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Jr
COPYRIGHTED IN 1940 BrwrLLIAM B. DANA COMPANY, NEW
VOL 150.
YORK.
l3SuedWiareytraCopv-
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1879, AT THE POST OFFICE
AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3, 1879.
NEW YORK, JUNE 8,1940
NO. 3911
COMPANY
'
.
CHASE
THE
BROOKLYN TRUST
BANK
NATIONAL
BANK
OF THE CITY OF NEW YORK
Chartered 1866
OF
George V. McLaughlin
Maintaining effective cor¬
President
NEW YORK
BROOKLYN
NEW
YO R K
Corporation
a
traditional
policy of
the Chase National Bank.
Member Federal Deposit Insurance
•
respondent bank service
is
Broaden your customer
service
with
Chase
cor¬
respondent facilities.
Hall Garten & Go.
Member Federal
Deposit Insurance
Corporation
Established 1850
United States
NEW
YORK
Government
Chicago
London
Securities
City of
Philadelphia
PUBLIC UTILITY
Bonds
cfhe
INDUSTRIAL
'
FIRST BOSTON
RAILROAD
CORPORATION
MUNICIPAL
NEW YORK
BOSTON
CHICAGO
BONDS
PHILADELPHIA
AND OTHER
i
SAN FRANCISCO
Moncure Biddle & Co.
PHILADELPHIA
PRINCIPAL CITIES
A.C.ALLYN^COMPANY
INCORPORATED
CHICAGO
New York
Boston
Philadelphia
Milwaukee
Detroit
Omaha
PACIFIC NORTHWEST
The
SECURITIES
New York Trust
Company
fPrumhelW. Ehrlidunan
Company
Capital Funds. $37,500,000
Seattle
Exchange Bldg.
OTIS & CO.
(Incorporated)
IOO
Established 1899
New York
CLEVELAND
BROADWAY
Commonwealth of Pennsylvania
Turnpike Revenue 3%% Bonds
Chicago
Due
August 1,1968
BOUGHT—SOLD—QUOTED
MADISON AVENUE
R. H. Johnson & Co.
Members
New York Stock
inquiries
YARNALL & Co.
Exchange
New York Curb
We solicit your
AND 40TH STREET
Exchange
Members New York Stock Exchange
New York Telephone—WHitehall 4-4923
64 Wall
St.
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Carl M. Loeb, Rhoades & Co.
61
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BROADWAY
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The Commercial &
II
Financial Chronicle
June 8, 1940
Dividends
THE TEXAS CORPORATION
Dividend paid
151st Consecutive
by The Texas Corporation and its
predecessor, The Texas Company
A dividend of 50^ per
share or two per
(2%) on par value of the shares of
The Texas Corporation has been declared
cent
this
day, payable on
stockholders of record
July 1, 1940, to
shown by the
as
the close of
1940. The stock
books of the corporation at
business
June 7,
on
transfer books will remain open.
L. H. Lindeman
Treasurer
May 24, 1940
GENERAL BAKING
COMPANY
Stock
Common
A dividend of
Dividend No. 77
($.15)
Fifteen Cents
the Common Stock has
by the Board of Direc¬
tors, payable July 1, 1940, to stock¬
holders of
record at the close of
per share, on
been declared
business
June 15, 1940.
on
i Bon6
A. A. CLARKE, Treasurer
June 5,
1940.
n<1
IB
GENERAL BAKING
COMPANY
Preferred Stock Dividend No. 113
A dividend of Two Dollars
"IT'S
per
BARGAIN"
FAVORITE
MY
($2.00)
the Preferred Stock, has
by the Board of Direc¬
payable July
1,
1940,
to
share
on
been declared
tors,
stockholders of record at the close of
business
June 15, 1940.
on
A. A. CLARKE, Treasurer
June
A bargain,"
says
the dictionary, "is
an
5, 1940.
advantageous transaction."
fr~tttXtJk
Telephone service is like that.
Advantageous to
Stands
guard
you
over
because it
saves
the security of
time, steps and trouble.
your
home.
Helps
you to
keep in touch with relatives and friends.
l
L du Pont de Nemours
<3P®>
& Company
Wilmington, Delaware: May
And
all of this
does
Pennies
as
buy wings when
a
real
you
bargain should
—
at
low cost.
The Board of
Directors has declared
a share on the outstanding
payable July 25, 1940, to stock¬
of business on July
dividend of $1.12 y2
Preferred Stock,
reach for the telephone.
20, 1940
this day a
holders of record at the close
10, 1940; also $1.75 a share, the second quarterly
"interim" dividend for 1940, on the outstanding
BELL
TELEPHONE
SYSTEM
Common
Stock,
stockholders
on
of
payable June 14, 1940, to
record at the close of business
May 27, 1940.
W. F. RASKOB, Secretary
Dividends
LOEW'S INCORPORATED
"Security Dealers of North America"
"THEATRES
GUARANTY TRUST COMPANY OF NEW YORK
New York, June 5,
June 1th, 1940.
