that
by
June 4, a few minutes after he had made
"Wall
Roosevelt
Edelstein, New York Representative, dropped
the floor of
that
Michael
'
July 1—
Action—
Regret—Associate
Praise Services
announced
was
United
of
was
Charles Evans Hughes will retire on July 1 from regular
active
retire
Death
He
;.'£u
be accorded only minor treatment in the papers, insisting that such news
should
.
Congress in 1914 and returned to Sterling upon his retirement
of the administration of justice in this country
and took issue with newspaper colleagues who advocated that crime news
.
From 1897 to
County Clerk.
Chief Justice Charles E. Hughes to Retire on
Gives Health and Age as Reasons for
University, at Harrogate, Tenn., and McKendree College, Lebanon, III.
He
years as
in 1933.
in
A
typesetter at
.
superintendent of public schools in Phillips
He then served two
recorder in the United States Land Office at Sterling.
was
elected to
Quaker family at Wilmington, Ohio.
a
was
heart attack, following a
a
brief illness, on May 30 at the Jewish Hospital in St.
St.
County, Colo.
1914 he
Casper S. Yost, Editor of the editorial
Mo.
and Means
member of this committee he voted against the
a
born of
From 1889 until 1895 he
of
member of the House Ways
a
Committee he sought to restrict the importations of duty-free sugar from
Mr. Timberlanke
Death
Ex-Congress-
Timberlake,
Colorado
from
bill approved in 1932 to permit manufacture of beer.
large number of clubs.
a
Charles
Charles Bateman Timberlake, Republican former ExCongressman from Colorado, who served for 18 years,
died at Sterling, Colo, on May 31. He was 86 years old. He
retired as a Representative in 1933.
Associated Press advices from Sterling, May 31, had the
following to say:
gress
companies and other
of
man
railroad which took more than two
\
chairman and director of numerous railroad
was
enterprises, and
of
a
Death
of South Carolina.
Mr. Hughes was named Chief Justice of the
United States
Hoover on Feb. 3, 1930 (reported in these
columns Feb. 22, 1930, page 1213) to succeed William How¬
ard Taft, who resigned because of ill health.
The Senate
confirmed this appointment 10 days later (Feb. 13, 1930),
and Mr. Hughes had served in this capacity continuously
since that time.
Prior to this service with the Supreme
Court Mr. Hughes had been an Associate Justice from 1910
to 1916, resigning in the latter year to run as the Republi¬
can
presidential
candidate
against
Woodrow
Wilson.
Among the other public positions which Mr. Hughes held
during his distinguished career were Governor of New York
State, Secretary of State under President Harding and
President Coolidge, and a judge of the Permanent Court of
International Justice, or World Court.
by
President
On
preme
June
3
seven
active
Associate
Justices
of
the
Su¬
Court sent a joint letter to Mr. Hughes expressing
The Commercial &
3590
of regret" at his retirement and assuring
and esteem in which we hold you
and your distinguished services to the court and to the
country."
The jurists also wished Mr. Hughes "unabated
vigor and good health" in the years to come.
In reply the
Chief Justice said he would "always treasure the generous
their "deep sense
"of the high regard
him
words" of their letter.
The text of
the jurists' letter
follows:
;
Chief Justice:
Dear
announcement of your
The
decision to retire from the active duties of
office brings to us a deep sense of regret that our association with
you in the daily^ work of the court must end.
In all the years of that
association you have been tireless in carrying the heavy burden which
unavoidably rests on the Chief Justice.
With single-minded devotion to
the high purpose of the court, you have brought to your leadership there
all the resources gained from many years of eminent public and profes¬
sional service, wide knowledge of the law and that unflagging energy and
with which
thoroughness and dispatch.
wish to assure you of the high regard and
this moment of parting we
At
esteem
in which
and to
the country.
we
with
have guided our deliberations
you
care
hold you and your distinguished services to the court
unabated vigor
of the opportunity to continue to
talents in agreeable and useful accomplishment.
We wish for you in the years to come
employ your
Faithfully
STONE,
FELIX
always
your
carry
let you go, particularly because
can
development which you have carried on so
is now in such shape that you can be spared.
I
must
that in
In
warn
our
that
however,
you,
into my retirement an abiding and precious memory
issue of
are
nominated on May 29, former Representa¬
tive John J. Dempsey
of New Mexico, to succeed Mr. Wirtz
as
Under Secretary of the Interior.
B.
A.
Four Additional Members to Special
Public Information—Will Push Pub¬
Names
on
Bankers
Investment
Association
a year ago.
In view of the critical times, however,
possible economies are to be observed in the conduct of
the program and all plans will be keyed to the rapidly
shifting conditions in national affairs, it was stated by
Emmett F. Connely of Detroit, President of the Association,
who made the announcement through its office at Chicago.
launched
all
added "in order to increase man¬
power
HUGHES.
E.
of Kidder, Peabody & Co.
Albert H. Gordon of New York, partner
Andrew Jackson Houston Fills Senate Vacancy Created
by
Death
Jackson
of
in
sworn
was
as
the junior
appointed to fill
Morris Shepard
on April 9 (referred to in our issue of April 12, page 2328)
but will serve only a month, as an elective successor will be
chosen June 28.
t
Senator from Texas
on
He
June 2.
was
the vacancy created by the death of Senator
X Senator Houston, who is 86 years old, is reported to be the
oldest person ever to take the oath of Office as United States
He is
Senator.
a son
of General Houston.
said in part:
bers, who continue to serve, are:
John S. Fleek of Cleveland, partner
little
more
than 118 years after his father became
Later General Houston
1823.
member of the House from Tennessee in
one
of the first two Senators from Texas when that State gave up
its sovereignty and entered the Union.
The appointee of Governor Lee
Hilliard & Son.
Co.
Weeks & Stnbbs
John
K.
Starkweather of New York, partner of Starkweather &
John
0.
Stubbs
of Boston, Vice-President of Whiting,
Inc.
Jay N. Whipple of Chicago, partner of Bacon, Whipple & Co.
To emphasize the
need for additonal manpower to super¬
O'Daniel
was
escorted to the rostrum by
Secretary of Commerce and Federal Loan Administrator, wit¬
nessed the brief ceremony.
than 700 speeches have been made
He pointed out that more
Committees of
by members before audiences of all types.
in
workers
association's
the
geographical groups
sound-slide
pictures,
motion
utilizing
are
films
C.
Wilson
Newly
Association
National
stepping
"By
Bank of Salt
Lake
City, Utah, was chosen President of the National Associa¬
tion of Credit Men at its 46th Annual Credit Congress in
Mr. Con¬
nely said:
of Credit Men
C. Wilson of the First National
R.
of
President
Elected
and
pamphlets to supplement the speeches before college and
school audiences, professional and service clubs, labor or¬
ganizations, women's groups and others, he said.
R.
fact that
being spread throughout the entire membership.
the work is
volunteer
Several Texas House members and Jesse
Senator Connally, his colleague.
H. Jones,
of Hayden, Miller & Co.
Hilliard of Louisville, partner of J. J. B.
Edward H.
vise activities, Mr. Connely called attention to the
He entered Congress a
became
Chicago, President of Stern, Wampler & Co., Inc.
Foremrly the committee consisted of only five members
in addition to Mr. Connely who is chairman.
Those mem¬
Washington advices of June 2 to the New York "Times,"
a
Hopkinson, Jr., of Philadelphia, partner of Drexel & Co.
Edward
Cloud Wampler of
Shepard
Senator
Houston
America
of
June 3 that it has determined to go ahead
on
in the over-all direction of the program," are:
Charles R. Blyth of San Francisco, President of Blyth & Co., Inc.
yours,
CHARLES
Andrew
only on sabbatical leave and
services.
week ago (page 3437) it was noted that
a
the President had
New committee members
health and happiness.
Faithfully
you
short time I will again require your
very
a
cated
the generous words of your letter.
treasure
I
reason
indi¬
"full
steam" with its public information program, and to that
end it announces the appointment of four additional mem¬
bers to the committee that is directing the national activity
DOUGLAS,
MURPHY.
regret the necessity of giving up
I shall
that
National Affairs
I keenly
the privilege of our daily association, and
of the
goodwill and friendly consideration you have invariably shown me in the
intimacy of our common endeavor.
Despite my withdrawal from active
service, I trust that our companionship may still continue, and I extend
to each of you the assurance of my high esteem and my earnest wish for
shall
compelling at this time and
tbe work on power
successfully as Under Secretary
understand that your personal business is
I
The
My dear Brethren:
I
work of the Department.
licity Program Keyed to Conform to Conditions in
follows:
Chief Justice's reply
this time.
replying the President said:
In
for
;yv.;y
services can well be spared at
my
interrupt the
REED,
WILLIAM 0.
my
during the next few
b.:'"''■'
The problems
relating to the development and marketing of power from the projects
under the jurisdiction of the Department of the Interior, to which I have
devoted the greater part of my attention while Under Secretary, are now
well advanced to final solution.
My resignation will not now materially
He added:
that
feel
I
Committee
FRANKFURTER,
FRANK
The
in Texas and my full time
presence
months."
BLACK,
STANLEY F.
this
.
ROBERTS,
HUGO L.
under date
May 23 Mr. Wirtz said that "I feel compelled to take
action,
.
.
only because personal business requires
yours,
HARLAN F.
OWEN J.
7, 1941
of
I.
good health and the full enjoyment
and
In tendering his resignation
months."
next few
your
painstaking
June
Financial Chronicle
up
the tempo of activity in our geographical groups
and
increasing the enlistment of volunteer workers we will get the greatest pos¬
the
strate
the
in our campaign to demon¬
for materials already developed
sible circulation
investment banking in
place of
.
the free enterprise system and
desirability of preserving that system."
New Orleans
during the week of May 11.
Mr. Wilson, it is
stated, is the first banker to head the organization in 21
years.
During the two previous years prior to his election
he was vice-president of the Association representing its
both
organization and its Salt Lake City affiliate,
Western Division.
in the National
the
by the Association also
Wilson's interests
cover
as
An
well, however.
sponsored
the outstanding
Stock Show, recognized as
the National Bank Division of the American Bankers Association for
Utah.
An address at the convention of the Credit Men's Associa¬
by H. H. Heimann, Executive Manager, was
our issue of May 17, page 3119.
referred
♦
Under Secretary of In¬
terior—President Roosevelt Accepts,
Is
In
and
said
that
his
"you
services
are
Roosevelt on
only
would
on
again
May 24
sabbatical leave"
be
required
in a
short time.
Mr. Wirtz had personnally delivered his
resignation to the President on May 23 and in a letter ex¬
very
plained that he was doing so because of "personal business
requires my presence in Texas and my full time during the
President
of
New York State
Succeeding W. Randolph
Myers Made Vice-President—Por¬
Carter Glass of Virginia Presented
the
closing session of the 48th annual convention of
Buffalo, May 27,
the New York State Bankers Association at
Eugene C. Donovan, President of the Auburn Trust Co.,
Auburn, N. Y., was elected President of the Association, suc¬
as
Randolph
W.
ceeding
tional
Burgess,
City Bank of New York.
of the Na¬
Mr. Donovan has served
Vice-Chairman
Vice-President of the Association
Elected
as
during the past year.
Vice-President for the ensuing year was John
P.
Myers, President of the Plattsburg National Bank & Trust
Co., Plattsburg, while T. H. Delaird, Vice-President of the
Fislikill National Bank, Beacon, was made Treasurer.
An
is
accepting the resignation of Alvin J. Wirtz as Under
advised Mr. Wirtz that
At
Indicating It
Only "Sabbatical Leave"
Secretary of the Interior, President
P.
trait of Senator
He
Mr. Wilson has also been Vice-President of
as
Elected
Association,
by Association to College of William and Mary
as
Chairman of the Livestock Com¬
event of its kind in the area.
Resignation of A. J. Wirtz
Donovan
Burgess—J.
announce¬
the Intermountain Junior Fat
to in
noted in our May 17 issue, page 3120.
Bankers
period of three
mittee of the Salt Lake City Chamber of Commerce, which has
tion
as was
C.
says:
other fields
many
has, for example, served three terms
E.
Credit Men, which he
served for two years as Treasurer besides a
terms as a member of its Board of Directors.
Mr.
tion,
of the Board of Governors on May
voted to continue the program of Public Informa¬
was
He has been active for many years
Inter Mountain Association of
ment issued
At the Spring meeting
13, it
oil
known
painting of Senator Carter Glass of Virginia, who
as the "father of the Federal Reserve System,"
presented by the Association to the College of William
Mary, Williamsburg, Va., at the annual dinner held the
evening of May 27.
Presentation of the portrait, which is
the work of Bern-Hard Godwin, was made by Dr. Burgess
was
&
and
was
received
by
Prof. Kenneth
presentation
(June 7)
at
of
the
oil
the college.
A. Agee, of the Uni¬
College. The formal
portrait will take place today
Dr. Burgess will make a short
versity of Buffalo, an alumnus of the
Volume
The Commercial & Financial Chronicle
152
-presentation
address in behalf of the bankers,
and Presi¬
Bryan of the college will accept the
-portrait.
Bernard M. Baruch, a long standing friend of
-Senator Glass, will also give a brief address.
It is expected
that Senator Glass will be present at the ceremony.
A
group of bankers, headed by Mr. Donovan, will also attend.
From a sketch of the career of the newly elected President
of the Association—Eugene O. Donovan, we take the follow¬
dent
John
Stewart
-
3591
Association when it opened its offices in 1911, and has been
on the payroll
longer than any other member of the staff.
Beginning
office boy, he continued in various capacities
was moved indoors and
reorganized as the
Curb Exchange.
He has been Secretary of the Committee
on Admissions since
February, 1939, and had previously been
Secretary for many years of the Committee on Membership
which was predecessor of the present committee.
as
when the market
ing:
Mr.
Donovan
i Bank
of
began
Auburn,
his
N.
1907
in
career
Auburn,
Y.
Trust Co.,
of which he is
Besides his banking activities,
Roosevelt
'elected
the
to
State
Vice-Chairman.
mission
for
another
Park
©f
the
Finance
Committee
February
In
fschools and additions to another
Mr. Donovan has served
„
as
he
in
Syracuse,
Previous
made in
our
Mr.
issue of May
three
Association's
At the
was
been
Com¬
June
Chairman
as
Auburn
high
47th
Annual
convention
was
was
elected President
having served two terms, the Exchange announced
•
Hugh Reid, of Simpson, Spence & Young, was
H, Lehmann, of Lehmann,
Marble & Newman, was elected treasurer.
Newly elected to the Board of Managers to serve two
3.
years were:
O. J.
S.
Allan, of Smith, Murphy Co., Inc., Laurel Duval, Managing
Director of the New York Produce Exchange, and W.
3428-29-30-32.
The
to
C. Schilthuis, of
The 54th annual convention of the New York State
League
of Savings and Loan Associations will be held at Saranac
Inn., N. Y., June 10-13.
Its theme will be "Savings and
Unlimited Emergency."
Over 600 delegates and
ladies representing the
League's membership in all parts of
the State will attend the sessions,
according to Zebulon V.
Woodard, Executive Vice-President of the organization.
The important part which
savings and loan associations can
play in aiding in financing the Nation's defense program,
as well as the
general economic outlook will form the basis
of the major part of the discussions and
speeches at this
convention.
following
re-elected to the Board of Managers
were
two years;
serve
Moses Cohen, of Canada Atlantic Grain Export Co., Inc., Axel Hansen,
"
an
Crofton, of Leval & Co.,
Continental Grain Co.
State Savings and Loan League to Meet at Saranac
Inn,
N. Y., for 54th Annual Convention June 10 to 13
Loan in
Other
—
elected Vice-President and A.
♦
■
O'Donohoe
J.
after
member
a
elected Vice-President.
Association's
pages
Charles B.
has
he
made
new
J.
of the New York Produce Exchange at the annual election
held June 2, to succeed Jas. J. O'Donohoe, who is resigning
to that
since
was
Succeeds
—
Officers Elected
prominent role
a
during his term
that
Donovan
31,
Exchange
teller in
a
built.
the
to
C. B. Crofton Elected President of New York Produce
Cayuga
Secretary-Treasurer and Chairman of Group 4,
1940,
reference
as
reappointed
also, he
was
Board
were
_New York State Bankers Association.
.Convention
National
the
appointed by Governor
which
was
1930,
and it
that
of
employed
was
Commission, „of
Last
seven
the
to
President.
In 1930 he
years.
"of the Auburn Board of Education
.
was
in
went
Mr. Donovan has played
in the affairs of his community.
,
now
he
there
County National Bank in 1908 and in 1917
the Auburn
messenger
as
From
of Axel Hansen & Co., Inc., and
H. K. Moore, of Maple Leaf Milling Co.,
Ltd.
L. G.
Leverich, of Shaw&TruesdellCo., was re-elected to
gratuity fund to serve three years,
and R. F. Straub, of Bunge North American Grain Corp.,
was elected trustee of the gratuity fund to serve unexpired
the office of trustee of the
term of two years.
The announcement of the Exchange
had the following to
regarding Mr. Crofton:
say
Charles B. Crofton, newly elected
Exchange since 1919.
President, has been
a
member of the
After joining the Exchange, he engaged in the grain
brokerage business under the firm name of Crofton & Co., later becoming
associated with the firm of Leval & Co., grain exporters.
Among the speakers will be:
Mr. Crofton is active in the affairs of the Exchange.
William R. White, Superintendent of Barnes of the State of New
York;
Abner H. Ferguson, Administrator of the Federal Housing
Administration;
the board of managers since
Nugent Fallon, President of the Federal
He has been on
transportation committees.
Home Loan Bank of New Yonc;
Francis J. Ludemann, Deputy Superintendent of Banks; Fred W.
Catlett,
Member of the Federal Home Loan Bank Board,
Washington,
D.
C.;
mittees, including the house, admissions, floor, publicity and trade and
A.
Orviile Poland of the United States Treasury Department; A. D.
Theobald,
U. S. Savings and Loan League; Robert G. Claricson, Vice-President of the
Federal Home Loan Bank of New York;
H.
V.
1939, and has also served on various com¬
M.
Reelected
Betts
Chairman
of
Stock
Chicago
Exchange
Arthur M. Betts, senior partner of Alfred L. Baker & Co.,
reelected Chairman of the Board of Governors of the
Roelse, Assistant Vice-
President of the Federal Reserve Bank of New Yon*.; Robert E. Albertson,
Executive Vice-President of the Savings and Loan Bank of the State of
was
New York; Senator Arthur H. Wicks of Kingston; and Speaker of the As¬
term, at the annual election of the Exchange held on June 2.
sembly Oswald D. Heck of Schenectady.
The Exchange's
John J.
Turner and Hugh H.
Chicago Stock Exchange for his fourth consecutive one-year
announcement further said:
John J. Bryant Jr., Jas.
Roe
Joins
the
Graduate
School
of
Banking
years.
Faculty
7
Roy E. Bard, Sutro Bros. & Co., George E. Barnes, Wayne Hummer &
John J. Roe, Chairman of the Board of the North Bergen
Trust Co., North Bergen, N. J., has joined the faculty of
The
Graduate
education
for
School
bank
of
Banking,
institution of higher
conducted
by the Amercan
officers
Bankers Association at Rutgers University, it is announced
by Dr. Harold Stonier, the school's Director.
Mr. Roe will
lecture,on Investment Policies for Banks Other Than Met¬
ropolitan
Institutions.
He is a graduate of the G.S.B.,
1937, and in addition to his connection with the
Trust Co., he is Vice-President and Cashier
the First National Bank, North Bergen, and Vice-Presi¬
Class of
Co., Joseph P. Brown, Reuben Thorson, Jackson & Curtis, were all elected
Governors to
dent
and
Treasurer
of
Hudson
the
City
Savings
Jersey City, N. J.
Bank,
Thaddeus R.
and
Public
Service
Institute June 3.
h On June 4 trustees of the Institute reelected all
officers,
headed by President C. W. Kellogg of New York.
Others are: Vice-Presidents,
Paul M. Downing,
The Institute also added two
President
•"./ ."';0
Union
Electric
members of the board
new
members to its board
were
Co.
of
reelected
were
Morton D.
Missouri.
All
first nominees to be elected governors
the Constitution of the Exchange making
eligible for governorships.
non-member partners
Appointed to Branches of Atlanta and Kansas
City Federal Reserve Banks
The
to
■
,
♦
of
the
Bank
of
Atlanta
J. S. Kenny,
Secretary of the Committee on Admissions
celebrated on June 5 the
with the Curb. He was
the first employee hired by the New York Curb Market
for
the
Branch of the Federal Reserve
unexpired
ending Dec. 31, 1943.
The Board also announced
portion
of
appointment
the
the term
of
Lloyd
President of the Noble Oil Co., Ardmore, Okla., as
director of the Oklahoma City Branch of the Federal Re¬
Noble,
Bank of Kansas City for the unexpired portion
serve
of the
ending Dec. 31, 1942.
term
of
Association
Customers'
The third annual
mittee
to Hold
Annual
12—Thomas B. Meek
Brokers
New York June
Nominated for Presidency
Meeting in
meeting and election of the Association
Brokers will he held in the Governing Com¬
Room of the New York Stock
Exchange
on
June 12.
to the election of officers and members of the
In addition
is announced that an amendment to
Association will be voted upon and
policies and program for the coming year will be discussed
executive committee, it
at
J. S.Kenny Celebrates 30th Anniversary of Connection
with New York Curb Exchange
of the New York Curb Exchange,
30th anniversary of his connection
Jacksonville
rector
the
7
of the Federal Reserve System
29 the appointment of Frank D. Jackson,
President of the Jackson Grain Co., Tampa, Fla., as a di¬
of Customers'
at Kleinhans Music Hall, Buffalo, N. Y.
Addresses made at the convention are covered elsewhere in
^
Board of Governors
announced on May
other
inclusive,
today's issue.
"■
Co.
Cahn, and Joseph A. Rushton, Goodbody &
Messrs. Bard and Barnes are the
under the recent amendment to
.
The Institute held its ninth annual convention June 2
5,
:
Other elected members of this Committee
William T. Bacon, Bacon, Whipple & Co., John R. Burdick Jr.,
1942 Nominating Committee.
by the election of D. C. Barnes, President of
Public Service Co., and William McClellan,
of
They succeed William T.
Weil—and Laurence II. Armour
who recently retired from membership in the
Winthrop, Mitchell & Co., was elected Chairman of the
Leeds Mitchell,
a
San
Francisco; J. E. Davidson, Omaha; W. E. Mitchell, Atlanta;
and H. S. Bennion, New York, who also is managing director;
and Secretary Mae B. Woods, New York.
Engineers
Charles Swift, Swift, Henke & Co.,
the Board.
':c
Corp., a subsidiary of
Standard Gas & Electric Co., was awarded the Charles A.
Coffin medal for 1940, for its outstanding record of perform¬
ance.
The medal, which is given by the General Electric Co.,
was presented at the annual
meeting of the Edison Electric
of trustees,
Benson,
Exchange.
Directors
Wisconsin
three years, and
Bacon, Richard W. Phillips and Herbert M.
Edison Electric Institute Convention—Officers Elected
—Charles A. Coffin Medal Awarded
The
serve
elected to serve one year on
was
North Bergen
of
H. Oliphant & Co., John C. Stewart, Alfred E.
Wilson were all reelected Governors to serve three
by-laws
the
the
meeting.
Thomas
nominated
Allyn
of
Meek,
B.
for
the
of Orvis Brothers & Co., has been
Presidency of the Association, while
C. Donaldson, of Francis I. duPont & Co., has been
Vice-President; Armand E. Fontaine, of Merrill
named for
Lynch,
E.
A.
Pierce & Cassett, Treasurer,
Rotnem, of Harris, Upham & Co., Secretary.
and Ralph F.
The Commercial &
3592
City Bank of New York Finds Rise in Basic
National
Bonds, said he believed it was the aim
in U. S. Government
of
interrupted—Sees Need of Consistent Policies to
Restrain Price-Raising Influences
to finance
Treasury Department
the
Commodity Prices Since February Sharp and Un¬
the Defense Pro¬
gram
Citing developments which "emphasize the need of con¬
policies by all elements in the population to restrain
price-raising influences the National City Bank of New
York, in its "Monthly Bank Letter" dated June 2 states
that "it is natural that people should look after what they
conceive to be their own interests, but regretable that the
definition of self-interest is not broad enough to cover the
sistent
general welfare, for an advantage gained by one group over
never more than temporary."
The bank goes on
others is
to say:
lead as to policy, chiefly by taxation
The Government must give the
absorb a sufficient share of the increased income into the
and borrowing to
Treasury, but also by resisting demands
The contribution of the people
ditures.
that add to non-defense expen¬
is to economize, to refrain from
for productive purposes, to with¬
satisfaction would impair the defense
hoarding, to avoid going into debt except
of any kind whose
demands
hold
June 7, 1941
Financial Chronicle
directly or indirectly at the disposal of the
effort, and to place their savings
Government.
Preceding its comments as above, the bank pointed out
commodity prices, from early February
that "the rise in basic
at a rate not above 2%% per annum on any securities
offered, and expressed the conviction that the Government
would be successful in this undertaking.
York, announced the
Cavanaugh, and Thomas P. Jerman, as Second Vice-Presidents, Omer V. Claiborne as As¬
sistant Treasurer and Lawrence M. Pritchard as Assistant
Secretary.
Messrs. Cavanaugh and Jerman were formerly
Assistant Treasurers and Mr. Claiborne, before bis return
to New York, was Assistant Manager of the Brussels Office
The
Trust Co. of New
Guaranty
appointments of Frank J.
of the Company.
meeting of the Board of Directors of The
New York on June 3, Donald McK.
Blodget was appointed Vice-President.
Mr. Blodget became
associated with the National City organization through the
merger with the Farmers' Loan and Trust Co. in 1929 when
At the regular
National City Bank of
He entered the
Assistant Vice-President.
he was made an
employ of The Farmers' Loan and Trust Co. on Jan. 28,
1924, after being with the Bankers Trust Co. for five years.
He has been in charge of the 51st Street branch since it was
opened in 1937.
the present, has been sharp and almost uninterrupted,"
and it states that "the shipping situation and farm legislation
to
The bank adds:
have been influential."
observers the heavy supplies of basic commodities, both foods
To many
imported, have
domestic and
and industrial raw materials,
seemed an
Supplies in most
almost impregnable barrier to inflationary influences.
cases are
Prices
surplus.
still ample, in some they constitute a
low to
were
begin with, and it stretches the term to call every advance inflationary.
The part that
forward buying and stocking for inventory have played in the
However, greater prospective demands, to¬
price advances is recognized.
higher
have
gether with the spread of wage increases through the industries, the
the completion of extensive alterations, doubling
the banking floor space in its branch at Rockefeller Plaza
and 49th Street.
By acquiring additional space, the bank
has been able to bring together in the main building at
separated in three dif¬
The Rockefeller Center
Branch of the Chase is reported as having deposits of more
Rockefeller Center facilities formerly
that
in
locations
ferent
area.
$120,000,000.
than
—♦
The 12th Annual Spring
kept fears of a price spiral alive.
During the past month margin requirements have been raised to check
undesirable speculation in certain imported
staples, cotton
have been
yarns
cooperative
added to the commodities on which price limits are fixed, and
This is all to the
with producers in other lines have been taken.
Neverthe¬
good, provided it leaves the stimulus to production unimpaired.
less, Mr. Henderson
can
2,
farmers, priorities, and shortages of shipping space
loans granted to
measures
New York, announced on
National Bank of
Chase
The
June
advance in food prices
Living costs rose 1% between mid-March
living.
and mid-April according to the
Department of Commerce.
This was the
greatest monthly advance yet, and was due to higher food, costs.
St., includes 246 in¬
All entries are grown by members of the
and peonies predominate.
Bank's staff and this year roses
Chairman of the Board of the Bergenfield
Walter Christie,
the contrary influences, including the
continue fully effective against
rise in industrial costs due to higher wages, and the
and 22nd
Avenue
Fourth
at
dividual exhibits.
wonder, as many others do, how long his efforts
may
which raises the cost of
York,
Flower Show now on display in
of The Bank for Savings, of New
the main banking room
(New Jersey) National Bank & Trust Co., died at his home
in Haworth, N. J. on June 2.
Mr. Christie founded the
Bank in 1919 and held the office of President from that
when he resigned to become Chairman.
77 years old. He was born on
farm in old Palisades Township, part of which later be¬
time until last year
At the time of his death he was
Dividend
Payments in
Insolvent National Banks
16
Authorized
During May
Comptroller of the Currency Delano announced on June 5
that during the month ended May 31, 1941, authorizations
were issued to receivers for payments of dividends in 16 in¬
Dividends
solvent National banks.
so
authorized wdl effect
total
distributions
have
Bergenfield
During his life he held numerous public
was active in the formation of the Bergenfield
Bunding & Loan Association and served for 38 years as a
Director of the Palisades Trust & Guaranty Co. of Engle-
proved claims aggregating $23,537,600, or an average
The Comptroller's announce¬
wood, N.J.
Joseph Walker Wear, Philadelphia investment banker, and
tennis activities, died on June 4.
He
well known for his
largest individual dividend percentages authorized were
$17,400, and $397,100, respectively.
were
three
were
for regular
final dividend payments and one was
Dividend payments
payment.
May 31, 1941,
DIVIDEND
were as
Of the 16 divi¬
dividend payments,
for la final and partial interest dividend
authorized during the month ended
CREDITORS
TO
AUTHORIZED
DURING
OF
INSOLVENT NATIONAL
MAY 31. 1941
Wear
Mr.
returned
He
born
was
versity in 1899.
.
.
He
Louis.
St.
in
graduated from Yale Uni¬
was
.
and formed a dry goods
leaving Yale
Louis after
St.
to
Philadelphia in 1914 as Treasurer of Thomas
Potter Sons & Co.,
Inc., linoleum manufacturers, later becoming VicePresident.
During the World War, he was First Assistant Federal Fuel
commission firm, but came to
Administrator for
ENDED
MONTH
The following is from the Philadelphia
old.
"Evening Bulletin."
12 were for
follows:
PAYMENTS
BANKS
so
64 years
was
2.47% and 25%, respectively, while the smallest and largest receivership
distributions
dends authorized
.
offices,
57,487 claimants who
of $1,410,100 to
percentage payment of 5.99%.
ment added:
The smallest and
a
came
Then
Pennsylvania.
first with W. A. Harriman &
At the time of his death Mr. Wear
general partner in the firm of Merrill Lynch, E. A. Pierce and
engaged in investment i banking,
he
Co., Inc., and after with Cassatt & Co.
Total
Dale
Name and Location of Bank
Author¬
ized
anna,
of Funds by
Dividend
Authorized
a
Cassatt.
to Date
Sr., President of the Fidelity Trust
Deposit
W. Bladen Lowndes,
First
$332,400
47,800
104.05%
837,500
illness of several months.
5-14-41
Bank
79.25%
5-22-41
National
$20,800
39,500
85.32%
782,700
old, had been for many years a leader of the
of
%
224.000
24.38%
87.07%
1,629,000
64,400
74.04%
1,065,060
62,400
54.55%
497,300
%
3.130,400
Co., both of Baltimore, Md., died on May 30 following an
Mr. Lowndes, who was 65 years
100.
First Nat. Bank of Burlingame, Kan.
5-
9-41
56,000
Caribou Nat. Bank, Caribou, Me..
Farmers Nat. Bank of Houlton, Me.
5-12-41
71,400
5-20 41
28,800
Citizens Nat. Bk. of Frostburg, Md.
Citizens Nat. Bk. of Romeo, Mich_
5 26-41
5-28-41
5- 8-41
156,500
87.5
5-16-41
157,800
83.85%
2,303,400
5-12-41
41,000
91.27%
1,255,100
5-14-41
17,400
37.47%
705.900
5-26-41
397,100
12.
%
5,672,700
5-27-41
113.400
90.07%
2.237,400
tional
5-13-41
98,300
94.97%
1,315,800
the
5-28-41
37.500
66.45%
841.700
706,700
'
„
cuse, N. Y
Peoples Nat. Bank of Latrobe, Pa..
Nat.
Bank
of
Mr.
First Nat. Bank of Portage, Pa....
Farmers National Bank & Trust Co.,
Reading, Pa
Union Nat. Bk. of Fairmont, W. Va.
Second National Bank of MorganNorthern Nat. Bk. of Ashland, Wis.
TRUST
&c
He
York
were
Stock
made
on
June 2, for the transfer of a
Exchange membership
previous transaction
was
at $27,000, on
$26,000.
May 28.
at
The
Mt.
for
concern
.
.
was
Bank
of
Mt.
of
of
came
to
was
committee
the
of
the
In
President
a
started
operating
bank.
Baltimore
in
January of
that year.
Board.
January,
Jan.
10,
months
Two
and
later
a
he
member of the execu¬
was
made
Treasurer
he was elected First Vice-President
1928.
Some years ago Mr. Lowndes he-
number of years he was a
Light & Power Co. and
The following October
a
1920,
Chairman of the Board of the Fidelity and
For
and
father being the President,
Director, in 1907, of the Second Na¬
Vice-President of the company
a
company.
became
came
tric
elected
a
his
with which his family was connected.
in 1911 and was made a Director of
Cumberland,
Lowndes
organized
Savage,
made Vice-President and
Bank
W.
Union Mining Co. at
position with the
Lowndes
Mr.
Savage
National
a
«
Fidelity Trust Co.
and
Arrangements
employment was in a woolen mill at Clarksburg,
first
this
Mr. Lowndes was Vice-President of the
he
COMPANIES,
at
First
tive
BANKS,
left
While
the
Mr.
town, W. Va
ABOUT
Lowndes'
He
Mt. Savage, Md.
Philips-
burg, Pa
Republican
The following regarding his career is
from the Baltimore "Sun" of May 31:
Party in Maryland.
Va.
Salt Springs National Bank of Syra¬
New
,
5 23 41
New Castle, Ind
ITEMS
>
Proved
Co. and Chairman of the Board of the Fidelity &
First National Bank of Peru, Ind
Moshannon
'
Claims
Dividends
-
Ark
Farmers &
Amount
Distribution Percentage
Authorized
Lee County National Bank of Mari
was
Deposit Co.
Director of the Consolidated Gas Elec¬
Director and Vive-President of the Arundel
Corp.
Arrangements w§re made
on June 4, for the transfer of
Exchange memberships, one at $25,000,
$26,000.
The previous transaction was at
two New York Stock
and
the other at
$26,000,
on
June 2.
I'"'
—«
Speaking to the Savings Bank Bond Men at
in
the
Hotel
Perkins, Jr.,
Roosevelt,
a
New
York
City,
a
luncheon
June 4,
Seymour
member of H. D. Swihart & Co., specialists
stockholders of the Union
Ohio, covering the year
ended May 15, 1941, Oscar L. Cox, President, states that
net earnings from current operations
for the year were
$132,503, as against $126,203 for the previous year. - The
figure, it is pointed out, is taken before the inclusion of
profits on bond transactions or credits to depreciation and
In
Bank
the third
of
annual report to
Commerce,
Cleveland,
Volume
The Commercial &
152
but after taxes totaling
reserve accounts
$86,152 and deposit
Deposits of the bank (which are call¬
demand and do hot bear interest) increased during
insurance of
able
Financial Chronicle
on
$31,349.
the year from
$36,023,084 on May 15, 1940, to $43,125,074 on
May 15, this year. Loans and discounts also increased from
$12,093,847 to $15,117,809 at the latest date. The bank on
May 15 had total resources of $50,529,814 and its capital ac¬
count consists of the following:
Common stock, $4,000,000,
surplus, $2,037,000, and undivided profits, $1,119,288.
Union Guardian Trust Co., Detroit*
P. Walter Urch, of the
elected President of the Detroit Chapter, Ameri¬
Institute of Banking, at the recent annual election, ac¬
Mich.,
can
was
cording to the Detroit "Free Press" of May 18 which re¬
ported other officers and directors of the Chapter as fol¬
lows
:
Vice-President, Walter C. Leonhardt, Manufacturers National
First
Second
Vice-President," Arthur
National
Griener,
S.
of
Bank
Bank;
Detroit;
Treasurer, Willard Johnson, Industrial National Bank.
Board of Directors for 1941-3—Clarence
Co.;
Gordon
of
Ntaional
Hamilton,
Charles
Webster,
Ralph
and
Bank,
Detroit
The
William Schmidt and
Wagner, National Bank
Detroit;
Bank of
Wyandotte.
1
Finis Everett Marshall, retired
New York, St. Louis and
Kansas City banking executive, died of a heart
June 3 at Kansas City where he was visiting.
was
cago
attack on
His home
in Chicago.
Mr. Marshall was 81 years of age.
Chi¬
advices June 3 to the New York "Times" said:
He
his
eral
[Air. Marshall]
was
born in Unionville, Mo., and served as Cashier of
family bank, tire Marshall National.
Later, after four years as a Fed¬
bank examiner, he became Vice-President of the National Bank of
Commerce
and
in
Kansas
resigning from this
City,
post
to become Cashier
finally President of the Continental National Bank of St. Louis.
He
1912 as President of the Phenix National Bank of New York,
retired in
When
FHA
the
rector for the
to
between
in
the
We
are
Mr.
His
Administrator.
FIIA
the Midwest.
recent
formed
was
Marshall
Chicago district, and in 1935
National
the
life
and
became
deputy regional
di¬
appointed special assistant
was
were
the handling of
relations
mortgage and large financial
insurance,
1
firms
1
advised
meeting
duties
of
under
the
date
of
June
2 that following a
of Directors
Board
of
the
United
States National Bank of Portland, Oregon, Paul S. Dick, the
reported that action was approved to transfer
$300,000 from the undivided profits account to the surplus
account.
This brings the latter to $4,500,000, which will be
President,
At the time of the last
Currency as of April 4, total
capital funds were as follows: Capital $4,500,000, Surplus
$4,200,000, Undivided Profits $1,233,354.54, and Reserves $1,196,547.34, making a total structure of $11,129,901.88.
equal to the present Capital account.
report to the Comptroller of
THE
Price movements
mixed
on
CURB
gradually strengthened
and
while
there
were
no
spectacular price changes, there were a number of substantial
advances recorded among the more active of the market
favorites.
Public utilities have been unsettled and moved
and down without definite or sustained trend. Industrial
shares have been in good demand and recorded a number of
modest gains and some new tops.
Aircraft stocks registered
only minor changes, oil issues moved within a narrow range
up
and paper and cardboard shares have been quiet.
Curb stocks moved within a narrow channel and
minor
changes were registered during the
trading
tended
only
brief period of
254 issues traded in, of which 87
were unchanged.
Paper and
represented on the side of the advance
by St. Regis Paper preferred, which worked up to a new
top for 1941 as it closed at 90.
In the shipbuilding group,
New York Shipbuilding (founders shares), moved up a
fraction, but there was no activity apparent in the Todd
group.
Aircraft stocks showed little change at the close,
with Vultee, Cessna Aircraft and Solar Aircraft slightly
lower and Bell stationery at 18K- Oil stocks were generally
lower or unchanged and the Aluminum issues were un¬
Tuesday.
There
below
were
advanced, 78 declined and 89
cardboard shares
were
settled.
Advancing prices along a wide front and a substantial
jump in the volume of sales were the features of the Curb
Market trading on Thursday.
Industrial specialties and
public utilities attracted the bulk of the speculative attention
with numerous advances ranging up to two or more points.
George A. Fuller Co., 4% pref. climbed into new high ground
with a gain of 2points to 57.
Corroon & Reynolds pref.
was also unusually active and worked upward 2H points to
85^.
In the public utility pref. section, Columbia Gas &
Electric $5 pref. surged upward 3% points to 56%, and
advances ranging up to 2 or more points, were registered by
Niagara Hudson 2nd pref. and Consolidated Gas & Electric
of Baltimore.
Aircraft stocks were unsettled and moved
within a narrow range, and the shipbuilding issues were
quiet except New York Shipbuilding, (founders shares)
which moved fractionally higher.
Dull trading and narrow price movements generally point¬
ing downward were the outstanding characteristics of the
Curb Market dealings on Friday.
There were occasional
advances of a point or more among a few of the slower moving
stocks but the market quieted down as the day progressed
and the changes were largely of minor fractions. Aluminum
lower and most of the active aircraft issues were
were
In the shipbuilding group, New York
Shipbuilding (founders shares) was lower with Todd absent
from the list.
Paper and cardboard stocks were quiet and
unchanged. Oil issues were fractionally higher and indus¬
trials were unsettled.
As compared with the closing quota¬
tions on last Thursday prices were moderately higher,
American Cyanamid B closing last night at 36% against 35 M
on Thursday night preceding the Memorial Day holiday,
American Gas & Electric, 24M against 24Glen Alden
Coal Co., 11M against 9%; Humble Oil, 59% against 59
Singer Manufacturing Co. at 104 against 103^ and Techni¬
color at 85/i against 8 lA.
down at the close.
AT THE NEW YORK
TRANSACTIONS
DAILY
CURB EXCHANGE
Saturday.
turnover for the
session
was
the
down to 20,260 shares which
preceding two-hour period.
There was a
moderate amount of activity apparent among the public
utility preferred stocks but most of the changes did not rise
above a point or more.
Aircraft issues were generally un¬
settled, Vultee registering a fractional gain while Republic
was lower and Brewster was unchanged.
Aluminum stocks
did not appear on the tape and there was little activity in
evidence among the paper and cardboard issues.
Industrial
specialties were mostly lower. Oil stocks were off on the
day or unchanged and the shipbuilding shares failed to
appear on the tape.
Dull trading and narrow price changes were the outstand¬
ing characteristics of the Curb Market dealings on Monday.
There was a mild tendency toward higher levels but the
trading was light and the changes were largely in minor
fractions.
The
transfers totaled approximately 56,000
shares against 59,000 on Thursday the last full session.
Public utilities were quiet with most of the trading favorites
neglected but there were a goodly number of small gains
among the industrial specialties.
These included among
others American Manufacturing, pref., 134 points to 81;
Driver Harris, 2 points to 30; and United States Stores,
$7 1st pref., 1M points to 4^. Aluminum stocks were down
or entirely absent and in the oil group most of the active
issues were fractionally higher.
Aircraft shares continued
to move within a narrow range with Beech,
Vultee and
Cessna moderately higher while Solar Aircraft and Brewster
were unchanged.
Mixed
price changes prevailed among the industrial
specialties while the public utility preferred stocks worked
up to slightly higher levels on Tuesday.
There were no
was
Industrial specialties led the modest upswing on Wednes¬
day and while the changes in the general list were small and
without
special significance, there were about a dozen
advances of a point or more.
The transfers again declined
the volume of sales dropping to 82,995 against 88,230 shs.
The Memorial Day holiday was ex¬
for the full week end by many of the traders and the
on
a
new
to 89.
shares
MARKET
the New York Curb Exchange were
during the fore part of the present week but the
market
number of the popular specu¬
high ground. In the industrial
section, Mead Johnson came back with a gain of 4 points at
130 and smaller gains were recorded by Colt's Patent Fire
Arms, New Jersey Zinc, Jones & Laughlin, Pepperell Manu¬
facturing Co., Carrier Corp. and Babcock & Wilcox.
Oil
shares were stronger, Northern Pipe Line, Indiana Pipe Line,
and Buckeye Pipe Line moving close to their high for the
year while smaller gains were recorded by Humble Oil, Pantepec Oil, and National Fuel.
Shipbuilding shares were un¬
settled, New York Shipbuilding (founders shares), register¬
ing a small advance while Todd Shipyards declined 2 points
spectacular movements but
lative issues advanced to
on
Ferguson, Union Guardian Trust
3593
Bonds (Par Valve)
Stocks
(Number
Week Ended
of
Shares)
June 6, 1941
Foreign
Foreign
Total
Corporate
Government
Domestic
827,000
L
$425,000
631,000
776,000
88,000
13,000
$390,000
11,000
Saturday — -----Monday--------Tuesday- ------—-
20,260
55,630
607,000
89,065
761,000
7,000
Wednesday
84,690
880,000
27,000
122,440
931.000
4,000
79,370
826,000
2,000
10,000
838,000
451,465
84,395,000
880,000
$63,000
$4,538,000
.
-
Thursday-
;-
Friday- ———
TotaL—
—
922,000
11,000
946,000
Jan. 1 to June 6
Week Ended June 6
Sales at
8,000
15,000
,
New York Curb
1941
Exchange
Stocks—No. of shares
1940
1941
1940
451,455
1,050,955
10,731,957
24,988,990
$4,395,000
$159,977,000
-
Bonds
Domestic
_
-
-
-
-
-
-
*—*
$4,108,000
21,000
$118,044,000
80,000
969,000
1,025,000
63,000
51,000
1,261,000
3,245,000
84,538,000
-
$4,180,000
$120,274,000
$164,247,000
Foreign government-—
Foreign corporate
Total
THE
BERLIN STOCK EXCHANGE
Closing prices of representative stocks as
each day of the past week:
Mag
June
31
2
received by cable
June
June
June
June
3
4
5
6
171 ,171
208
144
147
207
144
148
Per Cent of Par
AUegemeine Elektrlzltae1»-Gesellschaft(6%)170
Berliner Kraft u. Licht (8%)
207
170
170
207
144
146
207
144
146
207
144
146
170'
143
Deutsche Bank (6%)---—--------------146
Deutsche Reichsbahn(Ger. Rys.of 7% (7%)-_.
Dresdner Bank (6%)-——————
---144
FSeJlndustrle I. O. (8%)
206
Relchsbank (new shares)
131
Siemens dc Halske(10%)
302
...
...
—-
...
144
206
131
301
144
206
131
301
144
206
131
306
145
205
131
306
145
204
131
304
150
149
149
150
149
148
Commerz Bank
(6%)
.
Vereinlgte Stahlwerke
(6%)
----
::
The Commercial & Financial Chronicle
3594
REDEMPTION
CALLS
AND
SINKING
FUND
NOTICES
Below will be found
a
Pursuant to the
list of corporate
or
Chronicle."
Company and Issue—
20-year bonds..,
preferred stock._—
refunding
1
15
16
July
July
1
1
1
1
1
10
3021
Aug.
1
1
2550
2550
1
2852
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
>
EngI'd, pound sterl'g 1
Official
4.035000
4.035000
4.035000
4.035000
4.035000* 4.035000
Free
4.034062
4.033437
4.033437
4.032500
4.030312
4.031250
.020100
.020100
.020100
.020100
.020100
.020100
a
a
a
Finland, Markka.
France, franc
a
Germany, relchsmark
a
.399700*
Greece, drachma
a
Hungary, pengo
.399700*
a
.399700*
a
.399700*
a
a
a
a
a
.399700*
.399700*
a
a
a
Netherlands, guilder.
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
.040037
.040050
.040062
.040030
.040010
.040025
3655
3655
3657
2397
3501
3502
3028
3506
3187
3508
3352
3191
28
19
15
1
Nov.
3661
3032
1
June
3510
1
2
7
1
1
3192
3033
3663
3663
1
3663
July
2
May 31
July
1
3511
3355
3663
Nov.
Nov.
Nov.
Nov.
3355
3355
1
1
3855
3855
3855
1
1
July
22
June
15
2871
3195
June
l8
June
9
1
8037
1
3513
30
1586
.052614*
a
.052620*
a
a
.052620*
a
a
.052620*
a
.052620*
a
a
a
Spain, peseta
.091300*
.091300*
.091300*
.091300*
.091300*
.091300*
Sweden, krona
.238400
.238328
.238362
.238368
.238356
.238328
Switzerland, franc
.232016
.232042
.232075
.232068
.232068
.232064
Yugoslavia, dinar
a
a
a
a
a
a
Asia—
China—
Chefoo (yuan) dolT
Hankow (yuan) do!
a
a
a
a
a
a
a
a
a;
'
a
a
'
a
Shanghai(yuan) dol
.052566*
Tientsin (yuan) doi
Hongkong, dollar.
.243125
India (British) rupee.
Japan, yen
.301283
.301283
.301283
.301283
.301283
.301283
.234387
.234387
.234387
.234390
.234390
.234387
.471066
.471066
.471066
.471066
.471066
.471066
3.228000
3.228000
.052956*
a
Straits Settlem'ts, dol
Australasia—
.052875*
a
.052906*
a
.243031
.052906*
a
.242562
.053031*
a
.242875
a
.243187
.243031
Australia, pound—
Official
3.228000
3.228000
Free—
3.214583
New Zealand, pound. 3.227458
3.213958
3.213958
3.213541
3.211250
3.212708
3.226625
3.226625
3.225958
3.223833
3.225333
3.980000
3.980000
3.980000
3.980000
3.980000
.909090
.909090
—
3.228000
3.228000
Africa—
South Africa, pound.
North America—
3.980000
Canada, dollar—
Official
.909090
.909090
Free
.909090
.876666
.878125
.881875
.887500
.887500
.882500
.205325*
.205360*
.205260*
.205260*
.205260*
.205325*
.909090
.909090
.909090
.909090
.909090
.909090
.874218
.875833
.879218
.885000
.885000
.880000
.297733*
Mexico,
peso
.909090
Newfoundl'd, dollarOfficial
Free
South America—
Argentina,
peso—
'
Official
.297733*
.297733*
.297733*
.297733*
.297733*
.237044*
.237044*
.237044*
.237044*
.237044*
.237044*
Official
.060575*
.060575*
.060575*
.060575*
.060575*
Free
1930
*
.052614*
Portugal, escudo
Rumania, leu
3086
July
July
June
a
a
Poland, zloty
July
July
July
July
..July
Scovill Mfg. Co. 3%% debentures
Sevilla-Baltimore Hotel Corp. 1st mtge. bonds
Southeastern Power & Light Co.—See Commonwealth &
Southern Corp
$
a
Bulgaria, lev
Norway, krone
July
Portland General Electric Co. 1st mtge. 5s
Santa Barbara Telephone Co. 1st mtge. bonds
June 6
$
3498
June
Philadelphia Transportation Co. series A bonds
June 5
$
Italy, lira
June
Phelps Dodge Corp. 3K% debentures
June 4
$
29
..June
First consolidated 4s
First consolidated 58
First & refunding 5s
June 3
$
3181
3181
July 15
July 15
Aug.
1
July
1
July
1
July
1
July
7
July
1
July
1
Prior lien 5s
June 2
$
1
June
4% debentures
Noon Buying Rate for Cable Transfers in New York
Value in United States Money
Europe—
Belgium, belga
1275
June 30
.....July
Peoria Water Works Co—
RESERVE
1930
Denmark, krone
3645
2234
3019
June
Pennsylvania Co. 3%% trust ctfs__
*
Pennsylvania RR., 4%% bonds, series E
FEDERAL
Czechoslov'la, kornua
3493
3493
July
July
July
1st mtge. 5s
BY
TARIFF ACT OF
May 31
2845
July
Goodyear Tire & Rubber Co. of Canada, Ltd.—
5% preferred stock.
*
Greenbrier, Cheat & Elk RR, 5% bonds
West Virginia, ext. 5s
*
Houston Oil Co. of Texas, 4% % bonds...
Indiana Gas Utilities Co. 1st mtge. bonds
Kankakee Water Co. 1st mtge. 4 Ha
Kansas Power & Light Co. 1st mtge. 3%s
(B. F.) Keith Corn. 1st mtge. bonds
Loose-Wiles Biscuit Co. 5% pref. stock
Louisville & Nashville RR. unified mtge. bonds
Morgantown Water Co. 1st mtge. bonds
National Power & Light Co. 5% debs
National Supply Co. 1st mtge. bonds
*
National Union Mortgage Corp., 20-year bonds
Nebraska Light & Power Co. 1st mtge. 6s
North American Co. 4% debentures
North American Light & Power Co. 5% debs
North American Rayon Corp. 6% preferred stock
*
Paducah & Illinois RR., 1st mtge. 4%s
*
Panhandle Producing & Refining Co., notes
*
Paris-Orleans RR., 6% bonds
CERTIFIED
Unit
3489
Nov.
Eastern Massachusetts Street Ry. 5% mtge. bonds
Firestone Tire & Rubber Co. 3%% debentures
Florida Telephone Corp. 6% bonds
RATES
31, 1941, TO JUNE 6. 1941. INCLUSIVE
Country and Monetary
1591
3490
3644
bonds.
Peerless Cement Co.
3641
June
June
1944
(WUliam) Carter Co. preferred stock
Chicago & Illinois Western RR. 6% bonds
Cincinnati Newport & Covington Ry. 1st mtge. bonds
*
Cincinnati Newport & Covington Ry., 6% bonds
Cincinnati Union Terminal Co. 5% preferred stock
Connecticut Railway & Lighting Co. 4%% bonds
Driver-Harris Co. 7% preferred stock
East Tennessee Light & Power Co. 5% bonds
6%
EXCHANGE
BANK TO TREASURY UNDER
3484
18
June 26
June 26
Cairo Water Co., 1st mtge. 4%s
Canadian Pacific Ry. 4%% notes,
We
record for the week just passed:
Page
1
July
*
a
MAY
Date
Bethlehem Steel Corp.
Budd Wheel Co.
FOREIGN
;y/.-
American European Securities Co. 5% bonds
July
American 1. G. Chemical Corp.—See General Aniline & Film.
*
American Utilities Service Corp., 6% bonds
June
RATES
requirements of Section 522 of the Tariff
cable transfers in the different countries of the world.
give below
last date for making tenders, and the x>age
number gives the location in which the details were
give in
the
EXCHANGE
Act of 1930, the Federal Reserve Bank is now
certifying
daily to the Secretary of the Treasury the buying rate for
bonds, notes, and
preferred stocks called for redemption, including those called
under sinking fund provisions.
The date indicates the re¬
demption
June 7, 1941
FOREIGN
.060575*
.050600*
.050600*
.050600*
.050600*
.050600*
.050600*
Free
Brazil, milreis—
Southwestern Public Service Co., 1st mtge. 6s
Square D Co. 5% preferred stock
July
June 30
3859
(A. E.) Staley Manufacturing Co. 7% pref. stock
*
Thompson Products, Inc., prio preferred stock
July
1
3359
Union Electric Co. of Missouri 1st
mtge.
3% notes
Unified Debenture Corp. debentures
June 30
3665
July
July
July
July
July
1
1
1
1
3
3666
3666
276
3516
3516
Non-controlled
June
9
3042
*
9
3042
9
3042
*
Virginia Coal & Iron Co. 5% bonds
Virginian Corp. 5% notes
Wichita Water Co. 1st mtge. 6s, series A
First mtge. 5s, series B
1
June
First mtge. 5s, series C
Williamsport Water Co. 5% bonds
*
Witherbee Sherman Corp., 1st mtge. 6s
*
Announcements this week.
June
3665
Aug.
1
19
c
Export
c
c
Colombia, peso
Uruguay, peso—
c
c
3666
.658300*
.420250*
a
.569825*
.658300*
Nominal rate,
c
c
.569825*
Controlled
2882
June
Chile, peso—
Official
.420700*
No rates available,
c
c
.569825*
c
c
.569825*
c
.569825*
.569825*
.658300*
.658300*
.658300*
.658300*
.420500*
.419600*
.417380*
.417380*
c
Temporarily omitted.
Course of Bank
Clearings
Bank
THE LONDON
STOCK
EXCHANGE
Quotations of representative stocks
each
clearings this week show an increase compared with
a year
ago. Preliminary figures compiled by us, based upon
telegraphic advices from the chief cities of the country,
as
received
by cable
day of the past week:
indicate that for the week ended
today (Saturday, June 7)
clearings from all cities of the United States from which it
is
Sat.,
Mon.,
May 31
June 2
Boots Pure Drugs
Britlsh Amer Tobacco.
Toes.,
(ord)
Central Min&InvestCons Goldflelds of S A.
De Beers....
DlstUlera Co
Electric & Musical Ind.
Holiday
...
36/83/£66%
£11%
£11%
31/29/9
£5%
64/6
9/-
30/29/9
£5%
36/82/6
£66%
£11%
32/6
29/9
92/-
91/3
£12%
72/£6%
£12%
72/£6%
64/6
9/18/6
23/6
92/6
£11%
72/£67/6
£7
£7
£7
United Molasses
23/6
72/6
40/23/9
.
^Jckers
West
71/3
40/6
71,3
40/6
23/6
23/6
15/3
15/_
Wltwatersrand
64/6
9/18/3
24/3
18/6
15/3
71/3
40/3
23/3
15/3
1
Areas
1
£3
£31u
£3'u
£3%
FINANCIAL MARKET—PER CABLE
daily closing quotations for securities, &c., at London,
as
follows the past week:
Sat.,
Mon.,
May 31
Silver, per oz_.
Gold, p. fineoz.
Consols, 2 %%_
June 2
June 3
June 4
Closed
Closed
23 7-16d.
23 7-16d.
168s.
168s.
Closed
Closed
Tues.,
168s.
£75%
Wed.,
Thurs.,
June 5
23%d.
168s.
168s.
£78%
£78%
fh.;
June 6
23%d.
168s.
£78%
British 3%%
W. L
Closed
Closed
British 4%
1960-90
£103 11-16 £103%
£103 7-16
£103 5-16
Closed
Closed
£112%
£112%
£112%
States
total
the
price of silver
on
the
same
BarN.Y.(for'n) 34%
U. 8. Treasury
(newly mined) 71.11
per
ounce
£112%
(in cents)
obtain weekly clearings will be 45.3 above
corresponding week last year. Our preliminary
stands at $7,808,373,563,
against $5,372,145,638 for
same
week in
the week ended
1940.
At this center there is
a
Friday of 63.4% Our comparative
for the week follows:
Clearings—Returns by Telegraph
Week Ending June 7
New York
Chicago
Philadelphia-..
Boston
Kansas
in the United
days has been:
34%
34%
34%
34%
34%
71.11
71.11
71.11
71.11
71.11
City...
St. Louis
San Francisco..
Pittsburgh
Detroit
...
Cleveland
Baltimore
Eleven cities, live days.
Other cities, five days
Total all cities, five days.
All
reported by cable, have been
The
possible to
those for the
/
loss for
summary
>
£5%
64/6
9/3
18/3
23/6
92/6
£12%
72/£6%
Rolls Royce
8hell Transport
ENGLISH
36/84/6
£65%
£7
Holiday
London Mid Ry
Metal Box
The
June 6
£5*u
Hudsona Bay Co
Imp Tob & G B A I...
as
Frl.,
June 5
31/30/-
Courtaulds S & Co....
Rand Mines
Rio Tlnto
Thurs.,
June 4
36/3
87/6
£65%
£11%
Cable 4 W
Ford Ltd
Wed.,
8
June
cities,
one day
Total all cities for week
Per
1941
1940
$3,778,343,617
$2,311,642,232
285,262,488
331,000,000
+24.3
179,032,271
+54.2
354,711,090
462,000,000
276,032,874
97,926,386
115,400,000
182,048,000
145,056,766
132,751,459
111,735,907
112,106,877
Cent
+63.4
+ 39.6
78,379,162
87,000,000
+24.9
+32.6
143,160.000
99,892,126
86,536,985
92,593,856
65,835,425
+27.2
+45.2
+53.4
+20.7
+70.3
$5,768,112,976
905,531,660
$3,760,334,545
795,331,685
$6,673,644,636
1,134,728,927
$4,555,666,230
816.479,408
+ 46.5
$7,808,373,563
$5,372,145,638
+45.3
+ 53.4
+ 13.9
+ 39.0
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish
them today, inasmuch as the week ends
today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all
cases has to be estimated.
In the elaborate detailed
statement, however,
which
we
present further below, we are able to give final and
complete
results for the week previous—the week ended
May 31.
For that week there was an increase of
15.5%, the aggregate
of clearings for the whole
country having amounted to
$6,111,684,585, against $5,291,060,822 in the
same
week in
<
Tke Commercial & Financial Chronicle
Volume 152
1940.
Outside of this
increase of 22.0%,
gain of
only 10.4%. * We group the cities according to the Federal
Reserve 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 10.4%, in the Boston
Reserve District of 18.5% and in the Philadelphia Reserve
city there
District of
In the Cleveland Reserve District the
26.7%.
totals show
We append another table
was an
the bank clearings at this center having recorded a
improvement of 29.8%, in the Richmond
Reserve District of 1.7 % and in the Atlanta Reserve District
of 31.1%.
In the Chicago Reserve District there is an ex¬
pansion of 19.8%, in the St. Louis Reserve District of 35.7%
and in the Minneapolis Reserve District of 26.9%.
In the
Kansas City Reserve District the increase is 29.1%, in the
Dallas Reserve District of 31.5% and in the San Francisco
Reserve District of 7.8%.
In the following we furnish a summary by Federal Reserve
an
districts:
5 Months,
1941
Federal
1941
1st
Boston
2d
New York..13
"
3d
PhUadel phial 0
4th
12 cities
1940
$
%
$
Reserve Dlsts.
:>■
5
Dec.
1st
Boston
6,589,976,251
New York.. 15
"
76,103,462,557
v
70,362,043,983
14 cities
5
Months,
Months,
1939
■%
5,700,086,569
2d
1938
$
$
+ 15.6
+8.2
9,212,641,144 +18.2
5,462,077,521
4,913,147,371
71,993,292,981
66,780,072,916
3d
PhUadelphial7
M
10,893,417,709
4th
Cleveland.. 18
"
8,688,091,797
6,947,659,695
+25.1
6,022,971,090
5,704,465,499
6th
Richmond.. 9
"
3.979,742,449
3,253,233,651
2,799,166,443
2,666,016,288
6th
Atlanta
16
"
5,001,394,199
3,992.644,418
3,558,493,988
3,221,371,570
7th
Chicago
31
"
13,407,363,257
11,265,974,094
9,692.129,020
9,163.314,315
8th
St. Louis...
7
M
3,977,458,735
3.213,260,795
2,893,021,822
2.756.957.227
9th
MlnneapollslG
"
2,581,787,100
2,398,917,630
10th Kansas Cityl8
11th Dallas
11
"
4,370.011,921
3,824,950,303
"
3,159,281,345
2,751,794,486
12th San Fran... 19
"
6,459,293,087
5,568,414,687
+22.3
+20.3
+ 19.0
+23.8
+ 7.6
+14.3
+ 14.8
+ 16.0
8,239.210,210
7,626,783,343
2,055,423,919
1.981.746.228
3,541,103,730
3,417,499,769
2,465,605,609
2,296,758,176
5,065,640,520
4,860,834,561
Total....... 191 cities 145,211,280,407 128,491,621,455 + 13.0 123,788,136,853 115,388,967,263
Outside N. Y. City
71,910,429,667 60,638,660,832 + 18.6 54,075,582,978 50,888,975,639
Canada..
32 cities
The volume
1938
1939
Dec.
J
31, 1941
Federal Reserve Dlsts.
$
Inc.or
5 Months,
1940
of
8,274,938,250
+8.2
7,644,307,628
transactions
6,848,950,336
6,631,811,981
share
in
New York Stock Exchange for the first
to 1941 is indicated in the following:
Inc.or
WeeI End. May
showing the clearings by Federal
Reserve districts for the five months for four years:
SUMMARY OF BANK CLEARINGS
1
3595
properties on the
five months of 1938
$
$
259,226,562
218,781,799
+18.5
220,915,135
3,053,978,824
+ 10.4
2,956,898,266
2,956,092,951
"
**,
454,267.252
361,456,561
+25.7
390,609,179
1941
1940
1939
1938
No. Shares
No. Shares
No. Shares
No. Shares
197,577,591
3,372,729,826
334,623,983
358,832,598
276,510,894
232,248,763
Richmond..
6
"
140,215,216
137,806,51o
113,134,709
"
199,946,693
152,477,243
123,541,094
Chicago
18
••
578.974,815
432,738,565
St
Louis...
4
9th
Minneapolis
25.182,350
24,151,931
13,470,755
March..........
10,124,024
16,270,368
13,878,323
24,563,174
22,995,770
First quarter............
32,406,179
45,731,788
63,618,847
61,673,795
11,185,760
26,695.690
20,246,238
17,119,104
9,667,050
38,964,712
12,935,210
14,004,244
412,664,664
8th
13,312,960
8,969,195
15,990,665
■: February ........
114,514,514
7th
Month of January
107,347,257
Atlanta....10
+ 29.8
+ 1.7
+31.1
483,113,886 + 19.8
140,983,702 +35.7
258.967,896
5th
6th
Cleveland.. 7
"
191,347,500
122,473,790
115,657,294
7
"
110,925,248
87,399.331
+26.9
90,022,588
"
144,281,033
111,741,795
+29.1
113,626,866
"
73,494,404
55,904,413
47,448,038
227,443,438
210,905,839
+31.5
+ 7.8
47,132,098
"
207,610,019
5,291,060,822
+ 15.5
5,077,890,205
4.905,110,492
2,650,849,663
2,337,553,708
+22.0
2,223,230,090
2,050,968,881
310,122,617
305,828,392
+ 1.4
340,271,577
427,540,180
14,526,094
198,319,348
6,111,684,585
■
105,551,285
12th San Fran
;
83,164,804
10th Kansas City 10
11th Dallas
6
■
10
113 cities
Total
Outside N. Y. City
Canada.
.
.....
.32 cities
April........
May..
The
following compilation
MONTHLY CLEARINGS
We also furnish
today a summary of the clearings for the
May. For that month there was an increase
for the entire body of clearing houses of 6.9%, the 1941
aggregate of clearings being $30,583,252,200 and the 1940
aggregate $26,862,166,674.
In the New York Reserve Dis¬
trict the totals are larger by 7.3%, in the Boston Reserve
District by 18.6% and in the Philadelphia Reserve District
by 22.4%.
The Cleveland Reserve District enjoys an ex¬
pansion of 28.5 %, the Richmond Reserve District of 23.2%
and the Atlanta Reserve District of 27.4%.
The Chicago
Reserve District has to its credit a gain of 20.1%, the St.
Louis Reserve District of 29.5% and the Minneapolis Re¬
serve District of 9.8%.
In the Kansas City Reserve Dis¬
trict the increase is 18.2%, in the Dallas Reserve District
22.2% and in the San Francisco Reserve District 17.4%.
month
of
Federal
14 cities
Boston
New York.. 15
3d
1941
$
Richmond..
6th
$
f
April.. 29,983,868,804 26,037,512,665 + 15.2 14,751,484,532 12,099,583,097 + 21.9
May.. 30,583,252,200 26,862,166,674 + 13.9 15,447,739,023 12,708,917,205 + 21.6
The
course
of bank clearings at
953,616,885
12,832,335,793
2,418,705,377 +20.1
1,459,838,969
839,157,172
660,671,197
1,060,832,006
832,719,319
«•
BANK CLEARINGS AT LEADING CITIES IN MAY
Month of May
(000,000
1941
Philadelphia
1,523,223,504
570,051,267
513,356,778
Baltimore
726,454,098
611,936,002
Cincinnati..
2,045,046,227
1,784,906,647
596,079,172
528,794,859
+9.8
803,707,184 + 18.2
553,613,152 + 22.2
1,152,137,275 + 17.4
465.700,759
403,041,363
Minneapolis
744.655,396
668,021,860
New Orleans......
493,926,685
426,667,500
Detroit
1,045,964,039
955,264,851
•a
949,998,309
676,659,662
••
19
1,352,955,428
City
Cleveland
-
—
Louisville.
Omaha
Total.......191 cities
Outside N. Y. City.
—
30,563,252,200
26,862,166,674
15,447,739,023
12.708,917,205
+13.9
+21.6
24,639,280,005
22,351,735,740
11,159,259,737
9,968,584,673
Providence..---—
Milwaukee.......
Buffalo
Canada.—.....32 cities
1,928,501,083
1,850,383,558
+4.2
1.422,854,360
1,644,783,462
St. Paul
Denver
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended.
The results
for May
and the five months of 1941 and 1940 follow:
577
465
438
3,483
1,948
2,763
1,776
2,328
590
285
557
257
3,480
2,030
3,144
1,676
2,888
1,391
2,799
1,317
276
424
240
1,556
1,309
1,979
1,174
1,798
466
401
2,191
345
183
498
151
295
160
401
142
129
43
85
133
111
125
228
338
370
256
141
325
121
118
39
75
1,889
1,281
819
1,142
1,742
1,683
1,239
764
1,747
658
579
Indianapolis.......
Ill
Richmond
210
Memphis
122
Seattle
234
81
63
Hartford
Month of
Five Months
May
Other cities....— 3,290
1940
38,964,712
53,258,989
111.392,190
Railway & misc. bonds.. $153,831,000 $144,924,000
22,931,000
14,493,000
Foreign govt, bonds
8,250,000
948,000
$869,791,000
69,175,000
21,983,000
$169,272,000 $176,105,000
$947,759,000
$741,761,000
Total all
<615.399,000
104,379,000
8,793,000
9,667,050
Stocks, number of shares.
bonds
U, 8. Govt, bonds.—...
Total bonds......
FOR
CLEARINGS
Month
Clearings
$
First
Federal
Rese
rve
;
1940
■:&
$
.■>:
Portland..;.-.—...
73
63
131
52
47
2.408
2,129
We
%
$
years
'1940
$
Dec.
Inc. or
1941
1940
Dec.
2,493,791
+24.5
14,067,634
11,960,182
+ 17.6
608,534
10,118,795
8,391,676
+20.6
48,831,260
41,260,888
+ 18.3
2,221,165
219,347,214
654,778
519,253
1,839,237
184,908,650
+ 17.2
520,337
+ 20.8
1,755,957
187,600,768
588,572
+ 18.6
+ 18.1
5,600,242.357
4,835,052,925
+ 15.8
+43.3
17,712,867
14,637,855
+21.0
+ 11.5
8,962,614
+ 11.2
......
3,950,253
+23.1
9.384,332
17,075,684
8,060,418
8,856,087
621,035
510,902
16,025,735
14,840,945
+ 8.0
75,960,005
14,649,913
72,333,347
+ 16.6
—
+ 5.0
2,981,696
11,148,460
63,048,563
9,465,227
+ 17.8
45,453,001
+ 15.7
54,479,968
+ 15.7
52,607,198
287,840,064
+ 9.9
2,974,530
1,677,196
10,396,615
New Haven..
23,033,699
19,051,852
+20.9
108,709,784
261,819,935
98,330,377
2,190,432
11,736,793
+ 10.6
4,647,629
3,991,080
Water bury
10,686,600
+ 15.2
40,003,500
35,922,500
+ 11.4
64,905,600
9,272,600
48,820,800
+ 32.9
296,260,200
239,620,700
13",238", 100
10,627^400
2,639,932
2,366,795
+ 11.5
12,318,852
12,128,441
+ 1.6
559,895
528.200
+ 6.0
1,388,146,761
1,170,422,856
+ 18.6
6.589,976,251
6,700,086,569
+ 15.6
259,226,562
218,781,799
+ 18.5
Worcester
Conn.—Hartford
R. I.—Providence
N. H.—Manchester
Total (14
cities)
1938
District— Boston—
1,636,850
1,823,219
3,207,809
Lowell
1939
%
%
2,858,864
Springfield..
700
300
236
Week Ended May 31
May 31
991,712,460
New Bedford
262
ENDING MAY 31
1,824,895
2,127,862
......
370
add
4,096,651
...
FaU River
Holyoke
469
816
328
563
348
735
370
670
275
232
129,831 115,456 112,018 104,290
15,380 13,036 11,770 11,099
1,171,434,793
Mass.—Boston
765
our detailed statement showing the figures
separately for May and since Jan. 1 for two
and for the week ended May 31 for four years:
now
Inc. or
1941
386
852
207;
407
629
501
30,583 26,862 24,639 22,352 145,211 128,492 123,788 115,389
12,709 11,159
9,969 71,910 60,639 54,076 60,889
-
MAY, SINCE JANUAR
1,
WEEK
Dec.
1,984
715
620
216
416
648
509
697
429
1,026
638
1,065
375
288
138
75
1,516
906
2,392
770
647
240
478
743
684
641
3,446
1,012
728
296
604
877
637
720
499
128
98
110
147
68
51
2,705
3,104,923
Maine—Bangor
81
154
2,843
1,624
1,063
for each city
Inc. or
1941
133
49
100
156
126
134
90
175
89
175
67
54
2,311
2,265
Outside N.Y. City 15,448
Five Months Ended
of May
at~:^,.
381
27,293 24,157 22,231 20,223
Total
1941
1940
1941
I
64,500
5,843
4,157
7,219
1,699
635
349
Salt Lake City....
Description
1938
I
380
228
748
218
158
65
104
194
136
146
San Francisco
667,975,316 +29.5
«i
69,713
6,009
4,675
7,815
641
Pittsburgh
1,150,567,698
586,702,618
Mlnneapollsl6
10th Kansas Cltyl8
11
11th Dallas
1939
t
67,853
6,937
4,835
8,758
335
516
1,719,505,284
Kansas
73,301
7,763
5,600
10,381
2,285
710
425
St. Louis
1,236,548,582
534,513,857
992
1940
I
12,383
1,283
1,150
900
805
1,633
1,443
373
339
1,822
419
Jan. 1 to May 31
1941
I
13,480
1,519
'
»
1938
t
1
1,679
1,171
2,237
615
730
-
1939
1940
15,136 14,153
664,747,058
2,905,062,148
M
*•
leading cities of the country
since Jan. 1 in each of the last
subjoined statement:
for the month of May and
four years is shown in the
Boston
1,063,972,007
%
__
New York
13,931,374,489
1,912,660,060
• •
%
+18.6
$
1st qu. 84,644,159,403 75,591,942,116 + 12.0 41,711.206,112 35,830.160,530 + 16.4
t
+7.3
+22.4
+ 28.5
+23.2
+ 27.4
1,170,422,856
14,675,002,112
1,875,338,447
7
12th San Fran
$
S
1940
$
%
Jan... 29,029,588,225 26,686,957,913
+ 8.8 14,344,488,181 12,620,143,272 + 13.7
Feb... 25,171,449,682 22,835.233,658 + 10.2 12,559,873,578 11,029,591.650 + 13.9
Mar
30,443,121,496 26,069,750,545 + 16.8 14,806,844,353 12,180,425,608 +21.6
Chicago
2,340,446,433
Chicago....31
St. Louis
9th
1938
1,388,146,761
M
Atlanta.... 16
7th
1939
15,743,204,956
9
8th
Dec.
M
Cleveland. .18
5th
1940
1941
1940
May
«•
Phlladelphial7
4th
May,
$:!
Dlsts.
Reserve
1st
incjor
1941
2d
May,
Clearings Outside New York
Clearings, Total All
Month
omitted)
May,
the clearings by months
covers
since Jan. 1, 1941 and 1940:
+ 16.7
+6.0
+ 23.6
546,342
1,772,457
166,503,464
501,666
504.199
+29.9
"304~537
+ 37.7
+ 21.6
+0.2
546,324
747,867
2,796,730
+ 30.6
1,760,598
+ 12.9
10,931,201
2,721,661
1,626,345
10,518,677
+ 16.5
4,133,992
3,960,452
+24.6
9T390"; 800
569,171
7,930+00
461,463
220,915,135
197,577,591
"
419*291
320*685
"286",797
The Commercial & Financial Chronicle
3596
June 7,
1941
CLEARINGS
Month of May
Five Months Ended May 31
Week Ended May 31
Clearings atr-*
Inc.
1941
1940
erve
N. Y.—Albany
Buffalo
Elm Ira
—
Jamestown
-
—
New York...
Rochester
Syracuse
Utlca
—
Westchester County
Conn.—Stamford-
N. J.—Montclalr.
Newark
Northern New Jersey
Oranges—
Total
(15 cities)
Third Federal Rese
Bethlehem
_
Chester
—
Harrisburg
—
Lancaster
r
Lebanon
Norrlstown
Philadelphia
rve
District
Reading
8,139,852
11,485,896
5,754,810
8,255,893
1,283,024
Wllkes-Barre
York
Pottsvllle
.
-
.
——.
Du Bols
705,073
Hazleton.
2,690,504
16,476,218
16,105,400
-
Del.—Wilmington
—
N. J.—Trenton
Total
(17 cities)
Fourth Federal
Ohio—Canton
2,340,446,433
Re
serve
Cleveland
Columbus——
Hamilton
_
641,321,621
54,057,600
—
_
—
.—_
3,049,513
1,182,417
-—
Lorain
Mansfield-——-
245 ,085,061
7,390,651
+ 11
+ 15.
20 ,835,575
219,714,235
27,352.128
743,149,677
11,219,785
18,115,360
+ 6.
73,300 ,850,740
67,852,960,623
+ 12.
202 ,635,063
183,738,760
119 ,725,069
22 ,638,409
107,884.400
+ 11.0
18,420,703
80 ,194,914
114 177,529
—7.3
593, 384,894
15, 926,952
86,555,761
95,895,281
10,052,752
409,554,192
562,359,053
15,071,273
76,103,462,557
70,362,043,983
28 ,730,705
877 .375,766
+ 44.
15 180,058
+ 8.
•
+ 30
—5.
—l.:
+ 0.
9 680,520
+ 18
457 041,302
+ 4.
—2
+ 7.
+ 5.0
1,034,183
7,049,885
1,062,042
—2.6
+ 18.1
38,700,000
31,600,000
+22.5
8,261,721
967,795
31,700,000
609,811
966,448
458,573
+ 33.0
650,059
+ 26.7
866,730
+ 35.3
+ 15.0
+8.0
+ 10.3
+ 19.1
—3.7
+ 11.6
+ 5.5
+ 8.2
+ 15.8
54 ,406,175
47,152,271
+ 14.8
32 ,379,741
28,209,970
+ 14.8
+ 21.0
12
3",003,084
5,155,325
360,820
19,195,886
22,165,733
7,533.021
1,659,405
24,900,000
458,880
641,985
+ 10.4 2,854,660,115 2,854,141,611
+ 19.3
8,135,747
8,660,166
+ 14.6
5,722,258
3,442,896
6~. I
3,370,894
3,965,639
3,660,937
4,256,139
410,462
2,830,296
4,663,567
437,397
—17.5
20,015,272
—4.1
17,052,362
18,691,931
20,268,291
+ 9.4
21,118,189
28,235.518
+
+10.5
426,757
3,372,729,826 3,053,978,824
+ 10.4 2,956,898,266 2,956.092,951
+ 17.4
1,779,781
+ 34.7
10 016,813
1,822.000,000
7,106,969
+ 22.8
10,381 000,000
10,523,555
8,320,554
8,758,000,000
12,169,210
5,714,783
—5.6
6,165,150
+ 33.9
1,225,067
580,240
2,684,921
15,720,609
+ 13.5
11 ,523,101
+ 75.0
20 ,182,003
+ 40.9
10 ,151,267
+ 14.5
+ 0.7
+4
+ 21
36
,349,897
334,375
53 152,422
24 854,067
33 684,412
5 948,618
9,690,203
11,684,296
8,356,924
465,547
342,211
+ 36.0
457,942
430,673
489,420
422,921
+ 15.7
417,548
+ 21.5
440,829
265,012
+ 66.3
350,171
453,604
449,354
1,309,083
1,129,346
+ 15.9
1,097+07
1,068,602
351,000,000
1,231,158
2,368,937
897,692
+ 25.9
+ 9.0
442,000,000
1,330,534
2,090,428
1,002,170
+ 21.7
1,465,741
1.339,804
+ 15.4
32,559,281
53,095,214
22,801,736
27,681,434
5,679,410
3,407,307
11,926,333
87,573,106
85,979,550
+ 18.9
+ 72
+20.4
+ 18.5
+ 11.6
+0.1
380,000,000
324,000,000
+ 8.1
1,227,773
—11.8
2,403,043
1,191,780
2,213,760
+ 11.6
932,949
805,519
+ 9.4
1,377,246
1,325,735
+ 4.7
13,070,950
+23.2
3, 077,976
13, 316,500
101, 791,642
89, 248,700
+ 3.8
3,673,500
2,459,500
+ 49.4
2,345.100
2,685,000
1,912,660,060
+22.4
10,893,417,709
9,212,641,144
+ 18.2
454,267,252
361,456,581
+ 25.7
390,609,179
334,623,983
63,902,718
1,556,448,553
2,843,327,408
47,038,403
+ 35.9
1,895,595
53,625,809
1,463,297
+ 18.9
2,749,378
66,273,011
1,723,856
1,308,958,070
+ 23.6
54,634,296
45,292,359
2,190,658,209
+29.8
121.406,106
91,196,562
+ 33.1
82,362,358
265,404,600
13,624,206
230,248,700
10,648,783
76,510,886
+ 15.3
9,403,300
9,643,300
—2.5
9,623,500
8,434,800
+ 27.9
4,642,962
+ 13.8
1,235,857
2,232,060
+ 69.6
1,323,949
1,321,873
+ 50.3
1,859,524
1,568,158
+0.2
+ 4.8
9,380,645
+ 50.2
276,234,604
+ 21.1
465,674,022
+ 37.7
49,720,100
2,281,677
+ 8.7
—9.7
+ 11.7
+ 16.2
+ 33.7
1,191,969
—0.8
7,751,165
+ 35.0
5,283,909
46,505,757
38,208,375
+ 21.7
2,095,808
11,430,589
+ 34.7
71,159,095
57,227,002
+24.3
3,355,688
6,120,954
+ 21.5
27,328,751
99,651,132
+45.0
+20.7
+ 26.6
20,509,368
+ 30.0
1,168,167
952,197
+ 22.7
494,791
+6.4
Oreensburg
Pittsburgh-.
988,395
465,006
767,270
+ 28.8
4,499,428
Pa.—Beaver County..
762,690
3,260,834,922 2,953,507,114
8,510,386
7,131,172
4,802,577
4,192,525
+ 4.8
+5
2,264,601
2,434,200
1,602,860
10,127,040
5,801,922
2,211,757
Franklin
—
1938
+22.9
+ 9.
+23.
32,990,885
126,190,402
5,402,183
2,368,585
-----
1939
%
15,399,012
7,436,821
26,665,007
Youngbtown
Newark—
+ 51
or
Dec.
%
10,467,233
.
Toledo
1940
District —Cleveland—
14,092,303
334,583,002
-—-
Cincinnati
Inc.
1941
Dec.
Philadelphia
2,570,731
4,260,423
2,258,087
11,727,765
6,658,903
2,676,989
2,396,865
2,237,000,000
Scranton———.
1940
%
15,743,204,958 14,675,002,112
Pa.—Altoona
1941
District —New York
55,438.528
36,512,120
5,987,644
5,456,435
193,614,617
156,251,426
3,494,806
2,419,413
4,355,642
3,756,684
15,135,513,177 14,153,249,469
40,956,173
36,512,961
26,365,474
24,313,998
5,114,139
3,926,945
17.367,481
18,444,638
24,563,885
24,858,784
2,282,160
2,271,784
103,989,832
87,713,513
121,005,849
116,081,108
3,155,551
3,232,834
Bingham ton
Inc. or
Dec.
$
Second Federal Res
or
5,153,150
+4.8
1,960,461
3,216,876
+ 39.9
+20.8
730,338,416
576,751,379
+ 26.6
3,482,885,481
Erie
9,636,957
42,510,359
9,853,359
7,942,595
10,083,972
+ 21.3
Oil City--.
—2.3
49,938,875
Ky.—Lexington
5,968,425
5,836,973
+ 2.3
W. Va—Wheeling—
38,438,265
2,762,705,293
36,086,787
54,749,114
37,757,607
8,635,408
6,744,484
+ 28.0
37,211.088
31,420,020
+ 18.4
1,875,338,447
1,459,838,969
+ 28.5
8,688,091,797
6,947,659,695
+25.1
16,289,435
82,996,000
1,025,655.544
36,702,815
61,140,871
30,110.634
Total
(18 cities)-
Fifth
Federal
Rese
rve
W. Va.—Huntington.
Va.—Norfolk
3,598,161
19,241,000
S. C.—Charleston
Md.—Baltimore
-
Frederick
D.
C.—Washington..
Total
Federal Rese
+ 41.6
+ 54.1
+ 19.9
152,107,408
(9 cities)..
Sixth
2,540,649
12,489,000
174,701,482
8,003,787
13,716,173
6,439,249
424,697,384
1,808,675
Columbia
Greenville
839,157,172
rve
Term.—Knoxville
District
K Nashville
24,724,701
111,088,326
Ga.—Atlanta—
372,500,000
Augusta
Columbus
Macon
7,367,379
7,130,666
6,342,831
125,170,000
7,648,836
132,816,965
------
Fla.—Jacksonville
—
.
Mobile
Montgomery
Miss.—Hattiesburg
Jackson
Meridian
+ 29.8
258.987.896
232,248,763
5,893,811
+ 35.8
11,505,856
+ 41.6
716,289
543,178
+ 31.9
370,887
343,926
58,747,000
+ 41.3
3,555,000
2,481,000
+43.3
1,909,000
852,137,120
1.794,000
+ 20.4
40,992,470
1,434.744
34,266,925
+ 19.6
26,534,963
26.596,066
1,134.743
+26.4
991,328
918,523
65,326,847
27,863,511
+ 31.7
48,455,322
25,184,645
+ 19.6
1,676,061,691
+ 21.1
75,521,372
—13.5
+ 12.0
2,030.189,432
8,935,128
61,396,808
8,183,576
56,105,836
+ 9.2
+ 27.9
687,722.590
545,094,930
+ 26.2
28,189^866
23,859^297
+ 18-2
21,93i".723
21,615906
+ 23.2
3,979.742,449
3,253,233,651
+ 22.3
140,215,216
137,806,515
+ 1.7
113,134,709
107,347,257
10,792,398
+ 27.1
4,838,980
+ 33.1
349,059.124
+ 21.7
1,615,496
118,940,257
680,871,197
+ 26.2
Atlanta—
17,460,919
+41.6
117 ,240,207
98 ,304,943
+ 19.3
4,205,109
3.642,647
84,421,559
295,600,000
+ 15.4
+ 31.6
506 ,131,016
1,747 ,600,000
417 383,407
1,355 ,106,000
+ 21.3
20,009.475
17+39,556
+ 14.7
12,335,047
+ 29.0
12,399,440
72,900,000
54,200,000
+ 34.5
41,000,000
41,500,000
1,467,414
1,119,856
+ 31.0
1,3~12~678
796,231
+ 64.9
+ 26.0
5,617,362
5,619,083
4,354,272
+ 31.2
33 ,335,699
29 ,359,510
+ 13.5
+ 26.9
35 320,926
24 ,278,114
32 ,316,817
19 ,821,259
+ 63.0
3.028,788
+ 45.5
+45.7
3,473,997
944,020
"
928+20
~
626",320
6231599
+ 31.1
478 ,123,792
+ 32.0
25,991,000
16,771,000
+ 55.0
+ 22.4
37 ,766,277
33 ,583,902
15,735,000
+ 12.5
15,733,000
+27.8
603 ,328,189
485 ,496,504
+ 24.3
27",264",571
10,106,926
+ 3L8
+ 15.2
20",6811673
54 ,215,720
45 ,079,953
19,63+074
+ 20.3
2,442,914
12",470,622
2,497,842
—2.2
4,307,420
5,019,000
+ 21.0
24 ,761,632
20 ,734,715
1,643,567
1.266,583
+ 90.9
54 ,657,000
+ 19.4
25 .112,000 + 117.7
8,659,535
+ 1.6
46 ,102,565
41 ,321,632
631 ,038,309
+ 11.6
1,896,532
+ 29.0
11 ,324,953
9 ,392,955
679,390
—6.0
3 ,732,867
3 ,477,972
+ 7.3
105,906
137,339
—22.9
183,284,698
+24.2
1,062 ,522,022
906 ,073,760
87,027
+ 17.3
144,691
44,247,626
35,191,699
+25.7
28,060,060
26,419,371
832,719,319
+ 27.4
5,001,394,199
3,992,644,418
+25.3
199,946,693
152,477,243
+ 31.1
123,541,094
114,514,514
District
1,896,203
747,841,309
6,454,443
18,093,995
3,073,390
11,088,035
3,970,907
3,404,622
11.140,456
21,364,395
111,104,017
12,667,765
29,483,856
7,583,042
104.008,499
1,859,956
3,511,648
Jackson
Lansing
Muskegon
Bay City
Wayne
Gary
Indianapolis
South Bend
Terre Haute
Wis.—Madison
Milwaukee
Oshkosh
Sheboygan
Watertown
583,308
Manitowoc
1,638,724
Iowa—Cedar Rapids..
6,306,796
Des Moines
49,387,997
19,663,731
1,022,771
2,940,482
2,167,664
Sioux City
Ames
111.—Aurora
1,679,055,756
Decatur
5,543,520
22,437,833
8,006,158
7,049,604
711,266
Peoria
Rockford-.
Springfield
Sterling
(31 cities)....
276,510,894
95,510,763
serve
Grand Rapids
Total
358,832,598
+ 1.8
1,060,832,006
Flint
Bloomington
Chicago
97,657,390
638,414
Detroit
Ind.—Ft.
107+60,413
227,723,036
(16 cities)
Seventh Federal Re
Mich.—Ann Arbor
+ 31.6
6,247,068
103,934,792
Vicksburg—
La.—New Orleans
Total
116,681,711
11,638,351
5,213,293
9,582,000
8,799,785
2,447,423
Tampa
Ala.—Birmingham
153,549,307
—8.8
District— Richmond-
209,545,335
Richmond
+ 26.1
+ 17.8
2,905,062,148
+20.6
—Chicago—
1,704,534
+ 11.2
10,449,905
9,036,293
497,689,944
+ 50.3
3,445,976,757
2,391,944,781
4,915,278
+ 31.3
29,506,597
14,557,734
2,060,527
+ 24.3
21,089,622
70,894,008
7,222,299
+ 53.5
2,796,947
+ 42.0
44,490,324
18,236,246
2,812,444
+ 21.1
15,746,580
8.541.116
15,468,867
89,573,145
9,790,131
24,956,420
6,265,695
+ 49.2
82,844,984
14,904,505
+ 30.4
47,918,589
+ 38.1
91,846,797
498,993,747
55,300,824
135,303,796
36,001,341
503,820.239
+ 24.0
+ 29.4
+ 18.1
+ 21.0
11,355,780
35,124,508
13,642,164
13,222,477
38,239,101
76.752,023
428,829,403
43,648,696
123,249,896
30,993,087
+ 15.6
395,822
229,333
+ 72.6
256,789
321,000
165,079,330
111,520,187
+48.0
84,247,621
78,613,610
3_,377+37
2~,82~3~743
+ 19.6
2,598*,836
2",095", 102
l,77l",364
+ 44
1,318+10
+34+
1,467,2II
1+931798
+ 35.3
+ 16.9
+ 31.3
+ 26.7
+ 33.7
+ 19.1
1,9211050
1.52L865
+26.2
"914",330
"890", 785
16,310,000
+ 18.8
16,047.000
15,7221000
+ 26.7
19,380,000
2,324,289
1,717,909
+ 35.3
1,448,265
954,892
+ 9.8
5,271,203
5,335,078
—1.2
4,079,057
3,494,841
19,578,711
17,810,237
+ 9.9
17+621653
17",605+39
+ 25.3
+ 19.7
+ 16.4
+ 16.2
100,263,815
+ 3.7
1,483,495
2,731,065
454,394
1,356,352
5,462,553
41,588,174
17,297,039
1,031,460
2,189,154
1.804.117
+ 25.4
8,761,076
+ 28.6
16,489,480
+ 28.4
2,765,460
477,793,484
7,714,121
14,928,055
2,390,977
+ 20.8
6,794,840
+ 12.4
25,213,728
214,554,902
79,856,356
+ 15.4
1,170,373
1,078.256
+ 8.5
+ 9.1
9,005,070
8,053,695
7,950,298
+ 10.2
3,506,942
8,858,568
3,043,781
+ 1.7
+ 13.7
7,637,194
29,084,739
234,059,190
87,988,795
+ 15.2
3,164,085
—0.8
4,68U,894
4,800,569
3,146,421
—2.5
451,982
337,430,363
404,863
+ 11.6
392,608
418,804
+ 11.9
304,029,878
+ 11.0
283,486.124
+28.2
1,012,049
828,297
+22.2
1,085,666
+ 15.5
+ 18.8
+ 10.5
+ 15.7
+ 34.3
12,171,662
9,707,558
7,950,733
6,936,942,085
22,310,241
87,063,648
+ 21.8
1,072,766
1,098,727
+25.4
+ 20.2
18,405,038
5,877,087
6,147,408
615,924
+ 21.9
+ 15.5
9,687,587
7,763,061,726
28,608,766
96,761,642
37,766,816
32,931,182
3,565,817
2,418,705,377
+20.1
13,407,363,257
1,519,259,264
4,383,957
+ 5.4
+ 13.6
+ 10.5
+ 26.5
+ 36.2
+ 14.7
+ 11.1
4,317,699
3,759,619
+ 37.7
1,473,074
3,952,602
1,182,346
+ 9.2
27,433,373
+24.6
28,613,180
3,164,465
+ 15.1
1,508,057
1,148,833
+ 31.3
1,550,197
1,652,583
271,602,384
906,391
3,281,877
1,794,356
1,273,939
+ 12.7
11,265,974,094
+ 19.0
578,974,815
483,113,886
+ 19.8
432,738.565
412,664,664
"
Volume
The Commercial & Financial Chronicle
152
3597
CLEARINGS (Concluded)
Five Months Ended
Month of May
May 31
Week Ended May
31
Clearings at—
Inc.
Inc. or
/
■' f '
1941
1
..
1940
Dec.
$
V;
%
1940
Dec.
S
c
1941
Inc.
or
%
1941
1940
or
1939
Dec.
1938
■
$
Eighth Federal Re
Mo.—St. Louis
serve
Tenn.—Memphis
111.—Jacksonville.
419,371,341
Quincy
Total (7 cities)
—
Ninth Federal Rese
Minn.—Duluth
Minneapolis
Rochester
;
St. Paul...;
.
Winona.
S.
_
D.—Aberdeen
Sioux Falls
Huron
Great Falls
Helena
_
Hastings
Lincoln............
Omaha...
Kan.—Kansas City
Manhattan
Parsons............
Topeka
Wichita
Mo.—JopHn
Kansas City
St. Joseph
Carthage.
....L...
Okla.—Tulsa
Colo.—Colo. Springs..
Denver............
Pueblo
Wyo.—Casper
Total (18 cities)....
Eleventh Federal R
Texas—Austin
Beaumont
1
Dallas.............
El Paso,;.........*.
Fort Worth......
Galveston........
Port Arthur
Wichita Falls....^..
19,917,357
2,514,233
769,995,492
458,613,716
+ 15.1
1,598,883
12,609,000
+ 12.9
Total (11 cities)
Twelfth Federal Re
86,200,000
79,000,000
46,283,534
24,860,966
29,"ill",326
+ 59.0
23,096" 143
23*.59l",015
16,704,376
+48,8
12,539,647
12,190,279
+7.9
603,000
468,000
+28.8
638,000
776,000
191,347,500
140,983,702
+35.7
122,473,790
115,557,294
+29.5
3,977,458,735
3,213,260,795
+23.8
14,674,944
+3.9
65,616,549
1,516,687,386
8,715,514
3,618,017
2,367,466
3,853,287
+7.0
73,649,659
2,719,725
55,743,531
+33.0
+ 10.2
65.245,060
1,623,516,036
9,140,219
—0.6
344,779,300
1,871.196
+ 32.1
60.766,425
52,235,023
636,986.179
8,003,501
2,442.523
583,887,636
8,177,709
27,260,959
22,829",331
+ 19.4
20",817*522
21,595.285
—2.1
2,754,456
—11.3
51,594,333
5,126,000
2",138",905
1,841", 263
+ 16.2
1,983*362
1,8*53*287
+ 10.3
3,956,752
+ 18.9
16,523,541
31,343,119
3,833,784
+24.1
+44.3
+ 36.9
+2.9
+ 8.3
125,577,946
1,654,022
+ 15.4
635,203
—29.4
56,317,682
5,654,000
4,704,782
17,899,220
38,885,232 V\
4,067,215
19,143,039
17,945,111
70,489,757
10,528,523
+ 12.4
1,080,000
849,177
3,660,608
7,059,707
+27.4
+30.1
+7.6
822,365
+ 15.8
3,691,859
3,849,407
13,424,706
+ 13.2
354,834
—14.4
534,513,857
+9.8
478,307
+2.4
663,293
13,441,797
132,857,664
+43.0
+ 18.9
17,361,170
677,998
+ 30.3
+ 9.2
2.314.091
3,272,994
60,420,999
728,447,008
101.497,591
4.245.092
3,701,061
50,988,126
74,200,092
13,573,002
2,311,414,030
72,767,075
3,462,261
182,745,366
12,790,240
720,049,105
+24.2
16,133,822
V
-
+ 31.9
+67.7
+ 31.5
+39.1
+4.9
+ 9.1
+ 9.2
Seattle
Yakima
Idaho—Boise.
.
-
-
Salt Lake City—...
Ariz.—Phoenix
.
Riverside
San Francisco
San Jose
r—
Santa Barbara..
Stockton—.........
Total (19 cities)
Grand total (191
648,850
—...
*818~648
"671*247
+ 22.0
*070",491
628,079
+6.9
2",666",525
2,824",290
—5.6
2,757*,092
2","350",993
1,396,994
—3.5
2,398,917,630
+ 7.6
110,925,248
87,399,331
+ 26.9
90.022,588
83,164,804
2,228,238
2,804,457
60,350,225
647,229,260
85,294,337
3,313,552
3,783,274
+3.9
74,215
88,752
—18.4
73,022
152,113
2,348,754
25,501,541
16,779,516
District— Kansas City-
489,886
805,662
12,976,510
158,006,306
21,354,521
883,459
690,843
10,237,746
16,698,822
2,864,019
515,786,253
742,221
9,261,005
12,635,373
2,477,982
—3.5
+23.0
—6.9
+ 10.5
+32.2
+ 15.6
423,961,230
+21.7
14,362,498
513,786
40,273,207
2,636,296
140,249,749
3,454,427
1,714,319
13,050,067
423,971
35,183,437
2,539,596
133,908,093
2,782,400
+ 10.1
1,361,580
+25.9
949,998,309
803,707,184
+18.2
8,257,897
4,488,570
—5.9
242,860,000
+24.1
21,538,881
32,405,626
11,150,000
210,660,176
1,901,291
+ 31.2
eserve
+21.2
+ 14.5
49,578,946
65,632,078
11,550,151
1,978,799,820
65,805,354
2.987.278
170,641,364
130,563
107,446
+ 21.5
+0.1
2,340.8^4
2.402,599
—2.6
+ 12.5
29,383,017
23,593,613
+24.5
1,747.285
3,154,837
1,334,235
2,458,044
+ 31.0
1.486,611
+28.3
3,571,807
1,868,374
2,782,253
103,271,917
78",845",064
+31*0
78,229*402
72,883"409
3,068,647
2,277,745
+ 34.7
2,321,533
2,097,131
"421*921
"i07"603
v
+ 19.0
+28.1
—2.2
+2.8
+ 13.1
+ 17.5
+ 16.8
+ 10.6
+ 15.9
+7.1
+ 1.8
+294.3
346,091
585,164
"687J77
527*294
+ 30"4
595,992
"467*.414
+14.3
144,281,033
111,741,795
+29.1
113,626,866
—9.2
1,217,970
1,232,658
—1.2
1,277,702
1,278,218
68,771",392
43,018*000
+ 36.6
33,922,017
34,911,309
8,'138,065
6,243,177
2,031,000
+ 30.4
6,"359",747
6,600",088
—12.1
2,469,000
1,762,000
7,989,966
12,570,110
640,869,689
14,450,891
7.061.279
+ 13.2
4,370,011,921
+ 3.8
81,751
135,741
2,230,303
22,419,745
+ 16.7
3,824,950,303
36,406,929
23,700,429
1,417,797,000
145,683,657
162,552,304
47,912,000
1,200,854,172
10,386,245
24,235,299
40,116,212
+ 12.4
"
+ 11.6
'X/:
--------
105,551,285
Distric t—Dallas—
7,766,805
4,844,035
301,183,000
28,269,011
36,623,473
9,663,000
263,759.646
2,126,868
+ 7.9
+ 13.0
—13.3
+ 25.2
+ 11.9
a
'
22,056,175
+ 7.5
1,230,600.000
108,387,541
142,654,553
+ 15.2
+ 34.4
51,109,000
1,045,651,218
10,069,337
22,510,284
+ 14.8
+ 3.1
-
+ 13.9
—6.3
1,785,000
--
--
--
-
841,082
793,306
+ 6.0
689,185
"71*2*567
+ 13.4
2",740",895
2,586,272
+6.0
2",41+447
2",18*3*856
+ 14.8
73,494,404
55,904,413
+ 31.5
47,132,098
47,448,038
43,590,090
990,479
33,490,660
+ 30.2
29,522,354
873,444
+ 13.4
844,384
28.412,888
820,512
39",577",807
30,269,995
+ 30.7
24,478,391
23",197",673
15,732",225
11,694,646
+ 34.5
12,189,932
12",b73",4i2
2,695,527
3,149,844
—14.4
4,010,955
3,530,145
1,981,065
2,748,598
—27".9
2,905,695
3,310,265
123,068,954
2,148,953
1,227,653
2,233,092
—¥.9
+22.8
127,707,000
2,801,347
1,235,958
1,994,003
121,656,000
2,276,956
1,230,110
1,811,387
210,905,839
+ 7.8
207,810,019
198,319,348
4,974,753
1,426,316
16,022,955
4,656,079
+6.8
1,339,536
14,355,096
+ 6.5
8,163,381
6,689,971
+ 11.6
81,589,929
71,950,195
553,613,152
+22.2
3,159.281,345
2,751,794,486
+ 9.0
12,143,858
10,774,734
+ 12.7
815,946,370
20,389,919
26,494,547
+ 12.2
serve
+ 7.7
+ 22.0
Franci
District —San
2,269,420
175,146,030
+ 33.8
1,065,154,138
4,333,285
+ 19.7
23,479,432
6,558,113
5,567,387
+ 17.8
29,736,667
+ 30.5
+ 15.2
1,402,000
+ 31.0
102,908,187
+22.3
2,669,572
+26.7
8,158,000
914,530,577
15,773,932
66,821,652
+20.9
374,700,721
16,084,929
+ 12.5
82,739,034
78,318,890
+ 5.6
7,193,498
+ 8.5
39,027,078
44,786,471
83,599,623
17.466,000
68,472.953
—3.7
1,837,000
199,317,747
3,381,511
80,769,107
9,952,504
8,385,519
16,119,643
+ 16.7
3,505,000
+20.7
20,292,299
13,139,605
+ 13.6
76,412,228
3,430,083
635,100,453
11,646,209
+ 31.9
710,322,585
12,258.107
21,187,441
3,479,763,973
63,364,610
5,654,457
+7.0
12,160,339
10,760,346
+ 13.0
1,152,137,275
+ 17.4
5,959,000
717,973,695
13,600,451
327,523,607
37,573,033
54,235,262
91,649,089
14,931,837
4,525,632
cities) 30,583,252,200 26,862,166,674
15,447,739.023 12,708,917,205
Outside New York
"660",230
+"0".3
+ 14.1
+ 8.4
1,352,955,428
.......
"
769*944
16,557,566
6,059,687
Long Beach
—
65,966,775
4,232,094
Berkeley...........
-
1,347,544
+ 3.0
18,813,116
Calif.—Bakersfield
—
+ 6.1
7,80^,488
Portland.....—....
772^535
+ 8.3
18,099,298
Ore —Eugene
-
"
2,581,787,100
+ 11.6
2,472,601
234,272,482
5,186,180
Wash.—Belllngham
Pasadena. .
+26.3
676,659,862
Texarkana
La.—Shreveport.
V
94,700,000
667,975,316
District— Minneapolis -
586,703,618
rve
5
119,600,000
+ 18.1
303,910
Neb.—Fremont....
+17.3
2,735.000
Lewistown
Total (16 cities)
Tenth Federal Rese
1,948,012.114
+ 8.7
13,826,302
.
2,285,441,687
364,650
4,119,895
4,357,854
Mont.—Billings
+22.9
22,934,352
3,216,660
1,012,382,289
638,069,149
1,804,598
13,610,000
448,396
11,839,154
1,376,000
1,105,000
3,937,341
9,309,487
952,120
...
Minot
*
+6.8
1,909,177
Grand Forks
I
+ 34.2
i
N. D.—Fargo
x
4,446,664
15,247,767
380,092,000
1,925,143
135,954,072
Fergus Falls........
%
536,430
151,450,626
89,070,605
864,747,058
rve
S
District —St. Louis—
515,242,164
4,747,350
719,868
218,495,336
121,914,826
396,514
3,231,000
Cape Girardeau.....
Independence
Ky.—Louisville
*
+ 18.7
+ 36.9
+27.4
+ 16.0
+ 14.4
+21.1
+9.6
+ 16.2
+ 11.6
+25.8
32,041,198
56,357,595
16,838,671
3,144,171,023
56,560,627
31,490,024
49,021,004
+ 15.0
118,306,919
959,763
868,269
2,741,304
6,459,293,087
5,568,414,687
+ 16.0
227,443,438
+ 13.9 145,211,280,407 128,491,621,455
+13.0
6,111,684,585 5,291.060,822
+ 15.5 5.077,890,205 4,905,110,492
+ 18.6
2,8.50,849,663 2,337,553.708
+ 22.0 2,223,230,090 2,050,968.881
+ 11.8
+ 5.3
+ 21.6
CANADIAN CLEARINGS FOR
71,910.429,667
60.638,660.832
+ 10.7
+ 12.0
+ 1.8
—55.3
—29.3
MAY, SINCE JANUARY 1, AND FOR WEEK ENDING MAY 29
Month of May
Five Months Ended May 31
Week Ended May 29
1
Clearings at—
Inc. or
Toronto
1940
Dec.
1941
1940
Dec.
$
Canada—
$
%
%
+ S+;
%
529,070,273
459,199,550
354,734,535
74,215,123
537,771,039
-
480,217,946
Montreal
268,100,015
78,082,991
309,016,771
Winnipeg
Vancouver
Ottawa
"
Calgary*.^..—......
29,020,509
10,480,218
21,452,082
8,117,087
11,728,870
23,006,481
24,616,855
8,069,161
11,992,408
London
...
Edmonton
Regina—
Lethbridge
Saskatoon
2,986,225
4,729,584
5,077,501
3,559,204
1,249,179
2,966,652
4,114,880
5,618,638
18,437,060
19,074,450
1,447,499
2,117,322
6,467,100
2,608,977
6,872,954
Moose Jaw
9,793,149
1,796,917
2,427,309
Brandon.
Br ant ford
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke.
—
Kitchener
Prince Albert
Moneton...
Chatham
...
Total
*
... — -.
(32 cities)....
Estimated.
*
No
1,928.501.083
figures available,
+ 8.9
+ 15.5
105,009.231
+21.6
49,348,4.50
—2.0
38,598,577
54.499,563
98,223,130
87,622,143
7,325,095
10,875,435
29,318,946
12,920,673
37,228,608
55,685,391
84,722,870
73,983,867
+ 3.7
20,838,692
20,724,129
19,901,553
+61.4
+ 14.5
10,209,035
+26.2
5,905,468
13,102,995
17,705,145
+30.7
+35.3
+7.0
+0.6
—2.2
+24.8
+29.1
+24.1
+ 14.6
+6.3
+ 14.5
+ 6.8
+5.0
—2.4
+23.4
+ 10.3
24,707,706
75,169,787
7,775,404
17,519,057
14,172,400
6,195,825
9,805,942
27,280,433
11,230,153
14,608,819
14,305,766
4,593,800
12,159,387
16,555,451
24,026,947
61,379,507
6,780,249
16,304,473
12,445,390
'
—1.0
89,918,008
85,270,082
43,059,114
—29.2
+ 33.5
14,511,391
20,751,250
+ 18.2
+ 10.9
—3.4
4,359,452
+ 1.8
2,414,534
+29.7
4,706,004
3,681,269
+ 38.7
+72.3
1939
$
114,480,892
107,914,725
40,608,985
15,655,678
17,086,272
5,340,278
2,461,580
5,194,240
4,033,027
1,857,291
1.560,479
2,517,236
3,843,921
3,423,185
1938
$
168,949,073
129,230,655
41,953,512
19,258,980
17,976,810
5,635,723
3,144,713
5,363,368
5,354,897
2,309,376
1,798,464
3,264,930
4,090,474
4,320,348
359,741
1,750,046
+ 11.6
1,532,280
2,074,331
3,292,100
+29.1
4,067,887
270,512
+ 30.8
430,507
374,287
+ 15.0
476,214
443,128
+7.5
1,215,806
1,126,919
+7.9
1,163,191
+ 15.0
+4.7
540,098
399,599
+ 36.3
563,010
805,375
+ 41.9
1,089.750
+ 13.3
756,903
221,315
516,512
877,273
1,176,717
514,267
924,843
750,548
701,510
—2.1
+ 15.9
+ 18.4
+28.0
+ 7.8
+ 6.9
+2.8
+22.5
+ 14.7
830,289
1,023,190
3,467,361
315,939
+4.2
12,947,802
9,648,822
22,101,190
8,976,362
+7.5
21,405,283
+ 3.3
1,850,383.558
+4.2
8,274,938,250
7,644.307.628
+ 8.2
310,122.017
Calculated on basis of weekly figures.
—2.1
+ 10.8
27,700,741
4,438,202
3,131,590
6,526,347
6,341,339
1,952,857
1,578,116
2,117,516
4,250,267
4,151,263
353,807
+ 1.0
y
%
76,955,210
60,779,995
15,023,891
+ 3.1
+ 16.6
13,500,469
or
Dec.
91.856,526
+98.5
2,709,087
+9.8
$
$
1,964,117
4,844,969
+ 11.1
1940
1941
773,417
598,253
454,200
385,811
1,311,973
3,855,756
Sudbury...—
65,534,326
121,628.607
+ 19.0
+ 14.5
5,756,648
13,586,780
1,588,584
3.471,815
3,010,008
3,306,109
2,822,903
2,289.794
4,892,925
Sarnia
+ 8.8
3,917,481
+
1,752,505
Kingston
101,919,212
4,427,623
3,145,593
3,108,642
990,094
2,590,319
16,772,645
Windsor
110,925,029
71,356,480
140,420,787
127,723,487
48,360,995
+ 5.2
—2.9
32,474,577
Victoria
—17.2
—24.4
23,378,602
13,507,834
24,851,154
Hamilton...——--St. John
2,400,695,869
2,199,610,983
1,093,926,494
370,170,697
583,381,154
+43.8
Halifax....
—
+ 5.6
2,535,176,828
2,177,666,617
905,828,326
381,541,136
1,158,027,371
+4.6
214,855.459
22,697,863
16,078,181
Quebec--
+ 1.6
Inc.
Inc. or
1941
+ 7.4
+ 13.9
—4.1
-:
+ 3.0
+2.1
+2.0
+ 12.9
740,847
540,084 + 101.6
+ 17.3
646,587
+ 19.3
185,586
+ 10.5
407,272
810,787
921,011
2,527,622
302,182
679,244
542,399
502,458
275,328
337,775
588,675
024,070
179,816
639,662
+8.2
867,672
+ 11.1
1,195,259
2,604,543
+37.2
+4.6
304,300
+ 13.9
985,633
+ 10.3
685,745
492,510
527,973
—9.6
+ 40.1
183,815
655,167
879,118
1,220,249
3,200,529
272,236
760,263
568,783
♦525,000
548,364
1,271,293
+3.2
1,292,353
1,120,579
305.828.392
+ 1.4
340,271,577
427,540.180
3598
The Commercial & Financial Chronicle
THE
We
ENGLISH
GOLD
AND
SILVER
reprint the following from the monthly circular of
Montagu & Co. of London, written under date of
Per
Name of Company
Samuel
May 1, 1941:
GOLD
The amount of gold held in the Issue
Department of the Bank of England
during the month of April, 1941, was unaltered at £241,575.
The
Bank
of
England's buying price for gold remained unchanged at
168s. per fine ounce, at which
figure the above amount was calculated.
The Transvaal
gold output for March, 1941 was 1,199,476 fine ounces
as compared with
1,129,975 fine ounces for February, 1941 and
1,147,382
fine ounces for March, 1940.
7*
unaltered during
aicalendar month was in January, 1919, when the price was 48 7-16d.
Quotations during April 1941 in London (bar silver
per
Apr.
Apr.
Apr.
Apr.
Apr.
2 Mas.
l........23Md.
23
2_.
3.
4
7
Apr.
Apr.
8
9
10-..
11
15
16——
Apr.
Apr.
Apr.
Apr.
—
23Md.
23 Md.
23Md.
23Md.
.-23Md.
,>.23 Md.
23 Md.
-23 Md.
New
standard):
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
18
21
22
23
24
25.
Apr. 28-.
Apr. 29
Apr. 30-
23 Md.
23 Md.
23Md.
23 7-1 fid.
23 7-16d.
23 Md.
23 Md.
2 Mas.
23Md.
7-1fed. Apr. 17
23 Md.
Average—Cash delivery, 23.5000d
In
pounce
Cash
23 7-16d.
23 7-16d.
23 Md.
23 Md.
23Md.
23 Ad.
23Md.
23V2d.
23Md.
23Md.
23Y2d.
23 Md.
23Md.
23Md.
23 Md.
23 Md.
23V2d.
...23 Md.
—
23Md.
23Md.
—
..23Md.
23Md.
...23Md.
—
—
two months'
York
(per ounce .999 fine)
market price, 34% cents.
U.
S.
delivery, 23.485Id.
Treasury price, 35 cents;
The official dollar rates fixed
by the Bank of England
follows:
Buying, $4.03
were as
Amer. Water Works & El. Co.
$6 1st pref. (qu.)_
Arkansas Power & Light $7
M; selling, $4.02M.
Artloom Corp. 7% preferred
(quar.)
Atlantic Co. 6% preferred
Atlas Press
*•'
'
—
The
following information regarding National banks is
Comptroller of the Currency, Treasury
Department:
VOLUNTARY LIQUIDATIONS
May 27—The First National Bank of
Geneseo, Geneseo, 111
Effective May 26, 1941.
Liquidating Agent: W. W. Pearson,
care of liquidating bank.
Absorbed by: The Farmers Na¬
tional Bank of Geneseo, Geneseo.
III.
Charter No. 2332.
—
Bank of Waterville,
Waterville, Maine.
Effective May 24, 1941. Liquidating
Agents:
Richard Dana
Hall and James L.
Boyle, care of the liquidating bank.
Absorbed by: Depositors Trust
Co., Augusta, Maine.
"
*
-
~
-
-
...
.
-
.
—
Amount
$160,000
300,000
_
.
.
.
~
PREFERRED
May 27—Illinois National
Bank of
Avery (B. F.) & Sons 6% preferred (quar.)
Bankers Trust Co. (N.
Y.) (quar.)
Barrister Hall Trust Co.
(Boston, Mass.) (quar.)
20c
Bastian-BIessing Co., common
;
$5.50 preferred (quar.)
Beatrice Creamery Co., com.
(quar.)
$5 preferred (quar.)
Beatty Bros., Ltd. 7 % 2nd preferred (s.-a.)
Belding-Corticelli, Ltd., common (quar.)
7% preferred (quar.)
Belknap Hardware & Mf
(irreg.)
Bell Telephone Co. of Canada
(quar.)
Belmont Radio Corp.
(quar.)
Beneficial
Industrial
Loan Corp.
(Delaware)
Common (resumed)..
$2.50 prior preferred 1938 series
(quar.)
Bishop Oil Co. (guar.)
Black & Decker Mfg. Co.
(quar. (increased)
.
$125,000
sold at auction
on
Wednesday
By R. L. Day & Co., Boston:
Slocks
$ per Share
unit Washington Ry. & Electric....
14 M
40 State Street Exchange, par $100
%
$1,000 Chicago Milw. St. Paul & Pac. RR.
5s, 2000; 29 Chicago Milw. St. Paul
& Pac. pref., par
$100; 17 Chicago & N. W. Ry. common,
par $100
$21 lot
2 Columbian National Life
Insurance Co., par $100
60
1
...
By Barnes & Lofland, Philadelphia:
Shares
Bondholders
Management, Inc.,
$ per Share
20
pref.,
par
no par
$100,
and
19 Bryn Mawr Trust
Co., par $10
3 Whltemarsh Memorial
Park Cemetery Co., no
par.
50 I. B. Corp.
common, no par
11 Central States Electric
Corp. common
1,750 common,
$50 lot
5
11
...
...
2M
.$1 lot
DIVIDENDS
Dividends are grouped in two
first we bring together all the
current week.
we
show
Then
we
the dividends
separate tables.
In
dividends announced
follow with
a
the
the
second table in which
previously announced, but which
have not yet been
paid.
Further details and record of
past
dividend payments in
many cases are given under the
com¬
pany
in our "General Corporation and
Investment
Department" in the week when declared.
name
News
The dividends announced this
week
Name of
Acme
Glove
lated)
are:
Holders
Company
of Record
Works, Ltd., 6M% pref. (accumu
June
...—
Adams Express Co
Ahlberg Bearing Co., class A
(quar.)
Laboratories, Inc. (quar.)
Allied
June
June
Class A extra—,
Class B
June
14
16
June
_
(quar.)
7
June
20
June
16
June
16
June
16
—
American Coach & Body Co.
(increased)
American Crystal
Sugar
6% preferred (quar.)
American Cyanamid Co.—
Class A (quar.)
Class B (quar.)
5% conv. preferred 1st series
(quar.)
5% preferred 2nd series
(quar.)
5% preferred 3rd series
(quar.)
American Express Co.
(quar.)
(quar.)
Borg-Warner Corp.
American Fork & Hoe Co
6% preferred (quar.)
American Optical Co.
(quar.).
American Smelting &
Refining Co.,
7% 1st preferred (quar.)
American Snuff Co. com.
(quar.)
6% preferred (quar.)
17
June
12
June
12
June
12
12
June 20
June 14
July
June
com
12
June
June
Mfg. Co. (quar.)
5
14
Aug.
July
3
June
12
June
12
1
June 16 June
June 16 June
July
July
July
July
July
July
July
3
5
June
16
June
16
13
June
June
13
June
14
June
15
June
15
June
May 19
July
June
23
16 June
2
June
14
14
16 June
4
June 30 June
16
16 June
June
16 June
9
July
1 June
10 June
17
June
87Mc
40c
JS1M
—
6
July
1 June 23
June 30 June
4
June 30 June
July
14
2 June 20
July
June
July
July
June 20
June 30
10c
JuC
May 31
10 May 31
2 June 14
June 20 June 10
June
U7Mc
15c
14
June
SIM
S4M
—
__
1,
2
+$4
(irreg.)
Burlington Steel Co. (quar.)
Byers, (A. M.) Co. 7% preferred
Div. of $2.0708;
representing the quarterly
July
June
16 June
July
July
June
16
June
14
6
1937, and int
__
County Ry. Co. (s.-a.)
Canada Bread, Ltd.,
5% preferred (quar.)
5% class B_____
X2uc
$3 preferred (quar.)
(accumulated)
Canadian Celanese, Ltd.
(quar.)
Extra
July
July
July
July
+ *
July
75c
—.
Canada Bud Breweries
(interim)
Canadian Breweries, Ltd.—
*62Mc
—
^c
14
14
14
10 July
2
2'June 14
June
30 June
16
30 June
June 30 June
16
July
July
July
Class B
.
+37Mc
Co
....
Carey (Philip) Mfg. Co., 6% pref.
(quar.)
5% preferred (quar.)
Carib Syndicate, Ltd.
(liquidating)
Celanese Corp. of
America, common
Central Aguirre Associates
(quar.)
Celluloid Corp., $7
participating 1st pref_
July
July
July
.....
______
—.—
I
—
_______
Class A.
Class B
-
-
14
June
14
30 June 20
17
17
15 June 30
July
1 June 17
2 June 18
30 June 14
June 17
75c
June
J>1
50c
July
July
July
53 M
June
May 28
SIM
July
July
July
June
$1
75c
oZAC
June 20
June 20
23
June 20
June 20
June 25 June
9
July
1 June 18
July
1 June 29
53
5 E12
'5c
Si A
30c
Aug.
1 July 25
June 30 June 17
50c
June 27 June
17
25c
Aug.
28j Aug.
14
75<j
June
30 June
10
AtJr
45c
June 30 June
10
Aug.
15
25c
75c
f 1M
1 July
June 30 June 16
July
1 June 13
June 30! June
3
®1M
June 30 June
3
52
June 30 June
June 30 June
lfe
lfe
75c
#1M
12Mc
40c
+52
S2
20c
75c
$2 A
Aug.
1 July
Aug. 15 July
14 May
July
2 June
June
July
June
July
June
July
June
June
15
15
29
14
12
13
16
30 June 19
19
June 30 June
June 30 June
19
43 He
Aug. 15 Aug.
6
T|1 n
July
July
31 Mc
June
+52 M
July
37 M c
52
$1M
June 20
June 20
25 June
14
2 June 21
June 25 June
14
51
July
June
1] June
20 June
14
20c
June 25 June
18
51
25c
7% preferred (quar.)
Diamond Portland Cement Co.
(irreg.)
Diamond T Motor Car Co
Dominion Glass Co., common
(quar.)
7% preferred (quar.)
Dominion Textile Co., Ltd., 7% pref.
(quar.)..
Dunkirk Trust Co. (N. Y.) (quar.)
June
4
24 June
30 June
July
July
T$1 M
+52
25c
-
4
June
June
Consolidated Aircraft
Corp. com. (irreg.)
$3 conv. preferred (quar.).
Consolidated Laundries $7.50
preferred (quar.).
Consolidated Oil Corp.
(quar.)
Consumers Gas Co.
(Reading, Pa.)_
Consumers Gas
(Toronto) (quar.)
Continental Baking Co.,
8% pref. (quar.)
Continental Bank & Trust Co.
(N. Y.) (quar.)..
Cooper-Bessemer Corp., $3 prior pref.
(quar.)..
Craddock-Terry Shoe Corp.—
1st preferred
(semi-annual)
2nd preferred
(semi-annual)
3rd preferred
(semi-annual)
Crown Drug Co. 7%
preferred (quar.)
Cuban American Sugar,
7% preferred..
5A% preferred (quar.)
Davega Stores Corp., 5% conv. pref.
(quar.)—
Debenture & Securities
Corp. of Canada—
5% preferred (semi-annual)
Deisel-W emmer-Gil bert
Corp. (quar.)
Delaware RR. Co.
20
June
$1-20
_
June
July
July
1 June 18
June 30 June 20
oyiy
(Cincinnati, Ohio)
Chapman Valve Mfg. Co., common
(quar.)
7% preferred (semi-annual)
Chemung Canal Tr. Co. (Elmira, N. Y.)
(s.-a.)_
Chicago Pneumatic Tool $3 conv.
pref. (quar.)
$2.50 conv. prior preferred
(quar.)
Cincinnati New Orleans & Texas
Pac. Ry. Co.
(Irregular)__._
Cincinnati & Suburban Bell
Telep. Co. (quar.)__
Citizens Wholesale
Supply Co. 6% pref. (qu.)—
City Baking Co., 7% preferred
(quar.)
City Ice & Fuel Co
Climax Molybdenum Co.
(quar.)
Colorado Fuel & Iron Co_____
Commercial Credit Co., common
(quar.).'
4M% preferred (quar.)
Commonwealth Edison Co.
(quar.)
Community Power & Light
Conn Gas & Coke Securities
$3 pref. (quar.)
Connecticut River Bank
(Hartford) (s.-a.)
(semi-annual)
50c
|1M
Cent. Canada Loan & Savs. Co.
(Toronto)(qu.).
Central Electric &
Telephone Co., 6 % pref. (qu.)
Cent. Hanover Bk. & Tr. Co.
(N. Y.) (quar.)
Central Trust Co.
16
—..
(accumulated)
Detroit Trust Co.
(Detroit, Mich, (s.-a.)
Devoe & Raynolds Co.—
1 June
2 June
2 June
June
Canadian Wirebound
Boxes, Ltd.—
Dunlop Tire & Rubber
5
June 30 June 20
July
1 June 12
June
+50c
-
:
Aug. 15
May 20
10 June
50c
Bulova Watch Co.
(quar.)
British Colombia Power
Corp. cl. A (quar.)
Brown & Sharpe
Delta Electric Co.
(quar.)
June 21
40c
10c
;
6% preferred (quar.)
Mortgage & Trust Co. (Stratford, Ont.)
(s -mi-annual)
Extra
14
14
June
2 Ac
50c
62 Mc
British
Mills
13
June
June 30 June
June 30 Jifne
62Mc
Interim di v. of 7 pence for each £
of ord. stock.
Coupon No. 186 must be used for div.
Bridgeport Gas Light Co. (quar.)
British Columbia Elec. Pow. &
Gas Co.
div. of $1.75 due Nov.
thereon to July 1,1941.
Camden & Burlington
June
June
June
June
15c
Brandtjen & Kluge, Inc. 7% conv. pref.
(quar.).
British-American Tobacco Co., Ltd
Burd Piston Ring
(quar.)
Burgess Battery Co.
July
July
July
July
Sept.
40c
„
—
Bound Brook Water Co
——
June
...
X%2
cl. A (s.-a.)
---
June 20
June 17
_
16
16
June
(irreg.)
American Agricultural Chemical
American Alliance Insurance
Cd. (quar.)
American Bakeries Co., class A
18
June 20
—
Altoona & Logan
Valley Electric Ry. Co
Aluminum Goods Mfg. Co.
SIM
Holders
Payable\ of Record
40c
Bond Stores, Inc.
_
Slocks
5 Druedlng Bros, class B
common, no par
400 American Steel
Engineering Co.
t$3M
m
t$lH
—
Cannon
of the current week:
Shares
25c
SIM
_
—
were
$1H
—
...
Class A (quar.)
Class A
AUCTION SALES
Thp following securities
40c
participating preferred
Canadian Oil
Companies, Ltd., 8% pref. (quar.)
Canadian Wallpaper
Mfrs., Ltd., class A__
Sold to
—
37 Ac
50c
37 Ac
7%
STOCK ISSUED
Quincy, Quincy, 111.
Reconstruction Finance Corporation
20c
—
Building Products, Ltd. (quar.)___.
BANKS
from the office of the
May 27—First National
SIM
t$lM
■
Extra
NATIONAL
50c
(irreg.)
_
during April, 1941,
$im
%l%
$im
preferred (quar.)
6% preferred (quar.)
Art Metal Construction Co.
When
Share
Basic Refractories
SILVER
Very steady conditions prevailed during April and
buying for trade
requirements was again a feature of the market: there was some
selling of
newly produced silver, but demand in the main was met
by silver from
Indian Government stocks.
p*On April 1 prices were 23Md- for cash and 23 7-16d. for two months'
delivery; the quotation for the latter varied between 23 Md. and 23 7-16d.
until April 10, but thereafter ruled at
23 Md. for the remainder of the
month.
The cash price was
unchanged at 23Md. throughout the whole
of April; the last occasion on which the
spot quotation was
Cash
June 7, 1941
MARKETS
51 A
20c
25c
+51M
+§ 1 A
$1 A
$2
10
July
July
July
June 20
June 20
July
Juiy
July
June
June 20
June 20 June 10
June 25 June 18
July
2 June 16
16
June 30
June 20
Goods Co. Ltd.—
5% 1st preference (s.-a.)
Duplan Silk Corp., common (reduced).
-—30c
8% preferred (quar.)
52
Durfee Trust Co. (B. M. C.) (Fall River,
Mass.)
—
(Quarterly)
55
June 30! June 16
Aug. 15 July 31
June 16
July
July
June
June
10 May 27
June 20
Eastern Malleable Iron Co
Eastern Steamship Lines, $2 conv.
pref
Eastern Steel Products, Ltd., 5% conv. pref.
T50c
July
East Tennessee Light & Power Co. $6
pref. (qu.)
$1 A
July
July
50c
14
June 14
June 16
'
Volume
The Commercial & Financial Chronicle
152
Per
Name of
Company
Share
Easy Washing Machine, class A (irreg.)
dlass B (irreg.)
Ecuadorian Corp., Ltd. (Bahamas)
class A
_
______
_
June
25c
$2 X
__
_
t62t&
15c
$1.44
__________
Savings
&
Loan
Association
_
_
.
_
July
June
June
June 20
July
June 30
16
May 15
May 27
June
18
June 20
Sept. 20
June
15
June
15
July
July
July
July
July
July
15
15
June
16
June 23
July
June
4
Oct.
June
4
June
May 26
May 26
June
June
10 June
2
June
10 June
2
2
50c
June
June
10 June
10 June
2
4l-10c
June
June
2
53-10c
June
June
2
50c
July
July
June
16
25c
35c
Four Wheel Drive Auto Co. (irreg.)
Frankfort Kentucky Natural Gas
_
_
June
16
June
June
14
$ih
June
June
14
60c
4%% convertible preferred (quar.)
June
$1
June 10
June
2
June
June
10
25c
_
June
15c
_
Franklin County Distilling 60c. conv. pf. (quar.)
Garner Royalties Co., Ltd., class A
General American Investors, $6 pref. (quar.)
General Box Co (Quar.)
General Mills, Inc., 5% pref. (quar.)
June
June
2
$ih
July
June
20
lc
July
July
July
June
10
June
10*
July
July
June
17
June
17
$1X
General Paint
66c
General
15c
Corp., $2.67 preferred (quar.)
Printing Ink Corp
$6 preferred (quar.)
General Reinsurance Corp. (N. Y.) (quar.)
General Time Instruments Corp
$6 preferred (quar.)
•
$1h
June 20
June
June
9
50c
General Water Gas & Electric Co., common
July
July
June
19
June
19
July
July
June
12
75c
June
12
75c
July
1 June
16
$1H
±25c
July
July
July
July
25c
$3 preferred (quar.)
Girard Trust Co.
(Philadelphia).
Globe-WernickeCo., 7% pref. (quar.)....
Goderich Elevator & Transit Co., Ltd. (s-a)
Gold & Stock Telegraph Co. (quar.)
IlH
_
Golden State Co., Ltd. (quar.)
20 c
;_
Goodyear Tire & Rubber Co. of Canada, Ltd.—
Common (quar.)___
_______
5% preferred (quar.)
Grand Rapids Varish Corp
Grant (W. T.) Co. (Del.) (quar.
5% preferred (quar.)
Great American Indemnity Co. (s.-a.)
Great American Insurance Co. (quar.)
Great Lakes Power Co., Ltd., 7 % pref. (quar.)
Greening (B.) Wire Co., Ltd. (quar.)
x
t63c
July
July
June
3.5c
25c
10c
25c
July
July
1 June 20
2 June
1
14
June 30
15 June 30
2 June 14
2 Tune 14
30 June 20
1 June 17
1 June
17
16 May 20
15 June 20
June
July
6% preferred class C (quar.)____
North
of
America
July
July
1 June 20
t$lH
tl5c
_
Co.
15 June 30
|$1H
_
July
July
12Hc
12Hc
37 He
_
Gruen Watch Co
Extra
t»2 h
Guaranty Trust Co. (N. Y.) (quar.)
Gulf Oil Corp
Halifax Insurance Co. (N. S.) <s.-a.)
Hall (C. M.) Lamp Co
Hanna (M. A.) Co., common
i
$5 preferred (quar.)
Harrisburg Gas Co., 7% preferred (quar.)
Harrisburg Steel Corp. (quar.)__
Harshaw Chemical Co. (quar.)
Hat Corporation of America, 6H % pref. (qu.)_
Haverty Furniture Cos., Inc., $1.50 pref. (quar.)
Heath (D. C.) & Co., 7% preferred (quar.)
Henkel-Clauss Co. $6 pref. (quar.)
Home Gas & Electric Co. 6% pref. (quar.)
Homestake Mining Co. (monthly)
Honey Dew, Ltd
Honeymead Products Co. (quar.;
Hoover Ball & Bearing Co
Iloskins Mfg. Co
Houdaille-Hershey Corp., class A (quar.)_____.
Class B (irregular).
Huron & Erie Mtge. Corp. (London, Ont.) (qu.)
Huttig Sash & Door Co., common
7% preferred (quar.)
Idaho-Maryland Mines (monthly)
Indian Motocycle (irreg.)
_
_
$3
25c
___________
___
2 Tune
16
t50c
_
_
__
6% non-cumulative preferred (irreg.)
Indianapolis Power & Light 5X% pref. (quar.)_
Insuranshares Certificates, Inc. (Md.)
International Holdings, Ltd. (irreg.)
International Nickel Co. of Canada—
7% preferred ($100 par) quar.)
7% preferred ($5 par) (quar.)
International Products Corp., 6% pref. (s.-a.)__
UVs
$1H
15c
11
13
June
10
16 June
12 June
9
2
6
Jersey Central Power & Light Co.—
7% preferred (quar.)
6% preferred (quar.)
5H% preferred (quar.).
Joliet & Chicago RR. Co., stamped (quar.)__
Joy Manufacturing Co. (quar.)
6% preferred (quar.)_
___
Kansas Power Co. $6 preferred (quar.)
$7 preferred
(quar.)
Co. common (s.-a.)
$4.50 preferred (quar.)
Keystone Custodian Fund Series B-l
Katz Drug
Extra
_
_
_
-
—
-
—. -
_
i.
-
_ - -
_
--—--- -
30 June 23
June 20
$56
June
11
1 June 20
17
14
4
June 30 June 20
21 June 10
June
July
July
1 June 14
$1.31 X July
10c June 26 June 16
June
30 May 30
-
1 June 14
15 June 30
10 June 20
30c
June 20 June
%XX
17
1 June 14
July
July
1
May 29
July 15 June 30
7
June 14 June
June
2 May 20
June
37Hc
16 June 11
5
15 June
June
June 25 June
12
3 June 23
July
J50c
June 30 June 20
10c
June 20 June 10
2 He
75c
June 13 June
1 June
July
2 June
July
2 June
July
2 June
$1 X
July
1 June
$1 X
July
July 15 June
1 July
$1.06H Aug.
4H% preferred (quar.)
30c
Murray Ohio Manufacturing Co.
Nashville & Decatur RR. Co. 7H% f?td. (s.-a.)_
93 He
National Breweries, Ltd., com (Quar.)
150c
7% preferred (quar.)______,__..---.
J44c
National Brush Co. (quar.)_
10c
National Trust Co., Ltd. (Toronto) (quar.)
$2
Naval Stores Investment Co. (quar.)
25c
10c
Nelson Baker & Co
New England Fire Ins. Co. (quar.)
13c
1
New England Power Assn. $2 pref
1 33 l-3c
6% preferred
t$l
New Idea, Inc. (quar.)
15c
New London Northern RR. Co. (quar.)
$1X
New Mexico Eastern Gas Co. com. (s.-a.)
20c
$1H
6% conv. preferred (s.-a.)
Newport Electric Corp. 6% preferred (quar.)
$1H
N. Y. Lackawanna & Western Ry. com. (quar.)
$1H
New York Shipbuilding Corp.—
—
—
_
_
5
June 20 June 10
43 He
t55Hc
$1X
7 % preferred B (quar
'.)-
16
15 June 10
July
50c
Morris & Essex RR. (s.-a.)
Morris (Philip) & Co. common (quar.)
14
10
10
10
13
30
15
July
1 June 21
July
1 June 20
July
2 June 14
2 June 14
July
2
June 16 June
2 June 20
July
June
2
May 26
June 30 June 26
1 June
14
1 June
16
1 June
July
July
July
16
June 30 June 14
June
1 June
16 June
June
16 June
9
July
July
1 June
16
July
14
9
1 June 13
June 20 June 10
June 20 June 10
Founders Shares
Participating Shares
$IH
75c
,
1 June
July
6
June 30 June 16
June 16
July
12Hc
J20c
t$lH
0% preferred (quar.)
North Star Oil Co. Ltd. 7% preferred (accum.)
18 Xc
Norwich & Worcester RR. 8% pref.
$1H
Nova Scotia Light & Power Co., Ltd. (quar.)
i$iH
July
July
July
July
July
5c
June
North Central Texas Oil Co., Inc. (interim)
Northern Ontario Power Co., Ltd. com
Oahu Sugar Co. Ltd. (monthly)
Ohio Brass Co. class A—
June 30
June 30
June
13
June
14
14
5
14 June
June 2 4June 7
June
50c
June 24 June
50c
._
Class B
—
.
_
7
Aug.
Aug.
July
1 July
July
2
2
15 June 30
June
July
July
14
June 14
July
July
July
June 14
July
July
June
16
June
10
June 30 June
14
June
June
14
June
July
July
July
July
14
June 10
v
1 June 10
1 •June
10
7 June 25
14
May 31
June 27 June
1 June
July
13
1 June
13
1 June
13
13
July
July
July
July
July
June
1 June
17
15 June 30
—
-
Pathe Film Corp. $7 conv. pref. (quar.)
Pato Consolidated Gold Dredging, Ltd.
(s.-a.)
_
June
14 June
2
14 June
2
.June
10
May 31
June
June
3
June
June
3
July
July
June 25
June
June
June 25
10
July
June 30
June
June
18
May 23
June
June
May 28
July
July
July
June
11
June
13
June
13
June
June
14
July
June
_
llJune 24
25 June
4
4
June 25 June
June
6c
July
July
12Hc
75c
June
$1
July
July
$1H
37Hc
50c
25c
14
2
13 June
28 June 26
25 June 10
30 June
1 June
12
16
1 June 16
June 30 June 20
July
July
1 June
20
July
10
June 30 June
July
1 June
14
31
,
14
$1X
$1X
.
July
June
10
July
June
10
$1
June
June 20
$3 H
mx
June
June 30
June
4
+3c
July
July
July
June
13
t50c
June
June
10
50c
June
16
June
10
June
June
4
10c
(quar.).
Public Service Corp. of New Jersey
(monthly)
50c
20c
Class A
6% preferred
$1H
June
June
4
25c
June
30, June 23
50c
July
15' June
$2H
Prudential "Personal Finance Corp. (Baltimore)
June
14
June
t2c
5% 2nd preferred (resumed)
Progress Laundry Co. (quar.)
15c
June
July
10c
Extra
Payne Furnace & Supply Co. (resumed)
Pend Oreille Mines & Metals (initial)
Penn Traffic Co. (s.-a.)
Penney (J. C.) Co. (quar.)
Pennsylvania Water & Power Co. com. (quar.) _ _
$5 preferred (quar.)
—
Perfection Stove Co. (quar.)
Peter Paul, Inc. (quar.).
Pfeiffer Brewing Co. (quar.)
Philadelphia Baltimore & Washington RR. Co.
Common (s.-a.)
Phoenix Insurance Co. (Hartford) (quar.)
Pittsburgh Fort Wayne & Chicago Ry. Co.—
Common (quar.)
7% preferred (quar.)
—
Pittsfield Coal Gas Co. (quar.)
—■ —
Plaza Perm. Bldg. & Loan Assn. (Bait.) (s.-a.)_
Porto Rico Power Co., Ltd. 7% pref. (quar.)___
Pratt & Lambert, Inc__.
— --Premier Gold Mining Co., Ltd. (quar.)____ ___
Pressed Steel Car Co., Inc., 5% 1st preferred- __
15 May 31
14
14
$1X
110c
_
15 May 31
2 June 25
June 20 June
14
June
40c
—
June
16
14
June
15c
June
1 June
June
July
$1H
77c
July
June 14
July
July
July
July
July
June
20c
Common
6% 1st preferred (quar.)
6% 2nd preferred (quar.)_
Parke Davis & Co..
15c
---
June
Paramount Pictures, Inc.—
14
2 June
20c
June 26 June
June 30 June 20
July
July
t$lH
Monongahela West Penn Pub. Serv. Co.-—
7% preferred (quar.)
Moore Corp., Ltd., common (quar.)
7% preferred A (quar.).
June 26 June 16
50c
16
2 June
12 June
5c
Kingsburg Cotton Oil Co
King Seeley Corp
__________
Kysor Heater Co. (quar.)
50c
14
June 26 June 16
25c
50c
40c
Series K-2
t$ IX
16
20
June
___
___.
nlio
1 June
1 June
June 25 June 20
July
$1H
$1H
$1X
12Hc
25 June 14
1 June
1 June 20
July
July
June 25 June
$1 %
25 June
June
(quar.)
18
15c
Justrite Mfg. Co__._._--------— -___ —
Kansas Gas & Electric Co., 7% pref. (quar.)___
June
25c
Meyer (H. H.) Packing Co. 6H% pref. (quar.)_
Midland Oil Corp. $2 conv. pref
Mid-West Refineries, Inc., $1.50 conv. pf. (qu.)
Miller Wholesale Drug Co
Mission Dry Corp
Mitchell (Robert) Co., Ltd
Modern Collet & Machine Co. (initial)
Modern Die & Tool Co. (quar.)
17
30 June 28
50c
$1 %
$1 H
30c
3c
25c
$1X
Massachusetts Plate Glass Ins. Co. (s-a)
McCali-Frontenac Otl Co., Ltd.—
6% preferred (quar.)
McLouth Steel Corp. (irreg.)
1 July
50c
___
1 June 14
2
16 June
Margay Oil Corp. (quar.)__
Marine Midland Trust Co. (N. Y.) (quar.)
Marion-Reserve Power Co., $5 preferred (quar.)
1 June
$1
25c
$1 X
$1H
14 June
July
$1.80
$7.20 preferred (quar.)
$1M
$7 preferred (quar.)
$1.65
$6.60 preferred (quar.)_
—
$1H
preferred (quar.).
$1M
$5 preferred (quar
50c
Ohio Forge & Machinery (irreg.)
$1.H
Ohio Telephone Service, 7% preferred (final)
_
Oklahoma Interstate Mining Co. cl. A (s.-a.)_$l .57 He
15c
Olympia Brewing Co. common
15c
6% non-cum. participating preferred
11H
Orange & Rockland Electric Co. 6% pref. (qu.)_
\IX
5% preferred (quar.)
- —
15c
Orpheum Building Co
$1X
Pacific Lighting Corp. $5 pref. (quar.)
10c
Pacific Public Service (quar.)__
$3
Pacific Spruce Timber (liquidating)
t$lM
Page-Hersey Tubes, Ltd. (quar.)_
t$l H
Pantex Pressing Machine $6 preferred
"
25c
7
June
$1 H
Aug.
July
July
t$lH
t$lH
7 June 20
7 June 20
15 June 13
June 25 June 14
June
_________
16
62Hc
mx
July
July
July
May 27
25c
Extra
1 June
Iowa Southern Utilities Co.—
7% pref. arrears certificates
6h% pref. arrears certificates
6% pref. arrears certificates
Irving Air Chute Co., Inc. (quar.)
Irving Trust Co. (N. Y.), (quar.)
Jefferson Electric Co
1
-;••• $2
40c
7% preferred (quar.)
:__
Mahon (R. C.) Co
Mansfield Theatre Co., Ltd., 7% pref. (accum.)
Manufacturers Trust Co. (N. Y.) com. (quar.)_
$2 preferred (quar.)
July
•Tune
$1X
June
Ohio Edison Co.—
July
60c
30c
10
June 25 June 14
30c
$1.9449 July 28
$2.2692 July 28
Lykens Valley RR. & Coal Co. (s.-a.)
Lyon Metal Products, Inc
Magazine Repeating Razor Co., common—
New preferred (quar.)
Magor Car Corp. com. (quar.)
12
June
30c
9
4c
90c
Louisville Gas & Elec. Co. 6% pref. (final)
7% preferred (final).
Ludlow Manufacturing Associates
26 June
12c
30c
19
June 23 June
15c
June
50c
$1H
Telephone Co. $6 pref. (quar.)
1 June
1 June
1 Aug. 15
Sept.
July 15 June 30
25c
37 He
International Shoe Co
15 June 30
July
July
July
July
5c
June 30 June
25c
5H% preferred (quar.)
Noblitt-Sparics Industries, Inc
J50c
$1 X
17
't&v
Extra
Little Schuylkill.Nav. RR. & Coal
(irreg.)
Locke Steel Chain Co.
(quar.)
Extra.
1 June 20
June
37 He
10
1 June
37Hc
$1H
Lehman Corp. (quar.)
15 •June 30
June
37 He
—
July
25c
$1X
1 June 20
1 June
1 Juhe
37 He
___
July
July
June
$1 H
25c
37 He
July
July
July
July
New York State Electric & Gas Corp.—
20c
________
"_
1 June 20
(Montreal)
(Quarterly)
J
_
.
50c
$1h
J
8% participating preferred (s.-a.)
Modine Mfg. Co.
1 June 13
1 June 13
1 June 20
July
July
July
hoc
__
_
Holders
When
Payable of Record
f 15c
flH
________
Landers, Frary & Clark (quar.)
Lehigh & Wilkes-Barre Corp
Louisville Provision Co.—
_
25c
_____
_
3
?
'
Interstate
June
50c
_
Beneficial shares, insurance stock series.
Florsheim Shoe Co., class A
Class B__
Food Machinery Corp., common
Guarantee
June
7
25c
_
_
June 21
3%
_ _
Extra.
June
June
of
South
Philadelphia (s.-a.)
First Security Corp. of Ogden (Utah)—
Class A (a-a)
Special
v_:.
^
Class B (s-a)_--_-.-_^»—
Special
Fiscal Fund, Inc.—
Beneficial shares, bank stock series.
June
Oct.
$2
$2
$1
50c
First National Bank (Palm Beach, Fla.) (mthly.)
Federal
May 29
July
July
25c
___
Extra
June
July
July
$ 1.18*
$2
$3
27c
6% preferred (guar.)
Extra.
Lambert Co
June
___
M
Lamaque Gold Mines, Ltd. (quar.)
10
35c
Finance Co. of Pennsylvania (quar.)
First National Bank (Binghamton. N. Y.) (s.-a.)
First Nat. Bank (North Easton, Mass.) (quar.)
First
10
16
June
June
15c
Koppers Co. 6% preferred (quar.)
Lackawanna RR. of N. J. 4% gtd.
(quar.)
La Crosse Telephone Co. com.
(initial)
June
60c
Extra
Filene's (Wm.) Sons, common (quar.)
Quarterly—___
10
Share
Company
June
50c
35c
Per
Name of
June
50c
________
4X% preferred (quar.)
June
25c
—
_
June
$1s1
Cleaner Co., lnc_____
(quar.)
Equity Corp., S3 convertible preferred
Excelsior Insurance Co. (Syracuse) (irreg.)
Excelsior Life Ins. Co. (Toronto, Ont.) (s.-a.)__
Fajardo Sugar Co. of Porto Rico (quar.)
Fear (Fred.) & Co. (quar.)
FeddersManufacturing Co. (irreg.)
Federal Insurance Co. of New Jersey (quar.)
(quarterly) _
Fernie Brew Co., Ltd. (annual)
non-cum.
June
37 He
Elgin National Watch Co
Elizabethtown Water Co. Consolidated (s.-a.)
English Electric Co. of Canada, Ltd.—
S3
June 20
June
$3 H
(semi-annual)
vacuum
June 20
June
3c
Eddy Paper Corp. (irreg.)
Egry Register Co., 5H % pref. muar.)
Electric
Holders
Payable of Record
25c
25c
—
Preferred
When
3599
-------
June
13
The Commercial & Financial
3600
Per
Name of
Share
Company
Real Estate Loan Co. of
Canada. Ltd. (s.-a.)
(quar.)
i—
Reliable Fire Insurance Co.
Reliance Mfg. Co.
IS
(quar.)
Remington Arms Co., Inc. 6% preferred (s.-a.)_
Rensselaer County Bk. & Tr. Co. (N. Y.) (quar.)
Rensselaer & Saratoga RR. Co. (s.~a.)_ _;
Rice-Stix Dry Goods Co. 7% 1st pref. (quar.).-.
May 23
June
Allied Stores Corp. 5% pref.
June 20
7
Rocheeter-Amer. Insur. Co. (N. Y.)
_
Rome Cable Corp
Roos Brothers. Inc. (quar.)
Roper (Geo. D.) Corp. (quar.)
Sabin Robbins Paper Co.. 7% pref. (quar.)
pref. (semi-annual)
Equipment Corp
Scudder Stevens & Clark Fund, Inc. (quar.)....
Second Standard Royalties, 12% preferred
Security Engineering Co., Inc.—
7 % preferred (quar.)
Security Holding Corp., Ltd.—
6% non-cum. pref. (increased)...
Shamrock Oil & Gas 6% con v. pref. (s.-a.)
6% preferred (s.-a.)
St. Croix Paper Co., 6%
St. Louis Bank Bldg. &
14
14
Aluminum Co. of America common—
June
14
$6 preferred
li
June
June
(quar.)
May 29
Aluminum Manufacturers, Inc.
June
14
14
25c
15c
July
July
June 12
June
June
June
Quarterly
.
Quarterly
7% preferred (quar.)—
7% preferred (quar.)
7% preferred (quar.)
Amalgamated Sugar Co
6% preferred (quar.)
American Bank Note Co. common (resumed) —
6% preferred (quar.)
'h
American Can Co., 7% preferred (quar.)
American Chain & Cable
Preferred (quar.)
American Chicle Co. (quar.)..
June
June 20
10
June
5
July
July
June 20
June
June
10
June
June
5
June 21
tic
June
May 31
43 He
June
16 May 29
Extra
American Cigarette & Cigar
16
.S3
June
16
June
June
14
Common
14
June
17
June
14
15c
May
25c
June
May 27
May 27
Common (resumed)
$1H
25c
50c
South West Pennsylvania Pipe Lines
13
Extra
.
June
14
50c
Springfield Gas & Klec., $7 pref. (quar.)
Square D Co., common
5% convertible preferred (quar.)
Squibb & Sons (irreg.)
Standard Fruit & Steamship, $3 partic. pref
Starrett (L. S.) Co, (irreg.)
Straits Manufacturing Co. (quar.)
Strouss-IIirshberg Co. (quar.).-v.Stuart (D. A.) Oil Co., Ltd.—
Class A participating preferred, extra
Sun Life Assurance of Canada (quar.)
June
June
June
10c
July
July
July
June
11
June
11
June
17
June
June
10c
75c
"si
15
June 28
June
June
SIM
July
June 30
50c
June
June
t75c
July
June 21
-
__
-
-
on common
June
June
June
June
13
June
June
4
Sept.
Sept.
5
Dec.
Dec.
5
Sept.
Aug. 25
Dec.
June
Nov. 25
June
2
$5
.
July
June
June
May 31
July
June 30
June
June
June
23
23
20
June
May
May
May
May
June
6
$1.18 M July
June 30
$1H
t$4H
June
25c
July
July
July
June
14
$1H
June
2
June
16
75c
6% 2d preferred
American Hardware
Corp. (quar.)
May 29 May 20
!■
6% conv. preferred (quar.)
American Home Products Corp. (monthly)
16 June
5
June
June
14
16
20c
June
14
June
14
June
June 20
preferred
Machine & Foundry Co. (irregular)..
t$lH
June
June
Supersllk Hosiery Mills, Ltd., 5% pref. (s.-a.)__ t$2M
*20c
Tamblyn, (G.), Ltd., common (quar.)
162 He
5% preferred (quar.)
lc
Tamarack & Custer Cons. Mining (irreg.)
tlOc
Teck-Hughes Gold Mines, Ltd. (quar.)
Tennessee Light & Power Co., 6% preferred
llH
July
July
July
June
13
American
June
13
American Maize Products Co. common
June
13
June
June
14
American Meter Co
July
July
June
10
Amer. Nat. Fin. Corp., non-cum.
__
—.
June
16
Texas-New Mexico Utilities Co.—
$4
50c
20c
July
1 June 21
10
June
June
5
Timken-Detroit
Axle
Tobacco Securities Trust Co., Ltd.—
June 20 June
10
SI H
Union Investment Co
10c
7.6% preferred (quar.)
Union Metal Mfg. Co., common
95c
qpi..
U. 8. Pe
"
'etroleum Co
_
.
Common
June
14
June
14
American Seal-Kap Corp. of
12c
June
14
American Steel Foundries
25c
June
18
American Stores Co
June
18
American Sugar Refining 7% pref. (quar.)
American Sumatra Tobacco Corp. (quar.)
4 M%
__
Special fiscal year-end
June
16
June
16
American
June
11
American
June
Wayne Pump Co
West Jersey & Seashore RR. Co. (s.-a.)
Western Light & Telephone Co. $1.75 pref. (qu.)
Western Tablet & Stationery Corp. 5% pref.(qu)
West Penn Electric Co., class A (quar.)
West Penn Power Co. (quar.)
4M% preferred (quar.)
Westside Bank (Milwaukee, Wis.) (s.-a.)
Weyenberg Shoe Mfg. Co. (irreg.)
White Sewing Machine, $2 prior preferred
Wisconsin Electric Power common (irreg.)
6% preferred (1897 series) (quar.)
Wisconsin Ivestinent Co. (irreg.)
Wisconsin-Michigan Power Co. 4M % pref. (qu.)
Wolverine Tube Co. (irreg.)
Wool worth (F. W.) & Co., Ltd.—
Amer. deposit rets, for 6% pref. (reg.)
Wurlitzer (Rudolph), 7% preferred (quar.)
June
June 20
June
June
$15
July
June 20
$2
June
June
10c
June
May
July
6
17
May
May
June
10
14
June
June 20
July
June 21
June
June
3
25c
July
June
14
July
June
14
July
July
50c
1
July
July
June 20
June
12
43 He
June
June
July
June 20
June
June
13
June
June
June 20
June
5c
15c
5c
SIM
Below
we
June
20
June
June
5
Aug.
June
25
May 27
15
July
June
10
June
May 31
June
June
16
Asbestos
Abbott Laboratories
Company
(quar.)
40c
Extra
10c
4 H % preferred (quar.)
Acme Steel Co. (quar.)
Aero
__
Supply Mfg. class A (quar.)
Class B
(irregular)
1
Aetna Ball Bearing Manufacturing
Agnew-Surpass Shoe Stores pref. (quar.)
Agricultural Insurance Co. (N. Y.), quar.
Holders
Payable of Record
Juno
June
12
June
June 12
July
1
6
13
13
"If
June
July
May
37 He
30c
July
June
June
June
35c
June
June
12
July
June
16
_
July.
June 20
Alabama Great Southern RR. ord. shares
S3
June
June
7
6% participating preferred
Alabama Power Co. $7 preferred (quar.).
$6 preferred (quarterly)
$5 preferred (quarterly)
$3
June
June
7
$1M
SIM
$1M
July
July
Aug.
June
13
June
13
July
18
_
18
July 25 June 28
5
2 June
July
2
June, 16 June
July/
July
July
July
1 June
15 June
7
16
1 May 31
1 June 10
14 May 31
1 July 15
1 July
15
2
3 June 21
3 June 21
June 23 June
3
June
17 June
6
25c
SIM
Sept. 12 Aug. 26
July
July
1 June
20
1 June 20
10c
June 30 June
30c
$3
June 3ft June
20c
June
16 May 31
SIM
June
16 May 31
1 June 10
"li
12ilcc
Oct.
July
10
1 Mar. 31
16
2
16 June
June 27 June 14
June 20 June 10
June
15c
—
$1.40 preferred
7% preferred (quar.)
Associated Public Utility Corp
Associates Investment (quar.)
June 30 June
15
15c
June 30 June
15
t35c
+25c
tSIM
12 He
13 May 31
June 30 June 14
June
July
1 June
14
5% preferred (quar.)
Atcheson Topeka & Sante Fe Ry Co.—•
5% non-cumulative preferred
Atlanta Birmingham & Coast RR. Co.—
5% preferred (semi-annual)
Atlanta Gas Light Co. 6% pref. (quar.)
Atlantic Refining Co. (quar.)
4% pref. A (quar.)
14 June
4
50c
;
June 30 June
12
SIM
June 30 June
12
June
1 June 27
pref. (quar.)
/G Foods, Inc., 7% prior pref. (quar.)
7% preferred (quar.)
Baldwin Co., 6% pref. series A (quar.)
6% preferred (quar.)
Bangor Hydro-Electric 7% pref. (quar.)
6% preferred (quar.)
Bank of America (quar.)
Preferred (s.-a.)
Bank of Nova Scotia (quar.)
Bankers' National Investing Corp., com. (quar.)
6% preferred (quar.)
Barber (W. H.) Co. (quar.)..
S2H
Aug.
S2H
$1H
July
July
June
12
June
14
25c
June
SI
Aug.
May 21
July
3
75c
Autocar Co., $3
give the dividends announced in previous weeks
Share
15 June
16 May 29
June 30 June 14
25c
Atlas Powder Co
yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
Name oj
14
July
50c
Associated Breweries of Canada, Ltd., com
June 20
May 14
June
June
July
July
$2 M
Corp. (quar.)
May 18
When
2
June 30 June
1 Aug. 25
Sept.
June 20 June
SI
Extra
June
1 June
June 20 May 31
t$2
Arnold Constable Corp.______
Art Metal Works, Inc
Asbestos Manufacturing Co.
15 Dec.
1 June
75c
Apex Electrical Mfg. common (quar.)
7% prior preferred (quar.)
Applied Arts Corp
A. P. W. Properties, Inc., class B
Arcade Cotton Mills preferred (s.-a.)
Arkansas-Missouri Power Corp, (irregular)
6 % preferred (semi-annual).......
Armour & Co. (Del.), 7% pref. (quar.).....—
Armstrong Cork Co. pref. (quar.)
July
not
Per
12Hc
$1M
SIM
Inc. (quar.)
B
and
M
—.
...
10
July
$1M
25c
(San Francisco)
Corp. common (initial)
Preferred (initial)
American Woolen Co- 7% preferred
Amoskeag Co. semi-ann.
S4M preferred (s.-a.)_
Anaconda Copper Mining
Andes Copper Mining
10
$1M
SIM
37 He
July
July
25c
SIM
Surety Co
—
Telephone & Telegraph Co. (quar.);
Anheuser-Busch.
10c
June
Dec.
July
July
Aug.
Aug.
June
SIM
Sept. 15 Sept.
June
June
37 He
50c
17 He
16 June
50c
$2
15c
$1H
2
June
40c
50c
Common
28
14 June
American Viscose
$1M
,_
Wayne Knitting Mills, 6% pref. (s.-a.)
14 May
June
American Trust Co.
50c
__
20
June
June 20
50c
Wagner Electric Corp___
Waukesha Motor Co. (quar.)
June 30 June
June 20
30c
_
SIM
American Thread Co. 5% pref. (semi-ann.)
American Tobacco Co. 6% pref. (quar.)..
60c
Victor Chemical Works
Wabasso Cotton Co. (quar.)
35c
convertible preferred (quar.)
Del
July
July
July
—
American Rolling Mill Co
June
50c
_________
SIM
14
22c
$1H
Vick Chemical Co. (quar.)
15c
_______
7% preferred (quar.)—
May 13
2c
Vacuum Concrete Corp. (initial)
Valve Bag Co. 6% preferred (quar.)
Extra
75c
June
2c
U. S. Rubber Co., 8% non-cum. 1st pref. (qu.)
U. 8. Sugar Corp. (increased)
U.S. Trust Co. (N.Y.) (quar.)...
_______
Utah Fire Ins. Co. (Salt Lake City) (quar.)
Utah Oil Refining Co (quar.)-.
SIM
.July
July
July
July
July
July
S2M
SIM
_.
June 20
June
(Del.)
7% preferred (quar.).
June
June
60c
pref. (irreg.)..
$1 M
American Paper Co. 7% preferred (quar.)...
$1 M
7% preferred (quar.)
$1 M
7% preferred (quar.).
t$lH
American Power & Light Co. $6 preferred
t93Hc
$5 preferred
tSIM
American Public Service 7% pref
Amer. Radiator & Standard Sanitary Corp.—
June
15c
6% preferred (quar.).
June
25c
7% preferred (quar.)
-
11 3-5c
581-3c
50c
41 2-3c
4*
10
20c
.
June 28 June 23
June 26 June 16
Time, Inc. (irreg.) (interim)
U. S. Gauge Co., common (s.-a.)
June 30 June 19
July
1 June 14*
July
July
62JScc
American Locomotive Co. 7%
(quar.).
June 20
25c
5% cum. conv. preferred (quar.)
$2 cum. preference (quar.)
10
Unite Illuminating Co.
United
U. S. Electric Light & Pow. Shares, Inc.
Trust ctfs. A. coupon No. 58
20
American Investment Co. of 111.—
June 28iJune
14*
6% preferred (monthly)
5% preferred (monthly)
Tri-County Telephone Co., 6% 1st pref. (quar.)
2
June
June
__
20
25c
American General Insurance Co.(Houston) quar.
American Hair & Felt Co., 6% 1st pref. (quar.)_
June
Amer. deposit receipts for ord. reg. (interim)
20
June
June
t$3M
Toledo Edison Co., 7% preferred (monthly)
June
June
t50c
.-
June
15c
10c
preferred (annual K
2
40c
June
2nd
5
June
t30c
July
$4
June
June
t35c
75c
Textile Banking Co. (quar.)
Thermoid Co. (resumed)
5
June
10c
-
25c
$1M
Tool
I
10c
—
American Locker Co. non-cum. class A (quar.).
Sundstrand Machine
13
2
2
$1 M
$1 M
(quar.)
4 M % preferred (quar.)
—
American General Corp. (special, irregular)
17
$4
15
16
July
$1H
American-Hawaiian Steamship Co. (irreg.)
American Hide & Leather Co.—
June
$1 %
July
July
July
SIM
$6 preferred (quar.)
Spartan Mills (s.-a.)
Dec.
25c
— ———
——
2—- —■ -_■»
American & Foreign Power $7 preferred-..
$6 preferred
i.
American Gas & Electric Co. (quar.)
1 June 16__
Southwestern Associated Telephone Co.—
15
Dec.
10c
Common (monthly) _
June 30 June 21
June 30 June
July
...
7% preferred A (quar.l
American Export Lines, Inc
American Express Co. (special)
American Factors, Ltd. common (monthly)
South Carolina Electric & Gas Co.—
$6 prior preferred (quar.)
Southern Natural Gas Co. (quar.)
*
^
American Envelope Co., 7% pref. A
June 23
15
Sept. 15
15c
15c
Common
June
Dec.
June
Sept.
$2
6% preferred tquar.)
American Colortype Co. common
10c
Dec.
June
15c
16
June
20c
Sept.
50c
$1H
Co
June
July
July
June
50c
14
May 31
15
Sept. 15
June
SIM
$1M
SIM
$1
----
—
June
""".35c"
May 31
May 29
June
50c
Silverwood Dairies, Ltd. (initial;
Smith (T. L.) Co., 6% pre)
Optical Co
Coalition Mines
June
June
Aluminum Industries (quar.)
Silver King
pence) interim
17
9
June 30
July
July
July
July
Shuron
(quarterly)
June
SIM
$5 preferred (quar.)
Shell Transport & Trading (6
June
25c
$1
Alpha Portland Cement
June
25c
Sharon Steel Corp., common
9
June
6
9
July
June
June
30c
June
June
June
+75c
June
43 He
5c
$Ti
i2m
July
July
July
(quar.)
30c
(quar.)
.
June
May 27
......
Ailis-Chalmers Mfg
June 30
July
July
July
July
July
14
June
June
25c
June
21
June
July
75c
June
July
Holders
When
Payable of Record
$4H
$1 H
Albany & Susquehanna RR. (s.-a.)...
Allied Chemical & Dye Corp. (quar.).
17
June 26
37 He
.
—
......
June
July
July
Aug.
July
Share
of Company
$3
$2M
$4
%iv<
SIM
7% 2nd preferred (quar.)
SIM
Ritter Dental Mfg. Co , Inc., 5% pref. (quar.).
t37Hc
Robbins & Myers preferred
10c
Roberts Public Markets (quar.)
Extra.'.
Name
37 He
$1M
7% preferred (quar.)
$1.50 pref.
Reliance Steel Corp.,
Per
Holders
When
Payable of Record
Allied Mills, Inc
Allied Products Corp
Class A (quar.).
15c
(111.) common
June 7, 1941
Chronicle
June
May 29
75c
July
July
July
June
June
May 31
July
June 30
July
July
June
10
June
10
June
June
14
June
June
14
July
June
14
June
June
2
June
June
2
June
May 31
June
May 10
SIM
SIM
SIM
SIM
SIM
SIM
60c
SI
$3
6Mc
7m
15c
Barnsdall Oil Co
18
June 20
June 20
June
16
25c
Bayuk Cigars, Inc
(Quebec), Ltd. (quar.)
Beech Creek RR. (quar.)
Beech-Nut Packing Co. (quar.)
July
37Mc
Bath Iron Works
Beattie Gold Mines
June
May 31
J4c
June
June
July
July
July
June
2
13
June
10
50c
$1
June
10
25c
June
June
2
15c
June
June
2
June 25 June
13
16 June
2
25c
Extra
Bellows & Co., Inc., class A (quar.)
Belmont Radio Corp. (quar.)
Bendix Home
Appliances, Inc.—
30c. partic. class A
Berghoff Brewing Corp. (quar.)
.....
t30c
25c
June
Volume
The Commercial & Financial Chronicle
152
Per
Name of
Share
Company
June 30 June 30
June 30 June 30
Bertram (John) & Sons Co., Ltd. (initial)
Bethlehem Steel Corp
Aug. 15 Aug.
June
July
(quar.)
6
2
16 June
9
7 June
July
June 30 June 25
June 30 June 16
1 June 27
July
—
.
1 June 13
July
July 31 July 15
July 31 July 15
tJune 14 May 29
June 30 May 31
1 June 10
July
June 30 May 31
Bohn Aluminum & Brass
Bon Ami class A (quar.)
--Glass B^quar.)
Borne-Scrymses-Co
Boston & Albany KB. Co. (quar.)
Boston Elevated Ry. (quar.)
2 May
1 June
1
9
June
Birmingham Water Woris 6% preferred (qu.)
Blaw-Knox Co. (interim)
Bloch Bros. Tobacco 6% pref. (quar.).
Blue Top Brew., Ltd., 6% class A (s.-a.)
Blumenthal (Sidney) & Co., Inc., 7% pref
—
Boston Wharf Co. (irregular)_ _
Boston Woven Hose & Rubber Co. pref.
Bower Roller Bearing
June 16 June
Brach (E. J.) & Sons (quar.)
Brazilian Traction Light, Heat & Power,
6 preferred (quar.)
2
June 20 June
1 June
July
6
14
July
2 June
14
10 May 29
June 30 June 16
June 30 June 14
June 16 June
2
Brewing Corp. of Amer
Bridgeport Brass Co. (irreg.)
Bridgeport Gas light (reduced):
Briggs & Stratton Corp
Bright (T. G.) & Co., Ltd., common (quar.)
6% preferred (quar.)
Brillo Mfg. Co. common (increased) (quar.)
Class A (quar.)
June
Bristol Brass Corp. (irregular).
British American Oil Co. (quar.)
June
.-
June
June
July
July
July
14 May
14 May
31
31
1 June
16
1 June
16
16 May 31
2 June 12
Brompton Pulp & Paper Co.. Ltd. (quar.)
July
Brunswick-Balke-Collender Co__
Preferred (quar.)
June
July
15 June 30
5
16 June
1 June 20
Buckeye Pipe Line Co
June
14 May 29
—.
-
40c
Aug.
July
1 July 15
1 June 14
50c
—_
1 June
1 June
June 30 June
2
J$1H
%IU
June 30 June
9
June
2
$1H
40c
July
16 June
12
2 June 14
__
62 He
June 20 June
10
June
June
2
June
California Ink (quar.)
Calumet & Hecla Consol. Copper Co.
Common
25c
10c
Canada Cycle & Motor Co., Ltd., com. (quar.).
5% preferred (quar.)
Canada Dry Ginger Ale (quar.).
Canada Foundries & Forgings. class A (quar.)..
Class A (quar.)
Class A (quar.)
Canada Malting Co.. Ltd. (quar.)
Canada Northern Power Corp., Ltd., com. (qu.)
7% preferred (quar.)..
Canada Packers, Ltd. (quar.)
Canada Permanent Mtge. Corp. (Toronto) (qu.)
Canada Wire & Cable class A (quar.)
Class B (interim)
Preferred (quar.)_
May 30
June
June
15
June
June
14
J30c
XX
June
5% 1st preferred (quar.)
Participating.
conv. pref. (quar.)
Participating
—
Canadian Car & Foundry, Ltd.—
<
7% partic. pref. (accumulated)....
Canadian Cottons, Ltd., common (quar.)
6% preferred (quar.)
Canadian Foreign Investment pref. (quar.)....
_
— _
— —
—
10
June
June
June 13
July
June
June
May 26
July
July
July
July
June
12
June
12
SIX
$5.70
$3
$1.06H
SIX
SIX
50c
_
Commercial Solvents
Commonwealth Loan
(Indianapolis)—
pref. (quar.)
Commonwealth & Southern Corp. $6 preferred.
Commonwealth Utilities Corp. 6% pref. B (qu.).
6H% preferred (quar.)
Compo Shoe Machinery vtc com. (quar.)
$2.50 conv. preferred (quar.)
Confederation Life Association (Toronto) (qu.).
Quarterly
Quarterly
Congo!eum-Nairn, Inc. (quar.)
Connecticut Light & Power (guar.)
Consolidated Edison Co. of N. Y., Inc.—
(Quarterly)
$5 preferred (quar.)
Consolidated Film Industries, Inc.—
*$2 preferred
Consolidated Gas Electric Light & Power (Bait.)
Common (quar.)
4H% preferred B (quar.)
4% preferred C (quar.)
Consolidated Investment Trust (Boston)—
Common (quar.)
cum.
_
_
June
June
June
May 23
July
July
July
$1.06 H July
June 20
June
10
June
June
1,6
$1H
June
June
t75c
July
July
Aug.
June
13
June
13
$1H
Dec.
Dec.
1
June
May 31
Continental Tel. Co. 7% partic. pref.
July
July
July
July
June 30
June
May 31
May 31
May 31
June
5
June
5
SIX
$1H
$IH
June
June 25
Sept.
Sept. 25
June
2
June
14
t5c
J15c
t5c
14
June
June
Aug.
9
1 June 27
t25c
July
1 June 10
July
July
July
1 June
1 June
1 June
June
16 June
|44c
t$i
1
1 June
13
— -
July
July
1 June
13
June
$2
June
t50c
Canadian Wineries. Ltd. (irreg.).
J25c
(quar.)
—
1 June 14
1
10 June
1
10 June
June 14 May 31
June 30 May 24
June 16 May 31
June 16 May 31
Extra
June
June
15
14
18 June
4
1 June
16
12 June
6
(quar.)
Curtiss-Wright Corp. $2 non-cum class A
Cutler-Hammer, Inc. (irregular)
June
July
Dairymen's League Cooperative Assn
15c
10
July
1 June
16
Dayton & Michigan RR. 8% preferred (quar.)
Delaware Fund.
Extra
about
-
—
July
—
Cariboo Gold Quartz Mining Co., Ltd
Common (quar.)
—
——
J4c
*2c
—
Carpenter Steel Co. (irreg.)
— —
Carter (Wm.) Co. 6% pref. (quar.)
Carthage Mills, Inc., common
6% preferred A (quar.)
6 % preferred B (quar.)
Case (J. I.) Co., 7% preferred (quar.)
Case-Pomeroy & Co. (semi-annual).
Cass Bank & Trust Co. (St. Louis) irregular)
Castle (A. M.) & Co. (quar.)
$1
$1H
...
50c
$1H
60c
2 June
4
2 June
4
June 20 June
June 16 June
10
16
July
July
July
July
July
July
1 June
14
1 June
14
1 June
14
1 June
12
15c
June 20 June
5
$2
25c
June
SI %
—
16 June
25c
Extra
Catalin Corp. of America (irregular).
Celanese Corp. of America—
2
June 30 June 17
S3H
1 June 17
$1 % July
25c
...
—
Central Eureka Mining Co. (bi-monthly)... —
Central Illinois Light Co., 4H% prff. (quar.)..
Central Illinois Public Service, $6 pref
6% preferred
June 16 June
10
30
30
S3H June 30 June 17
7% cum. 1st part, preferred (semi-ann.)
1st pref. (semi-ann.)
7% cum. prior preferred (quar.)
Central Cold Storage
Central Electric Co
Aug. 10 July
Aug. 10 July
10c
—
10c
8c
JIM
m
a.
June
16 June
6
June 21 June 16
June
June
14 May 29
1 June 20
16 May 20
June
16 May 20
July
Central Maine Power Co.—
7% preferred (quar.)
6% preferred (quar.)
$6 preferred (quar.)
5% preferred (quar.)____
—
—
SIX
S1H
$1H
62 He
Central Patricia Gold Mines, Ltd. (quar.)..—
Extra
.....
1 June
10
1 June
10
1 June
10
1 June
10
June 28 June
June 28 June
14
1$ 1.16 2-3 June. 16 June
14
2
Tune 16 June
2
—
Central Power & Light, 7% preferred
t4c
I2c
July
July
July
July
t$l
6% preferred...
7% prior lien preferred
6% prior lien preferred
Central Steel & Wire Co. 6% pref. (quar.).
...
Champion Paper & Fibre
<»«»
Chartered Trust & Executor Co. (Toronto) (qu.)
_
Chesapeake & Ohio Ry., common (quar.)
4% non-cum. series A pref (quar.)
Chesebrough Mfg. (quar.)
Chicago Flexible Shaft Co
—
7% preferred (quar.)..
.....
Chrysler Corp
Cilton Co. (special)
Cine. New Orl.Ac Tex. Pac.Ry., 5% pref.(quar.)
Cincinnati Union Terminal, 6% pref. (quar.) —
City Auto Stamping
City Title Insurance Co. (quar.)
Extra
Clark Controller Co
—
June
3
.
.
preferred (quar.).
Dominion Foundries & Steel, Ltd6% pref reed (quar.)
Dominion Textile Co., Ltd. (quar.)
7% preferred (quar.)
Draper Corp. (quar.
Dresser Manufacturing Co
Driver-Harris Co., common
June
June
6
June
Sept.
June
June
38c
125c
tllH
t$17&
$1
60c
Duke Power Co
7% preferred (quar.)
Dun & Bradstreet, Inc.
SIX
50c
$6 preferred
-
(quar.)
$1
(quar.)
7% pref. (quar.)—
EXtrSl
—
$4.50 preferred (quar.)
------Duquesne Light Co., 5% pref. (quar.)
Eagle Picher Lead Co. com
—6% preferred (quar.)
— —
East Mahonoy RR. (s.-a.)——
—
-----Eastern Gas & Fuel Assoc. 4H % prior pref. (qu.)
6% preferred
—
Eastern Massachusetts Street Ry.—
6% 1st preferred..
Eastman Kodak Co. (quar.)
-
14 June
June
Dec. 20
June
6
14
June
May 29
29
29
29
31
Aug. 12
May
May
May
May
June
June
2
6
U. S.funds.
Dome Mlnes. Ltd.
Dominion Coal Co., Ltd.. 6%
6
15
15
June 20
June
June
Dixie-Vortex Co class A (quar.)
1
15
10
1-5June
t55Hc
Ltd. (quar.)
_ —- Option is given to non-resident stockholders
to obtain U. S. currency at rate of 50c. per
share less 15% withholding tax, or 42Hc. in
du Pont (E. I.) deNemours
28
20
5
June
July
Distillers Corp .-Seagrams,
6
Sept. 2 Aug.
1 June
July
1 June
July
July 20 July
July 20 July
17
July
75c
1 June
Tune
June
July
July
June
50c
Dunlop Rub. Co., Ltd. Am. dep. rets. ord. reg.)
Annual dividend year ended Dec. 31,1940
May 31
23
25c
16
June 23 May 31
June 30 June 20
June 20 June
3
June 16 May 26
1 June 20
July
June 14 May 17
June 12 May 29
1
Dec.
35c
Divco Twin Truck
1
Oct.
$1H
$5 conv. preferred (quar.)
Diamond Alkali Co. (quar.)
—
Diamond Match Co., pref. (semi-annual)
July
D pc.
35c
2 June
June 23
Extra
June
2
2
June 20
June
Oct
Devonian Oil Co
Dewey & Almy Chemical Co.—
Common (irregular)
Class B (irregular)
June
July
July
Long Hook & Eye Co. (quar.) —
Dentists' Supply Co. (N. Y.) 7% pref. (quar.)- _
7% preferred (quar.)
7% preferred (quar.)
Derby Oil & Refining, $4 conv. preferred
Detroit Gasket & Manufacturing Co.
Detroit Gray Iron Foundry (s.-a.)
Detroit Hillsdale & Southwestern RR. (s.-a.) —
Semi-annually
Detroit Michigan Stove Co.. common
Detroit Steel Corp. (irregular)
Duncan Mills
July
July
July
July
2
10
14
July
June
—
June 30 June 14
1 June 14
Century Electric Co
Chickasha Cotton Oil (special)___
Christiana Securities Co. common (irregular)
May 31
15 July
June
—
—
:
June 20 May 31
June 20 June 10
June 21 June 16
June 13 June
6
Chamberlin Metal Weatherstrip Co
((ju^r*)
June 20
16
5
June 20 June
7% preferred (quar.)
Central & South West Utilities Co.—
4
1 June
June 30 June 14
-
_,
De
June 20.
14 June
June 15 June
Daniels & Fisher Stores Co. (quarterly)
—
i6
20
1 July
22
June 14 May 31
1 May 29
July
June 30 June 20
25c
$1.20
June 30 June
June 30 June
Aug.
Darby Petroleum (resumed)
David & Frere, Ltd. class A (quar.)
Davison Chemical Corp. (resumed)
July
14
June 16 May 29*
June 30 June 21
1 June 13
July
(s.-a.)
June 20 June
June
June 24 June
Crowell-Collier Publishing Co
Crown Cork & Seal Co.. Inc.. S2X pref. (qu.)_
Crown Trust Co. (Montreal) (quar.)
CuneoPress 6H% pref. (qaur.)
Curtis Publishing Co. prior pref.
1 June
June
Crown Zellerbach Corp
14
2
13
13
1 June 14
1 June
June
Crucible Steel Co. of Am. 5% pref. (quar.)
Crum & Forster 8% pref. (quar.)
——
14
16 May 24*
2
13 June
July
—
14
June
Sept. 15
June 30 June
14
June
2
2
16
14
June 21
14
1 June
June
July
July
July
14
16 June
7% preferred (quar.)
Culver & Port Clinton RR. Co
mh
14
July
June
July
16 May
50c
SIX
July
July
July
June
14
June
July
Continental Steel Corp., common
14
Dec.
Djc.
25c
75c
1
June
July
July
July
July
Aug. 15
June
6H% preferred (quar.)
Copperweld Steel Co. common.
5% conv. preferred( quar.)
Crane Co. 5% preferred (quar.)
Creameries of America, Inc. (quar.)
Creole Petroleum Corp
June
15
Oct.
50c
tl2Hc
J25c
June 10
June
2
14
June 20
62 He
8% preferred (quar.)
Consumers Power Co. $5 preferred (quar.)
$4.50 preferred (quar.)
Continental Can Co. (quar., interim)
J25c
June
12
—
pref. (quar.)
Sept.
June
10
June
Consolidated Retail Stores, 8%
June
+S2
t$i
*50c
xn%
June 20
June 20
$1
35c
30c
$1
—
Sept.
tSl
June
July
July
June
30
June 16
June 12
June 12
June
Continental-Diamond Fibre (quar.)
Continental Oil Co. (Del.)
June
14
19
25c
_
preferred (quar.)
June
X2c
or
10
June
June
SIX
SIMc
$1.20 prior preferred (quar.)
37Hc
37 He
t$2
.....
June
June
75c
37 He
Canadian General Electric (quar.)
Capital City Products
Capital Transit Co.
Carib Syndicate, Ltd
A liquidating div. to be paid on
June
75c
Columbian Carbon Co. (quar.)
Commercial Baking Corp. 7% preferred (quar.)
5%
May 29
May 29
July
til
Colonial Ice Co. $7 preferred (quar.)
$6 preferred, class B (quar.)
Colt's Patent Fire Arms Mfg. Co. (quar.)
conv.
June
June
25c
75c
(semi-annual)
Coca-Cola International Corp., common
Class A (semi-annual)
Colgate-Palmolive-Peet preferred (quar.)
June
Canadian Malartic Gold Mines, Ltd
Canadian Westinghouse Co., Ltd. (quar.)
Preferred
75c
25c
Class A
$4.25
Holders
When
Payable of Record
SIX
Coca-Cola Co
15c
July
July
Extra
Clark Equipment Co
Preferred (quar.)
Clearing Machine Corp. (quar.)
Cleveland Cliffs Iron Co. $5 preferred
Cliffs Corp. (irregular)
Clorox Chemical Co. (quar.)
Cluett, Pea body & Co. (interim)....
7% preferred (quar.)
Coast Counties Gas & Electric, pref. (quar.)
June 14
June 10
Ltd.—
60c. non-cumui.
Share
Company
Extra
(Mich.)—
Canada Cement 6H% preferred
Canada Crushed Stone (interim)
Canadian Canners,
Common (Quar.)
12
July
July
— —
Name of
Commercial Investment Trust Corp. com. (qu.)
Ltd.—
Bucyrus-Erie Co. common (irreg)
7% preferred (quar.)
Buffalo Niagara & Eastern Power Corp.—
$5 first preferred (quar.)
1.60% preferred (quar.)
Bullard Company
Bulolo Gold Dredging, Ltd. (interim) (s.-a.)
Butler Water 7% preferred (quar.)..
Calamba Sugar Estate (quar.)
Per
Holders
When
Payable of Record
Bensonhurst National Bank (quar.)
Extra
Preferred
3601
_
& Co. (interim)
(quar.)
Edison Bros. Stores,
Inc., common (quar.)
5% cumul. conv. preferred
Electric Auto-Lite Co
Electric Boat Co
£
July
July
July
June 20
June 14
July
July
May 31
July
1
June
June
July
July
July
June
$1:
July
July
a8
June
a2yo
June
—
—
Preferred
July
1 June 10
July 21 June 30
July
2 June 14
!1S
10c
$1H
SIX
SIX
t75c
IIS
$Io*c
(quar.)
40c
June
July
July
July
July
June 30
12
June 20
June
June
14
14
May 23
June 20
May
May
May
July
26
10
June
June
16
14
June
27
27
14
June
June
4
July
July
June
16
June
16
June
16 June
2
5
July
July
1 June
1 June
5
June 14 May 31
June 14 May 31
July
1 June 18
June 10 May 27
The Commercial & Financial
3602
Per
Name of
75c
$7 preferred
$6 preferredElectric Storage Battery Co., com. (quar.)
July
July
t30c
Participating preferred (quar.)
—
Electrolux Corp
Elmira & Williams port RR. Co.—
7% preferred (semi-annual)
- - - —
El Paso Electric (Delaware), 7% pref. A (quar.)
6% preferred B (quarterly)—
-El Paso Electric Co. (Texas) $4.50 pref. (quar.).
El Paso Natural Gas Co. (quar.)-----—
Ely & Walker Dry Goods 1st pref. (s.-a.)
Second preferred (s.-a.)
—
Empire Power Corp., $6 preferred (quar.)
$2.25 cumulative participating
Emporium Capwell Co. common
44% preferred series A (quar.)-.
Employers Casualty Co. (Dallas), (quar.).- —
60c
--------— — -
40c
— -
—
80c
25c
£5c
3c
25c
37 4c
si a
$i x
$114
$2 4
$214
50c
25c
75c
-—
Federal Mogul Corp
$1H
15c
—
$1
25c
—
Feltman & Crum Shoe Stores $7 pref.
Ferro Enamel Corp
$1*1
20c
65c
—-
—
$14
mn
.
-
.
Fidelity & Guaranty Fire Ins. Co. (s.-a.)
Field (Marshall) & Co. 6% pref. (quar.)
6% preferred$2nd series (quar.)
25c
50c
$14
$114
—
Common class A & B (extra)
54% preferred (quar.)--Fireman's Fund Indemnity (quar.)
First National Bank of Chicago (quar.)
First National Bank of Jersey City (quar.)
—
Foote Bros. Gear & Machine Co., pref. (final)--
25c
50c
May 20
June
June
2
15 June 30
Hein-Werner Motor Parts (quar.)
June
June
6
15 June 30
Helme, (Geo. W.) Co. (quar.)
7% preferred (quar.)
July
July
June
June
7
Hercules Powder Co..
June
June
13
Hewitt Rubber
June
May 31
15 July
15 July
3
3
1 July
1 Oct.
25
25
13
1 June 13
1 June
July
July
July
1 June
13
2
Sept. 16
Oct.
June 27 June 12
1 June
14
June 30 June
14
July
Sept. 30 Sept. 15
Dec. 18 Dec. 15
1 .Tune 10
July
1 Sept. 10
June 16 May 27
June 30 June 14
Oct.
June 30 June 14
June 20 May 29
5
June 16 June
1 May 31
5
June 20 June
1 June 20
July
July
June 15
June 3
June 30 June
15
30,June 20
Tune
June 20
July
June
5
July
jJuna 30
iJune
20
5
July
July
June 16
June
—June 20
July
18 June 30
June
15
June 30,June
16
June 30 June 16
June
16 June
5
June
14 June
4
preferred (quar.)
June
14 June
4
$14
174c
374c
July
1 June
14
+20c
Gatineau Power, common (quar.)
54% preferred (quar.)
5% preferred (quar.)
Gaylord Container, com. (quar.)
—
-
Extra
54% preferred (quar.)
—
Gellman Manufacturing Co
General Acceptance Corp., com. (quar.)
Class
(quar.)
June 30 June 14
June 30 June 14
June
June
25c
June
$14
July
25c
25c
General Cigar Co
General Electric Co
10 May 27
5
16 June
5
16 June
1 June
June 20 June
5
10
35c
July
15 May 26
25 June 27
25c
June
16 May 29
$1
General Fire Extinguisher Co
General Motors Corp., common
June
12 jMay 15
June
1 July
Aug.
Nov. 15 Nov.
Advertising, class A
$1
(quar.)
(quar.)
$1
General Public Utilities, Inc., $5 pref. (quar.)
General Railway Signal Co., com. (irreg.)
—
$14
7
Aug. 15 Aug.
Nov. 15 Nov.
$5% preferred (quarterly)
*Co" (Calif
5
July
July
July
5
5
1 June 20
17
June
3
3
June
June
(quar.)—I
6
June
June
Quarterly
June
June
Sept. 12
Dec.
Dec.
12
June
June
June
12
6
(quar.V—
June
June
12
Jun?
June
13
(Harvey), Inc. (quar.)..--Humble Oil & Kefi ning
------. - - Humphreys Manufacturing Co., com. (quar.)...
6% preferred (quar.)
Illinois Bell Telephone
June
June
10
——-------
Hubbell
Equipment Corp
Georgia Power Co. $6 pref. (quar.)
jJune 19
June
June 19
July
Illinois Central RR. Co.—
June
11
June
June
4
Imperial Chemical Industries Am dep. rec-- —
Imperiai Life Assurance Co. of Canada (quar.)
Quarterly
July
July
Apr. 25
Imperial Tobacco of Canada, Ltd. (interim)
Indianapolis Power & Light Co. (quar.)---- —
Indianapolis Water Co., 5% pref. A (quar.)---Industrial Bank & Trust Co- (St. Louis), quar.)-
June
June
July
July
July
June 30
June
12*
June
16
Oct.
Sept. 15
50c
June
June
5
$14
June
June
5
July
June
9
June
June
6
(Leased Line) 4%
guaranteed (s.-a.)
Illinois-Iowa Power, 5% preferred
-
_— —
—
Bank "of Chicago (Chic., HI.)—
Common (quar.)
43^% preferred (quar.)
Ingersoll-Rand Co.. 6% pref. (s.-a.)
Inspiration Consolidated Copper
------—
Institutional Securities (bank shs.) (stk. div.)
International Business Machines (quar.)__
International Cigar Machinery Co_
International Harvester Co. (quar.)
„
-
-
-
-
-
$3
25c
International Nickel of Canada
International Ocean Telegraph Co. (qnai\)-_--_
International Pow. Co., Ltd.,
International Salt Co—
7% pref. (accum.)
—
International Silver Co., 7% pref.
Interstate Department Stores
July
July
May 31
June
June
40c
July
June 20
Glen Alden Coal Co. (quar.).
Glen Falls Insurance Co.
(quar.)
Glidden Co., com. (interim)
preferred (quar.)
Godchaux Sugars, Inc., com. class A
$7 preferred (quar.)
Goebel Brewing Co.
(quar.)
Gold & Stock Telegraph Co. (quar.)
Goldblatt Brothers, $2.50 cohv. pref. (quar.)
Goodrich (B. F.) Co., $5 pref. (quar.)
Goodyear Tire & Rubber
$5 preferred (quar.)
Gorham Manufacturing Co
conv.
$1
June
Intertype Corp
Investment Corp. of Philadelphia
Iron Fireman Mfg. Co. (quar.)
40c
June
May 31
May 20
75c
30c
30c
50c
June
Quarterly
Jaeger Machine
Co"."(irregular >
-—
June
June 14
June
June 14
June
June
June
May 31
12 4c
June
75c
60c
75c
(s.-a.)
-
-
—
—
— —————
Kaufmann Dept. Stores 5% conv. pref.
(quar.)Kelley Island Lime & Transport CoKellogg (S.)—See Spencer.
Kelvinator Corp. of Canada (quar.)
Kemper-Thomas Co., 7% special pref. (quar.)
7% special nreferred (quar.)
Kennecott Copper Corp.
.
1 June 17
2
2
16 June
June 14 May SI
June 30 June 19
1 June 14
July
-—
—
July
75c
June
$14
Kansas City Pow. & Lt., 6% pref. B (quar.)
Kansas Elec. Power Co., 5% pref. (quar.)
June
30c
15c
$14
$14
$14
$14
25c
1 June
July
1 June 21
£25c
June
$14
$1 4
Sept.
Dec.
—
50C
Extra
Kennedy's Inc. pref. (quar.)
Kern County Land
Kerlyn Oil Co., class A (quar.)
Class B (resumed)
June 30 May
July 15 June
314c
25c
-
84c
June 20 June
1 June
July
July
July
July
June
16 May 15
2
16 June
July
1 IJune 21
50c
50c
Great Western Sugar Co., com
7% preferred (quar.)_
June 25 June
June
$14
75c
Greene Cananea Copper Co
Greene RR. Co. (semi-annual)
—
$3
25c
(quar.)
$15*
$15*
$14
t75c
43 He
3
July
July
2 June 14
June
June
9
July
July
June
Gulf Power Co. $6 preferred (quar.)
Gulf States Utilities Co., $6 pref.
July
2 June 14
IJune
2
19 June
6
1 Jm e 21
1,.Junu 21
28!IJune 10
1 June 20
June
25c
-—
16 May 29
16 May 29
June 30 iJune 20
June 30 June 16
5
June 20 June
25c
-
$5.50 preferred (quar.)
Guilford Realty Co. (Bait.), 6% pref
Hackensack Water Co. pref. A (quar.)
Hall (W. F.) Printing Co. (quar.)
Haloid Co
conv.
50c
75c
$15*
—
Gorton-Pew Fisheries Co., Ltd. (quar.)
Great Northern Ry. Co., preferred
Greyhound Corp., com. (quar.)
514% preferred (quar.)
Group No. 1 Oil Co.
July
June 30 |June 20
June 16 May 15
July
1 June 21
July
2 June 14
June
preferred
Accumulated
r
Hamilton United Theatres, Ltd., 7 % pf. (accum)
Bammermill Paper Co.
414% pref. (quar.)_.
£75c
£$15*
25c
$15*
June 28 May 31
5
June 20 June
„
Jul*
l'June 16
—
5c
£ 7c
—
-
—
-
-
-
--
,
Preferred (quar.)
-----------------1
Lehigh Portland Cement Co. 4% pref. (quar.) —
Lehn & Fink Products Corp
Leslie Salt Co.
2 Aug. 20
1 Nov. 20
June 30 May 31
Leath & Co
25c
10
10 May 27
25c
June
1 June
14
June 14 May 31
June 30 June 21
15
18
16 June
July
1 June
7
June 30 June
1 June 30
July
2
May 31
July 22
July
June __,June
6
June 24 June 10
$14
...
pref .(quar.)
May 31
374c
-
Kansas Utilities, 7%
9
June
15c
Jewel Tea Co., Inc. (quar.)
Vegetable Parchment Co. (quar .)
2
Aug.
Nov. 10
50c
Supply, com. (quar.)
$5 preferred A
Jamieson (C. W.) & Co. (quar.)
Jarvis (W. B.) Co
Jefferson Lake Sulphur Co., Inc. (quar.).
— —
June
Dec.
$1**
Jamaica Water
Jefferson Standard Life Insurance
2
Sept.
July
$14
624c
$14
13
June
July
5c
----
16
June
70c
Keystone Public Service. $2.80 pref. (quar.)
25c
Keystone Steel & Wire Co
t50c
Keystone Tel. Co. of Phila., $4 pref
£37 4c
$3 preferred
75c
Kilburn Mills (resumed)
25c
Kimberly-Clark Corp., com. (quar.)
$14
6% preferred (quar.)
Kings County Lighting Co.—.
814
7% preferred, series B (quar.)
$14
6% preferred, series C (quar.)
$14
5% preferred, series D (quar.)
10c
Kingston Products Corp., com. (resumed)
25c
Klein (D. Emil) Co
20c
Kleinert (I B) Rubber Co
25c
Kobacker Stores, Inc., common
30c
Kresge (S. S.) Co. (quar.).—
Kresge Department Stores, Inc.—
4% conv. 1st preferred (quar.)
Kress (S.H.) & Co
6% preferred (interim)
—-—
Kroger Grocery & Baking 6% pref. (quar.)
7% preferred (quar.)-——
;
Lake Shore Mines, Ltd. (interim)---..-----Landed Banking & Loan (Hamilton,Ont.) (qu.)Landis Machine Co. 7% pref. (quar.)—7% preferred (quar.)
7% preferred (quar.)
Lane-Wells Co. (quar.)
Lang (John A.) & Sons, Ltd. (quar.)
Langley s, Ltd., 7% conv. pref
7% conv. preferred
—
7% conv. preferred-----La Salle Industrial Finance Corp., com. (quar.)70c. cum. class A (quar.)--—
Law (A. C.) Leather Co. (initial)
18
14
June
25c
3
13
June
June
Interstate Hosiery Mills
Interstate Natural Gas
14 June
13
June 30
June 19
June
1
1
26
29
13
10
May 31
July
July
(quar.)
40c
9
June 20
£50c IJune
July
$1**
July
£$1 4
50c
July
25c
14
6
50c
—
Kerr-Addison Gold Mines (interim)
14
Dec. 31
In^u^ria^Nat'l
3
16 June
Sept. 30
1-2-
10
1 June
July
1 June
July
July 15 [July
1 July
Aug.
June 14 May
25c
June 20 May
25c
1 (June
40c
July
50c
1 June
July
1 June
56Kc- July
1 June
50c
July
1 [June
$14
July
June 30
Oct.
10
$14
$24
$14
19
June
1 June
$14
-
$5 preferred (quarJ
Georgia Railroad & Banking (quar.)
Gillette Safety Razor, $5 conv. pref. (quar.)
Girdler Corporation, com. (quar.)
June
June
-
25c
General Theatres
May 31
July
-------
024c
$2.50 preferred (quar.)
5
11
June
Ouarterly
I June
$14
7
June
June 25 June
25c
6% preferred (quar.)..
General Refactories Co. (irreg.)__._
General Telephone Corp., com. guar, (increased)
7
June
(June 14
June
"Home Insurance (Hawaii) (quar.)
Kalamazoo
June
17
17
Sept.
Hounel^
7% preferred (quar.) —
Joslyn Manufacturing & Supply Co., com
6% preferred (quar.)
Joy Manufacturing Co
June
June
June
June
Ltd. (monthly)--
1 May 31
16,May 31
16 May 31
June 16 May 31
124c
124c
68 Mc
-1 -
7
June
Homager*Consol. Gold Mines,
Johns-Man vine Corp. common
July
July
5c
—
----
June 30 May 31
1 May 31
£$1.38
£$ 14
25c
General American Transportation (irregular)
General Candy Corp., class A (quar.)
Nov. 20
June 14
$114
$6 convertible preferred (quar.)
Hamilton Cotton, Ltd. $2
|Aug
Dec.
25c
Gannett Co., Inc., $6 pref. (quar.)
Garfinckel (Julius) & Co. com. (quar.)
General Outdoor
Sept,
24c
Frankeninuth Brewing (quar.)
Gamewell Co., common (irregular)
--------- -
Hooker Electrochemical Co. 6% pref.
Houston Oil of Texas 6% preferred
3714c
25c
Extra
-
June 20
June 28 June
May 31
June 16
25c
_ _
Honolulu Gas Co., Ltd. (quar.)
Honolulu Oil Corporation.- — ----
June
£25c
Foundation Co. of Canada, Ltd. (quar.)
Fox (Peter) Brewing Co. (quar.)
Co., common.-
5% preferred (quar.)
2
June
June
July
July
July
July
July
Hinde & Dauch Paper of Canada, Ltd. (quar.).
Holland Furnace Co
June 10 May 31
1 June 16
July
5
June 14 June
1 June 10
July
25c
Corp. $7 preferred
Fosotria Pressed Steel Corp
—
June
\$1 4
Foster Wheeler
(9^.)
Hibbard, Spencer Bart ett & Cc. (monthly)
Hibernia National Bank (N. O.) (s.-a.)-
5
2
10 June
1 June 21
1 June 21
6c
Foster & Kleiser Co. 6% preferred A (quar.)—
44%
June
1 June 20
June
June
Foresight Foundation A
Preferred
June
£25c
Foote-Burt Co
Ford Motor (Canada) cl. A & B (quar.)
Preferred
June
June
1714c
1714c
7% preferred (quar.)
7% preferred (quar.)
conv.
7
Hazeltine Corp. (quarterly)
Hecla Mining (irreg.)-------Heileman (G.) Brewing (quar.)—-
June 30 June 2
June
June
June 25
July
Flintkote Co
6%
14
June 20
June 30 June 20
$214
|May 31
June
Hazel-Atlas Glass Co..
Hinde & Dauch Paper
June
May 31
July
7
June
June
15c
10c
1%
62 Kc
First National Stores (quar.)
Fitzsimmons Stores, Ltd.—
July
June
Hamilton Watch Co
Harbison-Walker Refractories pref. (quar.)— -Hard Hock Gold Mines, Ltd
Harrison National Bank (N. J.) semi-annual—
Harvill Aircraft Die Casting (initial)
June 20 June
July
July
Aug.
Nov.
Holders
When
Payable\ of Record
July
6 He
50c
Finance Co. of Amer. com. cl. A & B
Share
Company
June
1 June 16
June 30 June 13
July
July
56 He
Y.) (reduced)
Falconbridge Nickel Mines, Ltd. (interim)
Falstaff Brewing Co. pref. (semi-ann.)
Famous Players Canadian Corp., Ltd. (quar.)
Fanny Farmer Candy Shops (quar.)-Fansteel Metallurgical Corp. $5 pref. (quar.) —
$5 preferred (quar.)
$5 preferred (quar.)
—
Farmers A Traders Life Insurance (quar.)
Quarterly
—
Fear (Fred) & Co. (quar.)
Federal Bake Shops (quar.)
Preferred (s.-a.)
Federal Mining & Smelting Co. (irregular)
July
July
July
July
Name of
June
June
$1.60
$1H
$114
$14
35c
Excelsior Insurance Co. (N.
7
7
June 30 June
9
June 30| June
9
June 16 May 15
40c
Ewa Plantation Co
Ex-Cell-0 Corp-__---*»-
June
50c
50c
20c
U
Engineers Public Service Co.—
$0 div. cum. preferred (quar.)
$54 div. cum. preferred (quar.)
—
$5 div. cum. preferred (quar.)
—
Erie & Pittsburgh RR. (Guaranteed) (quar.) —
Eversharp, Inc., 5% preferred
1 June 20
July
t35c
Electric Controller & Mfg. Co
Electric Power & Light Corp.—
Per
of Record
1941
June 7,
Holders
Share
Company
Chronicle
(quar.)
Li bbey-0wens-Ford Glass
Life & Casualty Insurance Co. (quar.)
June
July
31
30
5
10
10
June 28 June
10
1 June
16
June 16 May 31
3
June 16 June
June 16 June
3
June 10 May 28
1 June 12
July
July
1 June
12
July
1 June
16
July
1 June
July
1 Juno
16
June 25 June
11
July
16
1 June 20
June 30 June 16
June 12 June
June 13 May
July
2
29
1 June 20
June 14 May 24
June 14 May 24
July
Aug.
June
1 June
17
1 July 19
16 June
2
July
2 June
14
June
15 June
5
Sept. 15 Sept.
6
15 Dec
5
June 15 May 21
2 June 15
July
June 12 June
3
Sept. 12 Sept. 3
Dec. 12 Dec.
3
Dec.
June 30 June 25
June 30 June 25
June 20 June
1 June
2
14
1 June 14
1 June
June 14
14
May 31
15 May 24
June 16 May 29
June
June 10! May 23
Volume
The Commercial & Financial Chronicle
152
Per
Name of
Share
Company
Liggett & Myers Tobacco Co., 7% pref. (quar.).
Lily-Tulip Cup Corp. (quar.)
SIM
July
7% prior preferred (quar.)
6% participating pref. (quar.)
Lincoln Trust Co. (Providence) (s.-a.)_
June
Aug.
Nov.
25c
87 Mc
37 Mc
Lincoln Service Corp., com. (quar.)
30c
30c
Quarterly
25c
July
July
June
$1.10
81.10
25
16 June
7
1 June
1 June
16
17 June
3
14
10 May 24
Sept. 10 Aug. 25
Dec. 10 Nov. 24
June
•50c
$2
Dec.
JS3M
—
6% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)
Nash-Kelvinator Corp. (resumed)
National Battery Co. pref. (quar.)
75c
SIM
25c
10 May 24
Sept. 10 Aug. 25
July
10 Nov. 24
1 June 21
June 30 June 14
June 30 June 11
Sept.
Sept.
81M
Dec.
25c
Dec.
1 Aug. 20
1 Aug. 20
1 Nov. 20
1 Nov. 20
5
16 June
June
June 25 May 31
June 25 May 31
June
June
16 May 31
16 May 31
14 June
—
_
7
1-2- 42 Dec.
July
1 June
23
19
June 30 June 20
June 16 June
2
June 16 May 31
16 May 31
5
Aug. 15 Aug.
Nov. 15 Nov.
June 14 May
June 16 May
Aug.
tSIM
June
50c
7c
June
1 July
15 June
1 June
f.
29
29
2
3
16
June
July
June
16 May 31
10 May 20
10 May 20
June 20 May 29
_
Mercantile National Bank (Chicago)
Messer Oil Corp. (irreg.)
June
20
Aug.
July
July
July
31
June
13
June
June
10
June
June
10
National Transit Co
Natomas Co
June
May 31
July
June
Nazareth Cement Co., 7% preferred
Nehi Corp. (quar.)
June
June
5
June
14
85.25 first preferred (quar.)
Neiman-Marcus Co. 5% preferred (quar.)_
July
July
Sept.
June
14
June
Extra
National Supply Co. (Pa.) 6% prior pref
534 % prior preferred
t8734c
.......
Metropolitan Edison Co. $7 cum. pref. (quar.)__
$7 prior preferred (quar.)..
86 cum. preferred (quar.)
$6 prior preferred (quar.)
....
.........
85 cum. preferred (guar.)
Michigan Associated Telephone Co. 6% pref___
—
Michigan Steel Tube Products
Mickelberry's Food Products Co.—
82.40 preferred (quar.)
Micromatic Hone Co. (irregular)
Middle West Corporation
Midland Loan & Savings Co. (Port Hope, Ont.)_
Common (s-a) _....
.....
Products—
—
Mid vale Co. (irregular)
Midwest Oil Co. (semi-ann.)
_
;;
(12J^c.)
of
Slide
Fastener,
.......
Aug. 30
Dec.
Dec.
One sh. of Detroit Edison cap.
for each 50 shs. held.
June
1
25
June
June
7
July
June
16
SIM
50c
12Mc
SIM
SIM
SIM
SIM
SIM
SIM
15c
June
June 20
June
10 June
June
10 May 20
July
July
July
July
July
July
June
1 June
1 June
2
1 June
2
1 June
2
1 June
2
1 June
14
10
May 28
1 June 20
60c
July
15c
June
10 June
20c
June
16
40c
50c
2
2
5
May 31
June
14
June
July
July
July
July
July
13
June
May 15
May 24
May 24
June
June
20c
10c
July
July
July
June 20
SIM
50c
June
$3
87 Mc
10c
SIM
SIM
85
50c
_S!M
June 20
June 20
May 28
June
July
July
July
July
July
July
July
10
1 June 14
June
14
June
14
June
14
June 20
June
13
June
13
July
July
June
..
SIM
June
June
Oct.
Oct.
1
Jan.
Dec.
31
$1s1
June
June
SIM
June
May 31
June
June
June
%\&
2
14
30c
75c
May 23
May 21*
June
June
6
June
June
2
2,5c
—
June
S2
Motor Wheel Corp.
July
June 20
81
50c
50c
June
June
5
Aug.
Aug.
1
Nov.
Nov.
1
$1
June
82 H
June
May 20
May 31
15
6
15c
June
June
15c
Sept.
Sept. 21
75c
July
July
July
June
10
June
10
22
June
10
July
June
20
June
20
20
Northern N. Y. Trust Co. (Watertown) (quar.).
Northwestern Telegraph Co. (s,-a.)
Norwich PbarmacaJ....v—....
50c
June
May 31
$134
July
June
No-Sag Spring Co- (irreg.)
Oahu Railway & Land (mo.)
Ohio Finance Co. (quar.).....
6% preferred (quar.)..