THE Board of aDirectors on the rate of
1940 declared
dividend at June 5th,
has declared a quarterly
dividend of Three Per Cent, on the Capital Stock
of this Company for the quarter ending June 30.
1940, payable July 1, 1940, to stockholders of
record June 7, 1940.
The Board of Directors
A directory of Stock
end Bond
Houses
MATTHEW
EVERYWHERE"
1940.
share on the outstanding Common
Stock of this Company, payable on June
50c per
29th, 1940 to stockholders of
of business on June
close
T. MURRAY, JR., Secretary.
record at the
18th,
1940.
Checks will be mailed.
DAVID
BERNSTEIN
Vice-President er* Treasurer.
Strong—Rugged—Dependable
IRVING
TRUST COMPANY
June 6, 1940
HERBERT D. SEIBERT &
CO.
The Board of Directors has this day
declared
quarterly dividend of fifteen cents per share on
capital stock of this Company, par $10.,
payable July 1, 1940, to stockholders of record
at the close of business June 11, 1940.
a
Publishers
26 Spruce Street
the
New York Cltv
STEPHEN G. KENT
^
Secretary
JUNE 8,
Vol. 150
No. 3911
1940
''
'
•'
Editorials
The Financial Situation
Congress: Remain
on
What Sacrifice, and
j----
Guard!
'
3551
3563
,
by Whom
_________
.3565
Comment and Reyiew
Capital Flotations in the United States During May
Annual Report of FDIC
The Business Man's Bookshelf.
Week
on
the
_3570
European Stock Exchanges
3555
Foreign Political and Economic Situation-
3555
Foreign Exchange"Rates and CommentI
_3561 & 3606
Course of the Bond Market
3573
Indications of Business Activity
Week
on
3566
3571
the New York Stock
__3573
Exchange
3553
WeeJTwi the New York Curb Exchange
—
_3602
News
Current Events and Discussions
3582
Bank and Trust
3600
Company Items
General Corporation and Investment News
Dry Goods Trade
State and
3649
3692
._.
Municipal Department-
3693
Stocks and Bonds
Foreign Stock Exchange Quotations
Bonds Called and
__3613 & 3615
Sinking Fund Notices
Dividends Declared
_
3606
..._3606
_
Auction Sales
3606
New York Stock
Exchange—Stock Quotations
♦New York Stock
New York Curb
3616
Exchange—Bond Quotations_3616 & 3626
Exchange—Stock Quotations
♦New York Curb
3632
Exchange—Bond Quotations
3636
Other Exchanges—Stock and Bond Quotations.
3638
Canadian Markets—Stock and Bond Quotations
3642
<3ver-the-Counter Securities—Stock & Bond Quotations-3645
Reports
Foreign Bank Statements
Course of Bank
3559
Clearings
3602
Federal Reserve Bank Statements
General
-
Corporation and Investment News
_
.3582 & 3613
3649
Commodities
The Commercial Markets and the
Crops
Breads tuff s
*
on
Attention
3683
3686
Cotton
3690
directed to the new column incorporated in our tables
New York Stock Exchange and New York Curb Exchange bond quota¬
tions
is
pertaining^ to bank eligibility and rating.
Published Every Saturday Morning by
the William B. Dana Company, 25 Spruce Street, New York City, N. Y.
Herbert D. Seibert, Chairman of the Board and Editor; William Dana Seibert, President and Treasurer; William D. RIggs,
Other offices: Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone State
Business Manager.
0613).
London—
8mith, 1 Drapers' Gardens. London, E.C.
Copyright 1940 by William B. Dana Company.
Entered as second-class matter
June 23, 1879. at the post office at New York, N. Y., under the Act of March 3, 1879.
Subscriptions in United States and Possessions, $18-00
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South and Central America. Spam, Mexico and
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Transient display advertising matter, 45 cents per agate line.
Contract and card rates on request.
NOTE: On account
of the fluctuations in the rates of exchange, remittances for foreign subscriptions and advertisements must be made in New York funds.
Edwards &
The Commercial & Financial
Chronicle
June 8, 1940
/■'V
'
"A
■■■
The XYZ
Company's chemist made
a
mistake.
It
was
■
r..:
•
•v.",.
bad
enough for headlines to tell of people taken sick after using
XYZ
the
face
the
Claims totaled enough to
Company's products.
with
company
U. S. F. & G. settled the claims
pany
is sound
as a
U. S. F. & G. agent
embarrassment.
financial
The
fairly—and the XYZ Com¬
dollar, thanks to
a
friendly word from the
company a Products
who sold the chemical
Liability Insurance Policy./,
1
Many manufacturers do not realize the legal responsibility
which
exists
Whether it is
when
they manufacture and sell
product.
a
medicine, foodstuffs, machinery, toys,
thing else which
can cause
personal injury
or
or any¬
property damage,
liability exists.
The U. S. F. & G. agent
insurance and
holders;
nation-wide is equipped to solve the
bonding problems of his prospects and policy¬
Back of him at all times is his Company,
record for prompt
with
a
and fair settlement of claims.
.
nv":
U. S. F. & G.
UNITED
STATES
FIDELITY AND
GUARANTY
COMPANY
with which is affiliated
FIDELITY &
GUARANTY
HOME
OFFICES:
FIRE
CORPORATION
BALTIMORE
Foreign
The "EXPANDIT" Binder
A Practical and Serviceable Binder for
your
Magazines and Periodicals
in sizes up to
NATIONAL BANK
of EGYPT
Head Office
Cairo
Commercial Register No. 1
13x8H inches
FULLY PAID CAPITAL
Price $2.00 each
.r/A/AA. y
A:'/A; A"A; A';,
RESERVE FUND
.
....
.
£3,000,000
£3,000,000
Plus postage
Prices
on
for larger sizes
application
LONDON AGENCY
6 and 7
King William
£ji£reet, E. C. 4
Branches in all the
The
"Expandit" Binder
principal Towns in
EGYPT and the SUDAN
25
Spruce St.,
Cairo
New York City
The Financial Situation
taking place, but in the lack of realism often found in
IN general publiclarge a degreemoment appear of the
HOWEVER may at this the attention to be
number of
absorbed with national defense, a large
forward-looking
to the situation
men are
them.
a
tomorrow, with
giving much of their thought
is
So
over.
long
as
the major contending Powers
Germany and the Allied Powers
may
to
few
a
much inclined to make
were
When,
Denmark and
upon
The
Norway and
a
do,
or
arise
minds
the
post-war period was as far
off
Even
more
cess more
spectacular
and
tary
sense,
inquiry,
a
to
easiness, to
say
many
suc¬
'v'
milir
a
All
result
the
by
Let
German
this
It certainly has
World
of
the victor. No
emerge
course,
cess
Words such
est
short period
French army.
carefully and
as
these
save us.
come
like
a
breath of
care.
as
or
that it will
who must always look
such
indeed to
a
a$
a
catastrophe within the
Some such possibility must
preparedness efforts of the
Government in Washington,
being said and
France,
fully into the future as may be, is
of possibility.
for otherwise it would be
find warrant for
much that is
the victor,
any
envisage
the
to
called
be
No harm is
and
some
from
infor¬
accurate
upon
we
to
in the
must remain
meet
the
in
speculation.
likely to result,
profit
may ensue,
entering such
a guess¬
ing contest; but it leaves
of the
war
real
the
untouched
heart
problem of the post¬
situation.
Our
in meeting
success
whatever
at the conclusion
hostilities
pean
much
arises
situation
more
of Euro-
depends
upon our pre¬
paredness to meet it than
the specific terms of
upon
any
settlement that may
follow, and
are
in
those of
affairs
our own
our own
hands, while
Europe
beyond
our
Whether
the
are
largely
control.
Allies
can
stand the German army off
until such time
as
they
are
prepared to take the offen¬
sive in a large way and
it,
or
until they can
The fault to be found with all
this,
so
far
as
fault
found, lies not in the fact that speculations are
it into sub¬
access
beyond the ken of any man, and it
now
likely to
all
events, be decisive in this matter.
Should our efforts
in the future, whatever they may be, ultimately turn
does not appear
do,
or
that anything that we are
could do, would, for the time being, at
the tide of battle in favor of the Allies, as
the
case
pose
of the World War,
that
thus the
we
they did in
there is no reason to sup¬
could control the terms of peace, and
general nature of post-war problems.
we
dictates of
Lack of Realism
to the seas, starve
German Nation
mission, is
What
great deal that is being planned.
should
defeat
of time to crush the main
lie at the root of the frantic
is to be
Government to
saving ourselves.—Wendell
Obviously, however, the situation is
warranted in placing
attempt
and
anything in the
by continuing to deny the
such that the business man,
difficult
our
political atmos¬
phere of the Nation.
Americans everywhere
would do well to ponder them with the great¬
Low Countries and in northern
bounds
not ask
us
insist upon
us
the
a
Europe,
absence of
way as
sue-
be able in
emerge
conqueror
fresh air into the smoke-filled
will be
Scandinavia,
in
we are
believe in.
we
L. Willkie.
one
duplicate its
a
But let
able, in this newest offen¬
to
what
this
Let
assuming that
the German army
resolution that
stand for
us
such
would
Germany
to
principle., to regulate our affairs in
to help people to work together
rather than pitting them against each other.
War, when it
appeared dangerously like¬
that
start with the
recognize the fact that one man's loss
loss, and one man's gain is
another man's gain.
Let us stand for this
principle and make our Government stand for
it.
Let us ask our Government, in the light
precedent in the history of
sive,
That is why the
that American industry is
is another man's
natural
is
us
afraid
not
Let
enough.
is, of
course,
longer capable of employing all the prople.
But that is why, also, we find ourselves in
such a deplorable state of unpreparedness.
That is why Adolf Hitler laughs at us as in¬
competent, spoiled and irresponsible children
whom he, or any other aggressor, can deal
with when the proper time comes.
Nation.
the
of
of
realm of pure
quick and smashing
victory
to
the
as
;'C'i
» •'
•
quickly
no
as
would
keep democracy vigorous*
-
.