25c
8734c
June
14
June
May 23
June
June
10c
June
June
7
40c
.....
25c
50c
__
July
July
July
July
June
10
June
June
10
10
June
17
SI 34
5% preferred (quar.)..............—.....
Mississippi Telegraph Co. (annual)
Ohio &
Ohio Oil Co
—......—.—.....
Preferred (quar...... —
Ohio Seamless Tube.....
Preferred (quar.).... ......... .......
—
7% preferred
SI 34
$234
5
25c
June
May 15
SIM
June
June
60c
June
June
2
5
43 He
June
June
10
10
SIM
lune
June
SI %
June
14 May 31
SIM
(quarterly)
6% preferred (quarterly)
June
35c
75c
Oklahoma Natural Gas Co
S3
preferred (quar.)
85.50 prior preferred
SI H
10c
(quar.)
Omnibus Corp.
(reduced)
8% preferred (quar.)
Oneida, Ltd., common (guar.)
7% partic. preferred (quar.)
Ontario Loan & Debenture Co. (quar.)..
Orpheum Building Co
Otis Elevator Co..
Preferred (quar.)
Otis Steel 85 34 1st preferred------- Ottawa Light, Heat & Power Co., Ltd
5% preferred (quar.)
Ottawa Electric Ry. Co. (quar.).
°acific & Atlantic Telegraph (s.-a.)
Pacific Finance of California
Preferred A (quar.)
Preferred C (quar.)
—
5% preferred (quar.)—
Pacific Indemnity...Pacolet Mfg. Co. 7% preferred A (s.-a.)
7% preferred B (s.-a.)
Common (increased) (s.-a.)
Panhandle Eastern Pipe Line Co. common.
$2
18Hc
June
June
2
25c
June
June
12
75c
June
June
16
4%
June 30 June
12
June 30 June
July
1 June
13
13
June
June
tSl 34
July
15c
20c
— -
SIM
t$2 *4
115c
t$l H
t30c
50c
30c
20c
16 Mc
SIM
50c
S3M
%
50c
SIM
SIM
preferred (quar.)
(Hartford), semi-annual
Park & Tilford, Inc. 6% conv. pref. (quar.)
Parker Appliance Co. (quar.)
Parker-Wolverine Co
- - Peerless Casualty Co. pref. (semi-ann.)._
Penick & Ford, Ltd. (quar.)
Peninsular Telephone (quar.)
—
Quarterly
Quarterly
Preferred A (quar.)
Preferred A (quar.)
—
Preferred A (quar.)..—
Pennsylvania Edison Co., 85 pref. (quar.)
82.80 preferred Equar.)
Park Street Trust Co.
14 May 31
June 30 June 12
June 30 June 12
43 Mc
14
May 31
May 31
May 31
1
July
July
(initial)
.Tune
1 July
July
July
.....
_
14
June
June
llMc
—
2
81
* * • ••••••• • » • • • • « •
(quar.)
Mountain Producers Corp. (s-a)
Mueller Brass Co. (increased)
Muncie Water Works Co., 8% pref. (quar.)
Muskogee Co. common (irregular)
Muskegen Piston Ring Co.
Myers (,F. E.) & Bro. Co — 7
2
83
81
Goods Co. (quar.)
Motors Acceptance Co., 6% pref. (quar.)
Motor Finance Corp. preferred (quar.)
3
as
(quar.)
June
20c
Prior
Ohio Water Service Co., class A (increased)
June
Montreal Loan & Mortgage (quar.)
16
May 29
Oklahoma Gas & Electric—
July
—....— ___
16
preferred (quar,)..--................
Class A (quar.)
7% preferred (quar.)..
13
82
25c
•
June
Aug.
71Kc
13
June
60c
_____
14
June
May 29
May 29
Extra.
Montreal Cottons, Ltd., common (quar.)
July
June
_
6% preferred (quar.)___
5H% preferred (quar.)
North American Finance Corp.—
June
June 20
"(Montrealj
May 23
stock (820 par)
This div. is subject to approval of SEC
June
June 20
Bank
1 June 30
50c
... ..... ........
June
June
Dist."Savings
10 May 31
July
75c
SIM
Sept.
July
Montreal City &
Common (quar.)
13
North American Co. common—
10c
.005c
6% preferred (quar.)
...
5% preferred
>.
Montgomery County Trust Co. (N. Y.) (s-a)
Montgomery Ward & Co., Inc., com. (quar.)___
June
2
SIM
1
16
June
Monroe Chemical Co. (quar.)
June
July
60c
Dec.
June 20
Monarch Mills, .k.
July
13
13
3734c
Newmont Mining Corp
June
June
Montana-Dakota Utilities Co., common
June
...............
Aug. 30
July
July
Incorrectly reported last week
81 dividend.
June
June 14
(quar.)
Newberry (J. J.) Co. (quar.)
Dec.
14
June
Correction:
May 20
$1s1
for
Sept.
June
25c
.......... ......
14
June
82.50
June
tSIM
June 14
SIM
SIM
81
(quar.)
Carpet Mills, Inc
10
June
June
82.50
25c
35c
Sept.
July
July
July
Mississippi Power Co. 87 preferred (quar.)
86 preferred (quar.)—
Mississippi Valley Public Service Co
Missouri-Kansas Power & Lt., cl. A (resumed)..
Class B (resumed)
Mobile & Birmingham RR.. 4% pref. (s.-a.)
Mock, Judson. Voehringer Co., Inc
Modern Containers, Ltd. (quar.)
Preferred
June
July
July
50c
_
1900 Corp., class A (guar.)..................
Class A (quarj)-..—
Noranda Mines, Ltd. (interim)
Norfolk & Western Ry. (quar.)
Norma-H Bearing Corp. (quar.)
Quarterly
75c
Extra...—......ii*.
Minnesota Alining & Mfg. Co
Extra
May 31
May 31
June
June
Universal
Niles-Bement-Pond Co...
June
—
June
June
each five shares held
9
50c
■
Aug. 20
May 31
dPl
_
New York Mutual Telegraph Co. (s.-a.)
New York & Queens Electric Light & Power Co.
9
82
45c
Minneapolis-Honeywell Regulator (quar.)
14
$1*4
82
.
June 30 June
June 30 June
82
(quar.)........—...
13
New York Merchandise Co., common—
Stock div., one sh. of com. stock par value
5
50c
82 non-cumulative dividend shares
June
t75c
England Tel. & Tel. Co. (quar.).
New Haven Water Co. (s.-a.)
New Jersey Power & Light Co. $6 pref. (quar.)
New Jersey Zinc Co_
New York City Omnibus Corp. (reduced)
New York& Harlem RR. Co. com. (s.-a.)
10% preferred (s.-a.)
2
50c
—.
13
June
16 June
10c
Mesta Machine Co...
Metal & Thermit Corp. 7% pref. (quar.)
Common (increased)
Meteor Motor Car Co
Morgan (J. P.) & Co. Inc.
June
30c
81
(quar.)
3
Oct.
July 18
May 23
25c
30c
-
2
22
June
June 20 June
3 Aug. 15
June 14
19
20
National Malleable & Steel Casting
National Oil Products Co. (irreg.)
June
%
July
Aug.
60c
37Mc
—_ —
30
June
Newport News Shipbuilding & Dry Dock Co
85 cum. conv. preferred (quar.)
Niagara Shares Corp. (Maryland)
6% preferred class A (quar )
Nicholson File Co. (irreg.)
10c
June
6% preferred B (quar.)
New
75c
Quarterly
Quarterly
May 29
10
14
14
Common
10c
_
....
-
Moore (W. R.) Dry
June
National Lead Co. class A preferred (quar.)
Nov. 29 Nov. 28
25c
25c
-—
5% preferred (quar.)
6% preferred (quar.).
6% preferred (quar.)..
7% preferred
July
20
June 10
Aug. 30 Aug. 29
5c
7% preferred (s.-a.)..
Mengel Co., 5 % 1st pref
Mercantile Acceptance Corp. 5% pref. (quar.)..
a
Oct.
17
June
Aug.
Aug.
Neisner Bros., Inc. (quar.)
50c
...
Mohawk
June
New England Public Service Co.—
87 prior lien preferred
86 prior lien preferred
*\U
.....
..
July
Aug.
Sept. 20
3c
7% preferred (quar.)
May Department Stores (quar.)...........
Mead Johnson & Co. (quar.)
........
Preferred
June
June 21
25c
(quar.)
Mathieson Alkali Works, com. (quar.).
Steel
June
Oct.
June
...
Midland
31
19
June
May
July
July
May
July
43rtcc
......
....... -
2
June
June
SIM
Massachusetts Investors 2nd Fund
Master Electric Co. (quar.)..
Mastic Asphalt Corp. (quar.)
Extra.
June
82
preferred (accumulated)
...
May 29
June
SIM
SIM
43 Mc
(Quarterly)
_
June
SIM
Maenna Copper Co
Malartic Gold Fields (initial)
_
June
National Paper & Type Co. 5% pref. (s-a.)
5c
Preferred (quar.)
Extra
July
July
July
National Standard Co. (quar.)
Macassa Mines, Ltd
Mangel Stores, $5 preferred
Mapes Consolidated Mfg. Co. (quar.)
Maryland Fund, Inc. (quar.)
Masonite Corp. (quar.)
June 10
19
MacKinnon Steel Ltd.—
Magnin (I.) & Co. pref.
June
June
18
10c
.
conv.
June
June
1 July
10c
18
June 12
May 16
.5% preferred A (quar.)
National Breweries, Ltd., com. (quar.)
7% preferred (quar.)._..__.._.__.._..%.wi».
National Cash Register
National Casualty Co. (Detroit) (quar.)
National Chemical & Mfg. Co. (extra)
National City Lines (quar.)
$3 conv preferred (quar.)
Class A (quar.)
National Container Corp. (Del.)
National Cylinder Gas
National Dairy Products
National Electric Welding Machine Co
(quar.)_
Quarterly
National Grocers, Ltd., $1.50 pref. (quar.)
1 June
1 June
SIM
Dec.
July
July
June
17
Sept. 18
Dec.
June
(quar.)_
Aug.
__
$7
12 34c
55c
—
National Biscuit Co.
National Bond & Investment Co., com.
July
July
1 June 16
1 June 16
2
16 June
19
June
Sept.
.
50c
July
July
Holders
June
.
.
25c
SIM
82 M
30c
When
Payable of Record
Mutual Chemical Co. of America—
June
50c
50c
Share
Company
2
12 May 31
12 May 31
12 May 31
June 30 June 16
June 30 June 16
40c
81-10
Per
Name of
10
26
June
25c
Liquidometer Corp. (irreg.).
Little Miami RR., original capital.
Original capital^.****......——.
Original capital
Special guaranteed (quar.)
Special guaranteed (quar.)
Special guaranteed (guar.)
Lock-Joint Pipe Co. 8% pref. (quar.).
Loew's (Marcus) Theatres, Ltd.—
7% preferred (accum.)
Lone Star Cement Corp. (quar.)..
5% partic. pref. (quar.).
5% partic. pref. (partic. div.).
5% partic. pref. (quar.)
5% partic. pref. (partic. div.)
Longborn Portland Cement Co. (irreg.)
Loose-Wiles Biscuit Co. (quar.)
Preferred (quar.)
Lord & Taylor (quar.)
Lorillard (P.) Co., common
7% preferred (quar.)
Louisiana Land & Exploration Co
Louisville Gas & Electric (Del.) class A (quar.)
Class B (quar.)...
Louisville Title & Mtge. Co. (semi-annual)
Extra
Ludlow Manufacturing Assoc. (quar.)
Lunkenheimer Co. 6M% preferred (quar.)
6M % preferred (quar.)
6M % preferred (quar.)
McClatcbey Newspaper, 7% preferred (quar.)
7% preferred (quar.)
McGraw-Hill Publishing Co
McCrory Stores Corp. (quar.)
McKenzie Red Lake Gold Mines (quar.)
1 July
1 Oct.
June
June
Lindsay Light & Chem. Co.. 7% pref. (quar.)__
Link Belt Co. 6M% pref. (quar.)
Liquid Carbonic Corp. (quar.)
1 June
16 June
June
«5c
Extra
Holders
When
Payable of Record
30c
Lincoln National Life Insurance Co. (quar.)
3603
50c
SI
SI
75c
14 May 29
14 May 29
2 June
16
June 20 June
10
June 20 May 23
June 20 May 23
June
July
July
15 May 31
1 May 27
1 May 27
June 30 June
July
1 June
14
June
14
July
July
July
15
15
15
June
June 30 June
14
20
June
30
20
June
10 May 21
9 May 24
1 June 14
July
Aug.
Aug.
Aug.
July
June
July
July
1
1
1
1
1
June
4
1 June 14
June 27 June
July
July
15 July
June
20 June
1 June
10
1
10
2
S3
75c
June 30 June 16
5
June 20 June
June 30 June 20
2
June 14 June
50c
July
50c
Oct.
25c
25c
1 June 14
1 Sept.15
50c
1-5-42 Dec.
15
35c
35c
35c
Aug. 15 Aug.
o
%\&
70c
Nov. 15 Nov.
5-15-42
July
July
5
5-5-42
1 June
1 June
10
10
:;W:;: :4'
3604
June
Per
Name of
Company
When
Share
Penn Electric Switch Co. $1.20
pref. class A (qu.
Pennsylvania Glass Sand Corp., com. (quar.).
June
$5 preferred
16
16
1 July 15
1 June 14
1 June 14
1 June 14
June 30 June
7
June 13 May 29
(quar.j.
(quar.
-
Extra
2
l June
1 June
Aug.
July
July
July
Pennsylvania RR. (ii
Pennsylvania Salt Mfg.
Pennsylvania Telep. Corp. $2.50 pref. (quar.)..
Peoples Drug Stores
Peoples Gas Light & Coke Co.—
Peoples Nat. Bk. of Wash. (Seattle,Wash.) (qu.
—
16 June
July
July
5% preferred (quar.).
Pennsylvania Power Co., S5~pref."(quar.)
Pennsylvania Power & Light Co. $7;pref. (qu ).
"
*
16 preferred
Holders
__
July
July
July
1 June 14
1 June
9
15 June 21
June 30 June 25
June 30 June 25
...
(Quarterly)
Pepeekeo Sugar
Sept.30 Sept. 25
June 10 June
2
July
1 June 17
June 21 June
2
June 21 June
2
Perfect Circle Co. (quar.)
Perron Gold Mines, Ltd (quar.)
Extra
Pet Milk Co. (quar.)
Petroleum Corp. of America (irregular)
Petroleum Exploration, Inc.
July
1 June 10
June 28 June 12
14 June
4
June 14 June' 4
—
June
(quar.)
Extra
...
Phelps Dodge Corp
June 10 May 23
June 12 May 26
...
Philco Corp
Philadelphia Company, $6 pref. (quar.)
July
July
1 June
2
1 June
2
Dairy Products Co., Inc.S1H
Elec. Pow. Co.", 8% pref."("quar.)..
Pickle Crow Gold Mines (quar.)
Pilot Full Fashion Mills. Inc.
(quar.)
Pioneer Gold Mines of British Columbia—
a
—
Common (quar.)
110c
Pittsburgh Bessemer & Lake Erie BR.
1
50c
10c
10c
10
June 30 June
June 30
14
June^-16
July
(quar.)
Pittsburgh Fort Wayne & Chicago IiR. (quar.).
7% preferred (quar.)
Pittsburgh & Lake Erie RR. (irreg.)
1
Pittsburgh Metallurgical Co.. Inc. (irreg.)
1
Pittsburgh Plate Glass
y
June
—
........
——
July
— .
Sept. 15 Sept. 15
Dec.
July
_—.
2 He
...
t$lH
.......
July
15 July
8c
June
16 June
2
June
16 June
2
37 He
,
Oct.
six
I
—
voting (quar.)
...
55c
June
30 June
50c
July
15 June 13
June 30 May 29
June 30 May 29
11"
July
5(
25c
$18
20c
$1
SI
87 y
—
—
(quar.)
1 June .20
July
July
Aug. 30 Aug.
1
June 16 May 29
6
July
1 June
July
1 June
6
15 May 31
Aug. 15
Dec.
Nov. 15
June 14
—
(quar.).
May 23
July
July
A & B
June 10
June 10
Aug.
July
July
July
July
...
6% prior preferred (quar.).—
Reynolds Metals Co., 5 X % Pref. quar.).
Rheem Mfg. (quar.)
Rich's, Inc., 6H% preferred (quar.).
Richardson Co
July
15
June 10
June 10
June 10
June 20*
16 May 31
June 30 June 14
June 12 May 21
June
Ritter Dental Mfg. Co.
(resumed).
July
July
(quar.)..
Rochester Telephone Corp.,
6H % pref. (quar.)
Common (quar.)
June
17
June
10
June
Riverside Silk Mills, class A
(quar.).
Robertson (H. H.) Co.
June
2
2
1
June
June
_|
July
July
July
June 20
June 20
Roeser & Pendleton, Inc.
(quar.)
Ruberoid Co. (irreg.)
25c
50c
Russell Industries, Ltd.
(quar.)..
20c
7% preferred (quar.)
SIX
Russell Mfg. Co
Ruud Mfg. Co. common.
Safety Car Heating &
37m
Lighting Co., Inc.
St. Joseph Lead Co
St. Lawrence Corp.
4% class A conv. preferred..
St. Lawrence
Corp., Ltd.—
4% class A preferred
(accumulated).
St. Lawrence
Paper Mills 6% preferred
St. Louis Bridge Co.
6% 1st pref. (s.-a.)
3% 2d preferred (s.-a.)
St. Louis Union Trust Co.
(Mo.), common—
,
(Quarterly)
(Quarterly)
(Quarterly)
San Diego Gas &
Electric Co
*
Savannah Electric &
Power, 8% pref. A (quar.)
7H% preferred B (quar.)
7% preferred C (quar.)
6H% preferred D (quar.)
i
si
50c
Quarterly
June
June 10
27 June 10
June 30 June 14
June 30 June 14
June 14 May 31
June 16 June
6
July-
—
1 June
June
SIX
25c
—
14
May 29
30c
June
25c
Smith (Howard) Paper Mills, Ltd. 6% pf.
(qu.)_
Packing Corp
Corp
Preferred (quar.)
July
July
July
fift
25c
5c
15c
South Carolina Power Co. $6 pref.
(quar.)
SIX
37m
(reduced).—
8% preferred (quar.)
$2
37 He
30c
Southeastern Greyhound Lines (quar.)
Preferred (quar.)
Conv. preferred (quar.)
30c
Southern California Edison Co. 6% pref. B
(qu.)
Southern California Edison Co., Ltd.
37Hc
Original preferred (quar.)
37Hc
5H% preferred C. (quar.)
34 He
Southern Canada Power Co., Ltd., com.
(quar.)
June 30
June 15
June
15
June 14
May 31
July
July
July
June 20
June 20
1
1
1
1
June 20
June 20
1 June 16
June 27 June ,11
July
July
Sept.
Sept.
Sept.
1 June
1 June
9
9
1 Aug.
1 Aug.
20
20
1 Aug. 20
June 15 May 20
15 June
15 June
15 July
15 June
14
20
20
31
20
May 31
July
July
15 July 12
7 June 20
$1
June
16
$2
_
June 16
June 16 June
5
June 10 May 24
June 16 June
5
June 14 May 31
$1H
—
40c
Spencer Trask Fund, Inc
Spiegel, Inc. pref. (quar.)
Spring Valley Co., Ltd. (liquidating)
Staley (A. E.) Manufacturing Co., com. (irreg
7% preferred (semi-annual)
$5 preferred (quar.)
Standard Brands, Inc. pref.
(quar.)
Common (quar.)
$4.50 preferred (quar.).
Standard C oated Products Corp., $1
C
pref
Standard Oil of Calif, (quar.)
Standard Oil Co. (Indiana) (quar.)_
15c
$1H
50c
50c
$3H
SIX
SIX
10c
SIX
tlOc
25c
-
25c
25c
50c
(quar,)——
(semi-ann.)
50c
June
16 May
14
June 20 June 10
1 June 20
July
June 20 June
June 16 June
10
July
1 June
Sept. 15 Sept.
July 10 July
June 16 May
June 16 May
June 16 May
June 16 May
9
2
1
15
16
2
31
15
June 16 May 15
June 14 May 31
July
15 June 30
Standard Wholesale Phosphate (quar.)
Manufacturing Co. (quar.)
Stecher-Traung Lithograph Corp. 5% pref. (qu.)
5% preferred (quar.)
5% preferred (quar.)
5
June 30 June 14
Stedman Bros., Ltd. (quar.)
Preferred (quar.)
Sterchi Brothers Stores, 6%
2 June 20
2 June 20
June 30 June 20
Juhe 14 June
June 15 June
Stearn
—.—
Sept. 30 Sept. 15
Dec. 31 Dec. 15
pref. (quar.)
Stewart-Warner Corp
Strawbridge & Clothier 7% preferred.
Sudbury Basin Mines, Ltd. (irreg.)
5
July
July
—
June
30| May 31
June 14
June 30 June 14
June 16 May 26
June 14
July
June 30 June
1
June 30 June 10
June 30 June 10
July
—
—
Sun Oil Co
Sunray Oil Corp 5H% convertible pref. (quar.
Sunshine Mining (quar.)
Sussex Trust Co. (Del.) (s.-a.)
Extra
Sutherland Paper Co
June
Swift & Co. (quar.)
Sylvanite Gold Mines (quar.)
July
14 May 31
June
2
June 30 May
5
50c
25c
June 30 June
June 30 June
16
50c
June 30 June 16
June 30 June 16
June 18
Aug.
Tacony-Palmyra Bridge Co.—
Common (quar.)
Extra
Class A (quar.)
Extra
25c
——
5% preferred (quar.)
Taggart Corp. $2.50 preferred (quar.)
Talcott (James) Inc., common
5H% participating pref. (quar.)
Talon, Inc. (quar.)
Telephone Bond & Share Co. 7% 1st preferred..
$3 1st preferred
Tennessee Corporation
Terminal National Bank of
Chicago
Texas Corporation (quar.).—
—
SIX
62 He
—
10c
68 Mc
14
16
June
16
60c
June
June
11 May 24
14 May 31
June
14 May 31
25c
June 30 June
50c
10c
50c
10c
SIX
SIX
20c
35c
$1
SIX
25c
66c
$1
30c
(irreg.).
(s.-a.)
Union Gas of Canada
(quar.)
Extra
Union Pacific RR
Union Premier Food Stores
(quar.)
June
June
50c
—
Truax-Traer Coal Co., 6% conv. pref. (quar.)..
5H% conv. preferred (quar.)
Tuckett Tobacco Co., Ltd., 7% pref.
(qu.)
Twentieth Century-Fox Film Corp.—
$1.50 conv. preferred (quar.)
Union Carbide & Carbon
Corp
June 16 June
2
June 28 June 10
75c
„
5X% pref. (quar.)
16
June 26 June 14
June
6
July
June 14 May 16
50c
Thermoid Co. $3 preferred (quar.)
Thew Shovel common 7
% pref. (quar.)
Thompson Products, Inc
$5 conv. preferred (quar.)
Tide Water Associated Oil
Co., $4.50 pref. (qu.)
Tilo Roofing Co., Inc.
(quar.)
$1.40 conv. preferred (quar.)
Tobacco & Allied Stocks (irregular)
Todd Shipyards Corp
$2.50 preferred (quar.)
June
June
July
July
July
J12c
Texas Gulf Producing Co
Texas Gulf Sulphur Co
Texon Oil & Land
Tunnel RR. of St. Louis
16
t28c
-
—
June 30 June 24
Sept. 30 Sept. 24
Dec. 26 Dec. 20
4
June 30 June 16
June 20 June 10
•$1H
(qu.)_
(quar.).
8% preferred (quar.)
Sparks-Withington Co. 6% conv. pref. (quar.)
Spencer Kellogg & Sons, Inc. (quar.)...
—
4
4
1 June
35c
Royalty Co
—
1 5June30
15c
5c
Southwestern Life Insurance Co. (Dallas) (quar.)
Southwestern Light & Power Co. $6 pref.
com.
July
June 14 June
June 25 June
June
J$1H
t$l
...
1 June 14
1 June 14
June 21 June 10
June 21 June 10
July
July
Aug.
July
|20c
6% preferred (quar.)..
Southern Colorado Power Co. 7%
preferred
Southern Phosphate Corp
10 May 31
1 June 14
July
July
South Penn Oil Co. (quar.)
South Porto Rico Sugar Co., com.
—
14 May 24
16 May 16
June
SIX
SIX
SIX
Snider
Standard Oil Co. (KyO
15 June 30
16 June
7
16 Juhe
7
June 28 June 14
June 28 June 14
June
Toronto General Trusts Corp. (quar )
Transue & Williams Steel Forgings
$3
July
June
25c
Sonotone
2
June
t
50c
tl5c
Sloss-Sheffield Steel & Iron Co
$6 preferred (quar.)
Cement,
1 June 20
1 June 20
June 25 May 23
July
2 June 15
+2c
June 30
t50c
July
July
5c
Sivyer Steel Castings
Skenandoa Rayon Corp., common
5% prior preferred (quar.)
5% preferred A (quar.)
Southwestern Portland
16 May 31
June 20 June
t$3H
Simon (H.) & Sons, Ltd., com. (interim)
1 June 10
1 June 10
June
10c
SImonds Saw & Steel
Siscoe Gold Mines, Ltd. (irreg.)
t25c
$1H
July
July
62c
50c
2
July 19
July 19
June 16
June 10
June 14 June
2
June 10 May
9
SIX
-!—--
14 June
1
1
1
June 30
25c
37 He
75c
-—-
Tokheim Oil Tank &
Pump Co. (quar.)
Toronto Elevators. Ltd.,
July
June
Aug.
Aug.
July
50c
(quar.)
6% preferred (quar.)
Brothers, Inc
Seiberling Rubber Co.—
$2.50 conv. prior pref. (quar.)
5% class A preferred (quar.)
Shattuck (Frank G.) Co. (quar.)
Sberritt-Gordon Mines, Ltd
Sherwin-Williams Co. (Can.), 7% preferred—
Sigma Mines (interim)
Signal Oil & Gas Co., class A (quar.)
Southland
Sept. 30 Sept. 15
16 June. 10
1 June'19
June 15 May 15
June 15 May 31
SI
50c
Class B
June 30 June 16
June
45c
SIX
25c
75c
See man
Holders
Payable of Record
July
S1H
Scranton Lace Co
Seaboard Oil Co. of Del. (quar.)
Sears, Roebuck & Co. (quar.)
Securities Acceptance Corp., com.
June 30
I
i
75c
75c
50c
—
t25c
I
(quar.)j
l.June 10
1 June 10
16 May 31*
June 25 June
3
June
Sept.
—
San Francisco Remedial Loan Assn. Ltd.
Schenley Distillers Corp., com. (resumed)—
5M% preferred (quar.)
Scbiff Co. common (quar.)
5H% preferred (quar.)
Scott Paper Co.—
Common increased (quar.)
$4 preferred (quar.)
$4.50 preferred (quar.)
Scovill Mfg. Co
June 116 June
5
June 16 May 26
June
—
July
June 16
July
June 30 June 20
June 30 June 20
June 15 May 31
-
6H% preferred (quar.)
Regent Knitting Mills pref. (quar.)
Preferred (quar.)
Extra
1
June 30 June 16
June 12 May 22
July 10 June 19
June 25 June 15
-
Reliance Insurance Co.
(Phila.)
Remington Rand, Inc., common
$4.50 preferred (quar.)
Republic Investment Fund pref.
Republic Steel Corp. (quar.)
6% preferred (quar.)
1 July
June 27 June 17
June 27 June 17
Nov.
1
June 16 May 31
July
1 June 12
June 30 June 16
Inc
common
6
$13^
SIX
Rayonier, Inc., $2 pref. (quar.)—...
Ray-O-VacCo., (quar.)
8% preferred (quar.)
Reading Co. 1st preferred (quar.)...
2d preferred (quar.)
Extra
Reeves (Daniel), Inc.,
June 16 May 31
June 16 May 31
June 13 May 15
June 13 May 15
June
SIM
$1 X
Pyrene Manufacturing
Quaker Oats Co., common (quar.)
6 % preferred (quar.)
Quaker State Oil Refining.
Radio Corp. of Amer., $3.50 conv. 1st
pref. (qu.)
Preferred B (quar.)
Rath Packing 5% pref. (semi-annual)
1
13 May 15
13 May 15
50c
1
May 23
1 June 20
1 Sept. 20
June
50c
-
14
July
1
Common non-voting (quar.)
Original preferred (quar.)
7% first preferred (quar.)
Pullman, Inc. (quar.)
Pure Oil Co., 6% prof,
(quar.)
5% preferred (quar.)
30
30
21
8c
37Xc
6% preferred (monthly).
30
3
$1X
Public Service Elec. & Gas
Co., 7% pref. (quar.)|
$5 preferred (quar.)
Public Service Co. of Okla., 5% pref.
(quar.)—
Publication Corp., common
(quar.)———
Reed-Prentice Corp. p/ef. (quar.)
Reed Roller-Bit Co.
(quar.)
15 June
June 17 June
July 15 June
July 15 Juhe
July
1 June
June
---
Public Service Co. of New Hampshire
$6 preferred (quar.)
$5 preferred (quar.)
Public Service of N. J. 8% pref.
(quar.).
7% preferred (quar.)..
$5 preferred (quar.)
6% preferred (monthly)
Common
Red Indian Oil Co.
15
$1X
Prosperity Co. preferred (quar.)
Public Investing Co. (Phila.)
Original stock
Public Nat. Bank & Trust Co.
(N.Y.) (quar.)..
Raybestos-Manhattan,
15 Dec.
June 16 June
2
June 30 June 10
July 15 June 30
Price Brothers & Co., Ltd., 5H %
pref. (quar.)..
Procter & Gamble Co. 5% pref.
(quar.)
,
16 June
July
1 June 30
June 30 June
9
June 30 June 10
June 15 June 15
6% non-cum. partic. pref. (quar.)
Preferred Accident Insurance Co.
(quar.)
Preston East Dome Mines, Ltd.
(quar.)
—
16 May 23
6
1 June 10
June
(interim) s.-a.)
Plymouth Oil Co- (quar.)
Pollock Paper & Box Co., 7% pref.
(quar.)
7% preferred (quar.)
7% preferred (quar.)
Powdrell & Alexander, Inc
Power Corp. of Canada, common
(Interim)
6% 1st preferred (quar.)
1 Sept. 15
1 June 10
8 June 10
i.
y
Pittsfield & North Adams RR. (s-a)
Placer Development, Ltd.
Extra.
2 May 31
Co.-
Share
Company
7% preferred (quar.)
Junef20
1 June
Common
Name of
1941
When
Per
Payable of Record
1,
!ig
mg
-
20c
20c
SIX
25c
62 He
1-
July
July
July
16 June
16 June
3
2
June 20
June 20
June 10
16 May 26
16 May 26
June 12 June
2
June 16 June
2
_
June
June
June
14
Apr. 26
7 May 30
2 June 14
.Time 14 May 20
June
July
June
June
15 June
15 June
July
July
15 June 30
1 June 15
5
5
June 30 June 16
July
1 June
6
14 May 20
June
|June 14 May 20
July
1 June
2
June
14 June
3
June
14!June
3
Volume
The Commercial & Financial Chronicle
152
3605
Condition of the Federal Reserve Bank of
Share
Company
Union Trust Co. (Maryland), Irregular
United Aircraft Corp
United Artists Theatre Circuit,
Holders
When
Per
Name of
25c
$2
United Carbon Co
$1|£
...
United-Can- Fastener (quar.)
United Elastic Corp. (increased)
United Fuel Invest s., Ltd., 6% cl. A pref. (qu.)
United Gas & Elec. Co. (N. J.) 5% pref. (s.-a.)_>
United Gas & Electric Corp. 7% pref. (quar.)...
United Gas Improvement, com.
(quar.)
—
$5 preferred (quar.)
United Gold Equities of Canada (s.-a.)
United Light & Railways 7 % pref. (monthly) _
6.36% preferred (monthly).
+
6% preferred (monthly)
United Merchants & Manufactures, Inc., com.
voting trust certificates
United Molasses Co., Ltd.—
.
Amer. deposit rets, for ord. reg.
Bonus
30c
20c
t75c
$2 >4
16 June
1 June
14
16 June
June 24 June
5
July
June
date last year:
15 June
June
5
20c
June 30 May
$1H
t6c
June 30 May
June 30 June
29
29
50c
July
1 June
1 June
1 June
25c
June
16 June
58 l-3c July
53c
July
Assets—
Gold certificates
75c
June
June
50c
14 May
14 May
June
July
July
IK
$1)4
16
Other Cash f._
2
16
Total reserves......
Bills discounted:
Secured
31
31
Dec.
.
_ _
July
1 June 14
June 30 June
June 16 June
14
2
June 20 May
20
$1K
July
15 July
2
16 June
32c
43 Kc
June
June
16 June
14 June
Universal Products Co
40c
June 30 June
Van Norman Machine Tool
$1K
II J4
$1)4
t$2
15c
Oct.
1-2-42 Dec. 29
1 June 16
July
June 20 June
10
1 June
1 June
June
Uncollected Items
July
16 June
Bank
10
June
July
10
1 June 14
June 16 June
5
July
15 June
1
June
15 June
1
June 25 June
10
June 20 May 29
June 25 June 14
Aug.
1 July
19
June 20 June
3
June 26 June
16
June
16 May 20
1 June 20
25c
July
June 20'May 20
June 14 May 15
$1
June
June
$1*4
25c
July
June 26 June
June
total
of
to
reserve
1 June 14
1 June 14
lc
25c
25c
50c
*20c
25c
$1K
$1K
20c
25c
"if
"if
June 30 June
June 16 June
t "Other cash" does not Include Federal reserve notes or a bank's own Federal
Reserve bank notes.
x
These
over from
are
certificates given by the
difference, the difference Itself having been appropriated as
under the provisions of the Gold Reserve Act of 1934,
June
13 May
1 June
July
The weekly statement issued by the New York City
Clearing House on Friday afternoon is given in full below:
STATEMENT
OF MEMBERS OF THE
ASSOCIATION AT
10 May 27
July
1 June 12
Aug. 15 July 25
July
1 June 13
July
1 June 14
July
1 June 20
July
1 June 20
June 10 May 31
June 14
July
July 15
Aug.
July 15
Aug.
National City Bank....
Chem Bank A Trust Co.
Guaranty Trust Co....
Manufacturers TruBt Co
14,195,100
233,191,000
26,989,700
633,581,000
a2,726,833,000
841,212,000
62,376,787,000
769,240,000
cl,190,668,000
330,079,000
806,257,000
Cnt Hanover Bk&Tr Co
15
Irving Trust Co
10
Continental Bk A Tr Co.
10c
June
10
June
Chase National Bank—
$1 K
June 27 June
16
50c
7 May 13
June 30 June 20
June
June
5
June
June
5
May 21
May 21
25c
July
July
July
Aug.
Sept.
25c
Oct.
Aug. 20
Sept. 20
15c
July
June
10
25c
-
July
July
July
June
7% preferred (quar.)
Youngs town Sheet & Tube...
Preferred (quar.)
Youngs town Steel Door (irreg.)
Zlon's Cooperative Mercantile Institution (qu.).
Quarterly
Quarterly
——
16
June
142,993,000
474,049,000
8,843,900
145,284,000
95,291,000
957,498,400 16,256,524,000
736,179,000
10,714,100
June
Totals
618.518,000
-
official reports: National, March 31,1941; State, March 31, 1941; Trust
companies, March 31, 1941.
♦
As per
follows:
a $285,100,000 (latest available
available date); C $2,987,000 (June 5); d $85,108,000
$22,697,000 (May 31).
Includes deposits In foreign branches as
16
75c
May 24
U0c
15c
25c
25c
date); 6 $61,252,000 (latest
(latest available date); e
June 20
July
19
Stock
and
Bond
Averages
daily closing averages of representative
stocks and bonds listed on the New York Stock Exchange
Below
as
are
the
compiled by Dow, Jones & Co.:
Bonds
Stock*
July
June
14
50c
June
June
2
50c
June
June
5
30
20
15
Total
50c
Sept.
5
Indus¬
Rail¬
Utili¬
65
50c
Dec.
Sept.
Dec.
5
trials
roads
ties
Stocks
trials
$1*4
Date
10
10
First
Second
10
Indus¬
Grade
Grade
Utili¬
40
Rails
Rails
ties
Bonds
Total
June
6.
118.00
27.62
17.36
39.92
107.25
93.89
53.18
109.18
90.87
5.
4.
118.13
27.72
17.46
40.00
107.14
94.16
53.81
109.19
91.02
117.68
27.68
17.13
39.81
107.19
94.13
53.86
109.13
91.06
3.
2.
117.38
27.74
16.98
39.72
107.09
94.30
54.06
109.13
91.14
116.18
27.56
16.97
39.38
106.97
94.39
53.95
109.10
91.10
27.43
16.90
39.23
106.90
94.64
54.13
109.10
91.19
June
t Payable in Canadian funds, tax deductible at the source.
1941 Increased from 5% to
10
June
Transfer books not closed for this dividend.
t On account of accumulated dividends.
Less British income tax.
10,061.400
1,192,000
45,296,000
3,868,000
62,217,000
2,207,000
3,060,000
41,818,000
1,645,000
53,498,000
12,500,000
7,000,000
7,000,000
Comm'l Nat Bk A Tr Co
16
June
$IK
mn
t$l)4
25c
Class B
Marine Midland Tr Co.
New York Trust Co
740,000
5,276,000
28,039,600
600.000
6,000,000
5,000,000
Title Guar A Trust Co..
27,882,000
June
50c
Common
75,370,100
20,258,800
17,031,000
39,380,000
166,703,000
6,768,000
75,545,000
106,182,000
75,871,000
108,726,400
751,613,000
53,792,700
76,719,000
4,511,100
139,538,700 d3,359,158,000
57,410,000
4,279,500
83,878,300 Cl,230,256,000
15,903,000
1,073,300
16
a3%
68,009,600
40,986.600
25,000,000
Bankers Trust Co
Public Nat Bk A Tr Co.
June 27 Tune
80,993,400
187,236,100
41,748,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
100,270,000
Corn Exch Bank Tr Co.
Oct.
16 May 31
$
$
June
16 May 31
June 20 June 10
Average
6,000,000
Bank of Manhattan Co.
July
July
June
Deposits,
Average
20,000,000
77,500,000
20,000,000
90,000,000
Bank of New York
Nov*
June
Time
Deposits,
Profits
Members
First National Bank
"if
JUNE 6, 1941
Net Demand
Surplus and
Capital
Clearing House
13
15
t$2 K
YORK CLEARING HOUSE
Undivided
15
June
Nov.
NEW
CLOSE OF BUSINESS THURSDAY,
Fifth Avenue Bank
7% preferred (quar.)
W.) & Co., Ltd.. 6% pref. (s.-a.)
(quar.)
Worthington Pump & Machine Corp.—
4H% prior preferred
4)4% conv. prior preferred
Wright-Hargreaves Mines, Ltd. (quar.)
Extra
L
Wrigley (Wm.) Jr. Co. (monthly
Monthly
Monthly
Monthly
Yale & Towne Mfg. Co
Yellow Truck & Coach Mfg. Co.—
profit by the Treasury
Weekly Return of the New York City
Clearing House
%IK
these certificates being worth less to the extent of the
♦
..$ 1.16 2-3 June
Woolworth (F.
United States Treasury for the gold taken
the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
100 cents to 69.06 cents,
10
16 May 31
16 May 31
Worcester Salt Co.
92.7%
828,000
7
Wisconsin Power & Light Co.—
Woodward & Lothrop, common
94.5%
1,611,000
ad¬
...
Oct.
25c
Accumulated
94.3%
1,611,000
Industrial
make
to
vances
18
July
July
6% preferred (quar.)
10,900,000
and
deposit
R. note liabilities combined
14 May 23
June 20 May 29
June 30 May 29
$1)4
a
F.
Commitments
16 May 23
2 June 30
$75*
Wood (Alan) Steel Co. 7% preferred—
Wood (Gar) Industries, see "Gar"—
53,326,000
7,109,000
16 May 23
25c
M
Accumulated
51,039,000
51,585,000
56,447,000
7,070,000
13,292,000
51,589,000
56,447.000
7,070,000
13,316,000
Total liabilities and capital accounts. 10045,091,000 10217,418,000 9,478,265,000
Ratio
1
June
West Texas Utilities, $6 pref. (quar.)__
remains at 2%.
9,916,669,000 10089,024,000 9,355,891,000
Capital Accounts—
June 25 June
West Virginia Water Service Co. $6 pref
Western Union Telegraph Co
effective April 30
Total liabilities
Other capital accounts.
40c
7% preferred (quar.)
8,010,070,000 8,212,758,000 7,877,899,000
135,359,000
170,570,000
171,849,000
1,470,000
1,608,000
1,563,000
Total deposits
Deferred availability Items
2
$1)4
t.
reserve acc't..
Other liabilities, Incl accrued dividends.
16 June
10 May 28
1 June 14
tax,
;
June
10c
...
9,820,000
:
1
June
....
18,484,000
1,733,187,000 1,704,088,000 1,341,163,000
6,440,246,000 6,857,261,000 7,229,475,000
77,328,000
126,057,000
394,604,000
U. 8. Treasurer—General account...
167,448,000
703,062,000
Foreign
701,145,000
Other deposits
403,648,000
526,378,000
474,075,000
Deposits—Member bank
2
July
Extra
9,798,000
14,105,000
F. R. notes In actual circulation
10 June
30c
(quar.)
1,366,000
154,581,000
10045,091,000 10217,418,000 9,478,265,000
10 Dec.
$1)4
62)4c
xtra
18,000
18,000
1,775,000
198,387,000
Liabilities—
Dec.
10c
*
Total assets.
June
Sept. 10 Aug. 30
37 Kc
50c
Quarterly
743,407,000
746,595,000
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b).
10 May 31
25c
Wiser Oil Co.
premises.......
June
15c
...
623,475,000
2
June 20 June
50c
Extra
339,160,000
625,877,000
1,642,000
201,077,000
9,779,000
13,982,000
....
S1K
$1K
UK
5%
Wheeling Steel Corp. (resumed)
$5 conv. prior preferred (quar.)
Whitman (Wm.) Co. pref. (quar.)
Wiebolt Stores, Inc., 6% pref. (quar.).
$5 prior preferred (quar.)..
Willson Products, Inc. (quar.)
Wilsil, Ltd. (quar.)
Winsted Hosiery Co. (quar.)
404,247,000
623,475,000
Other assets...
2
6
16 June
1 June 21
60c
Weston Electrical Instrument
Weston (George) Ltd. (quar.)__
389,312,000
234,163,000
2
July
July
$1
62 Kc
t$l
t50c
$IK
Westgate-Greenland Oil Co. (monthly)
Westinghouse Air Brake Co
Westmoreland, Inc. (quar.)
2,010,000
626,017,000
18,000
Federal Reserve notes of other banks
$2
Stock dividend
Went worth Manufacturing Co
Wesson Oil & Snowdrift Co., Inc
1,729,000
389,312,000
234,163,000
75c
10c
(Quarterly)
Veeder-Root, Inc
Ventures, Ltd. (interim)
Vermont & Boston Tel (annual)
i
Victor Equipment Co. $1 con v. pref
Victor-Monaghan Co., 7% pref. (quar.)
Viking Pump Co. (Del.) com.
$2.40 preferred (quar.)
Vinco Corp
Virginia Electric & Power Co. $6 pref. (quar.)
Virginian Railway Co. (quar.)
(Qvarterly)
Wagner Electric Corp. (quar.)
Waialua Agricultural Co., Ltd
Waite Amulet Mines (interim)
Waldorf System, Inc. (increased) quar.)
Walgreen Co. (quar.)
4K% Pref. ww (quar.)
Walker (H.) Gooderham & Worts (quar.)
Preferred (quar.)
Ware River RR., gtd. (s.-a.)
Warren (S. D.) Co. (quar.)
Washington Water Power, $6 pref. (quar.)
Welch Grape Juice Co., common (irreg.)
1,727,000
,
....
50c
...
1,178,000
4
1 June 28
1 Sept. 28
July
niK
t$l)4
25c
Vapor Car Heating Co., pref. (quar.)
Preferred (quar.)
Preferred (quar.)
188,000
673,000
Govt, securities, direct and guar¬
Due from foreign banks
19
Upper Michigan Power & Light Co. 6% pf. (qu.)
6% pref. (quar.)
6% pref. (quar.)
Upressit Metal Cap Corp. 8% preferred
Upson Walton Co
'
Utah Power & Light Co. $7 pref. (quar.)
$6 preferred (quar.)
;
Utica Knitting Co
5% prior pref. (quar.)
Utility Equities $5.50 priority pref
175,000
815,000
Total bills and securities
2
25c
pref. (quarJ
498,000
2
U. S. Truck Lines, Inc. of Delaware
non-cum.
990,000
644,000
171,000
....
Total U. 8. Government securities,
direct and guaranteed
July
June
7%
obligations
anteed:
20 Nov. 29*
M
.
9,192,576,000 9,367,458,000 8,547,401,000
......
Govt,
Notes
50c
United States Steel Corp
United States Sugar Corp. pref (quar.).
United States Tobacco Co. (quar.)...
U. 8.
Bonds
50c
Playing Card Co
6% pref. (quar.)
S.
17
50c
U. S. Potash Co
U.
Total bills discounted.
Industrial advances
1 June 14
50c
United States Pipe & Foundry Co. (quar.)
by
direct and guaranteed
Other bills discounted
1 June 10
June 20 May 31 ♦
Sept. 20 Aug. 30*
3
9,133,152,000 9,299,960,000 8,443,951,000
852,000
997,000
1,697,000
102,598,000
66,501,000
57,727,000
16
14 May 31
1 June 14
June 27 June
*
W
hand and due from
on
16
,
$
$
United States Treasury.*
Redemption fund—F. R. notes
June 21 May 20
July 10 June 20
35c
uarterly
May 28,1941 June 5, 1940
4, 1941
2
June
68Kc
7% preferred (quar.)
;w':'
2 June 20
July
June 4, 1941,
business
comparison with the previous week and the corresponding
5
June 20 June
a2)4%
$2H
United Pacific Insurance Co. (quar.)
U. S. Leather Co. 7% prior preferred.
following shows the condition of the Federal Reserve
Bank of New York at the close of
in
2
June
al2)4% June 21 May 20
(final)
United New Jersey RR. & Canal (quar.)
United Public Utilities S3 preferred
$2 K preferred
U. S. Graphite Co. (irregular)
U. S. Gypsum Co. (quar.)
ted States
The
17 May 28
2
June 16 June
June
Inc.—
5% preferred (quar.)
Juarterly
New York
Payable of Record
15%.
Non-resident
Resident tax
June
June
May 31.
115.76
The Commercial &
3606
Financial Chronicle
June 7,
System
Weekly Return of the Member Banks of the Federal Reserve
of the Federal Reserve System, giving the principal
cities from which weekly returns are obtained.
These figures are alwavs a week behind those for the Reserve banks themselves.
The comments oj 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
Items of
resources
and liabilities of the reporting member banks in 101 leading
LEADING CITIES BY DISTRICTS ON MAY 28, 1941
WEEKLY REPORTING MEMBER BANKS IN 101
ASSETS AND LIABILITIES OF
(In Millions of Dollars)
Minne¬
S
%
%
ASSETS
delphia
$
%
1,293
2,125
1,355
Commercial, Indus, and agrlcul. loans
27.915
10,226
5,673
Open (market paper
Loans to brokers and dealers In secure.
367
82
108
571
18
434
Investments—total..
Loans and
Loans—total..
Other loans for purchasing or
securities
12,706
$
%
711
3,920
859
422
760
603
377
1,258
395
208
356
318
2,442
1,056
195
806
222
101
210
213
417
15
733
3,839
525
851
2,307
276
393
149
39
12
12
5
46
18
3
24
3
24
17
3
7
45
5
1
4
3
10
11
68
13
6
10
12
40
16
210
31
20
14
81
195
50
182
48
36
133
60
42
4
32
1,883
148
553
226
"84
121
"ieo
75
929
33
503
9
1
5
266
58
Treasury bilks..
2,212
7,833
39
343
1,498
3,509
..........
....
Treasury notes
United States bonds
—
Bank..
14
32
24
384
"83
"76
"63
189
20
33
1
1
""25
153
50
45
220
37
"l9
40
34
52
387
692
226
106
1,249
183
119
106
115
798
71
1,836
84
136
1,521
6,241
272
590
800
42
99
35
70
320
187
62
69
267
609
63
153
3,693
11,493
securities
Reserve with Federal Reserve
"105
2
2
1
3,022
Obligations guar, by U. 8. Govt
Francisco
384
451
Other loans........
Dallas
719
1,239
.....
Real estate loans
San
CUv
St. Louis
310
carrying
Loans to banks....
Other
Chicago
Atlanta
Cleveland Richmond
New York
Boston
Kansas
apolis
Phila¬
Total
Federal Reserve Districts—
116
607
116
41
139
61
348
172
1,579
216
114
205
149
517
301
29
563
149
120
24
53
29
17
86
15
8
19
14
3,532
191
252
211
399
292
267
657
183
140
304
310
326
40
52
79
23
17
20
31
279
1,335
1,104
Cash In vault
Balances with domestic banks
1,186
LIABILITIES
68
403
83
91
24,311
5,425
Other assets—net
1,431
12,061
1,224
1,743
634
514
3,382
495
340
591
561
230
1,092
261
747
209
192
1,005
193
112
144
136
13
39
29
38
117
16
2
10
29
68
365
361
1,366
484
176
451
284
362
<
Demand deposits—adjusted
Time deposits
—
40
13
414
United States Government deposits..
Inter-bask deposits:
9,220
398
3,989
461
663
Domestic banks...........—...
523
22
602
6
1
Foreign banks.
9
"""21
9
*8
4
"319
421
97
62
108
386
"2
"
789
27
""298
3,864
250
1,640
Other liabilities
Capital accounts
""24
42
15
391
""l7|
219'
19
I
1
2
3
Borrowings
102
97
Weekly Return of the Board of Governors of the Federal Reserve
System
Thursday afternoon, June o
Wednesday. The first table presents the result®
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the 12 banks.
The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
The
following
was
issued by the Board of Governors of the Federal Reserve System on
showing the condition of the 12 Reserve banks at the close of business on
returns for the latest week appear
in
department of "Current Events and Discussions
our
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE
Three Ciphers
June
(000) OmiUed
ASSETS
Gold ctfs.
on
May 28,
May 21,
1941
4,
1941
1941
%
$
1941
20,222,732
9,549
321,025
10,144
328,073
20,601,299
Redemptlon fund (Federal Reserve notes)....
20,256,731
20,625,874
20,587.305
20,560,949
Other oash *
Total reserves
April 30,
April 23,
Apr. 16,
Apr. 9,
June 5,
1941
1941
1941
1941
1940
%
$
$
$
S
*
%
20,316,732
9,549
299,593
20,314,730
9,944
May 7,
1941
May 14,
276,625
hand and due from U. 8. Treas.x.
BANKS AT THE CLOSE OF BUSINESS JUNE 4, 1941
17,053,492
325,987
20,461,225
20,437,286
17,412,560
20,159,729
20,124,731
10,507
10,507
315,002
334,198
20.527,878
20,533,315
20,504,434
10,490
348.578
•
Bills discounted:
Secured by
%
20,111,281
10.488
315,517
20,192,732
11,139
329,444
20,202,772
10,104
U.
S. Government obligations,
1,242
3,433
1,539
854
850
1,286
1,617
736
4,587
1,450
674
direct and guaranteed
Other b lis discounted
722
658
650
641
632
600
482
379
1,332
1,916
4,155
2,197
1,504
1,491
1,918
2,217
1,218
4,966
2,782
8,736
8,163
8,154
8,092
8,059
7,549
7,491
7,470
7,396
9.088
1,363,800
820,300
1,363,800
1,363,800
1,363,800
1,363,800
820,300
820,300
820,300
1,363,800
820,300
1,363,800
820,300
1,346,995
820,300
1,363,800
820,300
1,363,800
820,300
2,184,100
2,194,752
2,184,100
2,184,100
2,194,451
2,184,100
2,196,418
2,193,696
2,184,100
2,193,650
2,184,100
2,192,788
2,184,100
2,196,462
47
47
47
2,184,100
2,193,567
iv
47
2,184,100
2,193,808
47
47
47
47
47
24,554
25.436
882,182
27,122
986,086
40,055
50,512
23,183
849,341
23,898
1,104,388
39,966
20,594
744.711
673,347
39,968
51,782
828,654
40,019
51,819
23,794,584
23,768,267
6,534,194
13,201,494
993,072
1,243,661
608,123
6,460,010
13,748,879
461,674
13,731,835
477,144
1,240,046
686,292
1,241,201
730,450
1,235,048
16,046,350
16,136,891
793,881
16,180,630
943,641
16,180,320
836,781
5,312
5,612
5,117
971,989
5,504
23,422,637
23,396,394
23,513,775
140,311
157,065
26,785
47,786
140,284
157,065
26,785
47,739
Total bills discounted
Industrial advances
U.S. Govt, securities, direct and guaranteed:
Bonds
Notes
Total U.
S.
Govt, securities,
guaranteed
Total bills and securities
....
...
Due from foreign banks
Federal Reserve notes of other banks
Uncollected
Bank
Other
..
Items...
premises
assets
Total
1,130,125
direct and
assets........
...
47 >
27,083
24,011
22,339
1,017,150
40,067
50,171
775,198
89,903
48,857
847,561
39,910
49,228
23,885,578
23,889,163
23,609,544
23,685,967
6,384,387
6,359,671
13,457,866
6,343,877
13,439,698
803,941
1,226,555
678,940
16,149,134
739,989
2,477,120
2,488.990
18,871
39,963
48,326
41,511
46,775
23,658,325
23,869,087
23,487,389
20.699,722
6,282,368
13,523,857
865,436
1,251,130
579,092
6,217,967
13,505,723
946,798
1,272,379
535,630
6,206,272
13,979,130
533,715
6,196,923
13,655,535
812,666
1,265,753
5,065,239
39,977
47,535
64,396
A
LIABILITIES
Federal Reserve notes In
actual circulation..
Deposits—Member banks'
reserve account...
United States Treasurer—General account..
Foreign
Other
deposits-
Total
deposits
Deferred availability Items
Other liabilities, lnol. accrued dividends.
Total liabilities...
761,624
725,782
1,243,299
520,127
13,386,697
308,135
460,411
474,776
488,091
14,6*3,334
16,219,515
16,260,630
807,230
5,156
803,760
4,571
16,276,271
1,011,076
4,116
16,208,730
705,775
4,893
4,752
5,277
23,517,484
23,237,893
23,314,269
23,286.828
23,497,735
23,116,180
20.346,189
140,279
140,272
140,240
157,065
26,785
47,608
140,010
139,875
136,165
157,065
140,254
157,065
26,785
47,547
140,057
157,065
26,785
47,674
157,065
157,065
157, P65
151,720
26,785
47,590
26,785
26,839
47,492
26,785
47,484
23,869,087
23,487,389
20.699,722
632,339
CAPITAL ACCOUNTS
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b)
1
Other capital accounts
Total liabilities and capital accounts.
26,785
47,557
38,809
23,794,584
23,768,267
23,885,578
23,889,163
23,609,544
23,685,967
23,658,325
91.2%
.91.3%
91.2%
91.2%
91.3%
91.2%
12,342
11,080
10,945
8,464
8,461
91.0%
8,508
91.2%
8,466
88.4%
12,272
91.3%
10,822
3,611
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
Commitments to make industrial advances...
8.828
Maturity Distribution of Bills and
Short-Term
Securities—
1-15 days bills discounted
1,346
1,676
928
962
1,425
1,766
832
4,700
1,814
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
80
48
56
81
47
23
30
79
58
149
120
150
90
96
94
95
82
67
71
148
116
150
162
181
162
151
151
61
132
Over 90 days bills discounted
222
230
225
237
207
213
188
89
76
491
1,916
4,155
2,197
1,504
1,491
1,918
2,217
1,218
4,966
2,782
1,426
981
961
961
860
1.623
251
147
161
173
200
169
157
139
131
117
Total bills discounted
'-IS days Industrial advances
16-30 days industrial advances
81-60 days industrial advances
61-90 days industrial advances
Over 90 days industrial advanoes
Total industrial
advances
196
1,473
1,522
1,439
202
208
266
515
...
1,488
270
141
165
146
333
570
550
549
536
139
137
149
139
6,145
5,762
5,709
5,692
5,677
6,125
6,093
6,056
6,080
5.899
8.736
8,163
8,154
8,092
8,059
7,549
7,4911
7.470
7.3961
9.088
-
588
893
\
85
Volume
The Commercial & Financial Chronicle
152
Three Ciphers (000) Omitted
June
Maturity Distribution of Bills and Short-Term
May 7,
April 30,
Apr. 23,
Apr. 16,
April 9.
1941
1941
1941
1941
1941
1941
1940
*
$
$
$
1941
1941
$
May 14,
May 21,
May 28,
4,
1941
,i
S
$
3607
Securities (Concluded)
«
;;r: *
;:V 5
;
S
June
5;
U. S. Govt, securities, direct and guaranteed:
1-15 days..
10-30 days
31-00 days
57", 000
57,606
57,000
2,127,100
2,127,100
2,127,100
2,127,100
2,184", 100
2.184,106
2,184", 100
2,184",100
2,477",120
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,477,120
6,835.331
6,767,692
307,682
6,701,917
6,643,710
299,833
6,574,463
292,095
6,538,248
320,281
6,486,643
317,530
6,682,910
323,239
6,513,752
301,137
307,480
289,720
5,367,189
301,950
6,534,194
6,460,010
6,384,387
6,359,671
6,343,877
6,282,368
6.217.967
6,206,272
0,196,923
5,065,239
6,971,000
Total U. 8. Government securities, direct
and guaranteed
57,000
2,184", 100
61-90 days
Over 90 days
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs.
6,810,000
1,098
6.675,000
1,512
0,659,000
1,742
991
0,581,000
4,775
5,455,500
1,784
6,741,000
1,238
6,636,000
1,642
6,909,000
3,842
6,823,500
By eligible paper
Total collateral
6,972,642
6,912,742
6,825,284
6,811,098
6,742,238
6,676,512
6,660,742
0,636,991
6,585,775
5,457,528
•
hand and due from U. S. Treasury
on
2,028
''Other cash" does not Include Federal Reserve notes.
These
x
certificates given by the
are
eentson Jan.
United States Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100 cents to 59.00
31,1934, these certificates being worth less to the extent of the difference, the difference itself having been appropriated as profit by the Treasury under pro
visions of the Gold Reserve Act of 1934.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE
Total
Boston
New York
certificates
%
and
hand
on
t
$
Cleveland Richmond
delphia
$
ASSETS
Gold
Minne¬
Atlanta
$;j
%
$
656,897
9,944
394
1,697
832
689
1,906
276,625
19,627
57,727
22,684
16,575
16,975
448,934 3,297,824
897
1,033
23,873
37,642
20,601,299 1,216,435 9,192,576 1,179,606 1,519,429
from United States Treasury
675,778
473,704 3,336,499
Total reserves
S
San
Dallas
Francisco
%
$
$
329,778
460,887
561,841
400
156
154
845
941
17,251
5,746
15,335
13,988
29,202
579,492
335,680
476,376
68
Redemption fund—Fed. Res. notesOther cash *
City
$
$;^:>
due
20,314,730 1,196,414 9,133,152 1,156,090 1,502,165
St. Louis
Chicago
Kansas
apolis
Phila¬
Three Ciphers (000) Omitted
Federal Reserve Agent at—
OF BUSINESS JUNE 4, 1941
305,149 1,265,599
319,982 1,295,742
Bills discounted:
Secured by U. S. Govt, obligations,
direct and guaranteed
1,242
135
644
175
100
674
-
Other bills discounted
19
171
45
55 -20
33
—
8
86
58
221
276
217
63,283
41,178
66,277
54,979
114,043
94,136
38,062
24,769
39,863
33,068
68,596
815
220
133
68
8
60
1,727
3,340
349
853
233
352
98,544
389.312
108,110
136,462
75,859
59,247
156,506
820,300
Notes
48
159
154
771
1,363,800
-
10
151
397
1,916
8,736
59,273
234,163
65,027
82,079
45,627
35,637
Total bills discounted.
Industrial advances
U. S. Govt, securities, direct & guar.:
Bonds
35
139
""""60
55
Total U. 8. Govt, securities,
2.184,100
—
Due from foreign banks
Fed. Res. notes of other banks
157,817
623,475
173,137
218,541
121,486
94,884
250,642
101,345
65,947
106,140
88,047
182,639
2,194,752
direct and guaranteed
Total bills and securities
158,742
626,017
176,697
219,023
122,407
95,125
251,054
101,400
66,503
106,547
88,381
182,856
47
18
3
2
2
4
5
1
4
1,054
633
2,675
36,142
51,432
2,300
1,355
2,964
31,559
1,189
2,262
1,618
2,453
2,321
744,050
427,391
625,537
1,642
1,356
1,795
5,451
3,344
3,177
1,959
201,077
63,056
104,518
76,302
28,391
126,912
56,636
39,968
2,810
9,779
4,653
4,625
2,598
1,973
3,012
51,782
3,549
13.982
4,317
5,618
3,136
2,213
5,634
23,794,584 1,466,929 10045 091 1,429,690 1,854,912
885,674
604,752 3,726,294
a
1
a
936
21,299
532
84,858
Bank premises
Other assets*...........*......—......
Total assets..........
See
1
6
24,554
882,182
—
Uncollected items
•
2,810
4,679
444,066 1,540,198
LIABILITIES
6.534,194
538,272 1,733,187
450,609
603,606
309,122
217,879 1,402,793
245,107
169,549
220,192
105,714
538,164
13,201,494
678,631 6,440,246
706,420
956,264
404,055
286,456 1,896,718
138,403
23,321
339,761
169,471
286,623
235,217
801,632
50,742
35,806
101,256
25,314
14,182
18,564
6,878
40,773
24,470
5,254
345,678 2,141,631
429,999
F. R. notes In actual circulation.....
Deposits:
Member bank reserve account
993,072
Other deposits
394,604
71,330
68,859
58,997
11,544
701,145
81,849
77,630
35,062
36,283
474,075
21,234
16,952
8,819
880,833 1,119,705
484,219
16,046,350
Total depositsDeferred availability
73,252
1,243,661
608,123
U. 8. Treasurer—General account.
Foreign
822,424 8.010,070
29,533
6,368
28,664
32,256
24,470
4,197
64,150
7,007
230,719
358,873
292,548
929,651
31,613
836,781
80,061
171,849
63.286
96,674
75,997
27,434
133,686
57,002
17,271
35,019
34,171
44,331
5,312
Items
573
1,563
458
544
403
153
570
180
152
192
198
326
591,144 3,678,680
732,288
417,691
614,276
14,928
22,824
4,295
3,002
4,516
4,270
11,727
4,925
3,152
3,613
1,138
3,974
1,263
10,785
533
1,994
1,928
3,093
Other liabilities, incl. accrued dlvs...
869,741
23,422,637 1,441,330 9,916,669 1.395,186 1,820,529
Total liabilities
432,631 1,512,472
CAPITAL ACCOUNTS
140,311
9,353
51,589
11,902
14,484
5,439
4,806
157,065
10,906
2,874
56,447
15,144
14,323
5,247
5,725
26.785
7,070
4,393
1,007
3,244
713
47.786
2,466
13,316
3,065
4,569
2,003
2,364
Total liabilities and capital acc'ts.. 23.794,584 1,466,929 10045091 1,429,690 1,854,912
885,674
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b)
Other oapital accounts
•
172
12,272
Commitments to make Indus, advs—
2,291
1,611
"Other cash" does not Include Federal Reserve notes,
a
Boston
New York
telphia
S
S
$
S
427,391
6
364
40
iCw
32
625,537
1,164
444,066 1,540,198
21
3,731
'lichmond
Atlanta
Chicago
4
%
Minneap. Kan. City
St.Loua
$
Cleveland
%
9
Dallas
San Fran
S
$
$
%
556.759 1,817,879
467,611
627,195
324,353
174,080
229,749
115,370
594,587
17,002
23,589
15,231
234,379 1,434,618
31,825
16,500
258,751
84,692
13,644
4,531
9,557
9,656
56,423
6,534,194
538,272 1,733,187
450,609
603.606
309,122
217,879 1,402,793
245,107
169,549
220,192
105,714
538,164
0,971,000
570,000 1,835.000
480,000
630,000
350,000
240,000 1,460,000
269,000
177,000
235,000
121,000
604,000
55
159
171
269,055
IV7,159
235,171
121,000
604,000
6,835,331
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve
301,137
Bank
actual circulation
18,487
by agent as security
Collateral held
Issued to banks:
Gold certificates on hand and
from United
States Treasury
due
1,642
Eligible paper—
6,972,642
Total collateral
United States Treasury
Rates
744,050
RESERVE NOTE STATEMENT
Total
Federal Reserve notes:
notes
604,752 3,726,294
2,121
pbtta-
Three Ciphers (000) Omitted
Federal Reserve Bank of—
for
2,009
1,000
2,546
Less than $500.
FEDERAL
In
1,096
1,744
1,429
8,433
quoted
are
815
570,154 1,835.815
480,220
68
220
154
350.068
630,000
240,000 1,460,000
Notes—Friday, June 6
Quotations for U. S. Treasury
Bills—Friday, June 6
Figures after decimal point represent one or more
for discount at purchase.
Bid
Asked
July 23 1941.
Treasury Bills
June
11 1941.
June
18 1941.
0.13%
0.13%
0.13%
0.13%
July 30 1941.
Aug.
6 1941.
Aug. 13 1941.
Aug. 20 1941.
Aug. 27 1941.
Asked
0.13%
0.13%
0.13%
0.13%
Rate
Maturity
102.1
Rate
Maturity
Aeked
Bid
Bid
Asked
1K%
102.12
102
Mar. 15 1944...
1%
H%
102.1
102.3
101 8
101
1%
H%
102
102 2
101 6
101.8
101 31
Mar. 15 1942...
1 H%
102.14
102.16
Sept.15 1942...
2%
103.16
<103.18
103.10
103.12
Sept. 15 1944...
101
101.3
Mar. 15 1945...
15 1941...
point
15 1943...
Dec.
1M%
Dec.
a
Int.
Int.
Bid
32ds of
June
15 1944
14
July
2 1941.
10
July
9 1941.
July
18 1941.
United
0.13%
0.13%
States
York Stock
Government
Sept.
3 1941.
Securities
Exchange—See following page.
the
1H%
H%
1H%
102.5
102.7
Nat. Defense Nts
Sept. 15 1943...
1%
102.1
102.3
JSept. 15,1944
H%
100.8
100.10
H%
101.1
101.3
Dec.
0.13%
0.13%
0.13%
on
15 1942...
JMar. 15 1943—
June 15 1943
{Dec. 15, 1945
June 25 1941.
—
New
Transactions
at
Daily, Weekly and
the
New
York
Stock
Yearly—See page 3623.
Exchange,
3608
June 7,
Stock and Bond Sales—New York Stock
Exchange
DAILY, WEEKLY AND YEARLY
■
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales
are disregarded in the day's range, unless they
computing the range for the year.
account is taken of such sales In
United States Government Securities
Below
furnish
on
the New
are
the only transactions of the day.
York Stock
Exchange
daily record of the transactions in Treasury, Home Owners' Loan and
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
we
No
a
Federal Farm Mortgage
____
June 2
Daily Record of XJ. 8. Bond Prices M ay 31
June 3
Jvne 4
June 6
Daily Record of U. S. Bond Prices May 31
119.9
[High
| Low.
Treasury
4KB, 1947-52
June 5
Treasury
119.9
(Close
2KB. 1948
| Low.
111.25
(Close
Total sales in $1,000 units...
(High
1
107.13
J QJogjg
107.13
Total sales in $1,000 units..
(High
Low.
Close
:
106.18
Low
106.18
(Close
106.18
3
High
•
Low.
107.3
107.3
107.4
107.3
103.5
103.5
103.
103.3
103.4
103.
103.5
103.5
103.
Low.
108.3
106.4
106.3
106.4
(Close
108.2
106.4
(Close
106.4
Low.
3
(High
( Low.
(Close
2s, 1947
Close
Total sales in $1,000 units...
Total sales in $1,000 units...
(High
High
Low.
2s, March 1948-1950
102.16
Low
Total sales in $1,000 units...
102.16
Close
Close
102.16
Total sales in $1,000 units...
(High
3s.1946-48
106.4
Total sales in $1,000 units...
(High
3^b, 1949-52
*3
(High
-I Low.
2Kb, 1954-58...
18
106.4
106.3
Total sales in $1,000 units...
108.2
Close
7
106.3
(Low.
108.2
108.3
54
(High
10
108.3
25
103.1
2Kb, 1951-53
Total sales in $1,000 units...
..
*7
104,
103.4
107.4
IClose
(High
3 Kb, 1946-49...
104.
104.5
103.1
v
107.4
Low.
Total sales in $1,000 units...
,■
104.
104.5
Total sales in $1,000 units
(High
3Ks.1944-46
104.5
104.6
I Close
.
Total sales in $1,000 units...
3 Kb, 1943-45
104.6
1
(High
.....J Low
2Kb, 1956-58
(Close
■
104.6
Low.
Close
2Kb, 1952-54....
(High
W.
107
107
107.
Total sales in $1,000 units...
Total sales in $1,000 units..
-
1
'
Total sales in $1,000 units...
(High
3Ks. 1941...
I
(High
(Low.
(Close
2Kb. 1950-52
Total sales in $1,000 units..
...
June 6
107.13
( Low.
2KB, 1949-53
111.25
3^8,1943-47
June 5
(Close
111.25
3Kb. 1946-56
June 4
Total saies in $1,000 units...
(High
48, 1944-54
June 3
( Low.
119.9
Total tales in $1,000 units...
-
June 2
(High
Low.
1
(High
(Low.
2b, Dec. 1948-50
.Close
(Close
■Total tales in $1,000 units...
Total sales in $1,000 units...
112.21
(High
112.19
High
(Low.
112.21
112.19
(Close
112.21
112.19
(Close
Total sales in $1,000 units...
1
1
Total sales in $1,000 units...
Federal Farm Mortgage
(High
3s, 1951-55...
111.3
(High
110.28
28, 1953-55
110.27
Low.
Low.
111.3
110.28
110.26
Close
2Kb. 1955-60.
111.3
110.28
110.26
2
(Low.
(Close
18
Total sales in $1,000 units...
5
Total tales in $1,000 units...
108.15
(High
3 Kb, 1944-64
108.16
(Low.
I
108.15
108.16
QjQgg
108.15
Total sales in $1,000 units...
3
1
(High
(Low.
(Close
108.16
2Kb, 1945-47
3s, 1944-49
Tola I sales in
$1,000 units
(High
2Kb. 1948-51
(High
3s, 1942-47
(Low.
Close
i
Total tales in $1,000 units..
(Close
109 .24
109 .24
110.1
| Low.
109 .24
Total sales in $1,000 units...
*3
110.12
Low.
110.12
110.1
110.12
110.1
Total sales in $1,000 units...
2
110.14
(Close
110.23
110.25
110.18
110.23
110.
110.25
110.18
110.23
110.
1
2
111.2
Close
111.2
1
10
2
(High
106.26
102.8
102.8
(Close
5
110.18
Low
106.26
5
(Low.
2Kb. 1942-44
1
Total sales in $1,000 units..
106.26
106.26
Total sales in $1,000 units
110.25
111.3
106.26
■
110.7
(High
106.26
Low.
Close
110.7
110.14
Total tales <n $1,000 units...
102.8
Total sales in $1,000 units...
110
(High
1Kb. 1945-47
(Low.
(Close
Total sales in $1,000 units...
High
2KB. 1945
(High
3s, series A, 1944-52
110.7
Low.
2Kb, 1960-65..
Home Owners' Loan
5
110.14
(High
2Kb. 1958-63
Low.
Close
Total sales in $1,000 units...
110.1
(High
(High
2Kb. 1942-47
2
(Close
2Kb, 1956-59....
I CJlose
Total sales in $1,000 units...
110.1
110.1
(High
2Kb, 1951-54
(Low.
"
*•
■'
•
Low.
(Close
Odd lots sales,
There
Total sales in $1,000 units
f Deferred delivery sale,
were no
t Cash sale.
transactions in registered bonds this week.
New York Stock Record
LOW
AND
HIGH
PRICES—PER
SHARE,
NOT PER
Sales
NEW YORK STOCK
the
qENT
STOCKS
for
SALE
EXCHANGE
Saturday
May 31
Monday
June 2
June 3
June 4
June 5
June 6
$ per share
$ per share
$ per share
$ per share
$ per share
Range Since Jan. 1
Shares
On Basis of
Week
$ per share
*4612
4734
*117i2
*40
*4314
*512
*19i2
47i8
3934
*%
7io
74i2
4
4
*-3«
7%
*5>2
437S
*40
45%
5%
*43%
5%
*1912
*12%
39%
*»8
*
7i«
7i8
6i2
39%
716
12%
lli8
12%
57s
*72l2
578
74
25*8
25%
1714
*16
17
*21
2178
*734
8
14534 146
*11
*16
1
*'8
*13
55
26
*7g
15
*13
*17
55*4
17%
*17
*43
45
*43%
*6%
*4234
*5%
6i2
45
6%
*43
5%
•Bid
53%
*5%
26%
17%
67g
1278
40%
8%
145% 14734
Adams-Mlllls Corp
No par
19% Feb 20
1278
3978
1278
3978
500
Address-Multlgr Corp
%«
*
21%
13
13
40%
4034
*3g
7g
74%
74%
4
*38
4%
7i
*%
*
3,000
3,900
7ie
74%
4
7
500
7
7
700
6
6
6
300
17%
*15%
.17%
2178
217g
22
5%
*15%
17
2134
22
8%
*778
148% 148%
'
l",800
100
1,400
11%
*11
11%
"106
578
*12%
5%
12%
57g
57g
3,100
6%
45
43
5%
5%
43%
5%
77%
a76
76
28%
17
x2734
2734
16%
78
*13
14
13
13
100
54
17
54
54
1,300
17
17
600
Am Agric Chem
7g
53%
53%
5384
17
17%
4434
17
*43%
6%
44%
5%
6%
44%
5%
and asked prices; no sales on this
day.
*44
*6%
7g
*a4
200
4,400
100
300
Allls-Chalmers Mfg
No par
Alpha Portland Cem..No par
Amalgam Leather Co Inc
1
6%
conv preferred
50
Amerada Corp
No par
(Del)__N#
4434
4434
45
600
Am Airlines Inc
63g
6%
4334
500
American Bank Note
520
534
800
6% preferred
American Bosch
*43%
44%
6%
4334
5%
5%
5%
J In receivership,
a
3g May
Def. delivery,
n
New stock,
par
..10
r
»%e Apr 25
10
40
Feb 19
5% Apr 22
4234
...1
Cash sale,
Apr 12
41% Feb 14
143„ Feb 28
10
50
Corp
25%May 28
14% Mar 13
Jan
2
5% May 29
x
Ex-dlv.
y
11% Jan
165
Jan
11% Mar 17
14'4 Apr 24
7% Jan 8
60
Nov
9
Jan
27%
Apr
19% Jan
58% Jan
78 Mar
Jan
1%
14%
12%
Jan
15%
634
135%
878
24
Dec
10
May
May
June
June
Mar
Jan
Jan
26% May
1234 Apr
182
Apr
May
14
Jan
June
1634
Apr
9%
Jan
417g
18
Jan 28
37
Jan
4
1734 Jan
8
11
15%
Apr
7
80
4
Jan 15
Feb
Feb
77
4% May
55
May
2134 May
1% Jan
46%
share
May
7
25% Jan
per
70%
147
May
4
534 June
4% May
*75%
1434
Jan 14
10% Jan
9% Jan
21% Apr
27%
*16%
*34
*84
Jan 17
634May 26
5K% pf A without war. 100
5%June 6
$2.50 prior conv pref.No par
15 May 27
Alghny Lud Stl Corp..No par
18% Apr 21
Allen Industries Inc
1
734May 22
Allied Chemical &, Dye.No par
*144% Mar 6
Allied Kid Co
6
10% Feb 1
Allied Mills Co Inc....No
par
lia4 Feb 3
Allied Stores Corp
No par
5% Apr 21
5% preferred
100
713gMay 14
76
*13
4% May
16% June
12% June
36% June
38 June
27%
16%
Jan
80
378May 23
Dec
May
May
% Jan
76
17
49%
Jan
Jan
Highest
$ per share $
3g Feb 26
27
*16%
% Apr 24
Allegheny Corp
No par
5K% Pf A with $30 war.100
7%
*77g
8%
778
778
146% 147% 1147% 147%
May 15
3534 Apr 23
Alaska Juneau Gold Mln.__10
*3g
5%
12
Air Reduction Inc
No par
Air Way Ell Appliance..No
par
Alabama «fe Vlcksburg
2,500
7%
2178
10
4
6
*16
& Straus
2
Ry.100
12%
44%
Jan
5% Apr 22
200
578
57g
*6%
5
578
*1934
No par
*1934
*12%
44%
3478 May
6
20%
1278
407g
*11
17
Jan
45%
5%
11%
17
30
44
43%
51*4
734
22*4
15%
42%
%
Feb
25
Apr 3
Apr 22
Acme Steel Co
Adams Express
12%
5234
38
Abraham
45%
578
21%
*11
17%
4434
6%
110
4334
*123g
*13
Jan
*43%
11%
*74
120
*40
12%
26%
*16%
7S
Jan
Mar 21
conv preferred
4384
*12%
57g
6
76
53
115
No par
45%
*11
55
1
4K%
100
No par
Abbott Laboratories
*118
..
Lowest
$ Per share
*40
378
%
*7%
300
47%
*46%
Highest
Range for Previous
Year 1940
$ per share
46
Feb 21
*43%
*%
'18
27%
17%
%
14%
5284
14
*118
4784
Lowest
Par
20%
1278
40%
584
21%
21%
*15%
*46%
100-Share Lots
*43%
5%
45%
7%
6%
I684
2134
*6
47%
Friday
Thursday
4334
*40
4378
378
%
%
*46%
*118
74%
4
*67g
7%
*578
6%
*15%
17
2138 21%
*778
8%
145% 14534
*11
11%
*12%
1234
534
6
*72% 75%
*15i8
534
*19%
*12%
3978
*%
2114
1278
74%
4
4784
*118
*40
13
*39
4734
*4314
4378
45i2
534
2H4
*1213
*
4714
*118
Wednesday
Tuesday
June
1% May
79
2-%
Dec
Jan
Nov
Jan
55-%May 28
9% May
38% May
58%
17% Jan 10
12% May
21
Jan
58% Jan
8% Jan
2
4184
75
Apr
8
6
June
1234
Apr
47
Mar
6
35
June
50
Jan
8% Jan
2
Jan
5% June
18
Apr
Apr
93* May
Ex-rights, f Called for redemption.
3#
i
Volume
LOW
AND
New York Stock
152
HIGH
SALE
PRICES—PER
SHARE,
AWT
Monday
June 2
May 31
$
share
ver
*34%
*126
Tuesday
June 3
share j $ rer
*34%
36%' *36
j -S
36%
126U
100
100
*9
*614
*4%
*100
lO'i
7%
5
*13%
14%
*87
8978
1%
*H4
*37„
*%
*17
*2i4
*1314
*34U
278
*27i8
*44i2
*1%
*2112
314
412
34
17%
2l2
*9
*6 34
*4%
*13i2
8934
*1'4
*334
*l2
3609
5
8934
1%
412
22%
21%
4%
4%
17
*115
115% *115
115%
24%
24U
*24%
25
%■ 1
1%
1%
1%
*1134
*62%
6234
147%
*4%
4
*85
*5%
*55%
5%
*46
26%
27%
*13
*112
*9
3434
34%
30%
30%
6%
159
13%
6334
5
6%
*156
34%
30%
6%
159
13%
13%
*6334
36%
40%
36
11
11
11
*11
47
*41
46
*41
16%
12%
85%
113s
434
17
115% 115%
*24% 25
1%
1%
*33%
£2834
61.1
159
13%
64%
*4%
8% h-";i 8
36%
36%
40%
40%
5%
146
3334
2834
6%
159
1234
25
*5
5%
52
*46
52
26%
x2578
26%
27%
13%
27%
2778
13
13
112% *112
934
112%
9%
9%
1%
*1
1%
28%
*27
25
1%
3334
29
6%
*156
12%
80%
3",400
12%
300
1,500
6%
6%
159
159
14
65
65
6534l
30
28%
6%
159
100
240
8,200
1,000
3,100
11,600
28%
6%
6%
*158
1,600
1,500
160
80
13%
14
13%
13%
4,600
65
65
6434
6434
490
5
5
900
*8%
36%
9
200
36%
3934
500
5
5
5
8
*8
8%
36%
41%
36
36%
5
*8
36%
40%
5
8%
36%
40%
5%
*46
5%
52
26
26%
28
28
*13
112
*9%
13%
112
*1
10%
5%
*46
5%
26%
*13%
14%
112
28%
10%
*1
62
4%
89
*47
23%
*7%
*4
*84%
62
23%
7%
4%
90
*47
62
23%
2334
7%
7%
4%
*4
*84%
90
26%
29%
*13
5
*1
54
23%
62
54
54
*47
54%
24
62
23%
*7%
7%
7
*4
4%
*4
*84%
90
*84%
6%
83
*79
81
*91
95
*91
96
*79%
*91%
81
94%
100
28%
*27
29
*27
29
100
*87
88
*87
87%
87%
*87%
88
88
88
27%
27%
27%
27%
26%
27%
68%
68%
68%
19%
68
68
6734
68%|
1,900
100
140
10,500
1,700
2,900
19
-19%
1934
19%
1878
1934
19%
19%
18%
19% I
19
18
19
*17%
18%
*17%
19
200
*18%
I934 *17%
19%
*26
27
27
27
27%
27%
27%
27%
2734 28
27% 28%
2,000
20
20
20
20
20%
20%
20%
21
20%
20%
19% 20% 10,000
*106
108
*106% 108
*106% 108
10778 *106
*106% 107% *106% 107%
6 34
634
6:
634
6%
634
6%
634
634
634
634
634 "3*200
*49
49%
50%
*49%
50
50%
49% 4934
49% 49%
49% 49%
2,500
*60
*60
*60
*60
6434 *60
6434
6434
63%
63% *60
63%
*114
115
*114
115
*113% 116% *113% 116% *113% 116% 113«4 114
:30
7
7
7%
7%
*6%
7%
7%
7%
7%
*6%
7%
7%
2,900
1%
*1%
*1%
134
134
*1%
*1%
134
1%
100
*1%
1%
134
14
14
14
*14%
15
*14%
17
14%
*14% 16
160
*14%
17
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3% 22,400
14
13%
13%
1334
13%
13%
1334
13%
1334
14%
13%
13%
4,100
3%
*3%
3%
*3%
3%
3%
3%
384
3%
3%
3%
3%
2,600
6
6
6%
6%
6%
6%
6%
6%
6%
6%
2,400
6
6
6
5%
*5%
*5%
5%
*5%
5%
700
5%
5%
24
24
26
*23
*22%
25
23% 23% *23% 25
30
*23% 25%
8
8
8
8
8
8
*734
*7%
8%
*734
8%
8%
500
7
7
6%
6%
*6%
7
*634
*634
7
*6%
6%
7
400
30
30
30
30
30
30
*29%
30
*29%
30
210
2934
30
9
*9
9
9%
9
9%
9
9%
9%
9%
9%
9%
1,600
1834
*17%
.
*21%
*25%
22 )
26% I
2134
22%
26%
26%
*23%
24%'
*23%
24%
22%
*26
24%
22%
21%
26%
26%
25%
*24%
21%
26%
25%
22
*26%
*24%
22%
26%
26
22
*26%
25%
Dec
1478
Amer Metal Co Ltd
15% Apr 24
No par
6% preferred
100
American News Co
23% Jan 24
-
May
5
39
Jan 13
28% May
4% May
6
25
conv preferred
Feb 14
Feb 17
61% Ape 23
5 May 27
7%May 23
73%
Jan
4
30
Feb 14
40
Jan
34
100
6
Apr 18
45%
Jan 13
138% Mar 13
Preferred
100
American Tobacco
25
Common class B
...25
6% preferred
62
Preferred
Amer Zinc Lead & Smelt
85 dlv preferred
No par
Mining
Co Ino
9
Armour&Co(Del)pf7% gtdlOO
Armour & Co of Illinois
86 conv prior pref
109% Mar 24
5
4
....
34%
16%
*55%
56%
*2734
28%
70
79%
122
*24%
122
*1034
34%
1634
34%
34%
3434
1634
16%
16%
*1034
56
56
28
28
*55%
28
57
28
70%
69%
69%
12234 12234 *121% 122%
69%
*24%
26
26
*24%
19%
19%
*19
26
19%
*634
7
*13%
*10%
*77%
15
*6%
*13%
7
15
11%
*10%
11%
*10%
11%
90
*77%
90
*77%
90
•
19
7
*13%
19
7%
15
34%
16%
*1034
34%
1634
3434
17
*55%
28%
70%
71%
57
28
71%
*120% 122
*2734
71
122
122
*25
26
26
26
19%
1934
20
7%
7%
13%
15%
90
19%
7%
13%
*10%
83
Bid and asked prices; no sales on this day.
57
57
28
19% May
9% May
11
May
12% May
70% Dec
11% May
May
145
66%
68%
Deo
Deo
Feb
152% May
33% Jan
14%
17%
23%
Apr
Jan
Feb
93
Feb
18
Mar
175% Mar
89% Apr
Dec
91%
June
153%
2% May
5% May
83% June
101%
136
6
May
25% May
Apr
Oct
6% Nov
12% Jan
Apr
12
Apr
61%
Dec
Jan
35
June
8% Nov
64% Dec
Jan
18
May
32
35
Jan
20
May
14%
Jan 11
12% May
41%
22%
113%
1578
y 4%
35%
111%
7%
64%
113
4
Mar
12%
2%
4
Jan
4% May
7
107
June
8
Jan 17
May
1% June
30
Jan 1?
23
111%
Jan 16
97% June
I
5%
June
4
May
35
May
Jan 25
Apr
Apr
Mar
Aug
Nov
Apr
Feb
Deo
Apr
58%
87s
Jan 13
6%
Jan 10
22% May
6% May
3% May
96% Jan
102
July
4% May
9
Jan
89
May 16
90
5% Feb 19
Jan 14
7% Jan
87
9
Jan
9
Jan
68
Apr
Apr
43%
Apr
11
Apr
9%
Jan
100
100
87
Feb 19
99%May 14
49% May
95
Deo
26
Apr 23
35% Jan 23
96% Mar 12
30%May 7
29% June
45
Mar
70%May
39% May
64%
9%
8%
9%
18%
23% Jan
22% Apr
22% Apr
27% May
6% preferred
79% Mar
5% preferred
9
Jan
2
60% Jan
13% Feb 14
13% Feb 15
16% Jan
Atlantic Coast Line RR—100
Atl G & W I SS Lines.......1
100
5% preferred—....
May
18
—..100
25
Atlantic Refining
8
85
100
Atch Topeka & Santa Fe._100
19%June
107
conv
pref series A...100
Atlas Corp
5
6% Feb 14
50
47% Feb 14
61 May 16
6% preferred......
No var
Atlas Powder
conv
100
preferred
111
6
Atlas Tack Corp......No par
No par
Austin Nichols
May 29
Apr 22
Feb
l%May
13
No par
Aviation Corp of Del (The)..3
85 prior A
May
4
3
6
2% Apr 17
12% Apr 21
Baldwin Loco WorkB v t C..13
Baltimore & Ohio
100
3% Mar
4% preferred
Bangor & Aroostook
Conv 5% preferred
100
4% Feb 15
5
50
100
10
23%June
6% Jan
5H% preferred
7
28
60
5
Barnsdall Oil Co
4
Apr 23
8
Jan 20
7% Feb 19
1
Bath Iron Works Corp
3
Apr 23
No par
Barber Asphalt Corp
Barker Brothers
18% Feb
25-%May
3
8
21%May 13
23% Apr 15
30
May 13
24% Jan 2
110% Jan
7% Jan
60%June
72%
Jan
82
May
13
May
May
June
June
May
102
June
7
May
57
May
112% June
4
7%June
2%
Aug
43% June
Jan
118%
65
Jan 11
178
May
Feb
20% Jan 11
5% Jan 6
10
May
4
Aug
19
12% May
Jan
4%
2
Jan 10
7% Apr
4
6% Apr 4
297g Mar 26
10% Jan 10
8% Mar 25
31
Mar 20
978May
6
2% May
3% May
4%
24%
84
Dec
100% Mar
25% Jan
111
Deo
Dec
978 Mar
51
Feb
80% May
124% Jan
8% Mar
5%
Mar
32% Mar
8% Apr
1978 May
6%
Jan
8
Jan
1478
Jan
Dec
Dec
52%
16%
Apr
8% May
Jan
4
May
8%
Jan
20
May
30%
13%
Dec
7% June
Jan
2,000
247S Mar 17
23%
Dec
25%
Dec
200
Bayuk Cigars Inc
5
31% Mar 24
20% May
36%
Apr
500
Beatrice Creamery
...25
22
Feb 17
18% May
MarlO
25%May 12
103%May 8
105
May
3534
112%
5
104
102
June
105
28% Feb 17
109%May 27
7% Feb 19
32
No par
Beech Creek RR
50
Beech-Nut Packing Co
20
No par
Belgian Nat Rys part pref...
Beldlng-Heminway
734
57%
2734
71%
200
10,000
122
122%
800
7% preferred
100
Blgelow-Sanf Carp Inc.No par
26
*19%
1934
7%
*6%
7%
14%
*11%
14%
13
*14%
*11%
1434
15%
*77%
90
*77%
200
90
1,500
1,800
200
d Def. delivery,
Pr
pfd 82.50 divser'38No par
.'...No
par
Black A Decker Mfg CoNo par
No
Blaw-Knox Co
Bliss A Laughlln
Inc..
8%
102
May
7% June
Jan 28
24% May
Jan 10
17% May
121% Feb 20
23% Apr 18
16% Apr 19
6% Apr 18
par
6
13%June
4
57
May
2
32
Jan 16
Jan
3
131% Jan 28
28
21%
10%
18%
Apr 29
15
Jan
7
90
Ex-dlv.
y
x
Mar 17
89%
11
Cash sale,
6
13
80
r
Jan
Jan 24
29% May
2078
Bloomingdale Brothers .No par
New stock,
Apr 28
37%
23
26
12
22
Blumenthal A Co pref..... 100
n
5
15%May
54%May
26%May
68% Apr
Beneficial Indus Loan. .No par
Best & Co
126
Feb
10% Jan 14
Bethlehem Steel (Del) -No par
800
Feb
32% Apr 21
5
Bendlx Aviation....
71
i In receivership,
May
Investments Co.No par
4,400
2,100
26
139
Apr
70
Jan 27
1
34%
17
1634
*55%
2734
Dec
25%
*1034
34
49%
54
155%
22%
2634
33%
*29% 33%
111% *108
111%
34%
16%
*1034
May
Jan 10
104
16%
Dec
30% May
122
Jan 20
Preferred x-warrants.No par
*1034
34%
41%
68
105
*7%
May
34%
*103
734
12% Mar
11% Feb
23
60
105
*7%
May
3
*103
734
74% Nov
5
Jan 20
105
111% *109
48% May
5% Dec
May 28
*103
*7%
18% Nov
6% Apr 18
4%May 22
100
6% 1st preferred
7% 2d preferred
9% May
,
23
6
Associated Dry Goods
Jan
Mar
60
No par
Constable Corp
Jan
10%
163
Jan
5
47% Jan
No par
Armstrong Cork Co
May
105
734
9
June
Jan
Jan
54
8
May 14
Feb 20
135
5%
63%
54
Feb 24
1
26
*103
111% *109
Jan 29
20
105
*7%
8
May
27%
Feb 14
Apr 21
Apr 25
5
Mldl'd.No par
Copper
*103
*108
7
Jan
Apr 18
46%May 13
22%
25%
11%
111%
105
734
Jan
Jan
74%
5
1
25
*103
112
6
Jan 13
103
*7%
8
Jan 11
Jan 9
No par
*107
73%
Jan
Jan
60%
$5 preferred w w
734
14%
168%
Jan 10
Feb 14
105
112
28%
51
100
*103
*7%
Jan 21
Jan 10
105
*107
64
8%
*103
*29%
3
7%
105
33%
Jan
99%
*103
*29
2
4
May 20
89% Apr 25
5%May 19
105
33%
Jan 13
154
May 28
May 27
62
*103
*20%
7
2
8% Jan 28
2
ll%May 27
148%May 1
Amer Telep & Teleg Co... 100
105
33%
3
Jan
*103
*28%
Jan 10
Jan
15%
105
33%
7%
162
11% Feb 19
100
6% [referred..
5%
Mar
25
American Snuff
4%
26
34% May
Preferred
Assoc
20% June
Jan 13
Amer Ship Building Co.No par
Amer Smelting & Refg.No par
Arnold
Mar
46%
American Safety Razor.. 18.60
American Seating Co..No par
Archer Daniels
121
5
American Rolling Mill
Andes
July
90
May
155
Jan
Mar
1
Apr 21
Jan
3%
25
30
*103
*28%
4
1% May
12% May
No par
Am Rad <fe Stand San'y .No par
Preferred
100
4^%
Mar
5% Apr 4
19% Jan 10
121
Apr 4
25% Feb 13
3% Jan 13
...No par
No par
$6 preferred
$5 preferred
111
No par
Amer Power & Light
7% preferred...
92
27%
Jan
92
May
Artloom Corp—.....No par
90
87
22%
May
10
7% preferred.......... 100
500
67%
May
38
6
A P W Paper
4l.>
27
10
9
Jan
Anaconda W <fe Cable.-No par
Anchor Hock Glass Corp 12.60
900
Apr
Jan
$5 prior conv pref
"
13% Aug
Jan 10
Anaconda Copper Mining..60
3,100
Jan
67
13%
37~400
100
12% Sept
41% May
17%
No par
1,100
Apr
6%
93
Apr 23
10% Apr 23
2% Feb 15
No par
300
Apr
Mar
1034 Apr 21
$6 1st preferred
#
Apr
79
American Woolen
7%
88
8
10,500
*4
67%
Jan 27
Jan
9
2* 300
27%
Locomotlve.No par
13%
50
Jan
2334
67%
May 26
Apr 29
8
"""606
4%
55
2634
11
48
Jan
7
100
6978
June
4%
4% Apr 21
112
2634
3
6
Am Type Founders Ino
10
Am Water Wks & Eleo.No par
29
26%
35
159
92
*67
May
146% Apr 26
29
*78%
18
100
"1*200
*27%
87%
22%May 24
Feb 14
38
Preferred
100
Amer Mach <fe Fdy Co.No par
Amer Mach & Metals..No par
3,200
96
80
66%
378
Mar 27
29
80
45% May
1% Dec
4
1% Mar 29
Mar 19
*80
83
23
Jan
3%June
Am Sumatra Tobacco..No par
10%
1%
7%
Jan 23
51
19
27
*84'4
6%
May
Jan
60% May
6% Apr
30
93
400
Jan
May
Jan
600
24%
May
20
50
Jan
9% May
27
May 15
44%June 3
1% Feb 20
1
Apr
Jan
3
81
200
6%
2%
2% May
23
11% Jan 13
13% Jan 14
"V", 900
3% Mar
28%
7%
4
Jan
15% Apr
91% Mar
Dec
Jan 10
Feb 19
*634
6%
4%
May 26
2334
90
38%
%
17% Jan 18
Feb 14
9%May 29
*28
6%
378
10% May
Jan 13
21
13
800
May
3
Jan 18
10
*91
6%
Jan
No par
83
6%
1%
American Stove Co
94
6%
3% June
2
American Sugar Refining.. 100
28%
6%
6
Mar 26
178
5
Jan
300
*27%
634
Jan
Sept
1% May
~2*600
*634
*79%
*90%
678
75
19
40
62
6
Amer Steel Foundries..No par
American Stores
No par
3,100
180
54%
June
150% Jan 10
200
*47
23%
7%
4%
8
90
7
5
May 12
Apr 21
13%
4
Jan
Jan
15%June
145
30
*9%
Apr
8%
100
*29%
*1
American
Feb
9%
4% May
2% Feb 15
100
conv preferred
Jan
Nov
13
5% May
11% Apr 15
60
pref
May
23%
115
140% May
Jan 11
29
No par
non-cum
May
6%
Apr 25
*1.3
27
*111
6%
Deo
Nov
8% Jan 23
37
20
5%
26%
9
25
500
52
26
101
1%
27
*9%
111% 111% *110% 112
4%
4%
4%
4%
*47
*46
300
*112
27
l'%
27
5%
52
26%
29%
13%
*112
112
*9%
27
5%
*46
52
26%
28%
1%
23%
7%
5,600
6
334
No par
conv preferred
5%
8034
28%
1334
2634 27%
*110
111%:*110
111% *110% 111%
*4
4%
4%
4%
4%
4%
54
54
*53%
54
53%
53%
*86
800
Jan
l%May 14
Amer Internat Corp...No par
Amer Invest Co of 111
1
"
11%
11%
1134
4%
4%
4%
4%
17%
17%
17%
17%
115% 115% *115
115%
25
25
25 :v 25
1
1%
1*%
1%
1%
33%
34%
33%
33%
13%
28%
*4
83
1
29
46
11%
*17%
1734
115% 115%
*32%
*41
12%
83
11%
4%
11%
4%
12%
83
12%
*82
*11
3%
11%
3%
46
900
12
78
10
American Hide & Leather... 1
6%
13% May
May
100
9% Feb 19
Amer Hawaiian SS Co
600
146
*1
23%
*7%
3%
21%
3%
11%
*40
40%
39%
147
*145% 146% *145% 14534
145% 145% *145
42
4034 *40
40% *40
4034 4034
40-% 40%
4134 42
149
*147
149
148
148
149
*146% 149
146% 146% *147
22
21%
21%
21%
2134 22%
22%
21% 22
21%
22
*10
*10
*10
10
10%
10%
10%
*9%
10%
10%
10%
*10
*10
11%
*10
111;
11% *10
11%
*10%
11%
11%
15% *14%
15% *15%
15%
15%
1534
15%
17
16%
16%
86
85
£85
85
86 %
*85%
8534
8534 86
86%
86%
*12
*12
*12
*12
1278
12%
12%
1278
12%
12% *12
155
153
15078 150% 153
15434 157%
15634 158
157% 158
63
63
63
63
63
63
63%
62% 62%
63%
63%
62 34
63
63
63
63%
6234
63
63%
63%
63%
63%
*148
147% *148
150
150% *149
150% *148
1.50% 150% 150%
5
434
434
*4%
5
*434
434
434
434
434
5
4
4%
4%
4%
4%
4%
4%
4%
4%
4%
*85
*85
88
*85
88
*85
88
*85
88
89%
88%
5%
5%
578
534
534
5%
534
*5%
534
534
534
56
56
58
57
*56%
58
*56%
57% 57%
57%
57%
146
40
*21
11
5
*8
21%
3%
*41
64 %
5
8%
*27
*45
American Jce
*21%
1678
150
American Home Products
900
*44%
'1%
4%
17%
*85
500
134
*4%
*10
300
1%
21
28%
4434
*1%
185
'
112
2% Apr 16
45
2934
*44%
1%
7
3
preferred A ...No par
29%
*2734
44%
*1%
65
Jan
June
4% Feb 17
No par
$6 preferred
700
33% May
Jan 21
%May 27
1434 Feb 15
$7 2d
600
6
No par
$7 preferred
May
May
164
6
Jan
European Sees..No par
Amer & For'n Power
800
18
34
7
Jan 11
45%
6% Apr 23
100
1%
20%
28%
44%
11%
4%
"""766
%
17
2% July
116% Jan
115
Encaustic Tiling.. 1
900
1%
11%
Amer
434
%
Oct
Dec
May
1%
85%
121
10
6% 1st preferred
American
135
Apr 22
Corp. .20
14%
35%
3%
2714
*82
Am Coal Co of Allegh Co NJ25
American Colortype Co
10
American Crystal Sugar
May
May
Jan 13
Jan
31%
share
per
28
128
7
71%May
23% Jan
>
Highest
share $
per
z98%May 29
9% Mar 27
No par
3%
*28
4434
44%
1178
*334
18%June
107
$
95% Jan 10
Apr 19
Feb 15
56
preferred..... 100
35%
1%
11%
conv
American Chicle
70
300
23
Lowest
share
Jan 13
Mar
1%
17i%May 28
Am Chain <fc Cable Inc.No par
3%
28%
4434
1%
2714
3%
185
14%) *13%
44%
3%
3,100
1%
17
Preferred
100
American Car <fc Fdy_.No par
Preferred
100
35%
3
85
90
*1%
434
%
38
13%
3
*3%
120
per
130
5%
"""165
I
29% Apr 14
34%
1334
34%
*234
3%
2,700
1,000
Highest
share
conv pref
400
1334
*21
1,900
"4",400
per
100 zl22% Apr 14
Amer Cable <fc Radio Corp__l
1
Mar 18
American Can.
25
78% May 29
5H%
2%
3%
28%
22
2,500
8
Am Brake Shoe <fe Fdy .No par
2%
34%
314
90
1%
Lowest
Par
Am Comm'l Alcohol
90
17%
2%
2%
1334
11%
*14%
17%
34%
85
21%
*9%
*2%
17%
2%
*234
23
400
220
15%
%
'17%
Year 1940
36
*4%
15%
*334
%
1334
*11%
4034
*146%
434
%
*33%
27g
11
40
*334
14
12
*145
4%
*88%
*1%
90
34
278
86
*35%
1%
34
11
*8
*88%
1%
5
Range for Previous
Week
15%
14%
*13%
*8312
6334
*478
89%
1%
*334
2%
46
13%
89%
14%
35
278
28i2
453S
1%
*34
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
Shares
share
ver
STOCKS
NEW YORK STOCK
the
June 6
$
35%
*4%
14%
*2%
*40
6%
5
14
*11
*156
35%
*13%
17%
11
303s
3534
3534
126% 12634
*4%
h
17%
47
*33
JuneS
S per share
share
ver
14%
*%
*4112
1134
*1678
5
*4%
1414
212
*2%
S
Sales
Friday
127
127
126% 127
1%I
l'l
1%
13g
13s
1%
1%
1%
1%
80
7878l 79
78%
80
78%
78% 79
78%
174
174i2 *171
174% *171
*170% 174
*170% 174
27
27%
27%
28%
27% 27%
271.1
27%
28%
70
71
70i2
7034 7.1%
70%
70%
69%
71
19
19
19
£18%
18%
18%
18%
18%
18%
11214 *105% 112% *105% 112% *107
110% *107% 110%
104
*101
105
*101% 105
*101% 105
*101% 105
*9
*9
10%
10U
10%
10%
1034
*9%
10%
*61'
7U
*6%
7%
7i2
*6%
7%
*6%
-
3%
11%
11
36%
126%
17%
*17
Thursday
June 4
share-
126% 126i2 *126
1»4
1%
1%
*78i.i
79
78%
*170i2 17412 *170l2
26% 26%
26%
693i
70
70i2
18i2
18'2 *18i2
*10514 112U *10514
TFerfnesda>
C^NT
2
for
Saturday
PFrt
Record—Continued—Page
Mar 11
10
Nov
49% June
22% May
63% May
109% May
14
15
52%
127
978
Apr
Apr
May
Oct
Jan
Apr
67% Apr
36% Apr
22% Mar
56% Jan
39
Jan
93% Nov
134
Nov
May
34%
Jan
May
22%
Apr
5% May
11%
Jan
13% May
23%
Jan
9
Jan
4
Jan
8
Jan
9
11
May
16
Apr
Mar 13
54
June
95
Nov
Jan
Ex-rights. K Called for redemption.
New York Stock Record—Continued—Page 3
3610
AND
LOW
HIGH
PRICES—PER
SALE
SHARE,
NOT PER
CENT
Sales
STOCKS
for
NEW YORK STOCK
the
Monday
Tuesday
Wednesday
Thursday
Friday
May 31
June 2
June 3
June 4
June 5
June 6
$ per share
$ per share
I per share
$ per share
$ per share
$ per share
Shares
14%
145s
2634
14%
2634
*20%
9034
9034
42%
42%
*42
19%
9934
*90'8
*19%
*18®4
*16%
19%
19%
187«
16%
10'4
1%
*1%
*3134
*1>4
19%
1878
16i2
1%
32
145s
15%
*207g
27%
9934
43
19%
19%
16%
1%
*90%
*42%
*19%
19%
32
163s
1%
15%
♦26%
155s
16
27%
9934
153g
26%
91
91
43
4234
4234
19%
19%
19%
19%
19%
19%
17
*90%
*42%
163s
265s
163s
165s
*1%
15s
*26%
*91%
42%
a;197g
19%
16%
*1%
*193s
19%
165s
1%
13s
33
*31
32
*334
4%
334
4
*358
4
*35g
4
4
4
934
934
9%
934
19%
93a
934
19U
19%
193s
19%
*31%
34
♦31's
*39%
40%
2%
*39
*30%
*20%
934
193s
33
3934
238
6%
1034
31%
21
934
19%
9l2
1914
*95s
*19%
10
10%
10%
32
6%
10%
*10*4
*30%
31%
*30'4
*20
20%
238
20
9%
63«
1078
31%
20
934
9%
110% 110%
'105
4%
71
71
110l2
6
634
2434
70i2
I6I4
16U
16%
*49
5034
*16
*4%
*3%
*77g
*49
49'2
18
*412
458
20%
3%
8%
*1934
20%
314
812
20%
3%
8434
*838
*18%
*5034
34
8434
812
835s
8%
*8%
*3 >8
*734
8%
; *i834
19
L*5034
52%
78
78
*8%
11
*10l2
11
11
11
11
*
6
6%
38%
*34
*89
*26%
*2%
*2%
*37%
89
89
27%
27%
27%
3
*258
27»
118
118
*27
118
9%
9%
68%
683S
9%
69
*17
17%
17
17
*1®4
*434
*2%
3
*86%
95
*29
30
5
r
*3
253s
*16%
*104
3
3%
253s
17
*12%
3
3%
*25
14%
I *2%
212
35%
35%
35
36%
94
93%
93%
*90
; *1
90
*178
6%
*578
135s
2
178
6l2
6%
6
17g
6%
13'2
6
*50%
51
1378
40%
39
39
3%
2
6%
534
534
14
14
14%
40%
*38
*39
1,800
170
2,700
2,890
520
6,200
150
600
500
30
"""800
10
26%
900
90
100
20
1334
14
6,600
200
39%
%
%
500
16
%
%
200
%
316
*%2
%
*632
*%2
%
100
12%
*8%
12%
9%
12%
1%
1%
13s
9
12%
1%
1,100
23
23
55%
55%
56%
10%
10%
99% 101
*10
10%
10
10%
*98
99
99
99
*43
46%
*2%
*30
*43
2%
2%
*30
3234
*43
46%
2%
33
*30
82%
*82
51
*35%
3534
*4834
35%
33%
33
*144
14434
8934
*60%
6178
13%
13%
145
*89
89
*103
*60%
13%
103
103%
*29
31
51
33%
145
89%
6178
13%
103
*
33
8834
112
*24% 25%
*98% 100%
*82
82%
51
*49%
36%
3234
33
*145
74%
112"
112
*24% 25
*98% 100%
*82
82%
*49% 51
36%
36%
36
*32%
112"
82%
*48%
74""
*
363s
33
43
31
*1%
2
*1%
*15%
15%
2%
*73
16
40
25%
200
50
-
---
*6034
61
14
13%
23%
*16
51%
24%
*2
2%
15%
15%
2%
15%
15%
15%
15%
2%
234
234
27g
73%
*73
4%
24
74%
"73"
74%
74
*
70
*4%
*22%
23%
23%
10034 *100
29%
934
%
51%
24%
*1%
2
29%
*104
*
70
*73%
4%
*4%
103%
103% *101
19
19%
18%
200
*22
23%
23% 2378
100% 100%
29% 29%
100%
29%
105
*104
24
105
934
978
97g
978
*16
%
si«
%
2434
52%
24%
517g
24%
52
*1%
1%
*1%
134
15
*15%
234
15%
*15%
15%
15
15%
1,400
73
74 %
74%
*51
75
74
*4%
*22
278
73%
70
4%
43g
150
1®4
~i~io6
247g
2478
2538
this day.
par
Chile Copper Co
25
Chrysler Corp
City Ice A Fuel
5
No par
!
8%May 22
1034 Feb 7
l%May 16
22
June
2
55%May 28
834 Apr 21
100
95
Jan
3
100
43
May
6
2% Mar
7
30%June
6
5
139
100
73
Clev El Ilium $4.50 pf. No par
Cle\ Graph Bronze Co (The)
1
110
Apr 26
Apr 23
Feb 14
25
Apr 10
100
5% pref
98
May 23
May 28
Preferred
28% Feb 18
$4.25 preferred
No par
4% 1st preferred
100
4% 2d preferred
100
Columb Br'd Sys Inc cl A.2.50
B
2.50
Columbia Gas A Elec..No
",*"760
4%
200
53
25%
26%
$2.75
"3", 100
200
6,300
200
3,300
%
72,300
52
52%
2,400
25%
2534
9,700
$ In receivership,
a
Def. delivery,
conv
Commercial
$4.25
conv
Jan
s4
Apr
Jan
77g May
27g Jan 27
1% Aug
27
Jan 27
72% Jan
10% Feb
102%June
pf ser '35.No
Commercial Sol vents.. No
Commonw'lth A Sou..No
r Cash sale.
Apr
Jan
6
85
Sept
98
Feb
46% Feb 20
44
Sept
*60
Jan
3
Jan
4
2
May
24
May
139
Apr 26
124
July
85
Jan 15
56
June
7434 Nov
114
Jan 24
108
May
Jan 10
26
May
114% Jan
43% Mar
74
May
3734 Jan 13
3334
100%May 12
83% Jan 29
50
Mar 11
367gJune
34
6
Jan
4%
40%
133
83%
46% May
48
25% May
41%
25% May
131
45%
Dec
Mar
Apr
Apr
145
Dec
141
Mar
56
May
63
14
10% May
20
2
Apr
May
62% Jan
30%
Apr
Nov
99% May
Jan
June
94
June
16% May
Jan
27sMay
6
Mar 31
108
May
1%
1%
Dec
Oct
102%
35%
112%
24
434
5®4
5
Feb
Feb
Dec
Apr
Feb
May
Apr
Apr
Apr
6
*16
May
26% Mar
15
June
21
6
16
May
26% Mar
2%May 20
May 24
Mar
4
697g Apr 29
4%May 16
8
Feb 15
*i»May 19
49
Jan 30
24%May 26
*
Nov
14%
2134 Jan
8*
No par
5% Mar
34
91%
June
28% May 20
103%June 5
par
Oct
11% Mar
16% Apr
15
99% Apr
par
87*
•u Dec
21 a4May 20
par
Aug
53% May
12% May
21% Apr 17
Commonwealth Edison Co-25
n New stock,
5
20
May
Jan 13
par
Credit..
$6 preferred series
2
9
Jan 10
Feb 18
51% Dec
%
178
10
preferred-No
4% % conv preferred
100
Comm'l Invest Trust.-No par
Dec
Mar 19
64
73%
Dec
20
73
4%
Jan
15%
44%
114
5% preferred
100
Columbian Carbon Co.No par
Columbia Pictures
No par
73%
12%
3
1
Dec
8% May
Apr 18
6% preferred series A... 100
par
6% May
103% Apr
Jan
Apr
Dec
23% May
41
May
11% Feb 14
100s4 Feb 15
18%May 5
?8 Jan
1% Feb
47g
101
3g
Mar 17
No par
29% Mar
44
»« Dec
60
par
30% May
84% June
% Jan 18
9% Jan 29
13% Jan 9
No par
600
52
Apr
%«Dee
106
24,300
4%
9
145%May
3%
38
30®4
%j Dec
Jan 22
75%
38
Dec
6
Feb 19
68
®16
Feb
38'4
Jan 17
%
87
*73%
74%
*h Feb
143
Colgate-Palmolive-PeetNo
Class
8
Jan
No par
*51
3%
Jan JO
100
Coca-Cola Co (The)
Class A
3%
75
24
51%
6
68
24
*22
23% •*22
23
23
23% 2384
2334
23%
10034 10034 *10034 101% *10034 101%
29
29
29% 29%
293g
2834
104
104
103% 103% *103
1037g
10
978
97«
X9®4
934
978
,
Jan
14
15
*50
»n
110
15%
3
17% May
107g June
2% Oct
Jan
8%
1
15% Mar J 8
4
100
*2
2%
15
41%
4% Apr 24
8
Jan
100
5% conv preferred
*13g
15%
2%
8
%
Colo Fuel A Iron Corp.No par
Colorado A Southern
100
1%
52 34
on
134
2%
3
52% Jan 13
Apr
in Jan
100
500
80
102% Feb
1% Apr
2
49
7% preferred
6% preferred
Collins A Alkman
2
38
5134
Bid and asked prices: no sales
16
Jail
44%
600
15%
74%
4%
24
*1%
100
3,100
*1%
73%
*1%
1%
20
1,200
15%
2%
134
15%
*103% 105
934
2
1%
"
13%
16
Apr 28
1,500
61
16%
Oct
May
Jan
1378
16%
22
106
Feb 14
61
16
May
99% June
49
89
57g Apr
11®4 May
20% Jan 10
27
14
Jan
3% Jan
114% Mar
21% Jan 4
106% Feb 10
82
61
34%
Apr
3
May
Clev A Pitts RR Co 7% gtd.50
1334
97
May
Feb
May
17% Feb 15
103
Special gtd 4% stock
50
Climax Molybdenum..No par
Cluett Peabody A Co.-No par
*6038
2%
Jan 13
Apr 2
72
26%
Apr
50
*8834
4
3%
Apr
Dec
12%
3% May
15% May
33
*3234
678 Mar 11
Dec
35%
121
Jan
5% Jan 13
37% Jan 14
3
Feb 19
6", 700
51
June
1%
Jan
Dec
56%
Mar
May
367g
84
1% May
106
4
37% Apr 22
conv
5% preferred..
112% 112%
*145
Apr
preferred
No par
Pr pf ($2.50) cum dlv No par
JChic Rock Isl A Pacific.. 100
13
Chicago Yellow Cab—No
*98% 100%
36%
Aug
9% Feb 19
Chlekaslia Cotton Oil
10
Chllds Co...
..No par
74%
*4834
June
17
par
Clark Equipment
No par
CCC A St. Louis Ry Co... 100
*82
48
75
126
6
5
300
*24%
73% Jan 14
22% Mar 25
3% Nov
100
60
100
31
89"
16
Preferred series A
City Stores
8834
16%
1%
134
15%
70
29%
*1%
15%
134
75
*100
*15%
!•%
16
*60
*4%
16%
1%
2
*73
*22
*15%
1%
-
City Investing Co
19
*1834
19
19
19%
19
19
19
*19
*11034 111
*11034 113% *11034 113% *11034 113% *11034 113% *11034 113%
16
..No par
Cham Pap A Fib Co 6 % pf. 100
Common..
No par
10
82%
IO284 10234 *101
100
400
51
*145
prior preferred
May
May
Dec
3234 May
88
Sept
22% May
27gMay 23
22% Apr 21
1534May
1
1
20
105% May
5
3
92%
9
Certaln-teed
Products
June
42% May
Jan 13
2% Jan 13
115% Jan 29
Jan
Apr
May
Oct
87
...
10
4% Feb 3
2% Feb 19
27
....—-
39% May
Jan
28% Jan
120«4 Jan 29
6
45
40%
May
100
50%
9
100
—
2%
30%
Jan
Cerro de Pasco Copper.No par
46%
89%
89
Preferred.
2%
par
6preferred
82%
*4834
36®4
3234
l09%May 27
1,375
*98% 100%
357g
Central 111 Lt 4H% pref.. 100
tCentral RR of New Jersey 100
Central Violeta Sugar Co
1,400
*
2
16%May 5
1% Apr 22
10%
*214
Jan
6684 Feb 14
30
*43
7
—100
14,900
23g
74%
112% 112%
25
25%
32%
*145
89
*60% 6178
14
13%
*10234 103%
*
5% preferred
5534
*10
187gMay 26
11034 Mar 19
Central Agulrre Assoc.No par
Central Foundry Co..—— -1
400
*130
*
75%
75""
*112" 113% *112" 112%
*24% 25%
*24%
25%
*98% 100%
98%
98%
*82
*29
33
238
100
10134 102%
10
43
23g
par
No par
24%
55%
10178 102
46%
2%
*20
56
934
10
102
*43
46%
2%
*2%
*130
*
10
101
24%
55%
56%
55%
800
50%
*20
25
*23%
Jan
2
Anr
Apr
0
6% Mar
3
143g
40%
%
22
June
125
Apr 14
23i»
De
278 Dec
36% Aug
75% June
22% May
Feb
Feb
6
50%
55%
60
Mar 18
40
8% Apr
*%
22
Feb 14
112
par
2%May
400
*%
55%
7% prior preferred
Celotex Corp
43
100
Preferred
Caterpillar Tractor
No
CelaneBe Corp of Amer.No
0%
92%May 20
30% Jan 14
3% Jan 29
8%
6
50%
24
55%
Apr 23
2% Apr 28
Jan 17
5
*534
%
*20
22
_5
Carriers A General Corp
1
Case (J I) Co
—100
41
Jan
19% Apr
July'
23g May
29% May
378 Mar 20
534
1%
Carpenter Steel Co
11%
34
,3ieMar 20
2,100
*8%
May 27
2%May 20
37%May 26
86% Feb 25
May
Jan
Nov
17g
8%
4% May
11
Oct
13®4
May
Jan
6% preferred
1
Chicago Mall Order Co
Chicago Pneumat Tool.No
6
*11%
34
13 preferred A
10
Carolina Clinch & Ohio Ry 100
1
Jan 14
4% Apr
397g Apr
3% Jan
Chic Great West RR Co...50
17g
6
8%
7
600
17g
6%
12%
1%
1
May
3% Feb 13
1,300
2
8%
Dry Ginger Ale..._5
Jan 10
%Mar 3
13gMar 12
1
3
*11%
1%
5% Feb 19
Chic A East 111 RR Co-No par
Class A
—40
1,700
1
%e
1%
2678 Feb
52% Mar
2
100
700
50%
*8%
May
Mar 11
Jan 13
*%
*12
15%
Jan 16
*%
8%
12%
1%
82
May
3
50%
8%
May
9
18
%6
*11%
1%
39
Jan
2% May
6% May
1134 Jan
44%
632
112
Jan
12
12% Apr22
3
%
85
2%May 23
34% May 19
93%June 2
6,700
50%
9
Sept
5
"5" 800
®32
*3l«
Jan
Apr
5
^Chesapeake Corp
No par
Chesapeake A Ohio Ry
25
2>4
357g
93%
*%
%
7%
23%
84June
par
Checker Cab Mfg
1334
2%
35%
*50
Canada
Chain Belt Co
.17
104%
*4934
8i2
13
4% May
17% May
Calumet & Hecla Cons Cop.. 5
Century Ribbon Mllls.No
"10
32
*
"""166
50%
*8%
*113s
*1%
5% Jan
21% Jan 13
4% Jan
1
Capital Admin class A
800
39%
60
100
95
*92
No par
500
*%
%
Apr
40
No par
Participating preferred.. 100
No par
Canadian Pacific Ry
—.25
Cannon Mills
...No par
%6
*3
5
Canada Southern Ry Co.. 100
6 ,300
1
6%
534
Jan
5%
1034
36
3,200
"
3%
*17g
*6
57g
14%
50
40
57g
1334
*38%
137s
*38%
6
278
*17g
12%
7%
6
3
*13
*3
Dec
May
19%May 29
3
Apr 16
10
Campbell W & C Fdy--No
Oct
2
Jan 16
Jan
600
36
35% Nov
21% Jan
Jan 13
10% May 16
lOTgJune 3
1,200
35
*18%
1
1
53%
8%
3%
23%
"12% May
14
3%
2%
Jan
50% July
3,300
14%
18%
6
*27g
25%
*1634
1
*125s
14%
Jan
17% May
Dec
6% Jan
7234 Nov
8% Nov
3% May
20
Jan
31%
20
Jan
34% Jan
33% Mar
Jan 24
31%
93%
*18%
May
1%
7%
147S
1334
334
*80%
17
104% 104% *104
May
21
21'4 Mar 29
*2%
*1034
May 119
3
71%May 27
53
40
59
58%
60
117% 117% *115
*1634
17
104% 104%
*19
1934
6% May
97
Apr
4% Nov
Dec
61
200
26
6
Jan
r7%
5334
May
1434 May
Jan 17
5%
Apr
5% May
15% Jan
4% Feb 17
30
5% preferred
200
26
12% Jan
Mar
2434 Sept
25% Jan
37% Apr
29% Apr
12*4 Nov
27
3
Callahan Zinc-Lead
234
59%
117%
3
12 34
Jan
600
27%
3
Jan 13
Mar 21
18%
273g
*25g
3%
26%
38
May
1% Jan
x534 Nov
Jan 14
7% Apr 29
16»4 Feb 20
275g
3%
2534
41% Nov
7
1334
May
California Packing
90
95
27
400
90
3134
8
Jan
7% Apr 21
76% Feb 14
90
313s
2634 Nov
Byers Co (A M)
234
*86%
13% May
Jan 10
2%May
pf 100
5% conv preferred
Butte Copper & Zlnc__
6
Dec
May
Jan 27
1
Bush Term Bldg dep 7 %
Butler Bros
8
Byron Jackson Co
170
39%
95
3134
Terminal
3834 Nov
May
4%
2
500
*23g
£93%
2%
600
8%
35
3
27% Feb 15
1534 May
49 May
x7%May
6
Jan
8%
84
*37%
93%
2%
500
234
31
*13
800
400
34%
93%
*6%
*534
4%
45
45%
4434
45
44%
21
21%
21%
21%
21%
118
1177g 1183g
118%
11838
934
934
958
978
934
*67
6834
6834
6834
6834
16%
17
*16%
17
17
*134
178
2
17g
17g
11078 *109% 1105s *109% 110%
*1%
2
*1%
2
2
5
5%
5%
5%
*86%
1
440
100
26
1
Jan 23
118
Feb 14
5% Apr 15
23%June
No par
No par
2,400
Apr 21
61
--No par
Billiard Co
18%
39%
*2%
Budd Wheel
Bulova Watch
Bush
334
234
9
June
Apr
24% Mar
257g Jan
234 Jan
41
Jan 16
109%June 3
3% Feb 14
100
1,800
34%
*23g
*25g
preferred
600
33g
*36%
*27
7%
No par
Jan
70% Mar
29%
25% Jan
19% Apr 24
5
-100
7% preferred.—.*
G) Mfg
Budd (E
2,100
*37%
90
30
No par
Nov
123%
127g May
% Dec
Jan 13
Jan
Apr
34
May
17
Jan 13
2%
6%
14%
30%
23%
5
Brooklyn A Queens Tr.No par
Bklyn-Manh Transit—No par
400
6
5034
*55
1,040
lC7g
12
334
Jan 10
Jan 9
Apr 4
44%
No par
19
8
23
19
22
19
Apr 18
283g
Dec
19
share
per
Aug
May
51%
2
2% Jar
3
634 Feb 14
10
Apr 21
5
77g
6
llSg
20%
20%
178
39%
4%
12%
99
Jan 18
22% Jan
38
Bower Roller Bearing Co
Brewing Corp. of America—3
Bridgeport Brass Co—No par
Briggs Manufacturing.No par
2%
107g
117g
40
18% Feb 19
Apr 18
Burlington Mills Corp
1
Conv pref 12.75 ser. .No par
Burroughs Add Mach—No par
*36%
35g
116% 117%
25s
1,300
6
36
1
65g
23%
3034
1634
49%
107g
2%
25s
30
7g
1138
54
78 Feb
30
Apr
3% Apr
8«4 Apr
18% Apr
3078May
Bucyrus-Erle Co
2,500
1,400
8%
1234
9
111% Jan 23
16
—100
Highest
share $
per
19% May
Jan
Apr 29
17% Apr 26
Bruns-Balke-Collender.No par
37g
67%
52%
1353s
1%
10%
a4
2%
27«
"""loo
20
18%
*5034
367s
1
31%
7g
2%
234
700
52%
36%
1%
11%
*34
365s
93%
27«
1,300
18%
3%
26%
17
104%
19%
14%
2%
278
100
6%
205g
84
2734
3
*25s
1107S
*158
*45s
*2%
2%
*5034
90
*27
68
"""260
40
t
35
38
—15
5
Brlggs & Stratton
34%
2%
39%
2%
*1634
*ia4
33
3%
34
95s
3,800
85g
57g
(The)
Borg-Warner Corp—
Boston & Maine RR
share
Brooklyn Union Gas -.No par
19%
8»4
1058
Co
Borden
per
18% Jan 27
25% Apr 22
90 May
9
1
Inc..—
Stores
$
Brown Shoe Co
700
*3%
8%
Bond
Year 1940
Lowest
Bristol-Myers Co
200
200
18%
40
3%
2078
117%
*20
85
2,800
3.200
1,200
85g
36%
93%
17
104% 104%
*18%
19%
*12%
14%
2%
2%
1934
8%
85
24%
*165s
104%
19%
*12%
2%
2534
*165s
10434
*18l2
0
1078
11%
3%
8%
11
17%
1%
134
178
109% 11078 *109% 11078
*158
2
*is8
2 47g
47g
*45s
5
*2%
3
*2%
3
*86%
95
*86% 95
30
30%
30% 3134
17g
434
90
400
95g
18%
45g
20%
3%
85
8%
18%
52%
7g
43%
19
20%
33s
*578
*105s
17%
178
234
434
20
*83%
*8%
18%
*5034
*34
16%
49%
734
*23g
49%
734
,
*18
19%
458
2734
75g
*2%
734
2%
*3%
8%
2%
25s
56% 5634
116% 116%
43
43%
2078 21%
117% 118
9%
934
68% 08%
*49
49%
20
90
90
9%
*67%
*109% 1107g
2
*1%
165s
23«
*1834
39%
*34
3434
55%
55%
*55%
56%
*115% 116% *115% 116%
43
43% 43%
43%
19%
19%
19%
20
118
16%
*37%
234
~
16%
*36
39%
23%
*3034
24
303s
*36%
3%
*2%
*34
66%
65g
634
Bon Ami Co class A—No par
Class B
-—No par
110
68
30
6
*37%
67
5
20
4
334
Boeing Airplane Co
Range for Previous
Highest
$ per share
123s Apr 21
Bohn Aluminum & Brass—5
32
*107
37g
24
10%
1078
234
110
334
634
734
19
39%
9034
3434
*2%
*37%
103s
*107
2434
6
3%
10%
10%
110
31
10%
1078
38i2
3l2
203g
*49
13I«
6
*34
3%
31%
165s
40
3%
3434
234
"3%
*30%
*195s
6%
52%
13ib
3;
11
31%
20%
31
8%
*18%
*5034
1834
5212
sr 6%
*10%
*30%
*19%
*24
734
23g
19%
458
20%
3%
8%
84%
734
2%
18%
4%
778
2»4
85
*19%
i *83 %
17%
434
11%
634
24
30%
16%
49%
10%
75s
*2ig
1634
107S
67
*16
*49
1034
66%
*65s
77g
6%
Par
200
1978
19%
16%
1%
19%
*32%
*39%
*2%
6%
*1034
*30%
*195g
10%
2%
6i4
Lowest
25,400
43
*35g
95g
40%
2%
6%
69
2334
30%
2%
*39%
23g
6%
10%
66
634
*2
40
*214
4
30
*7%
40
16
27%
92%
*31
33
334
24i2
634
*32
4
30
*23
33
4
30
30
*32
109% 109% *107
4
68
*23
19%
*32%
3934
*2%
6%
*10%
97g
4
4%
*32
32
32
35
40l2
*2l4
*6%
*2%
*6%
*10
%
Range Since Jan. 1
On Basis of 100-Share Lots
Week
14%
7, 1941
EXCHANGE
Saturday
*26%
June
Ex-dlv.
y
Jan
4 % May
47g Jan 9
82% Jan 25
67% May
7%
93%
72
Apr
2
59
June
79
Jan
80%
67g
Jan 17
71
May
9834
Apr
Jan
6
3% May
Apr
Apr
8% Mar
247g Jan 16
1434 May
31
Mar
7
27% June
104
Jan
6
95
June
377g Jan 10
32
June
56
Apr
June
113
Mar
110
Jan 15
11% Apr
>»it
Jan
3
97
8
2
May
%
Dec
61% Mar 20
42
30%
257g June
Jan 11
Ex-rlghta.
May
26
48
108%
16%
Dec
Jan
Feb
Apr
134 June
73%
Jan
33
Apr
^ Called for redemption.
Volume
New York Stock Record—Continued—Page 4
152
3611
AND
SALE
HIGH
Saturday
May 31
Monday
Tuesday
June 2
$ rer share
S rer share
*3%
*14%
29%
*10i2
3*2
15
*33s.
141{
303s
Thursday
June 4
June 5
June 6
Week
$ per share
$ per share
$ per share
Shares
*81
913s
*90
33g
15%
30%
29%
113s
30%
11%
*80
83
*105s
*82%
90
*90
2934
91
6i2
6I2
65s
684
17%
175s
171.4
17i2
98
98
17%
9734
*»i«
98
%
98
99
%
8
*8
8%
8
*2%
23s
*2%
6i8
6%
6
1%
*1
1003s 1003s
135s
135g
1334
14
*»l«
*99% 100%
13%
9834
32
32
378
378
%
14*38
14U
987s
98%
99%
1578
*15l2
1578
6
207s
43%
57S
20%
43U
534
*20%
*40%
*38
39
*3734
llSg
*85
1158
87
4%
4%
2134
*17%
1734
213«
1734
14
*13%
*52
14
*13%
*52
53
*41%
42%
46
*170
41%
46%
46
172
vC„4't
4
4
14%
*99
15%
6%
*20%
14%
99%
99%
99%
*15%
658
15%
65s
20%
27
*3
*1412
900
1,600
99%
9834
99%
15%
7%
20%
15%
15%
300
738
21
3,600
41
*35%
40%
99%
*15%
87
85%
86
38
373g
84
38
84%
4,600
1,600
*2
3%
83%
4%
*2
84
83%
3%
83%
84
3%
4%
*2
*2
4%
4%
87
4%
87
88
88
*85
51%
*50
51%
51%
51%
*50
12%
12
123s
12
2034
*20%
4%
4%
12
203s
1
1
1
v^-ivv:
1
1
1
1
*40
41%
40
40
*40
42
*40
*30
3134
31
31
*30
31%
12%
8%
27%
*7234
*43%
*16%
*3
*14%
8%
8%
27%
27%
86
47%
173g
83*
27%
*7234
86
*43%
47%
*16
3%
3%
*14%
15%
16%
3%
16
*27
*1434
*9%
3
2114
2712
15
21%
27%
*14%
978
9»4
*3
3
21%
275g
*1434
213g
27%
15
95g
934
*3
3%
213S
275g
8%
27%
*7234
*43%
163$
3%
*14%
20%
20%
20%
20%
20%
*7
1314
14%
22
22%
36
"1484 "15%
14%
22%,
36
36
14%
22
*35%
7%
7%
*7%
7%
12%
13%
*13%
13%
71
*7
3412
17
17%
17%
34%
17%
14k
14%
*14%
1458
*34
68%
68i2
*121
*19
*122
124
20
*1938
*334
4%
*6i2
7
*3%
*6%
71
*68
8%
*7%
*34
8%
34%
72
1934
4%
634
6%
*110
114
114 « *110
*110
1334
1334
1334
*3%
3%
2434
16
*29%
*15%
2534
255s
14
14
3%
174%
29%
14%
*15%
1578
26%
1534
26
26%
14
14
*7i«
31%
293s
29%
29%
29%
*38%
29%
2934
39%
*39%
1&8
%
1%
33%
*32%
33%
33
33%
33%
*30i2
29U
31%
29%
31
31
31
31%
28%
29%
29
29
*28>4
29%
*28%
29%
*28%
31%
29%
*29
30
40
*38
40
*38
39%
*38%
39%
111% *109% 111% *109% 109% *109% 109%
3%
33g
33s
33s
3%
*33s
33g
3%
71
71
72
*69
73%
71% 72%
*71%
80
79
*76
*76
80
*76
79
*76
*109
*1
*83
%
1%
*1
*«4
*34
*73
«»ii
*1
*73
78
*80%
84
%
1%
1%
"»
1
*34
*73
78
3%
3%
3%
3%
*63s
684
2534
*63s
84
*3%
1%
1
l3i«
78
3%
6%
*25
*'4
hi
*3334
35
18i2
19
25%
*%
*33
18%
*10
*10
11
*901g
91%
90
26
ht
*%
*35
35
18'4
19
*1
1%|
2434
*2334
*1034
11%
*1034
2%
26
*3
ht
18%
35%
17%
11%
2%
*%
*10
11
10%
90
90
91
*2334
*10%
25
11%
2%
*2%
*23%
*11%
2%
%
*%»
%
®8
*1914
20%
*19%
20
*19%
20
*19%
19%
*91
93%
12%
*91
94
*91
93%
*91
93
*91
*12%
373s
12%
12%
*11%
12%
37%
38
*117g
38%
*37
•
37%
373s
12%
37%
ht
Bid and asked prices; no sales on
500
30
39%
20
8,400
600
200
84%
*80%
84%
300
1%
38
this day.
*3$
19%
500
6#
%
1
1
1%
*1
1
78
200
500
1%
*73
I"'
1
800
78
9
17
May 31
14%May 31
...No par
63% Feb 19
May 26
17% Feb 18
4
Apr 21
120
No par
International
84.50 preferred
..No var
114%May
24 May
3% Apr
120%May
6
Eastern Rolling Mills
Eastman Kodak (N J) .No par
13
14
21
26
25
6
3
Elec A Mps Ind Am shares...
Electric Power A Llght.No var
87 preferred
No par
86 preferred
...No par
Elec Storage Battery...No par
El Paso Natural Gas
3
Endlcott Johnson Corp
60
5% preferred
..100
Engineers Public Service....1
85 preferred
No var
85H preferred..
No par
86 preferred
No par
Equitable Office Bldg..No par
t Erie Railroad
100
12% Feb 14
% Jan
4
Electric Boat
4% 1st preferred
100
4% 2d preferred....... 100
Erie A Pitts RR Co
50
Eureka Vacuum Cleaner
6
Evans Products Co.........5
Ex-Cell-O Corp
3
E change Buffet Corp ..No par
'
l%May 31
27% Feb 19
23% Feb 19
28
May 27
76% Feb 14
»i«May 21
% Feb 20
78 Feb 15
%Mar I
Feb 28
2% Apr 23
5-% Feb 19
18%
200
400
%#
1,700
100
Federated Dept Rtores.No par
19%
*19
20
93%
12%
*91
12%
93%
12%
"266
38%
*38%
38%
700
a Def. delivery,
4\i% conv preferred
100
Enamel Corp
1
Y.82.50
Ferro
Fidel Phen Fire Ins N
n
New stock,
r Cash sale,
Jan
9478 May
Apr
30
Apr
171
10
Mar
1334
Jan
120
Jan
189%
129%
Apr
Deo
3
May
June
June
180
Dec
22
May
37
Apr
25
17% Jan
6
% Jan 23
4% Jan 11
10% May
May
10% May
% Dec
3
May
37% Apr
3
33
4
18% May
15% May
34% Jan 13
r2478 June
Apr
17%
4134
18%
184
Jan
Apr
Apr
Jan
8% Jan
40% Nov
36% Nov
33% May
Jan
Jan 10
26
May
41%
44% Jan 13
35
May
46
Apr
6
102
May
112
Mar
31
Feb
Jan 11
5% May
12%
Jan
4
4
63
May
83
Jan
66
May
89
Jan
8734 Apr 4
% Jan 30
1% Apr 4
77
Dec
97
Jan
1% Jan
9
1% Apr
3
75
3%
Feb 28
Jan
2
%
May
20%
% Jan
%
Jan
1»4
Ian
Dec
% May
% Dec
% May
67% Aug
2% Dec
5
884 Jan
Jan
% Oct
29% June
17% May
3% Jan
1% Apr
67% Aug
5
Feb
11%
Apr
3434 May
1
Jan
49%
31%
Apr
Apr
11
May
Jan 27
85
June
25»4 Jan 23
16
July
29%
14% Jan 14
12% Aug
2% May
15%
100
38i2June
y
Apr
155
11% Apr 29
34% Feb 19
x Ex-dlv.
Dec
14%
117
5% Jan 23
Jan 4
92%May 23
3
10% Feb
20% Nov
86
142
7
a4 Apr 1
21% Jan 14
97% Jao 16
Jan
Jan
Feb
II884 Jan
44% May
6% Nov
166«4 Jan
25*4 June
45% Jan
24% Mar 10
13
Mar 17
212
May
112% May
2
May 17
2
114
2
June
May 29
Oct
Jan
17
May
May
May
34
10
6
9% June
113
34
Fairbanks Morse A Co.No par
90
May
118
3084 Jan
6
Dec
9
146% May
23% Apr 30
%May 22
24%
11%
Apr
7
125% Jan 16
83% Apr
21% Feb 15
10% Apr 18
2% Apr 16
3g Apr 18
t In receivership,
9
80% Apr
300
%«
6
Feb 14
10%
11%
8
Jan
Jan
Feb 26
1,500
*2%
%«
Jan 10
63g Jan
70
l'.ioo
24i2
22
65
35%
17%
23g
23%
36%
43%
65% July
127% Nov
14% Jan
7
35%
11%
12% May
257b May
32
May
4'4 May
12% May
66% May
4
111
35%
18%
60
Jan
Jan
9
5
3%May
71«
Fajardo Pug Co of Pr Rico..20
Federal Light A Traction... 16
86 preferred
No par
Federal Mln A Rmelt Co.....2
Federal-Mogul Corp
5
Federal Motor Truck..No par
Federal Water 8erv A..No par
Jan
*4
Jan
26% Apr 29
39% Feb 14
10834 Apr 12
75
23%
678
%«Dec
8% May
79
33% Jan 10
Apr 29
Apr
14134 Jan
Apr 21
Electric Auto-Lite (The)
11% May
Feb
14% Feb 14
26%
100
Nov
Apr
29% Feb 17
.100
*%6
95
114
11% May
4
preferred
Eaton Manufacturing Co
June
Jan 27
182% Jan 9
36% Jan 10
16
Mar28
160
26%
10%
June
17
164'4 Jan
May
120% Feb 14
%6
*9C
107
24%
2378
138
26%
91
5% Mar
18% Nov
8% Apr
3
14
117
600
1,000
Oct
May
13'4 May
3% May
23% Jan 28
113% Mar
6%
"
May
23
38
100
Nem (E I) A Co...20
cum
Mar
60
30% May
8
9%
*6%
10%
Jan 30
Jan
6%June
"""300
25
Jan
No par
3%
17
10% Jan 10
18% Jan 11
86
37
*3
26%
*7i«
*12's
700
8
6%
214
7u
900
1,200
29
*76
3%
6%
214
%
30%
78
3%
6%
26%
35%
11
*2334
*73
78
3%
1834
94%
25
11%
33
x29
1
»V
*84
*73
1
35
Pit
*90
2434
33
30
32
*ht
*1
19
*10
2%
1%
3534
90%
*2334
77
*%«
11
*1034
*2%
25%
%
*316
*1
634
25%
3,200
1,100
10,400
1
%
*1
*3" 100
109% 109% *10914 111%
4
3%
3%
4%
731 •>
73%
*72%
73%
*83
84
84
.
Jan
Apr
Duquesne T lght 5% 1st pf.100
Eastern Airlines Inc
1
6%
1%
*ht
41
Apr
Mar 18
Jan 10
Jan 11
Edison Bros Stores Inc...—.2
"""160
'2
134
%
1%
*38®4
100
2,100
71«
*%«
*1%
*29
1,200
*3
124
3%
125
2%
34%
ht
134
33
25
70
23%
45%
17%
29%
May
Duplan 811k
300
92
Sept
14% May
2% Dec
Jan 10
384 Apr
7
Dresser Mfg Co
Dunhlll
200
127
25
13%
34
8% preferred
ht
ht
1%
1%
12%May 12
68%May 22
Douglas Aircraft......No par
Dow Chemical Co.....No var
Du P de
Jan 24
No par
Class A
300
"3",200
8'%May 20
114
...No par
Dlxle-Vortex Co
114
1%
x34-%
x31%
%
84
5% pref. with warrants..100
*110
May 23
21% Apr 29
35%June
6% Apr21
Distil Corp-f-eagr's Ltd No par
100
3%
124%
*172
174%
174% *171
2978
*29% 29%
*29%
*15%
15%
*15%
1578
263«
26%
26%
26%
14%
143g
14%
14%
*3%
124
124
2958
30
24%
24%
3%
1%
*»!«
Diamond T Motor Car Co
900
116%
25%
HZ
*32l2
*1
300
72
116% *114
11534 116% *114
*71«
*80*2
7%
13%
148%
122% 124% X124
12134 122%
*170% 174% *170% 174% *171% 174% *170
'
20
2
7%
146
121% 121%
2534
114
3% Jan 15
17«4 Jan 10
June
42
*1. Feb 26
Jan
45% Mar 18
13
Apr 21
..25
*70
148
147% 150
146% 147*
124% 124% *124% 125% *1245g 126% *125
144
3%
*»»
No var
6% partlc preferred
Feb 19
2% Feb 19
Devoe A Raynolds A..No par
Diamond Match
Apr 30
9
100
Delaware & Hudson
"3", 700
3,100
Apr 21
4784 Mar 29
19% Jan
14%May 21
69%
*4%
Apr 18
Oct
11% Mar
32% Mar
10
69%
1912
35%
6% July
21% May
29'4 Dec
28% May
19% Apr
71
6®4
Jan
237g
125
45g
9®4
13% May
70
19%
Feb
Jan
May
21
125
*4
51
29s4 Jan 24
183g Jan
125
*65s
Apr
27
Dome Mines Ltd
19%
17
293g
4%
June
Jan
87g May
91% Feb
45% Dec
31
Jan
Dec
Dec
4%
20
Preferred
1,100
634
47%
z99
19% June
1% Oct
Jan
1% Jan
45
9% May
387g Apr
45% Dec
45% Dec
21% May
95% May
22% Jan
No par
""140
16% Jan 25
25
Oct
134 May
3% Aug
60
May
45% Dec
Nov
18% Feb 19
Deere & Co
JDenv & R G West 6% pf.100
Detroit Edison new
...20
600
Mar 11
3
Delaware Lack A Western..60
*123% 125
20%
20%
20%
4%
4%
4%
6%
*6%
658
53
6
14%May 26
6% Apr 18
109% Feb 26
preferred
2,100
8%
Mar 11
15
*13%
34%
88
42% Feb
Dayton Pow ALt4H% pf-100
500
May
3%Mar 7
6% Mar 10
106
75
No par
40
1,100
May
7% pref.. 100
"moo
"""280
May
25
29% Jan 10
25
Davison Chemical Co (The).l
141
12
75
Fen 15
May 20
30% June
7
34*4 Feb 10
2,200
4,100
124%
*15%
Conv 5°7<
22%
35%
Apr
July
Jan 16
15% Jan
92
7% Feb 14
24% Apr 22
Davega Stores Corp........5
4,900
600
1
2
30% Apr 19
I
15%
4
45% Jan 15
Feb 24
1
18
4
36
9
No par
Class A
14%
115% 115% *115% 116%
2434
2434
2434
*24%
16
Prior preferred
Curt lss-Wright
18
*6%
45% Jan
3
147g
70%
18% June
June
18
125
Jan
27% Jan 10
40
.....No par
14%
69%
Feb
734
8
400
14%
*7%
3284
May
88 preferred.
22%
34
Apr
Apr
Jan
Dee
1
18
124
2534
8%
34%
7%
1%
24%
June
ll%May
18
*11512 11634
25%
*712
*34%
May
3% May
Curtis Pub Co (The)...No par
Preferred
Jan
Jan
Dec
TjiSept
4
■
184
17%
20
15
*12338 124
*15i8
20%
72
May
75
5
685s
123% 124
19%
19%
69
124
30
20%
*68
165
May
4
41% Feb 20
100
30
preferred
15
143
*2934
conv
Cuneo Press Inc
18
114
30
5H%
Cudahy Packing Co
Detroit Hillsdale & 8 W RR100
7%
65%
6
72
14%
143
*2912
2038
*34%
61%
Dec
Jan
6
l%May 6
3% Feb 15
Cutler-Hammer Inc...No par
*2,100
20%
14%
70
May
Jan 16
Jan
82
...100
Cushman's Sons
%
14%
May
41
40%
40
..100
100
700
3%
*3i«
1334
8%
10
3
47.
40% Feb 14
Sugar....10
Preferred
Jan
33
Apr
25% May
19%May 28
No par
conv preferred
Cuban American
3,700
15
10
5%
25
738June
19
Dlesel-Wemmer-Gllbert.
%
22% •22%
35%
35%
7%
*7%
13%
*13%
34
15%
*8%
8%
111
111
?1
21%
*27% 27&S
*14%
15
10%
3%
May
June
107
175s
*110
*3%
27%
2
16% June
18% May
15% Mar
4
Jan 14
19% Jan 10
3
145s
143
3%
2J38
4% Jan
4% May
27% May
13
4%
No par
17%
114
24%
112
*3%
8
7
7
900
18,100
8%
163g
Jan 24
52% Jan
15%June
100
41%
31
*%«
36
*7%
34
30%
49% Apr
9% Apr
4078 Mar
434 Feb
9634May
conv preferred
Doehler Die Casting Co No par
143
*314
3
14%
*68
72
*110
*24
27%
22%
*7%
1384
*40
15%
8%
2734
14%
41%
31%
4,000
*14%
*14%
8%
16
22%
*35%
7%
8%
34%
*7
22%
37
13%
72
*69
1638
3%
10
20i8
1
1
100
86
47%
1638
3%
*14%
20'x
1,000
20%
1%
*43%
3%
%
20%
*%»
100
12
*20%
*72%
10
%
52
*11%
47%
163S
3%
15
*316
*50
12
86
934
%
51%
20%
267g
3%
*14
110
*265g
934
*%«
36
47%
^500
88
*85
85s
27%
3%
15
12
*22
86
8%
2734
43g
43s
4%
May
100
5%
Cuba RR 6% preferred
88
*43%
1638
*3%
27%
8
3%
33
Cream of Wheat Corp (The) -2
Pref ex-warrants
"
8%
26%
*72%
8%
110% 110% *111
21%
21%
213s
*ht
"l4"
31
84
97%
75%
*85%
83%
3%
June
Apr 18
13
25
Crosley Corp (The)
Jan
70
6
86%
83%
Jan
Apr
6
June
98% Jan
86
*2
Apr
9
87
37%
Dec
%
3
*85
38%
Dec
19%
153g
1%
47% Jan
86%
37%
108%
56
Mar 31
% Jan
4% Apr
8% Apr
2% Jan
5% Nov
2334 Nov
7% May
47% Jan 13
182% Jan 16
384 Apr 23
1
Crane Co
Apr
9% May
35% Apr 14
86%
%900
250
38%
1
Coty Internat Corp
Feb
2
Jan
Crucible Rteel of Amer.Nc par
12
38
170
9%
32%
110% Mar
1% Jan
10% Apr
2% May
834 May
ll%May
82%May
12
38
Coty Inc
Feb 18
40%May 5
42% Anr21
100
Dec
93% May
Crown Zellerbacb Corp
5
85 conv preferred.. No par
*38%
12
37%
Preferred
100
40% Jan 8
8% Feb 7
39% Mar 26
4% Jan 2
22%May 6
23% Jan 14
18% Jan 2
Apr 21
52
50
25
4% May
21% May
97% May
% Aug
5% May
2% May
5% May
78 Dec
Apr
5
102
15% Apr 25
Corn Excb Bank Trust Co..20
9
10
12
*39
5% series
3
13
Dec
145sJune 5
1% Mar 31
2%May 26
17% Feb 24
6
Continental Steel Corp.No par
Cop per weld Steel Co
6
Apr
99%
May
May
per
Jan 22
*
15%
31%June 6
6% Feb 3
35% Feb 14
Diamond Flbre.5
Corn Products Refining
Jan
16
Crown Cork & Real....No par
82 25 conv pref w w..No par
400
12%
8
8
*8
8%
*8i8
8M
*11012 11134 *110% 11134 *110% 11134
21U
678
21
270
43%
41
*20l.i
15
1,100
%
14%
20%
3'2
200
%
20%
17
1,300
11%
86
-v
60
*40%
*3734
4712
*16"
46%
Continental
Conv pref
,;i
1434
11%
*20%
27
*723
53
4178
46%
46%
170% 171
3%
3%
4178
%
14%
20%
*
*52
41%
12
*50
8i2
Continental Oil of Del
600
41
12U
8I4
7,300
17%
14%
43%
51%
31U
2 lr>8
12
*12
41%
3114
21%
17%
*13%
79
Feb
31%
75
Jan 13
2434June
106
.
Continental Insurance...82.50
Continental Motors
.....1
*3734
*50
*40
1,200
3,300
234
*40%
87
:
20
39
1178
*85
-•
Continental Can Inc
1178
87
*20
3,700
100
No par
share
Jan
63
6%May 21
1% Apr 1
538June 5
15% Feb 4
100%June 6
12% Feb 15
7% Feb 19
tig Jan 2
100
41
20%
634
21
8% preferred....
6%
20%
14
15%
2,800
102
101
Class B__—
32
8%
38%
2%
171% 171%
*3%
4
14
14
4,200
41
41
*85
i.
234
%
14%
987,
*1512
57g
2%
46
4
378
%
*1414
*20's
*4011
38%
234
21%
53%
45%
*170l2 172
"l6
7%
38%
2%
2134
17%
17134 172
46
♦5*
34
3%
6%
243-
17% June
7% Jan
% Mar 27
8%June 6
2
!
May
2% May
14
Jan 15
107% Jan
% Feb 15
2% Feb 15
100
53
7%
38
42
conv preferred
Jan 10
Highest
share
per
7% Mar 19
23% Jan 13
2
May 26
Jan
share
103
7% Apr 14
2%June 2
Consolidation Coal Co.....25
5%
20
23
z5% Apr 14
Continental Bak Co cl A No par
22
1734
14%
42
1,400
800
38%
*52
82 partlc preferred...No par
"5",800
19
5% Aor 21
%
per
18% Feb 8
31%june 5
15% Jan 16
97% Jan 28
26
17%June
95
Consol Laundries Corp
5
Consol OH Corp
No par
Consol RR of Cuba 6% pf.100
8,300
*7%
53i2
43
Consol Coppermlnes Corp
5
Consol Edison of N Y..No par
85 preferred
...No par
Consol Film Industries
1
14%
%
14%
%
*734
38%
7%
..100
590
9,800
24
315s
17U
312
14%
8%
38%
2%
2H2
83'2
13%
14
100
"""900
Feb 19
Apr 25
22% Feb
10%May
82
May
90
May
Year 1940
Lowest
4
3
Consumers Pow 84.50 pfNo par
Container Corp of America.25
32
2114
*2
13%
7% preferred
6H% prior pref
8
14
No par
Range for Previous
Highest
8 per share
Conde NaPt Pub Inc...No par
Congoleura Nairn I no.No par
Consol Aircraft Corp
1
100% 100%
*13%
14
32
*17%
8312
*99% 100%
1334
1334
Par
300
99% 101%
234
21%
17%
*135s
37V 3734
4%
2334
9834
*7%
3%
1%
434
32%
37%
*17012 172
*%
9834
278
21l2
17ig
14i2
46
1%
32%
8
3,300
6
9884
37>2
46
5%
32%
234
2lis
43
8%
2%
*2
6
Lowest
Consolidated Cigar
%
32
*712
*52
2%
*®16
*98%
99
3218
37l2
1438
12,100
3,500
538
34
27«
53l2
2%
5%
;:-*i;:';
14%
8
44
634
684
18%
18%
9934100%
2434
100%
»1«
37i2
*5178
20
5
1384
*2 34
*41l4
*4514
90%
24
%
*7i2
*133i
*90
*99
13%
37i2
17ig
*13i2
5«
8
5%
*"i«
9918
32
1334
1%
"*""40
24%
4%
23%
*13%
7j
*9834
4%
22%
23g
'6%
36,300
313s
11
84
30%
8%
*®1#
%
8
*»!•
2i4
*%
4%
6%
6%
183%
8
22
90%
18
16
Us
*%
4%
4i8
*20'4
22
*9912 1003g
1334
1334
1312
135S
90%
1,000
*8258
97%
6
1%
83
6%
18
2i4
4%
*105g
14%
98
6%
2212
315s
11
82
83
91
634
212
*78
30%
*10%
100
3%
14»4
*338
15
17%
8iS
*4
3%
15
98
*8
*21
\
684
17%
*2%
6
*3%
33s
15%
*33s
*15
113s
83
*90
3%
15%
90
11%
9734
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
Wednesday
,
*10%
312
14>2
30*4
83
58
Friday
STOCKS
NEW YORK STOCK
the
CENT
$ per share
*80
*'ie
NOT PER
June 3
29«4
*105s
6I2
SHARE,
PRICES—PER
Sales
for
LOW
4% Jan
14% Mar 14
5
*nMay
15
May
79
June
10
May
27% May
18%
102
Apr
Mar
Jan
Oct
47s
Jan
1
Jan
25
Jan
98%
Dec
20
Jan
40%
Feb
Ex-rlghta. T Called for redemption.
New York Stock
3612
LOW
AND
HIGH
SALE
PRICES—PER
SHARE. NOT PER
Record—Continued—Page
CENT
Sales
STOCKS
for
NEW YORK STOCK
the
Monday
Tuesday
Wednesday
Thursday
May '61
June 2
Friday
June 3
June 4
June 5
June 6
% per share
Shares
*11%
20)2
15%
15%
10234 103
"Y.260
Range Since Jan. 1
On Basis of 100-Share Lots
Week
$ per share
*11%
16-%
$ per share
20i2
15%
*10212 10334
*35
*12%
27%
3612
125g
27%
*22
*11%
% per share
20%
15%
*11%
% per share
$ per share
20%
*11%
20%
15%
15%
15%
*102% 103% *103
103% *103
103%
35% 36
35%
35% *35%
35%
123*
12%
12%
12%
12%
12%
*27
27% *2634 27% *2634
27%
*15%
23
*22
*11%
15%
23
*22
23
*22
20%
15%
15%
103
103
35%
12%
27%
2234
36
12%
27%
2234
4%
22%
*21
4
22%
24
*18%
24
*30
43
32%
*1%
1%
*36
33%
32%
2
1%
9
17%
*8%
17%
43
*36
3334
1%
1%
9
18
1%
1%
*834
*17%
3334
1%
18
400
1,100
108
4%
103
5034 50%
*534
5%
*139% 142%
*3%
4
*334
4%
10%
10%
*81
83
*17
17%
*120
127
28%
28%
35%
35%
*115
120
%6
*%
*70
80
*80
81%
*127
129
4%
*6%
*6
6%
*108
111
'ie
*6
19%
*11
*%
*16
*13%
13%
*98% 100
*17%
*34
9%
*934
5684
*18%
11%
20%
*106
2%
6%
6%
43%
1%
*2%
2%
14%
*82
86
12
12
60%
16%
86%
1%
27%
34
4%
"h
*2934
*23
*1434
*25%
23%
140
10%
9%
30
26
*42%
50
*30%
1038
*10%
*13%
*1%
*13%
*2%
*15%
31%
10%
1%
2%
86
*59
6%
64
14%
♦4234
1%
2%
1%
2%
,
2%
"i'ioo
Gen Railway Signal
16%
85
*1
1%
27%
»16
17%
2034
10%
10%
*97g
*9
9%
30%
243«
*9
4%
10%
10%
9%
30%
24%
1034
10%
*10
9%
*9
2934
*2312
30
2934
*23%
24%
24%
15
15
1434
15
15
14%
*25% 25%
25% 25%
2534 26%
*23
24
23%
24%
24%
24%
*140
141% *140
141% *140
141%
*42% 50
*42% 50
*42%
50
30%
10%
30%
11
11
3
1034
*3
15%
15%
*99
101
300
17%
*17%
20%
20 34
*9%
I8I2
30%
10%
30%
10%
11%
*11
14%
134
14%
*1%
17%
*13%
1%
17%
3
20)4
500
*9%
5734
19
11%
*20%
1134
934
200
57%
22
57%
1,360
19
*1834
*11%
21
*107
300
10%
*10%
2%
*34%
2%
35
6)2
*34)2
6%
6%
3434
634
3,100
64
*61%
14%
*14%
1434
4434
4434
*44
45
*1%
1%
x2\8
*1%
2%
2%
2%
100
*59
15%
29
29
29
29
*28
29
*34
38
*34
38
*34
38
14%
16
700
40
2,200
Two
100
Graham-Paige Motors
Granby Consol MSA P
Grand Union
300
10%
9%
30%
2434
*884
30
*29%
2434
*23%
15
15%
25%
24%
26
15%
25%
24%
2434
141
142
141
15%
2534
2434
100
1,800
141
*42%
*30
31
*30%
10%
30)2
1034
*11
11%
14%
1,500
300
*15
1034
11%
1434
14%
1%
*1%
*1334
700
134
17%
4,600
17%
3
3
15%
28)2
*15%
*27)2
38
*34
"""960
15%
28%
38'
*27
38
*34
3
3
Gulf Mobile A Ohio RR No
par
$5 preferred
No par
Hackensack
....
*158
*11
68%
125% 125%
*48%
52
*97% 102%
14%
14%
16%
16%
*23
24%
*231t
*7
7%
13%
*7
13%
*108
45%
*32
1038
*48%
109
4
*28
*38
*234
1534
114
451
33%
1038
49
109
4
293t
%
334
1534
*2%
3
*38
11%
68%
13
*10S
25
7%
13%
114
44%
45%
33%
10%
50
51%
*106
110%
4%
4%
*32
10%
*2934
30
*%
*234
*1534
7
234
%
3%
16
234
165
165
*150
160
30%
/%
*150
16
*234
20
500
1,800
30%
52
101%
15
800
16%
10
1
1
100
100
100
7%
1434
100
3,300
44-%
32%
'2~8o6
11%
100
Household Finance
31
800
334
*234
33^
16%
16%
3
3
*2%
3
on
2%
7
this day.
%
to
%
J In receivership,
a
7
Jan
1234 Apr23
)1
1% Feb
13
4
Jan
3
1% Feb 19
9
17
140
Feb 14
Feb 18
Feb 25
Apr 14
Jan
3
5% Apr 18
93%May 29
178Apr21
6
70
158
5
No par
May 27
2
June
Apr 25
Feb
7
1034 Apr21
66
Apr 22
1
48%May 28
101
6% Jan
7
15*4 Jan
4
28% Jan 11
20% Mar 19
143
Jan 15
178MarlO
19
Mar 11
378 Apr 29
6
1834May
16%
15
107
Jan
7
Mar 28
Jan
8
101
5
2,700
1,000
Def. delivery,
100
5% preferred
100
Hud Bay Mln A Sm LtdNo par
Hudson Motor Car
No par
tHupp Motor Car Corp
1
Feb 10
Jan
6
7
7% Jan 13
96
Jan 13
160
Jan 10
16% Jan
9
77% Jan 11
128% Jan 8
5034 Jan 18
n
New stock,
r
Cash sale,
% Feb 15
x
Ex-dlv.
y
30
May
9
39
13'4
64
111
June
10% May
May
6% May
83% June
2
Aug
8978 June
67« Dec
80
155
June
Jan
12% May
69
Dec
126% Aug
50
June
947g May
Jan 14
12% July
Mar
5
Jan 24
Feb 14
1534May 26
234June 2
1% Dec
8% Nov
29% June
8
Jan
17
3
1484 June
1% Aug
May
11
100% June
303* Jan 10
%Mar
May
Jan 16
15%May 23
2% Feb 18
May
9% May
9% May
10% May
23
Apr 22
June
27% July
Jan 24
3% Jan
95
10
108% Apr 24
3% Feb 14
20)2 Apr 22
0..25
15% May
18% May
zl23
95
4
48%May27
100
v t
May
May
21% May
11% May
130
14% Feb
10
June
June
26
25% Jan 10
14934 Fe0ll
6% Jan 23
115
32%May 28
May
May
10
106«4 Jan 10
4
May 28
6% Apr 12
Dec
May
%
4%
9%
6%
6
12% Jan 2
36% Jan 16
25% Jan 22
May
June
1%
6
13% Jan
13% Jan
June
9
Hudson A Manhattan
500
%
May
9
1
A.No par
5% preferred
Houston Oil of Texas
Howe Sound Co
16%
10
45
12% Jan 10
ll%Apr22
17% Jan 9
11
80
...No par
No par
100
*234
7
Class B
700
16%
2%
Houdallle-Hershey cl
2,000
3%
16%
2%
14% Jan 10
65% Jan 13
l478MarlO
preferred....
100 zl07% Apr 14 xl07% Apr 14
Homestake Mining.....12.60
42% Apr 21
52% Jan 8
4
*234
July
23
100 xl23%May
Hollander A Sons (A)
Holly Sugar Corp
109
%
May
Jan 13
25
No par
No par
Dec
2
77
Jan 10
Mar 26
100
preferred
1'4
34
104
Hlnde A Dauch Paper Co^..lO
Hires Co (C E) The
10
Holland Furnace (Del)
10
3,100
*%
May
May
38
No par
No par
6% cum preferred
Hershey Chocolate
conv
11
30
2% Jan 25
2% Jan
42
25
Hercules Motors
Hercules Powder
f4
9
Jan
Mar 20
103% Apr 21
Hecker Products Corp
Feb
10% May
3
Sept
3034 Oct
4% May
43
May
9
1134 Apr 19
13%May 7
2
9
784 May
1378 May
98
29%May 27
934May 5
100
Hayes Mfg Corp...
9
Jan
7%
114
5034
42
par
Hazel-Atlas Glass Co
Jan 15
Jan
May
46
33
6% preferred
100
Hat Corp of Amer class A...1
0)4% preferred.
100
May 26
July
14
14% Jan
33
par
10
16% Jan 6
21% Mar 19
10
Hanna (M A) Co 15 pf.No
Harbison-Walk Refrac.No
100
100
1034 May
28%May21
No par
preferred
Preferred
200
24
%
16
6%
Helme(GW)
128
*%
16
7
400
1,800
11%
6934
3%
*234
90
20
25
Hamilton Watch Co
1,000
29% Jan 11
11% Jan 10
61% Jan 4
22% Jan 9
25
7% preferred class A
Hall Printing Co...
160
J2
Bid and asked
prices; no sales
*158
11%
11% *11%
12
*11%
12
11%
*67% 68%
68
68
68%
6834
*69%
*125% 128
*125% 127
*126
*125»4 127
*48% 52
49%
49%
*48%
52
*48)2
*97% 102% 101
101
*99
101%
*99%
*14%
15% *14%
15%
*14%
15)2
*14%
*15%
1634 *15%
16%
*15
*15
16%
*23% 25
*23% 24%
24
*2334
24%
*7%
7%
7%
7%
*634
7%
*634
13
13
13%
13%
1334
14%
14%
*108
114
*108
114
*108% 114
*108%
44% 4434
44% 4434
44%
4434
44%
*32
33% *32
33%
*3214
33
32%
10%
10%
10%
10%
10%
10%
11%
*49%
50
5034
50%
*49%
5034
*49%
*105
109
>106
109
*106% 109
*106
4%
4
4%
4
4%
4
3%
2934 30
*30
30%
30%
Water
2
138% Mar 26
Greyhound Corp (The) .No par
5^% conv preferred.....10
500
Feb 14
19% Jan
1
Grumman Aircraft Corp
1
Guantanamo Sugar
No par
8% preferred.
100
Mar 12
13% Feb 18
22
100
Green (H L) Co Inc.i.
40
Apr 22
28% Apr 22
100
Jan
Dec
July
May
25
23
200
"""400
8
178 Jan 10
28% Jan 22
1% Jan 11
20
Green Bay A West RR
300
Mar
Nov
69
10
Preferred
130
50
»i«Mar27
20
Jan 27
6
Jan
Jan 9
Jan 15
6
8
% Jan 22
3% Jan 6
19
May
4% July
8
May
103
May
35
May
28
May
834 May
54% May
101
June
4%May
37% Jan
28
19% Apr
% Dec
2% May
12
May
5
478 Jan 13
% Jan 6
3% May
3
Apr
Sept
105% Mar
June
Jan 27
9
Gr Nor Iron Ore Prop..No
par
20
June
%
984
86%
%
13%
90
No par
Great Northern pref...No
par
Great Western Sugar..No
par
3% Sept
5%
12% May
1% Mar 10
preferred
Dec
5% May
100
Apr
39%
32% June
3% June
20% Jan 10
25%May28
% Apr 17
4% Apr 14
10%May 20
9% Apr 15
5,400
50
3
Feb
Dec
Dec
May
58%May 20
16
May 15
79% Apr 18
5
dlv ctfs.No par
No par
6%
Apr
41
May
91
May 21
11% Apr 19
100
w
118
37% May
110
% Jan 27
16% Jan 10
106% Jan 15
2% Feb 13
1
Jan
Apr
Sept
7734 May
82
No par
2,200
1,600
109
1% Apr 23
No par
Granite City Steel..
Grant (W T) Co
5%
Feb 21
12% Feb 24
40% Feb 25
Without dlv ctfs
100
*42%
10%
11%
1434
1%
S5 conv preferred
Gotham Silk Hose
700
9%
2%May 13
34%May 24
5% Feb 14
par
Preferred
1134
Apr 21
18% Apr 16
par
4%
10
48
2
,1734May 22
par
«16
...
1134
*66%
68%
*125% 127
*48%
52
*97% 102%
*14l4
15
*15%
1634
No
6% preferred
No
Goodyear Tire & Rubb.No
100
*13%
14
14%
14% *1334
14% xl4
14
*13%
14%
*13%
14%
14
*1234
*13%
14
*1234
14
*1234
13%
*1234
13%
*12%
13%
*105%
*10514 107
107
107
*105% 107
*105% 107
106
106
*104% 105
*104% 105
104% 105
105
105
105% 105%
105
105
18%
18%
18%
18% *18%
19
*18
18%
18%
18%
1834
1834
*147%
*147%
*147%
*147%
*147%
*147%
*534
6
*534
6
*534
6
6
6
6
6
534
534
*89% 100%
*89% 100% *89% 100%
93%
93%
*93% 100% *93% 100
*1%
2
*1%
2
1%
1%
2
1%
1%
2
*1%
2%
*79% 80% *80
80%
8038 80% *80
80
80%
*79
80
80%
6%
6
6%
6%
6%
6%
6%
6%
6%
6)4
6%
6%
*72
78% *72
80
*72
80
*72% 80
*7034
75
*71%
75
*158
165
*158
165
*11
Goodrich Co (B F)
200
*10%
3
Jan
10% Apr 16
20% Apr 21
9%May 5
46)2 Jan 30
Gobel (Adolf)
..1
Goebel Brewing Co...
1
Gold A Stock Telegraph Co 100
1)4
27%
10
June
*i»
No par
conv preferred
50
8434
*25%
%
4%
Feb 14
99
Glldden Co (The)
*1
4%
1134
2
Nov
35
28
6
Jan
3
May 26
105%May 12
% Apr 8
11% Apr 12
60
32
10734
21%
June
118
4
Brothers......No par
preferred
No par
Jan
4% May
11«4 May
48% Feb
1234 May
102
May
26% May
3334 Dec
111% May
% May
7
Glmbel
*84%
»1«
48% Jan
120
Jan 10
4)4%
94
2
Jan 13
8434
27%
Jan
3%
37)2
7%
z67%
8434
%"
80
132% Jan 28
Mar
11
46
21% Apr
38% Mar
25% Apr
8% Nov
3534 May
5% May
118
May
1*4 May
Mar 19
13
16%
*4%
*10%
9%
9%
29%
*23)2
9
J*nMar 17
91
Apr 28
60
*25%
Jan 28
7
Jan 14
Jan 6
Apr
114%May
6
2
Apr 10
Jan 6
Jan 10
Jan 10
10
16%
1%
Jan
Jan
Mar 20
General Tire & Rubber Co...5
Gillette Safety Razor ..No par
$5 conv preferred
No par
60
*1
6
8
107
163s
200
Jan
0
Jan
4% Jan
preferred
60%
1,500
Feb 19
5
6%
15%
86%
19%
130%
35%
39%
Feb 27
1
Jan
45% June
3% May
7% Jan 15
100
16%
2834
*34
86
15%
16
*27
*82
Apr 21
Jan
142%May 17
6
36%May 5
123%Marl9
No par
No par
Jan
Jan
106
June
Mar 17
500
1%
8
102
J6
1,200
June
100
64
14%
100
65
7%
6
Jan
128
Gen Time Instru Corp .No par
2,600
97
3% Apr
300
2%
Apr 23
share
2134
Mar 21
102%May 10
1
Apr 22
%
Telephone Corp...20
Gen Theatre Eq Corp..No par
Y0% """466
2%
May
53s Jan 10
5
38
General
6%
12
6
1,500
11%
21
June
80
*6pref opt dlv series .No par
General Refractories
No par
General Shoe Corp
1
Gen Steel Cast 16 pref. .No par
*107
10%
3
3%
15%
100
Dec
40
6% preferred
Gen Realty A Utilities
80
:
5634
*18%
»i«
134
17%
100
2
No par
Gen Public Service
400
7
5
Jan 28
11% Jan 15
53%May
Apr 16
17% Apr 25
No par
*16
13%
5
4
10
16
No par
1
preferred
*%
13%
2%June
2% Jan
9%June
2434 May
1% May
28%May 29
33% Feb 15
112)2 Jan 8
10
Printing Ink
*16
60
16%
*84%
1%
14%
*1%
*13%
$6
4
May
per
22%
5% Mar 21
122
No par
Common
General
111
60
16%
*434
10%
3
*108
12%
*25%
*1%
*13%
500
12%
4%
11
400
6%
12%
»n
1438
100
3%
Corp
Jan
8
3%
3%
10%
73%
No par
15 preferred....
Gen Outdoor Adv A
1,200
3%
5
100
General Motors
39
534May
134% Jan
No par
preferred
31
4634 Apr 21
$0 conv pref series A.No par
No par
5%
20
Apr 23
101
General Mills
24,700
*6)4
82
27%
11
41%
334
6%
12%
U16
1438
37%
124% 124%
*41%
43
82
*4%
1034
11
37%
12%
4%
103s
50
82
"16
31%
130
12%
"16
10%
200
130
37%
20
80
82
*4%
10%
*30%
"2",000
%
82
80
80%
7
June
4
General Foods Corp...No par
14.50 preferred
No par
Gen Gas A Electric A..No par
120
7ie
12%
1%
*25%
14%
134
17%
3%
15%
*1%
50
7
Jan
1034 Jan 30
47% Jan 21
7% cum preferred
100
General Cigar Inc.....No par
7% preferred
100
General Electric Co
No par
25,800
2,600
*75
Corp.
13%
*62%
1434
43%
1%
2%
100
Bronze
*%
6%
64
83
86
12%
60%
27%
6%
,
*61
14%
85
*25%
10%
2%
43
*59
1%
22
....
34%
14%
16%
*84)4
*1%
11%
2%
45
16%
85
19
General
Jan
June
9% May
61
May
2% Aug
3% Feb 28
108
5
..No par
General Cable Corp
Class A
7
3'4 Apr 19
50
102
40
22
5
100
4
0
5
Baking
$8 preferred
132
17
10434 Mar 26
No par
No par
preferred
Jan
21
5
10
13%
18%
2034
9%
57%
J6
17
par
Gen Am Transportation
1,000
*115
No
Apr 21
Feb 19
2% Feb
May
32%May
1% Feb
1% Apr
7% Apr
20
100
12
%
111
100
34%
2%
35
*82
12%
*17%
*20%
36
50
1734
124% 124%
29%
2934
3534
35%
35%
**16
....
6%
*41%
*3%
6%
105
General
*17
77
7
No par
100
900
*81%
120
107% Jan
20% Jan
Oaylord Container Corp
5)4% conv preferred
1,800
12
2934
2
100
Gen Amer Investors
100
*100% 104
50%
50%
50) 2
5%
5%
6
14334 *141
14334
4
*3%
4
4%
*3%
4%
1734
124)2
Jan
Gannet Co conv 10 pref No par
Gar Wood Industries Inc
1
"""466
4%
101
83
32
5% preferred
1034
*4
11%
May 31
104%June 2
Gamewell Co (The)
53
4%
24
100
*10%
*52%
1034
4
Jan 13
6% preferred
300
3
8
7
13
7
Jan 13
29
120
"¥%
15
share $
14
Sept
12% May
84
May
32)2 May
10% May
2434 June
19
May
6% Sept
22
Sept
18% June
42% Jan 13
33% Jan
25% Apr
Apr 30
Gabriel Co (The) cl A ..No par
Galr Co Inc (Robert)
1
3,700
18
*638
53
conv preferred
per
Jan 10
Apr 25
10
1,000
*4)4
12434 12434
**16
56%
19
18%
11%
11%
22
*21%
*107%
10%
10%
60%
16%
*84%
*30
24%
15%
23%
140%
*1%
*2%
7I6
58
*61%
14%
99
...
15,300
9%
7
130
*108
99
%
*9%
1034
*9
6%
65
111
2%
1)2
105
10
17 conv preferred
"1,600
%
4
Francisco Sugar Co
No par
F'k'nSimonACo Inc 7% pf_100
Freeport Sulphur Co
10
"""600
Jan
share
per
22
Foster-Wheeler
800
22
Year 1940
100
conv preferred
414%
10
3334
*17
No par
Food Machinery Corp
43
4%
37%
%
13%
20%
10
*34
45
12%
*59
*4%
*10%
*9%
14%
*42
*82
*16%
*84%
*25%
6%
*108
18%
10%
2%
2%
35
*61%
14%
4234
'1%
*1%
*2%
*34
65
*17%
2034
*934
5634
*18%
11%
*21%
10%
41%
334
6%
*3%
6%
99
'107
*10%
41%
13%
*5I6
19
11%
21
37% 37%
124% 124%
%
13%
99
10
57%
35
*60
%
18%
10%
111
*13%
20%
20%
*6%
1034
129% 129% *129
6
%
*20%
11%
*1934
►105%
>10%
2%
6
108
18
563g
19%
37%
124% 124%
*41%
41%
3%
3%
111
*5i«
129%
37
6%
21%
*9%
56
4%
6%
11
""5OO
*108
"4%
*1034
*52%
5%
9%
9%
17%
*108
4%
*6%
11
*129
3634 37%
124% 124%
*4034 41%
*3%
3%
#i«
*17%
*20%
129
*108
*13%
13%
*99% 100
4%
7
11
1%
9
1941
Lowest
18% Jan 10
101% Mar 7
31%May 12
12% Apr 22
2634june 6
Florehelm Shoe class A .No par
Follansbee Steel Corp
10
""166
33%
2%
1%
2%
1%
17
*52% 54
5334
*52%
*4
4%
*4
4%
4%
*4
4%
•100% 102% *100% 102% *100% 102%
101
51
52
52
*51
5134
51
50%
*534
5%
5%
5%
*534
6
5%
142
142
*141
142
14334 142
*141
4
*3%
*3%
4
3%
3%
*312
*334
4%
4
3%
3%
*334
*378
11
*10%
*10%
11
11
*1034
11
*81% 83
82% 82% *81% 83
♦81%
17% *1634
*1634
1734 *1634
1734
*16%
124% 124% *124% 125
*124% 125
124%
28% 28%
2834 29%
28%
29%
29%
36
36
35% 35%
35%
3534
35%
*115
120
*115
120
*115
120
*115
%
;
J it
*38
716
%
%
75
75
*70% 80
*71
77
77
*80
81%
*80
80%
80%
81%
*80
129
3634
36%
124% 12434
*4034
41%
*3%
3%
1%
*108
3334
2
Florence 8tove Co
300
$
15% Apr 23
6% preferred series A... 100
12%
2634
*36
7,
Range for Previous
Highest
S per share
First National Stores..No par
Fllntkote Co (The)
No par
*21
43
3334
9%
18
*17
108
*36
3334
1%
1%
1%
*8%
134
9%
9
43
33%
*17
'
*4
*36
3334
1%
1%
►107% 109
*107% 108%
*4%
4%
*4%
43*
7
7
*6%
*6%
11
11
*1034
*1034
*62% 55
*52% 55
*100
43
Par
Fllene's (Wm) Sons Co .No par
Firestone Tire A Rubber...10
1,600
22%
4
4
*4
*3%
4
*4
4%
*4
4%
22%
*18% 22%
*18%
22%
*18%
*18%
22%
*23%
25
*24%
25
*24%
25
24%
25
*23l2 2434
*104% 106
104% 104% *104% 106% *104% 106
*104% 105
*104% 105
13%
13%
*13%
13%
13%
13%
13%
14
14%
1434
*13%
14%
*118
121
*118
121% *118
121% *118
121% *118
121% *118
121%
/; *2%
2%
2%
2%
*2%
2%
2%
2%
2%
2%
*2%
2%
*3%
*18%
Lowest
36
35%
12%
2634
June
EXCHANGE
Saturday
*
5
Aug
May
% May
Ex-right. H Called for redemption.
Volume
LOW
AND
New York Stock
152
HIGH
SALE
PRICES—PER
SHARE,
Record—Continued—Page
6
3613
Sales
Range Since Jan. 1
NEW YORK STOCK
On Basis of 100-Share Lots
the
CENT
STOCKS
for
NOT PER
EXCHANGE
Saturday
May 31
Monday
Tuesday
Wednesday
Thursday
Friday
June 2
June 3
June 4
June S
June 6
Week
$ per share
% per share
*7%
7%.
$ per share
78s a:- 734
7«S
8
$ per share
7%
$ per share
7%
7%
*17
17*4
17
17
17%
17%
*44%
4434
4
45
4%
18%
*3%
4
1834
44%
414
I8I4
*334
*18%
4412
*334
18U
44%
*3%
18%
18%
*6
*203s
63s
2l3g
2134
*6%
21%
21%
*93
9512
95
95
♦1555s
*69i4
*lli4
*6
21
94
18%
l
21'.'
•
94
*6
21%
70*4
94
94
*158
♦1555s
70
70
...
*70
7034
11%
1138
113s
11%
11%
*6
6
8
6
8
6%
*20%
21
*20%
21
*20%
21
*109^2 110
*109% 110
*109% 110
*334
4
*334
4
*334
4
734
734
734
734
7%
7%
1%
112
1%
1%
*1%
1%
*36
*150
48%
37
*36
15034
37
49
49
36
36
1503s 1503s
15034 15034
4934
50
49%
7%
*17%
18%
*17%
*44
44%
44
•3«4
19
6
21%
95%
*156 '■
7%
1,600
17%
500
44
17%
45
17%
*44
190
4%
*3%
4%
19%
*18%
19%
"""800
6%
22
95%
\
*6
6%
300
*156
21%
*93%
1,300
22
400
95%
*156
70%
"""906
11
11%
11%
11%
11%
*6
*6
6
6
6%
6%
*2034
21%
*20% 21%
*20%
21
*109% 110
109%,109% *109% 110
7 >.4
4
*3%
4
♦384
4
77g
8
7%
77s
7%
7%
*1%
1%
1%
1%
*1%
1%
4,400
700
70
70
*34
6978
xll%
*34
37
70%
37
*70
*34
"^"20
100
2,100
400
36%
100
150% 150%
51
51%
150% 150% *150% 1507g
50%
51
50% 50%
500
2,700
*152
100
*1
2,900
1,700
153
155
15512 *152% 155% *150
152% 152% *148
155% *151
1
1
1
1
*1
1 ■
1
1%
1%
1%
1%
7
7
6%
6%
6%
6%
6%
6%
6»4
7
6%
6%
314
*3%
314
3%
*3%
3%
3%
3%
*3%
4
3%
3%
24
2412
2434
24%
25%
2434
24%
2434
24%
24%
25%
24%
*125
128
126
127
126
127
127
126
126
126% 126% *126
14
14
14
14
14%
14ls
14%
14%
14%
14%
14% 14%
687s
70
68%
687s
69%
68%
68%
7034
69% 70%
70%
70%
*114
134
1%
1%
*1%
1%
1%
*1%
1%
*1%
134
*1%
*32
*32
35
♦33
36
35
3212
32% 33%
33%
*33%
36
*40
41
*28
28i2
*30
31
41
28%
*2
2>4
8
8
*90
94
*734
*27
tf
*37
57
♦118
*4i8
*1712
13
10212
*7
*102
1334
*6
*98
353s
2
::
*28
28%
*30
2
*2
41
41
31
*97% 100%
■&r2v-..>2
2%
90
2%
2%
8%
8%
*8%
8%
90
8%
*27
90
90
28
28
*134
*10%
11
38
*37
38
57
57
114
*113
57
114
*113
35l2
35%
35%f
*6
*98
9912
*98
*28%
2834
24
24
*314
*237g
4
243«
24%
*3%
4
23%
24%
24%
24%
738
*5%
-
27
27
*25%
*12
*6%
1234
7%
24
24
*512
1*25
28
l*12
1234
712
24
20%
110
*2
*12
20%
*108
2«4
%
%
3%
20%
4
2018
7
*25
*2
29
♦36%
20%
113
*13
5%
*98
*113
113
13%
5%
*13
2%
1,200
8'
*7%
800
110
8%
28%
"""500
....
*10%
10%
500
♦36%
38
100
28%
10%
i
'
20
4,300
200
99%
36%
114
13
99
*98
35%
25%
♦24
2%
28%
24%
4
*2
2%
*2
2%
*5%
7
28
12%
24%
25
7%
24%
21
110
28%
24%
*3%
24%
24%
13%
29%
24%
24%
*3%
4
24%
24%
24%
2478
24
25
24%
7
7
27%
12%
♦3%
24%
25
■?'
ti7
*25%
28
27i2
12%
7%
23%
21%
127g
*7%
237g
7%
23%
22
21
*21%
111
109% 109% *108
1,i«
18i«
"i«
1
1
434
21
12%
4%
5%
*20%
12%
*20%
28%
21%
12%
*20%
12%
21%
*20%
21%
12%
*20%
28%
28
28%
26%
27%
27%
5%
5
5
5%
5%
*12
*33
34
*33
12%
21%
27%
5%
33%
79
79
*79%
80
*33
34
*33
5%
33%
♦77
79
*77
79
♦80
80% 80%
80% 81% v< :'81 v'v8l"V
*172% 177
*172% 177
*172% 177
*19%
19%
*19%
19%
19%
1978
19%
24% 24%
23%
23%
24%
24%
25%
..v.
81
♦172% 177
30%
11
11
30%
30%
30
30
1
No par
43%May
Preferred...
100
Int. Hydro-Elec Sys class A.25
Int Mercantile Marine.No par
152% June
Internat'l Harvester
Internat'l Mining
No par
Preferred
loo
15
50
Inter Telep & Teleg
No par
1
$6 preferred
1,900
"
BNo par
1
100
__5
Keith-Albee-Orpheum pf__100
Kelsey Hayes Wh'l
conv
cl A. 1
Class B
1
Kendall Co $6 pt pf A ..No par
Kennecott Copper
No par
Apr 16
5% Apr 23
98% Feb 21
Keystone Steel & W Co No par
12
Feb 14
25%June
No par
Kinney (G R) Co
35 prior preferred..-No par
Kresge (SS)Co
10
Kresge Dept Stores.
1
4
2?g Feb 15
*22% Mar 3
28
340
5% preferred
12%
12%
7%
23%
400
Lambert Co (The)
1184May
Lehigh Portland Cement...25
21% Apr 14
19% Apr 12
7%
*23%
*21%
*108
500
1,200
22
10
'111
2%
■'1,100
2%
I%
5%
22,500
20%
20%
2,400
1
20,300
.100
4% conv preferred
1 Lehigh Valley RR
100
60
Lehigh Valley Coal
6%
No par
conv preferred
60
5%
51i
4,400
Llbby McNeill & Libby
7
100
Life Savers
5
200
Liggett & Myers Tobacco.-25
*12
12%
*33
34
*8134
*81
82
81%
*171
20
20
24%
*29%
100
24%
30
700
2,300
6% Feb 14
17%
7
4
2
% Feb 13
2% Feb 14
19% Apr 12
11% Feb 1
21
Apr 18
3
26%June
5
Feb 19
33%May 27
80
8
May
11%
II84
I184
500
Lion Oil Refining Co ...No par
15%
15%
157g
5,800
Liquid Carbonic Corp..No par
13
23
23%
23
23
23%
16%
24%
23%
11,900
Lockheed Aircraft
28
28
28%
28%
28%
28%
23%
28%
19% Apr 21
28 May 22
40
40
*284
28%
*104%
28%
107
19%
105
105%
300
19%
19%
20,400
41%
41
41
28%
2,600
19%
40%
41
2%
41%
2%
2%
2,300
700
14%
14%
14%
600
2%
2%
2%
14%
14%
14%
*1063s2 106% *106332 106% 10633. 106 332 *106332 106% *10633j 106%i 106332 106%j
16
*1634
16%
16%
16%
16%
16%
16%
16%
16%
16%
16%
*147
150
150
*148
152
155
*140
150
150
152
150
152
*14%
*20
66
*25%
*130
3
1434
20%
66
*14%
20
*64%
25%
*25%
v-i.' *129
*25%
26%
26%
14%
*14%
20%
*20
66%
14%
*66
26
....
26%
*2234
23%
*23
23%
*11%
12
*11%
12
♦2534
*1%
26%
*25%
26%
134
*1%
1%
20%
67
25%
25%
*129
26%
26%
23%
23%
12
*11%
20
*66%
67
25%
26%
26%
23
23%
*11%
*25%
7% preferred
26
*25%
26
600
26
100
25
133
400
Macy (R H) Co Inc
No par
Madison Sq Garden...No par
Magma Copper
10
Manatl Sugar Co..
1
Maracalbo Oil Exploration— 1
"""266
13%
*12%
13%
*12%
7%
13%
*12%
7%
13%
*6
*12%
*12%
13%
*12%
13%
*1%
1%
*1%
1%
*1%
1%
*1%
1%
*1%
1%
1%
1%
200
*4
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
2,100
Marine Midland Corp
8
8%
8
834
14%
28%
7%
8%
7%
7%
1,590
Market St Ry 6% pr
14%
143g
143g
14%
4,000
2734
28%
5,100
Martin (Glenn
8
2,000
1,000
Masonlte Corp
1,400
1,600
7% preferred
100
May Department Stores
10
Maytag Co
No par
7%
*6
.
*7%
8%
14%
14%
14%
14%
14%
2784
734
19%
27%
28
7%
27%
7%
2734
*7%
19%
*19%
19%
2534
2534
25
26
*171
176
27%
*7%
*172
*50
2%
*24%
176
50%
50%
50%
2%
25
2%
2%
24%
*105% 107
*12%
■*13
*102
*18%
*8%
*32
3%
28%
•
13%
13
104%
19
834
323g
3%
28%
24%
*105% 107
7%
1934
26%
19%
26%
*170
176
50%
50%
*2%
2%
25
25
*6
14%
273i
7%
*19%
26%
*170
50 84
7%
28
7%
28%
8
20
20
20%
26%,
26%
27
176
*165% 176
50
51%
513s
2%
2%
*2%
2434
2434
24%
*2%
24%
*105% 107
*6
1%
7%
7%
*20
50%
*2%
50%
13
13%
13
106
106
*12%
12%
Bid and asked prices; no sales on this day.
t In receivership,
200
2«g
25
107
107
*105% 107
13
13
13
12%
*12%
12%
13
13
13
13
1234
12%
12%
13
104
*101
105% *101
*102
104% *102
104% *101
105%
18%
*18%
18%
18%
18%
1834
18%
18%
*18%
19
*8
8%
8%
8%
8%
8%
*8%
8%
*8%
8%
32
32
32
*32
32
32
32
*32
32%
32%
33«
3%
3%
33g
3%
33g
*3%
3%
*3%
3%
29
29
29
28% 29
28%
28%
28%
28% 28%
*12%
Manhattan
27
*26%
*16334 176
*24%
No par
Mandel Bros
600
30
v
400
1,300
25
Shirt
d Dei. delivery,
New stock,
Cash sale,
5
May 27
45
Apr 23
2% Feb 24
2434June
5
103% Jan 23
12% Jan
7
12%May 26
103% Feb 20
18%June 3
7% Feb 19
1
r
May 28
172
—No par
$6 1st cum pref..;
No par
McCall Corp
No par
McCrory Stores Corp
1
6 % conv preferred
100
n
May 20
24%May
Mclntyre Porcupine Mines..5
JMcKesson <fc Robbins, Inc..5
$3 series conv pref...No par
1,300
Feb 14
7
19
McGraw-Hill Pub Co ..No par
3,400
5
23
$3 preferred
McGraw Elec Co
6
13% Jan 17
1
600
3
Jan 14
4% May
7%June
No par
900
4
34
pref__100
200
9
12% Apr 17
5
L) Co
Feb 17
1% Feb
584 Jan
Mathieson Alkali Wks.No par
*6
*1%
Dec
Jan
Jan
2
8% Jan
4
484 May
Mar 26
87% June
24% May
13%June
8% May
2
2
10
Jan 10
2734
1%
17%
19%
2% Mar 10
June
6
Jan 13
2
3%May 22
27% Jan 9
29% Jan 10
8%
May
May
31
3
24
z
Apr
15%
109
Jan
Apr
18% Nov
9%
105
Apr
Dec
38%
Jan
15% Nov
May
46% Apr
284 Jan
May
May
26
Feb
4
Feb
29%
Jan
May
22% Aug
23% May
4
7%
20% Nov
15% Jan
104% Dec
34% Apr
9% Jan
21% Sept
Jan
May
8
6
8% May
13
Jan
8
11% Dec
16%
8% Jan 13
27% Jan 10
25% Jan 9
116% Jan 4
3% Apr
l%June
63sJune
22% Jan 22
3% May
16% May
7% Nov
3584 Jan
15%
100%
1%
%
2
May
31«4 Apr
28
May
June
May
Dec
May
15% May
9% May
12% Jan
25
Jan
Dec
116% Dec
4
Jan
1%
Jan
484 Nov
24% Nov
14
Feb
18% May
29
45% Jan
7% Jan 23
30
June
53%
Jan
5
May
9%
Apr
39
33
May
24
Jan 13
Jan 18
87
Jan
45
Apr
Apr
16
207g Apr 14
18% May
23% Apr
3034 Dec
37% Jan 14
ll34May 21
27
May
41
Apr
9
May
14%
Apr
16% Jan
10% May
18% Mar
22% July
41% Apr
37% Mar
30
Jan
4
8
283g Jan 9
34% Jan 6
109
Jan 29
3% Jan 3
15% Jan 6
110% Jan 18
19% Jan 15
162
Jan
2
70«4 Jan 27
31% Jan 21
23% Apr
Martin-Parry Corp....No par
20%
*7%
*14%
634
1%
May
7
95
May
20% May
97
May
3
Feb
Feb 18
Feb 19
Ex-dlv.
y
138
Jan 21
33% Jan 10
27
June
2
May
13%June
105% May
17%
Dec
138% May
2034May 24
1
May 15
11
Marshall Field <fe Co—No par
*6
1%
1%
92
3
May
23% Apr 21
2234May 26
No par
Mack Trucks Inc.
26
1%
7%
25%
1%
25%
*1%
Mar
6
Feb 18
66
10
100
6% preferred
11%
4
June
Mar
17
Louisville Gas <fe El A ..No par
*128%
23
Apr 26
100 106'32June 3
15%May 14
10
100 160 June 2
5% preferred
Lorillard (P) Co
Louisville & Nashville
23
121
2% Apr 12
1334 Jan 30
...25
MacAndrews & Forbes
*11%
117% May
3% May
121% Apr 18
38
Jan
Apr
May
Jan
Jan
109% Dec
16
9
373g
132
Deo
9% June
Long Bell Lumber A...No par
Loose-Wiles Biscuit
300
12
122% May
48% May
15% May
900
23%
Jan
77%
June
14% Jan 10
104% Jan 27
106
Dec
44
May
18
33
Mar
11
Jan
Jan
52
4
8
Jan
4%
3484 May
29
200
*11%
5% Jan 10
434
10% Jan
92% Dec
8% Jan
17
Feb 11
2034 Apr
Dec
130
63% Jan 13
110% Jan 9
12% Jan 10
121% Mar 12
Nov
May
Jan 16
128
Jan
30
109
June
5
26
12
44
36%
Jan
9
7
41%June
190
"2" 800
Jan
Apr 21
67
27%
5% May
20% May
5%
122
35
20%
27
74% June
Lone Star Cement Corp No par
26
26%
23%
94% Jan 17
8% Mar 15
5
*65
26%
0
1934June
26
....
Jan
Feb 19
66
*128%
3
3% Jan 10
8% Apr 4
14
20%
20%
25
May
13% May
97% Jan
l'4May
1% May
4% May
Mar 26
105
20%
*25%
31% Jan 30
35% Mar 21
102
1
66
20%
25%
*128%
56% Feb
39% Dec
June
No par
$6.50 preferred
Loft Inc
20
1,900
9% Apr 15
No par
Loews Inc
37
26% May
2%
Apr
109
11%
19%
Jan 16
39% Jan 2
/ 42%May 20
73
109% Apr
18838 Dec
16%
2334
28%
21% May
May
11%
105
Jan
10% May
40% May
is4 May
May
15%
23%
19%
Jan
June
*11%
*28%
Jan
38%
133
87
15%
105
7
169
11%
*104% 105% *104% 105%
19
19
19%
19%
40
40%
40%
40%
2%
2%
2%
2%
Jan
14% Apr
3
15%
19%
53g
Jan
Dec
3
15%
23%
19
173
2
11%
*104% 106
Dec
Jan
14%
1
6284
Jan
*10%
Corp
44
191% Mar
96% Jan
14%
23%
Mar
5% Nov
12% Jan
2% Dec
98
♦137g
*11
113
189
20% Apr 21
*29
Apr
5
June
18% Mar 11
par
No par
June
15%
7% Nov
47% Mar
May 26
78% May 22
Lima Locomotive Wks.No par
Link Belt Co
3
Jan
134 Jan
175
Lily Tulip Cup Corp...No
400
2
8
Jan
109%June
25
Preferred
Feb 15
24
....100
Series B...
1,000
177
1
6
Corp
3
30
28
No par
Lane Bryant
.....No par
Lee Rubber & Tire
5
109
4
26%
Feb 14
Laclede Gas Lt Co St Louis 100
I
Jan
22
60
100
15%
7034June
134 Jan 24
23% Feb 15
7
No par
5%
30
Mar 19
7
104% Jan 22
13
Apr 22
Kimberly-Clark.,.
5%
33%
79%
24%
100
Feb 14
Corp
No par
Llbbey Owens Ford Gl.No par
20
1584 Jan 9
12
Apr 16
31
Lerner Stores
24%
Apr 23
384 Apr 23
100
5% conv preferred
Kayser (J) & Co
4
Jan 13
»14
32
Southern.No par
Kaufmann Dept Stores
131
5% May
3% May
19% June
Jan 10
Apr 18
ser
4
May 14
118
City P & L pf
4% preferred
May
1% Dec
4
33
May 20
Kansas City
Jan
3% Jan
28% Apr
134
10
100
*29%
Feb 14
6
Mar 21
124% Mar 26
97
Apr 21
400
♦19%
Feb 24
Preferred
100
Jones & Laughlln St'l pref.100
Kalamazoo Stove & Furn
10
4,400
81%
3
54% Apr 19
21%
175
Jan
Johns-Manvllle.......No par
2734
80%
32%May 23
124
No par
21%
27%
175
10% Feb 19
57% Feb 19
1% Apr 16
Kroger Grocery & Bak. No par
5%
33%
79%
23% Feb 19
May 8
4,100
1%
12%
21%
145
Jan
Jan 10
934 Apr 21
1
27%
12%
170
27% Apr 21
1
Jarvis (W B) Co
Jewel Tea Co Inc
5
125
7
No par
Island Creek Coal
May
Apr 24
87
May
38
17gMay 2
l%May 1
5% Feb 19
Foreign share ctfs...No par
Interstate Dept Stores.No par
Preferred
100
1
18% May
5
6% Apr 21
96
June
2% July
6% May
June
38% Feb 21
26
May 20
26% Feb 15
100
Jan
91
Jan 16
2%
9%
Jan
Nov
136
Apr 16
3
Corp
Int Nickel of Canada
27%
♦21
1
49
Apr
94
167% Jan 10
53'4 Jan 10
Kress (S H) & Co
2%
20%
1% Apr 10
May
Lehman Corp (The)
Lehn & Fink Prod Corp
20%
21
*12
*25g
4% Feb 28
11% Jan 2
2% Jan 3
30% Apr 23
29
Jan
Nov
Apr
21% Aug
140
934
118
13% Jan
6% Jan
Internat Agricultural..No par
Prior preferred
100
Int. Business Machines.No
par
6%
23
158
25% Jan 14
113% Jan 28
Apr
Apr 21
3",600
5%
20%
4%
20%
2%
"""196
30
24%
4
24%
24
*5%
12%
*6%
23%
35%
29%
*28%
%
30
100
♦24
2%
30
500
*13%
2%
*29
13%
25%
13%
2%
4
17.600
25%
*2
2%
,
1,000
10
99
13%
4
20%
400
36%
25%
2%
*108
20
6
36%
13%
28%
24%
*6%
50
100
13%
6
99
400
16% May
May
May
Jan
72
66% May
7% May
4% June
1
109
May
13%
24% Jan
43% Apr
140
90% Jan
3% Feb 17
100
Dec
Dec
5
Jan 10
7
100
114
*113
13%
"""106
2%
Jan 10
161
May
June
20
111% Jan 22
No par
19% Apr 16
Kan
.
26
5% May
12
31
6
No par
Intertype Corp
2,600
Feb 25
6
6%May
Interlake Iron
40
8%
29
Jan
Feb 13
5
6% preferred
Intercont'l Rubber
7% preferred...
94
8%
*91
6
57g
1
International Silver
"4*666
21% Jan 27
2%
No par
200
2%
94
38
Insuranshares Ctfs Inc
300
133% 133% *133%
10%
Inspiration Cons Copper...20
28%
35%
28%
24%
*3%
24%
*24%
24
110
2%
*34
23%
2%
2%
2
18%May 19
6
Highest
$ per share $ per share
Interchemical Corp
32
26%
24
*19%
*7%
8%
29
..No par
*28
♦97% 100%
2
2%
36
13%
13%
29
*5
94
37
99%
35%
*2758
♦3%
20%
*91
2%
*91
Inland Steel Co
Lowest
8%May
20% May 12
45%May 22
4%May 10
Feb 18
2034May 27
93%May 5
5% conv preferred-.....100
InternatRys of Cent AmNo par
5% preferred
100
90
6% Feb 15
13
34% Jan
155% Feb 10
69% Apr 21
9% Apr 22
Inter Paper & Power Co
800
$ per share
100
11,000
100
40%
$ per share
Year 1940
Highest
No par
No par
Ingersoll-Rand..
6% preferred
IntnatloDal Salt.......No par
International Shoe
No par
40%
*8
8%
37
8
*2334
*212
2%
8%
10%
13%
6
13%
26%
2%
2834
*1978
*2
2
10
♦31
31
*91% 100%
2
2
10%
114
*13%
13%
*108
28%
31
38
13%
6%
*24%
*612
*28
Indian Refining
Industrial Rayon
16,600
57
*13%
13i2
*23
28%
31
10%
*37
1334
6i2
99%
26i4
2 >4
9
28%
31
*97% 100%
133% 133%
10%
41%
Par
Illinois Central RR Co
100
6% preferred series A... 100
Leased lines 4%
100
RR Sec ctfs series A
1000
Indianapolis P & L Co .No par
400
...
*13i8
245s
41
41
400
11,500
58
58
58
58
5734
57% 58
125%
12514 *124% 125% *124% 125%
125% 125%
125% 125% *125
100
98% 100
106%
98l2
98%
98%
98-%
99%!
98
98
*10
10
10
*97g
10
10%
10ig
*9%
10%
*97g 10%
*118%
*118%
*118%
*118%
*118%
*4
5
5
4%
4%
*4%
5
*414
5
*4%
4%
*18
19
18
18
*18
19
♦18
19
19
*17%
19
*13
*13
13
13
13
*12
*13
13%
13%
14%
14%
102% *100% 102% *100% 102% *100% 102% *100% 102i2
102% 102%
*7
*7
*7
*7
7
7
7%
7%
7%
7%
7%
♦25
*2
41
*778
*7%
28
*134
*10
♦10
30
*97% 100%
*734
28
*134
*12412
*97i2
28%
30
*9712 101
1%
2
•
41
Lowest
Shares
$ per share
7%
Range for Previous
15% May
May
38
2534 May
128
Sept
17
May
Jan 14
20% May
7
8% June
30% Jan 2
2% Mar 10
21% May
12% Apr
1% Aug
4
6% Mar 22
Jan 13
l%May 20
3% May
2% May
5% Jan 14
11% Jan 8
1534 Jan 27
834 May
2634 June
3034 Jan 6
12% Jan 6
28% Jan 13
30
May
11% May
84 May
14%
6% May
2134 June
Jan 22
21
June
175% Apr 29
53% Jan 23
2% Jan 14
28
Apr 8
160
June
107
June
5
14%May
6
6
14%
11 l7i«
Jan
Jan 30
25% Jan 11
109% Apr
39% Apr
46% Jan
4% Apr
1834 Jan
109% May
25% Apr
163% Dec
21% Jan
65
Nov
35
Jan
136% May
3184 Dec
31
12'4
38
4%
l%May
5%
1384
40%
3284
4%
30%
93
Jan
Apr
173% Dec
53%
10
Oct
Dec
16% Nov
47«4 Apr
14s4 Apr
2% May
May
96% June
10% May
20
Jan
Apr
7% Mar
16% Jan
36% May
-
Apr
Mar
105
16%
17%
Jan
Feb
Apr
Mar
Jan
Apr
May lll»*»i Dec
May
17% May
29
Apr
9
Jan
9
5
June
9%
Apr
35
Apr
2
26
June
47%
Jan
Jan
6
30%May
1
3%
Ex-rlghig.
3%
Dec
17% May
8'4 Apr
32% Apr
f Called for redemption.
STOCKS
Y
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
HIGH
AND
LOW
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
May 31
June 2
June 3
June 4
June 5
June 0
Week
*6
*27%
3%
25
25
75
*74%
70
*6534
*27l2
29
7i2
1512
30i8
28
28
28
718
15*4
30
2518
*23*4
10
*2912
*29%
*113
117
*39
39*4 *39*8
*108
108
*21%
2*4
*2*8
*55
2*4
38%
10%
*i2
10's
a4
*214
2iz
*i8
».«
♦%
*32
*14
15i8
*7712 78
11812
*110*4 123 ;
33*8 33%
*116
*38%
41
27%
718
27*8
718
*14*8
15
20l2
*20
3
*2*4
i
58
*51
11
*10
*62
63
111*4 *110
111
5
6
*5
46
*43
40
*43
4
4
5%
*18
m
*16
17i2
17
5*4
*5
*7*8
7*4
*7i2
*8
8*4
*8
1512
15*4
1512
16578
*
16114
*1058
11*4
*10*8
*8414
1412
90
14%
*8414
7U
7U
1178
7ig
117S
*14
11*4
8i2
*13*8
15*8
1878
*13*4
6
6
6
1534
*10%
79
79
1512
15i2
18i8
18%
*14%
*27
28
28
5*4
578
49i2
49i2
5*4
49%
578
11
♦55s
*10i2
*55
57g
11
*57
56
59
*3i8
72
*4
478
k
1,500
1,300
900
13,100
1,100
8%
19%
15
3,400
6%
~2~60d
*14
6%
7934
6%
300
80
*79
15%
3,700
15%
18%
1
18%
6%
6%
6%
6%
49%
4934
49%
57g
57g
60
56%
61%
*53
5812
*58
*116
28
2514
2778
29
25
25
188
*111
113
1278
*52i2
53i2
13i8
13
5414
53i2
13*8
189l2 190
*112
113
"""40
200
*4%
*478
5%
5%
"3", 500
1,700
5,100
1,500
67B
*5
13
127g
*5312
a53%
5414
53 ig
13%
13*8
*96*4 97lg *9634
9712
6*8
6;
6*s
6l2
*108
*10834 112
110i8
*734
8i2
7*4
734
*38i4 40
*38i4
40
2
*158
2
*1*8
*23
|
28
*1114
1H2
85g
*19i4
*23
28
1,000
*79
80
6*4
*42i2
143
6*4
46
*16
1612
*48
49
*115
3978
*8
*78
*25),
14i2
80
v
3
1434
*120
142
7
7
*43%
45
1638
*48%
39%
16%
*2%
12%
11%
*934
1014
*2
*23
33
*12%
*
6
53%
13%
13%
97%
13
5%
5%
23%
23
33
33%
10%
23%
33%
13%
1234
1234
1278
54
53%
13%
97%
53%
*38%
40
*1%
■
2
*23
28
*78
*234
1478
*120
7%
44
*16
5
80
3
1478
142
7%
44
40
*39
53
13%
13%
*53
13%
I
*1%
28
*23
*11%
11%
87g
19%
*23
87g
9
19%
5
47g
79
79%
1478
3
3
11%
9
19
5%
78
3
15%
143
7
7
*42%
44 lo
16
*16.