New Dealers insist
situa¬
which
tion
from
*
*
business and industry.
in
un¬
economic
'.-V
are
enormously profitable, in a
political way, for the Government to take the
position that the economy can no longer grow
and that, consequently, your gain must be
my loss, and my gain your loss.
By adhering
to this position, Government can justify any
kind of expenditure, any kind of intervention
to the nature of the inter¬
national
*•
It is,
only
minds
is
specific situation which
but has brought
not
Germany
of
to make acute the issue of
national defense in
see
mands
willing to stand on their
two feet and say what they think, irrespec¬
tive of what anybody thinks.
By no other
means can we reach the truth.
By no other
military
France has served not
and
future
concerning the de¬
northern
in
in Europe, is that everyone
as
the
whether, in point of fact,
of
machine in the Low Coun¬
tries
Lacking the
mation
recently achieved
German
problems, economic
pose
into
of democracy today, in the United
well
as
means can we
the
by
It
with Germany
peace
nature
had been assumed.
as
early
officials—who
some
whether
to
as
in
from now,
please the public.
Almost
nobody ever gets up and says what he thinks.
He is afraid that he will thereby lose the ap¬
proval of labor, the approval of the unem¬
ployed, or the approval of some other power¬
ful faction.
And this fear has altogether per¬
verted the processes of democracy and sapped
our
strength.
If democracy is to work we must have men
in it—private citizens as well as government
did do, the question
to
years
again victorious.
sort to which we have never be¬
has been trying to
despite all the Allies could
began
curse
States
these small countries,
upon
an
Europe would
other, of
A Breath of Fresh Air
easily worked her will
so
four
or
ability, however, to look
however,
Germany moved in
ly
as
envisage post-war prob¬
lems.
three
likely to obtain in such eventuality.
effort
an
or
accustomed, at least not in the degree rather
come
and wait for the blockade and time to decide the issue,
only
well
as
obliged to face
whether that be
aggressive, dictatorial, ruthless
be conceded that
dominant in
content to sit
were
shall be
we
with the so-called democracies
relatively inactive, when it appeared that both
were
an
Germany the victor,
by which the world in general and this
country in particular are likely to be faced when this
war
It is obvious that
different world when peace comes,
can
:
do, and what the most elementary
prudence demand that we do, is to prepare
eventuality, even as
in the economic domain for any
we are
constantly being told we must do in
the mili-
The Commercial & Financial Chronicle
3552
tary field.
We
take it for granted that the post¬
may
period, whenever it
war
will be
replete with international difficulties
economic side.
may
the world with extended
be
predominant
ment
bringing
it
or
not.
Tyranny facing
About all such things
not.
What
guess.
with
of
is
upon
greatly reduced foreign buying
as
to
and they
merely
but these
must
we
Now the
unpleasantly reminiscent of the horse-and-buggy
but it is precisely because they governed the
age,
economic activity of our forefathers that we are
us
unpre-
and
injured that most humanitarian of all pursuits,
the constant
this
for the
we
and
potentially abundant labor supply at
mand, and with the capital at
our
concerning competition of
willing to
Any people whose public
badly out of hand, whose industry has
years placed under severe handicaps, whose
are
been for
is
government
constantly
divided
are
class
intermeddling,
means
to economic well-
being is found in doing less and less work
fusing to produce,
may
or
well quake before the
pect of competition of any competent sort.
need is
in the
in
post
shall be able to take
war
period
war
nor
shall
we
the aftermath of
as
Give
a
us
of ourselves
care
no matter what may
Europe, and without it
neither for
pros¬
What
hard, productive work
sine qua non of greater economic welfare.
we
re¬
rededication of ourselves to the old-
a
fashioned doctrine of
that and
in
be
develop
prepared
we
magic.
about
so
war.
much talk in recent
years
much
as
a
balderdash
stimulus to
about
ex¬
"managed
much twaddle about barter, and much
so
of the
more
have
so
currency manipulation
economy,"
same
sort, that many of
us appear
to
forgotten that foreigners, like ourselves, buy
cheapest market, and that international trade
in the
is
a
two-way operation—that
able to sell abroad
take what the
may
we are not
freely unless
we are
likely to be
prepared to
foreigner has to offer in payment.
well be that after this
war
nationalism of recent
years,
their industries
It
is ended the ultra-
intensified and glori¬
suffer the
same
situation
move¬
ments of
goods from country to country will still be
imposed.
Barter transactions, which to many seem
some
strange potency, may again be
a com¬
The fact remains, however, that our best
not
are
similar situ¬
a
ourselves. We shall
arm
disadvantages when
we
are
com¬
unless
meanwhile
have
we
in
succeeded
freeing ourselves of the trance that appears to have
overcome us
in recent years.
Both in
military and in
a
economic
an
sense our
greatest danger lies not across the seas but here at
Nor do
home.
ideas and foolish
the
standing leaves
we
whose loyalty to
men
great deal to be desired.
a
For
our
should feel much safer and more secure in
every sense
of the word with
in office in
in
activities, but to the mistaken,,
policies of
country is not to be questioned but whose under¬
part,
tive
refer to what has become known
we
column"
"fifth
as
Europe than
able Administration
an
Washington and
Congress supporting it
able and construc¬
an
no
matter what develops
should under New Deal manage¬
we
ing European situation.
Our Fate in Our Own Hands
Let there be
future
one
are
no
mistake about
it,
our
fate and
in the hands not of the Germans
else outside
our
borders but in
tedly the task of preserving
the world is not
an
our
or
our own.
our
of any
Admit¬
economic status in
There is
easy one.
hope that the hard realities of
war
reason
to
abroad have
greatly stimulated realistic thought among the rank
and file
and
concerning
many
of the fine
spun
theories
highfalutin economic magic of the New Deal.
Many Vho used to
grow
sad
over
the plight of the
"under-privileged" and stand ready to support all
sorts of nonsense,
begin to
to
to have
They
pelled to cope with a difficult post-war competitive
be that many and harsh restrictions
the
undertake to
we
because
on
today.
soft and badly in need of a tonic.
are
ation when
fied, will continue the order of the day, with conse¬
quent striving for national self-sufficiency. It may
monplace.
deplorable position in which Great Britain
France find themselves
are
There has been
port trade,
It is precisely this type of doctrine and
We find ourselves face to face with
royal roads to geometry, that
safely replace hard work with economic
may
quan¬
which all economic welfare
ment with the most favorable outcome of the exist¬
Our first task is to rid ourselves of
the childish
notion that there
upon
only short of military equipment, but the tissues of
whose
against class, and whose
foolish notion it is that the
we
any
quarter provided its financial and in¬
put forth their best efforts.
ranks
com¬
disposal need
dustrial house is in order and its
people
finances
our
production in increasingly ample
goods
type of practice which are primarily responsible
varied
possess, with the genius for
industrial organization we have
always shown, with
pastime of taking
giving to him who hath not.
They have so concerned themselves with "humani¬
must rest.
our
ar¬
safely and
tarian" objectives, that they have gravely restrained
tities of the
lies in
that having
could
we
from him who hath and
No nation with the abundant and
sort from
any
suppose
era"
"modern
branches, quite capable
Unpreparedness
feel grave uneasiness
appeared to
wisely put aside such homespun ideas, and devote
paredness for it.
the
this
in
no
Our twentieth century Utopians
longer in that age.
some
danger in all this to
resources
these may to some appear to
ourselves to the more fashionable
expect in any event.
Our
as
Europe ready tonight
Europe with industrial
a
fighting.
be superimposed other difficulties,
may
Such doctrines
be
rived
matter what the outcome of the
Upon them
buyers abroad.
Europe
power, a
producing large quantities of goods which foreign
These conditions are almost certain
no
tial
have for years
peoples want.
to exist
have, and to be willing to take foreign goods in quan¬
Europe
a
as
tities sufficient to make dollars available to poten¬
a
foreign markets, and
equipment, at least in
war
we can now
had best count
we
urgently in need of exports,
for
may
security for foreign, capital entering
Europe to repair the damage done by
may
be such
may
far
so
available to foreigners cheaper than our competitors
The terms of settle¬
not.
of these conditions
the
on
"managed economies"
may
end to hostilities
an
offer reasonable
may
any
international trade is concerned is to have goods
Political, social and economic chaos
rule in Europe and it
against
comes,
and however it
comes
defense
June 8, 1940
which
see
we
professedly in their behalf, now
that this, after all, is a real world in
live, and that not because we wish it but
things
are
made that way there are limits
political philanthropy.
relatively short time
More than a few who a
ago were
ready with their sym¬
pathy for the "downtrodden" now have come to a
realization that
as
often
as
not the fault is in them¬
selves and not in their stars
or
in alleged exploiters
Volume
The Commercial & Financial Chronicle
150
that these groups are
underlings.
?
We
are
without
question making a great headway in freeing ourselves of the nonsensical sentimentalism of the
days of the New Deal.
early
•
Meanwhile, however, there has developed a vast
interest in all this nonsense.
The farmer,
vested
whatever he may
lie
Large
treasury.
that
pub-
groups
have acquired the idea
public relief is their right, and that if they pre-
fer to remain
the
think of subsidies in general, has
to feel himself entitled to cash from the
grown
on
public relief rather than to meet
imposed in the work-
strenuous conditions
more
a-day world they are entitled to do so.
Labor has
been coddled to the
point where it expects to be cod-
died
Then, too, in all too many in-
indefinitely.
what
stances
began
as
(in the
humanitarianism
be
variety of
wrard politics.
Obviously a state of affairs of this
sort renders the setting of our house in order a difficult political problem.
Yet it is a problem we must
minds of its
thus increased $109,040,000 to $17,412,560,000.