49
49
7%
*42
16
'
40
8%
2%
8%
*11%
12%
16%
49
40%
8%
11%
2%
23g
11%
40%
8%
2%
12
6
6
6
*5%
6
*934
22%
10%
23
*9%
22%
10%
33
33%
32.%
*13
13%
*13%
4034
8%
234
13%
8% Feb 19
*23
23
33
23%
33
33
13%
13%
13%
""400
10
28
11%
87g
300
H%
478
70
3%
300
1,900
40
143
*140
*42%
16%
*49
6% ;'j
45%
800
16%
300
4934
634
60
4034
*8%
'2%
100
6
10% Jan
4
Deo
10534 Nov
110%
30% May
9% May
87g May
Jan
6
6
20% May
7
50
ran
187s
21%
Jan
Jan
3'4 May
Jan 10
12
May
15
Jan
39
33% Mar
8%
12%
434 May
Apr
A p*
109
Mar
112
Jan
7
104
May
115% Mar
112
Apr
115
Feb 24
110
Apr
N Y Lack A West Ry CO-100
47
Jan
55
2
45
117% Aug
58% Nov
100
n
•i«
Jan
'ii
Jan
Conv preferred
N Y
North
American
6
% Jan 10
31% Mar 17
3284 Jan 8
20
Jan
May
215
Jan 25
175
May
Feb 25
117
Jan
2
105
Jan
59
Jan
50-% Apr 29
57% Jan 20
47% May
15
May
58
Jan
12% Apr 21
17% Jan 10
7
534 Feb 14
110
May 7
7%June 3
100
97% Apr 16
7%May 8
113% Feb 1
34
60
Jan 15
l%May 17
Co..2 50
No
par
8% preferred A
76
3
Oppenhelm Collins....No par
No
6% preferred
140
No par
Outlet Co......
No
6
Feb 19
June
4
6% Apr 23
40% Apr 16
1334 Feb
7
9%May 21
May 29
20
10
Jan
6
104% Jan 7
3% Jan 10
1734 Jan 8
150
Jan 11
27
May
"39
Nov
2% May
5%
Jan
25%
Aug
42%
Jan
11
Dec
16% May
5% June
884 May
10% May
23% Apr
14% Mar
7% May
95
May
2% May
11% June
12434 June
10% Jan 10
7
112
,
57g
18%
150
May
12%
Mar
Apr
Jan
Dec
Jan
Nov
21
May
47
19
June
32®4
Apr
47
May
55
Jan
Mar 26
120
Mar 26
115% May
120
10
3
May
Pacific Finance Corp <Call).10
934May 24
25
22%June
3
Pacific Ltg Corp......No
par
32%May
5
Pacific Mills
var
11
Cash sale.
Jan 11
Jan 17
4% Apr 17
r
5
Jan 11
55
..No par
.....No
June
53% Jan 10
26% Jan 6
is4 Apr 23
10
1st preferred........No par
Pacific Gas A Electric
2%
27
3
Pacific Coast Co......
2d preferred
40
4
120
100
360
4% May
May
101
10% Mar 31
Jan
Dec
9% Jan
114
8ept
97%
June
16
5
var
430
84%June
2684
48%June
1st pref. .No par
Outboard Marine A Mfg
June
14%May 29
par
100
Co
3
434May 23
6
100
Otis Elevator......
Apr 25
6% Feb 19
1334 Feb 19
...No par
Equip
Omnibus Corp (The)
7
96% Mar
11%June
n New stock,
Dec
23
No par
Pharmacal
Glass
117
14% May
47% May
1
Lines
Owens-Illinois
May
17% Jan 10
6
50
Telegraph
conv
Jan
Jan
Dec
357g Apr
226% May
3184
58% Jan
May
23
$5 50
Jan
%
50% Apr 29
Norwich
Otis Pteel
13%
%
50
Pacific Ry
Northwestern
Dec
2
Oct
»n
12
Aviation
Northwest Air
Dec
%
10
Northern Central Ry Co
Northern
June
%•
1% Feb
50
Co
6% preferred series
5% pref ?ertes
North Amer
June
% Jan 13
Jan
100
tNYNHA Hartford
390
delivery
Dec
23% Nov
Jan
50
2%
Def
Feb
50
RR Co.
non-cum pref
13
400
Jan
Dec
6% May
0% Jan
Apr 12
Apr
30%
Jan
24%
1
1,500
53%
110
14%
27«4
40%May
9
13%
June
20% July
15% Jan 10
16 May
6
7% Apr
33%
100
8
45
4%May 16
8
Jan 17
27% Jan
1578May 15
.No par
May
July
May
8%
110
Feb 14
25
Oct
14
8% Jan
31% Apr 24
11% Apr 22
11% Feb 19
Dock...—No par
Apr
10% Apr
10% June
25% Mar
91
Apr
7% May
8%
36
31% Jan
Nov
48
49% Nov
72
110
3834May
33%
a
Apr 28
Feb 14
Co. 12 50
"4~,666
t In receivership,
38
107
Jan
7384 Jan
984 Jan
14% May
Jan
Jan 18
16
,
Aug
3%
79% Feb 10
45% Jan 16
3
Pacific Amer Fisheries Inc...5
23%
*13
71%June
500
23
May
8
Apr 22
M00
10
May
4% May
6
97g Apr 18
878
6% May
48
Feb
5
4134
8%
*934
Apr
38% 8ept
Dec
y28'4
34
6
1234
3
26% May
Preferred
"
Jan
13% May
6
No par
Ohio Oil Co
15%
3%
15
Jan
Jan
22%
14% May
6
6% preferred series A... 100
Oliver Farm
76
76
Jan
12%
96
June
61%June
NYC Omnibus Corp..No par
1,200
1,000
478
6
7% Nov
5% May
66
56%June
N Y Chic A St Louis Co...100
12,700
9
19%
19
Apr
157g
Feb 19
Norwalk Tire A Rubber No par
Preferred
50
2
267g
17
Feb 14
North States Pow $5 pf No par
40
6%
lo
23%
*934
*38%
*134
*115%
*115%
*115%
4034
14%
28
*140
140
*7
48%
78
2
45%
140
*48
19
*478
*234
*14%
16%
*11%
40
Oct
June
7% June
Jan 16
43
109
6,321
784
7% Mar 20
100
10
Apr
18%
68% Jan 6
0% Jan 10
12
May 21
100
10,500
97
40
2
*134
Bid and asked prices; no sales on this day
52 78
May
6
5-% May
3
June
4% Apr 23
Adjust 4% preferred
900
Jan
13% Mar
1178 June
3
May
534May 29
49
Norfolk A Western Ry
1,100
16%
Jan
500
ll", 900
Jan
934 May
Dec
200
13%
53%
Jan 15
31
Feb 19
26
24% Feb 14
24%May 7
188
May 31
13%
1378
53
Apr
20%
Dec
Rhlpbldg Corp part stk—1
Noblltt-Sparks Indus Inc
5
53%
1278
53
97
*9634
*9634 97%
6%
6%
6%
6%
6% 16%
6*8
658
10834 110% *10834 110% *108% 110% *108% 110%
*8
8
8
*734
8%
8%
7%
7%
*97
*2%
*934
113
13~, 100
99%
Oct
15%
27
$N Y Ontario A Western.. 100
%
113
*112
13%
1278
5278
*8
11%
*112
113
5338
48%
*115%
3934
40%
*8
8%
2l2
*11%
*514
25
53%
48%
*115
3978,
13%
54%
9
19%
5
*120
13
*54
*ll«
28% 287g
29%
25
25
25
193% 193% *189% 195
195
*112
834
19%
*434
1934
7s
4,500
2834
*2434
29%
2834
*24%
*192
878
834
19i2
10
1,100
%
*1,
%
*»u
11%'
*434
56%
*54%
Nov
86
170
20% Feb 14
106% Mar 8
10%
®u
56%
78
11%
5
3
14i2
*54%
56%
Jan
15384
No par
6% preferred
/Apr
May
N'portNewsRhlpA Dry Dock 1
$5 conv preferred
No par
N Y A Harlem
115
*110
*3m
11*8
878
20
*258
14i2
*54%
115
*110
115
I
*104
5
:
*110
19
Apr
June
22% Apr 28
5% Apr 23
New York
Dec
Dec
12%
16%
24%
132
10
New York Central
2,000
176
*160
1
N Y Air Brake
500
June
Dec
June
41
Newport Industries
20,900
9
155
2
40
Mining Corp
""966
7% June
16%
100
100
serial pref...100
Newberry Co (J J)
No par
5% pref Reries A
100
834 Sept
10
Sept
Jan 15
conv
Newmont
Dec
Jan
.
4%%
Jan
2334
Jan
5% July
23% Jan 10
Feb 17
9
Feb
13%
154
9
13
500
14%
72
Apr
7%
22%
176
May
Feb 19
*9
53
June
3®4 May
11
June
Jan
17% Jan
16% Apr 21
25
$2 conv preferred
111% Dec
87g Nov
142
National Supply (The) Pa.. 10
5M% prior preferred
6% prior preferred
Mar
83
May
41
4
8% Jan 13
Apr 30
8 34
113
National Steel Corp
8% May
56
14% Apr 22
168%May 29
No par
National Pow & Lt
56% Nov
1534 Mar
May
97% May
4
May
937g Jan 10
78
4
National OH Products Co
Jan
5% Nov
2% May
Feb 19
16
5% Apr 21
May 12
1
8
*71
112
par
9
*1334
2878
25
No
Co
$4.50 conv preferred-No par
National Lead Co
10
National Tea Co—No par
9%
195
Nat Gypsum
20
878Mar 20
24% Jan 11
Apr 26
Jan 30
N atomas Co.. ....... No par
Nehi Corp...........No par
Neisner Bros Inc
1
1434
28%
17
12
500
73
*2434
.10
—
Jan
Jan 15
11
700
*71
*190
6% preferred
Nat Distillers Prod....No par
2678
14% Jan 10
6% Jan 14
3%
*1334
*1.
Dairy Products
May
1378Mar 20
8% Apr 1
12%June 6
478 Feb 15
7% Feb 14
Co
1
No par
No par
National Cylinder Gas
Nat Dept Stores
15
934 Apr 28
9%
34
I4
No par
Nat Cash Register
Nat
14%May 21
634May 27
ll%May 20
10
National Can Corp
Apr
107g Jan
Jan
175% Jan
13% Feb 24
88% Jan 6
17% Jan 15
Feb 14
86
100
Apr
18%
18%
*9%
9%
15
*9
56%
100
7% preferred.
Feb
16
May
9
Feb 17
7% Apr 21
15%May 26
160%May 27
10%May 27
*3%
74
•
National Blpcult Co
307g
Oct
12
6
7% Jan
9%
*13%
•:;/!»«
.5
10
21%June
87g May
Jan
0
June
7
preferred.—..—10
conv
Aviation Corp
Feb
Apr 18
3%
*71
••
0%
Nat
45
5%
3
3%
15i2
*55
*18
34
*1
188
55
"16
*58
27*4
*24i4
55
5
Jan
33% May
20%May
23% Jan
14% Jan
9%
3912
3
*s»t
Inc.. 1
56
8% Jan 11
51% Jan 27
Apr 25
3% Apr 21
16
122
112
9%
7lig
115
45
5
Nashv Chatt & St Louis.—100
National Acme Co
1
119
11% Jan 23
71% Jan 16
2
110% Apr 23
47s Apr 23
Nash-Kelvlnator Corp
July
May
31'4 May
67
617g Apr 17
No par
5% preferred
100
Murray Corp of America.. 10
Myers (F & E) Bro
No par
Nat Automotive Fibres
6
Feb 19
9%May
No par
110
4
24% Jan 13
4% Jan 6
234May 15
46
No par
May
113% May
17% Jan
3%
3%
*9%
*1312
*110
1834May
119
8
Jan
12
3
71ig
115
4
2,000
11%
*110
115
Jan
Nov
8
43% Jan 23
28%June 6
67gMay 29
14%June 3
2,200
1,200
1,400
1,080
*9
10%
11
10%
1034
9%
9%
9%
95s
*814
95s
9%
*110% 111% *110% 111% *110% 111%
*110l2 112
*110i2 112
*110% 112
*110
.No par
50
Corp..No par
Motor Wheel Corp
5
Mueller Brass Co
——-1
Mulllns Mfg Co class B
.1
Jan
Jan
*79
39% Jan
6
Essex
Apr
120
6
June
7% preferred A........100
6% preferred B
...100
15,000
49%
0%
6
60
5%
Mar
Nat Mall & Rt'l Cast Co No par
100
28
*27
56%
*4%
Feb 14
Mar 27
30
145
*18%
3
31% Apr 30
1,300
200
*140
143
11%
5's
19%
112
Nat Enam & Stamping
20
106*2 10714
*4
9% May
115
5% pref series A
I93g
56%
15l2
15%May 19
88% Jan 7
117
Jan 31
No par
Nat Bond A Shere Corp No par
*814
16
59%
7g
No par
200
8%
578
59%
% June
Preferred series B
"""266
19%
6%
49%
59
Jan
*ieMay 14
77
Nat Bond & Invest Co .No par
5%
11
72
*38%
39*2
200
5%
*36
39%
*39
*39
39%
38%
39
3912
"10612 107U *106% 107% *106% 107% *106% 107%
27
28
29% 29%
29%
29%
29U
2978
2934
30%
2712 27i2
534
5%
6
6
5%
~
57g
578
678
57g
*57s
fl
23
23
23%
23%
23M
235s
2278
2312
23%
23%
233s 23*4
*104
10934 *105% 109%
10934 *106
109*4 *10512 10934 *105% 10934 *105
*33%
35%
34%
34%
3312
337«
34
*3214
3312 *33
3312
3334
12
12
1178
12
12%
12% : 11%
I2I4
1178
12i«
12%
125s
13%
*13% 14
13%
13%
*13l2
15
13%
135s
135g
13%
135s
34%
35
35%
*35*8
36ig
353.1
35%
35%
35*4
36i4
355s 35*4
16
16
16
16
*1578
16
16
16
10i4
16%
*155a 10
*38l2
*10612 107U
4,100
5%
56
*9
*1312
600
1278
12%
13%
1034
*9
9*8
1,500
100
56
9%
10
|
5%
5
1034
314
75
100
17%
55
3
*71
18
*17
17%
11
912
*1312
4%' "4,200
1734
55*8
3%
3i2
*914
Y *9
46
■
578
59
314
912
9I4
20
10
Murphy Co (G C).
~1~5O6
5
5
-4
11
58l4
Jan
4
ig Jan 9
13% Feb 15
$4.50 preferred
700
111
55*8
59
Jan
%
1,100
6*4
11
58i2
1%
434
7gMay 10
4
Montg Ward & Co. Inc-lVo par
"""600
11«4 Nov
Dec
20%
11%
64%
718 May
%i
*11 Mar
100
100
$7 preferred.. —
Munsingwear Inc
6
ll%May
Jan
Apr
Dec
647g
*i» Jan 14
23
3
Jan 13
4«4
2% May
26
May
4% Jan 11
67
110
Dec
Motor Products
56
June
•i« Dec
Morris &
*2 34
95
Jan 16
1%
Morrell (J) & Co
56
5*4
7% preferred series A--.100
May
33% May
4
600
800
4
2
19
18%
June
103
Jan 14
45% Jan 10
2%June 6
50
Feb 14
920
49%
0%
110
200
*43
28
Apr
107
7%
14%
600
*27
Dec
54
38%
28%
8%
16
18%
28
*27
01g
49%
578
5*4
18%
Dec
124%
*14%
5%
143
143
18%
12% Apr
17% May
45
38
714
15%
15%
15%
*16834 16834 *168% 172
*143
6% May
125
Mills
Feb
11% May
10534 Apr 21
3734June 4
Monsanto Chemical Co
May
23% May
3
Carpet
24
9% Jan
6
1% Jan
Mohawk
Jan 15
Jan
26
28% May
*38% Dec
6
Mar
9% Feb
% Jan
^Missouri Pacific RR
5% conv preferred
11% May
Aug
6%
17%May 21
38% Jan 9
No par
10
Corp
May
34% Mar
2% May
10
26% Apr 21
No par
Mission
Mo-Kan-Texas RR
May
82
24% May
25% Jan 10
3034 Apr 2
100
1st pref
cum
85
Feb
53%
4
33% Jan 10
4% Jan 3
par
8,200
2734
15%
28
49
80
8%
Jan
Dec
14% May
13
5
No
9%
37
Mid-Continent Petroleum.. 10
Midland Steel Prod
share
per
108%
7% May
Feb
64
Jan 16
Feb
May
27%May 23
6% Apr 21
5
Machine Co
Mesta
Miami Copper
75
70
Feb 14
14
Merch <fe M'n Trans Co .No par
3334
734
6%
79%
6%
3% Feb 15
21% Feb 16
Co
38
•
*14
16
6
18*2
578
19
5%
8%
1
50
(The)
5% conv 1st pref
Mengel
33%
*110
1284
•5%
8%
13%
*79
1534
145
*143
49*4
10
*52
19
1234
*5%
*8%
80
15i8
*17i2
*5412
1134
978
11%
0lg
1818
29i2
*175,
*26iZ
7%
7%
15%
*79
145
*143
15
19
168*4 168*4 *168*4 172
*16812 169
80
118
734
*7%
8%
8%
16
157g
162% 162% *162% 170
11
11
*10%
11
90
*84%
*84%
90
15
*1414
*14%
15
7%
7%
7%
73g
12
11%
1134
1134
97g
97g
934
934
90
*14
8i2
6
15i2
117
8%
1578
11
*84%
19
*1312
6
1,300
734
162
162
200
147g
79
117
4%
*5
5%
734
8%
10
8%
5*8
19
19
15
80
143
5%
*7%
1314
fi'4
*7i2
8l2
*7*4
19*8
143
13
5i8
%
""206
118
5%
*1734
17%
17
17
97«
5's
1914
*78i4
1512
17
*5%
ISM
1,600
79
46
4
18
18
5*4
7*4
*7i2
814
8i4
15*8 15*4
157s
*16114 16578
167
*1058
11
IU4
*8414 90
90
15
1412 1412
7ig
7ig
7i8
11*8
11*4
11*4
*13
514
*8
18
958
10
13%
*9%
13*8
5U
17
5*4
7*4
8%
2%
*1334
111
5
27% May 29
$6.50 preferred
%
56
*43
1
Melville Shoe Corp
4% conv pref series B
100
Minn Mollne Power Impt.-.l
2%
*%
11
5%
86 preferred
$5.50 pref ser B w
Minn-Honeywell Regu.No par
100
64%
4%
No par
series A .No par
w.No par
Mead Corp
900
"9,800
10%
46
70
%
63%
5
-
59
10%
*10
18
17
*18
*161
10%
10%
4
y
%
59
56
*44
200
900
63
62%
6234
*110
*110
111
418
800
1,300
2,700
2%
*10
514
46
600
2%
*56%
10%
2%
*52
4%
4M
1878
1,100
,
430
38
*52
111
900
*107
56
*110
4
*5
*%
20
100
140
38
38
978
62t4
978
6214
*43
Y
10%
*51
11
62>4
5
*56%
%
*%
50
55i2
*10
*110
2%
"""206
90
Jan 13
9
Highest
share $
May
per
5
7% Jan 15
109% Jan 9
Feb 15
6
101% Apr 30
7 May 21
70% Mar 19
65
May
8
100
I
$ per share
share
per
Mctellan Stores Co—--...1
6% conv preferred
7%
7%
*7%
7%
*74%
75
*74%
75
*05% 70
65«4 6534
28%
28%
28% 28%
3%
3%
*3%
3%
25
25
*2434
25%
237g
24
23%
23%
29
29
28% 2834
7
7%
*7%
7%
16
10
16%
16%
30
30
*29% 30%
115
*113% 11434 *113
38
3878
10734 *107
2%
2%
59
*56%
10%
10%
%
*%
3734
107
700
634
*103% 108
2%
2%
2*8
2%
2%
2*8
2*8
2*8
*10
*18
*%
*%
*'8
*18
*x«
*%
%
*% ■
®32
*14
#32
14%
15%
14%
14*2
1412 *13*4 15 ; *14
78
78
78
77%
78
7834
77i2
78
*116
117
117
118%
*11018 117
*116i8 117
*117
118
*117
118
*1167g 118
*1167g 120
34%
3434
34%
3434
3378 3478
3312 33*4
*38%
397g
*38
41
*38% 397g
*38l2 397S
2778
28
27%
2734
27l2 275«
27*8 27l2
*7
*7%
7%
7%
7%
7i2
7>8
7ifi
14%
14%
14%
14%
14%
14%
*14*8
1478
m
20
20
20%
20% *20
*19*4 20*4 *20
2 34
3
3
234
*234
*2*4
3
*2*4
*01
*51
7*8
16%
*29%
30%
114% 114%
10*8
10
10%
*12
28
7%
1578
59
*56
10%
28
7h
I6I4
30i4
107*4 108
2*4
2*4
59
*50
24%
3014
115
115 I
39
39*8
39*4
108
24%
714
116
117
25%
28
24
7ig
25
2514
24
15%
3%
3*8
3*8
25
2518
15*8
28%
275s
27%
*2312
*718
8
75
70
28%
3%
*7%
*74l2
*05*4
75
70
28*4
3*8
24*4
*74*8
*65*4
*275s
3*8
24*4
*6%
$
Lowest
Highest
Lowest
Par
Shares
3 per share
6%
6%
6%
6%
*103
108
*103% 108
7*2
712
8
*712
8i2
74*4
70
28*8
3U
*7i2
74*4
*65*4
108
*103
108
*103
108
*103
0i2
*6's
6%
3 per share
f per share
$ per share
$ per share
6%
*6
Year 1940
On Basis of 100-Share
NEW YORK STOCK
the
$ per share
Range for Previous
Range Since Jan. 1
Lots
•:
for
7,
June
New York Stock Record—Continued—Page 7
3614
*
Feb 19
Ex-div
y
49% Jan
9% Jan
8
6
42
3% Jan
June
4«4 June
Jan
64%
10%
Apr
Jan
Jan
6
2
May
684
Jan
6
8
May
2334
77g Jan
6
3% May
12%
Jan
11% Jan 28
287g Jan 24
9% May
14
Apr
34%
Apr
16
25% May
Feb
8
33
May
50
Jan
14%May 10
8
May
16%
Jan
40
Jan
Ex-rights.
5 Called for redemption.
New York Stock Record—Continued—Page 8
Volume 152
3615
AND
STOCKS
Range Since Jan. 1
NEW YORK STOCK
On Basis of 100-Share Lots
the
SHARE. NOT PER CENT
SALE PRICES—PER
HIGH
Sales
for
LOW
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
May 31
June 2
June 3
June 4
June 5
June 6
Week
$ per share
$ rer share
$ per share
% per share
$ per share
$ per share
Shares
*115i4 116
*151% 152
*3i8
314
*6i2
714
116% 117
7
*6%
25s
11%
9
2%
*8%
*1%
1%
*6%
1%
2%
11%
9
2%
11%
*11%
*8%
*27
*8%
1%
27%
27%
1034
*27
99
*9834 1023s
10%
♦95
10%
10%
*15
10%
10%
*95
99
15%
1%
99
10%
10%
*15
15%
*%
8%
734
25%
17%
*17%
*834
7%
%
8%
*%
8%
7%
7%
*45f ■
80
*134
*2%
7834
*134
*2%
79%
2
2%
41
41
2%
*41
2%
42%
*14
14%
*32
*22
*6%
*6%
28%
*42%
*82%
9
*73%
*10634
*15
*%
46
79%
*52
10%
*45
46
*14
*6%
2%
2%
11%
8%
8%
*8%
1%
1%
1%
*27%
11
27%
27%
1034
10%
10%
10%
*15
1%
25%
*%
8%
r8%
778
1%
8%
7%
*15
26
17%
%
778
1%
4,000
28%
*98% 102%
400
28%
1078
10%
79%
2%
5,000
*2%
15%
1%
1%
1%
17%
17%
17%
*%
8%
7%
%
*%
8%
8%
7g
9
~T,9GO
7%
7%
7%
1,100
45%
45%
80%
79%
80%
100
3,700
2%
*2%
*39%
2%
*2%
40%
*39%
*14
i
2%
79%
2%
2%
40
1434
*14
15
79%
*2%
*4%
*51
41%
52%
16%
16%
5
5
*434
55
55
*52%
42
4178
51
*46%
17%
*16%
17%
*16%
*70
76
*70
*2%
51
49%
16%
50
50
*70
300
5,600
400
20
1,100
2,200
500
8,400
"600
10
'
*4%
5%
*5%
33
6%
*10%
11
6%
11
*10%
*163
...
*5
*163
5
5
5%
4%
6%
*6
6%
*6%
6%
4934
*46%
4978
49
*31
32
*31%
31%
31%
*50
59
*10
1034
10
10
*%
"%
*%
15%
15%
1534
16
*5%
*7%
*14%
ni«
7%
*7%
*15%
6
1034
15%
5
5
5
6%
31%
*50
*47
49%
31%
%
16%
10%
....
....
6%
7%
10%
"i«
1
15%
*14
16
16
6
6
6
7%
7%
7%
734
10
10
1034
1034
9%
*10
7%
3434
*123
124
124% *121
*120
122
122
*119% 122
141
141
140% 140%
*139% 142
14034 141
118
*112
116% *112% 116% *112% 116% *113
28
28%
27%
28
27%
27%
27% 28
9%
90%
91
89%
10%
10%
1034
934
934
*9%
334
3%
*79
3%
*80
....
*2%
234
*42%
*1134
45
193s
12
*23
25
*14%
15
*2%
*42%
*18%
*1134
*23%
14%
25
25
*25
23%
23%
*1%
1%
*18%
*7
8%
*7
8
*9%
•
10%
8
8
*42%
19
18%
12
45
2%
*43%
18%
*18%
*12
234
14%
3,200
400
25,600
1,400
100
23
8
#7
8
*7
8
*7
,
*9%
10%
8%
8%
8%
*7
;:-V- 8S-'
*934
*934
8
*56
*56
59
*56
78
18%
18%
18%
10078
100% *100
*86
86%
87%
*85%
8%
8%
*8%
*8%
19%
19%
*17%
103%
102% 102% *102
*17%
60
12%
*57
12%
87
8%
62
1238
88
10%
8%
*984
8%
18%
*86
8%
59
59
*56
59%
1
1
151«
18%
86%
8%
*17%
102% 102%
210
60
63
12%
12%
12
87%
88
88
88%
!:* 7
53
*50
*8%
8%
*4%
434
1534
1534
8%
*4%
1578
11
8%
8%
*4%
16%
8%
10%
8%
44
*40%
44
43%
*%«
1
*7i#
1
*716
29
29%
2934
30%
*%
Z16
*%
*18
**!•
5% '^*4
5%
*6%
14
*37%
38
*111% 111%
50
50
*%
**H
%«
*4
*6%
14
38
38
111% 111%
wl2%
Bid and asked prices: no
13
*4
5%
1,000
*%«
31%
31%
31%
'is
*%
10
1
3i«
61S
*4
300
5%
*4
%«
"2", 900
"'600
Revere Copper
7%
May
35
May
Jan
2
46% Jan
8% Jan
2
2
84
Jan 30
15
"5
181
Mar
Jan
8
~
Feb
1
7%
Jan
6
9% Jan 10
65
Jan
7
43%
Jan
8
8
May
75%
13%
53% Apr 29
9% Feb 19
16
June
116
May 28
21%May 19
97%May 26
3:108
May 14
122
June
2
139%May 19
114%May 26
22% Feb 14
Feb 14
7
Mar
r94
7
83% Feb 15
Jan 10
1
June
5
167g
Jan 17
21
5
5% Apr 22
4% Feb 14
9% Apr 21
9% Apr21
32%May 15
50%May
Jan
Mar 31
164
Mar 31
•teMay 3
14% Apr 21
Jan
2
Jan 10
8%
8% May 21
13%
Jan
6
13%
Jan
Jan
6
2
40%
:
58% Jan 22
Jan 29
119%
29% Jan
14
*6%
14
*6%
14
38%
38%
38%
39
39%
1,500
230
9
33,900
d Def. delivery,
n
12%
Jan
5% May
4% Oct
6% May
6% May
21
May
53
June
112% May
28% Dec
1107g May
May
126
June
158% Feb 11
143
May
117%
114%
Jan 25
28%May 22
10
May 10
Oct
167g May
6% Oct
Jan
8
84
June
3
73% May
101%
91
Jan 17
47g
Jan
4
9
June
June
9% Sept
4% May
Apr
2
62%
Jan
2
48% May
3%
Jan
2
5
2% Nov
June
May
2
21
Jan
7
1% Apr 9
22% Mar 12
7
Apr 22
6% Mar 26
9% Apr 30
7% Apr 21
57%Maj 23
Feb 13
61
% Apr 10
16% Feb 14
100
Mar 18
82% Apr 21
7% Apr 19
17
May 6
97
Apr 21
June
49
20
Jan 23
17
Jan
287g
Jan 14
2
34
June
15% May
13% May
24
May
4
97g May
26% Apr 24
24 ;
Jan 13
19% June
17
May
15% Apr
17g
Jan 11
28% Feb
9% Jan
7%
12%
4
7
Jan 21
Jan
7
10% Mar 10
67% Jan 23
1% May
25
Deo
6
June
6% May
8
Aug
6
May
x37% June
60
May
1% Jan 11
1
May
6
14
May
Apr
61
22%
Jan
7
101% Feb 10
97
Jan 13
11
Jan
3
24
Jan
2
70% May
60
May
7% May
17% July
Jan
8
70
June
60
Apr 17
73
Jan
8
39
May
10
Feb 15
13%
Jan
9
8% May
94% Jan 16
10% Jan 6
757S Mar
6% May
30% Dec
9
5
28%May 29
81%May
6%May
Jan 17
62
7% Feb 14
6
Apr 15
4% Mar
8
14%May
1
9% Feb 15
42% Mar 1
%iMar 11
100
% Jan
5
7
4
Jan 18
4% Mar 20
2%
Southwestern—.100
100
sale,
May,
100
4
10
28%May
>11 Jan
r Cash
19
7
Ma.
151% July
% Feb
15
May
Jan
2
-10
Francisco—100
New stock,
May
137
Jan 11
23%May 28
12% Feb 14
23% Jan 8
Joseph Lead
—No par
100
No par
5
16% May
10
Mayu
Jan 15
11%
11
10
No par
Rltter Dental Mfg
No par
Roan Antelope Copper Mines.
Ruberold Co (The)
No par
Rustless Iron A Steel Corp—1
32.50 conv preferred-No par
XRutland RR 7% pref
100
5% preferred
Savage Arms Corp
May
June
4% May
2% Apr 21
38% Mar 14
17%May 1
Richfield Oil Corp
Safeway Stores
13% Nov
167
Jan 11
2
1
50
—-10
5% preferred
*6%
May
5% May
64% May
90
preferred.....——100
Louis
16
110
358May
A Brass.._..5
6% preferred
3% May
123%
9%May
8% Apr
5H% preferred...
100
Reynolds Metals Co...No par
5X% conv preferred... 100
Reynolds Spring
—
Reynolds (R J) Tob class B.10
St.
Jan
22
7%
Apr 22
164
60
50
6% conv preferred...—.100
6% conv prior pref ser A.100
tSt
5%
38%
t In receivership,
2
Mar 28
27
5
...100
Rels (Robt) A Co 1st pref.. 100
Reliable Stores Corp ...No par
Reliance Mfg Co......
10
Remington-Rand
1
Preferred with warrants..25
Rensselaer A Sara RR Co.. 100
Reo Motors vto
1
Republic 8teei Corp---No par
ISt Louis-San
111% 111% *111% 112% *111% 112%
13%
14%
13%
13%
14%
13%
sales on this day.
11%
43%
10%
8%
June
45% Feb 14
Common
"2,100
4%
1
%«
*si«
5%
30%
*%
400
4,400
T.366
*40%
*40%
1
6%
16%
10%
43%
10%
11
44
*%6
570
8%
*8%
*4%
16%
*40%
2,400
8%
4%
*1034
40
120
8%
16%
51
7
3% May
30
27% May
2% May
36
May
78
4% Apr 26
6 May 3
25
60
...
Dec
May
154
Preferred
Class A
53
*4%
1
29%
*50
*15%
10%
11
44
88%
100
800
29%
6%
29
4%
*%.
29%
53
12
16%
*10S4
*40%
29%
29'4
9
*8%
434
16%
11%
61
*58
12%
7
8%
60
88
29
8%
2,300
13,500
7
8%
18%
"""26
18%
18%
12%
*50
1,000
101%
101% *100
*86
86%
86%
86%
*8
8%
8%
8%
19%
*17%
19% *17%
*102
103% *102
103%
18%
29
8%
1
*100
100
19%
*60
*7g
*634
53
8%
61
59
100
"""70
10%
8%
*56
2834
*.50
9%
61
7%
53
8%
*56
28%
*50
10%
300
1%
61
%
1S16
100
y
8
59
*56
*7
8
*7
8
%
7g
18%
10%
*7%
*24%
Jan 18
9% Apr 22
1
4% 1st preferred
4% 2d preferred
Real Silk Hosiery
500
June
23% Jan 11
5
Jan21
174"
6% conv preferred...... 100
Manhattan.No par
400
25
Jan 17
3% Feb
5%May 27
Apr 23
Raybestos
26%
23
7
42%May 22
69
Radlo-Kelth Orpheum
26
25
8%
33.50 conv
70
11%
7
69%
2
4% Apr 22
Amer..-No par
No par
1st pref.-No par
Reading Company
1%
25m
May
9
68
Jan
J5 preferred B
Rayonler Inc
33 preferred
24%
16
25% June
37% May
108% Apr 18
51%May 23
35% Feb20
2% Mar 18
r38% Feb 14
Radio Corp of
300
*678
•
2,300
200
28%
50%
6% preferred
100
5% conv preferred
100
Purity Bakeries
No par
Quaker State OH Ref Corp.. 10
15
26%
7%
50
Pure OH (The)
1,000
24%
23%
8
35.No par
No par
No par
9,100
12%
28%
14
20,700
Pullman Inc
12
*1%
*7
100
7% preferred..........100
8% preferred
100
*24
*1%
4%May
Jan
Dec
6% May
80
4
Mar 28
105
No par
6% preferred.....
*14%
25
72% Feb
May
5%
12% Jan 10
8%May 17
No par
$5 preferred
14%
87
38%
240
300
19
*22%
12
111
1,000
300
24%
1%
Mar 29
87
79
5
50
5% pf (ser of Feb 1 *29). 100
J_.No par
24%
26
46
Feb 20
15
Apr 15
Apr 4
Jan 23
Jan 2
Pub Serv Corp of N
*14%
*67g
28%
111
2,800
1,400
14%
26
25%May 5
40% Feb 18
23%
7%
778
3578
Inc....!
5% conv 1st pref
5% conv 2d pref
Procter A Gamble
12
86%
*37%
Pressed Steel Car Co
24%
7
*3%
*6%
2%
4534
23%
12%
'is
2%
45%
1%
25
*7
.
1,900
1,900
49
*18%
17% May
11% May
No par
12
28%
52%
8%
9
**M
2%
45%
19
12%
5% May
6
Postal Teleg'h Inc pref.No par
...
48%
6
5
Poor A Co class B
May
May
1% June
May 10
No par
Plttston Co (The)
May
15
23
May
Pittsburgh A West Va
24
86%
29
*77%
*1%
60
1534
*9%
3%
*2234
24%
100
7% pf 100
9% June
15
ll%May
100
100
pf.100
5% pref class A
5X% 1st ser conv pr
1% May
11% May
Jan
60
No par
7% pref class B
June
38
Pitts Coke A Iron Corp No par
No par
Pittsburgh Forglngs Co
1
Pitts Ft Wayne 4 C Ry Co. 100
7% guar preferred...... 100
18
1% May
20% Feb 14
21
Jan 31
30
*14%
7
1534
89%
10%
Feb 15
7
11%
Dec
71
42% Feb 15
100
6% preferred
Pub Ser El A Gas pf
27%
9%
99
89%
10%
10
3%
2
1% Mar 24
61
14%
12
28%
*7%
27%
9%
98%
•
Plllsbury Flour Mills
...25
Pirelli Co of Italy "Am shares'
Pittsburgh Coal of Pa.....100
118
23%
63
*4%
122% 123
140
140%
*22%
*1%
*23%
60
8%
108% 109
1%
60
*50
99%
2234
*56
86%
22%
99
*1%
*23%
100
No par
5
Preferred..............100
30
22%
*113
Feb 14
36% Jan
43
3% Jan
9
21
No par
Phillips Petroleum
Phoenix Hosiery
2,500
*25
*54
12%
18%
49
Phillips Jones Corp
7% preferred
100
26
%
18%
100%
87%
8%
19%
103%
*60
2%
*43%
....
3
Philip Morris A Co Ltd—.10
Preferred 4X% series...100
700
116
116
Jan
99
May
May
Jan
14%May 13
112% Mar 1
25% Apr 4
24% Jan 27
43% Jan 23
2% Apr 9
Feb 14
Phlleo Corp—
6
7%
Jan
Apr
5% June
6
Jan
44
Jan 30
22
Pond Creek Pocahontas No par
*25
58%
*102
18%
50%
Philadelphia Co 6% pref
16 preferred..
No par
Plymouth Oil Co
10
June
1
May
Jan
2%
Feb 19
111
4
87
25
60
Phelps-Dodge Corp
17%
5%
7%
10
45%
105%
107g
Dec
48
z5% Apr 17
6
May 19
5
700
26
60
*85%
8%
*17%
*24
14%
2%
45
50
3%
No par
9% Jan
34% Apr23
50
5
Jan
1
1% Feb 15
2
7
9% Jan 10
43% Mar 4
74% Feb 20
12
Jan
May
6% May
30% Jan 10
20% Jan 6
Pfelffer Brewing Co...No par
25%
11%
24%
%
18%
*100%
2%
234
45
*54%
*56
50%
1
15%
5,000
10%
9%
3%
*77%
*4884
"A, 100
1
15%
51%
9%
No par
100
Petroleum Corp of Amer
Pit Youngs Asht Ry
51
90
9%
*79
"""250
2234
25
*23
50
50
50
50%
3%
10%
wii
700
10%
3%
3%
*10
*50
200
99
pref ser A ...No par
100
fPeorla & Eastern Ry Co—100
Pere Marquette Ry Co
100
5% prior preferred
100
5% preferred
100
40
35%
27%
No par
Pittsburgh Steel Co....No par
35
89%
10
3%
90%
*10%
*50%
9%
Enterprises.10
Jan 11
2
May 27
% Feb 21
7%May 1
6% Apr 21
Penney (J C) Co
No par
Penn Coal A Coke Corp
10
Penn-Dlxle Cement
No par
10
32
;i 57%
FeD
106
17
1
400
50
11%
118
2.50
6%
*6%
10
140%
25%May 29
7% Jan
8% Nov
4% Mar
25% Apr
May
Co .....No par
1%
29%
13%
%
5%
Pitts Screw A Bolt
*10%
*98%
90%
10%
90%
1034
*9%
27%
9%
99
90%
1034
*8934
*80
9%
99
99
99
3%
9%
99
99
99
*98
*10%
9%
9%
9%
9%
140
*113
May
700
11
124
15
5
10
37
35
35
*34%
35
*34%
35
50%
51%
50%
5078
5034
50%
50%
5034
50% 50%
*115% 116
*115% 116
116
116
*115% 116% *115% 116
23
23%
*22
23% *22%
22% 23
22%
22%
2234
99
99% *99% 100
*98% 99%
98%
99%
*97%
98%
111%
109
109
11134 *109
110% 110% *109
*109% 113
3434
...
*175
*16
16
6
11
'""160
11
*10%
11% Jan 9
15% Jan 31
1
14% Apr 9
1% Feb 19
15 conv preferred
*163
57%
6
10%
10
*10%
8C0
*31%
32
15%
7%
75
*48
49
*50
%
16%
*6%
*163
64
1
Inc
Penlck A Ford
2,100
5
5
10%
♦163 •
10%
..
2,700
38%
5%
*62
75
*31
57%
10%
7%
5%
38
6%
39
16
578
7%
10
1034
97g
1034
*34%
10%
*175%
*6
-163
*14
16
*5%
31%
*163
8
1578
6%
10
10
*10
10%
11
...
*46%
57%
10%
....
478
6%
49
*50
59
*52
*163
*15
*62
*163
*175
*46
*163
6%
6%
*163
*175
37
75
*62
*175
*163
*175
5%
5%
35%
*6%
6%
75
*10%
75
*10
11
34%
*62
6%
*578
5%
5%
34
34
33
*62
75
*62
*5
5%
*4%
34
*30
Jan
% May
12% Mar 28
Patlno Mines A
"iio
16%
76
May
6%
l%May
37% Jan 10
99% Jan 10
Pet Milk Co..
T.666
12
Jan
10%May
1
10
Peoples GL4CC (Chic)
220
3% Jan
7
% Feb 15
7% Jan
9%May 27
100
270
6
95% Feb 14
Pathe Film Corp
conv
16
10
1
500
10
50
16
2% Apr 30
Apr 21
May
10
Parker Rust Proof Co
17
8
278 June
5% Oct
2% May
100
6% 2d preferred
5% preferred
3%
49
Deo
5% Feb 18
May 31
Pennsylvania RR
Peoples Drug Stores Inc
17,800
500
42
*70
76
Mar
160
99
Paramount Pictures inc
"""366
5
41%
3%
49%
16%
76
76
2,200
60
4%
*53
*2%
17
76
*16%
76
*2%
3%
5%
60
418442%
42%
3%
42
3%
51
3%
*70
4134
*2%
5
55
*4%
*52
60
41%
*2%
41%
*2%
*51
5
*4%
5
60
139
June
100
conv preferred
Penn G1 Sand Corp
111%
11134 *108
111% *108
11134 *108
11134 *108
11134 *108
23%
23%
x23%
24%
24%
25
24%
25%
24%
2434
24%
*23
23%
*23%
24
*22%
24
*22%
24
22%
22%
22%
*38
38%
38
38% 38%
*38
38%
38%
38%
38% *37%
*112
2%
*1%
2
*1%
2%
*1%
2%
2%
*1%
2%
*8%
9%
*834
9
*8%
9%
*834
9%
9%
*834
9%
52%
52%
52
53
52% 52%
*52
52%
523g
5334
5334
32
31%
32
32
32%
32%
32%
33%
32%
32%
33%
23%
*22
*21
*22
23% *21
*22
23%
23%
23%
23%
6%
6%
6%
6%
*6%
678
678
6%
634
634
634
6%
6%
*6%
6%
6%
6%
*6%
6%
6%
6%
6%
29
29%
28% 29%
28%
28%
28%
28%
28%
28%
28%
42%
42%
4234
4234
43
43
*42%
43%
*42%
43%
43%
82%
82%
*82%
83%
82
84
82
*82%
83% *82%
83%
8%
8%
9
*8%
9
9
9
878
87g
8%
9
*75
74
75
76%
74
74
74
74
74
74
7434
107% 107% *107% 108
107
107
107
107
107% 107%
107%
*51
May
144
Par melee Trans porta'n.No par
45%
*45
115
Jan 10
4% Jan 10
26% June
99
Sept
4% May
Davis A
17%
Jan 27
160
3
Apr 22
Park
78
126
8
27
1,400
500
17%
Highest
share S per share
per
6
Mar
No par
Utah Consol Mines
26
$
share
per
May
3
5
Park
26
14%
4%
Inc
S
147% Apr
..No par
Corp
"2", 500
26
40
40
*14
Paraffine Co
Park A TUford
26
2%
2%
Pan Amer Airways
Year 1940
Lowest
Highest
share
per
Pan-Amer Petrol A Transp__5
Panhandle Prod A Ref
1
"i",9o5
46
*45
Packard Motor Car
6% 1st preferred
10%
116
.100
Pacific Tin Consol'd Corp_..l
Pacific Western Oil Corp
10
98
10%
*15
3
100
Pacific Telep A Teleg
6% preferred
20
10%
*95
10%
15%
10%
10%
15%
1%
100
98
*94
99
*95
28
*98% 10238
*9834 102%
2%
40%
14%
9,500
4,000
9
1%
100
11%
8%
1%
25%
17%
*2%
678
2%
11%
1%
2
*14
678
2%
11%
2%
10%
15%
2
40%
14%
7
20
900
3%
7
2%
3%
10%
4534
80%
80
3
*8%
*9834 102%
10%
1034
*94
98%
♦17%
1%
*634
7
2%
11%
8%
1%
159
3
3%
Par
110
117%
*151
*151
152
3
*117
116% 117
159
117%
152
27%
1%
25%
734
*45
*22%
*3734
*1%
*8%
*27
1%
*25%
26
17%
24
1%
834
*25
*108
11%
17%
7«
1%
*117
117
117
152
151% 151% *151
3%
3%
*3%
3%
Loioesl
Range for Previous
35
Apr 19
1097g Feb 17
37
Feb 19
x
Ex-div.
113
7
34%
Jan
53%
Jan 13
9
Jan 22
578 May
9%
5%
Jan 27
Jan 16
4% May
17% Mar 20
13% Jan 3
48% Jan 14
7g Apr 5
38% Jan 10
% Feb
8
52
May
3% Aug
11% May
12% Dec
45% Oct
% Dec
1
26
>u
June
Dec
Oct
% Apr 15
5
2
Jan
8
Apr 29
3
Dec
45
Jan 13
34
112% Jan 11
96
May
17
May
6
May
51%May
y Ex- rights,
7
May
f Called for redemption.
New York Stock
3616
LOW
AND
10%
SHARE.
NOT PER
Record—Continued—Page 9
CENT
Wednesday
Thursday
Sales
June 3
June 4
June 5
June 6
Week
$ per share
$ per share
$ per share
Shares
10
10'4
10)8
*79
10%
10%
81
*79
81
7934
34%
10%
10%
7934
34%
10%
*79
10%
81
10%
*79
1341
26
27)4
*101
158
134
~j *24
27i4i
27%
102% *101
*112
*112
134
134
*23%
26
25)2
*1%
'
134
23%
24
2734
27%
27)4
2634
27
102% *101
102% *101
102
*112%
*112%
18
I6I2
16%
16%
19%
*16
16%
*16
30
""700
*1234
*1334
13%
14%
8%
134
14%
*1234
13%
*1234
13%
13
14%
14%
8%
*1334
834
134
*1434
*15
834
*134
1434
*13)2
9
9
134
1434
15%
15
15%
14%
834
1*4
2
*1434
15
135
20
13%
14%
*1334
9%
134
1434
14%
15
15
*132
20
13
14%
*113
19%
13
113
15
23
23)2
23
23%
2234
23
23
11
11
11%
11
11
11%
11%
1234
23%
3034
1%
11
11%
11%
11%
11%
11%
12%
*2234
*28%
11%
*10%
12%
23 %
31)2
12%
12%
12%
23%
23%
23%
*1%
*28%
1%
3%
*3
*
74
*17%
1734
*3334
*30)4
34i2
*58)4
31
*1%
11
*28)2
1%
*3
1%
*3
3%
*—.'■'
74
1734
3438
34%
*17%
34
11%
11
12%
12%
23%
*28%
1%
23%
12%
2234
*28%
*1%
30
1%
*3
3%
3%
1734
1734
18
34)2
3434
*30%
34%
*58)4
60
5%
4434
*30%
59
5%
33
59
5%
5%
45
44%
45
45%
45
45
45%
*36%
37%
3634
37
36%
37
3634
37%
*111% 112%
11134 112% *111% 112% 112% 112%
5%
5%
5%
5%
5'2
5%
5%
5%
*107
*106% 110
110
*107
1 0934 *108
109%
%
%
%
%
'2
*7i«
%
2%
2%
*2%
234
234
2\
2%
2%
16
16
*15%
16%
*15% 16%
15%
1534
18
*17
17%
17%
*17%
18%
*17%
18
21
213«
20% 20%
20%
2034
20-%
20%
28%
28
28%
283s
28%
28%
28%
29%
36%
37
3638
37
37
3634
37%
37%
*38)2 3834
39
3834 39
39%
39% 39%
*35
*3434
3534
*35
35%
35
35
3534
53
52%
52%
53)
52%
53
52
5234
*6%
7
634
7
*6%
634
634
634
3%
3%
*3)2
3%
*3'2
334
*3%
334
*534
6
5%
*534
6
5%
5%
5%
434
434
434
434
434
4%
434
434
*52% 53%
52
52l4 52%
52
52
52
1161%2ll61%2
*8%
*15%
8%
16%
2
2
*12%
*1734
*12%
19
*18
20%
*18%
*5%
5%
*334
5%
20%
1834
6
5%
4
*4%
2034
183*
*534
5%
*334
*34
35%
*34
*3
3%
*3
*714
7%
39%
3%
*33
6%
39%
3%
34
5
6%
5%
*10
1034
*5l2
*32%
*2%
*38%
4%
*34%
*2%
*334
*26%
*34
6%,
37
2%
3834
4%
37
234
4%
28
%
11%
934
*96%
31%
97%
31%
*41
42
4%
*9%
*7
*1%
*61
*4%
11%
9%
4%
10
8%
1%
64
8%
16
13%
1534
*1%
*1234
*18
12 %
21%
21
21%
18%
20%
18%
18%
18%
18%
6
6
6
534
584
*5%
5%
6
5%
4%
*3%
35%
*3%
4
34
34
33%
6%
5
11
*5%
6%
34%
2%
3834
*7%
3%
6%
434
*10
*5)2
*32%
*2%
4%
27%
38%
434
*34%
*2%
4%
27%
*11
13
84
*1134
984
*96%
31%
97%
*96%
31%
31%
4134
4134
*4%
4%
10%
41%
*4%
10
*7
8
*1%
1%
*26%
5
37
234
*3A
*61
984
65
10
*7%
1%
*61
334
34
5
4%
2%
4%
28
84
1234
9%
97%
32%
42)2
4%
*934
*11%
*109
*42%
*17%
•lB
21%
*
12
10
31%
3134
43
4%
10%
5
210
4
100
Thompson (J R)
28)2
400
»U
13
400
Tompson-Starrett Co .No
200
*9%
13
934
1,800
*95)2
97%
200
*12
96)2
32%
43%
4%
10%
32
32%
*43
Therm old Co
$4.50
.
38%
112%
13%
79%
*81%
*1134
*28
38%
10%
10%
11%
*11%
11%
11%
11%
11034 *109
11034 *109
11034 *109
44
*42
*42
44%
44
44%
18%
*17%
18%
*17%
18%
*16%
»16
%
%
%
%
%
22
21%
22
21% 22
21%
no sales on
31
1,600
1034
70
2,500
31
3034
3034
3034
10%
1034
10%
10%
70
*69%
6934
70
li2% *112% 112 34 *112% 11234
13%
13%
1334
13%
13%
80%
79%
80
*7914
7934
82%
*8134
82 %
*8134
82%
12
*1134
12
*1134
12
28%
28%
29%
29% 30%
39%
38)2
39
38)2
38 34
10%
10%
10%
10%
10%
11%
11%
11%
*11%
12
110
11034
110
*109
11034
44
*42%
45
4334
4334
18%
*16%
18%
*16%
18%
8n
'it
U16
2134
21%
22%
this day
200
4,000
1,500
200
"
2",300
4,600
2,100
400
10
200
a
%
lKlOO
22%
%
22
X In receivership,
7,300
9,400
Def. delivery,
24%
4
19% Jan 14
7% Jan 2
6% Jan 7
4% Jan 8
35% Apr 7
Feb 15
3%May 10
32
Jan
6
234June
5
3%
Jan 27
Jan 16
73$ Apr 23
3412 Feb 19
2% Feb 14
9)8 Jan 8
4038May 21
38
4%May 12
Jan 24
$1.50 preferred
7% preferred
100
Twin Coach Co
1
Under Elliott Fisher Co No
par
Union Bag & Paper....No
par
Union Carbide & Carb.No par
Union El Co of Mo $5 pfNo
par
Union Oil of Califonrla
Union Pacific RR Co
1
..100
Union Prem Food
Stores,Inc. 1
No par
5
Transport
United Biscuit Co
No par
5% preferred
United Carbon Co
100
No par
Unlted-Carr Fast Corp.No par
United
Corporation...No
$3 preferred
n
New stock,
par
No par
r
Cash sale,
22
14
14
14
30
ll%May 26
25% Feb 19
34% Apr 19
9%May 15
ll%May27
109 May
1
40%May 2
16)2 Apr 23
%June
3
5
I n Air Lines
Mar 25
1234 Jan 2
75% Mar 28
80
Mar 4
100
Union Tank Car
United Aircraft Corp
June
18'4 Apr 21
x
Ex-dlv.
y
May
538
Oct
3s4 July
Mar 15
6%May
30
Feo
9'4 Feb
60
Feb
xlll% Jan
4% preferred
33
2)2 May
26% May
Dec
5
6
May
Dec
4% May
7
Jan 18
1
May
36
45
Jan 17
May
Jan 23
10%
May 21
16% Feb 20
25
334
4%
28%
2%
Apr 22
Feb
Aug
434 May
40% Jan 21
3
l6%May 20
par
16%
May
3
9%Mar
No par
City Rapid Tran.No
May
6
38%June
4%
6
34
6
Jan
6
Jan
6
Jan 10
18
Jan
9
1034May
6
9934
Jan
6
Jan
Jan
5<8
Dec
2is June
30
June
3
May
20
June
2'4
4
Feb
Jan
25'4 May
1% Jan 18
1
8
May
May
834 May
81
May
6
18
May
2
35% May
4% May
10% May
9
Twin
May
3
zl7% May
5%May 31
1234May 6
Jan
i
9% May
20
634May 12
4
10
200
3034
2
4
Feb 19
9% Jan 30
5 May 23
7
"
50
2
5
5
Aug
7% May
12% May
1% Oct
6
Jan
9
300
7
Jan
4%May
Jan
17%
1%
18%
I
17
23%
75
17%
.
4
6
5
1%
7
Jan
Jan 10
2%May
1934May
6% Feb 14
4634
118% May
5
63
17%
18%
9
21
Feb28
96
Mar 17
27% Feb 19
39
Feb 17
4%May 26
Truscon Steel Co
10
20th Cen Fox Film
CorpNo par
*6%
4
6
Jan 22
2
Truax-Traer Corp
7
11% Apr 14
18%May 15
5834 Jan
127
122%May
9
TOOO
18%
7
Apr
May
7
2,500
*634
Apr 14
Dec
5
534 May
Jan
5%
7
60
116
4
Jan
10%
Oct
6% Jan 28
Jan
4%
16%
8% Jan 10
8% Jan 7
2
5%
12% M.i>
2O84 May
29%June
4% May
8%
*9%
1
May
2)4 May
9% Mt>y
8% Jan 10
Apr 16
5%
18%
38%May 6
39%May 21
1
5%
100
6
9%May 15
10%
*1%
*1734
May
6% Mar 25
*514
1%
18%
31
.1
*9%
*17
6
No par
No par
$6 preferrred
5%
1%
Jan
Tri-Contlnental Corp
10%
17%
1%
4% Mar 20
21% Mar 21
22% Mar 21
23%May 6
Transue & Williams St'l No par
5%
*1)8
*17%
May
June
34)4
51%
5)4
17%
5%
*17
6
98
3%May 5
5% Apr 23
4%May 26
'
4
May 28
2534 Apr30
% Apr 16
ll%May 14
No par
Dec
6
May
4
10%
1%
Jan
113% Feb 14
May
2% Apr 23
Transamerlca Corp
2
Transcont'l & West Air Inc..5
500
5
6%
46
May
26% May
112
56
30
4%
*9%
4%
9
4
23
25
pref
Jan
Jan 24
4
10
preferred.No par
conv
67%
37%June
Jan 11
100
Timken Detroit Axle
10
Tlmken Roller Bearing.No
par
1,000
2,000
160
4%
cum
6
Jan
38
Tide Water Associated OH..
10
7,900
43%
4%
$3.50
4
40
2% Mar
par
May
19
May
45% May
434 May
66
1
$3 div conv preferred
Third Avenue Ry
33
2
June
6% Jan
116
Oct
14% May
9
5%May 19
32 June 4
Thompson Prods Inc..No par
Ul«
34
Feb 14
Apr 16
6% Mar 4
1% May
334 June
60%
62
8% Jan
No par
700
Preferred
59
May
34
5% Mar 4
3«4 Feb 18
No par
2 34
*334
Feb 14
34% Feb 19
33
Jan
31% Apr 22
.........No par
100
38%
65
10
60
37
64
1034
prices:
par tic pref
*28%
4
10% Feb 19
12% Feb 14
17% Mar 4
25% Mar 5
8
Mar
i73sMar
3814
434
64
69%
Bid and asked
25
Texas Pacific Coal & Oil... 10
3,000
5% Apr 26
5
% Mar 21
2% Feb 15
10834June
15
Apr 21
1% Feb 27
38%
4%
234
2
634 May
13% May
17% Nov
20% Jan
31% Feb 19
Superheater Co (The)..No par
Superior Oil Corp
1
Superior Steel Corp....
100
The Fair
Dec
23% May
_
38)2 Jan
z3734 Jan
44%May 31
117%June 2
784 Apr 22
90
63
65
100
Texas Pacific Land Trust... 1
Texas <fc Pacific Ry Co
100
"""500
*61
No par
2
Apr 21
11134June
1
preferred—
Apr 21
Class A pref (4H% cum) 100
Sunshine Mining Co
100
Thatcher Mfg
$3 60 conv pref
1
1034
9%
11%
Sun Oil Co
100
4%
5
No par
Texas Corp. (The)
25
Texas Gulf Produc'g Co No
par
Texas Gulf Sulphur
No par
8
65
1
Webster
100
10%
*10
30)2
934
934
96%
4234
10%
38%
9%
31)2
30%
38%
*12%
4234
4%
69%
69%
6 934
112
112% *112
112%
13%
13%
13)2
13%
*78l4
79
79
79
*81% 82%
82
82
*11%
12
*11%
12
2734
28
*2734
28%
38
Stokely Bros & Co Inc
400
Jan 23
4% Jan
60
56%Mar 19
Starrett Co (The) L S—No par
Sterling Products Inc
...10
Stewart-Warner Corp.
5
3
1% July
10
May
11% Apr 26
12%May 6
14%May 7
26)8 Apr 4
32%May 9
5
27% Apr 25
25
12,100
2,000
4,600
1,200
3,600
1
17%
28
12%
97
Standard Oil of Ohio
6
7% May
1
9
Mar
par
334
34%
*2%
May
29 1
Standard Oil of Indiana
25
Standard OH of New Jersey.25
34
84
.
No
39%
4%
14
6
28% Jan
zl734May 22
prior pref
No par
$7 cum prior pref
No par
Standard Oil of Calif.-No par
*5)2
28
1
BrandG.
Swift International Ltd
11
8
1534
2
3
1
..100
Tennessee Corp
6
Jan
60
No par
preferred
334
34%
5%
28
28
%
par
300
6
8
cum
5H%
Jan
9%May
212 Apr
22%May 8
10%May 16
2
33%' *31%
*5%
*30
No
$4.50 preferred
No par
Standard Gas & El Co.No par
$4 preferred
No par
6%
3
1534
Aug
7%
*434
13% Apr
May
May
10% May
5
May
May
Telautograph Corp.........5
*10
36%
2 34
*27)2
Wlthlngton
Conv $4.50 pref
Stone &
6
16
Square D Co
50
2034June
8
128
300
6%
Jan
Mar 31
39
4%
11
67
105
MarlO
36%
2%
10%
*1634
1%
3834
434
6
Jan 27
21
Symington-Gould Corp w w.l
Without warrants........ 1
Talcott Inc (James)
....9
4)4
*35%
*2%
*734
*714
1%
17%
*11%
*2784
38%
600
4
Jan
114
5
150
Spiegel Inc..
$6
12% June
112
Feb
23% Mar 13
1 May 5
Standard
1% May
17% May
4
Swift & Co
2,500
1
17%
8234
300
534
8
*1%
17%
6%
*82
6
5,000
1
*1634
*112% H284
13%
13%
77% 78%
*5%
*5%
*3%
36%
2%
Ry
conv
12% May
Jan 20
6
Sutherland Paper Co
..10
Sweets Co. of Amer (The)..50
6
1%
18
31%
1034
200
18%
8%
17%
1%
10%
68%
13
*18
1%
*1634
1%
*30%
*12%
*7%
*16
10%
600
2,100
1%
5%
31
2:39
1,000
2
8%
10%
*9%
69
*35%
234
*7%
8
16
2
584
4%
36)2
2%
*334
4
934
340
5%
38%
*334
97
800
21%
18%
38%
2%
12%
52
2134
18%
3834
434
600
4,100
2%
2734May 12
2834May 10
June
2,500 * Studebaker Corp (The)
119
3
36%
600
*4%
21%
18%
*2%
434
500
1,700
52
538
3
*34%
2)2
2,600
4%
*9%
*7%
5'4
30%
10%
68%
534
534
*3%
*10
32%
2,500
13,623
17,100
21,200
119
51%
35
5%
*38%
*5)4
*681
5%
*2%
1,300
3%
6
4%
3,400
6%
4%
*3%
11
38%
36
3%
34
334
6
100
1,600
6%
6%
6%
*3%
7,900
21% Jan 10
11% Feb 15
19)2 Feb 14
5%
May
7% June
3% May
June
Sperry Corp (The) v t c
ll
Splcer Mfg Co
No par
$3 conv pref A......No par
250
34
4
132
Spear & Co
.-1
$5.50 preferred.....No par
Spencer KeUogg & Sons No par
390
1,800
54
4%
7%
3934
334
39%
40
Jan
zl3
.....
100
May 20
5
Feb 15
No par
100
Sparks
3
May
40)2 Aug
434 May
Jan 30
15
1% Jan 2
13
Feb 19
25
5% preferred
MOO
8)2 May
51% Aug
7
40
6
Mobile & Ohio stk tr ctfslOO
1,300
36%
3%
Southern
4
6%May
133s Feb 28
8% Mar 3
Southern Natural Gas.Co.7.50
Southern Pacific Co
No par
5,400
2,000
Jan 21
Jan
100
Southern Calif Edison
19,500
10%
14
No par
8% preferred
"
1%
5
34%
39
32
4%
6%
7%
*10
6
*4)4
7
7%
33%
3
4%
10%
*6%
3
434
11
*4%
*9%
5)4
18
36%
3
34
6%
4%
10%
5%
*9%
*35)2
30
6%
8
*18%
*4%
21%
*18%
4
11%
11%
12%
22)2
36%
*53
So Porto Rico Sugar
2,000
1,500
3)2
*15%
13%
35%
3%
7%
39%
S'eastern Greyhound Lines..5
10
39%
1534
2%
1234
18%
19%
*3
300
2,600
3934
1534
2%
*4%
5%
Socony Vacuum Oil Co Inc. 15
Oct
May
1% Sept
61% May
8% June
%
11
7134 Jan 17
4% Feb 8
55% Jan 14
14% Feb 19
South Am Gold & Platinum. 1
3034
8
*12%
21%
9
800
400
8
*18%
6
Smith & Cor Type v t c.No par
Snider Packing Corp...No par
4,700
50
6
39
*32%
2%
*38%
4%
*34%
*2%
*384
2
112
3,800
119
13%
38%
3%
*10
16%
2
51%
95
$6 preferred
-s£--No par
Smith (A O) Corp
10
18%
5%
20
7%
39%
3%
6%
4%
8%
*1534
2
3 '2
4%
15
—
.
Sloss Sheffield Steel & Iron. 100
35%
6%
Skelly Oil Co
10
3
2% Mar 11
7834 Jan 2
1% Mar 28
23%June 4
18% Feb 19
10
3034
36
52%
2,600
10
% May
9
Apr 18
16%June
Simonds Saw & Steel. .No par
3434
3934
3534
52 %
6%
Simms Petroleum
300
*1734
119
118
*8
39%
300
100
59
58%
58)4
5%
5%
5%
5%
45
45%
45%
45%
36%
37
36% 36%
112% 112% 112% 112%
5%
534
a:5%
5%
10834 10834 *106
109%
%
%
%
%
2 34
3
*2%
3
16
16%
16)2
16%
18
18
18
19%
20%
20%
20%
20%
29%
2934
29% 29%
37%
37%
37%
37%
*4%
6
35%
3%
7%
118
8%
19%
1234
*4
118% 119
*30%
*58l4
4
Simmons Co........--No par
2,200
74
35%
31%
59
Sheaffer (W A) Pen Co.No par
Shell Union OH
15
3
Jan
15%June
8%May22
10% Apr 23
61
Feo 19
3% Apr 23
61% Feb27
4% Feb 19
3534 Apr 19
10% Jan 21
Silver King Coalition Mlnes.5
20
% Jan
%
12% Mar 3
1% Apr 29
67% Apr 22
prefserA.No par
No par
700
*3
*
18
33%
34
117% 118%
*8%
8%
15%
1584
2
1%
1%
3%
74
1734
*5814
5%
*117% 118%
11%
10%
30
conv
600
23 %
12%
22%
*28%
1%
101% June
4
Feb 14
is Jan 9
% Jan 20
Shattuck (Frank G)
3,700
134
23
23%
34
60
5%
*——
12 34
*3
74
34%
5%
134
....
11
74
*17%
*31
5%
132
$3.50
7% May
64% July
34
May
107)2 June
No par
21,500
2Cl3
23
11
132
400
1,400
11% Jan 10
87% Jan 24
38% Mar 28
111% Jan 10
preferred...No par
Sharpe & Dohme
No par
600
share
per
115% Mar 27
conv
134
15
*1434
13%
23
$5
14%
134
135
135
Sharon Steel Corp
%
108
Serve! Inc.......—*—-1
30
Lowest
share
per
111% Jan
Seagrave Corp.......-No par
Sears Roebuck & Co
No par
6,900
3,200
$
8% Apr 15
7934June 4
3334June 2
Seaboard OH Co of Del.No par
200
2034
13%
9
!%
23
*132
"37166
Range for Previous
Year 1940
Highest
share
pei
100
13%
9%
*134
*1434
13%
*132
preferred
4-2%
9%
9
I84
1434
15
$4 preferred
......No par
JSeaboard Air Line...No par
300
....
13%
*1334
$
Scbenley Distillers Corr
5
5H % preferred
100
Scott Paper Co—-..•.-No par
$4.50 preferred....-No par
100
>1%
134
*1%
134
24%
27
24% *24
2634 27
*26% 2634
101% 101% *101
101%
113
Lowest
Par
4,400
81
.
♦15s
Range Since Jan. 1
On Basis of 109-Share Lots
EXCHANGE
$ per share
*34
34%
33®4
33«4 *33
34l2
3412 34% *3414
35%
*108% 113)2 *10878 113)2 *1087s 113)2 10034 10934 *109% 110%
110% 110%
*106)2 110
*106)2 110
*10612 110
*106% 110
*106% 110
*106% 110
*'ie
hi
3J«
'4
**i«
'-J
«,e
%«
%
%«
*%«
%
*7u
%
*7i«
*7u
>2
}
*%e
%
*7i.
l2
*7i«
%
1458
1458
1412
14%
14's
157s
1534
15%
1512
15%
15% 1584
*2
2
*134
*1^4
2%
*J34
2%
2
214
2%
*1%
2%
69
69l8
69)4
6912
695s
6934
70%
70%
69%
60) 2
69% 69%
Q
' (1
9
834
9
.8%
9
*8%
8%
8%
8%
9
*1014
11
*10)8
11
*1014
11
*10%
11
11
*1034
10% *10%
65
*63
65
*6212
64
6212
62)2 *63
62%
63
63
62%
*334
4
*334
3%
*334
4
334
334
334
334
3%
3%
*51%
53l2
*515s
5312 *51% 53'2
51%
52%
52
*51%
52
52%
*5)2
5%
534
5%
5%
5«4
*5%
5%
*5%
5%
5%
5%
*36)2' 37i2
36)2
36'2
*36l4
37l2
*36%
37%
*36
36%
37
36%
14
14
14
14
14i4 ' 14%
14%
14%
14
1334
14
1334
*4
4 >s
*4
4 '2
*4
4%
4's
4%
4%
4%
*4%
4%
17
17
*16%
17
1634
167S
*16%
17
17
1634
16%
1634
*24
8TOCKS
NEW YORK STOCK
the
Friday
June 2
10%
81
June 7, 1941
for
Tuesday
$ per share
per share
*79i2
SALE PRICES—PER
Monday
Saturday
May 31
$
HIGH
Jan 13
Jan 16
4% May
1% May
64
Aug
3% May
6% May
7%
Jan
6
5
May
19%
Jan
7
14
May
1% Jan 10
24
9)8
34%
1234
70%
115
Jan 10
Jan 13
Jan
6
Jan
4
Jan
6
1'sMay
13% May
6% May
2U2 June
9% May
59% June
105
May
6
112
85%
Jan 10
71
May
May
85%
13%
Jan 13
Jan 15
14%May
70
June
Jan
2
13
Dec
30%June
6
2234
Jan
44%
Jan
9
31% July
17% Jan
9
12
Jan
9
113% Feb
6
May
12% May
108% Nov
Jan 10
42% May
14
50)2
20)2
1%
3034
Jan 15
Jan
7
Jan 10
12
1%
26
May
Dec
Dec
Ex-rights. 1 Called for redemption.
Volume
New York Stock
152
Record—Concluded—Page 10
AND
per
t
June 5
June 6
$ per share
$ per share
S per share
$ per share
3
3
*1%
1%
2234
*21%
334
*3%
2234
334
*34%
3512
*34%
60
60%
3
3
88i2
12
*21%
634
21%
21%
21%
3%
334
35%
*3%
35
61%
61%
61%
634
6%
6%
107
9%
9%
*9
3%
*2%
*85%
12%
3%
*3
3%
*2%
3%
3
88%
234
*85%
88%
1238
12%
9%
2%
1234
9®4
57%
*9
177
44%
2212
22%
*3%
334
*3%
*41
634
6%
6%
44%
634
*22%
*42%
23%
44%
3%
3%
23
3%
2334
88%
1334
1434
14
9%
*9%
934
175
21%
21%
2634
*30%
*21%
22%
400
*42%
24%
44%
24%
*42%
23%
44%
3%
*3%
3%
200
6%
74%
26%
700
24
22%
100
177
6%
3%;
3%
*30
3134
22%
"¥,500
6%
*3% ;
2 684
*67%
2634
27
2634
32
21%
*30
*21%
22%
1%
1
1
1
1
1%
900
21
21%
2034
21%
21%
21%
20%
88
88
88
89
89
90
21%
90%
4,800
88
6134
60
60
*59
60%
60
60
59%
59%
400
6134
*59
23%
47%
1%
*%
*11
3,014
23%
23%
47%
*45
47%
*45
47%
45
45
45
1%
*1
1%
*1
1%
1
1
*1
*1
16
13
*43
%
16
49%
13
48
48
*146% 14934
150
*11
*46%
*U16
"16
i
*44
49%
shBut
"is
.
709
90
100
50
50
4
42
Mar 27
1
May 10
1
% Apr 28
44% Apr 25
12 May 10
No par
1%
148
Universal-Cyclops Steel Corp 1
100
Universal Leaf Tob
10
8% preferred...
153%
*151
i
Apr
24
Nov
% May
15
May
39% May
60
May
42
May
3338 Jan 13
29% Deo
42% June
4
7
1% Jan
4
50
1%
157
Jan 21
160
133
Jan 17
158
12% May
MarlO
Vadsco Sales
2
% Jan
9
130
Nov
39%
Apr
50
Dec
70
159
59
•
June
Apr
Apr
Deo
18% Nov
May
13434 Juue
45
Jan
z73% Deo
76% Nov
2%
63%
June
Jan
67% Nov
'Nit;, May,
41
Jan
Apr
284
16% Jan 10
59% Jan 15
May 20
I84
41%
117
Dec
Jan 10
48
•11 Jan
39
103% May
18g Jan
Apr
May
38%
Dec
68% May
6
Jan
Apr
1234
74
22
Jan 13
140
No par
Aug
7%
2134 June
27% June
65% Apr 4
76% Jan 29
100
Universal Pictures 1st pref.100
2
May
48
7
No par
June
Apr
6
6
Jan 11
Jan
Deo
28
May
3% May
25% Apr 4
94% Jan 11
70®4
35
14
Jan 11
100
49%
*47
*144
25% July
4
6
May 14
48
25
$6 conv preferred
6% Mar
8% Jan
130
600
182% May
28% Jan 10
31%
Jan
May
42
34% Feb
25% Jan
Nov
V 89
234 May
Apr 22
26
6
12
Deo
11
165
Feo10
70
May
12%
June
Apr 18
24
97
50
Jan 14
24
Jan
May
5% May
May 13
May 13
4% Jan
Deo
5
1384 Mar
7% Apr
7% Jan
8
7
49% Apr 21
6
3%
80
5
183
115%June 2
22% Apr 30
United Stockyards Corp
9
Jan 27
69% Jan
No par
United Stores class A
13
10%
....100
No par
Oct
Jan 17
Apr 23
17% Feb 14
80% Feb 15
55% Mar 13
69% Apr 25
100
7% preferred
Jan
Jan
May
3% Jan
Deo
118
June
1434June
41
107% June
3
90
Apr
Mar
65% Mar
5% Jan
15
6
4
7%
6
85%
Jan 13
Mar
share
per
Deo
3% Jan 10
"ltJune
10
U 8 Tobacco Co
May
9%
11
5% Apr
54% Feb
26% Apr
29%May
18% Apr
No par
......
2% May
25% May
60
J.'n22
3
1
Preferred
U 8 Steel Corp
Preferred...
Dec
117
May
33
20
1st preferred
U 8 Smelting Ref & Mln
26%
8
20
___10
8%
Jan
384 May
Sept
2
70% Jan 10
10% Jan 15
4% Feb 17
100
fU 8 Realty & Imp
9
434 Jan 13
3% Jan 11
Highest
share $
3
170
No par
US Rubber Co
per
Jan 11
May 29
9% Feb 19
8% Mar 4
55 May 14
..No par
Partlc «fc conv cl A
5
84
5H% conv preferred
50
U 8 Industrial Alcohol.No par
U S Leather Co
$
8% Apr 25
258 Apr 10
2% Feb 19
5
100
49%
*11
49%
148
151% 154
151
1%
"it
13
*11
*144
45
*44
49%
*46%
49%
144
150
150
116% 117%
13
144
148
54%
"it
*43
13
*47
*141
53%
116% 117
*23
23%
49%
*11
*11
*7034
h
49%
*43
*140% 148
151
32,400
23
23
*44%
49%
*47% 48
*140% 148
300
54%
5334
543s
116% 117
23% 23%
11
*43
70%
54
117% 118%
*23
23%
71
54%
*70%
53%
71
600
70%
71
54
71
71
53
115% 116
*23
"it
1
71
71%
53%
116
*44%
*»16
7% preferred
share
42
105
20
U 8 Hoffman Mach Corp
per
Jan 11
6%May
10
U 8 Gypsum Co
$
32
60
1
v t c
U 8 Plywood Corp
89
*86
United Mer & Manu Ino
United Paperboard
U 8 Pipe & Foundry
U 8 Playing Card Co
20%
89
No par
No par
"Too
20%
1
2034
5
No par
United Gas lmprov't
55 preferred
per share
3% Apr 21
33%May 5
5
United Eng & Fdy
"i'ooo
*»u
1
2034
United Electric Coal Cos.
United Fruit Co
Year 1940
Lowest
3
l%May 6
20%May 16
100
Range for Previous
Highest
2%June
10
Prior preferred
32
21%
*30
32
22%
6%
6%
74%
"l'ioo
24
5
United Dyewood Corp
Preferred
U S Dlstrlb Corp conv pref. 100
U S Freight Co
No par
44%
24
United Drug Inc
$
U. 8. & Foreign Secur_.No par
$6 first preferred
No par
984
57%
Par
1,700
6%
3134
26%
*30%
*2178
*9%
Lowest
"""750
3%
88%
*6%
2634
26%
31%
26%
*29%
6%
800
6%
6%
*42%
6%
73
600
3%
14
57
57%
*174
175
*67%
6%
*67%
*149
2%
*85%
6%
6%
74%
*1
2%
177
*175
9
9
13%
57
200
3,200
61
300
3%
*2%
*85%
56%
4,000
4
35%
106% 106%
88%
56%
30
13,COO
9%
3%
2%
*9
2,800
1%
2234
7%
7
7%
*106'4 106%
107
74%
*6%
*67%
52%
4
6%
6%
7412
*70%
*35
*67%
26%
*6%
*67i2
*26%
116
*20
21%
4% •%-> 4
35% *34%
60%
60%
*34%
60%
35%
60%
*1%
1%
*1%
60%
*41
*59
3
1%
35
r
56
57%
57%
174% 174% ♦175
177
•*87
¥ 3
3
*1%
2234
334
*9
9%
57%
*612
3
1%
*278
*2%
*85%
*10%
Q
*174
3
6%
634
6%
107
107
*106% 107
*9
9%
9%
9%
3%
*85i2
2%
*1%
634
107%
*10i2
3
60
634
Range Since Jan. 1
On Basis of WW Share Lots
Shares
1*8
57%
EXCHANGE
June 4
3%
*9
8TOCKS
NEW YORK STOCK
the
CENT
Friday
1
June 3
*3
*2%
*234
NOT PER
Thursday
Week
*1%
*21%
*312
*107
SHARE,
Wednesday
Tuesday
$ per share
share
634
PRICES—PER
SALE
June 2
May 31
$
HIGH
Monday
Sales
for
LOW
Saturday
3617
Jan
Jan
128
8ji Nov
,
®4
Dec
Apr
*S16
38
"11
*15%
1738
*15%
17%
*15%
17%
*15%
17%
110
100
15
Apr 18
17
Jan
4
12
June
19
*23%
24
24
24% 2434
*12
*1134
1234
1234
*1134
1234
*26
27
*26%
27
*25% 26
*114% 116
*114% 116
*114% 116
39% 39% *39% 40
*39% 40%
24%
1234
24%
24%
*12%
24%
24%
24%
800
Vanadium Corp. of Am.lVo par
23
Apr 21
34% Jan
6
25
May
43% Ma
12%
200
Van Norman Mach TooL.2.50
12
Apr 10
15
Mar 17
26
26
26
♦25
*25% 26%
*114% 116
114% 114% *114% 116
40
40
41%
40% *40
*39%
100
Van Raalte Co Inc
5
x22
Feb 14
26
Jan 15
...100
114
Feb 13
300
Vlck Chemical Co
21%
200
Victor Chemical Works
1%
700
22%
*21%
*115% 116
100
**i«
%
*15
*%6
15
17%
%
15
*231i
1234
*
72
85
*21
1%
1%
*21%
1%
*21%
22%
116
21%
22%
1%
116
1%
*1%
*21%
*38
*38
39
3234
*32
3234
96
*136
141
*91% 96
141
*136
*32
3234
95
*91%
39
*137
3i«
*%
316
"16
*»16
"it
141
*137
*%
3lt
**u
"it
1%
1%
1%
22%
16%
17
16%
40
*37%
141
3i«
%
*'i«
9
9
>
9
*19
*18%
19%
*98% 100
*99
4%
4%
25%
25%
4%
*25%
*13%
13%
334
*13%
*3%
334
»%
*15%
3%
<
»i»
*%
16
16
*59%
3%
64
3%
*59%
"it
"16
*7
*7
*25
26%
*18
19%
*25%
18%
19%
19
19
*19
99%
*96
99
99
4%
4%
26%
26%
13%
13%
14
4%
*19
*it
®16
19%
3%
*59%
3%
62
17%
3%
*59%
*7%
34
934
3%
34
8
*25
28
18%
18%
18%
14%
14%
*14%
16%
*16
16%
♦23s
2%
21%
*68
72%
97
97
10134 101%
*97%
72%
98
99
*15
16
112%
15%
*104% 105% *104% 105% *104%
27
26%
26%
*26%
26%
*234
3
2«4
234
7
*5%
7%
*5%
*%
23
%
*%
%
23
18%
2234
19%
23%
1834
86
86
86
*124
126
*125
*27%
*28%
*108
*55
19%
*55
76%
2%
23%
20
97%
*95%
97%
90%
23%
*67
71
69
11%
4%
*4%
*4
4% WW:*
14
4%
4%
*40%
50
*45
50
*21
23%
*21%
23%
*4%
4
%
2334
20%
90%
*22
19%
90%
75
23
"'ioo
Western Pacific
9,600
6,270
2,700
Western Union Telegraph.
22%
21%
22
20%
19%
20%
91
91
50
28%
27%
100
60
60
Weston Elec Instrument. 12.50
*28%
30%
100
Westvaco Chlor Prod..No par
108% 108%
75
100
97%
*95%
23%
22%
""500
*4%
4%
*4%
4%
51%
*45
50
23%
*21
23%
*2
2%
1%
3%
1%
*3%
3%
3%
4%
67%
4%
4%
68%
4%
67%
67%
¥
115
115
1%
3%
I
*45
23%
*2
1%
"1:266
3%
3,400
4%
2,400
67%
600
4%
67%
»■
*26%
26%
26%
"26%
26%
*26%
2734
*25%
2634
26%
"26%
27%
""606
26%
2634
26%
27%
27%
2734
28%
27%
27%
10,400
*19%
19%
26*%
19%
27%
19%
19%
20
20
20%
19%
19%
1,900
*95
19%
9734
*95
*86
92%
*86
92%
*86
*5634
58
*57
57%
57
*90% 100
*90% 100
92%
*56%
58
*86
92%
*56%
*86
58
100
*95
*59%
61%
*5934
62
*60
62
*60
*86
94%
*90
94
*88
94
*92
63% 63%
19%
*18%
13
12%
117% 117%
9%
934
*62
63
63
63
64
64
*18%
19%
18%
1234
18%
1834
1834
12%
1234
13
12-%
12%
*117% 118%
10
*9%
.
32%
*81
32%
86
118
118
*9%
10
32%
32%
*80
86
*117% 118
10
10
33
33%
*83
32%
62%
100
59%
33%
64
*83
86
15%
59%
94%
56%
59%
96
300
2C0
40
;400
9-%
10
33
33%
86
*15
15%
*15%
15%
*11%
*134
11%
11%
11%
ill 34
1134
11%
1*4
1«4
*1%
1%
1%
56%
4,900
15%
Bid and asked prloes; no sales on this day.
92%
*86
64%
84%
86
100
*95
19
19
*1834
19%
1234
13%
12%
12%
117
117
*116% 118
11%
*
59%
95
*11%
*1%
57
*63
*14%
2
92%
*93
*1434
2
100
*15
15%
12
64%
500
140
*9%
9%
600
33%
33%
6,700
87%
88
*14%
12
1%
t In receivership
1%
600
15%
12%
¥,200
1%
600
i Def. delivery
r
May
% May
384 May
.
Feb
6
22
May
13% May
14
May
2% May
-
80
Deo
15% May
6884 Aug
106% Jan 25
91
115
June
Jaa
16% Feb
9%
1%
Jan
Jan
25%
Jan
4% Feb
50% Deo
2% Sept
1284 Sept
34% Nov
2884 Feb
20% Apr
24
Jan
4% Feb
80
Deo
29%
Apr
75
Jan
110%
Apr
96% May
115
Apr
80
June
198
Jan
108% May
Jan 10
18
May
20
35%
120
11
Jan
105% Feb 10
28% Jan
3% Jan
7% Mar
l%May
24%May
22
28
13
21
22% Jan 10
May
100% May
21
Oct
25®8 May
105
Apr
Juno
40%
284 May
4% May
% Dec
5
Jan
8%
Apr
1
Jan
14% May
15% May
2884
28%
Jan
Apr
Jan
2
76
May
118
Jan
Mar 22
110
May
140
Nov
34% Jan 10
26
Jan
105
Jan
141
Jan
3
110% Jan
36
6
108
Dec
2784 May
37% May
38% Feb
109% Deo
May
80
Oct
100
~ jan
2
85
May
103
Nov
30
Jan
3
18% May
76
Jan 14
12
Jan 22
4
Feb 14
41
Feb 15
17% Jan
9
7% Jan 13
53S Jan 10
Apr 8
51
784
7%
4%
3%
May
Aug
May
Mar
May
38
25% Mar 28
23gMay 12
1484 May
3% ADr 18
1
10
50
20% Feb 14
l%May 3
1% Apr 16
5
Cash sale.
May
23% May
104% Deo
6% Nov
21% Apr 18
64 May 19
10% Jan 7
12% Feb 14
4
Apr 21
4% Apr 24
Jan
184
Oct
2% Jan 11
1%
Jan
5% Jan 13
3
Jan
584 Jan 25
74
Apr
4
384 May
45
June
116
65% Fep 15
$6 preferred
New etock
2
30
1% Jan
2% Jan
9% Nov
60
Wilson A Co Inc
n
3% Dec
% May
13% Aug
Jan
Jan
June
Jan
Apr 28
92
par
No par
—No par
100
Woodward Iron Co
10
Wool worth (F W) Co
10
Worthlngt'n PAM(Del)No par
7% preferred A
.....100
6% preferred B
100
Prior pref 4H% series... 100
Prior pf 4H% convserleslOO
Wright Aeronautical —No par
Wrlgley (Wm) Jr (Del)-No par
Yale A Towne Mfg Co
25
Yellow Truck A Coach cl B__l
-100
Preferred
Young Spring A Wire..No par
Youngstown 8 A T_...No par
5M% preferred ser A—100
Youngst'n Steel Door..No par
Zenith Radio Corp
No par
Zonlte Products Corp
.1
1
27%June 6
27% Apr 17
105
Apr 16
20
Willys-Overland Motors
6% conv preferred.—
6
18% Feb 13
17% Apr 22
86
May 31
120%May 2
Corp—1
preferred....No
preferred-,
1
30
Wisconsin El Pow 6% pref.
115
*18®4
*25%
Prior
Jan
*»i Feb
1
Wilcox Oil A Gas Co
2%
1%
4%
White Sewing Mach
$4 conv
""ioo
3%
6734
115
2% Apr 28
6
100
Motor Co..—
Mar 21
107% Jan 18
White Rock Mln Spr Co No par
51%
*22%
White
3% Apr 17
117% ,Jan
$5 conv prior pref..-No par
4%
4%
4%
No par
100
Jan 22
June
Mar 31
White Dental Mfg(The 88) .20
2,900
*4%
$4.50 preferred
5% Jan
May 19
15% Feb 19
104% Apr 26
23% Mar 3
Wheeling Steel Corp...No par
""200
13%
preferred...'
1,900
14%
4%
14%
1st
534% conv preferred
97%
23
Westlnghouse El A Mfg
Wheeling ALE Ry Co
75
*55
11%
4%
100
10
June
97
.100
6% pref—100
Westinghouse Air BrakeNo par
14
112
Maryland.......100
125% 125%
91
72
1%
4%
%
*5g
101%May 29
4% 2d preferred
*69
3%
68%
Western
*11
*1%
*1%
4%
100
11%
*3%
68%
900
2%
7%
72
1%
115
26%
*2%
*6
14%
3%
4%
26%
6% preferred
100
Western Auto Supply Co—10
*69
23s
*67
100
ui«
*21
100
% Pf -100
1,300
2%
7%
*45
6% preferred
West Penn Pow Co 4
16'%
16%
*11
4%
100
104% 104%
11%
1%
3%
*
110
7% preferred
May
18% May
23%May 10
74% Jan 18
May 31
June
3
80
97
% Oct
•it Dec
5% May
16% May
16% Jan
20% Jan
4% Jan
Feb
June
89
23% Jan 13
May 14
120
6% Jan
30% Jan
9% Apr
Feb 19
16% Mar
65% Mar
No par
West Va Pulp & Pap Co No par
29
*95%
14
*1%
4%
380
69
1%
68%
98
97%
113% 114
125%
*55
97%
170
Feb
4
15%May 28
2%May
West Penn El class A ..No par
103% 103%
9% Apr
22% Jan
105% Jan
80
Wesson Oil & Snowdrift No par
$4 conv preferred
38 Jan 10
"it Jan 17
18%June
1
900
72
98
May
14
-.100
"135
21
21
98
135
1
% Mar 11
6
No par
Webster Elsenlohr
Jan
Nov
63
25
Jan
Apr
35
21
Jan
15%
Jan
Nov
48
53
6
7% preferred
*70%
72%
*28
29%
3%
115
Wayne Pump Co
125
2%
*4%
100
98
®itJune
May
4%
31»4
120
110
13% Apr 19
2% Feb 19
fWarren Bros Co...
No par
$3 preferred
...No par
No par
Washington Gas Lt Co .No par
16%
2%
*77
~21~
25%May 31
Warren Fdy & Pipe
*16%
*%
129
*1%
*
90
May 21
1
May
xl2% Feb 13
3%May 13
..No par
16%
2%
7%
2%
1%
*67
1,300
preferred
Waukesha Motor Co
*6
2% t:*2<«
*1%
%
9%
$3.85
100
*2%
4
5
Warner Bros Pictures
"566
*234
23%
4%
10
15
51%
2234
6,300
19
,
17% Apr 22
5
Aug
36% June
% Apr 15
97
May
Oct
60
28% May
71
May
Apr 17
2
184 May
May
14
109
62
31% Mar
4
136
4
May
6
Mar 27
*11 Jan
8
Jan
Aug
19
39% Mar
117% Apr
49% May
Jan
135
No par
*14%
2234
*45
3%
July
35% May
5684 Jan
Fep
33% Feb
Mar 12
7% preferred..........100
*18%
2%
*95%
11% <•■*11/14
14%
4%
*4%
11%
13%
Class B
4,800
15
*28%
30%' *28% 30-2
109% 109% *108% 109%
*55
2,000
20%
19
98
*22%
*68%
69
*68
11%
*27%
No par
*25%
*69%
98
97%
22%
*11%
90
*125
Dlv redeem pref
Ward Baking Co cl A..No par
42
100
Walk(H)Good & W Ltd No par
900
28
20%
21*4
72%
23
*95%
*22%
13%
20
29%
29%
108% 108%
*55
76%
23%
*4%
%
23%
%
400
May 23
1
2
Feb 15
.No par
28
*77
*6
29
*22%
13%
2%
*234
7%
*234
*5%
*%
23%
19%
88%
*95%
*67%
*11%
*1334
*8%
104
104
102% 102%
99
98
98
98% *97%
113
11334 11334 113% 113%
16
16%
16%
16%
16%
105% *104% 105% *104% 105%
26%
2634
*26%
26%
26%
*28
76%
98
200
14
Walworth Co
3
2% Jan 2
27% Jan 11
117% Feb
20% Jan
89
JWabash Railway Co.....100
5% preferred A
100
No par
Walgreen Co
No par
4H% pref with warrants 100
•16%
*2%
1634
*68%
129
*27% 29%
30%
30%
*28%
109
*108% 109
*16
*20%
2,900
%
9
38
Apr
31% Mar 29
Waldorf System
*14%
18%
*14%
72%
98
....100
*25%
*18%
28
15
~21%
87%
127% *125
29%
8%
100
500
4.%
62
*60
®4
*"it
8%
*2%
3%
3%
10134 102%
98
98
112% 112%
16
2034
*69
98
97
101% 101%
*112% 113%
*15
2~1%
h
8%
18%
20%
12
.25
6% preferred...........25
100
1%
*1
1
1% Apr 14
19% Apr 22
115% Feb 17
Virginian Ry Co
5%
5%
62
62
700
26%
26
*13%
21
3%
3%
62
*77
*77
*77
¥2"
2%
*2%
#1B
19
"16
*25
28
*1534
97
4%
4%
»i«
17%
16
*21%
*3%
*%
15
*65
14
16%
600
500
19%
4%
26%
*13%
»ie
16
*80
*26
13%
%
99
99
4%
*2534
16%
64
*19
19%
93
4%
4%
26%
6% dlv partlc preferred. 100
Mar 26
22% June
112
60
Vulcan Detlnnlng Co
9
9
*13%
4%
*3%
•it
•16
9
9
4%
*25%
4%
*14%
2%
•it
®lt
884
99%
19%
15
*2%
»ie
834
9
*8%
100
*"lt
8
9
57
2484 Jan 15
5% pf 100
®1C
*3I6
3it
'
Mar 26
Mar 13
No par
Va-^arollna Chem
Preferred
2
9
20
Va Iron Coal & Coke
1,200
115% Jan
44% Jan
57
No par
95
2
6
Va El & Pow $6 pref
141
*137
39%June
100
100
non-cum pref
180
100
32%
*91%
5
430
40
32
32%
........ ....
7% 1st preferred
6%
17
*37%
Preferred.
Vlcks Shreve & Pac Ry
85
115% 116
32%
50
72
*2l"
2134
95
*91%
141
*137
95
%
12 <4
1234
22%
116% 116%
15%
15%
*37% 40
*32
32%
39
39
*32
*91
*2l"
22%
15
...
85
*2134 22%
116% 116%
15
,
72
_
*91%
*1434
*11534 116%
16% *1434 15
*%
*21
21%
1%
21%
21%
1%
■
85
85
85
21%
22
.
Jan
1584 May
May
25% Apr 21
26%May 26
16% Feb 19
33% Jan
34% Jan
7
7
30
24%
9
13% May
93
Maris
85
Jan 30
99% Mar 27
92
Apr 3
60% Jan 28
54% Feb 17
58
Feb 13
86
Apr 23
62%May 28
17% Apr 24
11% Apr 21
Jan
55
June
35% Apr
74% Nov
11% Apr
17% Deo
11% Apr
7% May
57% Mar
24% May
3% Jan
3% Apr
6'4 Apr
7%
70
Apr
Mar
121% Mar
34% Nov
42% Apr
24% May
102% Oct
95
Oct
29
June
68
Nov
64% Jan 28
101% Jan 9
39
June
65%
91
June
129
Apr
Jan 11
73
May
93
Apr
25
Jan
80
60
July
Oct
9% Feb 19
80% Apr 18
12% Jan 11
42% Jan 6
15% May
984 May
May
63» June
26% June
48%
Jan
83
94% Jan31
80
May
99%
Deo
183a Jan
6
12% May
15% Apr
2% Jan
3
8%
May
6
2
Mar
28%
1734
4%
Apr
114
Feb 25
Apr 26
13% Apr 16
10%May 16
1% Apr 23
*
Ex-div.
y
22% Jan 8
17% Jan 10
120
Jan 10
98
19%
Jan
126% Sept
14
Apr
Jan
Apr
Ex-rlghts. J Called for redemption
June
3618
7, 1941
Bond Record—New York Stock Exchange
FRIDAY, WEEKLY AND YEARLY
defaulted bonds.
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
account is taken of such such sales in computing the range for the year.
headed "Interest Period" indicate in each case the month when the bonds mature.
<•
NOTICE—Prices are "and Interest"—except for Income and
week's range
In the week in which they occur.
No
The italic letters in the column
Friday
Friday
Range
Since
N. Y. STOCK EXCHANGE
Jan. 1
Week Ended June 6
&
Low
Government
(J. S.
Bid
Asked
High
NO.
Low
High
A
Treasury 4\is
1944-1954
1946-1956
1943-1947
Treasury 4s
Treasury 3*is
Treasury 3*48
Treasury 3*4s
O
119.9
119.9
1
3
D
111.25
111.25
1
8
*113.1
113.10
113.3
D
106.18
106.18
J
*100.12
-----J941
Treasury 38
Treasury 3*4s
Treasury 3*4s
1946-1948
..1951-1956
1955 1960
1945 1947
1948 1951
Treasury 3s
Treasury 3s
Treasury 2 *4 a
Treasury 21*8
Treasury 2*4s
......1951-1954
Treasury 2*4s
1956 1959
1968-1963
1960-1965
Treasury 2*4s
*945
Treasury 2148
1948
Treasury 2148
1949-1963
Treasury 214s
1950-1952
Treasury 214s
1952-1954
Treasury 214s
1956-1958
Treasury 214s
1951-1953
Treasury 2148
1954-1956
Treasury 2s
1947
Treasury 2s.....Mar 16 1948-1950
Treasury 28-.---.Dec 15 1948-1950
Treasury 2s
1953-1955
Treasury 2148
Treasury 2148
Treasury 2148..
121.26
111.19113 18
115.7
107.4
112.15114.9
*110.4
110.13
109 24 111.21
M
8
112.19 112.19
112.21
M
8
110.26 110.26
111.3
8
108.16 108.15 108.16
*109.12109.21
M
8
D 109 *24
J
M
S
J
D
J
J
4
1132
108
109 24
107.2
11022
D
110.12
110.14
110.18
111.3
108.9
107.22108.14
*108.25109.4
8
107.16109.22
♦Chinese (Hukuang Ry) 5s
107.13
M
8
107.23 107.23
M
8
104.11
104.5
107.1
6
106.31110.15
15
107 8
111.9
1942-1947
2148
103.1
103.11
103.5
106 4
3
103.5
106.7
J
D
*105.27106.3
104.28106.28
Af 8
102.16
J
D
*105.25106.2
104 12 106.7
J
D
*104.6
101.24103.28
100.24 102.16
102.16
104.15
*106.28107.5
106.26107.28
*107
3s
1942-1944
1945-1947
101.28103.3
*101.26102.3
102.15103
M N
106.26
106.26
106.17107.26
J
J
102.8
102.8
102 9
3
D
103
101.29103.2
*102.19102.27
Transit Unification Issue—
1980
3% Corporate stock
J
D
103*4
Govt.
103%
103%
167
100
*7%
Oct 1961
*68 of 1927
.Jan
1961
A
O
.....1948
Norway) 4s. 1968
♦Antloqula (Dept) coll 7s A—1945
Akershiis (King of
1945
s f 7s series C
1945
s f 7s series D
1945
s f 7s 1st series
1957
sec e f 7s 2d series. 1957
sec 8 f 7s 3d series. 1957
♦External
f 7s series B
s
♦External
♦External
♦External
♦External
♦External
1958
Antwerp (City) external 5s
With declaration
3
*20
J
3
3
J
A
-■
O
A
O
A
O
3
D
7%
...
1971
8 f extl conv loan 4s Feb
1972
8 f extl conv loan 4s Apr
1972
Australia Com'wealth 5s
-.1955
1957
External 5s of 1927
External g 4 *4s of
1956
-.1957
1928
♦Austrian (Govt) 8 f 7s
A
'59%
26
7%
7%
7%
8 V.';
7%
*16%
17%
24%
23
8%
7%
7%
7%
6%
6%
7%
7%
7
35*4
37*4
131
30
37*4
25
22*4
23*4
30
23
♦Sinking fund 7s of 1927
1947 F A
Copenhagen (City) 5s
...1952 J D
*23
23*4
23*4
"27
22*4
21*4
23*4
1953 Af N
-
27
27
31*4
-
27
31*4
28%
31*4
5
24*4
11
31*4
With declaration
25-year gold 4J4s
Cordoba (Prov) Argentina 7s.. 1942
31*4
1
21*4
24*4
31*4
77
77
1
72
77
24
Y'j
♦Costa Rica (Rep of) 7s.
Cuba (Republic) 5s of 1904
External loan
1951 MN
103
103
2
1977
21
33
GO
60
60
8
60
60
60
52%
52%
52%
47
*7
6
7%
96
101 %
62*4
22
99%
9
62*4
99*4 104
88
2
73
49*4
88
*8*4
8*4
*8*4
1942 J
3
8*4
9*4
55*4
69*4
51*4
51
10
Dominican Rep Cust Ad 5*4s._ 1942
{♦1st ser 5*4s of 1926
5*2d series sink fund 5*4s
1940 A
Customs Admin 5*4s 2d ser.
O
1961
_
A
M
58
O
1940
8
(City) external 7s__ .1945
44
50*4
31
52
58
To
v"s
57
42*4
58
52
58
52*4
58
*41
"57"
Apr 15 1962
31*4
38*4
29*4
33*4
27*4
50*4
External g 4%b
With declaration
♦Dresden
63
57
F'*A
55
*57*4
*57*4
"oo" "
52*4
J
7*4s unstamped...,
1941
External 7sstamped..-—-..1949 J
5«
52
58*4
58
59
59
52*4
59*4
59*4
52*4
16
*57*4
27
8*4
8
*.....
8*4
20*4
*51*4
53*4
50
55
14
27
8*4
8*4
J
Finland (Republic) ext 6s
1945 M 8
♦Frankfort (City of) s f 6*4s._.1953 Af N
With declaration....
French Republic 7 *4s stamped. 1941 /
With declaration
49*4
58
M N
♦El Salvador 8s etfs of dep.....1948 J
♦Estonia (Republic of) 7s
1967 3
57
58
O
8%
8%
52*4
61
51
63
1955
1969 A
82*4
M
104*4
88
5*4s 2d series
70*4
64%
64%
61
61
53%
8*4
J
18
103*4
101
99*4
8%
78
66%
59%
59%
14*4
101
"l
62
62
Sinking fund 5*4s.--Jan 15 1953
O
65
79%
1
101
1949
4*4s
4 *4s external debt
15*4
15*4
*99*4
*100
1949 F
8
A
1944 M
A
ser
\
17%
O
J
37*4
*23
1969
17%
A
J
26*4
30
*23
5*4s 1st series
17%
J
M N
110
O
9%
17
58%
58%
53*4
63*4
59%
9%
9
14
79
59%
59%
9%
18
66%
79%
M N
F
7%
*7%
7%
24
22%
.....
7%
7%
J
23
23%
23%
7%
J
3
Argentine (National Government)—
M N
S f external 4%h
1948
8 f external 4*4s
23%
23%
23 %
M 8
37*4
1946 MN
♦Sinking fund 7s of 1926
With declaration
A
♦Gtd sink fund 6s
15
21*4
35*4
87%
87%
♦Colombia Mtge Bank 0*4s...l947 A
External gold 5*4s_.
With declaration..
Agricultural Mtge Bank (Colombia)
F
♦Otd sink fund 6s
1947
11
104*4
Municipal
&
10*4
11*4
10*4
11*4
D
1951 J
Denmark 20-year extl. 6s
Foreign
9*4
"io"
9*4
♦Public wks 5*4s...June 30 1945
♦Czechoslovakia (Rep of) 8s... 1951
♦Sinking fund 8s ser B.
1952
City
New York
8*4
(Republic of)—
♦6s of 1928
External 5s of 1914
..1944-1952
series A
114s series M
10*4
106.28 108
107.8
*101.26102.3
Home Owners' Loan Corp—
214s series G
8*4
1
3
10**
'
6
8
~16
10
11*4
10*4
10*4
Colombia
86
Af
10
11*4
♦Cologne (City) Germany 6 *4s. 1950 Af 8
103.11
11
12
8*4
104.11
106.4
"12
13
8*4
8*4
108
106.4
M 8
10
*11
"9%
11*4
11*4
9*4
9*4
8*4
*9*4
107.30
103.1
"9
8
102.8
106.4
9
12
.1960 M
♦7s assented
105.4
106.3
12*4
11*4
12*4
*10*4
105.2
D
12*4
10*4
8*4
10*4
8
1
D
10*4
8*4
11*4
9*4
9%
1
High
1960 M
2
J
Low
10
10*4
*11
\f N
——-1902 VN
♦Chilean Cons Munlc 7s
36
M 8 103.11
2
<
Jan.
10
O
107.23
107.13
"5
*11
-.1962
♦6s assented
1
31
10*4
9*4
104.11
J
1944-1949 Af N
..1942-1947 J J
3s
♦Guar sink fund 6s
No
13
10%
10%
D
1961
*108.1
VioM
7
Since
12
10*4
*12
1961
—
♦6s assented
109 31
"10*4
12
12
1961
1961
♦0*48 assented
♦Guar sink fund 6s
107 27110 9
'*5
10*4
10*4
With declaration.
1944-1964
3148
3s
♦Sink fund 6*4s of 1926
12
Range
<§3
*12
8
O
1957
.-.1957
♦6*48 assented
107.14111 13
Federal Farm Mortgage Corp—
•
♦Chile Mtge Bank 6*4s
High
10*4
1962 A
110.7
D
M
25
110.4
*08 assented...
Asked
<fe
12
12
/
1961 M
♦External sinking fund 6s.-. 1963 VN
♦6s assented
.1963 WN
110.1
D
J
109.24 rllO.l
2
1961
Jan
Bid
Low
Sept 1961 M 8
♦External sinking fund 6s... 1962 A O
107.29 109.9
110.11 112.12
*112.25113.3
Friday's
♦68 assented
106 26108 6
108.3
107.3
108.2
M
♦6s assented
♦Extl sinking fund 6s..Sept
101,21 102.19
...
*110.22110.30
107.4
.1943-1945
1944-1946
1946-1949
1949-1952
.
.
Treasury 3 *4 a
119.4
Week's
Range or
£;£, Price
Foreign Govt. & Mun. (Cont.)
Chile (Rep)—Concluded—
♦Ryextl sf6s
-.-.Jan 1961 /
106 18107 25
M
•§■
Last
Sale
BONDS
Friday's
Price
6
Week Ended June
Range or
Sale
EXCHANGE
Week's
Last
BONDS
N. Y. STOCK
*
19
26*4
73*4
D
84
26*4
99*4
100
69*4
93
D
94
IS
97*4
63
94
With declaration
7s unstamped
"64*4
1949
67"
German Govt International—
♦Bavaria (Free State) 6 Hs
With declaration
1945
Belgium 25-yr extl 6*4s
With declaration
1949
1955
With declaration
1955
♦Berlin (Germany) s f 6 Mis
With declaration
1950
♦External sinking fund 6s—1958
With declaration
♦Brazil (U 8 of) external 8s
♦External
s
1941
1957
f 6*4s of 1927—1957
f 6 J4s of 1926
♦7s (Central Ry)
1952
14
20
f 6s
♦Budapest (City of) 6s
27
83
♦5J4s of 1930 stamped
1965 J D
♦5*4s unstamped
..1965
♦5 J4b 8tamp(Canadlan Holder)*65
♦German Rep extl 7s stamped.. 1949 AO
♦7s unstamped
-.1949
81%
German Prov & Communal Bks
"75""
14
"
"4
75%
3
17
17
1
15
26*4
15*4
26
14
26%
~74~"
"o
Yd
A
O
A
O
J
D
70
43%
43%
43%
49%
48%
71
Yd
Yd
72
74%
71
a
26
43%
"72"
"26"
76
*20"
"l
1
17
17
20%
19%
20%
89
17%
17%
17
17%
17%
17
67
18%
20
Refunding
s
f 4%-4%n
External read) 4*4-4*4s
s f 4 *4-4 *4s
External
3% external s f $ bonds
Bulgaria (Kingdom of)—
♦Secured
s
1967 J
f 7s
♦Stabilization loan 7*4s
1968
Canada (Dom of) 30-yr 4s
1960
1952 Af N
6s
10-year 2*4s
25-year 3 Ms
7-year 2)4s
30-year 38
Aug. 15 1945
1961
1944
1967
F
A
J
3
J
1968 M2V
3
1954 J
1950 M S
♦Farm Loan s f 6s-.July 15 1960 3
J
♦6s July coupon on
1960
s
Oct 15 1960 A
f 6s
♦68 Oct coupod
on-
♦Chile (Rep)—Extl s f 7s
♦7s assented..--.
6
5
64
61*4
6*4
85
68
68
♦7s secured
8
5
9*4
15
26*4
"9*4 "12*4
"6*4
53*4
*52*4
25
J
38*4
66
14*4
22*4
26
30
26
27
52*4
J
A
O
52*4
49*4
52*4
5
6
6
4*4
5*4
6
6
5
6
9*4
5
J
*6
J
Af N
♦Sinking fund 7*4s ser B....1901 Af N
Hungary 7*4s ext at 4*4s to...1979 F A
52
46
46
46
51*4
Irish Free 8tate extl s f 5s
47%
48%
85%
47
♦Italy (Kingdom of) extl 7s__._1951
32*4
52*4
37
5*4
6*4
7*4
8
*4*4
5
52*4
46
0
7
J
..1946 3
f g
45
35
*6*4
97%
101
8%
*7
8
97%
101
98
101 J*
34
88*4
33
97
94
93%
94
88%
88%
89%
9
96%
86%
35
87
10
85%
85%
85%
*7%
9
27
'if*
17%
'17%
"17%
24
7
89
79*4
92
76*4
76*4
9
98
102
96*4
90*4
24
1942 M N
*12
15
16
26*4
25
26*4
14
14
12%
10%
10*4
10%
10*4
8*4
12
12
12
10
O
1054
10**
10*4
A
12
12
12
Feb 1961 F
A
10%
10%
10%
9
10*4
9
Japanese Govt 30-yr s f 6*4s___ 1954 F A
Extl sinking fund 5%b
1965 Af N
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
♦Leipzig (Germany)
s f 7s
1947 F
11*4
12*4
12
12J4
15*4
28
♦Lower Austria (Province) 7*4s 1950 J
1954 3
75*4
65
75
28*4
26*4
29*4
19*4
46*4
30*4
*20
65*4
56*4
29
18
29*4
62*4
65*4
58*4
71
55*4
56*4
41*4
8
28
D
..1954 3
23*4
D
6
19*4
56*4
8*4
20*4
D
♦Medellln (Colombia) 6%s
12*4
27
*22*4
A
♦4*4s 8tamped assented.....1943 MN
♦Mexico (US) extl 5s of 1899 £.1945 Q j
♦Assenting 5s of 1899..
.1945 Q
/
9*4
14
O
D
88
14
1960
3
15
*74
1960 MN
Mendoza (Prov) 4sreadJ
24
15
♦Italian Cred Consortium 7s ser B'47 Af S
♦Italian Public Utility extl 7s__1952 J
3
97*4
88*4
14*4
♦External sinking fund 6a
1960 A
♦6a assented—
1960 A
♦Extl sinking fund 6s...Feb 1961 F
♦6s assented
♦Heidelberg (German) ext 7*4s 1950
HelslDgfors (City) extl 0*4s
1960
Hungarian Cons Municipal Loan
♦7*4s secured a f g
1945
45*4
O
1942 M N
14*4
26
46*4
46%
♦Carlsbad (City) 8s
♦Cent Agrlc Bank (Ger) 7s
♦Farm Loan
14
8*4
"1% "16""
1946 A
45%
45%
J
30-year 3s.-
8*4
120
7*4
"
F~*A
65
57
3
J
8*4
20
With declaration
46%
J
O
5
*
11*4
•44
"10*4 "216
1968
♦Hungarian Land M Inst 7J4S.1981
MN
A
♦6s part paid
7
"9"
"l0%
1904
1968
10*4
O
59
*55
5
O
59
M 8
1961
M 8
1977
F A
1976
A O
1976
Af N
1975
J
J
1984
5%
f ser 7S..1964 MN
♦Hamburg (State 6s)
Buenos Aires (Prov of)—
♦6s stamped
External s f 4*4-4*4s
s
♦7s part paid
♦Sink fund secured 6s
♦Haiti (Republic) s f 6s ser A..1952 A
54
*5%
♦Greek Government
17*4
17*4
19*4
60
1
7
♦(Cons Agrlc Loan) 6*4s....l958 J D
21*4
54
18%
7*4
26
17*4
15%
15%
16%
52%
52%
17
8454
75%
14
*53
18%
1957
F A
1958
J D
1950
J D
1962
Sinking fund gold 5s
s
m"s
M S
Brisbane (City) s f 5s
20-year
*12
—
External s f 6s
s
A
16
External 30-year s 1 7s
With declaration—
♦External
F
Mexican
6*4
6*4
61
*7
9*4
70
Irrigation—
♦Assenting 4s of 1904
1954 J
♦Assenting 4s of 1910
1945
{♦Treas 6s of *13 assent
1933
♦Milan (City. Italy) extl 6*4s„1952
Minas Geraes (State)—
♦Sec extl s f 6 *4s
♦Sec extl s f 6*4s
♦Montevideo (City) 7s
♦6s series
A
v
5*4
5*4
D
5*4
5*4
5*4
/
J
5*4
5*4
A
O
19
1958 Af 8
.....1959 M
1952 J
8
D
1959 MN
3*4
5*4
"3*4 "5*4
3*4
5*4
5*4
5*4
.
3*4
5*4
4*4
6
20*4
18*4
30
12
8
10*4
10*4
10*4
8*4
60*4
60*4
54
10*4
62*4
70
53
60
*10*4
10*4
60*4
5*4
5*4
5*4
5*4
*57
12
For footnotes see pave 3623.
3-lirHi
ill
Volume
New York Bond Record—Continued-Page 2
152
Last
BONDS
N.
Y.
8TOCK
Price
r
1957
1943
F
A
F
A
1944
1956
External
1965
314
s
f extl loan
29
29
42 4
39 4
f 5s
s
41
384
254
A
)~n
1970
With declaration
59
51
58 4
51 4
584
Conv 48 of 1905
314
36 4
6
34 4
41
Conv gold 4s of 1910
Conv deb 4 43
9
31
34 4
Rocky Mtn Dlv 1st 4s
1
12
33
F
1952
1953
C
1958 MN
29
A
♦Panama (Rep) extl
1963
73
...1963
MN
♦Stamped assented 5s..
♦Ctfs of deposit (series A)
♦Ctfs of deposit (series B)
s
♦44s assented
64
64
34
64
74
11
6
74
1st mtge gold 4s
4s registered
7
7
♦8s external
84
10 4
8
104
*7
*4
O
4
*34
*104
104
J
104
104
F
17
O
14
A
M
644
a
65
224
114
"56
J
J
J
J
18 4
M
5
184
J
94
114
5
74
""9
"l5
314
184
184
164
534
514
44
'"54
♦Uruguay
s
394
394
40
61
394
634
ccc3
334
334
344
38
334
464
334
334
344
25
334
264
264
274
428
14 4
47
304
544
544
65
6
634
614
464
514
454
464
43
Sept 1 1946) d ie .2000
Ref A gen ser F (Int at 1%
Ref g 4s extended to
MN
.1951
1947) due
to Jan 1
Toledo Cln Dlv ref 4s A.. 1959
4
16
154
184
43 4
125
5
A
J
J
M
8
A
C
F
A
*50
55
59
VN
*49
50 4
544
If N
*49
\\*
41
7
444
"68""
44
20
♦194
424
"454
34
454
20 4
61
454
25
19
"18
71
38
39
4
64
1979
1978
1978 F
1984 /
4-44-4 4)• extl readj
348 extl readjustment
♦Venetian Prov Mtge Bank 78
D
"46"
A
43
Consol mtge 3s ser O
Conso! mtge 34« ser
444
9
34
44
50
3
11
41
34
44
574
Bush Terminal 1st
Range
Sale
or
Range
Friday's
Bid
A
Since
Asked
Jan.
814
854
76
75
78
694
67
744
184
294
z
cccl
J/N
x
aaa3
A
x
M N
x
a
MN
x
bbb2
F
./
O y
J y
z
cccl
Af S y bb
1
1
1
51
50
504
22
*1014
102
1054
102
105
1054
*20
26
1
13
'm'imrn
*1094
1064
1064
544
.1
*41
824
-i
*79
pi.—
874
74 4
854
73 4
46 4
484
1024
_
834
814
884
754
494
1024
1034
1074
102»«
I1104
1074
544
100
101
1034
1004 1074
20
25
1094 1104
1064 1074
7
54
69
40
48
544
814
84
79
80
25
85 4
974
75
724
86
105
464
624
w
-
80
*
1034
2
544
*72 4
104
11
1064
434 524
994 1024
8
5
17
69
724
1024 104
102
1044
1064 108
25
"54""
103
55
"90
1034
994
68
100
11
*52*
"604
1004 104 4
994 103
aa
A
O
aa
J
D
34s debentures
.1966
J
J
Am Type Founders corv deb 1950
Am Wat Wks A Elec 6h ser A
1975 UN
A
O
Anaconda Cop Mln deb 4 4sl950
Jan
Q
J
102
l0ll*ie 1024
108
1084
1084
1084
1084 108
1074
*1044
aa
110
1044
bb
10118i«l 0 * *!•
iio'i
aa
bb
104
IO84 111
1034 106
ccc2
bb
M S
A
bbb2
J
bbb2
554
bbb3
F
(Del) 4a B
1955
J
C (Del) ——.-1957
:-v
28
1
*99 4
1054
106
1944
1034
112
1054
1054
1104
105
284
554
994
106
106
1064 110
1064 109 4
1014 108
26 4
49
35
58
984 100
1064
105
1054 1064
1
*54
111
cc
ccc2
54
pa?e3623
6
66 4
74
464
14
414
47
75
14
66
764
i
•'
aa
'
1074
824
a
1074
4
824
6
964
984
26
904 100
97
1054 108
80
894
J
aa
1004
1004
38
934 1014
O
aa
101
1014
15
94
aa
1014
1014
8
J
D
aa
994
6
99
aa
98
974
1074
aa
bbb2
574
bbb2
M
97
97
aa
834
564
13
904
584
70
83
834
1044
98
J
D
bbb2
"78""
J
bbb2
734
J
b
*41
105
105
"7
1014
102
8
b
102
b
*
47
764
46
1044 108
994 1024
63
514
974
994
50
"99"
994
"52
954
954
964
22
88
23
23
12
174
26
28 4
45
cccl
ccc2
MN
cccl
♦444
124
12 4
48 '
54
124
cc
1
34
4
14
cc
O
1
4
44
134
14
54
11
54
cccl
cc
2
*9
1084 1104
1
56
65
164
6
13
134
14
17
204
174
14
18
114
114
124
1074
bbbl
F
.
A
b
M N
b
M S
b
74
bbbl
F
5
"634
cccl
A
64
144
114
134
14
cccl
4s registered
144
154
cccl
J
97
*1104
63 4
b
cccl
„
*104
aaa3
1966
J
644
41
74
"994
a
bb
A
F
724
87
1014 1044
814
694
50
a
754
63
76
21
784
51
3
103
aa
994
99 4
904
1024 1074
29
J
1024
934 103
924 1014
22
984
1074
J
t*r>nt Mew Engl 1st gu 4s.. 1961
of N J gen g 58....1987
5s registered
—.1987
Attention is directed to the column incorporated In this tabulation pertaining to
64
34
13
6
1074
74
*60
"544
1074
75
85
554
844
854
18
124
108
764
634
424
514
754
46
824
914
132
79
1064
654
5
754
534
79
"854
"le
584
794
M
S
x
bbb2
106
106
1
1054 1064
u
s
x
bbb2
1034
1034
2
1034 1044
A
I
For footnotes see
48
A
{♦Consol gold 5s — ......1945
A
series B—1959
♦Ref A gen 5« series C
1959
♦Chatt Dlv pur mon g 4s.. 1951
♦Mobile Dlv 1st g 5s
1946
.......——.1987
1987
Central N Y Power 34s
1962
Cent Pac 1st ref gu gold 4s
1949
Through Short L 1st gu 4s. 1954
Guaranteed g 5s.
1960
Central RR A Bkg of Ga 5s 1942
Certaln-teed Prod 5 48 A—1948
Champion Paper A Fibre—
Sf deb448 (1935 Issue)...1950
8 f deb 44s (1938 Issue)—1950
34
70
744
744
♦Ref A gen 5 4"
♦General 4s
46 4
bbb2
.
Nov 1945
404
50
42
454
bb
x
J
tCentral of Georgia Ry—
113
694
'? *5
z
J
1034 1074
1084 1094
404
414
cc
x
..Dec 1 1954
J
1960
Light 3 4a
1094 1134
90
954
92
103 4
y
Collateral trust 4 4s
Cent Illinois
1084 1114
1104
914
112
^Central
& Teleg—M N
1946
1st mtge 5s
1094
1104
*110
^Carolina Cert 1st guar 4s 1949
M S
Carolina Clinch A Ohio 4s... 1965
UN
Carriers A Gen Corp 5s w w. 1950
F A
Cart A Adlr 1st gu gold 4s
1981
F A
Celanese Corp of America 3s 1955
J D
Celotex Corp deb 4 4"* w.,1947
J D
♦Cent Branch U P 1st g 4s...1948
♦
109
1104
914
1034
aa
z
104
109"
aa
-June 15 1955
F A
1956
M S
Rent 1951
3
J
Canadian Northern deb 6 48 1946
J
Can Pac Rv 4% deb stk perpet .
448
Coll trust gold 58
104
bbb2
y
5s..July 1969
etfs.
2
20
1074 110
109
109
.
1970
94
*103
MN y b
1957
5s equip trust
174
x
1960
1966
1962
Coll trust 4 48.
109"
28
x
4s—....1952
..1955
Guaranteed gold 5s
94
27
274
x
Consolidated 5s......
Guaranteed gold
"684
174
D y bb
Guar gold 4 4s
D
..
1st 814a ser
994 102
74
794
84
Guaranteed gold 5s—Oct 1969
1
I6i4
101
A
1957
♦Certificates of deposit.
1044
1084 109
75
MN
...
102 4 106
84
F
(Interest
due
bbb2
MN y
1950
modified
to 1946)
100
1034
75
A
1st lien A ref series B
at
1004
S y bb
Guaranteed gold 4 48
J
'
5S...1964
x
100 4
*1074
1044
3
3
bb 3
bb 3
ccc2
.......1955
JJ
1961
1st mtge 4a series RR
1960
♦Tnc mtge 4 4s ser A July 1970
t*Boston A N Y Air L 1st 4s 1955
Bklyn Edison cons M 34s.. 1966
Bklyn Union El 1st g 5s
1950
Bklyn Un Gas 1st cons g 5s..1945
Canadian Nat gold 4 4s
Week's
Last
1943 J D x aa 3
1943 J D x aa 3
A O y cccl
Albany Perfor Wrap Pap 68.1948
6s with warr assented
1948 A O y cccl
A O y bbbl
Alb & Susq 1st guar 3 4s
1946
A O y bbbl
34s registered
....1946
F A ybb 2
Alleghany Corp coll trust 5s_ 1944
Dyb
2
Coll & conv 5s
1949
Oy b
1
♦5s stamped
-———-1950
O y bb I
Allegh & West 1st gu 4s
1998
Allegh Val gen guar g 4s
1942 Af S x aa 2
F Ax bbb2
Allied Stores Corp 4 Hs debs. 1951
M S x a
2
Allls-Chalmers Mfg conv 4s. 1952
♦Alplne-Montan Steel 7s
1955 Af Sz
Af S y b
1
Am & Foreign Pow deb 5s—2030
Af N x bbb2
Amer T G chem conv 5 4b— -1949
J y b
1
Am Internat Corp conv 54s. 1949
Armour A Co.
A
M
1st g 44s series
Stamped
2
1054 107
103
1084
MN y bb
1950
JBurllngton Cedar Rapid A Nor—
AO
{♦1st A eoll 58
1934
"124
454
A 5s
1995
a
2
17
1044
1054
1044
1004
1034
2
a
x
46
44 4
28
124
36 4
174
"*2 4
50
Friday
1st cons 4s series B
JAnn Arbor 1st g 4s
Ark & Mem Br A Term
x
A
D x aa
414
16
34
Price
J D y bb
F A ybb
10-year deb 44s stamped. 1946
A Ox
♦Adriatic Elec Co extl 7s
1952
deb_. 1967
A
106
2
J X ft
1944
3 4s
Boston A Maine 1st 5s A C--1967
1st M 5s series TI
bbb2
.
Big Sandv 1st mtge 4s
Guar gold
♦Anglo-Chilean Nitrate
x
154
17
17
27
154
"17"
254
14
"26"
264
264
254
"20"
27
15
"l7"
17
z
....I960
H...1965
1004
14 4
264
194
z
debs...1952
mtge 3tfs ser F
1959
1374
*97*"
"984
984
*
z
414
46
♦IIIII
See a
1961
AO
With declaration
Blaw Knox 1st mtge
130
*104
1
A *
354
394
RAILROAD and INDUSTRIAL
COMPANIES
.
F
.—....1955
.
1104 1134
22
Z
4f4
40
*344
Elig A
Rating
BONDS'^:
EXCHANGE
8TOCK
Week Ended June 6
34s debentures
a
z
38
*364
Bank
fund 548-1943
aaa2
x
1314
*
Bush Term BIdgs 5s gu
20-year sinking
x
D
ill
1304
1314
.
Canada Sou cons gu 5s A
Amer Telep
J
D
With declaration...
Calif-Oregon Power 4s
Ala Gt Sou 1st cons
2
85
83
1104
2
aa
354
62
A
U*AbItlbl Pow & Pap 1st 5s. 1953
Adams Express coll tr g 4s—1948
Coll trust 4s of 1907—...1947
aa
x
40
O
1952
♦Vienna (City of) 6s..——1952 M N
F
A
♦Warsaw (City) external 7s
1958
F
A
♦4 4s assented
1958
Yokohama (City) extl 6s
1961 J D
Y.
x
1957
F A
4s B
1981
J D
Buff Nlae Elec 3 4" series C.1967
Buffalo Rochester A Pgh Ry—
414
MN
J
34-4 4-4*u extl conv
N.
J
1st lien A ref 6s series A...1917
41
414
554
444
45
bbb3
O
34s
Debenture gold 5s
Af N
55
444
♦83
Buffalo Gen Elec 4
354-4-4 48 ($ bonds of 1937)—
E ternal conversion
43
43
48
x
Beth Steel 3 4s conv
54
34
47 4
47
O
264
84
64
84
64
5
64
264
46
*45
26 4
44
504
584
924
47
♦Berlin Elec El A Undcrgr 6 48*56
4
854
464
♦Deb sinking fund 648-—1959
♦Debenture 6s
51
844
J yb
With declaration.........
534
514
J y b
1943
.1950
♦Berlin Citv El Co deb 6 48.1951
19
51
D y b
1st Aref 5s series C.......1960
cons
40
*83
...1951
4s stamped
304
20
2
J y bb
Bangor A Aroostook 1st 58—1943
Con ref 4a
1951
124
164
ybb
J y b
J yb
1950
Beneficial Indus T^oan 24s
W
44
y
S'west Dlv 1st MOntat 34%
Belvldere Del
26
44
*3
M S
to
134
7
44
434
D
2
f) (int at 1 %
to
25 4
63
A
3548-4-4 4s (? bonds of *37)
external readjustment—.....1979
ccc3
Ref A gen ser
Bell Telep of Pa 5s series B..1948
r
1946
Ref AgerserC(int at 1 1-5%
to Dec 1 1946) due... 1995 3D y
32
j
—1960
1964
f 6s
474
Beech Creek ext 1st g 348--1951
W
(Republic) extl 8s_
734
34
104
1955
♦External fl f 6s—
♦External
654
104
1947
1952
.1961
16
87
84
54
*3
VN
734
68
344
Cons
"I"
64
654
70
67
26 4
44
59
644
34
22 4
VN
64
66
94
With declaration
Tokyo City 5s loan of 1912
External s f 5 4s guar
964 1004
34
22 4
54 4
M A'
..—1971
1004
664
O ybb
Battle Cr A Stur 1st go 3s..1989
19
1945 3D
.1946 j r
& Slovenes (Kingdom)—
Sydney (City) s f 54s
Taiwan Elec Pow s f 5 4"
1044
97
754
1034 1064
ccc3
8
♦Sinking fund g 6 4s
.—.......1958
95 4
944
1044
*994
75
A (Int at 1 %
to Dec 1 1946) due...1995 3D y
84
♦Saxon State Mtge Inst 7s
/
1st mtge g (lot at 4% to
Oct 1 1946) due July 1948 A
94
12
♦16
534
5
12
564
134
*30
O
.
344
644
27
22 4
22 4
4
VN
A
.
31
ybb
...1948
66
104
104
*114
*104
/
.
38
31
1044
59
94
204
e
1940
♦4 4s assented
33
"95
20
74
J
M
94
WN
.........1968
♦Slleslan Landowners Assn 68—
364
Ref A gen ser
84
O
1962
89
684
J yb
1
64
A
extl
77
714
31
3
74
*10 4
♦6s extl dollar loan
sec
69
874
694
354
774
Pgh I.EAW Va System—
50
P
.....1956
♦7s series B
614
86
,y b
27
74
/
♦Silesia (Prov. of) extl 7s.———1958
994 1024
734
794
66
694
354
964
13
1967
1952
1953
.
101
764
644
874
13
84
1966
D
/
27
74
74
O
J
27
84
114
94
104
A
1962
1004
77
644
87
15
20
O
r
964
20
8
A
96 4
MA
With declaration
1114
101
2
Sept 1 1946) due..1996 M 8 y ccc3
♦Conv due
Feb I I960 F A z cccl
17
96 4
O
A
♦8s secured extl
9
16
*
♦7s extl water loan
Serbs Croats
44
84
"18"
8
M
10
*8
VN
1941
1947
{♦Secured e f 7s
109
115
Stamped modified bonds—
64
5
...................1950
1104
Baltimore A Ohio RR—
44
1964
1004 1024
111
1124
97 4 1004
bb
64
64
34
34
1952
♦64s extl secured 8 f———
1957
{♦San Paulo 8s extl loan of 1921...1936
bbb2
y
8
34
6s
bbb2
x
964
1034 105
74
64
44
♦Sao Paulo (City of. Brazil) 8a
x
S
July 1948
64
1952
♦Saarbruecken (City)
Santa Fe extl s f 4s
J
1044
1004
aa
5
A
♦7s municipal loan
♦Rome (City) extl 6 48
19
1004
b
8
1950 J
1963 3
1961 J
.1968
95 4
*106
2
y
7
44
-.1946
bbb2
x
74
A
♦Rio de Janeiro (City of) 8a
...1946
♦Extl sec 648.....
........1953
Rio Grande do Sul (State of)—
a
x
1941
7
J
...1950
x
M
1952
8
134
♦7s extl loan of 1926
July
P
4
f g
4s
cons
Austin A N W 1st gu g 5a
13
♦8s extl loan of 1921
1st
92
........
s
Coast
x
J
J D ybb
General unified 4 4s A
1964
10-year coll tr 5s..May 1 1945 MN y bb
LAN coll gold 48....Oct 1952 MN y bb
J y b
Atl A Dan 1st g 4a...—....1948 J
814
4
f 6s
S
D
High
1064 1104
884
934
88
944
2
99
*1104
56
23
Queensland (State) extl 8 f 7s
25-year external 6s
♦Rhlne-Maln-Danube 7s A
♦6s extl
aaal
544
'"8
♦Prussia (Free State) extl 64s
With declaration
a
Trans-Con Short L In 4s—1958
M
1966
1952
.1951
No. Loto
*1114
24
*3 4
*3
......
Jan. 1
*1014
574
*12 4
♦Prague (Greater City) 74s
♦External
2
aaal
7
A
♦Extl loan 74s
101
aa
56
1947
♦Porto Alegre (City of) 8s
100
97 4
x
M
...1968
97
8
x
81
A
assented
♦External sink fund g 8s
6
bbb2
J
33
A
f 7s
8
50
984
984
♦964
J
574
..1940
....1958
♦4 4s
x
Second mortgage 4s
1948 J
Atl Gulf A W f S3 coll tr 58..1959 J
Atlantic Refining deb 3s
1953
....1961
f 6s 2d ser
{♦Poland (Rep of) gold 68.
♦4 4a assented
♦Stabilization loan
904
934
"99~~
bbb2
1965
75
♦Peru (Rep of) external 7a
1959
♦Nat I-oan extl s f 6s lst8er._....1960
♦Nat Loan extl
304
924
bbb2
1044
544
56
1963
196
1947
♦Pernambuco (State of) 7s
274
bbb3
x
bbb2
Atl
43
100
x
46
364
1094
934
D
...1948
27
57
O
1960
28
244
29
254
WN
f 5« serA
314
Asked
984
bbb3
x
D
39
1
x
D
...1955
Cal-Arlz 1st A ref 4 4s A—1962 M
Atl Knox A Nor 1st g 5s.... 1946 J
Atl A Charl A L 1st 4 4s A—1944 J
1st 30-year 5s scrtes B.....1944 J
30
Os'o (City) s f4 4a
1955
With declaration.............
s
40
Since
A
1084
93 4
924
aaal
x
D
1955 J
13
■s:
24
A
W
344
32
—
♦Nuremburg (City) extl 6s
Oriental Devel guar 6s
Extl debt 5 4s
404
294
1
70
Range
Friday's
Bid
(Conl.)
Conv gold 4s of 1909
4
274
F
....1963
With declaration
Municipal Bank extl
58
52
1
42 4
41
40 4
404
With declaration.........
4s
Cos.
514
40
ilH
O
A
Atchison Top A Santa Fe—
General 4s
1995 A O
Adjustment gold 4a
..19Q5 Nov
Stamped 4s
.....1995 MN
Indus.
Price
a
High
Railroad &
644
2
404
314
404
314
40
f 4 4s
See
Range or
Sale
Rating
High
67
Last
Elig. A
EXCHANGE
10
584
584
314
314
P
M
"~2
59
58 4
External sink fund 4 4s
With declaration
s
8
584
declaration
STOCK
Week Ended June 6
564
534
No. Low
64
584
Y.
1
Jan
62
58
With declaration.-...-.....—.
20-year external 6s
High
*594
584
O
A
N.
Since
Asked
61
62
a
Apr 1958
Norway 20-year extl 6s
With
A
BONDS
Range
Friday's
Bid
Loto
Foreign Govt. & Mun. (Concl.)
New 80 Wales (State) extl 6s
External s f 5s
Range or
Sale
EXCHANGE
Week Ended June 6
3619
Week's
Friday
Bank
Week's
Friday
nank eligibility ano rating of honis.
See A.
New York Bond Record—Continued—Page 3
3620
Fan*
FHy. A
BONDS
N. Y.
Last
Rating
Price
Friday's
Bid
Asked
128 M
103 M
129M
30
44
Lou)
(Cora.)
Railroad & Indui. Cot.
High
Chesapeake & Ohio Ry—
x
gold 4%s
aaa3
129M
x
aa
103 M
x
M S
M A7
F A
r 1
1992
Ref A lmpt mtge 3 %s D—1996
Ref A lmpt M 3 %s ser E—1996
Potto Creek Br 1st 4s
1946
R A A Dlv 1st con g 4s..-1989
General
aa
104%
aaa2
*m"
aaa2
*112
119
♦Cblc A Alton RR ref
z
ccc2
Chic Burl A
x
a
x
x
J
M
97 M
94
"37
81%
49
76 M
bbb3
82%
82
z
cccl
23
23
x
a
114
2
66%
32 M
z
z
ccc2
z
ccc2
z
cc
J
z
cc
1
2
*70 M
z
*34 %
35 M
36
O
z
8%
c
2M
MiV
z
z
2M
{♦Choctaw Ok A Gulf con
5S.1952
15
16
61
15M
16
10
2
101
c
2
ccc
ccc
1%
43
43 M
43 M
19
19 M
16M
118
M
16 M
18
1st mtge 3Ms__
107M
110M
107M
109M
96
100M
Continental Oil
Ref A lmpt
Crane Co 2 Ms s f debs
1950 A
O
88 M
Crucible Steel 3Ms s f debs..1955 J
♦Cuba. Nor Ry 1st 5 Ms
1942 J
D
71M
80
88
22 M
27
64
30 M
1952
g
♦Deposit receipts..
—
a
1946
to
10 M
1
3M
j
98 %
106 M
105M
1
53 M
aa
2
2
104 M
x
aa
2
z
cccl
12 M
z
cccl
...—
A
z
cc
1
A
z
cc
1
O
z
cccl
A
x
1M
12M
D
x
x
21
54%
158
103% 109
46%
108%
103% 105%
106
108%
2
63
7%
15
23
7%
15
24
13%
13%
1%
1M
1%
12
1
12 H
13%
41
6%
110%
33
x
aa
112
112M
21
x
aa
105
105%
46
*40
45 M
*23
28 M
Gen A ref mtge 3 Ms ser G. 1966 M S
ser H
1970 J D
Gen A ret 3s
*3M
105M
Dow Chemical deb 2Mb
15
22
18
26
Dul Miss A Ir Range Ry 3 Ms 1962 A
{{♦Dul Son Shore A Atl g 58.1937 J
16M
19M
25
Mb..1965 J
Duquesne Light 1st M 3
1950 M S
x
O
x
aa
103M
106M
z
aaa3
103%
17M
ccc2
x
7
107M
43
107%
26
17M
16 M
East Ry Minn Nor Dlv 1st 4s 1948 A O
East T Va A Ga Dlv 1st 5s.-1956 MN
x
aa
22
x
bbb2
16M
2%
Ed EI 111 (N Y) 1st cons g 58.1995 J
Elec Auto-Lite 2Mb debs..—1950 J
x
aaa3
z a
38 M
49
14 M
21M
18M
20
x
101
70
O ybb
J
z
108% 108%
93
100%
97%
152
101%
98
101%
103% 105%
70
*58 M
"76"
55%
91
92
"55"
53 M
55
192
7M
14
6%
12M
2M
♦Gen
1
♦{Ref A lmpt 5s of 1927-1967 MN
z
cc
"24 M
77 M
♦{Ref A lmpt 5s of 1930.. 1975 A
♦Erie A Jersey 1st s f 63—1955 J
z
cc
24%
z
b
04%
111 M
"51M "~4
63 %
63
64
107M
107 M
105 M
108
Ioom
100 M
92 M
95
53 M
106 M
100 %
93
25
46 M
79
55 M
12
18
40
95 M
68
31M
■S. 6
16 M
108
110%
2
112%
98M
109 %
113
"l4
98 M
10
2
*75 %
*87
D x bbb2
56%
56 M
108M
107%
56
J ybb
*76
♦Ernesto Breda 7s
1954 F
1956 J D
x
M S
x
a
5s International series..1942 M S
x
a
1942 M S
x
a
89%
94
91M
95 M
1st lien
27 M
36
1st lien 6s stamped—
9M
18
s
f 5s stamped
12
"22
111
30-year deb 6s series B
42
25%
251
94%
9
82%
95
111%
15
103
105
101
25%
111%
103
40
106%
102%
102%
36% 36%
104% 107
101% 103
102%
102%
102%
102%
102%
102
*101%
102%
*100
102 %
102 V»
{♦Fla Cent A Pennln 5s
{Florida East Coast 1st 4 Ms. 1959 J D
y
b
104M 106
108
110M
1974 M S
z
cc
9M
9%
z
c
9M
9%
z
z
c
100
102
100
103%
.104
100
102%
43
43%
65%
75
cccl
♦1st A ref 5s series A
♦Certificates of deposit
*46%
66
111
113M
98%
{Fonda Johns A Glover RR(Amended) 1st cons 2-4s__1982
80
z c
1
♦Certificates of deposit.
.
Francisco Sugar coll trust 6s. 1956 MiV y ccc3
85
66
49
66%
9
9%
9%
24
7%
11%
5
6%
10%
91
'
owner. MA7
.
54
61
Gas A El of Berg Co cons g 6s 1949 J D
58
♦Gen Elec (Germany) 7s
79
105M 105M
1945 J
{♦Sinking fund deb 6Ms—1940 J
x
1948 MN
Gen Steel Cast 5 Ms w w
J
1949
50
2%
1%
1%
1%
50%
39
*120
aaa3
*22
z
121
32
21
2%
3
62%
121
36
35%
ybb
1
88 M
87%
88%
67
35
19
30
z
39
35
'
z
f deb 6s
50
D
With declaration
s
*1%
1%
1
.
75 M
♦20-year
*103 M
94%
107 M 109 M
109
110M
51%
56 M
77 M
24%
105 M
102 M
1942 M S x a
1954 3D ybb
z bb
1943 J
.
108 M
24
49
16%
16%
*99%
a
Federal Light A Trac 1st 53—1942
138
49
36
12
49
"24%
*102
72
46
48%
"23%
z
Fairbanks Morse deb 4s
*105
aa
a
104
104% 109M
aa
a
z
♦3d mtge 4Ms-—------1938 M S
b
107M
105
77 M
57 M
z
x
s
89
89 M
49
55
36
49
53%
38
48%
cccl
98 M
106M 109 M
"12
110%
*104 %
112 M
98 M
♦Genessee River 1st
cccl
z
1953 A
46
M
109
1953 A
4s series D
90%
40%
42
cccl
f 68.1957 3>
N Y A Erie RR ext 1st 4s..l947 MN
65
53 M
44 M
conv
93%
84
cccl
1953 A
♦Series B
51 M
*15 M
107 %
30
H
-
Prior 4s registered
56
30%
62
19
4s prior 1996
cons g
70
56
70
Wh
b
47
1M
{♦Erie RR 1st
150
160
*105M
O ybb
1965 A
5s stamped
97
*140
aa
1965 A
El Paso A S W 1st 5s
97 M
3
.
Elgin Jollet A East Ry 3Mb. 1970 M S
*107
3
2
18
30
30 M
13M
18M
43
27
97% 102
101
104%
106
107%
16% 24
105% 109
106%
17%
107M
3
2%
15%
7%
3%
72% 77
108% 112
109
112%
102% 105%
82
96 %
aa
57
105
104%
107M
*79
11
bbb2
bb
99%
106%
110 H
2
cc
77
MN x aaa3
Jybbbl
20
33
aa
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aaal
FAx aaa3
15
96
20
b
HM
aaa3
MiV
19
z
6
aaa.l
J
16%
x
25
10M
16%
19,H
z
O
16M
11
19%
16%
J
1965 A
F
ser
25 M
10%
16
{♦Des Plains Val 1st gu 4 Ms. 1947 M S
{♦Des M A Ft Dodge 4s ctfs.1935
10 m,
n' 24
13
2
Detroit A Mac 1st lien g 4S..1995 J Diyb
♦Second gold 4s
1995 J D'z ccc2
Detroit Term A Tunnel 4 Ms.1961 MNIx bbb2
14
107M
12M
19
16M
*104M
aa
J
♦Assented (subj to plan)
♦Ref A lmpt 5s ser B.Apr 1978
22 M
25 M
53 M
x
x
J
"18
98 M
aaa2
x
1969
{♦Consol gold 4 Mb
1936
{♦Denv A R G W gen 5s. Aug 1955
24 M
14 M
16
20
1
2
a'O
1st mortgage 4Mb
1969
{{♦Den A R G 1st cons g 4s..1936
Detroit Edison 4s
15
16 M
*17 M
cc
1st A ref 4Mb
4M
18
a
♦Deposit receipts.
79
31
.1942
2
Del Power A Light 1st 4 Ms—1971 J
extended
12 %
95
a
.1942
16M
cc
D
"Is""
1
ccc!
Cleveland A Pittsburgh RR
Gen 4 Ms series B
j'
2
cc
64
92 M
St L Dlv 1st coll tr g 4s_. -1990 MiV y bb
J x aaa3
Cleveland Elec Ilium 3s— -1970 J
Series B 3 Ms guar
cc
Del A Hudson 1st A ref 4s__1943 MN y bb
40M
40M
*19M
cccl
Yd
10 M
S y bb
j'y
10
9%
11M
10%
MN y ccc2
1991
22 H
72
30M
30M
18
21
Dayton P A L 1st mtge 3S..1970 j
40
39 M
40 M
16%
18
29
Curtis Publishing Co 3s deb. 1955
30 M
18%
22%
19
18
25
HM
11M
29 M
97%
15%
14%
16%
18
16 M
26
28%
92%
18M
cccl
106
97% 102
8
16M
22 M
18 M
6M
6M
57
22
97
2
40 M
28
series B
105%
100%
97
2
J
....
♦Deposit receipts
♦6s
105M
100
cc
D
y
♦7 Ms series A extended to 1946
72
97
b
63 %
O
104
20
cc
♦Deposit receipts.
109M 114
bbb2
z
51M
F
4 Ms series E- .1977
Cin Wab A M Dlv 1st 4s.
105M
100M
aa
97
81M
z
D y bb
aaa2
.1993 J
-
D
2 Ms.-1948 J
conv
94
..1996 J
77
aa
28
106% 108%
107% 110%
108% 110%
105% 108%
107
111%
110
1M
10
110
aa
♦1st consol gen lien g 4s_—1996 J
Gen 4s registered
1996 J
2
x
83
1969 MiV
16M
10%
x
75 M
83
108M
110M
93 M
13 M
cc
M
26
90
{♦Proof of claim filed by
General 5s series B
110M
7M
c
J
27
25%
18
aa
12 H
cc
High
23
aa
7
z
x
110M
aa
185
z
D y bb
Low
18
1966 MA'
11 M
z
D y bb
No
17%
1970 MiV
10M
*16%
D y bb
D
108
aa
11M
9%
J2M
aaa2
Cleve Cln Chic A St Louis Ry
.1993 J
General g 4s
83
Jan. 1
23
1st mtge 3MS
1st mtge 3M«
3
19
May 1 1965 MN
....1967 MiV
10 M
x
J
23
15M
cc
3%8__1966
1967
Cin Leb A Nor 1st con gu 4s. 1942
Cln Un Term 1st gu3MsD__ 1971
1st mtge gu 3 Ms ser E
1969
Clearfield A Mah 1st gu 68—1943
"24 M "39
15%
z
-
23 M
*20 M
cc
z
x
15
cc
z
1934 A O
A
"18
24 M
24
z
M S
'23 M
16 %
cc
Cincinnati Gas A Elec
1st mtge 3 M«
23 M
ccc
J
M
15M
cc
z
series F.—1963
Chic A West Indiana con 4s. 1952
1st A ref M 4 %s series D—1962
Chllds Co deb 5s
1943
178
15%
z
z
guaranteed..———1951
: 24
23 M
*15
22
23M
z ccc
1st mtge 3Ms
M
"lb
1988
5s.. 1951 J
'
J
Gold 3 Ms
...June 15 1951
Memphis Dlv 1st g 4s
1951 J
Chic T H A So'eastem 1st 5s. 1960 J
Income guar 5s
Dec 1 1960 M
*
Chicago Union Station—
J
1st mtge 3%s series E—..1963
22%
21%
16
29 M
z
Ch fit L A New Orleans
ccc2
f 5s
*21 M
82 M
High
1st mtge 3 Ms
300
22
ccc
z
M S
2M
*19
z ccc
I960 MN
1960
s
■21H
18M
273
29
z
J
9
22 M
♦21
ccc
F
J
10
8M
ccc
MJV
♦Certificates of
3%s
22
36 M
cc
IN
4Mb
29
ccc2
J D
J D
J D
MiV
{♦Secured 4 Ms series A...1952
♦Certificates of deposit
cccl
Since
Asked
94 M
69
""36
36
A
22
35 M
37 M
36
MiV z ccc
MiV z ccc
MiV z ccc
MiVzccc
4M«registered.-.------1987 MiV z ccc
♦Gen 5s stpd Fed lnc tax-1987 MiV z ccc
z CCC
♦4Ms stamped..
—..1987 MiV
{♦Refunding gold 4s
♦Certificates of deposit
1956
1st mtge 3 Ms
U9M
8M
9M
36 M
36 M
1987
4sregistered
1987
♦Stpd 4s n p Fed lnc tax.1987
♦Gen 4 Ms stpd Fed lnc tax 1987
deposit
registered
♦Debenture 4a
21M
73
ccc2
5s...——May 1 2037
♦1st A ref 4 Ms stpd May 1 2037
♦1st A ref 4 Ms C-May 1 2037
♦Conv 4%s series A
1949
{ {♦Chicago Railways 1st 5s stpd
Aug 1940 25% part pd_.1927
{♦Chic RIA Pac Ry gen 4s—1988
4s registered
1988
cccl
20
27
9M
35 M
ccc2
♦General 4s—
1st ref g
27
25 M
9
ccc2
4
39
32 M
*24 M
1
z
10
33 M
8%
J ybb
J ♦Secured 6 Ms.---------1936
1955
Consolidation Coal
A
20M
*21M
cccl
♦Debenture 4s
Range
is
Friday's
Bid
91
78%
35
*22%
*21M
ccc2
J z ccc2
--J987
22
67
66
J
—1987
registered-
3
1
J Sale
Price
k
Low
Railroad & Indus. Cos. (Cont.)
{♦Consol Ry non-conv deb 4s 1954
♦Cuba RR 1st 5s
24 M
114
MN
♦General g 3Ms
5
83 M
«...
J
B.May 1 1989
C.May 1 1989
♦Gen 4 Ms series E.May 1 1989
♦Gen 4Ms series F.May 1 1989
{Chic Mllw St Paul A Pac RR—
♦Mtge g 5s series A——.-1975
♦Conv adj 5s
..Jan 1 2000
t Chicago A North Western Ry—
♦Conv g
94
bbb3
2
J
Ms series
4s ctfs
"96
x
♦Gen g 3%s ser
♦
16
x
{Chic Milwaukee A St Paul—
♦Gen 4s series A—May 1 1989
3 Ms
52
82 M
77 M
J
5s series A
1966
J
♦1st A gen 6s ser B„.May 1966
J
Chic Ind A Sou 60-year 4s—1956
112
16
SIM
97 M
94
a
x a
See
Consumers Power Co—
92 M
89 M
J
♦st A gen
High
12«M 132M
102M 106
102M 105M
120% 122 M
14M
2
a
32
92
*
ybb
yb
A. 1988
2038
{♦Chic Ind A Louisv ref 6s—1947
♦Refunding g 5s series B—1947
♦Refunding 4s series C
1947
♦Gen 4
14M
2
a
x
Chicago A Eastern 111 RR—
J
J
♦Gen mtge lnc (conv) ——1907
MN
Chicago A Erie 1st gold 5s—1982
Chicago Gt West 1st 4s ser
♦Gen lnc mtge 4Mb
Rating
Week Ended June 6
Range or
Elig. A
N. Y. STOCK EXCHANGE
NO. Low
121"
x
BONDS
Since
aa
x
2d consol gold
104%
103 M
104 M
x
4s
1989
3fl
1949
Q—111 Dlv 3%s 1949
3 %s registered
.—1949
Illinois Division 4s
1949 J J
4s registered
1949
General 4s...—————1968 M~8
1st A ref 4%s series B
1977 F A
1st A ref 6s series A
.1971 PA
Range
Jan. 1
II
A
1941
Week's
Friday
Bank
Range or
SaU
Set a
STOCK EXCHANGE
Week Ended June 6
June 7,
Week'/
Friday
35%
90%
84%
{♦Georgia A Ala Ry Ss.Oct 11945 J
J
z
cccl
*11
17
10
14
Series A 4 Ms guar
.1942 J
J
aa
l"02% Io§M
{{*Ga Caro A Nor 1st ext 68.1934
J
z
c
2
*18
22
18
23
Series C 3%s guar
.1948 MN
a a
109
109
21
33
Series D 3 Ms guar
.1950 F A
aa
108
108M
Gen 4 Ms
.1977 F
a
♦Good Hope Steel A Ir sec 7s. 1945 A O z
Goodrich (B F) 1st 4Mb
1956 J D x bbb2
Gotham Silk Hos deb 5s w w.1946 M S y bb 2
Gouv A Oswegatchle 1st 5s..1942 J D y b
2
J
Grand R AI ext 1st gu g 4 Ms 1941
aaal
...
series A
*102
*108
A
*106 M
J
Cleve Short Line 1st gu 4Mb
1961
O
Cleve Union Term gu 5%s.
1972
O
bbb2
f 6s series B guar— 1973
1977
f 4 Ms series C
O
bbb2
O
bbb2
Coal River Ry 1st gu 4s— 1945
Colo Fuel A Iron gen s f 5s. 1943
D
aa
A
bbb2
O
bb
lst a
1st s
♦6s income mtge.———, 1970 A
a
bbb2
bbb2
x
bbb2
Debenture 5s
Jan 15 1961 J
Columbus A H V 1st ext g 4s.1948 A
bbb2
M
Columbus A Tol 1st ext 4s-.1955 F
J
x
O
x
w
w
88
18
77
78 M
85
69%
71M
76
70
M
x
80
22 M
103 M
103 %
103M
103%
103 M
103 %
*110
106 %
z
cc
1
D
x
aa
J
x
44 %
90
79M
73
106 M
77
85 M
26
107*
10
"II
103M
103M
103M
114M
43
Conn A Pasump Rlv 1st 4s.. 1943
O
x
bbb2
111M
J
x
aa
J
x
aa
3
1961
114M
44 M
113
109 M
112
29
44M
bbb3
90 M
100 M
x
bbb2
x
{{♦Housatonlc Ry
.1956 A O
x
aa
3
101% 106 M
103M 106M
x
aa
3
3623.
24
15
97 M
97%
82%
22
102% 106 M
♦Harpen Mining 6s
Hocking Val 1st cons
1949 J
z
z
b
ser
y
bb
5
9%
2
87
92%
79
90
8
92%
"~5
24
8%
62
73%
19
36
50
89
89
109%
90%
103% 104%
108% 111%
104%
109%
128%
104%
bb
5s. 1937 MN
RQ
26
104%
105% 109
103% 108%
97% 104%
95%
89%
89
95%
100
105%
95
99%
80
87%
64
62%
z
x
4 Ms. 1999 J
cons g
Houston Oil 4Mb debs
Hudson Coal 1st s f 5s
J
J
O
1954 MN
g
46 M
253
63%
71
a
s f 4Mb
1961
Gulf States Utll 3 Mb aer D..1969 MN
105M
105 M
cccl
Gulf States Steel
104 %
107 M
105
z
119
aa
105 M
61
^47:^
x
bbb2
21
46%
Hoe (R) A Co 1st mtge
z
14
92
90
103M 105M
x
91%
101%
89%
106
J
7
bb
104 M
D
22
81%
*60
9!
107%
104%
100%
bb
Bj.1950
109 M
106M 108M
80
y
105 %
107 M
81%
bb
73
y
104 M
107 M
97 M
bbb3
95
63
63
A
aa
J
bbb3
x
95
71%
1st mtge 5s series C
1950 A
Gulf Mobile A Ohio 4s ser B 1975 J
aa
1958 J
x
y
ccc2
109M
108M 109M
95
100%
100% 101%
8%
92%
x
deb 3Ms.-.1951
soe page
90 M
bbb3
x
x
J
For footnotes
bbb3
x
A
Upper Wuertemberg 7s. 1956 J
conv
x
3
y
♦Consolidated Hydro-Elec Works
of
General 4Mb series D
1976
General 4Mb series E
-1977
General mtge 4s series G..1946
Gen mtge 4s series H
1946
99%
90%
90%
100%
1946 A O
1948 A O
Consol Edison of New York—
Consol Oil
104%
100
a
101
119
104 M
106%
104 %
bbb3
b
101
2
107 %
bbb3
x
Gen mtge 3Ms series I
1967 J
♦Green Bay A West deb ctfs A
Feb
♦Debentures ctfs B
Feb
104% 106%
74%
81%
62%
70%
x
x
19
78
*85%
^.1973
General 5s series C
1
*100I32
bb
*117
109 M
*74%
70%
y
119M
*109%
108 %
Great Northern 4Mb ser A..1961
General 5 Ms series B
1952
106
22%
106%
*100
J y
1st A gen st 6M8
y
107% 110
111
109 M
-.1950
106
2
♦Gen mtge lnc 5s ser A
.2015 J
Gulf A Ship Island RR—
1st A ref Term M 5s stpd..1952
33
111M
Grays Point Term 1st gu 5s..1947 J D ybb
Gt.Cons EI Pow (Japan) 78—1944 F A y
Gulf Mob A Nor 1st 5 M8
284
*100 M
2
1951
106
106
105 M
104% 108
34 M
a
3 Ms debentures
88M
18
20
108M
1968
3 Ms debentures
74M
113
1958
3 Ms debentures
3 Ms debentures..:
103 M
103 M
103 M
A
1st mtge 3 Ms series I
Conn Rlv Pow 8 f 3%s A
217
*111
Conv debs 3Ms..
Conn Ry A L 1st A ref 4Kb. 1951
84 M
IoI%
81
21H
Commonwealth Edison Co—
8tamped guar 4 Ms
105 M
80
aa
Apr 1 1969 May
*80
68
*104 M
aaa2
S
♦Commercial Mackay Corp—
Income deb
86
77
13
x
3Ms 1970
107% 107M
"82 %
88
105
Columbia G A E deb 5s.May 1952 ilf N
Debenture 6s__—.Apr 15 1952 A O
Columbus A Sou Ohio El
*80
22
b
Colo A South 4 Ms series A.. 1980 M N
107%
*107
1981
Gen A ref 4 Ms series B—
22 M
1944 A
A. 1962 J
D y cc
Hudson Co Gas 1st g 5s
1949 MN X aaa3
Hudson A Manhat 1st 5s A.. 1957 F A y b
3
♦Adj income 5s.
Febl957 A O z cccl
63
103 H
39
129%
4
93%
aaa3
93%
5
63
63
8
103%
103%
7
36%
39%
307
"45"
10
56
112
*120
"44%
127% 129%
85%
93%
44%
9%
10
-
65
101% 103%
26%
39%
121% 127
25
Attention is directed to the column Incorporated in this tabulatlonpertalning to bank and eligibility rating of bonda. See *
43%
9%
48%
13%
Volume
New York Bond Record—Continued—Page 4
152
Batik
BONDS
N. Y.
Railroad
Rating
Price
A
J
Jx aaa3
1951
1951
1st gold 33*3
-1951
Extended 1st gold 33*s—1951
1st gold 3a sterling
1951
Collateral trust gold 4a
1952
Refunding 4s
1955
Purchased lines 3 3*9
1952
Collateral trust gold 4s—-1953
Refunding 5s
1955
40-year 4?*s
Aug 1 1966
Cairo Bridge gold 4s
1950
Litchfield DIv 1st gold 3s._1951
J
3
J
3
102?*, 1015*
BONDS
Range
XS-.
N
Since
Friday's
Bid
ILow
A. 1981
Illinois Bell Telep 2 ?*s ser
Range or
Sale
See a
Cos. (Con/.)
Indus.
&
Last
Elig. A
| |T
i^o.
EXCHANGE
8TOCK
Week Ended June 6
High
High
No. Low
1003* 1023*
92
1023*
Railroad &
j
x
A
O
x
bbb3
Mob A Montg 1st g 43*8—1945 M S
J
South Ry Joint Monon 4s.1952
x
a
97
x
bbb2
Atl Knox A Cine Dlv 4s.. 1955 M N
x
a
21
533*
533*
54
36
F
46
46
465*
803*
91
D
J
x
bbb3
j
x
bbb2
J y bb
j
3
49
49
1
A y bb
63
2
2
bb
♦583*
bb
1
I
445*
*743*
♦163*
cccl
M 8
A
a a a
O
aa
3
cccl
1956
cccl
C—
1956
Internat Hydro El deb 6s—1944
Int Merc Marine s f 6s—
1941
1043*
cccl
cc
♦1st g 5s series
13
1
IM
123*
123*
2
40
ccc3
2
1955
M S
b
2
104?*
Af N
bb
2
793*
793*
503*
226
403*
51
46
115
373*
48
25
33
753*
74
78
19
203*
155*
1063* 106 3*
102?* 1073*
99
15
98
~24
133*
97 3* 103
16 3*
8
74
13*
123*
9
125*
405*
833*
793*
12
44
142
26
29
2
....
15*
,
H
83*
16
1951
1952 A/N
C—1979 J 3
Michigan Codsoi Gas 4s
1963 M S
t§4Mld of N J 1st ext 5s
1940 A O
U*M11 & No 1st ext 43*3—1939 J d
♦{Con ext 43*8
1939 J d
t*Mll Spar & N W 1st gu 48.1947 M S
3
t 5*M11w & State Line 1st 3 3*s.'41 J
j*Mlnn A St Louis 5s ctfs
1934 MN
♦1st & ref gold 4s
1949 M S
♦Ref A ext 50-yr 5b ser A-.1962 q F
393*
515*
71
89
102?* 1045*
101?* 1043*
47
Mo Kan A Tex 1st gold 4s.
323*
49
Missouri-Kansas-Texas
535*
55
12
5,*
585*
40-ydar 4s series B
98
985*
6
953*
99
923*
41?*
923*
2
92 3*
953*
♦Cum adjust 5s ser
423*
42
325*
41
413*
30
32
45
683*
43
63?*
69
733*
20
69
753*
bb
1
'"535*
a
2
98
D
1
1
bbb3
b
"423*
1
1
bb
2
683*
73
73
1073*
107?*
91
3
108
14
Prior lien 5s ser A
15*
M N
2
101H32
3
a
3
1103*
J
cccl
ccc2
z
ccc2
z
M S
z
c
353*
8
363*
22M
313*
25
....
23*
653*
15
83*
23*
453*
263*
32
21?*
107
283*
593*
"""l"
34
213*
c
1
66 3*
*28
cc
z
213*
cc
z
J
6?*
13*
10?*
10
40
8?*
12 3*
133*
12?*
1?*
3
J
2
10
"iu
10?*
123*
103*
*33*
1J*
103*
J y bb
3 yb
j
bbb2
*80
bbb2
*89
bbb2
1103*
693*
80?*
923*
*82
123*
7
7?*
103*
35
8?*
4
1?*
13*
*65
?*
66 3*
87
36
36
53
87
53*
2
693*
2
77?*
89
373*
71
243*
40?*
283*
24?*
253*
30 3*
204
12?*
323*
253*
21
11
27 3*
27
55
113*
28?*
12
x
33*8.-1997
J
1997
J
D
1975
Dec y cc
J
J y bb
12 3*
46
33*
14
164
19?*
19?*
25
13*
193*
2?*
25J*
243*
102 3* 105 3*
--I960
6s debentures
1965
Montana Power 1st A ref 3?*s '66
Montreal Tram 1st A ref 5s—1941
Gen A ref s f 5s series A—1955
Gen A ref s f 5s series B„.1955
Gen & ref s f 43*s series C-1955
Gen A ref s f 5s series D—1955
Morris A Essex 1st gu 33*8-2000
Constr M 5s series A
1955
Constr M 43*8 series B—1955
Mountain States T A T 33*8.1968
Mutual Fuel Gas 1st gu 5s. 1947
33*
4
94
97
47
923*
96
563*
573*
97
66
65
96
5
965*
95
97
643*
633*
653*
62?*
27
59
64?*
615*
12
49
61?*
61
64
10
50
64
"613*
64
*87
100 3*
1003*
903*
x
bbb2
853*
903*
853*
A
J y
bb
2
2
2
275*
273*
883*
82
903*
1003*
903*
853*
95
1003*
903*
853*
95
913*
z
--1944
1954 F A z
z
♦5s stamped——
1954
♦1st A ref s f 5s
1964 F A z
z
♦5s stamped.
1964
♦1st & ref s f 5s
1974 Fa z
z
♦5s stamped
1974
y~3 z
♦Sec 6% notes extended to 1943
z
♦6s stamped-—-———1943
F A
Leh Val Harbor Term gu 5s—1954
j
A
Lehigh Valley N Y 4 3*s ext. -1950
333*
71
695*
71
70
71
12
683*
35
60?*
♦963*
695*
965*
*40
423*
2
modified-—--2003
registered
—2003
modified.--2003
registered
2003
4Mb stamped
modified-----2003
ext 5s
1951
A East 1st 60-yr 5s gu„ 1965
Leh Val Term Ry
Llbby 48—1955
Tobacco 78-1944
5s debenture
1951
Lion Oil Ref conv deb 43*8.-1952
Little Miami gen 4s ser A
1962
Loew's Inc s f deb 3 Mb
1946
Lombard Elec 7s series A
1952
♦Long Dock Co 35*8 ext to—1950
J/N
50
a
O
B——-—2003
series C
2003
D
2003
1st A ref 35*8 series E
2003
Unlf mtge 33*s ser A ext—1950
Unlf mtge 4s ser B ext
1960
Paducah A Mem Dlv 4s__1946
St Louis Dlv 2d gold 3s—-1980
3623
1
473*
973*
473*
1
49
483*
cc
263*
273*
245*
cc
29
293*
283*
295*
543*
*335*
cc
bb
55
k
a
a.3
A
aaa3
O
bb
2
F
a
1253*
99
50
32
45
33
1st
ccc
ccc
F.
A
MN
M
z
3*
421
21?*
21?*
52
19
127
20
-----
22
*21
1 J*
M S
bbb3
M S
bbb3
a
o
aaa2
F
A
aa
aa
'"87"
2
aa
2
1253*
983*
49
43
52
273*
154
245*
303*
283*
333*
11
63
1
60
55
22
....
163*
143*
173*
295*
*21
20
-
-
«ir—
"
26
193*
—
27
233*
203
%
25
13*
20
26
20
20 3*
21?*
12
19
803*
10
79 J*
593*
....
53
57
22 3*
ccc
bb
-----
22 3*
213*
-----
bb
z
a
"276
193*
y
*1113*
bb
112""
112
a
1063*
1063*
106 3*
y
bb
b
y
y
b
b
——
393*
393*
40
37
403*
40
40?*
36
43?*
42?*
35
35
363*
303*
39
d
x
aaa2
MN
x
a
J
108?*
108?*
107?* 109?*
116
116
1153* 117
2
117
119
14
124
131
13
95
100
105"
17
104" 165"
96 3*
96
2
955*
983*
96
963*
7
955*
983*
92
86
a
3
a
3
*1065*
bbb2
105?*
104
88
3
105
*82
1965 A
1954 J
O
d
1043*
to43*
68
1043*
1033*
103
1033*
102
104?*
101 3* 106?*
1043*
10JiM
J
z
bb
J
z
bb
d
x
aa
122?*
1961 Af N
1243*
54
"543*
70
54
54
54?*
9
122?*
8
x
aa
1986 F
A y
bb
*65
1960 a
1983 j
o
x
a
108
J
y
bb
y
bb
x
bbb2
*76
20
1243*
72
1083*
124
50
60
823*
54
122?*
1243*
1063*
120
89
*120
1945 3
72
1043*
103
105
.
1945 j
1952 J
1
69
683*
1043*
603*
127?*
123?* 1313*
45?*
122
70
"21
863*
107
79
67
713*
75
1083*
A Imp 43*8 A'52
New Orl Pub Ser 1st 5s ser A.1952
1st A ret 5s series B
1955
New Orleans Term 1st gu 4s. 1953
N O A N E 1st ref
tS*N O Tex A Mex n-c Inc 6s
♦Certificates of deposit
x
z
z
65
80
'
♦1st 63*s series
Newport A Cincinnati
Gen gtd 4 3*8
Bdge Co—
1945
j
J
1063*
"72"
68
76
353*
30
39
30
363*
413*
38
*35
41
*39
413*
44
35 H
32
453*
423*
443*
393*
*373*
b
aa
413*
b
x
*35
b
z
1954
A_
♦Certificates of deposit
35
--J
b
z
703*
b
z
series D
—1956
♦Certificates of deposit
723*
105?* 106?*
1053* 106?*
*106
b
z
♦Certificates of deposit
♦1st 43*s
1
b
z
1956
♦1st 5s series C
b
z
♦Certificates of deposit
106
b
z
1935
b
106 3*
bbb2
z
713*
bbb2
x
1954
♦1st 5s series B
3
393*
323*
42
42
33?*
33?*
45?*
32
413*
*
♦
"413*
393*
2
42?*
393*
*107
107
393*
107
"
303*
.1033*
3
a
123
93
Ox bbb3
aa
1043* 1063*
22
Ox bbb3
x
x
3
1954 Af N y b
d x aaa3
1948 j
120
7
863*
2
bbb2
57
5
1193*
1243*
2
a
x
^♦New England RR guar 6s.
♦Consol guar 4s
—
New Eng Tel & Tel 5s A
1st g 43*s series B
N J Junction RR guar 1st 4s.
N J Pow A Light 1st 43*8—.
New Orl Great Nor 6s A---.
39
MN y ccc2
x
^♦Naugatuck RR 1st g 4s. 5s.
50
MN y ccc2
a y bb
Newark Consol Gas cons
39
65
D
3?*a
1023* 1063*
85
623*
b
y
3
---.
39
——
b
y
*-
35
64
40
63
1949 M S
Natl Supply
108?* Ill
1103* 113
1123*
z
y
1960 J
353*
955*
A
88
-
13*
24?*
253*
243*
863*
1978 F
L 4s ser A33*s debsProd 3 3*8—
National Steel 1st mtge 3s...
303*
193*
485*
25
1083*
86
W
243*
803*
*53?*
-----
Nat Distillers
323*
6
99
97
1193*
1243*
87
108?*
*108
1035*
-
22
Nash Chatt A St
28
25
A
3
973*
43
12
1193*
1255*
Ox bbb3
a
825*
18
49
1055*
A
bbb3
5
48
119
*96
1193*
2
bbb2
"973*
853*
96
963*
23
'
13*
22?*
ccc
z
S
mtge 4 3*s
96
993*
99 3*
119
1223*
123
128
823*
1083* 110
1075* 1093*
1035*
985*
102
923*
865*
1043*
92
108
1053*
88
875*
1055*
973* 101
965*
86
915*
1033* 1055*
1055* 1093*
1045* 1063*
853*
88
4s series A
1998
10-year 3?*s sec a t
1946
Ref A lmpt 43*8 series A—2013
Ref A lmpt 5s series C
2013
Conv secured 33*8
1952
N Y Cent A Hud River 3 3*s. 1997
33*8 registered—
1997
30-yr deb 4s 1912
1942
Lake Shore coll gold 33*8.-1998
33*8 registered
—1998
Mich Cent coll gold 33*8—1998
33*s registered
1998
New York Chicago A St Louis—
Ref 53*8 series A
1974
Ref 43*8 series C
1978
4s collateral trust
1946
1st mtge 33*8 extended to 1947
3-year 6% notes
1941
N Y Cent RR
1950
Y Connecting RR 33*8 A—1965
6s debentures
N
Attention is directed to the column incorporated in this tabulation
ccc
Or
22
22 3*
ccc
A
"45
46
853*
95?*
2
bbb2
Ax
Sx
433*
353*
118
1043*
25
bb
M S
Ox
J .x
3 x
51
35
*100
2
D
A
J
J
F
M
373*
1055*
119
aaa2
O
51
"50"
50
bb
M2V
A
50
*95
a a
j
95
36 3*
*47
O
a
80
45
bb
45
50
45
bbb3
J
3
5s ser
M -S x
Louisville Gas A Elec 3 Mb—1966
Af S,x
Lou A Jeff Bridge Co gu 4s—1945
Louisville A Nashville RR—
1st A ref 4s series
453*
j
Liggett A Myers
1949
1949
1944
1951
A .1969
o
36
*45
cc
Af N
Llbby McNeil A
unified 4s—___1949
50
51
cc
Af N
933*
*95
stamped
♦1st & ref s f 5s—
stamped
45
693*
Ox bbb3
MSyb
28
25?*
62?*
Co—
Lehigh Valley RR—
ccc
!z
_
23*
13*
213*
21?*
ccc
AfN'z
22
223*
Af S z ccc
MlViz
22 3*
213*
*21
2
Monongahela W Penn Pub Ser—
104
223*
-----
cc
Jz
.
Nat Dairy Prod
Lehigh Coal A Nav s f 4 3*s A 1954
J
Cons sink fund 4Mb ser C-1954
4s.—1945
ccc
z
106 3* 108
Ltd—
RR 4s A-1965
ccc
z
♦Certificates of deposit
1063* 1083*
96
bbb2
z
z
1063*
*15*
j y bbbl
D x bbb2
cc
lz
1981
♦1st A ret 5s series 1
z
S
;
108
104
J
j
a
M
1063*
M S
y
12
F
108
bbb2
*1623*
104
1
1975
1977
H
♦Certificates of deposit
91
86
253*
1965
4a
1683*
bbb2
1
88
813*
283*
24?*
2
O
161
J
a
'773* "813*
2
2
A
170
J
M S
y cc
♦Certificates of deposit
~
ccc2
y cc
♦Certificates of deposit
♦General
y
J y cc
J
{♦Mo Pac 3d 7s ext at 4% July '38
Moh'k A Malone 1st gu g 4s.l991
aaa3
J
1st A ref 4Mb
1962
1962
D—1978
A--Jan 1967
♦1st A ref g 5s series
O
j
1990 J d
1093* 1103*
J
1941
For footnotes see page
34
z
z
J
110
j
3% to.--—1947
1st & ref 5s series
103
37
*58
J
1949
1980
j
ccc2
debenture...
18
37
1
3
j
1978
*25
y
5s
106?*
b
106
cccl
z
3
♦Conv gold 53*8
1
y
Louisiana A Ark 1st
„
♦1st A ref 5s series A
f
RR—
deb 7s
2
z
cc
^lst & ref 5s series G
♦Certificates of deposit
a
bb 1
bb 1
ccc2
4s
a
x
z
lOD'ailOS
3
-
stamped
991*
703*
J
IOI1I32 10Uu
*10
bb
bbbl
4s
185*
♦10
'MS
y
Guar ref gold
64
1
t Missouri Pacific RR Co—
107 3* 109
185*
z
Lorlllard (P) Co
95?*
8
RR—
♦1st A ref 5s series F
5s 1939
Long Island
70
5
463*
c
J
5s.
1942
series C—-1953
Coll & ref 53*9 series D—1960
Coll tr 6s series A
1942
Coll tr 68 series B
1942
Lex
67
97
683*
1
Prior lien 4 3*s series
Af S
Coll A ref 5 3*9
4 Mb
75
97
66 3*
c
53*3
303*
♦85
bbbl
6s stamped
*63
c
.—1949
B—1978
t*Mo-Ul RR 1st 5a series A.1959
♦25-year
833*
z
4s
6
30
2
cccl
♦1st A ref 53*s series
125
1961
6s—1997
Kings Co Lighting 1st 5s
1954
1st & refers
1954
Kresge Foundation 3% notes 1950
t*Kreuger A Toll 5s ctfs—-1959
4s
69
3?*
30
b
z
793*
275
4Mb unguaranteed
Kings County El L A P
♦5s
3
54
53*
bbb3
z
763*
463*
13*
1961
Lehigh Valley Coal
59
y
1946 j
♦1st A ref 6s series A
44 3*
1961
Lehigh A N Y 1st gu g
1113*
x
z
^{♦MStP&SSM con g 4s Int gu *38
{♦1st cons 5s
1938
{♦1st cons 58 gu as to Int—1938
453*
Stamped
Lehigh A New Eng
79?*
105?* 107
109?* 1123*
106?*
53*
*30 3*
z
Ref A lmpt 4 3*s series
43 3*
Plain
♦1st mtge Income reg
*111
16
8
16
1045*
1043*
101
Jack Lans A Sag 33*8
1st gold 33*8
455*
1st 4s
1960
(Rudolph) Inc—
♦ctfs w w stmp (par $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 43*8.1961
Nitrate Co
106?*
2
*55
5 y bb
M
"433*
3
b
registered
85
73
Michigan Central-
Karstadt
33*8
973*
783*
793*
dddl
cccl
aaa3
Lautaro
86
85
z
cccl
bb
bbb2
Lake Sh A Mich Soug
96?*
aa
J
4s 1936
2d gold 5s
1
"973*
bbt>3
A
1st gold 3s
1950
5s
Apr 1950
5s extended at
963*
973*
x
F
Kansas City Term
Lake Erie A Western
863*
963*
1
x
j
Steel 33*8.1961
Mich 1st gu g 4s 1990
Ref A ext mtge
88 3*
31?*
973*
*15 3*
M S
1952
J*Iowa Cent Ry 1st A ref 4b. 1951
Clear 1st 4s.1959
{♦Laclede Gas Lt ref A ext
44
25
cccl
76
91
A
Jones A Laughlln
Ref A lmpt
363*
44
*75
F
James Frankl A
Kan City Sou
28
72
ccc2
1955
H*K C Ft S A M Ry ref g
♦Certificates of deposit
53
9
333*
86
ccc2
60
803*
48
87?*
z
58
743*
19
*81
z
1947
Teleg deb g 4 Mb
Debenture 5a
113?*
a
ser A Apr 1940
A
(Stamp mod) ext 5s
1945
Mead Corp 1st mtge 4)*S-—1955 M S
65
101
Amer 1st 5s B.1972
105?*
103
52
*403*
{♦Market St Ry 7s
65
♦995*
985*
123*
1M
123*
123*
393*
81
Stamped
333*
105
6
513*
323*
"51M
1
63
79?*
z
60
1043*
1043*
104j*
1043*
515*
615*
f 6s„ 1947
-
113?*
bbb2
O y bb
O y bb
63
51
104
83
b
bb
B.1947
1st lien A ref 6 Mb
Kanawha A
"985*
bbbl
49
s
90
111
—
79 3*
x
Metrop Ed 1st 4)*s series D.1968
Metrop Wat Sew & D 53*8—1950 A O
t§*Met W Side El (Chic) 4s. 1938 F a
♦Miag Mill Macb 1st s f 78—1956 J d
5
48
♦107
2
^♦Int-Grt Nor 1st 6s Ber A—1952
♦Adjustment 6s ser A.July 1952
Int Telep A
493*
445*
r
bbbl
47
613*
293*
495*
bb
bbbl
s
47?*
♦45
64
433*
433*
47 3*
2
2
803*
Marlon Steam Shovel
112
88
109
1053*
113
2
1960 j D y b
Manatl Sugar 4s s f._.Feb 1 1957 MN y ccc2
Manila Elec RR A Lt s f 5s„1953 Af S y bbbl
49
v
W
1053*
2
Gen mtge 4 3*8 aeries A
Manila RR (South Lines) 48-1959 Af N
15»Man G B A N W lat 33*91941 J 3
55
112
27
1133*
High
1
■v,
1053*
b
Low
1
893*
1
a
z
No
109
2
x
1
Jan.
110J*
893*
109
*
D y bb
44
595*
453*
473*
3*
893*
3
Since
Asked
High
*108
3
z
M S
1945
593*
585*
....
59 vs
3
46
ser A.
78
44?*
J y bb 3
j x bbb2
y
65
455*
475*
35 3*
2
2
J y bb
J y bb
3
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38 3*
39
12
3
A y b
Inspiration Cons Copper 4s_1952
Interlake Iron conv deb 4s.-1947
Ref
^♦McKesson A Robblns 5 3*s 1950
45 5*
45
F
Int Rys Cent
107
39
Maine Central RR 4s
70
44 3*
1951
48 registered
1951
111 Cent and Chic St L A N O—
Joint 1st ref 5s series A—1963
lBt A ref 43*s series C
1963
♦Ilseder Steel Corp 6s
1948
Ind 111 A Iowa 1st g 4s
1950
^♦Ind A Louisville 1st gu 48.1956
Ind Union Ry 3 Mb series B.1986
InlaDd Steel 1st mtge 3s ser F 1961
Paper 5s ser A A
f 6s series A
38
♦Lower Aust Hydro El 63*8-1944 F A
McCrory Stores deb 33*s
1955 A O
485*
475*
895*
17
903*
44 j*
J
Internat
10
933*
933*
895*
MAT y b
M N yb
1951
1951
♦1st 5s series B—
2
93
A
Low
(Cont.)
Louisville A Nashville RR (Concl)
90
Range
IS
Friday's
Bid
Indus. Cos.
88
43>*
j
Price
a
92
453*
433*
A y ccc2
See
Range or
Sale
Rating
97
445*
433*
Springfield Dlv 1st g 33*8-1951
4s
45 m
44 m
F
Western Lines 1st g
90 3*
♦30
455*
MN y b
j
J y b
1953
1951
38—1951
registered
■
"93"
Af S y bbbl
A O y b
2
j
3 3*s
'
■
bbb3
Loul8v Dlv A Term g 3 Ms.
Gold 3 3*8
bbb3
x
J
Omaha Dlv 1st gold 3s
St Louis Dlv A Term g
t
Last
Elig. A
STOCK EXCHANGE
Week Ended June 6
Week's
Friday
93?*
97
bbb3
x
Y.
Jan. 1
Asked
Illlnola Central RR—
let gold 48
4s registered
3621
Bank
Week's
Friday
F
a y bb
613*
A
O y bb
a
o y b
a
o y b
M N y
j
93?*
105
58
59
181
603*
89?*
55?*
633*
633*
60?*
643*
104
61?*
61?*
102
59?*
60?*
bbb2
J
43
58
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62?*
93?*
613*
93?*
80
80
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,
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a
a
J
a
30
80
14
100
803*
953*
633*
69?*
673*
873*
83
101
653*
65 3*
1
64?*
70
623*
62 3*
1
603*
643*
*603*
62
59?*
68
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bb
A
81
80
101
693*
593*
563*
65
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2
73?*
73?*
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2
61?*
61?*
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63
A
x
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157
543*
92 3*
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26
90
76?*
65
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1
99
99
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45
90
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95
11
79
95
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aa
2
14
983* 101
o
993*
100?*
pertaining to bank eligibility and rating of bonds.
See a.
New York Bond
3622
Bank
EUQ. 4
BONDS
Y. STOCK
N.
Friday
Last
Railroad
Range
Rating
Sale
See i
EXCHANGE
Price
Week Ended June 6
N Y Edison 3Hn aer
Range
jc 2
Asked
No. Low
High
N. Y.
1
Jan.
High
35
63 k
17
60
67 k
Peoples Gas LAC ouna 6s
Refunding gold 5e
194? A O
194? M 8
Peoria A Eastern 4s ext
I960 A
56.1948
108k
108k
108k
108k
6
106H 108k
9
107 H 110 H
O
108 k
121
121
121k
A
115
115
115
5
50
50
2
{♦N Y A Greenwood Lake 5el946 J/N
N Y A Long
.
——-
Branch gen 4a.. 1941 M 8
J
registered
——1948
(♦Collateral trust 6a
1940
6a
58 k
100 k
95
100 k
95
—-
*
I
23
M
97
19
26 k
17k
17k
18k
18k
26k
26k
27
27
18
1
22 k
22
14
26k
61
20k
29 k
25 k
13
22
27
41k
29
33 k
z
5
207
84
17
3k
20
78
6
62
Ik
Ik
Ik
1
49k
7
,
48 k
109 k
J
99
110
*105k
6
108 k
---
106k
J
z
cc
*30
A
§♦26 gold 4 Ha
—1937
(♦General gold 6a——1940 F A
♦Terminal let gold 5a——1943 M N
J
1* Y Telep 3Ha ser B
—1967
N Y Trap Rock let 6a
1946 J D
6s stamped
1946
{(♦N Y West A Boat let 4 Ha 1946 f J
Niagara Falls Power 3 Ha—1966 U S
Nlag Lock A O Pow 1st 6e A. 1956 A O
Niagara Share (Mo) deb 6 Ha 1960 M N
{(♦Norf South lat A ref 6e..l961 F A
z
cc
*13
F
z
cc
z
cccl
y
c
26
»
•
m -
2
83 k
109 k
94 k
mmm
-
1
94 k
40
9k
9k
61k
-
13 k
13k
b
108k
105k 108k
32 k
*58
b
z
14
106k
109k
y
93
3k
a
3k
40
110k
109k
110k
109k
103k
21k
21k
7
b
z
3k
109k
x
y
cc
103 k
z
cc
z
21
20 k
cc
z
5s.... 1961
♦Ctfa of dep (Issued by reorgan¬
isation manager) 5s
1941
97
b
109
111
2
108 k 109 k
4
102k 104
6
4s called (July
20 k
21k
12k
7
12k
22
21k
100
100
10
120k
126 k
127
16
A
104 k
104k
104k
17
103 k
103k
12
104
104k
13
A
Debenture 3H®
Debenture 4s...——-—1959 F
.
1
A
4a—1996 O
1949 F
1964 F
Norf A W Ry 1st cons g
103k
A
1)
*103k
1974 M 8
North Cent gen A ref 6e
*U
';,\v
1974 M 8
Gen A ref 4 Ha series A
16k
95k 101k
2 k
6k
♦Ctfa of dep (Issued by reorgan
North Amer Co deb 8Ha
15
108k 111 H
1
100
*99k
12
22k
22k
22k
77
100
125k 127k
104
107 k
103 k 106
103 k
'07
1032ij21032»«
5k
123
123
114
113
115
75
*112
70
83
{Northern Ohio Ry—
1946 A
♦1st gtd g 5s
0
ccc2
z
*68
.
♦lat mtge g 5s (stamped can¬
cellation of guarantee). 1946 A
O
♦Certificates of deposit
North Pacific prior Hen 4s—1997 Q
4s Registered
46 k
52k
75%
J
«.
-
-
—
w
F
75 k
73
43 k
A
54
17
50 k
58 k
67
143
62 k-
70
58 k
7
55
J y bb
58k
59
6
54 k
62
M 8
x
aa
If+Og A L Cham lat
J
gu g 4a. 1948 J
Ohio Connecting Ry 1st 4s.. 1943 M S
Ohio Edison lat mtge 4s
1965 UN
lat mtge 4a
1st mtge 3 Ha
,1967 M
...
Oklahoma Gaa A Elec
,1972 J
3%t.. 1966
J
109k
j" J
x
aa
3
Pitts Coke A Iron
M 8
x
110
D
110
109
Ore Short Line 1st cons g 6a. 1946
bb
79k
Series H
112
112
aa
110k
110k
lat A ref mtge 3 Ha aer I... 1966
109
108 k
86
x
z
bb
1938
z
bb
_
Pacific Tel A Tel 3 Ha aer B..1966
x
aas
Ref mtge 3Ha aeries C
1966
Paducab A III lat ef g 4 Ha..195ft
x
j.
»
«.
aas
x
^
1965 F
x
aa
Port Gen Elec 1st 4 Ha
1st 5s extended to
Potomac EI Pow 1st M 3
Ha. 1966
J
Pressed SU-al Car deb 5s
1951
x
102 k
Pur
28-year 4a
Pennayl Glass Sand 3Ha.
M 8 y b
1963 F
A
.1960
Pa Ohio A Det 1st A ref 4
Ha A '77
4 Ha series B
1981
Penna Pow A Lt 3 Ha
1969
4 Ha
debentures
Pennsylvania RR
1974
cons g
4a.. 1943 M N
Consol gold 4a.
x
aa
111k
109k
14
-
—
1
121
*60
aa
2
aa
2
*107 k
a
3
x
105k
a
2
bbb3
x
aa
*103k
2
a
x
^
109k
71
aa
1968
x
x
bbb3
1981
a
1984
z
a
x
x
105 k
101k 102k
55 k
94
96 k
41k
45k
120k 126
68
70
-
-
109 k
109
106
111k
112
-
—
-
—
103H 105
105k 106
108
25
106k 110k
110
1
106
1
111k 115k
111k 114k
9
52
121k
105k
112k
93k
121k
106k
113k
143
11
♦Rhine-Westphalia El Pr 7s
♦Direct
mtge
111H
111 H
103 H
109 H 113H
102
105 H
QQ
99H
Richfield
4s
s
Oil
f con*
s f
1953
1965
7s
1955
a f 6s
93
107 k
98
82 H
106 H
102
102 k
52
102
102 k
23
90k
90
95
99 k
100
87H
105
104 k
81H
cc
aaa3
3
107
96 K
5
4H
bb
2
82 H
194*
M
bbb2
bbb2
bbb2
x
bbb2
104 H
103 H
x
a
A
84 k
82 H
14
78 k
84
98 H
17
102 k 104 k
22
I03H 104 H
102 k 104 H
103H 105H
17
19
98 H
104
15
6
33
17
26 k
14H
14H
19
27
bbb2
j
z
b
106 H
1
*
26 H
26 k
105
107
6H
9
43
9k
9%
aa
2
aa
aa
2
*
x
aa
2
*108
z
cccl
47 H
7
Ilk
2
x
45
35
9H
*
x
x
40
43
41H
cccl
13
20
106 H
12
*8H
z
15
17H
22
17H
*15
z
J
z
110
109
12 H
*7
z
J
131
13
107
2
6H
6 H
c
2
*5K
25
7H
bbb2
110
87 H
"5
10H
15H
31
c
31
3H
9
4H
9H
88
85
x
aa
2
*109
111
111
112
y
b
2
*35
70
60
70
2
y
b
z
b
z
*35
y
70 H
64k
b
69 H
70
19
64 H
70
cccl
35
35
2
25
36 k
b
2
73 H
74 H
*42 H
cccl
11H
J
z
cccl
z
cccl
1978 MS
z
cccl
13
cccl
12 H
125*
13H
13k
14H
9
41
7
9H
9H
13H
13H
122
9k
15H
129
9H
15
11H
y
b
2
74 H
75
z
b
1
45
47%
cccl
27
27
12
16H
17
64
*79 H
92
cccl
z
cccl
8H
8 %
x
aaal
112H
112K
8 A A Ar Pass lat
J y bb 2
gu g 4s
1943 J
Santa Fe Pree A Phen let
5e.l942 M S x aa 2
Scioto V A N E 1st gu 4a
UN x aaa3
1989
{Seaboard Air Line Ry—
94 H
z
74 H
45
61
cccl
16 H
*4
94 H
*105%
*121H
cccl
*12
9
9
112H
95
69
70
35H
17H
9H
49H
29H
18k
78
14
4%
,
14 H
81
2H
25
4
93
106 H
14
3k
5k
11
112H 114k
70 H
95k
105k 106H
121k 124 H
9
13 H
6
8H
2
1%
1H
4
13H
ik
z
cccl
4%
4%
67
k
3H
2k
z
z
cccl
d
12
z
cccl
M~,S
z
cc
1
"*6H
z
cc
1
5H
M~S
z
cccl
deposit
9H
12
bbb2
O
67 H
39
12H
12 H
z
1959 A
38
11H
x
O
,
12 H
z
A
12 H
11H
71k
~50
45
13
z
z
20
.
87
z
I960 A O
Oct 1949 F A
60
90
71 H
J y ccc2
J
95 H
70
12
-
1933
28k
27 k
15
1
deposit
♦Certificates of deposit
{(♦Atl A Birm lat gu 4a
106 H
101
29 H
22
*15
cccl
1946
96 H
19
17
t
b
x
I960 J
6s series A
103
32
z
♦1st 4a bond ctfs
1989 UN
♦2d 4s lnc bond
J
ctfs..No* 1989 J
(♦1st term A unifying 6s.. 1952 J J
♦Gen A ref g 6s series
j
A... 1990 J
St Paul A Dul lat
con g 4a.. 1968 J D
{♦St Paul E Gr Trk 1st 4
J
J
Ha. 1947
{(♦St P A K C Sb L gu
4Ha. 1941 f a
8t Paul Un Dep 5a
guar
1972 J J
of
38
27
105 H
104 H
98 H
{♦St Louis-Southwestern
Ry—
cons
104 H
105
104"
70 H
104 H
103 H
103^
bbb2
z
♦Ctfs of deposit
stamped
♦Certificates
106
78
z
(♦latg 4s unstamped.....I960
104
65H
bbb3
a
deposit
stamped
2
11
45
104 H
104 H
1
D
O
152
108k 109H
82%
x
x
142
218H 222
68
x
z
♦Con M 4 Ha series A
g
~~8
81H
z
f
4H
109 H 111H
68
104 H
x
M 8
97H
81H
x
A
4Ha *66
♦Prior lien 5s series B
(♦4s
3
109 H
104 H
104 H
z
deposit
♦Adjustment 6s
7
143H
109 H
"68"
bbb2
93H
87
*218 H
109 H
109H
2k
111
110H
143H
bbb2
f"a
85H
106 H 107 H
1
*80
110H
aaa3
aa
77k
4
4 H
3
aaa3
54
107
108 H
1
b
82 H
106 H
z
Rocky Mt A P 58 stpd.. 1955 J
{♦St L-8an Fr pr Hen 4s A...I960 J
♦1st
97 k
119H
108 H
95 H
z
St L
90
116
117
*117 H
*99 %
z
{♦St L Peor A N W 1st
j
gu 6§ 1948 J
St L Pub Serv 1st
mtge 5s... 1959 M 8
of
61H
z
Southern—
♦IRfv A Q Dlv 1st g 4s
J/N
1933
of
61H
52
2
J
J
♦Certificates
52
aa
x
Ha. 1934
of
54H
54 H
*105H
x
O
61k
53 H
aa
x
♦
1st con A coll trust 4s
A O
A.. 1949
Roch Gas A El 4
Ha aer D—197" M S
♦Certificates
51 H
H
54 H
2
J
{(•Rio Gr Juno 1st gu 5s...1939 J
{(♦Rio Gr West 1st g 4s...1939 J
111
102 k
100H
106H 106H
"54
54
z
Corp—
debentures.... 1952
56
3
99
*106 H
"54 H
y
With declaration
♦Cons mtge 6« of 1928
♦Cons mtge 6s of 1930
18
3
120 H
119
103
2
MA'
1952
(♦Refunding 4s
bbb3
109 k 113H
99 H
2
J/N
1950
6s
120k 125k
104 k 108 k
93 k
102
91
105 k
28
96 k
94
103k 107
105
95 k
a
1970
1952
103 k
*105
108k
41
—
105 k
a
Con* deb 3 Ha
-
121k
aa
x
Debenture g 4 Ha
General 4Ha aeries D
Gen mtge 4Ha series E
•»
111k
..1965
109
107k HOk
104 k 105 k
106
108 k
106 k
111k
96
x
89 k
85 k
104k 104k
106
2
aa
3623.
....
110
108k
aa
x
x
105k
*105 k
2
x
1948 J/N
For footnotes see page
1
'
bbb2
x
111 k
52
*105
x
a
106 k
104 k
*104
x
x
83 k
80
11
117
103"
108k HOk
43 k
121
117
119
111H
110H
aa
J
1953
68
110 H
43
119
*117
aa
J
1946
60
I10».»I13
13
43
2
x
107 k
59
8
x
4a sterl stpd dollar May 1 "48 J/N
Gen mtge 3Hs series C
1970 A O
Consol sinking fund 4H8..1960
General 4 Ha series A
General 5a series B._
9
112k
95k
-
*117
111H 113
UOH 112
110
Hlk
110H
x
J
St Job A Grand Island
1st 4s. 1947
St Lawr 4 Adlr 1st
g 6s
1996
2d gold 0s
1990
St Louis Iron Mtn A
53 k
«...
*109
z
89k
95k
105H 106H
108H UOH
*111H
aa
J
107 k
18
103 Mi 104 H
♦111 H
aa
J
1946
78k
Pennsylvania Company—
Guar 3 Ha trust ctfa C
1942 J D
Guar 3 Ha trust ctfa D
1944 J D
Guar 4s aer E trust ctfa...1952 M N
3k
7s
105*6
*52 k
•
aa
z
3H» 1960
a f
18
95k
A
x
x
UN
mon
27
102 k
103 H
109"
♦109
x
Remington Rand deb 4 H a w w '56 M S
M 8
4Ha without warrants..
1956
Republic Steel Corp 4 Ha aer B '61 f a
♦Certificates
2
bbb2
O y ccc2
M 8 x aaa3
102
101H 104H
aa
x
79k
—
14
103ije
x
106 k
*
45
103 H
108H
y
Saguenay Pow Ltd 1st
7
103 H
6 H
99 H 103 H
♦105H
x
H7k
10
3H
103
aa
x
Gen A ref 4 Ha aeries A... 1997
Gen A ref 4 Ha aertee B...1997
113k
—
6H
5
x
Purity Bakeries a f deb 6»—.1946
Reading Co Jersey Cent •oil 4s 51
3
86
6H
4H
103 H
103 H
Jjy bb 2
J
Public Service El A Gaa
3H« 1968
lat A ref mtge 5a
...2037
lat A ref mtge 8a...
2037
Pub Serv of Nor 111 3
Ha
1968
24
1
x
{♦Providence Sec guar deb 4s 1957 J/N
{♦Providence Term 1st 4a...-, 1956 M S
UOH
4H
4M
aa
M S y bbbl
1960
J
J y a
1
I960
J
Jx aaa3
1
108 k
109k
16H
4k
4 H
x
1977
{♦Rut-Canadian 4a stmp._.194P
J
{♦Rutland RR 4Ha
atmp_..194i
5
108k
3k
x
Pitts Y A Ash 1st 4s ser A—194* J D
F A
1st gen 5s aertee B
..1962
J D
1st gen 6s series C
1974
J D
1st 4 Ha series D
102
103 k
108k 112k
113k 117k
86
105»'i«107H
12
277
O y bb
0 y bb
♦Ruhr Chemical
7
37
6H
aa
D y bb
Pitts A W Va 1st 4 Ha aer A. 195>- J
A
1st mtge 4 Ha series B
1959
A
1st mtge 4 Ha series C
I960
'09 k
106k
68
I18H 120
113k 115H
109H
108
5k
x
F A x aa
Series I cons 4 Ha
196?
Series J cons guar 4 Ha....1964 J/N x aa
J D x a
Gen mtge 5e series A
1970
A O x a
GeD mtge 6s series B
1976
J x a
Gen 4 H« aeries C
1977 J
Pitts Steel 1st mtge4Ha—-1950 J D y bb
Pitts Va A Char 1st 4a guar. 1943 M N
aa
104 k
17
74
74
106H 107H
107 H 109
324
24
x
A
F
I960
104
*81 k
1.08
109 k
*104
-
a
A y b
M S
108 k
4a
100 k
68
aa
g 4a.1938
cons guar
105
79
aa
3a loan ctfa
HOk
113k
114k
b
a f g
108 H
H3k
114k
y
lat M
8
11
105 X
110H
21
bbb2
x
UN
Series C 4 H» guar
1942
Series D 4s guar
..194.* J/N
Series E 3Ha guar gold... 1949 F A
D
Series F 4s guar gold
1953 J
Series G 4s guar
195" J/N
Gen mtge
3ks series H...1967 M s
Gen mtge 3 Ha aertee
I....1967 MS
Gen mtge 3Ha aertee
M S
J
1969
M 8
{(♦R I Ark A Louis 1st 4
102 k
x
Paramount Pictures 3Ha deb '47
Parmelee Trans deb 6a
1944
Pat A Passaic G A E cons 5a. 1949
♦Paullsta Ry lat a f 7a
.1942
HO'
106
114k
aa
y
Panhandle East P L 3s B...1960 UN
Paramount Broadway Corp—
'07 k
108k
107k
108k
x
(♦2d ext gold 5a
106 k
108 k
Pacific Coast Co 1st g 6e
1946
Pacific Gaa A El 4a series G.1964
lat A ref mtge 3Ha aer H..1961
|+Pao RR of Mo latext
6
18
*101k
aa
O
103
*102k
aa
1946
110 k
7
110 H
109
108k
*103k
aa
D
)• 61
lat mtge A 4Hs.. 1962
108k 110
109 k
108k
109k
108
aaal
Otis Steel
8
6 k
109 k
J
Oregon RR A Nav
Guar atpd cons 6s
Ore-Wash RR A Na* 4a
34
107 k
108k
Ha A '6?
Pittsburgh Cine Chi A St Louis
A
Series B 4 Ha guar
1942
♦Rlma Steel 1st
6k
109k
S
aa
4a.. 1946 J
110k
6k
4a debentures
1946 J D
Ontario Power N F 1st g 6a.. 1943 F A
Ontario Transmission lat 6a. 1945 AfN
con g
no
110 k
*96
J
105^32
1
62
Ref A Impt 5s aeries D
2047 J
Northern States Power Co—
Northwestern Teleg 4 Ha ezt 1944 J
1
17
110
♦Certificates of deposit
Phillips
Petrol l«s debs..1951
♦3 H « assented
♦Rhine-Ruhr Water Ser* 6s
65 k
110
114
109
1
44 k
58 k
aa
2
114
d
47 k
J y bb
x
bbb3
118H
108 H
108H
105»m
d
39
2047
A
2
z
42
2047 J
F
2
a
x
z
♦Rhelnelbe Union
45
Ref A Impt 6s series B
(Minn) lat A ref M 3 Ha—1967
(Wise) lBt mtge 3 Ha
1964
2
a
x
6H
80H
Ref A Impt 5s series C
65 k
a
x
1
76 k
42 k
53
4
cc
75k
42
44 k
*40
107H
118H
z
72k
J y bb
J y bb
53
107 H
1949 M 8
J
{(♦Philippine Ry 1st s f 4a..1937 J
8
73
aaa2
"Hh
67
76 k
14
ccc2
1st M con* 5 Ha. 1964
Gen mtge 4 Ha series C.
J/N
1956
Revere Copper A Brass
J/N
45
"J
1997 Q
Gen lien ry A Id g 3s Jan—2047 Q
3s Registered
2047 Q
Ref A Impt 4 Ha aeries A—-2047
107 H
aaa3
con* 4
64
54
107
9H
83 H
87
.
♦Certificates of deposit
Izatlon manager)
3
100
104 k 106
aa
68H
a
66 k
54 H
110
72 H
63
5
65
bb
x
♦Con* deb 6s
44 H
106
18
78
65
66 H
111
114H 118H
4k
y
z
7k
48k
54k
108 k 110
105
-
*106
x
35
"15
17
x
D
1967 J
46 H
77
High
108
8H
106
77
~
x
28 k
86
4k
lk
100
*95
49
106
D
J
198'
Low
5
115
*5H
106
cc
aa
J
7
24 k
5k
c
No
108H
46 H
z
x
Phi la Bait A Wash 1st g 4a.. 194? UN
Genera) 6e series B
1974 F A
J
General g 4 Ha series C
1977 J
46
5k
23k
82 k
cc
Since
Jan. 1
20k
23
41
——
z
23
aa<§;
108
M 8
1
1
J
Range
or
Hioh
A
114H
44 k
1
J y bb
J y bb
J
Pere Marquette lat ser A 5s .195'
1st 4s series B
196'
aa
O y b
Apr 1990 Apr
5H"
1974 F A
Phlla Electric 1st A ref 3 Ha. 1967
{♦Phlla A Read C A I ref 5s 1973 J
4
5k
N Y A Blchm Gaa lat 6a A—1951 IN
J
N Y Steam Corp lat 3Ha...1963 J
tl*N Y Susa A W let ref 5a.l937 J
98
88
1
23
at
Genera) 4 He series D
Phi la Co sec 6s series A
25k
24 k
O y b
J
1968
92
3
101
22 k
22
......
N Y A Putnam lat con gu 4a. 1993 A O y b
N Y Queens El Lt A Pow 3 Ha '66 UN
N Y Rya prior lien 6a stamp.
95
25 k
D
A
1942
1
22
25H
S
1966 J
♦General 4a
(♦N Y Prov A Boston 4a
8
11
22
—
UN
{♦N Y Ont A West ref g 4a—1992
100k 103k
49k 56k
53 k
59k
23
O
4a
aaal
x
1941
Asked
Friday's
Bid
Low
x
1st g 4 Ha aeries C—
I
80 M 8
Phelps Dodge con* 3 H" deb. '952 J D
51
22
D
J
1927.1967
{♦Harlem R A Pt Ch 1st 4a 1954
26 k
22
-----1957 M N
♦Debenture 4a
♦1st A ref 4H« «« of
120k 125k
113k 118k
96
——
J
A
54k
58 k
{N Y New Hav A Hart RR—
♦Non oonv deb 4a
---.1947 M S
♦Non-eon* debenture 3 H» 1947 M 8
♦Non-con* deb 3 Ha
—1964 A O
J
♦Non-con* debenture 4a..1955 J
♦Non-con* debenture 4a.. 1966 M N
J
♦Con* debenture 3 Ha
1956 J
J
♦Con* debenture 6a——.1948 J
12
*104k
54k
—
♦Income
Peoria A PeklD Un
——
gold 3H»
2000 IN
N Y Lack A West 4a aer A—197? J/N
4
aeries B
197 J/ N
♦N Y L E A W Coal A RR 6 Hs'42 J/ N
J
♦N Y L E A W Dk A Impt 6a 1943 J
N Y A Harlem
Range
Sale
Railroad A Indut. Cos. (Com.)
65
70
7,
Week's
Last
Price
See 4
60 k
D
Purchase money gold 4s.-.1949 F
Friday
fcS ETlig A
Rating
EXCHANGE
67 k
N Y A Brie—See Erie RR
N Y Gaa El Lt H A Pow g
STOCK
Week Ended June 6
59 k
O
J
Z-o
BONDS
Since
£
03
70
O
lat Uen A ref 3Kb aer E—1960 A
June
Bank
60 H
b
y
A
A
1947
D—— 1966
Con* 6% notea
A
Low
1951 F A
N Y Dock 1st gold 4a
a
or
Friday's
Bid.
* Indus. Ca». (CorU.)
Record—Continued—Page 5
Week's
11H
*4%
6%
5H
*14
12
5
6%
6 H
15%
91k
Attention la directed to the column
Incorporated In this tabulation pertaining to bank eltglblllt.v and rating of bonds
"30
28
4k
3k
10H
5H
4k
'
8k
7H
17k
Volume
EXCHANGE
Rating
Price
I 5
Week Ended June 6
a.
F
A
zc
F
A
z c
ctfa.1935
♦6aSeries B certificates... 1935
2kb a f debs
10
119
94
97
98
474
54
45
974
98
974
974
974
a
98
15
49
49
49
60
*:/;v/..
78
a
85
103
1
1024 103 4
104
7
1014 104
106
34
1034 107
4s
1st 4
Gold
Gold
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1074
1084
aaa2
1054
106
x
bbb2
1044
1044
10
1064 1084
103
1084
104
106
xbbl»2
1014
1014
10
1014 1024
O
A
x
ios""
1054
bbb3
,1949 J D y b
y b
.1949
registered
M~ S y bb
4s (Oregon Lines) A 197
.1968 M S yb
4 4s
.1969 MN y b
4 4b
coll)
.1981 M N y b
/ y bb
.1946 J
Gold 4 4b
10-year secured 34s
O
.1950 A
San Fran Term 1st 4s
7
1054 1074
1054
1054
4s
1963
34s '60
4a..1950
Tol W V A Ohio 4s series C..1942
Toronto Ham A Buff 1st g 4s. 1946
Trenton G A El 1st g 6e
1949
Trl-Cont Corp 5s cony deb A. 1953
♦Tyrol Hydro-El Pow 74S--1955
♦Guar sec a f 75...
1952
1st 6s dollar series
Tol St Louis A West 1st
1955
United Cigar-Whelan Sta 58.1952
United Drug Co (Del) 5s
1953
U N J RR A Canal gen 4s... 1944
United States Steel Corp—
United Biscuit
Serial
34s deba
554
514
524
217
394
554
Wash Term
66
654
664
141
484
72
844
854
11
71
88
66
674
110
57 4
70 4
66
604
604
804
bb
2
2
2
854
854
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834
113
57
47
75
84 4
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854
62
79
89
86
78
734 80
1094 111 H
104 4 109
3
84
18
79
12
1074
8
5
61
28
"28"
aaa3
1044
104
304
1044
x
aaa3
1044
104
1044
1034 106 4
103
1054
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b
2
1044
105
y
/
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bb
2
102
102
2
1004 109
994 102
1004
101
16
124 4
1244
*1104
1124
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x
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3
x
aa
x
x
aaa3
106
1054
1064
x
aaa3
1054
1044
1054
114
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3
x
a
2.
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484
144
154
96
1014
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3
51
21
114
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56 4
14
124
124
124
74
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74
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114
15
74
114
114
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80
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97
97"
1
91
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92 4
64
514
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107 4
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1124
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1024
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914
914
1014
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244
*
124 4 128 4
1074 1094
1094
1104
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—
15
103
1104 114
1094 1114
1014 1044
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A.. 1946 M S
1940 M S
z
cccl
z
102
bbb2
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J y
15
304
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15
294
764
40
714
804
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794
804
19
734
85
794
bb
bb
77 4
794
62
74
824
17
2
14
27
174
174
1
15
174
514
514
53
25
504
564
484
47
484
12
2
2
Sx
aa
2
bbb3
25
10
1966 J
x
138
92
1054
1054
*1034
Winston-Salem 8 B lat 4a... 1960 J
{♦Wis Cent50-yr 1st gen 4s..1949 J
5
1054 107 4
1054
1144
93
4
103
'U44
1144
2
36 4
36 4
*7 4
11
1144
27
374
264
37
104
114
103 4
O y bb 2
/ x aaa2
A
52
464
1124 115
92 4
934
114
*1134
"93~"
B1966
...1947
104 4
1054 107
244
2
/
1949 M
34s.
954
904
100
""l74
...2361
Conv deb
...J
74 4
2
J y
ser
106
24 4
244
2
.
Wheeling ALE RR 4a
19
1024
17
MN y b
D y b
1950 M S y b
Registered
54
924
364
36
/
z
c
♦Certificates of deposit
(♦8u A Du dlv A ter lat 4s. 1936 MN
z
c
z
cc
\z
♦Certificates of deposit
cc
50
"16
124
x aa
*84
1094
1094
x
108
108
7
13
74
....
12
1014
154
/
624
62 4
12
75
2
514
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94
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1
1
2361
75 4
101
bbb2
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72
22
72
624
514
704
x
674
184
1
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108 4
104
10
1014
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72 4
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x
12
J
94
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704
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♦Westphalia Un El Power 6s. 1953 /
With declaration
944
78
71
1044
104
524
cccl
x
Wilson A Co 1st M 4a A
1024 1064
1024 1064
9
94
934
62
cccl
1951 J
Wheeling Steel 1st 34s
88
"55
y
494
61
*13
/
26-year gold 5a
30-year 5s
1084 1114
"I
92 4
*91
204
13
30
"62"
1
O
44all950
1234 1284
1094 1134
1
1104
1094
1104
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ser
♦6s assented
Western Union Teleg g
1004 101
x
614
,
174
45
cc
1952 A
Maryland 1st 4s
{♦Western Pac lat 5s
34
26 4
6
MN
44
164
cc
1st A ref 5 4b aeries A
1977 J
W«»t N Y A Pa gen gold 4s..1943 A
1114
28
106 4 1084
68
654
82
644
cc
S
mtge 3 4s aeries 1
1966 /
J
Va Pulp A Paper 3a...1954 J D
94 4
74
45
164
z cccl
Westchester Ltg 5s stpd gtd. 1950
Gen mtge 3 4a
1967
West Penn Power 1st 5s E..1963 M
90
107
cccl
1945
11
111
1114
1945
90
65
D
F
Q
F
F
3
J
62
834
784
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1st 40-year guar 4s
1st
bb
454
77
x
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a
3
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J.z
J
a
108 4 1104
5
1064 108
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cc
65
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1024
102
1024
1014 1034
24
144
1st mtge
1014
100 4
1014
964 103 4
454
39
94 4
a
—194h M Sxbbb2
2
f 34s ser D...1960 MN* a
484
97 4
704
784
*104
D
Wisconsin Elec Power 3 4S-196S A
Wise Public Service 3 4s
1971 /
96 4 1014
484
77
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2
744
944
434
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M
J
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1
"964
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1074
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30
134
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62
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d Ex-interest,
e
«Under-the-rule sale,
sale.
Odd-lot
( Negotiability Impaired by maturity,
t The price represented Is
per 200-pound unit of bonds.
Accrued Interest payable at the
tion
the dollar quota¬
exchange rate of
1104 1144
58
2
sale,
delivery
Cash sale.
$4.8484
104^32 1042&32
2
r
.....
1124
96
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—
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MN
J D
A O
A O
M S
M S
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74
74
y
x
Deferred
a
204
A
F
Union Pac RR—
grant 4s
...1947
registered........—1947
1970
85-year 3 4s debenture...l971
Ref mtge 3 4s ser A
1980
394
x
....
48
360
bb
z
{(♦Union Elev Ry (Chic) 6s. 1945 A
Union Oil of Calif 6s series A. 1942|F
3s debentures
1959 F
1st A land
524
y
UJlgawa Elec Power s f 7s
1945 3/
Union Electric (Mo) 34s...1962/
84-year 3 4a deb
514
Warren RR 1st ref gu g 3 4a. 2000
Washington Cent 1st gold 4a. 1948
y
1960 / J
A O
Jan 1960
Tol A Ohio Cent ref A Imp
554
544
844
1084
1084
1
b
404
108 4 1104
72
72
554
cccl
O
1955 A O
Warner Bros Plct 6s deba
1948 M S
{♦Warren Bros Co deb 6s.—1941 M S
514
aaa3
1084
1
1955 A
514
bbb2
2
cc
8
60
Oz
O
1946 J
Walworth Co 1st M 4s
6s debentures....
156
924
x
Walker (Hiram) Q A W—
Convertible deb 44s
524
914
x
aa
b
z b
z b
High
No. Low
High
Az
♦Ref A gen 5s series B
1976 F
♦Ref A gen 4 4s aeries C... 1978 A
♦Ref A gen 5s series D
1980 A
"554
914
x
{♦Wabash Ry ref A gen 5
514
544
1
x
"72""
A O z
M S z
4b A '75 M Sz
52
y
J
((♦Third Aye RR 1st g 6S...1937
Tokyo Elec Light Co Ltd—
57 4
J
/
J
'J
1941
194
bbb2
6s. 195
6a..1944 FA
Gen refund 8 f g 4s
1953 J J
FA
Texarkana A Ft S gu 54s A. 1950
A O
Texas Corp 3s deb
...1959
1965 il/N
8s debentures
J
/
Texas A N O con gold 5s
1943
/ D
Texas A Pacific 1st gold 5s..2000
Gen A ref 5s series B
1977 A O
A O
Gen A ref 6s series C
1979
/ D
Gen A ref 6s series D
1980
M S
Tex Pac Mo Pac Ter 64b A.1964
♦AdJ income 5s
444
48 4
bbbl
Term Assn 8t L 1st cons
Third Aye Ry 1st ref
534
1954 /
*54"
y
24s debenture
1953
Studebaker Corp conr deb 6s 1945
Superior Oil 3 4s debs..
i960
1961
374
344
88
494
484
x
{♦Spokane Intermit 1st g 5s. 1966
Standard Oil N J deb 3a
1961
Tenn Coal Iron A RR gen
2
2
2
2
2
2
bbbl
y
4a...1955
1st 4s stamped
1955
Southern Ry 1st cons g 6a..1994
Devel A gen 4s series A
1956
Derel A gen 6s
1956
Devel A gen 6 4b........1956
Mem Dly 1st g 6s
1996
St Louis Dlv 1st g 48
1951
So'western Bell Tel 34s B..1964
1st A ref 3s series C
1968
484
2
a
x
So Pac RR 1st ref guar
Swift & Co 24s debs
120
119
121
.'
x
aaa2
1
♦Omaha Dlv 1st g 34s...1941
(•Toledo A Chic Dlv g 4s. 1941
*"
3
O
(♦Des Moines Dlv Ist4a..l939 J
Southern Pacific Co—
4s (Cent Pac
27
85
♦1st lien g term 4a...
♦Det A Chic Ext 1st 5a
Southern Natural Gas—
44s— .1951
•♦1st gold 6s
l*2d gold 5a
105
1054
aaa3
x
x
1968 A
1966M Sx
I
I
1939'Jlf N Z
—.1939 F A;z
1034
x
6s..1963
South Bell Tel A Tel 34S...1982
3s debentures
1979
Southern Colo Power 6s A..1947
Southern Kraft Corp 44S...1946
1104
884
60
ccc2
y bb
Virginian Ry 34bserieaA
{Wabash RR Co.—
55
bbb2
Socony-Vacuum Oil 3s debs. 1964
1st mtge pipe line
154
1104
544
2
Jan. 1
Asked
bbbl
103
xbbb2
x
Va A Southwest 1st gu
1st cons 6e
23
77
r'i/'.
1950 F
J
A
A
J
J
/
4
39 4
25
*14
z
4
994
Since
A
Low
aa
M Sx
M S y
5s...2003 J
/ y
Range
Friday's
Bid
Price
a
Railroad & Indus. Cos. (Concl.)
454
a
Z:v;;;"v.
1946 F
Blleslan-Am Corp coll tr 7S..1941 F
Simmons Co deb 4s...
1952 A
Skelly Oil 3s debs
34
24
Sale
Rating
■Sj aJ See
Range or
Last
EUg. A
EXCHANGE
Va Elec A Pow 3 4a ser B...1968
Va Iron Coal A Coke 1st g 6a. 1949
4
34
3
y
♦Slleela Elec Corp 6 4s
South A Nor Ala RR gu
24
STOCK
Week Ended June 6
High
No. Low
21
Y.
1
3 H
34
x
Shlnyetsu El Pow 1st 6 4s...1952 J
♦Siemens A Halske deb 6 bin. 1951 M
N.
Since
x
debs...1954 J
1961/
Shell Union Oil 2H>
High
Low
Railroad & Indus. Cos. (Cont.)
{♦Seaboard All Fla 6s A
Jan.
Bid
Week's
Friday
Bank
I
BONDS
Range
Friday's
A
Asked
Sale
See a
I
*
Range or
Last
Elio. A
BONDS
Week's
Friday
Bank
N. Y. STOCK
3623
New York Bond Record—Concluded-Page 6
152
or reorganized
companies.
t Companies reported as being In bankruptcy, receivership,
Section 77 of the Bankruptcy Act. or securities assumed by such
under
1004
96 4 1014
*
Friday's bid and asked price.
♦
during current week.
Bonds selling flat.
No sales transacted
1024 107
48
104 4
"21
1074
65 4
2
76 4
90 4
824
1084 108 4
.....
P
~
~
"
"
Bank Eligibility and Rating
A
Column—z Indicates those
bonds which we believe
eligible for bank Investment.
debentures—
aaal
Nov 11941 MN
75s
May 1 1942|M N
875s
Nov 1 1942IMN
1.00s
May 1 1943 MN
1 1268
Nov 1 1943 MN
1.25s
May 1 1944 MN
1 3768
Nov 1 1944 MN
1.60s
May 1 1945 M N
1.6258
..Nov 1 1945 M N
1 75s
May 1 1946 MN
1.80s
Nov 1 1946MN
1.868
May 1 1947 MN
1.90a
Nov 1 1947 MN
1.958
May 1 1948 MN
2.008
Nov 1 1948 MN
2.05s
.May 1 1949 MN
2.10s
Nov 1 1949 MN
2.15s
May 1 1950 MN
2.20s
Nov 1 1950 MN
2.25s
May 1 1951 MN
2.30s
Nov 1 1951 MN
2.35s
May 1 1952 MN
2.40s
Nov 1 1952 MN
2.45s
May 1 1953 MN
2.60s
Nov 1 1953 MN
2 6ee
May 11954 MN
2.60s
Nov 1 1954 MN
2.66s
May 1 1955 MN
/ D
♦Un Steel Wka Corp9 4s A..1951
♦34b assented A
1951
♦Sec s f 6 4b aeries C
1951
♦34s assented C
-.1951
♦Sink fund deb 64s ser A. 1947
♦34s assented A
1947
United Stockyda 44s w W..1951
Utah Lt A Trac 1st A ref 5a_1944
Utah Power A light lBt 5S..1944
625s..;
Vandalla conB g 4a series
Cons s f 4a series
B.
A..1955
1957
*994
1004
100
100
aaal
*100
aaal
*100
aaal
*100
aaal
*100
aaal
*1004
z
I
1004 1004
1014
1014
aaal
*1004
aaal
*1004
aaal
1004
aaal
*1014
1014
1014
1014
1014
1014
1014
1014
1014
aaal
1014
y
aaal
*1004
aaal
*101
aaal
*1004
aaal
1014
aaal
aaal
*1004
1014
aaal
1004
aaal
aaal
*1004
*101
aaal
1014
1004 101
100
1004
100
1024
1004 102
100
1014
1004 102
1004 102 4
100
Indicates Issues In
100
A great
majority of the Issues bearing symbol ccc or
In default.
1014
1014
1014
1014
100
103 4
1004 1044
1004 104
100 4
100 4
101
100
102
100
aaal
*1004
1004
1004
*1004
1014 1034
aaal
1004
aaal
*1004
1004 1044
102
1044
33
204
33 4
33
102
32
37
25
25
20
25
25
934
1
1034
103
103
103
a
25
204
.....
*24
bbb2
1024
1034
93 4
.
1
314
20
*24
334
214
33
93 4
1
1034
26
102
1034
60
6,1941
June
Stock Exchange,
Yearly
United
Total
Mtscell.
Municipal
Slates
Bend
Bonds
For'n Bonds
Bonds
8tate
Railroad A
Stocks
Number of
Shares
Week Ended
604,550
327,370
4,090,000
574,000
2,138,2031 $23,464,000
$3,471,000
255,308
417,940
Monday.
Tuesday
Wednesday...
425,935
Thursday—
Friday
—
914
91,000
4,018,000
441,000
54,000
1,070,000
37,000
5,231,000
6,142,000
799,000
7,000
47,000
5,325,000
4,711,000
$236,000
$27,171,000
354,000
97
1044
A
x
aaal
*1104
110
aaal
*1104
109
1104'
Total—...
Week Ended
Sales at
111
x
New York
Jan. 1 to June 6
June 6
Stock
-
1941
1940
1941
Exchange
Total
-*r
2,138,203
55,290,092
114,086,205
$236,000
3,471,000
23,464,000
$766,000
3,817,000
17,139,000
$9,029,000
72,413,000
891,744,000
$22,749,000
108,196,000
$27,171,000
$21,722,000
$973,186,000
$763,483,000
See note
Incorporated In this tabulation
pertaining to bank
1940
2,694.015
Bonds
Government—
State and foreign
Railroad and industrial
directed to the column
Seles
$1,744,000
$233,000
$1,511,000
3,573,000
4,736,000
5,035,000
4,519,000
107,100
Stocks—No. of shares—-
Attention Is
All Issues
1024 1054
MN
F
the New York
at
Daily, Weekly and
1004 1044
aaal
Transactions
1004 104
*1004
aaal
*24
lower are In default.
bearing ddd or lower are
1004 103
100
1034
102
aaal
*24
of reorganization.
default, in bankruptcy, or In process
symbols In this column are based on the ratings assigned to each bond
by the three rating agencies. The letters Indicate the quality and the numeral Immedi¬
ately following shows the number of agencies so rating the bonds.
In all cases the symbols
will represent the rating given by- the majority.
Where all three agencies rate a bond
differently, then the highest single rating is shown,
The rating
1034
1024
aaal
bbb2
either to rating status
indicates those bonds we believe are not bank eligible due
provision In the bond tending to make lt speculative.
or some
1004 1004
eligibility and rating of bonds
1
above.
632,538,000
New York Curb
3624
Exchange—Weekly and Yearly Record
June
7, 1941
NOTICE—Cash and deferred delivery sales are disregarded In the week's range unless they are the only transactions of the week, and when selling outside
of the regular weekly range are shown In a footnote In the week In which they occur.
No account Is taken of such sales In computing the range for the year.
In the
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange
beginning on Saturday last (May 31, 1941) and ending the present Friday (Tune 6, 1941).
It is
compiled entirely from the daily reports of the Curb Exchange itself, and is intended to include every security, whether
stock or bond, in which any dealings have occurred during the current year.
for the week
Hates
Friday
Last
Par
STOCKS
of Prices
Low
High
Price
Aero Supply
Mar
21 %
Feb
5%
May
4%
June
Jan
Beech
Bellanca Aircraft
1
200
Jan
Bell
4 %
200
Jan
pref—
Mar
Blckfords Inc common...*
Feb
Apr
he
Jan
he
Southern.,6G
pf-»
--*
Fisher Inc com.,.*
85%
Alabama Power Co $7
107
preferred.
A111 an eel n vestment.
%
..
88
Jan
10
Jan
Jan
111%
103
Mar
04%
2%
%
May
2%
May
"ioo
%
76%
103 %
70
09%
Jan
Jan
30
85%
107
08
Apr
Mar
Feb
Mar
Allied Intl Investing—
1%
*
$8 conv pref
26
Aluminium Ltd common.
Apr
Blumenthal (8) A Co
Apr
22%
Jan
May
4%
7%
Jan
Amer Fork A Hoe com...*
Feb
100
%
Apr
100
•
%
%
2%
%
n%
26
6%
Jan
Jan
24%
May
Jan
Apr
30
Apr
Jan
Bridgeport Gas Light Co.*
Bridgeport Machine.....*
28
5%
"l%
1%
1%
1,100
1
Apr
1%
Jan
30
Feb
40%
May
~2~
""760
35%
35%
""SO
12%
12%
20C
200
4%
4
Apr
35
Mar
1% May
Jan
hs
Jan
May
11%
Mar
Apr
68%
'is
Jan
Jan
28%
Feb
Jan
19%
75
16%
16%
May
16%
Brill
100
Corp class A
*
%
200
1 %
Jan
%
Mar
50%
Jan
11%
May
12% June
30%
Jan
%
Class A
British
35%
•
Co...II*
Jan
3
35% June
Class B
7% preferred
..100
Brillo Mfg Co common
♦
Feb
8% May
10%
10%
~1~6%
"IOO
10% June
3L:./i;
Jan
12%
Apr
Jan
Amer Tobacco—
26%
Feb
Am dep rets ord bearer £1
May
%
Jan
Jan
8%
8%
38%
Jan
Am dep rets ord reg.._£l
British Celanese Ltd—
7%
Jan
Feb
38
Jan
Am dep rets ord reg_.10e
%
Apr
%
Jan
15%
Apr
19%
'»#
Jan
British Col Power cl A
Feb
Mar
JaD
|Brown Co 6% pref
15%
17%
Mar
2%
Jan
35*
31
"850
"11"% "ii%
June
25%
107%
7,000
650
Jan
2%
800
26%
350
2 %
26%
2%
20
9%
Apr
23%
May
105%
2%
May
12%
30%
113%
Feb
May
3%
Jan
26
Apr
29%
Jan
Brown Rubber Co com
Apr
Feb
33
Jan
20
Jan
21
Mar
13%
2,000
Feb
15%
Apr
25
Apr
~19%
"*"60
17%
Apr
28%
23%
Jan
19%
20
79%
Mar
84
81
-
1
400
June
May
%
Jan
Amer Meter Co.—.—..,*
29%
Apr
%
32%
60
Apr
66
%
%
6%
2%
%
Feb
7%
Apr
3%
3", ioo
46%
200
42%
May
4%
2%
1,100
3%
Apr
100
2%
Mar
2
2%
1,100
1%
Mar
%
100
0%
"
1st $6 preferred
*
46%
$6 series preferred
*
""hi
hi
_
2%
43%
4%
%
......
1,200
6%
_____
*
A pex Elec M fg Co com..
Jan
Jan
2%
10
Amer Seal-Kapcommon..2
Jan
84
Amer Potash A Chemical
%
Feb
60*
May
Jan
Jan
Feb
$6
7%
7%
'"ioo
1%
1%
100
preferred
Buckeye Pipe
•
80
103% 104
1%
1%
700
50
"~i%
1%
1%
2,800
6%
70%
200
7%
6%
70%
7%
10
Arkansas P A L $7 pref...*
40
7%
100
$1 60 preferred
$5
17
17%
Burma Corp Am dep rets
Burry Biscuit Corp.. 12%c
2,000
9%
2,300
%
Vot trust ctfs
Cables 4
Jan
1%
Apr
6%
Apr
79% June
7% June
Jan
Jan
Mar
96
8%
Jan
6%
5%
May
6%
6%
4%
700
6%
4%
Apr
10%
50
10%
June
11% May
Mar
Mar
Jan
Jan
Associated Eleo Industries
11
100
13
700
Atlanta Birmingham A
Coast RR Co pref
100
Atlanta Gas Lt 0% pre! 100
22%
3%
1
Atlas
2%
22%
3%
non
%
1,300
2%
2%
2%
5
15
Mar
200
7% preferred
Canadian
..100
%
h«
%
28%
28%
1%
x8%
25
1%
1,900
Marconi
Capital City Products..
Carlb Syndicate
25c
1%
900
Carman A Co class A...
Class B
$6
preferred
...»
...
Castle (AM) common. 10
Catalln Corp of Amer
Celanese Corp of America
Apr
108%
May
Apr
3%
Jan
Jan
23%
May
Celluloid
Mar
$7 dlv
~3%
1%
3%
200
1
Mar
900
2%
3%
Mar
Feb
3%
Mar
4%
Jan
May
17%
Jan
15
Warrants
Jan
%
Mar
May
16
May
Jan
%
Jan
Tobacco31
31
31 %
110
31
~27~~
Tooo
25
Ayrshire Patoka Collieries 1
26%
*
36 %
Apr
Feb
4%
Apr
Feb
31%
Jan
June
3%
Baldwin Locomotive—
7%
1st
1st
3%
33
3%
32%
4%
33
1,100
150
5%
Baumann—See "Ludwlg"
Beau Brummell Tlee Inc.. 1
Beaunlt Mills Inc com.. 10
20
For footnotes see page 3629,
Jan
Mar
Jan
May
Jan
2%
1,300
•is
Jan
6%
2%
%
%
1,700
%
Apr
1%
%
Barlow A Seellg Mfg—
$1.20 conv A com_....6
Basic Refractories Inc... 1
7%
37%
Apr
2%
1
Barium Stainless Steel...!
Apr
Feo
3%
32
9%
7
7
200
Jan
6%
Jan
11
7%
May
Jan
4%
100
4%
Mar
4%
Mar
12%
Jan
4% June
5
14%
Feb
Apr
%
8%
"w
Mar
Corp
Jan
Apr
106
106
10
106
June
110%
7%
Apr
10%
Feb
Jan
6%
May
5%
May
8
Jan
Apr
20
Apr
3%
115%
3%
i",500
119%
3%
107
525
4%
4%
100
37%
37%
25
10
10%
T266
4
Feb
35%
87
"87"
8
"87%
8
114% 114%
%
""30
Mar
Jan
13%
Jan
106%
Apr
82%
8
25
110
Apr
May
Apr
116%
Jan
95
Feb
10
116%
Jaa
500
%
Jan
'i« May
hj
Jan
hi
%
May
May
%
2%
Jan
%
%
%
4
4%
5
May
Mar
Mar
%
%
5
3%
Apr
4%
Apr
Feb
4%
Mar
100
Mar
June
5%
14%
110%
Jan
Jan
Jan
Apr
73%
Jan
10
Jan
""450
7%
%
""2OO
%
1,200
8,600
89
60
"5%
5%
6%
4%
3%
4%
54%
54%
7%
53
4%
4%
Jan
Jan
3%
4%
"93%
"89"
Feb
1,800
11% May
89
Chtlds Co preferred
100
Cities Service common.. 10
*
Mar
Mar
Apr
50
"7%
_.*
Jan
5%
46
Apr
200
Chicago Flexible Shaft Co 6
preferred B
May
300
Chicago Rivet A Mach...4
Chief Conso) Mining
l
$6 preferred BB
Feb
3%
134
10
..100
•
Jan
June
Jan
96
Charts Corp common
10
Cherry Burrell common..6
60c
2 %
107
6%
106
_fi
preferred
,
17
»
Mfg......25
Apr
106
Cessna Aircraft Co.
1
Chamberlln Metal Weather
Cheaebrougb
7%
39
113
preferred
100
Conv preferred
..100
Conv pref opt «er '29.100
Co..
Jan
Feb
May
partlc pref........*
preferred
1% June
35
..
6%
7%
Jan
Mar
9
Jan
110
common. 16
preferred
•hi
Feb
80
Cent Ohio Steel Prod..
1
Cent Pow a Lt 7% pfd 100
Cent 4 South West Dtll 50c
Cent States Elec com.
l
$6
4%
par tic pref... 100
Cent Hud G A Ecom..
•
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref. 100
Strip
Baldwin Rubber Co com.l
Apr
400
37
100
4%
117%
110%
36%
500
1,000
Jan
Feb
Jan
110
7%
3%
1%
110%
6%
Jan
May
7
37
Carolina P A L $7 pref...*
7%
Jan
1%
114%
vot
Apr
Canadian Industries Ltd—
6%
May
Jan
Jan
1%
1%
1
"is
2% May
13
Carrier Corp common.
7%
Feb
May
Jan
Carter (J W) Co common.!
Casco Products
*
16
%
14
Jan
Jan
Canadian Dredg A Dock.
Class B
Feb
18%
Jan
4
May
Feb
Feb
Apr
Jan
Jan
hs May
5%
Jan
13% May
2% May
Feb
%
%
3%
1%
3%
•i«
Jan
Jan
17
Jaa
Apr
1%
Feo
May
Jan
1
%
Apr
1
72
»i« June
May
Jan
2%
Mar
1%
%
12%
6
3%
1%
3%
25
400
4
h«
Corp warrants
Atlas Drop Forge com...6
400
Mar
Feb
12%
8%
Jan
108
2%
19%
99%
400
_
2%
22%
May
May
400
hs
Jan
June
9%
14%
13%
1%
Jan
65
Apr
3%
12%
1%
1%
1%
17
%
Canadian Indus Alcohol—
Class A voting
♦
Carnation Co common
Assoc Tel A Tel class A..*
13
Mar
%
%
Assoc Laundries of Amer *
Jan
1%
h#
Jan
1,400
11%
JaD
May
"36% "Feb "42% "May
400
hs
16
Jan
1%
1%
60c
Canadian Car A Fdy Ltd—
7% partic preferred...26
Can Colonial Airways
June
10
38
%% pref sh*. £1
Jan
1%
1%
8%
Mar
Wireless Ltd—
Am dep 6
Jan
104%
May
May
Mar
Feb
Cable Elec Prod com...50c
1
4%
10%
*
17
9%
12
6%
1
"250
1%
r24%
Feb
93%
..26
Apr
Apr
1
200
42%
Camden Fire Insur Assn. .5
Canada Cement Co Ltd.
May
3
12%
"41%
1st preferred
Jan
3%
2% June
"io %
Amer dep rets reg
L\
(Associated Gas A Elec—
11%
42%
Bunker Hill A Sullivan 2.50
Calarnba 8ugar Estate..20
Calllte Tungsten Corp
1
300
1
Tooo
7
Jan
Buff Niagara A East Pow
Jan
8
1
103%
"l% T'%
]
Line
13% June
1%
*
.
104 %
100
15
Distillers.!
Class A preferred
Apr
"is
9
Arkansas Nat Gas com...*
13%
Brown Fence A Wire com.l
Brown Forman
May
15
15
Bruce (EL) Co common..6
Bruck Silk Mills Ltd
«
Feb
Jan
12%
26
8
•
100
28
24
25
Jan
11%
107
Amer Mfg Co common. 100
Preferred
-.100
30
%
Apr
15%
com.
Ian
Jan
5
5%
16%
11%
Babcock A Wilcox Co
%
3%
100
10
Jan
May
7%
""50
common
7
3,000
19%
Automatic Votlag Mach..*
Avery (B F) A Sons com.6
0% preferred w w
26
6% preferred x-w
26
38%
5,700
1,700
16 %
Automatic Products
2% June
JaD
27
9
19%
Atlas Plywood Corp.....*
Auburn Central Mfg.....*
Mar
8%
"io%
Atlantic Coast Line Co..50
200
May
4%
Amer Laundry Mach.,.20
SI.60 conv pref
5%
18%
33
8%
8%
Amer Hard Rubber Co..50
Bardstown Distill Inc
100
4%
24 %
100
Amer General Corp com 10c
$2 conv preferred
—1
$2.60 conv preferred...1
Purch warrants for
►-»
1Oi
"~6%
8%
107%
preferred
7% preferred
19 %
6%
%
2%
Jan
%
36 H
American Gas & Elec_..10
Atlantlo Rayon Corp
Mar
8%
300
Atlantlo Coast Fisheries..l
Jan
7%
1%
Mar
4%
10%
$5 preferred
Apr
]
16%
Lines com._l
Class A
%
38%
Aeronautical...!
Foreign Pow warr...
Common
Jan
Feb
Brewster
5,500
Assoc Breweries of Can..*
Jan
Apr
34% June
5% May
19%
$5 2d preferred
1st preferred
8%
4
20%
Breeze Corp common
36%
Ashland Oil A Ref Co
500
Feb
Brazilian Tr Lt A Pow...*
36
Aro Equipment Corp
1
Art Metal Works com....6
6%
•
Jan
%
10
6% preferred
6%
Mar
Jan
10
Common cl A non-vot—*
750
May
Apr
200
Appalachian Elec Power4%% preferred.....100
35%
6%
Apr
250
Angostura-Wupperman.
Jan
Mar
%
%
American Thread 6% pf—6
Anchor Poet Fence
2
Jan
Jan
75%
17%
com
Jan
%
13%
40%
99%
37%
American Republics
27%
34
Jan
%
Amer Maracalbo Co
JaD
Jan
Apr
Apr
37%
preferred
111
Jan
h«
93
1
Amer Lt & Trac com
5%
260
%
65
100
95
Cynamld class A.. 10
Amer Export
400
34%
100
British Amer Oli
Class Bn-v
%
"34%
1,900
.25
7%
h»
16%
15
1
1st preferred
18%
9%
Class A with warrants.26
14%
%
*
Borne Scrymser Co
Fe
May
Amer Cities Power & Lt—
Class A
7%
Apr
13%
%
'
14%
Bohack (H C) Co oom_.
Mar
63
Class B
100
24%
100
300
68
18
10%
Jan
7%
Mar
Feb
Feb
Centrifugal Corp. ..1
Axton-Flsher
•
50
10c
19%
10%
Mar
% May
10% May
37
1
pref..
6%
%
25
10%
Bowman Blltmorecom...•
*
Corp
conv
Jan
$6.60 prior pref
Am Superpower
Blue Ridge Corp com
Preferred
Class A...
1,300
•
..1
116
4%
%
96
May
May
3%
Bliss (E W) common
May
10c
Common class B
%
common
111%
25
30
2%
Apr
May
Foundry
A Machine Co com...
16%
Capital—
A common
$3 preferred
6%
Blrdsboro Steel
Blauner's
550
%
97%
16
*
Bourjol8 Inc
95
Amer Box Board Co com.l
4 H%
$2.50 preferred
Jan
67
100
6% preferred
American Beverage com..!
American Book Co
100
400
1,100
32
155
6%
3%
23%
Apr
May
12
3
4%
High
:
.Low
7,600
97
3
6%
18%
6%
Conv preferred
May
6%
Range Since Jan . 1. 1941
for
Week
Shares
Benson A Hedges com..
111% 112%
""0%
Range
of Prices
Low
High
18
6%
100
115
25
22
Aluminum Goods Mfg...
Amer
Tel of Canada
750
22
Aluminum Industries com-
Amer
com
117% 118%
118
100
6% preferred
Amer
18%
2
.1
4
Class A conv com
Aluminum Co common...
Class
May
Feb
14
Altorfer Bros corn.
American
Aircraft Corp
$3 opt
Allied Products (Mich)..10
Week's
Berkey A Gay Furniture .1
Apr
Apr
10
Price
1
Jan
20
5%
(N J)..l
com...2
Alabama Qt
Alles A
20
22%
6%
6%
12%
1%
25%
Warrants
$6
Par
1
6%
4%
5%
Alnswortb Mfg common. .6
Air Investors new
Sale
Bell Aircraft Corp com
Class B
Air Associates Inc
Last.
High
16%
J
1
.
new conv
Low
Shares
Mfg—
Class A
STOCKS
(iContinued)
Week
Acme Wire Co common-10
Sales
Friday
Range Since Jan. 1, 1941
Week's Range
Hale
7% June
200
800
300
he
5% June
3%
Feb
48
Feb
4% June
48
%
Jan
5%
Jan
69%
Jan
Jan<
Fetj
10
6%
70
Jan
Jan
Jan
Volume
New York Curb
152
Friday
STOCKS
Last
{Continued)
Sale
Par
Price
Cities Serv P4LI7 pref.*
16 preferred
*
Exchange—Continued—Page
Sales
Weel's Range
oj Prices
High
Low
for
Range Since Jan. 1, 1941
923*
STOCKS
Week
80
Last
Sale
(Continued)
Shares
Low
High
Par
Mar
89
91%
2
3625
Friday
104
Mar
Emsrson Elec Mfg
102
Mar
Price
Sales
Week's Range
of Prices
High
Low
for
Range Since Jan. 1, 1941
Week
Shares
Empire Dlst El 6% pf 100
Empire Gas A Fuel Co—
4
4%
4
4%
3,000
Low
High
2
Feb
4% June
x89%
Feb
80
•
Apr
5%
Mar
6%
Jan
85%
City A Suburban Homes 10
5%
15%
Jan
6%
Feb
0%
100
90%
90%
30
67%
Feb
95
Mar
Jan
6%% preferred.....100
7% preferred..
„_100
90%
90%
10
70
Feb
95
Mar
91
91%
250
68
Feb
97
Mar
91%
91%
25
City Auto Stamping.
Ciark Controller
v
1
Co
Claude Neon Lights Inc..]
H May
Clayton A Lambert Mfg..4
Cleveland Elec Ilium
Cleveland Tractor
*
com
...
Club Alum Utensil Co
36
35
36%
250
*
Cltnchfleld Coal Corp._I00
»
Feb
J*
35
3%
"~2%
"2H "*2%
:fl Pi
1*666
300
2%
17
%
y
Jan
8
May
41
Jan
May
i
Jan
Apr
5%
Jan
Jan
3
Feb
2%
Jan
1
June
8
Jan
Cockshutt Plow Co com..*
Colon Development ord...
Colt'
13*
1%
13*
1,500
"~2% "~2%
""800
Mar
9
*2%
Patent Fire Arms.25
72
73
200
H
Jan
1%
Mar
43*
£1
warr.
May
May
4%
May
4%
Jan
Apr
82%
Jan
2
70%
Columbia Gas A Elec—
5% preferred
Columbia Oil A Gas
53
1
56%
1%
270
53
1%
1,500
1
hi
2,400
hi
...
1
Distribution.. 1
Community Pub Servloe 25
Community Water Serv._l
V t c ext to 1940
18%
1
1
400
18%
50
10%
10%
100
*
..
1
56%
58%
115% 116
109
109%
1
1%
Consol Min A Smelt Ltd..5
-21%
1%
22%
900
Jan
Jan
Feddera Mfg Co
5
Fed Compress A W'h'se 25
Flat Amer dep rets
Feb
Fire Association
Jan
%
Jan
Florida P AL|7 pref
Ford Motor Co Ltd—
10%
May
13%
Jan
Am dep ret* ord reg __£1
Ford Motor of Canada-
preferred
Jan
55%
May
1%
5%
85
2%
73
Feb
Jan
Jan
40
105
Feb
110%
1%
Jan
Feb
25%
Jan
Jan
3%
105
Jan
Apr
Feb
1%
Jan
500
100
1% May
21% June
100
Mar
6
400
60
1%
5%
Feb
June
85
1
Feb
8%
Jan
♦
9%
*
7
com
9%
7%
100
300
Copper Range Co
*
Cornucopia Gold Mines 5c
Corroon A Reynolds
•
Cos den Petroleum com..
5% conv preferred
Courtaulds Ltd—
May
May
11
Jan
Apr
37
Jan
*800
4 H
Feb
5%
%
June
H
Mar
*1*66
1
Jan
1%
85%
20
70
Jan
Mar
May
1
100
7%
7%
100
86
H
4%
Jan
1%
Feb
8
2%
£1
15
Croft Brewing Co
Feb
15
4%
oonv preferred
Jan
May
Apr
10
5
May
4%
Mar
Apr
Feb
1%
22%
Apr
%
'.11
T
5
£"
"7%
400
Davenport Hosiery Mills.*
24
6%
Stores
Dennlson Mfg ol A oom..6
S0 prior pref
1%
60
8% debenture
44%
8% M ay
9%
20%
22 %
45
25
34
34
35
50
28
Feb
54%
57
125
50
Mar
Jan
52
%
W16
%
4
1%
Jan
Feb
1%
Jan
4%
1,000
12%
100
77
77
10
%
%
300
23%
23%
10
4
Mar
Glen
Alden Coal
*
Godchaux Sugars class A
Class B
Jan
52%
May
55%
83
Jan
Jan
23
%
hi
*r6
45
45
104
104
300
10
Goodman Mfg Co
%
45
Mar
Gorham Inc class A
104
10%
40
May
43
Mar
250
98
Jan
110
Mai
100%
Mar
Mar
3%
11%
3%
100
"9% "ii% 28*666
25% May
7% Mar
May
99
94
200
Jan
*11
Jan
1%
Mar
1%
Apr
24
24
275
14%
Jan
Mfg common.. 10
25%
25%
100
25%
June
4%
Mar
3%
Mar
Gray Mfg Co
4%
3%
100
Jan
4%
3%
200
3%
Apr
2%
60%
Mar
Great Atl A Pac Tea—
Mar
99%
99%
Feb
35
Jan
Feb
Jan
107
Apr
m May
S3
preferred
•
10
*
99%
7% 1st preferred ...100
Greater N Y Brewery
1
'"""%
Non-vot
com
stock
25
17
Feb
Jan
May
May
May
Jan
Jan
21
Jan
11
Apr
De VlIblBS Co common. .10
Gt Northern Paper
38
26
Greenfield Tap A Die
Apr
May
Mar
preferred
10
Hall
Lamp Co
105
Feb
132
Apr
.v
%
Apr
50
36%
7%
1%
May
42
Jan
May
10%
1%
Apr
%
Mar
100
1%
200
'"32% "34*"
2*066
29
Mar
10
109
Mar
112% 113%
80
111%
Jan
2%
Mar
""266
,
113
109
Jan
Hammermill Paper.....10
20
Mar
Hartford
7
May
Hartford Rayon v t C
54%
%
5%
Jan
4%
6
Jan
Harvard
26
%
%
100
5%
5%
100
1
Brewing Co
1%
May
,*
01
70
130
61
June
76
Jan
10
29
30
300
21%
Feb
May
30
June
2%
75%
200
2%
Apr
100
72%
Apr
preferred
110
2%
74
2%
74
B
non
Basel tine
Corp
5%
.._..*
Jan
Jan
0% conv preferred
Hecla Mining Co
Jan
Helena
50
25c
»i»
1
900
13ie May
"i%""jan
Heller
9%
8%
"T "8%
'1*600
1%
1,700
9%
'""166
Co common......2
7%
7%
May
10%
Jan
1% May
3%
Jan
1%
1%
Preferred
Preferred
26
w w
ex-warr
43*% prior pref
100
49
48
50
175
48
June
58%
Jan
Hoyden
100
33
30
33%
550
30
May
42
Jan
Apr
13%
Jan
Holllnger Consol G M
Apr
*ii
Jan
Apr
10%
*
*ie
*
*
12%
13
3%
Economy Grocery Stores.*
preferred
30
preferred
Elec P A L 2d pref A
Option
2%
12
*2%
*
2
55
58%
....
*
58
7%
13
3%
12
2%
56
59%
8
28%
Chemical
3029
10
9%
7%
May
70%
73
10
73
100
65
"260
8
8%
*"8% ""8%
6
11%
13
May
Jan
0%
12
10%
9
26%
Jan
26
Jan
5
Feb
Anr
Apr
13%
Feb
77%
Jan
10%
9 %
Apr
Jan
15%
Apr
Apr
Feb
Feb
Mar
Border s, Ino
Apr
13
Mar
Hormel (Geo A) A Co com*
31%
Apr
Jan
Horn (A C) Co common.. 1
2%
Mar
33%
2%
11%
May
12%
May
Apr
Mar
4%
Jan
65%
Apr
Apr
HubbelJ (Harvey) Inc
6
50
2
51%
Horn A Hardart
Horn
6%
A
25
*
57%
Apr
300
7%
May
May
13
Jan
Humble Oil A Ref
*
59%
1%
12%
32%
Feb
Hummel-Rose Fibre Corp 5
5%
Jan
Hussmann-Ligonler Co..
Feb
May
Mar
Huyler's com
17%
17%
59
60
5%
5%
100
2,900
400
*
....1
-_1
May
31 %
Jan
Feb
16%
Feb
52%
Apr
5% May
0% May
%
Feb
114%
Apr
113%
100
2,300
27%
Jan
Baking..*
Hardart
preferred
70
50
Jan
Feb
3%
400
Feb
May
15%
15%
25,200
Jan
Mar
Feb
Apr
•
Feb
Jan
May
V t c for 1st pref
For footnotes see page
25
2%
113*
28%
Feo
Apr
May
Jan
Jan
Jan
12%
1
28%
2
25
5j2
16
4%
Mar
200
warrants
Electrographlc Corp
Elgin Nat Watch Co
Jan
Mar
26 %
300
HoJophane Co common..*
35
Jan
Jan
Jan
May
4%
10%
Hoe (R) A Co class A...10
11
Elec Bond A Share com..5
Jan
Mar
'*16
1%
20
26
..
0%
Eastern Malleable Iron..25
*
65
6%
25
Hewitt Rubber common. .6
Jan
2,900
Henry Holt A Co part A..*
30 preferred series B
2%
8%
25%
Apr
9
Mar
East Gas A Fuel Assoc—
37 preferred series A
May
115
Mar
20
*5%
Rubensteln
6%
Easy Washing Mach B
Feb
May
Jan
35% May
Feb
110%
5
1%
Hearn Dept Stores com..6
3
76%
1
Class A
Duro-Test Corp common. 1
Duval Texas Sulphur...
Eastern States Corp
Mar
17
»
vot common
111
Durham Hosiery cl B com »
preferred..
■
Hat Corp of America—
Dominion Steel A Coal B 25
*
Mar
4% May
1%
Dominion Bridge Co Ltd.*
Jan
Jan
*»»
34
.........6
Elec Light
Jan
Jan
0%
Feb
12%
1%
5%
Feb
3% May
5
Apr
7%
109
...
June
35%
%
97
"""4% "T"
Grooery Sts Prod oom..25r
56
38
7%
1%
*
Gypsum Llme&Alabastlne*
11
24
128%
"TOO
.1
26
..10
Jan
*i6
Grand Rapids Varnish...!
§ Guardian Investors...
Common
11% June
Feb
May
Gorham
Gulf Oil Corp
Eagle Plcher Lead
Mar
3% May
19%
Gulf States Uttl S5.50 pf.
100
6%
49
""8%""Feb
Jan
Jan
Jan
Duke Power Co
Apr
~~50
109%
Apr
Apr
Dobeokmun Co common.1
-10%
~i\"
108
6%
%
100
Dubtller Condenser Corp
Apr
"46"
12
1%
2%
7%
Jan
May
28%
ht
200
Mar
108
Feb
1%
6%
•i»
Mar
May
1
5%
Jan
01
June
Det Mich Stove Co oom._l
Dlvco-Twln Truck oom__l
Jan
%
Apr
24
(Detroit Paper Prod—..
Driver Harris Co
Jan
June
50 rlOl %
*
June
2%
31
50
18%
Draper Corp
Apr
May
4%
10
common.
Jan
%
77%
*
36
Llouors
Apr
Mar
Jan
Jan
Jan
Diamond Shoe
91
%
*3%
Apr
10
16%
Jar
*
Mar
Detroit Steel Prod..—.10
4%
May
Gilchrist Co
8%
Distilled
May
12%
40
Gladding MoBean A Co..0
17%
1%
200
Apr
June
%
Jan
May
20
65%
%
12%
%
May
200
Apr
29%
18%
June
100
1SX6
17 preferred
...*
Goldfleld Consol Mines..]
1
18%
57
95% May
Jan
May
200
1
preferred
Feb
Jan
May
2%
1%
100
Mar
Mar
Jan
Jan
49
Apr
36% May
May
May
Apr
I%
6%
1%
45%
Jan
Feb
%
5
7%
99%
20
7%
23
Jan
90
..
7%
180
♦
0% preferred w w
Detroit Gray Iron Fdy
11
Apr
%
45
preferred
W-C May
Feb
3%
1.000
Derby OH A Ref Corp com*
A conv preferred
55
100
Jan
6%
10(1
Detroit Gasket A Mfg
Apr
Apr
•
6% May
1
0% preferred A
Jan
25%
Dejay
Jan
1%
8
25
Decca Records oommon__l
69
129% May
11%
♦
8
Feb
Jan
June
Jan
Gilbert (A C) common
Preferred
Jan
Mar
18%
.1
35
5%
1%
5
Darby
300
1
Curtis Llght'g Inc oom 2,50
Curtis Mfg Co (Mo)
6%
6
Feb
5
6%
8%
19
Feb
17
57
Jan
May
18
100
*
Apr
*
6%
100
200
Jan
10%
Apr
Feb
Jan
Jan
General Tire A Rubber—
**1»
10
Cuban Tobacco com
8%
S3 preferred
_*
Georgia Power S0 pref-.-*
he
1,300
18%
18%
Gen Water O A E oom___l
*
Cuban Atlantlo Sugar
Feb
2%
17% May
Feb
26
%
18%
18%
General SbareboldlngsCorp
Common.
1
Jan
100
1
9%
Gen Rayon Co A stock...*
Jan
700
58%
111%
100
*
preferred
%
500
10
Jan
25%
May
150
7
■v
Jan
Jan
4%
June
18%
18%
Gen Outdoor Adv 6% pf 100
Gen Pub 8erv f0 pref
*
1%
2%
2
7
19
600
■
3
10%
Apr
10
Gen Gas A El $6 pref B._*
General Investment com.l
Jan
4%
6
%
Amer dep rets ord reg.£l
Gen Fire proofing com
•
May
174
Jan
June
10%
.
28%
Mar
7% May
2 %
Apr
5% May
19% May
1%
1
% May
1% May
Jan
4%
4%
2
%
*
3%
4%
21%
300
100
100
2
60%
60%
125% 127
1
Mar
90
4%
25o
A conv
1%
Jan
20%
3%
100
19
Gamewell Co 10 oonv pf.
Gatlneau Power Co—
12%
Crown Cent Petrol (Md)_6
Dayton Rubber Mfg
127""
*
100
3,800
Crown Cork Internat A..*
7%
%
45
Fuller (Geo A) Co com..
S3 oonv stock
20%
4%
7%
19
"""366
Jan
Apr
Apr
13
8%
16
16%
*
Petroleum com
100
Common
Conv partlo pref
Fruehanf Trailer Co
Mar
1
Crowley, Mliner A Co
preferred
6
7%
Mar
*16
19
%
Crocker Wheeler Elec....*
7% conv preferred
Crystal Oil Ref com
6
*
$0 conv preferred
5
Crown Drug Co com
Jan
Jan
5%
1
50
Adrs ord reg stock
"Sk
85%
1
Creole °etroleum
6
"*7*% "7%
Mar
8
Gen Electrio Co Ltd-
""£% ~"i%
5%
1
preferred A
*
Class B voting
Mar
June
30
*
preference
*2j)66
Fox (Peter) Brewing Co.
5% preferred
Gellman Mfg Co com
General Alloys Co
9%
■V 7
100
3
Franklin Co Distilling
1
Froedtert Grain A Malt-
Mar
6%
Cook Paint A Varnish
50
2%
10%
98
%
8%
11%
%
Cooper-Bessemer
Class
Mar
Mar
Jan
2
119%
1%
86%
%
33%
May
Roll A Steel
S0
Mar
Apr
3
100
100
Continental Oil of Mex
Mar
115
100
7% prior pref
1
2
95%
22%
1% May
2%
(Phliai.10
24%
60
1
Consol Royalty Oil
10
Consolidated Steel Corp *
Continental Gas A Elec Co
So
300
"22"
2
Metallurgical...*
May
May
18%
450
1
»u
1%
58%
100
Consol Retail Stores
prior
Falrchlld Eng A Airplane. 1
Falstaff Brewing
1
1%
2
"22"
Jan
Apr
"*1*566
1
Jan
June
16
72
5% May
l
Falrchlld Aviation
Fansteel
""hi ""*%
14
16
Eureka Pipe Line com..60
Eversharp Ino com
1
Feb
i«4
%
33%
13*
100
Consol Gas Utilities..
S3
1
%
Class A non-vot
Consol GELP Bait com.*
Cont
preferred
3*
S3 preferred
•
Conn Telep A Elee Corp._l
Consol Biscuit Co
.1
8%
conv
Mar
Conn Gas A Coke Secur—
43*% series B pre!
4% pref series C
13
May
21%
Equity Corp common..10c
00%
Compo Shoe Mach—
Common
100
Feb
Commonwealth A Southern
Commonw
preferred
Fanny Farmer Candy
100
Warrants
8%
91%
EmDire Power nart stock.*
Emsco Derrick A Equip..5
Esquire Ino
Cohn A Roeenberger Inc.*
0% conv preferred
Colorado Fuel A Iron
prefer ted
50
4
June
18
Jan
63
Jan
0%
7%
*16
7
Jan
Jan
Jan
Jan
New York Curb
3626
Friday
STOCKS
Week
Last
{Continued)
Sale
Par
Range
s
High
Low
14
b%
700
"200
14
700
244
34
26
ctfs
arrear
27
4
Illlr.olfl Zinc Co
Jan
14
•
44
10
600
10
100
Feb
94
Imperial OH (Can) coup..'
64
64
64
Registered
64
64
54
74
Ireland
A
Indiana Pipe
preferred
Indian Ter
7
74
Line
Indiana Service
7%
£1
4
44
6% pf.100
100
Ilium
4 4
174
174
Jan
9
9
24
Apr
134
144
Jan
24
Jan
4
V t o common..
1
Jan
International Cigar Macb
Internut Hydro Elec—
Pref $3.60 series
60
34
14
Internat Industries Ino—1
Jan
Jan
94
94
94
84
Registered shares
9
Products..
30
13 60 prior pref
International
Interstate
Vitamin
Home
30
144
28
May
34 4
44
Equip..]
84
84
84
200
Jeannette Glass Co
10
Jan
12
Mar
500
4
4
94
18
94
1,050
154
400
94
•
17
16
94
Jersey Central Pow A Lt—
64% preferred
100
6% preferred
100
7% preferred
100
Johnson Publishing Co. .10
Jones A Laugblln Steel. 100
14
92
14
4
92 4
994
99
994
104
200
25
120
104
26*
10
6
Feb
184
Mar
Apr
14
14
4
Jan
84
100
400
1
2
2
100
May
76
Feb
64
Jan
Jan
24
4
Feb
Apr
May
9
34
34
104
Jan
34
May
12
12
50
10
Mar
954
97
160
94
Apr
50
114
114
500
44
100
44
42
42
42
10
104
11
1,600
Apr
114
44
Apr
37
Jan
34
Lane Bryant 7% pref..100
Lane Wells Co common.. 1
500
104
34
4
34
12
1044
60
May
May
Feb
200
98 4
8
June
Jan
Langendorf Utd Bakeries-
June
Jan
Apr
134
Jan
54
Apr
Apr
84
Lakey Foundry A Mach_. I
Lamson Corp of Del
5
Feb
Apr
12
Kress (S H) special pref. 10
14
Jan
34 June
200
97
42
Jan
144
Jan
54
Jan
14
common
15
1
com
Jan
Lehigh Coal A Nav
Jan
15
Leonard Oil
34
Develop.-.26
Le Tourneau (R Q) lnc_.l
Line Material Co........6
Llpton (Thos J) ino—
0% preferred
25
Lit Brothers common
•
Locke Steel Chain.......6
Lone Star Gas Corp
Feb
4
74
Feb
Jan
34
Jan
34
June
4
304
7
800
<11
Jan
300
23 4
18,200
550
19
Feb
14
800
134
Feb
154 June
84
3,900
84
Apr
10 4
Jan
Jan
22 4
100
20
204
14
54
75
♦
14
Louisiana Land A Ezplor.l
Louisiana P A L 66 pref..'
54
14
54
100
1,000
4
May
214
June
4
314
20
June
284
14
44
1064
Jan
Fen
2
1094
May
Feb
100
Feb
25
214
18
18
274
Feb
Mar
254
Jan
100
18
24
Jan
June
*11
14
*
38
Jan
Mar
Mar
4
14
*
244
Communication Co Ltd.
Mar gay Oil Corp
*
264
Jan
100
"284
"450
see page
10
24
Feb
May
5
*ii
Apr
Feb
2 4
Jan
274
May
May
Apr
Feb
694
24
-Jan
54
Jan
94
Mar
1
284
May McEwen Kaiser Co—
64 preferred
...*
MoCord Rad A Mfg B.__'
Mo Williams
Dredging
•
Mead Johnson A Co
•
Memphis Nat Gas com..5
For footnotes
Jan
14
34
Apr
554
14
34
•
3629.
"28"
74
129
44
74
130
44
400
50
300
1244 May
4
154
Apr
Mar
148
44
20
Apr
Jan
33
May
Mar
Apr
1164
Jan
Jan
4 4
June
94
Mar
84
364
4
Jan
74
Jan
54
Apr
294 May
14
500
14
114
June
2 4
Jan
Mar
114
Mar
159"
"290
156
"*25
1614
15
Jan
Jan
Jan
Jan
Apr
24
24
174
Apr
May
184
Jan
26
Jan
124
124
132 4
30
104
104
100
104
114
450
,
100
Jan
"is
Jan
June
Jan
3 4
64
Apr
124 June
1304 May
104 June
ti4 May
54 Mar
67
114
114
100
6i*
4in
700
Jan
10
Apr
250
200
Nat Mfg A Stores com...*
National P A L 66 pref
•
National Refining com...*
984
m
-
—
104
"~98~
24
24
4,800
104
May
Navarro Oil Co
•
Nebraska Pow 7% pref. 100
Neh! Corp 1st preferred..*
Nelson (Herman)
Corp...5
-
-
14 4
Jan
44 4
Mar
124
Jan
Jan
124
24 May
99 4
Mar
May
24
June
Jan
4 4
204
Mar
25 4
Jan
74
64
Apr
9 4
Mar
Feb
84
124
Mar
100
24
4 4
50
200
"""366
10 4
Jan
24
2,300
24
May
*18
100
4
Jan
104
100
9 4
Feb
24
104
110
110
50
1094 May
3
4
54
4
*
4
•
ICO
May
Feb
Jan
34
4
114
1164
5
Common
cum
10
62
4
40
4% non-cumlOO
Pow Assoo
preferred
40
50
•
100
preferred
374
"36 4
38
400
*
New England Tel A Tel 100
New Haven Clock Co
•
New Idea Inc common
•
New Jersey Zinc
26
New Mex A Ariz Land
1
New Process Co
15
62 4
"""36
154
62
63
14
14
100
May
Jan
54
Mar
N Y
Jan
354
May
6 4
56 4
Jan
Feb
Mar
184
May
129 4
Jan
54
154
Mar
13 4
Apr
Feb
614
May
68 4
14
294
1
Jan
294
34
Warrants
6
N Y A Honduras Rosario
10
N Y Merchandise
10
N Y Pr A Lt
7% pref._100
preferred
•
16
16
16
50
Jan
Apr
4
414
400
1,550
14
15
Apr
Jan
34
*99*
74
*984
74
99
100
Feb
Apr
Jan
Mar
Apr
Jan
Mar
6
Mar
Apr
Jan
7
Feb
107
74
Mar
Jan
1104
3 4
*
Y Auction Co com
N Y City Omnibus—
Jan
Apr
Apr
100
4
*
N
4
Jan
Apr
36 4
3 4
14
1104 1124
Jan
84
Nevada-California Elec—
New Engl
Jan
Feb
500
-
.
June
Feb
"114 *114
"2 4
114
Jan
87
....
-
Jan
Apr
May
Apr
64
124
384 May
104 June
24
44
74
7
71
4
"1,656
24
174
Mar
174
64
4
74
Jan
Mar
124
May
May
May
2 4
*98
24
44
....
300
154
140
Jan
»u May
14
12 4
National Tea 5 4 % pref. 10
National Transit
12.50
Nat Tunnel A Mines
♦
Nat Union Radio
30c
Jan
24
6,800
104
104
Nat Rubber Mach
•
National Steel Car Ltd...*
National Sugar Refining.*
Jan
Feb
144
16
39 4
Neptune Meter class A
Nestle Le Mur Co cl A
Jan
Mar
124
3%
Jan
4
132 4
•
Apr
194
74
1164
Jan
Jan
"
"""30
984
June
105 4
Jan
224
Apr
294
Mar
1044
Apr
64
Jan
264 June
1074
Shipbuilding Corp—
Founders Shares
1
27
26
274
1,750
274
26 4
274
100
New York State El A Gas—
64% preferred
100
New York Transit Co
6
N Y Water Serv
6% pf.100
Jan
8
Mar
42
Jan
Niagara Hudson PowerCommon
10
6% 1st preferred
5% 2d preferred
24
24
24
7,600
100
684
66 4
684
225
100
62
59
62
Apr
34
Jan
Jan
564
May
May
794
20
654
Jan
200
'11s
Feb
7i4
Jan
4
Class A opt warrants..
Class B opt warrants
Apr
•is
Feb
24
61
Niagara Share34
200
47"
MOO
34
4
34
100
'32
1i«
79 4
83 4
13,700
1,625
184
184
100
100
*
34
"454
6
Class A preferred
Nlies-Bement-Pond
24
Apr
300
104
104
Class B common...
Apr
94
Massey Harris common..'
com
Jan
Apr
24
♦
1
Mar
49
Manlschewltz(The B) Co.'
Mercantile Stores
Jan
Apr
*
Conv 7 % 1st pf y t o. 100
Lynch Corp common
6
Manatt Sugar opt warr
Mangel Stores
l
Master Electric Co
Jan
Apr
54
Feb
4
55 4
93
4
39
66
214
Marion Steam Shovel
Mass Utll Assoc v t
c._
Jan
154
2,200
Ma pes Consol
Mfg Co
Marconi Intl Marine
Jan
84
4
preferred
84
134
4
com
Jan
304 June
84
100
Lud wig Bauman A Co
Conv 7% 1st pref
3u
Apr
154
•
Loudon Packing
May
Mar
1
100
7% pref class A
6% pref class B
Feb
64 June
154
'
Long Island Lighting—
Common
24
4
29 4
64
144
Jan
Feb
34
100
124
Jan
4
'
Feb
454
300
394
Apr
104
64
24
•
Jan
'h-
•
Realty
8
63 oonv preferred
60
National Container
(Del).l
National Fuel Gas
•
May
104
124
•
Nat Bellas Hess com
1
National Breweries com..*
National Candy Co
*
National City Lines com.]
6%
•
Conv preferred
conv
Mar
Jan
*
$6
Feb
14
Hoppers Co 6% pref... 100
Kresge Dept Stores—
4% oonv 1st pref
100
B
May
Feb
12
1
Class A
Jan
4
Apr
Feb
Apr
14
Klelnertd B) Rubber Co. 10
Kreuger Brewing Co
1
Lackawanna RR (N J). 100
Lake Bhores Mines Ltd
1
Jan
4
Kir by Petroleum
1
Klrkl'd Lake QM Co Ltd. 1
Kelln (D Emll) Co com..'
Feb
"566
24
114
9
II
7
{Mountain States Power-
Nacbman-Sprl ngfliled
23 4
44
14
Jan
54
Mountain City Cop com.5c
Mountain Producers
10
~374~~Jan
118
Feb
614
1
Jan
14
4
Apr
Jan
Feb
4
694
1174
30
*16"
104
7
200
1614
Mountain Sts Tel A Tel 100
3
84
*
Murray Ohio Mfg Co
*
Muskegon Piston Ring.2 4
Muskogee Co common
*
6% preferred
100
974
Jan
Apr
Apr
Pow__
Jan
104 4
110
Feb
Ht A
May
Apr
Apr
Lt
14
May
Mar
14
34
92
8
18
1084
14
200
44
30
Moody Investors part pf.'
Moore (Tom) Dlst Stmp.l
Mtge Bank of Col Am she.
Jan
98
1034 May
Apr
Apr
4
Feb
4
May
Jan
4~900 "~24~~
Ken Rod Tube A Lamp A
Kimberly-Clark 0% pf.100
Kingsbury Breweries...
Kings Co Lt* 7% pf B.100
Knott Corp common
Kobacker Stores Ino
Jan
23 4
"294
E 7% pref. 100
Products
Jan
4
1164
294
Kokenge com..'
6% preferred D
34
Feb
>u May
14
Kennedy's Ino
Apr
4
64
....
com
Montgomery Ward A
Montreal
4 May
64
Jan
100
48
44
Monroe Loan 80c A
1
Montana Dakota Utll... 10
May
Apr
May
500
""64 "0
Apr
May
Apr
34 May
115
44
Monarch Machine Tool..*
Monogram Pictures
104
4
..2.50
Jan
34
84
1
47
Molybdenum Corp
•is
Jan
Apr
Voehringer—
Common
64 May
64
Feb
834
Missouri Pub Serv com..'
Jan
June
2.200
*
Class
Mar
100
30
•
Lefcourt
4
Mar
44
Rob Fireman Mfg vto
Irving Air Chute
Kingston
Mock Jud
104
4
Italian Superpower A
Jacobs (F L) Co
Kansas O A
May
Jan
Mar
Feb
7n
May
Feb
4
Mar
*134
48
•
4
11
104
Jan
Jan
14
54
44
225
Minnesota P A L 7 % pf 100
Mississippi River Power6% preferred
100
Mar
44
Interstate Hosiery Mills.
Interstate Power 17 pref.'
Investors Royalty.......!
Julian 4
Jan
May
1
1144 1164
14
14
74
74
Midwest Piping A Sup..
200
12
10
Mining Corp of Canada.
Minnesota Mln A Mfg
'it
12
1164
Jan
44
12
Jan
5
Apr
4
6 4
16
60c
Jan
Jan
Jan
Products—
Apr
4
...
34
100
dlv shares.
74
24
Mar
1
non cum
54
24
Feb
Class A
II 76 pref erred
62
Feb
34
Class B
Midland Steel
May
May
Apr
4
4
•
Mid-West Abrasive
Midwest Oil Co
Internat Safety Razor B.'
International Utility-
300
24
Midvale Co
204
14
54
64
200
Mar
800
112
600
174
2400
1084
Jan
4 May
4 4
Apr
54
7
100
"in
Jan
4
44
Jan
14
Apr
"166
Middle West Corp com..5
Jan
14
*
....
2
40
4
"4 ""
4
Midland Oil Corp—
62 conv preferred
4
34
Jan
100
Mar
124
14
44
Mar
May
Apr
4
Mar
73 4
300
100
May
1
Feb
1
Jan
4
Fen
4
1
t 0
v
Feb
Internat Metal Indus A..'
Internat Paper A Pow warr
International Petroleum-
Coupon shares
B
Mar
300
500
7
4
10
644
44
Mar
78
400
Apr
Apr
14
334
Mlcromatlc Hone Corp..
Middle States Petroleum
Class A v t 0
Jan
4
4
5 4
64
Preferred
•is
724
174
4
924
*
94
714
174
714
4
preferred
950
100
preferred
Insurance Co of No Am. 10
International
66
44 June
214
Jan
Jan
Feb
Metropolitan Edison—
Jan
10
4
904
Michigan Bumper Corp__l
Michigan Steel Tube..2.50
Michigan Sugar Co
*
Apr
1,300
1
34
700
5
Metal Textile Corp
25c
Partle pref erred...... 15
May
1
B
92 4
1
Jan
24 May
7
Apr
74
Apr
May
Feb
Feb
44
294
4
100
preferred
124
Class
Non-voting class A
A
High
Mar
28
44
Mesabl Iron Co
Oil—
Class
Low
34
44
Jan
Industrial Finance—
7%
6 4%
Jan
Imperial Tobacco of Great
Britain
Range Since Jan. 1. 1941
for
Warranto.-,.
74
Apr
6
200
Participating preferred. •
Merrltt Chapman A Scott •
Jan
35
Mar
2,700
Imperial Tobacco of Can.6
Jan
Jan
34
1941
Week
Shares
Merchants A Mfg cl A...1
38
May
May
May
2 4
Imperial Chemical IndusAm dep rets regis
£1
Feb
Week's Range
of Prices
\Low
High
Price
7,
Sales
1
Sale
Par
14
14
Feb
31
preferred....60
cony
Dtr
14
""l"4 "ili
Hy grade Sylvania Corp.."
Illinois Iowa Power Co—
Last
High
"i#
Food,Prod..— -6
STOCKS
(Continued)
Shares
June
3
Friday
Range Since Jan. 1,1941
far
Week
of Prices
Low
Price
Hydro-Electric Securities
Hygradf
Exchange—Continued—Page
Sales
Nineteen Hundred Corp B 1
Niplsslng Mines
4
5
Noma Electric
...!
Nor Amer Lt A Power—
Common
66
....
1
preferred....
•
North Amer Rayon ol A..*
Class B common
*
6%
prior preferred
16
80 4
200
6% prior pref called
No Am Utility Securities.*
Jan
4
Feb
Jan
92
Apr
454 June
84 May
4
Feb
3
May
May
70
Feb
17 4
May
184
Apr
Feb
604
60
Nor Central Texas
Oil...5
34
89
47
50l7j2
5017
100
50'732
4
May
Jan
34
Jan
60 4
Jan
10 4
Jan
4
Jan
4
Jan
4
Jan
854 May
23 4
23 4
Jan
52 4
Jan
50,7ji
4
5
Jan
May
Jan
May
Volume
New York Curb Exchange—Continued—Page 4
152
Sales
Friday
STOCKS
Salt
Par
103
1124 112 4
1064
Jan
Ryan
•
24
24
30
Jan
Ryerson A Hayneaoom..]
8t Lawrence Corp Ltd
•
14
14
700
Apr
34
Jan
May
234
Apr
2)4
18
75
107
Apr
1104
Jan
109)4
Jan
1134
May
1134
Mar
1184
Jan
106)4 June
Samson United
1st pf-25
314
54% let preferred—25
pref.
pref..100
Pacific Public Service
1st preferred
103
k"
Jan
64
May
Sanford Mills
Jan
Savoy Oil Co
May
54
Jan
Schiff Co common
Jan
5)4
Jan
64
Mar
Schulte (D A) com
Conv preferred
25
May
24
Jan
Scovlll
25
30)4
May
28)4
28)4
101)4 103)4
100
284
May
314
230
1014
May
79)4
30
784
May
1084
874
Feb
Mar
Mar
4
Mar
67)4
May
184
2
15,600
4
54
30
30)4
30)4
100
2)4
33
354
Mar
Convertible
324
Apr
4
Mar
Apr
24
Apr
9,100
24
Jan
24
Mar
400
84
May
144
Jan
Mar
Feb
4
•
106)4 106)4
*
60
Pennsylvania sugar com 20
preferred
i65
165
52)4
Pepperell Mfg Co..—100
Perfect Circle Co
♦
Pharls Tire A Rubber
1
85)4
53
86
23
2)4
Philadelphia Co common.*
Phlia Elec Co S6 pref
*
5)4
200
614
40
May
Mar
4
Jan
May
113
574
92
Jan
34
Jan
Smith
44
Feb
74
Jan
600
54
300
""126
154
1.150
74
34
84
14
...1
Solar Mfg Co
Jan
44
Jan
3
Feb
May
"600
65
Apr
109
Jan
11
Jan
Jan
804
1154
Jan
Feb
64
Feb
Mar
14
Penn Oil
25
300
Apr
964
6% preferred B
26
64% pref series C—26
294
Jan
Jan
Southern Colo Pow oi A.25
June
3
Apr
200
14
24
Apr
4
Jan
1
500
4
June
200
14
Apr
Jan
1
14
2 4
600
24
Apr
Feb
14
36 4
37 4
700
364
Apr
394
Mar
Jan
Mar
Jan
Apr
30 4
Jan
Jan
104
Jan
12 4
Jan
4
4
Feb
»hi
Apr
Southern
Feb
14
Mar
34
Mar
44
34
Mar
Feb
7% preferred
50
"m
3,100
70
38
May
46 4
Feb
294
294
284
800
29
May
314
284
200
28
May
294
Jan
Jan
4
4
500
Jan
4
Feb
May
18
4
234
4
Jan
Jan
Jan
JaD
6
.10
Mar
8
24
Southern Pipe Line
Preferred A
25
54
54
54
4
4
14
24
700
4j
•
Ino
84
Jan
Stahl-Meyer
hi
Feb
Standard Brewing Co
Feb
54
84
Apr
Standard Cap A Heal com. 1
34
Mar
134;
134
14
May
94
Jan
10
Standard Dredging Corp—
Jan
13
13
194
184
194
1094 1094
Mar
1144
Mar
5
Jan
34
10
14
June
Jan
4
Apr
May
74
Jan
Feb
24
14
June
1
May
hi
Mar
Apr
4
300
hi
Jan
200
3 4
Mar
54
Jan
250
124
Feb
154
Jan
50
2,500
14
124
174
Apr
Jan
Apr
204
Jan
25
1074
Jan
1104
May
.....1
$1 60 oonv preferred—20
Standard Oll(Ky)
54
34
4
•
Conv preferred
Common..
1134
May
4
May
Apr
Jan
25
44
June
107
3
Feb
100
*
*
1054
10
300
Spalding (A G) A Bros—1
1st preferred
Jan
Mar
20
Southern Union Gas.....*
z4
114
Jan
Apr
44
64
4
165
64
74 May
"266
Mar
156
hi
7
"44 "44
4
Phosphate Co. 10
Spencer Shoe Corp
300
414
100
Southland Royalty Co...5
184
34
404
South New Engl Tel—100
Jan
14
Edison—
Mar
84
600
200
4
Feb
24
"~4
Mar
74
23
164
124
Feb
1
36 4
6% original preferred.25
Calif
Jan
104
24
4
Southwest Pa Pipe Line. 10
Southern
Jan
24
.1
Mfg 00m
Jan
2 4
Jan
2
144
Jan
Standard Oil (Ohio)—
1234
55
123 4 1234
175
554
984
51
544
1254
May
594
May
954
Jan
400
45
Jan
400
94
May
374
May
Feb
Feb
674
184
Jan
84
.100
5% preferred
Standard Pow A Lt
200
350
hi
494
464
3,750
14 4
84
74
Pyrene Manufacturing.. 10
Quaker Oats common
*
754
1484
100
*
74
754
75 4
1484 1494
100
60
90
6 4
75
147
May
Mar
64
Feb
Jan
84
Standard
Standard Sliver
Raymond Concrete Pile—
Common
.....*
14
144
14
*
4
4
174
•
"54
44
..1
1
•
34
34
1
Rio Grande Valley Gas Co-
"14
common.*
Relter Foster Oil Corp. 50c
Reeves (Daniel)
2
550
1,000
1
14
Btarrett (The) Corp
Jan
Steel Co of Canada
Jan
*11 May
94
17
Jan
Apr
2
Feb
Stroock (8)
hi
Feb
14
Jan
Jan
4
174
300
100
174
Feb
54
2,000
34
May
hi
21
Jan
Jan
Jan
54 June
*
Sullivan Machinery
•
Sun Ray Drug Co
.1
Sunray Oil
1
54% conv pref
60
Superior Oil Co (Calif)—26
Superior Port Cement—
14
34
14
'2~800
200
14
34
"eoo
Jan
Mar
44
14
54
14
May
Jan
1
Tampa Electric Co com..*
194
84
104
Technicolor Inc common.*
Texas P A L 7%
94
94
200
Roosevelt Held Ino......5
14
84
1
51.20 conv pref......20
14
84
Feb
114
May
Feb
13 4
Jan
84
Apr
Mar
104
24
Jan
14
94
107
May
300
1
Jan
24
May
600
44
Jan
84
May
4
Jan
4
Ross la International...
3629.
1
=
Jan
Jan
pref..100
Thew Shovel Co com
5
1
Tlshman Realty A Constr *
Tobacco A Allied Stocks..*
Tobacco Prod Exports...•
Todd Shipyards Corp
.*
TUo
Roofing Ino
24
384
Jan
14
Feb
Feb
404
Mar
Jan
94
54 May
Feb
4
Feb
14
24
Apr
84
"266
134
200
114
200
275
nK
Jan
Apr
Jan
Mar
Jan
»u
May
14
Jan
Jan
4
Feb
May
Apr
ljji
hi
Mar
Jan
15
Jan
11
Apr
14 4
Jan
104
Jan
Jan
14
May
404
June
304
May
1,200
404
100
14
374
30
100
224
Apr
Mar
Apr
Jan
12
54
Texon Oil A Land Co....2
May
12
12
14
14
24
200
204
194
8
84
1034 103 4
1,200
24
Taggart Corp com
Jan
1034
Rome Cable Corp com...5
"l4
•
Feb
hi
Jan
114
100
% prf 100
Roeser A Pendleton Ino..*
400
Swan Finch Oil Corp....15
Mar
Feb
44
94
May
hi
Apr
May
30
hi
JaD
Jan
Apr
404
14
164
54
144
Class B common
Apr
2
Jan
10
Jan
104
Rochester Tel 6 *4
54
24
11
Feb
1
Rochester GA El 6 % pf C100
"l4
"134
Co
Mar
Jan
Jan
May
4
274
14
7
54
34
114
hi
94
Jan
Feb
104
154
200
Reliance Elec A Engln'r'g 5
Jan
Jan
Mar
Apr
hi
18
44
*
50
74
hi
hi
284
4
100
Stein (A)
Jan
13
14
Jan
74
100
600
A Co common..*
Sterchl Bros Stores......•
;y
300
he
184
14
18
Apr
19
vte.1
Jan
Jan
44
14 4
*
60c
Standard Tube cl B.
Jan
hi
Railway A Utll Invest A.l
84
hi
184
*hl
Feb
5
10
84
1
6
6% 1st preferred
60
5% 2d preferred
20
Sterling Aluminum Prod.l
Sterling Brewers Ino
1
Sterling Inc
1
Stetson (J B) Co com
•
Stlnnes (Hugo) Corp
5
1,900
warrants
Railway A Light Sec—
84
Lead
Standard Steel Spring
1594
Radio-Kelth-Orphuem—
Option
Products Co—1
Jan
Apr
Feb
May
27
•
Preferred
105
May
4
112
Feb
hi
4
274
4
1
Common class B..._..*
96 4
*
For footnotes see page
7
14
24
—-1
...1
Sonotone Corp..
70
73
4
114
Apr
104
Jan
Pyle-Natlonal Co com...5
A
111
14
Feb
May
600
1
64
Feb
June
30
684
102 4 104
104
63
Puget Sound Pulp A Tim *
Root Petroleum Co
674
110
Jan
64
454 May
54
1,100
34
*
..._•
6% preferred D
"684
South Coast Corp com...1
Puget Bound P A L—
$5 prior pref erred _....♦
Voting trust ctfs
400
4
44
64
Boss
14
Mar
Public Service of Indiana—
Republic Aviation..
Rheem Mfg Co..
Rice Stlx Dry Goods
Richmond Radiator
34
(H) Paper Mills.
Jan
100
100
Reed RoUer Bit Co
34
Jan
Jan
84
reg.£l
Jan
64
Feb
4
14
Skinner Organ
♦
preferred
34
Sioux City G A E 7% pf 100
314
Public Service of Colorado
$3 conv
500
300
Mar
Jan
May
Feb
....*
Raytheon Mfg com
Red Bank Oil Co
4
44
"Feb
100
Amer dep rets ord
14
•
New voting com
4
34
Singer Mfg Co Ltd—
Mar
184
«
Mar
4
24
Jan
64
1184
28
Feb
184
60
Feb
1304
44
Feb
Mar
Apr
Feb
1)4
Jan
Jan
Jan
Mar
60
14 June
Singer Mfg Co
May
54
12
84
4
24
Fen
1024 June
Jan
2)4
400
34
Jan
Apr
210
23
12
73
4
14
41
200
70
Nev—1
preferred
Quebec Power Co
'""250
Jan
Jan
100
11
Metals of Am—1
6%
200
454
14
12
*
$6 preferred
4
"454
Apr
39
Premier Gold Mining....1
preferred
Jan
14
Mar
Prentlce-Hall Ino com...*
$6
9
Simplicity Pattern oom..l
Simpson's Ltd B stock
*
Apr
May
100
1st preferred
Jan
74 June
Jan
494
200
Canada..*
6% 1st preferred
34
100
Jan
Feb
Alexander...6
Prudential Investors
,,u
Apr
13
31
3)4
8)4
26c
6
Prosperity Co class B
Apr
24
11
pref
5)4
10
6% 1st preferred
Pratt A Lambert Co
4
200
234
oonv
750
73)4
7.60
Potero Sugar common
2,400
4
454
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
Jan
Jan
hi
24
74
Apr
S3
6,800
144
Jan
Mar
May
Simmons-Boar dm an Pub—
Jan
54
14)4
Jan
Mar
14
4
374
224
Jan
14
3
*644 ~65~~
Pittsburgh Metallurgical 10
144
Apr
4
Sllex Co common
182
Jan
354
Pittsburgh A Lake Erle.50
Jan
Apr
•
Apr
May
134
5
54
Jan
115
4
64
35
5)4
Jan
Feb
22
24
Sherwin-Williams of Can
South
.....*
Pitts Bees ALE RR
50
June
42
6% cum pref ser AAA 100
23
14
Meter
17 prior preferred
6
Jan
Pitney-Bowes Postage
Polaris Mining Co
9
Shawlnlgan Wat A Pow..*
12
Pierce Governor common.*
7%
Shattuck Denn Mining
5)4
35)4
Pioneer Gold Mines Ltd..l
Pneumatic Scale com
454
1
Solar Aircraft Co
Plough Inccom
4
24
1
Serrlck Corp class B
314
24
1
Apr
Mar
44
Sentry Safety Control
1134
A.10
Jan
Am deprcts ord reg...1
115
Phoenix Securities—
Conv S3 pref series
134
294
1154
24
May
Selfrldge Provlnc'l Sts Ltd
79
...♦
Common
Jan
Mar
9
300
4
50
pref.25
Phillips Packing Co
I
Jan
"11
76
6
stock
16.60 prior stock
25
Allotment certificates.
1064
10
144
100
9
74
1084
25, 162
—
Penn Water A Power Co.*
Phlla Elec Pow 8%
•
com
Apr
May
Class A common
4
Feb
hi
Sherwin-Williams com..25
Penn Salt Mfg Co
Jan
June
34
Jan
4 June
Jan
10
76
Common
Jan
9)4
300
2 4
90
May
36
Selberllng Rubber
Mar
64
Mar
June
2)4
110)4 HI
Feb
4
12
174 May
Seton Leather common.
111
Jan
14
Selected Industries Ino—
Apr
38
Mar
50
he
Jan
13
Apr
644
4
114
600
.....
9
Warrants
Selby Shoe Co
Pennsylvania Gas A Eleo—
Penn Pr A Lt S7 pref
Scullln Steel Co com.....*
Apr
2)4
*
*
12.80 series pref
125
26 4
1
76
34
Pennsylvania Edison Co—
55 series pref
100
Seeman Bros Inc
9)4
1
24 May
Securities Corp general..
4
oom.l
134
«00
Brook
Water Service $8 pref..*
Jan
2)4
31
24
1
Scranton Spring
Jan
Mar
30)4
26
.—60c
Feb
100
9
1
vH
Mar
Apr
Fuel
*
common.
34
11
Penn Traffic Co
Lace
674
10
Providence Gas
Mfg
Scran ton
Jan
Jan
Parkereburg Rig A Reel.-l
14 May
70
600
Feb
3
Patchog ue- Ply mouth M Ills *
Peninsular Telephone oom*
4
134
Segal Lock A Hardware.
3)4
250
1,100
26
344
31)4
3)4
5,600
24
9
14 4
34
Jan
4
1164
Paramount Motors Corp.l
Producers Corp of
Corp oom.l
Apr
4
American shares
May
6
48
Page-Hersey Tubes
*
Pan tepee Oil of Venezuela-
Mar
57
•
214
Jan
Jan
78)4
Feb
4
4
1104
Jan
Apr
800
31
24
100
4
107)4
•
Pressed
2
50
6
14
90
90
1
25
•
Power Corp. of
100
Scranton Elec $6 pref
Pennroad Corp com
14
14
6
00m
preferred
1)4
Pacific Lighting S5
Powdrell A
Paper
500
1
18
106)4 106 4
Pacific Can Co common.
56
7%
24
14
Mar
60
pref
Salt Dome Oil Co
6
1
Overseas Securities new.-l
Omar Ino
Airlines
St Regis
oonv
60
50
Cent
Class A $2
50
48)4
48)4
112)4 112)4
Penn
Petrol
4
60
SI.40 preferred A
Consoi
6
$54 conv prior pref—
Penn-Mei
Ryan Aeronautical Co
115)4
107
115
400
Parker Pen Co
Jan
Apr
234
May
"i*H "l8H
SI 30
24
May
20*4
112 H H2
100
Pacific P A L 7%
Feb
4 4
200
Oklahoma Nat Gas com. 15
Pacific G 4b E 6%
34
Apr
214
24
184
Ollstocks Ltd oommon...6
preferred
Feb
3
Mar
107
*
preferred.-100
1154
S3
3
94
94
19
Ohio P 8 7% 1st pre!—100
1st preferred
52
1
May
200
High
•
Apr
64
24
Low
2 4
7)4
1,500
184
Edison SO pret
Russeks Fifth Ave
300
64
21
Ohio Brass Co el B com.
Ohio Oil 6%
Royal Typewriter...
Jan
94
64
4
Ogdeu Corp com
119
110
Range Since Jan. 1. 1941
for
Week
Shares
Royallte Oil Co Ltd......*
Jan
110
of Prices
High
Low
Price
94
Novadei-Agene Corp....*
6%
60
Par
Jan
June
Apr
101)4
Engineering..*
Northwest
Sale
High
Low
Shares
Week's Range
Last
(Continued)
20
1014 103
Northeru Pipe Line
.10
Northern tits Pow cl A..25
Ohio
Friday
STOCKS
Range Since Jan. 1,1941
for
Week
High
Lots
-—100
preferred
Range
of Prices
Price
Nor Ind Pub Ser 6% pf-100
7%
Week's
Last
{Continued)
3627
Sales
3
15
144
6
1,600
10
3
100
15
200
6
300
Apr
74
Jan
24
Apr
34
Jan
194 June
94
Jan
114 4
Mar
May
8
6
43
34
90
40
82
34
Apr
May
19 4
Jan
June
24
144
4
89
Jan
25
Apr
1034 June
84
Jan
4
Mar
Mar
Jan
63
44
98
Jan
Jan
Jan
Jan
Jan
New York Curb Exchange—Continued—Page 5
3628
Sales
Friday
STOCKS
Last
Week's Ranys
(Concluded)
Sale
of Prices
Par
Toledo Edison 6% pref loo
Price
Low
Friday
Range Since Jan. 1,1941
7% preferred
100
Tonopah-Belmont Dev. 100
Tonnpah Mining of Nev.l
Trans Lux Corp
1
Trans western Oil Co
10
10
106 34 106 34
%
254
1
63
38
Tung-Sol Lamp Works.—1
80o oonv preferred
*
lUlen A Co ser A pref
pref
"V
3534
Feb
114
100
»i«
Apr
234
34
Jan
Mar
X
600
"ox
""400
38
450
200
736
3
1
»
*
Udyllte Corp
♦Ext 634S Btmp
1952
♦German Con Munlc 7s '47
100
756
356
600
Jan
Jan
Apr
100
356
♦Maranhao 7s
Jan
Mtge Bk of Bogota 78.1947
♦Issue of May 1927—
Jan
Jan
454
May
Apr
Feb
Un
Clgar-Wbelan sts.-lOc
1
♦Parana (State) 7s
♦Rio de Janeiro 6348.1959
June
",100
36
54
54
3" 500
*
1
1st 17 pref. non-voting.*
United Gas Corp com
1034
1134
Apr
Jan
♦Santiago 7s
Option warrants
34
_
X
X
114X 116
X
X
5,300
600
Feb
Apr
»n
—100
Common class B
*
732
16 1st preferred
*
2334
24
1,700
22
22
25
Milk Products...*
X
34
Sharing. -26c
10
10% preferred
34
-
118
hi
Jan
26
Preferred
United Speolaltlee oom...l
US Foil Co class B.
1
U S Graphite com
6
*
85
Mar
hi
200
*16
Apr
Tu
Jan
434
434
51
ji
June
2334
934
Apr
Feb
Feb
32 34 June
16
54
hi
Mar
634
854
hi May
hi June
1,000
1,000
15
Mar
Apr
40
Mar
4334 June
834 May
754 May
54
Feb
54
Jan
1034
Jan
854
11
Jan
Feb
Apr
Bank
Last
Week's Range
for
Sale
Price
of Prices
Low
High
Week
See k
BONDS
Friday
Rating
Sales
Range
Since
Jan.
t
Alabama
Power
l
Co—
2934
Mar
1st 6s
1946
x
bbb2
106
10534 106
14,000
25
Mar
1st A ref 5s
1951
x
bbb2
10434
Apr
1st A ref 5a
1956
x
bbb2
10434 105
10334 10334
10334 10434
18,000
70
34,000
103
Feb
10534 10734
10334 10634
102J4 10534
1,000
10536
1968 ybb
2
1st A ref 434s
1967 ybb
2
10134 10134
48,000
161.34 10334
52
44
44 J4
34,000
1,000
2,000
10534 10634 154,000
5,000
10634 106 34
129
129
1,000
106 34 10734
26,000
43
63,000
4434
10334 10634
i0534 10834
10634 11034
34
" Mar
100
434
May
534
Apr
Mar
61
Jan
254s »f debs
4534
Jan
10
Jan
334» sf debs
354> 8 f debs
"sk"
875
4934
200
4334
9
200
754
454
9
454
100
854
854
100
*49*
"49
Feb
434 May
754
Apr
X
Feb
"250
49
June
354
454
1,100
3
Jan
154
154
100
3
4 56
34
3
100
»u
Jan
Mar
Jan
554
854 June
10334
American Gas A Elec Co.—
1950
1900
—1970
Am Pow a Lt deb 6s.
a
2
x
a
2
x
a
2
x
...2016 y bb
3
Appalachian Elec Pow 334s 1970
10334 10434
106 34 106 34
10734 108
10634
10634
6
Jan
Appalac Power Deb 6s
2024
x
bbb2
129
Jan
Arkansas Pr A Lt 5a
1956
x
bbb2
10734
May
34
6134
Associated Elec 434s
1963
y
b
2
4334
10034 10934
106
10634
128
130
10634 10734
43 34
51
(Associated Gas A El Co—
2754
May
29 34
Jan
154
2 54
Mar
Feb
Jan
254
Jan
Mar
34
1st 17 oonv pref
*
434
34
United Stores common.60o
United Wall Paper
2
136
1
"Ix
34
134
100
2,700
Universal Cooler class A—*
Class B
334
34
Feb
Feb
434
1
Apr
334
Apr
34
Jan
Feb
*
Universal Corp v t o
1
Universal Insurance
8
634
554
Jan
27 34
Feb
Jan
21
Feb
May
154
Jan
234
1,100
6734
175
6634 June
Utility Equities com...lOo
34
1
Utility A Ind Corp com..6
hi
Valspar Corp oom
154
100
54
154
20C
1
preferred
6
Petroleum... 1
Va Pub Serv
7% pref.. 100
Vogt Manufacturing.
*
9434
96
754
"6
40
96
754
654
100
hi
Jan
Apr
Jan
54
8534
134
22
3 34
103
754 June
454
Apr
11
3
*
734
o
Jan
Feb
1
2,900
Jan
154
*
634
Jan
Jan
Waco Aircraft
34
34
49
Feb
54 May
1334 May
134
Vultee Aircraft Co
Co.
1734
Jan
254 May
8354
Jan
Apr
Mar
44
Conv preferred... ....7
Jan
Mar
1334
254
6634
16.60 priority stock
Jan
7
1454
23
254
Jan
1
50
14
6
154
634
Jan
"""loo
14
Utah Pow A Lt »7 pref.—*
Utah Radio Products
1
«i«
Jan
June
16 34
"10
34
34
2,400
Universal Products Co.—*
Utah-Idaho Sugar.
554
434
654
Universal Pictures oom... 1
Apr
Feb
Jan
Apr
May
Jan
834
Jan
4 34
Jan
9
Mar
100
Class B
454
34
•
Walker Mining Co
1
Wayne Knitting Mills...6
Wellington Oil Co..
I
Wentworth Mfg
1.26
14
234
134
Apr
54
100
he
Apr
200
1334
Apr
234
134
200
154
Apr
Mar
200
154
9834
"234 "'354'
334
354
334
3" 100
300
20
oom
Feb
1454
54
1454
234
West Texas Util S0 pref—*
West Va Coal A Coke
6
Western Air Lines, Inc.—J
z
d
1334
z
d
1334
♦Conv deb 6s
1950
z
d
1334
♦Debenture 6s
1968
z
d
1334
—.1977
z
d
1
1955
1955
Atlantlo City Elec 334s...1964
y
b
2
x
bbb2
x
aa
♦Conv deb 43fs
♦Conv deb 434s
1948
—.1949
Registered
♦Conv deb 534s
Assoc T 4 T deb 534s A
Atlanta Gas Lt 434s..
May
254
Feb
334 May
334
Jan
Apr
534
Jan
54
Jan
34
1454 June
Jan
234
2
May
102
Feb
Common
*
1534
50
1534
Feb
*100
.1960
6s
series
1960
Cent States Elec fie—
102
534
Mar
Apr
1950
4334
y
x
Jan
Jan
Jan
aaa3
1954
x
aaa3
—.1958 ybb
434
Jan
454
Mar
Apr
534
Jan
334 May
454
Jan
3
1944 y ccc2
Cudahy Packing 334s.——1956
Delaware El Pow 534s
1959
bbb2
bbb3
bbb3
1956
b
1953
3
a
3
a
Empire Dlst El 6e
1952
♦Eroole Marelll Elec Mfg—
6 34s series A
8636
49
9136
9034
**27656
9034
9034
.
95
8334
91
3,000
8334
9034
8834 160,000
23,000
8034
8934
80
8934
'
9834
11,000
44,000
50,000
79
9834
101
10134
10.0C0
9854 10334
8834
88
8934
88
9934
8834
9934
12734 130
*12934
1
10934 10934
10334
16,000
10734 10734
10334 10334
36,000
6,000
*12234 12334
"9734"
9834 213,000
9734
56
5534
10,000
10134
10134 10134
8,000
101 M># 10134
16,000
"8834
8834 89
94,000
91
90
9134 142,000
*122
12334
4*660
10434 105
10934 10934
10334 10334
2
3
4734
1961
x
bbb2
1954
x
bbb2
1944
y
bb
10554 HI
101
10334
12254 12834
9834
8934
5334
60
101
10234
101
107
86
8934
9434
7834
11934 126
5,000
21,000
104
106
45
10834 10934
10134 10334
10434
4734
10,000
10534 10634
y
1966
10734 1H34
44
*4534
z
Erie Lighting 5s
1967 x a
Federal Wat Serv 6 34s
1954 y b
Finland Residential Mtge
Banks 6s-5s stpd
Florida Power 4s ser C
Florida Power A Lt 5e
6,000
31
10034
Y-«i"
Elec Power A Light 5a
2030
Elmira Wat Lt A RR 58—1966
554
3734
9734
aaa3
x
Mar
12
93
86
10834
3034
10134
1976
Eastern Gas A Fuel 4s
634
1236
97
aaa3
Jan
117
6934
105
88
aaa3
834
156
10134 10334
10234 104
7336
8134
6,000
9734
9834
x
Feb
Apr
149
12,000
8834
8834
1969
Consol Gas (Bait City)—
Gen mtge 4 34s
10554 11134
10634 11234
24,000
34,000
3,000
14
40,000
1534
15
66,000
13,34
112.000
9934 100
43
44
11,000
8834
b
x
1951
.1971
1st ref mtge 3s ser P
1st ref M 234s ser Q
10936 12734
16,000
9134
Mar
Mar
10434
10,000
96 34
Mar
434
101
103
9134
1134
3
10734
10034 102
10334 103 34
7534 7634
81
82 34
10734 108
*95
9034
9034
Conn Lt A Pr 7s A—
Jan
1534
1536
1534
10734 10934
114
Consol Gas El Lt A Power—
May
106
10734 10834
*10834 11034
152
*150
bb
Mar
4
113
y
Jan
72
"euioo
10434
10434
15
Feb
434
2,100
69
100
114
354
1534
1534
63
1,000
14
bb
7
334
1234
1134
1234
bb
434
Mar
Wright Hargreaves Ltd..*
33,000
z
Jan
434
Petroleum.....l
1534
1909 yb
Cont'l Gas A El 5s
Woolworth (F W) Ltd—
Amer deprots
.6s
1334
1234
y
Debenture 5s
Cuban Tobacco 5s
600
3
1952 yb
534s
1949 y b
Community Pr A Lt 5s._ .1957 ybb
Jan
554
8234
a
Cities Serv P A L 5 34s
Feb
534
""7534
bbb2
—1968 y b
Mar
7% pf 100
bbb3
x
x
Debenture 5s
654
Wolverine Portl Cement. 10
x
1960 y b
Conv deb 5s
654
Jan
102
Registered
1454
1
1234
y cc
1954
Cities Servloe 5s
Jan
1034
1294
1254
4,000
1955 y bb
Jan
2
2
1948 y cc
J
6 348
Feb
100
2
a
1953
(♦Ohio Rys 6s otfs
—.1927
Cincinnati St Ry 534s A ..1952
554
2
aa
Cent States PAL 534s
6
2
x
x
Canadian Pao Ry 0s—1942
Cent 111 Pub Serv 334>
1968
Weyenberg Shoe Mfg
l
Wichita River Oil Corp..lu
Williams (R C) A Co
*
2
10834
Canada Northern Pr 5s ...1953
1934
Williams OU-O-Mat Ht—♦
Wilson Products Inc
1
Wilson-Jones Co
»
114
2
Birmingham Elec 4 34s ....1968 x bbb2
1954 ybb 2
Jan
1,600
2
aa
Broad River Pow 6s
13
434
b
x
..1998
C
Bethlehem Steel 6s
z
1957
Convertible 08...
Westmoreland Coal—...20
Westmoreland Inc.
10
434
2,000
45,000
6334
*10734 10734
*10734 10834
*100
Bell Telep of Canada—
1st 5s series B
20
454
3
1534
1334
1334
1334
63
1947 yb
5s without warrants
1534 June
1134
*1334
6334
...1947 yb
6s with warrants
(Bait) 334s serN.
5834
1334
1334
1234
Baldwin Looom Works-
334
534
Western Maryland Ky—
7% 1st preferred
100
Western Tablet A Statlon'y
1334
1334
Avery A Sons (B F)—
6« series B
Waltt A Bond class A...*
Woodley
May
Apr
834
*4434
1
com
Jan
2254
2334
Mar
June
1934
22
U 8 Stores common..—60c
Wolverine Tube
934
Jan
preferred—.20
U 8 Radiator com
Wisconsin P A L
1454
1st A ref 6s
U 8 Rubber Reclaiming..*
Western Grocer
634
Feb
Ellg. A
Jari
U 8 Plywood Corp—
7% preferred
2~O6O
1834
54
200
4 34
fd 1st pref with warr—.*
Wagner Baking v t
7
30 34
1,000
~
4334
hi
Feb
Mar
534
1334
1134
4234
*1054
Jan
34
U S and Int'l Securities..*
U 8 Lines pref
Mar
70
United Shoe Maob oom.25
14 conv
May
22 34
50
1921
1949
Jan
Jan
May
**11
400
$3 partlo pref
*
United N J RE A Canal 100
Venezuelan
Jan
16
Jan
754
80
X
conv
27
J a)
'"""54 "Jan
54
734
Jan
34 June
10654
Feb
200
United Lt A Pow com A—*
SIM
1958
♦534>
United Gas A Elec Co—
United Profit
Jan
2,000
34
34
*17
*734
4334
With declaration
Jan
hi
United Corp warrants
United Elastic Corp
United
1134
*27
♦Russian Govt 634s—1919
854
Jan
27
*
A part pref
7% preferred
*2234
*2234
♦Issue of Oct 1927—
Apr
734
734
♦Mtge Bk of Chile 6s. 1931
Apr
1
7
27
21,000
3,000
554
14
14
.1968
9
United Chemicals corn—*
cum
♦634> stamped
334
Un Stk Yds of Omaba.. 100
Jan
Apr
1334
16
—
554
♦Medellln 7s stamped. 1961
Jan
754
S3
.1958
Jan
34
334
United Aircraft Prod
*17
*17
v
Lima (City) Peru—
Jan
Jan
~"336~"jan
1,000
May
1434 May
May
14,000
17
18
13
18
18
♦Hanover (City) 7s...1939
♦Hanover (Prov) 6 34>-1949
Mtge Bk of Denmark 6s '72
334
High
7
*2 34
17
Jan
754
!v434
♦
Low
t
17
1947
8
Feb
3
♦Secured 6a—..
834
4054
254
Range Since Jan. 1.1941
for
Danzig Port A Waterways
Jan
1
Jan
5
Union Investment com...*
Union Gas of Canada
Jan
334 May
3234 May
154
Feb
654 May
34
10
Unexcelled Mfg Co
10834
834
Corp.—l
-
Series B
Apr
1,100
Vs
3
X
Trans Pork Stores Inc..
Class A
10534
7, 1941
Week
of Prices
High
Low
Price
High
Jan
Trl-Contlnental warrants
Tubize ChatlUon
Low
112
10634
Sale
(Continued)
Shares
Week's Range
Last
BONDS
Week
High
June
Sales
2,000
86,000
104
1,000
13,000
10034 10136
75
8436
104
104 34
4134
48
10434 10634
10634
Gary Electric A Gas—
FOREIGN
GOVERNMENT
6s
AND MUNICIPALITIES-
for
BONDS
Week
♦20-year 7S
*23
123
1961
*17
Bogota (see Mtge Bank of)
♦Cauca Valley 7s
1948
Cent Bk of German State A
♦Prov Banks 6s B—1961
♦6 series A.
Danish 634s
With declaration
Ext 6s—
2134
2234
734
4,000
*17
Jan
23
Feb
Jan
24
Mar
1734
24
Mar
634
Apr
13
26 34
*17
195s
7434
1963
*2754
For footnotes see page 3629
81
30,000
"3934
Attention Is directed
27
Glen Alden Coal 4s...
bbb2
65
101"
101
10134
8534
*17
2
65
85
3
..1953
1965 ybb
7534 76
*100
10134
10134
101J4 10134
"8634
85
100
"
4*000
1,000
16,000
5,000
86 34
22
i9O~66O
Feb
52
Jan
81
Jan
May
73
May
25
Mar
to the new
2634
Apr
column in this tabulation pertaining to bank
eligibility and rating
102
9834 10234
65
65
9934 10134
72
8534
23
35
Jan
22
24
♦Gesfruel 6a
x
"7534
Jan
Apr
Feb
68
1962
1978 y b
10034 10034
2
Jan
834
1943
Georgia Pow A Lt 5s
Jan 1947
♦Baden 7s
stamped
Gen Wat Wks A El 5s
$
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946
ex-warr
Gatlneau Power 334s A—.1969 x bbb2
General Pub Serv 5s
1953 y b
1
Gen Pub Util 634s A
1966 y bbbl
♦General Rayon 6s A
1948 z
Sales
o
iboa
23
80 34
8634
Volume
New York Curb Exchange—Concluded—Page 6
152
Batik
Elig. A
Rating
1950
Grand Trunk West 4a
Or Nor Pow 5a
atpd
Green Mount Pow 3
1950
%■—1963
Grooery Store Prod 6a
1945
Last
Set A
BONDS!
{Concluded)
Price
x
Week's
Sale
aa
bbb2
y
ccc2
1958
y
y
c
2
7534
75 H
2
z
aa
1953
x
bbb2
"77"
75
77
ccc2
1967
76
10934 10934
10734 10734
'iom
79 34
7134
7834
75
92 34
bb
1
78 %
7834
y
bb
1
78%
78
1952
Indianapolis Pow A Lt 3%sl970
z
10034
7834
7734
76)4
10634 107
77
2
dd
1957
z
dd
1957
1952
z
dd
z
dd
1534
1958
x
♦Isarco Hydro Elec 7s
1952
z
109
21
2534
Italian Superpower 6s
1963
y
1942
Jersey Cent Pow A Lt 3 %s_1965
z
b
2
x
a
3
2
Mansleld
10434 10834
10834
*20
35
7,000
107
10934
25
77
90
McCord Rad A MIg—
6s stamped..
1948
y
2
b
7934
80
12,000
Deb 4 Ha
1952
1947
1971
Metropolitan Ed 4s E
a
y
bb
aa
10334 10334
9954
9934
*10834 110
10834 10834
10234 10234
MH
99%
.1965
x
aa
1945
y
bb
1943
1967
1978
y
bb
x
bbb2
..1955
4s series G
x
bbb2
Middle States Pet 6%s
Midland Valley RR 6a
Milw Gas Light 4%s
Minn PAL
x
x
4%s
1st A ref 5s
x
53
5234
10534
10334 104
107
10734
10534 10534
2,
1966
y
bb
x
Miss River Pow 1st 6s
1961
x
1960 y bb 3
1945 x bbb2
Nat Pow & Lt 5s B
2030
x
bbb2
{♦Nat Pub Serv 6s otfa
1978
z
d
'mli
aaal
Nassau A Suffolk Ltg 5s
1
aa
x
a
2
1948
x
bbb2
Nevada-Calif Eleo 5a
1956 y bb
Nebraska Power 4%s
1981
6a series A
x
2
aa
2
b
3
1948 y b
New Amaterdam Gas
3
x
1947
y
5a
Conv deb 5a
14,000
102 34
12.000
9634 102 34
102
102)4
7,000
10034 102 34
107
10634 10734
OQ
*19
31,000
10954 10934
*2*666
11634 11634
10934
*108
9634
9834
9834
11734 11734
62
"*62""
6134
12,000
6134
b
1961
x
aaa2
New Eng Pow Asan 6a
1948
y
bb
"*89%
Debenture 534a
New Orleans Pub Serv—
1954
y
bb
61
9134
1949 y bb
♦Income 6a series A
New
6134
6134
62
*10734 109
8734
8934
9134
92
10534 109
21
*
y
3%a
112
111
...1950
New Eng Power
109
111
1367600
1,000
38,000
6,000
81,000
107
11134
11434 124
106
10934
9834
8834
11734 12134
5934 66 34
66 34
5934
58 34
6634
106 34 109 34
8734
71,000
9134 100
9734
10234 103
7,000
10234 10534
104
3
x
a
104
1980
x
a
102 34
196A
x
a
N Y A Westch'r Ltg 4a
Debenture 6a
2004
x
aaa3
1964
x
1,000
10134 10634
1953
y
104
102 34 102 34
*10934 HO
aa
Nippon El Pow 6%s
I
105 34 105 34
*11434
I
41
*2*666
41
"2*060
'
1956 y bb
10234 10234
106 34
51 34
51 34
2,000
x
aa
1948
y
b
Ogden Gas 1st 5a
1945
y
bb
109 34
1 0 9 34
8,000
1968
x
aa
107 34
10 8 34
12,000
..1962
x
a
109 34
Ohio Public Serv
4s
*104 34
1965 x bbb2
1948 y bb 3
Okla Nat Gas 3%s B
Okla Power A Water 6a
52%
93 34
3
8,000
84
10,000
85
4,000
93
2,000
103
103%
66,000
5234
5334
106% 106%
107% 108
7,000
103
I6§""
2,000
23,000
93%
99
105%
10234 103%
50 34
60
10534 106%
101
11034
*3934
4034
3434
40
86%
8734
14.000
69
8934
87 34
8634
8634
69,000
69%
69)4
8934
89%
b
87%
8634
8734
88
8734
18.000
8734
16,000
70
87%
8734
8634
33,000
32,000
70
89 34
68%
89%
4,000
20
25%
27
3234
Sl
y
z
1946
cccl
z
Certificates of deposit
♦Ternl Hydro El 034a
1962
Texas Eleo Service 5a
1961
Texas Power A Lt 5s
1956
86
z
88
8734
2134
8934
z
7-4s 3d stamped
0a series A
2022
21
*2534
28
54
x
bbb2
x
bb
54
1,000
43
56%
2134
24
9,000
13%
20%
bbb2
y
54
24
z
2
3
1979 y bb
Tleta (L) see Leonard—
Twin City Rap Tr 5348—1952 y b
107
107)4
10734 108
10734
106% 107%
107
108%
119
96
100%
6034
44,000
59
02%
8%
60
10034
47,000
7,000
2,000
11,000
5934
100
119
100
"n9~~
3
8%
2,000
7
9%
3,000
114
118%
25
118% 121%
{♦Ulen A Co—
'....1950
z
1949
x
1956
z
♦United Industrial 6 34a... 1941
♦1st b f 6a
1945
♦United El Service 7b
8%
a a a
3
115%
115% 115%
25
18,000
22
25
z
*19
30
z
*17%
20
Debenture 08
.1975 ybb
Debenture 0348
lat lien A cons 634s
1
1
..1974
y
bb
.1959
x
16%
20
30%
15
'
Un Lt A Rya (Del) 6 34s.-.1952 y bb
United Light A Ryi (Mel¬
ds series A
1952
Deb 6s series A
2
1973 y bb
Utah Power A Light Co—
1st lien A gen 4 34a
Deb 0s series A
1944
x
x
bbb2
9834
47,000
98
99
104
9834
104
30,000
6,000
97%
bbb2
10034
100% 10134
120
120
98
97
1
30
85
99%
88
99%
95,00
103% 108%
93% 101%
10.000
117
120
98%
15,000
100 34 100 34
bbb2
10,000
8,000
21,000
18,000
83%
98%
102
103
109
2
103 34
103 34 10434
1940 ybb
2
2
101%
10234
101% 101%
102 34 102%
2
101%
101% 101%
7,000
4%
4%
109 34 10934
6,000
4
1,000
108
109% 10934
6,000
107
1,000
..1950 ybb
Deb s f 0a
121
100
2022 ybb
...
♦5s Income
1946 y b
deb...
1954
z
c
10234 106
Wash Ry A Eleo 4s
1951
x
aa
Washington Water Pow 3 34s'04
x
aa
..2030
x
bbb2
5s...1960
x
a
103
106 34
West Penn Elec 6s
115
West Penn Traction
3834
45
10234 10334
10534
104
1947
3%a_,
87%
86
86
8734
1946
114
—-
No Boat Ltg Prop 3%8
Nor Cont'l Utll 5%s
Ohio Pow 1st mtge
103%
2
2
10734 10934
18,000
No Amer Lt A Power—
5%b series A
20
40
75%
101% 102
102% 103
100% 102
Waldorf-Astoria Hotel—
195<l
1st mtgs 3%s
15
36 34
80
9834
105% 105%
2
aa
1634
106% 109
138%
133
5.000
~42*~
99
1967 y b
Va Pub Service 534 A
lat ref 5s series B
York Penn A Ohio—
♦Ext 4)4s stamped
N Y State E A G 4%s
1,000
United Light A Pow Co-
26
457666
22,000
.1957 y b
Conv 0a 4th atp
United Eleo N J 4a
10234 106 34
28 34
85
2
aa
Tide Water Power 5a
3,000
90%
1734
8434
84 34
85
bbb2
1950
1,000
4,000
4,000
82
133
x
Deo 1 1906
104
102
3
5a...1948
N E Gas A El Ass a 6s
108~~
1951 yb
11034
16,000
98% 102
14
133
2022 y bb
Debentures 6s...
107
59 34
25,000
*17
1989 y b
Standard Gas A Electric—
0s (stamped)
1948 y b
Conv 0s (stamped)
1948 y b
Debenture 0a
98% 104
23%
10734
cc
Spalding (A G) 5s
100
104
lien
So'west Pow A Lt 6a
10,000
24,000
85
82
133
1951 ybb
1,000
6,000
5034
103%
107%
1957
3%s._.1970
*5*666
102 %
102
2
2022
Nelaner Bros Realty 6s
10534 10934
104
'l03H
bbb2i
Missouri Pub Serv 5s
10134 103 34
9934
9534
103 34 10634
10234 105
108 34
106
10334 10534
10534
a
Miss Power A Lt 5s......1957
Mississippi Power 5a
1,000
3,000
162
100
2
1947 y b
Stinnea (Hugo) Corp—
7-4s 2d
Memphis Comml Appeal
Mengel Co conv 4%s
Sheridan Wyo Coal 6s
Sou Carolina Pow 5a
0s gold debs
Standard Pow A Lt 0a
♦Starrett Corp Inc 5s
25
150
2
bbb3
x
"17666
1941
10134
bbb3
x
Mln A Smelt—
♦7s mtgesf
102 34
*17
x
Southern Cal Edison 3a...1965
40
*17
10534 105 )4
20,000
6,000
*17
x
Sou Indiana Ry 4s
S'western Gas & El
bbb2
108
1970
3534
10034 10734
3
1st 434s aeries D__
48
3,000
20
47,000
.106%
79
14
10734 10734
7634
17
10534 109
10534 107
*40
42
3
69
1,000
40,000
1
8,000
29,000
100
*5*666
17
1961 y ccc2
14.000
12834
a
Queens Boro Gas A Eleo—
534 s series A
i
1952 ybb
♦Ruhr Gas Corp 0348
1963 z
♦Ruhr Housing 03*3
1958 z
Safe Harbor Water 4 34a... 1979 x aa
San Joaquin L A P 0s B...1952 x aa
Shawlnigan WAP 4348—1967
10634
z
x
S5
I960 y bb
75J4
123
x
1957
3
1st A ref 4348 aer D
66 34
106 34
50
110%
10134 102 34
10134 102 34
100% 10134
102
7 5 34 334,000
10534 10854
109% 111%
86%
151% 15134
2
2
2
z
15
3,000
70%
106
z
26
98
95
109
107% 107%
2
1951
2434 43
10634 107 34
93 34
5,000
9,000
110% 11234
*80
92
107%
bb
y
1937
44)4
1
102% 106
17%
29%
2234
2634
95
7034
y aa
I960 y bb
♦Schulte Real Est 6s
Scullln Steel Inc 3s
106
Lake Sup Dist Pow 3%s—1966
2
1st A ref 5b ser O
♦Saxon Pub Wks 0a
10734 10834
108%
*124%
110%
bbb2
15
1,000
a
bbb2
Louisiana Pow A Lt 5s
a
x
24
5,000
x
x
x
x
15
4334
44
1,000
99%
95
17
1949
15
1534
3.000
109% 110
1
1904
a
76,000
55,000
Since
Public Service of N J—
21,000
10634
1966
2022
1946
1st mtge 334a..
f debs 4a
1
z
15
12434 12434
Kansas Eleo Pow 3 %s
1945
3
ccc2
y a
15
1434
Kansas Gas A E eo 6s
Long Island Ltg 6s
a
z
2134
Jacksonville Gas
♦Leonard Tletz 7%b
x
7234
2
Iowa Pow A Lt 434s
a
3
17
2834
30
*108
10834
*16
22
Range
Jan.
$
30
*98
I
a
15
75 %
6s stamped
bb
z
15
29%
aa
6,000
bb
z
2134
21%
1962 y ccc2
Debenture 6a
1434
*17
z
17
1967 y b
Interstate Power 5s
2,000
for
Week
104% 10534
22%
22%
z
1950
Puget Sound PAL 6348—1949
9834 103 .
10034 10134
105
of Prices
High
z
1940
6% perpetual certificates
72 34
y
1963
„
108
5,000
12,000
1950
1st lien A ref 5s
♦7s (Aug 1941 coupon)
76
7034
10734 10934
10634 108
25,000
15,000
Indiana Service 6a
z
77
7834
1
a
2,000
16,000
23.000
7054
1,000
bb
x
~3766O
Week's Range
Low
3
1956
♦Prussian Electric 6a
1964
Public Service Co of Colo—
10034 10034
y
♦7s series F
434s series F
1961
Potrero Sub 7a stamped... 1947
Power Corp(Can)434sB_._1959
105
Indiana Hydro Elec 5s
♦7s series E
1734
10934 11034
10434 107
2
{International Power Sec—
♦614s series C...1955
Potomao Edison 5a E
13,000
106%
bb
♦Indianapolis Gas 5s A
18
51,000
4,000
106 %
bbb2
y
C
20,000
27
2934
10634 10734
bbb2
x
aer
♦5s stamped
5s stamped extended
15
10134 10134
x
1957
1958
1st A ref. 5a
1,000
38,000
1734
1962 y bb
♦Pledm't Hydro El 034a-1960
♦Pomeranian Elec 6a
1953
Price
k
Portland Gas A Coke Co—
64
10634 107
1954
-.1956
1st Are! 6J4a ser B
S1 deb 534s___May
58
*3
1949 y ccc2
6a series B
Idaho Power 3 %s
—
III Pr A Lt 1st 6s ser A
"17666
Phila Rapid Transit 6a
1534
2034
11034 11034
z
y
85
10754 108 34
10334 10634
See
Last
Sale
Rating
{Concluded)
7534
4,000
5,000
*18
aa
BONDS
1
Sales
Friday
Ettg. &
Since
Jan.
$
*2234
z
x
Range
for
24
1934
20
1
z
3629
Bank
18
24
ccc2
{♦Guardian Investors 5«—1948
1935
♦Hamburg El Underground
A St Ry 6%s_.
—1938
Houston Lt A Pr 3%S
1966
♦Hungarian Ital Bk 7%s,—1963
Hygrade Food 6s A
1949
Guantanamo A West 6«
♦Hamburg Eiec 7s
Sales
I Week
High\
8234
8334
10834 10834
*104)4 10534
6234
62)4
1
x
x
Range
of Prices
Lew,
82 34
2
a
I
Friday
*77666
64 34
4934
10934 11334
106
2
2
Western Newspaper Union—
6s unstamped
1944 y b
1
Wiso Pow A Light 48
1966 x bbb2
107
*118 34 118 34
6534
5,000
1,000
65% 6534
105% 105%
105%
{♦York Rya Co 68 stmp...1937 z bbbl
♦Stamped 5s
.........1947 ybb 1
98
98
98
1,000
98%
98%
99
6,000
5%
109%
105% 109%
105
108%
116% 119
59
105
68%
107%
97%
99%
98% 100%
109
10834 110
10 9 34
7,000
107 34
1 0 7 34
3,000
106 34
103 34
10334
8,000
103
10834
10634
Pacific Gas A Elec Co—
Penn Cent LAP 4%s
1st 6a
x
x
aaa3
y
bbbl
aa
y
cccl
x
a
1
1
1979
Penn Electric 4s F
6s aeries H
2
1941
1942
1955
1964
1977
1st 6a aeries B
Paclflo Ltg A Pow 6a
Pacific Pow A Ltg 5s
Park Lexington 3s
2
2
1947
2
6a series D
99
9934
27,000
*34 34
3634
10534 106
Ig'ooo
*10534 106
100
10634
10734 10834
10254 10434
10434 10034
95
10034
35
177660
38
10434 106
100
10734
1954
Pennsyl Wat& Pow 3%s__1964
3%s
..1970
7,000
10434 10634
107 34 110
1,000
108
109 34
10634 10634
10734
3,000
10634 107 34
10334 104
10434 10434
11234 11234
1971
...1962
Penn Pub Serv 6s C
*10234 102 34
*10434 108
7,000
102
7,000
10234 104 34
6,000
109
*10734 108
10934
*108
10654 10634
107
10034 109
Peoples Gas L A Coke—
4s aeries B
1981
4s series D
1961
Phila Elec Pow 5%a
1972
105
115
▲
I
♦
No par value.
n
Under-the-rule sale,
a
Deferred delivery sale.
Cash sale,
r
♦ Friday's bid and asked price.
♦
x
d Ex-Interest.
Odd-lot sale.
Bonds being traded flat.
{ Reported in receivership.
r
e
Ex-dividend.
No sales being transacted during current week.
;
-
Cash sale not included in year's range.
French 7s w. d. 1941, May 29 at 100%.
Abbreviations
Used
Above—"cod,"
certificates of deposit;
"cum." cumulative, "conv," convertible; "M," mortgage;
"cona," consolidated,
"n-v," non-voting stock;
with warrants; "x w,"
c." voting trust certificates; "w I," when issued; "w w."
"v t
without warrants.
A
Bank Eligibility and
believe eligible
Rating Column—x
Indicates those bonds wnich we
for bank investment.
Indicates those bonds we believe are not bank eligible due either to
status or some provision in the bond tending to make it speculative.
y
z
Indicates issues in default, in bankruptcy, or
The
rating symbols
bond by the
rating
in process of reorganization.
in this column are based on the ratings assigned to each
three rating agencies.
immediately following shows the
The letters Indicate the quality and the numeral
number of agencies so rating the bond.
In all
symbols will represent the rating given by the majority.
Where all three
agencies rate a bond differently, then the highest single rating Is shown.
A great majority of the Issues bearing symbols ccc or lower are in default.
Issues
bearing ddd or lower are in default.
cases
:
Attention Is directed to the new column in
:
the
1—
this tabulation pertaining to bank
elegibility and rating of bonds.
8ee note i above.
The Commercial & Financial
3630
June 7, 1941
Chronicle
Other Stock Exchanges
Sales
Fridai
Last
Baltimore Stock
May 31 to June 6,
Exchange
Last
of Prices
High
Sale
Price
Par
Stocks
Low
r~:
preferred v t c
100
Consol (las E I * Pow.
4K% pref cl B
East Sugars Assn com v
East Sugars Assn
pref v
Fidelity A Deposit
Fidelity A Guar Fire
pref
Vern-Wood Mis—
Houston OH
295
2056
16
17
17
2156
Apr
Armour A Co common
40c
Mar
Associates Invest Co com.
2.80
Apr
Athey Truss Wheel cap..
Aviation Corp (Del)
18
1,150
5856
58
56
4
114
66 K
115H 11556
100
t cl
t cl
20
10
100
21K
21K
2156
100
119K
11856
11956
400
3156
2056
31
20 k
1.65
30
606
Jan
71 K
May
May
11856
Jan
1056
Jan
2756
12056
3256
556
100
7
7
7
Jan
27c May
30c
2.55
17
11356
Apr
29
Jan
Feb
1556
2056
Jan
Feb
Mar
Mar
Jan
Apr
May
78
80
Jan
80
June
1656
1656
157
1656 May
18
Feb
1.00
100
Casualty2
Co com__l
Penna Water & Pow com.*
U 8 Fidelity A Guar
2
Preferred
New Amsterdam
1.00
100
1.00
1.15
Jan
20
4956
53
53
2156
2156
21K
35
973
70
21
Feb
57
Mar
2356
Apr
May
Mar
"3 K
1,000
88
88
4056
4856
30,000
10156 10156
1,000
4056
fiatl»76
1975
5% --.-1949
Traslt Co. 4s
4856
7,000
84
Jan
3356
8856
40
Apr
4956 May
Jan
10156 June
Mar
41
Mar
102
Mar
June 6, both inclusive,
Sales
Friday
Last
Week's Range
of Prices
High
Sale
Price
Par
K>o 15756
Co pf 100
10O "8856
27
Edison Co (new).25
4456
Elevated...
100
1856
Herald Traveller..
Tel 4 Tel
Boston
Boston
Low
14956 15856
10356 104
88 56
2656
4356
1856
.
4
preferred
100
pref std.. 100
pref std.. 100
Class D 1st pref std-.100
Class C 1st pref std.. 100
Boston Per Prop Trusts. .*
Boston and Providence. 100
Prior
Week
Cliff Mining
Apr
Mar
97 K
Jan
2756
2656
May
Jan
4456
582
41K
Apr
19
270
18
34)6
50)6
20K
556
245
Jan
46
5
2
256
15
2
13
1156
1156
170
2056
70
5)6
fi
16K
IK.
10
Apr
50
16)6
May
19 K
Apr
17
100
4K
34 K
7K
1,200
13 K
20
16)6
16 K
975
IK
IK
100
4K June
100
50
7
Jan
8 K
Jan
13K June
18 K
Jan
16
20 K
Jan
Apr
IK
June
2K
Jan
7
June
Jan
9K
13 H
Mar
Feb
5K
Jan
19K
Jan
21K
Jan
17K
Feb
21
Jan
95K
Jan
10 K
4K
4K
326
4K
20)6
18K
50
100
84
160
82
May
Jan
5H
ali
200
h%
Feb
K
200
K
Jan
X
Jan
*16
..50 c
*
5K
109
10
105
Mar
112K
May
5
June
8K
Jan
1
Jan
5)6
K
K
28)6
28)6
3,100
450
K
K
30
K
70
K
K
16c
200
556
X
27K
Feb
Feb
Apr
Apr
Jan
5)6
3
K
Jan
Deere A Co com
82
74 K June
87 K
IK June
Feb
2K
Feb
Mar
8K
Apr
2
21
75
356
2
4
3)6 May
198
2
3)6
May
30
10
30
30
38
May
5c
Feb
50
3)6
5
Copper Co. .15
56
25
56
(Del) com..5
156
56
156
Jan
Apr
IK May
2
50
23
23
30
20
13
50
(Boston) 25
13
15
12 K
15c
6c
arragansettRacg Assnl no 1
556
556
110
Tel A Tel ion
7)6
Jan
Fairbanks Morse com
*
26
Jan
Apr
May
13 K
Feb
May
Jan
*
Common
10
Four Wheel Drive Auto
Fox (Peter) Brewing
Fuller Mfg Co 00m
com.5
*
35K
7)6
6K
20
25
20c
12K
5c
556
294
604
114
Jan
,
May
May
52c
May
4K
110
20
Feb
Jan
8)6
IK
6)6
Apr
12 K
Feb
108 K
Apr
110K
Apr
19 K
Jan
19
Jan
50
14K
15
13
15
May
129
50
IK
Apr
IK
100
19K
Feb
22 K
Jan
7)6
12)6
18K
4
250
7
May
9K
Jan
100
11
Apr
13 K
Apr
3k
Feb
4H
Apr
28K June
33 K
Feb
7K
50
400
750
35 K
100
34 K
May
45 H
Jan
7K
250
6K
Jan
Feb
7K
6K
Jan
7)6
6
2
May
20
3K
500
5K
150
6)6
20
18 K
650
3K
1356
1356
120
2356
2556
1,715
Hole MachlO
Reece Folding Mach Co. 10
Shawrnut Ass'nT C
*
Stone A Webster
. •
Suburban Electric Sec com*
Torrlngton Co (The)
•
Union Twist Drill Co—.5
99c
99c
Apr
33 K
Feb
Jan
37K
1,750
36 X
May
39 K
48 K
2K
May
3K
Jan
856
956
956
1
50
10
38
38
Hormel A Co (Geo A) com*
30)6
Jan
Houdallle-Hershey cl B
10K
Jan
Hupp Motor Car com...
845
656
90c
90c
200
2656
352
556
Apr
9)6
5K
315
2556
26
Hibb Spencer Bart com.25
Jan
Apr
1)6
11
8K
Jan
95c
Apr
60c
25
30 H
40
35
10
Apr
13K
Jan
K
110
•x« Mar
K
Jan
3)6
550
2 K
7X
210
7K June
Indianapolis Pr A Lt com.*
Inland Steel Co cap
405
60 K
May
70)6
Jan
Apr
60 K
"5l"
5156
40c
43c
1,050
35c
Apr
52c
Mar
Katz Drug Co com..
856
956
195
7)6
Apr
9K
Apr
17
467
49)6
1
18K
May
21K
30
69 K
Apr
43 K
May
90 K
53 K
51
17
17
100
15K May
Jan
Jan
.1
n
Mar
18
4K
4K
450
4
Jan
4K
Feb
7
4K
*
Common
3K June
8K May
160
19
70K
Kellogg Switchboard—
-
Jan
385
18 K
48 K
Jan
Iron Fireman Mfg Co v t c*
Feb
70
19
•
Internatlonal Parvest com*
"856
Corp.26
Co.
1
*
Feb
30K June
Jan
6156
5156
Jan
Jan
Jan
50
Jan
5956
Jan
210
7K
6056
5156
9K
May
10 K
10
Feb
7
30 X
Illinois Central RR com 100
33 K
9H
8
K
*
Illinois Brick Co cap
75
16K
6K
40
Jan
3656
Apr
Jan
8)6 June
37 K
Jan
3656
50
10
2K
Mar
Jan
7)6
June
Feb
11K
7X
IK
1
Mar
7)6
25K
150
17 K
150
Feb
10
Feb
371
22
Feb
14K
8K
Heln Werner Motor Parts 3
K May
Jan
250
14K
7K
May
8
20 K
7K
14
Jan
Jan
8
6K June
16
May
8)6
Feb
350
1
*
14 K
11K
50
856
Jan
Jan
46K
462
51
13K
May
8c
Jan
Jan
5
36K
8K
12c
12c
23
35K
45
1
Helleman Brewing cap
Jan
36 K
Harnischfeger Corp com. 10
Mar
May
May
3
55)6
250 K
35K
Hall Printing Co com...10
Jan
25c
18K June
35
100
2
Jan
100
Jan
28)6
14K
Apr
14
28 K
2
14K
K
Jan
IK
21X
30
37c
Jan
20 K
16K
Jan
Jan
16
130
16 K
Goodyear T A Rub com.
Great Lakes DAD com..*
16
Jan
Mar
10
13 X
110
Goldblatt Bros Inc com.
June
Reece Button
7
400
7
May
8K
Jan
3
Jan
4K May
4K
4K
50
Jr cum pref ...50
Kingsbury Brew Co cap_.l
Le Pol Co com..
10
45 K
45 K
40
®is
S16
200
Apr
K
Jan
7X
7K
100
6
Apr
LlhbyMcNelllALlbby comv
5K
5K
1,300
5
Feb
7K
7K
Jan
Jan
IK
350
Ken-Rad Tube A L com A *
Bonds—
Ky Util
Maine RR—
27
28
10456 104 56
10656 10656
1948
Mar
66)6
Mar
22,500
18 M
Jan
29K
Jan
105)6
Apr
107
Apr
Eastern Mass St Ry—1
1948
74
500
6856
1960
.....1970
4,000
101K
1,300
102
Mar
Apr
Lincoln Printing Co-
*
1,275
Jan
15K
Jan
100
3)6
Mar
4)6
Apr
4K
4K
May
6)6
Jan
5K
5K
950
3K
Feb
7
Apr
Apr
12 K
May
Jan
12 K
May
6
:~5K
'
100
100
100
11
10
11
500
3
10K
10
10 K
400
3
K
K
50
K
1
5K
34)6
1,900
1
SI prior pref
10
Montgomery Ward com
.
5K
1
Noblitt Sparks
Ind cap..5
Northwest Bancorp com
*
6K
May
May
39 K
Jan
23
May
27K
Jan
11
Jan
93
8)6
Apr
4
Mar
28)6
28 K
100
24
May
24 K*
650
24 K
10)6
25)6
7)6
10K
55
10
25
55
23
25K
900
39
180
36 K
5K
Apr
7)6
lOK
Range Since Jan. 1,1941
Prior lien pref
Penn
100
60
Peoples G LtACoke cap 100
High
Low
RR capital
23
100
250
Apr
7K June
38
60
*
(J D) Mfg com—*
Oil A Gas com....*
Laboratories com
47 K
388
46
9
Q
Q
20
8K
4)6
4)6
4)6
50
2)6
3633.
Feb
Mar
Mar
4K May
32
14
54 K
Feb
Feb
25 K
Jan
43 H
*
5K
5)6
100
Potter Co (The) com
1
X
K
300
K
Jan
Pressed Steel Car com
1
9K
9K
50
9)6
2
2
300
IK
Feb
Feb
Process Corp (The) com..*
Feb
63
8
Jan
11
May
Jan
22
Jan
Jan
10K*Mar
Apr
53 K
4K
Jan
32 K
10
Poor A Co cl B
47
IK May
June
31K
N West Util—
Sales
Week
Shares
com..
K May
5K
219
300
4
K May
Apr
9K
4)6
9K
Northwest Airlines com..*
both inclusive, compiled from official sales lists
Price
H
400
20
23
23
*
Natl Cylinder Gas com
5K
33)6
•
Muskegon Mot spec A
Chicago Stock Exchange
Par
Jan
2,600
National Standard
for
13 K
Jan
Mar
2
3K
5)6
Natl Pressure Cooker com 2
of Prices
Low
High
16K
Feb
14K
6% pref cl A
La Salle St., CHICAGO
Week's Range
May
IK
1
3K
Vtc common stock
Sale
IK
13 K
Miller A Hart—
Municipal Dept. OOO. 521
Last
Feb
55
14K
6% prior lien
7% prior lien..
Principal Eichangei
Friday
2
3K
Middle West Corp cap
Bell System Teletype
10 S.
16K
Jan
14 K
com
Midland United conv pf A*
Pasrl H.Davis & 60.
405-406
50 K
•
Field
Midland Util—
Trading Dept. OGO.
K
May
Mer A Mfr8 Sec cl A com.l
SECURITIES
LUted and UnlUted
Members
45 K
350
14K
IK
*
Marshall
CHICAGO
1
*
Common
Liquid Carbonic com
Loudon Packing com
Feb
100
ht
99c
For footnotes see pagt
K
300
25c
2356
Stocks—
20
2K
15
50
May 31 to June 6,
Jan
X
6K
2,500
25
_
Feb
4)6
2K
If)
1.*
Series B 5s
6)6
30
6K
26c
Pennsylvania RR.....
Series A 456
1,000
4K
3K
Gen Motors Corp com.. 10
If)
Quincy Mining Co
4 56
6)6
3X
General Amer Trans com .5
General Foods 00m
Jan
Feb
6K May
18 K
28 36
I
25c
"1356
4s
2K
12)6
1
25c
2.50
100
United Shoe Mach
Eversharp Inc com
'"it)
A Hrt RR.. 100
Waldorf System
Elgin Natl Watch Co... 15
Apr
IK
May
375
17
17
100
1
Utah Metal A Ton
30
Jan
Gillette Safety Razor com *
Maine Central—
United Fruit Co
May
IK
IK
20 K
Eddy Paper Corp (The)..*
Elec Household Util Corp 6
Jan
Jan
12c
100
Pacific Mills Co
24 K
FitzSlmons & Cor D & D—
12c
6% cum pref
6,550
13K
*
Dodge Mfg Corp com
Jan
25 K
May
456
Loews Theatres
•
...
Diamond T Mot car com.2
22
26
15
Decker (Alf) & Cohn com 10
Jan
3K
24 K
13)6
Jan
41K
10
39
110
Cunningham Drg Strs. .2 K
58 K
60
Feb
X
25
...
..
Jan
June
37K
5K
100
Apr
12c
Old Colony RR
Crane Co com
.
Jan
Jan
5
4K
20
Common
Continental Steel pref.
June
356
1
North Butte
of
Corp
Container
30 K
795
3K
Apr
9K
72 K
100
._*
Amer ica
47 K
156
300
May
Feb
39
Com ptsh cl B vtc
73
2156
*
25 K
partiC8hs_._50
171
456
New England
May
Vtc pref
110
7
8K May
55 K
Consumers Co—
1
74 56
4K
K June
73
39
Consolidated OU Corp...*
May
3256
156
2156
3K
June
100
...2f
May
Hole Mach_15
5% cum pref
Mass. Util Ass vtc
Chrysler Corp common.
Cities Service Co com... 10
111
Jan
X June
K June
70
220
Consolidated Biscuit com
18c May
IK May
8K
56
30
K June
Commonwealth Edison—
7
Fen
4K
1,391
8)6
55)6
49
7
Preferred
Lamson Corp
*
cap
Apr
12 K
16c June
7456
7456
"7
..*
Helvetia OH Co t c
Internat But
Common
50
70
70
Chicago Yellow Cab cap..*
Jan
100
40
Chic Rys—
Part certificates 2....100
47
32
5
Chicago Corp common
Convertible preferred..*
30K June
Mar
109
30 K
32
Coleman L'p & Stove com *
23)6
Jan
300
K
pref
2K
Anr
210
6
Jan
5)6
5K
Central 48W-
Feb
2K
Apr
2K May
Jan
37 K
6
550
«u
Common
6
Jan
Apr
Apr
32 K
12)6
83
5K
31
3256
Ra»or..—•
Hathaway Bakeries—
Adams
2K
20)6
18K
"4H
84
Cent III Pub ser Sfl pref
4756
"49
Gillette Safety
Adams
2,350
3K
5K
Jan
3K
12
Central 111 Sec conv pref.
156
ployers Group ......
Gilchrist Co
Abbott
J an
3)6
7
7
30
pref
2)6
Jan
IK
Jan
IK
Jan
IK
Jan
IK
11)6 May
Feb
12K
6
556
556
Em
Boston A
35 K
Apr
13 K
*
5
Class A pref
Bruce Co (E L) com
Apr
7
Mar
16c
100
100
1st pref
Ad) ustment
Lines
May
556
100
100
Eastern 88
168 K
104 K
87)6
20
Range......—
East Fuel A Gas As com.
56% prior pref
6% pref
Eastern Mass St Ry—
May
Jan
148J6
100
267
2
1156
Copper
4
20
256
2
25
Co
2,231
2
Henla.......
N Y A N H
Apr
2
Part certificates 3... 100
High
Low
Shares
2
2
Class B 1st
N
Apr
26
50
7K
Common....
Capital
556
556
Class A 1st
Isle Royale
Range Since Jan. 1,1941
for
1,854
90
Maine-
cammet A
4
350
Chic Towel Co—
Blgelow Sanf Cpt
Boston 4 Albany
Boston
830
2K
34 K
Central States P & Lt pf_*
compiled from official sales lists
Jan
Jan
4)6
4K
Common
cum conv
Jan
168 K
82 K
4
Brown Fence & Wire—
Prior Men
Exchange
149K May
28 K
7K
Bliss & Laughlin Inc com.5
Comraon
Boston Stock
Boston
675
May
5 K
34 K
Aviation com
Preferred.;
Amer
Jan
94
30
89
17
Castle A Co (A M) com. 10
Line Conn—
Certificates of indebt 5%
Atlantic Coast
Stocks—
Jan
36 X
87 X
May
2K
28 K
Berghoff Brewing Corp
5%
May 31 to
23
210
19)6 Apr
25 K May
150K 158K
"4k
Butler Brothers.
Bonds—
A 5s Hat
11
100
Borg Warner Corp—
North Amer Oil
Interstate Co
200
88
Bastlan-BlesRlng Co com
Belmont Radio Corp
Bendlx
Jan
11
21K
26K *27K
88
100
Co cap
Amer Tel A Tel
12 K
11
25
1456 May
30c
"B8X
Feb
High
Low
Shares
21K
Co
All Is-Chalmers Mfg
High
Low
1,1941
Range Since Jan.
for
Week
High
Low
Allied Products Corp—
Class A
Week
Shares
2.45
1st
'
1556
2056
(Conn).50
Co corn v t c •
Han Transit
155-6
15K
Atlantic Coast L
Halt
Stocks (Continued) Par
Aetna Ball Bearing com..
Range Since Jan. 1,1941
for
American Pub Serv nrefioo
Arundel Corp
M
lists \
tales
Week's Range
of Prices
Price
both inclusive, compiled from official sales
Friday
Week's Range
tale
Apr
Mar
Jan
K June
13
Jan
3
Mar
The Commercial & Financial Chronicle
152
Volume
—
...
m trn
_
-
«.
50
46
46
10
Rath Packing com
20
■
Jan
Packer Corp
Mar
148 %
105
160
Jan
c
Jan
Richman Bros
Feb
Standard Oil Co (Ohio)..25
c U S Steel com....
*
41% May
iy
5
Reliance Mfg Co
4
..1
«•
—
69%
Sears Roebuck A Go cap..*
*
1,750
%
Jan
100
9%
Apr
10%
Feb
Vlchek Tool
"<z39%
2%
100
2%
Apr
4%
Jan
6%
6%
700
6%
June
70%
1,016
Apr
4%
16%
73
Mar
May
Jan
Jan
May
Jail
May
4% May
30% Apr
42%
Apr
119
34%
Feb
99
49%
Apr
125
4%
5
4%
16
a32% a33%
June
39%
70%
6%
30
5
12
22%
35%
230
4%
50
1
_*
High
11%
Jan
7
Jan
Jan
Jan
67%
9%
78%
Upson-Walton
109
12
a38% a39%
<z53% <z54%
Youngstown Sheet & Tube*
1% June
Low
Shares
ol8% al8%
31
31%
al8%
*
com
1,100
10
2%
Rollins Hosiery Mills com
Schwitzer Cummins cap
2
Republic Steel
1%
1
10
com._.10
Jan
1
57%
of Prices
High
12
Range Since Jan. 1, 1940
for
Week
Low
*
2
1%
50c
Common
6% preferred
Week's Range
Price
Par
May
76
Raytheon Mfg Co"
Stocks (Concluded)
High
Low
90
149
149
Sales
ndaj
Last
Sale
Shares
76%
76
76
Quaker Oats Co common.*
Preferred
100
High
Low
Price
Par
1941
Week
of Prices
Sale
Stocks {Concluded)
1,
Range Since Jan.
for
Week's Range
Last
t
Mes
Friday
3631
69
Jan
1,400
1%
Feb
Signode Steel Strap pref.30
30
30
20
28%
Mar
30
Jan
Slvyer Steel Cstgs com...*
15%
15%
50
14%
Apr
18
Jan
Sou Bend Lathe Wks cap.6
30
30
50
29%
Mar
35%
Jan
5%
100
4%
Apr
6%
Jan
65%
1%
400
Serrick Corp cl B ccm
3%
1
5%
2
Spiegel Inc common
65
St Louis Natl Stkyds cap.*
1%
Standard Dredging com__l
Mar
31%
850
36
18%
135
17%
Mar
19%
21%
2,600
19%
May
24%
34%
Feb
40%
39%
9
9%
350
Union Carb 4 Carbon cap •
68% z70%
481
61%
Feb
United Air Lines Tr cap..5
10
10%
158
9%
57%
241
53%
7%
-
-
-
54%
100
pref
cum
«•
mm -
—
1%
Utll & Ind Corp conv pref 7
56
Jan
May
69%
Jan
70%
Jan
54%
1,295
49%
Apr
254
115%
June
150
%
Mar
1%
100
1%
Feb
1%
Mar
316
Apr
1%
130
116
19%
550
17%
Apr
24
22%
85%
23%
310
19
Feb
23% June
M
«.
-
90%
135
85%
June
7 v
250
5%
Feb
7
1
Jan
3%
Mar
7
*
2%
Williams Oil-O-Matic com *
2%
2
1,100
Jan
Jan
*
4%
4%
250
Mar
5%
Jan
Wrlgley (Win Jr) Co cap.*
64%
63%
64%
170
63
May
Jan
Zenith Radio Corp com..*
12
11%
12
450
10%
May
79%
15%
WLsc Bankshares com
4%
Range Since Jan. 1, 1941
Allen Electric com
Week
Low
Low
Shares
4%
Consolidated Paper com. 10
Cincinnati Stock
May 31 to June 6, both inclusive,
compiled from official sales lists
Sales
Friday
Apr
20
May
99%
Cincinnati Street..
Cincinnati Telephone
3
..50
..50
.
Cin Tobacco WarehouselOO
:
Eagle-Picher
_
1
117
11%
4%
4%
7
6%
207
8%
140
6
7%
18%
*
26%
May
99
'' Jan
4%
May
June
3% May
14%
12c
13c
1,410
6
Mar
6% June
Jan
7%
Apr
May
23
June
29
Jan
35% June
20
45
Jan
26
—*
Ball & Bear com.10
Klnsel Drug com
1
LaSalle Wines com
15
May
17%
Jan
1
Apr
1%
Jan
i%
400
Jan
36%
2%
48%
2%
Jan
2%
1% May
36% May
2% Mar
2%
U
1%
36%
65c
68c
200
62c
Apr
1.00
Jan
50c
50c
100
30c
Mar
50c
5
5
300
5
June
7%
im
+ m-mmmm
68c
105%
Kahn.
105%
10
24%
24%
654
23
23
50%
102%
Jan
10%
Jan
Mar
105% June
_
34%
*
Lunkenheimer
*
Procter A Gawble
51%
100
8%
*
Randall A
30
25
19%
Feb
23
June
51%
568
50%
May
58
tJan
1
222% June
Feb
Card
U S Playing
4
15
3%
Mar
8
29%
Apr
34
Jan
3% May
21% June
9%
Jan
4
29%
20
21 %
1
80
15
%
Feb
June
7
100
7
7
10
Wurlitzer
15
3
21%
50
Preferred
29%
3
*
U S Printing
[Jan
10
...
10
229%
Jan
21
21
.
*
B
24% June
222% 222%
*
Kroger
22% Man
4
1" Jan
Feb
Unlisted—
*
City Ice
*
Columbia Gas
3%
37%
10
General Motors
13%
13%
498
11%
Feb
13%
Jan
9%
13%
25
9%
66
8%
Apr
10%
Feb
2%
36%
3%
425
May
May
Jan
142
2%
36%
4%
37%
48%
Jan
m
mmm
—
Micromatic Hone com...1
Murray Corp com......
Peninsular Mtl Prod
m
Sale
of Prices
High
Cleveland
—50c
5%
Brewing Corp of Amer. —3
a3%
Akron Brass Mfg
100
102%
—*
1%
CI Cliffs Iron pref
*
100 "28"
5
-.1
Preferred
River Ralsori Paper
com—*
10
Sheller Mfg com
1
Std Tube cl B com
1
Timken-Det Axle com.—10
Tivoli Brewing com—.... 1
U dy lite _>
U- * ... . - -1
U S Radiator com
Wayne Screw Prod com..4
Wolverine Brewing com..L
Cleve Ry
_. _..
Cliffs Corp com
Colonial Finance
Par
Corp.-.100
Cessna Aircraft Co
1
Chrysler Corp
—6
Consolidated Oil Corp
*
Consolidated Steel Corp.-*
Creameries of Amer v t c__l
Douglas Aircraft Co
*
Electrical Products Corp A
Farmers & Merch Natl. 100
Dow Chemical pref
General T & R pref
Goodrich (B F)
—
100
100
—
115%
"al6%
— —
*
215
70
27 %
29
4C2
26 %
14
14
521
12K
10%
11
76
25c
Jan
1.25
Mar
6%
Jan
8%
30%
Jan
%
National Refining (new)..*
2%
6%
*
.*
*
For footnotes see page
Feb
11%
Apr
14%
Jan
May
20%
Jan
25
3A
160
16
40 %
2%
70
22
75
40 K
203
4
Apr
Feb
June
3K
Apr
Jan
Feb
41 y
June
4%
Apr
26
Jan
43%
Mar
Oceanic Oil Co
Pacific Finance Corp com
6% 1st pref
25
Pacific Indemnity Co—10
Pacific Lighting com
*
Pacific Pub Serv 1st pref..*
%
%
a9
3633,
Feb
22% May
1%
23%
Aeronautical Co—1
Inc
*
of ben lnt
Shell Union Oil Corp
15
Signal Pet Co of Calif
1
Solar Aircraft Co...
1
a9
74
1%
Mar
Mar
26
100
86c May
1.25
Jan
1%
2%
100
1% May
1%
Jan
375
2
Apr
Jan
1H
250
1%
Apr
2%
1%
17%
3%
400
17% May
20%
Jan
300
3
1%
32%
440
1%
639
29%
1%
825
3%
400
9
100
15%
1%
15%
100
75c
100
Jan
Jan
2% June
37
May
%
360
K
Jan
1%
a9%
10
6K
Feb
9% June
Mar
Ryan
Safeway Stores
Security Co units
25
Jan
4%
Jan
2%
Jan
33%
Jan
1% May
1%
Jan
3
Feb
4%
Jan
8
■*'
Apr
Mar
Feb
Apr
10
Jan
Apr
2%
Jan
Feb
16%
Feb
75c May
1%
1%
15%
Jan
1%
1%
1%
300
1
Feb
1%
Jan
2%
3
300
2
Jan
3%
May
10c
10c
500
10c
Feb
13c
Feb
5%
5%
200
4% May
5%
May
>
10c
Price
Stock Exchange
Sales
1.40
Week's Range
of Prices
High
Low
1.35
30
2
Range Since Jan. 1,
for
2%
500
1.20
May
27%
1%
Feb
200
1%
375
3c
3c
3c
1,000
8%
8%
100
10%
10%
10%
48
1%
4
200
a55% a56
100
6
139
6
500
4
4
a 55%
5%
5%
5%
5%
5%
69%
69%
5%
9
8%
395
395
5%
69%
Jan
9%
3%
Jan
11%
4%
68%
6%
Apr
63
Feb
Feb
Feb
6%
280
31%
443
30%
9c
1,000
8%
225
9c
Mar
6
9%
Jan
Jan
47%
Jan
Apr
8c
Apr
8% May
7% [Mar
Feb
33%
9c
Jan
Jan
Apr
7%
250
1,342
5%
Jan
1% May
8
1 %
4c
4c
4c
3,000
4c May
20
30
Jan
Jan
10%
1%
7%
Mar
410%
1%
23%
May
Jan
8
72%
28
685
24
Apr
May
Apr
6%
8%
23%'
7%
June
May
Feb
8% May
388
30%
9c
Apr
5%
6%
8%
May
Mar
5%
6%
10
May
3c
68%
485
2
Feb
11%
8
37%
Jan
Mar
2%
Feb
30%
37%
Jan
2%
31
Apr
2c
100
581
9
395
1%
Jan
8
37%
5%
37%
High
Low
Shares
8%
1%
1941
Week
60
1.40
30
30
2
May
2%
7c
49
Mar
Apr
May
39
39
39
200
10
10
10
231
9% May
11%
Jan
12%
12%
22%
12%
23%
200
12% June
22% June
13%
May
28%
Jan
a30%
o38%
a32%
al4%
a31%
a38%
a33%
al4%
55
30 %
May
53
Apr
May
34%
40%
Mar
231
37%
33%
40
Jan
10
16%
Mar
17%
Jan
1%
10%
10%
23%
a30%
c38%
c33%
al4%
810
1.40
100
1.25
Apr
8%
8%
8%
1,187
7%
Feb
10%
10%
10%
300
9%
2%
Jan
May
1.40
Roberts
37
37
37
17
793
Jan
90c
W-i'w W --
Republic Petroleum com.l
Richfield OU Corp com...*
Public Markets..2
40
Apr
11
75c
10
Elec com..26
12
% June
7% May
1%
Pref class A
Apr
16
557
3
-.v*.—•
1
10
10
20
Jan
7%
17%
3%
1%
31%
1%
m+mrnmm
1
Lockheed Aircraft Corp__l
Los Angeles Invest'mt—10
Menasco Mfg Co
1
NordonCorp Ltd
1
21
352
Apr
May
1%
m'm^mm
...
10%
21%
%
Vs
any any
2%
2%
Feb
5
25
9
-
Lane-Wells Co
Pacific Gas &
100
701
5%
26
1%
2%
32%
Jan
4%
Lac Chern Inc
21 y
7% pf 100
1
Prior pref
June
9
108
41%
*
Medusa Portland Cement *
Leland Electric
Ohio Oil com
Jan
115 K June
370
41%
National Tile
Jan
13
Apr
Jan
16%
10 %
National Acme
Mar
ny
May
11
Apr
a
41%
Metro Pav Brick
Jan
101 %
al6%
4
Feb
June
110
3
*
._*
Lamson & Sessions
c
5%
25%
7%
June
79 K
32 y
31
al2%
22
Interlake Steamship
Apr
10K
102 K
2
7
104
3%
Apr
11
115% 115 %
41%
3%
Industrial Rayon com..*
Apr
t Jan
10
7
22
c
IK
Feb
Mar
Jan
""iy
Hancock Oil Co cl A com
al2
100
Halle Bros pref
Harbauer Co....—
Gladding McBean &
104
*
Goodyear Tire & Rubber.*
General Motors com
Jan
8%
Jan
1%
Jan
17%
10
Co..*
*
Mar
77
7
Commercial Bookbinding. *
High
1% May
both inclusive, compiled from official sales lists
4%
95
600
16c
2
6y
67
1%
60c
~
1
Warner Aircraft com
Jan
732
2
5% May
Universal Cooler cl B_.—*
Mar
IVs
Apr
100
------
50
Preferred
3%
210
10
1%
530
1
1
4%
1%
77
1,000
2,800
-
Scotten-Dillon com
190
102 %
101
1941
Week
Low
Jan
1%
78c
com......2
Rlckel (H W)
36
5%
a4
10
*
City Ice & Fuel
CI Builders Realty
Range Since Jan. 1,
Shares
Apr
60c
90c
-■
50c
5%% pref..50
Blue Diamond Corp
2
Bolsa Chica Oil cl A com .10
Buckeye Union Oil pf v t c 1
Byron Jackson Co—-r-i-'
Hales
Low
1%
Feb
22c
com.l
Aircraft Accessories
inclusive, compiled from official sales lists
Price
Mar
46c
6%
L
Barker Bros
Cleveland Stock Exchange
Par
1
800
21c
26
Central Invest
Stocks—
400
Friday
T. A T. CLEV. 565 & 566
for
Jan
1%
47c
6%
5%
10
Prudential Invest com.—1
May 31 to June 6,
GILL1S i<J RUSSELLco.
Week's Range
Jan
13%
77c
«.
*
Parke Davis com
Stocks—
Last
Jan
Apr
22c
„
Sale
Friday
100
21 *
^
.*
Michigan Sugar com
Last
May 31 to June 6, both
11
18%
Feb
10% May
1%
-
1%
com—1
McClanahan Oil com—-1
Members Cleveland Stock Exchange
A
473
1%
Los Angeles
Ohio Listed and Unlisted Securities
Unlsn Cimmerca Bidding,
18%
Jan
47c
mmm
Masco Screw Prod
Wolverine Tube com
Telephone: CHerry 5050
420
1%
mm
2
United Specialties
Mill
1,216
,
11
11
.
Am Rolling
15
18%
mm
-
Parker-Wolverine com...*
♦
Jan
100
200
mmrnrn
Houdaille-Hershey c. B—*
Kingston Products coin__l
Jan
Apr
45c
iy
Hall Lamp com
Hoover
1%
2%
1%
1 %
1K
15
1
10
Feb
Jan
10c May
100
1%
...5
.—1
Graham-Paige com—.1
Grand Valley Brew com__l
Jan
Jan
4%
18
135
35%
107%
Feb
117% May
|May
11% June
103
35%
26
.
19
26
■
*
Mar
i Jan
2%
18,985
20 %
4
2%
200
3
Jan
80
350
4%
-
117
100
3
2%
11%
-10
Hobart A
99% June
81%
3
*
Gibson Art..
104
2%
*
Crosley Corp
Formica Insulation
99% 100%
11%
Cin Union Stock Yards..*
Feb
16%
80
81%
..25
Cin Tel Rites.
Shares
150
117
C N O & T P pref—.. .100
12c
.
General Motors com
Apr
15
400
Goebel Brewing com..
High
Low
19%
19
.100
.
_
Week
*
Aluminum Industries.
Cin Gas & Elec pref
for
of Prices
Low
High
Price
Par
Stocks—
Week's Range.
Sale
23
310
1,050
-
Frankenmuth Brew com—1
Range Since Jan. 1, 1941
Last
Feb
15%
1%
2%
Durham Mfg com
16%
100
20%
Detroit Steel Corp com
June
4%
Detroit Paper Prod com
Exchange
4%
306
20%
1%
2%
.
Jan
4% June
5%
19c
5%
7%
2%
100
com
Jan
7% May
6%
8%
17c
200
15
Burroughs Add Machine.*
Chamb Mtl Weather com.5
Detroit Edison
20c
Apr
500
18c
1
Detroit Gray Iron com.. .5
Jan
Feb
Feb
200
Det-Michigan Stove com.l
Anr
High
2%
2
2
5%
7%
4%
1
City Brew com
Baldwin Rubber com
High
2
1
Auto
for
of Prices
Price
Par
Stocks—
Week's Range
Sale
May
104%
Sales
Last
May
550
Exchange
Friday
Jan
1%
Stock
Detroit
May 31 to June 6, both inclusive, compiled from official sales lists
Jan
1n
52%
»i«
Mfg com.60
Wieboldt Stores com
17
DETROIT
Building
Telephone: Randolph 5530
Jan
May
Ford
Jan
70%
19
•
Western Un Teleg com 100
Westnghs El A
12
June
9
115% 117%
1
1%
5
Common
Walgreen Co com
Chicago Stock Exchange
May
Feb
39
United States Steel com..♦
Ne«r York Curb Associate
Exchange
Exchange
Jan
Apr
6%
29
26
Utah Radio Products com 1
Stock
Jan
491
York
Jan
21%
150
25
20
Members
New
Detroit Stock
Jan
18%
20%
Texas Corp caottal
com
May
30%
Trane Co (The) com
U 8 Gypsum Co
30%
6%
25
Co
25%
W ATLING, LERCHEN & CO.
Jan
29%
6%
Swift International cap.. 15
&
Jan
2
31
Sunstrand Mach T'l com.5
Swift
900
70
Apr
28
6
Stewart Warner
■■Iif
Jan
1%
65
29%
26
Standard Oil of Ind
20
4% June
3%
a37%
.
1.40
Apr
Jan
Feb
May
4%
Jan
3%
770
a37% a38%
22
29%
40
29% May
al3% al4%
55
10%
Feb
1,(00
8c
May
12c June
325
2%
June
4
3%
29%
29%
al4%
12c
12c
12c
2%
2%
2%
38
Jan
12%
Apr
Jan
The Commercial & Financial Chronicle
3632
Sale,
Friday
Range Since Jan. 1,1941
Last
(Concluded)
Week's Rangt
for
Sale
Stocks
of Prices
Low
High
Shares
Price
Par
Bo Calif Edison Co Ltd—25
28%
23
25
25
25
40%
40%
Week
High
22%
May
28
Jan
210
38
May
47%
30%
29%
'
29%
Standard Oil Co of Calif—
29%
29
May
28%
28%
475
28 %
11
11%
670
20%
20%
1,165
8%
18
May
Jan
20%
Pacific Co
29%
28%
11
6%% pref cl C
100
8%
8%
Taylor Milling Corp
Transatnerlca Corp
Onion Oil of Calif
8%
4%
2
26
4%
4%
13%
2,294
18%
7%
7%
—I
17%
United Aire Prod
Vega Airplane Co..
8
6
871
8 :■,
2%
1%
Wellington Oil Co of Del-1
2%
2%
%
Building, ST. LOUIS
Boatmen's Bank
Members
Jan
Jan
9
Jan
St. Louis Stock Exchange
Mar
Apr
9%
8%
Chicago Stock Exch.
Chicago Board of Trade
Associate Member Chicago Mercantile Exchange
Apr
1%
Phone
CEntral 7600
Postal Long Distance
A.T.T. Teletype STL 693
New York Stock Exchange
Apr
4%
100
Established 1922
Apr
6%
9%
'
D. Jones & Co.
Edward
Apr
5%
Jan
10
a7%
9
14%
4%
13
350
7%
a7%
Feb
Jan
Mar
12% May
23
May
8% May
May
1.660
18%
Universal Consol OIL-.-10
St. Louis Listed and Unlisted Securities
Jan
,019
40%
Southern
Low
831
28%
Original pref
6% pref B
7, 1941
June
2%
Jan
Jan
New York Curb Exchange Associate
1
-
Mining—
Calumet Gold Mines Co. 10
lc
le
lc
3,000
lc
Mar
3c
May
Cardinal Gold Mining Co. 1
a3c
a3c
a3c
500
3c
Apr
5c
Jan
St. Louis Stock Exchange
May 31 to June 6, both inclusive, compiled from official sales lists
Unlisted—
16%
a89%
Amer Had & Std Sanl Corp
Amer Smelting & Reg.
Amer Tel <k Tel Co.
-.100
Anaconda Copper..
...60
Armour & Co
a
a
a6%
89%
70
50
a4
a4
a4
149% May
22%
Feb
4%
Feb
18%
JaD
21%
Feb
2%
Apr
9% May
505
Atchsn Topk AHFe RvlOO
a27%
a27% a27%
25
Atlantic Refg Co (The).25
a20%
a20% a20%
10
126
(The) (Del)3
Aviation Corp
8%
8%
3%
5
a9%
a9%
a9%
10
Barnsdall Oil Co
25
a8%
a8%
i3%
50
Caterpillar Tractor Co.—*
42%
42%
42%
2,155
8%
8%
3%
200
Canadian Pacific Ry
Columbia Gas & Elec
alO
Commercial Solvents Corp*
a
Commonwealth & South—*
Continental Oil Co (Del) 5
a21%
1
1
a8%
Curtis-Wright Corp
Class A
General Foods Corp
a25
Intl Nickel Co of Canada.*
122
36%
100
a35%
*
a24% «25
86%
Kennecott Copper Corp..*
June
255
48
26%
26%
a28% a29%
a35% a35%
26%
a29%
General Electric Co
40
18%
a 8%
10
5%
Jan
30% May
21%
Feb
4%
Jan
9%
4%
Jan
Apr
43% June
4%
Jan
9%
Jan
26% May
36%
Mar
36% June
Mar
12%
Apr
al8%
a 18%
North American Co
al8
al 3
a
18%
8%
187
Paramount Pictures Inc.. 1
a!0%
8%
al0%
a 10%
65
a28%
a28% a24%
194
17%
Apr
22%
Jan
17%
Feb
Feb
Feb
14%
6%
10%
60
30%
+■
31
40
29%
Jan
31
24
19
24
June
27
..5
Emerson Electric com—4
com.*
'«r
w'MU-W J«»
mi*-m.*,
com
«
Jan
15
9
June
12%
Jan
18
23
17
Feb
19%
Feb
4%
June
180
4%
4%
6
10
6
6%
7
85
6% May
2%
Apr
8
Mar
8
8
60
7% May
8%
Mar
1.10
200
28%
373
26
15
260
13%
115
13
Jan
1.10 June
14% May
13
——
27%
15
27%
......20
7%
June
1.10
International Shoe com..*
Laclede Steel
Jan
June
6
4%
—1
com
June
11
9
9
18
Huttlg S & D com...—..5
Hydraulic Prsd Brk pfd 100
21% May
m
225
Ely & Walker D Gds com25
Jan
%
m
Coca-Cola Bottling com..l
Falstaff Brew
13%
11
24
Brown Shoe com...—..*
Columbia Brew com
High
Low
Shares
11
....*
American Inv com
High
Low
Range Since Jan. 1,1941
for
Week
of Prices
Price
Par
Jan
11
Mar
33%
al3%
Stocks—
Hussmann-Llgonler
85
No American Aviation...1
Sale
1.00 May
31%
.20
May
Jan
Jan
Jan
268
100
♦
Jan
34%
36%
86%
Apr
27%
Apr
% May
17%
Feb
7%
Feb
25%
Apr
28% May
a2l% a2\%
158
Sales
Friday
Week's Range
Last
Jan
39% May
Mar
3
100
%
%
3%
40% May
10
alO
10
%
7
Apr
39% May
354
167% al52%aJ57%
26
26%
26%
(111).....-.5
6
10
a6%
a 41
25
Jan
Radio Corp of America
*
8%
8%
3%
108
3% June
Republic Steel Corp
*
18%
18%
18%
125
17% May
9% May
11%
Jan
May
4%
Jan
22%
Jan
Seaboard Oil Co of Del...*
al6%
al5%
a 15%
Sears Roebuck & Co.....*
a69%
a69% a70%
126
70%
May
72%
9%
1,034
8%
Apr
9%
May
Mo Port Cement com...25
16%
4.
*
1.25
8t Louis Pub Serv A com.l
17
1.15
200
1.15
46
46
99%
99
9
5%
22 %
42%
96%
Feb
Feb
30
Jan
1.25 June
Apr
9
5%
Feb
June
1.00
2
99%
«,'—
100
13%
17
66
46
Scruggs-V-B Inc pref..100
1st preferred
5
16%
17
i
Natl Bearing Metals com.*
14% May
16% June
June
46
June
99% June
14%
Jan
Apr
Socony-Vacuurn Oil Co..16
Standard Brands Inc
*
Meyer Blanke com......*
Pennsylvania
8%
*
Ohio Oil Co
RR
a 5%
a87%
4%
a21%
a 89%
a9%
a69%
Standard Oil Co (N J)...26
Studebaker Corp
1
25
Swift & Co
Texas Corp (The)
..26
Tide Water Assoc Oil...10
Union Carbide & Carbon.*
—
a5%
a8%
....
1
Warner Bros Pictures Inc 5
64%
Westlnghouse hi & Mfg.60
a86%
Motors. 1
al%
WillyB-Overland
9%
a 5%
i5%
a86% a87%
4%
4%
a20% a21%
64
5%
150
Jan
4% May
23
Jan
37
Mar
10
Mar
37
9%
a68% a69%
47
64%
Feb
he
100
a5%
16%
283
a3%
83
64%
64%
2
aRRVoa 86V,
il%
25
he June
.
5%
10
9
June
5% June
67
8%
Jan
50
9
May
1.00 May
10
1.05
24%
330
23% May
.28
i Jan
73%
74
74
Mune
26
'June
9%
1.05
1
Vardaman Shoe com
79
148
24
Stix Baer & Fuller com.. 10
15
10
June
1.15
Mar
w
Bonds—
St L Pb Srv 1st mtg 5s 1959
25-yr
19%
1964
inc
conv
19%
*4,700
20
10,000
1%
68%
19%
Jan
Jan
*
68%
Jan
Apr
8%
Exchange
May 31 to June 6, both inclusive, compiled from official sales lists
Jan
Apr
6%
2%
Francisco Stock
San
Jan
0%
.
■
1
com
Feb
Jan
3%
10
al%
*
com
Jan
66
22
78
62
a8%
Jan
36% May
8%
Jan
Mar
102
a9%
a 9%
6%
May
34
283
a39 %
a39
Scullln Steel
Sterling Alum
Wagner Electric com
50
9
h«
United Corp (The) (Del).*
U 8 Steel Corp
*
Vultee Aircraft Inc
250
Feb
Apr
1%
1% May
Sales
Friday
Last
Par
Stocks—
Apr
Week's Range
Sale
of Prices
Low
Price
by/-'; /..
l
High
Range Since Jan
for
1, 1941
.
Week
Low
Shares
High
1.45
850
)
—-ii
7
7%
1,123
7
)
—....
4%
1,150
4% Mar
8%
13 .?<
4%
8%
330
7%
Apr
14
13%
335
8%
Apr
14
May
May
34
34
Feb
36
Jan
Philadelphia Stock Exchange
8%
)
May 3l to June 6, both inclusive, compiled from official sales lis? a
Week's Range
Last
Sale
i.
)
——
of Prices
High
-
V:
'
6%
Week
iiiiii
6%
30c
.
Range Since Jan. 1, 194
for
1.05 May
2.10
June
10
33
40
5
20
9%
Jan
Jan
Jan
-
30c June
"
■
Sales
Friday
1.40
30c
v
81
Jan y:o;.7yy
Jan
30c June
*
American Stores—
American Tel & Tel
Budd (EG) Mfg
Budd Wheel Co
Price
10%
156%
100
Co... —*
tm
'
Low
10
*
Electric Storage Battery
lio
General Motors
M
V*
37%
113%
Horn & Hard (Phlla) com.*
Horn & Hard (N Y) com ..*
Lehigh Coal & Navlga..
150
Lehigh Valley...
7
National Power & Light
1
Pennroad Corp vtc
—
Pennsylvania RR
.50
2%
7%
Jan
197
55
May
1
May
71%
1%
Jan
100
27% May
34%
Jan
48%
Jan
*
Phila Elec of Pa $5 pref.
Phlla Elec Pow pref
'.25
Phllco Corp...
.50
Scott Paper
34%
Bun OH...
2%
10
30
24%
3%
2%
5%
6,082
84
405
—* -I*. *>V«r
113
June
24% June
2%
Feb
1%
Jan
5% May
2
Jan
4,161
22
Feb
58
113%
343
29%
9%
14%
25
25%
33%
25%
10
34%
52%
154
52%
36% May
3,080
2%
25
9%
14%
.50
1st preferred
2%
540
115% 115%
31%
31%
-3
Reading RR
672
28%
29%
36% 37%
113% 113%
23
23
5%
335
1
148% May
2% May
5%
Feb
50
60
9
Apr
Mar
May
12%
Feb
23%
Feb
33% June
50%
Apr
Jan
120
1
Clorox Chemical Co
*
ii
mm.
45%
40
%
486
he
he
%
mf
%
196
22%
6%
7%
106% 107
11
11%
19%
19%
108
44
Transit Invest Corp... .25
Preferred
.25
mm rntm
■—
'mum
United Corp com
Preferred
—
United Gas Imp com
*
7
*
Preferred......
Westmoreland Inc.....
Westmorelane Coal
lio
.20
43% May
2%
25%
118
Allegheny Lud Steel com.*
Blaw-Knox Co.
4,175
164
70
118
960
5%
Mar
1,702
11%
82 %
May
203
6H
6%
14
2.60
2.60
200
2.60
I;' •'"•/■'v'.-I:'
"42"
Emsco Der &
Equip Co..
5
Lone Star Gas Co com
Mt Fuel Supply Co
"97%
*
6%
6
"5%
10
Natl Fireprooflng Corp...*
15
210
"16%
Golden State Co Ltd
1
18%
6%
843
8%
Jan
10%
Jan
281
13%
Jan
16%
Mar
753
14% June
16%
Jan
47c
700
55c
Mar
13
v;v :-;■■■■
140
Jan
13%
48c
Feb
85c
Feb
6%
85c
y
'
100
6%
1
March Calcul Machine..
5
85c
85c
1, 1941
43%
24%
Feb
3
445
19%
Apr
28%
95c
Jan
906
80c
Jan
1.16
Mar
17
616
15%
Feb
18%
Mar
12%
31
12%
Apr
12%
Mar
1.50
1.60
250
1.50 May
2.35
Jan
5%
5%
325
5% May
6%
Jan
9%
9%
480
9%
100
16%
16%
8%
May
20%
Jan
8%
28%
1,051
7%
Apr
9%
Jan
28%
50
26%
Jan
28%
May
1
com
Natomas Co
9%
5%% pref
Occidental Insurance Co 10
12
9%
760
6%
6%
80
1.30
'
1.30
584
7c
Mar
1.30
Mar
5
Jan
Jan
8c
8
Jan
Jan
1.65
Jan
23%
4,232
22%
June
28%
Jan
31
30%
31
2,958
30%
May
34%
Jan
28%
28%
28%
678
28% May
Jan
May
5
Jan
*
33
33
1,691
June
Apr
14
Feb
Pac Light
*
4%
Jan
12
3%
14%
3% May
Apr
3%
14%
33%
3%
31%
39%
324
18%
Jan
116
14%
116%
70
115%
May
126
100
150%
150%
25
148
Mar
161
Phillips Petroleum cap...*
41%
41%
222
60c May
Apr
1%
Jan
72% June
4%
Apr
20%
105
10%
6
Jan
Mar
Jan
Jan
R E & R Co Ltd com
Jan
Jan
Rayonler Incorp com... 1
Republic Pet 5%% pf A.50
96%
7%
Jan
10
May
493
17%
Apr
150
22%
Jan
2%
33
14
May
41% May
*
mm
..100
100
3%
471
11%
31%
480
8%
1,315
3%
8%
Soundview Pulp Co com—5
Preferred
Jan
Jan
3%
600
38%
17%
38%
18%
179
2% May
38% June
341
17%
31%
8%
100
100
20
May
30
31
May
10%
11%
1,396
20%
20%
3,182
Super Mold Corp cap.
14%
14%
14%
415
10
Feb
Apr
10%
31%
7%
100
20%
31%
Jan
11% May
31% June
100
So Cal Gas Co pref ser A.25
Southern Pacific Co... 100
—
3
3%
Ryan Aeronautical Co...1
May
20%
»
Safe Stores Inc com
100
18%
Richfield Oil Corp com
Jan
Jan
Mar
22%
11%
*
Jan
80
9%
Preferred
Jan
3
80
*
Pacific Tel & Tel com.. 100
1%
May
10
pref..™
23%
41%
Jan
Jan
Jan
June
Jan
2
20
1st
Cqftp $5 div
1%
81%
600
188
16
10
25
5% May
27 %
7c
7c
10
Apr
25
96
2%
3633
Jan
June
16%
7y.b6
Standard Oil Co of Calif..*
1
Mar
38% June
630
12%
1
16%
00
O'Connor Moffat cl AA._*
Pacific Coast Aggregates.6
Unlisted—
kor footnotes see page
8
Jan
58C
■y
Jan
Magnavox Co Ltd
6
Apr
26
10
19%
Jan
1
6% 1st preferred
5%% 1st pref
Pacific Light Corp com
96
Westlnghouse Air Brake..*
Jan
May
Pac G A E Co com
100
.5%
2%
9%
Jan
2,107
2%
14
Jan
60c
4%
43
Apr
Jan
5%
Shamrock Oil & Gas com.l
Mar
11%
100
13
Apr
39%
10
13%
47c
40
175
40
7%
863
Pittsburgh Screw & Bolt..*
Pennroad Corp v t c
10%
14%
14%
5%
10%
8%
142
Jan
220
25
Apr
Apr
Apr
Apr
Pittsburgh Plate Glass..25
Jan
8
■
% May
High
94%
8%
1,943
:Iy
6%
40
Occidental Petroleum ____1
Low
283
1%
74
Feb
No American Oil Cons..10
97 %
1%
72%
100
...10
Jan
47c
47c
1-
Natl Auto Fibres
96
Pittsburgh Oil & Gas Co ..5
May
Mar
10
40
Jan
Apr
102
7%
Holly Development
Jan
19%
Jan
Feb
6%
38%
58%
Apr
Jan
Jan
V:; 7
35%
14%
19
Mar
Apr
14%
he
9%
44%
Apr
s : Feb
6%
31
14%
46
8%
41
257
24
Apr
80
Jan
32
23%
17%
29
3.00
31%
Lockheed Aircraft Corp.. 1
25
60c
Feb
48%
Jan
18%
29
Jan
Mar
Apr
10%
117%
2%
246
2.25
8
May
31
May
9%
5%
135
39
6
237
Jan
Jan
6
6
29%
200
3
12%
Pittsburgh Brewing pref..*
6% pref
6% pref—
70
May
92
96%
14%
Week
•„
6%
15%
A or
37
38%
Jan
Jan
576
LeTourneau (R G) Inc.__l
13%
26
71
630
Hawaiian Pine Co Ltd...
Apr
229
275
6
Jan
June
Jan
Feb
37%
6
37%
Jan
11
Jan
4.00
42%
37%
—....
1%
Shares
2%
12%
8%
9
42
6% y--'7vt
101% 101%
30%
18%
100
9
41%
7
y
Apr
104% May
20% May
12%
19%
Apr
6% May
he
June
86%
5%
Hale Bros Stores Inc
Range Since Jan
for
9%
12%
Harbison Walker Ref com *
Hoppers Co pref..
22
6
10
Duquesne Brewing Co
High
6%
*
Devonian Oil Co
of Prices
21%
*
Clark (D L) Candy Co...*
Col Gas & Elec Co
Week's Range
Low
1,500
15% Apr
26% May
Sales
Friday
Sale
21%
5%
2.50 May
32
11%
Jan
31% June
Jan
12%
he June
506
256
80
Di Giorgio Fruit pref...
Apr
Pittsburgh Stock Exchange
Price
2.60
32
86
—
Mar
May 31 to June 6, both inclusive, compiled from official sales lists
Par
Mar
50
12%
Preferred
Menasco Mfg Co com
Stocks—
21%
20%
21%
5%
Meier & Frank Co Inc
Last
Feb
Apr
Jan
Jan
31%
3% June
Apr
3%
7% Mar
Feb
he
120
;
21%
..*
Feb
17
40%
13%
ht
.
9%
100
333
7%
32
—
Tacony-Palmyra Bridge—
Class A partlc
May
18%
44
2.60
—
Jan
6%
2%
5%
*
Jan
56%
i'v''
24%
"~3%
168%
4
3%
6%
•*;.
mi'tm
Central Eureka Min com.
.......
706
55
-5
18%
225
*•
..*
83
10%
High
150% 158
*
Chrysler Corp..
Curtis Pub Co com
Low
Shares
7%
18%
44
Par
Stocks—
8%
18
5
Jan
16
Jan
31% June
9
Jan
4%
Jan
43%
23%
102
34%
Jan
Jan
Feb
Jan
Jan
13
May
Feb
23
May
14% June
19%
Jan
,
Volume
Range Since
Last
Tide Water Ass'd Oil
Week's Range
for
Salt
{Concluded)
of Prices
Low
High
Week
Price
Par
Canadian Markets
High
Low
Shares
(Continued from
156
9%
10
9%
9%
10
com
3633
Sales
Friday
Stocks
Commercial & Financial Chronicle
The
152
95 %
10 %
Jan
May
May
3535)
page
May
Jan
99
_2
4%
13H
90%
4%
13%
Jan
25
90%
4%
13%
5%
Union Oil Co of Calif
1,969
13
Jan
14%
May
Union Sugar
25
12 H
12
12%
1,083
8
Jan
12H
Mar
Preferred
*
Tranaarnerlca Corp
_
com.
1%
Vega Airplane Co.
Victor Equip Co pref
Walalua Agricultural Co.20
«»
23
<*«•*• -
■»
May
140
14%
5%
14%
Mar
15%
50
14%
5
22%
17%
Feb
28%
22%
Jan
-
-
21%
Jan
25% May
18H
-
18%
250
24%
120
Stocks
Anaconda Copper Mln_.60
Anglo Nat Corp cl A com.*
;
Blair A Co Inc cap
Cities
Service Co com.
*
Curtlss Wright Corp
Domlnguez OH Co
4.50
19%
2%
36 %
9%
30%
100
48
4%
Feb
5%
Jan
aO
40
5%
Feb
0%
May
a
120
7%
Feb
OH
Jan
30
Mountain City Copper..5c
Oahu Sugar Co Ltd cap. .20
2%
24%
Jan
Mar
Jan
3%
Mar
46
Jan
Feb
22 H
25%
Apr
10%
100
7%
Jan
13%
Apr
a3%
7%
105
3%
Apr
4%
Jan
150
5%
Jan
7% June
22%
May
28
May
1,318
29H
29%
28%
29%
630
29
31
Tamblyn
132
28% May
5% May
29%
Jan
39
200
35%
39
5%
a
38%
_*
+.'4,
m
„
10
~~a~54%
a53% a54%
350
20
6%
0%
West Coast Life Insurances
0%
6 Ex-stock dividend,
Odd lot sales.
d Deferred delivery,
Ex-rlghts.
The Wahl Co. to Eversharp,
49 %
3
115
3%
3%
June
1%
Hughes
10%
2.82
1.00
1001*
1
1.50
Toronto Mortgage.
11%
2.71
May
3.75
Jan
95c
5
Mar
1.25
Apr
825
1.48
>
Toronto General Trusts 100
65
100
107
May
Jan
Jan
1.80
1.48 May
11
75
65
June
80
Feb
13
66
75
50
Jan
Feb
160
100 %
'ioon
10
5,600
1.00
High
Low
Shares
50
1
Toburn
High
10 %
2.71
2.75
1
75
June
82
Mar
Towagtnac
l
10 He
10c
10 He
1,500
9 He
Apr
14c
Jan
Twin City
*
1.05
1.05
1.05
82
1,00
Apr
2.00
Feb
Uchl Gold..
Union Gas
l
8c
8c
8%c
2,350
6c
May
39C
Jan
11
11%
1,157
11 %
May
14 H
Jan
30^
30%
20
30%
2%
38 %
Jan
5%
Jan
2.28
Jan
4.25
Jan
4.10
Jan
11
•
United Fuel A pref
50
United Fuel cl B pref
United Steel
25
•
2%
2%
2%
290
2%
May
Apr
Mar
Upper Canada
1
1.75
1.71
1.77
16,910
1.27
Feb
Ventures
*
3.45
418
3.10
250
3.35
3.35
221
4
3H
*
38H
38
39
290
20
19%
20
225
Apr
37
*
19H
Preferred
3.10
3.10
*
Walkers
1
Western Can Fiour pref 100
Westons
16 He 17Hc
17 He
"~9%
Wendigo
Preferred
Mar
20 H
Jan
May
26c
Jan
Jan
15
June
9%
125
8
May
11
Jan
95%
20
90
Feb
98
f Jan
1
Apr
15
65
16
9%
95
100
Jan
48
May
16c
3,500
Jan
4
2.95 May
Watte Amulet
Wlltsey-Coghlan
1
"I'HC
1HC
l%c
3,500
Wright Hargreaves
*
4.95
4.95
5.05
6,605
101%
$2,550
25H
l%c Jan
June
7.00
Jan
Feb
4.95
101H
99 H
Mar
Bonds—
War Loan
Apr
Feb
3%
Jan
June
for
J Title changed from
fin default.
Toronto Stock
98 H
May
Mar
Exchange—Curb Section
lists
Sales
Friday
Last
Par
Stocks—
Week's Range
Sale
of Prices
Price
Beath A
*
Coast Copper
5
for
Week
High
High
Low
Shares
2% May
Feb
2
2%
2H
25
95c
95c
1.00
200
95c June
2%
2%
558
2H
Feb
21c
21c
1,000
21c
May
30c
Jan
7
*
Dalhousie
1941
Range Since Jan. 1,
2%
*
Consolidated Paper...
Low
7
7
June
8H
Jan
2H
21c
DeHavilland
*
Dominion Bridge
Inc.
101
15,300
May 31 to June 6, both inclusive, compiled from official sales
Apr
0%
101
98%
Feb
Admitted to unlisted
c
101
(1st)....
War Loan, 2d
Jan
70%
Cash sale—not Included In range
*
Listed,
z
Feb
®ig June
200
»16
5
Low
*
...
Tip Top Tailors pref.. .100
Jan
0%
~
com
Week
Price
Par
Texas-Canadian
Jan
28%
a5%
*
Range Since Jan. 1, 1941
for
of Prices
Jan
23%
25
v
14%
20
23
.25
Ex-dlvldend.
Jan
Jan
23
So Calif Edison com....25
x
Mar
8c
39%
41
410
7%
year,
34%
Jan
10
45
24%
10%
a3%
trading privileges,
Feb
6c
20
16
16
45
______
7%
a
31%
2,500
2%
2%
"a3%
No par value,
Jan
Jan
32%
Apr
2% June
25
*
*
May
0%
200
..._20
United States Steel com..*
Jan
4%
192
7c
7c
Riverside Cement Co cl A *
Warner Bros Pictures
May
4%
34%
28 %
100
5%
a34 H a34H
Pennsylvania RR Co..-50
United Corp of Del
30 H
May
2
100
a35H o36M
■
Mar
May
27%.
185
280
29 %
5%
7c
25
8%
2
2
29 H
a~35%
Texas Corp com
30% June
30% June
a4
30
*
Standard Brands Inc
Jan
480
a8%
a~8%
1
5%% preferred
12 %
326
9%
aO
Montgomery Ward A Co.*
6% pref
Jan
May
60c
Jan
50c May
30%
a3%
-
Idaho Mary Mines Corp__l
Radio Corp of America
Jan
1 35
55c
*
Pioneer Mill Co
Jan
5
37%
9%
"~9%
5
Pacific Port Cement pfdlOO
Jan
May
Apr
65
3.00
Jan
413
30%
2.10 May
190
3%
General Electrio Co com..*
Kennecott Copper com
M J A M A M Consol
Jan
a34% a34%
1
Elec Bond A Share Co
5%
2.10
10
_
Jan
27%
Chesapeake A Ohio RR.25
Consolidated OH Corp
Jan
27%
~
1
Bunker Hill A Bull!van_2H
27H
3%
i.
3
5
Jan
Feb
4%
478
168
May
22
812
2.10
Argonaut Mining
5
Atchison TopASanta FelOO
Aviation Corp of Del
Bendix Aviation Corp
149%
483
157% al50Ha!58H
26 H
20%
20%
5%
5%
5%
a
(Concluded)
Week's Range
Sale
Teck
American Tel A Tel Co. 100
Sales
Last
Jan
Unlisted—
Exchange
Friday
Mar
Apr
23
24%
Western Pipe & Steel Co. 10
Yellow Checker Cab ser 150
Toronto Stock
June
8
240
8
6%
8
4H
7,075
*
21H
5
21H
21H
125
1,100
1.05
Mar
27
May
21H
Jan
Jan
4
*
mm***'*.
40c
40c
40c June
70c
Jan
Montreal Power
*
20%
20%
21 H
220
20%
Apr
29H
Jan
Oils Selections
*
1%C
l*4c
1,000
1 He
May
2%c
Jen
45
Jan
Foothills
and Method of Providing
Relief for Unemployed
Factors Affecting Capital
Markets, According to Frank C. Van Cleef—Points
to Urgency of Free Capital Market
Taxation
Federal
System
continuing
closed."
"is
Van Cleef,
stated that "there are two
do
these
Our
think
not
and
revenues
let
past
it
good deal to perpetuate unemployment
a
But,
the capital market
affecting
of providing relief
method
he de¬
for the unem¬
ployed," which, he said, "has undoubtedly had similar reper¬
cussions
equities."
the flow of capital into
on
In part, Mr.
Van Cleef continued:
The
stimulation
and
in
of
buying has definitely been
consumer
ineffective
proven
Government spending for armament
solving the unemployment problem.
directly stimulates the capital goods industries has solved the un¬
which
employment problem over night, so to speak.
Do
30's
the people, understand this?
we,
solved
that
expensive experiments
economic
Will
problems?
that if in the early
we now see
Will we profit from these very, very
unemployment problem?
our
Do
capital at work in new enterprises, we could have
had put private
we
have been making in
we
this
experience affect
trying to solve our
future
our
Government
question
do
the
factories
and
is
to
arises
If
job.
squarely whether public capital
Government
expansion
of
the
gentlemen, it is "goodbye" to
the
factories;
The
stock
spends the
capital
private
is
essential
an
make it
easy
and inexpensive for
of
the
then,,
country,
own
In every way we should strive
seeking equity money to find it in the broadest possible ways from private
all
investors
forms
a
over
the
Our investment
country.
the abuses
and preserve the
have
hammered
and lambasted
completely
markets
lost
for
for
sight
of
the
good.
The problem is to
However, for
the stock exchanges.
public
function
per¬
that
many years
As
a
result,
these free
pre¬
now
and
we
have
we
ready
use
raising
to full
equity
capacity the existing plant facilities and equip¬
capital
and
making
it
profitable
for
investors,
large and small, to put their properly available funds to work in new com¬
mon
Station, New York,
Air
ceremonies marked by
Iii
stock
commitments
in
a
broad
sterilization of the capital market.
way
is
the
underlying
cause
of
our
as
Mayor LaGuardia Turns
States
United
tlie
to
spectacular air show, Floyd
a
Brooklyn, N.
Field,
Bennett
Navy
Y., was officially transferred
June
on
2
commissioned
and
A gathering
United States Naval Air Station, New York.
estimated at between 2'5,000 and 30,000 witnessed
in
the
$15,000,000 property to Rear Admiral Adolphus An¬
The lease
with a
drews, Commandant of the Third Naval District.
Field
tlie
to
tlie event
Mayor LaGuardia of New York handed the lease
which
provides for
a
$50,000 yearly rental,
of renewal for seven
granting the Navy option
provision
years.
LaGuardia,
described
the
field
speaking
in
"one of
as
at
ceremonies,
the
most cherished
our
posses¬
sions," hut added, however, that the City of New York was
field
glad to cooperate when informed by tlie Navy that the
taken
he
would
remarks
his
Mayor said
the
that
those
to
representing
the
"we like you as tenants, hut
stay he short and the emergency soon over."
may your
describing
In
by it in the interest of National de¬
over
Directing
fense.
Navy,
ceremonies of June 2,
the
New York
the
"Times" of June 3 had the following to say:
tegically
to
for
the obvious necessity
protection
the
of
for a naval air station located stra¬
metropolitan
the
Admiral
Rear
area,
Adolphus Andrews, commander of the North Atlantic Naval Coastal Frontier,
promised that from the new base Navy planes would scout for many
miles
seaward, ready to attack any enemy that dared approach our shores.
Comdr.
Smith,
F.
Don
who
took
over
command
of
the
new
developed by
the city at a cost of $15,000,000, are already too small.
Plans are al¬
ready under "way to increase its acreage, he said; to build many addi¬
station,
disclosed
the
that
and
buildings, to widen
tional
physical
limits
lengthen
of
the
Under-Secretary
Admiral
and
Rear
also
spoke
from
tion
a
at
airport,
the runways, and possibly to add
parallel runways.
:
of
the
John
Navy
H.
James
Towers,
V.
chief of
Forrestal,
the
Mayor LaGuardia
of Aeronautics,
Bureau
the brief commissioning ceremonies, which were conducted
that had been erected in front of-the administra¬
temporary stand
building of the field.
About
equities provide for both large and small investors.
The failure to
ment
banking machinery
great and exceedingly important function.
vent
Jan
Transferred to United States
as United States Naval
Field
Bennett
Lieut.
enterprises, for worthy businesses
new
8%
Over Lease to Rear Admiral Andrews
the insurance companies.
the machinery of distributing
part of
equity investment throughout the country.
to
for the building of
money
equipment
private captial
or
enterprise,—the Government will
the Government will take over
market
Jan
4HC May
1.000
Navy—Field Commissioned
Pointing
policies?
Tlie
Floyd
Mayor
financing and expenditures for relief
Government deficit
theory of
2.10
No par value.
to
the life insurance companies.
on
factor
"our
as
and interconnections.
repercussions
Politically, maybe we cannot change.
years.
seven
second
scribed
done
We needed
But, gentlemen, all of
it was easiest.
reaching
far
very
have probably
not blame
us
The
*
passed the tax laws,
equity market.
dry up the
to
where
them
got
we
laws
during the
intended
they
have
things
tax
4H
Pend-Orellle
Apr
1 20
600
4%
Temlskaming Mining- ...1
40
1
Mar
35
60
35
35
35
1.35
our
representatives and senators in Congress
our
_
1
capital markets
important," he said
As to this he said:
keep
to
.u
Ontario Silknit pref... .100
"First, and undoubtedly most
Federal taxation system."
our
When
I
tending
forces
.
_
Conference at Rich¬
Addressing the Industrial Insurers'
mond, Va., on May 30, Frank C. Van Cleef, of
Jordan and Wood of New York,
_
_
_
while
1,000
pressed
invited
guests
were
tightly against the
grouped
iron
directly
fences guarding
in
front
of
the apron
them,
of the
thousands more of spectators, predominantly youngsters of
high school age.
Deputy Chief Inspector Louis F. Schilling, in command
of the 500 police at the field, estimated the total crowd at between 25,000
airport
were
and 30,000.
The Commercial & Financial
3634
Chronicle
June
7, 1941
Canadian Markets
LISTED AND UNLISTED
Montreal Stock Exchange
Industrial and Public Utility Bonds
■
Closing bid and asked quotations,
Friday, June 6
Sales
Friday
(American Dollar Prices)
Week's Range
Last
-
Sale
Bid
Bid
Ask
Ask
58—1963
Alberta Pac Grain 68—1946
Algoma Steel 5e_——.1948
48
49
Federal Grain 6s
1949
66%
68
67
69
Gen Steel Wares 4%s.l952
66%
68
69
71
Gt Lakes Pap Co
1st 6s '55
60%
62
4%b.1960
67
69
Lake St John Pr A Pap Co
53
56
British Col Pow
70%
72
Canada SS Lines 58.. .1957
67
68%
Canadian Vlckers Co 6s *47
34
36
Howard Smith Paper
Canada Cement
4%s.l951
61
63
69
Massey-Harris 4 %s
1954
McColl-Front Oil 4%s 1949
70%
72
73%
N Scotia Stl A Coal 3 %s '63
56
57%
68%
70
Power Corp of Can
4 %s '59
70
71
Prloe Brothers 1st 5s—1957
Dom Steel A Coal 6%s 1955
DomTarACbem4% 1951
64
66
Co—
1966
47
4%s—1951
67
68%
4s
Saguenay Power—
1966
aerlee R
Provincial and
70
68%
(American Dollar Prices)
Bid
Bid
6s
Oct
37
39
6s
Sept
15 1943
May
12 1949
85
88
4s........June
1 1953
78
81
4%S
5s
Prov of British Columbia—
6s
July
4%s
101% 102
101% 102
1 1959
1 1962
15 1965
1 1956
Oct
4%s
1 1942
41%
40
1 1948
Jan
5s
Oct
Ask
Provlnoe of Ontario—
province of Alberta—
Jan
93
99%
90%
95%
98%
88
Province of Manitoba—
Aug
1 1941
93
97
June 16 1954
66
70
4%s
Mar
2 1950
87
88%
2 1959
66
70
4s....
Feb
1 1958
80
83
4%s
May
1 1961
80
83
15 1960
76
80
Apr 16 1961
Provlnoe of Nova Scotia—
74
78
Dec
5e
6s........Apr
4%s—
16 1952
87
5s
Mar
1 1960
88
60
65
15 1946
58
62
11951
55
Nov
5%s
4%n
88%
91
Oct
59
14
277
13%
Mar
15%
Jan
11
100
10
Apr
11%
Mar
100
9
May
10%
Jan
9%
3%
55
21%
15%
1,392
23
23
3%
21
23
35%
-----
Jan
May
51
Mar
660
19
May
27%
Feb
35%
155
31
50
295
49% May
19%
18
5
155
Feb
155
Feb
9
9
Mar
10
Jan
10
6
45
4
May
3%
May
5%
185
9
Feb
12%
Jan
10
62
June
67%
Apr
125
9% May
14%
150
1.50
205
13% June
110
110
8%
3
31%
31%
120
6%
Feb
May
10%
Mar
59%
Mar
64%
48
1.00
1.00
1
1.00 June
1.50
Jan
Jan
2%
2%
40
25%
25%
101
24
Feb
27
Jan
15%
15%
25
15
May
18
Jan
75c
75c
11
80c
400
80c
*
50
50
pref.......100
25
——*
10%
10%
190
.25
24%
24%
170
.
Jan
70
2%
Winnipeg Electric el A...*
pref..........
6
25%
*
*
*
Class B
Jan
40%
Feb
8%
64%
Woods Mfg
Feb
10
100
*
_
31% June
Jan
112
8%
•
_
Feb
Jan
6
*
....
110
Jan
2%
17
8%
Canada
_
May
Apr
6
Southern Can Power
_
Jan
6
275
14
13%
*
^
21%
9%
1.50
62
31%
.
May
9%
63
1.40
pref. 100
United Steel Corp
Jan
170
10
3%
110
Tooke Brothers
Jan
Jan
145
6
St Law Flour Mills pref. 100
Co of
Jan
38
57%
10
18%
14
*
29
15
35%
9%
Simon (H) A Sons
Jan
5%
3% June
20%
Apr
145
62
St Lawrence Paper
Jan
14
.50
49%
9%
.100
...........
Feb
2%
70c May
70c May
3%
Jan
15
1
Jan
1.00
Feb
50
50
Feb
Apr
8%
Jan
11
24%
Feb
24%
Jan
57%
58%
4%s
Sept
1 1946
83
Be
Deo
1
4%s
July
1 1960
.
...
140
19
140
June
146
Jan
145
124
143
May
162
Jan
177
177
56
171
Mar
193
Jan
,275
18
275
June
284
Jan
154
47
150
Fen
166
Ian
275
100
100
——
153%
*S1
87%
83%
77%
72%
1954
Nova Scotia..-
—
140
145
—. -
100
Royal...
Ask
Bid
Ask
103% 103%
13%
15
Montreal. ...........100
82
1 1944
July
May
5% preflOO
*
*
Class A pref.._—.50
Commerce
Canadian Pacific Ry—
.
6s
16%
Quebec Power.....
St Lawrence Corp
Canadienne
(American Dollar Prices)
perpetual debentures
6s.
Sept 16 1942
Apr
Feb
Banks—
Closing bid and asked quotations, Friday, June 6
As
15
21.
Price Bros A Co
Zellers..—
Railway Bonds
Canadian Paelflo Ry—
100
9%
*
Zellers
Bid
Jan
16%
11
*
*
WilsiLsLtd
6s........June 16 1943
Sept
36%
3%
Breweries
Wabasso Cotton
Prov of Saskatchewan—
4%s
29% June
13%
Natl Steel Car Corp
Steel
Provlnoe of Quebec—
4%s
5s
Prov of New Brunswick—
11%
169
Price Bros A Co Ltd.....*
Ask
Jan
725
_
Closing; bid and asked quotations, Friday, June 6
10%
Feb
9
Jan
12%
Ogllvto Flour Mills...— -*
Preferred
100
Ontario Steel Products...*
Ottawa L H A Power.. 100
Power Corp of Canada—*
Municipal Issues
Apr
30
*
Noranda Mines Ltd
26%
12%
Montreal Tramways...100
National
69
67%
1962
Quebec Power 4s
Famous Players
May
29%
—*
3
McColl Frontenae Oil
9%
1,140
16%
Mont L H A Power Cons.*
48%
Donnacona Paper
22%
15,171
23%
15
Lang A Sons (J A) Ltd.
Mar
12
10
9%
12%
Ltd—*
Laura Secord
18%
125
11%
24%
9%
2%
30
*
Imperial Tobacco of Can.6
*
Intl Nickel of Canada—.
Intl Petroleum Co
May
Feb
13
11
12
11%
24
Jan
5
12
Hudson Bay Mining.....*
Intl Paper A Power
High
May
105
6
*
Hollinger Gold Mines
Week
Shares
3
3
Imperial Oil Ltd
1961
6%s
Low
.*
Hamilton Bridge
Abitlbl PAP ctfs
of Prices
High
Price
Par
Stocks (Concluded)
Range Since Jan. 1, 1941
for
78%
Montreal Curb Market
73%
May 31 to June 6, both inclusive, compiled from official sales
Last
Dominion Government Guaranteed Bonds
Sale
Closing bid and asked quotations, Friday, June 6
Par
Stocks-
Price
lists
Sales
Friday
Week's
Range
of Prices
High
Low
Range Since Jan. 1, 1941
for
Week
Low
Shares
High
(American Dollar Prices)
Abltibi Pow a Paper Co—
Bid
Canadian National Ry—
1 1951
Sept
4%s...
98%
1956
96%
4%S__. —July
6s
..—July
1957
96%
97%
97%
1 1946
July
107 %
107%
99%
4%s... —Feb
4%s...
1969
6s
Oct
1969
5s
..—Feb
1970
6%
cum
5%
—.100
pref
98%
*
Aluminium Ltd
Ry—
5%
100
110
99
Feb
4
98% June
7%
115
Jan
Jan
4s
1
Jan
3s
.—Jan
1962
1 1962
1.50
1.50
2M
130
1.90
Feb
2.50
Jan
9%
9%
9%
222
6%
Mar
10%
Apr
3%
3%
40
Brwrs A Dlstlrs of Vancvr 5
Grand Trunk Pacific Ry—
99% 100%
101
101%
100% 101%
Bathurst Pw A Pp Co B..*
Beauharnols Pwr Corp...*
6 %s
97%
June 16 1955
Ask
Bid
Ask
Canadian Northern
97
89
91%
Brit Amer Oil Co Ltd....*
81%
83%
15%
Jan
18%
Jan
12%
Jan
15%
16
1,685
10
British Columbia Packers *
5
3% May
15%
Feb
10
105
10
Apr
Jan
22%
23
397
22%
June
27
Canada Malting Co Ltd..*
34
34
25
33%
Mar
38
Jan
Canada Packers
*
75
75
15
74
May
77
May
Canada Vinegars Ltd
*
7
7
20
22%
Canada a Dom Sugar Co. •
Montreal Stock Exchange
70c
Canadian Breweries Ltd
May 31 to June 6, both inclusive, compiled from official sales lists
Sales
Friday
Last
Sale
Stocks
Par
Agnew-SurpassShoe preflOO
Algoma Steel
Price
J...
Week's Range
of Prices
Range Since Jan. 1. 1941
for
Week
High
10C
106
8
Low
Shares
Feb
14
15
14
: June
152
152
6
165
May
162
100
162
1
162
8
10
50
105
7
Apr
Feb
107%
10
Jan
Jan
84%
84%
10
84%
June
97%
Jan
Asbestos Corp
*
17%
17%
146
14%
Jan
18%
Apr
*
16
16
14%
Jan
17
10%
May
13
Jan
May
160
Jan
30
May
2
50
2
8
25
9
1.50
1.55
350
Paper a.*
Telephone
10%
..100
Brazilian Tr Lt a Power.*
144
"6%
Brit Col Pow Corp cl A _..*
British Col Pwr Corp B_.*
Bruck Silk Mills
*
Bulolo
1.75
5
5
Canada Cement....
100
5%
6% preferred
50
Cndn Car a Foundry
Canadian
Preferred
7%___
Feb
7%
Jan
22%
May
26%
Jan
205
1.50
Mar
1.75
Apr
150
4%
Feb
5%
Mar
5
50
90
5%
95
6
18%
5%
4%
95
May
Feb
May
Canadian Cottons
Jan
May
8%
Jan
3%
June
5%
Jan
102
18%
5%
17%
Feb
160
5%
20
410
5
18%
21%
Mar
May
10%
28%
Jan
110
2
110
May
124
Jan
22
22
2
22
June
23
Feb
..100
118
118
15
112%
Feb
118
June
2
Feb
3
Jan
4%
Feb
6%
Jan
5%
Jan
2%
Paelflo Ry_..25
Cockshutt Plow
*
Canadian
uousol Mining a Smeltlngb
Distillers Seagrams
*
Dominion Coal pref
1,747
4
100
May
170
32%
4
32
May
19
May
28
70
21%
May
27%
Mar
18%
"~6%
20
21%
18%
10
17%
Feb
20%
Jan
May
9%
220
6%
6%
602
6%
*
4%
4%
25
4%
Feb
Dom Tar & Chemical
*
3%
3%
160
3%
May
Preferred
__100
84
72%
Dryden Paper
*
Foundation Co of Can
*
84
72%
72%
4
"ll
Gatlneau
11
11
100
Wares
*75
75
4%
..100
Gypsum Lime & Alabas.
87
2%
7%
76
4%
87
2%
5
5%
Jan
JaD
Jan
Mar
20
June
87
Feb
70
May
82
Jan
5
|
84
132
4
7
6% preferred-
Jan
21%
Dominion Stores Ltd
Dominion Textile...
39
19%
21%
25
Dominion Steel a Coal B 26
300
5%
32
*
Dominion Bridge
2%
4%
4
5%
4
Feb
5%
Jan
Feb
12%
Jan
53
7
June
9%
Jan
13
75
May
80%
Feb
Feb
6%
Jan
June
93%
Mar
3%
Jan
40
37
60
10%
4%
87
2%
1.95
12%
9
25
\fv
June
7
7
1
7
June
""2 k"
2%
2%
616
*
1.60
1.60
10
3
3
2%
2%
50
Falrchild Aircraft Ltd
*
5
1.30
1.35
Fleet Aircraft Ltd
*
3%
Ford Motor of Can a
*
14%
*
7%
Consolidated Paper Corp.*
Dominion Square Corp
Donnacona Pap Co Ltd a
Donnacona Paper cl B
Frieman(A J)6%cum prflOO
47
Jan
Jan
Feb
8
Apr
4
Jan
May
1.75
Jan
Feb
5%
Jan
5%
Jan
115
3
3%
100
3% June
5%
15%
7%
52
15
Jan
16
130
7
Feb
10%
6
42
Feb
47
200
Intl Utilities clB.
1
15c
15c
15c
Lake St John PAP
*
9
9
9
40c
40c
40c.
Loblaw Groceterias cl A..*
24%
24%
6
Mackenzie Air Service...*
1.00
1.00
100
Lake Sulphite Pulp Co___*
Jan
May
2% June
1 %May
185
47
47
2% May
1.50
3%
10
Feb
9
1
10
3
15c
Jan
Mar
8
50c May
25
Apr
1.00
Jan
25c
11
90c
25
1.00
Jan
Jan
Apr
Jan
June
Jan
Jan
May
Apr
Jan
MacLaren Pwr A Paper..*
12
12
35
11
Feb
15%
Jan
McColl-Frnt
90
90
23
90
May
96%
Feb
50
5
Apr
5%
016%cmpfl00
Melchers Dist Ltd pref. .10
5%
Paton Mfg Co.
100
115
Reliance Grain Co Ltd.
15
98%
Apr
104
Jan
25
40
25
June
30
Mar
115
100
15
115
Jan
115
Jan
2%
100
25
99%
19%
19%
135
2%
Sou Cndn Pwr 6% cum pf 100
Walker-G A W $1 cum prf *
Jan
101
25
*
7% cum pref
5%
101
Page-Hersey Tubes Ltd..*
"99%
14
2% June
98
May
19%
Feb
8c
May
2% June
104
20%
Jan
Jan
Mines—
8c
Aldermac Copper
8c
500
1.06
Beattie Gold
Dome Mines Ltd..
*
1.06
100
21%
21%
200
16c
Jan
1.10
Apr
21%
May
24%
Jan
Jan
1.06 June
East Malartic Mines..
1
2.25
2.30
900
2%
May
2.90
Falconbridge Nickel
*
2.45
2.45
75
2.00
Feb
2.50
Inspiration Min A Dev
1
20c
20c
600
20c May
25c
Jan
Mines. .1
lc
lc
1,000
lc May
l%c
Feb
4.00
4.15
2,220
15%
1.73
15%
180
15% June
1.73
100
1.73 June
Jan
50
1.50
Mar
Consol Bakeries of Can...*
Jan
May
110
Cndn Ind Alcohol
Preferred..
Mar
*
100
Rights
General steel
6%
100
Apr
20
19
110
14%
19
147
3%
18%
20
6
3%
*
*
Celanese.
5%
35
1.75
3%
137
2,420
23
95
Can North Power Corp..*
Canada Steamship (new).*
6%
133
16 %C 16 %c
•
Canada Cement pref
6%
23
545
10%
144
Feb
;
Consol Dlv Sec pref...2 50
Fraser Cos vot trust
Batnuret Pow a
Bell
Jan
Feb
50c
2
Commercial Alcohols Ltd.*
Jan
Jan
85c
25c
*
207
Jan
Mar
175%
26
Catelli Food Prods Ltd...*
21%
Jan
Jan
300
15c.
65C
95c
25
Jan
65c
15c
.1
7%
65c May
65c
Cndn Pow A Paper Inv...*
High
Associated Breweries
.
Feb
22
Canadian Vlckers Ltd
Low
„*
100
Algoma Steel preferred
70c
5
14
Cndn Industries Ltd B...*
7% cum pref
Cndn Marconi Co
500
Jan
24
24
Preferred-
Cndn Dredge A Dock....*
70c
7%
Jolliette-Quebec
Kerr-Addisson
Lake Shore Mines
.
Lihle Long Lac..
*1
No par value.
r
Canadian market.
3.50
Apr
Jan
4.15 June
21
1.73
Jan
June
Volume
The Commercial
152
Unlisted
Canadian Markets—Listed and
Week's Range
Sale
Stocks
(Concluded)
Par
Macassa Mines
1
Jan. 1, 1941
Week
3.90
275
3.50
Feb
1.01
4,400
87c
May
Mclntyre-Porcupine——-5
47 3^
47 ?*
Pato Cons Gold Dredging 1
2.50
Jan
General Steel Wares
Jan
Gillies Lake
Apr
2.70
Jan
Goldale
Jan
Golden Gate.......
1.30
200
1.28
May
2.80
2.80
20
2.07
May
3.35
Jan
Gold Eagle.