Federal Reserve notes in actual circulation movqd up
$26,853,000 to $5,065,239,000.
increase of member bank
to
ourselves from serious
save
diffi-
culties, not to say catastrophe, and the success we
solving it will in large measure determine
attain in
to us of the next peace
the economic consequences
when it
reserve
balances by $171,-
549,000 to $13,386,$97,000; a decline of the Treasury
general account by $69,614,000 to $308,135,000; an
increase of foreign bank balances by $14,095,000 to
$454,181,000, and a decrease of other deposits by
$15,143,000 to $494,321,000.
The reserve ratio
remained unchanged at 88.4%. Discounts by the^
regional institutions dropped $281,000 to $2,782,000.
Industrial advances fell $73,000 to $9,088,000, while
commitments to make such advances were off $24,000
to $8,828,000.
exponents at least) has now come to
are
we
Total deposits with'
the 12 banks jumped $100,887,000 to $14,643,334,000, with the account variations consisting of an
The New York Stock Market
distressingly close to the ordinary garden
solve if
3553
comes.
v
U'-:;
■
Federal Reserve Bank Statement
on the New York Stock Market was
extremely small scale this week, and only
HPRADING
1
a
on an
modest
recovery
in prices was noted from the lows
weeks ago;
to which the war news forced levels several
Our market continued to react to the changing developments in European affairs. It would appear/
however, that most of the slack has been taken up,
for brokers loans are at a low figure for the last
seven years, and small buying orders outnumbered
the equally small selling orders during most sessions
CONTINUEDthe United States and of
expansion of the monetary gold lowed the German ending. of the shake-out that and
of the week now invasion The Low Countries folof
idle
stocks
our
principal features of the
the rapid successes of German arms seems now to
The
situation that is developing contains great potential
dangers, but the continued lack of demand for credit
have run its course. The surrender, of Dunkirk,
after the great bulk of the British Expeditionary
Force had been evacuated through that port, caused
a recession in the midweek dealings here.
In general,
however, prices slowly climbed and some prominent
issues were a point or so up at the close yesterday, as
against levels prevalent a week earlier. Other stocks
were down as much.
The great majority of traders
and investors clearly preferred to remain on the sidelines, until the European situation clarifies to a
degree.
Turnover on the New York Stock Exchange
ranged around the 500,000 share level in all the full
credit
resources
remain the
banking statistics for the week ended June 5.
problem largely an aca-
accommodation makes the
for the time being. In the statement week
demic one,
to last
was
Wednesday,
less than $119,000,000 gold
no
added to the monetary stocks
of the country,
raising the aggregate to $19,281,000,000.
It is note-
worthy, moreover, that tremendous amounts of the
yellow metal were reported received early this week
at the Federal Reserve Bank of New York, where the
gold presumably will remain under earmark
funds
are
required for
The
Allies.
until
contract payments by the
war
gold that moved into our monetary
naturally added to excess reserves, and a
further influence in that direction was a sharp restocks
duction in the
Treasury general account with the
Federal Reserve banks.
by $33,000,000 to $7,718,000,000 offset
circulation
the
An increase of currency in
credit-expansion influences to a modest degree,
The net result of the
changes
of member banks
reserves
$170,000,000, to the
over
was a
gain in
excess
legal requirements by
high of $6,530,000,000.
new
Notwithstanding this prodigious total and the extreme
are
ease
of money rates,
banks found
their business loans down
in the week to June
000.
credit outstandings slowly
New York City reporting member
receding.
$2,000,000
5, making the total $1,656,000,-
Loans to brokers and dealers on security col-
lateral fell $38,000,000 to
in the
week to June
market
for
United
again found it needless,
5, to extend support to the
States
Government
securities,
The open
market portfolio was unchanged at $2,477,-
120,000.
The Treasury deposited $118,019,000 gold
banks, raising
certificates with the Federal Reserve
their
holdings to $17,053,492,000.
regional banks
was
The small volume of business once again is causing
much concern in financial circles. A seat transfer on
the New York Stock Exchange was announced,
Thursday, at $39,000, which is the lowest figure recorded since 1915. The European scene was not the
only one occasioning such poor business as to
Other cash of the
off somewhat, and total reserves
bring
low for a quarter century.
Moves in Washington plainly tended to ally the
United States ever more closely with Britain and
France, and the significance of such trends for the
financial markets remains to be determined. Enormous armaments expenditures by the United States
Government, as forecast in the legislation now under
consideration, would appear to most observers to be
a bullish factor.
But the general uncertainty of the
immediate position plainly outweighed all other fac-
seat quotations to a
tors in the securities
$312,000,000.
The Federal Reserve banks
sessions.
market.
scale that commodesty. Hardly
any business was done in best rated investment issues, which held within small fractions of previous
figures throughout the week. Among foreign dollar
bond issues the trend was highly uncertain, with
numerous lows recorded for all time.
Australian
bonds especially were under pressure, while Canadian
Listed bond dealings were on a
pared with equity transactions in
3554
T/ie Commercial & Financial Chronicle
.
issues
held
taken,
on
relatively stable.