Mar
134c
73* May
3c
Feb
Goodyear
73*
May
61c
June
84c
Jan
Feb
69c
Mar
1,000
1?*C
1?*C
50c
7?*
7H
100
1
61c
65c
2,320
l?*c
Bull!van Cons
Sylvanite Gold
1
1
Teck Hughes Gold
ll?*c
Mar
16)*c
634c
1,000
5c
Mar
13o
_
Jan
3c
3c
4,000
10c
Jan
20
67)4
"53k"
525*
683*
5334
97
52?*
"12"
12
3c
68
*
50
Goodyear pref
Great Lakes vot trust
*
t pref
v
3?*
Jan
100
5c May
9?*c
Apr
May
5t*
Jan
1,500
Halcrow-Swayzie
1
Hamilton Bridge
*
400
2.40
Jan
2.71
June
1.75
3
Feb
2.52
3.45
Jan
May
1.76
May
4.90 June
7.00
Jan
7c
7c
33*
7c
1.76
600
5.00
1,810
3
33*
5
Hamilton Theatres
1
65c
70c
290
65c June
75c May
Harding Carpets
1.73
4.90
4.95
*
33*
33*
100
2)4
Apr
3)4
Jan
Hard Rock
*
18?*
1.79
18 ?*
18 X
1 58
2,050
May
Feb
18
100
69c
69c
1,050
67c
May
1.10
Jan
Harker
1
4c
4c
1,100
3c
May
8c
Jan
Jan
2134
1
Jan
2.55
Hinde & Dauch
*
100
8)4
Apr
10)4
Jan
Week's Range
of Prices
Low
High
1941
W eek
Price
Huron & Erie
Abltibi pref
High
Low
Shares
.
Mar
May
Jan
Intl Milling pref
Intl Met pref A
195
21c
May
17c
Jan
Jack Waite
?*c June
l?*c
Feb
Jason Mines
46c
Apr
81c
Jan
Jellicoe
2.10
May
2.75
Jan
*
Kerr-Addison
Feb
2,500
3?*c
Apr
1.51
1.61
3,358
1.51
June
2.45
Jan
534c
2,000
4c
May
8c
Jan
1
176
176
11
171
Mar
193
Jan
Bank of Nova Scotia—100
280
4
275
May
283
Feb
Lapa-Csdlilac
*
*
Bathurst Power cl A
8c
1034
7c
Mar
520
10)*
May
8c
June
1.00
May
May
8c
1
100
Bell Telephone Co
2,500
934c
2,900
1.01
1.08
1,000
8c
1
Bear Exploration
Beattle Gold
83*c
1034
14134 145
142
152
7c
137
800
11c
1
Bldgood Kirkland
__
32
32
5
47c
47c
3,800
2,024
9.80
9 80
260
6c
6c
Bobjo
Bonetal....
Bralorne
—-—
Mar
1574
Jan
12 34c 12 34c
500
12c
May
27c
Jan
35c
36c
6,950
35c May
46c
Apr
134c
2,000
3.90
4.20
4.15
1534
Brit Columbia Power cl A_*
47c June
Feb
9.50
3
May
Feb
15?*
23
June
48c May
10.50
Apr
21?* June
Jan
754
2434
243*
578
24
Mar
27
Jan
2234
23
140
22)4 May
26
Jan
5)4
Jan
18?*
Jan
26
Jan
3.85
3.90
1,485
3.45
Fen
4 30
1.53
1.60
1.800
1.50
May
2.35
Jan
Fen
70c
Apr
20
6
100
1
"i'.oi
•
100
Massey-Harrls...
Preferred
33*
6 34c
6c
3,400
3.40
500
3.40
June
6.95
Jan
McVittie
3c
4,000
2?*c
Mar
6c
Apr
Mercury Mills
1334
50
13)*
June
834
10
7H
Feb
2,000
25
1.85
100
100
50
B
41
41
53*
53
10
25
110
14c
May
24?*c
1.85
June
95
Apr
Mar
39
Jan
34
35
50
34
Mar
76
80
35
76
June
125
7
121
Apr
125
33.
38
1834
1834
71
17
Canada Wire class A
503*
52
59
50?* June
Breweries
75c
7
100
33*
*
50
Canadian
Canadian Brew pref
*
Canadian Bank com... 100
1834
53*
*
Canadian Canners
Class B
Apr
Jan
25
143
May
163
5
.
Feb
Apr
5c
5c
434
35
3,000
443*
337
2c
234c
Preferred.. ...... .
—
2134
.25
Canadian Celanese
*
25
R
Canadian Wine
.........
534
334
334
534
334
118
2,171
1
23*c
Feb
3)*c
Jan
3534
23*c
353*
2c
*
353*
20
30?*
Mar
38 ?*
Jan
23c
22 34c
23c
4,800
21 Ho
Feb
31o
65c
60c
65c
lc
13*c
1,400
1,500
y
Naybob
Newbec
»......w.......
•
Mines
1
Normetal*
Northern Canada
*
5
12
1.15
130
1.00
Feb
1.18
493*
5034
753
49?*
Feb
67?*
Jan
3c
493*
334c
1,500
3c June
6c
Mar
32c
32c
1,000
Mar
40c
Apr
Nordon Oil...
32c
Jan
65c
2,500
56c May
1.15
Jan
10c
11c
10,000
lie
Feb
17c
Apr
29*c
3c
50,633
2VsC
Apr
4 ?*C May
35
95)4
Apr
105
98c
1.00
1,500
4c
4c
500
Jan
6?*
Omega
Jan
Pacalta Oils
Page-Hersey
Pamour
Porcupine
......
...
1
10c
*
*
•
10)4
Jan
Apr
Jan
29
Jan
98c
Mar
6?*
Jan
May
4
Feb
June
119
1
Pickle-Crow—
Pioneer
*
100
Dominion Bank
Dominion Tar
Preferred-..........
.
Preferred..
Duquesne Mining
East Malartic
May
June
1 04
Jan
43*
4)* June
5%
Jan
Roche L L_.
1.18
1,100
1.13 June
1 55
Jan
Royal Bank
93*
35
Jan
323*
116
313*
323*
116
115
2134
348
20
5
Eldorado
Falconbridge
Farmer
Federal Kirkland
Fernland
A.
1934
19
1934
90
"2134
187
90
213*
2134
20
50
685
Francoeur
Gatineau Power pref...
800
4c
Apr
9c
Jan
7,900
88c
Feb
73*
73*
30
7?*
May
94?*c
9?*
Jan
2.90
2.80
2.91
10,220
2.70
Feb
3.40
Jan
10c
10c
10c
100
10c
33*c
3c
334c
2,000
145
Mar
100
1334
150
2.28
2,552
28?*
97?*
Jan
Sand River
1
434c
434c
434c
90
May
May
Jan
Senator-Rouyn
1
37c
1,000
4,200
21?*
May
24?*
Jan
Shawinigan.........
*
1
*
200
Jan
Sherritt-Gordon
24
Feb
Silverwoods
9
7
2.33
-.1
32c
*
2.50
33*c
134c
5,050
2.22
1,900
32c
6?*
8?*c
May
*
Apr
Preferred
5)4
Mar
Slscoe Gold
100
——-1
Mar
Sladen-Malartic
1
Slave Lake
South End Petroleum
1
*
Standard Radio—
*
•
9?*
88
1.75
8
Apr
16?*c
2.17 May
32c
Simpsons B
5%
Mar
May
1.97
Feb
265
21?*
May
3?*c
Jan
Feb
May
Jan
25
Preferred
2.95
Jan
52c
Jan
Steeo Rock rron
2.60
Jan
Sterling Coal
Jan
Straw Lake
28
Mines.
Mar
6c
Jan
Sturgeon River
l?*c May
6?*c
Jan
Sudbury Contact
921
14 H
Feb
16?*
Apr
Sylvanite Gold
1,500
3?*c
Apr
5,000
134c
1534
334c
1,100
36c
75
50c
4,000
2234
33*c
15
3?* June
83)4
Feb
300
2.45
223*
1
6,500
9c
93*c
15
75
7
900
834c
Feb
56
Jan
2.16
Mar
20
May
834c
334
—
17
33*
36c
75
Mar
June
Jan
May
18
14
31
2.28
May
May
166?*
149
10
20
834c
4
Jan
1634
i
6?*
Jan
5C
1834
1
50
18?*
13?*c
1834
1513* 155
San Antonio
St Anthony
185
1.00
1834
Jan
12c May
Feb
1634
155
8c
54c
"94"
52c
27
62c
3,042
4
534
3
94
94
52c
Jan
Jan
Jan
21
16?* June
8c May
13% June
14?*C
Jan
14?*
May
2.03
Feb
2.65
Jan
4c
May
7?*c
Jan
35c June
59c
Jan
12?*
June
Jan
17
63c May
87c
694
3
Feb
5
20
3
June
5
Jan
91
Apr
100
May
15
4,150
53c
51 J4c
Feb
Jan
June
69c
Mar
1634c
834 c
17c
17c
1,300
17c June
43c
Jan
8c
9c
20,500
6J4c May
19Hc
Feb
134c
134c
234
6334
134c
3,.500
234
"65"
2J*
May
155
59?*
Mar
6834
"96c
4c May
Mar
100
65
l?4c
6834
5
95c
96c
3.630
67
81C
2?*
May
70
Jan
Apr
73)4
Jan
Mar
1.78
Jan
3
Jan
100
234
180
2?* June
234c
234c
1,300
2?*c May
4?*c
Mar
—*
13c
13c
500
13c June
24c
Apr
234c
234c
334c
1,250
2?*c June
2.40
2.60
4,445
2.40
5?*C
2.90
Jan
2.40
1
1
1
3
-
Jan
•
90
•
534
37c
1234
62c
3
"62c
35c
12?*
Jan
3c June
Jan
25
*
16?*c
21?*
53
86
86
1.00
20
5c
92c
Steel of Canada...
334
*
100
*
Jan
38
35
100
39?*
18
150
Foundation Petroleum.25c
114
May
May
June
187
187
43*
•
5c
90c
St Lawrence Corp A
500
634
1
-.1
31?*
14
Jan
6
5c
Royalite
Russell Industrial
Apr
Jan
*
1
Reno Gold
5
9
55c
3h
1.69
1
1
.100
3,200
4
1
3)4 May
52 34C
Apr
90c
E Dome—
4,300
634
1
70
65c
Preston
65c
173*
*
Jan
Pressed Metals
9
*
Dominion Woollens
1.04
Jan
25
Dominion Steel cl B>.
Dominion Stores
2,600
52 )4C June
40c
•
Dominion Foundry
Mar
1.74
*
Dome
Jan
2.35
Feb
14c
*
Preferred......—-.100
3 00
May
May
2134
Dist Seagram
May
1.90
12c
*
Davies Petroleum.
2 25
445
..
43*
*
100
9,875
2.20
1.30
55c
Power Corp
1.13
Cockshutt.
Gas
1.28
2.70
2.07
Powell-Rouyn
35c
69c
Consolidated Bakeries.*..
Cosmos
100
2.31
2.20
1.10
May
6
1.30
2.70
7,246
21c
Smelters.......
16)4c June
1.22
Jan
Coniaurum
14,800
Jan
9c
*
Jan
5,000
18c
32c
9,100
..1
28c
234c
Mar
17c
Chromium
Jan
Feb
234c
15c
1734c
Jan
5C
16 34c
500
...1
Jan
8c
17c
1534c
Jan
1.65
Mar
"234c
...*
Prairie Royalties—...25c
Premier.........---—-1
1.95
Cochenour
4c
Jan
Feb
"l~35
98c June
1
....1
1
Perron
21?*
102
100
102
2)4c June
Paymaster...
May
1.65
1
Pandora-Cadillac—.....1
Partanen-Malartlc
1
28
1,600
Chester vllle
26c
Jan
65c
1.66
1
Mar
1
June
2?*
2c
lc June
O'Brien
14
118
Jan
75c May
Jan
"l~78
Chemical Research
60c May
1.15
5
Nipissing
Noranda
*
1,500
23*c
Feb
May
Feb
Jan
90c
4?*
20?*
19?*
4?*
Jan
Jan
6c
Apr
50c
1
Central Patricia
Consumers
434
2c
188
35c June
Jan
50
June
35c May
Jan
105
177
50
10
15
47?*
500
20
20
Jan
Feb
41c
35c
Jan
14
118
100
Carnation pref
Porcupine
*
15
Jan
54c
34c
May
20
*
Canadian Dredge
7)4
35c
8?*
75
Jan
May
40c June
4
2,500
2 34c
9c
34c
18 ?*
100
5
10
177
177
Jan
Jan
4c May
1,000
4
Jan
1.32
,
*
25
9
1.01
1,040
Jan
North Star
Mar
Jan
1.00
Mar
51?*
J*
Jan
61
22
98
May
._
Canadian Car.
Central
60c
5
21?*
70
Jan
Jan
130
1934
:•
Feb
60
233*
145
Canadian Canners cl A..20
Feb
74
233*
233*
145
3?*
87?*
136
5
May
46?*
1.04
Mar
37
Jan
90
.............1
Negus Mines
1
Murp
June
May
323
40c 4034c
11
1
3J* May
47
4434
National Steel Car
7
*
.
100
1
Morris-Kirkland
Jan
41
*
Canada Steam pref
.
...
Jan
June
Feb
4?*
*
125
2.75
100
Jan
Apr
35
Packers
Canada Steamships
Moore Corp..
1.49
Canada Cement
Can Permanent Mtge._100
......
Moneta
Jan
May
Canada Malting
Canada
Apr
Jan
Jan
30
5c
1
10?*
Jan
4?*
3?*
91
1.04
15
1.05
25
Jan
7?*
Apr
88
88
5
Class A
100
Class A
100
.....
2
55
80
17
47
McKenzle
3.40
Preferred
Mclntyre
80
334
Jan
Mar
2?*
333*
234
33
33
*
McColl
1
14 34c
Jan
1.60
33*
234
*
15c
Jan
3.85
....
634
Buffalo-Ankerlte
*
Apr
334
Brown Oil
*
.1
60c
2.06
Feb
634
Jan
....
45c
1.60
Maple Leaf Gardens pref 10
9c
Canada Bread
Jan
Jan
7
Maple Leaf Milling pref..*
6c June
Calmont
12
1,060
9
May
I
Calgary & Edmonton
Jan
Feb
87c
Broulan Porcupine
950
Jan
10?*
2?*C
3,500
Jan
1.05
12 ?*C
Apr
9
5,458
1.10
1.15
Jan
Jan
mc May
57c
1.50 June
834
Mar
1.02
Feb
*
6?*c
54c
Apr
Burlington Steel
2,100
1.00
71c
133*
10c
5.15
53
6,050
Malartic (G F)
1.25
*
10
45
10c
Jan
21
Feb
48c
Madsen Red Lake
200
Building Products
Mar
50c
12,400
...
May
4.25
44
1.73
Mines
78c
Buffalo-Canadian.
15)4
420
48c
23
1.50
7934c
440
4.55
52
B
*
Class B
153*
934
"243*
Macassa
153*
2334
1534
1.70
McL Cockshutt
Jan
23
2,333
Jan
500
A
Jan
Feb
2334
June
1.05
210
48c
Jan
5
23
4.20
May
93*
Little Long Lao
lie
20
25
Jan
Feb
75c
134c
Leitch
37?*
25
1,319
2?*c
3.05
93*
Legare pref............25
Mar
6c
2,926
33*
l?*c June
35,533
134c
Jan
June
32
634
16
Jan
Feb
2134
33*
May
75c 7534c
45
Jan
5c
"l5~H
British American Oil
Jan
June
I 20
2c June
634
Brewers & Distillers.....5
Jan
June
100
13H
160?*
Jan
"634
Brazilian Traction
Apr
29 %
934
13?*C
2134
Brantford Cordage pref.25
93)4
110
3
Laura Secord (new)
Lebel-Oro
May
7c
2,500
3c
Big Missouri.._
_i;_ ..... 1
Blue Ribbon pref...
50
5
....1
Jan
Loblaw
7c
9?*
918
Jan
15c
6)4
Feb
1,228
10c
Jan
13
Apr
143*
Landed Bank & Loan.. 100
280
Base Metals
33c
3034
7534c
Kirkland Lake
100
Bank of Montreal.
Jan
13 34
Lainaque G__
534c
20c
4.30
1
Lake Shore
5c
5c
1
600
293*
;
9c
Jan
21c
30
100
Nickel
"36c
140
13 »*
115?*
36?*
_L
3,600
10?*
Feb
1334
International Petroleum.
5,000
Jan
May
UH
134c
Intei n itional
34c
Jan
205
8H
515
112
Jan
52c
Feb
2,791
10
Jan
2.20
192
934
20
9c
52c
26
Jan
1234
7
ll?*c
2.20
196
934
12
112
Feb
8c
8
100
Mar
1,000
10
7
June
3,025
9
100
5?*c
4
23)4
*
Jan
52c
1.51
9?*
650
100
90c
2.20
1
Mines.
Jan
Mar
24
9
1
Inspiration
120
9c
1
Arntfleld
Bankfleld..-.
25%
5,700
21c
2334
934
1,000
6c
34c
June
24
1234
*
...
Jan
30c
*
*
Anglo Canadian
Anglo-Huronian.
Jan
2 54
May
6
534
6c
..1
Amm Gold
Gold
55c
834c
834 c
•
;
20
6c
Alberta Pacific Consol—1
Aldermac Copper
'
13 Mi
May
.....100
8
6c
*
Mav
1.59
Imperial Oil Co
6c
534
534
100
6%
Acme Gas
65c
65c
*
—
12
2,825
24c
20% pref. 100
Intl Met cl A
Abltibl
700
1.78
22c
Imperial Tobacco ord
for
Sale
Par
1,
Range Since Jan.
Last
Stocks
123*
1.65
22c
._._*
Imperial Bank
Sales
Friday
1234
1.78
1
Hudson Bay
compiled from official sales lists
May 31 to June 6, both inclusive,
123*
•
Co
Howey
Exchange
Stock
Toronto
9
9
Holllnger Consolidated...5
Home Oil
Ford
2J4 June
234
Royalite Oil Co Ltd
Fanny
Jan
95
1
*
1.63
Cons
Jan
1,200
37c
Gunnar
1.78
P
Apr
23c June
Gypsum
♦
C
Apr
3)4
19?*
Feb
Home Oil Co Ltd
I
55?*
Feb
Mar
1,000
May
June
33c
2.80
Jan
2
65c
2.40
80
12
Apr
2.40
May
58
May
2~ 40
Jan
Jan
2?*c May
Jan
219
50c
53c
39c
3
20c
53c
4)4c
14
23*
*
Great Lakes
200
Oil-
Aunor
600
23c 2334 c
"
*
12c
53c
Upper Canada..
Wright-Hargreaves
1134c
810
2.71
1
21J4C May
25
16 He 16 34c
16?*c
Sladen-Malartic Mines...1
8,950
434
55c
51c
1
Stecoe Gold..
4,000
22c
63*c
1
1.30
1
Red Crest Gold.
334c
2134c
1
1
Jan
6
Feb
3?*c May
1134c
*
Perron Gold Mines
High
Low
4%
334c
1
Feb
Lake
Week
434
1
s
Preston-East Dome
Sherritt-Gordon
Shares
*
1.16
49
1.65
Sheep Creek Gold
for
of Prices
Low
High
2134c
4.30
2.45 May
50
Week's Range
Price
Par
God
47
50
2.50
Stocks (Continued)
High
Low
Shares
1.00
1.00
Range Since Jan. 1, 1941
Last
Sale
Range Since
for
3.85
1
Malartic Goldfields
of Prices
High
Low
Price
Sales
Friday
Sales
Last
Exchange
Toronto Stock
Montreal Curb Market
Friday
3635
& Financial Chronicle
No par value.
(Concluded
on page
3633)
Apr
Ja
The Commercial & Financial Chronicle
3636
Quotations
Bid
Jan
1
Jane
«3Hs July
a3He May
1977......
a4Hs Mar
103
104
a4Hs Apr
a4He Apr
10351
10654 107H
1
1
1
1
1975
1954
o3Hs Nov
1954..
aZHn Mar
1960
a3HsJan
15 1976
a 4s
May
1 1957
112
111
111 ^ H2H
11054 112
a4Hs May
Not
1 1958—...
117
May
1 1959
a 4s
May
1 1977
11754 118H
12054 121H
a 4s
Oct
1
118
Par
12354 125
12454 126
A Trust
100
Continental Illinois Natl
Bank
12554 12654
126
12754
12654 128
o4Hs Mar
1
1963
a\
1
1965......
12554
126H
127H
12854
He June
123
o4Hs July
122H
o4 He Dee
o4
1 1967.
15 1971
He Deo
1
Bid
Ask
Par
American National Bank
235
Bid
79
82
....100
Tlrsl National
254
1979
132
Harris Trust A Savings. 100
Northern Trust Co
100
240
33 1-3
'260
A Trust
12754 12854
12154 12354
122H 12354
122
121 H 122H
124 H
1 1981
1 1957
1 1957
o4Hs Mar
121
1 1960
1 1962
a4Mb Sep*
a4M* Mar
a4Hs Jan
04 He Nov
a 4s
123
15 1976
1 1977
15 1978
a4He Nov
Ask
Ask
12254 123H
1 1974
a4Hs June
11054 111 H
11654 H7H
..
1 1964
1 1966
15 1972
a4H> Feb
a 4s
1980..
Chicago & San Francisco Banks
Bid
103 H
1 1980
a 3s
a3fl
City Bonds
Ask
10051 101 H
15 1969
a2Hs July
'
Over-the -Counter Securities—Fr iday June 6
on
New York
June 7, 1941
SAN
317
327
517
530
FRANCISCO—
Bk of Amer N T A S A 12 H
35 H
37 H
New York Bank Stocks
12654
128
Par
Bid
Ask
Par
Bid
Ask
129
12954
133H
Bank of Manhattan Co. 10
National
15H
1454
Bronx.
50
46
50
Bid
Ask
61.85
3a 1981
61.90
Bid
5e Jan A Mar 1964to'71
Highway Imp 4Ha Sept '63
61.95
4s Mar A
15054
Canal Imp 4 Kb Jan 1964..
24 H
26
12H
13
16
172
Sept 1958 to *67
Penn Exchange
178
...
10
100
660
First National of N Y..100 1430
Merchants
100
130
14
60
Peoples National
Publlo National
45
50
28 X
29H
23H
25H
17 H
Sterling Nat Bank A Tr 25
17
700
1470
150
140H
Canal Imp 4s JAJ '60 to '67
141
111H
New York Trust
Par
Public
Authority Bonds
Bid
■
30 X
28 54
Fifth Avenue
61.00
Barge C T 4Hs Jan 11945.
148
12 H
150
Can A High Imp 454e 1966
National City
National Safety
Ask
World War Bonus—
4 He April 1941 to 1949.
Highway Improvement—
*
Canal A Highway—
42
85
Chase National
13.55
Commercial National. .100
New York State Bonds
3s 1974
Bank of York town..66 2-3
Bensonhurst National... 50
Bid
4s 1976
3Hs August
110
1968
101
10154
1980
101H 102 H
3s serial rev 1963-1975..
10354
9954
354s 5th
62.60
2He serial rev 1945-1952
3 He 2nd ser May 1*76
3s
4th ser Deo 16 '76
61.50
98
103 a 10454
9954 100 H
ser
Aug 15 '77
1454
18 H
Irving
6754
72 54
Kings County s
Lawyers
4954
Central Hanover
3He s t revenue
Refunding—
6th series...1975
Guaranty
35
100
Bid
4 He July
2.50%
1154
1610
26
26
29
20
.
34 54
36 H
53 H
91H
94 H
43
29
34
New York
25
Colonial
25
12
10
17
21
100
80
90
100 1340
Manufacturers
Preferred
...20
10
12
Continental Bank A Tr.10
12 H
14
41H
4354
4254
Title Guarantee A Tr
Trade Bank A Trust
Underwriters
46H
United States
20
.50
Par
Bid
Am Diet Tel eg (N J) com.*
Govt of Puerto Rloo—
5% preferred
Apr
1965
100
101
4 Ha July 1952
117
120
1952
108
111
5s
107
108 H
6He Aug
1941
July 1948 opt 1943.
Ask
98
100
Par
51H
91
94
1H
2H
1390
Bid
115
110H 11054
Conversion 3s 1947
111
112
Federal Land Bank Bonds
Bid
Ask
Bid
Ask
3He 1956 opt 1946..MAA
/AJ
109si« 1091 *32
4s 1946 opt 1944
JAJ
MAN
Emp a Bay State Tel.. 100
is 1964 opt
JA./
110
28
81
Atlantic lHs, lHs
Burlington
99
Bid
Lafayette He, 2s
Denver lHe, 3s
Bid
Ask
Par
94
Lincoln 6 He
Ask
154
Kress (S H) 6% pref
17 54
19H
150
Bohack (H C) oommon...•
1
154
Reeves
6H% preferred......100
89 H
8H
United Cigar- Whelan Stores
$5 preferred
*
Ask
HH
20 H
17 54
Flshman (M H) Co Inc..*
Bid
10
1754
97
87
154
92
Lincoln 6e
New
T2H
146
Chain Store Stocks
99
Lincoln 4 He
ll"
r9
113
So A Atl Telegraph
26
Sou New Eng Telep... 100
84
B/G FoodsInc oommon..*
Ask
Chicago..
Rochester Telephone—
$6.60 1st pref
100
110*j,
Par
99
3154
32 54
19
109*1. I09ht
Joint Stock Land Bank Bonds
Bid
19
2954
48
Franklin Telegraph....100
110*16 110*i,
llOiu 110*18
Atlanta He. lHs
17
Ask
108»i« 1081*1.
1944
Atl Telegraph...25
Peninsular Telep com
♦
Pao A
3054
New York Mutual Tel..25
D 8 conversion 3s 1946
112
103
111 H 114
In* Ocean Telegraph...100
100 H 101H
Hawaii—
38 1966 opt 1946
3s 1956 opt 1946
270
1054
41
Ask
Feb
J AJ
265
10
50
128
5a
3S 1965 Opt 1946
100
Telephone and Telegraph Stocks
Bid
126
6s
4 He Oct 1956 Apr '46..
218
109
108
Ask
198
100 1560
Corn Exch BkATr
D S Panama 3s June 11961
106
20
Bid
100
Chemical Bank A Trust .10
Empire
Ask
106
1952
Fulton
Clinton
United States Insular Bonds
PhUlpplne Government—
4 He Oct
1969
339
_
Trlborough Bridge—
3s
5154
Bronx County
Brooklyn
332
111
Port of New YorkGeneral A
tar
100
Ask
Pennsylvania Turnpike—
San Francisco-Oakland—
Companies
Ask
Bank of New York
Ask
California Toll Bridge—
Bid
7
12 H
(Daniel)—
99 H
First
2H
Carolina—
York 5s
North Carolina Hs. Is
lHe. 2s
1854
89
99 H 100
99
First
Montgomery—
3s, 3Hs
Oregon-Washington.
r40H
.....
42
SPECIALIZING
99
First New Orleans—
Pennsylvania lHs. lHs
le. lHs
First Texas 2a, 2 He
99 H
99
St. Louis
99
Southern Minnesota
99
Southwest (Ark) 5s
r24
San Antonio He, 2s
Is, lHs._
Fletcher He. 3J4s
Fremont 4 He, 6 He
Illinois Midwest 4 He. 5s..
Iowa 4He. 4He
F.H.A. INSURED MORTGAGES
?
99 H
First Trust Chicago-
26
The beet
99 H
'1554
92 H
17
"Hedge" security for Banks and Insurance Co'a.
Circular
"
72
99 H
Union Detroit 2 Ha
Virginian
99
Is
request
STORMS AND CO.
99H
98
on
Commonwealth Building
PITTSBURGH, PA.
Phone Atlantic 1170
Joint Stock Land Bank Stocks
Par
Bid
100
Atlanta
90
Ask
100
Bid
Par
Lluouiu.
100
...........
6
Ask
Ft1A Insured
9
Atlantto
100
60
New York
Dallas
100
3
j83
88
North Carolina
100
110
120
Denver..............100
80
90
Dee Moines
Pennsylvania.
100
51
Mortgages
7
100
55
100
51
53
First Carolines
100
20
26
Fremont.
100
2
5
............
San Antonio
130
100
Virginia
5
3H
140
Bid
Alabama 4Hs
Arkansas 4Hs
4
Delaware 4 He
District of Colombia 4 He.
Florida 4 H s
Federal Intermediate Credit Bank Debentures
Ask
He due
H% due
H% due
Oct
Nov
1 1941 6
Obligations
.25%
.25%
H%
Nov
1 1941 100.12 100.14
15 1941 100.18 100.20
May
11943 100.24 LOO.26
Federal Home Loan Banks
He
Apr
2s
151942 100.9
Apr
1 1943 102.20
Federal Natl Mtge Assn—
2a May 16 1943—
Call Nov
16 '41 at 100 H 101.11
lHs Jan 3 1944—
Jan
3
1942
at
Jan
101H 101.21
Louisiana 4 He
Maryland 4 Ho
Massachusetts 4Hs
Michigan 4He
Minnesota 4Hs..
2 1942 6 .35%
X%% due
J54% due
Mar 2
2 1942 6
Feb
May
.30%
1942 6 .40%
New Mexloo4Hs
N Y (Metrop area) 4H*~
LOO.11
L02.24
Bid
H%
H%
1%
♦No par value,
/Flat price
Ask
154%
U54%
00.19
15 1942 100.19
1 1942
1
Oct
15 1942 100.22
July
151943 101
00.18
01.2
00.24
L01.2
U 8 Housing Authority—
01.14
01.24
maturities,
Rhode Island 454s
South Carolina 4Hs
102
102
103 H
O
Tennessee 4H e
103
103
Te*ae
*He
Insured Farm Mtges 4 He
102 H 103 H
Virginia 4 He
West Virginia 4Hs
...
Interchangeable,
Nominal quotation,
n
tr i
a
H% to H% must be deducted from interest
When Issued
te-i
d Basis
r In
H% notes Nov 1 1941.. 100.1
LOO.3
1H% notes Feb 11944.. 102.12 102.14
prloe.
recelvorshlp.
With stock.
Now listed
y
Now selling
♦
*
d Coupon.
103 H
103 H
103H
103 H
103
102H
102 H
103 H
103 H
rate.
«
Ex interest.
;
Quotation shown Is for all
Ex-divldend.
Quotation not furnished by sponsor or Issuer.
00.21
July
Pennsylvania 4 He
103
x
July 20 1941 100.16
Nov
1 1941 100.17
Jan
New York State 454s.....
North Carolina 454si
...
Reconstruction Finance
Corp—
H% notes
10254
103 H
101H 102H
102
103H
"
102H
-
1 1942 6.50%
Ask
Aug
54%
Ask
1941 6 .25%
Asked
103 H
101H 102 H
A servicing fee from
Commodity Credit Corp—
1%
1
of Governmental Agencies
Bid
,
...
Deo
t H % due
Hsdue
2 1941 6 .30%
1 1941 6
Bid
Hs due
8ept 2 1941 6.25%
Sept
New Jersey 4Hs
5s
101 H 103
Georgia 4He
Illinois 4He
.....
tH%due
July 1 1941 b .30%
H% due.....Aug 1 1941
6.25%
tH% due
Bid
101H 102 H
101H 103
102
103H
101H 102H
102
103H
101
102H
102
_
Bid
Asked
on
New York Stock Exchange.
on New York
t These bonds
are
Curb Exchange.
subject to all Federal taxes.
1 Chase Natl. Bank announced
on each
5H
on
on
Dec. 31
a
distribution at the rate of J77.50
original 51,000 principle amount of debentures; $75.98
ciple and 11.50
on account
of interest.
on
account of
Previously paid 5% on July 7,
prin¬
1939, and
Sept. 25. 1939
\^==L
■
1.
Volume
The Commercial & Financial Chronicle
152
3637
P
Quotations
on
.Over-the-Counter Securities—Friday June 6—Continued
Railroad Reorganization Securities
Guaranteed Railroad Stocks
(When Issued)
Joseph {0alker$ Sons
Y»rk Stth
Mjrmktrs
Bear, Stearns & Co.
Exxbsmf*
;
y=s
.
Dealers In
120 Broadway
Members New York Stock
Tel. RE ctor
New
GUARANTEED
NEW YORK
York
Exchange
•;
Chicago
'
2-6600
STOCKS
.Since 1855
Reorganization Rail Issues
*
(When,
Guaranteed Railroad Stocks
and If Issued)
as,
(Guarantor in Parentheeea)
Bid
Asked
Dividend
Asked
Bid
Par in Dollars
Stocks—
Chicago Milwaukee St Paul A Pacific RR—
73
5% preferred (par 1100)
Alabama A Vicksburg (Illinois Central)
100
0.00
70
Albany A Susquehanna (Delaware A Hudson)....
Allegheny A Western (Buff Roch A Pitts).
100
10.50
99
100
0.00
82
84
50
2.00
29%
Boston A Albany (New York Central)——
..100
Boston A Providence (New Haven)......—.... —100
8.76
88%
31 %
91
Chicago & North Western Ry—
5% preferred (par $100)
Common (no par)
8.60
21
24
Erie RR—
-100
Canada Southern (New York Central)
Carolina Cllnchfleld A Ohio com (L A N-A C L). ..100
Cleve Cln Chicago A St Louis pre! (N Y Central) -100
3.00
36%
89%
39%
5.00
6.00
69
73%
Cleveland A Pittsburgh (Pennsylvania)
3.60
81%
83%
10
Beech Greek (New York Central)..
.—
9%
__
Common (no par)
92
2%
7%
2%
2%
27%
5% preferred A (par $100)
Certificates ben Interest In
3%
7%
28%
—
common
stock.
3"u
4>u
Norfolk & Southern RR—
60
2.00
48%
50
Common (no par)
Ctfs of beneficial Interest In J L Roper Lumber Co.-
—25
Delaware (Pennsylvania)
Fort Wayne A Jackson pref (N Y Central)
—100
100
Georgia RR A Banking (L A N-A CL)
Lackawanna RR of N J (Del Lack A Western).. —100
2.00
48%
50
Bonds—
100
60.00
—
...
Betterment stock
6.50
Michigan Central (New York Central)
61
65
9.00
—
148
153
4i %
4.00
44%
600
500
3.875
27%
29%
6.00
Morris A Essex (Del Lack A Western)
—60
New York Lackawanna A Western (D L A W).. ..100
Northern Central (Pennsylvania)
55
58
First mortgage 4s
i
/38%
/28%
1989
67%
-1999
23%
Second mortgage convertible income 4%s
95%
98%
37%
41
47
First mortgage 4%s A
92
First mortgage 4s B
..100
87
7.00
6.00
176%
174%
164%
55%
140%
7.00
—
St Louis Bridge 1st pref (Terminal RR)
convertible B 4%a
Chicago A North Western Ry—
First general mortgage 2%-4s
45
3.00
6.64
169
59
145
84%
2014
2039
1.50
Preferred.
83
1989
_
General mortgage incone
4.50
Pittsburgh Fort Wayne A Chicago (Penna) pref.. —100
100
Pittsburgh Youngstown A Ashtabula pref (Penna)
Rensselaer A Saratoga (Delaware A Hudson)
37
General mortgage Income A 4%s
60
4.00
3%
34
Chicago Milwaukee St Paul A Pacific RR—
—50
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U 8 Steel)
3%
40
30
68%
24%
Erie RR—
General mortgage Income
Norfolk Southern Ry—
First mortgage 4%s
General mortgage
convertible Income 5s
70
6.00
140
144
United New Jersey RR A Canal (Pennsylvania).. -.100
Utlca Chenango A Susquehanna (D L A W)
—100
10.00
249
253
0.00
45%
—100
6.00
57
Alabama Mills Inc
•
2%
vicksburg Shreveport A Paolflo (Illinois Central) —100
5.00
57%
61
American Arch
*
30%
Amer Bern berg
A com...*
12%
/18
84%
84
49%
-
74
72%
18%
73
100
/49
1998
2014
convertible 4%s A
3.00
100
99
1957
1995
2015
Second preferred
1 unnel RR St Louis (Terminal RR)
—
Valley (Delaware Lackawanna A Western)
~
—
6.00
50
65%
21
23
3.00
,
62%
3.50
Preferred..
Warren RR of N J (Del Lack A Western)
West Jersey A Seashore fPenn-Reading).
Industrial Stocks and Bonds
49
Par
55%
58%
52.15
1.75
51.75
1.35
2%s
51.65
1.26
Boston A Maine 6s
52.25
1.50
Canadian National 4%s-5s
Canadian Pacific 434s
54.35
3.50
54.25
3.40
Central RR ofN J 4%s_.
51.50
Central of Georgia 4s
53.80
Missouri Pacific 4 %s-5s—
61.75
1.25
6
62.15
1.65
Nash Chat A St Louis 2%s
New York Central 4%s
62.15
1.65
2s-2%s and 3%s
1.25
61.76
62.15
1.65
N Y Chic A St Louis 4s
62.50
1.75
1.00
N Y N H A Hartford 3s—
62.20
1.75
3.25
Northern Pacific
61.85
1.40
Chesapeake A Ohio 4%s_.
51.50
1.20
Chic Burl A Qulncy 2%s__
51.00
Chic Mllw A St Paul 6s...
1.75
51.75
1.25
52.15
1.05
2%s
2%s-2%s
Chic A Northwestern 4 %s.
Clinch field
1
2%S
Del Lack A Western 4s
52.60
1.75
Denv A Rio Or West 4%s_
52.00
1.60
51
Pilgrim
Exploration
1
Manufacturing...*
Remington Arms com
1
2
Pollak
7%
American Mfg 5% pref
80
84
24
24%
Safety Car Htg A Ltg__.50
SoovUl Manufacturing..26
52
Amer Viscose Corp
Erie 4 Mis
51.76
1.45
Fruit Growers
61.75
St Louis-San Fran 4s-4%s_
1.40
61.65
1.20
61.75
1.25
61.70
Shippers Car Line 6s
Southern Pacific 4 %s
62 00
1.50
61.00
1.40
62.50
1.75
61.70
1.25
1 25
51.60
1.20
Illinois Central 3s...
52.15
1.60
Kansas City Southern 3a..
52.25
1.70
Lehigh & New Engl 4 34s..
51.70
1.25
Texas A Pacific 4s-4%s—
61.80
1.50
Long Island 4Hi and 5s..
51.75
1.25
Union Pacific 2%s
61.75
1.35
Louisiana A Ark
52 00
1.60
Western Maryland 2s
61.90
1.40
52 00
1.50
Western Pacific 5s
62.00
1.50
West Fruit Exp 4%s-4%8_
61.70
1.30
Wheellng A Lake Erie 2%s
61.65
1.20
Maine Central 6s
...
Arlington
100
Mills
109% 109%
1%
2%
39%
42%
34%
37%
16%
10
corn
Mfg—60
18
12
Art Metal Construction. 10
Autocar Co
17%
13%
2%s
Southern Ry 4s and 4%s—
*
159
1
Conversion... 1
Petroleum Heat A Power.*
.06
Permutlt Co
Singer Manufacturing. .100
Skenandoa Rayon Corp..*
Standard Screw
2%
Talon Inc
4%
170
174
39
42
4
10
5%
Dentists
com...10
Supply
Thompson Auto Arms
27%
Trico Products
19%
39
42
1%
2%
9%
3%
37%
11%
4%
1
...»
Tokbelm Oil Tank A
Common
.......5
Corp.—..*
2
61%
Despatch—
2%s. 4Ha & 5s
51.75
...
1.30
49
2%
1'5%
35%
3%
%
K
7%
♦
6%
4%
United Piece Dye Works.*
Preferred
100
%
%
1%
2%
53%
7%
Class A..———*
15%
I 52
13%
25
I
28
Class B
32%
27%
35%
30%
Veeder-Root Ino com....*
•
61%
65
Welch Grape Juice com 2%
31%
—.100
Wlckwlre Spenoer Steel. 10
11%
33%
2%
13%
27
"
Draper Corp
13%
United Drill A Tool-
Dictaphone Corp
Dixon (Jos) Crucible. __
Domestic Finance cum
39
114%
33
United Artists Theat com. *
21%
6%j
Dun A Bradstreet com.—•
Merchants
110
Pump
58%
Devoe A Raynolds B com *
*
100
pf. *
45%
4%
17%
19%
*
*
Pub
41%
43%
3%
Tennessee Products......*
13%
Manganese.2
102% 104%
5%
4%
*
Triumph Explosives
13 oonv pref—
Cuban-Amer
4%
26
2%
2%
8%
5%
54%
27%
•
Steel common..
24%
Consolidated Aircraft—
.20
1%
1
Time Inc
61
6%
5%
Taylor Wharton Iron A
6%
65%
15%
5%
9%
11%
168
38
.—....6
com
8
41%
•
25
Tarn pax Ino com
Chic Burl A Qulncy—100
Crowel!-Collier
—20
Stanley Works Ine
Stromberg-Cartaon
Sylvama Indus Corp
19
City A Suburban Homes 10
Coca Cola Bottling (NY)*
Columbia Baking com.—*
11 partlc preferred
*
—
1%
17%
Chilton Co oommon
Co.—
3%
Buckeye Steel Castings—*
1.20
3%s
$3 partlc preferred—..*
Brown A Sharps
3.00
Great Northern Ry 2s
1
Arden Farms com v t c
1.60
51.60
-
5% preferred
100
14
,--.100
62.15
53 75
-
Products—*
Pennsylvania 4s series E._
St Louis S'western 4%s
Express—
4s, 4%s and 4%8
Grand Trunk Western 6a
Amer Maine
3%
Botany Worsted Mills ol AS
11.25 preferred--—10
—
9%
21%
1.40
2%s-2%s and 4%s_
Corp..25
8
20%
15%
*
25
2.50
Pere Marquette—
•
48
American Enka Corp
62.25
Reading Co 4 %8—
Ask
7%
39%
Petroleum
12%
11%
11%
Oq 5% pf 10
61.90
2%a series G A H
Bid
12%
12%
4%
series.———10
10
series
No W Refr Line 3%s-4s
1.20
52.25
2%s and
Ohio Match Co
Pan Amer Match
American Hardware
Atlantic Coast Line 2%s—
Bessemer A Lake Erie
Ask
Bid
Baltlmore A Ohio 4 %s
Par
National Radiator..—10
New Britain Machine
*
Pepsi-Cola
Amer Distilling
Alt
3%
33%
14%
12%
6% oonv pref 1st ser—10
3d
Equipment Bonds
Bid
Ask
American Cyanamld—
2d
Railroad
Bid
'
—.*
Warner A Swasey
50%
18%
16%
5%
20%
18%
'
Insurance Companies
tar
Aetna Cai A Surety..
—
10
til a
114
far
Home.
118
49%
51%
..10
Aetna Life
Federal Bake Shops
AMk
10
26%
28
Aetna
5
>MI
Atk
,
29%
31 %
1%!
Home Fire Security
10
Homestead Fire..—.— 10
16%, 17%
2%
—26
70
73
Ins Co of North Amer—10
71 H
72%
—10
21%
22%
18%
20%
Jersey Insurance of N Y.20
Knickerbocker
5
37%
Equitable.. ...5
40 %
10
▲mer Fidel A Cms Co com 5
11
Lincoln Fire
6%
13%
Maryland Casualty
American of Newark.. -2%
9%
4%
12%
American Re-Insurance. 10
42
44
Agricultural
American Alliance
American
—10
American Home
American Reserve.... —10
—25
American Surety
Automobile
Baltimore American
—
.
.
10
-2%
Mercb Fire Assur com.—6
52
10
23Hi
26 %
32%
34%
10
57
59 %
National Liberty
National Union Fire
2
.20
141
8
7
96
610
—5
19
21
10
27
10
20%
—.5
48
Merch A Mfre Fire NY..5
92
—
3%
New Amsterdam Caa
2
6%
K
7%
10
31
33
28%
New Hampshire Fire...10
44
46
21%
New York Fire
13 %
14%
New Brunswick
Northeastern...
9
8
...5
6
5
21%
23%
Northern
29%
31%
1%
North River
43
Pacific Fire
26
114
10
Paolflo Indemnity Co... 10
Phoenix
—10
38
-2%,
Eagle Fire.
Employers Re-Insurance 10
%
40
8%
Excess
10
Federal...
26
Fidelity A Dep of Md.
-.10
Fire Aflsa of Phlla
Fireman's Fd of San Fr 25
5
Firemen's of Newark..
44%
118
60%
100
8%
46%
122%
62%
103%
5
28
29%
z38
40%
—
Georgia Home
—
—
10
22%
Northwestern
12.60
2.50
National .26
Preferred Accident
5
15%
Reinsurance Corp (N Y) .2
6
10
Revere (Paul) Fire..... 10
Rhode Island
2%
St Paul Fire A Marine62%
22
24
Seaboard Surety
...5
42%
44%
Security New Haven
Globe A Republic
—
.5
9%
10%
Globe A Rutgers Fire. ..15
2d preferred
15
6%
9%
Great American
—.5
Great Amer Indemnity —.1
..10
Halifax
Hanover
—
Hartford Fire
Hartford
Steam Sober
—
10
86
34
Glens Falls Fire
59
82
117%
40%
13 %
Gibraltar Fire A Marine. 10
—
6
99%
22 %
23 %
119 % 124
32
_
Seaboard Fire A Marine. 10
25
95%
10
Providence-Washington
Republic (Texas)..
10
General Reinsurance Corp 5
Franklin Fire
8%
146
17%
10
—
7%
16%
Continental Casualty. —.5
Connecticut Gen Life.
63
59%
National Casualty..
National Fire
590
—
1
Ins.. 12%
11%
.100
City of New York
City Title
2
48
..25
Carolina...
Mass Bonding A
1
10%
Boston.
Camden Fire
6
9
46
Bankers A Shippers
10
10
—
Springfield Fire A Mar..25
Standard Accident
26%
22%
2%
243
6
34%
7%
36%
33
35
118% 122
46%
4%
5%
26
200
215
12
Travelers....
...100
383
393
10%
U S Fidelity A Guar Co..2
21
25%
DSFlre
10
83%' 86%
10
49
51
■»
U 8 Guarantee
Westchester Fire...
40 %
25%
is:
14%
Brown Co 6%»ser
Carrier Corp 4%b
5%
64
Great Northern Pa per.. 25
39%
36%
Harrteburg Steel Corp
14
Great Lakes 88 Co oom._•
5
Interstate Bakeries com..•
15
♦
preferred—
King Seeley Corp com... 1
Landers Frary A Clark—25
Lawrence Port! Cement 100
Long Bell Lumber..—..*
15 preferred
100
MaUory (P R) A Co
•
Marl in Rockwell Corp.—1
Merck A Co com
1
0%
100
preferred
7
67%
42%
1901
5s...1960
8covlll
13%
8%
21%
15%
20%
2%
9
50
3%
38
41
77
79%
49%
92
/47%
94%
96%
/59% 60%
97%
97%
103% 104%
67%
69%
14
/H
8
8%
21
89
7%
19%
Minn A Ont Pap
NY World's Fair 4s. 1941
Old Ben Coal 1st mtg 6s '48
T
Mfg3%s deb.. 1950
'55
Western Auto Suop 3%s
13%
Bait & Ohio 4% notes.
1944
50
52
Cuba RR 5s
1960
26%
Denv & Salt Lake 0s.. 1960
11%
Hoboken Ferry 5s
118
84
87%
1
60
3
4
24
27
16
70
67%
105% 106%
98%
99%
57%
18
59%
20%
55%
57%
Railroad Bonds—
25%
—
preferred
Firestone Tire A Rub 3s *71
Koppers Co 3%s.
*
Preferred
Stamped.
Monon Coal 5s—..1955
1%
21%
•
Nat Paper A Type com.
A..1940
1948
Deep Rock Oil 7s
1937
15%
1%
23%
12%
National Casket
o»—i961
39%
10%
13%
Muskegon Piston Ring.2%
5%
4
40
m-m
5%
Industrial Bonds—
Amer Writ Paper
2%
*
100
7% preferred...
4%
6%
1946
Monongahela Ry 3%s 1966
N Y & Hob Ferry 5s..1946
Richmond Term 3%s.l905
Tenn Ala A Ga 4s
1957
Vicksburg Bridge 4-0S.1968
50
52
102% 102%
35
39
103% 105
57
78%
81
Sugar Securities
4
44%
4
100
Worcester Salt........ 100
York Ice Machinery
Graton A Knight com.... *
Preferred.—
—
60
com
4%
51%
14%
27
3%
49%
13%
1
Good Humor Corp
24
10
24
Glddlngs A Lewis
Machine Tool—--—2
253
24%
9%
30
com...*
Gen Fire Extinguisher...*
Gen Machinery Corp com *
27%
10
—
Preferred
Foundation Co Amer shs *
Gariock Packings
Wlloox A Gibbs
108
7%
Stuyvesant
6
Sun Life Assurance....100
63
2
Farnsworth Telev A Rad. 1
7% preferred
22%
48%
10
73
32
34
.i'1951
6a
Baraqua Sugar
Ask
1954
1989
Haytian Corp 4s
6s
New Nlquero
3%8
/18%
62%
43
Savannah
/18%
20
60%
Sugar Corp. *
Sugar Refg—.1
V ertlentes-Camaguey
Sugar Co
1940-1942
♦
Punta Alegre
/39
Sugar—
For footnotes see page
Par
1
Haytian Corp mm—
1947
68
Stocks
Eastern Sugar Assoc oom.l
Preferred
...1
Estates^-
75
2.60
Bid
Bonat
AntUla Sugar Estates—
/30
3636.
West indies
—5
Sugar Corp.,1
Bid
7
21
%
4%
27%
ill
7%
23
1
5%
29
2
2%
3%
3%
The Commercial & Financial Chronicle
3638
Quotations
June
7, 1941
Over-the-Counter Securities—Friday June 6—Continued
on
Investing Companies
Public Utility Preferred Stocks"
ma
Par
Atk
Bid
Par
Atk
1
7.01
7.62
Investors Fund C_. i._.l
1%
2.24
2.46
Keystone Custodian Funds
♦Amerex Holding Corp. 10
Amer Business Shares.
.1
12%
14%
2.58
2.83
Series B-2
22.42
24.61
Amer Foreign Inv't InclOc
Aasoe Stand Oil Shares.
2
6.37
7.02
Series B-3
14.32
15.71
4%
Series B-4
6.92
7.60
16.71
5%
18.16
Series K-l
14.32
15.69
9.76
10.50
Series K-2
11.20
12.37
Series 8-2
10.80
11.89
3%
4%
Series 8-3
7.82
4
5%
Series 8-4
2.94
3.27
5.44
6.00
Aeronautical
Bought
Sold
.
Affiliated Fund Inc
Quoted
.
Jackson & Curtis
..
Aviation Capital Inc
ESTABLISHED 1S79
Members
;
'
:
1
Axe-Hough ton Fund Inc.l
Bankers Nat
Principal Stock and Commodity Exchanges
"
■
Securities.
Investing—
♦Common
■
1
♦5% preferred
New York City
115 Broadway
...5
3.22
Basic Industry Shares..10
Boston Fund lno
5
Teletype N. T. 1-1600
Public
Bid
12.88
British Type Invest A...1
Broad St Invest Co lno.
.07
.17
19.65
21.24
Bullock Fund Ltd
Tel. BArelay 7-lfi00
11.37
12.46
1
! Atk
Bid
Par
Consol Investment Trust.
Alabama Power 17 pre!.
Amer Utll 8erv 6%
107% 109%
pre! .26
5%
7% pf-.*
Atlantic City El 6% pre!.*
80%
Arkansas Pr A Lt
6%
83
83%
50
51%
Carolina Power 4 Light—
*
110
112%
Cent Indian Pow 7% pi 100
113
115%
17
preferred
Central Maine Power—
7%
100 xlOO
102%
100 Xll0% 112%
preferred
Cent Pr A Lt 7% pre!. .100
U3%_115%
10
7%
8%
Consol Elec A Gas SO pref.*
Consumers Power 16 pref.*
7%
9
Community Pow A Lt
—
105% 107
85
87%
57%
Derby Gas A El 17 pref..*
Federal Water Serv Corp—
SO cum preferred
*
cum
preferred... 100
N Y Water Serv 0% pf.100
Northeastern El Wat 4 El
14 preferred
60
0%
7%
514% Pl.100
pref
...100
100
37%
4)4% preferred
100
Kings Co Ltg 7% pref. 100
125% 128%
Line Co
52
♦
Penn Pow A Lt 17 pref...*
Peoples Lt A Pr 13 pref-25
Philadelphia Co—
26
103% 104%
preferred
cum
67 prior lien pref
*
6%
preferred
Republic Natural Gas
27
27%
16 %
24%
80%
123% 125%
15%
18%
5
100
6
S'western G A E 6% pf.100
97 H
United
60
62%
5%
Monongahela West Penn
28
29%
13%
43A
45%
132% 134
1214
62H|.53H
19)4
20)4
62.76
Bid
ntllltles Corp
preferred.......*
103
2.33
♦8% preferred
West Penn Power com...*
West Texas Utll 60 pref..*
20%
♦Common B shares... 10
28
Delaware Fund
.1
15.15
Deposited Insur Shs A
1
Diversified Trustee Shares
2.58
63%
64%
Kan Pow A Lt 3)4s...l909
95
96%
Kentucky Utll 4s
48%
Coav deb 4)4s._.—1973
Conv deb 5s
1973
Conv deb 6%a
1973
8s without warrants 1940
fl3%
f 13%
f 13%
f 13%
14%
14%
14%
/20
22
f2l%
/22
f22%
f52%
23
20%
15%
21%
96%
99
SfIno4Hs-6HB
1980
Sink fund lno 6-0S..1980
Biaokstone Valley Gas
A Electric 3 Hs
1968
Boston Edison 2J4s
1970
Calif Wat A Tel 4s...1965
Cent Ark Pub Serv 6s. 1948
1st lien coll tr6Hs..l946
1st lien collt rust 0s. 1940
Central Pow A Lt 344s 1969
Central Public Utility—
Inoome 5)48 with stk *62
Cities Service deb 5S..1903
Cons Cities Lt Pow A Trac
58
Consol E A G 0s A
6e series B
23%
24
98%
/8
9%
9%
Northern
105% 105%
Indiana—
/8
9%
Public Service 3)48.1969
108% 108%
f8
9%
Northwest Pub Serv 4s '70
Ohio Power Co 3s
1971
Old Dominion Pow 5s. 1951
105)4 106)4
Pacific Gas A Elec 38.1970
103% 103%
Parr Shoals
105
109%
102% 103%
106% 107%
101
103
Power 6s. 1952
104% 105%
87
16.38
107
Electrical
08
1950
fl 8
19%
108
108%
Pub Serv of Okla 3 )4s. 1971
Pub UtU Cons 6)48
1948
104% 104%
93%
95%
97
98%
98% 100%
10554 106%
108% 109%
Republio Service—
107% 108
St Joseph Ry Lt Ht A Pow
Collateral 5s
4)48
f%
57
58
57
58
60%
89%
63%
91%
Sou
97%
104
Inland Gas Corp—
107%
99%
104%
....
1947
Calif"Gas"3 )4 81111970
Sou Cities Utll 5s A... 1958
Southern Count Gas 3s *71
Tel Bond A Share 5s.. 1958
Texas Public Serv 5s..1901
Toledo Edison 1st 3)4sl968
1st mtge
107
1951
_
a f
3)48
debs 3%a
80
82%
102)4,103)4
7154
25c
54%
55%
102% 103%
78%
80%
104
105
108% 108%
1970
106
102)4 103)4
Union Elec (Mo) 3)4s.l971
United Pub UtU Oh a. 1960
West Texas UtU 3)48.1969
...
109)4 109)4
103% 105
Utlca Gas A Electric Co—
5s
1957
>
I
I960
7.64
6.05
6.66
5.20
Oils
6.94
7.64
Railroad
2.86
3.16
5.26
5.80
5.70
6.26
„
....
Steel
1
16.99
18.06
.....1
10.12
10.75
Eqult Inv Corp (Mass)..5
Equity Corp %3 conv pref I
Fidelity Fund Inc
*
22.63
24.33
Series 1955
1
15%
16%
Series 1950
1
2.24
14.89
16.02
Series 1958
1
1.83
First Mutual Trust Fund.5
Fiscal Fund Inc—
5,29
5.88
Balanced Fun.d
Stock
Fund..
No Amer Bond Trust ctfs
No Amor Tr Shares 1953.*
1.95
1.84
2.28
3.19
Foundation Trust 8hs A.l
Fundamental Invest Tno.2
Fundament'l Tr Shares A 2
3.25
3~70
14.46
15.85
4.06
4.83
8.19
General Capital Corp
•
General Investors Trust. 1
4.60
2.97
3.32
75.64
77.16
Clark Fund lno
*
4.27
4.65
1
5.34
5" 92
13.09
3.74
•
12.33
Inc. 50c
.20
.24
Corp...*
Super Corp of Amer AA..1
4.80
3.39
8.34
Investors
Spencer Trask Fund
i
4.36
7.65;
3.52|
Sovereign
27.OC
Group Securities—
Aviation shares
12.62
3.70
Selected Amer Shares..2%
Selected Income Shares..!
25.11
Agricultural shares
Automobile shares.....
.36
11.80
Scudder. Stevens and
3.72
_♦
.31
Putnam (Geo) Fund
1
Quarterly Inc 8hares_.10c
Republio Invest Fund... 1
2.21
2.83
B
40
Plymouth Fund Inc.10c
Bank stock series... 10c
Insurance stk series. 10c
Fixed Trust Shares A...10
;
57 %
60%
Standard
Utilities
♦State St Invest
6.68
4.85
5.42
5.97)
Electrical Equipment...
Food Bhares
7.03
7.73
3.47
3.83
1.98
7.35
4.40
shares.......
Building shares..
Chemical
...
Merchandise shares....
Mining shares
4.45
4.82
5.31
Petroleum
4.10
4.52
....
shares...
4.90
Trustee Stand Invest Shs—
♦Series C
1
♦Series
2.67
RR
3.25
3.59
4.35
4.79
3.80
4.19
.07
.15
10c
1.22
1.33
13.29
shares
Tobaeoo shares
'Huron Holding
Corp_..l
1
1.95
1.90
♦Series
A
1
5.15
B
1
4.86
Trusteed Amer Bank Shs—
Class B
25c
.44
Trusteed Inrt'^strv She 25c
Union Bond Fund B
.66
.75
15.62
17.08
14.29
Equipment shares..
D
Trustee Stand Oil Shs—
♦Series
Railroad shares.
2.95
U 8 El Lt A Pr snares A...
B
Wellington
Fund
1
.49
13%
1.50
13.03
14.34
Income Foundation
com
1.87
Aviation Group shares..
Bank Group shares
2.10
12.44
13.64
Insurance Group shares.
Investm't Co of Amer..10
Investment
Banking
Corporations
♦Blair A Co
1
♦Central Nat
1
%
Corp el A__*
20
22
•
1
2
♦Class B
'
.83
.91
1.13
1.24
16.95
18.42
♦First Boston
Corp
10
♦Schoellkopf Hutton A
Pomeroy Inc oom
12%
13%
%
%
10c
Water Bonds
Bid
Atk
Ashtabula Water Works—
5s
1958
Bid
...
5s
1957
Atlantic County Water—
6s
1958
104%
—
Community Water
108
1951
Richmond
5%a series B
1940
00 00
91%
0s series A
1940
o> vH
94%
73
Indlanapoils Water—
1st mtge 3%b
1960
105%
Water Works—
1st 58 series A
Rochester A
1957
Lake
78
105%
Ontario
Water 5s
1948
103
110
Service
Gulf Coast Water—
1st 5s
99% 102%
Pittsburgh Sub Water—
6s
Calif Water Service 4a 1961
Ask
Oregon-Wash Water Serv—
105%
1951
101%
Scranton Gas A Water Co
,'..1958
103
104%
Scranton-8pring Brook
106%
Water Service 5s. 1981
105%
Shenango Val 4s ser B. 1901
South Bay Cons Water—
1907
101
101
103"
Joplin Water Workslst 5s series A
1957
Kankakee Water 4%b. 1959
Kokomo Water Works—
1st 5s series A
1958
103
5s
1950
102%
74
79
Spring Brook Wat Supply
105%
5s
.
...
-
.1965
108% 110%
Springfield City Water—
Monmouth Consol Water—
...1950
4s A
101
onongahela Valley Water
SXs
1950
102%
Muncie Water Works—
6s
1965
1956
105%
West
6a
1951
Ohio Valley Water 58.1954
Ohio Water Service 4s. 1904
101
|103)4
98% 101%
108%
108
108% 109
104
see
103)4,105)4
-
.
1961
106)4.108)4
Western N Y Water Co—
100% 103 '
128
For footnotes
1951
Va Water Service—
1st 4s.
New Rochelle Water—
5s series B
1951
5)4s series A..
1951
New York Water Service—
105
103%
Union Water Service—
i
102
10.08
6.94
Eaton A Howard-
Western Public Service—
6)4s
5.06
6.78
9.17
Insurance stock
1.01
M5S
1960
'
104% 105%
68%
103%
107%
8.05
8.25
6.16
equipment..
1st A ref 5s A
Portland Electric Power—
7.32
4.59
7.50
Metals
4.60
Dividend Shares
...
supplies
1.11
2.50
89%
Pub Serv of Indiana 4s 1969
1902
Bank stock
Machinery
D
63%
...1902
0)4s stamped
1952
Iowa Southern UtU 4s. 1970
Gen Mtge4)48
1950
103% 103%
109% 110%
97
Crescent Public Service—
Houston Natural Gas 4s '65
1981
Narragansett Elec 3)48 66
61%
/8
4.27
10.09
Chemical
3.10
92%
94%
104% 105
105% 106%
7.33
3.87
9.18
Building
1
65
New Eng G A E Assn 6s '02
97%
3)is
1970
Federated Utll 5)4s...l957
Michigan Pub Serv 48.1905
Montana-Dakota Utll—
63)4'
NY PA NJ Utilities 5s I960
87%
El Paso Eleo
Luzerne Co G A E 3)4s '66
105)4,106
N Y state Elec A Gas Corp
4s
:
1965
95%
Coll lnc 08 (w-8)
1954
Dallas Ry A Term 08.1951
Lehigh Valley Tran 6s I960
Lexington Water Pow 6s'68
111% 112%
105% 106%
10%
1%
89%
1902
1956
f9
Centra] Gas A Elec—
Cent III El A Gas 3)4 s. 1964
Cent Maine Power 3%B '70
14
.1970
Atk
53%
Assoc Gas A Elec Co—
Cons ref deb 4)4s...l958
Sink fund lno 4)4s__1983
Sink fund Inc 6s
1983
30
3.99
C
Steel
Bid
4)48
6.66
Agriculture
112
69%
14%
5.32
11.04
Aviation
*7% preferred
100
Cumulative Trust 8hares •
22%
66%
4.83'
10.24.
Automobile
21%
21%
1.12
N Y Stocks Inc—
117%
100
Institutional Securities Ltd
47
Income deb 4s
1978
Income deb 4)4s_._1978
Conv deb 4s
...1973
New
26
Incorporated Investors..6
Independence Trust 8hs.*
Washington Ry A Ltg Co—
Participating units
Associated Electric 6s. 1901
Assoc Gas A Elec Corp—
Income deb 3%b
1978
Income deb 3Hs.__1978
Low priced bond scries..
England Fund
1
2.33
Crura A Forster Insurance
Pub
63 preferred
•
Utah Pow A Lt 67 pref...*
Amer Gas A Pow 3-6e.l963
Amer Utility Serv 0s. 1904
.
4.54
1.00
Security Series—
Income srrles
24%
105%
Utility Bonds
Atk
5.12
4.10
1.95
Fund Inc
Public
4.76
(Md) voting shares..25c
National Investors Corp 1
1
100% 102%
90 %
4%
3.12
National
Series A A mod
102% 104%
18%
19%
Texas Pow A Lt 7% pf.100
Missouri Kan Pipe Line..6
Narrag El 4 % % pref... 60
Nassau A Suf Ltg 7% pf 100
68
79%
2
2514
81%
79
•
ser B shares
1.95
Series ACC mod
..1
♦Crura A Forster com..10
Rochester Gas A Elec—
15%
6% oonv partlc pref..60
Mississippi Power S6 pref.*,
6% preferred....... 60
Mountain States T A T 100
x65%
Sierra Pacific Pow com...*
*
Pub Serv 7% pref
16
Mountain states Power.. *
37%
110% 112%
19% 21%
...100
23 H
Lt Associates
•
8.89
(Colo)
2.06
.
Queens Borough O A E—
21%
Mass Utilities Associates—
preferred
81%
34%
*
0% preferred D
17
79
Pub Serv Co of Indiana—
29
71)41 74
Loulsrille G A E 5% pref25
Mississippi P A L10 pref.*
75%
105% 107%
114% 116%
115% 118
•
53 %
9914 100
100
preferred
62%
73%
Pacific Pr A Lt 7% pf.,100
Eastern Pipe
110%
19% 21%
109
Long island Lighting-
S2
97
Panhandle
Kansas Power A Light—
Mass Pow A
8.46
8.14
7.96
Nation .Wide Securities—
Railroad equipment
pref...100
$6
..
8%
107% 110%
26%
29%
100
preferred
38 %
Interstate Natural Gas...*
Jamaica Water Supply...*
Jer Cent P A L 7°7, pf .100
nreferred
6%
18% 20%
109% 111%
60%
Penna Edison 16 pref
7°7,
6114
...
preferred
35
Electric Light.26
Ind Pow A Lt
39%
64%
62%
7.87
Mutual Invest Fund Inc 10
com
Accumulative series... 1
Northern States Power—
36%
preferred...*
Florida Pr A Lt S7 pre!..*
Hartford
37%
3.55
18.15
3)4 54)s8
cum
Okla G A E 7%
SO 60
25%
7.23
2.65
16.88
Fund Inc
3.51
22%
10c
10c
Mass Investors Trust,._
Mass Investors 2d Fund.l
__1
Series A A
8.62
Manhattan Bond
Ohio Public Service—
100
preferred
3.23
Corporate Trust Shares.
4
15%
63
New York Power A Light—
$6 cum preferred.;
*
(Del) 7%
Continental Gas A Elec—
7%
*0 cum preferred
♦
New Orleans Pub Service
17 preferred
..*
7%
preferred
SO
3
14
17 prior lien pref
*
10 prior Hen pref......*
86 %
Birmingham Gas—
f3.50 prior preferred—CO
National Gas A EI Corp. 10
New Eng G A E5%% pf.*
New Eng Pr Assn 0% pf 100
New Eng Pub Serv Co—
120% 123
Birmingham EleoS7 pre!.*
9.35
.1
.
1
Maryland Fund Inc
3.10'
25.50
8.64
Commonwealth Invest
Atk
30.97
1~3~85
23.72
Chemical Fund
8.65
28.22
.
Knlckbocker Fund
2.45
Canadian Inv Fund Ltd..l
Century Shares Trust..
Utility Stocks
Series B-l
8.44
page 3636.
1st 5 %s series A....1950
1st 5s series B
1950
1st conv 5s
1951
deb 0s extended....1950
104
102
99%
96
,100
Volume
The Commercial & Financial Chronicle
152
Quotations
Over-the-Counter Securities—Friday June 6—Concluded
on
If Yon Don't Find the Securities Quoted Here
Real Estate Bonds and Title Co. Mortgage Certificates
Bid
Alden Apt 1st mtge 3s. 1957
id which you have interest,
our
will probably fldd tbem In
yiu
monthly Bank and Quotation Racord.
cation quotations are carried for
stocks
bonds.
and
15*
17*
Foreign Government Bonds
13*
15*
32
47*
50
20
23
32
35
1948
1st 3*8
1950
Dorset 1st A fixed 2s.. 1957
Real Estate Bonds
Real Estate Trust and Land
Hotel unite
Title Guarantee and Safe Deposit
50
Mill Stocks
U. S. Territorial Bonds
1st leasehold 3s
Your subscription should be sent to
36
36*
mmm
14
12*
725
35
Bid
Anhalt 7s lo
1946
Antloquia 8s
....1946
Bank of Colombia 7 %.
1947
1948
7s
Barranqullla ext 4s.-.1964
Bavaria 0*8 to
1946
Atk
/16
/50
Bid
|
Housing A Real Imp 7s '46
Hungarian Cent Mut 7s '37
fS
f8
Jugoslavia 2d series 6s. 1956
Bavarian Palatinate Cons
1946
Bogota (Colombia) 6*8 *47
8s
1946
/18
Bolivia (Republlo) 8s. 1947
13
18*
4*
4
7s.
.1969
73*
4
6s.
.1940
/5*
6*
Brandenburg Eleo 6s. 1963
716
738*
756
Brasll
.
1931-61
funding scrip
Bremen (Germany) 7s. 1936
6e—
39*
1962
1963
73*
Buenos Aires scrip
716
745
Burmeister A Wain 6s_ 1940
78
714
73
(Peru) 7^8...1944
Cauea Valley 7*s
1946
Oallao
1947
Ceara (Brazil) 8a
'•
—
9
16
4
78
9
71*
1945
m
m
m
of
Hungary 7*s
1962
National Hungarian A Ind
Mtge 7s
1948
713*
15*
711
13
77
8
Dortmund Mun Utll6 *s'48
716
Dueeseldorf 7s to..... 1946
716
716
1946
East Prussian Pow 68.1963
1953
716
716
716
European Mortgage A In¬
vestment 7*8
1960
718
Electrlo Pr (Ger'y) 6*» *60
6*8
7*8 Income
1966
7s lnoome..
1967
1967
7b
7s. '63
/3H
73*
57
28
30
—.1956
1968
—
1946
Prov Bk Westphalia 6s '33
many) 7s
6s 1930
1941
6s
1933
Riode Janeiro 0%
9
'A
Saarbruecken M Bk
/6
1947
Santa Fe 4s stamped.
1942
7
/5*
/*
/9
/8
6*
79*
10*
9
—-
—
Gras (Austria) 8s
..1964
37
no
15
1950
no
15
1940
In
1967
6s
..1956
40
716
Haiti 68
...
/18
/35
Vtsten Elec Ry 7s
1947
716
/16
Wurtemberg 7s to
1945
is
716
—Application
was
posted for the transfer of a membership in the Chicago
William T. Jones, partner of Talcott,
Potter & Co.,
Pershing & Co., members of the New
York Stock Exchange, has been elected a
director of Dome Mines, Limited.
—Manufacturers Trust Co. has been appointed
for the City of Reading,
Pennsylvania Housing Authority bonds series A.
—Huff, Geyer & Hecht, Inc., 67 Wall St., New
a
New York Paying Agent
York City, have prepared
pamphlet which discusses insurance stocks as "inflation
hedges."
commission or other basis.
Office of Production
the'employment of what
the Army, for example, has decentralized its
Different depots specialize in purchasing specific
purchasing
supplies. Clothing
purchased in Philadelphia, shoes in Boston, various kinds of
Jeffersonville, Ind., aircraft supplies in Dayton, Ohio.
percentage of Army
are
the effort to obtain government contracts.
equipment
A very smaU
supplies is purchased in Wrashington.
decentralized and
negotiations conducted by mail. The Bureau
and Accounts purchases a major proportion of Navy supplies,
Navy, too, has part of its purchasing system
prefers to have preliminary
of Supplies
aside from contracting for ships.
purchasing agency of the government is the
has branches in
Procurement
centralized purchasing agency for all
The Procurement Office also
of the country and prefers that preliminary
Army and Navy.
different parts
negotiations be conducted by mail.
Office will gladly arrange
—F. Warren Pershing, partner of
^
warned against
When it is necessary to come to
Chicago.
Washington In
purchasing methods.
strongly urges manufacturers not to
the War and Navy Departments and the
Office of the Treasury Department, a
NOTICES
desire to transact
that handles their particular
'./V
departments except the
Stock Exchange to
The
carried on preliminary negotia¬
A third large
CURRENT
Washington.
employ somebody familiar with government
Furthermore,
764
1947
Uruguay conversion scrip..
Unterelbe Electric 6s._ 1953
716
1963
Hamburg Electric 6s.. 1938
at
by mail with the purchasing agency
system.
in
Tollma 7b
that_a
the government
Washington, at least until they have
fact,
The
Hanover Hars Water Wks
Commerce,
products.
/16
Stettin Pub Utll 7s
Toho Electric 7s
4l"
Chief of the De¬
by the Department of Commerce:
termed "lobbyists" in
3*
76
1948
25
of
Management have repeatedly
Mtge Bk Jugoslavia
1960
5s
2d series 5s
Office
n6
ne
Stem A Halske deb 6s. 2930
State
and how
with the Federal
and lacks specific information as
They are advised not to employ outsiders on a
71 6
180
Saxon State Mtge 0s__1947
716
tions
761
730
1951
6*s
equipped to
whom they should contact
The Service and Information Office
come to
German Atl Cable 7s.. 1946
716
Secretary of Commerce, has
as
proceed, is invited to apply to this unit, Room
ment issued
77*
12k"
German Central Bank
his duties
The announcement in the matter states
to
person or
Sao Paulo (Brazil) 6s.
German
Department of
set up by Secretary Jesse Jones shortly
business with the government they must either come to
4s scrip..
on
following bearing on the subject is taken from an announce¬
10/
Guatemala 8s
33
Data
Men
Business
/16
1948
8s ctfs of deposit 1948
Santa Catharina (Brazil)—
...
Give
6s.'47
8s
—
to
Many manufacturers apparently have felt that if they
7s 1967
...
over
was
Department
1060,
/16
/16
Salvador
J3
72
19*
30
Information Office of Department of Com¬
Prepared
7 16
716
R C Church Welfare 7i
73
716
723*
31*
29*
17*
..1951
Westinghouse Bldg—
1st mtge 4s
1948
_
7 16
J9
...1946
*
in the jiresent emergency,
to how
m A
Funding 3s
12*
1950
1st 4*s w-s
*40
Rom Cath Church 0*8 '40
—
78*
ne
1943
Saxon Pub Works 7S..1945
German scrip
10*
3s
Wall A Beaver St Corp—
According to Clyde Garrett,
(Ger¬
34
German Conversion
28*
41*
manufacturer who desires to cooperate with
73
French Nat Mali 88 6s '62
1938
38*
Walbrldge Bldg (Buffalo)—
with respect to transacting business
obtained.
Santander (Colom) 7s. 1948
Agricultural 6s
mmm
in the government where such information can be
set-up
16
Building A Land
bank 0*s._
1948
mm m
partments' Service and Information Office, this is the only
/54
scrip..
so
agencies.
716
7s ctfS of deposit..1957
73*
25*
51*
to do
1946
Frankfurt 7s to
23*
725*
38
-
systems of each governmental office and is now
1946
8%
Farmers Natl Mtge
1958
1st 5*s
1939
2 Park Ave Bldg 1st 4-5s'40
Trinity Bldgs Corp—
'
inform manufacturers
1962
Protestant Church
13"
1949
Dulflburg 7% to
83
recently completed months of intensive study of the purchase
7 16
Porto Alegre 7s
86
0*8.-1969
6s
Cundlnamaroa
36
49*
after he took
Nat Central Savings Bk
Poland 3s
728
Costa Rica Pao Ry 7*s '49
45
mmm
80
1955
The Service and Information Office of the
716
'38
Nassau Land bank 6*8
Panama 5%
711
22
(Syracuse)
1st 3s
Textile Bldg—
1st 3-6s
50
39
Commerce, which
Municipal Gas A Elee Corp
Recklinghausen 7s.. 1947
—
73*
Costa Rica funding 6s. '61
47
3s with stock
Syracuse Hotel
31*
Transacting Business with Governmental Agencies
Panama City 034s
Cordoba 7s stamped..1937
Lefcourt Manhattan Bldg
1st 4-5s
1948
m
722
/ 35
/16
716
scrip
Oberpfal8 Eleo 7s
City Savings Bank
Budapest 7s
...1963
Colombia 4s
1946
1957
mm
m
18
616 Madison Ave—
m
m
3*s with stock
Merldlonale Eleo 7s-.1957
Oldenburg-Free State—
7s to
1946
716
16
01 Broadway Bldg—
merce
3
Central German Power
1934
30*
Service and
Nat Bank Panama—
German Central Bk
Madgeburg 6s
I960
12*
(J
For footnotes »ee page 3630.
716
(A A B) 48...1946-1947
—
Central Agrlo Bank—
see
29
/16
Munio Bk Hessen 7s to '45
15
Caldas (Colombia) 7 *s '46
Call (Colombia) 7s...1947
1947
/3
Brown Coal Ind Corp—
6Hs
710*
/16
716
Munich 7s to
716
Hungarian Bank—
7*s
10
Coro—
Leipzig O'land Pr 0*s *46
Leipzig Trade Fair 7s. 1953
Luneberg Power Light A
Water 7s..
1948
Montevideo
716
...
56
8*
Land M Bk Warsaw 8s '41
(C A D) 4S... 1948-1949
British
13*
London Terrace Apts—
1st <k gen 3-4s
1952
/16
64
53
Mannheim A Paiat 78.1941
717*
73*
73*
Brasll funding 6s.
1943
Koholyt 0*8
95
11*
43*
--
Lincoln
13
/15
Cities 7s to
90
Harriman Bldg 1st 6s. 1951
Hearet Brisbane Prop 6s' 42
•
LexiDgton Hotel units....
Bldg lnc 5*s w-s
due 1952 ($600 paid)...
77
34"
61
1957
1st 3*s
33*
Lewis Morris Apt Bldg—
1st 4s
1961
/4
Jugoslavia 5s funding 1966
30*
Lefoourt State Bldg—
1st lease 4-6 *s
.1948
/4
Hungarian Ttal Bk 7*8 '32
Hungarian Discount A Ex¬
change Bank 7s....1930
/23
/23
732
/16
Atk
/16
58*
'
34*
Hotel St George 4s... 1950
nominal.
28*
1943
1st 5* i(w-s)
1950
00 Park Plaoe (Newark)—
...
Graybar Bldg 1st lshld 5s *46
shown below are
mmm
26*
Savoy Plaxa Corp—
3s with stock
...1950
Sherneth
••
•
Fuller Bldg debt 6s... 1944
1st 2*-4s (w-s)
1949
Foreign Unlisted Dollar Bonds
mmm
Roxy Theatre—
7*
33
1948
m mm
30
6*s stamped
1901
Realty Assoo Seo Corp—
1400 Broadway Bldg—
1st 4s stamped
1
57
4*a (w-s.'58
1st mtge 4s
.1939
32*
Prudence Secur Co—
14
75*
Jan 1 '62
42 Bway 1st 6s
Dept. B, Wm. B. Dana Co., 25 Spruce St., Nerw York City.
Due to the European situation some of the quotations
Seo s f ctts
15*
15*
5s Income
Film Center Bldg 1st 4s '49
40 Wall St Corp 6s... 1958
58*
48*
72
...
12*
0*s (stamped 4s)..1949
52d A Madison Off Bldg—
Quotation Record is published monthly and
56*
165 Broadway Building—
2*
500 Fifth Avenue—
U. S. Government Securities
Mining Stocks
4*
50
47
14*
1946
15
3
2d mtge 0s
1951
103 E 57th St 1st 6s... 1941
Broadway Building—
1st Income 3s
Stocks
13*
1 Park Avenue—
mmm
1*
713*
Eqult Off Bldg deb 5s 1952
Deb 5s 1962 fevended...
Stocks
■ells for $12.50 per year.
25
68
48*
30*
5*s series BK
5*s series C-2
6*s series F-l...
5*s series Q
Ollcrom Corp v to..
Eastern Ambassador
Industrial Stocks
mmm
65
N Y Majestic Corp—
4a with stock strop. .1950
N Y Title A Mtge Co—
Court A Remsen St Off Bid
Insurance Stocks
80
1946
N Y Athletic Club 28.1955
1957
ist 4s (whs)
Railroad Stocks
The Bank and
64*
Colonade Construction¬
Railroad Bonds
Industrial Bonds
ties
62
1948
23
Public Utility Stocks
50
1951
S f deb 5a
Cheeeborough Bldg 1st 6s '48
Canadian
Public Utility Bonds
Investing Company Securities
30
Chanln Bldg 1st mtge 4s '45
Federal Land Bank Bonds
Joint Stock Land Bank Securi¬
28
Brooklyn Fox Corp—
38
1947
6s (Bklyn)
1st 5s (L I)
Broadway Motors Bldg—
Domestic
Out-of-Town)
1st
Metropol Playhouses Ion—
1st leasehold 3*-6s 1944
4-08
Canadian
Ludwig Baumann—
5*
B'way A 41st 8treet—
Municipal Bonds—
Domestic (New York and
39
4*
B'way Barclay Inc 2s.. 1950
In this publi¬
all active over-the-counter
Ask
Bid
Ask
36
Beacon Hotel tnc 4a..1958
The classes of securities covered are:
Banks and Trust Companies—
3639
with whom contact
able to get
Washington, the Service and Information
for the business man to see the
should be made.
particular official
In this way the business man will be
in and out of Washington with a
minimum of time, effort and
and return home with a clear understanding of the government's
and the necessary procedure in helping to supply them.
Generally,
expense
needs
by following this
tractor can
suggested approach the business of the prospective con¬
within one or two days.
be transacted in Washington
The Commercial & Financial Chronicle
3640
General
June
7,
1941
Corporation and Investment News
RAILROAD-PUBLIC UTILITY— INDUSTRIAL—INSURANCE—MISCELLANEOUS
NOTE—For mechanical
it is not
reason*
However, they
FILING
OF
REGISTRATION
are
always possible to arrange companies in exact alphabetical order.
always as near alphabetical position as possible.
STATEMENTS
SECURITIES
UNDER
year coll. trust conv. 5% bonds dated Feb. 1, 1929, out of funds held in a
special account at the Manufacturers Trust Co.
Also during the month of May, the
corporation purchased and canceled
$2,000, principal amount, of its 20-year coll. trust conv.
5% bonds due
April 1, 1950, out of "deposited cash" pledged under the bonds.
After
effecting the cancellation of these bonds, there remains outstanding $21,416,000 principal amount of the 1950 issue.
The company now holds $447,000,
principal amount, of bonds due 1944
and $428,OOo, principal amount, of bonds due
195u, in a special account at
the Manufacturers Trust Co.: and
$277,000, principal amount of bonds due
1949, in a special account at Marine Midland Trust Co.—V. 152, p. 3331.
ACT
The
following additional registration statements (Nos.
4772, both inclusive) have been filed with the
Securities and Exchange Commission under the Securities
4769
to
Act of 1933.
The amount involved is
986,570.
San
approximately $13,-
V
Diego Gas & Electric Co. (2-4769, Form A-2), San Diego, Calif,
a registration statement covering that portion of its common
stock
by its parent, Standard Gas & Electric Co. as of June 14, 1941.
plan for the divestment of control of San Diego Gas & Electric,
has filed
owned
Under
American Bank Note Co.—10-Cent Dividend—
Directors have declared a dividend of 10 cents
per share on the common
stock, payable July 1 to holders of record June 11.
This will be the first
dividend paid on the common shares since
April 1, 1939, when similar
amount was paid.—V. 152, p. 2840.
a
Standard has offered holders of its notes and debentures
aggregating $70,523,900 principal amount, the privilege of exchanging these securities for
shares of San Diego stock.
The total amount of common stock so offered
was 993,870 shares, of which 399,595 shares had been
accepted for
on
May 15.
dent.
exchange
The exchange offer expires June 14.
Filed May 27,
W. F. Raher is Presi¬
American Car &
1941.
Earnings of the company for the fiscal year ended April 30, 1941, are
placed at approximately $5,000,000 (which would equal $4.80 or more a
share after allowing for a full year's preferred dividends) in a letter
to stockholders from Charles J.
Hardy, President, accompanying the proxy
statement for annual meeting July 10.
This compares with net loss of
$10,777 in previous fiscal year.
v:,;.v.
Mr. Hardy also made the following statement
regarding the company's
dividend policy: "It is the desire and intention of the management, just
as soon as it safely can be done with due
regard to the preferential rights
of the preferred shares as defined in company's charter, to
put company's
common
working
capital, &c.
Kelley McNish is President.
Filed May 29, 1941.
Keystone Custodian Funds, Inc. (2-4771, Form C 1), Boston, Mass.,
has filed a registration statement covering 750,000
Keystone Custodian
Fund full certificates
for estimated total of
of participation series
$5,655,000.
1941.
B4, to be offered at market
Proceeds for investment. Filed May 29,
\
■:'■■■}'.
■.
stock,
Heyden Chemical Corp. (2-4772, Form A-2), New York City has filed
covering 20,000 shares of 4M% cumulative pref.
a
common
and preferred, on a dividend-paying basis—and, based
now existing, there seems to be little doubt that this can soon
accomplished fact."
The company already has paid a quar¬
terly dividend of $1.75 on the preferred stock out of earnings for the fiscal
be made
stock series A.
Proceeds are to be used to retire the balance of a bank loan
presently outstanding 7% preferred stock and to provide in excess
$1,000,000 additional cash which will be available for working
capital
and plant expansion.
The underwriting group for the new issue will be
headed by A. G. Becker & Co., Inc., and will include Merrill
Lynch, E. A.
Pierce & Cassatt, Hornblower & Weeks, and
Ladenburg, Thalmann & Co.
Bernard It. Armour, President.
Filed June 3, 1941.
and the
year
of
was
both
conditions
on
registration statement
The last previous list of registration statements
in our issue of May 31,
page 3484.
Foundry Co.— Year's Profit $5,000,000
—Dividend Payments Forecast—
Inter Mountain Telephone Co. (2-4770, Form
A-2), Bristol, Tenn.,
has filed a registration statement covering 12,500 shares of
voting com¬
mon stock (par $10) stock will first be offered to
stockholders unsubscribed
portion underwritten by Alex Brown & Sons which is to be sold to
public
at $25 per share.
Proceeds will be used for retiring bank loans
It
an
just closed.
was
also stated in the letter that the backlog of orders of the Parent
company and wholly-owned subsidiaries was somewhat over $140,000,000,
of which more than $130,000,000 was on the books of the
parent concern
alone.—V.
152,
p.
2229.
American Crystal Sugar Co. (&
given
Consolidated Income
Account
Subs.)—Earnings—
for
Years Ended March
Wholly-Owned Subsidiaries)
Addressograph-Multigraph
Corp.—Issue Placed Pri¬
vately—The company has reported to the Securities and Ex¬
change Commission that on April 10, 1941, it borrowed
$1,000,000 from the First National Bank, Boston,
on2^%
notes due $100,000 each
April 1 and Oct. 1 through April 1,
1946, and at the same time sold privately $2,000,000 15-year
3% sinking fund debentures due April 1, 1956.
Net pro¬
b Gross sales
porate purposes.
(incl. sell., gen. and
administration expenses)17.017,136
11,442,097
$2,713,715
$2,310,845
$1,099,780
238,882
244,604
368,309
$2,555,448
63.531
$1,468,089
39,336
$2,618,980
64,526
1,161
121,831
$1,507,426
58.999
30,916
52,299
other
sources
--
Net operating income.
Other income.
a
a
'
31,708
1941—9 Mos.—1940
$1,502,040
252,657
212,473
64,631
40,000
1941—12 Mos.—1940
$2,486,918
$1,940,914
247,535
195,698
68,724
20,000
329,160
86,907
135,000
336,158
260,959
92,422
20,000
252
Prov. for contingencies.
Loss on foreign exchange
3,727
Interest.
minority interests..__
1,030
Maint. of non-operating
prop'y, less rental in¬
come therefrom Cr.__
Income tax (estimated)_
Res. for unrealized for'n
7,662
373,661
996
1,388
7,341
1,418
10,339
150,684
8,434
193,906
377,219
Framings
a
&c.__
per
Cr399
Dr34,555
$1,062,673
$790,937
share
$1.41
Cr34,954
$1.05
$1,308,628
$1.74
,
&
Confirmation
_
1938 for additional beet payments.
Dividends
Dividends
50.000
50,000
922,705
918.403
680.000
406,000
$1,175,574
11,488,012
$1,057,059
$454,674
10.816,071
10,472,156
$11,873,129
385,118
$11,201,182
385,112
_
_
Total
274,352
______
.-.$12,663,586
on
on
preferred stock.__.
common
stock
772,537
138,000
385,122
363,9661
------
Surplus, end of the year
$11,914,498 $11,488,012 $10,816,071
Earnings per share on common stock.
$2.17
$1.84
$0.19
Before depreciation charges,
b Of refined sugar and dried pulp, less
and allowances and Federal excise tax applicable to sugar soldi
Consolidated Balance Sheet March 31
1941
$1,009,780
$1.34
Youngstown
has been elected
1940
14,208,274
14,556,478
26,388
26.243
lsscts
T.S-
b Fixed assets
Other
investments
1941
Liabilities—
Cash
790,913
1,033,213
Inventories
11,086,379 11,619,557
Adv. acct crops._
156,050
115,632
Other assets
13,169
6,425
Accts. receivable., 1,740.703
1,531,707
Deterred charges..
76,980
81,096
a
$
6% pref.stock
6,419,820
b Common stock..
3,639,660
Accounts payable.
Notes payable
Salaries and wages
206,737
1,700,000
40,664
3,639,660
204,362
4,000,000
37,704
Accrued
3,068,818
2,414,375
187,272
165,299
3,437
512,650
483,321
taxes
Dividends payable
Add'l beet paym'ts
curr.
liabils,
Res. for Insurance.
Reserve for
RR.—Confirmation of
1940
$
'
6,419,820
Other
of
91445
1,952
retire.
k*s
°Pinion. Judge Jones said that actual earnings of the road in 1937.
as compared with estimated earnings used by the
ICC, showed that only in 1940 did actual
earnings exceed the estimated
earnings.
Over the four-year period, total actual
earnings were $400,000
less than the estimated
earnings.—V. 152, p. 3484.
I939 and 1940
Alabama Great Southern
RR.—Dividends—
nave declared
the preferred stocks,
dividends of $3 per share on the
ordinary and
both payable June 27 to holders of record June 7.
on Dec. 23. last; $3
paid on June 28, 1940; $5
paid on June 28. 1939, and on Dec. 23, 1938.—V.
Tinsi compares with $6
paid
?roDec'J^V1939( and $3
152,
p. 2846.
Alabama Power Co.—Issue Will Be Filed
Soon—
It is expected that an issue
of $83,000,000 bonds which has been under
for some time will be
filed with the Securities and Exchange
soon, with the possibility that bids will be
sought late this
month or early in
discussion
Commission
July.
A syndicate headed
by Morgan Stanley & Co., Inc.,
Bonbright & Co.
and the First Boston
Corp. is preparing to bid for the issue, it is said.—V.
152, p. 3484.
Alleghany Corp.—Bonds Purchased—
The New York Stock
Exchange has been advised that, during the month
of May, this corporation
purchased $69,000, principal amount, of its 15-
50,000
7,983,696
140,000
3,930.802
3,504,316
28,098.856
28,970,351
100.000
pensions
Total
28,098,856 28,970,3511
common
stockholders to the confirmation of the
plan.
These objections were
based on the fact that the ICC
approved the reorganization plan stated
the road's capitalization at
$8,500,000 after finding that there were $13,982,301 in capitalizable assets.
7,983.696
Res. for conting's.
Earned surplus
the
reorganization plan of the company previously
approved by the Interstate Commerce Commission has
been recommended
in an ©pinion of
Judge Paul Jones of Federal Court, Cleveland.
The opinion also recommended
denial of objections of the roads
Directors
_
Capital surplus.__
Plan—
on
—
__
J>34,555
Co., Inc.—New Director—
Henry A. Raymond of the Cleve.and-Cliffs Iron Co.
director of this company.—V.
152, p. 2690;
Canton
retirement
Net income for the year.
v
On
Akron
94,812
_
_
Surplus, beginning of the year.____
Adjustment of provision at March 31,
+
Air Reduction
_
_
a
<■■■
753,813 shares of capital stock.
*
Note—The statement includes earnings of the Canadian
subsidiary, but
excluding the results of operations of the British, French and German
subsidiaries.—V. 152, p. 2056.
a
_
employees'
_
returns
net cur-
Netprofit.
for
9,397
_
Depreciation of property—applicable
to products sold
Provision for Federal income tax
.
exch. profit or loss, at
rent assets,
51,818
Sales and retirements of property
Miscellaneous taxes.
150
realized..
290,182
Pref. divs. guaranteed to
on
$2,984,306
_
Patents, develop. & en¬
gineering, incl. amort.
Deprec. of oper. propert's
Int., deb. disct. & exp_.
N.Y. rates
Gross income
pensions
„
15,547,778
$2,952,598
Gross profit from sales.
a Net
operating income from
a
Provision
$1,999,064
1939
Cost of sales
a
Consolidated Income Statement
Period End. Apr. 30—
Net operating profits...
4:
$19,730,852 $17,858,623 $12,541,877
ceeds
were used to the extent of
$2,315,989 for redeeming on
April 8, $2,200,000 3%% sinking fund debentures and the
remaining $685,511 is for plant expansion and other cor¬
{Company and
31
1940
1941
b
Total
140,000
a After
depreciation of $10,898,518 in 1941 and $10,346,094 in 1940.
Represented by 363,966 shares of $10 par value.—-V. 151, p. 3385.
American Hair & Felt Co.—Accumulated Dividend—Directors
have
declared
a
dividend of $4.50 per share on account of
second preferred stock,
payable July 1 to holders
Dividend of $1.50 was paid on April 15, last; $7.50 paid
on March
15, last, and dividends of $1.25 paid on Feb. 10, last, and on
Dec. 27 and Nov. 15, 1940, and Dec.
28, 1939.—V. 152, p. 3484.
accumulations
on
the
of record June 20.
American-Hawaiian Steamship Co.—SI.50 Dividend—
Directors have declared a dividend of $1.50
per share on the common
stock, payable June 30 to holders of record June 16. Dividend of 50 cents
paid on March 31, last, and previously regular
quarterly dividends of 25
cents per share were
distributed.
In addition, extra dividend of $1.75 was
paid on Dec. 28, last, extra of 25 cents paid on
Sept. 30, 1940, and extra
of 50 cents paid on June
29. 1940.—Y. 152, p. 3169.
American
Rolling Mill Co.—Additional Debentures Sold
Privately—An additional issue of $2,500,000 series A 3%
debentures due July 1, 1950, were taken
up as of April 1.
This brings to $7,500,000 the total of series A
3% debentures
outstanding, $5,000,000 having been sold to two insurance
on July 1, 1940.
companies
Proceeds of the additional issue will be used in
—V. 152, p. 3485.
modernizing plants, &c*
Volume
The Commercial & Financial Chronicle
152
American Gas & Electric Co. (&
Period Ended Apr.30—•
Anglo-Chilean Nitrate Corp.—Earnings■—
SubsA—Earnings—
1941—12 Mos.—1940
1941—Afonth—1940
Profit and Loss Account for Years Ended June 30
Subsidiaries Consol'd—
Operating
Operation
Maintenance.
Depreciation
Taxes, other
1940
$6,860,712 $88,709,791 $80,973,347
2,096,827
28,740,851
25,801,457
345,946
4,840,139
4,446,261
961,536
12,650,451
11,187,760
$7,237,987
2,540,668
455,062
1,056,230
revenue.
of
new
produc. nitrate
iodine, less
732,420
9,006,956
8,646,827
a480,396
297,083
6,368,599
3,137,810
Profit
cost
£473,715
£273,242
£357,755
6,374
218,903
6,944
15,346
221,392
12,917
160,369
2,146
3,654
1,083
a2,297
on
Ry. & port
(net)__
oper.
Int.
Operating income
£354,373
77,594
270,667
6,720
nitrate mfd. for
other producers
Federal income and de¬
....
xl937
partic. in profits decl.
by Sales Corp., respect
749,722
fense taxes.
xl938
1939
Proceeds of sales to and
Fed¬
than
eral income
3641
earn, on inv. &
dep.
Int. in acct. current with
Sales Corp. (net)
Other income.
$1,955,908
23,649
$2,426,900 $27,102,794 $27,753,230
33.397
194,826
198,906
Miscellaneous income
Gross income
Int. on funded debt....
$1,979,557
617,860
11,223
5,286
Other int. & deductions.
Divs. on pref. stocks...
58,677
Motorship Caliche oper.
Exchange difference
31", 039
a24,506
325,181
$2,460,298 $27,297,621 $27,952,136
632,225
7,439,556
7,679,841
174,480
1,468,043
1,845,715
424,342
4,732,398
5,092,519
$977,838
950,127
$1,229,251 $13,657,622 $13,334,060
238,667
10,720,855
9,429,139
Approp. to wkg, cap. res J,
Approp. to ry.renew.res.
6,190
_
Divs.
on com.
com
.stk.
stocks...
Loss
Undist. net income of
$990,584
$2,936,767
$3,904,921
Undistrib.
Divs.
$27,711
950,127
55,120
68,413
3,448
Int.
income..
net
stocks
on common
Divs.
on
preferred stocks
$990,584
238,667
165,681
129,19i
4,529
$2,936,767
10,720,855
1,550,420
1,316,991
63,605
$3,904,921
9,429,139
1,988,170
1,585,298
bonds & advances
i
on
Other income
Total.
Taxes & expenses (net).
b77,085
.
140,767
$1,445,142 $15,729,292 $16,175,358
97,036
1,158,800
1,427,931
140,767
1,689,209
cl ,985,562
$791,920
$1,207,339 $12,881,283 $12,761,865
$1,027,733
Int. & other deductions.
Divs. on pref. stocks...
Bal.
of
95,046
avail¬
earns,
able for
74,338
$1,528,652 $16,588,638 $16,981,867
83,509
859,345
806,508
$1,104,819
Balance
;
stock.
com.
Includes $106,402 provided for possible retroactive increase in Federal
income taxe3.
b Includes $10,468, provided for possible retroactive in¬
a
in
crease
Federal
income
taxes,
c
Restated
for
comparative
Refining
American Utilities Service Corp.—
bonds, series A, due 1964, to exhaust the
sum
c
Central
Hanover Bank & Trust
251,940 shares 5%
—V. 152, p. 3486.
American
cum.
result
& Telegraph
Corp.—Long-Dis¬
Water Works
& Electric
Co., Inc.—Weekly
Output of electric energy of the lectric properties of American Water
Works & Electric Co. for the week ended May ,31, 1941, totaled 59,994,000
kwh., an increase of 21.5% over the output of 49,369,000 kwh. for the
corresponding week of 1940.
Comparative table of weekly output of electric energy for the past five
follows:
1941
1940
62,196,000
62,098,000
61,948,000
59,994,000
51,331,000
51,895,000
52,597,000
49,369,000
Week End.
10—
17--24--.
31—
-
1938
1939
39,154,000
43.150,000
44,616.000
42,790,000
.39,542,000
37,701,000
.38,603,000
36,060,000
1 9.37
51,191,000
50,72.3,000
50,672,000
48,018,000
Monthly Power Output—
power output of the electric subsidiaries of the American Water
& Electric Co. for the month of April totaled 233,262,078 kwh.,
compared with 219,321,660 kwh. for the corresponding month of 1940, an
increase of 6%.
For the four months ended April 30, 1941, power output totaled 1,022,-
791,466 kwh., as against 897,755,743 kwh. for the same period last year,
14%.—V. 152,
p.
3487.
Arizona Edison Co.—2o-Cent Dividend—
Cash
Ry.
paid
on
Initial dividend of like
Dec. 16, last.—V. 152, p. 2843.
Power Corp.—Earnings—
Arkansas-Missouri
1941—3 Mos.—1940
Period End. Mar. 31—
1941—12 Mos.—1940
Operating revenues—$359,545
Oper. expenses & taxes..
280,145
$324,713
253,027
$1,485,571
1,134,609
$1,427,253
1,039,572
$79,399
$71,686
867
751
$350,961
28,130
$387,681
27,564
$80,267
27,952
$72,437
$379,092
35,346
120,518
$415,244
142,272
$52,315
$37,090
$258,573
$272,971
Net oper. income
—
Other income (net)
Gross income.
___
_
—...
-
-
Interest & other deducts.
-
_
_v_
-
-
has been accrued at rates provided in the
Second Revenue Act of 1940, and 1940 figures previously published have
Note—Federal
income
tax
been adjusted for purposes
Arnold Constable
of comparison.—V. 152, p. 3335.
Corp.—1234-Cent Dividend—
Directors have declared a dividend of 12 XA cents per share on the common
stock, par $5, payable June 27 to holders of record June 14.
Like amount
March 25 and compares with 25 cents paid on Jan. 27, last; 12H
cents on Dec. 16, Sept. 27, June 27 and March 25.1940; 25 cents on Jan. 25,
1940; 12H cents on <>ec. 29, Sept. 25. June 27 and March 21, 1939, and 25
cents on Jan. 27, 1939.—V. 152, p. 1418.
paid
94,236
108,760
27,156
30,225
790,587
585,563
General renewal
reserve
a
fund-.-.
Bills & accts.rec.
accr'd
liab. & prov. for
sundry expenses
Bal. pay. on fund.
debt
16,956
& guar's.
serv.
in
6,917
438,946
70,6 88
445,003
355,626
3,911,565
4,357,881
2,381,519
Capital stock... 1,048,350
1,048,350
debt
Reserves
c
8,055
592,627
__
143,674
2,800,460
Funded
b Inventories
£
re¬
spect of fiscal yr.
Nitrate & Iodine
Sales Corp..—_
1939
Accts. pay.,
Accts.with Chilean
—
'
[
.
\
Invest, in Lautaro
Nitrate Co.,Ltd.
:
1
Total ...'
Less
8,349,052
b
reserve,
1
6,660,332
1,138
pesos
8,214,064
Total
8,349,052
8,214,064
Of salt
materials and supplies,
each.—V. 151, p.
cake, iodine in process, mined caliche and
c Represented by 2,096,700 shares of 50 Chilean
3549.
Asbestos Mfg. Co.—Accumulated Dividend—
Directors have declared
on
a dividend of 35 cents per share on account of
cum. conv. pref. stock, payable June 13 to holders
Dividend of 70 cents paid on April 29, last, and 35 cents
March 28 and Feb. 1, last, and on Nov. 15, 1940.—V. 152,
accumulations
of record
p.
on
the
May 31.
paid
2540.
was
on
Associated
Gas
& Electric
Co.-
-Holders Act to
Clarify
Plan—
Another step toward a clarification of the problems arising out of the
company's recapitalization plan of 1933, generally known as the "recap
plan," was taken May 29 with the filing in Federal Court of a brief on behalf
of debentures holders of the Associated Gas & Electric Corp.
The filing was made jointly by the Barstow, the Buston and the Adams
protective committees for holders of AGECORP debentures.
Some months
ago, the trustee for AGECO attacked, the validity of the "recaj> plan" and
requested the Court to overthrow it, thereby restoring AGECO as the top
company in the system.
The committees in their joint petition asserted
that holders of the AGECORP debentures acquired them in good faith
and in the belief that they were the valid, legal and binding obligations of
the corporation.
Stock Delisted—
The Securities and Exchange Commission announced May 27 that it had
granted the application of the Boston Stock Exchange to strike from listing
and registration the common stock ($1 par), and class A stock ($1 par), of
Associated Gas & Electric Co.
The application stated, among other things, that in view of the listing
requirements of the Exchange, an issuer "will, unless for reasons satisfactory
to the Exchange, maintain in the vicinity of the Exchange, within the City
of Boston, offices or agencies for the transfer and registration of its listed
shares, which agencies shall be two separate institutions satisfactory to the
Exchange," and since the Blxchange has received notice of the discontinuance
of the services of the First National Bank of Boston as registrar, effective
1941, the Governing Committee of the Exchange decided to
subject application.
\
application became effective at the
close of the trading session on June 2, 1941.
March
12,
file the
Weekly Output—
Service Corp. reports that for the week ended May 30,
the Associated Gas & Electric group was 109,455,507
(kwh.)
This is an increase of 18,803,922 units or 20.7% above pro¬
duction of 90,651,585 units a year ago.—V. 152, p. 3487.
The Atlantic Utility
net
electric output of
units
Line RR.—Equip.
Trusts Offered—A
composed of Salomon Bros. & Hutzler, Dick &
Merle-Smith and Stroud & Co., Inc., on June 5 offered
$7,880,000 2K% equipment trust certificates, series H,
non-callable, dated July 1, 1941 and due $788,000 each
July 1, 1942 to 1951.
The certificates are priced to yield
from 0.40% to 2.45%, according to maturity, and are un¬
conditionally guaranteed as to principal and dividends by
banking
Atlantic
Coast
group
Coast
Line
Salomon Brothers &
RR.
Hutzler bid 100.399 an interest cost to the road of
annually.
2.049%
Halsey Stuart & Co. and associates 100.279 for 2 j^s,
2.07% annually, and Harriman Ripley & Co., Inc. and
2^8, interest cost basis 2.11 % annually.
Dividends payable Jan, 1 and July 1 at the office or agency of the com¬
pany in New
York.
Certificates in bearer form in denom. of $1,000,
registerable as to par value only. To be issued under the Philadelphia plan.
Trustee, United States Trust Co., New York.
Other
Net income
Liabilities—
£
379,750
109,848
renew, res. Id-
1940
£
1939
£
323,052
-
Atlantic
Directors have declared a dividend of 25 cents per share on the common
stock, payable June 2 to holders of record May 24.
amount
'426,814
The Commission's order granting the
The
increase of
76
£397,157
Comparative Balance Sheet June 30
Assets—
Works
an
974
£470,681
#
Output—
May
May
May
May
b23,867
£664,006
Balance
522
"9",560
bio",436
has been appointed co-registrar of
.
years
523
245
action
of
American
"3",270
645
~)".274
Capital assets—. 6,387,471
Sundry prepd. exp.
1,495
by the Federal Communications Commission,
another reduction in long distance telephone rates, estimated to save the
telephone-using public $14,000,000 a year, beginning .Tully 10, was, on
June 4, announced by the Commission.
Of this amount. $12,500,000 will
apply to a reduction in long lines rates, and the other $1,475,000 is expected
to apply to as reduction in interstate rates of the 21 associated companies
in the Bell System.
This is a reduction of about 14% to users of long
distance telephone and other long lines service.
These reductions, agreed to by this company in consequence of the
Commission's order of April 1, which instituted a rate inquiry, bring the
total of negotiated savings to the public in telephone tolls during and since
the Special Telephone Investigation of 1935-19.38 to more than $45,000,000
annually.
As a result of these reductions, the Commission's scheduled
hearing into long distance rates oi that company will not behPld.
The Commission will continue studies pertinent to the rate base and the
cost of furnishing telephone service, and related subjects, including methods
of separation, depreciation practices, rate of return, original cost, Western
Electric prices.
The reductions agreed upon include a number of changes of special interest
to users of interstate telephone service.
Report charges. hitherto applicable
to uncompleted person-to-person and reversed charge calls, are eliminated
The charges for person-to-person calls of longer duration than the initial
period are reduced so that the charge per overtime period will now be the
same as for a station-to-station call.—V.
152, p. 3334.
a
6,470
to definition, in sterling and dollar trust deeds, as amended,
x
Consolidated figures.
Incl. Motorship Caliche Corp., which was dis¬
solved on March 30, 1939.
pref. stock $100 par value of this corporation.
Telephone
8,873
pursuant
a
tance Rates Cut—
As
Co.
9,363
a
Arising from the conversion of assets and liabilities,
b On sales of
currencies at different rates of exchange as compared with the closing rates,
c This is the amount of
net income subject to the service of funded debt,
of $250,000.—V. 152, p. 2842.
.American Viscose Corp.—Co-Registrar—
2,937
11,651
Other chargas
Motorship Caliche oper.
Exchange difference
Sundry adjustments
pos.
Continental Illinois National Bank & Trust Co. of Chicago will
until June 18 receive bids for the sale to it of sufficient collateral trust 6%
12,127
46,378
Sundry invest., de-
Tenders—
The
£553,258
88,685
15,000
87
iodine
Prov. for legal bonus to
empl's & workmen
Prov. for reorg. exps
purposes.
Co.—Stock Offered—
Merrill Lynch, E. A. Pierce & Cassatt on June 4 distributed a
block of common stock (no par) in excess of 10,000 shares
at the closing price on the New York Stock Exchange (about
$40 per share).
Stock is British-owned, it is said.—V. 152,
p. 1904.
&
£523,840
89,997
*15,000
(net)
1940
Smelting
£616,386
93,540
15,000
£872,257
123,512
15,000
Prov. for taxes on profits
other than nitrate and
—V. 152, p. 3332.
American
a7,199
1,785
1,299
commercial and
on
otner oper.
$27,711
subsidiaries consol'd
Amer. Gas & El. Co.—
149
b636
2,069
Sundry adjustments.
Total income
Bal. avail. for
4,379
6,559
bids were
interest cost basis
associates 100.0999 as
Abandonment—
on May 15 issued a certificate
by the company of a branch line of railroad,
Conway to Aynor, 14.76 miles, all in Horry
County, S. C.—V. 152, p. 3488.
The
Interstate
Commerce Commission
permitting abandonment
extending northwesterly from
The Commercial & Financial Chronicle
3642
Atlantic
Gulf
&
Steamship
Indies
West
(&
Lines
year-end dividend of 50 cents was
Subs.)—Earnings—
Consolidated Income Account for Calendar
Operating re venues
Total operatingexps
Taxes
_
x$209.198
$588,411
3,301
3,178
14,314
613.992
Dividend—
the preferred
payable on account of accumulation on July 1, to
stockholders of record at the close of business on June 27.
Giving effect to the current dividend declaration, arrears will amount to
$21 a share.—V. 152, p. 3489.
-
29.451
33.041
_
68,942
145,664
595,929
50,223
$95,509
Interest.
x$376,197
548,539
Prov. for Fed.inc. taxes
Net profit
12,145
42,486
a320,473
x$883,168
x$317,222
Including $159,315 surtax on undistributed profits,
Loss.
x
Comparative Consolidated Balance Sheet Dec. 31
1940
A 8 3Ct$
a
on
666,347
deposit
Sees, of
608,644
150,000
6,000,000
9,970,000
9,970,000
118,705
118,705
value).-
17,127
98,161
102,784
7,061,000
U.
17,236
own
preferred
Govt, loans
8.
Merchant
under
Marine
Goodwill & franch.
pref,
(book value)...
Cash
subsid.
1,268,057
11,807,418
4,315,547
3,151,332
249,101
1,492,463
190,980
172,877
Accts. receivable-
Materials & suppls.
& lndem.
1,090,668
193,153
(in
1,232,500
1,232,500
Cash deposits with
trustee for
pref.
190,038
36,133
84,600
—-
Marketable securs.
21,055
131,558
531,343
payable 1,360,565
Int. accrd. on long-
1,243,372
vouchers
& accts.
30,091
30,118
Taxes accrued....
272,174
138,952
185,150
190,088
619,677
Special deposits...
369,452
256,296
Mlscell. oper. res.
378,699
300,766
Open
827,756
814,285
Open voyage rev—
Recapture profits.
1,216,463
1,120,299
Capital surplus
Earned surplus—
496,067
5,141,846
634,079
voyage exps.
Total
32,898.069 43,419,728
818,983
713,160
165,000
5,1~8~5~429
5,019,434
.—32,898,069 43,419,728
Total
a
After reserve for depreciation of $32,4,54,873 in 1940 and $32,903,989
1939.
b Represented by 150,000 shares of $1 par value in 1940 and
150,000 shares of no par value in 1939.—V. 152, p. 3171.
in
Atlas Tack
Corp.—Earnings—
Calendar Years—
Net sales.
—
—
1940
—
—
Cost of goods sold
Depreciation
Soiling, administration &
general expense
1939
1938
1937
$2,643,651
1,964,357
58,164
—
_.
$2,586,399
1,940,209
53,77*
$2,144,730
1,672,879
50,773
$2,005,093
1,446,270
45,826
431,198
Miscoli. deductions
Prov. for Fed. inc. taxes
Net profit.
..
414,395
$28,208
14,590
$98,601
8,191
$182,394
47,723
$42,799
28,586
106,792
37,153
6,000
$109,871
$14,213
$63,639
47,275
$1.41
Other income
392,869
$166,755
15,639
$201,947
33,641
35,000
— .
425,661
$189,932
12,015
$133,306
Operating profit..
$1.16
$0.15
$0.67
2*.800
Dividends
paid
sh. on 94,551
fct shares of capital stock
Earns
Shares outstanding
Shares owned by Atlas Corp
Shares owned by American Co
Comparative Balance Aheel Dec. 31
Assets—
1940
Liabilities—
1939
chin'y, eqpt. &o.
1940
1939
b Capital stock—_
$848,358
$567,306
$827,199
Notes payable-...
270,000
101,374
Accounts payable-
46,635
136,302
277,335
Accrued accounts.
13,680
13,189
Inventories
839,701
856,423
Estimated
Adv.
on pur.
contr.
'■
11,636
Federal
taxes————
trademarks
Res. for contlng's.
and goodwill...
2
2
Deferred charges..
Other assets
8.037
22,192
of 5
Vi% cumulative convertible preferred stock. Each presently outstanding
common stock (exclusive of the three shares now held in the treasury
Inc.) would be changed into seven-tenths of a share of
common stock.
The treasury stock would be eliminated.
The number of shares of 5K % cumulative convertible preferred stock and
common stock, which will bf3 outstanding upon completion of the proposed
plan of recapitalization and the number of shares of such stock which will be
owned by Atlas Corp. and American Co. will he as follows:
Com. Stock
5M% Pfd. Stk.
Shares outstanding152,250
44,500
Shares owned by Atlas Corp..
53,599
19,294
Shares owned by American Co.
*6,168
20,040
Atlas Corp. and American Co. propose if and when the readjustment of
the capital structure of Bonwit, becomes effective, to sell to underwriters
for public offering all of the 5K% cumulative convertible preferred stock
and 25,000 shares of the common stock, which they will own upon con¬
summation of the readjustment.
If Atlas Corp. and American Co. publicly offer all of the 5 lA % cumulative
convertible preferred stock and 25,000 shares of common stock, they will
retain only 84,467 shares of common stock and none of the preferred stock
This will represent 55.68% of the common stock of 43,08% of the total
voting stock outstanding.
In our opinion, the record establishes that the terms of the proposed
recapitalization under all of the circumstances are reasonable and fair and
do not involve overreaching on the part of any person concerned.—V.
152, p. 2845.
share of
of Bonwit Teller,
Boston &
4,340
$2,077,522
35,000
have declared a dividend of $2.50 per share on the common
stock, payable June 30 to holders of record May 31.
Dividends are payable on company's stock as follows:
$2 in March and
September, $2.50 in June, and $2.25 in December.—V. 151, p. 3228.
Boston Garden-Arena
Bridgeport Brass Co.-—25-Cent Dividend—
■
-----
718,391
718,391
Earned
412,509
279,203
surplus.-.
Total....
82,077,521 $2,089,192
After depreciation of $591,978 in 1940 and $561,379 in 1939.
sented by
a
b Repre¬
94,5,51 no par shares.—V. 152, p. 2844, 1124; V. 151, p. 2634,
24ob.
T-.
:
"•
/•!
•
Baltimore & Ohio
'
RR.—Equipment Trust Certificates—
The Interstate Commerce Commission
on May 17 authorized the com¬
obligation and liability, as guarantor, in respect of not
exceeding $.5,880,000 equipment trust certificates, series L, to be issued by
the Grirard Trust Co., as
trustee, and sold at 100.2569 and accrued divs. in
connection with the procurement of certain equipment.
The certificates were offered for sale through competitive
bidding, the
bidders being required to name the rate of dividends to be borne
thereby
in multiples of h of
1% per annum.
In response thereto five bids repre¬
senting 29 parties were received. The best bid, 100.2569 and accrued divs.,
based on a rate of IK % per annum, was made by Drexel & Co., with whom
was associated Harris, Hall &
Co., Inc., and has been accepted.
On this
basis the average annual cost of the proceeds to the road will be approxi¬
mately 1.83%.—V. 152, p. 3488.
to
pany
assume
Bellefonte Central
The
Directors have declared a dividend of 25 cents per snare on tne common
stock, payable June 30 to holders of record June 16.
Like amount paid on
March 28. last: dividend of 50 cents paid on Dec. 20, last: 25 cents was paid
p.
Sept. 30, 1940, and
one
of 10 cents was paid on Dec. 17, 1937.—V. 152,
2845.
Brillo Mfg.
Co.,, Inc .—25-Cent Dividend—1
Directors have declared a dividend of 25 cents per share on the common
stock, payable July 1 to holders of record Jane 16.
Previously regular
quarterly dividends of 20 cents per share were distributed.—V. 152, p. 3490.
Bristol Brass Corp.—To
Pay $1 Dividend—
Directors
have declared a dividend of $1 per share on the common
$25, payable June 16 to holders of record May 31.
This com¬
pares with 50 cents paid on March 15. last; $1.50 paid on Dec. 16, last;
dividends of 50 cents paid in three preceding quarters: $2 paid on Dec. 15,
1939: $1 on Sept. 15, 1939 and regular quarterly dividend of 25 cents per
share paid on June 15, 1939.—V. 152, p. 1422.
stock,
par
Brown Co.
Court
(Me.)—To Recapitalize Canadian SubsidiaryAuthorize Inter-Company Settlement in Fur¬
of Plan of Reorganization—
Asked
therance
As
RR.—Note—
Interstate Commerce Commission
Corp.—$6 Preferred Dividend—
Directors have declared a dividend of $6 per share on the preferred stock,
payable May 28 to holders of record May 26.
Dividend of liice amount
was paid on May 29, 1940.—V. 150, p. 3502.
24,800
14,000
Capital surplus
4,667
$2,089,1921
Albany RR.—$2.50 Dividend—
Directors
on
Total
% preferred stock are owned by 22
shares of common stock are owned by
Proposed Plan of Recapitalization—Upon consummation of the proposed
plan of recapitalization Bonwit Teller, Inc., would have an authorized
capital stock consisting of 350,000 shares as follows:
50,000 shares of
5K% cumulative convertible preferred stock (par $50) and 300,000 shares
of common stock (par $1).
Each of the presently authorized but unissued,
as well as each of the outstanding shares of 6% preferred stock of Bonwit
Teller, Inc., (excl. of the seven shares of 6% preferred stock now held in the
treasury of Bonwit Teller, Inc.) would be changed into one-fifth of a share
350.000
89,155
276,292
Pats.,
% Pref. Stock
222,500
96,470
100,200
$567,306
Accts. & notes rec.
Cash
80,240
persons.
The outstanding minority
these same persons and two others.
per
aLand, bldgs., ma-
6
217,500
76,570
The outstanding minority shares of 6
(due
Coupons payable.
Special lnsur. res.
paid in advance.
authorized capitaliza¬
250,000 shares of 6% preferred
stock (par SlO) and 395,000 shares of common stock (par $1). The number
of shares of 6% preferred stock and common stock of Bonwit outstanding
(exclusive of seven shares of 6 % preferred stock and three shares of common
stock held in the treasury and the number of shares of such stock owned by
Com. Stock
481,699
428,085
713,160
818,983
securs.)
The Securities and Exchange Commission on May 29 approved a re¬
capitalization of the company, an affiliate of Atlas Corp. and American
Co., registered management investment companies.
The finds and opinion of the SEC follows (in part):
The recapitalization involves securities of Bonwit Teller, Inc., held by
Atlas Corp., American Co. and other stockholders of Bonwit Teller, Inc.
Atlas Corp. owns over 99% of the outstanding capital stock of American
Co.
Atlas Corp. and American Co. own a combined total of 88% of the
outstanding 6 % preferred stock and a combined total of 72 % of the out¬
standing common stock of Bonwit Teller, Inc.
Briefly stated, the proposed recapitalization of Bonwit will result in a re¬
classification of each of five shares of the company's existing $10 par value
6% preferred stock into one share of $50 par value 5K% preferred stock
and a reclassification of each 10 shares of existing common stock into seven
shares of new common stock.
Bonwit Teller, Inc., has already obtained
unanimous consent of the stockholders to the plan.
of
notes
term debt
Ins. fund (cash and
Ins. prems, & rents
Inc.—Capital Plan Fair—
Atlas Corp. and American Co. are as follows:
1928
cos.
Audited
'
Bon wit Teller
Acts,
and
currently)———
185,150
....
market,
Marine
sub.
bond
Interest
1,243,372
Merchant
under
-
dispute)
Working funds
payable 1,360,565
Govt, loans
8.
2695..
p.
Present Capitalization—Bonwit Teller, Inc., has an
1,191,705
(due currently)
1st mtge. bonds &
against
underwriters
U,
Offered—Bennett & Palmer offered
June 5,
tion consisting of 645,000 shares as follows:
836,909
vouchers
Audited
1920
Protect.
claims
4,139,655
of
cos..---
& accts.
Ins. claims, against
underwriters...
1928 4,589.291
notes
Co.—Stock
after the close of the market, a block of 1,400
shares of common B stock (no par) at 42% net.—V. 152,
1st mtge. bonds &
50,770
stocks
Acts,
and
1920
<fc
com.
min.
stkhldrs.in subs.
value)——..
Misc. invest (cost
ornorn,
of
Interest
Long-term debt-— 6,629,000
assoc. cos.
(cost of nominal
Co.'s
$
b Common stock--
Preferred stock.
Prop. & equip...20,424,919 22,412,683
Restricted cash
5
Liabilities—
3
"
1939
1940
1939
Ami
Bon
19,556
553.459
doubtful
accounts and notes.—
Miscell. income debits.
a
$342,198
$852,204
paid.—V. 152, p. 2695.
Directors have declared a dividend of $3.50 per share on
on
Gross profit
Provision
for
1941
stock of the company,
$507,801
80,610
x$292,178
82,980
$206,737
135,460
$715,837i
136,366
7,
(Sidney) Blumenthal & Co., Inc.—Preferred
Years
1940
1939
1938
1937
$26,114,533 $25,048,671 $23,979,205 $26,230,146
24,837.969
24,379,503
23,853,252 25,311,734
560,727
462,430
418,131
410,611
Net operating profit—
Total other income
June
Dec. 20, 1937, when a
1940, this latter being the first dividend paid since
an
to
important step toward the consummation of the plan of reorganiza¬
have been filed by the trustees and by the
tion of the company, petitions
May 13 authorized the com¬
pany to issue a non-interest-bearing three-year unsecured promissory note
for not exceeding $125,000, to be delivered to the Pennsylvania RR, Co. in
payment of freight and interchange balances.—V. 152, p. 2844.
on
reorganization managers in the U. S. District Court at Portland, Me., for
hearing June 18, asking authority to vote the stock and bonds of the
Canadian subsidiary. Brown Corp., in favor of
recapitalization proceedings
settlement.
1
of the Canadian company and an intercompany
stock,
Serge Semenenko, Chairman of the reorganization managers, stated that
in accordance with the petitions, Brown Corp.'s pre-reorganization claim
against Brown Co. of $924,720 would be settled at 15 cents on the dollar,
approximately half the rate of the cash provision for other unsecured
creditors under the plan.
Brown Corp.'s $786,012 loss on this settlement
would be charged against its 1941 earnings.
Bersimis Lumber Co., timber-holding subsidiary of Brown Corp., would
he merged into the latter, resulting in a combined operating deficit for
Brown Corp. of $814,223 as of Dec. 1, 1940.
The stock of St. Maurice
Power Corp., 50% owned power affiliate, on Brown Corp.'s hooks, would be
written down, from the estimated value placed thereon in 1931, to $1,
and past timberland write-ups of $35,778 would be written off.
These
deficits and writedowns would be absorbed by a $3,350,000 reduction of
capital stock of Brown Corp., leaving the capital at $10,650,000.
Brown Corp.'s first mortgage bonds held by Brown Co., and to be
pledged to secure the new Reconstruction Finance Corporation loan and
new general
mortgage bonds of Brown Co., would be increasd to $5,000,000 by funding of overdue back interest by amendment of the existing
trust deed.
Remaining accrued interest to Nov. 30, 1940 of $203,759
on
would
Bell Telephone Co. of
Period End.
Operating
April 30—
revenues
Uncollectible oper.
rev.
Pennsylvania—Earnings—
1941— Month—1940
$6,865,230
$6,345,643
11,447
18,317
1941—4 M^s —1940
$26,948,936 $25,100,748
54,970
70,927
Operating revenues—
Operating expenses.
$6,853,783
Net operating revs...
$2,432,963
758,121
$2,075,756
571,113
$9,522,776
2,975,306
$8,370,696
2,296,847
$1,674,842
1,172,238
$1,504,643
$6,547,470
1,053,625'
4,695,468
$6,073,849
4,293,855
Operating
taxes..--
Net operating income.
Net income
—V.
152,
p.
4,420,820
$6,327,326 $26,893,966 $25,029,821
4,251,570
17,371,190
16,659,125
3015.
Blaw-Knox Co.—15-Cent Dividend—
Directors have declared
a dividend of 15 cents per share on the common
payable July 7 to holders of record June 9.
Like amount was paid
April T. last, and compares with 12 K cents paid on Dec. 17 and Aug. 31.
,
be
paid
in
cash.
,
>
Volume
As
The Commercial & Financial Chronicle
152
required
by
Canadian law, the inter-company settlement and in¬
creased Canadian bond issue have, after negotiations, been approved by
the Canadian Foreign Exchange Control Board, but
only on condition that
earnings of Brown Corp. to Nov. 30, 1940 be considered for exchange
control purposes to have been fully distributed.
It was pointed out by Mr. Semenenko that the
necessary result of this
inter-company settlement is to "freeze" in Canada the earnings of Brown
Corp. to Nov. 30, 1940, as well as $786,000 of current earnings charged
to the loss on the
inter-company settlement.
All steps in the reorganiza¬
tion, he stated are subject to approval of special counsel for the RFC.
The many details incident to
working out the terms of the RFC loan have
been very nearly completed, Mr. Semenenko said, and subject to approval
by the Reorganization Managers, the mortgage indentures and other in¬
struments are expected shortly to be ready for submission to the court for
approval.—V. 152, p. 1274.
Assets—
1940
$4,772,851
2,329,682
1,998.289
$4,681,302
$2,443,170
537,024
$868,568
277,289
508.781
$4,958,592
$2,980,193
693,310
Total income..
622,137
163,488
419,261
22,753
$1,377,349
545,536
Depreciation
—
153,861
143,980
xl,594,487
Minority interest
Miscell. deductions (net)
$2,507,223
405,123
1,225,727
193,052
1,552,893
91,154
56,436
590,138
500,415
S.
U.
b Land,
Inc...
15,651
21,257
5,321
892,207
174,290
7%
cum. pref. stk.
348,900
391,500
4,289,209
4,289,209
c
1,334,000
Goodwill
111,659
82,870
and
950,000
d Common stock in
Dr265,659
treasury
431,033
31, 1932.
.....$8,930,936 $6,806,802
After
a
dountful
for
reserve
244 493
1,485.205
—
1,279,884
Total-.. —....$8,930,936 $6,806,802
and
accounts
of
notes
$10,000.
b After
depreciation of $3,440,565 in 1940 and $3,306,526 in 1939.
c Represented
by 990 675 no par shares,
d Represented by 25,417 shares
at cost.—V. 152, p. 3490.
Co.—-Earnings—
Calendar Years—
1940
1939
1938
$3,566,746
282,556
3,083,461
144,842
$2,985,411
2,914,946
109,424
$3,727,937
51,971
$338,444
19,297
loss$38,959
16,788
$3,779,908
—
$357,741
71,500
loss$22,17I
$286,241
69,000
loss$22,171
69,000
$217,241
def$91.171
.
....$11,025,105
7,014,612
_
Depreciation and amortization
911,750
$1.19
$0.20
—-
for
reserve
$1,892,543
431,184
~
Dr265,659
237,344
Surplus since Dec.
Costs, expenses. &c.
420,966
3,214
Common stock..
1,599,568
l
1937
$4,706,746
2,265,822
$677,953
$1.74
24,000
(estimated)....
Net sales
612,864
$1.09
Heating,
1,587,880
—
Bullard
$1,752,554
238,042
Prov. for self-ins..
bldgs.,ma¬
Unexpired ins.
$446,508
Prov. for inc.taxes
1,379,050
chinery, Ac
Patent rights—
trade.$1,232,496
Due Budd Induct'n
defense
orders
j~9"591
Net profit
Preferred dividends
Common dividendsEarns, per com. share.._
Land contr. pay..
Com. dlv. pay
1,962,600
x339,000
—
1939
457,275
Spec, facilities for
$2,858,710
627,167
Prov, for contingencies.
Federal, &c., taxes
1940
Accrd. liabilities..
Investments, Ac..
$2,440,924
417,786
.
Accts. pay.,
787,544
Die A tool expend.,
bal. unamortized
Total
Operating profit
Other income^
Liabilities—
■
$893,076
Capital surplus...
$7,405,584
2,724,282
Grossforcosts
Expenses
1939
$733,862
1,524,592
Accts. receivable
Inventories
prepaid Items
1938
$2,866,857
yl939
1940
Cash
a
Bucyrus-Erie Co. (& Subs.)—Earnings—
Calendar Years—
3643
Balance Sheet Dec. 31
Other income (net).
Includes Federal excess profits and declared value excess profits amount
ing to $502,678. y As of July 1 the Bucyrus-Monighan Co. became a wholly
x
owned subsidiary and the consolidated income account reflects the
of the Bucyrus-Erie Co. in the earnings for the full
year.
Federal income taxes.
equity
902.800
1.179.700
Comparative Consolidated Balance Sheet Dec. 31
1940
1939
$
5 ;
•4sse/s—
Cash
hand
on
Trade
Inventories
2,583,084
Dividends payable
Misc. accts. pay..
77,905
..—
362,756
1,846,474
547,834
216,844
167,225
3,872
55,515
30,900
Accr'd
18,228
74,579
ing exps., &c...
Other assets.——
27,896
43.999
144,471
1,486,342
187,537
1,998,558
5,171,401
5.244,076
6,838,511
6,838,511
b Prop.,
plant
Earns, per sh. on common.
Assets—
y
Adv.
paym'ts
sales contracts.
Ac
Accts. rec., Ac..
Inventories
65,773
182,335
Prepaid
224,219
221,006
6,128,635
5,600,394
7,936,407
Calendar Years—
Gross sales (net)
28,786,714 26,494,243
—V.
152,
1940
Gross profit....
for
152,
71,500
1,905,174
Total
$7,410,093 $4,711,308
possible losses,
2845.
&c.,
of $23,671 in 1940 and $15,324 in 1939.
Burroughs Adding Machine Co.—Earnings—
&c
1937
$3,450,216
1,703,013
$987,255
1,403,493
$4,867,086
92,634
$1,747,203
38,347
X426.369
25,432
$2,973,326
37,019
.""$4,959,720
$1,785,550
1,810,317
328,394
9.088
35,730
1,191,768
*$400,937
842,249
$3,010,345
1,170,716
279,308
14,613
54,285
income taxesyl,117,700
70,000
Total income
Depreciation..
Interest
Amort, of bd.disc.&
exp.
Other deductions.
Prov. for State & Federal
Net profit
Earns, per sh.
276,283
18,849
10,613
$1,658,490
com..
on
Indicates loss,
,
226,332
11,823
1,101
Nil
amounting to
Balance Sheet Dec. 31
1940
* i Ma
1939
c
c
1,860,000
1940
Liabilities—
.
5,142,061
Accts. pay.,
Inventories--.... 6,742,664
4,130.769
Accr'd
Accts. receivable..
Dies, Jigs A fixt's.
Other current ac¬
275,055
445,235
counts receiv'le.
3,785.671
3.263,013
3,291,985
Prov.for Inc. taxes
1,370,167
Ac
Pats. A pat. rights
13,381,378
1
1
e
6% conv. bonds.
RFC loan
940,125
4,150,000
5,953,100
b Common
4,902,647
142,191
17,074
prepaid and de¬
ferred taxes..vl
$2,706,965
5,000.000
$0.44
5,000.000
$0.54
;8,163,4 04
7,000,000
2,500,000
out¬
5,000,000
$1.63
only,
United States surtax
on
undistributed profits.
Balance Sheet Dec. 31
al940
Asset—
c
bl939
$
—
$
al940
bl939
$
$
Liabilities—
d Common
—
Govt, securities-..
8,236,608
8,616,142
4,333,221
Plant, equip.,Ac.
5,133.978
stock.25,000,000 25,000.000
Accounts payable.
602,941
361,635
5,870,753
Wages
missions payable
688,641
884,761
4,307,794
Prov.for inc.taxes
821,621
957,791
940,125
5,150,000
Cash in closed bks,
96,831
124.300
Repairs to machry.
Miscell. investm'ts
7,127,047
1.794,598
and
accts.
Investments
136,108
—
—el, 823,420
55,188
66,231
Loans to sh'holder
employee
2,996
business----
Inventories—
899.725
84,505
109,518
389,174
396,684
2,171,804
credits..
Reserve
for
2,695,403
con¬
-
Other reserves219,461
216,373
10,209,529 11,346,633
Deferred charges.-
sales
under guararity.
for
other
Prov.
tingencies
not
presently used in
co.
corn-
Deferred
made
estate
and
taxes
prior to 1931--Real
Comm. pd. on un¬
Earned
-
-
-
600,000
------
surplus.4,520,986
1,000,000
401,413
4,624,339
984.500
73,805
contracts
-.--34,638.367 36,672,849
Total
Total
31.902,163 27,092,470
Total
After
depreciation of $10,723,364 in
b Represented by 1,656,808 no par shares,
Budd Wheel
...-31,902.163
27.092,470
and $9,393,319 in 1939.
Due 1941.—V. 152, p. 2695.
1940
e
Co.—Earnings—
Calendar Years—•
Gross sales, less returns.
Ac.
1940
1939
$15,963,664 $11,519,209
12,873,333
9,774,682
Cost of goods sold.-
1938
$7,861,297
7,561,284
1937
Gross oper. profits.-.
Sell.,
adm.,
legal and
general expenses.....
$3,090,331
$1,744,527
$300,013
$16,707,721
14.675.987
Bush Terminal Buildings
a
Revenue
702,477
482,679
411,470
473,640
46L358
353,084
_
_
$1,856,028
..
11.549
22.345
11,064
-
-
_
—
—
-
$1,867,577
Prov. for Fed. inc. tax..
456.000
Excess profits taxes
Prov. for surtax
$822,834 loss$453,477
160,000
1,072,862
1,215,218
1,291,986
646,929
$1,095,845
4,584
426,740
53,425
363,321
13,883
4,566
208,363
423,059
10,169
427,754
58,926
378,069
$1,273,102
7,638
431,365
46,012
410,877
15,549
23,005
201,233
$882,809
12,953
Int.
on
taxes.
funded debt
Amort, of bond discount
$895,762
165.000
Depreciation
Reserve against inter-co.
Common dividends
29,190
7,193
37,546
386.103
21.772
& Exhib.
stk, (no par)
per
$589,320
965.258
share
$1.01
378,050
14,235
5,283
206,871
14,234
5,392
196,777
41,378
193,052
$633,645
def$498.216
965 258
965.258
Nil
$0.66
$384,561
Net profit for
965.258
$0.60
a
165,324
Bldg., Inc.,.
b Excess of par value.
-
Balance at Dec. 31
53,199
adv to Bush Term. RR.
charges..
29.654
$2,565,087
$1,088,109
9O"O6O
;
Preferred dividends
1937
$2,311,064
1,182,316
406,500
Miscellaneous
1938
$2,160,971
$1,098,609
Operating income
4,744
Provision for bad debts,
Other interest charges._
Total income-
1939
$2,280,925
rentals
Real estate taxes
$800,489 loss$464.501
Co.—Earnings—
1940
Oper. & maint. expenses
Other
Operating profit.
34,638,367 36,672,849
500.858
1,138
58,187
defense orders
Other income
from
and other services
_
Depreciation
Special facilities for U. S.
$2,031,737
Total
Company only,
b Including subsidiary corporations,
c After
de¬
ducting $8,199,424 in 1940 and $8,615,536 in 1939 reserve for depreciation,
d Represented by 5,000.000 shares of no par common stock,
e Composed
as follows:
Investment in, advances to, and machine consignments with
subsidiarv companies, at cost, $3,240,000; amounts due from, and machine
consignments with foreign dealers, $166,109; less reserves of $1,582,718;
balance as above $1.823,420.—V. 152, p. 1907.
a
Calendar Years—
com.
$2,200,814
2,000,000
5,000.000
$0.62
—
_
1,502,047 $10,078,476
795,081
el ,915,072
c Includes
b Including subsidiary corporations.
$654,159 dividends received from subsidiary companies operating in foreign
countries,
d Federal normal income taxes,
e Including $43,000estimated
26,162
exp.unarnort--.
Interest
$3,044,133
843,319
$3,146,248
2,500,000
.
stock
com.
Company
a
Bond discount and
completed
d829,000
3,567,801
127,233
Unexpired ins, and
$3,975,248
_
5,199,669
5,953,100
4,902,647
7,127,047
stock.
$9,678,834
399,643
standing (no par)
Earned per share
Notes
Capital surplus
1
$3,086,799
415,248
receivable------
81,917,
Surplus
1
ry. cars. Ac.
$2,914,520
129,614
211,699
98,901
..
adv'ce
7% pref. stock....
Devel. of light-wt.
Net income.
Dividends
Cash
pay. on contr'ts.
.-14,460,104
272,901
self-
insurance, Ac
Customers'
$3,161,607
c813,641
Total income
598,510
Land, buildings,
12,593,035
476,905
*
1,118,416
779,906
60,666
Investments, Ac..
11,733,209
576,782
600,000
trade.
for
15.711,098
15,664,621
592,910
Fed. & foreign inc. taxes
Shares
16,832,254
$15,656,774 $15,396,790 $22,748,773
S
1,000.000
liabilities..
Provision
y?(
$38,459,872
12,149,345
Operating profit
1939
S
RFC loan
2,593,979
2,961,257
......
bl937
«*
10,028,497
608,525
Other income
$0.48
profits tax
$300,000.
Cash..
bl938
v'.*'<■•/'•"
$32,489,029 $31,061,411
taxes,
rents, &c
$1,219,423
Nil
excess
bl939
•
—$13,798,628
Depreciation
272,000
$218,037 x$l ,482.442
$0.75
Includes Federal
y
>-
15,561,764
Grossprofit.
Exps.,
ordinary
$4,376,819
1,413,624
Operating income
Other income
al940
: .y^.
-'$29,360,392
Cost thereof, rents .taxes,
1,831,948
Shs. of
2,082,500
3,050,582
p.
rentals & service
1938
1939
_$6,699,034
Expenses
Earnings
$4,711,3081
$7,410,093
...
Calendar Years—
Gross income from. Sctles
3337.
p.
$53,270,385 $35,361,662 $25,812,346 $38,994,488
46.571,351
31,911.446
24,825,091
34.617,669
Cost of goods sold.
a
851.973
144,768
1
Total
(Edward G.) Budd Mfg. Co.—Earnings—
a
376,553
507,495
reserve
marks and patents.—V.
A
depos.
payroll,
taxes, Ac
Prov. for inc. tax..
x Represented by 276,000 no par shares,
y Less reserves for deprecia¬
tion and amortization of $3,181,847 in 1940 and $2,225,795 in 1939.
z Less
for credit losses and cash discounts, $478,506 in 1940 and
$489,994 in 1939.
b Less reserve for depreciation of $4,864,362 in 1940
and $5,486,464 in 1939. c Consisting of engineering development, trade¬
x
Accrued
Earned surplus.-.
expenses..
reserve
Total
18,758
308,794
5,832,000
7,060,034
28,786,714 26,494,2441
Less
27,995
Customers'
2,000,747
Ac
Earned surplus
a
482,346
2,779,927
Patents, dies, Jigs,
_
7% preferred stock
(par $100)
5,759,900
1939
1940
Accounts payable-
$2,352,480 $1,534,751
1,767,345
848.258
Cash
Com. stock (par $5) 6,128,635
Capital surplus
5,598,936
Total
Liabilities—
Capital stock—$1,051,125 $1,051,125
341,838
186,769
Notes payable
500,000
x
equity,
z
on
1939
1940
Land, bldgs.,ma¬
chinery,
Invoiced
to customers
Nil
$1.04
Balance Sheet Dec. 31
A
Reserves
._
104,402
Add'l costs of con¬
tracts
A
equipment
Goodwill
comms.
103,295
royalties..
Bucyrus, Ltd...
Prepd. Ins., travel¬
c
$1,145,408
$6.15
.......
233,495
6,090,382
49,472
Accrued payrolls..
Accrued taxes
Misc. accts. rec'leDue from Ruston-
Investments
552.000
Surplus......
49,560
3,384,046
6,558,670
rec'le.
—
311,803
5,362,742
A
accts.
ser. notes
Dividends.
$
461,692
_
$1,697,408
1939
5
Trade accts. pay.
demand deposits 3,147,552
a
1940
Liabilities—
A
__
period—
Cr218.790
$242,357
$2,828
$4,523
loss$27,901
Includes interest charged on inter-company note and advances ($36,750
1940, $43,750 in 1938 and 1939 and $183,272 in 1937).
b Over cost
(incl. unamortized discount) of bonds purchased, after deducting provision
for Federal income tax of $24,000.
in
The Commercial &
3644
June 7, 1941
Financial Chronicle
Dec. 31
Balance Sheet
Note—The net income of
namely. £21,030
rate of exchange
the foregoing income account but is
at Dec. 31, 1940), is not included
reflected in capital surplus.
Surplus Accounts for
in
Year Ended Dec. 31* 1940
Capital Surplus—
,
'
Capital surplus as at Dec. 31, 1939.-——Adjustment of carrying value of investment in Bush House,
Ltd., to accord with net asset value as reported by that com¬
pany as at Dec. 31,1940:
Net income as reported by Bush House, Ltd., for the year
1940, converted at $4,035 per
Increase in equity due to increase in sterling exchange
Reduction in reserve provided at April 30, 1937, against indebt¬
edness of Bush Terminal KB. Co
14<t I ciIlCfi
m m m —
—
«*'-»
mm
4+m m,
mm
— ~
** mm
provision for additional reorganization expenses
contingencies in excess of amount estimated as at Apr. 30,
Deduct
*m
mm-'
Earned
87,277
35,307
225,000
$913,050
235,894
1939
Dec. 31, 1940---------
242,357
---
Adjustment in rental and other charges made by Bush Terminal
Co. subsequent to April 30, 1937, arising out of settlement
of steam controversy as of M arch 26, 1940
Balance
with
debt settlement
from
during 1938 and 1939, resulting
Bush Terminal IiR. Co. as of
March 26, 1940
Provision for additional N. Y.
taxes
subsequent to April
1,399,111
31
a
2,644,355 Mtges.
property
Industrial bldgs.,
Brooklyn--b Office
—
6,880,000
—
9,170,011
-
9,313,462
7,561,000
55,000
Pearl St.
on
8,946
Street irnpt. assess.
Accts. pay. & accr.
building,
101,576
63,869
65.250
expenses
29,123
166,190
168,222
894,738
886,768
1,925,499
Ltd:
Bush
Terminal Co—
610,000
1,802,915
funded debt----
135,531
6,828
143,119
2,828
580,000
Prepaid rentals—General reserve for
obsolescence
of
properties, &c— 1,000,000
1,000,000
Manhattan
c
Real est., franch. &
plants,
Steam
equip., Ac
f Invest,
House,
d Interest in
e
-
Accrued interest on
Busn
in
Federal taxes.-
Int. in Bush Ter¬
306,750
2,030
minal RR
Statutory deposits
302,500
i
2,030
reorganiz.
33,871
37,159
dispute.------_
Cash--^———
472,957
666,107
Accts. & notes rec.
120,521
92,369
Prov. for injuries A
damages
51,408
7%
103,357
25,000
exps.
181
accounts.
tual insur. cos,
Due fr.
-
Provision for taxes
Bush Ter¬
Co
pref. stock— 7,000,000
50,000
(par 35)
Com. stk.
and
Maintenance
17,184
in dispute
minal Co.&B.T.
RR.
9,524
supplies-
63,070
49,813
Prepaid exps. and
deferred charges
344.535
;
16,003
,000,000
50,000
893,487
Total
16,744,707 16.921.1361
—-
After
a
depreciation
of $2,387,636
Total
in 1940 and
b After depreciation of $37,940 in 1940 and $34,372
ciation of $859,010 in 1940 and $840,287 in 1939.
6% income note and accrued interest,
advances and accrued Interest.
f The investment in Bush House, Ltd. (a wholly-owned subsidiary)
stated at the net asset value thereof as reported by that company as
15-year
Dec. 31,
is
at
1940 (£477,199), converted at $4,035 per pound (rate of exchange
1940),
The properties, facilities and equipment of Bush House
located in London, England, and therefore are subject to risks
at Dec. 31,
Ltd.
are
arising from prevailing war conditions.
Bush Terminal Co. holds an
exercisable at any time before April 15, 1942, or before the holders
Canadian Breweries,
AprM—
from operation._
Frofits
Other income
,
has
414% bonds, series A. due Oct.
A/os.—1940
21,184
$259,183
31,488
117,950
$552,807
61,101
242,370
$570,148
57,518
235,842
$109,745
$249,335
$276,789
31,655
123,115
Interest
$136,119
a
Profits
a
Subject to minority interest and
1941
April 30
1940
1941
1940
$
$548,964
income taxes.
Consolidated Balance Sheet
Assets—
1941—6
19,860
Provision for deprecia'n.
—»-
-Earnings—•
$532,947
$290,890
-
-
1,
103 and accrued inter¬
Trust Co. , N. Y. City.
Ltd. (& Subs.
$
S
S
Liabilities—
Cash
189,625
189,792
Bank loans & over¬
Investments
535.184
523,962
(secured).
Accts. payable and
557,000
436,240
liabilities
802,277
699,009
279,975
247,074
Fed.
2,316,406
2,233,962
draft
Accts. & bills rec'ie
reserve
accrd.
for
InventoriesCash
hands
in
trustee for debs
Land,
356,606
158.673
146,902
157,100
April 1, 1946...
1,100.000
1.200,000
850,000
925,000
811,244
865,426
4,919,489
32,521
Series B debens
431,998
450,059
sub. company..
8,342,424
475,825
in
int.
Minority
buildings,
444,656
investments
inc.
taxes
Invests, in & ad vs.
a
Prov.
Mtge. payable..
5X% ser. A sink,
fund
deb.
due
540,658
_
&
c
of
plant & equip..: 7,999,196
b Capital
stock... 4,914,057
Cap. surplus & dis¬
1941
tributable
surp.
3,248,843
3,085,452
profit after depreciation, depletion, Federal income taxes
and other charges
Earns, per sh. on 1,308,000 shs. of common
—V. 152, p. 421.
$451,432
$0.33
stock
a
Yea rs Ended Dec. 31—
1940
al937
1939
1938
$2,903,160
1,594,121
$2,790,583
1,671.123
$2,891,251
Balance
Real estate taxes._
Other
__
_
taxes
Interest
on
,202,954
1,000
543,918
,300,039
$1,119,460
6,000
537,341
50,005
$1,336,179
6,000
funded debt.
Other interest charges._
on sale of equip
13,550
1,000
533,163
51,354
411,803
11,881
251",643
Provision for bad debts-
251,249
49,032
410,522
1,555,072
538,622
47,063
423,461
413,116
4,754
Int.
on
__
indebtedness
Bush Term.
to
Bush
Canadian National
30,000
11,697
b20,000
30,000
'
22,355
ing, Ine
152,
p.
plant.
50,397,879
40,432,875
$3,149,165
$1,946,079 $11,669,571
$7,248,568
Ended May 21
21,370
Gross earnings.
$96,710 prof$18,589
$185,129
Combined income account of the trustee for the period
prof$2,822
—V.
from Jan. 1,
152,
p.
1941—4 Mos.—1940
$47,681,443
10,097,844
Earnings for Week
1937, to April 30, 1937, and of the company for the period from May 1
to Dec. 31, 1937.
b Since April 30, 1937.
Note—The revenue for the year 1939 includes $140,324 charged against
Bush Terminal Buildings Co. with respect to excess operating costs of
steam
Ry.—Earnings—
1941—Month—1940
13,505,625
Net earnings..
vices in connee'n with
reorganization
$6,517,376
$16,654,790 $12,043,927 $62,067,450
Working expenses
20,000
1940
$8,820,747
3491.
Legal & professional ser¬
Net loss,
Period Ended May 31
,
Canadian Pacific
Gross earnings..
Prov. for flood damage
Ltd.—Accumulated Div.
1941
Period End. Apr. Zip-"
Term.
In¬
Ry.—Earnings—
Earnings for 10 Day
—V.
Bldgs. Co.
c
of 44 cents per share on account of
accumulations on the 7% cumulative preferred stock, par $25, payable
July 10 to holders of record June 21.
Dividend of like amounts was paid
on
April 10. last, and April 11, 1939.
Current declaration is subject to
approval of the Foreign Exchange Control Board.—V. 152, p. 821.
Gross revenues—..
RR,
and Exhibition Build¬
to
Canadian Car & Foundry Co.,
shares, no par value,
239,564
243,374
Apr. 30, 1937
30,000
by
Directors have declared a dividend
919
to
Int.on 15-yr.6% inc.note
Res. agst. inter-co. ad vs.
of $2,387,313 in 1941 and $2,031,425
163,428 cum. sinking fund conv. preferred
for depreciation
b Represented
3,008
Loss
Depreciation
reserve
shares, no par value, and 675,195 common
cludes purchase liability.—V. 152, p. 1907.
Rev. from rentals, trans¬
portation, &c.,services $2,921,733
Oper, & maint. expenses
1,718,779
After
1940.
Total—--,—12,786,929 12,446.388
.12,786,929 12,446,388
Total
in
Bush Terminal Co.—Earnings—
a
Placed Privately—Company
i
Gross income-
Other
Earnings for the Quarter Ended March 31,
Net
$1,817,106 in
$1,362,323
$80,000
1941—3 Mos.—1940
$277,016
$252,374
13,874
6,809
Period Ended
to affil. cos
Earnings—
$18,129,128 $18,460,225
Bowls Colled—
Prepaid expense.-
& Concentrating Cp.
33,798
414,537
1955, have been called for redemption on June 26 at
est.
Payment will be made at the Chemical Bank &
—V. 143, p. 577.
3083.
Bunker Hill & Sullivan Mining
518,460
700,000
4,592,217
placed privately an issue of $400,000 1st mtge. bonds, 3%%
series B, dated May 1, 1941, due May 1, 1971.
Proceeds
will be used to retire $375,000 1st mtge. series A 43^s due
Oct. 1, 1955, and the balance is new money.
common
P.
1,409,500
coupons.—V. 152, p. 1275.
d And unpresented
doubtful accts..
of $1.50 per share on the
33,950
1,409,500
518,460
700,000
4,715,452
depreciation of $1,979,828 in 1940 and
Cairo Water Co.—Bonds
less
stock, payable June 30 to holders of record June 29.
Semi-annual
dividends of like amount were paid on Dec. 16 and June 10, 1940.—V. 151,
31,301
Apr. 30, 1937)
-
in 1939.
of de¬
Co., Ltd.—Interim Dividend-—
228,629
234,610
221,841
166,641
-
After reserve for
option
certificates of Bush Terminal Buildings Co. become entitled, to
receive certificates representing 6 % cumulative preferred stock of Bush
Terminal Co. under the terms of the deposit agreement, whichever shall
first occur, to acquire all the interest of Bush Terminal Buildings Co. in
Bush House Ltd. for the sum of $2,500,000.
The capital stock (exclusive
of directors' qualifying shares) of Bush House Ltd. has been pledged with
the trustee for the 1st mtge. 50-year sinking fund gold bonus under the
supplemental indenture dated as of April 21, 1937.—V. 152, p. 2695.
Directors have declared an interim dividend
800,000
Total
positary
Bulolo Gold Dredging
26,788
facilities.800,000
of prop. &
earned surplus (since
316,512
21,935
—- —
All of the outstanding first mortgage
16,744,707 16,921,136
$2,229,575 in 1939.
d236,290
308,593
—
1939.
b After reserve for depreciation of $1,447,389 in 1940 and
in 19-39.
c Includes accrued interest thereon—$110,000 in 1940 and
235,894
in 1939.
c After depre¬
d Bush Terminal Co.
e Bush Terminal RR.
580.000
134,088
237,270
advance
and rentals
Capital reserveCapital surplus
565,466
505,624
Capital surplus -..
Earned surplus—-
323,856
oper.
610,000
154,651
& structural changes
contingencies
Prov. for injuries, damages and other claims. _ —
Capital stock—6% cum. pref. stock (par $100 per
sh.)—Issued, 14,095 shares.
—
Common stock (par $1 per share)
77,008
9,227
^
$2,301,000
6,381,000
Res've for reorg. exps. &
in
Prov. for claim
Deposits with mu¬
1
$18,460,225
Res've for extraord. maint.
a
Res. for conting. &
180
Miscell.
1
Co. 15-year 6% income
Gen. res. for obsolescence
on
291,637
62,110
79,602
1952
Franchise, city and Federal taxes
Provision for storage withdrawal expenses,
Deficit
130,489
65,730
$2,268,000
6,381,000
Accounts payable and accrued expenses
Accrued interest on funded debt
$
•
8~254
605,202
152,617
38,882
27,986
_
Bush Terminal Buildings
note, due
"
$18,129,128
-
storage billings
55,000
debt—
Funded
2,644,355
—-
$
Liabilities—
$
Assets—
Land & land irnpt.,
receivable—Rentals, storage,
less reserve for bad
1st mtge. 4% 50-year gold bonds, due 1952.
Consol. mtge. 5% gold bonds, due 1955
c
73,491
23,426
7,885763,222
operating supplies
Due from Bush Terminal RR. Co
Bush Terminal Buildings Co.—Claims and other
charges in dispute, $403,039; less $85,750 col¬
lected on acct. and contra accts., $25,653
Prepaid expenses and deferred charges. __________
Goodwill—carried at nominal amount
1939
1940
1939
1940
7,220
$.505,624
Balance Sheet Dec.
Brooklyn
27,500
City sales and personal property
30,1937, and accrued int. thereon. _
1940
1940
50,000
73,491
Maintenance and
Total
2,017,727
89,060
Liabilities—
____
Earned surplus as at Dec. 31,
Combined surplus as at Dec. 31,
notes
6,103,925
2
'
freight and other charges,
$540,343
- - -
-
Elimination of interest accrued
62,093
&
Accts.
$8,962,600
50,000
10,000 shs. at par of $5 per share
—Terminal RR. Co.—Common stock and
advances, less reserve
Statutory deposits with State and city authori¬
ties—LJ. S. Govt, bonds and City of N. Y. cor¬
porate stock, $70,991 (quoted market value
$81,212), and cash, $2,500—
Fund held by trustee in 77-B proceedings
Miscell. invest., claims & accts., less reserve
Current assets—Cash in banks and on hand
19,563
$893,487
31, 1940
Surplus {Since April 30, 1937)—
Properties, facilities and equipment:
$8,962,776
Land and land improvements, Brooklyn
a Steamship piers, industrial buildings and stor¬
5,987.027
age warehouses in Brooklyn--b Steam plant, railroad facilities, marine, motor
1,962,212
and other movable equip,, furn. & fixtures—
Investments and advances:
Bush Terminal Buildings Co.—Common stock,
Bush
and
'37 _
Capital surplus as at Dec.
Earned surplus as at Dec. 31,
Net income for the year ended
$565,460
1939
1940
wholly-owned subsidiary),
Bush House, Ltd. (a
1940, as officially reported by that company,
(which is equivalent to $87,277 if converted at $4,035, the
for the year
—--
1941
1940
$4,371,000
$2,891,000
3338.
Canadian Wineries,
Ltd.—25-Cent Dividend—
Directors have declared a dividend of
25 cents per share on the common
stock, payable June 12 to holders of record June 6.
Dividend of 15 cents
was Daid on Jan. 9 last and one of 25 cents paid on May 28, 1940.—V. 150,
p.
3041.
Volume
The Commercial &
152
on
Carpenter Steel Co.—To Pay SI Dividend—
directors
on
common
CelluloH Corn.—Celluloid-Celanese Suits Merqed—
Vice-Chancellor Alfred A.
Stein at Newark, N.
J., has signed an
order
consolidating three suits by groups of stockholders of Celluloid Corp.,
seeking to prevent a proposed merger of the company with Celanese Corp.
of America.—V. 152, p. 3338.
Central Arizona Light & Power
Period End.
66,802
.
30,000
433,000
410,000
2,913
34,944
34,960
$1,018,846
17,889
!$1,074,606
18,961
limited-term
investments
$64,381
$95,233
68
Net oper. revenues
96
Other income (net)
$1,093,567
734
$1,036,735
227,500
9,707
117
1,045
117
$75,754
$800,573
$857,317
Dividends applic. to pref. stocks for the period—
108,054
108,054
$692,519
$749,263
$64,449
18,958
_
mtge. bonds.
on
$95,329
18,958
772
Gross income
Interest
Other interest
227,500
8,867
Int.
charged to construe.
(Credit)
"
Net income.
Balance.
_
.
_
_
$44,719
_
_
_
_
Notes—(1) Provision for Federal income taxes, subsequent to April 1,
1941, is being made at a rate which will result in the accumulation of such
taxes at the rate of 30% for the full year 1941.
(2) Includes provision of $5,000 and $72,369 for Federal excess profits
tax in the month of April, 1941, and in the 12 months ended April 30, 1941,
Central Illinois Light
Period End.
Eastern Illinois
was the first.
A reorganization plan for the
$45,209,400 of
1941—12 Mos.—1940
Operating expenses
345,024
Taxes
178,434
138,951
Prov. for deprec.& amort
122,000
115,000
$9,836,492
3,952,492
2,104,414
1,408,000
$216,546
55,325
$248,780
56,966
$2,371,586
653,953
$862,004
Chicago
Yellow
$9,510,153
3,825,370
1,547,790
1,180,000
$2,956,992
772,214
on
Balance
152,
$2,184,779
15,951
501.607
191,406
501,607
191,406
$134,062
$1,024,620
2846.
p.
1940
$24,267
$0.24
$0.05
deducting depreciation, but before provision for income and
1941
$107,438
3 Months Ended March 31—
a
Net income.....
a
share of common stock..
per
After
profits tax.—V.
excess
151, p. 2348.
Checker Cab Mfg. Corp. (&
1939
1938
1937
$6,104,649
4,775,773
$200,253
335,065
$178,526
268,240
$376,347
479,387
cabs... pf$ 1,328,876
$134,812
$89,714
$558,038
506.727
$343,640
$599,922
578,366
Cost of cabs sold
on
Service & miscell. sales
$639,567
Service & misc. sales cost
597.286
Gross
profit
on
329.150
service
and miscell. sales—
$42,281
$51,311
$14,489
$21,555
from other oper
Direct expenses against
$116,592
$130,413
$95,211
$27,703
75,828
79,531
45,324
23,981
$40,764
$50,882
$49,887
$3,721
$32,619
$25,338
53,546
169,511
76,874
other
operations
Gross inc.
from other
operations
Combined gross loss-.pf$1411,922
Selling expenses
116,572
236,385
283,056
Gen. & admin, exps
Depreciation
Prov.
for
paid..
income
$359,409
10,700
$325,269
59.315
$414,524
178,369
$348,709
163
$265,954
17,555
$236,155
67,320
9,720
4,616
other
than
Balance, surplus
income, &c
deductions
x
$6.44
share
a
Including surtax
$109,743
$115,114 in 1937.
of
1940
Assets—
108.361
108.361
Nil
Nil
Nil
1940
Liabilities—
1939
1939
$541,805
$922,225
1,900,734
117,995
Due from employees
475
Inv. in control, co.
396
666,100
1,046,205
1,046,205
Demand note pay.
Invest. In affil. co_
288,300
288,300
75,801
Due to allied or re¬
Accts. <fe notes rec.
$541,805
179.0.50
Accounts payable.
703,795
Sec. time bank l'n
Inventories
Other
-
193.615
1
Investments
1940
dMtge.
note
rec.
(non-curr.)
Goodwill
1,172,675
— —
Prepaid expenses..
75,788
lated cos
in
88,468
a
7,850
(current)
—
64,473
174,000
Federal taxes, &c_
296,813
71,345
203,666
2,494,925
Instal. pays. due..
55,000
178,750
71,080
73,580
Accts. receivable..
132,534
119,298
68,750
3,989
102,106
247,106
802,750
Deposits.........
Notes
1,058,549
Divs.
payable
Res. for claims, &c
allied companies
10,908
54,645
61,099
60,719
compen. ins'ce..
Capital surplus
Cash inclosed bks.
16,182
16,182
Earned surplus
on
31,300
Inventories.
24,581
Acer. int. receiv.
24,650
4,065
7,545
181,836
216,120
_
charges.
Total.........$7,031,384 $6,974,074
Chilton
par
Total
and
Co.—Special Dividend—
10 cents per share has been declared on the common
payable June 12 to holders of record May 29.
Regular quarterly
dividend of 10 cents paid on April 15, last.
Special of 10 cents was also paid on Feb. 12, last and Aug. 7,1940.—V.
152, p. 823.
Cincinnati Advertising Products Co.—Delisting Denied
Securities and Exchange Commission on May 27 issued an order
dismissing the application for withdrawal from listing and registration of
the common stock (no par) on the Cincinnati Stock Exchange.—Y. 152,
p.
1275.
Cincinnati Newport
& Covington Ry.—Bonds Called—
Directors have called for redemption on July
1, 1941, at their principal
amount, together with a premium of 3%, and accrued interest, $3,296,500
July 1, 1947.
railway has been unable for
many years to earn the interest charges on the bonds, the funds for which
have been advanced by the Columbia Gas & Electric Corp. in accordance
of first and refunding 6% bonds, series A, due
II. C. Blackwell, President, stated: "The
with its
obligation to do so.
*
"Columbia Gas & Electric Corp. has now requested
the directors to call
provide the funds for payment.
"Accordingly, Columbia Gas & Electric Corp., which owns 96.6% of
the stock of the railway company, will thus completely discharge its obliga¬
tions to C. N. & C. bondholders."—V. 144, p. 2991.
the bonds for redemption, and has agreed to
City Ice & Fuel Co. (& Subs.)—Annual Report—
Consolidated Income Account
for Calendar Years
1940
1939
1938
1937
—$25,688,392 $25,356,161 $25,407,462 $28,970,671
Sales.
_xl9,328,020
Operating expenses
Maintenance...
19,025,722
18,885,596
21,909,826
757,920
705,811
770,133
2,169,674
2,156,342
2,262,748
$2,944,995
200,274
1,542,971
314,522
$3,519,587
188,818
1&4,027,964
$3,857,493
$3,708,405
$4,310,654
110,580
772,105
90,216
620,911
113,108
612,559
170,561
692,077
Net profits
$2,262,584
$3,146,366
$2,982,738
$3,448,016
97,844
48,471
56,844
100,040
66,055
78,460
67,701
$2,164,740
1,091,851
1,380,444
Shs. com. out. (no par)-.
1,150,194
Earnings per share
$0.93
$3,041,052
1,198,183
1,385,575
1,152,288
$2,816,642
1,288,284
1,620,406
1,157,000
$1.32
$3,301,855
1,293,569
3,415,378
.
Seex
Depereciation.
Other income (net)
Net income
Preferred dividends
Common dividends
S
1,437,195
6,196
Inventories
Accrued expenses.
17,740
Fed.
$
chry. & eq., &C.32.493.596 33,649,559
Cash
2,811,188
1,945,733
interest.
Minority
:
Land, bldgs., ma-
Marketable
..——
$1.60
——
10,993
2,576;069
$1.73
Provision for tax._
46,796
381,918
-
-
-
8.562
1,909,857
1,184,226
372,390
-
464,025
1,903,012
740,956
-
532,930
coupons
Like amounts paid
772,341
610,703
107,091
147,097
1,207,250
deposits.--.
2,257,350
94,838
profit..
Res. for future ob-
$6,826,342 $3,579,538
dividend of two cents per share in addi¬
quarterly dividend of four cents per share on the common stock,
$
Res. for unrealized
of
plant
280,023
properties
300,000
1,200,163
1,199,498
Equity on min.int.
depreciation of $1,047,760 in 1939 and $1,250,459 in 1940.
by shares of $5 par value,
c Including other note receiv¬
able, due quarterly to 1942.—V. 152, p. 2697.
Directors have declared an extra
1939
>.'■■■■
& custs.'
Funded debt
After
Central Patricia Gold Mines, Ltd.—Extra Dividend■—
$
Prov. for outst. ice
Other assets
1,609,108
967,900
-
Liabilities—
2,707,009
1,983,050
Deferred charges.-
38,521
173,236
payable June 28 to holders of record June 14.
1,157.000
GVi% pref. stock-16,595,000 17,272,200
b Common stock. 12,950,000 12,950,000
Accounts payable.
589,720
560,374
Accrued expenses- 1,011,415
894,382
28,786
secs.
Notes & acctsi rec.
inc.
Total
2,308,650
1940
1939
1940
Assets—
a
138,716
.
282,690
Portion of earns, of subs.
in subsidiaries.
b Represented
depreciation
A special dividend of
solesc.
both
$7,031,384 $6,974,074
b After
shares,
stock
188
Earned surplus...
tion to a
845,800
3,647,393
105,000
....
Install, contract
Deferred
24,554
20,866
845,800
3,829,947
in
recov.
liquid.
~3~990
Res. for workmen's
Marketable secur.
1,073,985
29,886
3,920
$3,579,538'
81,493
Accruals
Del. instal. paym'ts
receivable,
Realty, &c., taxes.
Reserves
taxes
$6,826,342
1939
2,296,428
Investments
6,000
Deposits.
Paid-in surplus...
a
1940
Capital stock...$1,650,000 $1,650,000
101,469
76,619
Accounts payable.
Consolidated Balance Sheet Dec. 31
32
employees
Accrued
Total
b Includes other
$103,947 in 1938, and
1939,
Liabilities—
1939
&c.$2,197,499 $1,642,207
1,031,654
1,031,654
Due to officers and
135,000
159,970
$113,586
G'dwill, Iran., &c.
Secured bank loans
8,036
Other notes receiv.
1940,
Pref. divs. of subs
b Capital stock
-
in
applic. to minor, int..
$46,796.
$864,219
811,925
Cash..
$1.04
undistributed profits of $282.
on
Consolidated Balance Sheet Dec. 31
Assets—
b Cabs, eqpt.,
$308,170
108,361
$294,203
Profit before Federal taxes estimated at
Land, buildings,
mach. & equip..
$13,444 def$241,575 def$374,201
3,647.393
3,315,804
3,073,830
300,000
300,000
300,000
$1.04
$0.19
$0.25
300,000
funded debt & loans._
$367,123
Consolidated Balance Sheet Dec. 31
a
$75,799
450,000
Income taxes
5,796
Earned per
$58,425
300,000
Earns, per share on com.
56,301
Net loss
xpf$697,509
Shs.com.stk.out. (par $5)
108,361
a30,959
$313,444
300,000
Total income.—.... $3,145,269
Interest and discount on
89,074
interest
Minority
86,250
116,026
$12,074
3,829,947
P. & L. surplus Dec. 31Shs. com. outst. (no par)
Profit from operations
Fed.
Other
67,754
79
Prov. for Fed. inc. taxes
Taxes
$1,195,679
853,159
235,762
145,693
tax..
Dividends
Prov. for doubtful accts.
and notes
22,962
$960,197
682,701
16,795
610,059
terms
Net income
income
1937
1938
1939
$1,014,219
of contract
68,602
171,299
96,858
973
115,906
pf$891,815
43,136
Loss
Interest
58,131
189,774
78,885
18,250
pf$775,909
Operating loss
Other income
(& Subs.)- -Report—
$312,074
300,000
Other charges
Payments under
$77,764
Rev
with $15,616,643 in 1935, the
for the period of trusteeship
1940
$103,041
Sales of cabs
Luther M. Walter listed gross
The
1940
Calendar Years—
Gross loss
Subs.)—Annual Report-
(Excl. Parmelee Transportation Co.)
Consolidated Income Account
a year ago.
Inc.
Co.,
a
Represented by 300,000 no
amortization.—V. 152, p. 3339.
Century Electric Co.—Earnings—
Earnings
approved
$1,215,835
639,296
118,771
Depreciation.
$1,491,766
$191,813
41,800
$103,471
preferred stock
Amort, of pref. stk. exp.
-V.
$1,717,633
$161,222
41,800
15,951
Net income
Chicago Great Western which wiped out
was
Cab
b Net profit from oper..
realty sold
Divs.
stock
Consolidated Income Account for Calendar Years
Approx.
Gross income
Int. & other deductions.
common
The report of trustees Patrick Joyce and
income of $18,748,595 for 1940, compared
U. S. Treas. bonds
Co.—Earnings-
1941—Month—1940
Apr. 30—
revenue
the road was ended May 29 when
at Chicago, approved the final report of
trusteeship.
The road was the second major carrier to emerge from reorganization
proceedings under Section 77 of the amended Bankruptcy Act, Chicago &
Woodward
trustees and terminated the
Cash
$825,042
322,311
Gross
Chicago Great Western Ry.—Reorganization Completed
The Federal Court's jurisdiction over
Judge Charles E.
held in escrow..
152, p. 2846.
respectively.—V.
1940,
Extra of one cent was paid on Sept. 28,
paid on June 28. March 29 and Jan. 2, 1940; extras
paid on Sept. 30. June 30 and April 1, 1939, and extras of
paid on Jan. 3, 1939, and Sept. 30, 1938.—V. 152, p. 1908.
two cents were
1,988,766
835,156
172,845
Property retirement re¬
serve appropriations.
March 31 and Jan. 2, last.
one cent were
$4,343,488
2,349,185
980.464
2,909
Direct taxes
of
1941—12 Mos.—1940
$4,816,439
189.821
81,855
taxes
of
first year of the trusteeship.
The net deficit
was listed at $1,315,541.—V. 152, p. 3493.
37,750
Operating revenues
Oper. exps., excl. direct
Amort,
Co.- —Earnings—
1941—Month—1940
$376,716
$367,793
April 30—
3645
extras of two cents were
May 27 declared a dividend of SI per share on the
stock, par $5, payable June 20 to holders of record June 10. Divi¬
dend of 50 cents was paid in each of the three preceding quarters; $1.25
paid on June 20, 1940; 50 cents on March 20, 1940; 60 cents on Dec. 20,
1939; 15 cents on Sept. 20, 1939: 40 cents on June 20, 1939; 15 cents on
March 20,1939, and dividends of 10 cents paid on Dec. 20, Sept. 20, June 20
and on March 21, 1938.—V. 152, p. 2846.
The
Financial Chronicle
d Treasury
Surplus
40,271,521 42,006,736
Total
a
After
Total..-
stock. Dr295,197 Dr203,727
5,758,823
6,018,858
40,271,521 42,006,736
depreciation of $41,568,089 in 1939 and $42,667,561 in
by 1,157,000 shares (no par),
d Represented by
b Represented
1940.
2,185
Mar. 1 '41
stock.
common
'■/jLnsCtS****"
;T'\ i.-'
$6,000,000 to Buy Its Preferred—
To Borrow
than threethe borrow¬
$6,000,000, company will "continue actively
of purchasing its outstanding preferred shares in the open market,"
11. C. Suhr, President, states in letter to preferred stockholders.
Loan agreement made with a group of banks calls for borrowing up to
$6,000,000 at not to exceed 3% annual interest with proceeds being used
to reimburse company's treasury for $777,640 spent for 7,946 shares of its
6 H% preferred acquired in the open market since last November, and the
balance being used for acquiring additional preferred shares at not exceed¬
ing the call price of $105 per share.
•
"Purchases will be made only in the open market, through brokers."
the letter states, adding that "all shares of preferred stock so purchased will
be canceled and not reissued."—V. 152, p. 3175.
•'1' $
!'
Property & plant
a
Cleveland press dispatches state: With holders of more
fourths of Its outstanding preferred stock having consented to
6,765.411
3,562,376
30,600
7,045,014
2,325,505
(J. S. Savings bds.
30,000
3,110,279
Due from empl'ees
4,980
Inventories
7,706,525
Adv. pay.repurch.
472,161
Invests,
in
real
estate
32,141
in
Inv.
Cash
<fc adv,
Account for Years Ended Jan. 31
Comparative Consolidated Income
1941
in
of leased
Net sales, incl. sales
goods sold
Cost of
Gross profit on sales
Instalm't acct. carrying
Total gross
24,114,578
a
321,514
charges, &c.
$16,364,911
13,057,460
profit
$15,054,738 $12,988,560
11,507,013
12,194,276
$3,307,451
394,676
$1,481,.547
359,369
....
Other income
$2,860,462
366,999
Earned
494,315
463,056
6,765
401,572
369,131
charges.-
1909.
Note—No
311,001
347,820
y
$63,847
Including $270,OOu in 1937 surtax on
stocks held in company's treasury.
Federal taxes
375,840
345,083
1938
$23,895
8,671
Cr 1,692
86,969
88,091
loss$7,866
loss$71,170
84,848
$51,198
Nil
$0.04
Nil
provision made for Federal excess profits tax.
Surplus
$7,125,252
Dec. 31. 48,131,099
Shs. com. outstanding
(no par)
4,000,000
Earns, per share on com.
$0.77
Liabilities—
$
$
Assets
Accts.
1 306,721
1,391,232
9,455,664
150,479
125,848
Mdse. inventories.
925,846
5,800,239
Market, securities.
55,250
55,250
38,015
36,117
customers
vendors
2,850,860
3,085,104
Accrued accounts:
Int.
on
114,058
for sinking fund,
10,033 Fed. income
4,908
and Interest
600,478
668.498
.
493", 137
282,000
taxes.
342,000
of
599,780
226,740
lnvestm'ts
Sundry notes & ac¬
counts rec., &c.
Mtg. pay. by subs.
Fund, debt, parent
138,104
47,101
stk.
banks
coll.
8,334,000
10-yr.
6%
3,167,000
2,586,900
gen.
107,763,843
93,413,7561
Colonial Stores, Inc.—-Earnings—
April 26, 1941
$320,197
4 Months Ended—
a
Net profit
After State and Federal income taxes, but
39 Weeks
132,907
Period—
3,953.600
3,953-,600
Amortiz.
1,265,370
1.236,140
318.062
40 Weeks
Ended
Ended
1
Pf. stk. of subs.
347,898
Surplus
of
production
Operating profit
applic.
Earned surplus
3,752,353
237,938
e;047,707
2,726,020
Capital surplus...
1,227,752
1,202.257
6.047,707
—
9,712,833
5,003,466
$314,097
113,328
$662,351
93,015
x$61,596
53,281
$426,009
50,509
$755,366
39,844
52,675
a321,499
x$8,315
$476,518
31,875
120,785
24,031
38*250
J $341,349
154,696
206,259
x$80,159
154,696
120,149
$438,268
154,696
262,101
$135,090 def$355,004
366,268
366,268
$0.51
Nil
$21,471
349,468
$0.81
— .
Other income (net).....
Interest—__
—
Federal income taxes, &c
Total.........38,539,748 37,329,1381
..—38,639,748 37,329,138
Total
Div.
The Interstate Commerce Commission on
Subs.)—Annual Report—
Consolidated Income Account for Years
Mar. 1, '41
Mar. 2, '40
Feb. 25, '39
Feb. 26, '38
Addit. comp. for officials
&
Federal tax reserve
Surtax on undist.
Prov.
for
Fed.
516,226
558,000
stk. (no par)
366,268
share..--.
$0.33
per
a Includes $300,000 provision for amortization of inventory and $21,499
provision for foreign investments,
x Loss.—V. 152, p. 2546.
Commercial Solvents Corp.—Common
Directors have declared
528,132
16,000
excess
Commonwealth Edison Co.—Weekly Output—
Company has furnished us with the following summary of weekly kiloelectrical enregy adjusted to show general business con¬
ditions of territory served by deducting sales outside of territory to other
watthour output of
399,837
bl28,085
b94,000
$3,105,170
begin, of period-6,333.300
$2,556,895
5,548,759
111,308
utility companies:
•Netprofit
Bal. at
$1,195,025
5,162,264
$2,405,462
5.259,055
Excess of par over cost of
pref. stock purchase.
_
Total
-
Divs.
on
Divs.
on com.
pref. stock—.
stock.
_
_
.
Drl9,942
Dril,146
Drl4,054
Drl2.883
$9,418,528
203,972
1,688,400
$8,094,508
213,508
1.547,700
$6,343,234
231, b76
562,800
$7,651,634
238,170
2,251,200
$5,162,264
$6,333,300
$5,548,759
$5.15
$4.16
$1.71
a
stock
Includes other income of $75,052 in 1941 and $54,624
in 1940.
$3.85
—V.
31
2417
10
Includes other income of $56,308 but is after deducting
write-down of
inventories of $932,519.
d Includes other income of $29,767 and excess reserve for unadjusted
Federal and State income taxes of prior years of $53,572 but is after deduct¬
ing loss due to storm and flood of $151,721.
1940
1941
—
-
152, p. 3494.
Commonwealth
117,281,000
124,743,000
125,870,000
123,124,000
132,431,000
139,977,000
140,082,000
141,084,000
Increase
12.9%
12.2%
11.3%
14.6%
■
& Southern Corp.—Accumulated Div•
May 27 declared a dividend of 75 cents per share on the
preferred stock, $6 series, payable July 1 to holders of record June 13.
A payment of like amount (which is one-half of the regular rate) was made in
each of the preceding 24 quarters.
on
b Pro-
vision for State taxes based on income,
c
■
.
Week Ended—
May
May
May
May
The directors
Bal. at end of period-- $7,526,155
Earns. per share on com¬
mon
Dividend—
dividend of 25 cents per share on the common
a
551,367
579,328
300,000
profits
profits tax
Misceil. deductions.---.
com.
stock, payable June 30 to holders of record June 6.
Like amount paid on
Dec. 23, last; this latter being the first dividend paid on the common shares
since Dec. 22,1937, when 30 cents per share was disbursed.—V. 152, p. 2849.
122,170
73,886
510,770
1,159,147
employees l'_
Depreciation
$120,069
Surplus
Shares
Earnings
Ended
profit from operat'na$5,499,067 a$3,725,122 d$2,074,353 c$3,6l2,269
Prov. for pensions
$2.75 pref. stock
May 26 authorized the pur¬
of the properties of the Beaver Valley RR. by the Cleveland &
Pittsburgh RR.. the Pennsylvania RR., lessee, and the Pittsburgh & Lake
Erie RR —V. 139, p. 594.
Collins & Aikman Corp. (&
on
4,994,569,
47,813
Common dividends, cash
chase
Net
Special provisions
After deducting depreciation.—V. 151, p. 3390.
Cleveland & Pittsburgh RR.—Purchase—
9,936,267
11,303,157
4,930,024
$274,765
Expenses, deprec., &c—
10,576,738
4,669,585
$427,425
costs, &c
thereto..
Common stock._
Mar. 29 '41 Mar. 30 '40 April 1 *39 Mar. 26 '38
..$15,560,420 $16,895,531 $14,654,703 $15,356,845
Gross income...
Acer, undeclared
y
9 Months
Ended
319,562
309,023
39 Weeks
Ended
138,004
I
Par $5 per share,
April 27, 1940
$249,129
before excess profits taxes.
Columbia Pictures Corp. (& Subs.)—Earnings—
2,629.700
663,112
x
x
107,763,843 93,413,756
Total
of $5,865,679 in 1939 and $6,147,083 in
1940.
b Represented by 4,000,000 no par shares,
c Represented
by
600,000 shares (no par).
d 8,100 shares at cost.—V. 152, p. 3019.
613,213
314,300
Deferred charges..
585*712
—V. 152, p. 3018.
3,116,000
values)-.20 ,875,092 19,705,656 Minority interests:
(book
Goodwill
Z>r189,533
After reserve for depreciation
dlvs.to Jan.31
1,738
48,131,099 41.005,847
plus.
d Com. treas. stk.
17,309,071
Deferred income..
1,525b
8,360,112
13,011,480
conv.
coll. conv. notes
Permanent assets
3,225,850
Profit and loss sur¬
Land, bldg., ma¬
chinery, &c
20,108,532
Reserves
by
subsidiary
y
3,731,635
13,496,790
advs.
receivable
Com. stk., subs.
owned
177,274
accounts.
1,445,767
a
notes, 1944
Stk. of City Stores
8,567,000
Lit
6%
10-yr.
69,147
47,101
Claims agst. closed
Accounts payable.
Res. for conting. &
misceil. opers—14,404,318
not
1,026,876
a
1,000,000
not current...-
242,050
construct'n, <fcc.
434,530
25,000,000
goodwill —.34,917,302 30,560,250
1,042,216
Deferred charges..
921,553
bks.
Notes pay. to
96,083
stock.25.000,000
b Common
and
2,008
Def'd obligation..
warehouse under
74,500
—-
Total
1,753 263
Mtge. instal. due
$
3,000,000
115,934
633,417
...»
liabilities
Del.
1939
3,000,000
Class A stock—
Formulae, tradem'k
mtges.,
taxes. &c
Cash restricted for
cost
103,635
int. on fund. dt.
life insurance...
c
foreign subs.
accts.
a
Accounts payable-
Cash held by trust.
fos.
Invest, in &
250,000
98,667
.
Cash surrender val.
of
317,000
(current
Other notes
■
$5.72
Includes
1940
cos.
not consolidated
453,300
Bank loan instal.
&
tenants, &c
4,000,000
y
Misceil. notes and
160,000
rowed money-
Accts. & notes rec.
undistributed profits,
-.27,995,179 19,361,964 Accrued
-
2,199,293
Other investm'ts..
570,273
Notes payableBanks for bor¬
8,891,049
Cash.
Notes & accts. rec„
4,000,000
$5.94
Liabilities—
3,950,109
4,936,933
receivable..
Inventory of affll.
Sec,
to
,
4,000,000
$6.80
$
9,483,097 14,704.537
4,180,772
Govt, securities.-. 5,095,772
filiated
1940
$4,918,066
27,927,045
1939
$
Assets—
Cash
Accts. due from af¬
1941
$5,807,327
33,734,972
Consolidated Balance Sheet Dec. 31
1940
consolidated
1940
$7,270,874
41,005,847
x
Consolidated Balance Sheet Jan. 31
,
$28,884,752 $29,030,375 $25,570,877 $24,681,616
1,800,000
1,800,000
1,800,000
1,800,000
19,959,500
19,959,500
17,963,550
17,963,550
Net income...
Class A dividends.
Common dividends
Earned surplus,
*0.17
1941
15,814,200
17,651,646
$38,249,180 $33,043,113 $31,327,214
1,875,805
1,357,236
1,235,598
12,520,000
7,343,000
6,115,000 *5,410,000
71,653
349,916
$213,299
Earns.per sh, of com.stk.
1937
$50,694,759 $47,141,414
Net oper. profit
$43,225,834
Other deductions (net)..
1,821,102
$485,416
85,980
Consol. net profit--,.
Years
1938
1939
1940
operating profit..$64,871,775 $58,129,263
Sell., branch, admin, and
general expenses
21,645,920 19,880,083
Gross
$1,518,122
co.'s fund,
debt, &c
Co.
Report-
240,445
159,485
period--..-........--. $1,139,962
$859,300
x Includes surtax on undistributed profits of $59,708.
3 Mos. End. Apr. 30—
1941
•
* 1940
1939
Consolidated net profit.
$557,368
$206,558
$112,053
Est. Fed income taxes*-170,800
36,800
18,560
Minority interest
87,289
33,712
14,390
Sundry
b 2,200 common shares at cost, c Represented
shares, including 2,200 shares in treasury.—V. 152.
292,533
434,389
profit of subs, applic. to
Int. on parent
22,252,673 19,855,540
Total.
22,252,673 19,855,540
After depreciation,
$1,840,915
450,366
505,204
473,117
Net profit for
bal.
6,765
509,300
& com. stks. of subs, not
owned by City Stores Co
Int. on parent dompany's funded debt
/
6,333,300
$3,227,462
pref.
from
56,413
1,897*763
240,298
581,308
Profit
Amt. of net
,
32,581
$3,702,127
482,543
537,094
--
and notes pay le
amort
chgs.,
doubtful
accounts, &c. (net)
Federal & State taxes on inc.*—est-
966,717
70,007
1,902,287
surplus— 7,526,155
sales contracts--
$1,860,884
Total Income
Interest on mortgages
Prov. for deprec. &
Prov.
for
sundry
705,447
on
rec.
pay.
Consolidated Income Account for Calendar
Selling, admin. & gen, expenses
Profit
Federal tax reserve
Adv.
5,650,000
1,343,153
1,708,489
payable and
accruals
Capital surplus
Coca Cola Co.—Annual
252,260
293,041
5,650,000
Common stock--
4,245,900
027,255
by 565,000 no par
p.
$16,043,397 $14,761,698 $12,736,300
'
'
•
depts.._$45,222,974 541,450,777
29,179,578 26,689,079
$36,850,878
4,020,000
-- -- -- -
com.
Total
1939
1940
'
--
value of
surr.
Deferred
Subs.)—Annual Report—
pref.
5%
-
Res. for pensions--
622,814
stock of corp.--
City Stores Co. (&
c
191,254
to
life Insurance--b Invest,
2,088,252
8.297
5,743,742
-
Cndn.sub
,
stock
Accts.
Accounts and notes
its policy
receivable
Cumul.
iff:
5
Liabilities—
$
Cash.
Mar. 2 '40
Mar. 1 *41
Mar. 2 '40
■'
ing by the company of up to
,
1941
June 7,
Consolidated Balance Sheet
6,806 (4,712 in 1939) shares of
1939) shares of preferred and
(1,490 in
Chronicle
The Commercial & Financial
3646
Weekly Output—
The weekly kilowatthour output of electric energy of subsidiaries of the
Southern Corp. adjusted to show general business con¬
Commonwealth &
ditions of territory
served for the week ended May 29, 1941 amounted to
190,343,722 as compared with 147,290,680 for the corresponding week in
1940, an increase of 43,053,042 or 29.23%.—V. 152, p. 3494.
Volume
Conde
The Commercial & Financial Chronicle
152
Nast
Report—.
Publications,
.("■
.
1
■/'
•'■■
;
_
Calendar Years—
a
Gross
sale
of
publications, ad¬
vertising, patterns, printing, &c
$7,953,866
Production, selling, general & adminis. expenses
7,362,163
Operating profit
Interest and discounts
Profit
_
.
_
—
Total income
Loss
expense
—
—
14,568
220,535
236,545
37,458
6,000
Contingencies
Profit for yearConsol. earned surplus at beginning of year
of undistributed
profits of foreign sub.
$263,162
1,864,092
assets
of foreign
on
cos.
4,218
stock payable Jan. 31,
cents per
-
—...
—
Net income (before
depletion)
$325,038
396,751
$812,194
Distributions to stockholders
794,088
1940
Cash in banks and
Accts,
Materials
$
1,240,017 Acccounts pay'le—
trade
439,735
612.732
$639,687
$639,862
——— —
35
175
—
$639,652
$639,687
$
54,065
68,421
2,118,503
Freight and treat¬
ment costs--...
362,065
237,630
153,863
Accrued payrolls..
55,240
38,764
33,664
33,665
Accrued taxes (oth.
76,626
72,851
196,895
7,972,980
100,000
7,972,980
1,688,238
1,688,283
497,102
497,102
1,745,968
sup¬
374,790
*
plies at mine
(net)——. 6,948,253
1,066,076
Deferred charges.
6,953,875
1,619,503
.
than inc. taxes).
Provision for Fed.
income taxes.
—
Capital stock
surplus
Premiums
at
rec.
on
sale of stock
Earned surplus..
x
Total--
$1,864,092
$1,902,233
1939
y;
1,877,712
copper
<&
Liabilities—
$
1,868,576
receivable.
1940
1939
$
hand
organiz. of co..
Capital Surplus—
20,000
Comparative Balance Sheet Dec. 31
144,350
10,000
7,977
Balance at beginning of year (after deducting cost
of treasury common stock—1940, 12,856 shares;
1939.12,851 shares)
.
$1,152,978
169,009
501,759
137,170
$903,026
476,413
...
Initial
147,454
—
_
19,951
2.808,078
$1,130,215
22,762
$1,994,399
182,987
667,673
140.713
100,000
_
—
81,786
—
Balance at end of year.
...
1941 (25
share)
Reserve provided in respect of investments in for'n
subsidiary companies.
Settlement of litigation arising in prior years
Exchange loss on loan made to foreign sub. co_
' $1,974,447
$2,122,398
273,384
Amortization of mine development-741,658
Deprec. of buildings & equipment—.
145,162
Provision for Federal income taxes—_
150,000
ment
$2,026,419
$2,131,473
—
com.
$3,938,293
$2,099,651
22,747
Total income
Income charges
Investm'ts (at cost)
Property & equip¬
at
as
1938
$4,299,143
2,324,696
de¬
Miscellaneous income
Invent'ry of
con¬
-
Total surplus
Dividend
sub.
1,786,093
cos.
heretofore included in the consol. accounts)
of provision for exchange loss on
of net
$240,327
(excl.
and
1939
$6,040,207
3,940,556
sold
Operating income
on
Reversal
Dec. 31,1939-..-
644
35,797
66,500
—
1940
from copper
livered
Cost of prodnction
12,613
13,264
—
Fed. inc. taxes (no excess profs, tax indicated)
version
3,829
14.552
_
foreign exchange
Provision for deprec. & amort, of buildings, mach.
and equipment
—
15,273
$582,263
34,108
on
—
$563,160
$638,967
22,512
2,644
Interest paid—On notes payable
Other
Amortization of debt
$7,660,659
7,097,499
$591,703
15,350
31,914
•
...
disposal of capital assets
on
Calendar Years—
Proceeds
bl939
1940
from
revenues
Consolidated Coppermines Corp.— ■Annual Report—
Subs.)-—Annual
(&
Inc.
•
.
3647
12,644,645 12,559,159
1,741,433
Total
12,644,645 12,559,159
x No provision has been made by the company for
depletion of mining
properties since their acquisition which is in accordance with the commonly
accepted practice followed by many of the larger companies in the industry.
—V. 152, p. 3176.
Cost of company's common stock acquired under
agreement—1940,
employees'
repurchase
share; 1939, five shares
Balance at end of year.
Consolidated Edison Co. of N. Y., Inc.—Suit Dismissed
one
—
a Including
sales
to foreign subsidiary companies—1940,
$100,622:
1939, $128,968.
b For purposes of comparison the figures in the financia
statements for the year 1939 has been restated so as to exclude foreign
subsidiary companies from the consolidation.
1940
.
Accts.
&
notes
5699,719
604,433
Officers'
and
ployees'
Accts.
7,705
439,641
for. sub.
&
13,403
154,338
2,438,359
Notes payable—..
568,000
618,000
refunds
possible
on' re¬
possession
Common stock.
Net oper.
surplus.
Total
—
1938
$7.235,337
y6,555,864
$7,409,452
6,477,875
$8,799,876
7,993,100
1937
$9,635,961
8,723,117
$679,473
173,291
$931,577
191,797
$806,776
300,954
$912,844
322,761
$852,765
30,875
185,000
14,401
32,457
$1,123,374
269,286
62,122
130,000
6.558
27,111
$1,107,730
273,201
29,337
115,000
39,545
33,949
$1,235,605
290,560
160,420
xll3,000
28,820
37,050
$590,031
__......
$628,297
$616,697
$605,756
400,000
400,000
400,000
200,000
income
199,784
Total-
—
.
63,797
611 364
592,014
1,700,000
.
Capital surplus...
—.36,420,449 $6,255,664
—
106,412
reserves.-..-..
d Earned
(net)
1939
Other income.-
230,496
..—
Miscell. & conting.
1,829,352
c
639,652
1,700,000
639,687
Federal taxes
Interest------
1,902,233
1,864,092
Other
Depreciation.
comparison the figures in the financial statements for
Dec. 31,1939 have been restated so as to exclude foreign
subsidiary companies from the consolidation, b No provision has been made
for Federal surtax on undistributed profits for the year 1936 since, in the
opinion of counsel, certain restrictions in a bond indenture provided exemp¬
tion from this tax. A provisional income tax settlement has been made on a
basis which excluded surtax on undistributed profits.
c Represented by 340,000 no par shares, under contracts of employment,
certain officials of the parent company have an option expiring Dec. 31,
1943 to buy 8,000 shares, and an option expiring Dec. 31, 1941 to buy
2,000 shares, of authorized unissued common stock at $5 per share; also an
option expiring Dec. 31, 1944 to buy 1,000 shares of the treasury common
stock at $14 per share, and a further option expiring Dec. 31, 1943 to buy
2,000 shares of the treasury common stock at $5 per share.
d Agreements with holders of the company's notes payable provide that
dividends (other than stock dividends) may be paid only out of consolidated
surplus of the domestic companies earned since Jan. 1, 1939, and that such
dividends shall not (1) reduce consolidated net current assets of such com¬
panies below $950,000, (2) reduce the ratio of consolidated current assets of
such companies to their consolidated current liabilities to less than 2)4 to
1, and (3) exceed two-thirds of any funds available within these limitations.
e After reserve for depreciation of $3,084,280 in
1940 and $3,514,918 in
Balance for stock
on cum. participat¬
ing preferred stock...
x
Congoleum-Nairn, Inc. (& Subs.)—Annual Report—
Includes surtaxes,
y
Includes depreciation of $269,416,
Comparative Consolidated Balance Sheet Dec. 31
1940
Assets—
y,VY
461,898
7,380
5,521,345
5,168,609
127,500
payable...
& vouchers
305,000
mtge_.
of life
1,000,000 Taxes
—
c
Preferred
stock.
139,855
d
Common
stock.
902,100
902,100
Capital surplus.
& plant 3,719,298
_
Miscell. securities.
Prints & negatives
233,556
3,892,578
233,347
Deferred charges-
116,760
1,092,649
321,923
101,216
22,965
293,256
Deferred income.-
151,894
value
Insurance
306,756
payable
313,878 Accruals...
Note rec, sec'd by
real est.
bank
Notes
244,227
$
disc.,
rec.
Accts.
receiv. and trade
Cash
Notes
28,841
Notes and accts.
accept's receiv—
Inventories
1939
$
Liabilities—
s
601,335
Interest receivable
a
1940
1939
S
Cash
362,297
117,563
35,046
217,724
6,000,000
624,973
101,781
3,812,496
6,000,000
524,973
—
101,781
Earned surplus...
4,002,528
123,423
b Property
1
1
11,802,899
12,264,529
Goodwill, &c
iF
Consisting of the valuation of-j»1,800,000 placed thereon at organization
by the board of directors and $29,352 representing excess of cost of capital
stock of subsidiary company over its net tangible assets at date of ac¬
quisition.—V. 152, p. 2560.
—
deductions
y
Divs.
the year 1939 and at
1939.
See
_________
Prov. for doubtful accts.
.36,420,449 $6,255,664
For purposes of
a
Sales
Cost of sales and exps...
pat'ns in dealers'
Unearned.subc.rev.
Total
1940
unsold
turnable
(&Subs.)—Report—
Consolidated Income Account for Calendar Years
119,681
subscr. lists, tr.-
1,829,352
V'
Consolidated Film Industries, Inc.
103,072
for
Shientag dismissed the action
133,000,000 kwh., compared with 130,000,000 kwh. for the corresponding
2.3%.—V. 152, p. 3494.
101,693
167,199
mks., copyr'ts &
■
Mr.
week of 1940, an increase of
81,786
10.782
titles,
goodwill.*
306,915
co.
2,470,423
151,243
-
Deferred charges.,
securities issued of $260,000,000.
insufficient grounds.
Consolidated Edison Co. of New York announced production of the
electric plants of its system for the week ended June 1, 1941, amounting to
31,
1941--Due to for. sub.
Prov.
mach.
equipment.-
416,652
b Accrued taxes—
cos
f Magazine
1939
$50,000
ac¬
crued liabilities.
6,416
525,584
In vs. in & adv. to
Real est.,
&
pay.
a
$50,000
— .
Div. pay. Jan.
em¬
accts
Inventories
e
Notes payable
488.574
re¬
ceivable less res.
1940
Liabilities—
al939
S850.369
on
for
Output—
Consolidated Balance Sheet Dec. 31, 1940
Assets—
Cash.
Supreme Court Justic Shientag has dismissed a minority stockholders'
derivative suit brought on behalf of the company for an accounting against
Floyd L. Carlisle and 14 other officers and directors. The suit alleged the
defendants paid excessive commissions for underwriting from 1935 to 1937
Total
Total
11,802,899 12,264,529
a After
deducting reserves of $134,815 in 1939 and $157,322 in 1940.
b After deducting reserve for depreciation of $1,595,206 in 1939 and
$1,805,683 in 1940.
c Represented by 400,000 no par shares,
sented by shares of $1 par value.—V. 152, p. 3340.
d Repre¬
Consolidated Oil Corp.—New President—
Consolidated Income Account for Calendar Years
1939
1938
1937
Operating profits..-.-.- $2,504,225
Add—Interest, royalties,
dividends, &c.
193,141
$2,982,315
$1,880,104
$3,208,205
H. F. Sinclair, formerly Chairman of the executive committee, was elected
President of the corporation.
He succeeds Herbert R. Gallagher, who
171.828
173,623
292,760
$2,697,367
$3,154,143
$2,053,727
555,161
525,000
534,025
508,500
521,288
resigned on Sept. 1 last.
PI
E. W. Sinclair, formerly Chairman of the finance committee, was made
Chairman of the executive committee.
Sheldon Clark was made head of
the finance committee.
P. W. Thirtle was appointed Controller; M, L.
267,000
$3,500,965
487,149
488,886
$1,617,205
$2,111,618
1,553,750
1,864,500
$1,265,439
932,250
$2,524,930
2,486,000
$63,455
$247,118
$333,189
$38,930
1,390,000
$1.30
1,243,000
$1.70
1,243,000
1,243,000
$1.02
$2.03
1940
Total income
Depreciation
Federal taxes, &c. (est.).
At the
Gosney,
organization meeting of the new board of directors held May 28,
Vice-&resldent and Treasurer; O. M. Gerstung, Secretary, and
3494.
G, T. Stanford, General Counsel.—V. 152, p.
Net
income.
_
..
—
Common dividends._.
..
Balance, surplus
x
Shares
com.
1940
standing (no par)
Consolidated Balance Sheet Dec. 31
a
Fixed assets...
Cash
c
—
Treasury stock..
$
11,062,399
11,159,749
2,889,994
3,632.263
1,368,486
1,368,486
TAablllties—
nicipal securities 2,440,608
1.876,629
Notes & accts. rec.
Inventorles
—
8,331,287
2,800,426
1,883.004
6.834,034
Other curr. assets-
51,172
733,589
accrued charges-
1
86,731
497,659
789,742
Reserves
1,383,982
1,335,940
Earned surplus.-.14,411,050 14,347,594
27,595,521
28,112,228
33,712,093
$2,120,969
Divs. and sundry net inc.
112,749
$746,745
76,507
$773,050
45,552
$1,982,134
55,274
$2,233,718
$823,252
332,696
356,059
$818,602
364,315
$2,037,408
390,113
189,651
1.041,763
194,685
Total income
Int. on 5%
176,125
1 82,073
984,035
189,428
967,772
164,964
195,231
1,027,738
145,935
Less reserve for depreciation of
149,143
16,298
12,530
131,673
$402,290 def$863,915 def$927,147
$89,524
&
profits taxes.-.
Prov. for Fed. income
Total
28,840,896 28,621,555
$12,633,923 in 1939 and $12,920,604 in
1940.
b 1,390,000 shares of no par value, which includes 147,000 shares
acquired and held in treasury,
c See b above.—V. 152, p. 1911.
a
bonds
—-
excess
.—28,840,896 28,621,555
$32,374,205 $28,342,266 $28,885,278 $35,694,226
Oper. exps., taxes, insur¬
ance and royalties— 30,253,236
Depreciation
Depletion..
66,933
Total
1 937
Int. on 5% secured notes
and loans.
1
Deferred debits—
525,036
870,209
1 938
$25,117,323 $25,726,517 $32,142,091
103,489
123,112
156,999
3,431,456
3,121,454
3,035,648
3,395,136
107,700
-
Earns, from operations
799,498
G'dwill & tr. mks.
royalties
11,650,620
payable and
77,161
Other sec'd invest-
$
b Common stock.. 11,650,620
Accts.
Taxes accrued
U. S. Govt. & mu¬
1939
$
1939
$
Years Ended Dec. 31
1 939
Sales of coal to public.$28,835,049
Coal
Total
1940
1940
Assets—
a
Other sources
Exclusive of shares held in treasury.
(& Subs.)—Annual Report
Consolidated Statement of Income for
stock out¬
Earns, per sh. on com—
x
Consolidation Coal Co., Inc.
Net income
a Including coal produced and purchased, transportation to distribution
points, &c. (less allowances, &c.).
The Commercial & Financial Chronicle
3648
Consolidated Balance Sheet Dec. 31
1940
Cash
on
$
Cuneo Press Co,
1940
Accounts
1,488,484
1,574,013
bkri.
1.050,000
1,250,000
b Notes & accts.rec 5 .074.547
Notes pay. to
5 342,264
5.859,019
Accr. int. on notes
77.600
82,875
Accr. Int. on bonds
156.272
172,538
1 .976.858
-
Inventories
...—
Investments and
a
,157,768
1,432,657
special funds-,
Prop, and equip. 18 735,473 18,663,771
118,459
293,192
Deferred charges..
9,149
Other assets..
Accr'd
sales—_ $4,395,454
624.290
Selling, ship'g & delivery
654,810
Generl & administrativeSpecial provision for bad
Gross profit on
443,689
481,003
299,143
come taxes-
Menominee
244,304
Taxes
than
(other
taxes)
come
3,315,000
354,781
365,938
25,000
25,000
insurance
473,859
Fed. income tax
160,000
160,000
5% pref. stock
5,812,900
5,822,900
Com. stk.(525 par)
8,460,850
8,450,850
Capital surplus...
6,378.009
5,865,247
Deficit-.-.—-—.
1,358.421
1,796,950
Total
33,414,516 33,362,815!
375,536
870,203
$1.583,696
178,549
$1,041,559
248,965
$1,154,731
169,247
$1,762,245
80,619
$1,290,523
52,331
$1,323,978
32,223
a442,500
a294,000
i
1,991
C4.662
100,666
Loss on affiliated cos
Prov. for Federal taxes.
_
a211,000
al82,200
,
32,700
ral surtax
Res. for extra«rd. losses
Prov. for Fed
and prior year's taxes.
Other charges-_
J
33,414,516 33,362,815
Total—
of S20.547.541 in 1939 and $20,113,495 in 1940.
for doubtful notes and accounts of $195,875 in 1939 and
After depreciation
b After reserve
966,404
$1,735,412
64,118
C4.223
—
—----------
Bond amort. & mov.exp.
70,146
— —
7,856
52,496
$1,216,714
_
a
438,545
889,011
443,o06
$1,617,177
118,235
Other income.
Interest..
651,089
150,000
1,025,319
7,350.097
Res. for contings.,
Total
593,549
in-
_
Deprec*n, repairs, &c.__
Net profit from oper..
305,000
pur. mon. oblig.
5% sec. notes, 1950 3,104,000
6,657,209
for
1937
$3,645,107
571,087
741,181
Dock
25-yr. 5% bonds..
Deferred credits..
Res.
1938
$3,831,383
565,440a
719,593
&c.,
prop.,
taxes—.......
Res. for Federal In¬
57,962
'
1939
$4,278,640
1940
payable
1,554,525
5.501,689
In banks
Calendar Years
Consolidated Income Account for
& accr. payrolls.
7, 1941
(& Subs*)—Earnings—
$
Liabilities—
-
hand and
1939
$
1939
5
Assets—
June
$1,330,470
108,962
535.870
113,014
535,859
$1,025,201
123,238
491,131
b554,775
$571,882
d357,246
$681,597
d357,246
$3.41
$410,832
el78.623
$5.05
$224,693
el78,623
$4.36
_
Net profits
Preferred dividends
Common dividends
$906,709
127.241
$217,717 in 1940—V. 152, p. 3178.
Balance, surplus
Shs. com. stk. outstand.
Copper Range Co. (& Subs.)—Annual Report—
1938
1939
1940
1937
Sales of copper & copper
$6,194,869
$5,623,966
$3,874,464
(incl. mine1
exp.,
oper.
a
$7,042,145
products
Cost of sales
State income taxes, also Federal excess profits tax in 1940
b Including extra dividend paid cither in cash or stock amount¬
which $15,300 was paid in cash and $198,075 in com¬
(7,923 shares at $25 per share).
c Amortization of debt expense,
Includes
($21,700).
ing to $213,375. of
smelting
mon
taxes,
freight,
fabri¬
cating costs & deprec.)
stock
d Par. $5.
5,462,244
682,556
4,948,026
3,199.970
632,396
520,736
$897,346
$614,447
No
par
587.755
Prof. fr. copper opers
e
4,789,011
Sell. & admin, expenses
sundry inc.
4,209
1,705
1,524
4,717
639
2,187
3,412
Dr5,351
747
16,141
12,240
Defd
affiliated
Dr691
$619,086
18,797
$894,158
23,715
inc."
$600,289
$917,873
$286,787
$152,731
of Copper
84,000
$492,660
Note—No depletion has been provided on mines and lands, timber tracts
except for sales of timber in 1937,
1938, 1939 and 1940, as the book value of the properties is believed by the
officers of the company to be less than the fair value of ore content and
standing timber.
While, theoretically, the discovery, acquisition, explor¬
ation and development costs of assets subject to depletion should be reduced
by charges against income so that the costs would be amortized over the
production that might reasonably be expected from the properties, the
available data do not permit a calculation of depletion based on cost which
would be other than arbitrary.
1940
Liabilities—
$
6*4 f72
4,238
4,780
Notes
1,065,484
1,004,439
108,804
20,950
126,445
105,806
322,360
254,285
77,078
37,040
Supplies.
420.469
.....
2,414,074
Investments
Capital stock... 8,586,506
Capital surplus... 1,587,074
8,586,506
Accounts payable.
1,217,789
387,870
2,429,132
& other exps
Adv. pay. on contr
1,558,649
1,587,074
890,018
ber tracts, min'l
4,506,726
mines, &c
Plant & equip, of
C. G. Hussey &
900,428
977,469
Co. division
912,168
930,243
1,786*230
366,649
5,845.743
Drl.200
b Treas. stock
12,654,122
.13,666.646 12,654,122
Total
reserve for depreciation and amortization of $7,858,055 in 1940
$7,309,689 in 1939.
b Represented by 12 shares of 6M% preferred
payment Feb. 1, 1941, and refunded through issuance
(%%-2H%) debentures due 1942-49.
d Preferred
Feb. 1, 1941, and redemption fund ($658,806)
deposited in trust therefor.—V. 152, p. 1912^
c Called for
stock,
of
$1,650,000 serial
stock called for redemption
Dallas Power &
Light Co.—Earnings-
Period End. April 30—
1941—Month—1940
$586,278
$550,207
Operating revenues
Oper. exps. excl. direct
225,690
;
res. approp.
Net oper. revenues
Other income
8
1,*63
$228,124
46.667
a36,668
$181,071
$144,789
46,667
$2,747.) 63
$2,708,805
657
341
'
$2,748,52 0
560,000
$2,709,146
560,000
b531,082
21,926
524,104
Balance
Includes amount required to
$2,166,594
507,3 6
$1,618,064
$1,659,208
Net income.....
a
'
320
$229,601
mtge. bonds
on
2,594,958
1,209,852
94,731
9.265
$227,804
2,720,754
1,396,*20
269,564
218,407
118,356
12,639
$229,593
taxes..
Direct taxes
Prop, retire,
1941—12 Mos.—1940
$7,135,001
$7,037,719
$1,110,678
amortize preferred stock commission and
the charter, plus additional amortization
b Includes amount required to
507,386
of $34,064.
amortize preferred stock commission and
expense over the life of the charter, plus additional amortization of $264,592;
also includes amount required to amortize debt discount and expense over
debt, plus additional amortization of
balance of unamortized preferred stock commission and
extinguished April 30, 1940, and unamortized debt discount
was extinguished Oct. 31, 1939.—V. 152, p. 3021.
the life of the outstanding long-term
$200,417.
The
was
and expense
Bldgs. & mach'y
at
x
189,000
1,650,000
1,677,500
After
expense
4,514,567
rights & devel's.
x
re¬
5,257.958
184,069
expense over the life of
y
Earned surplus...
Mines & l'ds, tim¬
sink. fd.
Curr.
Divs. applic. to pref. stock for the period
contracts
Accrd. wages,taxes
1,506,841
.
860,000
14,283
117,510
Copper sold & not
Inventories
&
payable-
Accts. & notes rec.,
delivered
167,643
Other int. & deductions.
S
$
Z500.000
Bank loans
a
Int.
1939
1940
1939
$
883,056
less reserve
5,905,049
_
Gross income
Consolidated Balance Sheet Dec. 31
bonds
4,556
13,666,646
Total
and mineral rights and development,
Marketable
4,953
&c.. equipment.
and
663,919
41,250
mach'y,
Bldgs.,
x$286,787
$152,731
income of Copper Range
Co. for the reason that in filing its 1937 tax return the company is allowed
a deduction for depletion of mines amounting to $505,617 in 1938 and $447,498 in 1937 (of which $31,764 is the amount claimed by company for Globe
Mine in 1938), based upon the March 1, 1913, value as determined by the
Treasury Department, which depletion charge is not included in expenses.
There is no Federal Income tax payable on the
Assets—
a
17.500
$833,873
Net inc. for year
Cash
officers
from
Deferred charges.
90,129
Range RR. pf. stock.,
Prov.for Pa.& Fed.taxes
x
41,117
deposits
Rec.
I
......
101,384
comp.
and employees-.
taxes
sale
$267,984
Cr 18,803
$177,521
24,789
430,013
cos
debentures.
quirements, &C......
191,349 Divs. payable
Long-term debt—cl,650,000
346.160 6lA% cum.pf.stk. d
101.384
cum.pf. stk. 2,100,000
Common stock
1,786,230
366.649
41,117 Paid-in surplus.—
Earned surplus. — 6,138,806
205,450
Stks. of oth. corps.
Workmen's
before
inc.,
431,139
value of
Rec. from parent &
over
Non-oper. exps. less inc
on
447,873
476,281
Premium on called
life insurance...
Douglass
Copper Co.
Net
& misc.
rec.
& Federal taxes.
745,236
838.476
payable.
exps., local
Accounts
Acer,
$
$
Liabilities—
1,149,882
adv. to
4c
Cash sur.
from sales of
timber, rentals, &c_.
Loss
in
associated
4,517
penses
of
1,140,156
Inventories.
Inv.
Excess of income over ex¬
income
cos_.
Notes & accts. rec.
less costs
profit from bus co.
operation
Net
Excess of expenses
3.338.460
1,108,975
775,574
1939
1940
1939
$
1,115.761
2.873,777
956,969
S
Assets—
$247,200
$153,758
Cash...
& expenses
shares.
Consolidated Balance Sheet Dec. 31
1940
Sales from co. stores, and
smelter
Other assets
x
After
Dallas
and
...
42,266
reserves
for
taxes..._
80,749
__
_
12,772,395
12,341,679
depreciation,
y
Represented by 565.000 shares.
z Includes $i60,000 due "in 1941.—V. 151-
Prop, retire,
res. approp.
Net oper. re venues.
1941—Month—1940
$289,024
$269,002
1941—12 Mos—1940
$3,245,590
$3,113,152
2,268,699
2,174,345
186,345
15,720
_.
Direct taxes..
Total
less 49 3-5 shares in treasury,
p.
Ry. & Terminal Co.—Earnings-
Period End. Apr. 30—
Operating revenues. ;
Oper. exps., excl. direct
^
.12,772.395 12,341,679
Total....
,
$3.10
Earnings per share
__
Rent for lease of plant._
183,678
17,595
43,948
25.519
203,204
261,962
208,315
228,379
$43,011
15,505
$42,210
15,505
$511,725
186,063
$502,113
186,063
$27,506
$26,705
$325,662
5,042
$316,050
2937.
Crown Cork & Seal Co., Inc.—New President for Sub.—
Charles
E.
President of company, and Chairman of the
Board of Crown Can Co., announced that L. Frederick Gieg had tendered
his resignation as President and director of Crown Can Co.
Mr. McManus further stated: "I have been elected President of Crowrn
Operating income
Other income
958
14,667
McManus,
Can Co. and will assume active management of the company.
"As Chairman of the Board of Crown Can Co. since its
formation,
I
have been in close touch with its affairs and have had the satisfaction of
seeing it grow to a very important place in the industry.
Crown Can Co. is
a wholly-owned subsidiary of Crown Cork & Seal Co., Inc., of which I am
also Chairman of the Board, and the can business is now and will continue
to be a most important part of the parent company's activities.
These
results have been obtained by my advocacy of the best possible service
to packers and users of cans generally at the lowest prices compatible with
sound business methods."—V. 152, p. 3178.
Cuba Northern
Other
Net
income
Payments were made June 2, 1941, in accordance with a Transitory Pro¬
vision of the Constitution of Cuba, effective June 4.1940, and the procedure
for deposit, of $5 per $1,000 bond on surrender of the June 1, 1941, coupon
from Cuba Northern
Railways first mortgage gold bonds, 5J^% series of
1942, due 1942; and $19.33 per $1,000 deposit receipt for said bonds ($493
payment, $14.40 principal payment) to holders of record at the
close of business on May 21, 1941.
Interest is payable on the bonds at office of National City Barnc, New
York.—V. 152, p. 3179.
interest
282,180
24,631
$330,717
282,180
24,801
$2,187
$23,893
103,901
$23,736
103,901
def$80.165
Balance...
Federal excess profits tax since
152, p. 3021.
Note—No provision has been made for
present indications are that no such tax will be payable.—V.
De Beers Consolidated Mines,
(diamonds unsold, &c)
Diamond acc't dur. year
Profits
Net
on
rev.
1940
inv., &c_
£773,597
1,534,262
484,484
inv. realized._
38,224
Int. & divs.
on
Ltd.- -Earnings-
1939
£762,352
1,065,362
753,827
5,567
1938
£732,764
656,473
954,209
1937
£1,329,346
2,536,603
843,923
84,865
from farms and
landed property
Sundry receipts, &c
Total...
Mining expend., &c
Cuba RR.—Interest—
Payments are being made, in accordance with a transitory provision of
the Constitution of Cuba, effective June 4, 1940, and the procedure for
deposit, of $5 per $1,000 bond on surrender of the June 1, 1941 coupon
from the Cuba RR. first lien and refunding mortgage gold bonds, series A,
7M%, extended to 1946, and series B6, extended to 1946 and $19.33 per
$1,000 deposit receipt for said bonds ($4.98 interest payment, $14.40
principal payment) to holders of record at the close of business on May 31,
$330,704
Divs. applicable to pref. stock for the period
Years End. Dec. 31—
Previous year's balance,
Rys.—Interest—
$27,663
23,515
1,961
def$80,008
deductions
$27,506
23,515
1,940
$2,051
Gross income....
Int. on mortgage bonds.
Int. on cap.of leased cos.
Expend, of farms, &c
General charges
Prov. for taxation
Pref. div. account
14,573
66,563
£2,911,703
451,587
130,795
126,190
150,000
800,000
12,699
12,225
13,600
£2,599,807
755,218
96,392
3,224
116,376
55,000
800,000
£2,355,671
888,926
96,393
£4,808,337
898,339
96,392
8,006
400,000
220,000
2,000,000
860,842
Def. div. account
Res. for authorized exp.
on mach. plant
200,000
1941.
Interest is payable on the bonds at office of
York—V. 152, p. 3494.
National City Bank, New
Suspense profit acc't
(diamonds unsold). £1,253,131
£773,597
£762,352
£732,764
Volume
The Commercial &
152
Dome Mines,
Comparative Balance Sheet Dec. 31
1940
1940
£
Liabilities—
Interests, estates
and farms
3,376,700
3,374,684
1
1
—-
.
.
4,473,631
1,246,043
4,364
741,779
Diam.sales in adv.
Current liabilities-
687,500
Corp. shs. sold.
1
Investments
2,964,328
2,004,867
1.604.336
1
1
12,745,896
Ltd., shares-..
Bal.
12,803,051
hand
transf.
1,000,000
—
.
from
773,597
1.253,131
account
approp.
$4,658,674
377,035
$5,014,137
$5,028,512
$5,035,709
167,505
171,538
904,012
100,214
712.434
193,859
720,751
4,296
1,946,668
1,946,668
$3,842,406
1,946,668
1,946,668
$4,055,153
1,946,668
1,946,668
$113,402
1,516,617
x$50,930
1,644,978
$1,630,019
24,250
$1,594,048
24,345
for
deprec. of
buildings, plant, &e__
Provinc'l & income taxes
Outside explor. writ. off.
Other deductions
Diamond Corp.,
2.625.335
Current assets
$4,731,289
297,223
Net profit for year._. $4,006,738
_
Divs. declared and paid.
Prov. for divs. declared.
Balance, surplus..
Total
Total. —
12,745,896 12,803,051
.
Contingent Liabilities—Company has guaranteed repayment of and inter¬
est on £317,365 1st mtge. debenture stock, being the unredeemed portions
at Dec. 31, 1940 of an issue of £1,250,000 made by Cape Explosives Works,
Ltd., Somerset West, Cape Province.
Imperial Chemical Industries, Ltd.,
have indemnified the company to the extent of one-half of this contingent
liability.
Previous surplus
Total surplus
Bonus
a
also
Profit
those
mining companies in respect
Period End. Apr.
$1,730,852
$: ,609,699
704,371
664,800
39,643
Operating expenses
44,228
Maintenance
for
deprec.,
re¬
newals & replacements
207,702
152,317
32,583
36,219
193,163
138,269
28,532
34,351
$553,429
15,192
$510,938
12,181
$1,999,932
88,809
Federal income taxes
Other Federal taxes
State and local taxes
Net oper. revenues
Other income (net)
on
$1,997,754
$2,067,918
138,500
554,000
5,559
4,493
581
577
Cr56
22,2.36
18,205
10,703
1,983
Crl ,758
22,240
19,930
3,071
1,862
$418,219
$373,298
$1,483,371
$1,465,452
Amort, of
expenses
i_
Taxes assumed on int
.
. _
Other int. charges
Miscell. deductions.____
Int. chgd. to
747
construct'!!
Net income-....
Previous year's figures
(2) No provision has been made in
excess profits tax under the "Excess
p. 2641.
Notes—(1)
restated for comparative purposes.
the current year's figures for Federal
Profits Tax Act of 1910."—V. 151,
Derby Oil & Refining Corp.
7,000,000
53,332
59,199
66,112
351,272
621.635
of
Sals. & wages pay.
94,726
477.025
Pension fund____.
246.875
2,923,559
48,398
42,298
509.620
subs,
616,635
479.237
2,288,717
Shs.
6,384,927
6,115.081
487,882
17,586
2,224
Pens'n instal. pay.
at
cost-.-____
Bullion.
Accounts
Accrued
Deferred charges.
_
Reserves—
x$41,092
x$15,215
$11,921
-
_
_
_
_
.
4,949,677
1,605,769
_
Total
17,612,810 17,049,630
shares.—V.
1937
$19,838,338
19,616,294
$222,043
$324,016
Legal fees
12,279
x$9,663
$58,736
$234,322
60.5S1
46,667
6,677
151,018
1,440
50,803
4,586
138,401
1,156
36,943
7,632
_—_ _ _
_
17,231
49.401
municipal
come taxes.
$41,505
9,996
$331,692
115,551
1,440
Depreciation
x$19,658
7,676
Gross profit
for
—
107,619
1940
1939
1938
$18,120,945 $19,909,040 $18,810,620
17,796,929
19,928,698
18,769,115
Cost of sales.
Prov.
4,848,721
1,516,617
Stores, Ltd.—Earnings—
Dominion
Calendar Years—
Sales..
Loss.—V. 152, p. 1747.
2,160,801
b Represented by 2,000,000 no par
a After
depreciation,
152, p. 3021.
Executive salaries
rendered leases, &c._._
896,428
1,946,668
132,916
Unclaimed divs
Surplus.—
Directors'fees.
depletion, de¬
preciation, minority interest, sur¬
1,572,138
Dividends payable
--.-17,612,810 17,049,630
Total
42,862
Income &
other taxes.
in¬
and
receivable
terest
Gross income
1939
1940
1941
S
$
7,000.000
stock
10,708
Accounts payable.
b Capital
7,282,849
6,364,769
Property acct--_
(& Sub.) -Earnings—
1939
1940
Liabilities—
Other income
3 Mos. End. March 31—
$1,507,221
1939
S
Investments
Cr56
Net profit after taxes,
x
and staff for prior years,
555,416
5,559
4,725
1,037
long-term debt-.
debt, disc't &
$2,088,742
$1,644,978
x Deficit.
24,590
Balance Sheet Dec. 31
70,163
$523,120
$1,516,617
$1,605,769
1940
Cash
$568,622
138,500
$1,531,811
Cr2,564
___
Inventories
Gross income
Int.
708,966
354,244
102,393
135,286
761,476
543,767
119,378
138,585
$1,669,038
24,060
surplus,
Assets—
a
Prov.
loss
To mine management
a
1940
1941—12 Mos,
$6,345,636 $5 ,908,056
2,603,883
2 ,460,551
148,859
178,611
1941—3 Mos- -1940
30—
&
$161,817 x$l,236,535
1,507,221
2,768,346
55,650
___
Dec.31
Light Co.—Earnings-
Delaware Power &
Total oper. revenues
Profit
$4,116,802
3,406,669
1,946,668
of
disposal
on
equipment, &c
contingent iiability in
a
____
Ontario mining tax ass'ts
for prior years
connection with guarantees with
of agreements which
companies have with the Diamond Corp., Ltd.—V. 151, p. 1277.
is
There
others to certain diamond
49,710
39,677
The
of
Vendors
35,547
Livestock
$4,848,968
165,169
82,110
1,56>,663
76,225
revenue.
$7,484,436
2,825,762
$5,727,736
Net oper. profit__.___
Non-operating
$7,293,288
2,561,999
$5,318,975
408,761
Oper. & maint. expenses
$7,462,378
2,613,410
Reserve
Prem. on shares--
Debtor for Diam'd
on
1,510,250
1,510,250
1937
1938
1939
1940
$7,933,786
2,614,811
Total.
mach. &
plant
4,402,114
& kindred int.—
167,173
empl's
Ltd.—Earnings—
Calendar Years—
Bullion production
Res. for authorized
exp. on
Diam'd Corp., Ltd.,
cos.,
Diamonds
150,568
to retired
Invest, in diamond
min.
424,370
Res. for allowances
Mach., permanent
works, bidgs. &
stores.*-
383,988
general.
Reserves,
k
'
3,019,943
2,000,000
3,181,973
2,999,545
2,000,000
Deferred shares— 3,181,973
Claims, other mln.
f
£
shares-
Preference
k
1939
£
1930
£
Assets—
3649
Financial Chronicle
1.620
792
in¬
795
__
Prov. for Dom. & Prov.
Detroit & Mackinac Rv.—Interest—
The interest due Dec. 1, 1940, on the mortgage 4% bonds, due 1995,
is now being paid at office of J. P. Morgan & Co., Inc., New York.—
V. 152, p. 3495.
Prov.
cess
Dominion
for
ex¬
19,450
profits tax.-
Chemical Co.—3F>-Cent Dividend—
Shs.
declared a dividend of 35 cents per share on the common
and common B shares payable June 16 to holders of record May 29.
This
compares with 25 cents paid in each of the three preceding quarters; dividend
of 50 cents paid on June 15, 1940, and 25 cents on Dec. 23, 1939, and
Dec. 15, 1939.—V. 151, P. 3087.
Directors have
Earnings per share.
Subs.)—Earnings—
53,771
55,510
Deficit.
$513,820
450,000
350,000
$529,661
450,000
350,000
$295,027
700.000
$286,180
700.000
$0.41
Balance Sheet
'
Dixie-Vortex Co. (&
Consolidated Income Account for
1940
1939
$2,745,547
1,596,739
$1,146,735
$1,128,583
2,737
$872,024
127,596
$1,148,809
93,129
$1,163,437
8,155
Profit from oper'ns.
Gross income
Interest
income taxes
$1,131,320
2,956
—
inc. taxesdeductions
Prov. for Fed.
Accts. receivable-
186,556
1,730,789
1,377,470
47,040
Inventory
M tge.
receivable -
Capital assetsGoodwill
_
66.332
.
a
945,825
1
$999,619
45,388
the yr.
Net income for
Common
stock
Shares common
stock.__
$734,999
446,621
177,489
202,666
$1.42
$856,200
446,610
151,999
202,666
$820,229
446,610
101,333
202,666
45,768
cl 57,333
44,229
$950,522
334,969
329,739
202,916
$2.48
$1.84
$2.02
After provision of $196,604 in 1940, $209,531 in 1939, $178,764 in 1938
and $165,661 in 1937, for depreciation of plant and equipment, and $26,719
in 1940, $26,708 in 1939, $27,476 in 1938 and $31,627 in 1937 for amortiza¬
tion for patents, &c.
b Includes $14,000 Federal excess profits taxes,
Earnings per share
Represented by 280,014 shares
Int. on
Includes $3,393 for surtax on
undistributed profits.
$600,275
293,537
40,013
165,445
474
257,873
33,323
259,223
9,000
5,232
$40,856
$129,640
Balance, surplus.
Includes excess
$501,700
$8,986
558,714
a69,918
Deprec. & depletion— —
Prov. for income taxes. _
1940
1939
$1 ,480,426 $1,597,917
Assets—
Cash.
a
-
__
Notes
—
accept. A
,489,912
301,064
1,279,724
1,493
2,275,715
1,000
1,000
goodwill.144,996
Deferred items
69,177
142,530
accts. rec.,
trade
,417,556
InventoriesInvest.
(at cost)
421,519
-
-
b Plant &
equip't.
Apparatus
2,556
lent to
customers-
1940
profits tax.
Consolidated Balance Sheet Dec. 31
$
6,364
b489,759
1,782,690
6,7.50
1,057,910
1,257,387
Accts. & notes rec.
Inventory
—
Property & plant-11,777,917
Deferred charges.53,318
cess
profit ta*es
1st mtge.
638,450
11,614,747
92,214
$111,652
$111,652
payable.
224,925
142,109
142,796
6,584,000
651,500
678,500
Deprec. reserve— 4,084,973
6,318
Insurance reserve-
3,617,848
7,671
2,107,860
2,107,860
181,714
52,074
Capital stock —
Total—
351,485
_-_
Accrued taxes
Reserve for
mental
and
c
develop.
Class a stock
d Common
—
stock-
Earned surplus
65.000
3,572,880
202,666
202,666
1,344,837
1,072,550
.
Subs.)—Earnings—
for Calendar Years
1938
„1937
1939
Sl.200.597
14,962
S1.0M.040
12,538
*870,860
*931.777
Total income
$1,215,559
$1,073,578
$878,543
$949,110
1,077,794
7,113
993,166
8,543
840,160
6,830
923,361
7,107
--0-§i-
10,833
9,793
35,881
1,901
64,662
a5,205
$99,708
$51,242
Cost
of
sales,
admin.,
selling & gen. expenses
holds,
Prov. for
&c___—
Federal taxes..
a
123,088
1940
Depreciation _
Loss on operating lease¬
58,936
$6,027,142 $5,658,380
Consolidated Income Account
65,000
3,572,880
Total
$6,027,142 $5,658,380
After reserves of $74,441 in 1940 and $54,418 in 1939.
b At cost less
reserves for depreciation of $2,644,771
in 1940 and $2,482,183 in 1939.
c Represented
by 178,644 no par shares,
d Represented by 202,666 no
par shares.—V. 152, p. 3495.
Total
14,844,343 14,029.007
no par, and
150, p. 992.
Total sales-——
Other income.
experi¬
expenses.--.,
Pat'ts, trademarks
International Inc. (&
48,350
422,902
Dunhill
233,797
82,280
Accounts
664,300
627,300
—
10-yr. 5H% notes.
a
.14,844,343 14,029,007
69 918
bonds— 6,584,000
Surplus---
Total
173,958
388,651
liabilities
Prov. for Inc. & ex¬
Accrued Interest—
rec.—Hearst
Cos.----------
& accr.
Bank loans
95,845
bonds & notes-Notes
Accts. pay.
5
$
Liabilities—
$
Cash
1939
1940
1939
1940
1939
Acer, wages & exps
Divs. payable.
1937
$766,054
296,280
38,693
419,849
2,246
$1,091,869
296,280
1st mtge. bonds.
37,317
10-year notes
Represented by 253,484 shares class A stock,
shares class B stock, no par. b Accounts only—V.
Dec. 31
Liabilities—
2701.
Co., Ltd. (& Subs.)—Earnings-
a
Consolidated Balance Sheet
3,100,340
defl50,641
53,703,318 53,487,453
Total
(no par).—-V. 152. p.
a
c
3,100,340
—56,343
1
Invest, in co.'s own
Divs.—Class A stock
32,363
Capital stock
a
53,703,318 $3,487,453
$1,241,938
44,086
25,895
160,978
32,359
26,608
182,434
63,121
&
&ccnicd
90<)~794
——
Total
40,000
for future
payable
Taxes
Surplus
3,000
-
_ _
15,000
for taxes...
$456,044
41,710
fire losses
119,936
Assets—
41,412
b262,667
30,974
Prov.
Reserve
150,594
a
& Canadian
326,200
loan bonds.
war
$442,423
56,850
charges..--——
75,000
100,000
Canada
of
Int. on
1937
1938
$2,173,429
1,301,405
Income credits..
Prov. for Pa.
Calendar Years
$2,466,916
1,338,333
$2,631,458
1,484,723
Dom.
1939
1940
Accts. pay. & accr.
Profits for year..
16,702
from oper..
& adm. exps__
Gross profit
5649,391
5511,842
Consolidated Income Account for Calendar Years
1938
1939
1940
Subs.)—Earnings—
$0.16
Dec..31
Liabilities—
1939
1940
Assets—
Cash
Donnacona Paper
1588.
—V. 152, p.
Other
$297,477
700,000
$0.39
$0.44
Earnings per share.
a
450,000
350,000
280,014
Loss.
x
Deferred charges.
$502,523
$270,339
700.000
$0.40
_______
Shs.com .stk. out. (no par)
23.5,389
61,020
59,964
$504,973
450,000
350,000
Netprofit.Preferred dividends
Common dividends..___
$798,933
263,102
319,503
336,395
Depreciation
Sell., gen.
1939
$852,727
1940
$888,833
1941
$895,139
Quar. End. Mar. 31—
Operating income
Federal taxes, &c
280,014
Nil
:
Call loans
1938
$46,736
x$149,112
280,014
Nil
$0.36
Dep. with trust co.
Diamond Match Co. (&
x$125,208
280,014
stk. outst'd'g.
com.
------
$100,819
Netprofit
Dewey & Almy
9,500
37.400
income taxes
Netprofit
a
Tncludine
—
$3,707 provisions for
7,boo
1/,ooo
loss$6,228 loss$51,225
profits.
Federal surtax on undistributed
The Commercial & Financial Chronicle
3650
East St. Louis & Interurban Water Co.—Bonds Plated
Consolidated Balance Sheet Dec. 31
1940
UaMlUies—
1939
1940
Assets—
1939
$153,928
$142,237
charges..
12,629
11,709
Reserve for taxes.,
30.944
Accounts payable
5406,429
5285,988
Accts. A notes rec.
168.721
169,668
Inventories
215,889
94,401
22,501
193,629
94,326
Res. for contings..
15,000
28,788
145.866
145"866
4,756
1
0,387
Capital stock—.
Capital surplus...
1
Earned deficit-...
2,036,407
872,750
Cap. stk. purch. £*609,327
957,998
£*609,327
$912,697
$778,688
Cash
......
...
Investments
Fixtures A equip..
Deferred charges.
.
Goodwill
Accrued
Total
Total
$778,688
$912,697
2,036,407
Other
1938
$6,912,362
4,645,092
$5,802,771
4,026,146
$3,837,736
1,686,434
$2,267,270
1,353,815
$1,776,624
1,469,389
$2,003,034
1,052,508
297,257
$2,151,302
$913,454
38,052
$307,235
20,765
$6.53,268
Drl6,859
$2,179,908
See a
$951,506
$328,001
240,735
$636,409
125,744
b983,225
C185.895
34,053
75,903
$/65,612
$53,212
$394,505
1940
Cost of goods sold
Gross profit from oper.
General expense
$2,499,590
2,740,956
2,135
53,100
x$215,071
6,991
222,747
$241,366
8,792
213,108
$119,619
$430,827
->445,682
679,701
$2,267
*$68,654
1,888
52,039
$47,884
income
...
expense
Deficit.—Y.
3021.
p.
/
Co.—Stock
Kodak
Eastman
Co.
152,
Offered—Smith, Barney &
June 5 distributed after the close of the market 5,000
on
shares of
Profit from operations
Total other income (net)
28,606
Gross income
Depreciation
Fed., Canadian & State
tax provisions
on
1941—4 Mos.—1940
$3,026,480
3,241,551
843,733
Deficit
x
Research A experim'l exp
for surtax
Inc. (& Subs.)—Earnings—
1941—Month—1940
$846,000
$611,047
1937
1939
7,»96,017
$11,833,753
sales
Eastern Steamship Lines,
Period End. April Z0—
Operating revenue
Operating expense
Other income
Calendar Years
Consolidated Income Account for
Privately—The company has placed privately an issue of
$7,500,000 1st mtge. bonds, Z%% series B, dated May 1,
1941, and due May 1, 1971.
Proceeds have been used to
retire $7,200,000 1st mtge. 4 Ms and the balance is new
money.—V. 151, p. 1720.
Operating
Mfg. Co. (& Subs.)—Earnings—
Dresser
Prov.
9,793
b Represented by 16,545
Represented by 145,866 shares of $1 par.
shares at cost.—V. 151, p. 1431.
a
Net
.
a
b
June 7, 1941
See
a
V;
closed.—V.
un¬
distributed prof its...
common stock (no par) at a fixed price of $124 per
The issue has been oversubscribed and the books
share.
40,256
......
152,
3021.
p.
Ebasco Services,
Inc.—Weekly Input—*
For the week ended May 29, 1941, the System inputs of client operating
companies of Ebasco Services, Inc., which are subsidiaries of American
Power & Light Co., Electric Power & Light Corp. and National Power &
Light Co., as compared with the corresponding week during 1940 were as
follows:
Net profits......
Class A dividends
Class B dividends.
$1,196,683
;-t
225,000
635,000
dividends...........
3,438
......
$561,683
$540,612
$53,212
$241,067
335.000
300,000
300,000
dlOO.OOO
$3.57
$2.55
$0.17
$0.91
a Provision for depreciation amounted to $218,458 in 1940 and $240,158
in 1939,
b Includes $454,250 Federal excess profits tax, and a net credit
adjustment for prior years of $23,313.
c Includes under-provision for
prior year in the amount of $4,795.
d Class B stock.
Consolidated Balance Sheet Dec. 31
Surplus
Cash............
a
notes rec, A
Accr'd
crued
1,282,229
1,485,495
293,803
242,692
taxes
distributors..-.
accts.
c
Common dividends
3,350,000
Balance, surplus—
Earnings per common share
——.
1,843*. 180
2,733,190
$1,684,261
6,411
Mdse. inventories- 2 ,449,535
2,527,921
Other assets
84,622
86,966
2,141,951
a
2
$7,968,105 85,886,204
Total
Deferred
•Earhings1938
1937
$2,198,806
1,892,205
$2,930,871
2,457,955
186,198
79,775
$1,800,179
1939
$1,923,356
1,560,252
140,383
52,010
1,621,784
142,089
56,890
$47,534
19,870
$102,596
18,099
$102,656
21,464
$67,405
5,773
2,779
22,091
$120,690
2,457
2,832
$124,120
4,134
9,750
11,888
$216,531
2,866
17,265
20,634
5,591
$115,401
a$98,346
98,214
$170,176
32,738
Cost of sales
Selling & admin, exps
Depreciation
Other Income.....----Total income........
Interest
Other deductions
...
adjustment
146,531
57,415
_
_
Net incomePreferred dividends
130,953
$137,438
rj-y'c:
Liabilities—
1939
v
1940
•
16% pref. stock
Land, bldgs., ma-
1939
$2 182,550
a
V.
67,280
77,995
100,000
Accounts payable-
34,652
21,866
235,681
270,999
Accrued expenses.
19,425
Inventories
482,104
451,176
1,276
1,493
Contingent reserve
Deprec. reserve....
Earned surplus.__
80,890
for
203,000
losses
55,049
Com. stk. (par
Total
75,205
414,000
conv.by Ins.
58,131
129,359
103,455
1,500,000
769,562
—
$2)
1,500,000
767,462
226,497
218,097
3,254,893
2,865,842
$6,869,147 $6,225,644
El Paso Natural Gas Co,—Earnings1941—Month—1940
1941—12 Mos.—1940
$555,810
150,098
19,405
$501,661
143,753
10,612
62,137
52,163
735,372
671,315
93,821
69,040
1.068,022
824,741
$230,349
$226,093
*2,730,665
$2,755,091
7,681
5,348
56,734
10,994
$222,668
11,912
$220,745
Dr425
$2,673,931
87,755
$2,744,097
17,392
$234,580
33,556
$220,320
29,579
$2,761,686
382,140
$2,761,489
350,436
and expense.---Miscell income deduct'ns
1,699
440
698
518
19,596
15,776
8,374
1,021
Net income.
stock div. require.
$198,885
8,631
$189,525
8,631
$2,344,173
$2,401,658
103,579
103,579
$190,254
$180,893
$2,240,594
$2,298,079
.
—-
Maintenance
$6,582,665
1,860,213
188,393
$6,173,905
1,805,344
109,413
Deprec., prov. for retire-*
ments
—
—
tax)
x
Exploration & develop¬
ment costs
notes
—
_
_
-
Balance.
Other income.
Gross income.——.
Interest..
-
^
.
Si SS.
of debt discount
Pref.
Bal. for
18,258 V
—
-
Carried in operating expenses prior to Jan. 1, 1940.—V. 152, p. 3022.
Electric Boat Co. (&
149,906
100,063
divB. and
surplus.-——
x
3,001
202,992
com.
109,370
21,295
16,725
$2,725,221
1940
Gross earnings
Costs and expenses
$2,754,8381
Total.
East Missouri Power
$59,348
42,601
Operating revenues
Oper. exps. & taxes
Net operating incomeOther income
Gross income
Int. & other deductions.
income
Pref. stock dividends.
Balance
$54,893
40,304
$16,747
35
$16,781
3,113
,
$14,621
1941—12 Mos.—1940
$236,956
171,119
2,910
161
148
$65,998
12,526
•V
$65,447
$65,596
.
•
$53,472
5,950
$53,587
5,950
$10,222
$47,522
$47,637
income tax has been accrued at rates provided in the
Second Revenue Act of 1940, and 1940 figures previously published have
Note—Federal
adjusted for purposes of comparison.—V. 151, p. 2799.
$3,126,336
74,591
$1,418,525
173,665
$1,044,747
$3,200,927
162,238
$1,592,189
152,516
7,768
$1,119,548
10,473,504
1937
$9,060,930
8,184,393
Operating profit--,
-
b Other income
Depreciation
Inventory adjustments_
Loss
on
investments.-..
Foreign exchange
"7", 212
74,801
145.004
72,525
123,444
$876,537
145,712
$1,022,249
238,705
124,067
26,532
Uncollectible accounts._
Res. for guar, under con¬
4,251
2,329
71,758
6,752
tract, Fed. taxes, &c_
Amort, of development.
a791,606
61,013
289,899
27,388
107,630
27,388
87,250
56,604
241
8,970
$2,174,607
$1,085,516
602,180
451,636
$562,829
451,636
Sundries
12,008
$11,710
1,487
$13,668
1,487
$12,181
$223,586
158,139
$65,837
$14,588
33
1938
$11,518,251
Total income
Co.—Earnings—
1941—3 Mos.—1940
1939
.$16,877,709 $14,518,281
13,751,373
13,099,757
$2,725,221 $2,754,838
— .
Represented by 12,500 no par shares of class A and 59,324 no par shares
152, p. 2852.
of class B stock.—V
Period End. Mar. 31—
Subs.)—Earnings—
Consolidated Income Account for Calendar Years
15,000
15,000
.
been
Reserve
not
Period End. April 30—
Operating revenues
Operation
10,150
Notes receivable—
Net
155,018
After depreciation of $1,264,943 in 1940 and $1,155,739 in 1939.—
152, p. 3341.
200,000
300
Accts. receivable..
a
2,559
165,012
Accrued expenses.
sales
taxes
State
Preferred stock.
$6,869,147 $6,225,6441
1939
$335,006
4,761
$2,182,550
chinery, &c...-$1,864,870 $1,862,129'a Common stockCash
109,565
132,445 Notes payable....
Deferred charges—
1940
9,589
of $10,854.
Balance Sheet Dec. 31
1940
$132
def$15,552
Before deducting income tax reserves
—
479,764
$324,171
.
Capital surplus...
Amort,
$4,023
Balance, surplus
Other receivables-
Liabilities—
Accounts payable
Cust. deposits
92.964
Net oper. revenues--_
f:
Income tax reserve
Total...
$364,559
$2.20
2,885
50,050
Taxes (incl. Fed. income
Operating profit
receivable
$342,369
$2.14
Earned surplus
$206,943
$36,761
32,738
Net sales
-
$389,052
$2.51
92,387
charges-
Total
1940
1,772,071
invest's
amort, to date-
stock,
15 to holders of record July 1.
Like amount was paid on
Dec. 24 and on July 15, 1940 and an initial dividend of 75 cents was paid
on Dec. 15, 1939V. 152, p. 3180.
estate
$919,323
75,000
collected-
1,939,401
premises
Leasehold
$1 Common Dividend—
Directors have declared a dividend of $1 per share on the common
Real
$897,055
75,000
479,686
Fed. income A cap.
stock taxes (est.)
equip. &lm-
provts. to leased
$7,968,105 $5,886,204
Hosiery Mills
5,339
Store fixtures, of¬
fice
17,455
Calendar Years—
1939
$2 ,239,732
Vendors' deb. bals.
32,834
32,269
-
1940
;,vi:
Cash
29,017
—
Assets
193,694
Consolidated Balance Sheet Dec. 31
Assets—
payable July
a
254,607
54,829
200,449
3,000,000
surplus...
181,319
Earned surplus... 2,404,863
After reserves of $87,680 in
1 n ventory
271.467
75,000
577,171
Preferred
76,979
>
receivable
Durham
21.973,260
817,189
$1,041,223
Net profit for the year
dividends
182,837
100,000
1940 and $61,421 in 1939.
b After reserves
of $50,000.
c After reserves for depreciation of $2,452,415 in 1940 and
$1,997,919 in 1939.
d Represented by 350,000 no par shares, including
15,000 (50,000 in 1939) shares in treasury.
a
22,642,496
845,604
30.893
411,977
Provision for Federal taxes
23,860,807
836,518
299,663
premises
Interest and sundry income
Other expenses
77,178
Total
1938
1939
.$26,481 *080 $24,911,899 $24,205,239
...»
,
115,000
Prop., plant and
Deferred charges.
------
1,015,871
A empl's*
equipment
Patents--
.
I ing expenses
to
affil. A sub. cos,
Officers'
.
Administrative and general expenses.
Depreciaiation of store fixtures, &c.,
and amortization of improvements
income
Paid-in
sales
rccelv-
adv.
Subs,)—Earnings—
Cost of goods sold and store operat-
d Common stock..
125,000
A
on
(est.)
168,538
177,169
In
Net sales.
Res. for contings.-
Mtge. note receiv.
contract
73,491
201,975
17.5
18.8
.17.4
Fed..State A Dom.
ac-
b Receivables from
Inv.
%
83,929,000 14.587,000
98,516,000
1940
to leased
A commissions.-
current)..
Conditional
83,575
Accr'd sals., wages
(not
int.
$603,121
124,576
1,838,394
Inventories
flCP€(t$C''
Amount
Consolidated Income Statement for Calendar Years
roy¬
1,593,829
Interest--
crued
taxes,
alties A insur'ce.
ac¬
Trade notes A
$574,502
payable.
Accounts
$515,009
$991,276
Trade accts. and
1939
1940
Liabilities—
1939
1940
1
xl'
1940
Edison Brothers Stores, Inc. (&
share.....
Assets—
•:
1941
The above figures do not include the system inputs of any companies not
appearing in both periods.—V. 152, p. 3496.
Common stocK outst'g..
per
''J
National Power & Light Co
Bryant Heater Co, pref.
Earnings
;'
;,Vr?yV:
i
Operating Subsidiaries of—
American Power & Light Co..143,700,000 122,319,000 21.381,000
Electric Power & Light Corp.. 74,434,000
62,667,000 11,767,000
.....
Common dividends
".*y;.:
150,000
...—
Net profit
Divs. on cap. stock.---.
$508,87C
451,636
Federal income taxes and amounts paid to the Government under the
Vinson Act (covering the years 1936 to 1939 inclusive) have not been
a
auditied by the Treasury
finally
Department: for this reason, the amount reserved
profits taxes ($32,183) for the current year (which has been based
upon an excess profits credit resulting from operations during the preceding
four-year base period, as revised to include surplus adjustments) is subject
for
excess
Volume
to
The Commercial & Financial Chronicle
152
such revision
profits credit
as
has
may
been
Erie
be found necessary when the base-period excess
determined,
b Includes reserve for Vinson Act
and (or) additional costs under contract guarantees as follows:
1940, $268,654; 1939, $2,766,062; 1938, $1,840,716; 1937, $430,360.
Note—Earnings from long-term Government contracts have been taken
account to the extent that profits are indicated on work completed
year.
No profits have been considered in connection with longterm contracts on which the earnings could not be fairly estimated; the
cost of work completed on such contracts is included in the inventory of
work in process, and payments received on account are carried as liabilities
in "Advances against Work in Process."
operating revenues
Operating expenses
Electricity purchased for resale
_
1940
1939
;
:
Assets—
,"y:.
$
Plant <fe prop'ty. 2,973,392
Patent rights and
Liabilities—
2,148,166
a
b
c
$
2,400,000
Drl41,822
1,102,972
383,725
Accrued taxes
375,172
Accrued
2,335,164
303,591
payroll..
144,448
1
1
15,097
3,815,018
5,958,306
205,389
115,389
Reserve tor Vinson
5,430,525
Cash
...
Marketable
2,801,541
Reserve for Vinson
bccs..
&
Accounts payable.
1,785,305
Act taxes—...
notes
receivable-
Inventories
443
2,067,818
2,998
140,657
264
138
135,363
190,573
95,107
181,749
133,704
117,148
73,368
125,116
Operating income
(net)
.#>658,038
$644,225
Dr48
Dr 1
Gross
on debt to associated companies
Other interest charges
$657,989
229,500
10,089
13,907
3,307
8,997
$644,224
231,700
10,186
15,533
7,210
10,554
5,915
4,111
Advances
$386,678
$365,057
19,852,384
4,611,341
income
Interest on long-term debt (mortgage bonds)
Amortization of debt discount and expense
Taxes assumed
c
Netincome...
Evans Products Co.
Dividend Payment
notifying holders of its $100 par value 7% perpetual
cumulative income debentures that 3 M % interest for the half year ending
June 30, 1941, has been declared, payable June 30 to debenture holders of
record June
i0.
•
The corporation
1940
Net profit from sales
Interest received
1913.
p.
,
1939
1938
$1,184,263
812,914
$280,344
782,366
895,317
$350,331
3,026
x$502,022
$563,011
9,434
36,812
x$385,702
39,513
Miscellaneous
79,204
Total profit
$432,562
31,391
$409,054
37,070
.
.
the ordinary shares,
Interest paid
10.—V. 151, p. 3394.
Earnings—
Engineers Public Service Co. (& Subs.)
$5,011,936
1,846,247
Maintenance
345,203
Depreciation.
566,549
a Federal income taxes..
382,101
_
_
____
....—..
Other
1941—12 Mos—1940
$4,506,879 $58,764,393 $55,242,787
1,667,661
21,360,250
20,217,234
3,581,306
3,905,659
312,121
6,233,404
6,488,153
526,763
1,462,215
3,295,961
156,943
5,759,647
481.087
6,228,317
1941—Month—1940
Period End. Apr. 30—
Operating revenues
Operation.
527,960
taxes
Net oper. revenues.
Other income (net) —
$1,343,876
16,218
$1,362,304 $17,486,051 $17,988,980
Drl ,012
Dr131,083
Drl61,199
$1,458,328
6,921
al09,399
contingencies.
Adv. royalties chgd. off.
Exps. registration of sec
Exps., coll. trust notes..
Prov.
1937
$1,303,834
953,503
$371,349
3,774
33,931
.
has also declared a dividend of three cents per share on
payable June 30, 1941 to stockholders of record June
r/vr.v v
152,
(& Subs.)—Earnings—
Consolidated Income Account for Calendar Years
Gross profit from sales..
Sell. & admin, exps., &c.
is
$609,257
16,694
29,936
for
14.194
20,829
12,441
.
Write-off
cap.
invest,
of
in
stock of Chandler-
Evans Corp.
Prov. for loss
„
61,042
.
on securs.
owned
8,399
28,587
82,146
58.104
$242,419
x$524,580
$422,769
183,096
$220,997
Prov. for income taxes..
49,693
79,872
$220,997
Miscell. deductions
$242,419
244,191
$0.99
x$524,580
$239,673
244,191
$1.73
58,579
56,410
10,675
7,992
Provision for surtax
Net profit
"
...
Dividends paid.
_
Balance
$1,360,093
Int. and amortization.
613.749
$1,361,292 $17,354,968 $17,827,781
629,902
7,533,815
7,888,579
Balance, surplus
Sbs. outst'g (par $5).
Earnings per share
244,191
$0.90
_____
Balance
Dividends
Balance
_
_
—
;
________
_
_
_
$9,821,154
2,873,875
Balance
.___
—
_
_
_
$5,496,013
21,628
_____
—
$7,474,701
1,978,689
$5,506,700
_
Cum. pref. dividends earned but not declared
$9,939,201
2,464,500
$6,947,279
1,440,579
$731,390
$746,344
preferred stocks, declared
on
18,770
Amount applicable to minority interests
$5,477,243
$5,485,072
Eng. P. S. Co
Deductions applicable to securities of subs, owned
by parent company, included above:
Preferred dividends not declared
a
Amortization of bond discount._....
Consolidated Balance Sheet Dec. 31
Assets—
Preferred dividends declared
on
$581,197
760,399
1,781,057
825,085
965,742
308,729
181,699
56,760
102,714
181,761
60,937
102.760
$5,833,820
368,936
Timberlands
b
327,755
663,131
919,728
Interest
Earnings from other sources
...
1,378,521
1
Patents & licenses.
.
Eng. P. S. Co.
pref. stock of Eng. P. S. Co
$5,464,884
2,285,192
....
....
$3,277,389
'
$1.72
$1.66
1941, the accrual for Federal income tax is based on
estimated rate of 30% against the original estimate of 27%, spreading
the underaccrual for Jan. and Feb. over the remaining 10 months of the
an
The rate under the present law is 24%.—V. 152, p. 3496.
for
The Interstate Commerce Commission on
Ex-Cell-O
May 23 authorized the com¬
Reorganization Hearing—
whether the reorganization plan of the
Nypano RR. should be confirmed has been set for June 10 by
Federal Court at Cleveland.—
' .7".
Judge R. N. Wilkin in an order entered in
V. 152, P. 3496.
returns
—
.
$1,226,332
871,727
166,908
250,637
157,292
246,512
$54,376
T
$2,482
$49,200
35,625
29.740
prof$32,010
632
Gen & admin, expenses.
Net
$14,937
150,000
Miscellaneous deductions.
$24,636
Net loss.
Dividends.
1,362
a
Plant--,
...-$2,328,518 $2,542,497
physical
investments
Deferred debits—
Acc'ts receivable..
Interest rec
Mat'l & supplies--
Cash...
Total..
a
$6,585,280
396,470
274,875
1,182,616
875,942
512,866
8,098
36,609
3,667
1,115,272
30,133
43,211
5,642
49,961
41,001
367,437
205,060
$3,311,913 $3,982,817
After amortization
$1,530,384
178,072
243,595
781.524
151.525
101,315
207,041
584,777
133,306
$1,833,816
156,345
178,827
566,965
148,654
$1,018,522
36,110
$503,945
19,125
$783,023
17,203
$523,070
1,892
$800,226
/1,296
11,312
c2,429,000
180,000
83,500
113,500
$872,382
394,750
394,750
$437,677
236,007
393,345
$2.21
$1.11
$655,617
425,530
386,845
$1.69
Includes rents and royalties received on leased machines,
b Includes
Interest paid......
Sundry charges
il
Prov. for normal inc. and
excess
profits taxes.
for surtax on
Prov.
__
un¬
distributed profits
'
28,500
--- —
$1,982,555
913,804
Shs. of cap. stk. outst'g.
397,306
Earnings per share..—
Net income.....
a
costs
c
relating to leased machines, excl.
Includes
$1,352,000 Federal excess
Capital stock
$2,500,000 $2,500,000
Taxes accrued-...
54.019
35,872
1,211
accounts...
Deferred credits..
Accounts
payable.
Surplus....
Total
1939
maint., repairs and depreciation,
profitx tax.
Liabilities—
$327,629
Notes & accts. re¬
1,455
21,698
654,836
$3,311,913 $3,982,817
1939
$250,000
2,185,641
115,695
1,222,390
67,449
156,475
$631,696
301,264
Sundry accruals &
106,580
Prov. for Fed. tax
Inventories
Prepaid taxes, Ac.
110,289
—
contr's
66,624
50,878
b
State,
Ac., taxes
281,267
15,000
15,000
pay.,
Bonuses
70,255
56,318
386,571
2,429,000
...
Income
Notes
99,709
161,789
191,093
Fed.,
bank
(not current)-..
rec.,
less reserve..—
cers
Acer.
on
Mach. purch.notes
Land
aries, Ac
deposits
receivable
(not current)
due
650,000
ex¬
ecutives
Expenditure for
emerg.piant facll
711,312
1
1
Prop., plant, &c
1,953,305
1,820,258
542,822
1,651,528
Capital stock
Capital surplus...
15,636
1
1
21,475
21,324
285,002
1,184,250
719,308
Res. for com p. Ins.
Def. rental lnc
513,430
15,461
43,125
21,324
231,065
1,191,918
734,830
Since Oct. 1, '33 2,735,696
6,000
A employees
1
a
Rental
79,482
1,340
63,044
1,294,411
1940
banks
866,063
10.279
(net)--
MisceJl. investm'ts
44,034
Notes pay.,
Accts. pay., trade.
Acer, payrolls, sal¬
2,302,824
29,093
Rentals receivable
115,535
ceivable
Misc. notes <fc accts
43.329
and
divs.
unpaid
Unliquidated pipeage
1940
$1,008,133
Assets—
Cash
1939
of $7,642,210 in 1940 and $7,671,137 in 1939.—V.
152, P. 265.
$2,373,238
$1,054,632
2,250
Bal. due from offi¬
1940
Liabilities—
Wages
4,757
property
Other
1939
1937
$5,384,634
3,550,818
$4,415,107
3,552
-»
-
maturing
Balance Sheet Dec. 31
1940
1938
$4,298,192
2,767,809
—
5
Total income
Rentals
Deficit
1939
operating profit.. $4,355,377
59,730
Other income
$13,575
prof$31,378
112,500
100,000
...
34,491
$24,636
Other income
Total.........$6,126,908 $5,047,235
$6,608,151
4,234,913
9,383,051
.
Depreciation.
Selling expenses
1938
$1,272,236
857,173
165,672
256,765
...
Amortization
1,264,899
...
Balance Sheet Dec. 31
1939
1940
$1,242,149
874,088
operating income
Operating expenses
1,220,953
1,351,729
1,485,896
1940
discounts,
& allowances.$15,968,331
Line Co.—Earnings—
Calendar Years—
1,351,729
Dividends
The hearing date to determine
Gross
1,220,953
less
Sales,
Gross oper. income—
obligation and liability in respect of not exceeding $4,000,000, 1 Vs % serial equipment trust certificates, to be issued by the Guaranty
Trust Co. of New York, as trustee, and sold at 100.064 and accrued divi¬
dends in connection with the procurement of certain equipment.
The road invited 141 investment houses, banks, and insurance companies
to bid for the purchase of the certificates in the alternative amounts of
$4,000,000 or $4,500,000, the bidder to name a rate of dividends to be
borne by the certificates.
In response thereto seven bids were received.
The best bid, 100.064% and divs., based on certificates in the amount of
$4,000,000. and on a rate of 1%%, was made by a group composed of
Lazard Freres & Co., Kidder, Peabody & Co., Union Securities Corp., and
Harris, Hall & Co., and has been accepted.
On this basis the average
annual cost of the proceeds to the road will be approximately 1.862 %.
Miscell.
145,891
Cap", stock ($5 par)
-Eamings-
Corp.
Calendar Years—
a
Maintenance & repairs..
pany to assume
Assets—
451,111
161,977
1940 and $48,207 in 1939.
b After allow,974 in 1939.—V. 152,
depreciation of $694,461 in 1940 and
b Cost of sales
RR.—Equipment Trust Certificates—-
Operating loss.
24,000
864,708
edness..
3180.
_
Taxes
172,953
162,878
...
After reserve of $48,206 in
ance
p.
a The companies do not consider that they have any liability under the
Excess Profits Tax Act of 1940 as amended March. 1941.
Beginning with
Eureka Pipe
191,921
long-term
Long-term indebt¬
Total.........$6,126,908 $5,047,235
the month of March,
Erie and
taxes on income.
Capital surplus...
a
Balance for common stock and surplus
Earnings per share of common stock.
Erie
23,350
foreign
Reserves
49,205
51,071
taxes, &c_
$5,562,581
2,285,192
$3,179,692
Bal. applic. to stocks of
year.
241,264
Earned surplus
....
Expenses and taxes
on
&
Current
1
Prepaid insurance,
Total. _;
Divs.
State
indebtedness
plant
equipment- 2,165,188
and
$135,000
401,433
Accruals, inc. Fed.,
Property,
$5,836,373
273,791
—
1939
8301,500
Accounts payable.
Tirnber pur. contr.
Other assets
a
1940
Notes payable
$397,331
Customers' notes &
7,574
7,574
Liabilities—
and
deposit.....
on
1939
1940
I) and
accounts receiv.
... —
by company) charged
deficit.
Inventorles
Earnings from sub. cos.,incl. as deductions above:
Nil
Includes provision for royalties (at rate offered
6,097
...
244,191
agarnst income of prior years in excess of amount paid in settlement thereof
pursuant to court decision in the amount of $59,755, profit on disposal of
capital assets of $20,314, and miscellaneous income of $29,329. x Loss or
Cash
Bal. of earns, applic. to.
127
:
Note—No provision has been made for excess profits tax for 1940 under
and $2,919,538 in 1939.
Represented by 47,274 shares of
Ecuadorian Corp., Ltd.—Interest and
Corporation
403
the Excess Profits Tax Act of 1940.—V.
After depreciation reserve of $3,140,320 in 1940
a
b Represented by $3 par value shares,
capital stock.—V. 152, p. 3180.
interest
on
Interest
.....19,852,384 13,261,871
Total
13,261,871
profits
excess
Other income
25,730
7,717,728
Earned surplus...
Total
...
taxes
against
work in progress 4,349,450
;
Other taxes
5.463,278
Act refunds
152,556
7,271,861
Dep. in susp. bks.
Deferred assets...
$1,830,188
710,484
$
Capital stock.,, 2,400,000
141,825
Treasury stock-.
15,097
goodwill
Investments
Accounts
C
$
1940
$1,967,632
732,542
____
_.
Maintenance
Provision for retirement
;
Federal income and declared value
Consolidated Balance Sheet Dec. 31
1939
1941
Gross
Interest charged to construction (credit)
Miscellaneous income deductions
into
during the
1940
Lighting Co.—Earnings—
12 Months Ended March 31—
refunds
I
3651
machines
underlease
Land,&c.,not used
Patents
—
Goodwill
—
Total
a
ment.—V. 152, p.
3342.
surplus—
•H
1
$9,168,029 $5,181.780i
After deducting depreciation,
Earned
Total.
$9,168,029 $5,181,780
b To be reimbursed by U. S. Govern¬
The Commercial & Financial Chronicle
3652
Chicago—Earnings-
(The) Fair,
-Jan. 31-
Feb. 1.
are
1941
1941
1949
1939
1938
$16,523,252 $15,479,435 $15,898,330 $18,279,760
Years Ended—
Net
sales
Qost
KOOdfi gold
selling & adm. exps.'.'
Deprec. & amortization.
16,211,960
216,508
15,451,399
224,529
15,816.855
252,345
income--;
$94,783
79.000
x$ 196.493
40,714
x$170,870
59,244
$173,783
13,900
x$155,779
Prov. for Federal taxes.
1,028
16,529
$159,883
x$154,752
x$95,097
Gross income
Tax refund prior
yrs.—C r
Net
profit
Preferred dividends
Surplus
x
Loss
x$154,752
$159,883
•
-
x$ 111,626
Shields & Co.
6,008,923
Preferred stock
5,954,935
.?-■
1
1
68,194
57,423
Deferred
.......
Receivables
Inventories
49,700
Accounts
Accruals
2,359,928
40,457
902,020
791,481
742,137
489,981
2,651
2,650
$6,012,880
938,380
$5,755,247
429,804
$671,771
216,667
$6,951,260
2,600.000
1,320,000
225,558
$6,185,051
48,223
2,241
$2,061,186
1,153,008
1,153,008
$1,700,917
$908 178
(2)
-
provision
No
last previous distribution was the regular
on Jan. 2, 1933.—V. 152, p. 2068.
(Peter) Fox Brewing Co.—Extra Dividend—
Directors have declared an extra dividend of 25 cents per share in addition
regular quarterly dividend of 25 cents per share on the common stock,
payable June 30 to holders of record June 16.
Extra of 50 cents paid
of 25 cents was paid on
June 30 and April 1, 1939—V. 152, p. 3497.
both
on
The provi¬
Galveston-Houston
$594,968
13,502
153,084
161,896
5,313
1,643
4,568
51,294
4,229
38,680
$45,223
$24,281
.J
$521,522
equipment notes,
242
$386,361
Gemmer Mfg.
2,930
$318,016
Co.—Earnings—
1941
1938
Net operating profit
$3,607,123
^
$225,421
16,828
*
Miscellaneous income (net)
a Dividends received—_
$279,262
53,841
$265,946
from operationsSelling, administrative and general expense-
1940
$362,379
96,432
6 Months Ended March 31—
Gross profit
$19,897,748 $17,164,148 $15,147,709
14,601,000
12,491,396
11,540.586
308,201
$42,593
8,821
-V. 152, p. 3182.
Sales and Earnings for Calendar Years
$4,672,752
$891,895
370,373
______
Net income
manufacturing
for
laboratory purposes are under construction
and new equipment is being installed at Vernon and Hollywood, Calif.;
East Rutherford, N. J.; Chicago Heights, ill.; New Orleans, La., and
Lockport, N. Y.
'
^
350,923
$957,036
362,068
collateral note, &c
Amort, of debt expense.
warehousing, shipping, office or
15,462
25,000
288,042
$307,774
b90,000
$240,883
$195,883
Dividends paid and declared on class A stock..—
$217,774
118.909
combined class A and B stocks.
$1.76
Net income before Federal taxes
Provision for Federal taxes
>
others..
$73,568
30,976
bonds—Houston
Electric Co
of additional facilities.
operations and buildings
$5,296,748
$91,384
30,383
Gross income
on
1,117
737
before
depreciation.
Depreciation
Int.
498
$3,789,719
1,876,388
547,175
18,491
459,169
888,497
3,397
$61,000
income
39,328
73,071
36
Federal income taxes-
Oper. inc. beforedepred.
Other income (net)
on
$3,935,772
1,911,660
549,029
25,117
494,047
955,920
166,960
47,722
4,465
41,255
91,348
Other taxes
Int.
1941—12 Mos.—1940
$316,955
157,491
46,328
$351,750
Maintenance.
Gross
Co,—-Earnings-
1941—Month—194 0
Operating revenues
Operation
that approximately $1,260,000
1939
Dec. 28, June 29 and April 1, 1940, and extra
Period End. Apr. 30—
corporate purposes.
It is contemplated
will be used in connection with the acquisition
1940
quarterly dividend of $1.75 paid
to the
prepayment in full of its promissory notes maturing serially to Jan. 2, 1951.
This indebtedness was incurred in 1940 for the construction and operation
of an insulation board plant at Meridian, Miss., which has an annual capa¬
city of 100,000,000 sq. ft. of board.
The balance of the net proceeds are to
be used in connection with the possible acquisition of additional equipment
and plant facilities, or be added to working capital and used for general
-
a dividend of $1.75 per share on account of
cumulative preferred stock, payable July 1 to
Dividend of $8.75 was paid on April 1, last and
the 7%
holders of record June 16.
Company is a leading manufacturer of various asphalt and asbestosroofing and siding products, structural and decorative insulation
and other products used in building construction, renovation and
remodeling.
Its industrial products are used in the manufacture of auto¬
mobiles and a variety of other articles, including rugs, linoleum, fabrics,
cable coverings,
shoes, pipe, floors and refrigerators.
Company also
makes chip boards and box boards, solid and corrugated containers, set-up
and folding boxes, and various other felt, asphalt, rubber compound and
allied products.
Of the net proceeds of the issue, company will apply $2,250,000 to the
Cost of sales.A
Federal excess profits tax since
tax will be payable.—V. 152, p. 3023.
Corp.—Preferred Dividend—
declared
have
Directors
board
i
1,
been made for
has
accumulations on
cement
Net sales.
1,320,000
206,106
$2,853,925
Stock Offered—An offering of
for
2,600,000
947
$705,929
present indications are that no such
'
plants
18,406
Notes—(1) Provision for Federal income taxes, subsequent to April
approved and issuance authorized
by the stockholders and by the directors at meetings held
new
110,000
1941. is being made at a rate which will result in the accumulation of such
taxes at the rate of 30% for the full year 1941.
stock distributed June 3
dividends from March 15, 1941.
13,643
Balance.
sions of the stock were
Various
1,466,668
$5,752,597
$327,645
Dividends applic. to pref. stocks for the period—
and its subsidiary, th.? Vigilant Insurance Co.,
<
1,900,000
$6,010,229
221
Net income..
40,000 shares of $4.50 cumulative preferred stock (no par)
was made June 3 by an underwriting group headed by Leh¬
man Brothers, the price to the public.being $100.50 per share,
June2.
113,334
$657,907
$1,053,742
216,667
Interest on mtge. bonds
110,000
Int. on debenture bonds
Other int. and deductions
21,574
Int. charged to construc¬
428
tion (Credit)
elected a director of both companies
W. Redmond Cross. Both of these
under the management of Chubb and Son.—V. 151, p. 2042.
plus accrued
6,257,727
1,529,349
6,077,677
2,173,082
$658,128
Co.—New Director—
Co .-^-Preferred
1941—12 Mos.—1940
$16,160,988 $15,006,341
158,334
Operating income
announced that Wendell L. Willkie was
to fill vacancies caused by the death of
Flintkote
Co.—Earnings—
222
Foster Wheeler
companies are
700
700
Swiss American Coro
$591,692
462,050
433,214
by Paul H. Davis & Co., another block of 2,500 shares was distributed by
Paul H. Davis & Co. and Fred W. Fairman & Co.
This block was also
oversubscribed.—V. 152, p. 2704.
Directors of this company
I, M. Simon & Co
$591,470
(net)
The offer¬
identified with the management.
oversubscribed and books closed.
longer actively
Federal Insurance
700
—
3181.
Other income (net)
the block of 7,000 shs, common
Pomeroy,
&
Hutton
Inc
607,717
Co.—Stock Offered—Paul H. Davis
& Co. on June 3 offered after the close of the market a block
of 7,000 shares of common stock (no par) at a fixed price of
$35 per share.
The stock is understood to be the property
of C. H. Morse, a former director of the company who is no
In addition to
Schoellkopf,
700
700
700
700
L. F. Rothschild & Co...
Net oper. revenues—
Rent from lease of plant
10,663,9111 Total
11,037,770 10,663,911
Represented by 372,100 shares of no par value.—V. 151, p. 1721.
was
1,500
—
Fairbanks Morse &
ing
Co...—.i--.--
239,230
40,057
payable.
& Co., Inc
Whipple & Co...
Bear, Stearns &
—
debt
Surplus
794,512
Bacon
1,000
1,500
Property retirement re¬
serve appropriations-_
35,800
199,173
2,200
2,200
Period End. April 30—
1941—Month—1940
Operating revenues
$1,600,274
$1,551,454
Oper. exps., excl. direct
580,775
561,431
taxes.
179,438
289,039
Direct taxes
,480,000
(maturing curr.)
109,124
1,377,216
-
—
Florida Power & Light
11,037,770
Total....
a
113,379
351,877
1,750,681
2,755,486
charges.
Cash
Long-term
A. C. Allyn
&
Hemphill, Noyes & Co
,085,357
Long-term debt
claims,
2,200
Pierce
A.
Co., Inc
1,500
1,000
1,000
—V. 152, p.
S
3,480,000
Reserves......i__
Sundry investm'ts,
accounts,
.
.
E.
1,000
1,000
Werthelrn & Co
Graham, Parsons <fc Co..
Jan .31,'40
5,085,357
.
—
Common stock.
a
Stroud &
Dominick <fe Dominick..........
x$153,541
S
Liabilities—
$
Assets—
Fixed assets——
Goodwill, &c
4,000
Granbery, Marache & Lord—.
Feb. 1, '41
'41 Jan. 31*40
—
Co
G. M.-P. Murphy &
A. G. Becker & Co., Inc
$91,459
245,000
$95,097
& Co
4,000
Cassatt
Comparative Balance Sheet
Feb. 1,
Lynch,
No. Shares
1,000
Underwriters—
Laurence M. Marks
...........
Ladenburg, Thalman & Co
Merrill
deficit.
or
No. Shares
.....10,000
Jackson & Curtis..
$109,378
17,919
~
♦
Hallgarten & Co.*-,
$86,380
22,998
Profit from operations
follows:
as
Underwriters
Lehman Brothers..—
17,926,398
266,982
Miscellaneous
7, 1941
June
Underwriters—The names of the principal underwriters and the number
of shares of preferred stock which each has severally agreed to purchase,
:
$5,647,671
$4,980,953
$3,895,165
3,528,264
3,106,419
2,819,031
$2,119,407
117,755
$1,874,534
226,366
$1,076,134
$2,237,162
356,018
444,594
$2,100,900
333,686
306,833
$1,274,285
295,491
175,767
$1,436,550
$1,460,381
$803,027
income
Net income
Earnings
Selling, licensing, administrative and
on
a
per
sh.
on
From wholly-owned subsidiary company,
b Includes
45,000
131.613
$1.55
excess profits tax.
'
Other income.
Income deductions.
Income taxes
Net income
198,151
Royalties received were under licenses based on patents, the
remaining terms of certain of which are relatively short, and certain of
the licenses are cancelable by the licensees prior to expiration on relatively
Notes—(1)
short notice.
(2) Includes profit from the company's foreign operations: 1939—$113,794; 1938—$72,368.
Due to conditions abroad, the company has not
included an estimate of profit from foreign operations in 1940
Funded Debt and Capitalization as of Dec. 31,
income.
1940
Authorized
Outstanding
a$2,250,000
685,196 shs.
a All of these promissory notes are to be paid concurrently with delivery
by the company of the preferred stock now offered.
b 12,850 shares of the authorized common stock were, on Dec. 31, 1940,
Promissory notes
Capital stock—com. stock without par
$2,250,000
value.b2,500,000 shs.
employees.
Of these shares, 6,500 shares were
as additional
compensation, to I. J. Harvey Jr.,
President, pursuant to the employment agreement, dated March 1, 1939,
between company and Mr. Harvey; 2,500 shares were reserved for issue
upon exercise of an option granted to Mr. Harvey in such employment
agreement; and 3,850 shares were reserved for issue to such officers and
employees of the company and its subsidiaries, at such times and upon
such terms, but at not less than the market price for the common stock of
the company on the New York Stock Exchange at the time of offering, as
the directors may determine.
1,000 of these shares were issued to Mr.
reserved for officers and
reserved
for issuance,
Harvey on Feb. 21, 1941.
The stockholders have approved articles of amendment of the agreement
of association and articles of organization, as amended, of the company,
to authorize the 40,000 shares of preferred stock now offered.
i;
Balance Sheet March 31, 1941
Assets—Cash, $384,631: customers' accounts receivable (less reserve of
$5,007 for bad debts), $276,156: accrued interest and royalty receivable,
$2,767; marketable securities, $203,521; inventories, $490,945; supplies,
prepaid insurance, taxes and other charges, $22,236; balance
employees, $10,447; claims against closed banks (less reserve of
$18,069 for possible loss), $9,542; investment in wholly-owned subsidiary
(at cost), $23,149; proceeds of life insurance policies deposited, $104,091;
plant and equipment (after reserve for depreciation of $800,951), $1,423,871; land not used in operations, $49,553; deferred charges, $18,643;
patents, $1; total, $2,942,141.
Liabilities—Accounts payable, $194,967; accrued liabilities, $73,011;
reserve for workmen's compensation insurance, $18,192; dividends declared,
$20,669; provision for Federal income and excess profits tax, $90,000;
prior year's taxes, $27,803; portion of proceeds of insurance policies on life
of former President, held in reserve pending performance of a trust agree¬
ment dated Oct. 9, 1936, $54,395; class A stock (40.000 no par shares),
$1,500,000; class B stock (100,000 no par shares), $100,000; class A stock
(12,858 shs.) in treasury, Dr$482,175; class B stock (3,569 shs.) in treas¬
ury,
Dr$3.659; earned surplus, $1,156,225; capital surplus, $192,622;
total, $2,942,141.—V. 151, p. 3560.
$102,588;
due from
General American Transportation
Directors have declared
a
Corp.—Dividend—
dividend of $1.50 per share on the common
stock, par $5, payable July 1 to holders of record June 5.
with $1.75 paid on Dec. 30 last ; $1.25 paid on July 1, 1940,
This compares
and on Dec. 30,
1939, and $1.12^ paid on July 1, 1939.—V. 152, p. 3497.
General Refractories Co.—25-Cent Dividend—
Directors have declared
a
dividend of 25 cents per share on the common
stock, payable June 25 to holders of record June 3.
Dividend of 40 cents
paid on March 28 last; 50 cents paid on Dec. 21 last, and previously regular
quarterly dividends of 25 cents per share were distributed.
Floyd L. Green, President, stated that, "due to the increased wages,
higher coal costs, anticipated increase in taxes and higher costs generally,
it was considered inadvisable to continue at this time the dividend rate
which
was
paid during the previous
quarter."—Y. 152, p. 3498.
Volume
The Commercial
152
dividend of 40 cents per share on
a
Gillette Safety Razor
Corp.—40-Cent Dividend—
General Telephone
Directors have declared
stock, payable June 14 to holders of
dividends of 35 cents per share were distributed.
See also V.
for record of previous dividend payments.—V. 152, p. 3182.
1937
$9,498,474
1939
$8,401,601
1938
$8,326,247
6,184,528
1940
$9,130,186
6,413,569
Years End. Dec. 31—
Net sales-
Subs.)—Earns.
Equipment Corp. (&
General Theatres
6,826,943
1,268,257
608,633
Co. (& Subs.)—Earnings-
Consolidated Income Account for Calendar
the common
Previously quarterly
151, P- 3237,
record June 3.
3653
& Financial Chronicle
Years
1939
1938
1937
$6,381,876
$5,026,586
$6,438,215
8,187
48,397
8,683
50,788
17,532
44,999
$6,432,069
396,381
4,522
agst. for'n earnings
578,440
$6,438,460
$5,089,057
503,753
c8,658
$6,500,747
276,377
Income taxes..
al,358,378
148,400
bl,328,695
1940
^
Profit from operations..
Profit on sale of securs..
$6,390,584
2,538
Other income
38,947
Total income
456,110
9,566
299,380
Depreciation
paid.
516,727
c6.765
593,235
542,698
a2,851,633
a2,388,607
$421,900
531,050
$181,731
743,495
$794,642
815,774
Net profit..
Div. on $5 pref. stock...
Common dividends
$2,601,094
1,500,000
799,508
$3,284,797
1,500,000
1,199,261
$2,941,890
1,500,000
1,399,138
$4,500,160
1,500,000
1,998,769
$1,230,407
$952,950
100,622
$925,226
114,958
$1,610,416
117.862
Earns, per sh. on 1,998,769 shs.com.stk.outst.
$0.55
$0.89
$0.72
$1.50
a262,650
Selling
6,267,303
1,323,335
553,877
$852,754
377,652
104,600
78,000
119,400
51,665
Cost of sales
225,000
1,252,476
expenses
Gen. & admins, exps
Net profit from opers.
Other income
Other deductions
278,701
Prov. for Fed. income tax
Res.
Interest
Res.
against invests, in
and ad vs. to sub
Prov. for Fed. surtax
undistributed
31
Consolidated Balance Sheet Dec.
1940
12,900
$
Assets—
$
$
Liabilities—
accr'd
Accts. pay.,
$696,062
$507,267 $1,199,415
476.338
597.283
715.140
$1.17
$0.85
$2.01
profits, and $3,350 provision for taxes, prior
$849,820
499.454
$1.45
Earns, per sh. of cap. stk.
Includes $8,500 excess
a
net.
Note—The
years,
depreciation amounted to $114,390
$98,518 in 1939, $98,210 in 1938 and $100,646 in 1937.
Consolidated Balance Sheet Dec. 31
for
provision
Assets—
1,847,181
1.421,082
3,195,525
2,887,207
Inventories
2.374,070
Investments
5,016,816
1,728,938
5,016,816
582,246
(net)
...
—
Accts. pay.
Accts. pay.
2,945
Int. receivable
691,966
Capital assets
Patents, trademks.
Federal taxes—r
Other
accts.
77,849
Def'd cred. to inc.
211,180
180,527
38,139
36,940
Reserves
Paid-in surplus...
Earned surplus...
aCapltal
6,014,870
charges,
&c
less
.
—
adver.,
Pats.,
Dec. 28,
12,934,091 12,427,869
shares (592,887 shs. in 1939) out¬
(& Subs.)—Earnings
39 Dec. 31,
gen.
$9,748,033 $12,314,203
7,173,224
7,935,157
2,372,006
2,181,378
2,616,914
$2,196,262
36,040
$1,228,364
40,208
$393,432
34,587
$1,762,132
28,975
$2,232,303
Total income
$1,268,572
$428,019
$1,791,107
26,250
of electric clock
Amort,
&C...10 232,954 10,232,955
motor
of capital assets
Miseell. deductions
56,733
~6~, 622
8,852
39,480
Prov. for Federal & Can.
$1,384,774
231,234
Common
666,486
Common shares outst'g.
333.243
Earnings per share. _Ui_
$3.46
Net consol. income
Preferred
dividends
dividends
_
240,638
bl54,408
$104,190
231,234
49,890
$1,315,743
231,234
493,966
330.071
227.306
47,446
undist. profit-
on
36,701
cl59~063~
a790,796
income taxes
Decrease in pension fund
$1,001,786
231,234
333,243
333.243
332.601
$3.29
Nil
$2.01
profits taxes,
b Representing excess
for employees for pensions and other benefits under
1939.
c Decrease in pension fund representing excess
of payments to or for employees for pension annuities, group insurance
vacation payroll, &c., over income for the year 1938.
Consolidated Balance Sheet
Includes $230,849 Federal excess
of
payments to or
income for the year
Dec. 28 '40 Dec
210,042
Marketable securs.
accts. receivable
1,264,354
2,610,781
39,770
1,520,768
2,661,328
Inventories
investm'ts
Sundry
17,626
(net) 5,593,472
(net)
305,382
6% preferred stock 3,853,900
a Common stock..
3,332.430
3,332,430
Can. inc. taxes.
3,352,038
850,782
5,596,066 Special surplus...
Earned surplus... 1,772,258
Drl,032
228,657 b Treasury stock..
Patents and trade¬
marks
505,454
873,124
Accrued expenses.
Capital surplus...
buildings
equipment
390,650
341,645
570,904
Trade accts. pay..
Prov. for Fed. and
and
notes
$
$
Liabilities—
2,937,850
195,301
3,724,191
Dec. 28 '40 Dec. 30 '39
30 '39
$
$
Assets—
Cash....
—
(less
and patents
balance, $7,631,002.
d Reserve for contingencies
Deferred
....
Consolidated Income Account for
accounts
from
Trust.
Assets
333,243
2552.
a
no par
!,154,671
223,766
$6,681,400
64,012
$5,381,683
271,909
$7,963,975
Drl,838
$8,373,437
Depreciation
1,844,265
Interest
1,037,551
$6,745,412
1,718,208
977,149
$5,653,592
1,777,511
1,007,367
$7,962,136
1,712,683
1,016,893
110,536
2,228,030
810,000
93,798
2,213,961
340,000
2,216,184
215,000
2,208,851
745,000
$2,348,055
$1,402,295
$437,531
$2,278,709
Total income
Losses in connection with
N.Y. World's Fair...
a
Taxes
Federal tax
-
Other than taxes included
Bernard F. Gimbel,
President, states:
Company, through a subsidiary, on July 2, 1940 purchased the Pitts¬
burgh store building for $5,000,000.
It is expected that this will result in
substantial savings in comparison with rentals under the lease which ran
until the year 2014 and has now been canceled.
The subsidiary [Kaufmann
Co.] obtained funds for the purchase through a serial bank loan
$1,500,000 at 2Vo% due serially in seven years and the sale to an insur¬
company of $3,500,000 of its first mortgage 4% bonds due June 1,
1960 with provisions for annual amortization.
&
Baer
of
ance
1940
31
1939
$2,816,080
$3,560,848
1,402,295
392,356
437,531
2,278,709
a.327,181
$5,776,937
1,169,850
$4,610,732
1,181,850
$3,998,379
$4,754,378
1,193,530
$4,607,087
$3,428,882
$2,816,080
$3,560,848
yr.$13,668,827 $13,668,779 $13,612,458
$13,558,81a
1941
$3,428,882
Earned Surplus—
Balance beginning of yr_
for year (as
Net profits
above)..
2,348,055
_
Miscellaneous credit
—
Total
Divs.
on
...
$6 pref
Balance at end of year
3,185,267
842,553
1,456,904
52,209
842,553
Excess of stated
val. over
of $6 pref. stock
cost
„
Balance at end of
13.872,541
Total....
shares, b 10 shares of preferred
14,946,050 13.872,541
stock, at cost.—V. 152,
appreciation
Ry.l
1941-—4 Mos.—1940
$430,676
$358,270
$88,006
88,08.3
Railway tax accruals—
$14,571
7,932
def$77
8,215
Railway oper. income.
Equip, rents (net)—Dr.
(net)—Dr
$6,639
4,023
1,913
def$8,292
2,072
1,895
$18,341
18,677
7,825
def$34,974
8,780
7,712
Net ry. oper. income.
Non-oper. income
$702
1,007
def$12,260
1,173
def.^8,161
4,452
180,911
$1,709
def$l1.088
Deductions from income
295
318
def$3,709
1,310
def$47,312
1,322
Surplus appiic. to int.
$1,414
defll 1,405
def$5,019
def$48,634
_
Gross income
182,001
$7,608,649
$7,789,560
24,706,357
$18,436,973
$275,502 is excess of reserve
to Jan. 31. 1934, not required.
a
24,274,419
for possible assessment
$7,970,471
25.143,776
of taxes provided
appropriation of $596,503 at
$397,461 at Jan. 31, 1939 and
of preferred stock and stated
stock repurchased.
Comparative Consolidated Balance Sheet Jan. 31
1940
1941
V-V1941
$
Liabilities—
%
$
2,604,239 Trade creditors... 2,921,495
2,380,394
Accts.
1940
terms
9,378,124
4,771.498
8,460.964
4,124.782
388,784
Reg. ret. terms
a
bDef.pay
426,597
1941
(est.)
—
3343.
$24,700
380,988
360,366
$49,688
31,346
def$l,996
32,978
Fixed assets.
$19,700
Jan.
1
to
1941
$502,721
May 21
,1940
$417,371
659,199
545,308
rent <fc other exp. 2,365,777
—.12,471,259 11,699.620
656,697 Mtge. & notes pay.
659.199
3,805,769
(current)
152,336
2,960,882
.45,310,764 47,613,461 Mtge. payable (not
— ~.
Prepaid
,
expenses,
4,816,500
Serial notes
inc., taxes. &c—
1,108,437
1,055,070
155,406
196,738
1
88.540
Deferred income..
174,850
Res. for insurance.
Res.
for
possible
Inventory of supp.
1
assess,
N.Y. World's Fair
of
$6 pref. stock
c
Common stock..
Surplus
a
After
803,765
1,040,000
d28,250
266,133
256,351
57,671
17,285
19 338,425 19,698,425
4,886,500
18 436,973 24,706,357
4 886,500
Total
79,781,486 80,804,388
1941 and $432,282 in 1940. b After
79,781,486 80,804,388
reserves
of $465,096 in
1941 and $388,511 in
d Balance of payment
iease cancellation,—V. 152, p. 3343.
of $452,388 in
977,300 (no par) shares,
reserves
(B. F.)
George
1,882,797
taxes
for prior years..
93,798
debs
656,697
414,644
25,335,169 24,366,262
current)
TJnamort. debt exp
Total
1940
mdse. in transit.
Sundry creditors..
Accrd. int., taxes,
Mdse. in transit--
Otherassets
S
2,047,052
Trade creditors for
receivable:
Goodwill
■Week Ended May 21—
p.
180,911
—:—
Nil
Balance at end of year
defv51,465
4,153
from ry. op.
Jt. facil. rents
152,
$8,152,472
7,608,649
—
Total surplus.
Mdse. on hand
RR.—Earnings—
$111,115
96,544
Railway oper. revenue._
Railway oper. expenses.
—V.
$7,970,471
ing from prop, apprais.
Elimination of balance of
Sundry debtors. —
Gross revenues
$7,789,560
$7,608,649
Deprec. & amortiz. of in¬
creased values result-
Assets—
[ncluding Statesboro Northern
Period End. Apr. 30—
1941—Month—1940
rev.
$13,668,779 $13,612,458
yr..$13,829,887 $13,668,827
BaS?be^nSngofyr.
53,643
56,321
48
161,059
repurchased
.
Georgia & Florida
Net
1,182,299
1938
$2,148,489
Paid-in Surplus—
Balance beginning of
50,472
850,782
Federal income
in cost of goods sold and
taxes on income.
value of common
78,308
-14,946.0.50
Total
92,116,600
Operating profit.
Cash....
p.
82,581,663
Other income (net)--.-.
empl's
for
pension fund...
85,549,720
Note—The earned surplus is before an
1941, $397,562 at Jan. 31. 1940,
$353,507 at Jan. 31. 1938 being the cost
51,432
1938
$87,963,346 $100080,575
91,391,860
Expenses and costs
Grove
Addition
Due
Years Ended Jan. 31
1939
1940
$99,546,531 $92,231,120
Net sales...
Jan. 31.
48,468
152,
(& Subs.)—Earnings—
Gimbel Brothers, Inc.
3,853,900
Unamort. cost (rts.
Sagamo)
out of capital surplus.—Y.
created
3182.
54.527
189,630
$7.50 per share,
Current assets, $5,369,493;
$2,781,693.
Add fixed assets
reserve for depreciation) of $3,156,942: goodwill, trade marks
of $5,686,141; total, $11,624,776.
Less reserves of $3,993,774;
c
Comparative Consolidated Surplus Jan.
101,048
-
26,030,555 25,222,937
Total
26,030,555 25,222,937
Represented by 1,998,769 shares, stated value
sale <fc abandont t
on
6,727*437
Jan. 1, 38
38
2,455.081
Other income
2,250,000
14,990,768
preferred shares. 2 250,000
b Represented by 300,000 no par shares,
less current liabilities of $2,587,800: balance,
a
expenses
Common shares. 14 ,990,768
Capital surplus
2 ,095.344
Earned surplus— 5 053,942
a
trade-mks.,
Net profit-..
....$13,881,145 $11,716,845
9,229,802
8,116,475
and
profit
Gross
40 Dec. 30,
38,820
expenses.
Total
a
375,000
455,513
d20,699
for conting..
b $5 div. convert.
2,096,783
28,360
&c_ 2 052,552
1941
18,164
admin,
Land,
Prepaid
_
403,519
537,875
&c
items,
mach'y,
equipment,
returns,
_
Cost of sales
Trade
Real est.,
service
Gross sales, incl;
a
7,454,804
Net for'n assets.
or
Fiscal Years Ended—
Surtax
727,628
Res.
859,266
Total
General Time Instruments Corp.
Loss
375,000
Reserve for taxes.
4,683,097
Note—The above statements include the
Sell.,
Dividends payable
6,014.870
4,758,966
1,075,268
stock
by 586,087 no par
irrevocably authorized to be issued.
following subsidiary companies:
International Projector Corp., National Theatre Supply Co., Theatre
Equipment Contracts Corp., J. E. McAuley Mfg. Co., Connolly, Inc.,
and the Strong Electric Corp. and Bludworth, Inc. in 1940, and in 1938 and
1937 includes Hall & Connelly, Inc. but excludes the following subsidiaries:
Cinema Building Corp. and the J. M. Wall Machine Co., Inc. and Zephyr
Shaver Corp. in 1937, 1938 and 1939—V. 152, p. 2706.
Represented
a
standing
710,985
1,423,990
p.
Minority contlng.
int. in subs.—
85.352
12,427,869
702,717
1 ,516,475
_c7, ,631,002
Mdse. Inventory..
at cost
89,651
277,180
Total.... .....12,934,091
162,917
pay.
7
Deferred charges..
Accts. & notes rec.
-
and accr. llabils.
156,963
77,661
and goodwill...
subs, (not cons.)
412,405
331,662
(trade)
(trade)
4
Inv. In & amts.due
1,057,399
goodwill,
State &
~
*
Prov. for
~
Notes & accts. rec.
403,500
1939
413,996
Liabilities—
Liabilities—
$
$
Cash
in 1940,
1940
$
1939
1940
2,217,661
Marketable securs.
Consol. net profit
Dividends paid
3 ,452,535
Cash
74
1939
1940
1939
$
on
undistrib. profits (est.)
Minority interests
b Includes $11 for
Includes U. S. capital stock taxes,
a
profits taxes.
'
Officials—
Kilmon has been elected Assistant
Assistant Treasurer of this company by
T.
M. Martin
Goodrich Co.—New
1940. c Represented by
received from tenant upon
Secretary, and Edward
the board of directors.
The Commercial & Financial Chronicle
3654
f Mr.
Kilmon, member of the legal staff for the last 16 years will fill the
vacancy caused by the death of J. L. McKnlght on May 15 and will be in
charge of the company's law department.
Wages of the
10,000 production workers employed at the company's
on the average about 6%, a new contract
and United Rubber Workers Union—CIO provides.
The increase will cost the company from $1,000,000 to $1,500,000 a
year,
plants in Akron will be raised
company
it is estimated.
New contract provides for a 5-cent an hour blanket increase for hourly
an advance of 4M cents on the base rate of piece workers.
In
workers and
addition,
there were a number
of individual adjustments in many
departments.
Pay raises make the average earnings of tire workers about $1.32 an
hour and the lowest male rates about 85 cents.
Women employees in the
tire divisions will average about 90 cents an hour with a minimum of about
70 cents for women workers in other departments.—V. 152, p. 1592.
Glen Alden Coal Co.
(& Subs.)—Earnings—
Consolidated, Income Account fo* Calendar Years
1940
Coal sales
1939
1938
1937
$43,901,328 $42,196,701 $35,130,746 $38,011,865
242,556
399,178
454,870
342,655
226,206
293,421
Royalty and rents.206,764
Other sales revenue
367,307
Total revenue
$44,475,400 $42,781,912 $35,756,129 $38,760,156
Expenses, deprec., deple¬
tion, royalties, &c
39,544,664
41,569,646
34,247,752
36,113,228
$4,930,736
Operating income
Other income
91,135
Total income
*5,021,871
continuously and profitably, and to adequately advertise
This loss was also greatly influenced by excessive write-offs of
no longer required in our manufacturing program.
In July we gave up motor car production in favor of a more profitable
program of armament production which has been steadily expanding and
progressing since August, 1940.
'
In September our plant in Wayne, Mich,, was sold for $310,000.
This
was a favorable price in view of the fact that the plant has not been operated
since 1936, and contained no machinery or equipment.
The sale of this
plant has eliminated heavy carrying cost and reduced our mortgage indebted¬
vance to
our
operate
product.
tools and dies
Wages Increased at Akron Plant—
between
June 7, 1941
of sufficient working capital to finance material releases far enough in ad¬
$1,212,266
87,059
_
ness.
:
With a large backlog of defense orders now on nand, we are in a far better
position to predict profitable operations than in previous years when motor
vehicle sales were so largely indeterminate, selling expenses and raw material
inventories so high, and markets so competitive.
The fine cooperation of
the Reconstruction Finance Corporation and our major contractors has
made it possible for us to finance our armament contracts without additional
capital from private sources.
Directors have given careful thought to plans for the future and have
decided that the capital requirements of an automobile factory are so
enormous that we should permanently retire from manufacturing complete
automobiles. The new machinery and equipment we are now installing, and
old machinery we are now retooling, should be permanent for manufacturing
parts for the aviation and marine industries which, together with other
projects being considered by our engineering and manufacturing organiza¬
tions, should enable your company to continue profitable operation along
commercial lines when the national emergency comes to an end.
Consolidated Balance Sheet Dec. 31,1940
Liabilities—
Assets—
$1,508,377
202,726
$2,646,927
82,150
Cash...
$62,575
$1,299,325
920,338
27,310
37,945
$1,711,103
1,236,084
45,592
20,302
$2,729,077
Dividends
$2,909,009
2,188,124
$313,731
437,808
$409,126
656,456
Surplus
Previous surplus
Surplus adj. (net)
Minority interest----..
$720,885 def$124,077 def$247,330
5,860,171
5,673,134
5,638,610
Dr181,075
Cr311,J52
CV281.870
Cr44
Dr3S
DrlQ
$6,400,025
$5,860,171
$5,673,134
1,750,487
$1.66
$0.18
1.750,487
$0.23
Distributors', dealers, & other
Prepaid expenses
53,800
custs.' cred. bals. & deposits
Accrued accounts
$5,638,610
1,750,487
51,451
$300,330
5,537,160
Z>rl98,S80
Miscell. deductions
Federal taxes
Net
income
Surplus, Dec;. 31
1,223,612.
26,437
303,440
Consolidated Balance Sheet Dec. 31
1940
1939
?
$
c
88,805,195
89,733,023
b Structures and
17,945,872
18,289,166
6,866,737
6,321,036
receivable
5,723,961
5,568,400
2,203,969
2,203,969
48,175
2,720,869
34,282
2,098,848
824,157
Coal
of
ated
affili¬
:
1,445,256
1,295,732
Other assets....
6,066,852
Deferred assets
3,549,941
3,842,613
.
payable.
2,066,437
2,103,544
com-
350,000
375,000
649,925
Unsettled taxes.
1,082,711
454,338
a
(def'd)
439,488
460,919
31,901
ciation
13,769
1,678,090
62,567
reserve
Res. for workrn's
561,898
compensa'n..
Prem.
U.
8.
651,611
a
112,703
for taxes..
138,465,6461
Total
6,162,194
—
depletion,
b After depreciation,
value.—V. 152, p. 1433.
—
c
205,073,404 187,251,003
Operating profit
Other income-——-.
6,835,642
32,107,372
6,400,025
32,107,372
5,860,171
..136,200,986
..
8,655,783
919,889
19,964,982
1,114,468
_
on
fund. & misc. dt.
13,554,282
1,653,692
13,981,110
1,622,500
9,575,672
2,620,216
21,079,450
of
subs,
12,358,610
6,849,994
18,314,053
590,802
1,000,000
728,211
837,570
714,023
not
wholly-owned..
Represented
foreign exchange—
Adjust, of inven. values.
by
-
SurplusShs.com.stk.out.(no par)
Earnings per share
a
1939
1938
1937
$3,650,139
3,120,901
2,637,006
3,192,773
$1,338,459
919,644
$1,013,133
856,087
$1,369,026
752,757
$517,746
$157,046
22,115
$418,815
20,682
16,933
$616,269
21,091
$539,861
25,739
$439,497
42,508
123,705
66,035
$173,979
10,798
25,914
$637,360
9,969
92,945
Land,
com.
Earnings
per
mach'y & eq.
79.870,033
53,267,037
78,267,017
Investments....
1,402,129
Inventories
74,203,869
$390,417
342,420
1,375.400
$330,953
273,088
1,365,440
$137,268
205,627
1,362.280
$0.28
......
($1 par)
share
$0.24
$0.10
$534,446
569,673
1,359.560
$0.39
1,455,616
Assets—
1940
1939
Cash in banks and
on
hand
9,217,219
0,518,737
43,000,000
1,506,944
25,627,375
AcctB. and Fed'l
Govt.
subs, and real
securities
....
Goodwill, pat'ts,
Accts. & notes
8366,833
101,875
101,875
.
'
l
1
633,018
976,371
■
rec.
Interest receivable
109,802
Excise tax....
1,875
1,875
398,086
Inventories. J
a
219,894
333,608
10,286
& other expenses
56,733
scriptions..
b
2,714
equipment. 2,417,736
2,237,518
Property, plant,
and
Liabilities—
1940
accr'd expenses.
864,151
874,254
Prov. for taxes
1,169
123,705
Uncl'd div. checks
66,035
62
33
319,493
179,230
3,598
2,273
cCapital stock...
1.369,800
1,365,440
employ's,
...
5,600
8,800
1,629,561
Total
.83,516,606 83,210,957
Refunds due from Federal and State
governments,
b After reserve for
1940 and $645,654 in 1939.
c Par value $1.
V. ioz, p. oloo.
a
Graham-Paige Motors Corp. (£e Subs.)—Earnings—
Consolidated Income Account for Calendar Years
(Incl. Subs.)
Sales of
cars
Cost of sales
and parts
_
_
...
Se 11., adv. & misc. exps.
Miscell. charges (net).__
Depreciation
Net loss.
$2,558,736
3,112,120
458,369
326,453
145,943
$3,327,040
3,844,758
594,880
115,366
178,664
$1,406,627
1938
1937
$4,782,448 $13,060,226
5,468,002
13,244,040
884,744
1,843,034
166,562
6,880
183.327
219,758
$1,920,186
4,468,997
2,188,348
24,429,684
200,615,941
191,553,523
Total.
200,615,941
18,838,643
191,553,523
Less
by 642,632 no par
1433.
shares in 1940 and 649,632 no par shares in 1939.—Y.
152, p.
(H. W.) Gossard Co. (& Subs .)—Earnings—
Years End. Nov. 30—
Gross profit from sales-
1949
1939
1938
$2,022,372
$1,997,835
$1,840,635
1,519,479
1,495,115
1,440,066
1,489,315
$502,894
$502,719
$400,569
$411,421
exp.,
incl. discounts on sales
1937
$1,900,73
Inc.
credits
,
(disct.
on
purchases, int. earned
and miscellaneous
Interest
_.
.
-
,
_
&
exp.
76,939
91,816
$477,508
11,357
2,067
44,868
$503,237
14,377
2,991
43,958
50,336
44,231
31,184
a78,219
88,021
57,745
6,725
65,007
$386,937
271,014
$391,592
$317,241
271,014
$338,996
271,014
old
age benefit taxes
Print., audit,
86,131
$588,850
9,748
1,073
48,079
50,218
_
Depreciation
insur
Unemploy.
76,052
$578,946
15,481
5,846
42,246
Total income
Income charges
and legal
in connection with
listing and registration
of the
company's stk.
_
$2,253,485
J. B. Graham, President, in his remarks to
stockholders stated:
Operations for 1940 nave shown a loss of $1,484,149.
This compares with
loss of $1,406,627 in 1939.
Principally, this loss was a result of the lack
3,510,526
Less depreciation of $108,387,811 in 1940 and $104,379,292 in 1939.
reserves of $2,601,546 in
1940 and $2,708,151 in 1939.
c Rep¬
resented by 2,059,168 no par shares,
d Represented
b
Prov. for income taxes.
$1,484,150
S.
—
reserves
1,513,724
depreciation of $674,606 in
1939
U.
1,500,000
2,276,598
4,486,416
Miscell.
Operating profit
1940
for
taxes
1,500,000
1,972,211
Sell., adv. & admin,
but
Earned surplus
235,114
of
a
646
balances-..—.
not issued....
,
107,138
101,575
0,035,104
due
drafts
Total...
credit
Total.......-.83,516,606 $3,210,9571
a
debt
currently.-.Foreign bk. over
1939
Subscrlb. for by
1,186
interest.
Funded
Res.
-
28,941,778
Capital surplus. 18,964,059
Com pen. ins. res—
51,403
Capital stock sub¬
Accr'd
—
Earned surplus.
Deposits
Prepaid ins., taxes
mtges.
payable 15,155,871
company
31
Customers'
estate
taxes
Deferred charges
Accts. payable and
8314,265
Market securities
Dec.
not owned.__
Fund, debt (co.) 41,500.000
Funded debt of
,
Sheet
Sub. cos.' stocks
28,850,146
depreciation of physical properties to the amount
of $115,958 in 1940; $134,145 in
1939; $136,901 in 1938 and $130,495 in
andprovision for losses on breakage of cartons and bottles of $93,818
in 1940, $74,635 in 1939,
$47,037 in 1938 is included in the above statement.
Balance
$
64,963,200
10,997,523
176,588
19,952,758
receivable....
for
,
c
S
S5conv.pf.stk. 64,263,200
Common stock 10,997,523
25.980,561
b Aects. & notes
Cash.
1939
1940
Liabilities—
$
d
&c
outst.
1,779,659
2.059,061
$1.94
1939
$
bldgs.,
Canad'n
Net income
Shs.
$3.20
Consolidated Balance Sheet Dec. 31
Assets—>
-
Dividends paid
2,246,441
2,059,168
$1.34
4,531,292
2,059.168
sales deducted.
1940
Total income
7,257,287
5,477,628
Returns, discounts, freights, allowances, excise taxes and intercompany
$4,561,800
4,070,199
6,012,423
3,252,295
513,687
3,252,160
2,055,345
4,512,094
2,059,168
$3.44
$4,459,360
10,342,743
-
9,838,797"
3,228,160
1,750,487
1940
Other deductions...
Prov. for Federal taxes..
1,791.602
-
-------
10,309,788*
Net profit
Preferred dividends
2,569.534
$5,632,612
......
84,011
11,900,590
Common dividends——
$1,562,413
1,044,668
Other income
2,681,385
105,462
138,465,646
Brewing Co.—Earnings—
Profit...—........
157,273,161 196,209,532
12,850,701
1,130,409
Prop, of disc, on funded
debt & prem.,&e.(net)
a
,
1937
$
12,466,675
1,087,607
Total profit before int.
and other charges.
Lit.
4,968
no par
Expenses
1938.
$
217,540,079 200,101,704 165,928,944 216,174,513
Res. for contingencies..
Prov. for fluctuation In
ards
Cost of sales, incl. Fed'l
and State excise taxes-
Calendar Years
1939
$
Mfg. costs & chgs. (incl.
deprec.) sell., admin.
& gen. exps. & prov.
earns,
4,925
...
Capital surplus.
profit;
Net sales
Total profits for year.
Divs. & equity in undist.
84,726
res've
Earned surplus.
Gross
After reserve for depreciation of $3,822,689.—V» 152, p. 3183.
se¬
Conting. claims
& mining haz¬
Calendar Years—*
Sales...
$3,681,912
32,275
reserves-_
subsidiary
Goebel
508,646
Total
1940
$
Inventory depre¬
curities res'ves
Total .......136,200,986
$3,681,912
Consolidated Income Account for
Minority int. in
Less
5,026,677
8,763,300
Appraisal surplus
931,522
com-
Def'd Income-..
Insurance
a
444,400
3,500,000
473,229
Workmen's
1
shares of
5,833
7% cumulative pref. stock
1939
1,444,849
8,261,080
Goodwill
772
12,000
Common stock ($1 par)
Deficit since Jan. 1,1933...
■y::v.:
(curr't)
Other
cos
767,349
Reserve for contingencies
34,922,468
pensa.
hand...
on
Liabilities to officer—
Goodyear Tire & Rubber Co. (& Subs.)—"Earnings—
33,467,309
pensa.
Interest accrued
Mat'ls & suppl's
1,798,742
extension agreement
,
debt--.
Interest accrued
& unmatured-
9,160
81,063
RFC 2nd mtge. 5%
Accts. pay. undergrade creds'.
51.416,341
Workmen's
817,496
(J. S. Governm't
Stocks
'
Accrued taxes—
Accts. and notes
obligations...
3,455,751
3,583
Total
51,416,341
Funded
4
equipment
1,488
plant & equipment..
Deferred charges
1,750,487
$0.67
$
Capital stock.
Accts.
Cash
Prop,
Capital surplus
1940
TAaMlitles—
Coal & surface
lands.--
a
-
standing (no par)
Earnings per share
Assets—
Miscellaneous securities
45,136
Unearned rental income
Shs. of capital stock out-
a
$245,434
Accounts payable
$1,175,589
875,259
.
(5%)
53,264
Inventories
1,128,059
21,370
963.433
.
Interest
Notes payable
Accounts receivable (net)
Net profit for periodDividends paid
a
Includes
excess
.
profits taxes.
271,014
Volume
The Commercial &
152
Financial Chronicle
Consolidated Balance Sheet Nov. 30
a
675,358
$310,729
632,019
982,943
in bank..
Accts.rec.—trade
Inventories
519,163
100,000
924,842
5286,646
Acer,
00 ©
86.102
CO
12,086
11,052
accts. & Int. rec.
d
50,697
64,797
56,939
559.967
Trademarks
89,895
226,073
Sund.acc'ts, notes,
Deposits
$2,722,782 $2,670,488
Total
for losses, trade discounts, returns
reserves
195,617
and advertising allow¬
$89,937 in 1940 and $95,600 in 1939.
b After reserves for deprecia¬
tion of $450,884 in 1940 and $461,099 in 1939.
c Represented by 230,598
no par shares,
d Represented by 13,787 shares.—V. 152, p. 1917.
ances
Income Account for
Inc. (& Subs.)—Earnings—
1
1940
QQQ
$9,652,758
$8,776,926
$9,173,544
6,779,194
8,878,875
7,936,169
8,249,555
$417,310
65,379
$773,883
128,133
$840,757
138,720
$923,989
103,260
Cost of sales, advertising,
Profit
Sundry deduc'ns (net)--
$351,932
$820,729
327,870
99,748
$702,037
$645,750
353,786
83,161
Profit after oper. chgs.
Depreciation
Interest
346,539
87,926
333,557
94,408
1
oper.
Discount
$274,072
475,338
63,000
35,166
Res.for flood losses
a31,000
22,059
20,800
$237,797
189,826
$351,159
272,040
3,209
a33,000
a55,761
bl2,528
Adjustment, &c
b 19,094
$155,981
178,220
x$ 149,159
Net profit
Preferred dividends
CY906
"
17,233
Prov. for inc. taxes, est-
x$ 149,159
Shs.
x$22,239
$47,971
$79,119
395.075
395,100
Nil
395,101
$0.13
395,104
Nil
stk. (no par).
com.
Earnings per share
9
a
Subsidiary
results
x
Loss
of
464,869
or
subsidiary from
$0.40
Total
-47,103,823 42,260,296
Par $10.—V.
Granby Consolidated Mining, Smelting & Power Co.,
Ltd.—Earnings—
(Including Wholly-Owned Subsidiary Co.)
1940
& silver
$4,617,640
1939
Calendar Years—
3,256,048
51,387
$4,434,757
2,948,699
41,403
114,719
33,628
102,540
33,104
$1,161,858
$1,309,011
16,028
23,898
43,268
241,953
44,518
187,021
Plant reconditioning and reorganization expense-Mineral and income taxes.200,000
72,251
214,920
Value of production of copper, gold
Production and marketing expense
a
Administration expense
Workmen's compensation
and
fire
assessments,
other insurance and property taxes
____
,.±
Debenture interest
19,235
Debenture issue expense
Depletion
Depreciation
------
-
100,000
Excess profits tax
Net profit
Dividends paid—
Earnings per share of capital stock
a
$560,609
$747,168
360,186
—
112,558
—
$1.66
$1.24
Including gain on foreign Exchange
(U. S. A.).
the years
wholly-owned subsidiary did not operate during
Note—The
1939 and 1940.
a
a*Property acc't.. $3,627,780 $4,515,392
Pats. & goodwill..
1
1
7,500
5,750
172,361
351,053
930,871
securs
Cash....
Accts. receivable..
1,029,052
Mtge. receivable—
12,100
..
Inventories
1,161,094
Consolidated Balance Sheet Dec. SI
b Common
58,003
254,965
247,476
Divs.
(est.).
790 459
—
Treasury stock.. Drl37,020
$6,294,578 $7,422,794
Total
a After
depreciation of $4,749,743 in
b Represented by 449,883 (no par) shares
in
1940 and $4,507,028
(incl. treasury stock),
in
c
1939.
Repre¬
Accts. & wages pay
$68,290
$134,917
7,685
Accrd. liabilities-.
284,553
201,767
322,070
3,862
Adv.
27,681
145,351
7,083
Metals sales
Metals
$608,915
9,146
Accts. rec.—mlsc-
in
transit-
7,083
terminate under
355,942
369,403
135,847
Calendar Years
1938
1939
1940
of sales, sell., gen.
and admin, expenses..
1937
$6,359,472 $13,234,442
$11,671,886 $10,212,477
Net sales..
Cost
Depreciation.Interest paid..-.
8,883,526
744,919
171,487
10,404,948
734,576
147,728
16,427
414,491
plant & equip..
2,504,317
2,355,701
Deferred charges.-
24,644
28,257
Broken ore, at cost
In
Mine, mineral l'ds
& coal mine lease
Real estate, bldgs.,
capital
(arising
1932 & prior
dlstrlbs.
148,453
398,361
Unclaimed
3,401
years) ------5% conv. debs
-
277,200
398,200
2,251,303
Capital surplus—
326,350
2,251,303
Capital stock
326,350
Earned surp. (from
Oct. 31, 1936)
Total.
$4,151,494 $4,075,740
Total
The mine, real estate,
Notes— (1)
743,374
943,797
—
$4,151,494 $4,075,740
—-
buildings, plant and equipment are
established by the company in 1926, plus
cost, and less reserves for depletion and depreciation.
(2) The balance sheet as at Dec. 31, 1940, is expressed in Canadian cur¬
rency.
United States dollar items have been converted into Canadian
dollars on a dollar for dollar basis.
Such items are as follows: Cash,
$18,527; other current assets, $349,751; current liabilities, $5,342, and
debentures, $277,200.—V. 152, p. 2706.
stated
the basis of a valuation
on
subsequent additions at
Steel Co. (& Subs.)—Earnings—
Consolidated Income Account for
sold
contract
& store mdse—
of
Granite City
value
pending price de¬
process
Materials, supplies
sented by 54,808 (54,782 in 1939) shares of common stock and 100 shares
of preferred stock in 1939.
d Includes accumulated earnings less dividends
$590,246 ($1,386,918 in 1939), and surplus remaining from reacquisition of own shares at discount of $200,213 ($174,211 in 1939).—V.
152, p. 1283.
of
excess
metals
of
concen¬
trates in
In
estimated
concen¬
trates in
Metals
payable
d Surplus
$7,422,7941
192,125
29,730
44,135
1,561,129
Dr146,955
$352,942
Cash
200,000
177,020
46,216
payroll, &c
c
170,924
220,992
Interest,
Accrued
97,742
...._56.294,578
1,585,000
Notes payable
1,105,187
1,124,707
1,715,000
1,124,707
payable.
199,048
Deferred charges..
stock.
5% s. f. debs—
Accounts
1939
1940
Liabilities—
1939
1940
Assets—
1939
$2,429,200 $2,532,000
Preferred stock
Income tax
Other assets
1940
Liabilities—
1939
1940
Assets—
&c.,
in 1940.
in 1940.
152, p. 3025.
Consolidated Balance Sheet Dec. 30
Total
47,103,823 42,260,296
1,164,136
a After depreciation reserve of $3,344,974 in 1941 and $3,535,983
b After allowance for depreciation of $830,697 in 1941 and $755,968
dollars to U.
Canadian
deficit.
Marketable
Total
546,756
1,356,980
rents, &c
translation of operating
S. dollars,
b Adjustment upon
company,
Canadian
252,196
224,464
24,750
6,750
18,708,661 17,146,128
ing stores
Operating profit and gain on foreign exchange._
Cr21,377
•
Surplus
erty owners
debentures
on
purchased for retirem't
Amort, of disct. & exp__
127,300
3,540
Res've for repaint¬
$393,112
"5",274
$211,285
x$85,015
profit
171,900
16,840
416,356
New York expense
Net
mtge.
1937
1938
$7,196,504
Net sales.
2,201,075
1,756,771
957,822
965,891
1,517,063
estate
payable, current
Tenants' deposits-
purch.
on
6,977,015
Prepaid insurance,
c
Calendar Years (Incl. Sub. Cos.)
Federal tax reserve
1,288,286
of property
Accts. with prop¬
of
Gotham Silk Hosiery Co.,
Accrued accounts-
1,390,770
claims & Invest.
52,722,782 $2,670,488
After
Cash surr. value of
life insurance--.
$
4,216,351
958,373
Real
110,095
1,226,381
1940
S
stock-.ll,893,540 11,893,540
Accounts payable-
1,122,455
Capital surplus
Earned surplus
Common
9,039,744
Inventories
17,782,398 13,287,606
Accts. receivable-_
256,315
235,146
110,095
5,239
deferred charges
Investments
6,134,144
8,716,863
Cash
558,546
5,221
at
Dt_
cost
;
b Fixed assets
stock
Treas.
•
Prepaid value and
1.152,990
88,562
c
7.451,2411 5% preferred stock
(par $20)
6,976,875
5,586,361 Real estate mtges. 2,367,275
buildings 7,136,998
to leased prop..
97,870
1,152,990
Common stock—
c
$
3,129,346:
Alterat'ns & lmpts.
107,413
78,507
inc. taxes
Acer.
Misc. assets notes.
a
com¬
taxes
Liabilities—
s
3,406,298
Furn. & fixtures.
b Land &
Int. and expenses
life Insurance
Total
wages,
missions,
Cash surr. value—
Assets—
a
1941
1940
1941
1939
$45,438
Notes payable
Liabilities—
hand and
on
1940
Accts. pay.—trade
1939
1940
Assets—
Cash
3655
Consolidated Balance Sheet Jan. 31
12,506,513
457,777
43,709
6,203,079
471,000
64,394
Great Western Sugar
Co. (& Subs.)—Earnings—
Feb. 28, '41 Feb. 29, '40 Feb. 28, '39 Feb. 28, *38
rev-._$25,956,532 $27,516,202
-—-& expenses. 20,166,802
21,487,239
—--
Years Ended—
Net sales & other
Operating income.$384,633
21,626
$406,259
91,009
$226,442
52,783
$427,489 def$330,230
79,547
Cost of sales
$279,225
25,000
$412,545 def$379,002
14,944
48,772
Miscellaneous income
Other income
<
$6,028,963
19,897
$5,411,034
8,891
$9,643,746
$5,841,473
$6,048,860
Deprec. of plants & RR-
1,148,895
1,121,118
$5,419,925
1,061,716
Federal and States taxes
al,153,199
869,100
658,803
$9,673,973
1,290,347
1,357,461
$3,539,379
earned surplus. 22,295,935
$4,058,642
23,067,293
$3,699,406
24,737,887
$6,596,165
25,131,722
Profits from
Total income
Prov. for Fed. inc. tax..
opera'ns- $5,789,730
Total income
$254,225
1,276,141
$347,940 def$330,230
722,031
1,100,070
$315,2b9
Netprofit.
Earnedsurp. bal. Jan. 1.
1,022,157
Prov. for
$1,337,416
95,622
$1,069,972
47,814
$769,839
47,808
Dec. 31 $1,241,794
$1,022,157
$722,031
Total surplus...
Dividends paid
$1,530,366
430,296
Earned surp.,
$1,100,070
Total
Earns per share on cap.
stock outstanding
Nil
$0.91
$0.82
$0.66
Common
Cash
Accts.
and
3,823,229.
Inventories..-.—
469.864
Earns, per
982,364
Wages & com'ns—
171,565
155,163
3,560.505
Accrued interest..
190
190
Prop.& other taxes
132,729
135,944
Fed'l income taxes
92,595
82,000
150,215
Long
-
term
notes
a
Earned surplus
17,435,531
Total
a
16,946,342
Total
269,074
...
8,483,821
8,483,821
2,298,128
2,298,128
1,241,794
Capital stock...
Capital surplus
3,576,029
226,694
Reserves..
No
a
(no par)
sh. on com—
1,022,157
17,435,531 16,946,342
Represented by 382,488 (no par) shares.—V. 152, p. 2856.
$22,295,935 $23,067,293
1,800,000
1,800,000
$1.38
$1.67
$1.47
for Federal excess profits tax.
$
1941
Operating profit
(net)
Other income
Preferred stock.-.15,000,000
Plants, RR. eqpt.,
44,960,922 44,534,085
Investment stocks
24,940
24,900
U.S. Treas. bills.. 5,400,000
7,499,955
Cash....
5,530,843 5,507,760
Accts. <fc notes rec. 1,046,370
1,317,850
&c
by-prod'ts22,929,963 19,877,711
Beet seeds & supp. 3,150,665
3,475,320
Prepaid expense-671,562
536,294
Sugar &
Shs.
com. out.
a
$5,492,282
78,955
$4,855,487
62,694
1,318,369
708,000
$5,571,237
63,532
1,2.54,980
b851,000
$2,766,424
$3,542,211
$3,824,996
37,140
1,335,165
348,830
348,683
348,630
1,665,096
1,189,354
2,259,773
1,189,354
1,962,434
1,189,354
$3,401,725
87,278
2,266,493
1,189.354
$2.68
$2.92
$2.03
provision for Federal excess profits tax.
b Including
(par $10)-
Includes $119.00)
surtax
Drl06,248
-
5% preferred dividends.
Common dividends
Earnings per share
$4,961,736
a1,526,000
of $151,000.
a
Common
stock.15,000,000
Feb. 29,*40
$
16,000,000
15,000,000
Conting. beet pay.
"reserve.
185,800
...
266,300
Res. for em ploy .re¬
370,000
330,000
Accts. pay., &C—- 1,074,677
Acer. Federal taxes 5,865,541
1,094,798
tire, allowance.
_
6,037,230
Def. cred. & oper.
suspense
Items..
435,152
4,811
142,159
4,577
23,424,157
Earned surplus.-.21,185,313 22,295,935
Capital surplus...
178,719
178,719
1938
$6,351,272
Dr174,930
-
earned
$3.08
Depreciation res..24,415,252
$6,576,115
Dr135,600
$6,176,342
55,225
1,336,121
960,000
Deprec. & amortization.
Prov. for Federal taxes.
Net ihcome.
1939
S
Liabilities—
$
Ended Jan. 31
$6,440,515
_
..
Total income—
Int. paid, less int.
1940
Feb. 28,'41
29,'40
Unclaimed divs
$111,774,965$103,761,685 $97,516,419 $99,059,920
105,198,849 97,410,413
92,554,683 93,567,638
Sales
Costs and expenses
1,800,000
Consolidated Balance Sheet
Feb. 28,'41 Feb.
(W. T.) Grant Co. (& Subs.)—Earnings—
Consolidated Inc<yme Account for Years
$24,737,887
1,800,000
provision necessary
Assets—
3,643,401
payable
$25,835,313 $27,125,935 $28,437,293 $31,727,887
1,050,000
1,050,000
1,050,000
1,050,000
4,320,000
5,940,000
3,600,000
3,780,000
EoTyear^1--a-t--?$21,185,313
Shs. com. outst.
831,983
10,990,233
40,917
65;235
-
453,970
141,370
Inv. & other assets
S
312,629
Land, Ac. (net)- —10,714,270
Deferred charges—
dividends—
Notes payable -—_
Accounts payable-
1,081,028
-
430,000
1939
$
Liabilities—
S
1,222,108
notes
receivable (net)
1940
1939
$
1,610,399
-
Deduct—Pref. divs. (7%)
Consolidated Balance Sheet Dec. 31
1940
A ssets—
30,227
contingencies.
Net income
Previous
\
51,743
-
$2.78
Total
a
83,715,264 82,773,875
Greenbrier Cbeat &
83,715,264 82,773,87 5
Total
Represented by 1,800,000 shares, no par
value.—V. 150, p. 3203.
Elk RR.—Bonds Called—
gold bonds due July 15, 1944
All of the outstanding first mortgage 5%
outstanding West Virginia Midland Extension first mortgage
5% gold bonds due Jan. 15, 1954 have been called for redemption on July 15
at par and accrued interest.
Payment will be made at the Union Trust Co.
of Maryland or at the Irving Trust Co., N. Y. City.
Immediate payment
may be had at holders option.—V. 152, p. 2553.
and all of the
Guilford Realty Co. —Accumulated
Dividend—
Directors have declared a dividend of 75 cents per share on account of
accumulations on the 6% cumulative preferred stock, payable June 30 to
holders of record June 20.
Like amounts were paid in preceding quarters.
—V. 152, p. 1918.
The Commercial & Financial Chronicle
3656
June 7,
1941
Hartford Electric Light Co.—To Sell Debentures
company plans sale of $4,500,000 of 3 14% debentures to stock¬
additional 45,000-kw. urut to its South
(H. L.) Green Co., Inc.—Earnings-
The
Consolidated Income Account Years Ended Jan. 31
holders to finance installation of an
[Including domestic subsidiary companies and Green United Stores, Inc.,
acquired May 1, 1939.]
;
1941
1940
$47,214,607 $43,996,478 $36,412,843
Sales
sold, selling &
less inc. fr. sub-tenantsDepreciation and amortization
Taxes (other than Federal income)_
Cost
merchandise
of
Meadow steam plant.
_
authorize
to
43,213,720
40,327,261
385,854
715,416
335,442
661,511
33,583,826
293,817
533,357
Ordinary operating profit
Extraordinary expenses, net—.
$2,899,616
10,529
$2,672,263
5,438
$2,001,842
(>84,523
Operating profit
Non-oper. expenses & income
$2,889,087
67,075
$2,666,825
100,410
460,000
$2,086,365
9,716
362,000
Net
$2,106,415
5,255
1,373,427
15,015
$1,714,649
Gen. & admin, expenses.
$712,718
5,181,038
Dr4,124
$366,941
4,807,720
Cr6,377
gen. exps.,
a752,000
Provision for Federal income tax
Net income for the year—$2,070,011
Dividends on preferred stock
- -
1,492,855
Common stock dividends
Prem. onpref.
stk. red. at 105
$577,156
5,888,522
Surplus for the year..
Earned surplus at beginning of year-Federal inc. tax adjusts, for prior yrsExcess of purchase cost of 1,000 com.
shares sold under employm't contr-
Dr8,530
.
.
has called a special meeting of stockholders for June 17
the issuance of $7,000,000 of 3!4% debentures, of which
$4,500,000 would be offered to stockholders by subscription.
The meeting
would also revoke present authority to issue an additional $1,500,000 of
The company
1939
debentures.
*
The new 3 X
which
Old
,
.
.
% debentures would be secured by a trust indenture, for
Co. of Boston would be the trustee.—V. 152.
Colony Trust
p.1131.
Harvard Brewing Co.
6 M>s. End. Mar. 31—■
sales
(Del.) (& Subs.)—Earnings—
1938
1939
1940
1941
$864,001
---
$668,825
$739,974
398,202
218,364
$842,973
378,226
474,133
232,881
68,904
441,455
$88,083
7,471
$96,639
6,238
$60,831
4,722
loss$5,382
$95,554
16,421
20,552
$102,877
22,319
$65,553
32,213
8,547
$1,110
115,407
$58,581
$64,554
1
sold
Selling & delivery exps._
Cost of goods
2,185
27,500
236,343
68,536
225,904
70,077
62,577
24,126
1,314,712
8,870
Profit from oper
Other income credits—
Gross income-
Income charges
Prov. for income taxes..
1,110
Net
income
16,003
6,492
$24,792 loss$114,296
Div.
$6,457,148
$3.46
Earned surplus at end of year
Earnings
share on com. stock
per
$5,181,038
$2.83
payment of dividends on preferred
Assets—
1941
Liabilities—»
S
$
107,063
300,000
300,000
accrued_
13,875
14,000
Merch. inventories
6,577,342
6,469,823
Res.
Instal.on bonds,
due Jan. 1,'41
within
one
861,153
832,408
752,000
460,000
27,913
29,202
5,000,000
debs.*
due
fund
Jan.
1,1955---
3,400,000
3,700,000
Mortgages payable
Com. stk. (par $1)
1
598,142
598.142
surplus...
3,262,594
3,262,594
Earned surplus...
1
Capital stock.
6,457,148
Shops,Ltd. (Eng¬
land)
and In¬
Harvill Aircraft Die Casting
Directors
20,172
leased property.
660,325
475,481
656,897
initial
Co.—Initial Dividend—
cents per share on
of record June 7.—V. 150, p.
dividend of 12Yi
.J:
,/V./
643,674
have declared
a
dividend of $2.50 per share on the common
payable June 2 to holders of record May
15.
Regular quarterly
150, p. 1437
2,568,526
Deferred charges..
an
stock, payable June 23 to holders
Hathaway Mfg. Co.—$2.50 Dividend—
1,878,050
2,745,439
common
3511,3049.
I
24,796
2,045,088
stamps
Directors have declared
the
37,500
37,500
revenue
5,888,522
Paid-in
Investm't In Green
(net). $218,844;
on hand, $6,031; inventories, $299,933; invest¬
(net), $1,100,407; uncompleted construction job orders,
$4,593, trade marks and patents, $1; inventory of supplies, $42,205; de¬
ferred charges, $32,939; total, $1,969,101.
Liabilities—Accounts payable, $38,012; note payable, $4,608; mortgages
payable (current payments), $15,000; beverage tax payable, $12,914;
Federal income tax withheld at source, $7,499; deposits on containers,
$39,888; Federal and State taxes payable, $35,268; dividend payable,
$31,250; accruals, $43,998; mortgages payable, $152,500; common stock
($1 par), $625,000; paid-in surplus, $257,000; earned surplus, $706,162;
total, $1,969,101.—V. 152, p. 2240.
993,548
_
2,500
ments, $1: property
5,000.000
1,164,967
Inc.
year.
d 15-year sink,
Metrop.Stores,Ltd.
lstmtge.434%.
recs.
Fed.
977,385
Mtge. paym'ts due
Bond Int. receiv¬
Misc.
for
taxes..---.
$
914,791
taxes & acc. exps
Metrop.Stores,Ltd,
bonds-.
$
Trade acets. pay..
Other accts. pay.,
1,827,511
178,747
rec.,less res.
1940
31,250
Assets—Cash, $264,146; accounts and notes receivable
Federal
1940
2,398,695
Cash
able
—
Consolidated Balance Sheet March SI, 1941
b After
stock retired in full May 1, 1939.
Consolidated Balance Sheet Jan. 31
1941
Accts.
paid on 5% cum.
pref. stock._
Div. paid on com. stock.
conv.
$58,625 provision for Federal excess profits taxes,
Includes
a
$5,888,522
b$3.51
vest., less resa
Land & bldgs
bFurn.,flx. &e dp.
c
stock,
dividend of $1.50 was paid on March 4 last.—V.
Hercules Powder
Improvements to
19.038,706 18,041,8011
Total.....
19,038.706 18,041,801
Total
a After reserves for depreciation of $89,552 in 1941 and $68,628 in 1940.
b After reserves for depreciation of $1,474,707 in 1941 and $1,204,988 in
1940.
reserves for amortization of $157,935
in 1941 and $102,811
d On Jan. 1, 1941 the interest rate was reduced from 4% to SlA %.
—V.
152,
3025.
p.
Greene Cananea Copper Co. (&
Years End. Dec. 31—
a
Total receipts
Exp., taxes, adm., &c._
Expenses during strike at
1938
$5,348,593
2,808,584
Heyden Chemical Corp.—Registers with SEC—
512,683
Depreciation, &c
Minority share of inc
a
per
159
453
$1,422,399
1,499,973
$2.84
$763,952
1,499,973
$1.53
460,479
331,239
178
$1,006,403
1,499,973
$2.01
share.
Includes other income,
b Before deduction for depletion;
1940
$
Metals
and
in
49,193,470
141,595
1 ,110,856
1,133,762
471,595
475,539
process
hand
667,105
785,000
4,000
Accrued liabilities.
129,160
773,023
Accounts payable-
180,244
176,776
23,270
4,965,483
5,459,053
123,318
5,203
expenses.
18,561
3,029,560
31,663
109,368
Cash
Prepaid
2,843
4,000
serve
1,269,952
59,913
Accts. receivable..
1,028,993
,957,118
on
2,732
Minority Interest.
Mexican legal re¬
141,991
...
S
Capital stock...50,000,000 50,000,000
Wages payable...
rys. & equlpm'ts48 ,997,136
Investments
1939
$
Liabilities—
a
lands, buildings,
Development
Supplies...
1940
1939
S
Mines, min. claims
6,008
Surplus
Notes & accts. rec.
not
current
Deferred charges..
Total
a
55,304,889 56,434,256
Represented by shares of $100 par
Gulf Power
revenue
Operating
Total...
55.304,889 56,434,256
-V. 150, p. 3510.
Co.—Earnings-
Period End. Apr. 30—
Gross
expenses
Taxes..
Prov. for depreciation..
Offered—MacBride, Miller & Co., Inc., New York, on
2 headed a group of dealers offering by prospectus
75,000 shares of 6% cumulative preferred stock at par ($20).
June
Transfer Agent, The Corporation Trust Co., New
$2,378,888
2,249,960
$4.76
Consolidated Balance Sheet Dec. 31
Assets—
152, p. 3499.
Stock
101,672
248,615
751.822
365,335
42,568
235,764
taxes, estimated
Earnings
See list given on first page of this department.—V.
$5,748,525
2,577,918
Higgins Industries, Inc., New Orleans, La.—Preferred
Cananea..
Dividends paid..
effect the policy of the company of
a working directorate. With the new
appointments, the board now consists of 17 members, under the Chairman¬
ship of R. H. Dunham, who presided at today's meeting.—V. 152, p. 2857.
1937
$3,408,342
2,293,924
U. S. & Mexican income
b Net income
These new appointments continue in
placing the management in the hands of
Subs.)—Earnings—
1939
1940
$3,808,565
2,010,988
elected directors of the company.
were
After
c
in 1940.
Co., Inc.—New Officials—
Following the regular meeting of the board of directors held May 28,
A. Higgins, President of the company announced the election of
Petrus W. Meyeringh as a Vice-President and member of the company's
Executive Committee.
Albert E.
Forster, general manager of Naval
Stores department and Luke H. Sperry, chief engineer of the company,
Charles
1941—Month—1940
$186,937
$158,009
92,953
78,384
28,828
19,304
15,833
15,833
1941—12 Mos.—1940
$2,106,150
1,033,234
318,047
190,000
$1,939,410
1,013.769
234,201
180,000
York City and Jersey
Registrar, Central Hanover Bank & Trust Co., New York.
Each
6% cumulative convertible preferred stock is convertible into
one share of common stock at any time prior to redemption, provision being
made for adjustment of conversion rights in certain events.
Dividends are
cumulative from previous quarterly dividend date and are payable quarterly
February, &c.
Entitled ratably with 8% preferred stock (to be retired)
and in preference to common stock, to $20 per share upon liquidation,
whether voluntary or involuntary, plus divs.
Red. in whole or in part at
any time on 30 days' notice at $21 per share and dividends.
City.
share
of
History & Business—Since incorporation in 1930, company has been
engaged in New Orleans in the business of motor boat building and collateral
At the present time the two types of boats which it is building
on a quantity basis are the "Eureka"
(U. S. trade mark) type of landing and
rescue boat and a new high-speed motor torpedo or patrol boat.
The "Eureka" type has been developed over a period of years.
It is
designed primarily to meet certain requirements of shallow water: ability
to make dry landings in places where there are no docks or wharves; freedom
from injury by bars, floating loags and water weeds; and at the same time
the attainment of speed.
This type of boat, in technical language, is an
arrangement of a spoon bill bow, a Vee midship section area, a reversed
curve aft and a semi-tunnel at the stern.
Various important features of the
boat and the hull design generally are covered by patents issued in 1939.
Company has furnished boats of this type to several U. S. governmental
agencies, to foreign governments and to private companies.
The motor torpedo boats, originally built for the U. S. Navy, have been
and are now being built for the United States and other governments. They
are of the average length of 70 feet and speed of over 50 miles per hour.
[For reasons obvious in view of present world conditions, the details of
some of these orders, the number of boats, their
type, speed, &c., cannot be
more specifically described.]
i
In addition to*the "Eureka" and patrol torpedo type of boats, the com¬
pany has carried out a number of special jobs, a recent one being a welded
steel tug over 50 feet long for the U. S. Engineers and another 39 feet
long for the Tennessee Valley Authority.
<
Company is of the opinion that motor torpedo and patrol boats and land¬
ing boats have established a permanent place in naval and military operations
and this this field will continue even after the present emergency has passed.
Company now has in excess of $5,000,000 worth of unfilled orders on its
books, principally United States and foreign government| orders
j*.
|
activities.
.
Gross income._______
$49,323
$44,487
Int. & other deductions.
19,192
19,799
$564,868
234,096
$511,440
241,910
$30,221
5,585
$24,688
5.585
$330,772
67,014
$269,529
67,014
$24,637
$19,104
$263,758
$202,515
Net
Divs.
income
on
preferred stock.
Balance
....
v
Capitalization of Company as of March 25, 1941
—V. 152, p. 2856.
Hamburg Elevated Underground & Street Rys. Co.—
Interest—
Harriman & Co. announced that holders of Dec. 1, 1940
coupons appurtenant to 5H% bonds due 1938,
2% to 1946, may now deposit such coupons, accompanied by a
Brown Brothers
and June 1,
extended at
declaration
1941 interest
of non-enemy ownership as to
Germany,
with them
at
their
New
rork office, under an arrangement "whereby the conversion office for
German foreign debts has agreed that upon receipt by it of notification of
such deposits it will from time to time remit dollar funds in
respect of
face amount of such coupons.—V. 148, p. 3848.
the
Hamilton Fire Insurance Co .—Initial Dividend—
Directors have declared
common
p.
stock,
an
initial dividend of 10 cents per share on the
of record May 26.—V. 140,
payable May 27 to holders
2537.
Hamilton t nited
have1 declared
Directors
accumulations
on
holders of record.1
p.1593.
•
Authorized
Outstanding
75,000 ^
None
10,110
W
10,110
500,000
200,000
6% cum. conv. pref. stock (par $20)
b 8% preferred stock (par $10 per share)
c Common stock (par
$1)
a
Theatres, Ltd.—Accumulated Div.—
a
dividend of $1.25 per share on account of
Wie 7% cum. pref. stock, par $100, payable June 28 to
lay 31, leaving arrearages of $11.25
'
per
share.—V. 152,
a Convertible into shares of common stock, share for share,
b It is in¬
tended that this issue be retired out of the proceeds of the present offering,
Of these shares, 75,000 are reserved for the conversion of the 6% cumu¬
c
lative convertible preferred stock, and 25,000 shares are reserved
for options
granted to members of the management .
.
■
Underwriter—The' principal "underwriter" is~"MacBride.' Miller & CoT,
which it is expected will be
_
Inc., New York.
Purpose—The net proceeds after deduction of expenses in connection
with this financing, are $1,295,850.
It is the intention of the directors to
devote such proceeds to the following purposes, the amounts being estimated
in each instance:
(a)
Retirement of all outstanding 8 % preferred stock—.
(b) Payment of bank loan
(c) To replace in treasury sums used, during 1940, in acquiring
property and constructing new plant
(d) To replace in treasury sums used, during 1940, for machinery
and equipment
(e) Estimated cost of erecting and furnishing office building
(f) For additions to working capital &c
—. _
$101,100
' 1,400
363,000
109,000
100,000
621,350
Volume
The Commercial & Financial
152
Chronicle
Income Account for Calendar Years
,oc
„
1940
.
J
Grows sales and accrued
profit
a
685.141
$706,342
556,463
$809,366
$165,312
130.011
$149,879
121,045
$544,116
30,473
$35,300
$28,834
4,195
$574,589
324,559
$43,319
11,571
265,249
....
-
Gross income
-
Net income
On
8.018
$250,030
uncompleted government
contracts
Assets—
Sheet March 31, 1941
cash on deposit for payment of dividends
common stock not exchanged under plan
on
of
$65A:noPecial deposits, $26,050; accounts receivable, $200,rereW^hiA «976|' $298:j.7,4: Prepaid insurance, $5,236; accrued interest
if
75: prepaid interest, $856; deferred charges, $71,971; cost of
lanH^ K,mH^ress»not' allocated. $7,275; miscellaneous investments, $21,722;
i«
„
(net), $3,101,845; total, $3,924,469.
$22,000; accounts payable, $105,880; divs.
common stock declared but unclaimed, $655;
«o7 noo-*
$50'U9; reserve for maintenance and contingencies,
inortgage note of Wabash Coke & Warehouse
Co., $9,750; cumuniQ
nrre s.tock. $l,170,000; common stock (par $50 cents), $2,343,019, earned surplus,
$186,013; total, $3,924,469.—V. 152, p. 3345
«n^S25i%TNot? payaWe,
ifol^?4?refeS.rr.ed and
$33,029
7,832
$25,197
and
returns
allowances.
Intermountain Telephone Co., Bristol,
Tenn.—Regis¬
.y-
ters with
1
Notes payable (banks)......^
105.353
Notes payable (trade)
220.007
Invents.
Mtge. due within
1,027.841
.......
........
524,673
Deferred charges
year....... ■
$101,361
1,600
13,355
406,901
395,958
Other current liabilities.132,750
Funded debt.
7,720
a556,577
101,100
Common stock ($1 par)
Earned surplus
Total
8% pref. stock ($10 par)..
200,000
101,879
2,011,482
Total
$2,011,482
a Mortgage
instalments due after Dec. 3i, 1941,
public of Finland, $553,187.—V.
152, p. 2240.
$3,390.
Due to Re¬
on
first page of this department—Y.
International Mercantile
Marine Co.-
151,
-To
p.
2352.
Refund Bonds
°/the
company with respect to the maturity of its 6%
offer the bondholders 50% in cash and
50%
bonds of I. M. M., John
Franklin, President, stated at the annual
ad® 'Oct.
...
41.056
Other assets
.....
Accounts payable (trade)
Accrued liabilities
19,247
SEC—
See list given
$65,575
Amount due from U. S. Govt.
process &
«
renwinilaH-^f6®6^^ and
Liabilities—•
Cash & demand deooslts
Notes & accts. receivable
Contracts in
i"-
$31,747
less
Balance Sheet Dec. 31, 1940
Other current assets
Fixed assets (net)
3657
Consolidated Balance
.
e(pnpment
Operating income.Other income
a
piireiiinfixro
$850.4 53
.
„
1938
1939
$2.693.694
1.884.328
Cost of goods sold.
.
1, 1941
meeting June 2.
are to
Terms of the
IM®, expected that the complete
holders
within 30 to 60
days.
u
stockholder asked where
new
bonds
have not been determined but
plan will be ready for submission
the
to bond¬
company would obtain the funds for the
Mr. Franklin said that he could not
give any further in¬
formation at this time.
Another stockholder asked if
consideration had been given by the United
States Lines Co. to the
calling of its 561,427 shares ($10 par) prior prefer¬
ence
stock, all of which
are owned by I. M. M.
This, it was suggested,
M. M. with the money for the
50% cash payment on its
Mr. Franklin said that was one
possibility.—V. 152, p. 3501.
could provide I.
(A.) Hollander & Son, Inc.—25-Cent Common Div.—
bonds.
Directors have declared a dividend of 25 cents
per share on the common
payable .Tune 16 to holders of record June 6.
Like amount paid on
last, this latter being the first dividend paid since Nov. 15, 1937,
when 25 cents per share was also
distributed.—V. 152, p. 3345.
V
International Paper Co.—No Increase
stock
R.J. Cullen,
President,
March 4
Hollinger Consolidated
Gold
Mines, Ltd.—Extra Div.
Directors have declared an extra dividend of
5 cents per share in addi¬
regular monthly dividend of like amount on the capital stock,
tion to the
both
payable
June
17
to
holders
of
record
June
Dividends
3.
of like
paid on Apr. 22 and Feb. 25 last, on Dec. 31, Dec. 2, Nov.
4,
7, Aug. 12, July 15, June 17, Apr. 22 and Feb. 26,
1940, and on Dec.
30, Dec. 2, Nov. 4, Oct. 7 and
Aug. 12, 1939—V. 152, p. 2240.
International Power Co., Ltd.—Accumulated Div.—
Directors have declared
accumulations
Corp., N. Y. City—Earnings—•
The Waldorf Astoria Hotel in the
first quarter of 1941 had a gross income
$1,839,000 compared to $6,984,000 for the full year 1940, and
$7,284,000
12 months of 1939
according to a new statistical study of the cor¬
poration by Amott, Baker &
Co., Inc.
After operating expenses the com¬
pany did not earn its basis ground rental for the
period.
For the full
year!940, the Hotel failed to cover ground rent
by about $180,000. •
1940
of
structure is
erected
on
leased
land
for
which
the rental
is
against $700,000 in
year
1940.
In prior years the owner
RR. subsidiary, consented to accept
operating expenses as full payment of the rental but
beginning in 1940 a minimum was set which if not earned would accumulate.
Next year the minimum
ground rent will be $1,000,000.
The average
occupancy for the first quarter and for the year 1940 was
approximately 55% while the daily average rate received per occupied room
for both periods was
slightly in excess of $7.—V.
the ground, a New York Central
the net income after
or
152,
Houston
Oper. exps., excl. direct
taxes
465,271
serve
413,496
137,267
5.241,430
2,552,933
5,613,288
1,608,765
40.648
118,636
1,478,609
1,363,780
re¬
Net oper. revenues
$346,494
1,562
$4,089,137
19,039
$3,814,473
25,604
$334,118
80,208
80,208
$4,108,176
962,500
167,503
$3,840,077
962,500
173,798
$2,978,173
315,078
$2,703,779
315,078
$2,663,095
Gross income.
Interest
$333,207
911
$348,056
Other income
$2,388,701
mtge. bonds
Other int. and deduct'ns
Net
on
Income
14,400
13,540
$253,448
....
$240,370
Dividends applic. to pref. stocks for the
period..
Balance.....
is
Notes—Provision for Federal income taxes, subsequent to
April 1, 1941,
being made at a rate which will result in the accumulation of such taxes
30% for the full year 1941.
at the rate of
Includes
provision of $31,701 and $312,807 for Federal excess profits
April 1941, and in the 12 months ended April 30, 1941,
152, p. 3025.
tax in the month of
respectively.—V.
Houston Oil Co. of Texas-—Debentures Called—
A total of $288,500 15-year \
sinking fund debentures due May 1,
1954 has been called for redemption on Aug. 1 at 102K and accrued
interest.
Payment will be made at the Bankers Trust Co., N. Y. City or at the
Boatmen's National Bani of St. Louis.—V.
Hudson Motor Car
152,
p.
3346.
Co.—May Sales—New Directors—
"Maintaining the 5-year record pace set in April, total retail sales of new
Hudson cars for the four weeks ended May 24 amounted to
10,315 units and
represented the best corresponding 4-week period since 1936," according
to George H. Pratt, General Salefc Manager of this
company.
"Domestic
sales for the period amounted to 9,935 units, a
gain of 37% over the same
four weeks a year ago, Mr. Pratt stated."
Carsten
Predeman
and
R.
W.
Jackson
were
at the recent annual stockholders'
reelected.—V. 152, p. 3499.
company
were
Illinois Bell Telephone
.
Period End.
Opera ting
April SO—
Operating
Net operating incomeNet income.
—V.
152,
p.
3026.
of
the
directors
1941—4 Mos.—1940
$8,039,053 $33,812,047 $31,871,441
22,638
91,861
90,502
$8,016,415 $33,720,186 $31,780,939
5,357,211
23.156,874
21,225,717
6,019,741
Net operating revs...
Other
Co.—Earnings—
$8,635,778
revenues
expenses
Operating taxes
directors
1041—Month—1940
$8,658,774
22,996
revenues
Uncollectible oper. rev..
Operating
elected
meeting.
$2,616,037
1,396.629
$1,219,408
1,094.954
$2,6*0.204
1,290,185
$1,369,019
1,233.421
$10.56.3,312 $10,555,222
5,366,124
5,290,137
$5,197,188
4,394.871
$5,265,085
4,720,030
.
Illinois-Iowa Power Co.—Preferred Dividend—
A dividend of 75 cents per share on the outstanding
5% preferred stock
($50 par value) was declared on May 23 by the board of directors of this
company, payable on June 25 to holders of record at the close of business
June 4.
Dividend of $1.25 was paid on Jan. 22 last.—V. 152, p. 3026.
Indiana Gas & Chemical
Corp.—Earnings—
[Including Wabash Coke & Warehouse Co.]
Quarter Ended March 31—
Production sales
1941
1940
1939
$443,72.3
$398,827
$303,770
329,494
2,437
266,048
5 095
deductions-..
340.738
2,421
4 621
21 !l64
21,616
4,565
21,391
Net income before Fed. inc. taxes..
$74,779
$40,186
I $9,863
Cost of sales
selling
incl.
maint., admin. &
expenses
Insurance
Taxes
Depreciation and other
dividend
of $1.75 per share on account of
pref. stock, payable July 2 to holders of
paid on Apr. 1 and Jan. 2 last and on
was
$1 -50 was paid on July 2, Apr. 1 and Jan. 2,
Power
Securities
!
Corp .—Purchase
»
,
'V.
*
.
of
•
The bondholders' protective committee
have been advised by the repre¬
sentative of the Italian
banking institution that has been purchasing the
coupons in the past that, if there is no
change in the international situation,
it will purchase the series C
coupons due June 1, 1941, at the price of $23
for each $32.50
coupon.
Bondholders desiring to arrange for the sale of their June
1,1941 .coupons
or forward such
coupons by registered mail to the Secretary
the committee, Joshua
Morrison, 20 Exchange Place, New York.—
V. 152, p. 2398.
should deliver
of
International Rys. of Central America—Earnings—
Railway
Net
oper. revenues.
from ry. oper..
Inc. avail, for fixed chgs.
Net income
rev.
19*1— Month—1940
$523,559
$581,298
238,185
253,747
214,533
231,998
136,341
149,926
Note—Company is believed exempt from
p.
appropriations..
—nd di^d®nd
Period End. Apr. 30—
216,695
Direct taxes
Property retirement
a
cum.
Coupons—
3025.
1941—Month—1940
1941—12 A/ox.—1940
$1,069,108
$1,002,606 $13,362,109 $12,400,306
revenues
the 7%
Like amount
International
Lighting & Power Co.—Earnings—
Period End. Apr. 30—
Operating
p.
on
record June 14.
in the
ent're
ex¬
LMullen said that while this
price level, which has not been changed
before the war, will now be firm
until Oct. 1, 1941, the factor of in¬
creasing costs of manufacture and transportation is
steadily becoming more
of a problem.—V.
152, p. 3346.
,
•
since
Oct
$800,000 this
in News Price—
June 2, stated that company's current domes¬
prices, which are now fixed through June, 1941, will be
tended throughout the third
quarter of this year at the present level.
amounts were
Hotel Waldorf Astoria
on
tic newsprint
1941—4 Mos.—1940
$1,967,942
848,928
743,528
429,517
excess
$2,343,432
1,019,023
929,015
595,489
profits tax.
V.
152.
3185.
Iowa Electric Light & Power Co.—Securities Authorized
—Issues to Be Placed Privately—The Interstate Commerce
Commission on May 26 authorized the company to issue not
exceeaing $2,000,000 1st mtge. bonds, series B, 3%%, and
$1,050,000 gen. mtge. serial notes; the bonds to be sold at
101^ and the notes at par, in both cases with accrued int.
The report of the Commission states in part:
To finance in part the expenditures proposed to be made and to reim¬
burse the treasury for expenditures already made, the applicant proposes
to issue $2,000,000 of its first mortgage bonds, series
B, 3H %, and $1,050,-
000 of its general mortgage serial notes.
The bonds will be issued under and pursuant to, and will be secured by,
proposed first supplement, dated March 1, 1941, to the original indenture
of mortgage and deed of trust dated Aug. 1, 1940, made by the applicant'
to the First National Bank of Chicago, as trustee.
The first supplemental
a
indenture
will create the series B bonds, which will be designated first
mortgage bonds, series B, 3M%. the principal amount of which will be
unlimited, except as provided in the original indenture.
Series B bonds
win be in coupon form in the denom. of $1,000, dated March 1, 1941, and
in registered form without coupons, in denom. of $1,000 and any multiple
thereof.
Principal and interest payable in any coin or currency of the
United States which at the time of payment will be legal tender for public
and private debts.
Redeemable at option of company at any time and
from time to time in whole or in part at 106J^ if red. on or before Feb. 28,
1946, and at a reduction of M of 1% in the premium for each year if re¬
deemed thereafter, in each case with accrued int. to redemption date.
Applicant will maintain a sinking fund for tne series B bonds, and for
that purpose will pay to the trustee on Feb. 29, 1948, and on the last day of
February of each year thereafter to and incl. Feb. 28, 1970, a sum equal to
the sinking fund redemption price on the next succeeding March 1 of a
principal amount of series B bpnds equal to 1% (to the nearest $1,000)
of the aggregate principal amount of ail series B bonds authenticated and
delivered prior to the particular sinking fund payment date, excepting
series B bonds in exchange for which other series B bonds have been authen¬
ticated and delivered, or in lieu of which other series B bonds have been
authenticated and delivered.
Such sinking fund obligation may be satis¬
fied in whole or in part by delivering to the trustee for the sinking fund at
least 40 days prior to any sinking fund payment date any series B bonds
theretofore authenticated and delivered and not previously canceled or
called for redemption, together with all unmatured coupons thereto apper¬
taining, and the trustee will credit such sinking fund obligation with an
amount equal to the sinking fund redemption price on the next succeeding
March 1 of the series B bonds so delivered.
The sinking fund obligation
also be satisfied in whole or in part by delivering to the trustee, at
sinking fund payment date, (a) a certificate stat¬
bonds theretofore authenticated and delivered
have been paid, redeemed, or otherwise retired, and theretofore delivered to
the trustee, and that the applicant wishes to have such bonds applied to
the extent of the sinking fund redemption price thereof on the next suc¬
ceeding March 1 in satisfaction of its sinking fund obligation; and (b) that
such bonds do not include any bond the retirement of which has, in any
other previous or pending application, been made the basis for the authenti¬
cation and delivery of a bond, or the withdrawal or application of bonded
cash from the trustee or which has been purchased, paid, redeemed, or
otherwise retired out of the proceeds of any insurance on any bonded prop¬
erty or out of the proceeds of any bonded property released from the lien
of the original or supplemental indentures, or taken by eminent domain,
or otherwise disposed of free from the liens of the indentures referred to,
and certain other statements required by the supplemental indenture.
Such a certificate will be received by the trustee in lieu of cash in an amount
may
least 40 days prior to any
ing that specified series B
equal to the sinking fund redemption price on the next succeeding March 1
1,903
of the series B bonds so certified.
For the purposes of redemption pursuant to the sinking fund for series B
bonds, the redemption prices thereof will be 101 % if red. on March 1,
1948, or thereafter and on or before Feb. 28, 1950, with a reduction of ]4
of 1% in the premium for each 5-year period if redeemed thereafter.
All
series B bonds delivered to the trustee for the sinking fund or redeemed pur-
suant to the supplemental indenture,
will be canceled by the trustee.
and the appurtenant coupons, If any,
June 7, 1941
Chronicle
The Commercial & Financial
3658
paid in each of the five
Like amounts were
of record June 14.
payable July 1 to holders
stock, no par value, both
preceding quarters.—V. 152,
,
proposed notes will be
The
issued under and pursuant to, and will be
proposed supplement, dated Dec. 1, 1940, to an indenture of
mortgage dated June 1, 1940, made by the applicant to the City Bank
secured by, a
Co., as trustee, and will provide for the issue of $1,050,000
general mortgage serial notes thereunder.
The supplemental indenture
will increase the authorized amount of notes issuable under the original
indenture from $1,980,000 to $3,030,000, the owner of the outstanding
notes having consented to this increase.
The additional notes will also be
designated as general mortgage serial notes, and may be issued in fully
registered form without coupons and in coupon form, the coupon notes
denom. of $1,000 and the registered notes to be in the denom.
$1,000 and any multiple thereof.
Fully registered notes without coupons
issued prior to Dec. 1, 1940, and all coupon notes will be dated June 1,
1940, and fully registered notes issued on or after Dec. 1,1940, will be dated
as of the interest payment date next preceding their issue, unless issued on
an interest payment date, in which event they will be dated as of the date
of issue.
They will mature in 18 semi-annual instalments, 11 of which will
be in the amount of $180,000 each, which will mature commencing on Dec. 1,
1942, and ending on Dec. 1,1947, and seven in the amount of $150,000 each,
which will mature commencing on June 1, 1948, and ending on June 1,
The notes will bear
interest on the unpaid principal amount at the
SH % per annum, payable semi-annually on J. & D. 1 in each year,
until the principal thereof shall have become due and payable.
Both
principal and interest will be payable in such coin or currency df the United
States as shall at the time of payment be legal tender for the payment of
public and private debts.
The applicant may at its option redeem the notes in whole at any time
or in part from time to time upon not less than 30 nor more than 60 days'
notice, in the inverse order of their respective maturities at redemption
prices plus accrued interest, which will constitute percentages of the prin¬
cipal amounts of the notes being redeemed, the percentages to be computed
on the basis of the number of six months' periods to elapse from the par¬
ticular redemption date to the respective maturity dates of the notes de¬
termined as follows: A redemption price of 10SH if red. 21 six-months'
periods to maturity, and a reduction of H of 1% in the amount of the pre¬
mium if red. each
six-months' period later, with the exception of the 12th,
10th, 8th, 7th, 5th, 4th, 2d and 1st six-months' periods to maturity, when
the reduction will be H of 1% in the premium from that of the preceding
period.
computations, each year will be deemed to consist of two sixmonths' periods beginning June 2 to and including June 1 in the next suc¬
ceeding calendar year.
If in any calendar year beginning in 1940 the net
income of the applicant available for dividends for that year computed as
of common stock
768,685
Net
investments
-
Fed. & State inc. taxes-.
Netprofit
Earns,
mon
Oper.
earnings.
—
Total net earnings
bonds
Int. on other fund. debtAmort. & other deducts.
Int. on mtge.
$109,625
3,138
$112,763
43,308
12,500
13,103
$107,863
afterI
inc.
34,741
$1,464,711
700,176
150,437
90,864
$1,386,341
559,496
150,000
151,964
$110,996
58,050
12,500
7,485
$32,961
(ec Suds.)—Earnings
1940
$8,158,248
Calendar Years—
&c
12,900,493
681,777
12,617,288
729,539
12,638.820
781,167
13,069,520
795,357
$1,384,330
$1,913,103
$1,508,900
$1,777,074
Operating profit
253,834
332,228
357,260
$2,187,872
533,458
$1,841,128
580,019
$2,134,334
609,600
c26,779
c48,430
c3,257
6,242
80.404
Total income
Interest and discount
Loss on investments
34,217
56,104
21,905
and
capital assets
of affil.
b Prov. for loss
companies
400,000
Settlement of lease oblig-
}
986
13,187
31,484
7,857
d219,932
dl87,283
dl91,566
al94,713
~~ $780,005
$976,627
$996,996
$1,300,888
560,477
562.660
562.660
$0.28
$0 43
$0.45
Sundry deductions----Federal taxes
Netprofit
Dividends paid on pref.
stock--
.
--
share on com.
675,192
$0.70
b Un¬
Including $11,875 provision for surtax on undistributed profits,
realized profit of affiliated companies has not been taken up.
c
capital assets only,
d Less taxes on bond discount charged to
a
Loss on
surplus
account.
Consolidated Balance Sheet Dec. 31
1940
$
equipment, &c.-20,469,150 21,066,104
Leaseholds & good¬
1
will-.-1
3,203,502
Cash
2,923,433
-
S
6,430.400
12,064
12,064
8,664,012
Common stockc Common stock—
Funded debt——-
9,687,326
c
Accts. pay. af fi 1 .cos
Accts.pay .affil.cos
132,408
52,223
Notes & accts. pay
a371,847
358,570
Accrued taxes, int.
& accounts
receivable—-—in affil.
Notes
65,921
2,404,639
197,630
790,996
637,161
one year-
132,476
Rent & other deps.
75,253
Defd. accounts pay
2,891
168,690
86,274
3,643
and expenses-
76,215
2,603,635
Other assets——193,927
*
1939
1940
$
Liabilities—
Liabilities—
7% pt. stk. K-A-O 6,358,600
buildings.
b Land,
.V■
1939
$
Assets—
Mtge.
Investm't
and other cos
—
due
J
399,696
409,380
-
instal.
within
30,551
37,178
Reserve
658,195
9,446,635
9,222,689
Accounts
only,
payable
26,665,446 27,347,788
Total
26,665,446 27,347,788
Total
a
641,083
Surplus
and
depreciation
b After
amortization,
each.
Represented by 1,206,381 shares of the par value of one cent
—V. 152, p. 3186.
c
Kerlyn Oil Co .—Class B Dividend—
share on the class B
Directors have declared a dividend of five cents per
shares, payable July 1 to holders of record June 10.
paid in some time on this issue.—V. 151, p.
common
the first dividend
This will be
3893.
(B. F.) Keith Corp. (& Subs.)—Earnings—
al938
$4,766,387
goods sold, incl.
labor—factory
Consolidated Income Account for Calendar
Years
t
;
1940
1939
1938
1937
4,864.159
&
adver.
4,283,955
2,719,697
3,900,746
$8,370,892
$8,637,131
$8,356,122
$9,322,067
2,488,715
2,389,226
1,759,591
2,357,287
other income
973,653
978,241
1,021,856
1,001,393
$805,374
expense
Sell.,
274,770
$1,638,164
499,560
Other income
Earns, per
$15,641,950
$14,966,601 $15,259,929 $14,928,888
——--_j
Operating expenses, &c_
Deprec. and amortiz
al937
$7,597,391
'•//
T..-;.
1939
$6,731,156
1937
1938
1939
1940
Theater admiss'ns. rents,
$481,266
$524,881
$32,961
Kalamazoo Stove & Furnace Co.
Net sales—
Subs.)—Earnings—
Calendar Years
Consolidated Income Account for
— -—-
$43,851
if
1941.—V. 152, p. 3028.
41,968
Net income.-------
/
$6.91
vj
generai property tax.
made for Federal excess profits taxes,
ftcuci ai
$523,235
$524,881
v
x The
charge in lieu of income taxes, included in the tax accrual for
1940, represents the estimated State income tax and the estimated Federal
income tax which would have been payable on the 1940 income if the com¬
pany had not had the benefit for income tax purposes of the dedudtion of
discount, call premium, &c., applicable to bonds refunded in 1940.
The
corresponding credit has been applied in reduction of the unamortized
balance of discount, call premium, &c., on the bonds refunded in 1940.
—v. 152, p. 3027.
;/■>:■< v
mat'l,
$3,866,254
$6.54
Deferred Income—
$43,851
charges
Cost of
$3,673,264
$0.56
Keith-Albee-Orpheum Corp. (&
Deferred charges-
Net Inc. before special
Special charges
$311,860
$311,860
tax
for the year
any,
$1,425,579
39,132
$1,351,600
3,133
20,697
64,623
1,008,138
IXJUUUUIK maintenance aUU
Including UBIIDbCUClULO and
jSfote—No provision has been
Utilities Co. of Delaware—Earnings1941—Month—1940
1941—12 Mos.—1940
$373,646
$353,736 $4,489,792 $4,298,952
exp., maint.&taxes
224,022
*211,373 x2,674,692 x2,474,373
for retirements
40,000
34,500
463,500
399,000
Net oper.
19,400
69,231
1,473,082
a
earnings.---
Other income—
1,560
4,944
Z\ 109,055
102,479
sh. on com¬
per
Iowa Southern
Prov.
2,163.082
181,134
deduc'ns
Miscell. income
8,540
177,979
$8,617,559
1,428,776
102,479
2,126,591
$0.45
& prem—
Depreciation
r
Amort,
of limited-term
8,035,405
$8,9*4,819
1,444,281
$258,039
charges
Interest
Amort, of dist.
8,451,787
$733,642
119,704
1,570
6,04 5
151,545
earnings
659,095
$727,894
121,020
8,540
Operating expenses.--
Period End. April zo—
Gross oper.
1941—12 Mos.—1940
$17,396,606 $16,652,964
30—
1941—Month—1940
(allsources) $1,496,579
$1,392,737
Gross earns,
$654,301
$1.71
Co.—Earnings—
City Power & Light
Kansas
7 Months
income taxes, but before excess
Period End. Apr.
For these
provided, less dividends declared or paid in that year, equals at least
$180,000, the applicant may, in addition, redeem in the next succeeding
calendar year up to but not exceeding $180,000, principal amount, of the
notes in the inverse order of their respective maturities at redemption
prices which will constitute percentages of the principal amounts of the
notes being redeemed, such percentages to be computed by adding to
100% a premium percentage determined by multiplying the number of
years to elapse from the particular redemption date to the respective ma¬
turity date of the notes to be so redeemed by H of 1%.
The bonds will be sold at 101^ and int. to four insurance companies
in the amount of $500,000 each, the companies being the Mutual Benefit
Life Insurance Co., Newark, N. J.; Massachusetts Mutual Life Insurance
Co., Springfield, Mass.: Bankers Life Co., Des Moines, Iowa, and North¬
western Mutual Life Insurance Co., Milwaukee, Wis.
At the price stated,
the average annual cost of the proceeds will be 3.17%.
The notes will be sold at par and accrued interest to the Equitable Life
Assurance Society of the United States.—V. 152, p. 2859.
Month
$87,670
$0.23
a After providing for Federal and State
profits tax.—V. 152, p. 3028.
of
1951.
Co.—Earnings-
Net income
Earnings per share
a
;
.
April 30, 1941—
Period Ended
a
to be in the
rate of
;.v
■:
Joy Manufacturing
Farmers Trust
of
v,;y.
1754.
p.
.
$57,975
25,037
$287,099
44,999
$1,339,358
Total income
$9,344,546
$9,615,372
4,758,580
4,533,184
$83,012
21,769
cl1,753
$332,099
$1,359,849
175,633
> 195,400
3,348,589
3,434,786
Theatre admissions
and
concessions
Rents,
admin.
expenses
'
Operating profit
24,379
Other income
$829,753
Total income
44,868
bl96,781
Other deductions
salaries & film service.
40,001
b41,515
.
undistributed
on
—
profits--
$588,104
2,212,995
Netprofit.Previous earned surplus-
—
Oper. expenses & theatre
overhead
$914,516
1,935,907
$250,583
2,250.422
$49,490
2,313.505
516,288
$764,441
$1,131,113
207,054
5,283
252,079
6,966
in other
$2,969,054
345,000
Total surplus.---.
Cash dividends
$2,501,005
187,500
$2,362,995
150,000
$2,850,422
600,000
-,
—
$2,624,054
300,000
$1.96
$2,313,505
300,000
$2,212,995
300,000
subsidiary'8 plant real estate, less expenses and losses in liquidation.
Note—Provision for depreciation for the year
1940 amounted to $83,387*
1940
Assets—
Inventories-----real
rec.
estate
$386,792
2,957,607
1,535,143
1,489,808
1940
Liabilities—
pay.
195,000
payable-
7,456
plant
144,829
Com missions with
852,913
121,066
914,514
Defd. finance
89,032
Total
11,963
$1,600,940
415,127
-
$575,272
1,216,382
7,574
1,500
a2,127
$752,011
811,861
14,510
13,000
$1,042,628
648,312
9,160
9,500
20,588
$1,802,855
4.50,000
$1,591,382
$1,730,189
375,000
900,000
$1,352,855
$1,216,382
$811,861
Balance at Jan.
on
1
bonds retired
59,054
Balance
202,000
Dividends
3,000,000
2,212,995
(Mead) Johnson & Co.—Extra Dividend—
addi¬
regular quarterly dividend of 75 cents per share on the common
"3",018
36,048
13,035
106.635
Provision for surtax
223,000
2,624,054
"
,
29,933
24,204
107,437
Liquid, div. from affil—
Adj. of prior year's chgs-
Directors have declared an extra dividend of 75 cents per share in
12,415
$1,294,493
383,744
$1,896,469
Sundry other deductions
11,825
—V. 150, p. 3185.
tion to the
22,452
Settlement of lease oblig.
Loss on sale of cap.assets
"5.157
56,973,363 $5,982,583
6,213
$543,614
1,352,855
Interest and discount
Disc't
106,816
327,703
4,979
$1,412,610
334,628
400,000
prof4,619
30,294
4,560
72,475
$1,007,070
301,882
Total income
3,000,000
rev.
Capital stock—.
Earned surplus
Total-.--...-.$6,973,363 $5,982,583
prior years' taxes
Sundry other income
_
_
■
held-
and
equip, (net)
Deferred charges..
$491,552
45,000
Res. for self insur.
137,542
Other assets
17,974
12,317
Profit for year
522,037
crued expenses. _
Dividend
250,000
1939
& ac¬
315,027
7,841
7,716
written off in pr. yrs—
&
adjust,
of
$250,000
Note payable
Accts.
585,574
$951,494; $1,250,081
Refunds
Prov. for income taxes-
Federal taxes
for
sold
(pledged).--.—
Prop.,
1939
3777,888
3,298,811
(net)
3,760,166
552,907
& accts.
Prov .for loss of affil.cos.
Consolidated Balance Sheet Dec. 31
Cash-.-.
on notss
4,733,639
3,538,616
invest.
companies
Interest earned
$2,250,422
300,000
Earnings per share.
$0.16
$0.84
$3.05
a
Company only,
b Includes $1,781 in 1940 and $15 in 1938 underprovision for prior years, c Less over-provision for prior years of $72. d Of
Bal. at close of period.
Shares outstanding
on
4,334,959
*
472,936
Divs. received
;
? ;
Deprec. of cap. assets &
amort, of leaseholds—
Recov.
Contract
—
74.300
-
167,955
dGainonsale
Receivs.
AfihfiF
RSIJI'HASI
IB*
A
Operating income—-
Normal income taxes—
Surtax
20,491
$9,377,977 $10,329,461
Prem.
on
-
paid
—_
bonds retired
-
_
550,000
3.307
4 ,857
6,420
783
123,725
7,400
Transfer of
of
a
capital deficit
sub. to its operat'g
18,327
surplus account
Balance at Dec. 31—-
$1,343,162
Earns, per sh. on 400,000
shs.cap.stk. (nopar)a
$1.36
$1.44
$1.88
$2.60
in affiliated companies.
Adjustment of reserves for investments
Volume
The Commercial & Financial
Chronicle
152
Consolidated Balance Sheet Dec. 31
1940
Assets—
1939
$
Cash
Liabilities—
56,285
57.274
Notes payable
Accounts payable.
6,507,701
Bldgs. A eqpt
3,229,137
Leasehold impts.
6,507,701
a
Consolidated Income Account for Calendar Years
$
5
1,356.430
Accts. pay. to affll.
rec.
Land owned
c
1939
1940
$
1,114.259
Notes A accts.
<fc equipment
Leaseholds and
3,439,708
74,381
other companies 2.065,514
5,926
392,222
3,800
4,667,000
550,684
8,000,000
8,000.000
1,146,041
debt
Reserves
133,050
b Capital stock
Capital surplus
1,146,041
Operating surplus.
5,139
562,328
1,343,162
1,352,855
16,206,603
Operating profit.
16,206,603 16,929,6931
After amortization,
reserve for
Total
$3,602,904
566,582
$2,876,750
314,314
$3,781,775
174,658
$3,826,083
a947,741
380,483
acc'ts
62,544
$4,169,486
715,000
409,640
,191,064
527,000
435,645
$3,956,433
b800,000
369,856
100,948
Total income..
Fed. & State inc.
taxes..
Int., amortization, &c__
Prov. for doubtful
depreciation.—V. 152,
p.
After
c
3186.
to expenses
1,409
1,523
96.608
197,253
194,819
180,609
151,644
361,290
prof36,078
$2,278,961
597,780
976,346
$2,651,365
597,780
854,303
.,894,641
597,780
488,173
$2,360,417
597,780
975,846
$704,835
$1,199,282
$808,688
488.173
488,173
488.173
$3.44
$4.21
$2.65
$786,791
483.173
$3.61
Other int., cash discount
on sales. &c
Net loss of subsidiaries.
59,746
_
Subs.)—Earnings—
Net profit.
Consolidated Income Account for Stated Periods
Year End.
Dec. 28, '40
Period Ended—
Net sales.
of
sales,
Year End.
53
Weeks
ad¬
23,330,101
718,803
22,631,267
742,373
20,300,872
747,131
25,467,943
734,775
.$1,410,745
$1,512,907
8,731
$550,335
14,240
profit
Interest received
Net gain on foreign exch.
Gain
on
capital assets
disposed of
10,334
$1,533,545
231,471
22,666
6,991
18,085
21,886
$574,996
243,534
27,799
8,666
18,084
$881,617
251,220
42,372
4,290
21,917
33,495
of
$869,834
2,214,317
$934,043
1,333,287
$98,166
1,428,769
$1,843,472
191",064
193*647
203,321
200,213
11,169
$2,214,317
100,107
44,108
$1,333,287
$1,428,769
e
Includes $3,278 surtax
long-term debt by
on un¬
1940
1939
$
S
1,194,981
dep.
3,194,774
308,528
282,731
7,430,213
7,289,208
37,206
24,888
227,346
229,901
on
deb. bonds
51,710
Land, buildings,
mach'y,
equip¬
ment, &c
S
750,000
25,000
653,085
Aecr.
-
rolls, &c
Dividends payable
646,482
3,751,608
4,283,746
352,157
59,914
296,420
taxes
Bankers' accept's.
Adv. by customer.
Funded debt
_
and
preferred stock,
Capital surplus
126,594
95,275
141,855
1,136,390
4,900,000
494,398
5,086,000
325,000
275,000
partic.
Earned surplus
3,263,523
1,751,307
2,214,317
369,310
Total..
16,3.50,070 16,691,595
Total
16,350,070 16,691,595
depreciaion of $9,452,589 in 1940 and $9,217,582 in
1939.
b Represented by 400,426 no
par shares.—V. 152, p. 2072.
After
Keystone Custodian Funds, Inc.—Registers with SEC—
See list given
on
Keystone Public Service Co. (&
Subs.)—Earnings—
1941
..........
expenses
Electricity purchased for resale
Maintenance
Provision for retirement
1940
$1,432,302
510,340
112,082
63,907
119,718
81,790
102,248
Federal income taxes
Other taxes
Operating income
$1,427,982
532,109
117,438
72,294
104,083
55,000
104,564
$442,216
42,792
Gross income
Interest on long-term debt
Amortization of debt discount and expense
Taxes assumed on interest
Other interest charges
Interest charged to construction
(credit)..
Miscellaneous income deductions
Net income
....
$442,492
$485,008
212,740
6,721
10,500
4,496
5,018
2,301
$488,393
$253,268
Other income
$260,399
45,900
203,491
6,372
8,885
7,704
~1*542
Notes—No provision has been made for excess
profits tax for 1940 under
the Excess Profits Tax Act of 1940.—V.
152, p. 1921.
Keystone Telephone Co., Philadelphia—Accum. Div.
Directors have declared
dividend of 50 cents per share on account
of
pref. stock and a dividend of 37 H cents
per share on account of accumulations on the $3 cum.
pref. stock, both
payable June 16 to holders of record June 3.
Like amounts paid on March
12 last, these latter being the first dividends
paid on the preferred shares
since the latter part of 1932.—V.
152, p. 1285.
accumulations
on
the
$4
a
cum.
Kilburn Mill—To Pay 75-Cent Common Dividend—
Directors have declared
extraord.
a
dividend of 75 cents per share
on
the common
stock, payable June 10 to holders of record May 28.
Last previous dis¬
was the $1 dividend paid on June
15, 1937.—V. 152, p. 682.
tribution
381,541
421,706
9,963,000
9,963,000
stock. 19,534,687
19,534,687
-..
9,735,304
9,252,458
Total
54,682,179
50,975,849
reserves
for depreciation and
depletion of $17,181,984 in 1940 and
b Represented by 488,173 no-par shares.—V.
162,
(G. R.) Kinney Co., Inc. (& Subs.)—Earnings—
Consolidated Income Account for Calendar Years
Net sales
Costof sales & oper. exp.
1940
$15,626,572
14.609,337
Grossprofit
$1,017,235
Repairs and maintenance
65,831
Taxes, other than Fed.
income tax
1939
1938
*1,089,914
60,460
$781,606
50,926
$854,480
58,596
207,932
48,615
78,544
207,735
35,668
178,037
60,000
70,231
279,306
103,000
271,086
86.000
244,091
39,000
255,225
a65,000
$306,428
191,207
amortization
Prov. for Fed. inc. tax__
Net income
Divs. on pref. stock
a
1937
$15,476,229 $14,491,373 $15,688,669
14,386,314
13,709,767
14,834,189
209,551
43,174
9,945
,
Interest charges
Miscell. charges (net)
Provision for deprec. and
$337,278
188,837
$151,503
93,563
$167,390
92,741
52,682
Includes surtax of $24,000.
Consolidated Balance Sheet Dec. 31
Assets—
1940
Cash
1939
$565,498
Liabilities—
$496,675
Accts. receiv., less
Prepaid
117,865
exps.,
3,939,791
140,265
3,771,347
144,903
156,645
&c.
Notes A accts. rec.
surr.
11,132
value,
taxes
321,859
on
income—^
102,430
86,000
140,000
140,000
Notes pay.
(bank)
(long-term)
550,000
625,000
$5 prior pref. stk.$8 pref. stock
3,198,400
118,550
3,154,700
1,388,901
1,414,465
Com. stk. ($1 par)
Capital surplus—
Cap. surp. approp.
201,508
100,584
113,892
Earned surplus.
484",028
368,808
$6,389,127
$6,196,741
trade marks and
goodwill
Total
misc. 1 labs.
602,628
206,220
less
deprec. & amort.
Lasts, pats., dies,
—V.
Federal
1939
$425,000
232,165
life insurance.--
assets,
Accr.&
$375,000
798,147
320,479
(trade)
Real estate mtges-
employees
Fixed
1940
Notes pay. (banks)
Accts. pay.
reserve
Merchandise-
first page of this department.—V.
152, p. 2859.
12 Months Ended March 31—
Gross operating revenues
Operating
8,600,000
for
3186.
p.
Cash
3,063,500
1,751,636
439,497
2,443,363
b Common stock..
108,509
After
2556.
691,099
43,399
Prov. for Fed. tax.
Prov. for possible
Cum.
Trademarks, trade
a
Long-term debt.-.10,500,000
Kingston Products Corp.—To Pay 10-Cent Dividend—
interest, pay¬
Sinking fund pay'ts
names,
patents,
and goodwill...
280,000
Directors have declared a dividend of 10 cents
per share on the common
stock, payable June 25 to holders of record June 11.
Last previous com¬
mon dividend was one of like
amount paid on Dec. 15, 1939.—V.
152,
641,699
additional
expenses
122,043
1,000,000
245,364
Notes,sold through
broker........
3,207,835
p.
1939
$
886,673
Accounts payable
56,875
Unexpired
insur.,
prepaid int. and
a
1940
Liabilities—
Notes payable
149,445
122,043
current
54,682,179 50,975,849!
a
Consolidated Balance Sheet Dec. 31
1,235,010
stock
debt—
Surplus
Total
possible
private
3H% HPyear sinking fund debentures and $1,725,000
of 2%% serial debentures
due from 1941 to 1945.
The proceeds of these
issues, together with additional funds from the
treasury to meet the call
premium, were applied to the retirement of the entire
outstanding balance
of $5,225,000 of
4\i% debentures, series of 1937.
Unamort. disc,
on com.
Long-term
(par $100)
a
$1,526,935
On July 19,
1940, the company refunded its
sale of $3,500,000
Investments
15,725
1,345,254
obsolescence
$16,328,714 in 1939.
$2,549,595
additional prior year taxes and interest,
distributed profits of a
subsidiary.
Inventories
11,875
Div.
(cost). 8,531,838
8,522,778
Property
32,448,060 30,303,815
Deferred charges..
316,424
231,872
$451,275
1,392,196
$2,443,363
Value of life insur.
141,664
6% cum. pref. stk.
a And
unamortized expenses of issue of 4 M
% sinking fund debentures
called for redemption in
1940, and $24,623 of expenses of issue of 2%%
serial debentures and
3M% sinking fund debentures in 1940.
b Includes
excess profits taxes,
c Restoration of
provision for taxes on income of prior
years no longer required,
d Includes approximately $25,000 for
receivable
683,238
151,569
Accrued taxes, sal¬
aries and wages. 1,649,743
Div. on pref. stock
149,445
1,489,411
2,611,688
5,444,773
663,961
e7~5~,154
dl42,673
$3,084,151
229,126
183,639
200,213
27,810
Pref. divs. series A
for
pay. of interest.
Accounts and notes
cos.
$
1,149,865
b Common
Common dividends
Provision for partic. div.
Misc.
affll.
c282,265
Assets—
6,609,748
.....
1939
$
1,482,971
Accrued interest..
108,000
36,072
298",403
b.349,186
income
on
Inventories
Liabilities—
Accounts payableDue to affll. co...
1,891
Net profit for year
Previous surplus
Restor. of pro v. for taxes
Cash
U. S. Govt, secure.
198.000
Other market, sec.
1,441,222
Notes & acc'ts rec. 2,885,891
Other assets.
Invest, in sees, of
1940
$
1,599,551
Res.
fixed assets
Cash..
1939
$
■
1,567,759
a
......
Loss from storm
damage
Provision for taxes
b Includes
Condensed Consolidated Balance Sheet Dec. 31
1940
$1,467,791
213,043
Other interest charges..
13,685
Amort. of fund. debt exp
3,958
Other amortiz.
charges.
18,085
Net loss on foreign exch.
Charges against red. of
debentures
on
a Includes
$167,000 provision for Federal excess profits taxes,
provision for Federal surtax on undistributed
Assets—
Cash
10,420
Total income
Int. on funded debt
par)
per share
21,801
11,907
disposition
Surplus.
Shs.com .stk.out. (no
Earnings
profits.
24,911
on
Preferred dividends
Common dividends
$868,232
13,385
Depreciation
Operating
Year End.
Dec. 31, '39 Dec. 31, '38 Dec. 31, '37
$25,459,650 $24,886,546 $21,598,339 $27,070,950
sell.,
min, and gen. exps._.
Loss
1937
1 VOt
$3,253,035
573,047
...
Other income
16,929,693
b Represented by 400,000 no
par shares,
Kendall Co. (&
Cost
1938
J.VO O
$27,861,359 $26,555,730 $27,249,788
2,024,743 " 1,999,802
1,929,696
1,295,473
1,261.787
1,198,403
20,938,240
20,417,391
20,339,914
5,428,000
Cost of sales..
and expenses
276,697
Depreciation....
24,983
1939
J.UUU
.$29,322,195
2,459,211
1,325,158
22,284,791
gen. & adm. exps—
318,762
24,292
1940
ACJ-xyj
y
Net sales.
Uncoil, acc'ts written-off
Total
a
2,110,089
131,200
259,726
..
4,066
Rent A other dep.
Deferred income._
Funded
XT^i.
Sell.,
companies
2,974,363
69,068
Other Invests., de¬
posits, Ac
Deferred charges
83,181
Accrued taxes, int.
2,773,714
goodwill
Invest. In affll. and
2,478
75,336
3659
Kimberly-Clark Corp. (& Subs.)—Earnings-
3
3
$6,389,127 $6,196,741
Total
157,650
200,851
353
152, p. 2708.
Kreuger & Toll Co.—Bond Distribution—
The protective
committee for 5% secured debentures of which Otis A.
Glazebrook Jr. is Chairman, and Sullivan & Cromwell counsel, announced
June 2 a distribution aggregating $1,087,751 to holders of its certificates
on
of deposit.
Certificate holders are to receive $2-1.50 per $1,000 deposited
debenture which brings the total distributed to about $688 per $1,000.
About
80% of the distribution, Mr. Glazebrook stated, represents in
prepayment of the final dividend from the Swedish Bankruptcy
Kreuger A Toll Co.
While it is understood that substantially
all the assets of the bankruptcy estate have been reduced to cash and that
effect
a
Estate of
the liquidators thereof are preparing to pay a final dividend, some weeks
at least must elapse before such dividend actually can be paid.
Under
prevailing conditions the committee deemed it desirable, in the interests
of certificate holders, that distribution should be made as promptly as
possible and consequently worked out an arrangement whereby Stockholms
Enskilda Bank, Stockholm, Sweden, placed dollars at the disposition of
the committee in return for an assignment to the bank of dividends from
the bankruptcy up to a total of 82.30 Swedish crowns per $1,000 deposited
debenture.
A distribution made by Kreutoll Realization Co., Ltd., from cash on
hand, deemed to be in excess of requirements for working balances, enabled
the committee to increase the total distributed.
The distribution will be
made by checks mailed on June 4. 1941. to holder of registered certificates of
deposit, while holders of bearer certificates will be paid beginning that
day in New York, London, Stockholm, or Basle upon presentation of their
certificates.
Payments are subject to executive order of the President
of the United States, No. 6560 as amended, and payments abroad are
certain licenses obtained under said order which licenses,
extended or earlier terminated, will expire Aug. 12, 1941.
In
arranging for distribution, Mr. Glazebrook stated, the committee received
the cooperation of officials of the United States Treasury, of the Federal
Reserve Bank of New York, of the Swedish foreign exchange control, and
of the liquidators of the Swedish bankruptcy estate of Kreuger & Toll Co.
Except for whatever small amount ultimately may be received from
the Swedish bankruptcy representing the excess of the final dividend
paid over the sum assigned to Stockholms Enskilda Bank, the only re¬
maining asset to which certificate holders can look Is Kreutoll Realization
Co
Ltd., which still holds $23,800,000 principal amount
Hungarian
Land Reform Society 5 K % bonds .—V. 149, p. 579.
further subject to
unless
The Commercial & Financial
3660
Operating revenues
Oper. expenses & taxes..
$615,007
453,705
$566,207
427,047
$2,422,489
$1,701,188
$2,271,191
Net oper. income....
Other income (net)
$161,302
11,519
$139,159
6,421
$721,301
7,289
$608,544
26,884
$172,821
56,187
$145,580
58,424
$728,591
224,284
$635,428
$87,155
59,179
$504,306
227,512
$404,271
236,717
$27,976
$276,794
$167,554
Gross income
Int. & other deductions.
$1,662:647
231,156
'
$116,633
50,575
Net income
Pref. stock dividends
V
$60,057
Balance.
tax has been accrued at rates provided In the
1940, and 1940 figures previously published have
adjusted for purposes of comparison,—V. 152, p. 2556.
Note—Federal
income
Second Revenue Act of
been
(A. C.) Lawrence Leather
Co.—25-Cent Dividend—
initial dividend of 25 cents per share on the
stock, payable June 20 to holders of record June 2.—V. 152, p. 431.
Lee Rubber & Tire
1941
1940
$6,263,978
5,598,173
56,445,172
5,522,765
$4,998,390
4,510,299
$719,972
34,997
$665,805
29,922
$922,406
26,122
$488,091
27,192
"$754,968
J.
Net sales
Expenses,
Corp. (& Subs.)- -Earnings—
$7,514,203
6,794,232
$695,727
6 Mos. End. Apr. 2Q—
&C...I
Operating profit.....
Other income..
....
'
1939
„
1938
Depreciat ion...........
137,565
118,393
Federal taxes......
166,699
121,240
$948,528
110,513
185,043
$515,283
95,877
105,301
a$450,704
201,257
a$456,094
201,257
a$652,972
127,783
$314,105
64,366
v $249,447
$254,837
$525,189
$249,739
Total Income...
Net profit
Dividends
...
.......
....
.
■■
Surplus
Yarnall &
exchange, which expired
The offer of
Equivalent to $1.68 per share in 1941 and to $1.70 per share in 1940,
268,343 shares of capital stock and $2.55 per share on 255,565 shares
outstanding 1939.—V. 152, p. 269.
sale
all the
additional
rV,
dividends.
the corporation available for dividends amounted in 1940
$465,200, as compared with $378,062 in 1939.
In the first quarter
the current year, net available for dividends, as shown by an unaudited
Net income of
of
$186,492.
Annual dividends on the 514% preferred stock
will amount to $231,000.
The 5 H% preferred stock will be entitled to dividends cumulative from
May 1, 1941; to $110 per share in the event of voluntary liquidation, or
$100 a share in involuntary liquidation plus accrued dividends in either
case; to one vote per share; to elect a majority of the board of directors
whenever six full quarterly dividends shall be in default; and is redeemable
at $110 per share plus accrued dividends.
The corporation,
incorporated in Pennsylvania in 1924, is engaged
principally in the production, purchase, transmission, distribution and sale
of electricity and in the production, distribution and sale of gas, in certain
anthracite fields in Luzerne County, Pa., the service area having an esti¬
mated population of more than 170,000.
The corporation has approxi¬
mately 37,900 electric and 12,100 gas customers.
The properties include t wo steam-electric generating stations with a total
rated installed generating capacity of 55,000 kilowatts, and two carburetted
water gas plants with a total rated installed daily production capacity of
3,300,000 cubic feet of gas, together with electric substations and trans¬
mission systems and electric and gas distribution systems.
:
statement,
was
Capitalization and Surplus—The following
of company as of March 31, 1941
the proposed transactions:
and surplus
to
Net profit
a
$3.11
After
lst
1938
$807,560
$0.77
depreciation, Federal taxes, &c.—V. 152, p. 1595.
Lehigh Valley RR. —"Black Tom" Payment Made—
road has received $10,016,953 from the U. 8. Treasury, out of
German-owned property seized during the first world war, as damages for
the "Black Tom explosion caused by German agents.
This was disclosed in a report filed in U. 8. District Court at Philadelphia
The
by A. N. Williams, President of Lehigh Valley, asking for approval of all
the steps taken by the railroad to carry out its debt adjustment plan which
was approved by the court Aug. 7, last.
' : ,
Of the $10,016,953 received
by the railroad 50% has been placed in
pending a decison by the American Commissioner as to the amount
of fees to be allowed a group of attorneys who won the judgment.
The
lawyers claim to have taken the case on a 50-50 basis, but some creditors
of the railroad have protested that a fee of $5,000,000 is excessive.—V. 152,
escrow
p.
3505.
Liquidometer Corp.—40-Cent Dividend—
Directors have declared a dividend of 40 cents per share on the common
stock, payable June 17 to holders of record June 3.
Dividends of 25 cents
were paid on Dec. 20 and July 3, 1940—V. 149, p. 3720.
have declared
dividend of $3.50
Loft,
Inc.-—Absorption
Change in Name—
per
Pepsi-Cola
of
Co.
Approved-
The stockholders of the company and the Pepsi-Cola Co. approved
May 29 the absorption of Pepsi-Cola Co. by Loft and a change of the sur¬
viving corporation's name to the Pepsi-Cola Co.
Consummation of the
deal has been postponed pending hearings on a stockholder's suit.
Under the plan, approved oy more than 75% of Loft and more than 95%
of Pepsi-Cola stockholders, each of Loft's 1,461,559 shares would be con¬
verted into one share of the new company, and each of Pepsi-Cola's 51,840
shares into 8.43 shares of the new stock.
$7,500,000
43.1
900,00
5.2
4,536,470
24.9
500,000
2.8
24.3
183,261
1.0
4,400,000
b4,417,350
183,261
25.3
b4,417",350
Serial notes 1942-48
$7 1st pref. stock (no par)
$6 1st pref. stock (no par)
5H% Pref. stock ($100 par),..
Common stock (no par)
Earned surplus
Directors have declared a dividend of 50 cents per share on the common
stock, payable June 16 to holders of record June 5.
Dividend of 25 cents
was paid on March 15 last, and dividends of
$1.75 per share were distributed
during the year 1940.—V. 150, p. 2886.
Angeles Ry. Corp.—Earnings—
Other
■
revenue.
____
from transp'n
Rev. from other rail &
coach operations.
rev.
_
Operating
.
._
revenue.._
Operating expenses
D epreciation
....
Total oper. expenses..
Net oper. revenue
Taxes
—
.
...
Operating income
Non-oper. income.
Gross income
1941—Month—1940
$1,079,466
$1,039,490
73
43
'kA.•
176,694 shares, no par value.
Serial Notes—The $900,000 of
serial notes proposed to be
P. Morgan & Co.
June
1,
plus a premium of Y* of 1 % of principal amount for each unexpired sixmonths' period or fraction thereof.
The average interest rate will be
1.697%.
It is proposed to pay a finders' fee of $2,000 to Drexel & Co. in
connection with the sale of these notes.
Exchange Offer—Luzerne proposes to
dividend cumula¬
Company proposes to offer the shares of new preferred stock
presently outstanding shares in exchange therefor and to
such shares, if any, of the new preferred stock
as are not so issued in exchange for the outstanding preferred stock.
The exchange offer will be effective from May 27, 1941 to June 2, 1941,
inclusive, a period of seven days, and sale by underwriters of the un¬
exchanged new 5H% preferred stock will begin thereafter.
Company will
call for redemption on June 12, 1941 any shares of the outstanding preferred
stock as are not exchanged by the holders thereof, at $105 a share plus
accrued dividends to July 12.—V. 152, p. 3187.
per
share).
to holders of the
issue and sell to underwriters
-Earnings—
McLellan Stores Co.-
1940
1941
$927,919
$1,074,567
$1.02
Earnings per share on common
$1.22
a After
charges and Federal income taxes.—V. 152, p. 3029.
1939
12 Months Ended April 30—
a
$868,148
$0.*>4
Estimated net profit
Mangel Stores Corp.—Accumulated
Directors
a dividend of $1.25 per share on account of
the $5 cum. pref. stock, payable June 15 to holders of
Dividend of $1.50 was paid on Dec. 15 last, and last pre¬
on
record June 3.
vious payment was the
on
314
284
^
regular quarterly dividend
March 15. 1938.—V. 151, p.
Maries Steering Gear
5,988
27,814
Co. of America,
Earnings for the 6 Months Ended
$4,182,586
3,268,426
464,837
$922,037
165,119
84,900
$922,604
122,918
80,453
$3,638,893
564,759
335,182
$3,733,264
449,322
$80,219
$42,465
$229,57i
$128,923
127
445
50.
909
on
funded debt_.i.
$80,345
65,382
$42,910
65,649
on
unfunded debt..
182
363
Net inc. to prof. & loss
$14,782
def$23,102
incl. amort, of licenses
$230,079
264,425
1,272
320,400
$129,832
265.702
1,619
def$35,6l8 def$137,488
Luzerne
County Gas & Electric Co.—Preferred Stock
group headed by Drexel & Co., Stroud &
Co., Inc., and Bioren & Co. on June 5 offered at $105 a share
Offered—A banking
May 1,1941, 4,021 shares out
of a total issue of 44,000 shares of
5M% preferred stock
cumulative ($100 par), of which 39,979 shares are being
issued by the corporation in exchange for an equal number of
shares of its outstanding $7 dividend and $6 dividend first
preferred stocks.
Other members of the offering group are:
Biddle, Whelen & Co.; E. W. Clark & Co.; Elkins, Morris
& Co.; Graham, Parsons & Co.; Harriman Ripley & Co.,
Inc.; Janney & Co.; Kidder, Peabody & Co.; Mellon Se¬
$79,990
7,582
14,145
$58,262
Net income
25,000
of Gemmer Mfg. Co.
Balance Sheet March 31,
in
dis¬
Inc.—Earnings—
March 31, 1941
Dividends paid
21,129
$4,203,651
3,157,692
481,200
Int.
of $1.25 per share
3401.
Gross income
The company is a subsidiary
$1,045,522
806,587
116,017
v
Dividend—
have declared
accumulations
••■:
Int.
redeem and retire all of its outstand¬
of 54,697 shares of $6 and $7
preferred stock.
In lieu of part of the outstanding stock, Luzerne
will issue 44,000 shares of 514% preferred stock.
(Cumulative, par $100
Provision for Federal income tax
$4,161,173
7,617
and accrued dividends from
issued and sold
will mature annually at the rate of $125,000 from
1942 to June 1, 1947, inclusive, and $150,000 on June 1, 1948.
The interest rate will vary with each maturity from .625% for the earliest
maturity to 2.10% for the last.
Notes may be redeemed upon 30 days'
notice at the principal amounts thereof and the accrued unpaid interest,
to J.
1941—4 Mos.—l 940
$4,175,522
$1,087,157
801,794
120,243
—V. 152, p. 3028.
1.0
100.0 $17,400,611
100.0
a Called as of April 1,
1941, the cash to pay-off these bonds as they are
presented having been deposited in a special account,
b Represented by
Administrative and general expense
Los
25.4
$18,191,491
Total
tributed
Longhorn Portland Cement Co.—50-Cent Dividend—
Period End. Apr. 30—
5.8
—
Harriet Munchin, holder of 10 Pepsi-Cola shares, filed suit on May 15
charging the differential in favor of Pepsi-Cola stock as proposed was too
low.
Hearings are scheduled on June 18 in the Court of Chancery at Wil¬
mington, Del.
Officers of the original Pepsi-Cola company were elected officers of Loft
before approval of tne plan and automatically become officers of the sur¬
viving corporation.—V. 152, p. 3504.
Passenger
%
Amount
41.2
tive
share on account of
accumulations on tne 7% cum. pref. stock, par $100, payable June 30
to holders of record June 14.
Like amount was paid March 31 last, Dec.
21, Sept. 30, June 29, April 1, 1940, Dec. 15. Sept. 30 and in June, 1939,
and dividend of $21 was paid on March 31. 1939/—V. 152, p, 1286.
a
1st
3J4s, 1966—mtge. ref. and impr. 5s, 1948
%
$7,500,000
al,054,410
mtge.
ing preferred stock consisting
(Marcus) Loew's Theatres, Ltd.—Accumulated Div.—Directors
Fro Forma-
Amount
1939
$1,043,234
$1.08
$2,156,423
$2.58
$2,554,152
-
Earns, per sh. on com—.
a
1940
sets forth the capitalization
before and after giving effect
-Per Books
Lehigh Portland Cement Co.—Earnings—
1941
an amount
July 12, 1941,
equivalent to the difference in dividends from May 1 to
amounting to 35 cents a share on the $7 dividend stock and to 15 cents a
share on the $6 dividend stock.
The purpose of the issue of the new 514% preferred stock and of the
of $900,000 of serial notes to J. P. Morgan & Co., Inc. is to retire
presently outstanding preferred stock of the corporation.
The
funds necessary for this purpose, and required to pay the expenses of the
issue are to be paid from the corporation's treasury.
The corporation plans
to call for redemption on July 12, 1941, all the remaining $7 dividend and
$6 dividend first preferred stock outstanding, at $105 per share plus accrued
a
on
12 Mos.End. Mar.31—
of the first
their 54,697
June 4 gave to holders
preferred stocks the privilege of exchanging 44,000 shares of
shares for the new 5H% preferred stock, share for share, plus
to
Directors have declared an
common
Lynch, E. A. Pierce & Cassatt;
Co.; Smith, Barney & Co., and
Merrill
II. Newbold's Son &
W.
1941—12 Mos.—1940
1941—3 Mos.—1940
31—
Corp.;
curities
District Power Co.- -Earnings—
Lake Superior
Pe-iod End. Mar.
June 7,
Chronicle
1941
Assets—Cash, $43,373; due from Gemmer Mfg. Co., $2,779; investment
United States savings bonds, $7,500; accrued interest, $53; accrued
royalty, $29,734; prepaid taxes, $1,191; licenses, $14,404; total, $99,034.
Liabilities—Provision for Federal income tax, $12,962; Federal capital
tax, $1,200; capital stock (10,000 no par
surplus, $8,205; total, $99,034.
stock
Mengel Co.—Preferred
shares), $66,667; earned
Dividend—
$1.25 per share on the 5% cum.
$50, payable June 30 to holders of record June 16.
Dividend of $1,75 paid on March 15 last; 81.37M paid on Dec. 23 last;
62K cents paid on Nov. 9, 1940, and last previous distribution was the
semi-annual dividend of $1.25 paid on Dec. 31, 1938.
After payment of current dividend, arrears as of June 30 will be reduced
to $1.25 a share.—V. 152, p. 3187.
Directors have declared a dividend of
1st pref. stock,
par
Michigan Bell Telephone Co.—Earnings—
1941—Month—1940
1941—4 Mos.—1940
Operating revenues..
$4,322,172 $3,895,208 $17,180,419 $15,243,802
Uncollectible oper. rev..
17,126
12,026
63,398
48,933
Period End. April 30—
___
Operating revenues...
Operating expenses
$4,305,046
2,650,618
$3,883,182 $17,117,021
2,287,726 10,056,623
$15,194,869
9,095,486
Net operating revs
Operating taxes
$1,654,428
675,504
$1,595,456
564,813
$7,060,398
2,802,346
$6,099,383
2,212,740
$978,924
$1,030,643
$4,258,052
$3,886,643
_
Net operating income.
967,520
Net income
—V.
152,
p.
1,013,125
4,221,665
Corp.—Files for Sale of Two Subsidiaries-—
Securities and Exchange
of two subsidiaries,
Electric Co. and Albion Gas Light Co., to Albert E
Middle West
The corporation has filed a declaration with the
in connection with the proposed sale
Commission
Michigan
3,813,301
3030.
Gas &
Volume
The Commercial & Financial Chronicle
152
Peirce of Warrenton, Va., for $525,000.
A hearing has been set on June 13.
At the same time, the Commission will hear a plan offered
by Mr. Peirce
Period End. April 30—
to refund and
retire Michigan's indebted ess, amounting
to more than
$4,261,000, with funds to be derived through sale of new first mortgage
bonds after consolidation of the two subsidiaries.
The purchaser has proposed a plan of consolidation
providing, among
other things, that the total number of shares of all classes of stock which
the consolidated corporation shall have
authority to issue is 100,000 shares
Operating
1941—Month—1940
revenues
Oper. exps., excl. direct
taxes.
$1,608,522
Prop, retire. & depletion
reserve
approp
1941—12 Mos.—1940
$1,396,622 $18,179,536 $15,781,172
462,544
381,824
_________
Direct taxes.
of which 50,000
shares shall be preferred stock (par $50) designed at "5%
pref. stock," and 50,000 shares shall be common stock (par $20) and
stockholders of Michigan and Albion shall be entitled
to
exchange
3661
Montana Power
Co.—Earnings—
419,065
5,415,820
4,255,687
235,165
4,874,728
2,714,145
156,178
147,091
1,824,305
1,674,158
$607,976
Dr\,545
$595,301
Drl,933
$6,683,/24
Drl,387
$6,518,141
1,803
$606,431
156,501
$593,368
157,885
44,125
37,186
$6,682,337
1,885,506
529,495
486,459
14,208
*6,519,944
1,900,259
529,495
451,493
8,157
$354,172
$3,795,085
957,534
$3,646,854
957,529
cum.
the
their shares
follows:
as
(1) Michigan Gas
$100) and dividends
common
stock,
1 share $6
(b)
Electric Co.,
for 2
(a)
1 share 7% prior lien stock
(par
shares of 5%
cum. pref. stock and 2 shares of
1 share of common and $12 cash;
par prior lien stock and unpaid accrued dividends for
at option of holder,
or
non
2 shares of 5% cum. pref. stock and 1shares of common stock;
(c) 1 share
6% preferred stock (par $100), and accrued unpaid dividends, or 1 share
non par preferred stock and accrued
unpaid dividends for 5 shares of
Net oper. revenues.__
Other income (net)
J Gross income.
_______
Int.
on mtge.
bonds.___
Interest on debentures.
Other int. & deductions.
44 125
_
38^993
Int. chgd. to constr. (Cr)
1
965
$6
stock; (d)
common
50 shares of
common
stock, (par $100)
or
50 shares of
stock (no par) for 1 share of common stock.
The Albion Gas Light Co.: 1,000 shares of common stock and 500
shares of preferred stock, owned by Middle West to be surrendered for
cancellation, upon certain conditions and receive therefor 30 shares of
common
Net income.
_
$367,777
________
Divs. applic. to pref. stock for the
period....
(2)
stock.
common
The purchaser has proposed a plan to refund and retire the
presently
outstanding bonded indebtedness of Michigan, in the aggregate principal
amount of $4,261,000, with funds to be derived
through the issuance and
sale by the consolidated corporation of new first
mortgage bonds or first
and refunding
mortgage bonds, maturing in 25 years, and bearing interest
at the rate of 4% per annum, in the
aggregate principal amount of $3,500,000, and unsecured notes or serial debentures in the aggregate principal
amount of $750,000. bearing interest at the rate of
3% per annum and
maturing serially in 1 to 10 years after their date or the date of their issue,
and use of treasury funds of the consolidated
corporation to the extentnecessary; the outstanding bonds of Albion to remain outstanding, secured
by a divisional mortgage.—V. 152, p. 3507.
Michigan Gas & Electric Co.—EarningsPeriod End. Alar. 31—
1941—3 Mos.—1940
Operating revenues
Oper.
& taxes
exps.
Balance
_____:
$2,837,551
$2,689,325
Notes—Provision for Federal income taxes, subsequent to April 1, 1941,
being made at a rate which will result in the accumulation of such taxes
at the rate of
30% for the full year 1941.
Includes provision of $62,140 and
$649,428 for Federal excess profits tax
in the month of
April, 1941, and in the 12 months ended April 30, 1941,
respectively.—V. 152, p. 3031.
is
$369,259
270,358
.
Net oper. income.,
Other income (net)
$98,901
145
Gross income
Int.
other deductions_
$362,787
272,731
$99,047
64,217
________
Net income
$90,054
1941—12 Mos.—1940
$1,510,648
$1,479,041
1,101,968
1,061,924
117
$417,117
5,642
$90,171
64,180
$411,525
256,643
$422,760
256,100
$25,993
$34,829
$408,681
2,844
$154,882
$166,660
Mountain States Telephone & Telegraph Co.—Earns.
Period End. April 30—
Operating
Period End. April 30—
Operating revenues.
Oper. exps., excl. direct
Co.—-Earnings—
1941—Month—1940
$9,364,830
8,592
30,638
31,031
Operating revenues.__
Operating expenses
$2,376,274
1,547,082
$2,207,872
1,461,186
$9,334,192
6,066,969
$8,636,121
5,845,691
Net operating revs.__
Operating taxes.
$829,192
396,924
$746,686
326.598
$3,267,223
1,583,539
$2,790,430
1,298,133
Net operating income.
$432,268
$420,088
338,459
$1,683,684
1.269,194
$1,492,297
1,160,912
...
Net income.,..
—V.
1941—12 Mos.—1940
$545,537
$7,629,107
$6,935,164
175,034
178,442
91,158
2,332,216
1,509,843
2,088,197
1,161,267
taxes
Direct taxes
160,384
Property retirement
serve
152,
p.
331,544
3031.
$8,667,152
t-Y
Nash-Kelvinator Corp.—12 l/2-Cent Dividend—*
Directors have declared
a dividend of 12 H cents per share on the capital
payable June 27 to holders of record June 12. This will be the first
paid since Feb, 21, 1938, when 1214 cents per share was also
distributed.—V. 152, p. 3352, 2402.
:
stock
dividend
National Gas & Electric
Period End.
Operating
Operation.
April 30—
:
—
Fed. & State inc.
General taxes
taxes.
Util. oper. income.
x
Other
income
Corp.—Earnings-
1941—Month—1940
$198,107
$175,455
112,989
95,168
7,961
6,754
15,870
5,461
13,4.34
11,452
revenues....
Maintenance
$647,273
___
1941—4 Mos.—1940
$2,216,464
7,467
Second
Minnesota Power & Light
1941—Month—1940
$2,383,741
rev._
Note—Federal income tax
has been accrued at rates provided in the
Revenue Act of 1940, and 1940 figures previously published have
been adjusted for purposes of comparison.—V.
152, p. 3030.
revenues
Uncollectible oper.
-12 Mos.—1940
$2,216,115
1,254,940
92,821
95,432
147,717
$2,024,807
1,120,093
101,505
45,519
147,405
$47,853
2,457
$56,619
112
$625,205
21,954
$610,235
16,981
$50,311
22,736
$56,732
21,311
$647,159
Y, 248,683
$627,267
222,953
$27,575
10,478
$35,421
10,675
$398,476
127,419
$404,314
355
450
355
439
4,266
7,056
4,266
5,798
$16,290
_
(net)
$23,952
$259,735
$265,973
re¬
appropriations..
54,167
50,000
666,667
633,333
of limited-term
investments
571
574
6,902
6,872
$257,117
$225,363
$3,113,479
1.388
$3,045,495
Gross income.
Retirement res. accruals
x
Amort,
Net oper. revenues
Other income.
23
1,416
_____
Gross income.
Interest
on
bonds—..
__
expense
Gross income--.
$257,117
133.054
7,044
$225,386
133,850
5,954
509
121
5,519
$1,441,254
990,825
$1,363,672
990,825
Other income charges._
'
1,961
Net income
:
$117,528
$85,703
Dividends applic. to pref. stocks for the period
128,277
Amort, of debt disc, and
Interest
on
mtge.
__
bonds
tion (Or.)
$3,046,911
1,614,486
70,714
x
construc¬
—
Net income.
x
Other interest and deduc.
Int. charged to
$3,114,867
1,605,113
74,019
Before retirement
_
_
_
_
_,
reserve
accruals.—V.
152,
p.
3191,
National Oil Products Co.—Interim Dividend—
_
Balance
$450,429
$372,847
Notes—(1) Provision for Federal income taxes, subsequent to April 1,
1941, is being made at a rate which will result in the accumulation of such
taxes at the rate of 30% for the full year 1941.
Includes in the 12 months ended April, 1941, provision of $50,000
for Federal excess profits tax applicable prior to Jan. 1,
1941, but includes
no subsequent
provision for such tax since no excess profits are indicated.
—V. 152, p. 2862.
Directors have declared
an interim dividend of 35 cents per share on the
stock, payable June 30 to holders of record June 20. This compares
March 31, last; .50 cents paid on Jan. 20, last, and Dec.
16, 1940; 35 cents paid on Sept. 26, 1940; 25 cents on June 28 and March 26,
1940; $1 paid on Dec. 18, 1939, and 25 cents paid on Sept. 29, June 30 and
March 31, 1939.—V. 152, p. 3352.
common
with 35 cents paid on
•
National
(2)
Mississippi Power Co.—-Earnings—
Period End. Apr. 30—
Gross
1941—Month—1940
$268,056
$326,932
164,399
59,616
31,000
revenue
Operating
Taxes-
Prov. for depreciation..
Gross incomei
& other deductionsr
_
40,394
25,000
$72,906
41,373
$827,645
492,460
$1,041,220
567,453
$30,279
21,089
_______
$3,596,196
1,757,478
510,831
286,667
$31,533
21,089
129,755
$71,917
_
Int.
Directors have declared a dividend of $1.37 H cents per share on the
514% prior preferred stock and a dividend of $1.50 per share on the 6%
preferred stock, both payable June 30 to holders of record June 10.
Like
amounts paid on March 31 and Dec. 26, last.
Dividends at half these
amounts were paid on July 1,1940 and on March 31.1939.—V. 152, p. 3191;
1941—12 Mos.—1940
$3,534,796
1,724,984
658,168
324,000
41,638
expenses
»*<
National Union
Mortgage Corp .—Bonds Called
Corporation has called for redemption on July 1 at principal and accrued
interest all of its 20-year collateral trust bonds.—V. 138, p. 1758.
Nevada-California Electric Corp.
Period End.
Apr. 30—
Operating revenues
_____
Dividends
on
pref. stock
$335,185
253,062
$473,768
253,062
Balance...
$9,190
.
,-Y
...
Missouri Edison
$10,445
$82,122
51,746
Net oper. revenues
Other income
^—
Net
Other
1941—3 Mos.—1940
$69,726
49,966
$261,917
186,476
$280,177
192,982
$19,346
$19,759
433
$75,440
$87,197
423
179
587
$19,769
9,911
and taxes._.
operating income
$20,193
10,048
$75,619
$87,786
40,753
income.
Gross
income.
______
Int. and other deduct'ns
Net income.
39,498
$9,858
3,216
$10,145
3,216
$36,121
12,866
$47,032
12,866
$6,641
$6,928
$23,255
$34,166
Note—Federal
income
tax
has
Revenue Act of 1940, and
been
accrued at rates provided in the
1940 figures previously published have
been adjusted for purposes of comparison.—V. 152, p. 2558.
Missouri-Kansas Pipe
Directors have declared
a
paid
on
$141,066
$138,868
31,352
106,42.5
110.984
$1,971,406
1,291,752
Amort, of debt discount.
6,335
Miscell. deductions
1,121
6,752
1,029
78.798
13,609
$1,782,609
1,350,834
81,398
13,581
$27,185
$20,102
$587,247
$336,796
—
Interest
Net income.
Profit arising from retire¬
ment of bonds & debs.
(net)
DrS
"2,237
13,229
102,750
18,272
20,662
35
3,683
51,367
66,417
$27,142
$18,656
$651,859
$309,312
_____
Miscel. credits to surp__
a
Earned surplus—,
Available for redemption of bonds, dividends, Sec.
Note—As of March 31, 1941 an appropriation of earned surplus was
made to reserve for possible additional tax liability for years 1934 to 1940
inclusive in the amount of $400,000 which appropriation is not reflected in
a
the above statement.—V.
New
Line Co.—Dividends—
dividend of 10 cents per share on the
on the class B shares, both
dividend of one-half cent
June 12 to holders of record May 29.
were
$1,751,258
a
Balance.
stock and
$1,931,607
39,799
Miscel. debits to surplus
Preferred stock divs
Second
1941—12 Mos.—1940
$70,797
51,451
revenues
exps.
$136,324
2,543
147,117
51,065
$220,706
Y-' ;•
Gross income
Operating
$137,630
3,437
Other oper. expenses
Taxes,.
Co.—Earnings—
Period End. Alar. 31—
Oper.
1941—12 Mos.—1940
$5,266,123
$5,292,201
194,368
248,873
1,884,347
2,145,820
641,340
564,582
614,462
581,668
21,023
160,661
47,981
49,801
19,392
Depreciation
—V. 152, p. 2863.
(& Subs.)—Earnings
1941—Month—1940
$406,949
$415,790
Maintenance-
"Net income
/
Supply Co.—To Pay Preferred Dividends—
Initial cash dividends of like
Aug. 15, 1940.—V. 152. p. 2559.
common
payable
amounts
Monarch Mills—$3 Dividend—
Directors have declared
dividend of $3 per share on the common stock,
Like amounts were paid on Dec. 30 and on June 29.