Some
the countries recently
securities
occupied by the Nazis.
depressed
were
bonds fell
bonds
Latin-American
fighting.
degree of firmness, especially in
a
The
leading agricultural staples held
the minimum figures urged
the
"free"
the
British
weeks
some
sterling rate, Thursday,
ago
on rumors
that
exchange regulations would be recast,
These reports were confirmed
fluctuate
to
yesterday, and sterling
widely.
Immense amounts
gold reached the United States from Allied
both for earmark
tries,
struction shares particularly affected.
for
and
addition
coun-
to
our
ized forces along the
market
On
the
York
new
Stock
low levels.
new
mained
high levels
new
the New York Stock
on
stock
while 118
On the New York
low levels.
new
one
year
stocks touched
seven
and 87 stocks touched
Call loans
Exchange
high level for the
Exchange
'
Exchange
re-
shares;
Stock
Exchange the sales
on
273,445 shares;
were
on
Monday, 445,705
Tuesday, 409,800 shares;
on
on
Wednesday,
668,740 shares; on Thursday, 426,915 shares, and
Friday, 469,410 shares.
On
the New York
Saturday
shares;
were
Curb
Exchange the sales
44,335 shares;
on
on
Monday, 75,665
on
Tuesday, 77,315 shares;
on
106,870 shares;
on
on Wednesday,
Thursday, 661,150 shares, and on
The current belief of
her
imminent declaration of
increased the confusion in the
area,
of traders and
of
an
by Italy against the Allies, with Germany as
partner, plus growing tension in the Mediter-
ranean
brought about
a
trading in the stock market
week.
minds
sharp curtailment
on
Saturday of last
Opening dull but steady, prices eventually
on a
light inquiry the first hour. In the
weakened
second
move
large-scale buying wave. The Italian situation
project its dark shadow into the
any
also continued to
picture and worked against the market's progress,
while the action with
regard to the pound sterling
taken in London, decreeing that all British service
must be made at the official
ket's
turnover the
of
rate, worked in the
Dulness featured trading, with
favor.
third smallest of the year.
the day previous were
mar-
sales
Stocks that
in the vanguard
rising prices, though on a more moderate scale,
Yesterday stocks made a better showing, without
any
appreciable upturn in trading activity.
Firm-
opening
ruled
ness
characterized
prices,
After midday
a
which
mild setback
oc-
curred, but gave way to a hardening process late
in the day.
Aircraft and steel stocks were most
popular, with other groups enjoying large fractional
sains. With a few exceptions, closing prices yesterday were lower than final quotations on Friday of
last week.
General Electric closed yesterday at 29% against
on Friday of last week; Consolidated Edison Co.
N. Y. at 24% against 25; Columbia Gas & Elec*ric at 4% against 4%; Public Service of N. J. at
32% against 33%; International Harvester at 40%
30
against 41; Sears, Roebuck & Co. at 65 against 66;
Friday, 85,620 shares.
war
Somme River furnished the
Thursday with some incentive to
higher by noon.
unchanged at 1%.
On the New York
Saturday
on
reverses
New
a
stocks touched
Curb
Encourag-
forward, but was insufficient in itself to produce
monetary stocks.
touched
The bulk of the issues traded in on the
day sold off, with steel, motor, aircraft and con-
the French Army in frustrating Germany's mechan-
displayed
continued
gained control of the situation and closed lower but
steadier.
ing reports from France relative to the success of
by the Department of Agriculture. Foreign exchange
dealings were marked by a sensational advance of
of
Subsequent
gains reduced these losses by one-half as the market
quiet and mostly steady. The commodity
were
over
of
shed upwards of three or more points.
Speculative domestic
base metals.
just
Italian
generally, despite the remoteness of that
from the actual
markets
was
because of the fears
early participation by that country.
area
interest
occasion, in German bonds and issues of
June 8, 1940
period modest support
Montgomery
Ward
& Co.
at 34%
against 36%;
Woolworth at 30% against 30%, and American Tel.
& Tel. at 150% against 148%.
Western Union closed yesterday at 15% against
*5 on Friday of last week; Allied Chemical & Dye at
142 against 141; E. I. du Pont de Nemours at 151%
against 156%; National Cash Register at 10%
against 10%; National Dairy Products at 12%
against 13%; National Biscuit at 17% against
17%; Texas Gulf Sulphur at 27% against 29%;
showed no inclination to make
any large-scale comLoft, Inc., at 17% against 18%; Continental Can
mitments, being content to pursue a cautious atti-| at 35% against 35%; Eastman Kodak at 125
tude due to the
rapidly changing course of events
against 128; Standard Brands at 5% ex-div. against
ing about
in
an
Europe.
Traders
and
without
creased volume of sales.
trial shares
came
with steel shares
in for
benefit
for
the
course
from
were a
day.
of
any
in-
liquidation of values,
bearing the brunt of the attack.