Water Co.—Bonds Sold Privately—The
has placed privately an issue of $650,000 1st mtge.
bonds, 3^% series B, dated May 1, 1941, due May 1, 1971.
Morgantown
company
Proceeds will be
used to retire
$500,000 1st mtge. series A
week
a
year
Association—System
England Gas & Electric Association
ago.
reported at 91,716,000
Gas output is
cu.
cu.
ft., an increase of 5,398,000
ft., or 6.25% above production of 86,318,000 cu. ft. in the correspond¬
ing week a year
England Telephone & Telegraph Co.—Rates Cut—
New
A net
ago.—V. 152, p. 3508.
reduction of
a
quarter of a million dollars in telephone rates in the
New England area will become effective July 1 as the result of new tariffs
filed with the Federal Communications Commission by this company.
\s the result of negotiations initiated by the Commission, general cuts
will apply to tolls
capital.—V. 152,
10 cents.
Electric
For the week ended May 30, New
state
p.
&
reports electric output of 9,604,132 kwh.
This is an increase of 2,141,246
kwh., or 28.69% above production of 7,462,886 kwh. for the corresponding
5s called for payment
June 28 at 105 and int., and for working
3508.
152, p. 3353, 3191.
Gas
Output—
a
payable June 10.
1940.—V. 151, P. 3402.
England
messages,
for distances of more than 40 miles for all classes of inter¬
that station-to-station night and Sunday service
between 48 and 82 miles will be increased by five to
except
rates for distances
The Commercial & Financial Chronicle
3662
The company estimates that the over-all reduction will amount to
$315,000 with an increase of $65,000 in the station-to-station night and
These changes are made to more nearly conform to tariffs
American Telephone & Telegraph Co.—V. 152, p. 3191.
Sunday rates.
of the
New York
Chicago & St. Louis RR.—Seek Bond Extens'n
The road has applied to the Interstate Commerce Commission
sion to extend for 10 years the maturity date of the Lake Erie
for permis¬
& Western
The bonds are out¬
bonds, due July 1, 1941.
standing in the principal amount of $3,625,000.
RR. second mortgage 5%
Because it has been "found impracticable to obtain extension from present
holders," the application states that an arrangement has been made with
Smith, Barney & Co. under which that firm will offer to purchase bonds
after authorization from ICC up to Aug. 28, 1941.
Upon acquiring bonds,
Smith, Barney will enter into extension agreements with Nickel Plate.
Under this arrangement, Smith, Barney & Co. may tender for sale to
Nickel Plate the bonds purchased and extended at principal amount and
accrued interest between July 1, 1941, and Aug. 30, 1941.
Nickel Plate
asks ICC for authority to pledge all or any part of the bonds it may thus
acquire as collateral security for short term notes which it may issue.
The purpose of this arrangement, the application states, Is to enable the
road to secure the extension of the bonds and thus release funds required
for the purchase or payment of its unexchanged three-year 6% notes, due
Oct. 1,1941, or to furnish collateral security for a loan that may be required
to purchase the notes.
Smith, Barney & Co. under the arrangement also will be free to sell the
bonds to the public.
Although arrangement may not relieve the road from
later disbursing cash in an amount equal to the principal amount of the
bonds, it offers the assurance that the bonds purchased by Smith, Barney
& Co., will be extended to July 1, 1951.
The arrangement further provides Nickel Plate will pay Smith, Barney
& Co. $15,000 and, in addition, lA% of the principal amount of bonds
purchased and extended by the firm.
Smith, Barney & Co. agrees to pay
Nickel Plate one-half of any net profit realized on sales of extended bonds
to the public.—V. 152, p. 3509.
New York Merchandise Co.,
Directors
Universal
Fastener
shares of this
Inc.—Stock Dividend—
a dividend of one share of common stock of
Co. stock (par value 12 H cents) for each five
company's stock held, payable June 10 to holders of record
fractional shares.—V.
May 31.
Scrip certificates will be issued in lieu of
152, p. 1600.
^
New
York New
Haven
Hartford
&
RR.—RFC Urges
Revamping Be Pushed—Would Include Old Colony—
Reconstruction
A
Finance Corporation attorney on June 3 urged that
reorganization of the road be completed swiftly in the interest of
defense.
•'
plan proposed
national
■:
•
The attorney, C. M. Clay, at a
Federal Court hearing on a reorganization
by the Interstate Commerce Commission, said the RFC,
of the New Haven,
which he termed "probably the largest single creditor"
wanted the ICC plan accepted in its entirety.
Contending that the objections of banks and insurance companies holding
New Haven bonds to including the Old Colony in the reorganization were
invalid, Mr. Clay declared:
';-v■■
"The Old
Colony properly is a segment of the New Haven System and
The Old Colony was brought into the reorganization
has been since 1891.
by the New Haven's rejection of its lease."
The ICC he told the court, had found that the Old Colony "can't be
operated" without another system, and he argued that if such a scheme
were attempted the Old Colony would have to obtain operating equipment
probably would take over
the Old Colony "for nothing."
Arguing that there was a^'real possibility of a shortage of transportation"
before the year's end, Mr. Clay cited to the court numerous defense areas
in the territory served by the New Haven and the Old Colony, including the
Fore River Shipyard at Quincy, Mass., and Camp Edwards at Falmouth,
from the New Haven so that the latter eventually
Mass.
J.
Burke
Sullivan,
Assistant Attorney General of Massachusetts, told
reorganized
be without facilities for transporta¬
the court that "if the Old Colony is not included as part of the
New Haven, the territories served will
tion of freight or passengers by rail."
of Boston, counsel for the Old Colony, said the road
feeder to the New Haven system."
Charles A. Coolidge
"essentially
was
a
Committee—
•
•
,
■
-r
The Interstate Commerce Commission on May 27 approved the applica¬
Harry I. Weil, John G. Annala, S. P. Belsinger, and Chetwood Smith to serve as a protective committee for holders
of common stock and to represent the holders of such stock, without the
deposit thereof.—V. 152, p. 3509.
;:/•,:••* ViySW-V'
tion of L. Stanley Champion,
New York
Telephone Co.—Earnings—
Period End. Apr. 30—
x941—Month—1940
1941—4 Mos.—-1940
Operating revenues-. .-$19,193,573 $18,392,553 $75,276,042 $72,266,195
Uncollectible oper. rev.
58,47o
62,602
248,675
273,429
-
Operating revenues—$19,135,097 $18,329,951 $75,027,367 $71,992,766
Operating expenses
11,857,357
11,514,862
46,579,608
46,416,075
Net oper. revenues-.
Operating taxes
Net oper. income
income-.-——.
$7,277,740
3,560,224
$6,815,089 $28,447,759 $25,576,691
3,206,064
14,149,239
12,442,090
$3,717,516
$3,609,025 $14,298,520 $13,134,601
3,181,213
13,406,288
12,189,667
Net
3,319,655
—V. 152, p. 3033.
New York
Trap Rock Corp.—Interest—
Interest is payable at office of Com¬
York.—V. 152, p. 127.
mercial National Bank & Trust Co., New
Niagara Lockport & Ontario Power Co.—Merger Plan
OffThe Public Service Commission of New York announced June 2 that the
Niagara,
Lockport
Newfane
& Ontario Power Co. and the Lockport &
Power & Water Supply Co. had withdrawn a petition for consolidation,
the issuance of capital stock.
The xjockport company, according to the Commission, set forth that
and
(
Nicholson File Co.—50-Cent Dividend—
a
dividend of 50 cents per share on the common
stock, payable July 1 to holders oi record June 20.
Previously regular
quarterly dividends of 30 cents per share were distributed,
m addition,
extra dividend of 15 cents was paid on April 1, last.—V. 152, p.
1762j
Norfolk Southern RR.—Time
for Deposits Extended—
The protective committee for the first and refunding mortgage, 5%
gold bonds, due Feb. 1, 1961 has announced that the period of deposit for
the bondholders' committee certificates of deposit has been extended to
Aug. 1, 1942.— V. 152, p. 3510.
North
American
Co.—Stockholders*
Meeting to Vote Dissolution Postponed to June 30—SEC Bars
Meeting June 4—
Light
&
Power
Less than four hours after it had heard North American Co. ask permis¬
.
sion to retain three of its four utility systems in an integration proceeding,
the Securities and Exchange Commission on June 2 ordered North American
Light & Power Co. stockholders to forego a meeting June 4 on dissolution of
and North American Co. to show cause why it should not be
the company
Power from
Srevented Co. voting its stock in any dissolution of North American Light
:
action apparently followed a sharp exception from Commissioner
Robert E. Healy earlier in the day when ne challenged a remark by North
The
American Co.'s counsel, S. Pearce Browning Jr., that North American
Light & Power Co. was to be dissolved and was therefore "out of the
picture."
District Court in Wilmington, Dal., asked
North American Light & Power Co.
The company agreed
prevent
The order to show cause and setting date for hearing issued by the SEC
follows:
Extensive hearings having been held nerein, evidence having been received
behalf of respondents and counsel for the Commission extending over a
period of 10 months, during which period approximately 7,300 pages of
on
testimony were taken, of which approximately 3,400 pages
related to North American Light & Power Co. (a subsidiary of
American Co. and one of the respondents herein and sometimes
specifically
The North
hereinafter
"Light & Power") and the suosidiaries of the latter company;
said hearings having been concluded, and various parties having filed
requests for findings of fact with respect to a final order in said proceeding;
all parties herein having filed briefs, except Light & Power, which has re¬
quested an extension of time therefor, and the Commission having granted
said extension and accordingly not being prepared at this time to enter a
referred to
as
■final order;
appearing to the Commission that:
', ;
Light & Power had outstanding as of March
It
1.
follows (adjusted to reflect certain
-:
-
;
,
31, 1941, securities as
subsequent transactions):
30-year 5H% debentures, due 1956
$6 cum. prer. stock, 194,180 shs. (liquidating pref.),
Dividends in arrears on pref. stock, $52.50 per share
Common stock (at par value, $1 per share)
$9,000,00^
$100 per sh. 19,418,000
10,194.450
6,288.059
securities
(expressed in terms of stated values and
As of Dec. 31, 1940, the holdings of North American in the
2.
of Light & Power were as follows
percentages of total amounts
outstanding):
Common stock
3.
Stated Values
Percent.
80.5%
'43.7%
85.0%
$7,263,000
8,115,074
5,327,067
Debentures
Preferred stock-.
The various securities of Light &
have in large part
been acquired
Power owned by North American
by North American at prices substantially
The total cost of acquisition of the
debentures was $4,739,455, representing an average of $66 per $100 face
value.
The total cost of acquisition of the preferred stock was $4,130,875,
representing an average cost of $49 per share.
4. The board of directors of Light & Power consists of representatives
or nominees of North American.
On May 9, 1941, notwithstanding the
pendency of these proceedings, and without the entry of any order herein
or any other order of this Commission authorizing such action, the board
of directors of Light & Power adopted a resolution in the following language:
"Resolved, that in the judgment of the board of directors, it is advisable
and most for the benefit of North American Light & Power Co. that said
company should be dissolved."
*
light & Power thereupon called a special meeting of its stockholders for
June 4, 1941, to be held at 100 West 10th St., Wilmington, Del., for the
purpose of taking action upon said resolution, and dissolving Light & Power
under the procedure prescribed by the laws of Delaware.
5. Under the procedure proposed to be followed at said special stock¬
holders' meeting, action would be taken solely by virtue of the vote of North
American, as the holder of 85% of the common stock and 44% of the
preferred stock of Light & Power.
North American proposes to vote its
stock of Light & Power for the purpose of causing the dissolution of Light
& Power.
6.
The minority
public stockholders of Light & Power would have no
action proposed to be taken at special meeting. As of
public holders of preferred stock, and 6,309
voice with respect to
Dec. 31, 1940, there were 8,539
public holders of common stock of Light & Power.
Of the holders of
preferred stock, 8.417 held less than 100 shares, and of the holders of
common stock. 3,770 held less than 100 shares.
7. Light & Power has represented to its stockholders, in a letter accom¬
panying the notice of the proposed stockholders' meeting, that under the
dissolution, proposed to be carried out as a result of action at said meeting,
the preferred stockholders would not realize their full preferential amounts,
and that the common stockholders would realize nothing.
8. If dissolution and liquidation is effected as proposed and if the values
realizable are those which have been estimated by Light & Power, North
American will receive $7,408,260 on account of debentures which it owns and
$9,116,452 on account of preferred stock which it owns, or a total of
$16,524,712.
These amounts would be on account of securities for which
North American paid less than $9,000,000.
The holders of publicly-held
securities would, under such liquidation, receive only approximately $13,499,210 with respect to securities having a stated value (including dividend
arrearages and redemption premiums) of $19,394,119.
9. The proposed dissolution of Light & Power will involve many com¬
plicated questions of law and fact as to the manner of dissolution of its
assets and the respective rights of security holders to such assets.
It further appearing to the Commission that said proposed action by
North American and by Light & Power will hinder and obstruct the taking
of such action as the Commission may find necessary for such holding
companies and their subsidiaries to take In order to comply with the pro¬
visions of Section 11 (b) of the act, and with any final order of the Com¬
mission in this proceeding; and it further appearing to the Commission
that sucb proposed action may constitute a step toward the disposition of
securities or assets subject to the Commission's jurisdiction under Section
12 (d) of said act and the rules thereunder; and
It further appearing to the Commission that it may be appropriate pur¬
suant to the provisions of Section 12 (c) and 12 (f) of said act that the
Commission should enter an order preventing said companies from entering
into or taking any further steps in such proposed transactions;
It Is Therefore Ordered that respondents, The North American Co. and
North American Light & Power Co., shall show cause at a hearing to be held
on June 3, 1941, at 10 o'clock a. m., at the offices of the Securities and
Exchange Commission, 1778 Pennsylvania Avenue, N. W., Washington,
D. C., in Room 1102 of said building, why the Commission should not
enter an order:
v.':
V'A
' V:;
(1)
Co. from voting any of its stock
& Power Co. in respect to any matter
said special stockholders' meeting other
adjourn such meeting pending further order of the Commission.
Prohibiting the North American
issued by North American Light
within the scope of the notice of
than to
(2) Prohibiting North American Light & Power Co. from holding a
said notice for any purpose other than to
adjourn the same pending order of the Commission, or from taking any
action pursuant to the dissolution provisions of the said Delaware Corpo¬
ration-Act.
Y,.;/''..-' ..
./ ;, ;.:v
V
/ >";
••'/V/'-'"
stockholders' meeting pursuant to
is hereby given to said North American Co, and
Light & Power Co., and shall be further given by
the Secretary of the Commission to said North
American Co. and North American Light & Power Co. and by service of a
Notice of said hearing
to said North American
the
Securities and Exchange Commission had declined to consent to the pro¬
posed consolidation without the consummation of "other changes" in the
system.—V. 152, p. 3192.
Directors have declared
restraining order to
a
holding a stockholders' meeting to vote dissolution.
with the SEC to postpone the meeting to June 30.
-
Payment of $2.50 per $1,000 bond was made June 2, 1941, on surrender
of participation warrant No. 13, from the first mortgage 6% sinking fund
gold bonds, due 1946, "stamped."
The SEC on June 4 in the U. S.
for
below their face or stated amounts.
have declared
Slide
June 7, 1941
telegraphic advice from
copy
hereof on counsel for North
1941.
vV:;
■■■'
American Co. on or before 4 p. m. on
June 2,
A statement
The North
by Edward L. Shea, President of
American Co., follows:
Throughout the course of our relations with the SEC in its
tion of the Public Utility Holding Company Act, our attitude
a constructive solution of each problem as it has arisen.
administra¬
has been to
seek
of North American Co. and its subsidiary, North Ameri¬
Light & Power Co., a Delaware corporation, in the Federal District
4, was made in no spirit of defiance and with
no feeling of antagonism toward the SEC.
Moreover, we have no desire
to obstruct the work of the Commission or thwart it in any of its functions.
The appearance
can
Court in Wilmington, June
American Light &
stockholders to be
dissolution of that
company.
This meeting was called after the President of North American
Light & Power Co. had consulted with the Commission staff and had sub¬
The present situation arises from the action of North
Power Co. calling on May 13 a special meeting of its
held in Wilmington June 4 to act on a resolution for
letter notifying the stockholders of
This letter stated that North American
in favor of the resolution
for dissolution of North American Light & Power Co., an intermediate
holding company which, under the specific terms of the Public Utility
Holding Company Act, cannot be permitted to survive in its present form
mitted to them
the June 4
an
advance copy of the
meeting and its purpose.
Co. had indicated its intention to vote its holdings
and with its present holdings.
The issue on which the SEC
.
.
.
and we find ourselves in court is whether the
prohibit the voluntary dissolution of North American
Light & Power Co., a registered holding company, under the laws of the
State of its incorporation.
We believe It is our duty to the stockholders
of our company to have this matter determined once and for all.
SEC has jurisdiction to
Volume
*
The Commercial & Financial Chronicle
152
In court today, North American Co.
and North American Light & Power
Co. agreed with the SEC to
postpone until June 30 the special meeting of
stockholders of North American
Light & Power Co.
Our purpose is simply to
protect, as fare as we are able, the legitimate
interests and equities of our
74,000 stockholders, who are in effect the
3663
on
Sept. 16, 1940; dividend of $1 was paid on June
14, 1940; dividends
of
J^A were Paid on March 15, 1940, and on Dec. 15 and Oct. 10, 1939,
an£j P ce5ds Paid on June 19, 1939, this latter being the first dividend
paid since Dec.
15,1937, when a distribution of 25 cents per share was made.
—V. 152, p. 1602.
majority stockholders of North American Light & Power
Co., while at the
time we respect the
legitimate interests and equities of the minority
stockholders of the latter
company.—V. 152, p. 3510.
.
.
same
Northern States Power Co.
Plainfield-Union Water Co.—Issue Sold
Privately—The
company recently placed privately $1,950,000 1st
mtge.
3%% series A bonds, dated April 1, 1941, due April 1, 1971.
(Del.)—Weekly Output—
Electric output of the Northern States
Power Co. system for the week
May 31, 1941, totaled 31,462,497 kwh., as
compared with 26,148.555
kwh. for the
corresponding week last year, an increase of 20.3%—V. 152,
p.3510.
The issue
ended
No-Sag Spring Co.—50-Cent Dividend—
Proceeds
Directors have declared a dividend of 50
cents per share on the common
stock, payable June 14 to holders of record June
5.
Dividend of 25 cents
was paid on March
10, last, and one of 40 cents paid on Dec. 20, last.—V.
152, p. 993.
*
V
Pacific Power & Light
Peri/od End. April 30—
Operating revenues
Oper.
exp.,
taxes
excl.
224,511
89,764
57,908
2,571,966
898,651
694,900
investments
134
136
$156,855
18,813
$135,267
18,317
$1,997,859
223,879
$1,933,070
214,759
$175,668
3,451
$153,584
$2,221,738
19,170
$2,147,829
5,014
$172,217
85,417
18,946
$153,063
85.417
20,044
$2,202,568
1,025,000
253,124
$2,142,815
1,025,000
239,445
430
$924,874
458,478
revs
Rent from lease of plant.
Operating Income
Other income (net)
_
_Z)r_
Gross income
Interest
on
mtge. bonds.
Other interest <& deduct.
Interest charged to con¬
struction
521
(Cr)_
Net income
Balance.....
$466,396
$422,467
Notes—Provision for Federal income taxes,
subsequent to April 1, 1941,
being made at a rate which will result in the accumulation of such taxes
at the rate of 30% for the full
year 1941.
No provision has been made for
Federal excess profits tax since present
indications are that no such tax will be
payable.—V. 152, p. 3194.
is
Pacolet Mfg. Co.—$3.50 Dividend—
Directors have declared a dividend of
$3.50 per share on the common
stock, payable June 10 to holders of record
May 21. Regular semi-annual
dividends of $3 per share were
previously distributed.—V. 151, p. 3570.
Paducah Sr. Illinois RR. Co.—Bonds Called—
A
total of $140,000
called for
redemption
/
1st mtge. 4M% 40-year s. f.
gold bonds has been
July 1 at 102H and accrued interest.
Payment
Chicago.—V. 150,
3675.
p.
Panhandle Producing &
Refining Co.—Notes Called—
A total of
$15,000 of this company's notes have been called for redemption
Payment will be made at the First National Bank of Wichita
Falls, Wichita Falls, Texas.—V. 152, p. 3035.
on,Jul£l'
Paris-Orleans RR. Co.—Bonds Called—
A total of 700,000 francs
6% bonds, foreign series, due Dec. 1, 1956,
have been called for redemption on June 1 at
par and accrued interest.
Payment will be made at J. P. Morgan & Co., N. Y. City.—V.
151, p. 3098.
dividend of $1 per share on the capital stock,
par $50, payable June 30 to holders of record June
7. Like amount paid on
Dec. 18, last; 50 cents paid on June
26, 1940; $1 on Dec. 18, 1939; 50 cents
on Dec. 20,
1938; 75 cents on Dec. 20, 1937, and 50 cents paid on July 22,
1937.
a
The Girard Trust Co.,
Philadelphia, Pa., will until June 30 receive bids
for the sale to it on July 1 of sufficient
gen. mtge. 4\4% bonds, series E,
due July 1, 1984, to exhaust the sum or
$250,446 at prices not exceeding
par.—V. 152, p. 3511.
Pennsylvania Water & Power Co.—New Chairman—
/
Prescott S. Bush of New York was on
May 28 elected Chairman of the
Board of Directors to fill the vacancy in that office.—V.
3035.
dividend of 50 cents per share
on
the
the call for
.
V
Directors have declared an extra dividend of 15 cents
per share in addi¬
tion to the regular
quarterly dividend of 25 cents per share on the common
stock, both payable June 14 to holders of record June 4.
See also V.
152,
Philco
-
.
1941
1940
$16,497,065 $11,154,129
535,272
375.638
per share
$0.39
$0.27
radios, refrigerators and other products, exclusive of sales
by
Canadian subsidiary,
b After charges and Federal and State taxes,
c On 1,372,143 shares of
common stock.—V. 152, p. 2716.
Of
Pure
Co.—Stock Offered—Smith, Barney & Co. an¬
offering after the close of the market, June 3,
of 8,946 shares of 5% cumulative convertible
preferred stock
(par $100) at
After
all
$47,574
10,644
as
r
including
expenses,
$535,837
120,513
Including the 38,946 shares of which this offering forms part, the number
of shares of the 442,443
originally offered which remain unsold in the hands
seven
of the original underwriters
aggregated approximately 58,000
shares on May 29.
Completion of the sale of 8,946 shares would bring this
total down to about 49,000 shares.—V.
152, p. 3037.
of
Quaker Oats Co.—Stock Offered—An offering of 3,000
common stock (no
par) was made June 5, after the
close of the market, by Glore,
Forgan & Co. and Jamieson
& Co. at $75.50 net.—V. 152, p. 1604.
Railway Express Agency, Inc.—Earnings—
maintenance of equipment.—V.
Assets—
Liabilities—
Cash
537,828
Accounts
1
'
5285,623
Due from sub. companies...
101,658
Working assets
40,510
Accrued liabilities
535,123
—
Securities owned
10
pledged.
or
676,375
Sinking fund—.
accounts
43,237
(net)-
3,971,127
20,261
— -
Deferred a«ets
Deferred
196,363
liabilities
203,254
Funded debt
Reserve—
2,567,433
73,594
...
6% cumulative pref. stock
Common stock
3,204,500
119,000
Deficit—.
Total
$4,811,256
2,475,293
Total
$4,811,256
-V. 151, P. 2511.
x
x
Rail trans, revenue. 59,015,910
57,802.646
50.478.479
Payments to rail and other carriers—express privileges,
a
dividend of 75 cents per share
on
the common
stock, payable June 15 to holders of record June 6.
Dividends of 50 cents
were paid on March 15, last and on Dec. 16, 1940; dividend of
25 cents was
58,008,584
y
Includes
Balance Sheet Dec. 31
1940
x
1939
$
Assets—
$
1940
1939
$
TAabilUies—
Real property and
$
Cap. com. stock.. * 100,000
100,000
10-yr. notes ser. A12,800,000 14,400,000
17,985,090 17,227,585
Misc. phys. prop. 3,022,320
2,979,804 Non-negot. debt to
Other investments
affiliated cos...15,941,904 14,341,904
691,449
782,073
Cash
17,982,722 19,061,895 Traffic bal. pay...
16,399
8,479
Special deposits...
9,005
21,378 Audited accts. and
5,022
56,936
rec.
agencies
6,749,108
receivable. 1,486,327
Mat'ls A supplies
(at cost)
Int., dtvs. A rents
receivable-
Working fund adv.
curr. assets.
debits
wages unpaid..
5,944,258
Matured fund, deb
unpaid
Accts.
Other
3,549
309,085
from
6,439,474
1,209,544
626,036
571,309
5,483
7,512
10,805
58,994
868,029
9,705
29,476
701,022
7,000
Misc. accts. A adv.
payable
1,654,500
llab. 6,692,261
Express prov.
Unp'd money or¬
ders, checks, Ac 2,044,099
Est. tax liability.. 2,672,720
Mat'dlnt., divs. A
rents unpaid
980
Unmat'd
Int.
5,068,143
:
19,000
2,698,251
6,769,899
1,871,097
1,770,685
1,514
and
86,213
Other current llab.
481,188
Deferred liabilities
Unadjust. credits.
x
918,179
80,797
497,166
1,598
922,503
48,551,036
Used in express operations.—V.
Total...
152,
p.
49,359,701 48,551,036
2872.
(Daniel) Reeves, Inc.—To Merge with Safeway Stores—
James Reeves, President of this company .on June 3 announced that he
an agreement with L. A.
Warren, President of Safeway
Stores, Inc., under which they will propose a merger of the two companies.
Reeves operates 498 retail grocery stores, all but seven of which are located
City.
Safeway operates grocery stores in the Western States,
Maryland, Virginia and the District of Columbia.
The proposal provides
that the Reeves stores will become a part of the Safeway operation.
Mr. Reeves said:
"All details of the merger and subsequent operating
policies are necessarily in the preliminary stage.
When at a later date
the merger is consummated, a complete statement will be made, because
the managements of both companies fully realize that consumers, producers
and employees have a substantial interest in any developments involving
food distribution."—V. 150, p. 2115.
in New York
Reo Motors,
Pittsburgh Metallurgical Co., Inc.—Dividends—
Directors have declared
1937
had entered Into
payable.
Notes payable
Due to subsidiary companies.
—
1938
152,
62,186
59,721
Accrued assets
1939
167,179,377 155,590,088 160,787,979
2,802,639
2,721,005
2,791,241
Total rev. & income..179,372,422 169,982,016
158,311,093 163,579,220
Operating expenses
111,660,648 104,158,592
98,827,131 100,440.936
Express taxes
7,566,392
6,966,816
6,401,181
y3,395,042
Int. & disc, on fund debt
1,025,661
955,218
1,749,080
1,603,127
Other deductions
103,811
98,744
855,222
131,531
Total........ 49,359,701
Accounts receivable
'
1940
Charges for transport'n.176,700,141
Other revenue & income
2,672,281
$534,797
141,661
Pittsburgh Terminal Coal Corp.—General Balance Sheet
of Nov. 30, 1940—
Property
fixed price of $90.50 per share net, flat.
These
1941—12 Mos.—1940
*40,031
7,285
P. 3511.
¥
a
sharks are part of the present total of 38,946 shares of that stock
owned by the former partnership of Edward B. Smith &
Co. which repre¬
sents the unsold balance of 58,832 shares
originally purchased from the
company by Edward B. Smith & Co. in October, 1937.
rents payable
1941—Month—1940
Net oper. revenues
a
Oil
nounced the
Unadjusted
Philippine Ry.— -Earnings—
a
which
p. 3512.
Net bal.
Earnings
Period End. Mar. 31—
Gross revenues
May 22, 1941,
Tenders were received for a total of
874,451 shares which exceeded the
number of shares that the
corporation offered to purchase, and purchases
were prorated
according to the amount of stock tendered by each stock¬
holder in accordance with the terms and
conditions of the plan.—V. 152,
Loans A notes rec.
:.
.
Corp.—Earnings—
3 Months Ended March 31—
Gross sales
b Net income
a
of stock dated
Traffic bal. rec...
<.
a
c
tenders
expired June 5, 1941.
equipment
iretroleum Exploration Co .—Extra Dividend—■
.
3037.
Pullman, Inc.—Company Accepts Purchase of 517,298
of Stock—Company announced June 6 that it had
accepted for purchase 517,298 shares of the capital stock
tendered by stockholders at $29
per share, in response to
common
stock, payable July 1 to holders of record June 17.
Dividend of 40 cents
was paid on April 1, last, and
previously regular quarterly dividends of
50 cents per share were distributed.—V. 152, p. 1929.
.
p.
credit of $2,153,569.80 account reversal of accruals of 1936 railroad retire¬
ment tax.
The 1936 figures have not been restated to exclude such tax.
.•
Perfect Circle Co.—50-Cent Dividend—
p- 2081.
152,
Shares
Pepsi Cola Co.—Merger with Loft, Inc.y &c.—See Loft,
Inc., above.—V. 152, p. 3511.
a
working
meeting of stockholders of Public Service Co. of
Indiana, Dresser
Power Co., Terre Haute
Electric Co., Central Indiana Power Co. and
Northern Indiana Power Co. to vote on the
proposed plan for consolidation
of these five properties of the
Midland United Co. into a single
operating
utility known as Public Service Co. of
Indiana, Inc., and for the reclassifica¬
tion of the capital structure has
been adjourned to June 17 at Indianapolis.
—V. 152, p. 3512.
;
'
Calendar Years—
Directors have declared
for
an interim dividend of 15 cents
per share on the
payable June 30 to shareholders of record June 10.
Feb. 1, last and previously semi-annual dividends
on
distributed.—V.
<•
p.
and
Public Service Co. of
Indiana, Inc.—Meeting Postponed
The
Tenders—
152,
bonds
shares of
Pennsylvania RR.—To Pay $1 Common Dividend—
Directors have declared
5%
common stock
Like amount paid
of 30 cents were
on
will be made at the First
National Bank of
$1,250,000
Power Corp. of Canada, Ltd.—Common Dividend—
$880,945
458,478
operating
refunding
1188.
p.
Directors have declared
company's
2,575
$67,854
$47,602
Dividends applic. to preferred stocks for the
period
Net
149,
Pneumatic Scale Corp., Ltd.—30-Cent Dividend—
$6,098,723
2,849.062
1,017,584
694,900
216,810
71,746
57,908
for
were
Directors have declared a dividend of 30 cents
per share on the common
stock, payable June 2 to holders of record
May 19.
Like amount paid on
Nov. 23, last; 40 cents
paid on Oct. 21 and June 1, 1940, and on Nov. 24
and Nov. 1, 1S39 and
30 cents paid on Oct. 2, July 15 and March
1, 1939.
—V. 151, p. 3099.
1941—12 Mos.—1940
$6,559,539
direct
Direct taxes
Prop, retire, res. approp.
Amort, of limited-term
capital.—V.
Co.—Earnings-
1941—Month—1940
$529,038
$481,731
sold at 104.92 to Mutual Benefit Life Insur¬
was
Co., Newark, N. J., Aetna Life Insurance Co. and
Phoenix Life Insurance
Co., Hartford.
ance
Inc.—New Directors, &c.—
Company has advised the New York Stock Exchange that Ray Potter,
Sherer and Henry E. Hund have been
James Dervin, B. J. Adams, J. 8.
elected directors.
.
.
,
„
,
^
Henry E. Hund has been elected President and General Manager and
Edward F. Thomas, Vice,President.—V. 152, p. 3357.
The Commercial &
3664
June 7, 1941
Financial Chronicle
13.8%
increased lo%. A
in the
Eastern
a net
increase of about 134% so far in 1941.
The position of the domestic in¬
dustry has improved somewhat since the first quarter.
Prices for products
have strengthened, although they are still not at the proper level, and
gasoline inventories have been reduced.
The prospect is that there will be
increased consumption of gasoline and other products through the balance
of the year, except as the consumption may be modified by action resulting
from transportation difficulties on the Atlantic Coast, (arising from the
United States, our gasoline sales increased approximately
these four months, and lubricating oil sales
"In the
Remington Arms Co., Inc.—New Official—
Frank Craig, formerly General Accountant of the company, has been
appointed Assistant to the President, it was announced on May 29 by
C. K.
Davis, President and General Manager of the Company.
The
appointment is effective at once.—V, 152, p. 2872.
*i
during
Inc.—New Vice-President—
Reynolds Metals Co.,
Walter L.
Rice, Special Assistant
General, has resigned
to the Attorney
of Justice, following his appointment as Vice-President
of this company, according to an announcement by R. S.
Reynolds,
President.—V. 152, p. 3357.
•
v-\V: '/;■ •' v 'fyf'jC 7
from the Department
(H. H.) Robertson &
the British service)."
unallocated $59,000,000 of reserve against possible
Brown declared: "Information from abroad is incom¬
reports which indicate that we have sustained physical
property damages or losses of approximately $8,000,000, of which $6,400,000
was in France and the balance in several different countries.
These losses
transfer of tankers to
In
to
the
regular quarterly
stock, both payable June
paid on Dec. 16, last.—V.
Co.—Extra Dividend—
dividend of 25 cents per share in addi¬
dividend of like amount on the common
16 to holders of
152, p. 3100.
record June 2.
Like amounts
Herbert Abraham, President.
.
...
new
board occasioned
77<H
50-Cent Dividend—
;'
:'-v
''7.7:,-'/:\
.
dividend of 50 cents per share on the capital
payable June 27 to stockholders of record on
June 10.
Dividend of $1 paid on Dec. 20, last; 30 cents paid on June 28,
1940; 80 cents was paid on Dec. 20, 1939, and a dividend of 30 cents per
share was paid on June 30, 1939.
Dividends in 1938 aggregated 60 cents
per share.—V. 152, p. 2872.
Directors have declared a
stock
Russell-Miller Milling
Co.—Buns Standard-Tilton Stock—
dispatches has purchased all the out¬
Paper Co.—40-Cent
pares
with 20 cents paid on March
20 cents on June 1 and
—V. 152, p. 1450.
10, last; 60 cents paid on
March 1, 1940 and 60 cents
:7
^
Safeway Stores,
about
«
South Porto Rico Sugar Co.—15-Cent Dividend—
declared a dividend of 15 cents per share on the common
payable July 1 to holders of record June 9.
Previously regular
quarterly dividends of 25 cents per share were distributed.
Extra dividend
of 95 cents was paid on Sept. 26, 1940.—V. 151, p. 3254.
Sept. 1, 1940;
paid on Dec. 1, 1939.
Southern Natural Gas
Gas & Electric Co.—Common Stock Registered
The Securities and Exchange Commission announced May 27 that
company filed a registration statement (No. 2-4769, Form A-2) under the
Securities Act of 1933 which will cover all of the common stock of that
company owned by Standard Gas & Electric Co., parent, at June 14, 1941.
Under a plan for the divestment of the control of San Diego»Gas & Electric
Co., Standard Gas & Electric offered holders of its notes and debentures,
aggregating $70,523,900 principal amount, the privilege of exchanging such
securities for shares of common stock of San Diego.
The total amount of
common stock so offered was 993,870 shares, of which 399,595 shares had
been accepted for exchange on May 15, 1941.
The exchange offer expires
1941.
proceeds from tha sale of the common
Electric Co.
y
All the
Earnings for Years Ended
shares will be received by
77 777.
March 31
Maintenance and
;■*
I
repairs
Depreciation..
653,423
•;
.....
_.. .
_
1,412,698
..,
Taxes
Net operating
on
'
582,222
59,195
21,354
$2,131,922
620,000
:
61,954
8,042
019,820
019,952
$2,840,558
funded debt
Amortization of debt discount and expense.......
Other interest.
Interest charged to construction
Miscellaneous deductions
>,-■
2,191
20
...
income
Interest
$2,129,731
$2,840,538
income
Other income
Gross
428
1,176,055
202,315
458
1,137,224
294,980
.........
..........
Provision for Federal income taxes.
9,233
8,348
1
I. $2,188,374
Net income
amount of
$8,698,514
3,084,613
725,518
1,379,851
$9,840,432
3,501,110
Amortization of limited-term investments........
such additional offering of common stock.
Dated April 1, 1941; due April 1, 1956.
Coupon bonds in denom. of
$1,000, registerable as to principal. Interest (A-O) and principal payable at
office of Central Hanover Bank & Trust Co., New York.
Bonds will be
redeemable (except for sinking fund) as a whole or in part at any time on
30 days' notice at principal amount thereof and accrued int., plus a premium
of 7% reduced successively by 34 of 1% effective April 2 in each of the
years 1942 through 1954 and by 34 of 1 % effective on April 2, 1955; and if
red. on or after Oct. 2, 1955, without premium.
Bonds will be redeemable
for the sinking fund at any time on 30 days' notice.
Purpose—Company will apply the net proceeds from the sale of $13,000,000 of bonds of the 334 % series due 1956, $4,500,000 of 214 % serial notes
being sold to certain banks and 234,868 shares of common stock (estimated
at a total of $20,463,350 after deducting expenses but excluding accrued
interest) as follows:
V.-V.,v;777 / :'7y/'vv
;
1940
1941
'.5Operating revenues,
Operation
,
.
r
(a) To redemption at 105%. on or about July 11, 1941, of $11.341,000 1st mtge. pipe line sinking fund bonds, 434% series
due 1951 and 434% series due 1952- — —
— --$11,908,050
(b) To redemption at 100%, on Oct. 1, 1941, of $5,771,523
adjustment mortgage bonds.
— —
(c) To payment of interest on the above mentioned bonds from
date of delivery of bonds to the respective dates of redemption (estimated)—
(d) To payment at principal amount, on or about June 11,
1941, of the company's 4% collateral note—
„- _
$1,453,530
Notes—(1) No provision for excess profits tax under the Second Revenue
Act of 1940 was made for the calendar year 1940, as it was estimated no
such tax would be due for that year.
In its Federal income and State franchise tax returns for 1940 the
will claim as a deduction the unamortized discount and expense
and redemption premium on bonds called during 1940.
The provision
made for such taxes during the calendar year 1940, accordingly, is approxi¬
(2)
company
mately $410,000 less than otherwise would have
correspondingly greater.—V. 152, p. 2874.
Total
been, and the net income
San Jose Water Works
a
Co.—-Initial Preferred Dividend—
$0.296875 per share on the
1 to holders of record May 20.
dividend of 50 cents a share on the common
stock of
this corporation, payable June 16, to stockholders of record as of the close
of business June 10, was announced following a board of directors' meeting
on
;
The last previous dividend on the common was
in March, 1938.—V. J52, p. 2407.
May 27.
share paid
Scranton Lace Co.—50-Cent Dividend—
Directors have declared a dividend of 50 cents per share on
stock, payable June 30 to holders of record June
10.
50 cents a
the common
Dividend of 25 cents
March 31, last; $1 was paid on Dec. 14, last; 50 cents was paid
on
Sept. 30, 1940; 25 cents paid in two preceding quarters; 75 cents on
Dec. 14 and Sept. 30, 1939, and previously regular quarterly dividends
was
paid
on
of 25 cents per share were
distributed.—V. 152, p. 1450.
Silesia^-American Corn.—Bond Payment Plans—
will make provision for the payment of Silesian-American
will be consummated.
for the payment of the bonds by the Ana¬
the report to this effect, which has been
circulated, is incorrect.
Public announcement will be made if these nego¬
tiations are concluded."—V. 152, p. 844.
completed,
It is uncertain whether these negotiations
bonds.
The negotiations do not provide
conda Copper Mining Co. and
Socony-Vacuum Oil Co., Inc.—Profits Show Decline of
30% in First Four Months of 1941—
< :
7
: r
meeting of stockholders May 29, marking the 75th year
organization began, John A. Brown, President, seated in part:
first four months of 1941, Socony-Vacuum's earnings are
estimated to be $10,500,000 including its equity in 50%-owned companies
and after making provisions for Federal income tax according to the rates
in force at the present time.
This is a decrease of approximately 30%
from 1940 (after adjusting the tentative estimates for the same period last
At the annual
since the
"For
year in
the
accord with final year-end accounting). Of these earnings
domestic operations after deducting all interest
debt and general overhead, and the balance from
without apportionment of such deductions.
is
from
term
or
:-U:.
other sources.
'
Capitalization Giving Effect to
-
Proposed Financing
Authorized
line sinking fund bonds—
334% series due 1956
234% serial notes b
;
Common stock ($7.50 par)
Outstanding
1st mtge. pipe
Anaconda Copper Mining Co. has issued the following statement:
"There are certain negotiations which have been pending and which,
if
$18,276,913
estimated at $2,186,437, will be added to the general
specific allocation of the amount to be devoted
to any particular purpose has been made. Company contemplates that such
remainder will be applied toward the construction of parallel lines and
compressing facilities to increase the delivery capacity of its system.
Company contemplates expenditures during the calendar year 1941 of
approximately $2,250,000 for the construction of the pipe line between the
Logansport and Monroe gas fields and gathering lines and other equipment
in the Logansport field, of approximately $750,000 for increasing the com¬
pany's investment in its subsidiary, Southern Production Co., Inc., of not
less than $2,500,000 (in addition to the remainder of $2,186,437 above
mentioned) for increasing the delivery capacity of the company's system and
miscellaneous construction.
A total of approximately $1,770,000 had been
spent for certain of the above purposes up to April 30, 1941, on which
date the company had on hand approximately $3,350,000 in cash.
It is
contemplated that any additional cash which may be expended for the above
or any other purposes will be provided from earnings, issuance of securities
Schenley Distillers Cor p.—Common Dividend—
Declaration of
- - — —
147,340
450,000
funds of the company and no
Directors have declared an initial dividend of
preferred A stock, payable June
—V. 152, p. 2407.
- - — - - -
_
5,771,523
■'?
The remainder,
is
434%
Offered—A banking
group
'
152, p. 3728.
Co .—Bonds
led by Halsey, Stuart & Co., Inc., on June 6 offered
|l3,000,000 first mortgage pipe line sinking fund bonds,
3}i% series due 1956, at 103 and int.
This offering is part
of a financing plan for raising new capital and refunding
and consolidating the company's entire existing funded debt.
Other members of the offering group are: Coffin & Burr,
Inc.; Blyth & Co., Inc.; Graham, Parsons & Co.; Stone &
Webster and Blodget, Inc.; Arthur Perry & Co., Inc.
The company proposes to offer to its stockholders of record at the close of
business on June 13, 1941, the right to subscribe pro rata, during a period
commencing on June 14, 1941 and ending at 3 p. m. (EDST) on Sept. 15,
1941, to an aggregate of 234,868 shares of common stock, in the ratio of
one-fifth of one share for each share held of record as aforesaid at the price
of $12.50 per share.
Federal Water Serive Corp., owner cf 52.4% of the
outstanding stock of Southern Natural Gas, is underwriting the entire
Inc.—May Acquire Reeves Chain—
Standard Gas &
gallon of domestic
per
Directors have
San Diego
June 14,
would, indeed, be
2.7c.
stock,
■
(Daniel) Reeves, Inc. above.—V.
See
pleased with the result. Our domestic taxes,
collected for the State, were equivalent last year to
sales of crude oil and all petroleum
products, or about 5 times our half-a-cent profit per gallon." The directors
were reelected
at the meeting, and the by-law indemnifying directors,
officers and employees under certain conditions, as explained in the notice
of annual meeting, was adopted.—V. 152, p. 3038.
holders
including gasoline taxes
Dividend—
dividend of 40 cents per share on the common
2 to holders of record May 22.
This com¬
"
tend to be
particularly true in
1940 amounted to
of sales. This
small return was made possible by efficient and economic operation.
At
the same time we face the problem of constantly increasing taxes.
If we
could make as such profit per gallon as we pay taxes per gallon, the stock¬
Standard-Tilton Milling Co., of St. Louis, which
operates flour mills at Alton, ill., and Dallas, Texas.
The amount of money
and stock involved was not announced.
'
■
Charles G. ireys, Russell Miller President, said the acquisition will add
5,500 barrels a day to capacity of his company, bringing the total to 21,800
barrels daily.
The company will, it is said, increase its storage capacity in
its elevators by 1,200,000 bushels, bringing the total to 21,900,000 bushels,
and the number of its flour mills from 8 to 10.—V. 151, p. 2204.
St. Helen's Pulp &
than half
"It is
according to press
stock, par $10, payable June
reduced
Governments. The highest salaries will probably be
by the tax laws of this year.
„
highly competitive industry like that of petroleum, prices
very low, and profit margins are small.
This has been
the past few years.
Socony-Vacuum's net earnings in
slightly more than half-a-cent a gallon on the total volume
more
standing capital stock of
Directors have declared a
Most of these
and Federal
of the corporation,
The company
and plant.
covered by insurance or by claims against governments, but we
how it will all work out."
• .
_
^
On the question of executive salaries, Mr. Brown pointed out that under
the tax conditions of the past few years, business executives represented
about the only employee group whose net compensation had substantially
decreased, while real wages of the average employee have increased.
"If
nothing at all were paid to the officers and directors of this company," he
said, "the additional income available to stockholders, after corporate
income tax on such saving, would be less than two cents per share per year
on the total capital stock.
It should be remembered also that a large part
of these salaries is paid out by the recipients in income taxes to the State
cannot know
.
fill vacancies on the
Jarecki, of Erie, Pa.,
Ruberoid directors were elected to
by the death of the late Alexander
and the late Vivian Green, of New York.
two
divided between inventories
about evenly
are
losses are
Ruberoid Co.—New Director—
V;
Walter G. Cowan, of New York, and Louis Herscovitz, of Chicago, have
been elected directors of this company, it was announced on May 31 by
The
explaining the
foreign losses, Mr.
plete, but we have
Directors have declared an extra
tion
of light and heavy fuel oils, however, particularly
marketing area, brings our total domestic sales down to
decline in sales
J.
$6,500,000
charges on long
foreign business
-
V.
a
4,500,000
$13,000,000
b4,500,000
cl ,500,000 shs. 1,409,212 shs.
a Unlimited as to authorized principal amount except for the limitations
and restrictions contained in the indenture and except that the amount of
bonds at any one time, outstanding thereunder shall not exceed $100.000,000. b Maturing as follows: $400,000 on May 1 and Nov. 1, 1942 and
1943; $425,000 on May 1 and Nov. 1, 1944 and 1945: $450,000 on May 1
and Nov. 1, 1946 and $300,000 on May 1, 1947.
c To be authorized at
meeting called for June 5, 1941.
At March 31, 1941, 1,200,000 shares.
Business—Company operates a natural gas pipe line system extending
from the Monroe gas field in Louisiana to Atlanta, Ga., with branch lines
to other points in Georgia, Alabama and Mississippi.
Company presently
purchases its entire supply of gas under four contracts with non-affiliated
gas producing companies, substantially all such gas being produced in the
Monroe field.
companies (including
for
for
general commercial and industrial uses. Company also sells gas directly to
some
15 industrial concerns, and to Birmingham Gas Co. for resale to
certain industrial customers in the Birmingham, Ala., district.
A minor
amount is sold to a few other users.
About 83.5% of the company's gross
revenues for the year 1940 was derived from sales to distributors.
Company sells gas at wholesale to
one
affiliated
and
distribution in
two
some
55
eight distributing
subsidiary companies) and two municipalities
cities and towns to domestic consumers and
Volume
The Commercial & Financial Chronicle
152
Earnings Summary for Stated Periods
a
Operating
revenues...
Purchases of nat'l gas
_
$9,238,249
2,691,812
883,731
177.635
1,078,000
540,484
bl,108,900
.
..
Other oper. exps., net
Maintenance
...
Prov. for deprec., &c__.
Taxes—other than inc..
Taxes, inc. &
excess
prof
1940
1938
$7,301,132
2,064,019
$6,080,709
1,510,298
690,251
120,844
1,078,000
348,469
430,000
$8,837,322
2,561,206
799,018
612,916
99,755
1,068,000
325,790
186.053
•
been
Calendar Years
1939
12 Mos.End.
Mar. 31,'41
1,078,000
483,493
975,000
290.000
Other income
$2,757,687
329,951
$2,754,552
317,234
$2,569,549
229,695
$2,173,950
155,124
$3,071,786
932,545
$2,799,244
Interest
$3,087,638
918,389
$2,329,074
1.070,520
.
989,561
Amort, of debt discount
'
& expense
Cos. & exps.
72,781
13,824
78,803
82,998
\ 83.090
12,387
placed privately.
The other maturities (1947-1951/
totaling $5,625,000, were reoffered by Harriman Ripley &
Co., Inc.; Blyth & Co., Inc.; Drexel & Co.; Lazard Freres
& Co.; Kidder,
Peabody & Co.; Union Securities Corp.;
Alex. Brown & Sons and White, Weld & Co., at
prices, to
yield from 1.80% to 2.35%, according to maturity.
These certificates, to be issued under the Philadelphia Plan, are to be
guaranteed unconditionally as to par value and dividends by the Southern
Ry. and are to be secured by new equipment to cost approximately $12,-
517,000.
The certificates
1951, inclusive.
The
Net income
$2,082,644
$949,230
$1,647,790
$2,052,773
normal Federal income taxes at 24%
($808,000), State income taxes ($95,900) and Federal excess profits tax for
nine months ended Dec. 31, 1940 ($205,000).
The maximum annual interest requirement on the bonds of the 3H%
series due 1956 is $422,500 and on the 2 H % serial notes is $112,500.
The above net income, which does not include undistributed earnings of
the company's subsidiaries, was equivalent to the following amounts per
share for the number of shares (691,970) outstanding at Dec. 31, 1940 and
for the number of shares Q ,409,212) to be outstanding:
Calendar
\2Mos.End.
Mar. 31,'41
Per share for
691,970 shs.
Persh. for 1,409,212 shs.
Years
1938
1939
$2.38
$1.17
1940
$2.97
$1.46
$3.01
$1.48
$1.37
$0.67
The above computations of net income per share
ment of the proceeds (approximately $4,800,000)
do not reflect the invest¬
of the 482,374 shares of
additional common stock sold by the company in January and February,
1941 j the investment of the portion (approximately $2,186,437) of the
proceeds of the securities currently being sold by the company which is to be
used to increase the capacity of the company's system, nor the reduction
in interest and amortization charges and changes in income and excess
profits taxes resulting from the retirement of the company's presently out¬
standing indebtedness.
Such computations should not be considered as
indicative of future net income per share for the total number of shares
(1,409,212) which will be outstanding upon the sale of all of the stock now
being offered.
Underwriters—The names of the several underwriters and the principal
amounts of bonds agreed to be purchased by them, respectively, are as
follows:
E. H. Rollins & Sons, Inc..-.
Coffin & Burr, Inc.
2,500,000
Central Republic Co. (Inc.)__
Blyth & Co., Inc.
1,500,000
Kidder, Peabody & Co.......
500,000
300,000
300,000
Graham, Parsons & Co......
1,000,000
F. S.
300,000
Halsey, Stuart & Co., Inc
$4,000,000
Moseley & Co.
700,000
White, Weld & Co..
Arthur Perry & Co., Inc
600,000
Adolph Lewisobn & Sons
300,000
300,000
200,000
Jackson & Curtis........
500,000
Equitable Securities Corp....
Inc
Paine, Webber & Co....
Issue and Sale of 2H% Serial Notes—An agreement dated May 8, 1941
is in effect between the company and Chase National Bank of New York,
National
Bank, Birmingham, Citizens & Southern National Bank
Atlanta, Ga,, and Trust Company of Georgia, providing for unsecured
loans to the company in an aggregate amount of $4,500,000, to be evidenced
by the company's 214% serial notes due $400,000 on May l and Nov. 1
in the years 1942 and 1943; $425,000 on May 1 and Nov. 1 in the years 1944
and 1945; $450,000 on May 1 and Nov. 1 in the year 1946, and $300,000
on May 1, 1947.
The loans are to be made at the time of the delivery of
the bonds of the 3H% series due 1956 on or before June 15,1941.
Such 214% serial notes will provide that so long as any thereof remain
outstanding the company will not incur or guarantee or otherwise assume
any indebtedness except (a) such serial notes, (b) certain secured indebted¬
ness, including the bonds of the 3 H% series due 1956, additional bonds
issued under the mortgage securing such bonds of the 3 H % series due 1956,
and certain prior lien indebtedness in an amount not exceeding $650,000,
(c) current accounts and charges, payable or accrued, incurred In the ordi¬
nary course of business (exclusive of those incurred in the construction or
acquisition of property for materially increasing the capacity of or substan¬
tially extending its pipe line system), (d) dividends payable within 90 days
and, in addition to the foregoing, (e) indebtedness (including sinking fund
requirements for the then current year on any first mortgage pipe line sink¬
ing fund bonds of the company in excess of the $13,000,000 principal amount
being offered) in an aggregate principal amount not exceeding $1,000,000
at any one time, provided that at the time when such indebtedness is in¬
curred current liabilities (excluding maturities of the serial notes, and sink¬
ing fund requirements on bonds being offered) do not exceed the sum of
cash, accounts receivable from customers and subsidiaries, and materials
and supplies.
Such notes will also provide that the company will not issue
any additional first mortgage pipe line sinking fund bonds having an ex¬
pressed maturity earlier than April 1, 1948. will contain limitations on the
amounts of debt which may be incurred by the company's subsidiaries,
Alabama Gas Go. and Southern Production Co., Inc., and will contain
further limitations with respect to the acquisition of securities (including
those of the company) and properties by the company and its subsidiaries
and the sale of the securities of ios subsidiaries.
The notes will also contain
covenants on the part of the company with respect to declaration of divi¬
dends and charges to reserves for depreciation, depletion, obsolescence and
amortization, and with respect to the declaration of dividends if thereupon
the current liabilities would exceed the current assets.
the outstanding common stock, 615,332 shares (52.4%)
owned, of record and beneficially, by Federal Water Service Corp.
Control-—Of
Federal Water Service Corp. also owns $2,948,500 of the company's adjust¬
ment mortgage bonds.
Utility Operators Co. owns all of the class B stock (542,450 shares) and
6,536 shares of the preferred stock of Federal Water Service Corp.
Balance Sheets at Dec. 31, 1940
Company
jA ssds
Liabilities—
Com. stock
$
Co. & Subs.
Tot. long-term dt.18,273,523
Accts. rec. for mer¬
Wages
62,868
489,659
70,215
Cr2,978
Cr78,534
230,745
......
chandise,
&c—
Other accts .recelv.
Res.
accounts
consolidated..
cc.,
27,036
notconsol
27,036
7,628
4,096
252,643 ■"—345,224
...
Ac—_
Mdse. held for re¬
37,387
sale..
Prepaid
taxes,
105,369
taxes,
220,470
246,364
other
262,184
288,670
1,016,940
1,081,420
25,787
28,853
Acer. Fed. & State
Other
taxes.
accr.
Contrib.
Ad vs. to officers &
Materials,
& accr'd int.
term debt...
income
affii.
employees
payable.
payable...
depos.
than inc. taxes.
Due from subs.,
"
from
Accounts
Customers'
Acer,
Accts. receivable—
Due
5,189,776
19,694,523
750,000
405,195
543,484
9,788
27,066
600,000
Acer. int. on long-
doubtful
for
par).__________ 5,189,776
Notes pay. to bks
liabils.
in
aid
of
construction^..
22,173
...
Miscell. reserves..
4,704
Capital surplus... 1,276,019
Earned surplus... 3,464,270
1,276,019
3,803,199
in¬
17,333
10,315
1,003,911
1,113,589
Total .........30,743,954
33,061,623
surance.
&c__i.
Total defd charges
Total
..30,743,954 33,061,622
—V. 152, p. 3513.
Southern
A group
Ry.—Equipment
Trust
Certificates
Offered—
was the
headed by Harriman, Ripley & Co., Inc.,
successful bidder
on
June 4 for the
new
issue of $11,250,000
2% equipment trust certificates, series J.J,
100.1779.
on a bid of
The interest cost to the company is 1.96%.
Of
the total amount,
$5,625,000 (1942-1946 maturities) have
$4,828,094
Jan. 1 to May 31<
1940
1941
1940
$3,560,327 $69,325,930 $55,785,403
Southeastern Gas & Water Co.—Plan Effective—
The
to
voluntary plan for exchange of Southeastern
Gas
&
Water Go.
letter sent by Charles J. Gregory, President, to holders of the 1st lien
& gen. lien bonds.
It is expected that the new collateral bonds issuable
a
under the plan will be ready for
delivery to bondholders by the company's
agents—Colonial Trust Co. and Underwriters Trust Co.—within the next
two weeks.
Bondholders who have not deposited their securities under the
plan may deposit at tnis time, or, when the new collateral trust bonds are
ready for delivery, may exchange their present bonds for the new securities,
the letter states.
See also V. 152, p. 131, 1767.
Southwestern Public Service Co .—Issue Sold Privately
—Company completed May 27 the sale of $3,421,000 3%%
first mortgage bonds, series A, due on Jan. 1, 1966, to the
Equitable Life Assurance Society of the United States at
1053^ and interest.
/
The bonds are part of an issue of $4,752,0001st mtge. bonds, the remain¬
ing $1,331,000 of 4 % 1st mtge. bonds, series B, due on Jan. 1,1971 * having
been issued to General Public Utilities, Inc., parent, in exchange for asimilar amount of 6% 1st mtge. bonds held by the top company.
Proceeds from the sale of the new $3,421,000 issue will be used to redeem
on July 1
Southwestern Public Service Co s $3,421,900 of 6% 1st mtge.
bonds, series A, outstanding with the public and due on July 1, 1945;
The company also issued $1,162,000 of 5% unsecured notes in exchange
for $870,000 of outstanding 7% unsecured notes and $292,000 of 6%
demand notes.
The issues have been approved by the Securities and
Exchange Commission.
Bonds Called-—
,
All of the
outstanding first mortgage 20-year sinking fund 6% gold bonds,
1, 1945 have been called for redemption on July 1 at
102H and accrued interest. Payment will be made at the Guaranty Trust
series A, due July
Co. ofN. Y.
Immediate payment may be had at holders option.—V. 152, p. 2409.
Standard Gas & Electric
Co.—Weekly Output—
Electric output of the public utility operating companies in the Standard
Gas & Electric Co. system for the week ended May 31, 1941, totaled 144,-
162,310 kwh.,
as
compared with 118,229,078 kwb. for the corresponding
of 21.9%.—V. 152, p. 3514.
week last year, an increase
Standard
Oil
Co.
,
(N.
J.)—President
Farish
Company's Export Trade—Says U. S. Policy
Company Has Limited Embargo Powers—
Explains
Governs, but
Parent
W. S. Farish, President of the company, told the annual meeting of stock¬
holders June 3 that the company cannot "on its own initiative" place em¬
on shipments of oil to countries with which the United States
maintains normal relations. He emphasized that the company is not shipping
bargoes
gasoline or oil from the United States to Axis powers and in its export trade
is trying "at all times to adhere strictly to the policy of its government."
He revealed that the company is working on plans to build a shipbuilding
plant capable of turning out 36 tankers a year, and also for construction o
pipe lines from Texas to the eastern seaboard and from Portland, Me., to
Montreal.
Both projects would help solve the present tanker shortage.
He told the stockholders that Standard Oil of Louisiana, a subsidiary, is
building a butyl (synthetic) rubber plant at Baton Rouge, costing between
$12,000,000 and $15,000,000, designed to produce 15,000 tons of synthetic
rubber a year and 20,000,000 gallons of alcohol.
Mr. Farish said that domestic business in the industry has been "very
healthy" and estimated the company's earnings for the first six months of
this year will be $75,000,000 to $80,000,000. He said he hoped the directors
would be able to declare a $l-a-share dividend at the end of the year. The
year-end payment, last December was 50 cents regular and 25 cents extra.
In discussing the company's foreign operations Mr. Farish said:
"This
company's foreign operations are carried on principally by subsidiary or
affiliated companies organized under laws and staffed almost entirely by the
nationals of each separate country.
Obviously these companies conform
their policies to the interests and national economy of the country in
question, otherwise they cease to exist. And when the country in which
they are domiciled is drawn into the orbit of war, neither the operating unit
nor the parent company retains any real voice in determining policy."
Mr. Farish said the company owns 50% interest in the Standard Vacuum
Oil Co. with Far Eastern headquarters in the Netherlands East Indies.
He said:
"About six months ago this affiliate joined with the DutchBritish Oil Co., a major producer of oil in the Netherlands East Indies, in a
special arrangement, over a limited period, to sell Japan additional supplies
of oil and ordinary oil products.
One hundred octane aviation gasoline, for
example, was excluded.
"The agreement was negotiated with the full knowledge of the American,
British and Netherlands East Indies governments. Up to date, the Japanese
have not taken delivery of the full quantity of products they bargained for.
E ven today, not withstanding increased deliveries to Japan imder
terms of the special sales agreement, the total of movement of oil from the
Dutch East Indies to Japan, including shipments of the Dutch-British
.
$
($7.50
capital..24,297,675 29,147,634
Total investments 3,406,974
35,912
Cash in banks and
on hand
758,971
621,086
Accts. rec. for gas.
1,089,567
829,583
Net fixed
4
Company
Co.&Subs.
5
5
'
1, 1942 to
"
securities has been declared effective by directors as of May 28, according
100,000
Stone & Webster and Blodget,
are
,
1941
,
Gross earnings (est.)....
—V. 152, p. 3513.
a Including sales to subsidiaries.
b Includes estimated provision for
First
$1,125,000 annually, July
due
received three bids for the issue, with a group headed by
Halsey, Stuart & Co., Inc., in second place, bidding 100.169 for 2s, or an
interest cost basis of 1.987%.
Salomon Brothers & Hutzler submitted a
bid of 100.279 for
2j^s, an interest cost basis of 2.07%.
,226,326
V,
are
carrier
—Fourth Week of May—
of natural
exploration._____
gas
74.081
3665
,
.
well as those of the Standard Vacuum
than Japan imports from other sources of supply."
company, as
Co. are much smaller
Coming back to a general explanation of the company's policies Mr.
Farishsaid: "Standard Oil Co. is an American corporation. Its first duty is
to the government of the United States. So long as the United States main¬
tains normalrelations with another country, Standard Oil must also main¬
tain normal relations.
"If the company, on Its own Initiative, undertook to establish embargoes
on shipments of oil from one country to another it might find itself running
directly counter to the policy and interest of its own government. Obviously
it cannot permit itself to be drawn into such a position. In the conduct of its
foreign business the company has conferred frequently with officials of the
State Department and has endeavored at all times to adhere strictly to the
policy of its government."
Mr. Farish said no Standard Oil tankers are carrying oil to Axis powers
Asked if oil shipments are reaching Axis nations
under the Panama flag.
through shipments to Spain, he answered that all shipments to Spain are
made with the knowledge and approval of Great Britain. Mr. Farish was asked if German corporations are receiving dividends
from Standard Oil stocks.
"Obviously, we are not transferring any money
to Germany," he said.
"If we owe anything to persons in Germany we
deposit the money in United States banks and it is for the government to
control. That means dividends or any other money."
Another question was asked about the company's relationship with I. G.
Farbenindustrie, the German dye trust. He explained that about 14 years
ago the company bought hydrogenation plants from the trust and paid for
them In Standard Oil stock. Since that time no cash on account of patents,
or any other consideration went to the company, he said.—V. 152, p. 3199.
Thompson Products, Inc.—Preferred
Stock Called—
Company has called for redemption on June 30 at $105 a share and accrued
dividends, 790 shares of its convertible prior preference stock.
Payment will be made at the National City Bank of Cleveland, Cleveland,
Ohio.—-V. 152, p. 3201.
The Commercial & Financial Chronicle
3666
Wheeling Steel Corp.— To Pay Common
(John B.) Stetson Co.—Earnings—
6 Months Ended—
Net prof, afttr deprec.,
May 1, '39
May 5. '41 Apr. 29. '40
...
May 2,'38
S3 7,090 Joss$285,269
$49,675
a$195,643
taxes, &c
Earn, per sh. on 60.000
Directors on May 28 declared a
of 50 cents per
$0.61
Nil
pref. (par $25)
$3.26
$0.82
a Equivalent to 66 cents per share on 242,379 shares of common stock.
—V. 152, p. 693.
Missouri—Bonds and Notes Called
All of the outstanding first mortgage
and collateral trust bonds, 3%%
July 1, 1962 have been called for redemption on
July 1 at 104 and accrued interest. Payment will be made at the Bankers
Trust Co., N. Y. City or at the St. Louis Union Trust Co.. St. Louis, Mo.
All of the outstanding 3% notes dated 1937, due July 1,1942 have been
called for redemption on July 1 at 10034 and accrued Interest.
Payment
will be made at the Irving Trust Co., N. Y. City.
Immediate payment can be had, at holders option, on the abovementioned bonds and notes.—V. 152, p. 3514.
share was paid.—V. 152, p.
Gas Improvement
6 Months Ended March
amortization, Interest
1301.
152, p.
United
kwh., or 16.9%.—V. 152, p. 3515.
An application to make the second interest payment in eight years on the
$20,197,000 first general mortgage 4% bonds of the road, in receivership,
will be submitted to the U. S. District Court of the fourth division, District
of Minnesota, June 9.
The protective committee for the bondholders,
headed by J. Arthur Warner, had sought the previous payment and upon
fran ting part152,the request, the court
9.-«-V.
of p. 3517.
dissolved, made on June 2
ing distribution of 40 cents a share to
p. 133.
.
their liquidat¬
holders of class A stocg.—V. 152,
v /:
United States Leather Co.—$3 Preferred
Dividend—
The directors have declared a
Dividend—
dividend of $2 per share on the $8 cumu¬
preferred stocs:, par $100, payable on account of accumulations, on
July 1 to holders of record June 16.
Like amount paid on April 1, last;
dividend of $4 paid on Dec. 20, last; $2 were paid on Oct. 1, July 1 and April
1, 1940, and on Dec. 20, Oct. 2, July 1 and
paid on Dec. 21, 1938 and dividends of
1938.—V. 152, p. 1454.
was
Wabash Ry.—Hearing
The
April 1, 1939, a dividend of $3
$2 were paid on Oct. 1, July 1
'v
Postponed—
Commission
Commerce
Interstate
has
.v ;
postponed
to
June
12
a
hearing on the application of the Pennsylvania KB. and the Pennsylvania
Co. to acquire stock control of the Wabash BR.
The Wabash RR. has
been organized to take over the properties of the Wabash Ry.
The hearing was postponed at the request of counsel for the New England
Governors Advisory Railroad Committee.—V. 152, p. 3516.
Waukesha Motor
1941—9 Mos.—1940
$290,293
$289,145
$663,718
$430,258
Earns, persh. on 400,000
shs. cap. stk. (par $5)_
$0.73
$0.72
$1.66
$1.07
1608.
•/
;;r
Co.—Stock Dividend—
Directors have declared a stock dividend of 5%
on
the common stocK,
payable June 30 and a cash dividend of 25 cents per share payable June 20
both to holders of record May 29.
Previously regular quarterly cash
dividends of 25 cents per share were distributed.
See aiso V. 151, p. 2961.
West
Wolverine Tube Co.—Stock
Rights—New President—
At the recent directors' meeting action was
taken to make available to
The Board announces that
48,078 shares of the common stock of the company, heretofore outstanding,
nave been purchased for the treasury.
After giving effect to such purchase
of the treasury and sale to employees, there will be issued and outstanding
in the hands of the public 350,544 shares of the common stock of the par
value of $2 per share of the company with an additional 7,500 shares reserved
against exercise of rights by junior executives of the company.
The resignation of H. J. Hooks as President of this company, effective
May 23, was announced by Charles C. Limbocker, Chairman of the Board
To fill the vacancy created in the office of President, Charles C. Limbocker
was elected President, continuing also to hold the office of Chairman of
available to certain of the junior executives.
the Board.
,
the board of directors to fill the vacancy
Hooks.—V. 152, p. 3517.
George H. Klein was elected to
created by the resignation of Mr.
Virginia Pulo & Paoer Co.—Transfer Agent—
Company has notified the New York Stock Exchange of the appoint¬
Irving Trust Co. as transfer agent of Its common stock and,6%
cumulative preferred stock, effective June 2, 1941.—V. 152, p. 3363.
ment or the
V
of $2.25 per share on account of
pref. stock, par $100, payable June 20
to holders of record June 10.
Like amount paid March 10 last and compares
with $3 paid on Dec. 13, 1940; $2.50 paid on Sept. 20, 1940; $1.12M on
June 15, 1940; 87^ cents on March 25, 1940; $1.75 on Dec. 21, 1939;
$1 on Nov. 17, 1939; 75 cents on June 15, 1939, and 50 cents paid on Dec.
28, 1938.—V. 152, p. 3364.
Directors
1941—3 Mos.—1940
Welch Grape Juice
Corp.—Tenders-—
bids for the sale to it of sufficient
bonds, maturing May 1,1963 to exhaust the sum
866.
(Alan) Wood Steel Co .—Accumulated Dividend—
Co.—Earnings—
Period End. Apr. 30—
Net profit after charges
& Fed. income taxes__
—■V. 152, p.
Witherbee Sherman
first mortgage 6% income
of $100,000.—V. 151, p.
the employees of the company from treasury shares 2,500 shares of the
common stock of the company in addition to 7,500 shares heretofore made
lative
and April 1,
10 cents per share in addi¬
dividends of like amount on the common stock,
payable July 1 to holders of record June 10.
Like amounts paid on
April 1 and Jan. 2, last, and compares with 50 cents paid on Oct. 1, 1940
and quarterly dividends of 25 cents per share previously distributed.
In
addition, extra dividend of 25 cents was paid on July 1, last.—V. 152,
P- 1940.
.r.;
V v, •.-:Y : '•Y..;. ' /\
Directors have declared an extra dividend of
tion to the regular quarterly
Company will until June 19 receive
of *3 a share on the prior preference
stock, to apply on account of dividends in arrears, payable July 1 to stock¬
holders of record June 10.
Dividend of *2 paid on May 29, last; *1.50
paid on Feb. 25, last, and one of $1.75 paid on Jan. 3. 1938.—V. 152.
p.3516,.:•;
Directors have declared a dividend
Upressit Metal Cap Corp.—Accumulated
had set the next interest hearing on
Wiser Oil Co.—Extra Dividend—
both
Shipyards, Inc.—Liquidating Dividend—
This company, which is being
Ry.—Holders May Get Interest—
Wisconsin Central
The
kwh.; an increase of 13,863,973
$281,297
$80,556
.
—V.
1940
1941
31—
Net loss after depreciation,
and taxes
une
Co.—-Weekly Output—
electric output for the UGI system companies for the week just
closed and the figures for the same week last year are as follows: Week
ended May 31, 1941, 95.890,528 kwh.; same week last year, 82,026,555
of record July 25. This will be
Dec. 1, 1930 when a dividend
3042.
Willys-Overland Motors, Inc.—Earnings
series, dated 1937, due
United
Dividend—
dividend of 25 cents per share on the
.common stock:, payable Aug. 15 to holders
the first common distribution made since
sbs. 8%
Union Electric Co. of
June 7, 1941
have
accumulations
on
declared
the
7%
a
dividend
cum.
(F. W.) Woolworth Co. —Stock Offered—Harriman Ripley
& Co., Inc., on June 5 offered after the close of the market
a block of 50,000 shares of common stock
(par $10).
The
stock was priced at $27.50 a share, with a concession of $1
a share to dealers, and was
quickly oversubscribed, the books
being closed one-half hour after the offering.
The block cf
stock was reported to be of domestic origin.—V. 152, p. 3042.
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
-
Friday Night, June 6, 1941
the 2d inst. futures closed 13 to 16 points
higher for the Santos contract, with sales totaling 120
lots.
The Rio contract closed 21 to 5 points net lower, with
sales totaling only 8 lots.
The market was helped slightly
by the unconfirmed report that 80,000 bags of coffee were
destroyed in the Jersey City fire.
Then, too, there were
reports that Colombia was not yet offering excess quota
coffee as provided in the recent ruling of the Inter-American
Coffee Board.
Brazilian offers were light and all subject to
any new taxes or other rulings of official Brazil.
Finally
the market appeared to be influenced by a statement made
in connection with ceiling prices for quota by a representative
of Latin-American producing countries.
On the 3d inst.
futures closed 18 to 10 points net higher for the Santos
contract, with sales totaling 200 lots.
There were only 2
contracts traded in the Rio division, Dec. deliver^, which
closed 9 points net higher.
Overnight reports were that the
Army had accepted the "bids" of Standard Brands to supply
39,690 bags of coffee at prices ranging from 10.92c. New
Orleans to 11.48c. Columbia, S. C.
These bids were opened
a week ago but held in abeyance.
On May 26 the Army
accepted 15,000 bags on bids to supply 100,000 bags.
The
Coffee—On
net
of the Standard Brands offer leaves 55,000
bags still open. According to reports, Brazil and Colombia
are proceeding slowly in the matter of
approving exports of
excess
quota coffee, as permitted recently by the Interconfirmation
American Coffee Board.
to 5
On the 4th ints. futures closed 11
points net higher, with sale§ totaling 286 lots. The Rio
points net higher, with sales totaling
15 lots.
In Brazil Rio 7s were 300 reis higher.
According
to latest reports the Army has now secured the 100,000 bags
against which bids were opened on May 26 and only 15,000
bags accepted.
It is said that the Army has the right to
turn down bids and then negotiate privately on the basis of
contract closed 21 to 14
the lowest bids
General Foods,
accepted.
as
well
as
Standard
Brands, is said to have shared in supplying the coffee.
On the 5th inst. futures closed 23 to 17 points net higher
for
the Santos contracts, with the exception of the Mar.
delivery which closed only 1 point net higher. Sales in the
Santos contract totaled 277 lots.
There were only 9 con¬
tracts traded in the Rio contracts, which closed 2 to 5 points
higher. In Brazil the official spot prices on soft ana hard
Santos 4s advanced by 1,200 reis
per 10 kilos, or the equiva¬
lent of about
per pound.
Spot Rio 7s were up 100 reis.
Today futures closed 9 to 19 points net higher for the Santos
contract, with sales totaling 204 lots.
The Rio contract
closed 10 to 11 points net higher, with sales only 8 contracts.
Santos coffee was 5 to 13 points
higher, with most positions
at new seasonal
highs, reflecting the strength in the actual
market, where little was offered. Mar. sold at 10.73c., up
13 points.
Trading was mostly confined to Dec. and beyond.
The "A" contract was 5
points higher, with Dec. at 7.40c.
In Brazil the official Santos
spot prices were 600 reis higher
on soft Santos 4s and 500 reis
higher on hard 4s.
In the
spot market here Santos 4s were quoted at 11 to 11 He.,
while Manizales were
generally held at 16c. and higher.
Rio coffee
—-
prices closed
-
as
follows:
7.361D ecember
-
September
.
..
.7.45
7.461
Santos coffee prices closed as follows:
July.
10.82
trad.
March, 1942
September.
10.88
10.75
10.89
trad.
May
December
_
....10.79
10.89
Cocoa—On the 2d inst. futures closed 11 to 10 points net
higher, with sales
totaling 96 lots.
Reports that upwards
80,000 bags of cocoa had been destroyed in the Jersey
City fire caused sufficient demand for cocoa to rally the
of
market 7 to 8
Trading
afternoon.
lots,
a
points, with July selling at 7.35c., up 7 points.
slow, only 60 lots changing hands to early
Open interest this morning was down to 6,986
was
decrease of 65 lots.
bags to
a
Warehouse stocks increased 3*700
total of 1,389,397 bags compared
with 1,058,525
;
Volume
The Commercial & Financial Chronicle
152
bags a year ago.
Local closing: July, 7.39; Sept., 7.45;
Dec., 7.53.
On the 3d inst. futures closed 16 points off to
25 points net higher, with sales
totaling 573 lots.
Trading
in rubber
unusually active and prices were irregular.
trading was heavy selling of near months
against purchases of Mar., which apparently was a switching
was
The feature of the
operation/ Dealers did the opposite, possibly to transfer
hedges.
The net result was that this afternoon July was
selling at 21.57, a loss of 13 points, while Mar. was at 20.65,
a gain of 25.
Turnover to that time totaled 450 lots.
The
open interest this morning stood at 1,900 lots, a decrease of
43.
London closed l-16d. lower to 34d.
higher.
Singapore
higher.
Local closing: Jiily, 21.54; Sept., 21.35;
Dec., 21.04; Mar., 20.65.
On the 4th inst. futures closed
6 to 5 points net higher, with sales
totaling 451 lots.
Some
new
buying interest was noted in cocoa as the market regis¬
tered a further advance for net gains of 6 to 8
points, with
July selling at 7.68c., up 6 points.
The turnover to that
time was 380 lots.
Switching forward out of July accounted
for the bulk of the
trading.
Open interest today stood at
was
l-16d.
7,019 lots, an increase of 25.
Warehouse stocks increased
2,600 bags.
They total 1,392,443 bags, compared with 1,055,568 bags
West Africa
a year ago.
were
scarce.
The trade said that offerings by
Local closing: July, 7.68; Sept.,
7.75; Dec., 7.83; Mar., 7.92.
On the 5th inst. futures closed 6 points net lower for all
deliveries, with sales totaling 158 lots. A condition border¬
ing on stalemate developed in the cocoa market.
Manu¬
facturers
were
not interested in buying nor
producers in
offering cocoa.
Trading to early afternoon amounted to
only 80 lots, a small day as cocoa goes.
Prices then were
unchanged to 1 point lower, with July selling at 7.68c.
Open interest decreased 25 lots, standing today at 6,994.
Warehouse stocks were unchanged.
They totaled 1,392,507
bags compared with 1,053,094 bags a year ago.
Local
closing: July 7.62; Sept. 7.69; Dec. 7.77; Jan. 7.80; Mar.
7.86.
Today futures closed unchanged compared with
previous finals, with sales totaling 138 lots.
Trading in
cocoa was
moderately large, sales to early afternoon totaling
prices were 2 to 3 points lower, with
July at 7.60c. There was hedge selling and a little liquida¬
tion, but trade buying absorbed all offerings and held prices
at almost even levels.
The open interest this
morning was
4 higher at 6,908 lots.
Warehouse stocks increased 3,400
bags. They are at the highest point of the year, with a total
of 1,395,931 bags compared with 1,052,651
bags a year ago.
Local closing: July 7.62; Sept. 7.69; Dec.
7.77; Mar. 7.86;
May 7.93.
.V,. V
Sugar—On the 2d inst. futures closed 4 to 2 points net
higher for the domestic contract, with sales totaling 162 lots.
The world sugar contract closed 34
point net lower, with
sales totaling 87 lots.
In the raw market it was revealed
that refiners late on Thursday had cleared the market of
raw
sugar at 3.45c., establishing the spot price at that
level—equal to the previous high for the year, made in Mar.
Today's offers were slow to come out and were not under
3.50c.
Further buying interest existed at 3.45c.
In the
refined market a tightening up of offshore
sugars was noted,
120 lots.
At that time
with little offered at under $4.85.
On the 3d inst. futures
closed 1 point off to 1 point up for the domestic
contract,
with sales totaling 107 lots.
The world sugar contract
closed ;unchanged compared witn previous
finals, with
sales totaling 135 lots.
In the raw market 3 to 4 lots of
June Puerto Ricos and about a half dozen lots of June and
July Philippines
possible on the
offered at 3.50c., with concessions
prompt positions.
Aug. shipment
Cubas were also at 3.50c. duty paid.
The Senate vote due
today, on "S 937"—a bill to amend the sugar act and give
domestic areas any share of the
Philippine quota deficit
above 75,000 tons, was awaited.
On the 4th inst. futures
closed unchanged to 1 point down for the domestic
contract,
with sales totaling 54 lots.
The world sugar contract closed
1 point net lower, with sales totaling 143 lots.
In the raw
were
more
market 4 lots of Puerto Ricos and
more
than
a
half dozen
lots of
Philippines were offered at 3.50c., while Aug. Cubas
could also be bought at that level.
On some lots it was
believed a bid of less would be acceptable.
Refiners were
moving slowly.
So far American and several others have
not met the 10c. price advance announced late
Monday by
a few cane refiners.
Passage of the Adams-O'Mahoney bill
by the Senate late yesterday was without market effect.
On the 5th inst. futures closed unchanged to 1
point higher,
with sales totaling 141 lots in the domestic contract.
The
world sugar contract closed 34 to 1 point net
higher, with
sales totaling 171 lots.
In the raw market refiners were
interested at 3.45c. while sellers
were
asking 3.50c. for about
July positions. The refined advance
has not yet become general and this has
delayed the entry
of orders at the old price.
Latest news on the situation in
the Far East was regarded by some as a market
factor, as it
related to the possibility of interference of
shipments from
the Philippines.
Today futures closed 1 point up to 1 point
a
dozen lots in June and
off for the domestic contract
with
sales
totaling 210 lots.
The world sugar contract closed 334 to 134 points net
higher,
with sales totaling 297 lots.
Domestic sugar was unchanged
to 1 point higher in quiet trading during the
early afternoon
session.
actuals.
The market did not relfect
Late
an
easier tone of
nearby
yesterday National got 5,000 bags of Puerto
Ricos, afloat, at 3.40c., or 5 points under the last prompt
Other raws were held at 3.50c., but on
Philippines due
sale.
next week less
3667
believed acceptable. Excess-quota Puerto
Ricos could be
bought at 3.30c.
Savannah joined most
other cane refiners in an
advance to $5.10.
The AAA over¬
was
night
announced that 2,817,650 tons had been entered
against offshore quotas,
Jan.-May, against 1,956,531 (1940).
Prices closed as follows:
July.
September
2.50 January, 1942
2.53 March
________
..
November
I..2.55
2.53
2.56
May
.......
____2.59
Lard—On the 2d inst. futures closed 5 to 7
points net
Offerings were limited at the opening, but later as
demand increased
prices quickly rose to levels 10 to 15
higher.
points
taking
erased.
hogs ranged from
$9.15 to $9.50.
Western hog receipts totaled 88,100 head,
which compared with
116,900 head same day last year.
On
the 3d inst. futures closed
unchanged compared with previous
finals.
The market held
quite steady in face of the bearish
monthly statistical report on lard supplies and the weakness
in hogs.
Prices eased slightly during the
morning on the
above news, but firmed
up again under light covering.
However, the latter upturn was only slight and on the close
values showed no
change from previous finals. At Chicago
hog values ranged from 15c. to 25c. lower. Sales were from
above previous finals.
This encouraged some profit
and prices fell
off, about half of the early gains being
The market was
fairly active.
Sales of
$9.10 to $9.40.
Western hog marketings totaled 85,200
head against 81,800 head for the same
day a year ago. On
the 4th inst. futures closed 5 to 7
points net higher. Strength
in competing oils and fats markets
together with the upturn
new support in lard
futures at Chicago.
Hog receipts in the West today were
far below the two
previous sessions and totaled 60,200 head
against 75,100 head for the same day a year ago.
Chicago
hog prices advanced 10c. to 15c., due to the small receipts,
and during the
day scattered sales were reported there at
prices ranging from $9.15 to $9.60.
in
hog prices, attracted
fair amount of
a
On the 5th inst. futures closed 5 to 7
points net lower for
near deliveries
and unchanged for distant December.
The opening range was 2
points off to 2 points higher. Hog
receipts at Western centers totaled 72,900 head against
82,300 head for the same day last year.,;
the
Hog prices at
Chicago declined 10c. to 15c., with sales ranging from $8.75
$9.45.
Today futures closed 5 to 10 points net higher.
The market was
relatively quiet.
to
v
,
DAILY CLOSING PRICES
Sat.
JulySeptember—*
——
October
OP
9.65
9.87
FUTURES IN CHICAGO
Tues.
Wed.
Thurs.
Fri.
9.72
9.82
9.77
9.82
9.90
9.92
10.00
10.00
10.20
9.95
10.12
December...
LARD
Mon.
9.70
10.00
10.20
10.10
10.25
9.95
10.02
10.05
10.12
10.30
10.25
January
'
Pork—(Export),
$27.8734 (8-10 pieces to barrel);
family, (50-60 pieces to barrel), $20.25 (200 pound barrel).
Beef: (export) steady/ Family
(export), $21.50 per barrel
(200 pound barrel).
Cut Meats: Pickled Hams: Picnic,
loose, c.a.f.—4 to 6 lbs., 16c.; 6 to 8 lbs., 16c.; 8 to 10 lbs.,
16c.
Skinned, loose, c.a.f.—14 to 16 lbs., 2234c.; 18 to 20
lbs., 22c. Bellies: Clear, f.o.b. New York—6 to 8 lbs., 19c.;
8 to 10 lbs., 1934c.; 12 to 14
lbs., 16%c. Bellies: Clear, Dry
Salted, Boxed, N. Y.—16 to 18 lbs., not quoted; 18 to 20
lbs., 12%\ 20 to 25 lbs., 1234c.; 25 to 30 lbs., 12J4c. Butter:
Firsts to Higher than Extra and Premium Marks:
3434 to
36. Cheese: State, Held '39,25
to26; Held '40, 2334 to 2434Eggs: Mixed Colors: Checks to Special Packs: 2334 to 2634 •
mess,
Oils—Linseed oil in tank cars—10.0 to 10.2.
Quotations:
Chinawood, tanks, spot—3034 offer; drums—32 offer. Coco¬
nut: crude, tanks, nearby—.0634 to
.0634; Aug., forward—
.06 34 asked; Pacific Coast—.05 34 hid nominal.
Corn: crude:
West, tanks, nearby—1034. hid nominal.
Olive: denatured—
drums, spot—$3.00 to $4.00 asked.
Soy bean: tanks, old
crop—.08J4 to .09; Oct .-Dec. .0834 to .08 34;. New York,
1. c. 1., raw—11.3 bid.
Edible: coconut, 76 degrees—1334
bid.
Lard:
ex.
winter
prime—1134 offer; strained—11 offer.
Cod: crude—not quoted.
$2.25 to $3.15.
Turpentine: 4934 to 5134; rosins:
■
;/,
;
Cottonseed Oil sales
contracts.
Crude S.
yesterday, including switches, 59
E., val. 934-lOc nom.
Prices closed as
follows:
June
10.75® nom October
—10.72® 10.80 November
10.70® nom December
10.69® 70sale[ January, 1942
July
AugUStSeptember
10.62® 64sale
10.64® nom
10.64® 10.66
__10.66@ 10.68
xw.kjv
Rubber—On the 2d inst. futures closed 25 to 42 points
lower, with sales totaling 138 lots.
Although both the
net
London and the
Singapore markets observed the Whitsun¬
tide holidays, the rubber market here had
opening
was
8 to 11 points net higher
interest, which
was not
sustained.
about 3 points net
a
on
firm tone.
a
The
light buying
Later the market stood
higher with July selling at 22.15c, Sales
Open interest.
This morning
stood at 1,943 lots, a decrease of 32.
Local closing: New
Standard: July, 21.70; Sept., 21.40; Dec., 21.00; Mar.,
20.40.
On the 3d inst. futures closed 16 points off to 25
points up.
Sales totaled 573 lots.
Trading in rubber was
unusually active and prices were irregular. ,■ The feature of
the trading was heavy selling of near months against pur¬
chases of Mar., which apparently was a switching operation.
Dealers did the opposite, possibly to transfer hedges.
The
net result was that this afternoon July was selling at 21.57, a
loss of 13 points, while Mar. was at 20.65, a gain of 25
points. The open interest this morning stood at 1,900 lots, a
decrease of 43.
London closed l-16d. lower to 34d. higher.
Singapore was l-16d. higher. Local closing: New Standard:
to that time totaled 40 lots.
The Commercial & Financial Chronicle
3668
Hampton Roads to Lisbon, $16. Ore: South Africa to
Hatteras, $18 f.i.o. per ton; Brazil to Sydney, N. S., $12.50
per ton. Philippines to Baltimore, $18 bid..
Coal—The .anthracite industry, with 375,000 tons of
unsold coal en route or in cars at piers and docks at the end
July, 21.54; Sept., 21.35; Dec., 21.04; Mar., 20.65. On the
4th inst. futures closed 26 to 35 points net higher, with sales
totaling 65 lots. Rubber turned firm after early irregularity,
Prices during the early afternoon stood 25 to 40 points net
higher, with July at 21.85c., up 31 points.
Ihe improvereflected easing of the selling pressure which had
is clearly ahead of the New York and New
England buying demand by dealers and the public, according
t0 Louis C. Madeira 3d, executive director of the Anthracite
institute, in a statement to the New York Herald Tribune,
Madeira, commenting on a published statement indieating that there was a present shortage of anthracite in
northeastern markets, said: "In light of the above figures
an(j ^e scheduled production of the current week of nearly
1,000,000 tons, it must be conceded that instead of withholding production as stated in your paper, the industry is
really anticipating demand.
of jast week<
ment
recently weighed on the market.
Demand was not
as shown by the fact that turnover to early afternoon
active,
totaled
only 40 lots. Spot rubber was done today at 22c. a pound
compared with 21 %c. yesterday but no tightness exists.
Open interest today stood at 1,909 lots, an increase oi 9 lots,
The Singapore market closed unchanged.
Local closing:
New Standard: July, 21.89; Sept., 21.60; Mar,, 21.00.
On the 5th inst. futures closed unchanged to 5 points net
higher, with sales totaling 113 lots. Rubber was lirm early
on outside buying but later lost a portion of its early gains,
standing unchanged to 10 points lower in early afterwith July at 21.75, off 5 points.
Some outside new
developed in the market during the forenoon,
caused by the shipping shortage, and developments in the
Far East.
Sales to early afternoon totaled 64 lots. London
Stocks of bituminous coal in the
prices
interest
classifications showed decreases in stocks, the greatest
by-product coke oven, steel and rolling mills
josses coming in
y8 to 3-16d higher.
Singapore was unchanged to
Local closing: July 21.80; Sept. 21.60; Dec.
anf] raiiroafis
an*Jraf°*fSs'
l-32d lower.
21 20
Hides-On the 2d inst. futures
closed 9 to 17 points net
higher.
Sales totaled only 70 lots. Waiting for further
developments from Washington on the question of a ceiling
on hide prices, the futures market ruled quiet but stronger
today.
Most of the support came from trade sources,
There
were
two
more
transferable notices issued against
contract bringing the total so far this month to 87
Hide open interest on May 29 amounted to 1,249
contracts, which represents a decrease of 62 contracts from
the previous trading day and a drop of 204 lots when compared with the total on May 15. The actual hide market
was
virtually at a standstill.
Local closing: June, 14.68;
Sept., 14.75; Dec., 14.91; Mar., 14.93; June, 14.95.
On
the 3d inst. futures closed unchanged to 16 points net higher,
with sales totaling 81 lots.
While the hide trade waits for
the outcome of the meeting in Washington with the OPACS,
the futures and actual hide markets ruled steady and quiet.
Some in the trade point out that any price limit established
below 17c. for light native cows would cause almost irthe July
notices.
reparable damage to the entire industry.
Others state that
while hides were sold at the higher levels, the amount was
small in comparison with the total purchases held in inventories which were made at lower quotations.
Local closing:
June, 14.80; Sept., 14.85; Dec., 14.93; Mar,, 14.95; June,
14.95.
On the 4th inst. futures closed 10 to 16 points net
lower.
Transactions totaled 47 lots.
No decision on hide
ceiling and the differentials discussed in Washington on
Tuesday will be issued until early next week, according to a
statement made by James P. Davis of the price division of
the OPACS, it was reported in trade circles.
Substantial
savings to civilian purchasers of shoes as well as to the Government are expected to grow out of the decision of the
OPACS to fix a ceiling price of 15c. per pound for light
native cows, July take-off, it was reported in the Office of
Production Management Defense Bulletin today.
Since no
shortage of hides has been found to exist, it is believed that
the prices of other hides will find their proper level in relation to the 15c. ceiling.
Local closing: June, 14.70; Sept.,
14 72- Dec
14.80; Mar., 14.82.
On'the 5th inst.' futures closed 27 to 20 points net lower,
with sales
the
totaling 47 lots.
Raw hide prices declined during
values were 7 to 10
morning, and by early afternoon
points lower.
were
Transactions totaled 520,000 pounds.
There
360,000 pounds tendered for delivery against the
Open interest was 1,198 lots today, a gain
contract.
June
of 7
points. Local closing: June, 14.43; Sept., 14.52; Dec., 14.57.
Today futures closed 9 to 15 points net higher, with sales
totaling 34 lots.
Raw hide futures advanced during the
morning and by early afternoon values were about 13 points
above opening levels.
Transactions totaled 560,000 pounds.
There
160,000 pounds tendered for delivery against the
Open interest was 1,176 lots, a decrease
Local closing: June, 14.52; Sept., 14.66; Dec., 14.72.
were
June contract.
of 22.
Freights—The insignificant amount of tonnage
available for trading in all markets continues to curtail
Ocean
operations in the charter market.
Charters included: Time
CanaNorth of HatterasNorth of HatterasEast Coast South America, $8 to $9; West Coast, $8 to $9
per ton.
United States Pacific-Far East, $8.25 per ton.
Sugar:
Philippines to United States-Atlantic, $25 bid,
asking $30.
Queensland to Halifax-St. John, $21 per ton.
Coal: Hampton Roads to Rio de Janeiro, $9 to $9.50 per
ton.
Hampton Roads to Montevideo about $10.50 to $10.75
per ton.
Hampton Roads to Buenos Aires, $11 per ton.
Charter:
West Indies trade, $9 to $11
asked
dian trade, $9 to $11 asked per ton.
South African trade, $7.50 to $8 per ton.
ir
per
ton.
,/
,
in
..
.
Wool On the 2d inst. futures closed 4 to 10 points net
lower for grease wool, with only 4 lots or 24,000 clean
equivalent pounds sold. Spot grease wool was quoted at
94.5c. nominal with no sales. Wool tops transactions
totaled about 35 lots or 175,000 pounds, with closing pnees
3 points advance to 3 points decline.; Spot certificated tops
were quoted at 130.5c, nominal with no sales. Boston
reported that little business had been transacted there today
and that prices appeared unchanged. Local closing: Wool
Tops: July, 128.0; Oct^ 125.0; Dec., 123.0. Grease Wool:
94.0; Oct., 94.3; Dec., 94.1. On the 3d inst. futures
closing 1 point decline to 5 points advance for wool tops,
Today futures closed 8 to 15 points net
higher, with sales totaling 64 lots. The rubber market was
almost at a complete standstill, sales to early afternoon
reaching only 18 lots, of which 10 were exchanges for physicals.
Certificated stocks in warehouses decreased by 10
tons to 440 tons.
The members of the trade were waiting
for news from the Far East and also from Washington,
where there was talk of rationing supplies.
The London
market closed unchanged.
Singapore was also unchanged,
Local closing: July 21.95; Sept. 21.70; Dec. 21.45; Jan.
21.35; Mar. 21.05.
21 40- Mar
United States in industry-
and retail yards as of May 1st, 1941, amounted to 36,587,000
tons, as compared with 50,690,000 tons the previous month,
noon,
closed
June 7, 1941
■
.
with sales estimated at 70 lots or 350,000 pounds In grease
w9o1
mar]J2i7 p01^ts ?et lo^'
sales estimated at 32 lots or 192,000 pounds clean equivalent
weight. Spot grease wool was 92.9c. bid and 93,5c. asked,
while sPot certificated tops were quoted at 130.5c. nominal,
There were no sales Boston reported the wool market quiet,
O/fenngs of domestic wools appeared a little heavier. ShipPm^ congestion was reported m South Africa. Prices
iooCk cJ°sing: ^T00\ Tr°f ft'
n ?
-TeT% y°ol:
???'
°ct*> ?2-7; Dec., 92.6. On the 4th inst. futures closed 11 to
12 Points net lower for grease wool with sales totaling 65
contracts, or 390,000 clean equivalent pounds of wool Wool
toP futures were very slow, with only 4 contractor 20,000
pounds sold during the day. The closing was quiet at 1 to 5
P?]nts
dechne. Spot grease wool was quoted at 93.2c.
bld» ^th sPot certificated tops at 130.5c. nominal. There
were no sales. Boston reported the domestic wool movement
heavy on old orders, but said there was no new business in
section today. However, a fair business was reported
don? in South American wools. Prices were steady. Local
Grease Wool: July, 93.5; Oct., 93.8;^Dec., 93.7.
Wop1 TopsMuiy, 128.0; Oct., 124.8; Dec., 123.0 .
.
0n the 5tb m{?t- futures closed 6 to 8 points net higher for
wool, with sales totaling only four contracts, or
24,000 clean equivalent pounds. Better demand developed
^°P futures, with sales estimated at 40 contracts, or
200,000 pounds comparing with only 20,000 pounds the
previous day. The market closed steady at 2 to 7 points net
gam. Trade interests were on both sides of the market,
with speculative interest reported small. Spot grease wool
was 94.1c. bld and 95c. asked, while spot certificated tops
were quoted again at 130.5c. nominal. Local closing: Grease
y
Sj* 94.4i Dec. 94.5;. Wool Tops: July
128.7; Oct. 125.0; Dec. 123.2. Today futures closed 5
P°mtf °ff to unchanged for wool tops. Grease wool futures
jJ?sed virtually unchanged compared with previous finals.
Wool tops opened 3 points higher this morning. At the
hi£h
of the morning active positions showed no change
to aP advance of 3 points over the closing levels of the
previous day, and at the lows they were 1 point below to 2
points above yesterday's last quotations. A short tune befor.e tbe close of business bid prices were unchanged to 5
P?mts lower. Total sales on the New York exchange to late
afternoon were estimated in the trade at about 125,000
pounds of tops. No sales were reported on the opening of
tbe grease wool market today. Later m the session prices
showed advances of 5 points over the previous closing range
and shortly before the end of dealings bid prices were 3 to
6 points net higher. Local closing: Wool Tops: July 128.2;
0°^- 124.6; Dec. 123.2. Grease Wool: Dec. 94.6.
Silk—On the 2d inst. futures closed 3c. to lMc. net higher,
with sales totaling 22 lots. Silk was steady in response to
rather favorable mill statistics for May. There was scat-
tered buying interest which supported prices despite the
absence of Japanese quotations because of a holiday. Sales
to early afternoon totaled seven lots. Twenty bales were
tendered on contract. The price of crack double extra silk
in the New York spot market stood at $2.93 a pound, unchanged. Local closing: June, 2.87^; Aug., 2.88; Sept.,
2.89; Oct., 2.883^. On the 3d inst. futures closed 13^c. to
3c. net higher, with sales totaling 78 lots. Silk statistics were
construed as favoring prices and Japanese markets came
higher than due after the holiday yesterday. As a result
prices here were about 2c. higher. Trading was fairly active,
Volume
The Commercial & Financial Chronicle
152
with
a
were
tendered
Sixty bales
crack double extra
silk in the New York spot market was up 2c. at $2.95 a pound.
Prices closed 19 to 27 yen higher on the Yokohama Bourse.
In the spot market grade D silk advanced 15 yen to 1,575
yen a bale.
Local closing:
June, 2.89; July, 2.90; Aug.,
2.903^; Sept., 2.91 H;- Oct., 2.91^; Nov., 2.91 V2; Dec.,
2.913^; Jan., 2.91
On the 4th inst. futures closed
to lc. net lower, with sales totaling 75 lots.
The market
had a steady undertone during most of the day.
After
opening lower under profit taking, the market turned upward,
standing
to lc. net higher during early afternoon.
Sales
to that time totaled 43 lots.
Twenty bales were tendered on
contract.
The price of crack double extra silk in the spot
market advanced 2c. to $2.97 a pound.
On the Yokohama
Bourse the market closed 3 yen lower to 3 yen higher. - Grade
D silk in the spot market advanced 15 yen to 1,590 yen a
bale.
Local closing:
June, 2.88July, 2.89Sept.,
2-903^; Oct., 2.903^; Nov., 2.91; Dec., 2.91; Jan., 2.90
On the 5th inst. futures closed IJ^c. up to 3^c. off, with
sales totaling 59 lots.
Firmer cables were a sustaining in¬
fluence in the silk market, where outside buying absorbed
selling said to have been of Japanese origin.
The market
during early afternoon was 1 to 2Kc. net higher, with June
turnover of 63 lots to
Tenders
Sales to that time totaled 15 lots.
$2.90.
at
early afternoon.
The price of
contract.
on
contract totaled 280 bales.
on
In the spot
market crack double
extra silk was lc. higher at $2.98.
Yokohama Bourse prices
were 10 to 13 yen higher.
Grade D silk in the spot market
was unchanged at 1,590 yen a bale.
Local closing: No. 1
Contracts: June, 2.89July, 2.90; Aug., 2.91; Sept., 2.92;
Oct., 2.92; Dec., 2.92; Jan., 2.92.
Today futures closed
3 Y<l to 23^e. net higher, with sales totaling 141 lots. Trading
in silk was fairly active and prices were steady to firm,
standing about 4c. higher this afternoon on buying caused by
nervousness
over
the situation in
Turnover
the Far East.
early afternoon reached 84 lots and 20 bales were tendered
on contract.
Open interest this morning was 1,347 lots, a
decrease of 45.
The price of crack double extra silk in the
uptown spot market advanced half a cent to $2.983d* a pound.
On the Yokohama Bourse prices closed 2 to 8 yen lower.
Grade D silk in the spot market was 5 yen higher at 1,595
yen a bale.
Local closing: June, 2.923^; July, 2.933^;
Aug., 2.94; Sept., 2.943^; Oct., 2.95; Nov., 2.95; Dec., 2.95;
to
Jan., 2.95....
.'.-v':;y:y
1 ■"
-
The exports for
the week ending this evening reach a
bales, of which 663 were to Japan, 4,931 to
China, and 1,816 to other destinations.
In the correspond¬
ing week last year total exports were 53,551 bales. For the
season to date
aggregate exports have been 817,171 bales,
against 5,823,303 bales in the same period of the previous
season.
Below are the exports for the week:
total of 7,410
Week Ended
Britain
Friday Night, June 6, 1941
Crop, as indicated by our tele¬
grams from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 93,349
bales, against 65,092 bales last week and 83,347 bales the
previous week, making the total receipts since Aug. 1, 1940,
3,511,386 bales, against 6,949,873 bales for the same period
of 1939-40, showing a decrease since Aug.
1, 1940, of
3,438,487 bales.
V
Tues.
Mon.
Wed.
Houston
.
2,336
6,825
16,718
2,795
6,919
6,005
4,122
8,733
Mobile.
2
Savannah
-
-
1,503
377
2,275
8,175
3.085
7,116
158
62
595
3
-
Charleston..
....
Total
Fti.
Thurs.
1,941
Galveston......
New Orleans
....
Houston
...
25,881
12,855
1,054
6,368
5,815
—
—
—
12,187
34,205
43,829
2,161
—
600
.
-
367
^
12,706
17,663
367
10,640
13,604
Total
643
Angeles....
663
Total........
....
Total 1940
21,181
117
Total 1939
3,562
105
From
5,836
663
10,49*1
3~46fi
814
242
4,931
4,931
1,816
7,410
2,111
2,500
3,841
5.713
53,551
....
....
13,420
958
2,695
16,488
Exported to—
Aug. 1 1940 to
June 6, 1941
Exports from—•
Great
Ger¬
Britain
Galveston
France
23,225
115,193
28,461
3,573
New Orleans.
Mobile..
Norfolk..
.
-
-T *«•»■*
69,806
321,969
25,505
173,659
28,461
1,145 45,011
3,767 144,717
1,927
8,735
1,680
2,280
164,750
Corpus Christ!
Total
Other
China
Japan
Italy
many
21,723
Houston
600
66,186
3,573
314
26~981
Los Angeles..
*974
57",398 53~443
2,313
6,948
27,295
2.313
118,763
San Francisco
3,827
15,180
6,221
45,690
New York
Boston......
20,462
137
137
73,535 289,114
817,171
Seattle......
Total......
362,040
92,482
Total 1939-40 1951,635 807,006
Total 1938-39 450,487 390,973
869,766 397,318 1154840 5823,303
851,081 94,250 632,954 3149,72*
33,456 609,282
439,274 290,705
In addition to above exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
I
On
Shipboard Not Cleared for—
June 6 at—
Leaving,
Creat
Ger¬
Galveston..
Other
Foreign
wise
Total
3,000
...
Houston..
7",327
1,707
New
6,542
150
Orleans..
Stock.
Coast¬
many
Britain France
3,000
9,034
6,692
926,986
940,426
453,492
147,253
33,875
54,879
25,890
276,909
'
•
—
»
...
_.
Total 1941..
Total 1940
13,869
200
15",300
2,040
Total 1939
1,284
4",085
1,857
9,397
8,196
3,000
2.500
2,157
18,726 2,859,710
27,397 2,336,915
17,762 1,781,889
Speculation in cotton for future delivery continued mod¬
erately active, with prices showing an irregular trend and
held within
ing
dition
in
the
in
the
a
relatively
narrow
Spot firms report¬
range.
the crop say that rains will make for a perfect con¬
on
the
South
news
Eastern
Outside
belt.
of
heavy
spot
sales
compared with last year, there was little in
to encourage any
aggressive movement
ward side of the market.
The
news
on
from abroad
the up¬
and
the
general uncertainty regarding legislation at Washington has
not had
The
y
643
117
814
....
a
wholesome influence
very
93,349
table shows the week's total receipts, the
total since Aug. 1, 1940, and the stocks tonight, compared
The following
with last year:
Other
China
Japan
....
-----
...
On the 31st ult.
Totals this week.
Italy
many
•
New Orleans.
Los
France
....
Norfolk
Other ports.
Movement of the
Sat.
Ger¬
Charleston
COTTON
Receipts at—
Great
Galveston
Mobile
The
Exported to—
June 6, 1941
Exports from—
Savannah
■
3669
market
under
a
on
trading in cotton.
prices closed 1 to 5 points net lower.
experienced
a
soft spell early in the session
continuation of the recent
but around the 13c. level for
July
liquidating movement,
trade support ap¬
more
peared and the market recovered partially late in the day.
1939-40
1940-41
Stock
After
Receipts to
This
June 6
Since Aug
This
1, 1940
Week
Week
662,568
12,187
Galveston
Brownsville
149,045
8,588
43,829 1,181,933
10,529
2461
33,407
Corpus Christi__.
Beaumont
New Orleans
GuJfport
Mobile
47,392
"367
16,460
29,147
7,100
20,576
tion of commission house
The total pressure was not
665", 239
mand
"156
16L374
54,593
1,882
64,510
460,184
52,902
54,879
1,946
827
38,933
95,034
605,063
60,574
70,295
♦
147,253
1,380
112,519
38",565
33",875
25",522
45,971
9,718
"822
Lake Charles
Wilmington
Norfolk
21,506
10,200
25,890
14,197
1,529
4,181
7,560
24,161
22,546
New York
—.
21,497
Baltimore-
93,349 3,511,386
Totals
500
2,687
1,325
27,624 6,949,873 2,878,436 2,364,312
♦Included in Gulf port.
In order that
we
comparison may be made with other years,
give below the totals at leading ports for six seasons:
Receipts at—
Galveston.
...
Houston..
New
Orleans.
1940-41
1938-39
1939-40
12,187
34,205
6,450
43.829
8,349
9,004
5,887
3,847
3,936
2,161
156
520
Savannah
600
822
496
Charleston
367
Mobile
Wilmington
6,079
4,788
5,082
1,087
523
2
346
227
2,497
1.262
226
1,081
All others..
Total this wk_
.
1936-37
-
_
-
«,
1935-36
438
1,655
9,128
5,185
2,453
1,432
7,237
3,511
16,033
1,464
798
1,304
2,236
1,846
3
»
_
Norfolk
Since Aug, 1.
1937-38
1,200
-
_
302
835
65
16,177
20,069
27,624
93,349
23,325
32,597
3,511,386 6,949,873 3,338.101 6,997,288 6,193,781 6,598,257
ness
was
to any
chiefly
combina¬
particularly heavy but the de¬
scale down basis.
more
a
The late steadi¬
to additional trade demand than
fresh outside buying in view of various overhanging
the market
There
over
believed
recent
on a
attributed
uncertainties.
was
346
was
points under
liquidation and Southern selling.
649,339
15
City
Charleston
Boston
1940
760
949,460
68,161
104,881
26
"656
Savannah
929,986
41,153
2,066,091
179,215
2,497
70,404
8,349 2,423,946
6",450
761
Pensacola.
Jacksonville
Panama
9,004 1,748,408
15,596
34,205 1,328,243
—
H ouston
1941
1,1939
opening steady, 1 point higher to 4 points lower the
market eased to net losses of 6 to 8
Since Aug
to
sharp rise.
were
few
fresh
influences
to
affect
the holiday and trading for the most part
reflect further profit-taking following the
Spot cotton sales for the week at the 10
designated spot markets amounted to 202,496 bales, against
255,150 the preoeding week and 28,391 a year ago.
On the
2d inst. prices closed 2 to 4 points net higher.
Although
buying interest was small, cotton had a steady tone in
absence of selling pressure.
Prices during early afternoon
stood 1 point lower to 3 points higher.
Trading was limited
on the opening and prices were 2 to 5 points lower under an
accumulation of liquidating orders from commission houses
over
the week-end.
Southern hedge sales also were in
evidence.
Trade firms, New Orleans operators and local
professionals absorbed the offerings.
After the opening
the market tone stiffened as liquidation, never heavy,
soon ran its course.
A little price-fixing was sufficient along
with scattered buying to rally the list and wipe out early
losses
by midday.
The comparative quietness of the
trading was attributed to uneasiness over the foreign situa¬
tion on the one hand and to a desire to await details of the
new cotton loan on the other..
In the meanwhile the trade
is
giving consideration to the progress of the new crop.
The Commercial & Financial Chronicle
3670
Sales of cotton in Southern spot markets
today totaled 40,000
hales, compared with 9,000 on the corresponding day last
year.
On the 3d inst. prices closed 10 to 18 points net
higher.
Buying by mills to fix prices readily absorbed hedge
sales by the South and advanced prices.
The market tins
afternoon stood 8 to 12 points net higher.
Offerings were
limited on the opening while a fairly good mill ana trade
demand appeared.
As a result prices were 4 to 6 points net
higher on first call.
Brokers supposedly acting for mills
were buyers of Oct. and Dec. contracts.
The demand was
supplied by the South and by spot firms selling hedges.
Gains were held after the opening and extended a little as
trade buying to fix prices steadily absorbed hedge sales.
The trading continued to be rather limited but prices around
noon stood 5 to 8 points net higher.
Bombay buying was
a factor in the market.
Washington reported that the House
Banking Committee, sponsors of legislation to compel the
Commodity Credit Corporation to pay parity prices for all
farm products purchased and to sell only at parity levels, has
agreed to abandon the proposal.
On the 4th inst. prices
closed 1 to 4 points net higher.
Buying to fix prices steadily
absorbed hedge sales in the cotton market.
Prices late this
afternoon were 20 to 7 points net higher and firm, near the
season's highest marks.
The tone was firm on the opening.
Prices registered gains of 2 to 5 points on the first call in a
moderate volume of trading.
Trade demand and buying
by Bombay interests were the early features.
It was
estimated that Bombay bought 5,000 bales, mostly Mar.
and May contracts.
The meaning of that demand was not
entirely apparent but it presumably represented arbitrage
transactions.
A Bombay cable reported that the Indian
had
Government
warned
board
the
Doubtless the trade demand
firmness of the market.
On
5th
the
Cotton
I>oint
had
or so
a
them because of light
selling pressure.
changed to 1 point net higher.
less of routine character.
Late this afternoon
The
Trading
of
was
un¬
more
The trade bought,
as it has done persistently.
Trade buying somewhat more
than
offset Southern selling,
imparting a firm tone to
prices, which worked up as much as 3 points after the first
Outside
interest
was
limited.
Sales
of
cotton
in
Southern spot markets yesterday were reported as 22,000
bales, compared with 3,000 bales a year ago.
Today prices closed 6 points up to unchanged.
Cotton
moved on an even keel throughout the session.
Mill buying
to
fix
prices
balanced
Southern
hedge selling.
Late
tone
was
steady
on
the opening
as
The
trade buying absorbed
Southern hedge selling.
Nominal
Nominal
Nominal
Nominal
-
600
•
<
400
i
700
i
•
i
•
i
i
i
i
i
i
i
"855
i
>
400
700
500
500
3.000
116,209
week.
3.000
174.409
58",255
Quotations for 32 Years
9.25c.
1925
23.95c.
1917
...23.80c
5.00c.
1924
...28.85c.
1916
...12.85c
1923
—29.10c.
1915
1914
...
1931
8.25c.
1930.. ...15.30c.
1929
...18.95c.
1928
-.21.10c.
17.10c.
1919
...
1926
18.80c.
1918
1933
1932
—
..
1938
1937
8.11c.
—
..
—
..12.59c.
-11.79c.
1936
1935... -11.95c.
1934
—12.25c.
..
...
—
...
-
...
1922
1921
..
..
—
-
.
—
—22.55c.
...
9.65c
—12.70c.
1920...—40.00c.
..
1927
..
1912
...13.65c'
...12.75c'
.—11.65c'
...32.75c.
1911
...15.90c:
...30.05c.
1910
.—15.40c
...
1913
...
—
—
*1941 quotation is for 15-16ths.
7
Futures—The
highest, lowest and closing prices at New
York for the past week have been as follows:
Saturday
Monday
Tuesday
May 31
June 2
June 3
Wednesday
Thursday
Friday
June 5
June 4
June 6
Juried 941)
Range..
13.07ft
Closing.
13.10ft
13.24ft
13.25ft
13.21ft
13.25ft
July—
12.99-13.07 13.00-13.08 13.10-13.24 13.22-13.26 13.19-13.26 13.17-13.25
13.05 13.22 —
13.23 —
13.08 —
13.19 —
13.23-13.25
Range..
Closing
.
August—
Range..
Closing
13.11n
13.12ft
13.26ft
13.28ft
13.23ft
13.28ft
13.17n
.
13.16ft
13.30ft
13.33ft
13.27ft
13.33ft
SeptemberRange..
Closing.
October—
13.10-13.24 13.18-13.26 13.27-13.28 13.36-13.40 13.32-13.41 13.31-13.41
13.23 —
13.25-13.26 13.35 —
13.38 —
13.33 —
13.38-13.41
Range..
Closing.
November-
Range..
Closing
13.25n
.
13.28ft
13.39ft
13.42n
13.38ft
13.43ra
December—
13.26-13.33 13.25-13.33 13.36-13.47 13.45-13.49 13.41-13.49 13.40-13.47
13.28 —
13.32-13.33 13.43-13.44 13.47 —
13.43 —
13 48
Range..
Closing.
Jan.t1942)
13.25-13.25 13.22-13.28 13.38-13.38 13.45-13.47
13.25ft
13.28ft
13.40ft
13.46ft
13.42ft
Closing
.
13.44-13.44
13.26ft
Range..
13.46ft
13.46ft
February—
Range..
Closing
March—
_
Closing
13.29ft
13.42ft
13.46ft
13.42ft
13.23-13.30 13.24-13.31 13.32-13.47 13.45-13.49 13.41-13.49 13.40-13.45
13.27
13.30-13.31 13.44-13.45 13.46»
13.42
13.46
Range..
.
April—
Range..
Closing
13.25n
.
13.28ft
13.42ft
13.46ft
13.42ra
13.44ft
May—
Range..
13.19-13.25 13.20-13.28
Closing.
13.23
13.29-13.45, 13.43-13.47
13.27-13.28 13.41ft
13.46
13.42-13.49 13.39-13.45
13.42ft
13.42-13.43
Nominal.
n
Range for future prices at New York for the week ended
6,1941, and since trading began on each option:
June
Option for—
Range for Week
<
Range Since Beginning of Option
1941—
First prices were unchanged to 3
points net higher.
Mill price-fixing was done in October
and December, there was short covering in July, and some
September..
foreign
October
the mill
Worth
buying of forward months.
It was assumed that
price-fixing reflected the renewed activity in the
Street
goods
market
yesterday,
when
sales
were
June
12.99
May 31 13.26 June
13.16
July
May 31 13.41 June
4
8.59 Aug.
5
8.70 Oct.
December.. 13.25 June
2 13.49
June
4
9.28 Dec. 19 1940 13.50 May 24 1941
13.22 June
2 13.47
June
4
13.49 June
4
1942—
the recent upturn in the market to the diminishing quantity
loan cotton available to mills for purchase.
Sales in
Southern markets have fallen off.
Yesterday the turnover
April
was
21,000 bales against 7,000 bales last
year.
The official
quotation for middling upland cotton in the
New York market each day for the past week has been:
May 31 to June 6—
Sat.
Middling upland 15-16 (nora'l).13.55
Mon.
Tues.
13.58
13.77
Wed.
Thurs.
13.78
Premiums and Discounts for Grade and
13.74
Fri.
13.84
Staple—The
following table gives premiums and discounts for grade and
staple in relation to the grade, Basis Middling 15-16 inch,
established for deliveries
on
contract
on
June 12.
9.49 Feb,
13.23" May 31
February
March
on
May 31 13.49 June
New York
May 29 May 31
15-16
31-32
Inch
and Up
June 3
June 4
June 5
1941—
July
9,900
10,800
3,600
12,900
6,400
October
19,400
15,000
6,700
19,100
11,500
6,200
12,300
144,900
322,200
December...
19,500
20,600
19,200
30,800
16,100
16,200
467,000
1942—
...
...
...
500
200
300
100
400
14,800
3,900
15,800
5,700
8,800
325,600
2,400
17,100
7,400
10,100
1,900
9,500
6,100
59,600
68,000
64,300
37,900
87i,400
54,000
25,600
Total all futures
49,600 1,344,900
White—
*
Middling Fair
,34
on
.45
on
.57
on
.65
on
.74
on
Btrlet Good Middling
Good Middling
.28
on
.39
on
.51
on
.59
on
.68
Open
New Orleans
on
.22
on
.32
on
Strict Middling
Middling
.10
on
.20
on
.21 off
.11 off
Baste
Strict Low Middling.
.71 off
.61 off
.51 off
.44 off
.35 off
1.44 oil
1.37 off
1.32 off
1.28 off
1.24 off
Low Middling
Extra
.45
on
.53
.33
on
.41
on
.50
on
.16
on
on
.62
.22
on
.32
on
.45
on
.53
on
.62
on
.10
on
.20
on
.33
on
.41
on
.50
Middling
.21 off
.07
on
.16
on
July
2,700
500
1,800
October
5,900
14,350
9,550
8,200
6.450
December
9,500
19,900
4,950
3,300
3,950
Middling
Even
5,700
1,850
4,750
6.400
5,450
700
300
50
.71 off
.61 off
.51 off
.44 off
.35 off
1.37 off
1.32 off
1.28 off
1.24 off
.34 off
.25 off
.12 off
.08 off
.03
24,500
37,100
20,300
.37 off
.23 off
.18 off
.10 off
.99 off
.92 off
.78 off
.73 off
.67 off
Middling spotted shall be tenderable only when and if the Secretary of Agri¬
culture establishes a type for such a grade.'
2,350
7,150
11,300
111,700
700
6,300
2,000
71,200
15,350
18,350
29,100
319,450
36,750
81,050
May
Total all futures
3,400
18,400
May 30 holiday.
on
.45 off
a
1,000
1942—
♦
...
700
January.....
March
1.44 off
Strict Middling
Contracts
June 3
on
Spotted—
Good Middling
June 3
1941—
White—
Low Middling
June 2
on
Good Middling
.11 off
May 27 May 28 May 29 May 31
on
.07
Strict Middling
Strict Low Middling
Contracts
1 Inch
Inch
June 2
June 5
March
Inch
May 19 1941 13.51
Open
*
May................
29-32
May 24 1941
5
Volume of Sales for Future Delivery—The
Commodity
Exchange Administration of the United States Department
of Agriculture makes public each
day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the
following table.
The
figures are given in bales of 500 lb. gross weight.
January.....
Inch
May 24 1941
13.16"
13.19
May
Premiums
June 5.
17 1941 13.48 May 24 1941
10.43 Mar. 17 1941 13.51
and discounts for
grades and staples are the average quota¬
tions of 10 markets, designated by the
Secretary of Agri¬
culture, and staple premiums and discounts represent full
discount for % inch and 29-32 inch staple and
75% of the
average premiums over 15-16 inch cotton at the 10 markets
18 1940 13.48 May 24 1941
November..
January
of
7 1940 13.28 May 24 1941
August
estimated at 10,000,000 yards, of which upward of 7,000,000'
were said to have been print cloths.
Spot interests ascribe
a
600
•
i
•
*
"856
Steady
Steady..
Very steady—
Nominal
Nominal
Total
Conti 'ct
Spot
Steady
Steady
Steady
New York
this
afternoon prices were 1 point higher to 3 points lower.
Closed
1941 ♦- ..13.84c.
1940
..10.18c.
9.91c.
1939...
or
South sold hedges, as it has
Market
Since Aug. 1
was
done virtually every day for some time.
call.
Total
of the season's highest prices, but failed to equal
prices were from 1 to 3 points net lower.
The market
firm on the opening, prices on first call having been
.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday.,
inst.
prices closed 4 to 5 points net lower.
steady tone, selling at one time within a
Spot Market
Closed
was
inspired by the renewed activity in the cotton goods market.
1941
SAVES
Futures
V;'\
of
managers of the
Bombay Association against a possible squeeze in the JulyAug. position on the Bombay market.
Trade buying to
fix prices was fairly active and accounted for much of the
June 7,
Market and Sales at New York
The Visible
Supply of Cotton- -Due to war conditions,
are not permitted to be sent from abroad,
therefore obliged to omit our usual table of the
cotton statistics
We
are
Volume
visible
at
The Com/net *ial & Financial Chronicle
152
supply of cotton and
can
3671
give only the spot prices
Closing Quotations for Middling Cotton
Liverpool:
June 6—
Closed
15.30d.
8.34d.
10.14d.
Middling upland, Liverpool
Egypt, good Giza, Liverpool
Broach, fine, Liverpool
Peruvian Tanguls, g'd fair, L'pool
O. P. Oomra No. 1 staple, super¬
fine, Liverpool.
*
1939
5.77d.
1938
4.43d.
4~39d.
3.68d~.
5.47d.
1940
Closed
1941
Quoted
Tuesday
Saturday
Monday
%
15-16
%
15-16
In.
In.
In.
In.
iWednesdayt
Thursday
Interior
the
3.75d.
4.48d.
8.34d.
that is, the
the movement,
Towns,
H
15-16
In.
In.
%
15-16
H
15-16
H
In.
In.
In.
In.
I In.
■
Galveston... 12.48
New Orleans. 12.64
12.65 12.8512,
8612.
12.80 13.00 12.
0112,
12.72 12.9212,
9312,
12.55
Savannah... 12.90
15-16
In.
12.87
13.02
13
Holt day
2313
12.93
13.24
3513
13.35
-
Norfolk
13.00
13.15 13.3513
Montgomery.
12.70
12.85 13.0512
0512
13.10
Augusta
13.20
13.32 13.62 13
.6313
13.64
Memphis- 12.45
Houston.... 12.60
12.60 12.8512
,9012
12.90
.8012
12.70 12.9012
.9012
12.91
Little Rock- 12.25
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding periods of the previous year—is set out in
detail below:
Friday
June 6
Mobile
At
on-
5.49d.
Not
Week Ended
.4512
12.40 12.6012 4512 .6512
12.65
12.47 12.72112 4812 ,73'12
12.74
Dallas.
12.3012.5512.3312
Movement to June 7, 1940
Movement to June 6, 1941
New Orleans Contract Market—The
Week
39
Eufaula
3,700
Montgom'y
Selma
28
—
363
Ark., Blythev.
Forest City
14
4
Helena
274
Hope
2
Jonesboro..
682
Rock
91
June
168
25,918
141,464
39,853
60,337
42,698
13,224
135,529
223
1,500
6,503
89,914
48,213
93,593
120
25.074
691
25,966
30,303
23,282
200
2
9,281
904
24,213
118,986
23,696
53,522
396
113,033
122,068
22,238
822
1,181
34
3,756
767
Walnut Rge
2
65,788
252
Ga., Albany..
443
1,516
5,420
Atlanta....
1,399
Augusta
Columbus..
2,814
100
27,900
37,603
16,455
550
1,478
1,249
Ha., Sbrevep't
Miss., Clarksd
142,092
152,244
16,063
196,750
25,500
5,475
20,229
33,093
520,836
8,552
Greenwood
76
632
_
129
Jackson
Natchez
123
VIcksburg..
Yazoo City.
Mo., St. Louis
N.C., Gr'boro
13",357
103
252
171,081
3,718
121,779
32,803
848
33,666
69,558
41,111
500
35,626
250
32,300
30
38,689
2,210
1,341
211
139,655
710
66,710
33,438
Tuesday
June 3
Monday
June 2
Wednesday
Thursday
Friday
June 5
June 4
June 6
-
1941—
13.095-.lla 13.105-.11a 13.265-.27a 13.265-.28a 13.215-.23a 13.27
July
October... 13.28
13.30
13.42
13.43
13.38-13.39 13.42
December. 13.365-.37a 13.38
13.52-13.53 13.53
13.48
13.51
1942—
13.325-.34a 13.355
13.495
13.525
13.36
13.36-13.37 13.52-13.54 13.53
13,475
March
May
13.325-.34a 13.335-.34a 13.495-.51a 13.51
13.465-.47a 13.485-.60a
January.
.
13.505
13.47-13.48 13.50
Tone—
62,966
503
15,103
329
10,703
70
40.088
505
37,420
5,494
160,942
6,336
104,066
3,869
160,752
4,444
118,237
400
16.000
400
29,300
114
38,728
16,726
705
28.635
250
36,451
At
184
108,488
701
55,572
Cotton
165,442
3,454
Columbus..
52,125
62,577
49,076
27,966
591
Rome
74,523
283
16,498
154
213
30
Macon
816
29,156
Saturday
May 31
7,887
66,866
71
87
39,195
194,140
29,400
38,166
34,481
300
813
Athens
104
647
31
29,916
11,847
34,000
326
13,728
36,457
138,184
280,695
81
15,624
45,411
1,764
Bluff.
7
1,607
closing quotations
leading contracts in the New Orleans cotton market for
for
the past week have been as follows:
5,131
64,350
165,030
Pine
51,459
120
June
Week
Season
Week
6
Stocks
104,227
15,736
57,503
459
Newport...
Ship¬
ments
Receipts
Stocks
Week
Season
5,516
Ala., BIrm'am
Little
Shipments
Receipts
Toums
2,834
297
-
627
364
750
365
13,435
44
-
2,198
40,999
557
22,120
671
31,478
829
240,373
3,307
52,667
17
34,253
816
13,271
7,258
354
13,110
27,855
402
14,273
882
58,120
12,810
9,534
10,060
24,620
2,857
2,959
3,322
-
—
—
185
51
48,170
568
31,181
7,895
367,717
8,207
4,646
126
4,965
319
334,399
5,093
2,537
121,007
1,726
70,148
58,358
607,949
26,954
122
9,455
7,422
5
1,430
1,466
Steady
Steady
Futures...
5 Bid.
Asked
a
Steady
.
Steady
n
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Nominal.
Three New Members of New York Cotton
Exchange—
meeting of the Board of Managers of the New York
Exchange held June 5, the following were elected
to membership in the Exchange: John M. Williams of New
York City, a partner of Royce & Co., cotton brokers; John
M. Little Jr., of Union, S. C., engaged in the spot cotton
business, and James Griffin Boswell of Los Angeles, Calif.,
President of J. G. Boswell & Co., cotton shippers.
Mr.
Boswell is also a member of the Los Angeles Cotton Exchange.
171,918
47,358 3409,551
Spot
a
Oklahoma—
15 towns *.
S. C., Gr'ville
Tenn., Mem's
Texas, Abilene
Austin...__
Brenham
Dallas
Paris
San
409
34
3,042
1,508
6,778
25
9,001
52,155
45,650
247
Robstown..
~219
Marcos
40
Texarkana
207,775
98,337
874,773
14,958
1,816
2,303
41,857
23,397
2,511
2,122
9,119
18,389
17,124
3,586
74,031
1,563
1,749 457,859
2,967 123,785
52,137 4350,569
564
46,759
20,182
'"I
10,938
73,427
2,000
463
79,434
186
2,151
4
15,725
1,179
48
52,267
195
32,650
13
76,222
45
22,751
6,518
........
572
265
4,406
355
1,078
97
37,210
56,710
84
22,652
34
12,732
28
Waco
1,275
*
combined totals of 15 towns in Oklahoma.
73.543 6465,027 110,004 2220,186
Includes the
above
The
totals
that
show
interior
the
in the
during the week
same
week last
bales
stocks
and
have
tonight
333,358 bales more than at the same period last year. The
receipts of all the towns have been 22,076 bales more than
decreased
58,156
are
year.
Overland Movement for the Week and Since Aug. 1—
gi ve below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
We
reports Friday
The results for the week and since
night.
Aug. 1 in the last two years are as
'
June 6—
,
TI.
Week
Via St. Louis
Via Mounds, &c
Via Rock Island
Aug. 1
13,435
Shipped—
522,226
262,130
23,540
24,998
157,401
520,530
—
3,338
Via Virginia points
Via other routes, &c
5,009
....26,401 1,510,825
overland
Deduct Shipments—
Total gross
•1939-40——
Since
Week
8,207
4,725
199
431
3,100
7,551
Aug. 1
365,406
253,575
12,310
9,075
169,859
735,532
24,213 1,545.757
2,285
9,749
791,476
193
14,208
21,519
8,749
346,529
deducted—......—24,706
803,510
14,401
376,797
1.695
707.315
Overland to N. Y., Boston, &c—
Between interior towns
----
325
...
-.24,381
Inland, &c., from South
Total to be
3,900
547
172
Via Louisville
Leaving total net overland
*
follows:
1940-41
Since
Including movement by rail to
9,812 1,168,960
Canada.
foregoing shows the week's net overland movement
this year has been 1,695 bales, against 9,812 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 461,645 bales.
The
1940-41
In
Sight and Spinners'
Takings
'
_
Since
_
Aug. 1
Week
1939-40
Since
Week
27,624
9,812
Aug. 1
707,315
7,652,000
135,000
6.949,873
1,168,960
6,312,000
—285,044 11,870,701
*58,156
594,967
172,436
*36,461
Election
and
3,511,386
Officers
of
New
Associates—Robert
York
Cotton
Exchange
J.
Murray was reelected
President of the New York Cotton Exchange at the annual
election held
on June 2.
Also reelected were Gustave I.
Vice-President and William J. Jung as Treasurer.
New members of the Board of Managers are:
Milton S.
Tolson
as
Elwood
McEnany, Perry E. Moore, and
retiring member of the Board of
Managers were reelected.
At the election of Wool Associates of the Exchange,
Frank J. Knell was again chosen President and Bernard J.
Conlin renamed First Vice-President.
Other retiring officers
Erlanger,
P.
G. Clarke Watson.
were
The
reelected.
Russian Cotton—The 1941-42 cotton acreage
planted in
May 15, is reported at 4,958,000
acres, 99.3% of planned acreage and slightly higher than last
year's estimate of 4,942,000 acres.
Hot, dry weather in
Central Asia thus far this season, it said to have been favor¬
able for cotton plants,
the Soviet Union, prior to
Unfixed Call Sales of Cotton
Increase During Week
May 23—The Department of Agriculture reported
on May 31 that unfixed call sales of cotton reported to the
Commodity Exchange Administration increased 55,600 bales
Ended
during the week ended May 23 to 513,700 bales
on that date.
the July future,
98,500 on October, 165,100 on December, 2,500 on January,
82,800 on March, 38,900 on May, 21,600 on July, and 9,000
on October.
Unfixed call purchases increased 12,400 bales
to 68,300 bales on May 23.
Of this number 44,500 bales
were based on the July future, 13,500 on October, 7,300 on
December, 100 on January, 2,300 on March, 200 on May,
and 400 on July.
It was explained:
Of this number,
95,300 bales
The unfixed call sales and
were
based
on
purchases reported to the CEA
are
based
on
New York cotton futures.
Such sales and purchases are reported by cotton
merchants with futures contracts of 6,000 bales or more in a single future.
The figures released, therefore, do not cover all such transactions.
1940-41 Cotton Loans—The Depart¬
Agriculture announced May 28 that through May 24,
1941, loans outstanding on 1940-41 crop cotton held by the
Commodity Credit Corporation and lending agencies ag¬
CCC Reports on
ment of
gregate $65,367,503.66 on 1,350,186 bales.
Cotton loans completed and repayments
on
loans
by
States follow:
14,430,833
*195,822
Receipts at ports to June 6
93,349
Net overland to June 6-----1,695
Southern consumption to June 6- -190,000
of
Wool
Total Loans
Repayments
Loans Outstanding
States
Total marketed
Interior stocks in excess
Excess
over
Southern mill takings
consumption to May 1—.......
Bales
922,278
......
620,488
Ala
Ariz
Total in sight
week...226.888
......
_
135,975
14,855,499
13,387,946
June 6
Ark
Calif—.
123,000
71,039
128,447
386,038
Fla
*
Bales
Amount
Bales
Amount
of
Came into sight during
North,
Amount
spinn's'takings to June6_. 57,968
2,581,578
17,104
1,505,587
184,700
155,280
77,199
12,738
5,473
47,878
210,008
122,817
15,130
1,625,118
La
Decrease.
Movement into
151
Ga
Miss—.
sight in previous years:
Week—
1939—June 81938—June
9
1937—June 11
Since Aug. 1—
Bflfef
.104,095 1938——
1937.
84,990
136.899 1936————
Mo....
Bales
N.
M-.
10.182,251
14,558,474
N. C—.
.14,049.302
s.c—.
Okla
—
Tenn.,.
Quotations for Middling Cotton at Other Markets—
Below are the closing quotations for middling cotton at
Southern principal cotton markets for each day of the week:
Texas
Va
..
699
Total. 3,165,715
5,883,405.23
3,322,976.21
6,086,398.73
19,234,772.86
7,320.73
8,831,970.36
7,577,800.87
3,546,302.79
591,757.14
251,826.69
2,266,520.70
9,893,720.44
6,204,260.11
734,165.00
77,983,726.28
33,573.35
88,657
34,629
116,210
109,699
26
4,242,532.43
1,590,683.93
5,615,199.00
5,420,029.99
1,185.87
5,334,277.88
111,077
128,635 6,297,307.16
66,743 3.034,106.68
468,876.83
10,116
213,807.65
4,644
22.398 1,070,909.24
137,336 6,475,079.62
81,551 4,065,455.81
611,481.80
12,672
890,742 42,723,161.28
395
18,999.16
34,343 1,640,872.80
36,410 1,732,392.28
571,199.73
12,237
276,339 13,814,742.87
126
6,135.36
73,623 3,497,692.48
26,646 1,280,493.71
512,196.11
10,456
122,880.31
2,622
829
38,019.04
25,480 1,195,611.46
72,672 3,418,640.82
41,266 2,138,804.30
122,683.20
2,458
734,376 35,260,565.00
304
14,574.19
152,450,497.49 1,815,529 87,082,993.83 1,350,186 65,367,503.66
The Commercial & Financial Chronicle
3672
Returns
by Telegraph—Telegraphic advices to us this
evening denote that the weather has been unfavorable in
most
parts of the cotton belt.
In Texas progress of cotton
but the crop is late with planting still in¬
been fair,
has
and
complete
much
replanting required
in
the
extreme
Rainfall
Inches
Daus
Texas—Gal
veston
1
Amarillo
High
0.15
1.67
Austin.
0.04
—*•„
.
Abilene
-
—
3
-
Del
Rio
Fort
2
------
Paso
Worth
Houston
-..
__.
i
„
-,,-----i,„
Navasota.
■
Palestine
San
i
0.22
0.09
2
83
73
66
Orleans
81
66
81
69
80
67
92
78
-
A,
58
87
64
2.46
87
64
81
80
1.34
93
69
0.10
93
67
93
60
.
92
60
91
66
76
79
60
'"
2.33
Miami
95
99
63
79
65
92
72
dry
dry
'
•
Atlanta
_
■;
69
96
92
62
65
.
95
64
_,
i.
Tennessee—Memphis
Chattanooga
....
,
-
-c
i
93
72
3
3
0.36
1.38
89
50
70
96
54
75
2
93
91
60.
77
1
0.72
0.20
-
60
0.48
94
55
0.23
92
55
76
75
74
.
iA
Nashville—
The following statement has also
been received by tele¬
graph, showing the height of rivers at the points named at
8
a.
m.
of the dates given:
June 7, 1940
Feet
June 6, 1941
Feet
New Orleans,.
of gauge.
of
gauge.
3.1
of gauge.
9.7
--
—
Above
zero
.Above zero
Above zero
Shreveporfc--Above zero
Vicksburg.- —„
..Above zero
from
Receipts
the
of
of
12,1
10.6
-
gauge.
15.3
18.6
gauge.
0.8
7.9
Plantations—The following
table
indicates the actual movement each week from the planta¬
tions.
The
figures do not include overland receipts
Southern consumption; they are
simply
nor
statement of the
a
weekly movement from the plantations of that part of
crop
tyie
which finally reaches the market through the outports:
Week
Stock ( at Interior Towns
Receipts at Ports
Receipts from Plantations
End.
1941
1941
1939
1940
1940
1939
1941
1940
1939
Mar.
7.
14.
2128.
A
87,760
27,284 3110,177 2737,778
32,436 3088.259 2705,278
21,973 3063,732 2666,756
19,979 3033,684 2617,890
2951,233
14,414
38,925
Nil
72,250
64,785
11,788 2988,790 2670,714 2907,928
21,385 2920,639 2527,094 2807.759
7,925
25,073
11,165
Nil
13,145
25,323
Nil
55,790 107,381
63,642 115.052
74,870
67,486
44,562
3051,323
3012,260
5,475
31,624
49,955
Nil
32,958
82,552
36,348
Nil
2986.570
Nil
nr
Apr*
4.
11.
62.719
69.025
Nil
18.
68,555
25.
61,959
46,094
50,671
13,296 2873,968 2480,117 2831,695
12,397 2848,100 2454,769 2795,440
20,824
36,091
57,306
35,572
11,322
9.
67,696
41,104
16.
39,262
23.
75,438
83,347
16,498 2802,116 2411,420 2757,237
10,724 2751,529 2360,407 2725,840
15,932 2697,331 2321,071 2692,155
42,308
29-
65,092
93,349
W ft
Nil
Nil
Q •>
May
2.
Nil
Nil
17,109
Nil
Nil
21,240
Nil
Nil
37,576
9,324
Nil
30,472
16,953 2651,660 2288,087 2667,674
17,870 2611,700 2256,647 2635,929
25,232
Nil
Nil
27,624
16,177 2553,544 2220,186 2600,639
35,193
Nil
Nil
June
6.
The above statement shows:
from the
(1) That the total receipts
plantations since Aug. 1, 1940,
are
4,125,889 bales;
in 1939-40 were 6,844,007 bales and in 1938-39
were
4,392,943
bales.
(2) That although the receipts at the outports the
past week were 93,349 bales, the actual movement from
plantations was 35,193 bales, the stock at interior towns
having decreased 58,156 bales during the week.
Manchester Market—Our report
by cable tonight from
Manchester states that the market in both yarns
is
steady.
cotton.
Spinners
We
and cloths
considered to hold small stocks of
are
give prices today below and leave those for
previous weeks of this and last
Liverpool market closed at
and
noon on
year
for comparison:
1941
liquidated at official value.
BREADSTUFFS
Friday Night, June 6, 1941.
Flour—The flour market in the local
quiet.
There
to
seems
moment.
Large
flour
against
mills
be
1940
d.
Cotton
8K Lbs. Shirt¬
ings, Common
Middl'g
*82s Cop
to Finest
Upl'ds
Twist
d.
d.
s.
d.
s.
d.
Cotton
8H Lbs. Shirt¬
ings, Common
Middl'g
to Finest
Upl-ds
s.
d.
s.
d.
d.
Mar.
7-
15.65
12
9
@12 13
9
@12 13
14-
15.83
12
21-
16.06
12 10«@13
28-
15.91
12 10^@13
IK
IK
8.66
14.54
12
14.18
12
4K
3
3
8.03
8.95
14.20
12
1H@12
@12
@12
9.00
14.31
12
@12
3
7.75
8.90
7.68
7.50
Apr.
Closed
14.40
12
3
@12
6
7.84
Closed
14.45
12
3
@12
6
8.12
18-
16,19
13
0
@13
3
Closed
14.75
12
4H@12
7K
8.09
25-
16.19
13
0
@13
3
Closed
14.78
12
4K@12
7K
8.07
2-
16.19
13
0
@13
Closed
14.85
12
4}^@12
16.19
13
0
@13
@13
Closed
14.74
12
7K
7K
8.18
9—
3
3
4-
11—
16.90
Not
13
0
@13
3
available
May
4H@12
U10H@12
8.14
16-
16.19
13
0
14.08
16.19
13
0
@13
Closed
Nominal
29—
16.19
13
1
@13
3
3
4K
Closed
23_.
Closed
14.04
11 10H@12
IK
Closed
16.19
13
3
@13
6
Closed
14.04
11 10H@12
IK
Closed
IK
Nominal
7.42
Closed
is reported as
to
buy
at
the
maintaining all quotations on
flour.
Receipts of flour have been dwindling slightly the
past few days at the local railroad terminals.
Shipments
of
are
contracts
been
have
running
moderately
heavy recently, and the latter deliveries appear ample for
consumer
needs
at
operating mostly on
present.
a
The
major
mills
have
been
four-day week.
for the week-end, reversed the tvheat market's
trend today and prices finished at net gains of
downward
% to ]4c.
compared with Thursday.
Pit brokers credited mills with
some
orders, while dealers anticipating approval of the
marketing quota system by two-thirds vote in producers'
referendum today, were believed to have been buyers.
Ap¬
proval of the quota wras expected to result in restricted mar¬
keting of the bumper crop now about ready for harvest.
Furthermore, much of the market's advance the last few
months has been based on belief that high loan rates contin¬
gent upon a favorable vote, also would be offered on the
new crop.
On the 2d inst. prices closed 1% to 1 J^c. net
higher.
Wheat producers' approval of the Government's
plan to restrict the new crop movement by a marketing quota
system and loans at rates above current prices today, touched
off enough buying in futures on Chicago Board to lift quota¬
tions 2c. a bushel.
Gains at Kansas City amounted to about
3c.
at
times.
Veteran grain traders forecast
eventual
tightening of open market supplies similar to what has oc¬
curred the past two seasons, if provisions of the Government's
program are carried out as planned now.
Although a mar¬
keting quota has never been in effect before, wheat prices
have been influenced by loan provisions the last two seasons.
Each time prices held below loan levels during the period
when grain was being sealed, but later rose above lending
rates
as
commercial
supplies
tightened.
Heavy rains
accompanied by winds were reported in Texas and Oklahoma,
where harvest is getting under way, and substantial moisture
also spread to Kansas and northward and eastward into the
soft winter wheat and spring wheat belts.
On the 3d inst.
prices closed 1>2 to 2c. net higher.
Purchases by flour
mills imparted strength to a lagging wheat market today and
prices advanced as much as 2c. a bushel.
Millers were
reported buying in Kansas City and the brisk runup in prices
there was a factor in the Chicago advance.
Other grains
were
fractionally higher in sympathy with wheat.
The
higher prices were scored after the trade had digested private
crop estimates indicating a 1941 wheat crop far in excess of
previous estimates.
Private crop estimates issued shortly
after the opening were decidedly bearish in tone.
The
average of the four private estimates was 680,000,000 bushels
37,000,000 bushels
the
This
was an
increase of
forecast of 643,000,000
bushels a month ago.
It also exceeded the official estimate
of 653,000,000 bushels which was issued in May.
On the
4th inst. prices closed unchanged to
net lower.
After
marking up gains of more than a cent a bushel, wheat prices
today lost all of the advance during the last hour.
The
setback was due to profit-taking attracted by an upturn of
5 to 6c. so far this week, and selling touched off by out¬
standing weakness of soy beans.
Earlier in the session mill
buying helped to lift prices and there were reports from the
over
average
Southwest that rain had flattened wheat and given rise to
of rust spread.
Flour business so far this week was
fear
reported
concern
on
a
good scale and
uncertainty
because of
many
as
dealers
were
showing
to how much "free" grain
will be available in the commercial trade due to the loan and
June
6—
area
incentive
little
of winter wheat indicated for 1941.
32s Cop
Twist
Monday, Mar. 31.
transferred to March at existing differ¬
contracts still open at close of business were
were
Wheat—On the 31st ult. prices closed % to J^gc. net
higher.
A batch of buying orders executed just before the
closing bell to cover previous short sales and adjust accounts
4.0
2.3
Memphis
Nashville.
-
ences
83
-
_
The
All contracts
80
0.07
-A
Wilmi ngton..
Liverpool Imports, Stocks, &c.
82
2
_.
Raleigh.
7,410
77
99
dry
.
—
Foreign Cotton Statistics—Regulations due to the war
Europe prohibit cotton statistics being sent from abroad.
are therefore obliged to omit the following tables:
World's Supply and Takings of Cotton.
84
1
......
Nor th Carolina—Ash e vi 11 e
are
79
72
4
-
South Carolina—Charleston..,:
Total.
82
89
0.72
0.35
1
2
,
------------
14
82
•
0.14
Tampa---------..-,--.
Georgia.,
---------
90
0.01
dry
'
1
800
Freights—Current rates for cotton from New
no longer quoted, as all
quotations are open rates.
75
2
«r•J'
-
To Vancouver.71
India Cotton Movement from All Ports.
77
0.83
1.70
„
171
4,931
Alexandria Receipts and Shipments.
80
0.89
.—
663
—
We
74
71
76
1
...
in
79
89
2
BirminghamMontgomery
York
81
70
95
66
3
-
—
75
2
-
...
-
To China J
Cotton
78
59
64
Alabama-—Mobile.
Macon
75
93
2
-——-
74
93
-
—
Shreveport
Mississippi—Meridian
Vicksburg
A ugusta
56
2
Oklahoma—Oklahoma City
Arkansas—Fort Smith
Florida—Jacksonville
To Colombia
89
2
Louisiana—New
To Chile.
81
0.63
0.70
2
.
Waco
Little Rock
68
70
91
;
japan
ORLEANS—
80
55
0.83
4.23
2.36
-
Antonio.
0.18
2
-
107
74
91
3
.
_
NEW
ANGELES—
To
To Manila.
10
To Cuba
Mean
90
0.26
LOS
643
To Colon
90
89
dry
-----J.
bales
Bales
GALVESTON
91
91
dry
dry
Christ!--
Corpus
El
made up
81
1.13
Brownsville
on
a
previous page, th
United States the past week
The shipments, in detail, as
from mail and telegraphic reports, are as follows:
HOUSTON—
L'rw
1941
shown
News—As
Shipping
Thermometer-
—
f,
exports of cotton from the
have
reached 7,410 bales.
To Cuba..
northwest, where rains have.been frequent.
Rain
June
marketing quota
program.
Volume
On
tlie
The Commercial & Financial Chronicle
152
5th
inst.
prices closed
%
He. net lower.
to
pause in
baking and milling ti;ade activity diminished sup¬
port that has buoyed wheat prices in the past three days,
and values drifted lower today after an early fractional
advance.
Losses of more than 3c. in soy beans contributed
to unsettling of the wheat
unwillingness
tainty
commitments
extend
to
Many traders asserted their
pit.
to how much new grain
as
cial channels
in
view
will flow
of
into
Crop complaints failed to exert the
Some of the buying was attributed
to mills covering flour sales or future
commitments, but
there was a pause in this activity also.
More rain in the
usual bullish influence.
Panhandle
wet harvest
and bearish in
to
region
which
traders
much
as
the extent that
loans.
ernment
gave
some
of
much
fear
to
said
of
could be
delayed
a
both
bullish
quality of grain might be lowered
as
Lack
rise
of
it
would
be
sufficient
ineligible for Gov¬
storage
space
also
is
expected to complicate this situation.
Today prices closed 1H to l%c. net higher. Wheat prices
rose almost 2c.
today following announcement of Govern¬
ment
loan
rates,
wheat
would
bushel
more
bushel
for
be
worth
confirmed
July
delivery and
Chicago basis.
15c.
were
trade
belief
that
new
collateral
as
approximately 34c.
At highs of around 99c.
than the 1&40 crop.
futures contracts
a
which
$1
or
for
September,
a
a
however,
below the loan rate
more
37
Made
|
Season's Low and When Made
4, 1941IJuly
30%
Oct.
9, 1940
June
September
37%
July (new)
36%
Sept. (new).. 37%
Dec.
3673
When
May 29. 19411 September
30
May 15, 1941|July (new)
33%
June
4, 19411Sept. (new)._ 33%
May 29, 19411Dec. (new)... 36%
Feb.
17,1941
May
3. 1941
May
3,1941
May 26,1941
...
...
(new)... 38%
DAILY CLOSING PRICES OF OATS
FUTURES IN WINNIPEG
Sat. Mon. Tues.
Wed.
Thurs. Fri.
T
,
36%
uncer¬
ing quota provisions.
Texas
and
36%
36%
36%
36%
....
**
commer¬
harvest progresses, due to loan and market¬
as
Season's High
A
on
Rye—On the 31st ulto. prices closed He. to He. net
higher.
The late strength in the wheat market had its
bullish effect on rye,
particularly in the late deliveries.
On the 2d inst.
prices closed He. to He. net higher.
The
strong wheat market naturally had its effect on rye, though
the latter market, did not
fully respond to the substantial
gains in wheat values, which latter showed net gains of
lHto lHc. On the 3d inst. prices closed He. down to
net higher.
The private rye estimate was for a crop of
44,000,000 bushels.
The official estimate a month ago was
46,000,000 bushels and the 1940 harvest 41,000,000 bushels.
On
the
4th
inst.
This market
was
prices closed unchanged to He. higher.
relatively quiet, with the undertone steady.
On the 5th inst. prices closed
% to %c. net higher.
Buy¬
ing of rye, attributed partly to rumors that loans will be
offered on that grain to conform with those
granted wheat
and
helped to lift
corn,
July
rye,
however,
prices
rye
than lc. at times.
more
with prospects of more moisture the next few
days, stimu¬
lated talk about a wet, delayed harvest.
Renewed support
was attributed
to mills.
More rain was received in the
priced more than 40c. a bushel
below
the
corresponding wheat contract.
Today prices
closed 2H to %c. net higher.
Substantial buying in July
(old) lifted its price over 2c.
The other deliveries showed
Southwest and there
fair response.
Heavy unwanted rains in the Southwest,
was much talk of a wet
harvest, but
interpreted this differently.
Some thought a de¬
layed harvest had bullish implications, while others ex¬
pressed belief lowering of wheat grade may tend to limit
DAILY
dealers
the amount of grain eligible for Government loans.
DAILY
CLOSING
PRICES
OF
Sut.
No. 2 red
DAILY
Mon.
CLOSING
PRICES
.
December.
—
High and
s
July..
September
December
When
May
May
May
100%
...
102
102%
DAILY CLOSING
WHEAT
NEW
YORK
Wed.
Thurs.
117%
117%
FUTURES
Sat. Mon. Tries.
....94%
96%
98
9b
97%
99%
97%
99% 100%
,
July..
September.
OF
IN
Tries.
—116%
_
Season
WHEAT
97%
|
__
31st
values.
much of the belt and this is expected to
improve the moisture condition and give the
crop an excellent
% to He. net lower.
moisture conditions
Corn
much
of
in
tonight
corn
was
20,655,000
bushels.
PRICES
OF
Sat.
....89%
DAILY CLOSING
PRICES
73%
74%
December
76
High and
July
74%
September
76%
December.... 77
When
May
May
May
CORN
Mon.
IN
NEW
73%
74%
75%
YORK
No. 2 yellow, all rail
IN
values
followed
the
Flour
Wheat
Corn
Oats
bbls 196 lbs
Receipts at-
bush 60 lbs
bush 56 lbs
bush 32 lbs
Chicago
Minneapolis
175,000
154,000
31,000
2,640,000
1,697,000
792,000
1,288,000
1,435,000
286,000
153,000
4,476,000
33,000
of
Louis..
132,000
Peoria...-.
42,000
26,000
CLOSING
PRICES
OF
OATS
Sat.
—
36%
36%
38%
Tues.
....
1,313,000
92,000
14,000
8,000
577,000
13,000
903,000
672,000
65,000
214,000
"~7~ 000
175",000
262,000
20,000
936,000
73,000
173,000
115,000
18,000
3,341,000
431,000
50,000
•
56,000
40,000
44,000
9,000
54,000
6,000
6,000
20,000
384,000
73%
74%
75%
wheat
IN
Wed.
and
18,000
9l"666
~2~. 000
3,000
22,000
Tot. wk. '41
417,000
14,094,000
379,000
4,546,000
974,000
943,000
810,000
Same wk '40
7,254,000
4,101,000
170,000
2,363,000
1,513,000
Fri.
73%
75
Same wk'39
391,000
5,705,000
6,569,000
1,785,000
353,000
1,045,000
Since Aug. 1
1940
Oat
corn
1939
1938
Thurs.
37%
36%
37%
37
35%
36%
38
37%
Fri
36%
18,220,000 299,168,000 245,082,000
18,820,000 335,797,000 203,711,000
19,639,000 305,692,000 242,027,000
Total receipts
66,826,000 15,019,000 89,744,000
85,891,000 27,033,000 104187000
95,187,000 24,002,000 89,446.000
of flour and grain at the seaboard ports for
Saturday, May 31, 1941, follow:
New
York.
Boston
Philadelphia
Baltimore..
New Orl'ns*
Flour
Wheat
Corn
Oats
bbls 196 lbs
Receipts at—
bush 60 lbs
bush 56 lbs
bush 32 lbs
463,000
250,000
8,000
15",666
437,000
134,000
91,000
2,000
12,000
15,000
Rye
Barley
bush 56 lbs bush 48 lbs
1,000
2,000
"4", 000
"3", 000
4,000
12,000
413,000
2,544,000
Can. Atl.pts
Tot. wk. '41
97,000
77,000
133,000
16,000
21,000
8,000
22,000
Galveston^.
......
200,000
4,199,000
337,000
38,000
5,000
5,000
5,399,000
77,077,000
4,494,000
1,107,000
399,000
650,000
Since Jan. 1
1941
Week 1940.
204,000
3,081,000
265,000
31,000
10,000
5,362,000
56,491,000
13,829,000
2,197,000
1,556,000
Since Jan. 1
1940
*
36%
....
....
the week ended
CHICAGO
36%
....
37%
122,000
316,000
14,000
Joseph.
Thurs
73%
74%
76%
FUTURES
Mon.
36%
453,000
Sioux City.
Today prices closed unchanged to He. net higher.
Trading quiet.
DAILY
Barley
244,000
Wichita....
St.
prices.
July
September..
July (new)
September (new)
December (new)
Rye
bush 56 lbs bush 48 lbs
16,000
11~,666
Toledo
St.
*
244,000
81,000
Fri.
H to He. net lower.
trend
70%
57-69
824,000
Duluth..*.
_
downward
47%
65%
each of the last three years:
89%
76%
Made
Season's Low and When Made
26, 1941 July
58%
Sept. 23, 1940
26,1941 September
57%
Feb. 17,1941
27, 1941 December
73%
May 23, 1941
5th inst. prices closed
No. 2 white
CHICAGO
Wed
73%
75%
76%
•///■/
,.5.80®6.05
5.95@6.20
All the statements below regarding the movement of grain
—receipts, exports, visible supply, &e.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended Saturday, May 31, and since Aug. 1 for
89%
90
;'K
Rye, United States, c.i.f
Barley, New York—
40 lbs. feeding
Chicago, cash
89%
Thurs.
Wed.
90%
Oats—On the 31st ulto. prices closed He. off to
He. up.
Trading was light and without feature.
On the 2d inst.
prices closed unchanged to He. higher.
Oats held steady
with corn.
On the 3d inst. prices closed He. lower to
He.
higher.
The private estimates placed the oats crop at
1,088,000,000 bushels.
Last year's harvest was 1,236,000,000 bushels.
On the 4th inst. prices closed
unchanged to
He. higher.
Trading light with prices steady.
On the
44%
Oats, New York—
Corn New York— "*
Omaha
Tues.
89%
OF CORN FUTURES
Sal. Mon.
Tues.
July
September
Season's
48%
44%
GRAIN
Kansas City
DAILY CLOSING
48%
5.80@6.15|Hard winter straights
Indianapolis
No. 2 yellow
....
6.05@6.30(Soft winter straights
Buffalo-...
interest
Fri.
58%
follows:
were as
Wheat, New York—
No. 2 red, c.i.f., domestic—118%
Manitoba No. 1. f.o.b. N. Y. 93 %
Corn
Open
Thurs.
Standard Mill Quotations
Milwaukee.
over
Today prices closed % to %c. net higher.
light.
WINNIPEG
58
54%
....
48%
45%
Spring patents
First spring clears
held about steady, with little feature to the
trading, which
was
IN
Wed.
58
FUTURES IN WINNIPEG
Mon.
Tues.
Wed.
Thurs. Fri.
FLOUR
...
On the 5th inst. prices closed
belt.
21, 1941
Feb. 21,1941
May 31, 1941
May 31, 1941
May 23, 1941
materially
start.
the
Tues.
57%
....
Feb.
BARLEY
...
Closing quotations
belt and
due to improved
58%
When Made
December.....
hedging sales in connection with
purchases from the Government, and country offerings
depressed corn prices.
Losses were only fractional, however.
On the 3d inst. prices closed He. to He. net
higher.
Corn
was quiet.
There was nothing in the news concerning the
corn
crop to influence trade.
On the 4th inst. prices closed
He. to He. net lower.
Corn advanced fractionally during
the early session, but buying was checked
by receipt of good
eased,
FUTURES
Mon.
Sat.
October
•_
a bearish effect on
corn, but after prices had sagged
He. to He. with wheat, the market rallied more than a cent.
Country offerings remained light and a high loan rate for new
corn and
encouragement for feeding, were supporting factors.
On the 2d inst. prices closed
unchanged to He. lower. Good
over
OF
57%
60%
.......
DAILY CLOSING PRICES
July
____
....
ulto.
This had
rains
57
54%
December
56%
57%
55%
....
RYE
Fri.
....
...I
..
OF
Thurs,
.
...
October.
WINNIPEG
Thurs. Fri
CHICAGO
__
....
58
tions, particularly east of the Mississippi River, and the
indicated further precipitation can be
expected.
corn
IN
Wed.
'
Season's Low and
Sat.
forecast
rains in the
60%
60%
(new).. 61
Tues.
14,1940 July
43
7, 1941 September
44
15,1941 July (new)
54
15,1941 Sept. (new)
54%
26, 1941 Dec. (new)... 56%
DAILY CLOSING PRICES
prices closed %c. to He. net
The rise in wheat had its wholesome effect on corn
Good rains were welcome in
many corn belt sec¬
higher.
52
Made
July
....
....
When
Nov.
Apr.
May
May
May
Dec.
WHEAT FUTURES IN
Sat.
Mon.
Tues.
Wed.
....77%
54%
55%
58%
July (new)
Sepc. (new)...
FUTURES
....
98%
100%
101%
October
Corn—On the
July
RYE
Sat. Mon.
47%
Feb. 17,1941
Feb. 17,1941
May 31, 1941
...
July-
97%
98%
99
...73%
19, 19411September
73%
23, 19411 December
96%
OF
CHICAGO
Thurs. Fri.
OF
49
High and
52%
September
IN
Wed,
19.1941IJuly
PRICES
Season's
Fri.
118%
PRICES
%
July
September
July (new)
September (new)
December (new)
100% 100%
Season's Low and When Made
-----
Made
117%
CLOSING
was
on
Receipts do not include grain passing
through bills of lading.
1,125,000
through New Orleans for foreign ports
The Commercial & Financial
3674
from the several seaboard ports for the week
31, and since July 1 are shown in
The exports
ended Saturday, May
of
Flour
Oats
Rye
Barley
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
Exports from—
Albany
Baltimore—....
183,000
Can. Atl. ports..
31,000
983,000
980,000
2,544,000
ieb',666
a31,000
160,000
4,690,000
Since July 1, 1940 150.884,000 22,426,000 5,923,000
93,000
52,230
2,827.000
Since July 1, 1939 139,511,000 26,185,000 3,825.971
1940..
Total wk.
\
140,000
712,000
24
9
Michigan
9961666
10,163
3,391
15,043
Missouri...
Nebraska
4,196",000 3,554",000 10,284.60b
895,911
546.477.75
58,617,953
610,398
66,890
5,649
7,807,911
2,908,511
12,868,886
856
Minnesota.,..
35,755,920.77
456
...
1
a
Complete export data not
supply of grain,
visible
The
at principal points of accumulation at lake and sea¬
Saturday, May 31, were as follows:
GRAIN STOCKS
Wheat
Corn
Oats
Rye
Barley
Bushels
United State#—
Bushels
Bushels
Bushels
Bushels
79,000
New York*
53,000
39,000
16,000
1,000
afloat
40,000
76,000
Philadelphia
54,000
116,000
le'ooo
Baltimore
79,000
165.000
86,000
2,000
138,000
239,000
12,000
43,000
34,000
1,000
10,000
"
New
Orleans——--
Galveston
...
Fort Worth
Wichita
Hutchinson
--
St. Joseph
Kansas
City
Omaha
2,000
1,942,000
490,000
6,874,000
1,000
3,246,000
6,165,000
3,400,000 2,053",000
25,902,000 6,443,000
7,156,000 12,091,000
St. Louis...—........
4,670,000
Indianapolis---
1,164,000
477,000
8,593,000
787,000
1,564,000
989,000
1,270,000
198,000
13,048,000
2,313,000
23,854,000
18,885,000
6,931,000
2,733,000
150,000
4,745,000
2,000
5,293,000
Stoux City
650,000
—
Peoria
Chicago
Milwftukc6
«•
«*«
Minneapolis----------Duluth
-
Detroit-Buffalo
"
345,000
1941—.118,841,000 56,288,000
1, 1940
93,847,000 23,639,000
Total May 24,
Total June
*
—
4,000
24,000
2,000
3,000
4,000
86,000
4,000
6,000
236,000
215,000
3,000
1,246,000
17,000
1,179,000
3,000
61~, 000
1,856*665
242,000
788,000
215,000
4,000
22,000
1,917,000
517,000
2,000
586,000
367,000
2,362,000
475,000
160,000
344.000
3,924,000
3,953,000
4,310,000
5,292,000
5,166,000
9,758,000
4,487,000
4,498,000
7,530,000
In store.
Oats—Buffalo, 319,000 bushels; total
319,000 bushels, against 445,000 bushels in 1940.
Barley—Buffalo, 10,000 bushels
total, 10,000 bushels, against 1,386,000 bushels in 1940.
Wheat—New York,
1,052,000 bushels; New York afloat, 424,000; Boston, 2,137,000; Philadelphia,
444,000; Baltimore, 1,486,000; Portland, 937,000; Buffalo, 5,570,000; Buffalo afloat,
1,225,000; Duluth, 15,661,000; Erie, 2,254,000; Albany, 2,944,000; on Canal,
929,000; in transit—rail (U. S.), 4,109,000; total 39,172,000 bushels, against
Note—Bonded grain not included above:
22,616,000 bushels in 1940.
Wheal
Corn
Oats
Rye
Barley
Bushels
Canadian—
Bushels
Bushels
Bushels
Bushels
414,000
1,013,000
Lake, bay, river <tseab'd 46,530,000
Ft. William & Pt. Arthur 70,189,000
Total
507,000
1,047,000
elev.304,218,000
2,674,000
1941-420,937,000
May 24, 1941
421,882,000
June
1, 1940
252,351,000
4,101,000
4,285,000
2,396,000
2,512,000
6,756,000
1,957,000
4,469,000
4,649,000
6,953,000
3,924,000
4,101,000
5,292,000
2,396,000
4,427,000
4,469,000
2,915,000
Summary—
119.453,000 66,390,000
420,937,000
American
Caadian
Total May
31, 1941-540,390,000 56,390,000
1941
540,723,000 56,288,000
Total May 24,
Total June
1, 1940—346,198,000 23,639,000
8,025,000 7,668,000
8,896,000
8,238,000 7,678,000
9,147,000
11,066,000 11,715,000 14,483,000
shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ended May 30 and since July 1, 1940, and July 1, 1939, are
shown in the following:
The world's
Corn
Wheat
Week
Since
Since
Week
Since
Since
May 30,
July 1,
July 1,
May 30,
July 1,
July 1,
1941
1940
1939
1941
1940
1939
Bushels
Bushels
Bushels
Bushels
Exports
No. Amer.
Black Sea.
Argentina.
Australia
.
5,785,000 199,653,000 195,936,000
3,992,000 39,356,000
2,9021666 90,097,000 158,513,000
11,293,000
101,585.169
$61,898,440.17
Corn—Argentina's second official estimate
Argentine
placed the 1940-41 corn crop at 411,394,000 bushels as
compared with 408,442,000 bushels in 1939-40; rice placed
at 2,792,000 bushels as against 4,752,000 bushels.
has
193-05476.8
third official estimates
below the
exception
of that for wheat, are considerably smaller than the harvests
of 1939-40.
Since the first estimate of 294,000,000 bushels,
the wheat outturn has been revised downward until it now
stands at 271,000,000 bushels, 127% above the short crop
of 1939-40, and 20% larger than the average of 1933-34 to
1937-38, but 28% smaller than the record harvest of 1938-39.
"Foreign Crops and Markets" of June 2, published by the
Department of Agriculture reported the above and also said:
Wheat
Crop and Surplus—The
of the 1940-41 grain crops of Argentina were placed
second estimates issued in January and, with the
has been revised downward and
maintained an a higher level than was anticipated at
Since the 1940-41 Argentine wheat crop
exports have been
the beginning of the 1941 marketing
wheat appear less burdensome than
Official trade returns have not been
year,
surplus supplies of Argentine
was anticipated some months ago.
received for April and May, but ship¬
the year of nearly 40,000,000 bushels.
was about
180,000,000 bushels on Jan.
Bushels
Bushels
The surplus available for export
1 and on May 10 was officially
bushels.
While about 89 % larger than the
comparable figure for last season, the balance is considerably better than
in 1939, at the end of which year record stocks of more than 130 000,000
bushels remained for carry-over into the new season.
Most of the wheat exported from Argentina this season has gone to Brazil
and Spain.
According to preliminary figures, about 13.500,000 bushels
have been shipped to the latter country.
It was announced late in April
that a credit agreement had been concluded between Argentina and Spain,
whereby the latter would purchase around 14,000,000 bushels of Argentina
wheat.
Some shipments, however, were reported to have been authorized
before the credit was arranged, and it is not known how much wheat pur¬
chased under the agreement is still to be shipped.
estimated at nearly 143,000,000
ARGENTINA; DISTRIBUTION OF THE DOMESTIC
Production
WHEAT CROP, 1934-40
Carry-Over b
Domestic
Plus
Uti¬
Carry-Over
lization
Bushels
Bushels
Production
Bushels
Exports
on
a
Dec. 31
Bushels
Bushels
292,663,000 95,533,000 181,727,000 15,403,000
256,072,000 92,023,000 146,313,000 17,736,000
159,198,000 99,207,000 63,209,000 —3,218,000
—162,000
246,692,000 99,207,000 147,647,000
207,600,000 207,438,000 99,207,000 75,549,000 32,682,000
379,142,000 411,824,000 101,044,000 179,378,000 131,402,000
119,453,000 250,855.000 103,000,000 137,571,000 10,284,000
271,173.000 281,457,000
286,120,000
240,669,000
141,462,000
249,910,000
Compiled from official statistics.
a Wheat
including flour as grain,
calculated from official crop
calendar years 1934-1940.
b Carry-ove
and trade statistics and reported domestic utilization.
Weather Report for the Week Ended June 4—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended June 4, follows:
Temperatures were abnormally high over the eastern
except the extreme East and South,
half of the country,
but moderately cool weather for the
prevailed rather generally west of the Rocky Mountains and in
extreme central-northern sections of the country.
In the interior the
weekly means ranged from 6 degrees to 10 degrees above normal, with the
relatively warmest weather In the Ohio Valley.
In the Northeast and
extreme South about-normal warmth prevailed.
season
22,265,000
26,209,000
"20", 000 31,909",000
4,913,000
109,181,000
2,520,000
43,371,000
southern
56,694.000 183,674,000
sections.
160,000
Except in the persistently dry southeastern area, rainfall was widespread
mostly in good amounts rather generally east of the Rocky Mountains.
were some beneficial rains locally in the Carol inas and central and
and
Other
There
countries
......
6,200,000
21,960,000
Ohio
Total...
11,280.28
107,725
Total
Crop Year
Total May 31,
Total
187,000
1,366,000
843,000
Other Can. & other
18,928
ments so far during these months, as reported by Broomhall, have exceeded
2,000,000 bushels each week, indicating a total for the first five months of
has 23,000 bushels Chilean barley
New York also
7,000
254,000
234,000
31, 1941-119,453,000 56,390,000
Total May
1,000
86,000
58,000
afloat.---------
On Canal
137,000
4,000
38,000
52,000
38
.
—
granary
ports
158,092.48
2,408,527.71
3,981,726
■
Wisconsin
comprising the stocks in
40,802.90
3,445.89
4,755,777.19
1,772,405.82
7,831,743.80
52,087.28
5,449
South Dakota........—
available from Canadian ports.
369,808.34
113,150
259,168
96
North Dakota..
Ohio-.-.....-.
$8,192,069:96
13,430,088
12,525
1,034
58,641
Illinois
Iowa.......
*
Kansas...-A*-.*-..
172,000
Amount
Bushels
No. Loans
State
Kentucky
1941
Total wk.
by States follow:
Indiana...—-:.-—--
172", 000
-
.
on May 31.
Repayments to
valued at $1,534,398.64.
announced
Agriculture
Loans
Corn
7, 1941
June
May 24 were 2,602 loans
the annexed statement:
Wheat
Chronicle
8,687,000 299,942,000 427,058,000
180,000
Margin on Contracts on New York Cocoa Exchange
and
Commodity Exchange, Inc.—The office of Price
Administration and Civilian Supply announced in Washing¬
ton on June 3, that the New York Cocoa Exchange had
agreed to lift margin requirements for persons outside the
trade from the present rate of $300 per contract to $600.
This action, it was explained by Federal officials, was taken
"in an effort to eliminate unjustified speculative activity."
It will become effective in 10 days.
The Commodity Exchange, Inc., New York City, on
May 28 also, at the request of the OPACS, fixed uniform
minimum margin requirements on non-hedging operations.
On crude rubber contracts the margin requirement was fixed
at $1,200; for hides, $700; and silk, copper, lead and tin, $650.
Previously, margins on these commodities had been left to
the discretion of the broker.
Limitation of price on copper
futures on this Exchange was reported in these columns of
May 10, page 2945.
The action taken by the New York Coffee & Sugar Ex¬
change fixing margin requirements on coffee contracts at
$625, was mentioned in our issue of May 31, page 3526.
1940 Corn Loans—Corn loans under the 1940
loan program on May 24, 1941, totaled 107,725 for 101,585,169 bushels valued at $61,898,440.17, the Department
Report
Virginia, while from northern Virginia, West Virginia and the
Valley northward the amounts were substantial to heavy in most
The northern Ohio Valley States had widespread drought-re¬
lieving rains, while most sections in the area from the Potomac Valley
northward had sufficient to afford at least temporary relief.
However,
the area south of the Ohio River and the more southeastern sections had
no
material
relief,
except
very
locally, and droughty conditions are in¬
tensified.
Substantially to excessive rains occurred rather generally between the
Mississippi River and Rocky Mountains, but the falls were lighter than
recently in much of Texas.
The Northern States from the Lake region
westward to the Pacific Ocean had good showers, but a large far south¬
western area had practically no rain.
General rains of the week in the States bordering on the west bank of
in Northern States to the eastward either
situation for the time being, or brought
the amounts were lighter.
In
general, the outlook is much better than a week ago, although follow-up
rains will be required soon In most sections and the amounts were in¬
adequate in some places, especially from Pennsylvania northward and north¬
eastward.
While precipitation in the Northeastern States has been scanty
this spring, crops there were less affected, because of relative lateness,
than in central and southern sections.
The recent rains will benefit culti¬
vated and truck crops and revive pastures, but spring-seeded grains and
hay crops have been permanently affected from the central Mississippi
Valley eastward, although oats will improve in most places.
On the other hand, south of the Potomac and Ohio Valleys, except
locally, severe drought continues and crops are becoming increasingly af¬
fected, with a serious power shortage reported in some sections.
Pastures,
sweet potatoes, tobacco and truck crops are the principal sufferers and
the Mississippi River and also
entirely relieved
the
drought
temporary relief to those localities where
cotton to a less extent.
West
of the Mississippi
River moisture is generally ample, but with
damaging local rains in the upper Mississippi Valley and southwestern
plains; in parts of Iowa the weekly amounts ranged up to more than 11
inches.
Very beneficial rains occurred in the
northern Great Plains and
the Pacific Northwest.
on
Small Grains—The situation as regards the winter-wheat crop
did not
change materially during the past week.
In the southern portion of the
belt east of the Mississippi River there are many reports of short straw,
Volume
The Commercial & Financial Chronicle
152
but in general the outlook continues fair to good and
weekly progress in
most sections was
satisfactory.
In the southwestern belt continued rain
has further retarded maturity and harvest is
being delayed, but the gen¬
eral
outlook remains favorable, except for considerable additional lodgbad army worm infestation in some sections especially in western
and
Oklahoma.
There is considerable fly damage in western Kansas.
Binder
harvest will begin in this State within a week or two.
Some wheat is
turning color as far north as southern Illinois.
In the Spring Wheat Belt weather was
decidedly favorable, with good
rains in nearly all sections.
Early seeded grains show good, heavy stands.
Rainfall of the week in interior sections was decidedly favorable for oats.
Corn—Corn planting is practically completed and the weather of the
week was generally favorable for the crop; the
improved soil moisture
condition in the Ohio and upper Mississippi
Valleys was decidedly helpful.
In Illinois much corn is up with stands
generally good.
In Iowa about
one-half of the crop has been cultivated once and moisture is now suffi¬
cient to germinate grain in the heretofore dry
sections, but much replant¬
ing will be required in recently flooded areas in the north-central, north¬
eastern
and east-central sections of the State.
for cultivation in the lower Great Plains.
Drier weather is
needed
Cotton—In the Cotton Belt the average weekly temperature ranged
from about normal to 6 degrees or 7 degrees above normal; rainfall was
again heavy in the western half of the belt, but was mostly very light in
the eastern half.
The weather was unfavorable in most parts of the belt.
In Texas progress of cotton is
fair, but the
crop is late with planting
incomplete and much replanting required in the extreme northwest
where rains were again frequent.
In Oklahoma there is much cotton
still unplanted and the soil remains too wet for field work in many
places,
with considerable of the early planted washed out.
In Arkansas cotton withstood the drought
very well and rains of the
week relieved the situation materially.
In Louisiana progress was good
in the extreme north, but generally poor
elsewhere, while east of the Mis¬
sissippi River the weather was unfavorable in most sections because of
dryness.
Progress was irregular, ranging generally from poor to good,
depending upon the character of soil and local moisture supply.
Some
squares are reported in southern South Carolina.
still
The weather bulletin furnished the following resume of
conditions in different States:
Virginia—Richmond: Hot, dry week; showers inadequate In most sec¬
Planting tobacco, soy beans, peanuts, and late corn further de¬
layed.
Poor stands of early-planted peanuts.
Many stands of cotton
poor.
Wheat and barley withstood dry weather fairly well; spring oats
severly damaged.
Pastures and hay extremely poor.
Practically all
truck, except tomatoes and sweet potatoes, badly hurt.
tions.
North
Carolina—Raleigh: Hot weather to Thursday unfavorable, con¬
sidering seriously depleted soil moisture.
Lack of rain still being felt in
most areas, though latter part of week had adequate showers in sections
of north Piedmont.
Progress of cotton fair: condition good.
Corn fairly
good to rather poor.
Tobacco suffering; growth delayed and some trans¬
planting delayed account dry soil.
Fruits not developintg in west. Nearly
all crops suffering in most of coastal plain.
South Carolina—Columbia:
Unfavorably hot weather continued most
No rain of importance and severe drought unbroken, but scat¬
Corn, truck, gardens, pastures and tobacco
continued to deteriorate.
Cotton chopping slow advance in northern
interior in dry, hard soil; plants small and stands irregular; condition
fair in south, but slow growth; squares forming locally.
General water
of week.
tered
showers at week end.
supply low.
Georgia—Atlanta:
Warm
days;
heavy
otherwise continued intense drought.
showers
in
very
small
areas,
Cotton poor progress or deteriorat¬
ing and similar condition of other crops; tobacco, sweet potatoes and
truck most seriously affected.
Not too late for adequate rains to revive
corn and cotton.
Pastures failing; extensive stall feeding of cattle.
Florida—Jacksonville: Very warm days; no rain and soil moisture badly
depleted.
Condition and progress of cotton rather poor.
Corn, to¬
bacco, sweet potatoes and late truck suffering from drought; conditions
serious.
Ranges dry and woods fires numerous.
Citrus groves show wilt
and young fruit dropping.
Irrigating where practicable.
Alabama—Montgomery: No rain of importance, except in a few locali¬
Favorable temperatures, especially higher at night.
Progress of
fair to fairly good; condition fair, except locally in north where
stands poor.
Gardens poor.
Pastures, sweet potatoes, summer legumes
and peanuts poor to fair.
Corn still in fair condition.
ties.
cotton
Temperatures mostly favorable; locally ade¬
but drought generally pre¬
Many poor stands of upland cotton; growth rather
poor; good progress in cultivation.
Progress of upland corn poor, except
locally, with some fields over knee-high.
Progress of gardens and pas¬
tures generally poor.
Mississippi—Vicksburg:
quate rains in southwest and extreme south,
valent
elsewhere.
Louisiana—New Orleans:Beneficial rains In extreme north where crops
good progress and extreme southeast where badly needed; else
too much and washing and flooding in many sections of central
and south caused sarious setback to crops. Little farm work.
Progress of
cotton good in extreme north, generally poor elsewhere; condition mostly
good; considerable yet to chop;
Corn, truck and gardens holding well;
progress poor to fair.
Some uncut oats in southwest a total loss and
shocked oats badly damaged.
Many rice fields flooded; levees broken and
planting stopped.
made
where
Texas—Houston:
ally,
although
too
Favorable
much
and
temperatures
rain in
scattered
Harvesting
adequate
rains
gener¬
localities of Panhandle,
ex¬
Panhandle.
Oat
harvest reaching peak.
Ripening of all grains further delayed by rain In
northwest.
Progress of corn good.
Planting cotton fair progress, but
crop late in south, with planting still incomplete; too much rain in Pan¬
handle area necessitates mucn replanting.
Conditions generally favorable
for truck and gardens.
Planting sweet potatoes and good progress. Ranges
generally excellent and stock water plentiful.
Livestock still gaining flesh.
treme
and
east
coast.
wheat,
except
in
Oklahoma—Oklahoma City:
Favorable
temperatures;
washing
and
flooding rains in scattered localities.
Grain harvest delayed, but some
oats and barley cut.
Progress of wheat mostly good, except considerable
lodging and severe damage by army worms locally; condition still gener¬
ally good to very good, but clear weather needed to permit early harvest.
Corn planting completed, but wide variation in growth; condition only
fairly good in east, out good to excellent elsewhere.
Planting cotton slow
progress and very late, much remains to plant, considerable early planted
washed out.
Alfalfa excellent growth.
Gardens and minor crops in ex¬
cellent condition.
Feed and water plentiful; livestock excellent.
Arkansas—Little
Rock:
First
half of week
soil too
dry for germina¬
and growth, but at close of week had adequate rains in sections.
Crops clean and well cultivated.
Cotton withstood drought well; chop¬
ping in progress; early planted good progress.
Corn greatly benefited
by rains and additional plantings being made.
Harvesting oats and
wheat.
Rice not yet up to good stands; flooding of fields necessary for
germination.
Growth of minor crops improving since rains.
.
tion
Tennessee—Nashville:
Condition
east; progress poor; choping
dition rather
poor to good;
of cotton
good advance.
good
in
west,
Progress of corn
but
fair
in
poor; con¬
mostly small, but some knee-high. Wheat
rapidly; much in shock; condition averages good.
Winter
good; spring fair to poor and being cut for hay.
Strawberries, truck,
vegetables and pastures badly damaged account drought.
Tobacco set¬
maturing
oats
ting poor progress.
THE DRY GOODS TRADE
Nevi York, Friday
Markets
past week.
for
Night, June 6, 1941 \
dry goods became more active during the
Buyers, unable to obtain various items for early
of their attention to the matter of
covering their requirements for the remainder of the year.
Liberal sales were reported in print cloths and sheetings for
delivery,
gave
more
delivery over the last four or
converters among
five months of the year, with
the chief buyers of print cloths and bag
manufacturers
of
3675
sheetings.
It
obvious
was
that
buyers
had under-estimated their
requirements and were becoming
concerned
ironclad
textiles
circles
would
as
to
rationing
reports,
of
coming development for the defense.
a
believed that
was
supplies and the prospect of
According
forecast in Office of Production Management
was
official
It
regarding future
priorities.
be the
establishment of
of cotton
goods,
Army and Navy
the
may
can
distribution.
be undertaken
priorities for certain forms
including duck and sheetings.
pointed out that
of goods that
of the first steps to
one
It
was
also
heavy Government buying for the
necessitate curtailment of the quantity
be delivered to manufacturers for civilian
In addition to
this, it
that the production of cotton
goods
generally agreed
was
for the time being is
likely to decline sharply unless the drought is relieyed.
In
fact,
as
cotton
manufacturers
having reached
as
a
a
result of the
extreme
in
Georgia
shortage of water
Southeast.
Rains
arising from the
power
drought in that State, while there
entire
reported
decision to curtail their output one-third
that similar curtailment would be forced
the
were
were
on
was
the possibility
plants throughout
reported
over
sections of the Eastern States during the latter
part
week, but it
four
to
five
was
claimed that it
weeks
of
abnormal
would probably
rainfall
to
large
of the
require
overcome
deficiency created by the dryness during March,
and May.
the
April,
Wholesale markets were characterized by spurts of activity
during the past week.
Prices were decidedly firm and buyers
in many instances found it
impossible to obtain various
items for early delivery.
Although mills are operating at
the highest rate in history, the situation as
regards supplies
of many staples has become more acute and is
likely to be
intensified should production sag as a result of lack of power
caused by the drought.
There was a brisk demand for
sheetings, but sales were retarded by the inability of buyers
to locate the deliveries they wished.
Print cloths sold in
good volume for deferred delivery, while producers of duck
reported demand sufficient to absorb all of their expanded
production.
Buyers of osnaburgs continued to seek spot
supplies of a number of weaves but were unable to locate; '
them, while a more active demand was noted for drills and
twills.
Prices
for
standard
ginghams were moved up
during the week, a development which had been generally
anticipated in the industry.
Usage of ginghams is said to
have increased materially throughout the country because
of the fact that this cloth has been among the
relatively
cheaper wash goods.
Rayons were in good request, with
spot supplies scarce.
Buyers therefore were turning their
attention to requirements for the last quarter and found
mills reluctant to operate into the distant future.
Prices
continued firm, with the trend upward.
Prices for print,
cloths were as follows:
39-inch 80s, 1024c.; 39-inch 72-76s,
1024c.; 39-inch 68-72s, 9 to 9^c.; 3824-inch 64-60s, 8 to
8%c.; and 3824-inch 60-48s, 7 to 724c.
;
,
Woolen Goods—As far
actual business
concerned,
the wool piece goods markets were quiet during the week.
An almost complete lack of supplies for spot and nearby
shipment continued to be the retarding factor.
Buyers
showed a willingness to operate but were unable to place
orders specifying delivery over the next three or four months.
Mills were either completely sold ahead or were unable to
as
was
accept additional orders because of the shortage of yarns.
Business in the men's wear division was also light as buyers
were unable to secure the goods they needed.
Spring and
summer materials, such as gabardines and tropical worsteds,
continued to be decidedly scarce, while most of the buying
for fall has been completed, with mills in no position to
accept additional business.
In regard to women's wear,
however, activity continued.
Mills reported large orders
covering a wide variety of materials and unfilled orders were
said to be double what they were at the corresponding time
a
year
ago.
underwear
Blankets
was
active,
continued
although
tightly sold ahead, wool
new
business
was
light
owing to the sold-up condition of mills, while warm weather
in various sections of the country stimulated demand for
swim suits and other types of knitted sports wear.
Foreign Dry Goods—Markets for linens were very active
during the week, with prices scoring advances averaging
about 5%.
While there was an increased demand for white
church linens and linens used in the manufacture of paper,
the most important factor contributing to the increased
activity in the market was the heavy purchase of linens for
printing.
It was claimed that consumers have tired of
using substitute materials, such as printed cottons, and
have again exhibited a desire for printed linens.
Further¬
more, there have been fears over possible shortages developing
as a result of the bombings of Belfast and the destructions
of either finished goods or factories.
Burlaps ruled decidedly
sympathy with sharp gains at Calcutta.
The upward
Calcutta was attributed to improved shipping
schedules which forced shippers to rebuy supplies they had
sold in the belief that cargo space would be too limited
to accommodate the goods they had to ship.
Domestically,
firm in
trend
at
lightweights were quoted at 9.70c. and heavies at 12.85c.
The Commercial & Financial Chronicle
3676
State and
water works system revenue certificates of
due $400,000 in 1959 and $600,000 in 1960,
Halsey, Stuart & Co., Inc., New York, and
Muilaney, Ross & Co. of Chicago, jointly, as 2s, at a price of
100.31, a basis of about 1.975%.
1,000,000 Chicago,
awarded
314 N.
WIRE
1,000,000 Washington Suburban Sanitary District, Md., series W
water and sewer bonds sold to an account headed by R. S.
Dickson & Co. of Charlotte as 2.20s, at a price of 100.269,
a basis of about 2.18%.
Due yearly from 1942 to 1981, incl.,
and reoffered at prices to yield from 0.30% to 2.30%, accord¬
ing to maturity.
Broadway
ST. LOUIS
IN
MAY
principal feature of the municipal bond market in
month was the award by the City of Detroit,
Mich., of an issue of $51,157,000 refunding bonds.
This
was the largest operation ever conducted by the city and
accounted for practically half of the grand total of $111,122,530 of State and municipal financing effected in the
period. Furthermore, the city was able to dispose of the
issue on terms which reflected the lowest cost basis in its
history.
The deal was also important in that the method
of underwriting the loan represented an innovation in the
The
the recent
placement of municipal issues.
: i.
Upon the receipt of the award the successful group, which
comprised 12 banks and one investment bond house, invited
dealers throughout the country to subscribe for such amounts
of the bonds as they desired at a three-quarter point con¬
cession from the advertised retail offering prices.
Thus the
dealers were afforded an opportunity to participate in the
retail distribution of the bonds at a generous profit and
without assuming any of the responsibilities accepted by
members of the conventional syndicate account.
In addition to the Detroit issue, the majority of the other
important loans sold during May were
to
1,000,000 New Mexico (State of) 2M% highway debentures were
Due serially from 1954
purchased by the State Treasurer.
to 1956, incl'.
Founded 1890
DIRECT
111.,
indebtedness,
Stifel. Nicotaus & Co,Inc.
MUNICIPAL BOND SALES
1941
1,025,000 Ross Township Authority, Pa., 3M% and 3M% water
revenue
bonds purchased by Moore, Leonard & Lynch of
of Pittsburgh, and associates.
Of the bonds. $525,000 3Ms
mature serially from 1951 to 1976, incl., and $500,000 3 Ms
are due April 1, 1976.
Illinois & Missouri Bonds
CHICAGO
7,
City Department
Specialists in
105 W. Adams St.
June
in the refunding
Following is a record of the issues unsuccessfully offered
during the month.
Page number of the "Chronicle" is
given for reference purposes:
Int. Rale
Name—
Pane
3534
not exc.
aCamden, Ohio...
3230
Dallas County, Texas._
3535
cDecatur County, Tenn.
3379
x
3384 dKnox County, Tenn...
New Mexico (State of)
South Euclid, Ohio.._
3379
not exc. 4%
a
Port of Astoria, Ore...
3382
Wausau, Neb
x
Rate of
interest
3M%
x
....
3686
b New sale
$111,600
17,500
150,000
42,000
314,000
30,000
1,000,000
2,500,000
6,950
25,000
x
Fergus County, Montnot exc.
3533
Amovnt
6%
not exc. 4%
3532 bCut Bank, Mont..
3%
not exc.
_
1M%
x
was
announced
d Postponement of sale
Revort
Bids rejected
Not sold
Bids rejected
Sale postponed
Sale canceled
Sale postponed
Bids rejected
Bids rejected
No bids
Not sold
optional with the bidder,
a Issue reoffered on June 2.
c Sale delayed due to threatened litigation,
for June 23,
from May 20 to June 2 due to failure to receive notice of
Federal grant.
Short-term financing by States and municipalities during
May aggregated $138,585,506, the bulk of which was ac¬
counted for by the State of New York and various local
housing authorities.
The State borrowed $75,000,000 at
0.20% interest on notes dated May 20,1941, and due Nov. 21
1941.
The housing agencies disposed of $41,752,000 notes
The Chemical Bank & Trust Co.
at various interest rates.
of New York
again was an important factor in such financing,
having headed a group which purchased several issues totaling
$14,202,000.
.
.
.
Canadian
As a matter of fact, such borrowing was re¬
sponsible for $73,686,880 of the months' grand output of
$111,122,530.
Moreover, almost 50% of the grand total
of State and municipal bonds sold during the first five months
of the current year were issued for refunding purposes.
The
aggregate sales of $519,791,926 consisted of $262,673,508
of new capital issues and $257,118,418 of refunding emissions.
Although the grand output so far this year is well above the
corresponding total of $466,066,804 for 1940, the increase
has been largely in the refunding column, as will be seen
in the fact that such emissions amounted to only $228,903,593
municipal bond market was practically
throughout the month, new borrowing having been
limited to only $90,000.
Short-term financing in the amount
of $115,000,000 was effected by the Dominion Government.
in the initial five months of last year.
Que.
category.
The issues of $1,000,000 or more
sold during May
were as
follows:
Mich.,
$51,157,000 Detroit,
non-callable
series
G
bone®
refunding
awarded to a syndicate headed jointly by the Chase Nationa1
Bank of New York and the Northern Trust Co. of Chicago,
a
bid of par for $9,640,000 3M«, due 1943-1953, incl.,
$22,560,000 2Mb. due 1953-1958, $13,000,000 2Mb, due
1959-1961, and $5,957,000 2Ms, due 1962 and 1963.
Suc¬
cessful bid figured a net interest cost of about 2.639%.
The bonds were reoffered at prices to yield from 0.60% to
2.65%, according to coupon rate and date of maturity.
on
4,594,000 Sarasota County, Fla., 4% refunding bonds sold to R. E.
Crummer & Co. of Orlando at a price of 97.522, a basis of
about 4.25%.
Due serially from 1941 to 1965, incl. Optional
on
and after Oct.
1,
The
dormant
It
announced that the Government's third
was
Due March
the announcement of the formation of
1971.
In the
was
viewed
1951, incl.,
2,377,400 Daytona Beach, Fla., 3%, 3M% and3M% refunding bonds
sold to Clyde O. Pierce Corp. of Jacksonville at a price of
101.25, a net interest cost of about 3.43%.
Due serially
from
1941
to
1960, incl.
2,316.000 Lyndhurst Township, N. J., 3% refunding bonds sold to
a syndicate headed by Paine,
Webber & Co. of New York
at a price of 96.42%. a basis of about 3.48%,
Due serially
from 1942 to 1958, incl., and reoffered to yield from 1% to
3.30%, according to maturity.
1,750,000 Pittsburgh, Pa., improvement bonds taken by an account
managed by Glore, Forgan & Co. of New York, as lMs«
at a price of 100.345, a basis of about 1.46%.
Due annually
from 1942 to 1961, incl., and reoffered from a yield of 0.20%
to a
price of 99.
1,700,000 Dauphin County, Pa., new capital bonds sold to Stranahan,
Harris & Co., Inc., of Toledo, and associates, as lMs, at a
price of 101.819, a basis of about 1.11%.
Due serially from
1944 to 1966, incl., and reoffered to yield from 0.50% to
1.15%, according to maturity.
the initial
step
following table we furnish a comparison of all the
obligations put out in May for the last five
1941
1940
1939
*
$
1937
1938
$
$
$ '
■
111,122,530
50,067,852 101,548,623 93,150,722 51,219,386
Temp, loans (U. S.) 138,585,506 157,654,408 111,371,227 20,748,150 97,045,066
Can. loans (perm.)—
Placed in Canada.
90,000
68,838,139 141,812,036 141,614,969 116,022,673
None
None
Placed in U. 8
None
None
5,250,000
Perm, loans (U. S.)..
*
Bonds of U.S.Po88'ns
None
None
None
None
None
249,798,036 276,560,399 359.98L886 255,513,841 264,287,125
Total......
v^tupviai,
in™
laoucu
uj
x,.
City,
x.
none
in
IVlay,
1941,
$60,800,000 In May, 1940: none in May, 1939; none in May, 1938, and $21,000,000
in May,
1937.
The number of
municipalities emitting permanent bonds
made during May, 1941,
This contrasts with 295
and 369 for April, 1941, and with 290 and 348 for May, 1940.
For comparative purposes we add the following table,
showing the aggregates of long-term domestic issues for
May and the five months for a series of years:
and the number of separate issues
were 285 and 339, respectively.
•
Month of
Five Months
Month
For the
May
Year—
$111,122,530
50,067,852
$519,791,926
466,066,804
1921
1936
1935
78,274,868
1934
453,554,887
364,544,089
444,755,296
505,848,680
535,274,577
404,443,913
123,025,591
439,675,147
730.576,915
144,872,096
176,356,781
154,707,953
216,463,588
137,480,159
723,958,401
608,255,147
612,184,802
546.293,435
$95,088,046
1922
101,548,623
93,150,722
51,219,386
105,152,749
1909
1940
1939
1938
1937
1,450,000 Sussex County, Del., refunding bonds awarded to Halsey,
Stuart & Co., Inc., New York, as 1M s, at a net interest cost of
about
1.34%.
Due serially from 1943 to 1969, incl., and
callable beginning May 15, 1946.
Reoffered to yield from
0.40% to 1.45%, according to maturity.
1932
1931
174,998,521
1,220,000 Agricultural and Mechanical College of Texas, Texas,
3M% building revenue bonds, sold to Moroney & Co. of
Houston, and associates, at a price of 100.70.
Due serially
from 1943 to 1971, incl.
1927
1933
1930
1929
1928
1926
1925
1924
...
—
190,585,636
117,445.017
of
May
Year—
1923
1941
79,788,577
44,790,533
87,334,298
as
various forms of
.uviuuiug
2,500,000 Buffalo, N. Y., refunding bonds awarded to Smith, Barney
& Co. of New York and associates at a price of 100.089, a
>
debenture holders'
Montreal,
in a projgram
designed to rehabilitate the municipal debt structure. While
the city has defaulted on its term debenture maturities,
it has continued to pay interest on the matured issues and
meet serial maturities, according to report.
Officials of the
Province of Quebec eagerly await a correction of the default
by the city, as it affects the Province's financial position.
No United States Possession financing was undertaken
during May.
This
•
3,000,000 Westchester Cross County Parkway Authority, N. Y.,
revenue bonds sold to an account headed by Blyth & Co.,
Inc., of New York, at a net interest cost of about 1.6,5%.
Bankers reoffered the issue from a yield of 0.30% to a price of
97.50, according to coupon rate and date of maturity.
The
issue consisted of $1,800,000 1M% callable obligations, due
June
1, 1953, and $1,200,000 serials, divided as follows:
$500,000 3 Ms, due 1942-1946, incl., $100,000 2Ms, due in
1947, and $600,000 lMs, due from 1948 to 1953, incl.
basis of about 1.69%.
Due serially from 1942 to
and reoffered to yield from 0.25% to 1.75%.
a
years:
1950.
1,
loan,
committee to act in connection with the default by
4,000,000 Dad© County, Fla., 4 M% causeway revenue bonds publicly
offered by F. L. Dabney & Co. of Boston and Leedy. Wheeler
& Co. of Orlando, jointly, at a price of 105 and accrued in¬
terest.
war
amounting to $600,000,000, would go on sale June 2 and
that holders of $140,000,000 5% bonds maturing Nov. 15,
1941, could exchange them for the new securities at a price
to be announced later.
Of interest during the month was
106,878,872
—
63,442,294
For the
Five Months
*423,089,026
536,116.865
356,003,428
277,548,512
205,273,378
123,945,201
193,068,268
*235,908,881
1913
37,280,635
46,319,625
33.814,730
23,743,493
$29,006,488
42,691,129
34,133,614
83,234,579
613,897,001
1912
98,852,064
..196,803,386
519,680,721
1911
1910
33,765,245
18,767,754
27,597,869
25,280,431
15,722,336
14,895,937
195,791,550
648,612,959
1920
1919
1918
1917
1916
1915
1914
1908
1907
1906
^
213,952,380
303,153,440
179,403,040
143,476,335
145,000,867
137,476,515
93,957,403
80,651,623
Volume
In
the
The Commercial & Financial Chronicle
152
following
May: ■■■■','
show the various issues
we
'■
:
Amount
.
3377
Abbeville 8. D.. Ga
5
4H
L
——
"
v.
■
1,220,000
35,000
45,500
<*11,000
400,000
2,000
20,000
Alamogordo, N. Mex—1942-1951
1942-1944
3529 Alamosa Co. 8. D. 3, Colo.AZ—2H
-I
1942-1945
...
.!
.1.70 1942-1951
2%
1942-1966
3225 Alvo, Neb.———3
1942-1955
3228 Ambridge, Pa._
1H
1942-1958
3680 Aragon S. D., Ga
3H
1943-1959
—
0.70
..2
—
3059 Alexandria Bay, N. Y—v
3687 Alice, Texas
3535 Athens,
3H
Tenn
3534 Bainbrldge, Ohio
3532 Baudette, Minn. (2 Issues)..
3229 Bay City Ind. 8. D., Texas
1942-1954
..
3H
—---.-t
2H~3
1942-1961
3058 Benton County, Miss
-~3H
: „
3058 Bergen County, N.J. (2 issues)...1.20 1942-1951
2224 Beverly, Mass...
1
1942-1951
......
3058 Big Horn Co. 8. D. 17-H, Mont—2^
3534 Bladen County, N. C————3-3}£
3229 Bonham, Texas.——......_3
....
1955-1964
1943-1962
1946-1954
1941-1960
3230 Bountiful, Utah——
——3H
—^...3
3058 Brandon Con. S.D., Miss....
2H
3379 Bridgeton, N. J
...15*
3224 Brockton, Mass.
.0.75
3533 Brookhaven, N. Y. (2 issues).....1.20
3535 Brookville, Pa..
AH
3384 Brown County, Wis......^......1
3223 Bowling Green, Ky.....
1942-1953
1942-1946
1942-1953
1947-1949
1947-1948
Brown Co. Ind. S. D. 24, Minn.._l
1942-1946
Buffalo, N. Y
.1.70 1942-1951
Burlington, Vt_.
—AH
1942-1951
Burt, Iowa
5
1942-1950
Burt, Iowa.
.......—3H
1942-1961
Burt, Iowa
3%
1943-1959
Burt, Iowa
...2
1943-1950
Cairo Bridge Commission, 111...2-2H
1941-1950
Cairo Bridge Commission, III.....2%
,\. ••
1956
Cambria County, Pa
2
1951-1952
Canby, Minn.
1*4
Carsonville Sewer Dist., Mo
2H
1944-1961
Center, Colo
4
1944-1961
Center Twp. Sch. Twp., Ind—1H
1942-1952
Challis, Idaho
4
Chardon, Neb...
2H
—
3536
3377
3377
3377
3377
3055
3055
3229
3532
322 5
3376
3377
3680
3225
.
.
-
.
.
3062 Cheyenne,
Wyo
1943-1946
3382
Cheyenne, Wyo
2901
3054
2
Chickasaw County, Miss.
...5
Chickasha, Okla—
—...1H-2H
Cbireno 8. D., Texas—i
4
v
Clarksville, Texas
—V
Claxton 8. D., Ga
5
Coahoma County, Miss
1H
Coffee County, Ala..--2K
3679
Colorado State College of
3061
Columbia, Tenn
3060
Colfax 8. D., N.
3062
3536
3377
3058
—
Chicago, 111
— —
—
3532
1959-1960
1942-1955
1945-1956
........
....
........
1943-1948
1942-1956
Neb
3059 Crawford, Montgomery, Ac.,
3058 Crete, Neb..
— —
3533
Crookston, Neb
3230
Cuero. Texas
3056
Cumberland
...
1943-1966
.AH
8. D.
Y
Dade County, Fla.
3221
Dallas County, Ala—...—
3377 Dalzell, 111
—
.1.60
......AH
........AH
3534 Dansville, N. Y
2908
Danville, Va
3535 Dauphin County, Pa
3536
Texas.......
Dayton Ind. 8. D.,
Daytona Beach,
3224
Dearborn Twp. 8. D.
3532
De Graf,
3057
3057
Detroit,
No. 8, Mich.2-3
1942-1960
1943-1961
1943-1953
1953-1958
1959-1961
1962-1963
1942-1953
1942-1951
8,000
79,640,000
722560,000
713000,000
75,957,000
Minn
Mich—i
— —
3057
Detroit, Mich
3057 Detroit, Mich
.......3
2
Duluth Ind. 8. D., Minn......1.40-2
East Aurora, N. Y
...—1
East Chicago, Ind.............AH
East Grand Rapids, Mich
..AH
East Pennsboro Twp., Pa. .—...2H
East Spencer, N, C. (3 issues)
4H
Elkhart County, Ind..—
—A
Fairfax, Vt
2H
Fannin County, Texas......
2H
Devils Lake, N. T>ak....
3382 Dover, Ohio..
3225
3534
3530
3378
3229
3534
3222
3536
3230
-
—— -—
3061 Fleetwood, Pa
3530
Fort Wayne,
—
...
—
2H
1%
Ind
Franklin, Ohio
3535 Franklin, Ohio (3 issues).
3227
Franklin County,
3384
Franklin County,
3380
3536
A
3222
Gary, Ind
3533 Grand Island,
,
Neb..-..-.-....AH
Greeley, Neb.
- —
3383 Greene Twp. 8. D., Pa......
3226
1943-1956
1942-1951
1947-1960
1947-1950
1942-1956
1-20 yrs.
1946-1961
1966-1968
1943-1956
1943-1956
1942-1961
5 years
1953
114,000
120,000
40,000
10 years
7<*119,000
3221
3376
3057
3226
3377
3230
3688
2
.-2H
Gueydan, La..
4
Gunnison, Colo
...2H
Hagginwood San. Dist., Calif.....3-4
Hancock, Mich........
2
Hancock, N. Y..—--2H
Hanna City, 111
-4
Harris County, Texas
1%
Griswold, Conn...
—
Harris Co.
1943-1961
-
3379
3228
3230
Tri City
16.000
13,000
180,000
25,000
1942-1958
1942-1955
1942-1959
.
^75,000
-
200,000
747,000
8,000
7,000
750,000
1942-1966
1942-1950
1941-1948
1943-1956
1942-1961
45,000
3H
AH
1H
Ind..............AH
1944-1971
1942-1961
1943-1962
1942-1961
Va.......
3222 Indianapolis, Ind.... —........
3222 Indianapolis, Ind ........
3536 Huntington, W.
3681
Indianapolis.
3535
Ironton, Ohio. .sr—
3229
7158,000
30,000
7,000
1942-1951
1942-1948
1942-1961
1945-1951
1942-1956
Y
...
3062
Jackson, Tenn —
Jacksonville, Texas
3535
Jamestown 8. D., Pa....
3535 Java Ind. 8. D.,
2.66
100.6l"
1.42
......
8. Dak...
&
.-3H
1944-1952
1946-1951
1942-1958
1943-1951
1944-1961
7150,000
743,000
730,000
1942-1961
—1.60
1H
2H
-2
3
35,000
150,000
<*377,000
118,677
7310,000
250,000
,
75,000
16,000
45,500
—
105.21
2.79
1942-1951
1.65
100.06
0.98
..
—
1942-1947
12,000
25,000
796,000
103.17
100.60
1,43
r<*353,000
r<*235,000
<*47,000
<*135,000
1950
V
1958
1959
1941-1960
.1 H
100.20
1.49
100.20
1.49
'•
lH
....AH
75, Minn,..3H
3532 Kittson Co. 8. D. No.
100.32
32,000
30,000
2J4
—
— —
_
7224,000
1942-1946
2
— —
r$100,000
100.13
v
—
—
—
3688 Klickitat County, Wash
3382 Lakota,N.Dak._
3535
1943-1959
:
..2H
1942-1951
744,000
Lawrenceburg, Tenn.
—200,000
Lawrence School Twp., Ind
...AH
1942-1949
15,000
Lewis & Clark Co.S.D.No.l.Mont.l H
1942-1956
r<*75,000
Lewistown, Me
I.AH
1942-1951
100,000
Lewistown, Moat...............2 H
17,500
Lincoln County, Ark...
3H
1943-1959
<*75,000
Litchfield, Mich
2
1943-1971'
30,000
Lockport.N.Y..
1H
1942-1945
6,000
Long Prairie, Minn.
...AH
1942-1951
50,000
Louisiana (State oi).........lH-lH
1945-1947
720,000
Lowellville. Ohio (3issues).......2
■
1942-1949
9,765
Lower Merlon Twp. 8. D., Pa
1H
1944-1966 '
500,000
Lowndes County, Miss.
2H
—
100,000
Luana, Iowa
2
1942-1956
' <*11,000
Ludlow, Mass................ AH
1942-1950
18,000
Lyndhurst Twp., N. J.
.....3
1942-1958 72,316,000
McAlester, Okla............ 1?4-2
1944-1951
25,000
McLean, Texas.
........4
1942-1963 <*7133,000
Maine (State of)....
.......0.50 1942-1946
225,000
Maiden, Mass. (2 iss.)
1H
1942-1951
58,000
Maiverne, N. Y, (2 issues)......1.40 1942-1951
81,700
Manning, 8. C.
......3H
1942-1959
798,000
Massillon, Ohio...............AH
1942-1948
40,000
Marion, Ala
1
3H
1942-1967
7171,000
Matawan Twp. 8. D., N. J
i
.2%
1942-1961
66,850
Medford, Macs.
...AH
1942-1951
175,000
Mercer Co., N. J...
1 H
1942-1957
255,000
Mercer 8. D., Pa
1H
1942-1962
21,000
Merlden, Conn
1
1942-1951
200,000
Methuen, Mass. (2 issues)
1H
1942-1951
99,000
Milford, Pa
2H
1942-1948
<*7,000
Mitchell, 8. Dak
.2H
1943-1961
10,000
2904
Montclair, N. J
3377
3683
3532
3221
3224
3534
1.13
100.35
0.88
100.63
3532
3223
3228
100.35
100.04
3". 17
100.70
2.93
100
3.50
105.57
2.48
3229
3225
3531
3531
3533
10b".36"
1.69
100.02
0.74
100.03
1.19
105.86
1.61
100.43
0.93
100.14
0.95
100.08
1.69
100.65
1.38
100.05
4.99
100.12
3.73
100.25
3.71
100.12
1.98
3686
3230
3378
3378
3534
3535
3228
3528
2904
3057
3380
3061
3221
100
3057
100
101.08
1.89
101.18
100.55
2.20
lbb~.54"
1.41
4.00
100
—
—
3531
3061
........
—
—
—
2.19
3059 Morristown, N. J
100.16
1.48
3534 Mount
1942-1952
100.29
0.80
3059 Mount
3229 Mount
100.31*
1.97
3228 Mount
100
5.00
2.21
2.40
99.06
.A%
Vernon, N. Y...........3
Olive Twp., N. J--»-2H
Oliver, Pa
.AH
Pleasant, Ohio...----.--3
......
3055 New Britain, Conn
.....1H
3684 New Mexico (State of) .......---2^
3382 New Miami, Ohio....— ...AH
3226 North
3376 North
±H
......AH
.....2H
Arlington 8. D., N. J....-4
Haven, Conn...........AH
-
1.84
100.32"
2.22
3061
3228
3228
3057
1.59
100.15
3228
3230
1.11
101.81
3688 Pasadena, Texas
..........A
3224 Peabody, Mass _ _
'.'A. A
H
3061 Pennsular D. D. No. 1, Ore......4
1.93
101.25*
3.43
3227 Pine Hill F. D. No. 5, N.
100
2.639
3383 Pittsburgh, Pa
3224 Pleasant Ridge,
100
2.639
100
1.41
2903
lbo'ib"
2.21
3381
100.04
1.24
3381
-3
Ohio,,A
AH
Ohio
.—AH
Prairie Creek School Twp.,
1.98
3681
100.05
4.49
3536 Pulaski, Tenn...~v.
100.16
0.97
100.37
2.20
100.57
3229 Quakertown Borough
3379
3534
3226
100.46
3225
3381
3529
100.30
1.56
3532
3535
100.69
1.94
3230
10C .06
1.48
3225
3378
100.68
1.91
3055
100.70
1.89
3381
3536
3535
100
2.50
3058
100.002
3.01.
3381
100.30
1
100
91
100.007
1.94
3535
2.25
3056
5.21
3061
1.62
3532
3062
3227
100.13
1.44
3383
100.94
2.26
3057
100
2.84
3535
1.44
3377
100.42
Auth., Pa. AH
AH
111..
AH
Richland Co. 8. D. 5, Mont,.....2.20
Robeson County, N.C-.i...
1^-2
Rochester, N. H. (3 issues)
.AH
Rock Hill, Mo
...AH
Rickingham County, N. C... —. A
Rogers, Ark_.
—-—3
Romulus Township, Mich
AH
Ross Twp. Auth., Pa. (2 iss.) 3^-3^
Rusk County, Texas—........-I
St. Louis Park, Minn
...... AH
...
Centralized
Pauls
H.
8.
— —
—
—
Storden,
AH
Ohio..............1H
Ohio
3060 Steubenville,
Minn.
101.92
1.30
3532
100.41
1.21
3229 Summerhill
100.51
1.20
3221
100.09
1.59
3382 Sycamore
--
—
Township, Pa—
3
Sunnyslde, Calif. (2 issues) — ...AH
3221 Sussex County, Del. (2 issues)....1H
S. D., Ohio;
2
3222 Tazewell Co. H. 8. D. No. 308,111.2
3062 Three Rivers, Texas
—
AH
99.73
1.80
99.33
2.57
101.54
1.84
Oftuu
3.00
3375
Tu^o'nS.
100.86
101.20
1.35
102.18
1.54
100.47
0.91
100.66
1.10
100
2.50
100.50
2.14
1.63
100.03
1.83
100,88
1*34
100.38"
0.89
101.16
1.37
100.68
1.69
100
'
3.00
100.29
2.19
101.57
1.62
100.41
2.90
1.72
102.71
1.02
100.41"
101.04
1.14
103.37
3.17
103.18
3.66
100
4.25
100.96
1.38
7476,000
8,000
125,000
20,000
> 157,400
9,000
101.90
2.11
100
4.00
100.18
1.10
100.15
1.96
100.17
1.18
100.41
1.13
100.25
1.18
100.79
1.34
100.29
0.93
100
1.20
100.07
1.27
100.38
2.45
100.15
1.22
IOO.43"
1.92
2.33
14,000
100.34
100.34
1.46
10,000
100.64
2.13
100.48
1.95
....
.
7,600
47,500
7,500
100,000
.
1942-1966
.........
1942-1959
1945-1981
1943-1960
1942-1956
.........
1943-1966
1943-1953
--------
1943-1958
1942-1959
1945-1970
1951-1976
25,000
99.66
100.52
1.16
100.31
0.64
100.28
7150,000
175,000 100.28
3,500 100.42
70,000
<*320,000 l"0~0~.32"
100.34
250,000
<*300,000 101.19
5M00 100.19
100,000 100.01
100
36,500
11,000
80,000 100.13
18,000 100
335,000 102.71
<*1,025,000
1942-19ol
d50,000
70,000
1944-1955
39,000
1946-1956
55,000
1941-1965<*74,594,000
19f2-1961
1942-1958.,
1942-1950
.........
1942-1944
1946-1953
1942-1961
1942-1951
....
1943-1959
1944-1953
1945-1964
1942-1951
1943-1956
41,000
15,000
22,000
^0,000
10,000
7120,000
590,000
30,000
7168,000
200,000
10,000
15,000
50,000
12,000
722,000
1942-1951
100,633
1942-1951
135,000
1943-1962
12,000
1942-1944
2,400
1942-1981
108,000
1943-1973 71,450,000
100.30
100.67
1.06
1.06
1.67
2.22
1.22
1.60
2*04
1.50
1.99
4.23
0.83
1.38
.
100.72
1.67
97.52
4.25
100.13
1.17
109.81
1.89
100.44
1.22
100.11
100.05
1.17
101.17
2.51
100
2.50
100.83
1.69
100.01
102
100.41
2.44
100
3.00
100.13
1.22
101
1.87
100.45
100.01
1.47
1.24
it101.36
—
*^ 2.40
1.34
100.47
1944-1957
140,000
160,000
£5,000
1942-1951
450,000
100
.........
Tintra
100
1.16
"""2". 47
k
C
-
3382 Springfield,
100.38
D.
2H
Salisbury,
Md
...AH
Sarasota County, Fla. (2 issues)..4
Saratoga. N. Y..
— 1.20
Saukville, Wis
— ....3
Scroto County, Ohio
....AH
Scottsbluff, Neb.
—
-AH
Seaford Fire District, N, Y... —1.20
Seaside, Ore.
........... AH
8ioux City, Iowa....
2H
...AH
Sharpsburg 8. D., Pa....
Sheridan County, Mont.........3
Slnton,
Texas....
— .—....A
Smithfield, N. C
2H
Snake Spring Twp. 8. D., Pa....3
Somerville,
MaM..............IH
South Shenango Twp. 8. D., Pa..2
Sparks-Adel 8. D., Ga- ——5
No. 23, 8.
1.38
3.75
1,750,000
lnd...lH
..AHA
Reading, Ohio
3384 St.
1.07
100
1942-1951
= .
1942-1951
Portsmouth, N. H-.._,
.,...0.75 1942-1946
Poughkeepsie, N. Y_.
.......1.10 1942-1958
Poughkeepsie, N. Y (2 issues)
1.10 1942-1952
3530 Quincy,
0.47
100.11
1942-1961
Mich.........-AH
102
3382
100.79
1.35
25,000
715,000
1942-1951
1942-1951
3379 Plymouth, Neb
3382 Portage Co.,
1.675
100.08
1.32
10,000
.........
3060 Plymouth 8. D.,
3532 Poison, Mont
1.82
100.43
5,000
45,000
7106,000
560,000
422,000
15,000
7,100
5,000
720,000
70,000
-
......2
....AH
3226 Pierce, Neb
3".bo
2.639
2.639
2.50
101.22
101.58
•
,1942-1951
Y....-2.40
3535 Pickens Co., 8. C
100
100
100
1.11
100
7112,500
1942-1956
1953-1962
1942-1946
1943-1956
1942-1946
1942-1946
Oberlin, Oh\o.........1942-1950
Oil City, Pa
1
1942-1948
Oklahoma City, Okla..
,....1.20 1944-1951
Oklahoma City, Okla.. .....1^-11^
1944-1951
Orchard Lake, Mich..,
—2H
1942-1956
Osborn, Ohio.
— AH
1942-1951
Palouse, Wash..
2
2-10 years
1.46
100.46
2.00
100.18
727,000
7279,000
75,000
1943-1951
1942-1960
C-.......2
Y-.....1.20
3534 Norwich 8. D. No. 1, N.
3060
102.31
100
12,000
3535 Norwood, Ohio................AH
3535 Norwood, Ohio....,
......... AH
100
1.37
100,000
110,000
1,000,000
16,000
500,000
—-
.
3227 North Wilkesboro, N.
1.35
100.06
100.36
38,000
.....
3230 Newton, Texas
3532 New Ulm, Minn....
3062 Norfolk, Va
1.56
,
3529 New Castle Co., Del..__.......AHA1942-1961
3226 New Milford, N. J......
..AH
1953
3533 New Milford 8. D., N. 3 ....... A
■ ■ V;
1.99
101.82
25,000
56,000
55,000
7144,000
302,000
20,000
35,000
8,500
1942-1951
1946-1961
1942-1960
1942-1956
1942-1946
1942-1961
1943-1951
1954-1956
3681 Munster, Ind
3377 Munster School Town, Ind....-. -1H
3384 Nashville, Tenn
........... AH
2.67
102.28
1.25
100.79
^ 1942-1947
100.78
100.26
3.35
100
1942-1951
1944-1957
1950-1957
1.42
2.75
...2H
Montgomery Co., Ohio.
1.57
100
V.20
100
100.11
101.70
100.37"
100.27"
101.15
101.10
3384 Montgomery Co., Tenn
3531 Montgomery Co., Ind
...A
3383 Moon Twp. S. D., Pa. ........-1H
1.57
V.24
18,000
7675,000
'
2.85
"
2.75
lbb'.oe"
182,000
150,000
1
101.01
102.22
100
1942-1960
1942-1961
....AH
1^-5
3054 Monterey Co., Calif
3058 Montevideo, Minn
3228
Basis
Price
1942-1951
Twps.,
—,
Amount
D.,
......AH
Portage
(Stateof)3681 Kentucky
(Stateof)...
3536
Fresh Water
Miss.......A-2H
Hickman County, Tenn.
2H
Hill County S. D. No. 13, Mont..2V%
Hood River County 8. D., Ore.— 1H
Houston County, Texas
...2H
3380 Irving ton, N.
100.63
22,000
Supply Dist., No. 2, Texas
3225 Harrison County,
3229
1.68
7,500
17,000
- —
issues)
1%
3531 Griffith, Ind..—... — — —2
3530 Griffith School Town, Ind...
2
3681
47,500
'721,300
745.000
200,000
20,000
<*289,000
4,500
20,500
7104,000
48,000
1942-1959
1942-1946
1942-1956
3058 Greenville, Miss. (2
3221
10,000
10.000
7530,000
21,700
7319,000
762,000
30,000
1942-1951
Tenn—.....AH
Tenn........AH
Freeport, N. Y. (2 issues)....... 1.60
Freeport Ind. 8. D., Texas.
2
3384
100.11
7120,000
3
..........3H
2%
J2H
2#
Detroit, Mich....
3534
60,000
1941-1960 72,377,400
....
..
Fla..........3-3%
3221
0.68
,
1942-1961
189,000
1956
rd71,830
1941-1978 A t37,500
39,000
1952-1963
300,000
1971 4,000,000
1943-1962
7100,000
33,000
1942-1967
52,000
1942-1966
250,000
1944-1966 1,700,000
IX
2H
-2-2H
issues)......2
........AH
.—2H
Md. (2
100.04
Maturity
ChissA.No. 33, Idaho.....1M-1?<
Kalamazoo
3384 Kenosha, Wis..
3681 Kentucky
525,000
'
—. —
3055
783,000
425,000
18,000
7141,000
1942-1953
1943-1970
1942-1959
Conrad, Mont
3225 Consumers Public Power District,
No. 1, N.
795,000
8.
Cos.,
3383 Johnstown, Pa...
3532 Keewatin, Minn
3058 Kenneth 8. D., Mo
100.70
Educa¬
...2 H
2^-4
Dak.........-.-2^
2%
tion, Colo
25,000
20,000
15,000
6,000
<*69,000
133,000
200,000
130,000
10,000
1,000,000
1
38,000
85,000
720,250
15,000
721,200
\ 29,000
1943-1967
1942-1957
——1H
H
3688 Chesterfield County, Va
1
1943-1961
issues).......1^
D., N. J__
2H
3058 Chatham 8.
3535
<*125,000
1943-1954
3225 Chatfield, Minn. (3
3058
75,000
r7,000
140,000
25,000
r46,000
26,000
'12,500
<*150,000
20,500
292,000
110,000
r98,000
rl59,000
<*60,000
r<*66,800
71,000
25,000
59,000
130,000
94,625
18,000
225,000
r25,000
r2,500,000
i ;
50,000
9,362
<*4,000
V
<*2,000
4,000
r710,000
r<*860,000
7400,000
40,000
70,000
-
10, 8. C-...3
3229 Charleston Co. 8. D.
Lincoln
—
•
—
3533 Albany County, N. Y_.
3379 Alexandria, Minn
—-
&
Rate
S.D.No.6,Mich. ——^.1
3062 Kaysville, Utah
!
r22,500
1943-1971
........AH
of Texas, Texas
3536 Agua Dulce, Texas—
r$21,500
i
....
3536 Agricultural & Mechanical College
2904
Basis
Price
3378
Abbeville, Ga
3677
Name
3530 Jerome
:
Maturity
Rate
Name
3377
3225
during
Pa0e
oooo
Page
3533
sold
rzu.UOU
D.No.l.AHz
-1^-3
1.28
The Commercial & Financial Chronicle
3678
Maluritv
Rale
Name
l'aoe
3531
1^-5
2Vx
..Ah.
Unadllla, Ga
d'A
University of Illinois, 111
2-2 A
Utlca, N. Y. (4 issues)
1
Valdese, N. C
2X-2H
Vanzandt Co. R. D. 7. Texas
2A
Verdon, Neb
2%
Vermilion Parish, La—
3631
1942-1960
1942-1945
1943-1946
Vermilion Parish, La
Tulare County, Calif
3221
3221 Tulare County, Calif
3688 Two Rivers, Wis
3377
3530
2905
3381
3062
3226
1941-1954
1942-1951
Price
Amount
1.83
100.28
2.38
1.12
380,000
100.29
0.94
25,000
50,000
13,200
100.30
2.57
1944-1961
1942-1965
2.09
102.33~
2.66
rl3,000
32,000
14,400
16,000
rl30,000
2.75
100
2-2A
Wallington, N. J
2.70
Ward Co., N. Dak
2*A
Warren & Henderson Cos. S. D.
No. 133, 111
>..1.80
Washington Suburban San. Dist.,
1944-1958
1942-1953
1943-1957
1944-1959
76,000
100.02
1.79
2.20
1942-1981
1,000,000
100.28
2.16
1942-1956
1943-1960
1944-1955
d25,000
100.90
1.83
60,000
3,200
29,638
30,000
101.22
1.63
3228 Wakita. 8. D., Okla
3533
3060
3222
3224
Md
2
1H
Pa_..2K
3379 West brook, Minn
2%
3228 West Milton, Ohio
2
3381 Westchester Cross County Park¬
way Authority, N. Y
IH
3229 Webster, 8. Dak
Webster City 8. D., Iowa
3531
3383 West Shenango Twp. 8. D.,
County
2.60
102.32
Cross
Westchester
in
ing out of the attempt of Union City, N. J., to levy taxes
Authority. The Court
purchased by the Port for construction
of bridges and tunnels but not directly used for such projects
was
still exempt from real estate taxation.
It is stated
that 11 small parcels of property in Union City were involved.
1.86
100
1.65
Port of New York Authority—Petition
100
1.65
100,000
100
1.65
Immunity of Bonds—The immunity of the bonds of the Port
of New York Authority from Federal taxation was defended
100
1.65
in
,
—
1948-1953
2A-2A
3378 Wichita, Kan
1
3378 Wichita, Kan. (21ss.)
1
3228 Windham, Conn.__
1%
3224 Woburn, Mass
134
3629 Wray, Colo
2X
2905 York, N.Y
——1%
3635 Yukon 8. D. No.27, Okla. (3 lss.).2
3377 Zlonsvllle, Ind..
2
1944-1954
1942-1951
1942-1951
1943-1954
1942-1951
1942-1948
1942-1971
1944-1958
1943-1952
600,000
15,000
r99,100
64,000
175,000
2.36
1.00
before the United States Board of Tax
100
1.00
ton
100.46
1.38
100~38_
V.73
2.00
„
.
k Not Including $138,585,506 temporary loans or funds obtained by
agencies of the Federal Government,
r Refunding
'•
.
tables:
3062
3230
3384
3060 Jones City, Okla
3230 Wimberly 8. D. No.
Price
The Shamberg case is one of seven cases initiated by the Treasury as test
The other six Port Authority bondholders have paid the tax assess¬
awaiting the outcome of the Shamberg case.
In a statement issued today, Chairman Frank C. Ferguson of the Port
Authority, said that "the Commissioners of the Port Authority have directed
their General Counsel to undertake the legal defense of these cases in view
ment under protest,
Basts
d50,000
<295,000
r72,000
30,000
100.11
1.23
100.77
2.57
100
4.00
100.24
3.97
25 years.
1943-1960
100
6.00
10 years
15,000
100
3.00
10,000
100
1942-1960
20,000
15,000
100
3.50
100
3.00
30 years
12, Texas...3
All of the above sales (unless
104,000
15,000
2.50
1942-1951
1945-1959
6
Texas..3
Texas...3
3A
otherwise indicated)
3.00
are
for
April, 1941.
These additional issues will make the total
sales (not including temporary or RFC and PWA loans) for
that month $100,640,538.
DEBENTURES
SOLD
BY
CANADIAN
3230
...
Amount
*35000,000
*40000,000
*40000,000
1942-1961
90,000
—
....4
Vlctoriavllle, Que..
MUNICIPALITIES
Maluritv
Rate
Name
3062 Canada (Dominion of)
3384 Canada (Dominion of)
3688 Canada (Dominion of)
Page
sold In May...
Temporary loan; not Included In total for month.
Total long-term Canadian debs,
*
IN
Price
MAY
in part as follows from an
Tallah assee on May 31:
"(1) That at the time of the original issue of Port Authority bonds,
Hon. Charles E. Hughes had expressed the opinion that the bonds would
be exempt from Federal taxation, and that similar
been expressed by General Counsel and by Bond
opinions had subsequently
Counsel;
"(2) That the establishment of Federal power to tax future issues of
Port Authority bonds would substantially increase the financing costs of
future port development projects;
"(3) That the ultimate objectives are avowedly to bring Port Authority
revenues and all similar State and municipal revenues within the tax control
of the Federal Government; and
"(4) That the cases inevitably involve the independent functioning of the
Port Authority and of the States and municipalities themselves as instru¬
ments of local self-government, rather than as centrally controlled Federal
departments and visions."
The petition now filed points out that the payments which the Federal
Government seeks to tax involve loans to the States of New York and New
Jersey
through
the Port Authority, to carry out definite governmental
purposes of the two States in the
its interstate highway systems.
development of the Port of New York and
In his petition Mr. Shamberg alleges that
the loans he made to the Port Authority in exchange for its bonds were
Basis
advanced in reliance upon advice that the income would be immune from
Federal tax under the Constitution and, indeed, that it was expressly
exempted under existing Revenue Acts.
That because of this, bondholders
induced to make loans at lower interest rates than they
were
....
would or¬
dinarily have received from corporate investments of equal soundness.
The petition alleges that if the Federal Government be permitted to tax
State bonds it will have the power to control the borrowing power and the
fiscal affairs of State and local government.
This, it is asserted, would be
beyond the Constitutional powers of the Federal Government.
In his statement announcing the filing of the petition, Chairman Ferguson
said that the constitutional implications of the case and its inevitable effect
upon the future relations of Federal,
State and local government had
aroused widespread interest among State and municipal officials through¬
$90,000
News Items
Florida—House Orders Bond
of the facts:
100
3230 Spurger H. 8. D, No. 12,
3230 Wellington, Texas
Price
100
100
1942-1951
1942-1957
IA
Hlllsboro, Texas
2A-2%
Hudspeth Co. 8. D. No. 1, Texas.4
Jelllco, Tenn. (March)
—4
Ind
3536 Three Rivers Ind. 8. D„
Amount
1942-1966
3230 Grand Prairie 8. D., Texas
3056 Henry County,
Amount
$70,000
2A
Barbers Hill 8. D„ Texas
3229
Maluritv
Rale
Name
Page
behalf of Alexander J. Shamberg,
cases.
^'•>'
..
on
with the announced
of securing a reversal of long standing decisions of
the Supreme Court and, by such reversal of precedents,
establishing a full Federal power to tax all State and muni¬
cipal securities.
previous months and were not previously recorded in
our
filed
purposes
We have also learned of the following sales which occurred
in
was
initiated by the Treasury last March
■
States and municipalities from
bonds.
petition
holder of Port Authority bonds and also one of the Com¬
missioners of the Port Authority.
The proceeding was
1.95
100
,•.
The
a
100.32
24,600
4,000
June 5.
on
1.31
101.04
rd45,000
200,000
(285 municipalities,
covering 339 separate issues)
£1111,122,530
petition filed by General Counsel of the Port Authority
Appeals in Washing¬
a
100.01
100
60,000
Total bond sales for May
Optional,
Filed Defending
600,000
1947
2A
-
property purchased by the Port
on
held that real estate
1942-1946
Park-
County
Authority, N. Y
3060 Whitevllle, N. C-way
Authority—New Jersey Real Property
Exempt—The Supreme Court of New Jersey ruled
favor of the above Authority on May 17 in a case grow¬
Held Tax
"
101.04
1953 dl,800,000
3#
Authority, N. Y
way
3381
101.15
Port of New York
2.67
Park¬
Cross
Westchester
Westchester
way
1942-1955
100.22
Park¬
Authority, N. Y
Cross County
3381
3381
d
100.03
100.43
$175,000
4.000
13,000
r24,000
921,000
June 7,
insufficient and the small cushion
of surplus will be wiped out very quickly.
If Congress reduces the Presi¬
dent's reduced request for relief, the revenues will fall far below relief needs.
"Another bih introduced by me today is drawn in conformity with
Chapter 199 of the Laws of 1941.
It imposes a tax on general and financial
business conducted in New York City in half the amount formerly imposed
for relief.
The Legislature gave the city the right to impose this tax in
exchange for the loss of the bank tax taken away by the State for 8tate
purposes.
The bank tax yielded on an average of $6,000,000 a year to
the city; the business tax is estimated to yield a similar amount.
The de¬
privation of the bank tax is permanent.
The right to impose the busi¬
ness tax is only for three years."
carried out, the estimated revenue will be
Basis
out the country.
Refunding Probe—We quote
Associated Press dispatch out of
"We have already been advised," he said, "that the Attorneys General of
of the States, and nationwide associations of Mayors, State and
municipal finance officers and city attorneys will ask permission to inter¬
many
vene."
Five members of the Florida House of Representatives
will be designated
Speaker McCarty to conduct a sweeping two-year investigation of
"abuses" in city and county bond refundings.
The House voted 57 to 13 today to authorize the legislative study of the
by
between refunding agents and officials of cities and counties,
Representative Lewis of Gulf had asserted such an investigation
have saved Florida taxpayers millions of dollars "if it had been
ordered 10 years ago."
As adopted, the resolution instructs the committee to try to learn whether
refunding agents "stood to profit by his or its manipulation of bonds or
interest coupons."
The resolution was sponsored by Repsresentativec
v 'lement of Pinellas and Simpson of Jefferson.
relations
after
would
In concluding, Chairman Ferguson also noted the comment of Mayor
LaGuardia, new Director of the Office of Civilian Defense, at the recent
Port preparedness luncheon, that,
"...
this is no time for the Federal Government to cause irritations
by seeking to tax municipalities or other subdivisions of the State.
.
.
.
That being so, I should think, at least for the period of the emergency, all
attempts to tax
municipal securities,
.
should be postponed.
As I said once before, to a committee of the Senate, the idea of
taxing these securities might have been thought of 150 years ago.
But it
wasn't.
It was quite clear then, that one government shouldn t tax the
other. And now, of all times, is the wrong time to make a change."
.
.
■
.
.
United
Illinois—Cigarette and Oil Tax Bills Signed—Governor
1) wight H. Green has signed bills levying taxes of 2 cents
a package on cigarettes and of 3% on oil produced in Illinois.
These taxes now will become effective on July 1.
The
cigarette tax is estimated to yield $10,000,000 annually for
the State Treasury and the 3 % levy on receipts from Illinois-
produced crude oil has been estimated at $3,400,000 a year.
New
York,
N.
Council—Four bills
Y —Relief Bills
to
of $68,075,000 Offered
the coming fiscal
finance relief for
amounting to $68,075,000 were introduced in the City
on June 3 by Newbold Morris, the president.
The
revenue is to be used to enable the city to pay relief costs out
year
Council
of current income.
President Morris Introduced another bill calculated to raise $6,000,000.
general and financial business.
The right to im¬
this business tax is limited to three years.
Tbe bills were referred to
It provides for a tax on
pose
the Finance
Committee of the Council.
"The 'pay-as-you-go' program for financing relief necessarily must be
continued," President Morris said in explaining his bill.
"The four bills introduced today are in the nature of substantial reenactments until July, 1942, of similar sales, use, utility and conduit com¬
pany taxes enacted by the Council last year and in former years.
The
yield of these four taxes for the ensuing year, based upon experience, I
estimate at $68,000,000, as follows:
Sales tax
Use tax
...
...
......
...
$59,000,000
1,650,000
7,000.000
425,000
Utility tax.
Conduit company tax
$68,075,000
Total
"This amount will somewhat exceed the estimated cost of relief for the
ensuing year.
If the threatened
cut
in Work Projects Administration is
States—Congressmen Assail Plan to Increase
Tax—Representative Overton Brooks of Louisiana,
warned on June 2 that an excessive Federal gasoline tax
would "jeopardize" State road programs.
Gasoline
Speaking in reference to the proposal before Congress to increase again
the Federal gasoline tax, Representative Brooks declared that "the gaso¬
line tax has become the most important single tax of the States.
No other
tax provides as much revenue to the State treasuries.
remembered that gasoline tax revenues originally were
way financing purposes,
the States."
The fact must be
intended for high¬
responsibility of
and highways are primarily the
He said many States rely completely on automotive taxes
ment of road systems and payment or interest and principal
for develop¬
on highway
bonds.
Representative Martin F. Smith (D., Wash.), commenting on the same
subject, today said Congress "must consider carefully basic theories of
taxation and weigh painstakingly effects of proposed taxes on the economic
well being and morale of the people."
20 States Now Make Jan. 1 Annual Assessment Date—When
the Oregon Legislature this year adopted Jan. 1 as the new
date for State assessments, it continued the trend toward a
uniform property tax assessment date now used by 20 States,
the National Association of Assessing officers reported on
June 5.
Eight States have changed to first-of-the-year assessments since 1928.
Oregon, these States are Mississippi (1928), Arkansas (1929),
(1931), Massachusetts (1935), Washington (1937), and Maryland
and North Carolina (1939).
Although the assessment date does not necessarily mark the exact time
when assessors begin work on the current year's assessments, it determines
one or more of three
things:
ownership on the assessment date almost
invariably decides who is liable for taxes; the amount at which the property
is assessable usually depends upon its value on the assessment date; and if
the property is movable and tangible, its location on the assessment date
often determines what tax districts may levy taxes on it.
Besides
Ohio
Volume
The Commercial & Financial Chronicle
152
3679
By making their assessment dates uniform, the Association said, the States
help to prevent tax evasion through the movement of property across State
boundaries at assessment season.
For example, property might be held on
Jan. 1 in a State with a Feb. 1 assessment date, then moved into a State with
a
ARIZONA
Jan. 1 date before the end of the month.
A second advantage of the
assessment date is that it coincides in most cases with the
beginning
taxpayers' new accounting year.
With three exceptions—Idaho, Iowa and Utah—the States using a Jan. 1
Jan. 1
BONDS
of the
Markets in allMunicipal Issues
assessment date are either States with warm or moderate winters or States
whose residents are engaged
predominantly in industry rather than agri¬
culture, the Association said. The complete list of these States is: Arkansas,
Florida, Georgia, Iowa, Louisiana, Maryland, Massachusetts, Mississippi,
New Mexico, North Carolina, Ohio, Oklahoma,
Oregon, Pennsylvania,
South Carolina, Texas, Utah,
Virginia, Washington and West Virginia.
The City of Baltimore and four counties are
exceptions in Maryland,
while Ohio uses Jan. 1 for
personal property assessments and the second
Monday in April for realty.
Pennsylvania uses either Dec. 31 or Jan. 1 for
most
real
REFSNES, ELY, BECK & CO.
PHOENIX, ARIZONA
~
ARIZONA
personal property assessments and has no definite assessment date for
estate.
„
United States Housing Authority—Local Units Offer
Bonds—Further participation of private capital in the perma¬
nent financing of the slum clearance
program of the United
States Housing Authority is invited by 19 local housing
authorities through the offer at public sale on June 17 of
20 issues of series A bonds totaling $7,855,000.
Bidders
/
p
requested to enclose with their bids (although not as a
part thereof) computations showing, on the basis of the bid (including the
premium, if any) the aggregate of the annual interest requirements for the
bonds being offered for sale, and also showing (on the same
basis) the in¬
terest cost of ail of the bonds offered expressed as a percentage carried out
to at least four decimal
places.
Compliance with this request on the pare
of the bidders would make it possible to remove
delays in the determination
£r*-r.—BOND SALE—The following bonds
?7« i?
t' ?rf.f?r.ed Cor sale on June 2—V. 152, p. 3054—were awarded to
KirbyL. Vidrme & Co. of Phoenix, according to the City Clerk:
$62,000 water works improvement of 1941 bonds.
Due on July 1 in 1942
to
16,000
1961 mcl.
sewer
'
improvement bonds.
Due
1957 incl.
The second highest bid was submitted
Phoenix.
.
.
$1,000
on
July
X in
1942
to
by Refsnes, Ely, Beck & Co. of
,
ARKANSAS
are
of the lowest bid and in the award of the bonds to the successful bidder.
In the event that prior to the delivery of any of the bonds
aggregating
ARKANSAS, State of—BOND CALL—It is announced by Homer M.
Adkins, Chairman of the State Refunding Board, that all
outstanding 3%
semi-annual road ^strict
refunding, series A, bonds, numbered from 1 to
52,909, aggregating $37,119,525,
at par and accrued
Jan.
1, 1934.
Due
1
are being called for payment on July 1
interest at the First National Bank, St. Louis.
Dated
on Jan. 1, 1949.
being offered
for sale the income received by private holders from local
housing authority
bonds is made taxable by the terms of any Federal income tax law enacted
after the date of the sale, the successful bidder may, at its
election, be re¬
lieved of its obligations under the contract to purchase the bonds.
The bonds being offered are described as follows:
CALIFORNIA
CONTRA
BOND
COSTA
COUNTY
(P. O. Matinei), Calif.—SCHOOL
SALjE—The $70,000 Acalanes Union High School District semi-ann.
building and improvement bonds offered for sale on June 2—V. 152,
3376—-were awarded jointly to Blyth & Co., Inc., and Brush, Slocumb
Co., both of San Francisco, paying a premium of $21, equal to 100.03, a
net interest cost of about 1.785%, on the bonds divided as follows:
$5,000
as 3 Ms, due in 1945, and
$65,000 as
due $5,000 in 1947, $10,000,
1949, $5,000, 1950 to 1952, $10,000, 1953, $5,000, 1954, and $10,000 in
p.
S39,000 Beverly, N. J.
Due Jan. 1, 1942 to 1958.
Legal opinion of
Caldwell & Raymond of New York.
142,000 Biloxi, Miss.
Due Jan. 1,1942 to 1961.
Legal opinion of Reed,
Hoyt, Washburn & Clay, of New York.
■.
986,000 Bridgeport, Conn, (first issue).
Due Jan. 1, 1942 to 1961.
;'
365,000 Second issue.
Due Jan. 1, 1942 to 1961.
Legal opinion of Thomson, Wood & Hoffman of New York.
20,000 Brownsville, Texas.
Due Jan. 1, 1942 to 1959.
Legal opinion
of Chapman & Cutler of Chicago.
486,000 Charleston, S. C.
Due Jan. 1, 1942 to 1961.
Legal opinion
of Reed, Hoyt, Washburn & Clay of New York.
23,000 Daytona Beach, Fla.
Due Jan. 1,1942 to 1958.
Legal opinion
of Caldwell & Raymond of New York.
35,000 Hopewell, Va.
Due Jan. 1, 1942 to 1958.
Legal opinion of
Reed, Hoyt, Washburn & Clay of New York.
110,000 Hattiesburg, Miss.
Due Jan. 1, 1942 to 1961.
Legal opinion
of Caldwell & Raymond of New York. '
\
95,000 Jackson, Tenn.
Due Jan. 1, 1942 to 1961.
Legal opinion of
Caldwell & Raymond of New York.
408,000 Lowell, Mass.
Due Jan. 1, 1942 to 1961.
Legal opinion of
Thomson, Wood & Hoffman, of New York.
116,000 Marietta, Ga.
Due Jan. 1, 1942 to 1961;
Legal opinion of
of Reed, Hoyt, Washburn & Clay of New York.
449,000 Nashville, Tenn. Due Jan. 1, 1942 to 1961.
Legal opinion of
f
Caldwell & Raymond of New York.
196,000 New Britain, Conn.
Due Jan. 1, 1942 to 1961.
Le^il opinion
of Reed, Hoyt, Washburn & Clay of New York.
3,473,000 New Orleans, La.
Due Jan. 1, 1942 to 1961.
Legal opinion
of Thomson, Wood & Hoffman of New York.
205,000 Phenix City, Ala,
Due Jan. 1, 1942 to 1961.
Legal opinion
of Reed, Hoyt, Washburn & Clay of New York.
248,000 Phoenix, Ariz.
Due Jan. 1, 1942 to 1961.
Legal opinion of
Reed, Hoyt, Washburn & Clay of New York.
116,000 Spartanburg, S. C.
Due Jan. 1, 1942 to 1961.
Legal opinion
of Reed, Hoyt, Washburn & Clay of New York.
177,000 Waco, Texas.
Due Jan. 1, 1942 to 1961.
Legal opinion of
Caldwell & Raymond of New York.
166,000 Wheeling, W. Va.
Due Jan. 1, 1942 to 1961.
Legal opinion
of Caldwell & Raymond of New York.
v
,,
Bidders for local
are
housing authority series A bonds now being offered
required to bid the rate of interest to be borne by the bonds and award
will be made
on
the basis of lowest interest cost to the issuer.
For
a
&
1955 and
setting forth the characteristics of local housing agency bonds
as well as the conditions on which the annual
paid to the issuers by the USHA, bidders are
referred to the Resolutions and the Assistance Contract.
Copies of such
instruments and other data relating to the bonds, are available upon request
to the Secretary of each local housing agency or the United States Housing
Authority, Interior Building North, Washington, D. C.
COUNTY
(P.
O.
EI
Centre),
Calif.—SCHOOL
BOND
County Treasurer s office.
All coupons dated prior to but not including
that payable on Aug. 20, 1941, will be canceled prior to delivery of each
bond and will not be paid,
The bonds will be sold at not less than par
and accrued interest to the date of delivery.
Each bid must state that the
bidder offers par and accrued interest to the date of delivery, and state
separately the premium, if any, offered for the bonds bid for, and the rate
of interest the bonds shall bear.
The district has been acting as a school
Laws of the State continuously since April 26, 1924.
Enclose a certified check for not less than 5% of the amount of the bonds
bid for, payable to the Chairman Board of Supervisors.
,
V
district under the
,
RIVERSIDE
COUNTY
(P.
O.
Riverside),
Calif.—SCHOOL BOND
SALE—The $25,000 semi-ann. building improvement and equipment bonds
of Perris School District, offered for sale on June 2—V. 152, p. 3376—were
awarded to the Wm. R. Staats Co. of Los Angeles, as 3s, paying a premium
of
$12.60, equal to 100.05, a basis of about 2.995%.
on July 1 in 1943 to 1962.
<
A\
Dated July 1, 1941.
Due
•
COLORADO
COLORADO STATE COLLEGE OF EDUCATION (P. O. Greeley),
Colo.—BONDS SOLD—It is stated by Glen C. Turner, Secretary to the
Board of Trustees, that of the $100,000 coupon semi-annual refunding
series A bonds offered for sale on May 29—V. 152. p. 3376—a block of
$83,000 bonds was purchased by Sullivan & Co. of Denver, as 2 Ms, paying
a price of 99.067, a basis of about 2.40%.
Dated July 1, 1941.
Due on
July 1 as follows: $6,000 in 1942 to 1945, $7,000 in 1946 to 1950 and $8,000
in
1951
A
full
statement
1956.
IMPERIAL
OFFERING—It is stated by W. J. McClelland, County Clerk, that he
will receive sealed bids until 2 p. m. on June 9, for the
purchase of $14,000
Imperial Union School District building and improvement bonds.
Interest
rate is not to exceed 5%, payable F-A.
Dated Aug. 20, 1938.
Denom.
$1,000.
Due Aug. 20 as follows: $2,000 in 1941 and 1942, and $5,000 in
1943 and 1944.
Principal and interest payable in lawful money at the
1953.
to
group
$24,000
as
headed by Sidlo, Simons, Roberts & Co. of Denver,(bid for
2Mb and $59,000 as 2Ms.
and the security therefor,
annual contributions will be
United States—Reduction in State and Local Spending
Urged—A two-cent reduction in the daily per capita cost of
State and local government in the United States would pay
the cost of a year's training for an army of half a million men,
it was estimated on June 2 by the Citizens Public Expendi¬
ture
Survey,
According to the survey, the cost of State and local government in the
United States is approximately .$10,000,000,000 a year.
This is equal to
20 cents per day for every man, woman and child in the country.
A two
capita cost would, therefore, provide $1,000,000,000 to be used for national defense.
At the same time, the survey estimated that $175,000,000 could be
cent reduction in the per
,
,
,,
,
provided for national defense if each governmental unit in the country
reduced its expenditures an average of $1,000.
There are more than 175,000 separate governmental units in the United
States, including States, counties, school districts, cities, towns, villages
and other government
Bond
divisions.
Of these, 11,184 are in New York State.
Proposals and Negotiations
CONNECTICUT
BRIDGEPORT, Conn.—NOTE SALE—The issue of $650,000 not<*
152, p. 3529—was awarded to the National City Bank
York, at 0.26% interest rate, plus a premium of $27.
Dated
1941 and due June 15, 1942.
Other bids: /
offered June 3—V.
New
of
June 16,
Int. Rate
0.275%
Bidder—
Shields & Co. and Spencer Trask & Co
Halsey, Stuart & Co., lnc
Manufacturers Trust Co. of New York
First National Bank of Boston
Second National Bank of Boston
Hartford National Bank & Trust Co....
—
—
i
..
._
Premium
$78
35 :)
Par
24
Par
! Par
0.30%
0.31%
0.32%
0.349%
0.35%
MERIDEN, Conn .—BOND ISSUE DROPPED—Henry J. Thomas,
City Treasurer, reports that the question of issuing. $100,000 Incinerator
bonds has
been dropped for the present.
BRITAIN, Conn.—BOND SALE—The $100,000 1H% coupon
sewer fund bonds offered June 3—V. 152, p. 3529—were awarded to F. W.
Home & Co., Inc. of Hartford, at a price of 101.632, a basis of about
1 33%.
Dated May 1, 1941 and due May 1, as follows: $6,000 from 1943
to 1947 incl. and $5,000 from 1948 to 1961 Incl.
Other bids:
NEW
Rate Bid
101.6099
101.549
Bidder—
Harriman Ripley &
Co., Inc., New York
Halsey, Stuart & Co., Inc., New York
Putnam & Co., Hartford
Harris Trust & Savings Bank, New York.
Cooley & Co., Hartford...
R L. Day & Co., Boston
—101.436
.
...
Bond, Judge & Co., Inc., Boston and Stranahan, Harris &
Union Securities Corp., New York
First National Bank, Boston
..101.149
..
Co., Inc.100.937
100.770
100.765
100.6194
—100.299
-
DELAWARE
Alabama Municipals
Steiner, Rouse & Co.
Members New York Stock Exchange
NEW YORK
BIRMINGHAM, ALA.
COUNTY (P. O. Georgetown), Del.—BOND CALL—
Herman D. Johnson, President of the Levy Court, has called for payment
on Sept.
1,1941, the following refunding bonds: highway improvement,
second series, Nos. 101 to 875 aggregating $775,000; highway improvement
Nos. 101 to 775 aggregating $675,000.
The bonds are dated Sept. 1, 1935.
Payment thereof with interest to Sept. 1, 1941, will be made on and after
July 1,1941. on presentation at the Farmers Bank of the State of Delaware,
SUSSEX
J,//
Georgetown.
VV
Direct Wire
FLORIDA
ALABAMA
CORAL GABLES, Fla.—CERTIFICATES AUTHORIZED—It is stated
N. Shaw, City Clerk, that the State Legislature has passed an Act
which enables the city to issue revenue anticipation certificates to finance
bv G
TENDERS INVITED—The
First Na¬
sinking fund agent and depositary for
has directed it to notify holders of the
reneral refunding 3%-5% first series bonds and improvement refunding
}%-5% second series bonds, all dated Jan. 1, 1938, and maturing Jan. l,
1968 that the city will receive sealed tenders of the bonds at the above bank
intil June 15, at noon (CST), and will at such time purchase sufficient
bonds of each series to exhaust a sinking fund deposit of $15,000 for each
HOMEWOOD,
tional
Bank
of
Ala.—BOND
Birmingham,
as
Homewood, states that the city
»eries.
.
"
'
municipal projects, ranging from bathing beaches to water
city may require such projects in the future.
works, as the
COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 9
Jacksonville) Fla.—BONDS DEFEATED—The Superintendent
of Public Instruction now reports that the voters defeated
DUVAL
O
fP
of
the'Board
the
proposal to issue $22,000 construction bonds at the
March 25.
\
''
election held on
■.
The Commercial & Financial Chronicle
3680
June 1,
1941
1 from 1943 to 1960, incl.
$222,000 on July 1, 1960.
The bankers immediately re-offered the
for public investment at prices to yield from 0.60% to 2.15%,
according to optional date.
Other bids at the sale were as follows:
and accrued interest. $210,000 annually an Jan.
and
FLORIDA MUNICIPAL BONDS
Our
bonds
long experience In handling Florida isaues glvea ua a compre¬
background of familiarity with theae municipal bonda.
We
will be glad to anawer any inquiry
regarding them
at a> jjliiitl
on
Int. Rate
Bidder—
hensive
Rate Bid
2M%
101.53
2M%
100.977
National City Bank of New York; Smith, Barney &
Co.; Kidder, Peabody & Co.; R. W. Pressprich &
Co,; Graham, Parsons & Co.; G. M-P. Murphy
& Co., and D. T. Richardson & Co
Harriman Ripley & Co., Inc.; Blyth & Co.; First
Boston Corp.; Lazard Freres & Co.; Illinois Co. of
.
RE. CrummerR, Company
BLDGA^^__^/CHICAGO. ILLINOIS
Mercantile-Commerce
Chicago;
Bank
&
Trust
Co., St. Louis; Lee Higginson Corp.; A. G. Becker
& Co.; Stern, Wampler & Co., and associates
First National Bank of Chicago; Harris Trust &
1ST NAT. BANK
Savings Bank; Northern Trust Co. of Chicago;
Continental Illinois National Bank & Trust Co.;
City National Bank & Trust Co., and the Ameri¬
National Bank & Trust Co., all of Chicago._
FLORIDA
can
(P. O. West Palm Beach),
DEBT REFUNDING PLAN
EVERGLADES DRAINAGE DISTRICT
son
Fla.—STATE
LEGISLATURE PASSES
BILL—An Associated Press dispatcjMfom Tallahassee on June 2 reported
as
follows: Refunding of the Everglades Drainage District's debt on a
Ryan, Sutherland & Co., and associates._
Bank of New York; Bankers Trust
York; A. C. Allyn & Co., Inc.; Union
Securities Corp.; Goldman, Sachs & Co.; City
National Bank Ac Trust Co., Kansas City; Paul
H. Davis Ac Co., and Union Trust Co. of Indianap.
,
The refunding also
State of—BOND AND NOTE TENDERS RECEIVED—
FLORIDA,
connection with tne call for tenders of sealed offerings of matured or
unmatured original or refunding road and bridge or highway bonds, time
warrants, certificates of indebtedness and or) negotiable notes of various
counties and special road and bridge districts, noted here on May 17—V.
152,
3222—it is reported by J. Edwin Larson,
p.
State Treasurer, that
COUNTY
Bartow), Fla.—BOND OFFERING—Sealed
bids will be received until June 20, by the Clerk of the Board of County
Commissioners, for the purchase of an issue of $105,500 4% semi-annual
road and bridge districts refunding bonds.
PUTNAM
(P.
COUNTY
O.
(P.
O.
Fla.—BONDS
Paiatka),
SOLD— The
Chairman of the Board of Bond Trustees states that $310,000 Memorial
Bridge refunding, issue of 1941 bonds was awarded on June 3 to the Barnett
National
Bank of Jacksonville, as 2Ms, paying a premium of $31, equal
100.01, a basis of about 2.248%.
Dated July 1, 1941. Denom. $1,000.
Due July 1, as follows: $21,000 in 1942; $23,000 in 1943; $24,000 in 1944;
$26,000 in 1945; $27,000 in 1946; $28,000 in 1947; $29,000 in 1948: $30,000
in 1949; $32,000 in 1950; $33,000 in 1951, and $37,000 in 1952.
Prin. and
int. payable at the Paiatka Atlantic National Bank, Paiatka.
The bonds
are general obligations of the county payable from a special tax on all
taxable property (Including homesteads) within the county, after making
proper deductions from the net amount of tolls and charges collected from
the County Memorial Bridge.
Legality approved by Giles J. Patterson
to
of Jacksonville.
1946.
ARAGON SCHOOL DISTRICT (P. O.
COUNTY
Aragon), Ga.—BONDS SOLD
(P.
O.
Lafayette),
Ga .—BONDS
VOTED—At
the general election held on June 3 the voters are said to have approved the
issuance of the $600,000 3% semi-ann. funding bonds, which had been
prior to the election,
as
noted here
on
May 31.—V. 152,
p.3530.
COUNTY
INDEPENDENT
of this year.
The other $2,000,000 were retired on the earlier date.
In
addition, notice was issued by the Treasurer of the call for payment on
15 of $2,465,000 of 1940 corporate tax anticipation warrants of the
and $960,000 of 1940 highway tax anticipation warrants, also
payable on June 15.
Both these calls represent first redemptions against
the respective funds.
On the bonds, the individual certificates drawn are numbers 1442914455, 14459-14779,
14791-14990, 15001-15246. 15248-15507 and 35666.
Numbers of the corporate warrants are 1-493, and of the highway warrants
June
county,
1-192.
Payment on the bonds will be made at the American National Bank,
and on the warrants at the office of the Treasurer in the County
COOK
■
.
CANYON COUNTY INDEPENDENT SCHOOL
DISTRICT, CLASS
A, NO. 28 tP. O. Caldwell), Idaho—BONDS SOLD—The $178,000 4M%
semi-annual
construction bonds approved by the voters at the
Feb. 13, are said to have been purchased by the State.
election
Idaho—BOND
SALE—The $20,000 semi-annual
water
system construction bonds offered for sale on May 29—V. 152, p 3377—
were purchased
jointly by two local investors, paying par for 4s.
No other
bid was received, according to the Village Clerk.
IDAHO, State of—BOND VALIDITY TEST SUIT FILED—A
friendly
suit is said to have been filed in the State Supreme Court to
test the validity
of the $659,100 State institutions bonds of 1941.
In connection with the above report the
following information was sent
(P. O. Chicago), HI.—APPROVES PEGGED TAX
LEVY—Approval of the "pegged levy" for the county proposed in a bill
pending in the legislature was voted June 3 by members of the Board of
County Commissioners, sitting as the committee on public service.
The bill, introduced at Springfield by Senator Richard J. Daley, who
also is deputy county comptroller, provides for a levy of $10,000,000 for
odd-numbered years and $11,000,000 on the alternate years to cover the
to us on
May 29 by Bert H. Miller, Attorney General:
acknowledges receipt of yours of May 26, 1941 relative to an action
Frank Kinyon, a taxpayer, as plaintiff, and
Myrtle P. Enking, State Treasurer, as defendant.
The action was filed May 19, 1941, and the oral
argument thereon was
had before the Supreme Court on the 24th
instant.
Some briefs, however,
incident to the question involved will be submitted
within the next two or
three days.
The necessity for the action, in which a
permanent writ of prohibition
is sought, grows out of about the
following statement of facts:
1?
T2Z the Legislature submitted a proposal to amend Section 11,
Article IX, of the Idaho Constitution to include
city, county and village
This
,
as
classes of securities in which permanent educational
funds might
Through what we think is an inadvertence, "state bonds"
be invested.
were
eliminated from
the then
existing classes of such securities.
The
proposal was ratified at the succeeding general election.
Thereafter, State
bonds did not appear as a class of securities in
which such funds could be
In 1939 the Idaho
Legislature submitted a proposal to again amend said
Constitution, and it was ratified at the last election.
That
proposal, on its face, would appear to eliminate first
mortgages on improved
farm lands and State bonds.
The act of the recent
provides
that
the
Legislature for the sale of the $659,000 bond issue
bonds to
theory is that the amendment of 1939 is invalid for various
reasons,
notably that two or more independent questions are submitted in
a single
amendment.
ILLINOIS
CHICAGO
series
SANITARY
2
sewage
EAST
ST. LOUIS SCHOOL DISTRICT, III.—BOND SALE POST¬
proposed sale on June 5 of $200,000 construction bonds
152, p. 3222—was postponed, according to S. W. Moore, Secretary of
V.
the Board of Education.
JOLIET, III.—BOND OFFERING—Arthur R. Blackburn, City Clerk
will
receive sealed bids untilJune
16 for the purchase of $25,000 water
bonds.
ZION, 111.—BONDS VOTED—At an election on May 24 the
$6,000 general obligation water system bonds.
Additional funds will be obtained from WPA.
UNIVERSITY OF ILLINOIS (P. O. Chicago), III.—BOND CALL—
The
First National Bank of Chicago, as Trustee, has given notice that
to the provisions of the trust indenture dated July 1, 1936, of
University of Illinois Foundation not personally, but as Trustee under the
Medical and Dental College Building Trust, to the First National Bank
of Chicago as Trustee, said University of Illinois Foundation has elected to
redeem on July 1, 1941. at the office of the First National Bank of Chicago,
Chicago, 111., at the principal amount thereof plus interest accrued thereon
to the redemption date, plus a premium of M of 1% of such principal
amount for each year or fraction thereof from the redemption date to the
stated maturity thereof all of the Medical and Dental
College Building
Trust bonds (maturing annually Jan. 1, 1942 to 1956, both dates incl.)
issued and outstanding under said trust indenture.
Holders of said bonds are directed to present the same at the office of
the First National Bank of Chicago, Chicago, 111., together with all coupons
maturing on and after the redemption date, for payment and redemption.
All unpaid interest instalments represented by coupons which shall have
matured prior to such redemption date shall continue to be payable to the
respective bearers thereof, and such coupons shall be presented for payment
pursuant
in the usual manner.
Interest
on
the bonds will cease on July 1, 1941.
OTHER BIDS—In addition to its accepted bid for the recent issue of
$921,000 building revenue bonds—V. 152, p. 3530, the Milwaukee Co.
syndicate also made an offer of a premium of $6,100 for 2Ms, a net interest
cost of 2.16%.
Other tenders were as follows:
C. W. McNear Ac Co. and associates:
One bid of a premium of $26.00
for 2M% bonds due Nov. 1, 1941, through Nov. 1, 1949, and 2M % bonds
due May 1, 1950 through May 1, 1952 and 2M% from Nov. 1, 1952 to
May 1, 1954; a net interest cost of 2.53%.
A second bid of a premium of
$3,469 for 2M % bonds from Nov. 1, 1941 through Nov. 1, 1949 and 2M %
from May 1, 1950 through May 1, 1954; a net interest cost of 2.55%.
Harris, Hall Ac Co. and associates submitted a bid of $2,920 premium for
2M% bonds due Nov. 1, 1941 through 1949 and 2M% from May 1, 1950
through May 1, 1954; a net interest cost of 2.31%.
>*»}e
i
WESTVILLE SCHOOL DISTRICT, 111.—BONDS DEFEATED—'The
bonds was defeated by a slight
proposed
issue of $30,000 construction
margin at the election on May 24.
WHITE
HALL, III.—BOND SALE—'The $4,000 street improvement
bonds offered June 3—V.
National Bank.
152, p. 3377—were awarded to the White Hall
*
DISTRICT,
III.—BOND
SALE—The
Other bids:
$4,-
construction bonds offered June 5—
152, p. 3530—were awarded to a syndicate
composed of Halsey, Stuart
& Co., Inc., Blair & Co.,
Inc., Phelps. Fenn & Co., Inc., E. H. "Rollins
& Sons, Inc., Shields & Co.,
Darby & Co., Inc., all of New York; Central
Republic Co., Chicago; Hemphill, Noyes &
Co., Eastman, Dillon & Co.,
Stranahan, Harris & Co., Inc., B. J. Van Ingen &
Co., Inc., R. H. Moulton
& Co., all of New York; Otis Ac
Co., Inc., Cleveland; Eldredge & Co., Inc.,
New York; F. L.
P^bney & Co., Boston, and
Tv\cc?PTted b!d
a price of 101.549
Dated June 1, 1941.
INDIANA
DAVIESS COUNTY (P. O. Washington), Ind.—BOND SALE—The
$54,822 5% Levee Unit No. 8 special assessment bonds offered June 3
—V. 152, p. 3222—were awarded to the Home
Building and Loan Asso¬
ciation, of Washington, at par plus a premium of $1,900, equal to 103.465,
a basis of about
4.53%.
Due $5,482.20 on Dec. 15 from 1945 to 1954
incl.
Second high bid of 103.374 was made by the City Securities Corp.
of Indianapolis.
Bidder—
treatment
V.
2.09/o.
This
years.
the
My
000 000
non-election
for example,
Board
of Examiners may direct the Treasurer
to sell
Department of Public Investments if bid therefor is
made by said department prior to
published notice of the sale of said bonds.
The question arising is whether or not
State bonds are now a class of
security in which permanent educational funds
may be invested.
State
year,
PONED—The
invested.
section of the
on
Daley explained, would bring in only $6,827,000 annually against
of $20,800,000.
Supplemental in¬
come from fee offices and tax penalties is falling off rapidly, the Board was
told, and indications are that by the end of this year the county's unpaid
bills will tdtal $2,500,000, it is indicated.
for prohibition on the part of
a
Building.
COUNTY
voters authorized an issue of
SCHOOL DISTRICT No. 8
(P. O. Blackfoot), Idaho—BOND CALL—It is stated by Ray E. Stephens,
District Treasurer, that 2M% refunding bonds, numbered
181 to 200,
amounting to $20,000, part of a $200,000 issue, series of July 1, 1939, are
being called for payment as of July 1, at the Irving Trust Co., New York
City.
1
••
bonds
May 15
COOK COUNTY (P. O. Chicago), III.—BOND CALL—John Toman.
MOUNT
IDAHO
on
on
County Treasurer, has called for redemption on July 1, 1941, $1,054,500
series A bonds, part of a total of $3,054,500 that became optional on Jan. 1
revenue
'CHALLIS,
Due $5,000
Due $2,000 on May 15 from 1947 to 1951 incl.
All of the bonds will be dated May 15, 1941.
10,000 library bonds.
Senator
purchased on May 28 by Brooke, Tindall & Co. of Atlanta, paying a price
of 105.21, a basis of about 2.80%.
Due on Jan. 1 as follows: $1,500 in
1943 to 1958, and $1,000 in 1959.
held
100.809
1952 to 1955 incl.
from
expenditures this
—A $25,000 issue of 3M% semi-annual school bonds is said to have been
BINGHAM
2M%
Due May 15 as follows: $1,000 in 1943; $2,000
in 1944 and $1,000 in 1945 and
20,000 land purchase and improvement bonds.
Existing law calls for a levy of 28 cents
contracted for
1
election costs
GEORGIA
WALKER
100.82
Sale consisted of:
$5,000 fire trucic bonds.
LEE COUNTY
POLK
2M%
CLINTON, III.—BOND SALE—'The $35,000 3% bonds offered June 2
—V. 152, p. 3530—were awarded to Mullaney, Ross & Co. of Chicago.
six parties offered bonds.
(P. O. Fort Myers), Fla.—BOND CALL—The Board
of County Commissioners is said to be calling for payment on July 1 a total
of $50,000 road and bridge refunding bonds at par and accrued interest.
Payment will be made at the City Bank Farmers Trust Co., New York.
"
Co. of New
H. C. Rorick of Toledo and other holders of the district s bonds.
In
100.893
«."■
Chase National
the
carries a composition of other debts of the district,
so that total obligations of about $17,000,000 will be settled for approxi¬
mately $5,500,000.
& Co.; Kaiser & Co.; Schoellkopf,
& Co.;
40-year 4 % basis at about 57 cenp on
the dollar was authorized today by
Legislature.
)
The House passed unanimously a Senate bill carrying out provisions of a
refunding agreement negotiated by Governor Spessard L. Holland with
2M%
Dick¬
Hutton Ac
Pomeroy; White-Phillips Co.; Braun, Bosworth
& Co.; McDonald-Coolidge Ac Co.; Fahey, Clark
John Nuveen & Co.; C. F. Childs & Co.; R. S.
Mullaney, Ross & Co. of
for 2 Ms, a basis of about
Due July 1, 1960.
Callable serially at par
Am
City Securities Corp
J. G. Clark,
M.
W.
Washington, Ind
Welsh
&
Co__
.
Bid
$56,672
56,422
55,222
HUNTINGTON,
Ind.—BOND SALE—The $21,000 fire truck and
signal bonds offered June 2—V. 152, p. 3377—were awarded to
Hemphill, Noyes & Co. and Kenneth S. Johnson, of Indianapolis, jointly,
traffic
1 Ms, at par plus a premium of $10.50, equal to 100.05, a basis of
about
%.
Dated June 1, 1941 and due June 1 as follows: $2,500 in 1942 and
1943 and $2,000 from 1944 to 1951, incl.
Other bids:
as
1.24
,
„
.
Premium
Int. Rate
Bidder—
Raffensperger, Hughes & Co___.
1 H%
$197.82
Fletcher Trust Co
1H%
IH%
5.75
City Securities Corp.„.
Miller, Kenower & Co
Bippus State Bank
INDIANAPOLIS,
143.00
35-80
\
Par
\%%
Ind.—BOND
offered May 29—V.
152, p. 3377—were awarded to the
Trust <fc Savings Bank, of Chicago, as 1M®. at a price of 100.519,
of about 1.20%.
Dated June 1, 1941, and due July 1 as
bonds
1942 to
Weigold, Inc_
and Roosevelt &
Shields & Co., and B. J. Van Ingen
& Co., Inc__
Kaiser & Co., and Martin, Burns & Corbett,
The First National Bank of Chicago
-
♦
Raffensperger, Hughes & Co.,
1H%
Inc., and Lee Higginson Corp_„_><_>_-..^i.*
Halsey, Stuart & Co., Inc
...
Indianapolis Bond & Share Corp., and The Northern
IH%
Trust Co.
U:—
197.97
137.50
73.00
—
Alex.
S. Moseley & Co..
City Securities Corp
Chemical Bank & Trust Co., and Fletcher Trust Co.
700.00
467.50
375.00
208.00
IHVo
John Nuveen & Co.
Harriman Ripley & Co., and F.
25.00
5,085.00
3,151.00
2,582.50
1H%
1 H%
IH%
MUNSTER, Ind.—BOND SALE— The $38,000 school aid bonds offered
May 26—V. 152, p. 3056—were awarded to the Mercantile Bank, of
Hammond, as lMs, at par plus a premium of $101, equal to 100.265, a
basis
of about
1.72%.
Dated July 1, 1941, and due July 1 as
Bidder—r
follows:
1946, incl., and $3,000 from
$1,000 in 1942 and 1943; $2,000 from 1944 to
1947 to 1956, incl.
Other bids:
Int. Rate
2%
"
.
City Securities Corp
2%
;
2M %
John Nuveen & Co
2M%
Bank of Whiting.......
/
100.607
Par
GUEYDAN, La.—BOND SALE—The $25,000 semi-ann. gas system
May 20, the award of which was
postponed—V. 152, p. 3378—were purchased by the Ernest M. Loeb Co.
of New Orleans, as 4s.
Dated June 1, 1941.
Due on June 1 in 1944 to
bonds that were scheduled to be sold on
1961.
•
,
.
"
MONROE, La.—BOND SUIT ENTERED—It is stated by P. A. Poage,
City Secretary-Treasurer, that a suit to annul tne election which was held
on March 22, authorizing the City Council to Issue $875,000 bonds for the
improvement and expansion of the municipal power system, was filed on
May 17.
NEW
ORLEANS, La.—BOND CALL—It is stated by Fred A. Earhart,
Acting Commissioner of Public Finance, that 2 M % semi-ann. refunding
paving, series B, certificates of 1939, aggregating $225,000, drawn by lot,
accrued interest, on July 1, 1941.
Due Jan. 1, 1951. Said certificates
with all unmatured coupons attached,
places of payment designated on the face thereof.
,
v
called for payment, at par, and
Dated July
1, 1939.
Denom. $1,000.
should be presented for payment,
at the
101.006
100.313
Dated July 1,
Sa' divided $50,000 as 2s, and $441,000 as 2Ms.
4% semi-ann. parish-wide refunding bonds for general investment. Dated
April 1, 1941. Denom. $1,000. Due $1,000 April 1, 1942 to 1955. Prin. and
mt. payable at the Winnsboro State Bank & Trust Co., or at the Chase
National Bank, New York.
Legality approved by Chapman & Cutler, of
Chicago.
Rate Bid
<
p.
FRANKLIN PARISH (P. O. Winnsboro) La.—BONDS PUBLICLY
OFFERED—The Ernest M. Loeb CO. of New Orleans, is offering $14,000
are
*
McNurlen & Huncilman._._...i....._....^__.--
May 23—V. 152,
on
1941
IH%
lbi%
$491,000, offered
2901—were purchased by J. H. Cassidy Sr.,
and Pearl River semi-ann. bonds aggregating
sewer
$865.00
i y<%
Inc_._
Mercantile-Commerce Bank & Trust Co., and
Brown & Sons.
and
for sale
The Boatmen's National Bank,
—
louisiana
BOGALUSA, La.—BOND SALE—The various airport, paving, water
Premium
Int. Rate
and Paul H. Davis & Co
Union Securities Corp. Equitable Securities Corp.,
Associated with Almstedt Bros., in the purchase were:
J. J. B. Hilliard
Son; the Bankers Bond Co.: Stein Bros. & Boyce, all of Louisville, and
the Security & Bond Co. of Lexington.
'
Harris
basis
Other bids:
1960, incl., and $22,000 in 1961.
Bidder—
Lazard Freres & Co.
purchase were: Hill & Co.,
Cincinnati, and J. D. Van
&
a
follows: $12,000
from
Associated with W. L. Lyons & Co., in the
Chas. A. Hinsch & Co., Inc., both of
Hooser & Co. of Lexington, Ky.
and
city hospital
$250,000
SALE— The
3681
Commercial dr Financial Chronicle
The
152
Volume
PONCHATOULA, La .—BOND OFFERING—Sealed bids will
be received
a. m. on June 24, by J. Ross Kevlin, Town Clerk, for the purchase of
$50,000 public improvement bonds.
Interest rate is not to exceed 6%,
payable J-J. Denom. $500. Dated July 1, 1941. Due on July 1 in 1944 to
1961. These are the bonds that were approved by the voters on May 20—V.
until 11
TOWNSHIP (P. O. Mishawaka), Ind.
—BOND SALE—The, $80,000 building bonds offered June 2—V. 152, p.
3223—were awarded to Harrison & Austin, of South Bend, as Is, at par
plus a premium of $417, equal to 100 521, a basis of about 0.84%.
Dated
June 15, 1941, and due as follows: $8,000 July 1, 1942; $8,000 Jan. l and
July 1 from 1943 to 1946, incl. and $8,000 Jan. 1, 1947.
Second high bid
of 100.366 for Is was made by the Albert McGann Securities Co. of South
PENN TOWNSHIP SCHOOL
Bend.
PRAIRIE CREEK TOWNSHIP SCHOOL
TOWNSHIP (P. O. Terre
Haute), Ind.—BOND SALE—The $3,500 building bonds offered May 24—
V. 152, p. 3223—were awarded to Kenneth S. Johnson, of Indianapolis,
as 1 Ms, at par plus a premium of $14.93, equal to 100.426, a basis of about
1.67%. Dated July 15,1941 and due $350 on July 15 from 1942 to 1951 incl.
RICHLAND TOWNSHIP SCHOOL TOWNSHIP (P.
OFFERING—TV G.
McKnight, Township
In A.—BOND
O. Newton),
Trustee, will
June 23, for the purchase of $33,000 not
to exceed 4^% interest building of 1941 bonds.
Dated April i, 1941.
Denom. $1,000.
Due $2,000 July 1, 1942; $2,000 Jan. 1 and July 1 from
1943 to 1949, incl.; $1,000 Jan. 1 and July 1, 1950, and $1,000 Jan. 1, 1951.
Bidder to name a single rate of interest, expressed in a multiple of M of
1 %.
Interest J-J. The bonds are direct obligations of the school township,
payable out of unlimited ad valorem taxes to be levied and collected on all
of the taxable property therein.
Legal opinion of Matson, Ross, McCord
& Ice of Indianapolis will be furnished the successful bidder at the town¬
receive sealed bids until 2 p. m. on
ship's expense.
A certified check for $500,
township, is required.
,■
w':"
152, p. 3531. The approving opinion of B. A.
will be furnished.
A certified check for $1,000,
accompany
VERMILION
maine
that
SOUTH PORTLAND, Me.—BOND
CONTEMPLATED—
said, on the proposed
.
CONSOLIDATED
INDEPENDENT
SCHOOL DITRICT (P. O. Meaervey), Iowa—BONDS OFFERED—Both sealed and
oral bids were received by H. E. Fischer, Secretary of the Board of Di¬
rectors. until June 6, at 8 p. m., for the purchase of $35,000 school bonds.
Dated May 1, 1941.
Due on Nov. 1 as follows: $1,000 in 1944, $2,000,
1945 to 1956, and $2,500 in 1957 to 1960.
(These bonds were originally
offered for sale on April 14, without success.)
MESERVEY
MONDAMIN, Iowa—BOND OFFERING—Both sealed and oral bids
until June 12,at8p.m.,byF.E. Burks, Town Clerk, for
purchase of $4,000 storm sewer, general obligation bonds.
Dated
May 1, 1941.
Interest payable May 1, 1942, and semi-annually there¬
after.
Issued under the authority of Code Section 6125. A certified check
for 5% of the principal amount bid upon, is required.
will be received
the
ROLAND CONSOLIDATED SCHOOL DISTRICT (P. O. Roland)
Iowa—BOND OFFERING—Bids will be received by B. H. Knudsen,
Secretary of the Board of Directors, until June 9, at 8 p. m., for the purchase
of $17,000 building bonds.
Bonds and attorney's opinion will be furnished
armory
Harriman
kansas
HAYS,
Ken.—BOND
ELECTION—'The City Clerk states that an
the
building bonds.
called for June 13 in order to have the voters pass on
of $74,000 municipal
kentucky
KENTUCKY, State of—BOND SALE— The $353,000 issue of Common¬
wealth of Kentucky bridge revenue refunding, Project No. 15 bonds offered
for sale on May 29—V. 152, p. 3223—was purchased by W. L. Lyons & Co.
of Louisville, and associates, as 1 ^s, paying a premium of $730.71, equal to
100.207, a basis of about 1.49%, to maturity.
Due on July 1, 1958;
subject to redemption on any interest payment date prior to maturity,
upon 30 days' notice.
...
The $235,000 issue of Commonwealth of Kentucky bridge revenue
refunding, Project No. 16 bonds offered for sale on the same date, was
purchased by Almstedt Bros, of Louisville, and associates, as 1 j^s, paying a
premium of $471.11. equal to 100.20, a basis of about 1.49%, to maturity.
Due on Jan. 1, 1959; subject to redemption on any interest payment date
prior to maturity, upon 30 days' notice.
KENTUCKY, State of—BOND CALL—It is announced by J. L.
Commissioner of Highways, that various 1%, 1%%, 2 M%,
3% and 4% bridge revenue refunding bonds aggregating $1,413,000, are
being called for payment on July 1, 1941.
They consist of $40,000 of
Project No. 1 refunding 1
of 1950, $40,000 of Project No. 2 refunding Is
of 1950, $55,000 of Project No. 3 refunding 3
of 1950, $60,000 of Project
No 9 3148 of 1955. $185,000 of Project No. 10 3s of 1950, $20,009 of Project
No. 11 3s of 1952, $235,000 of Project No. 12 2 Ms of 1947, $25,000 of
Project No. 13 refunding Is of 1953, $95,000 of Project No. 14 2 Ms of 1945,
$403 000 of Project No. 15 3s of 1958, and $255,000 of Project No. 16 2 Ms
Donaldson,
of
:
Other bids:
>
„
Bidder—Int. Rate
—.
2M%
Rate Bid
FrederickM. Swan &Co_.
Canal National Bank,
Portland
.
.
2M>%
100.10
maryland
MARYLAND (State of)—BOND OFFERING—William A. Codd, Chief
Auditor, State Roads Commission, announces that the Commission will
receive sealed bids until 10 a. m. (EST) on June 12 for the purchase of
$6,000,000 not to exceed 3% interest coupon bridge revenue
bonds.
Dated June 1, 1941.
Denom. $1,000.
Due Dec. 1 as follows:
$150,000 in 1942 and 1943; $175,000, 1944 to 1947 incl.; $200 000,
to
1951 incl.; $225,000, 1952 to 1955 incl.; $250,000, 1950;
$450,000, 1958; $600,000, 1959; $750,000 in 1960 and $950,000
Subject to redemption prior to their respective maturities, at the
of the Commission, either in whole on any date from any moneys which
may be made available for sucn purpose, or in part on any interest
date from moneys in the sinking fund for said bonds in excess of (a) the
amount of interest payable on such interest payment date on all of the bonds
of the issue then outstanding, (b) the principal, if any, maturing on
refunding
1948
$300,000, 1957;
in 1961.
option
payment
such
by the District.
issuance
SALE—The issue of $60,000 road,
site and park bonds offered June 3—V. 152, p. 3531—was awarded to
Ripley & Co., Inc., New York, as 2s, at a price of 100.313, a
basis of about 1.98%.
Dated June 1, 1941 and due $5,000 on June 1 from
1950 to 1961, incl.
Second high bid of 101.55 for 2Ms was made by E. H.
Rollins & Sons, Inc., Boston.
Iowa—BOND ISSUE CONTEMPLATED—The City
issuance of $150,000 sewage plant bonds
legal proceedings are now under way.
,/■■;,^
DODGE,
CENTfeR, Iowa—BOND ISSUANCE
Council wii. hold a hearing on June 9, it is
$200,000 electric revenue bonds.
v
and
152,
PORTLAND, Me.—BOND SALE—The $180,000 coupon permanent
improvement bonds offered June 5—V. 152, p. 3531—were awarded to
Barr Bros. & Co., Inc., New York, as 1Mb, at a price of 101.186, a basis
of about 1.09%.
Dated June 1, 1941 and due $12,000 annually on June 1
from 1942 to 1956, incl.
Other bids:
(For lMs) Union Securities Corp. of
N. Y. and First Michigan Corp., jointly, 100.558; Bond, Judge & Co., and
Stranahan, Harris & Co., Inc., Boston, jointly, 100.432; Chace, White¬
side & Symonds, 100.414; Halsey, Stuart & Co., N. Y., 100.346; First
National Bank of Boston, 100.334; Harris Trust & Savings Bank, New
York, 100.329; Frederick M. Swan & Co. of Portland, and Shields & Co.,
N. Y., jointly, 100.17; Estabrook & Co., 100.07; (for l^s) Kidder, Peabody & Co., and Harriman, Ripley & Co., Inc., jointly, 101.036; E. H.
Rollins & Sons, Inc., 100.615.
1
Council is said to be planning the
GRUNDY
Abbeville), La.—ADDITIONAL IN¬
the sale to Scharff & Jones of New
3531—we are now advised that the bonds were sold at a price of 100.042,
divided as follows: $10,000 as 2Ms, due on Jan. 1, $500 in 1944 to 1953,
and $1,000 in 1954 to 1958, and $3,000 as 2Hs, due $1,000 on Jan. 1 in
1959 to 1961; the certificates were sold as 2 Ms, at a price of 100.51, a
basis of about 2.74%,
.-v
U..V' --: v--'/.'".-
port, as l^s, paying a premium of $626, equal to 101.252, a basis of about
1.37%.
Dated May 1, 1941.
Due $5,000 on May 1 in 1947 to 1956, incl.
Prin. and int. (M-N) payable at the City Treasurer's office.
issuance of
O.
p.
$50,000 general obligation corporate bonds were offered for sale at public
auction on June 2 and were awarded to Vieth, Duncan & Wood of Daven¬
election has been
(P.
Orleans, of the $13,000 refunding bonds at a net interest cost of 2.66%,
the $32,000 certificates of indebtedness, as noted here on May 31—-V.
iowa
The City
PARISH
FORMATION—In connection with
Iowa—BONDS OFFERED—Bids were received until June 4
at 7:30 p. m. by the City Clerk for the purchase of $10,500 4% annual
street improvement bonds.
Dated Dec. 4, 1940.
Due on May 1, 1950.
Bonds redeemable on 30 days' notice.
/
and
payable to the town, must
; :
1 (P. O. Rayne) La.—BOND
OFFERING— Sealed bids will be received until 10;30 a. m. on June 25, by
Bertha Doty, Town Clerk, for the purchase of $50,000 sewer bonds. Interest
rate is not to exceed 4%, payable M-S.
Dated March 1, 1941. Denom.
$500.
Due March 1, 1943 to 1971.
These bonds were authorized at an
election held on Jan. 14, 1936.
The approving opinion of B. A. Campbell,
of New Orleans, will be furnished the purchaser.
Enclose a certified check
for $1,000, payable to the district.
v
payable to order of the school
DAVENPORT, Iowa—BONDS SOLD—The City Treasurer states
Campbell of New Orleans,
RAYNE SEWERAGE DISTRICT NO.
BOONE,
FORT
the bid.
1959.
(c) the amount of interest payable on tne next
date on all of the bonds of the issue then out¬
standing. and (d) a reserve in said sinking fund of $250,000.
A redemption
of part of the bonds will be made in the inverse order of their maturities and
if less than all of the bonds of any one maturity shall be redeemed, the
particular bonds to be redeemed will oe selected by lot.
Any such redemption may be made upon 30 days' notice by payment of
the principal amount of the bonds to be redeemed and accrued interest,
together with a premium of 5% of such principal amount if redeemed on or
prior to Dec. 1, 1944, 4% if redeemed thereafter and on or prior to D^c. 1
1947, 3% if redeemed thereafter and on or prior to Dec. 1, 1950, 2% if
redeemed thereafter and on or prior to Dec. 1, 1953, 1% if redeemed
thereafter and on or prior to Dec. 1, 1956, and without premium if redeemed
thereafter.
Rate or rates of interest to be in multiples of M of 1 % ana each
bidder must specify in his bid the amount and maturities of the bonds of
each rate.
No bid may name more tnan three interest rates and all bonds of
any one maturity must bear interest at the same rate.
Principal and interest
interest
payment date,
succeeding interest payment
Guaranty
payable at the Baltimore National Bank, Baltimore, or at the
Trust Co., New York.
.
.
,
,
.
Registerable as to principal alone and as to both principal and
and, if registered as to both principal and interest, reconvertible Into
coupon bonds.
Issued by the Commission to provide funds which, to¬
gether with other moneys in the sinking fund (including the reserve
account) for the lionds to be refunded, and available for such purpose,
be used for redeeming all of the outstanding $6.000,000 State of Maryland
bridge revenue 3 M % bonds, series A, dated Oct. 1, 1938, maturing
1968, and redeemable in whole at any time upon at least 30 days
These bonds will be called for redemption Immediately upon delivery
interest
interest
will
Oct. 1,
notice.
of
the bonds now offered for sale.
The bonds now offered will be payaole
solely from the gross revenues, except certain costs of operation, of the
Susquehanna River Bridge and the Potomac River Bridge for the construc¬
tion of which the outstanding bonds were issued.
The bonds will be
secured by a trust indenture to be executed by and between the Commission
3682
and the
The Commercial & Financial Chronicle
Safe
Deposit & Trust Co. of Baltimore, as
trustee.
Printer's
proofs of the trust Indenture, in substantially the form in
which It will be
executed, may be obtained from Masslich & Mitchell
of New
the Chief Auditor of tne Commission.
All bidders must agree to pay all expense of
and the redemption notice, of printing the trust
York,
or
publishing the notice
Boston Safe Deposit & Trust
Co. of Boston was awarded Co. of Boston was awarded on June 2 an
issue
of $100,000 notes at 0.13 % discount, plus a
premium of $7.
Dated Dec. 10,
1941.
The Merchants National Bank of Boston, second high
bidder, named
a rate of 0.137%.
from
of sale
indenture and of litnograpbing the bonds on steel engraved borders, and also the fees and
expenses of
Masslich & Mitchell, for the preparation of the trust
indenture and tneir
legal opinion approving the validity of the bonds.
Each bid
NORFOLK
on a form to be furnished
by the Chief Auditor of the Commission.
The bonds will be delivered and payment therefor
made at the Safe
Deposit
In the event that
prior
& Trust Co., Baltimore, on or about June
20, 1941.
to the delivery of the bonds the income received
bonds of
same
Bidder—
MARYLAND
(State
Chesapeake Bay Ferry
of)—BOND
SALE— The
$1,200,000
Merchants National Bank of Boston
First National Bank of Boston.,
the State of
a
PALMER, Mass .—NOTE OFFERING—Bids will be received until noon
June 10 for the purchase at discount of $150,000
notes, dated June 13,
1941 and payable Dec. 12, 1941.
MICHIGAN
coupon
revenue
group
BATTLE
-—O.
Alex. Brown & Sons; Baker, Watts &
Co.; W. W.
Lanaban & Co; Mackubin,
^
Bros.
&
Int. Rate
Boyce
34,100 notes,
1
yA%
All of the bonds
as
follows:
as
follows:
in 1948.
on
at 10 a. m. (eastern standard time) (bids to be firm
until
1 p. m. of the following day), in the amount of
approximately $500,000 for
investments for the city sinking fund, under the
following conditions:
All offerings shall be in
writing and shall be sealed.
Offerings shall show the purpose, the rate of interest, date of
maturity,
the yield.
Offerings will be accepted on the basis of the highest net yield to the
city
as computed from the dollar
price.
The city reserves the right to
reject any or all offerings.
The city reserves the right on bonds
purchased, which are delivered
subsequent to June 24,1941, to pay accrued interest up to that date
only.
the dollar value and
101.399
101.534
TO PREPAY BOND INTEREST—The Common
Council has authorized
prepayment of interest to maturity on such bonds as have been called for
redemption and on which interest dates occurring subsequent to
July 21,
1941.
The bonds on which interest is to be
prepaid are included in the
$51,157,000 that have been called since the recent sale of a like amount of
refunding bonds by the city.
Prepayment of interest In the present In¬
stance is a continuation of the
city's policy when it has called other bond
100.27
issues.
KALAMAZOO COUNTY (P. O.
LAKE TOWNSHIP SCHOOL DISTRICT No.
1, Mich.—BONDS
AND CERTIFICATES CALLED FOR
PAYMENT—Arthur R. Beveridge,
Secretary of the Board of Education, announces the call for
payment on
July 1, 1941, of the following bonds and certificates of
indebtedness, at the
Detroit Trust Co.. Detroit: Series D
refunding bonds, Nos. 20 to 22, due
March 1, 1948.
Certificates of indebtedness: No. 14 for $1,000;
33, $190;
36, $362.50;
and
were reoffered
Bidder—
Int. Rate
Halsey, Stuart & Co., Inc.;
Hemphill.Noyes
& Co., and First of
Michigan Corp
1.80-1.90%
Alex. Brown & Sons; Blyth & Co.;
Braun,
Bos worth & Co., and Y. E. Booker &
Co. 1M-2M%
Mercantile Trust Co.: Baker, Watts &
Co.;
Stein Bros. & Boyce;
Mackubin, Legg &
01Co.. and Kidder, Peabody & Co
.1M-2-2M%
Shields & Co.: B. J. Van
Ingen <fc Co., Inc.;
Dolphin & Co., and C.T. Williams
&Co.1M-2%Harriman
Ripley &
Co.,
Inc.;
2-2M%
Net Cost
100.049
1.8381 %
100.20
1.8384%
100.01
1.856%
100.271
1.909%
100.019
2.033%
Par
2.092%
purchase of $68,000 coupon sewer bonds.
Dated June 1, 1941.
Denom.
$1,000.
Due June 1 as follows:
$7,000 from 1942 to 1949 incl. and $6,000
In 1950 and 1951.
Bidder to name rate of interest in
multiples of M of 1 %.
Prin. and int. (J-D),
payable at the National Rhawmut Bank of Boston.
Legality to be approved Dy Storey,
Thorndike, Palmer &
Dodge of Boston.
OFFERING—John
B.
Fellows, City
purchase
Treasurer .will receive bids until
11 a. m. (DST) on June 11 for the
of $150,000
coupon, registerable as to
principal onlv,
municipal relief bonds.
Dated June 1, 1941. Denom.
$1,000. Due $15,000 annually on June 1 from
to 1951 incl. Bidder to
name one rate of interest in a
multiple of M of
1%.
Principal and interest (J-D) payable at the First
National Bank of
Boston. The bonds are general
obligations of the city, exempt from taxation
in Massachusetts, and all
taxable property in the
city will be subject to levy
of unlimited ad valorem
taxes to pay both
principal and interest. Legality
approved by Storey, Thorndike, Palmer
& Dodge of Boston.
LYNN, Mass.—BOND SALE— The $40,000
coupon municipal relief
bonds offered June 5 were
awarded to Tyler & Co. of
Boston, as 1 Ms, at a
Price of 100.833, a basis of about
1.09%. Dated June 1, 1941. Denom.
$1,000. Due $4,000 on June 1 from
1942 to 1951 incl. Bonds registerable
as to principal and
interest.
Bonds and J-D interest
payable at the First
National Bank of
Boston, or at holder's option, at the City Treasurer's
office. Legality approved
by Storey, Thorndike, Palmer & Dodge of Boston.
Other bidders:
(for lMs) H. C.
Wainwright & Co., 100.603: Graham,
Parsons & Co., 100.567;
Manufacturers' Central National Bank, 100.538;
Co-U00-53: Bond< Judge & Co., 100.415; Estabrook & Co.,
100.329; Chace, Whiteside & Symonds,
100.31; First National Bank of
Boston, 100.20.
.
■t
MASSACHUSETTS
(State
of)—NOTE
OFFERING—William
E.
Hurley, State Treasurer, will receive bids in
writing until noon (DST)
on
June 9 for the purchase of
due June
of
1933
$4,000,000 notes, dated June 16, 1941 and
12, 1942.
Issued under the provisions
as
amended, creating an
renewal of
a
similar
of chapter 49 of the Acts
Emergency Finance Board,
being in
amount of notes due June
16,1941.
Award of loan is subject to the
approval of the Governor and Councils
The notes are direct obligations
of the Commonwealth.
Interest thereon
will be payable at
maturity.
The Commonwealth figures the interest on
exact number of days on a 360
day year basis.
Principal and interest
payable in Boston or New York at option of
purchaser.
Boston delivery.
79,
$190.
Interest
coupons
must
Mich.—BONDS
an
AUTHORIZED—Village
issue of $60,000 power plant
revenue
Council
re¬
bonds.
TOWNSHIP SCHOOL DISTRICT No.
IX, Mich.—BOND
CALL—Earl Waring Dunn. District
Treasurer, calls for payment at the
Michigan National Bank, Grand Rapids, on July 1, 1941,
3M% refunding
bonds Nos. 17, 45 and 49,
totaling $3,000. Due July 1, 1970.
TOWNSHIP,
Mi ch.—BONDS PURCHASED— Reporting
in connection with the call for tenders
of bonds on June 2, Marguerite B.
Dennis, Township Clerk, states that bonds were
purchased from the
Michigan Life Insurance Co.
MASSACHUSETTS
Mass.—BOND
65, $362.50;
PARIS
REDFORD
BRAINTREE, Mass.—BOND OFFERING—John W. Harding, Town
Treasurer, will receive sealed bids until 11 a. m.
(DST) on June 9 for the
FITCHBURG,
NEWBERRY,
prices
Smith,
Barney & Co., and Robt.C. Jones
&Co.2-2M%
R. S. Dickson & Co.; Paine,
Webber & Co.;
Otis & Co., and Stern Bros. & Co
$906.25;
MONTROSE, Mich.—BOND CALL—Charles M. Madison,
Village
Clerk, has called for payment on July 1. 1941, at 101 and accrued
interest,
water works bonds Nos. 5 to
68, to the amount of $30,200, part of an
original issue of $32,200, dated
July 1, 1938 and maturing July 1, 1940 to
1963 incl.
Bonds together with current and all
subsequent interest coupons
attached should be presented to Citizens
Commercial & Savings Bank,
Flint.
cently authorized
at
Other bids:
Rate Bid
60,
accompany the bonds when presented for payment.
$25,000 in 1946 and 1947, and $50,000
yield from 1.20% to 1.90%,
according to maturity.
SALE—
101, a basis of about 3.80%.
Dated June 1, 1941 and due June 1 as fol¬
lows: $3,563.61 In 1942 and $5,000 from
1943 to 1951 incl.
$4,000 in 1958 and
June 1 from 1949 to 1953 incl.
All of the bonds will be dated June
1, 1941
Kalamazoo), Mich.—BOND
The $48,563.6 1 4% Milwood Drain
special assessment district bonds of¬
fered June 3—V. 152, p. 3532—were awarded to the
American National
Bank of Kalamazoo, at a price of par
plus a premium of $485.64, equal to
450,000 1 Ms, due June 1 as follows: $50,000 from
1954 to 1959 incl. and
$75,000 in 1960 and 1961.
to
issued in anticipation of collection of
commencing July 1, 1941.
DETROIT, Mich.—OFFERINGS WANTED—Deputy City Controller
McLaury will receive sealed offerings of city non-callable bonds
MONTGOMERY COUNTY (P. O.
Rockville), Md.—BOND SALE—
The $800,000 coupon or registered
refunding bonds offered June 3—V. 152,
p. 3224—were awarded to a syndicate composed of
Phelps, Fenn & Co.,
Inc., Eastman, Dillon & Co., Charles Clark &
Co., and Fenner, Beane
& Co., all of New
York, and Ferris, Exnicios & Co., Inc.,
Washington,
D. C., on a bid of par, for 1
Ms, 1 Ms and 4s, a net interest cost of about
1.823%.
Bonds are divided as follows:
250,000 lMs, due $50,000
1942,
Frank M.
were reoffered at
prices to
yield from 1% to 2.10%, according to maturity. Bonds are
guaranteed by
Montgomery County, Md. The Farmers Banking & Trust Co. of
Mont¬
gomery County, Rockville, the only bidder, offered
par for 2 Ms.
$100,000 4s, due June 1
1,
until June 17,
dated May 1, 1941 and
are
April
first mortgage
lighting
system revenue bonds offered June 2—V. 152, p. 3224—were awarded
to
Shaw, McDermott & Sparks of Des Moines, the only bidder.
Dated
June 1, 1941.
Due $8,000 annually on July 1 from 1960 to 1963
incl.
MARYLAND-NATIONAL
CAPITAL
PARK
AND
PLANNING
COMMISSION (P. O. Silver
Spring), Md.—BOND SALE—The $106,000
coupon refunding bonds of 1941 offered June
4—V. 152, p. 3223—were
awarded to Alex. Brown &
Sons, of Baltimore, as 2.20s and 2Ms, at a
price of 100.126, a basis of about 2.238%, as follows:
$42,000 series E bonds as 2Ms. Due May 1 as follows:
$1,000 from 1942
to 1944 incl.; $2,000, 1945 to
1949 incl.; $3,000 from 1950 to 1952
incl. and $4,000 from 1953 to 1957 incl.
64,000 series F bonds as 2.20s. Due May 1
$5,000 from 1959 to 1970 incl.
due
taxes for the fiscal year
BESSEMER, Mich.—BOND SALE—The $32,000
Rate Bid
\y2%
IH%
DISTRICT, Mich.—NOTE OFFERING
Wilson, Sacretary of the Board of Education, will receive sealed
on June 9, for the purchase of
$50,600 tax anticipation
$16,500 notes, due May 15, 1942, issued in anticipation of collection
of
delinquent taxes for the years 1937, 1938 and 1939.
Legg & Co., and Stein
First Boston Corp
Shields & Co.; B. J. Van Ingen &
Co.; Kaiser & Co.;
Dougherty, Corkran & Co., and C. T. Williams
&Co
SCHOOL
notes, as follows:
BONDS PUBLICLY OFFERED—The
successful bidders re-offered the
bonds for public investment at
prices to yield from 0.40% to
1.40%,
according to maturity.
Other bids were as follows:
Bidder—
O.
CREEK
bids until 8 p. m.
within
Maryland.
0.147%
0.176%
0.178%
__0.187%
.
on
bonds offered June 2—V.
152, p. 3531—
composed of Smith, Barney &
Co.; Farriman
Ripley & Co., Inc. and Phelps, Fenn & Co.. all of New
York, as 1 Ms, at a
price of 101.4044, a basis of about 1.33 %. The bonds will be
dated June 1,
1941.
Denom. $1,000.
Due June 1 as follows:
$75,000 in 1943; $77,000,
1944; $78,000, 1945; $80,000, 1946; $81,000, 1947;
$83,000, 1948 $84,000
1949; $86,000, 1950; $88,000, 1951; $90,000, 1952;
$92,000, 1953: $94|000!
1954; $95,000, 1955, and $97,000 In 1956.
Any or all of the bonds may be
redeemed prior to their maturity at one time or
from time to time on
June 1, 1942, or on any interest
payment date thereafter, upon 30
days'
notice, by payment of the principal amount of the bonds
to be redeemed
and accrued interest, together with a
premium of 5% if redeemed
prior to
June 1, 1944; 4% if redeemed thereafter and
prior to June 1, 1946; 3%
if redeemed thereafter and prior to June
1, 1948; 2% if redeemed thereafter
and prior to June 1, 1950; 1% if redeemed
thereafter and prior to June
1,
1952, and without premium if redeemed thereafter and before
maturity.
Such redemption of any part of the
bonds, less than the whole thereof,
shall be a redemption of such bonds in the
inverse order of their maturities.
Said bonds and the interest thereon will be
exempt from all taxation
awarded to
Discount
Boston Safe Deposit & Trust Co
Norfolk County Trust Co
by private holders from
type and character snail be declared to be
taxable under
present Federal income tax laws, either
d/ a ruling of the Bureau of Internal
Revenue or by a decision of any Federal court, the
successful bidder may,
at his election, be relieved of his obligations under
the contract to purchase
the bonds and in such case the deposit
accompanying his bid will be re¬
turned.
Enclose a certified check for
$120,000, payable unconditionally
to the State Roads Commission.
were
COUNTY
(P. O. Dedham), Mass.—NOTE SALE— The
Brookline Municipal Courthouse notes offered June 3—V.
152,
p. 3531—were awarded to the Second National Bank of Boston, at
0.143%
discount.
Dated June 3, 1941 and due June 3, 1942.
Other bids:
$50,000
must be sub¬
mitted
June 7, 1941
NEEDHAM, Mass.—NOTE SALE—The
of Detroit.
RIVERVIEW (P. O. Trenton), Mich.—BOND
OFFERING—James L.
Hale, Village Clerk, will receive sealed bids until 8
p. m. on June 11, for
the purchase of $95,000
coupon refunding bonds.
Dated April 15, 1941.
Denom. $1,000.
Due July 15 as follows:
$5,000 from 1942 to 1947, incl.;
$10,000, 1948 to 1953, incl. and $5,000 In 1954.
Bonds maturing in 1954
will be callable at par and accrued interest
on or after July 15, 1943, in
inverse numerical order, on 30
days published notice.
The issue will bear
interest at a rate or rates expressed in
multiples of
of 1 %, not exceeding
2H% to July 15, 1945, 3% thereafter to July 15, 1950, and
3K% there¬
after to maturity.
Principal and interest (J-J) payable at the Detroit
Trust Co., Detroit.
The bonds will be general
obligations of the village,
payable from unlimited ad valorem taxes, and bids shall
be conditioned upon
the approving legal opinion of Miller,
Canfield, Paddock & Stone of Detroit.
Cost of opinion and
printing of bonds to be borne by the successful bidder.
A certified check for
$2,000, payable to order of the village, is required.
ROYAL OAK AND TROY TOWNSHIPS
FRACTIONAL SCHOOL
DISTRICT
NO.
11, Mich.—REFUNDING COMPLETED—Matthew
Carey, refunding agent, Detroit, reports that refunding of indebtedness of
the above district has been
completed.
MINNESOTA
ALEXANDRIA,
Minn.—BOND SALE DETAILS— The City Clerk
states that the $2,000 storm sewer
bonds sold recently, as noted here
—V. 152, p. 3379—were
purchased by the Alexandria State Bank, as 2s at
par, and mature $1,000 on June 1 in 1945 and 1946.
CALUMET, Minn.—BONDS SOLD—The Village Clerk reports that
$25,000 3% semi-ann. water system bonds approved by the voters on
May 19, have been purchased at par by the State.
COKATO, Minn.—BONDS OFFERED— Both sealed and oral bids were
received until June 6, at 7:30 p.
m., by the Village Clerk, for the purchase
of $35,000 not
exceeding 3% semi-ann. sewage disposal plant bonds.
Denom. $1,000.
in
Dated July 1, 1941.
Due on July 1 as follows:
1942, $2,000, 1943 to 1957, and $1,000 in 1958 to 1961.
$1,000
FARIBAULT,
Minn.—BOND SALE—The $20,000 semi-ann. sewer
bonds offered for sale at public auction on June 2—V.
152, p. 3532—were
awarded to the Security National Bank & Trust Co. of
Faribault, as Is,
paying a premium of $135, equal to 100.675, a basis of about
0.80%.
Dated June 15, 1941.
Due $10,000 on June 15 in 1944 and 1945.
GROVE (P. O. Greenwald), Minn.—BOND OFFERING—Sealed
bids
will be received until 11 a. m. on June
23, by Henry B. Wehlage, Town
Clerk, for the purchase of $25,000 road and bridge bonds.
Denom. $1,000.
Dated June 1, 1941.
Due June 1, as follows:
$1,000 in 1943 to 1947 and
$2,000 in 1948 to 1957.
Bidder to name the rate of interest.
The bonds
will be made payable at
any suitable bank or trust company designated by
the successful bidder.
All bids must be unconditional.
The
and
approving ODinion of Fletcher, Dorsey,
Minneapolis, will
a
cer*i
\
,
printed bonds
Barker, Colman & Barber of
be furnished without expense to the purchaser
for
$1,000, payable to the Town Treasnro^.
F
•
*,os-
Volume
The Commercial
152
SALE— The
Minn.—CERTIFICATE
HOPKINS,
$14,000 semi-ann.
certificates of indebtedness offered for sale on June 3—V. 152, p. 3379—
were awarded to the Security National Bank of Hopkins, as 2s, paying a
premium of $15, equal to 100.10, a basis of
Dec. 1. 1942 to 1951 incl.
.
Due $1,400 from
about 1.98%.
1947
-V"YY
incl.
DETAILS—'The Village
Recorder states that the $50,000 semi-ann. sewage disposal plant bonds sold
to the First National Bank & Trust Co. of Minneapolis, as noted—-V. 152,
^
LONG
PRAIRIE,
SALE
Minn.—BOND
?. 3532—were$5,000 from July 1, 1942 a price incl.
.35%.
Due purchased as lMs, at to 1951 of 100.79, a
'
basis ofY1' v
about
Lake City, R. F. D.), Minn.—BOND
OFFERING—It is reported that bids will be received by W. Roschen,
Town Clerk, until June 20, at 8 p.m., for the purchase of $25,000 road
and
bridge bonds.
Legality approved by Fletcher, Dorsey, Barker,
MOUNT
PLEASANT
(P. O.
Colman & Barber of Minneapolis.
FALLS,
REDWOOD
1
Y
$27,500
offered for sale on June 2
152, p. 3532—was awarded to the Allison-Williams Co. of Minneapolis,
1M«. paying a price of 100.349, according to the City Recorder.
Due on
—V.
as
Dec. 1 in 1942 to 1951; optional on or after one year
from date of issue.
follows: $1,000 in 1942 to
1959 and $3,000 in 1960.
St. Louis.
HOLLANDALE CONSOLIDATED SCHOOL DISTRICT (P. O. Hoilandale), Miss.—BONDS SOLD—The First National Bank of Memphis is
said to have purchased the $55,000 construction bonds approved by the
voters at an election held on May 9.
; 1:
:'
(P. O. Columbus), Miss.—BONDS SOLD—It
Is stated by D. D. Griffin, Chancery Clerk, that $100,000 bonds were offered
for sale on June 2 and were awarded to Cady & Co. of Columbus, and
associates, as 2Mb.
Due in 1942 to 1956.
,
LOWNDES COUNTY
Miss.—BOND SALE DETAILS—It is stated that the
$80,000 gas system revenue bonds sold to Newman, Brown & Co. of New
Orleans, as reported on March 22, were purchased at par, divided as follows
$9,000 as 35is, due on March 1; $1,000 in 1943 to 1945, and $3,000 in 1946
and 1947, and $71,000 as 4s, due on March 1; $3,000 in 1948 to 1950, $4,000
1951 to 1963, and $5,000 in 1964 and 1965.
Dated March , 1941.
CONSOLIDATED
LINE
SCHOOL
DISTRICT
(P. O. Newhebron), Miss.—BOND SALE DETAILS—The Clerk of the
Chancery Court states that the $51,000 4% semi-ann. refunding bonds sold
to the Leland 8peed Co. of Jackson were purchased at par and mature on
Feb. 1 as follows: $1,000 in 1942 to 1945, $2,000 in 1946 to 1955 and $3,000
n
YY Y
Y/Y YY
1956 to 1964.
?
Y-Y/'Y,
Miss.—BOND OFFERING— Sealed bids will be re¬
until June 9, by the City Clerk, for the purchase of $16,000 funding
PASCAGOULA,
ceived
Due in 12 years.
bonds.
:
Y':
YY/'Y".
yy-'-yY''-
■
Y-Y;:
MISSOURI
MISSOURI
j
■■ ^
Adjustments to bring expenditures of an indicated total of $240 million
within revenue estimates probably will be undertaken by Missouri Senate
in final weeks of legislative session which until recently was without im¬
action
portant
pending outcome of election contest
Democratic opponent.
between Governor
Forrest Donnell and his
fiscal problems is that of social security for which Social
Security Commission has requested $44,422,580 from State sources and
$30,000,000 from Federal sources.
The bill approved by the House pro¬
First
poses
among
$31,500,000 from State funds and
$23,000,000 of Federal funds.
payments would be reduced from $17.80 to $11.70
and aid to dependent
children.
"-'n
^'-yvYY'.
Proposals for increase in two-cent gasoline tax to four cents apparently
have been defeated.
Some support, however, is being given a bill for toll
highway construction as undertaken in Pennsylvania.
-)y, y.v
On this basis, average
and similar cuts
would be ordered in relief payments
MONTANA
CARTER COUNTY SCHOOL DISTRICT NO. 15 (P. O.
Mont.—BOND SALE—The $20,000 semi-ann. building bonds
sale on June 2—V. 152, p. 2741—were awarded to the State as 3
according to the District
Ekal.ka),
offered for
Ms, at par,
Clerk.
GALLATIN
COUNTY
HIGH SCHOOL
DISTRICT (P. O. Boze-
Mont.—BOND SALE—The $186,750 semi-ann. refunding bonds
offered for sale on June 3—V. 152, p. 3058—were awarded to a syndicate
composed of the Harris Trust & Savings Bank of Chicago, the First Security
Trust Co., and Edward L. Burton & Co., both of Salt Lake City, as 1Mb
at par, according to the Secretary of the Board of Trustees.
'
- Y
man),
GLENDIVE, Mont.—BOND OFFERING—Sealed bids will
June 24, by August Colin, City Clerk, for the
until 8 p. m. on
be "received
purchase of
S65,000 water supply bonds. Interest rate is not to exceed 6%, payable
-J.
Dated July 1, 1941.
Amortization bonds will be the first choice and
be the second choice of the council.
If amortization bonds
the entire issue may be put into one single bond or
divided into several bonds, as the council may determine upon at the time
serial bonds will
are
sold and issued,
of the sale,
both principal and interest
period of 15 years from
ments during a
to be payable in semi-annual instal¬
the date of issue.
sold and issued, they will be in the amount of $1,000,
the sum of $4,000 of said serial bonds will be due and payaole on July J, 1942,
and a like amount on the same day each year thereafter until all of such
bonds are paid except that the last instalment will be in the amount of
If serial bonds are
will,
The bonds, whether amortization or serial,
after five years,
redeemable at the option of the city at any time before maturity.
No
$9 000.
be
Denom.
$500.
Dated July 1, 1941.
Principal and interest (J-J)
payable at Laurel.
These bonds are payable from an unlimited ad valorem
tax.
Legality approved by Johnston, Coleman & Lamey of Billings.
and accrued interest.
$3,250, payable to the City Clerk.
bid for less than par
SCHOOL DISTRICT NO. 9 (P. O.
Helena), Mont.—BOND SALE—The $30,000 semi-annual refunding bonds
on
May 29—V. 152, p. 3225—were purchased by the State
Board of Land Commissioners, as 2 Ms, according to the District Clerk.
The bonds were purchased at par.
Denom. $1,000.
Dated June 7,
1941.
Due in 1956; optional after 7M years from date of issue.
Coupon
offered for sale
SALE—The $450,000 issue of Armory
31—V. 152, p. 3225—was awarded
syndicate composed of the Wells-Dickey Co., Piper, Jaffray & Hopwood, and the Allison-Williams Co., all of Minneapolis, divided as follows;
$126,000 as 2 Ms, maturing from July 1, 1943 semi-annually to July 1,
1951; $118,000 as 2 Ms, maturing semi-annually from Jan. 1, 1952 to July 1,
1957, and $206,000 as 3s, due semi-annually from Jan. 1, 1958 to July 1,
1964.
Due semi-annually on Jan. and July 1 as follows: $6,000 from July 1,
to a
1943 to July 1, 1945; $8,000 from Jan. 1, 1946 to Jan. 1, 1952; $10,000
July , 1952 to Jan. 1. 1959; $12,000 from July 1, 1959 to Jan. 1, 1961;
$14,000 from July 1, 1961 to Jan. 1, 1965, and $16,000 on July 1,
Each of the said bonds is to be subject to redemption and interest prepay¬
ment at the option of the Montana Armory Board on any interest payment
date, after 30 days, notice or call, at par and accrued Interest, plus $30
per bond if redeemed on or before July 1, 1946, or $25 per boad if redeemed
thereafter and on or before July 1, 1951, or $20 per bond if redeemed there¬
after and on or before July 1, 1956, or $10 per bond if redeemed there¬
after and on or before July 1,1961, but without premium if redeemed after
from
1965.
July 1, 1961, such redemption, if less than ail of the
serial numbers, lowest numbers first.
outstanding bonds,
to be in order of
MONTANA, State of—BOND SALE—The $450,000 issue of Armory
Board bonds offered for sale on May 31—V. 152, p. 3225—was purchased
by the Allison-Williams Co. of Minneapolis, reports Frederick A. Lange, •
Adjutant-General.
No other bid was received.
NEBRASKA
ALLIANCE SCHOOL
DISTRICT (P. O. Alliance),
Neb.—BONDS
bonds is said
!• '
AUTHORIZED—'The issuance of $41,000 2M% refunding
to have been approved by the Board of Education.
,
ALVO, Neb.—BOND SALE DETAILS—The Village Clerk
$7,000 3% semi-annual refunding bonds sold recently, as
V. 152, p. 3225—were purchased at par by the Sheldon Estate,
the
states ux_. t
reported—
of Lincoln.
NOT CONSUMMA TED—The
sale on
April 2 of the $30,000 1M % semi-annual airport bonds to Greenway
or Omaha, as noted in tnese columns at the time, was not consummated as
the issuance of these bonds was rejected by the voters at an election held
Enclose a certified check for
.
',y Y-Y-Y- -yY'-Y
/V.
May20.
on
CHADRON, Neh.—MATURITY—The City Clerk states that the
$15,000 aviation field bonds sold to the Wachob-Bender Corp. of
as 2Ms, paying a price of 102.222, as noted—V.
152, p. 3225—are due on
May 1, 1961, optional five years from date of issue, giving a
about 2.03%.
A
Omaha,
basis of
ELECTION—The issuance of $21,000 swim¬
submitted to a vote at an election scheduled for
KIMBALL, Neb.—BOND
ming pool bonds will be
June 24, it is reported.
^
,
LINCOLN, Neb.—BOND OFFERING—Sealed bids will be received until
a. m. on June 28, by Theodore H. Berg, City Clerk, for the purchase of
an issue of $1,100,000 auditorium and street opening, general obligation
bonds.
Interest rate is not to exceed 3%, payable J-J.
Dated July 1,
1941.
Denoms. to be designated by the purchaser.
Due $55,000 July 1,
1943 to 1962, redeemaole at the option or the city, at any time after five
years from their date.
Prin. and int. payable at the County
office, the fiscal agent for the city.
These bonds and the payment of the
same and interest thereon, are authorized oy special charter provision for
the levy of a tax not to exceed $75,000 annually for a period of 20 years
commencing with the fiscal year beginning SeptemDor, 1940, and the further
provision that if money collected from said special tax is not
pay the principal and interest of the bonds when they become due,
City Council will cause taxes to be levied and collected by valuation on
taxable eproperty sufficient to make up the deficiency and pay the bonds.
Enclose a certified checa for not less than 2% of the bonds bid for, payable
to Frank J. Miller, City Treasurer.
'
.
1
10
Treasurer's
sufficient to
the
all
stated*by
HELENA, Mont.—BOND OFFERING—It is
A. H.
Carlson, City Clerk, that he will receive sealed bids until 7 p. m. on June
18, for the purchase of $47,259.17 refunding bonds.
Interest rate is not
to exceed 4%, payable J-J.
Dated July 1, 1941. Amortization bonds will
be the first choice and serial bonds will be the second choice of the council.
If amortization bonds are sold and issued the entire issue may be put into
one single bond or divided into several bonds, as the council may determine
upon at the time of sale, both principal and interest to be payable in semi¬
annual installments dining a period of seven years from the date of issue.
If serial bonds are issued and sold they will be 42 bonds in the amount of
$1,000 each, the remaining bonds shall be in multiples of $100 as may be
requested by any successful bidder, except the iast payment shall provide
for an irregular bond to include $59.17; the sum of $6,700 of the serial
bonds will become due and payable on July 1, 1942, and a like amount on
the same day each year thereafter until all such bonds are paid, except that
the installment will be in the amount of $7,059.17.
The bonds, whether amortization or serial, will be redeemable five years
after date of issue and any interest payment date thereafter.
The bonds
will be sold for not less than their par value with accrued interest to date of
delivery and an bidders must state the lowest rate of interest at which they
will purchase the bonds at par.
The successful bidder must be prepared
to accept delivery of the bonds on July 1.
Legality approved by Fletcher,
Dorsey, Barker, Colman & Barber of Minneapolis.
Enclose a certified
check for $1,000, payable to the City Clerk.
EAST
f
..
this bid.
& Co.
(State of)—BUDGET ACTION SCHEDULED—A report
City to the "Wall Street Journal" of June 4 had the follow¬
ing to say:-
$25,000 sewage plant bonds,
A $2,000 certified check must accompany
YY.\
this bid.
'
7,000 sewer installation bonds.
A $500 certified check must accompany
BEATRICE. Neb.—BOND SALE
ELVINS, Mo.—BONDS VOTED—At a recent election the voters widely
approved the issuance of $100,000 in bonds to finance the construction of
three new buildings in the town's educational group.
from Jefferson
LAUREL, Mont.—BOND OFFERING—It is stated by Rosella Fritz,
City Clerk, that she will receive sealed bids until 7:30p. m.on July 1,for the
purchase of the • following 4% semi-annual coupon bonds aggregating
$32,000 approved by the voters at an election held on May 7:
MONTANA (State of)—BOND
Denom.
Dated June 1, 1941.
Due on June 1 as
1946, $1,500 in 1947 to 1956, $2,000, 1957 to
Legality approved by Charles & Trauernicht of
$500.
1942°tod19eie—V' 152' P" 3^79—mature $350 on January and July 1 in
Board bonds offered for sale on May
BALDWYN SEPARATE SCHOOL DISTRICT (P. O. Baldwyn),
Miss.—BONDS SOLD—A $29,000 issue of 4M % semi-ann. refunding bonds
is said to have been purchased at par by Cady & Co. of Columbus.
NEWHEBRON
COUNTY SCHOOL DISTRICT NO. 13 (P. O. Box Elder),
Mont.—MATURITY—The District Clerk reports that the $7,000 gymna¬
of Land Commissioners, as 2 Ms. at par,
sium bonds sold to the State Board
bonds, payable J-D.
YSyYVYY MISSISSIPPI
MOSS POINT,
Carlson, City Clerk, for the purchase of
July 1,
by A*
*1? June
LEWIS AND CLARK COUNTY
SALE—The
Minn.—CERTIFICATE
certificates of indebtedness
issue of semi-ann.
HELENA, Mont.—BOND OFFERING—Sealed bids will be received until
$47,259.17 not to exceed 4% semi-annual refunding bonds.
Dated
1941.
A certified check for $1,000 must accompany the bid.
.HILL
KEEWATIN, Minn.—PRICE PAID—The Village Clerk states that the
$12,000 semi-ann. sewage disposal plant bonds sold to the First National
Bank of Keewatin, as 2s—V. 152, p. 3532—were purchased for a premium
of $60, equal to 100.50, a basis of about 1.85%.
Due on May 15 in 1942
to
3683
& Financial Chronicle
NEW
JERSEY
LEE, N. 3.—PAYMENT ON INTEREST FUNDING WAR¬
RANTS—Checks covering six months' interest at rate of 2% on interest
funding warrants were mailed June 4 to registered holders as of May
FORT
29.
HOBOKEN, N. 3.—BOND CALL—Arthur Malone, City Clerk, has
called for payment on July 1, 1941, the following 3M% refunding
aggregating $132,000:
:>
'YY YYYY.: Y YV
YY;Y ;..yBonds, Series II, Due July 1, 1957
3
31
51
85
118
159 Y,YV
9
40
52
86
127
160
17
41 •
54
107
128
167
18
42
:
55
111
133
171 Y
.
28
1
47
58
115
138
,
179
29
48
59
v 116
156
180
Bonds, Series II, Due July 1,1958
bonds,
181
198
246
249
255
265
268
269
271
206
227
228
238
239
241
243
245
275
:
'
276
277
288
294
303
304
313
320
321
333
334
342
348
357
319
358
Bonds, Series II, Due
378
379
381
384
393
394
396
359
366
368
369
370
372.:
374
377
July 1, 1959
433
434
■
.yY^.
\
■
•
399
«
.
■
^
572
585
617
442
575
587
618
443
576
592
453
577
598
454
578
599
455
582
604
y
457
583
609
Dated May 1, 1940.
Denom. $1,000. Said bonds have been drawn by
lot for redemption, and will be redeemed at the principal amount thereof
and accrued interest to the said date of redemption fixed, but without
premium, and on July 1, 1941, the said redemption price of the principal
amount thereof and accrued interest thereon to said date will become due
437
and be
•
459
460
469
470
473
481
488
542
543
553
555
559
565
571
489
496
505
506
512
520
529
,
said bonds, upon presentation and surrender
thereto appertaining maturing after said date)
payable on each of
thereof (with all coupons
holder, at the
shall at the
asignments or
office of the City Treasurer or at the option of the
Bank of New York, New York City.
Any of said bonds which
time be registered should be accompanied by duly executed
transfer powers in blank.
■
■
.
,
at the
Interest on
July 1. 1941.
said bonds will cease to accrue or
.
be payable from and after
The Commercial & Financial Chronicle
3684
LYNDHURST TOWNSHIP (P. O.
Lyndhur.t, N. J.—BOND SALE
DETAILS—The $2,316,000 (not $2,317,000) 3% refunding bonds
purchased
on May 29
by a syndicate headed by Paine, Webber & Co. of New York—
V. 152, p. 3533—were sold to the banking group at a
price of 96.429, a
basis of about 3.48%.
BOND CALL—Louis M
Finance,
on
announces that
July 1, 1941, at
Favier, Director of Department of Revenue and
$2,212,000re-funding bonds are called for payment
and accrued interest.
Dated Jan. 1
1935.
Said
bonds must be presented to the Director Department of Revenue and
Finance with July 1,1941, and all subsequent coupons attached.
The above
bonds are part of an original issue of $2,881,900 and all of the bonds of
said issue
outstanding, dated Jan. 1, 1935, regardless of numbers,
called for redemption.
•
are
MONMOUTH COUNTY (P. O. Freehold), N. J.—BOND SALE—The
$212,000 coup, or reg. general improvement bonds offered June 4—V, 152,
p. 3379—were awarded to Haisey, Stuart & Co., Inc., New York. as 2.10s,
at par
plus a premium of $61.48, equal to 100.029. a basis of about 2.09%
Dated June 1. 1941 and due June 1 as follows: $9,000 from 1942 to 1949
incl.; $10,000 in 1950 and $13,000 from 1951 to 1960 incl.
.
Other bids:
Int.
Rate
Rule Bid
2.20%
2.20%
M. M. Freeman & Co-.—2.20%
Shields & Co. and Julius A. Rippel, Inc
2.20%
Colyer, Robinson & Co., Buckley Bros, and Stroud
100.437
_
—
100.27
— —
100.18
100.14
-»
& Co_
2.20%
2 54%
-
100.08
100.305
254%
Blair & Co., Inc. and MacBride, Miller & Co
B. J. Van Ingen & Co., Inc., Dolphin & Co.
E. H. Rollins & Sons. Inc_
100.159
and
-
Taylor & Co., Campbell, Phelps & Co., Inc.
and VanDeventer Bros
254%
—
100.14
254%
_
Minsch, Monell & Co., Dougherty, Corkran & Co. and
P. E. Kline, Inc
100.30
NEW JERSEY (State of)—SINKING FUND SELLS ONLY
$167,000
BONDS—Only $167,000 of the total of $1,025,000 of local municipal bonds
by the State Sinking Fund Commission on June 3—V. 152, p. 3533,
offered
sold.
No bids were submitted for the block of $85,000
Deptford
Township refunding 4s and all of the tenders for five other series aggregating
were
$753,000
were
rejected.
Gate refundings,
Ocean
sewer
bonds offered June 5—V.
The three blocks sold included the $69,000 354 %
due 1942-1957 and $18,000 4% Point Pleasant
water improvement, due 1950-1960, and the $80,000
4% Ventner City
refunding.
The first two were taken by H. B. Boland & Co. of New York,
at a total premium of $1,237, and the third was sold to E. H.
Rollins &
Sons, Inc., New York, for a premium of $3,206.
NORTH
ARLINGTON, N. 3.—BONDS SOLD—The $12,000 coupon
registered improvement bonds for which the one bid received on April
15,
rejected—V.
152, p. 2590—were subsequently purchased by the
Borough Police Pension Fund, as 4s, at par.
7,
1941
coupon or regis¬
152, p. 3533—were awarded
Bidder—
Int. Rate
Barr Bros. <fc Co., Inc_
Bankers Trust Co. of New York-
Kean, Taylor & Co.——
Harriman Ripley & Co., Inc
_
Rate Bid
0.90%
100.279
100.269
100.169
„
—
.
0 90%
-----
——
0.90%
—
0.90%„\
0.90%
0.90%
National Commercial Bank & Trust Co., Albany
Marine Trust Co. of Buffalo and R. D. White & Co.
100.159
100.14
100.06
100.039
101.003
100.38
Harris Trust & Savings Bank___--__-_
_—_u_
0.90%
Fiduciary Trust Co., New York.—1%
*
—
Union Securities Corp., New York—
Haisey, Stuart & Co., Inc
Dick & Merle-Smith—
Salomon Bros. <fc
—
—»
1%
— -
—
—
—
—
—
1%
100.37
1%
1%
1%
100.30
100.14
Par
—
—
_
Hutzler
BREWSTER, N. Y.—BOND OFFERING—W. Boynton Tower, Village
Clerk, will receive sealed bids until 11 a. m. (DST) on June 10 forthe
purchase of $19,000 not to exceed 6% interest coupon or registered fire
house bonds. Dated May 1, 1941. Denom. $1,000. Due
May 1 as follows:
$2,000 from 1942 to ] 950 incl. and $1,000 in 1951. Bidder to name a single
rate of interest, expressed in a multiple of 54 or
1-10 of 1 %. Principal and
interest (M-N) payable at the First National Bank, Brewster, with New
York exchange. The bonds will be general obligations of the village, payable
A certified check for $380, payable to order of the
village, is reouired.
Legal opinion of Dillon, Vandewater & Moore of New
York City will be furnished the successful bidder.
In the event that prior
to the delivery of the bonds the income received by private holders from
bonds of the same type and character shall be taxable
by the terms of any
Federal income tax law, the successful bidder may, at his election, be
from unlimited taxes.
relieved of his obligations under the contract to purchase the bonds and
in such case the deposit
accompanying the bid will be returned.
BUFFALO, N. Y.—CERTIFICATE SALE—'The $3,500,000 certificates
of indebtedness offered June 5—V. 152, p. 3534—were awarded to a group
composed of Chase National Bank, Chemical Bank & Trust Co., both of
New York, and the Marine Trust Co. of Buffalo, at 0.26% interest rate
plus a nremium of $25.
Dated June 15, 1941 and due Dec. 15, 1941.
Other bids:
r
Bidder—
:■
Int. Rate
.
Haisey, Stuart & Co., Inc., Ladenburg, Thalmann & Co., Blair
& Co., Inc., and Swiss-American Corp. (plus $45)
National City Bank of New York and Manufacturers & Traders
or
Trust Co_-
0.30%
0.30%
—
was
NORTHVALE
SCHOOL
DISTRICT, N. 3.—REFUNDING AP¬
PROVED—The State Funding Commission on May 27
approved an issue
of $30,000 354% refunding bonds.
PENNSAUKEN
TOWNSHIP (P. O.
Pennsauken), N. J.—BOND
OFFERING—Robert V. Peabody, Township Clerk, will receive sealed bids
until 8 p. m. (DST) on June 18 for the purchase of $330,000 not to
exceed
4% interest coupon or registered refunding bonds.
Dated June 1, 1941.
Denom. $1,000.
Due Dec. 1 as follows: $35,000 in 1942 and 1943: $50,000.
1944; $65,000, 1945 ; $5,000, 1946: $25,000, 1947: $65,000 in 1948, and
$50,000 in 1949.
These bonds are part of an authorized issue of
$3,031,000.
Bidder to name a single rate of interest,
expressed in a multiple of 54 or
l-10th of 1%.
Prin. and int. (J-D) payable at the Pennsauken Township
National Bank, North Merchantville, or at the
Philadelphia National Bank.
Philadelphia.
Each proposal must state the amount bid for the
which
shall
bonds,
be not less than
$330,000 nor more than $331,000.
A certi¬
fied check for $6,600, payable to order of the
township, is required.
Legal
opinion of Hawkins, Delafield & Longfellow of New York City will be
furnished
the successful bidder.
,
PLEASANTVILLE,
N.
'
;
J.—BOND
OFFERING—Nehemiah Andrews,
City Clerk, will receive sealed bids until 8 p. m. (DST) on June 16 for the
purchase of $55,000 not to exceed 6% interest coupon or
registered general
of 1941
bonds.
Dated June 1,
1911.
Denomination
$1,000.
Due
$11,000 on June
1
from
1942
to 1946
incl.
Bidder to name a single
rate of interest, expressed in a
multiple of 54 or 1-10 of 1%.
Principal
and interest (M-N) payable at the Mainland
National Bank, Pleasantville.
Amount bid for the bonds must be not less than
$5.5,000 nor more than
$56,000.
A certified check for $1,100, payable to order of the
city, must
accompany each proposal.
Legal opinion of Hawkins, Delafield & Long¬
fellow of New York City will be furnished the
successful bidder.
NEW
MEXICO
NEW MEXICO, State of—COURT
RULES ON SPECIAL IMPROVE¬
MENT BONDS—The State Supreme Court is
reported to have rendered a
decision holding that special improvement bonds are
subject to a 4-year
statute of limitations.
It is felt that this ruling may affect a
large amount
of outstanding improvement district bonds within New
Mexico.
NEW
MEXICO,
State of—BONDS SOLD—It is reported by Rex
French. State Treasurer, that he has purchased an issue of
$1,000,000
2 H% semi-annual
highway debentures.
Dated April 1, 1941.
Due in
1954 to
1956.
These debentures
are
part of
$4,000,000, the remainder of which will be sold
NEW
a
as
total authorized issue
the need arises.
of
YORK
ALEXANDRIA
BAY,
AMSTERDAM,
N. Y.—BOND SALE—The $297,000
N. Y.—BOND SALE POSTPONED—1The sale
of $20,000 not to exceed
6% interest street paving bonds, originally sched¬
uled for June 2—V. 152, p. 3533—was
postponed, according to Roy F.
Pearce, Village Clerk.
tered bonds offered June 3—V.
& Co., Inc., New
York,
as
152,
a price of 100.22,
Is, at
Sale consisted of:
a
basis of about 0.95%.
$179,000 public works bonds.
Due May 1 as follows: *$29,000 in
1942;
$31,000, 1943: $17,000, 1944 to 1948, incl.: $5,000, 1949 to
1951,
incl.; $3,000, 1952 to 1954, incl.;
$2,000 in 1955 and 1956, and
$3,000 in 1957 and 1958.
118,000 home relief bonds.
Due May 1 as follows:
$13,090
$14,000 from 1943 to 1949 incl. and
$7,000 in 1950.
in
1942;
All of the bonds bear date of
May 1, 1941.
Bidder—
Lehman
jnt. Rate
Brothers,
jointly
with
&Co
Eastman,
Premium
i.oo%
$534.60
i .00%
501.00
210 00
Dillon
____
Montgomery County Trust Co., Amsterdam, New
York.
Farmers National Bank of AmsterdamC. F. Childs & Co., Inc., jointly with
...
1.00%
Boettcher &
Co., and Sherwood & Co
Adams, McEntee & Co., Inc
_
The Marine Trust Co. of
White & Co
& Co
_
E. H. Rollins & Sons, Inc
H. L. Allen & Co., jointly
& Co., Inc.
& Co
Gibbons
&
Co., Inc. jointly with Dick &
l_.
Traders
Kean Taylor & Co
Bankers Trust Co
Haisey, Stuart & Co., Inc
831.30
1.10%
810.81
Trust
Co.
_____
jointly
ELMONT
534.00
FIRE
DISTRICT
(P.
O. Elmont),
Hempstead,
N.
Y.—
BOND OFFERING—The Board of Fire Commissioners will receive sealed
bids until 11:30 a. m. (DST) on June 17 for the purchase of $10,000 net to
exceed 6% interest coupon or registered
building bonds.
Dated June 1,
Due $1,000on June 1 from 1942 to 1951 incl. Bidder
single rate of interest, expressed in a multiple of 54 or 1-10 of
1%. Principal and interest (J-D) payable at the Franklin Souare National
Bank, Franklin Souare, or at the Central Hanover Bank & Trust Co., New
York City.
A certified check for 2% must accompany each proposal. Legal
opinion of Reed, Hoyt, Washburn &
Clay of New York City will be fur¬
Denom. $1,000.
1941.
to
name
a
nished the successful bidder,
"ESSEX
COUNTY (P. O.
Elizabethtown), N. Y.—BOND OFFERING
—Fred Torrance, County Treasurer, will receive sealed bids until 2
p. m.
(DST) on June 10 for the purchase of $50,000 not to exceed 5% interest
coupon or registered
highway bonds.
Dated June 1, 1941.
Denoms.
$1,000 and $500.
Due June 1 as follows: $1,500 from 1942 to 1961, incl.
and $2,000 from 1962 to 1971, incl. Bidder to name a single rate of
interest,
expressed in a multiple of 54 of 1 %.
Principal and interest (J-D) payable
at the Lake Champlain National Bank,
Westport, with New York exchange.
The
bonds are direct obligations of the county, payable from unlimited
A certified check for $1,000, payable to order of the
county, must
accompany each proposal.
Legal opinion of Dillon, Vandewater & Moore
of New York City will be furnished the successful bidder.
In the event that
prior to the delivery of the bonds the income received
by private holders
from bonds of the same type and
taxes.
character shall be taxable by the terms
of any Federal income tax law, the successful bidder may, at his
election,
be relieved of his obligations under the contract to purchase the bonds
and in such
case
the deposit accompanying his bid will be returned.
HADLEY
(P. O. Hadley), N. Y.—BOND SALE DETAILS—The
$25,000 tax equalization bonds awarded March 31 to the Marine Trust Co.
of Buffao, as reported in—V.
152, p. 2276—were sold as 154s, at a price of
100.05, a basis of about 1.73%.
•
___________
LYNBROOK, N. Y.—BOND SALE—'The $23,750
coupon
or
registered
street infprovement bonds offered June 2—V. 152, p. 3380—were awarded
to C. F. Childs & Co. and Sherwood &
Co., both of New York, jointly, as
Is, at a price of 100.14, a basis of about 0.95%.
Dated June 1, 1941 and
due June 1 as follow :
$3,750 in 1942, and $5,000 from 1943 to 1946 incl.
Other bids:
,
Bidder—
.
Int. Rate
Rate Bid
Lvnbrook National Bank & Trust Co
Manufacturers & Traders Trust Co
1%
Tilney&Co
Peoples National Bank & Trust Co., Lynbrook--
1.10%
100.139
1.20%
154%
100.064
Par
—
100.06
MONTI CELLO, N. Y.—BOND OFFERING—Robert N.
Benson, Village
Clerk, will receive sealed bids until 3 p. m. (DST) on June 16 for the pur¬
chase of $29,324.67 not to exceed 6% interest
coupon or registered water
bonds of 1941.
Dated June 1, 1941.
One bond for $324.67, others $1,000
each.
Due June 1 as follows:
$2,324.67 in 1942 and $3,000 from 19^3 to
1951 incl.
or
Bidder to name a single rate of interest expressed in a multiple
1-10th of 1%.
Principal and interest (J-D) payable at the Village
office.
The bonds will be unlimited tax obligations of the
Treasurer's
village and 4he approving legal opinion of Hawkins, Delafield & Longfellow
of New York City will be furnished the successful bidder.
A certified
check for $586.50, payable to order of the
village, is required. In the event
that prior to the delivery of the bonds the income received
by private
holders from bonds of the same type and character shall be taxable
by the
terms of any Federal income tax law, the successful bidder
may. at his
election, be relieved of his obligations under the contract to purchase the
bonds and in such case the deposit accompanying the bid will be
returned.
PEMBROKE, DARIF.N, BATAVIA AND ALEXANDER CENTRAL
SCHOOL DISTRICT NO. 2 (P. O. Corfu), N. Y.—BOND OFFERING—
Roy E. Hills. Clerk of the Board of Education, will receive sealed bids until
2 p. m. (DST) on June 10 for the purchase of $10,000 not to exceed
5%
interest coupon or registered school bonds.
Dated June 1, 1941.
Denoms.
$1,000 and $500.
Due Nov. 1 as follows:
$1,000 from 1942 to 1945 incl.
and $1,500 from 1946 to 1949incl,
Bidder to name a single rate of interest,
expressed in a multiple of 54 or l-10th of 1%.
Prin. and int. (M-N),
payable at the Bank of Corfu, with New York exchange, or at the Irving
Trust Co., New York, at the option of the holder.
A certified check for
8200, pavable to order of Albert F. Bangert, District Treasurer, is required.
Legal opinion of Dillon, Vandewater & Moore of N. Y. City will be furnished
the successful bidder.
In the event that prior to the delivery of the bonds
the income received by private holders from bonds of the same
type and
451.00
1.10%
415.80
1.10%
326.00
1.10%
323.73
1.10%
1.10%
1.10%
267.30
Monell
Hemphill, Noyes & Co., jointly with Spencer Trask
B.
1.10%
1.10%
with Minsch,
_
Geo.
126.00
980 10
905.85
Buffaco, jointly with R. D.
Kidder, Peabody & Co., jointly with White, Weld
Merle-Smith.
Manufacturers &
.
1.10%
1.10%
1.10%
1.10%
Union Securities & Co.,
jointly with Blair & Co., Inc
Harriman Ripley & Co., Inc.
CHATEAUGAY (P. O. Chateaugay), N. Y.—PLANS BOND SALE—
Jerry F. Sheehan, Town Supervisor, states that the $26,000 town hall bonds
an election on Feb. 11, last, will be sold within a few weeks.
authorized at
of
coupon or regis¬
p. 3533—were awarded to Barr Bros.
to the
Manufacturers & Traders Trust Co., Buffalo, and Adams, McEntee &
Co., Inc., New York, jointly, as 0.90s, at par plus a premium of $399,
equal to 100.42, a basis of about 0.82%.
Dated June 1,1941 and due June 1
as follows: $10,000 from 1942 to
1950, incl., and $5,000 in 1951.
Reoffered
at prices to yield from
0.15% to 1 %, according to maturity.
Other bids:
City National Bank of Bignhamton
„
Bidder—
H. B. Boland & Co
H. L. Allen & Co. and J. S. Rippel & Co
Kean.
tered
par
now
June
BINGHAMTON, N. Y.—BOND SALE—'The $95,000
with
character shall be taxable by the terms of any Federal income tax law. the
successful bidder may, at his election, be relieved of his obligation under the
contract to purchase the bonds, and in such case the
deposit accompanying
his bid will be returned.
PLEASANTVILLE, N. Y.—BOND SALE—The $20,000 coupon"^?
registered refunding bonds offered June 5 were awarded to E. H. Rollins
& Sons,
Inc., New York, as 1.90s, at a price of 100.24. a basis of about
1.88%.
Dated June 1, 1941.
Denom. $1,000.
Due $5,000 on June 1
from 1951 to 1954, incl.
Principal and interest (J-D) payable at the First
National Bank, Pleasantville, with New York exchange.
The bonds are
general obligations of the village, payable from unlimited taxes.
to
be refunded
204.93
preslent
200.99
New
York
were
issued
The bonds
prior to Jan. 1, 1939 and mature within the
by Dillon, Vandewrater & Moore of
Legality approved
City.
Other bids:
year.
Volume
The Commercial
152
& Financial Chronicle
Int. Rate
2%
Rate Bid
100.04
2.10%
2.20%
2\i%
100.287
100.159
First National Bank of Pleasantville-_,__*-,,-^-v--
George B. Gibbons <fe Co., Inc.
2.30%
100.08
Bidder—
,
; •
.
r
,
H. L. Allen &
K. D. White & Co
—-
Manufacturers k Traders Trust Co
—
.
Par
CERTIFICATES OFFERED
sealed bids until 4:15 p. m.
and certificates of indebted¬
ness, as follows:
v.; y '
:{.\ \
:
$100,000 tax notes issued in anticipation of collection of taxes levied for
fiscal years beginning April 1, 1936 to April 1, 1940. inclusive.
32,000 street assessment certificates of indebtedness issued for the pur¬
pose of refunding similar obligations maturing June 10, 1941.
.
22,000 sewer assessment certificates of indebtedness also issued to refund
'
PORT
CHESTER.
N.
Y.—NOTES AND
—Harry Wunsch, Village Clerk, will receive
on June 9, for the purchase of $154,000 notes
10, 1941.
certificates maturing June
,
.
.
10, 19A1 and mature Dec. 10, 1941.
The written opinion of Reed, Hoyt.
City, as to the validity.of the notes and
successful bidder.
•
-
All of the issues will be dated June
Bidder to
name
the rate of interest.
Washburn & Clay of New York
certificates will be furnished the
YONKERS,
OFFERING—Wi A. Schubert, City Comp¬
until noon (DSTl on June 12 for the pur¬
exceed 6% inter st coupon or registered bonds,
N. Y.—BOND
A
3685
for each issue (not less than par and accrued interest)
are requested to name the interest rate or rates, not
multiples of M of 1 %; each bid may name one rate for
part or the bonds of any issue (having the earliest maturities) and another
rate for the balance, but no bid may name more than two rates for any
issue, and each bidder must specify in his bid the amount of the bonds of
each rate.
The bonds will be awarded to the bidder offering to purchase
is
separate bid
Bidders
required.
exceeding 6 %
in
the city, such cost to be determined
amount of the premuim bid from the aggregate
all of the bonds until their respective maturities.
Bids must be on a form to be furnished with additional information and
must be accompanied by a certified check upon an incorporated bank or
the bonds at the lowest interest cost to
deducting the total
by
anrmunt of interest upon
8io™mpany* Payable unconditionally to the order of the State Treasurer
*
for $800.
The approving opinion of
will be furnished the purchaser.
Masslich & Mitchell, New York City,
v
In the event that prior to the delivery of
the bonds the income received
holders from bonds of the same type and character shall be
taxable by the terms of any Federal income tax law, the successful bidder
may, at his election, be relieved of his obligations under the contract to
purchase the bonds and in such case the deposit accompanying his bid will
by
private
bereturned.
N. C.—NOTE OFFERING— Sealed bids will be received
(EST), on June 10, by W. E. Easterling, Secretary of the
KINSTON,
until
11
a.
m.
troller, will receive sealed bids
Local Government Commission, at his office in Raleigh,
chase of $1.8^9,000 not to
$125,000 bond anticipation notes (in anticipation of the receipt of the
proceeds of the sale of bonds for the following purposes: $50,000 sewerage
system extensions, $45,000 waterworks system extensions, $25,000 street
and sidewalk improvements, and $5,000 water and sewer service con¬
nections), dated June 20,1941, and maturing Dec. 20,1941, without option
of prior payment. There will be no auction.
Interest payable at maturity.
Denom. $5,000. Bidders are invited to name the interest rate (not exceeding
6% per annum), the city or town and bank or trust company therein, of
payment.
Delivery at place of purchaser's choice.
The notes will be awarded, at not less than par and accrued interest,
to the bidder offering to purchase the notes at the lowest interest cost to the
city, such cost to be determined by deducting the premium bid from the
aggregate amount of interest upon the notes until their maturity.
Bids must be accompanied by a certified check upon an incorporated bank
or
trust company, payable
unconditionally to the order of the State
Treasurer for $625. The right to reject all bids is reserved. The approving
opinion of Caldwell & Raymond, New York City, will be furnished the
purchaser.:
:;;T
;--y;
'v/J1":-.
;
v.;..'.:
'■>'
divided
as
follows:
to pay city's share of public
Due May 1 as follows:
and $10,000 in 1947 and 1948.
$120,000 series I gm<»ral bonds of 1941, issued
improvement
work relief projects.
$20,000 from 1942 to 1946, incl.,
1941, issued to provide funds for home
as follows: $35,000 from 1942 to
1947 to 1951. incl.
I,179,000 series III general bonds of 1941, issued for the purpose of provid¬
ing funds to meet a portion of the accumulated operating deficit
of the city and to pay judgments against the city and interest
thereon.
Due May 1 as follows: $50,000 from 1942 to 1950.
V
incl.: *54,000 in 1951: $65,000 from 1952 to 1956, incl., and
$70,000 from 1957 to 1961, incl. .r.?:"
■:
25,000 series IV general bonds of 1941. issued to pay city's share of
work relief projects.
Due $5,000 on May 1 from 1942 to 1946,
425,000 series II general bonds of
relief purposes.
Due May 1
1946, incl., and $50,000 from
'
v.:-y.
inclusive.
Due $5,000 on May 1 from 1942 to
100,000 water bonds of 1941.>
1961,
inclusive.
All of the bonds will be dated May 1,
1941.
Denom. $1,000.
Bidders
requested to name the rate of interest to be borne by each of the several
issues of bonds offered, stated in a multiple of J4" or 1-10th of 1 %.
All
of the bonds of each issue, however, must bear the same rate of interest.
Prin. and int. (M-N)payable at the City Comptroller's office, or at the
First National Bank of Boston.
The bonds will be unlimited tax obliga¬
tions of the citv and the approving legal opinion of Hawkins, Delafield &
are
Longfellow of New York City will be furnished the successful bidder.
A
certified check for $36,980, payable to order of the City Comptroller, must
accompany each proposal.
bonds the income received
In the event that prior to the
delivery of the
by Private holders from bonds of the same type
taxable by the terms of any Federal income tax law,
the successful bidder may, at his election, be relieved of his obligations
Tinder the contract to purchase the bonds and in such case the deposit
and character shall be
accompanying his bid will be
;;
returned.
CAROLINA,
State
of—BOND SALE—The semi-annual
registered bonds, aggregating $965,000, offered for sale on
152, p. 3534—were awarded to Kirchofer & Arnold of Raleigh,
and the Branch Banking & Trust Co. of Wilson, paying a premium of
$786, equal to 100.081, a net interest cost of about 0.833%, on the bonds
NORTH
coupon
or
June 5—V.
as
follows:
;
-
■
ALAMANCE COUNTY (P.
Sealed
O. Graham), N. C.—BOND OFFERING—
(EST), on June 10, by W. E.
Sealed bids will be received until 11 a. m.
Easterliug, Secretary of the Local Government Commission, at his office
in Raleieh, for the purchase of the following bonds aggregating $79,000,
all of which are to be dated June
years
1. 1941, and maturing on June 1,
hereinafter stated, without option of prior
in the
payment:
$19,000 school building bonds/maturing annually, $2,000, 1943 to 1949,
incl., and $5,000, 1950.
15,000 refunding bonds, maturing annually, $5,000, 1961 to 1963, incl.
45,000 refunding school bonds, maturing annually, $10,000,1961; $20,000,
1962, and $15,000, 1963.
Denom. $1.000: principal and interest (J-D), payable in New York City
in legal tender: general obligations; unlimited tax: coupon bonds registerable
principal alone; delivery on or about June 25, at place of purchaser's
There will be no auction.
bid for each issue (not less than par and accrued interest)
is reauired.
Bidders are requested to name the interest rate or rates, not
exceeding 6% in multiples of M of 1 %; each bid may name one rate for part
of the bonds of any issue (having the earliest maturities) and another rate for
the balance, but no bid may name more than two rates for any issue, and
each bidder must specify in his bid the amount of the bonds of each rate.
The bonds will be awarded to the bidder offering to purchase the bonds at
the lowest interest cost to the countv, such cost to be determined by deduct¬
ing the total amount of the premium bid from the aggregate amount of
interest upon all of the bonds until their respective maturities.
Bids must be on a form to be furnished with additional information and
must be accompanied by a certified check upon an incorporated bank or
trust comnanv. payable unconditionally to the order of the State Treasurer
for $1,580.
The approving opinion of Masslich & Mitchell, New York
Citv, will be furnished the purchaser.
In the event that prior to the delivery of the bonds the income received
as
to
choice.
A separate
of the same type and character shall be
Federal income tax law, the successful bidder
by private holders from bonds
taxable by the terms of any
at his election, be relieved of
purchase the bonds and in such case
may.
this obligations under the contract to
the deposit accompanying his bid will
'J,
bereturned.
(P. O. Elizabethtown). N. C.—BOND SALE—
The coupon semi-annual road and bridge refunding and school refunding
bonds a,ggregating $159,000, offered for sale on May 27—V. 152, p, 3381—
were awarded to a syndicate composed of Campbell, Phelps & Co. of New
York, the First Securities Corp. of Durham, Ryan, Sutherland & Co. of
Toledo, Fox, Reusch & Co. and P. E. Kline, Inc.. both of Cincinnati,
paying a premium of $63.60, equal to 100.04, a net interest cost of about
3.149k on the bonds divided as follows: $115.000 as 3^s, due on June 1,
$5,000 in 1955 and 1956, $10,000 in 1957, $20,000 in 1958 to 1961. and
$15,000 in 1962: the remaining $44,000 as 3s, due $5,000 in 1962, $25,000
in 1963 and $14,000 in 1964.
(This notice corrects the report of sale given here on May 31—V. 152,
p. 3534.)
BOND CALL—It is stated by W. A. Ferguson. Clerk of the Board of
Commissioners, that the county has exercised its right, to call for payment
on Julv
1, at par and accrued interest, various 5 and 6% township road
refunding bonds of the countv, dated Julv 1, 1935.
These bonds will be
redeemed at the Chase National Bank, New York.
BLADEN COUNTY
BUNCOMBE COUNTY (P.
O. Asheville), N. C.—BOND TENDERS
with the call for tenders up to May 30 of
152, p. 3227—it is stated by Curtis Bynum, Secretary
Sinking Fund Commissioners, that the following bonds were pur¬
by their respective sinking funds:
ACCEPTED—In connection
refunding bonds—V.
to the
chased
County of
Buncombe refunding, $31,000 at
37.76.
refunding, series 2, $2,000 at 47.035.
funding, series 2. $490 at 28.00.
City of Asheville general refunding. $20,000 at 37.00.
City of Asheville school refunding, $7,000 at 36.94.
Bonds totaling $47,000 of various other districts were purchased at
prices ranging from $32.09 to 100.00.
County of Buncombe
Countv of Buncombe
GREENVILLE, N. C.—BOND OFFERING— Sealed bids will be received
until 11 a. m. (EST), on -Tune 10, by W. E. Easterling, Secretary of the
Local Government Commission, at his office in Raleigh, for the purchase
of the following bonds aggregating $40,000, all of which are to bear the date
of June 1. 1941, and will oecome due on June 1 in the years hereinafter
stated, without option of prior payment:
$15 000 fire fighting apparatus bonds maturing
1946 and $ 2.000 1947 to 1951. all incl.
annually, $1,000, 1942 to
bonds maturing annually, $2,000 1952, $2,000 1953 and
$3,000 1954 to 1960, incl.
Denom. $1,000: prin. and int. (.T-D), payable in New York City In legal
tender: general obligations; unlimited tax; coupon bonds registerable as to
principal alone and as to both principal and interest; delivery on or about
June 27 at place of purchasers' choice. There will be no auction.
25 000 refunding
V-\"i:;'
-V--';. ,;'K'"VC-:
$90,000 North Carolina State College Building bonds, divided $20,000 as
lHs, due on April 1, 1944, and $70,000 as 0.75s, due on April 1,
$10,000 in 1945, and $20,000 in 1946 to 1948.
; V
■!
275,000 School for the Deaf bonds, divided $60,000 as 1 Ks. due on April 1,
1944, and $215,000 as 0.75s, due on April 1, $35,000 in 1945, and
$60,000, 1946 to 1948.
600,000 Eastern North Carolina Sanatorium bonds, divided $135,000 as
ll^s, due oh April 1, 1944, and $465,000 as 0.75s, due on April 1,
$105,000 in 1945, and $120,000 1946 to 1948.
ORANGE COUNTY
CAROLINA
NORTH
for the purchase of
Hillsboro) N. C.—BOND
until 11 a. m. (EST), on June
(P. O.
bids will be received
OFFERING—
10, by W. E.
Easterling, Secretary of the Local Government Commission, at his office
in Raleigh, for the purchase of a $35,000 issue of school building bonds.
Dated June 1, 1941.
Due $3,000 on June 1 in 1942 to 1952, and $2,000 in
1953, without option of prior payment.
Denom. $1,000; coupon bonds
registerable as to principal alone; prin. and int. (J-D), payable in legal
tender in New York City; general obligations; unlimited tax; delivery on or
about June 24, at place of purchaser's choice.
Bidders are requested to name the interest rate or rates, not exceeding
6%, per annum, in multiples of M of 1 %. Each bid may name one rate for
part of the bonds (having the earliest maturities), and another rate for the
balance, but no bid may name more than two rates, and each bidder must
specify in his bid the amount of bonds of each rate.
The bonds will be
awarded to the bidder offering to purchase the bonds at the lowest interest
cost to the county, such cost to be determined by deducting the total
amount of the premium bid from the aggregate amount of interest upon all
of the bonds until their respective maturities. No bid of less than par and
accrued interest will be entertained.
Bids are required on forms to be furnished with additional information,
and each bid must be accompanied by a certified check upon an incorporated
bank or trust company, payable unconditionally to the order of the State
Treasurer for $700.
Tne approving opinion of Masslich & Mitchell, New
York City, will be furnished
In the event that prior to
the purchaser,
the delivery of the
bonds the income received
character shall be
successful bidder
the contract to
the deposit accompanying his bid will
by private holders from bonds of the same type and
taxable by the terms of any Federal income tax law, the
may. at his election, be relieved of his obligations under
such case
wV'V;-
purchase the bonds and in
Dereturned.
COUNTY (P. O. Clinton) N. C.—BONI) OFFERING—
Sealed bids will be received until 11 a. m. (EST), on June 10, by W. E.
Easterling, Secretary of the Local Government Commission, at his office
in Raleigh, for the purchase of $25,000 school building addition bonds.
Dated June 1, 1941. Due on June 1: $1,000,1944 to 1948, and $2,000,1949
to 1958, all incl., without option of prior payment. There will be no auction.
Denom. $1,000; prin. and int. (J-D) payable in lawful money in New York
City; coupon bonds registerable as to principal only; general obligations;
unlimited tax; delivery at place of purchaser's choice.
Bidders are requested to name the interest rate or rates, not exceeding
6% per annum in multiples of
of 1%. Each bid may name one rate for
part of the bonds (having the earliest maturities) and another rate for the
balance, but no bid may name more than two rates, and each Didder wist
specify in his bid the amount of bonds of each rate.
The bonds will be
awarded to the bidder offering to purchase the bonds at the lowest interest
cost to the county such cost to be determined by deduct ing the total amount
of the premium bid from the aggregate amount of interest upon all of the
bonds until their respective maturities. No bid of less than par and accrued
interest will be entertained •
,
.
Bids must be accompanied by a certified check upon an incorporated
SAMPSON
bank or truso company,
Treasurer for
payable unconditionally to
the order of the State
The right to reject all bids is reserved. The approviag
Hoyt, Washburn & Clay, New York City, will be furnished
$500.
opinion of Reed,
purchaser»
;
In the event that
\
prior to the delivery of the
v*
...
bonds the income
received
and character shall be
law, the successful bidder
may, at his election, be relieved of his obligations under the contract to
purchase the bonds and, in such case, the deposit accompanying his bid
bv private holders from bonds of the same type
taxable by the terms of any Federal income tax
will be returned.
N. C.—BOND REFUNDING PROGRAM—E.
R.
Auditor, reports as follows regarding the city s bond refund-
SOUTHPORT,
Weeks, City
"^here^e
two Gf our
oj,} bond issues,
which the bond attorneys are re¬
will be done in Septem¬
quiring a court order validating the issues.
This
ber Court, then the plan will be declared operative.
,
"I think about 95% of the bondholders have deposited
the Local Government Commission.
"We have paid all interest due to
sinking funds as set up in plan.
"Total amount of refunding and
NORTH
date on new plan
,
,
,
...
,
their bonds with
and are depositing
funding bonds will be
. „
$159,095.89,
DAKOTA
FORKS, N. Dak.—BONDS VOTED—It is stated by Charles
J
Evanson, City Auditor, that at the election held on May 28 the voters
approved the issuance of the following bonds: $175,000
and $5",000 airport bonds.
GRAND
armory-auditorium,
MOTT
NO. 6 (P. O. Mott) N. Dak.—-BOND
Alvira W. Boyd, District Clerk, will receive
SCHOOL DISTRICT
OFFERING—It is stated that
bids at the
noo
Auditor's office until June 16, at 2 p. m., ^or ^®JParc^ase
refunding bonds.
Dated July 1, 1941. Denom. $1,0110. Due
County
Jalfi:S?foUOTS: &,W0Ui 1942, $5,000 in'l943 and 1944, $6,000 In 1945
The Commercial & Financial Chronicle
3686
and
June 7, 1941
1946, $7,000 in 1947 and 1948, and $8,000 in 1949 and 1950. Bidder to
specify the rate of interest, but not to exceed 5% per annum for the first
year and 3)4% per annum thereafter, payable Jan. 1, 1942. and semi¬
annually thereafter.
The bonds will be payable at any suitable bank or
trust company designated by the successful bidder. The district will furnish
the printed bonds and the approving legal opinion of Fletcher,
Dorsey,
Barker, Colman & Barber, of Minneapolis. All bidders must undertake to
100.007, a basis of about 1.248%.
Dated June 15, 1941 and due Nov. 15
as follows:
$4,000 from 1942 to 1949, incl. and $5,000 in 1950 and 1951.
Second high bid of 101,218 for l^s was made by the BancOhio Securities
pay the cost of fiscal and legal services and bond printing not exceeding
$825, which may be included, if desired, as extra interest in the first year.
of issuing $56,000 construction bonds.
WARD COUNTY (P.
O. Minot), N. Dak.—BOZVD ELECTION—The
issuance of $400,000 funding bonds is said to be scheduled for
election on June 16.
a vote
at
an
-ohio
AKRON, Ohio—BOND SALE—'The $200,000
a
from 1942 to 1951, incl.
ALLIANCE, Ohio—BONDS AUTHORIZED—'The City Council
cently passed a resolution to issue $25,000 not to exceed 3% interest
funding bonds.
Dated July 16, 1941.
Denom. $1,000.
Due $5,000
July 15 from 1943 to 1947 incl,
BARBERTON, Ohio—BOND SALE—The $30,000 sanitary
sewer
re¬
re¬
bonds
of Toledo.
Unsuccessful bids:
Bidder—
Int. Rate
Ryan, Sutherland & Co
VanLahr, Doll & Isphording
Stranahan, Harris & Co., Inc
Premium
1)4%
$87.00
13^%
,
1
„■—„
BancOhio Securities Co
J. A. White & Co
60.00
35.50
1)4%
15.00
162.00
CINCINNATI, Ohio—PROPOSED BOND ISSUE—It is reported that
the city may issue $122,000 street improvement bonds.
COLUMBUS, Ohio—BOND ANTICIPATION LOAN AUTHORIZED—
City Council recently authorized the borrowing of $180,000 on one-year
notes in anticipation of the issuance of bonds In that amount to
defray cost
of WPA paving and sewer projects.
Special assessments will be levied
against property owners in connection with the program.
CUYAHOGA
VOTED—At
an
FALLS
election
CITY
on
SCHOOL
DISTRICT,
May 20 the voters authorized
oklahoma
Ohio—BONDS
an
ENID,
OKLA.—BOND SALE—The
$300,000
Issue
of airport
ofTered for sale on June 2—V. 152. p. 3535—was awarded to
bonds
a group com¬
posed of C. Edgar Honnold, the First National Bank & Trust Co., both
of Oklahoma City, and Francis Bro. A Co. of Tulsa, according to the
City Clerk.
Due $37,000 in 1945 to 1951, and $41,000 in 1952.
The purchasers took the
bonds
as
1
and 1
McALESTER,
made by Ryan, Sutherland & Co.
was
Ohio—BOND OFFERING—Robert
L. Beals, City Auditor,
noon on June 14 for the purchase of $20,000
3% interest fire department equipment bonds.
Dated Dec.
15, 1940.
Denom. $1,000.
Due $1,000 Dec. 15, 1941: $1,000 June 15
and Dec. 15 from 1942 to 1950, incl. and $1,000 June 15, 1951.
Rate or
rates of interest to be expressed in multiples of M of 1%.
Interest J-D.
A certified check for $200, payable to order of the City Treasurer, is required.
on
Offered May 31—V. 152, p. 3382—were awarded to Seasongood & Mayer
of Cincinnati as 1 )4*, at par plus a premium of $159.85, equal to
100.532, a
basis of about 1.34%.
Due $6,000 on Oct. 1 from 1942 to 1946, incl.
high bid of 100.29 for 1 )4s
TIFFIN,
will receive sealed bids until
not to exceed
group headed by
Fox, Reusch & Co. of Cincinnati as 2s, at a price of 1O0.332, a basis of
about 1.93%.
Dated June 1, 1941 and due $20,000 annually^on June 1
Second
of Columbus.
SWANCREEK TOWNSHIP SCHOOL DISTRICT (P. O. Swanton),
Ohio—BOND ELECTION—An election will be held June 12 on the question
delinquent tax
coupon
bonds offered June 2—V. 152, p. 3227—were awarded to
Co.
issue of $225,-
000 building bonds.
EATON, Ohio—BOND OFFERING—H. N. Swain, Village Clerk, will
receive sealed
bids until noon on June 16 for the purchase of $6,000
4%
bonds.
Dated June 16, 1941.
Denom. $600.
Due $600 on
June 16 and Dec. 16 from 1942 to 1946 incl.
Bidder may name a different
rate of interest, expressed in a multiple of M of 1%.
Interest J-D.
A
certified check for $100, payable to order of the Village
Okla.—ADDITIONAL
INFORMATION—The
City
Clerk now states that the $25,000 city hall bonds sold to the First National
Bank & Trust Co. of Oklahoma City—V. 152, p. 3535—were purchased
for a premium of $20, equal to 100.08. a net interest cost of about
1.675%,
on the bonds divided as follows:
$9,000 as 2s, due $3,000 in 1944 to 1946.
$6,000 as 1
due $3.000 in 1947 and 1948, and $10,000 as 1 % s, due $3,000
in 1949 and 1950, and $4,000 in 1951.
•
VINITA,
Okla.—REVENUE BOND
ISSUANCE AUTHORIZED—A.
derision was given recently by Lucius Babcock, District Judge, denying the
injunction asked by the Public Service Co. of Oklahoma to restrain the
city from Issuance of $160,000 of revenue bonds to finance a municipal
electric system to deliver power purchased from the Grand River Dam
Authority.
Jack Rorsbach. who appeared as counsel of the city, said the decision
would permit delivery of the oonds to R. J. Edwards, of Oklahoma City.
Delivery was not possible so long as the injunction suit was pending.
In seeking an injunction, tne Public Service Co. of Oklanoma contended
the amount was not sufficient to finance the proposed construction.
oregon
DOUGLAS COUNTY SCHOOL DISTRICT NO. 34 (P. O. Elkton),
Ore.—BONDS SOLD—The District Clerk reports that $10,000 gymnasium
bonds w~re purchased on May 31 by cn-> f ederal Securities Co. of Portland,
as 1
at a price of 100.43. a basis of about 1.67%.
Denom. $500. Dated
June 1, 1941.
Due $1,000 from Dec. 1, 1942 to 1951, incl.
Prin. and int.
(J-D) payable at the office of the County Treasurer.
judgment
Treasurer, is
re¬
quired.
The Federal Securities Co. of Portland bid 95 for 3s.
FAIRFIELD, Ohio—BOND VALIDITY CHALLENGED—It
is reported
suit has been filed in Common Pleas Court questioning the
legality
of an issue of $8,000 sewer system bonds that was approved at the
general
election last November.
that
a
SALE DETAILS—'The $4,500 1 X% street
resurfacing bonds recently awarded to J. A. White & Co. of
Cincinnati, at
a price of 100.466, as reported in—V.
152, p. 3227—are dated March 1,
1941, and due $500 annually on March 1 from 1943 to 1951, incl. Interest
J-J
*
HARRISON VILLAGE SCHOOL DISTRICT, Ohio—BOND
ELEC¬
TION—An election will be held on June 17 to vote on the
question of
issuing $32,000 construction bonds.
LAGRANGE, Ohio—BOND OFFERING—M.
will receive sealed bids until
B. Halliwill, Village Clerk,
noon on June 19 for the
purchase of $18,000
water works bonds.
Dated June 1, 1941.
Denoms. $1,000
Due Nov. 1 as follows: $500 in 1942: $1,000, 1943:
$500, 1944:
coupon
and 8500.
$1,000. 1945; $500, 1946: $1,000, 1947: $500 in 1948, and $1,000 from 1949
1961 incl.
Bidder mav name a different rate of interest,
expressed in
multiple of H of 1%.
Principal and interest (M-N) payable at the Grafton
Savings & Banking Co., Grafton.
Legal opinion or Squire. 8anders &
Dempsey of Cleveland, will be furnished the successful bidder at the ex¬
pense of the village.
A certified check for $200, payable to order of the
village, is required.
to
-LUCAS
COUNTY
(P.
O.
Ohio—BOND OFFERING—
Toledo),
Schmitt, Clerk of the Board of County Commissioners, will
receive sealed bids until 10 a. m. on June
9, for the purchase of $5,510 3%
highway improvement No. 546 bonds.
Dated July 1, 1941.
Due Nov. 1
as follows:
$1,510 in 1942, and $2,000 in 1943 and 1944.
Principal and
Interest (M-N) payable at the
County Treasurer's office.
A certified check
for 1 % of the bonds bid for, payable to order of the
city, is required. A
complete certified transcript of all proceedings
evidencing the regularity
and validity of the issuance of the bonds
will be furnished the successful
Adelaide E.
bidder in accordance with the provisions of Section
2293-30 of the General
Code of Ohio.
Delivery of bonds will be made at the Courthouse in Toledo
July
on
1,
1941.
MAUMEE,
•tonAnov
Ohio—BOND
OFFERING—Henry
C. Ostrander, Village
noon on June 13 for the purchase of
general obligation street improvement bonds.
Dated
receive sealed bids until
$12,000 3 4 %
coupon
iLune
i£Sn,onV-
and $500.
Due Nov. 1
as
follows: $1,000
from 1942 to 1947 incl. and
$1,500 from 1948 to 1951 incl.
Bidder may
name a different rate of
interest, expressed in a multiple of H of 1 %.
Prin.
and int. (M-N) payable at the State
Savings Bank Co., Maumee.
Issued
to pay the village portion of the
cost and in anticipation of the collection
of special assessments to
pay the property owners' part of the cost of im¬
proving certain streets.
A certified check for
2% of the bonds, payable
to order of the Village
Treasurer, is
required.
MONROE TOWNSHIP
RURAL SCHOOL DISTRICT
Manchester), Ohio—BOND SALE—Ryan. Sutherland
have purchased an issue of
$40,000 2%
&
(P. O. West
Co.
of Toledo
building bonds.
Ohio—-BOND OFFERING—A.
a
M.
Schoneberger,
City
Auditor will receive sealed bids until noon
(EST) on June 16 for the pur¬
chase of $15,000 4% series
No.1-1941 coupon water works bonds.
Dated
1. 194L
Denom. $1,000.
Due Oct. 1 as follows: $1,000 in
1942
and $2,000 from 1943 to 1949 incl.
Bidder may name a different rate of
interest, expressed in a multiple of V of 1 %.
Principal and interest (A-O)
payable at the First National Bank, Norwood.
All bidders must satisfy
ves of the
validity of the bonds before bidding on same.
No con¬
ditional bids will be accepted.
Legal opinion of Peck, Shaffer, Williams
& Gorman of
Cincinnati, will be furnished the purchaser at his own
expense.
themse
office.
a
^
^ke purchaser at the City Auditor's
/of the bonds, payable to order of the City
A certified check „
for 5
Treasurer, is required,
«o^0Knn)Fo/ArF^H0^IZFD—Council
f^:i'£^^^arkand playground
17
o;
«?vP* Ji?,
nonds.
Due Oct.
D.^S^hU^nown
-f W
has authorized an^issue of
Dated April 1, 1941
One bond
1
as
in 1942 and
»i.ouu m iv)42 ana
follows* $1 500
DISTRICT (P. O. Richmond
$210,000 building bonds offered June 4
awarded to Hawley, Shepard
& Co. of Cleveland,
1^09o/
°fi due as equal to 100.87, a basis of about
1.92%.
Dated May P^eToainand ?, >828, follows:
1, 1941
$4 000 Mav 1 and "N"ov 1
from 1942 to 1947 incl.; $4,000 May 1 and
$5,000 Nov 1 from 1948 to 19*65
^•Second high bid of 100.83 for
Cincinnati.
STEUBENVILLE, Ohio
BOA
bonds offered June 2
Bosworth & Co. of Toledo, as
ment
as
152, P. 3228—were awarded to Atkinson-Jones &
1 }4*. payi ng a price of 100.21. a basis of a bout 1.45%.
Due $1,000
COUNTY
LINN
Nov. 1 in 1942
on
SCHOOL
DISTRICT
to
Co. of
Dated
1949, incl.
NO.
114
(P. O. Albany,
1), Ore.—WARRANTS SOLD—Tt is stated that $3,000 interest
Route
bearing
warrants
Portland,
as
were
2Ms, at
a
purchased recently by
price of 100.07.
Atkinson-Jones
&
Co.
of
PORT OF ASTORIA (P. O. Astoria), Ore.—BONDS NOT SOLD—
It Is stated by W. F. McGregor. Secretary of the Board of Commissioners,
that the only bid received for the $2,500,600 not to exceed 3% semi-annual
refunding, series A bonds offered on May 27—V. 152, o. 3228 —was an
offer by the State ™ond Commission to purchase $500,000 as 2 9*8, at a
price of 100.02.
This tender was rejected.
It is not stated when these
bonds will be reoffered.
PORTLAND, Ore.—BONDS RETIRED—Commissioner Kenneth L.
Cooper announced recently the retirement of $416,000 3)4% improvement
bonds and the payment of $36,400 interest.
The retirement of these bonds
was
brought about by the sale of $400,000 bonds
on
April 30
as
l)4s—
V. 152, p. 2906.
SCAPPOOSE, Ore.—BOND OFFERING—Sealed bids will be received
m. on June 12, bv J. G. Watts, City Recorder, for the
purchase
until 8 p
of
811,000 water refunding bonds.
Interest rate is not to exceed 6%,
pavable J-D.
Dated June 1, 1941.
Dmiom. $1,000.
Due June 1, as
follows: $2,000 in 1946 to 1049, and $3,000 in 1950.
The approving opin¬
ion of Teal, Winfree, McCulIoch, ShulPr & Kellev, of Portland, will be
furnished
close
a
to the successful bidder.
certified check for $300.
Bids
must
be
unconditional.
En¬
pennsylvania
ALIOUIPPA BOROUGH SCHOOL DISTRICT, P
OFFERa. Smith, District Secretary, will receive sealed bids until
8 p. m. (DST) on June 16 for the purchase of
$325,000 coupon school bonds.
Dated June 1, 1941.
Denom. $1,000.
Due $13,000 annually on June 1
from 1942 to 1966 incl.
Bidder to name single rate of interest, expressed
in a multiple of M of 1%.
Interest payable J-D, free of all taxes (except
gift, succession and inheritance taxes) levied pursuant to any present or
future law of the Commonwealth of Pennsylvania.
Sale of the bonds is
subject to approval of proceedings by the Pennsylvania Department of
Internal Affairs, and the approving legal opinion of Burgwin,
Scully &
Churchill of Pittsburgh, will be furnished the successful bidder witnout cost.
Printing of bonds to be paid for by the purchaser.
A certified check for
$6,500, payable to order of the District Treasurer, is required.
In the
event that prior to the
delivery of the bonds the income received by private
holders from bonds of the same type and character shall be taxable
by the
of any Federal income tax law, the successful bidder
may, at his
election be relieved of his obligation under the contract to
purchase the
bonds and in such case the deposit
accompanying his bid will be returned.
terms
BRIDGEPORT, Pa .—BOND SALE—The issue of $77,000 refunding
bonds offered June 3—V. 152, p. 3382—was awarded to George E.
Snyder
& Co. and Rambo, Keen. Close <fe
Kerner, both of Philadelphia, jointly,
as 1 Ks, at par
plus a premium of $313.39, equal to 100.407, a basis of about
1.45%.
Dated June 1. 1941 and due June 1 as follows: $5,600 from 1942 to
1954 incl. and $6,000 in 1955 and 1956.
Reoffered at prices to yield from
0.50% to 1.43%, according to maturity.
COLUMBIA SCHOOL DISTRICT, Pa .—BOND OFFERING—Samuel
S.
Klair, District Secretary, will receive sealed bids until 9 p. m. on June
17 for the purchase of $50,000 1)4.
2, 2)4 or 2)4% coupon, regis¬
trable as to principal onlv, funding bonds.
Dated June 1, 1941.
Denom.
$500.
Due June 1 as follows: $4,500 from 1946 to 1955 incl. and $5,000
in 1956.
Bidder to name a single rate of interest, payable J-D.
Principal
,
and interest payable without deduction
cession
o
r8 $1,000 each.
$2,000 from 1943 to 1955 incl
-—V
May 22—V.
May 1, 1941.
ING—Louis
COUNTY (P.
O. Youngstown), Ohio—TO ISSUE
NOTES—'The county plans to issue
$176,000 delinquent tax'notes in the
present year and an additional $116,000 in 1942.
F
JACKSON COUNTY SCHOOL DISTRICT NO. 2 (P. O. Medford),
Ore.—BOND SALE—The *8,000 semi-annual school bonds offered for sale
on
Portland.
FRANKLIN76hio— BOND
4%
GLADSTONE, Ore.—BOND SALE— The $4,000 coupon semi-ann. fire
equipment bonds offered for sale on May 20—V. 152, p. 3228—were awarded
City Water Department as 3s, as par.
Dated Jan. ], 1941.
Due
$500 from Jan. 1,19^2 to 1949 incl.
to the
2s
waTmade
Co.*
by Pohl &
foe of
HMRW* PIPBHV
SALE—The $42,000 street improve¬
V. 152, p. 3382—were
awarded to Braun.
1 J^s, at par plus a premium of
$3. equal to
-J
under
all
of
or
anv
for any tax or taxes, except suc¬
inheritance taxes, now or hereafter levied or assessed thereon
present or future laws of the Commonwealth of Pennsylvania,
which taxes the district assumes and agrees to pay.
Bonds will be
subject to approval of the Pennsylvania Department of Internal
Affairs: any further approval to be at the expense of the successful bidder.
issued
A certified check for
2% of the
bonds bid for, payable to order of the Dis¬
trict Treasurer, is required.
DUNMORE,
Pa.—BOND
OFFERING—Andrew
J.
O'Hara,
Borough
Secretary, will receive sealed bids until 8 p. m. (EST) on June 10 for the
purchase of $110,000 314, 3%, 4, 4)4 or 4K% coupon, registerable as to
principal only, judgment funding bonds.
Dated June 1, 1941.
Denom.
$1,000. Due Dec. 1 as follows: $5,000 from 1947 to 1950 incl.; $10,000 in
1953 and $40,000 in 1954 and 1955. Bidder to name a single rate of interest
for all of the bonds,
payable J-D.
Principal and interest will be payable
without deduction for any tax or taxes, except succession or
inheritance
taxes, now or hereafter levied or assessed thereon under any present or
future law of the Commonwealth of Pennsylvania, all of which taxes the
Volume
The Commercial
152
& Financial Chronicle
borough assumes and agrees to pay.
The bonds will be payable from ad
valorem taxes within the taxing limitations placed by law upon boroughs.
2% of the bonds bid for, payable to order of the Borough
Treasurer, is required.
Bonds will be issued subject to favorable legal
opinion of Townsend, Elliott & Munson, of Philadelphia, and to the approval
of the Pennsylvania Department of Internal Affairs.
,
A certified check for
MEADVILLE, Pa .—BOND ELECTION—The voters will be asked to
an issue of $65,000 municipal incinerator bonds at the November
authorize
general election.
GILES COUNTY (P. O. Pulaski) Tenn.—BONDS SOLD—The First
_
TOWNSHIP
SCHOOL DISTRICT
(P. O.
Drive, Mount Lebanon), Pa.—BOND SALE—The $90,000
coupon school bonds offered June 2—V. 152, p. 3229—were awarded to
Elmer E. Powell & Co. of Pittsburgh, as lHs, at par plus a premium or
$272.70, equal to 100.32, a basis of about 1.46%.
Dated June 1,1941 and
due $5,000 on June 1 from 1942 to 1959 incl.
MOUNT
LEBANON
380 Jefferson
PHILADELPHIA,
The
new sewer rent
Pa.—SEWER
RENT
PLAN
RECOMMENDED—
City Coun¬
plan was given a public hearing before the
cil's finance committee on June 3, and then sent on to
favorable recommendation.
Under present plans it will
the Council with
be passed finally
meeting next week.
Then a test case will be brought im¬
mediately in order to determine the constitutionality of the measure.
The sewer rent would p ovide about $7,800,000 annually, according to
estimates, enouugh to carry the $42,000,000 in bonds necessary to complete
the city's sewage disposal plant and build $4,000,000 in new sewers.
In
addition, it would make self-sustaining $59,000,000 of old sewer debt now
outstanding, and would provide the $2,000,000 a year necessary to operate
the disposal system.
The proposed ordinance provides for a sewer rent
of 30 cents on each $100 of assessed real estate plus a charge equal to the
at the Council
water rent on each property.
ROSS TOWNSHIP AUTHORITY (P. O. Perrysville), Pa.—BOND
SALE DETAILS—The following were associated with Moore. Leonard &
Lynch, of Pittsburgh, in the recent purchase of $1,025,000 3 M % and 3 M %
water revenue ooncis—V. 152, p. 3535:
Singer, Deane & Scribner, of Pitts¬
burgh, E. H. Rollins & Sons, Inc., Philadelphia, Clover & MacGregor,
Phillips, Schmertz & Co., George G. Applegate, and S. K. Cunningham &
Co., all of Pittsburgh.
The sale consisted of $500,000 3 J^s, due April 1,
1976, and $525,000 serial 3Ks, maturing April 1 as follows: $10,000 from
1951 to 1955 inch $15,000, 1956 to 1960 incl. $20,000. 1961 to 1965 incl.
$25,000, 1966 to 1970 incl. and $35,000 from 1971 to 1975 incl. All of the
bonds are subject to call prior to stated maturity dates.
Mill Run),
will receive
sealed bids at his office, Title & Trust Building, East Crawford Ave. and
Pittsburgh St., Connellsville, until 7:30 p. m. (DST) on June 21 for the
purchase of $6,000 school bonds.
Dated Nov. 1, 1940. Denom. $1,000.
Due $1,000 on Nov. 1 from 1942 to 1947 incl.
Bidder to name rate of
interest in a multiple of M of 1 %.
Interest M-N.
A certified check for
$500, payable to order of the District Treasurer, is reouired.
Purchaser
will be furnished with the approving legal opinion of Burgwin, Scully &
Churchill, of Pittsburgh, without cost, and the district will provide, or
SPRINGFIELD TOWNSHIP SCHOOL DISTRICT (P. O.
Pa .—BOND OFFERING— Fred E. Younkin, District Solicitor,
print, the bonds.
SWOYERVILLE
SCHOOL
DIStRICT,
Pa .—BOND
SALE— The
$25,000 coupon operating revenue bonds offered June 2—V. 152, p. 3383—
awarded to Moore, Leonard & Lynch of Pittsburgh, as 3 Kb, at a price
of 100.583, a basis of about 3.35%.
Dated May 15, 1941 and due $2,500
on May 15 from 1942 to 1951 incl.
Bonds maturing from 1947 to 1951 incl.
will be callable in whole or in part at the district's option at par and accrued
interest on May 15, 1946, or on any subsequent interest date.
were
TARENTUM, Pa.—BOND OFFERING—H. H. Girt, Borough Secretary,
16 for the purchase
will receive sealed bids until 6:30 p.m. (EST) on June
$15,00 not to exceed 4% interest coupon borough bonds.
Dated July 1,
1941.
Denom. $1,000.
Due July 1 as follows: $3,000 in 1943; $5,000 in
1948 and $7,000 in 1950. Bidder to name one rate of interest, expressed in a
multiple of
of 1 % and payable J-J. Principal and interest payable free
of all taxes levied under any present or future law of the Commonwealth of
National Bank of Memphis, is said to have purchased
right-of-way bonds at a price of 100.463.
KNOX COUNTY (P. O. Knoxville) Tenn .—BOND SALE POST¬
PONED—It is stated by W. H. Hall, Clerk of the County Court, that the
sale of the $30,000 Ex-Service Mens Memorial Armory Building bonds,
which had been scheduled for June 2—Y. 152, p. 3384—has been postponed,
due to failure to receive notice of Federal grant. Due $3,000 from Feb. 1,
1943 to 1952 incl. <
LAWRENCEBURG, Tenn.—BOND SALE DETAILS—The City Clerk
states that the $20,000 city bonds sold recently—V. 152, p. 3536—were
purchased by a local bank as 4s, are dated Jan. 1,1941, and mature serially
jn 20 years.
ONEIDA, Tenn.—BONDS SOLD—The Town Recorder states that the
semi-ann. funding bonds offered for sale without success on
$3,500 4%
Dec. 20 have been sold.
SWEETWATER, Tenn.—BOND CALL—It Is stated by J. G. Engleman,
numbered from 1 to 511, all of the
outstanding bonds of an Issue of $407,812.50, are being called for payment
on July 1, at par and accrued interest to July 1, 1941.
Dated Jan. 1, 1935.
Said bonds will be redeemed on date called, at the Town Recorder s office.
Town Recorder, that refunding bonds
TEXAS
ALICE, Texas—BONDS SOLD—The City Secretary states that $75,000
airport, park, street improvement, fire equipment and city ball improve¬
ment semi-ann.
bonds were purchased on May 26 by the Columbian
Securities Corp. of San Antonio, as 22^8, paying a premium of $477.30,
equal to 100.636, a basis of about 2.66%. Dated June 1,1941. Due $3,000
in 1942 to 1966. callable after 10 years. These bonds were approved by the
voters on
PASS, Texas—BONDS SOLD—The City Clerk states that
$250,000 3% semi-ann. seawall construction bonds were purchased on
May 27 by the First State Bank of Aransas Pass, paying a price of 101.854.
Due on Dec. 1 in 1941 to 1958.
These bonds were approved by the voters
at an election held last November.
Legal approval by Pat Dougherty of
Austin.
BELTON INDEPENDENT SCHOOL DISTRICT (P. O. Belton),
Texas—BONDS SOLD—A $39,000 issue of 4% semi-ann. building bonds
purchased at par
approved by the voters on April 5, are said to have been
by R. A. Underwood & Co. of Houston.
(P. O. San Antonio) Texas—BONDS SOLD—The
Clerk of the Commissioners Court reports that an issue of $197,000 2H %
semi-ann. voting machine bonds was sold on May 26 to a syndicate composed
of the Columbian Securities Corp. of San Antonio Crammer & Co. of Dallas
Dewar, Robertson & Pancoast, Mahan, Dittmar & Co., botn of San Antonio,
and Rauscher, Pierce & Co. of Dallas, paying a price of 101.62.
Due in
1942 to 1955. These bonds were approved by the voters last November.
BOND ELECTION—The issuance of $600,000 2^% semi-ann. road
improvement bonds will be submitted to the voters at an election scheduled
for June 28.
(The original amount proposed was $800,000, but was sub¬
sequently reduced to the above figure.)
BEXAR COUNTY
COUNTY
COMAL
TION—The issuance
(P. O. New Braunfels), Texa»—BOND ELEC¬
of $200,000 road improvement bonds will be sub¬
an election scheduled for June 28, according to
mitted to the voters at
'*■
report.
CHRISTI
CORPUS
:,
•
(P. O.
reported by the Business
INDEPENDENT SCHOOL DISTRICT
Corpus Christ!) Texas—BONDS SOLD—It is
Education that the $500,000 2%, 2% and 3%
semi-ann. construction bonds approved by the voters on May 17, were sold
to the National Bank of Commerce, of Houston, subject to waiver by the
Manager of the Board of
WILKES-BARRE, Pa.—BOND SALE—The issue of $110,000 funding
awarded to Charles Clark &
bonds offered June 3—V. 152, p. 3061—was
Co., and E. W, & R. C. Miller & Co., both of Philadelphia, jointly, as
IHs, at a price of 100.839, a basis of about 1.41%.
Dated June 1, 1941
and due June 1 as follows:
$5,000 from 1945 to 1947 incl.; $10,000. 1948
and 1949; $15,000, 1950 and 1951; $10,000, 1952; $20,000 in 1953 and
$15,000 in 1954.
Second high bid of 100.455 for 1 y2s was made by Halsey,
Stuart & Co., Inc.
Due in 20 years.
Education.
State Board of
COUNTY (P. O. Paducah), Texas—BONDS PUJBL1CLY
OFFERED—R. A. Underwood & Co. of Dallas, are offering $21,000 5%
semi-annual courthouse refunding bonds for investment.
Denom. $1,000
Dated March 1, 1941.
Due March 1, as fohows: $1,000 In 1959 and 1960,
$6,000 in 1961, $1,000 in 1962, $7,000 in 1970, and $5,000 in 1971.
Prin.
and int. payaole at the Mercantile National Bank, Dallas.
Legality
COTTLE
CAROLINA
approved by Chapman & Cutler of Chicago.
(P. O. Dayton),
INDEPENDENT SCHOOL DISTRICT
DAYTON
PROVIDENCE SCHOOL DISTRICT (P. O. Orangeburg), S. C.—
MATURITY—It is now reported that the $10,000 gymnasium-auditorium
oonds sold to the First National Bank of Holly Hill, as 3J^s at par, as
noted here last January, are dated Feb. 1, 1940, and mature on Feb. 1 as
follows: $500 in 1942 to 1947, and $1,000 in 1948 to 1954.
Texas—BOND SALE DETAILS—The
Superintendent of Schools states
building bonds sold to Charles B. White & Co. of Houston
—V. 152, p. 3536—were purchased as follows:
$50,000 as 2s, maturing
from April. 1942 to 1951, and $10,000 as \%b, due on April 1,1952.
that the $60,000
DE KALB, Texas—BONDS SOLD—Mayor L, E. Brown states that
$5,000 6% semi-ann, water works improvement revenue bonds have been
purchased by the First National Bank of New Boston. Dated July 1, 1940.
WESTMINSTER, S. C.—BOND CALL—It is stated by H. Henderson,
that all outstanding bonds of the town are called
for payment on July 1.
On certain of these bonds a premium will be paid
on a scale that will be furnished upon application.
Holders of all outstand¬
ing bonds, however, are to have a preferential right to exchange their bonds
for an issue of refunding bonds to be presently announced, as to which full
details will be given upon application.
Inquiries should be addressed to
E. H. Pringle & Co., fiscal agents, Charleston.
Town Clerk-Treasurer,
(P. O. Crockett), Texas—PURCHASER—In
ic offering by Crummer & Co. of Dallas of the
152, p. 3230, it
COUNTY
HOUSTON
connection with the pub
$150,000 2H% semi-ann. road bonds, as reported in V.
is stated by the County Judge that the original purchaser
the J. R. Phillips Investment Co. of Houston, at par
JACKSON COUNTY ROAD DISTRICT NO. 7 (P.
—BOND OFFERING— Sealed bids will be received until
DAKOTA
of the bonds was
O. Edna), Texas
10 a. m. on June
of a $20,000 issue of
Due June 15, as follows:
$1,000 in 1950 to 1957, and $2,000 in 1958 to 1961.
Optional at any time on or after June 15, 1952, in inverse numerical order
on any Interest
paying date with 30 days' notice to the paying agent.
Bidders will be required to specify the coupon rate and no bid will be accepted
for less than par and accrued interest.
Split rate bids with interest expressed
in multiples of M of 1 % will be allowed.
Interest payable June and Decem¬
ber 15 of each year.
The county expects to be able to make delivery on
these bonds not later than July 15, and the county will pay all costs of
proceedings, including the legal opinion of Pat Dougherty of Austin. Any
bidder requiring any other legal opinion will be expected to furnish the
same at his own expense.
The election for these bonds carried by a vote
of 20 to 1.
The district has never defaulted in the payment of any of its
obligations. Enclose a certified check for 2% of the par value of the bonds.
9, by M. L. Cobb,
County Judge, for the purchase
Dated on or about June 15, 1941.
road bonds.
DISTRICT NO. 27 (P. O.
S. Dak.—BONDS NOT SOLD—It is stated by John N.
Thompson, Clerk of the Board of Education, that the $25.000 3 % semi-ann.
refunding bonds offered on June 2—V. 152, p. 2745—were not sold.
Dated
Sept. 1, 1941.
Due on Sept. 1 in 1944 to 1961; optional on and after
EDGEMONT INDEPENDENT SCHOOL
$500 in 1942 to 1949,
Edgemont),
Sept. 1, 1944.
LOGAN CONSOL DATED SCHOOL DISTRICT NO. 13 (P. O.
Raymond), S. Dak.—BOND OFFERING—It is reported tnat sealed bids
oe received until June 17. by Robert McGraw, Clerk of the School
Board, for the purchase of $2,800 school oonds.
will
WESSINGTON SPRINGS. S. Dak.—BOND SALE—The $20,000 semielectric revenue bonds offered for sale on June 3—V. 152, p. 3384—
awarded to the Farmers & Merchants Bank of Wessington, according
to
the Citv Auditor.
Dated July 1, 1941.
Due semi-annually from
Jan. 1, 1942 to Jan. 1, 1945, subject to call at any interest payment date.
May 10.
ARANSAS
Pennsylvania. Borough will furnish the bonds and legal opinion of Burgwin,
Scully & Churchill of Pittsburgh.
Sale of the bonds is subject to approval
Department of Internal Affiare.
A certified check for
$500, payable to order of the Borough Secretary, is required.
SOUTH
$22,000 1H% semi-
ann.
of the Pennsylvania
SOUTH
3687
DICKSON COUNTY (P. O. Charlotte), Tenn.—BOND OFFERING—
It is stated by W. M. Leech, County Judge, that he will offer for sale at
public auction on July 7, a $65,000 issue of school bonds.
Interest rate is
not to exceed 4%, payable A-O.
Dated April 1, 1941.
Denom. $1,000.
Due April 1, as follows: $5,000 in 1949 to 1953 and $10,000 in 1954 to 1957.
Irin. and int. payable at the Chemical Bank & Trust Co., New York.
No bids of less than par and accrued interest will be considered and all bids
will be subject to the approval or rejection of the Quarterly County Court.
A certified check for
2% of the face value of the bonds, is required.
ann.
were
JEFFERSON COUNTY (P. O. Beaumont), Texaa—BOND SALE—
$800,000 coupon semi-ann. county airport bonds offered for sale on
152, p. 3230—were awarded to a syndicate composed of Lazard
Freres & Co.; Goldman, Sachs & Co., both of New York; First National
Bank of Dallas; Gregory, Eddleman & Abercrombie of Houston; Callihan &
Jackson of Dallas, and Milton R. Underwood & Co. of Houston, as 2s,
I paying a premium of $4,440t 6QU&1 fco 100.555, a basis of about 1*92%.
Dated June 1,1941.
Due from June 1,1942 to 1961; callable at par on or
after June 1, 1951.
The
June 2—V.
TENNESSEE
,
ANDERSON
COUNTY
(P.
O.
Clinton), Tenn.—BOND SALE
DETAILS—It is reported that the $15,000 road bonds which were sold, as
reported here on April 5, were purchased by the Equitaole Securities Corp.
of Nashville, as 3b, paying a price of 100.833, are dated Jan. 1, 1941, and
mature $5,000 in 1955 to 1957, giving a oasis of about 2.93%.
BROWNSVILLE, Tenn .—BOND CALL—It is stated by R. Y. Moses,
City ClerK, that electric system revenue ponds, numbered from 1 to 128,
are being called for payment on July
1, at the National City Bank In
New York.
CAMPBELL COUNTY P. O. Jacksboro) Tenn.—BOND OFFERING—
Sealed bids will be received until 10 a. m. on June 12, by W. F. Sharp,
County Judge, for the purchase of $100,000 right-of-way bonds.
Interest
rate is not to exceed 4%, payable A-O.
Dated April 1, 1941. Denom.
$1,000.
Due $10,000 in 1943 to 1952.
Prln. and int. payable in lawful
money at the Chemical Bank & Trust Co., New York. Issued in pursuance
of the Constitution and Statute of the State, Chapter 286 of the Private
Acts of the State for 1941 and resolutions adopted by the Quarterly County
Court, in adjourned session held April 21, 1941.
All bids to include the
printing of the bonds and the opinion of bond attorney. Enclose a certified
check for $1,000.
•
OFFERED
BONDS
FOR
INVESTMENT—'The
1942 to 1951, priced to
in 1952 to
1961 are
INDEPENDENT SCHOOL DISTRICT
LOMETA
bidders
maturing from
bonds maturing
successful
for general subscription, those
yield from 0.40% to 1.75%, while the
priced from 102 to 99
reoffered the above bonds
(P. O. Lometa),
Texas—BONDS SOLD—The District Secretary states that the RansonDavidson Co. of San Antonio,has purchased $45,000 semi-ann. construction
bonds as follows: $15,000 as 3
due in 1942 to 1956, and $30,000 as 3j4s.
due in 1957 to 1971.
Optional after 25 years from date of issue.
These
bonds were
approved by the voters May 10.
LULING INDEPENDENT SCHOOL DISTRICT (P. O. Luling),
Texa*—BOND OFFERING—It is stated by Roland A. Box, Superintendent
of Public Schools, that the School Board will receive sealed bids until June
10
at 10 a. m., for the purchase of $5,000 construction bonds.
Interest
rate is not to
1942 to 1951.
exceed 4%, payable J-D. Denom. $500.
These bonds carried by a vote of 75 to
Due $500 June 10
19 at the election
The Commercial & Financial Chronicle
3688
held
on
May 24.
The approving opinion of the Attorney-General will be
furnished.
According to law. the State Department of Education has the
first option on all bonds which have an interest rate of 2*4% or more,
and the School Board reserves the right to reject any or all bids.
Enclose
certified check for 2%.
a
MCLEAN, Texas—BONDS SOLD—It is reported that $133.000 4% semiann.
refunding bonds have been purchased by the Ranson-Davidson Co.
of San Antonio.
MISSION, Texas—BOND TENDERS INVITED—Tt is stated by R. J.
Rome, City Secretary, that the City Commissioners will receive tenders
tintil July 3, at 7:30 p. m., of refunding bonds, dated Jan. 1, 1937. There is
approximately $10,000 available for the purchase of these bonds.
MONTGOMERY COUNTY (P. O. Conroe), Texas— BONDS SOLD—
It is repcted that $64,000 refunding bonds have been purchased at par
Mahan. Dittmar & Co. of San Antonio.
by
"PALESTINE,
T ex as—BONDS SOLD—It is reported that $15,000 water
bonds have been purchased by Fritz Stewart
& Co. of Dallas,
2^s, at par.
j
revenue
as
KLICKITAT COUNTY (P.
June
O. Goldendale)
7,
1941
Wash.—BOND SALE—
The *135,000 issue of semi-ann. coupon court house bonds offered for sale
Mav 26—V. 152, p. 2746—was purchased by a syndicate composed
on
of the Washington Trust Co. of Spokane, Fordyee & Co., and the Charles
N. Tripp Co., both of Portland, according to the Clerk of the Board of
County Commissioners.
Dated June 1, 1941.
Due on June 1 in 1943 to
1959; subject to call on and after five years from date of issue. The price
paid was 100.10 for 1 % % bonds, a basis of about 1.73%.
PIERCE COUNTY SCHOOL DISTRICT NO. 99 (V. O. Tacoma),
Wash.—BOND OFFERING—Sealed bids will be received until 10:30 a. m.
June
on
21,
by Paul
Newman,
County
Treasurer,
for the purchase of
$9,000 not to exceed 6% annual school bonds.
Denom. $100 or any multiple
thereof not exceeding $1,000 at the discretion of the Board of Directors.
The bonds to mature and be payable in their numerical order, lowest num¬
ber first, on the annual interest date, interest payable annually.
The vari¬
annual maturities of the bonds wall commence with the second year
after the date of issue and will as nearly as practicable be payable in 14
ous
equal annual instalments to include principal and interest on all outstand¬
bonds, provided that the School Directors reserve the right to pay or
ing
redeem the bonds
thereof.
Bidders
or any
are
part of them at any time after 5 years from date
reouired to submit a bid specifying (a) the lowest
rate of interest and
PASADENA,
Texas—BONDS SOLD—It is reported that $20,000
4% semi-ann. refunding bonds have been purchased by the J. R. Phillips
Investment Co. of Houston.
POLK COUNTY ROAD DISTRICT NO. 2 (P. O. Livingston) Texas—
an election held on May 17 the voters are said
BONDS DEFEATED—At
to have turned down
premium, if any. above par at which such bidder will
purchase the bonds, or (b) the lowest rate of interest at which the bidder
will purchase the bonds at par.
Prin. and int. payable at the County
Treasurer's office, or at the fiscal agency of the State in New York, or at
the
State Treasurer's office.
Authorized by Chapter 151
a certified check for
5% of the amount of the bid.
Laws of 1923.
Enclose
PORT
proposal to issue $150,000 road improvement bonds.
a
OF
PORT
ANGELES
(P.
O.
Port
Angeles), W ash.—BOND
OFFERING—Sealed
ROCKWALL,
Texas—BONDS SOLD—It is stated
$157000 T%
that
semi-ann. water system bonds have been purchased at par by Moss, Moore
& Cecil of Dallas.
Due on April 1 as follows:
$1,000 in
1955, $3,000 in
1956 to 1959 and $2,000 in 1960.
COUNTY
RUSK
(P.
O.
Henderson), Texas—PURCHASERS—'The
County Judge states that the $50,000 airport bonds sold as Is, at a price of
100.30, a basis of about 0.83%, as noted here—V. 152, p. 3230—were pur¬
chased jointly by Fritz Stewart & Co. and J. Bradley White, both of Dallas.
SAN
ANGELO, Texas—BONDS SOLD—The City Secretary states that
$30,000 airport, series 1940 bonds have been purchased jointly by Watson,
Lynch & McEvoy of Dallas, and the Dunne-Israel investment Co. of
Wichita, paying a premium of $76.82. equal to 100.256. a net interest cost
of about 2.28%, on the bonds divided as follows: $10,000 as
2V,&, due
$2,000 in 1947 to 1951, the remaining $20,000 as 2M&, due $2,000 in 1952
to 1961.
Dated Sept. 1, 1940.
Prin. and semi-an. int. payable at the
San
Angelo
National
Bank.
These
authorized last July.
bonds
are
part
of
a
bids will be received until 10 a. m. on June 2.3, by
Davies, Manager of the Port Commission, for the purchase of a
$60,000 issue of not to exceed 4% annual bulkheads and seawalls con¬
struction bonds.
Dated Aug. 1, 1941.
Denom. $500, or multiples thereof.
Due serially in 9 annual instalments, commencing 2 years from date of
issue.
Prin. and int. payable at the County Treasurer's office, ex-officio
Treasurer of the Port of Port Angeles; said principal and interest to be met
by 10 approximately eoual annual tax levies.
The bonds were authorized
by the Port Commission on May 21, 1941, under a proposition providing
for the construction of bulkheads, seawalls and certain other developments
at unit No. 1, at Port Angeles.
Each bidder must specify in his bid (a) the
lowest rate of interest and premium, if
any, above par at which each bidder
will purchase the bonds, or (b) the lowest rate of interest at which the
bidder will purchase the bonds at par.
Enclose a certified check for 5%
of the amount of the bid, payable to the Port Commission.
H.
W.
WEST
$300,000 issue
VIRGINIA
HUNTINGTON, W. Va .—BONDS OFFERED TO PUBLIC—A $377,000
.
issue of
SINTON, Texas—BOND SALE DETAILS—It is stated that the $200,000 4% semi-ann. flood control bonds sold to the Ranson-Davidson Co. of
San Antonio, at a price of 102.00, as reported.—V. 152,
p. 3062—are
dated March 10, 1941, in the denoms. of $1,000, and mature March 10, as
follows: $8,000 in 1943, $10,000 in 1944, and 1945, $11,000 in 1946 to
1949,
$12,000 in 1950 and 1951. and $13,000 in 1952 ro 1959.
Prin. and int.
payable at the Commercial State Bank, Sinton.
These bonds constitute a
direct general obligation of the city, for the payment of which a tax must be
levied by the city if necessary; however, these bonds are payable
primarily
from monies donated and granted to the city by the State.
SLIDELL CONSOLIDATED INDEPENDENT SCHOOL DISTRICT
(P. O. Slidell), Texas—BONDS SOLD—it is reported that
$7,000 4% semiann. building bonds have been
purchased at par by Rauscher, Pierce & Co.
of
Dallas.
SPUR, Texas—BONDS SOLD—A $21,500 issue of 4% semi-ann. electric
revenue refunding bonds is said to have been
purchased at par by
Moss, Moore & Cecil of Dallas.
light
Dated March 1, 1941.
Due as follows: $4,000 on March ! and $37/>(To
on Sept. 1, 1949; $4,000 on March and
Sept. 1, 1950; $4,000 on March 1
and $2,000 on Sept. 1,1951.
_______
STEPHENS COUNTY
(P.
DISTRICT (P. O. Tell), Texas—
BONDS SOLD—The Dallas Union Trust Co. of
Dallas, is said to have pur¬
chased at par the following refunding bonds
aggregating $17,800:
$2,800
series A, and $15,000 series B bonds*
Legality approved by W. P. Dumas
of Dallas.
TEXAS (State of)—RULING GIVEN AGAINST
COUNTY TAX RE¬
MISSION BILL—Recent opinion of
Attorney General Mann, that
a
bill
brought before the 8tate Legislature which would have remitted $4,500,000 annually to the various counties is
unconstitutional, will strengthen
the State finances by that
margin.
The
bill
which
passed
the
Senate, would have remitted taxes to the
counties for soil conservation,* lood control and other
county purposes,
for the next five years.
FRESH
WATER
SUPPLY DISTRICT NO. 2 (P. O.
Houston) Texas—BONDS SOLD—It is reported that $45,000
waterworks,
fire protection and
exceed 4%, payable M-S.
Dated April 1, 1941.
Coupon bonds in $1,000
denoms. convert, into fully registered bonds of $1,000 and $5,000 denoms.
Due $40,000 April 1, 1942 to 1966.
Rate of interest to be in a multiple of
Vi of 1 %. A part of the issue may bear one rate and a part a d ifferent rate.
Not
more than two rates will be considered in
any one bid.
The bonds will
be sold to the bidder offering to take the bonds bearing the lowest interest
and to pay the highest price offered for bonds
bearing such rate.
Prin. and int. pavable in lawful money at the State Treasurer's
office, or at
City Bank, New York.
These bonds are issued under au¬
rate
the National
thority of amendment to the Constitution known as *50,000,000 State Road
Bond Amendment and under authority of an Act of the State
Legislature,
1941 Regular Session, known as Enrolled Senate Bill No. 20, passed Feb.
24,
1941.
To secure the payment of this bond, principal sum and interest,
when other funds and
revenues sufficient are not available for that purpose.
It is agreed that, within the limits prescribed
by the Constitution, the board
of Public Works of the State shall annually cause to be levied and collected
an annual State tax on all
property in the State, until said bond is
fully paid,
sufficient to pay the annual interest on said bonds and the
principal sum
thereof within the time this bond becomes due and
payable.
The bonds
cannot be sold at less than par and accrued interest.
Accrued interest to
be calculated from April 1,1941. Purchasers will be
required to pay accrued
interest to date of delivery.
Delivery will be made in New York
City. To
expedite delivery if desired interim certificates will be furnished purchasers.
The purchaser or purchasers will be furnished with the final
approving
opinion of Caldwell & Raymond of New York, but will be required to pay
the fee for approving the bonds.
Enclose a certified check for 2% of the
face value of the bonds bid for, payable to the State.
TIOGA, Texas—BONDS SOLD—The Citizens National Bank of Denison
is said to have purchased $20,000
4% semi-ann. refunding bonds.
TRI-CITY
WEST VIRGINIA, State of—BOND OFFERING—Sealed bids will be
received until 1 p. m. on June 10. bv Governor Matthew M.
Neely, for
the purchase of an issue of *1.000,000 road bonds.
Interest rate is not to
_______
O. Breckenridge) Texas—BONDS SOLD
—The County Judge states that $33,722.20
4% semi-annual road refunding
bonds have been sold.
TELL INDEPENDENT SCHOOL
31^% Eastern Section flood control revenue bonds is being offered
by Johnson & McLean of Pittsburgh, for general investment, at prices to
yield from 1.50% to 3.30%, according to maturity. Denom. $1,000. Dated
May l, 1941.
Coupon bonds, reenterable as to principal. Due on May 1
as follows:
$3,000 in 1944: $7,000, 1945 to 1947; $8,000, 1948 to 1951;
$9,000, 1952 to 1955: $10,000,1956 to 1958; $11.000,1959 to 1960: $12,000,
1961 to 1963; $13,000. 1964 to 1966: $14,000. 1967 and 1968: $15,000, 1969
and 1970, and $100,000 in 1971.
Redeemable in whole or in part, on and
after May 1,1946. Prin. and int. (M-N)
payable at the National City Bank
of New York. Legality to be
approved by Chapman & Cutler of Chicago.
sewer
system construction bonds have been purchased
WH
EELING, W. Va.—PRICE PAID—The City Clerk
now
reports that
the $2,870,000 3% semi-ann. toll bridge revenue bonds sold to a
syndicate
headed by Stifel.
I^icolaus & Co. of St. Louis,
noted here on March 15,
were purchased by the said group at
par.
Dated March 1, 1941. Due on
March 1 in 1942 to 1955 optional prior to final
maturity.
as
by Crummer & Co. of Houston.
TYLER, Texas—BONDS VOTED—At an election held on
May 21,
are said to have
approved the issuance of the following bonds
aggregating $297,000: $260,000 airport improvement and $37,000 street
improvement bonds.
WISCONSIN
the voters
WEST
COLUMBIA, Texas—BONDS SOLD—It
2%
general obligation water
March 22, have been sold.
system
bonds
is stated that $12,000
by the voters on
approved
YOAKUM, Texas—BOND CALL—It is stated by L. W. Sheckles, City
Manager, that the following refunding bonds are being called for
payment
onAug. 1 at the American National Bank of Austin:
$385,000'city of 1937,
and $48,000 school house of 1937 bonds.
Denom. $1,000. 'Dated Feb.
1t
XVo/•
MARINETTE COUNTY (P. O. Marinette), Wi
NOT SOLD
—It is stated by Geo. E. Costello, County
Clerk, that the $150,000 issue
of not to exceed 3% semi-ann. court house bonds offered on Feb.
11, the
sale of which was called off, still remain unsold.
Dated Feb,
1,
1941.
Due $10,000 on Feb. 1 in 1942 to 1956 incl.
MILWAUKEE COUNTY (P. O.
Milwaukee), Wis.—BOND SALE—
The $7,500,000 coupon semi-annual poor relief bonds offered for sale on
June 4—V. 152, P. 3230—were awarded on June 5 to a
syndicate composed
of the National City Bank of New York, the Bank of the Manhattan Co. of
New York, the Harris Trust & Savings Bank of
Chicago, and the Com¬
Trust Co. of Kansas City, as 0.30s, at a
merce
price of 100.015.
Dated
June 16, 1941.
VERMONT
BURLINGTON, Vt.—BOND SALE—The $50,000
struction
coupon
street
con¬
refunding bonds offered June 3—V. 152, p. 3536—were awarded
Goldman, Sachs & Co. of New York, as lMs, at a
price of 100.035, a
Dated Ju]y 1» 1941 and due July 1,1954/ Second
high bid of 100.70 for l%a was made the First of
Michigan Corp., New York.
to
,
Other bids:
Bidder
Harris Trust & Savings Bank
Halsey, Stuart & Co., Inc.
Second National Bank of Boston
Int. Rate
_
,
Rate Bid
100 649
g
%
101 52
lt£%
10140
i
Bond, Judge & Co
100 789
£lrwNational Bank of Boston
m%
Chace, Whiteside & Symonds
John Adams Brown Corp
"
100 67
1.60%
__
100.67
1U %
F. W. Home & Co., Inc__
E. H. Rollins & Sons, Inc
10017
1^£%
100 30
1H%
100 345
Va.—BOND SALE—
The $200,000 coupon semi-ann. school bonds
offered for sale on May 28—
V. 152, p. 3384—were awarded to Scott &
Stringfellow of Richmond, as
lHs, paying a premium of $322.70. equal to
100.161, a basis of about 1.48%.
Dated June 1, 1941. Due on Dec. 1 in 1942 to
1957
WASHINGTON
KING
COUNTY SEWERAGE AND DRAINAGE
DISTRICT NO. 2
(P. O. Seattle) Wash.—WARRANTS SOLD—The Clerk of the Board of
County Commissioners
states that
$10,000 5% temporary warrants were
purchased recently by II. P. Pratt & Co. of Seattle, at a
price of 90.00.
For the serial bonds a
group composed of First National Bank of New
York; Lazard Freres & Co.; Central Republic Co., Inc.: Goldman, Sachs
& Co.; A. G. Becker &
Co., and Boatmen's National Bank of St. Louis
was high bidder.
The price named was 100.30 for a rate of 1 %.
Second best proffer for the serial arrangement was the account of the
Wisconsin Co., with 100.27.
The National City Bank of New York and
R. W. Pressprich & Co. account
specified 100.16 and Phelps, Fenn & Co.
100.06, all for 1% coupons.
Halsey, Stuart & Co., Inc., named 100.20
and Northern Trust Co. 100.0787, both for 1.10s.
SUPERIOR, Wis.—BOND SALE—The $108,000 issue of semi-ann.
refunding bonds offered for sale on June 3—V. 152, p. 3536—was awarded
to Juran, Moody & Rice of St. Paul, divided as follows:
$40,000 as 2^s,
due on June 1; $5,000 in 1944 to 1946; $6,000, 1947 to 1949, and $7,000 in
1950; the remaining $68,000 as 2^8, due on June 1, $23,000 in 1951, and
$45,000 in 1952.
VIRGINIA
rrv.CI2£?nTJ55FIELD COVNTY (p- °- Chesterfield)
Due on April 1, 1942, callable on or subsequent to Feb. 1,
1942.
Others competing on this basis included the accounts of R. W. Pressprich & Co., with 100.001 for the same rate as the high bid; Halsey. Stuart
& Co.. Inc.. 100.0226 for
0.40% obligations, and the Wisconsin Co.,
100.007 for 0.60% securities.
The purchaser bid a premium of $26.50, equal to 100.024.
Barcus, Kindred & Co. of Chicago, bid a premium of $55 for $40,000 as
3Ms, and $68,000 as 2*As.
,
.
.
TWO
RIVERS, Wis.—BOND SALE—The $13,000 issue of semi-ann.
improvement bonds offered for sale on May 29—V. 152, p. 3384—was
awarded to Mullaney, Ross & Co. of Chicago, as 1 J^s, paying a premium of
$57. equal to 100.43, a basis of about 1.12%.
Dated May 1 1941. Due on
May 1 in 1943 to 1946.
sewer
CANADA
CANADA (Dominion of)—TREASURY BILLS SOLD—An issue^of
$40,000,000 Treasury bills was sold on May 29 at an average yield of0.584 %.
Dated May 30,1941 and due Aug. 29,1941.
@FedFRASER