Tuesday, with
In the rubber group, Goodyear Tire & Rubber
closed yesterday at 14% against 14% on Friday of
last week; B. F. Goodrich at 11% against 11%, and
trifle better than their low figures
on
at 17% against 19.
close,
the
Moderate improvement marked the
trading
5%; Westinghouse Elec. & Mfg. at 86% against 87;
Canada Dry at 13% against 14%; Schenley De¬
tillers at 8% against 8%, and National Distillers
At the clos-
near
when steel issues met further
pressure.
ing, prices
of
By the second hour indussome
market then obtained until
narrow
Monday
on
The session opened steady but moved in
sluggish fashion
A
the list, bring-
came to
irregular close.
recovery
in steel
the
United States Rubber at 16% against 17%.
Railroad shares
ent week.
are
irregularly changed the pres-
Pennsylvania RR. closed yesterday at
previous day's losses mostly complete.
Copper, motor and rail issues likewise advanced,
their progress being
largely fractional.
The con-
16% against 17
tinued indecision
against 77; Southern Pacific at 7% against 7%;
on
the part of
Italy
as
to its ulti-
mate
position in the present conflict weighed heavily
against more active and better markets, and prices,
as
a
result,
suffered
a
Wednesday
were
shaded at the close.
downward
as
revision
in
War stocks
values
early
on
equities in this group for the moment
on
Friday of last week; Atchison
Topeka & Santa Fe at 14% against 14; Newr York
Central at 10% against 10%; Union Pacific at 77%
Southern Railway at 9 against 9%, and Northern
Pacific at 5% against 5.
Steel stocks mostly reveal
week.
fractional changes this
United States Steel closed yesterday at 46%
against 46%
on
Friday of last week; Crucible Steel
Volume
at
The Commercial & Financial Chronicle
ISO
Churchill that the Allies
28% against 28; Bethlehem Steel at 70 against
71%,
Youngstown
and
Sheet
&
Tube
kets subdued.
against 30%.
In the motor group,
on
Nor did business
pick
Germans launched another great
General Motors closed yester¬
day at 40% against 40
suffered
had
"colossal
a
military disaster" kept the British and French
30%
at
3555
the Somme.
Friday of last week;
The London Stock
up
mar¬
when the
offensive south of
Exchange
was
dull
Chryslerf at 57% against 58%; Packard at 3%
throughout, with levels of both gilt-edged and indus¬
against 2%, and Hupp Motors at 9/16 against %.
trial stocks
yesterday at 34% against 30
Shell Union
Oil
at
on
nesday, but the serious
Friday of last week;
incident.
8% against 8%, and Atlantic
of air
Refining at 20% against 20%.
Among the
copper
stocks, Anaconda Copper closed
yesterday at 20% against 21%
American
week;
Smelting
&
on
declining slowly.
Berlin Boerse
Curtiss-Wright closed
was
against Paris is
not
Aircraft at 76
center.
against 77.
Trade and industrial
reports suggest a good main¬
tenance of business in the United States.*
Steel
month ago,
and 54.2% at this time last
duction of electric power
Pro¬
year.
for the week ended June 1,
which included the Memorial
holiday, is reported
by Edison Electric Institute at 2,332,216,000 kwh.,.
against 2,448,865,000 kwh. in the preceding week
2,113,887,000 kwh. in the similar week of 1939.
Car loadings
roads at
of revenue freight in the week to June 1
639,126
decrease of 48,364 cars from
cars, a
previous week, but a gain of 75,817 cars
over
the
week of last year.
indicating the cpurse of the commodity mar¬
kets, the July option for wheat in Chicago closed
yesterday at 81c. against 81%c. the close on Friday
of last week.
July corn closed yesterday at 63%c.
against 61%c. the close on Friday of last week.
closed yesterday at 33%c.
July oats at Chicago
against 33%c. the close on Friday of last week.
spot price for cotton here in New York closed
yesterday at 10.56c. against 10.21c. the close on
The spot price for rubber
Friday of last week.
yesterday at 21.63c. against 21.25c. the close
Friday of last week.
Domestic
yesterday at ll%c., the close on
week.
In
London the
copper
closed
Friday of last
price of bar silver closed
yesterday at 23% pence per ounce against 2111/16
pence per ounce
and
the close on Friday of last week,
spot silver in New York closed yesterday at
34%c. against 35%c. the close on Friday of last
week.
In the matter of
fers
on
foreign exchanges, cable trans¬
London closed
transfers
on
yesterday at $3.82% against
Friday of last week, and cable
Paris closed yesterday at 2.17c. against
$3.24 the close
on
1.83%c. the close on Friday of last week.
a
European Stock Markets
-i
centers,
and
the
toward lower levels.
trend in most sessions was
Military developments affected
London, Paris and Berlin exchanges, as a matter
course.
and
and there
sign.
American
Policy
WASHINGTON is currently the center of a tre¬
mendous furor concerning American
war
preparations,
The close of the great battle
of Flanders
Artois, and the admission by Prime Minister
defense of the entire Western
the
Hemisphere and all possible aid to the Anglo-French
Allies short of absolute participation in the conflict
which is
rending and tearing all of Europe.
The
considerations
arising from the presidential campaign influence
degree to which domestic political
these matters is a moot
sary
question.
to record here that additional
It is only neces¬
billions are being
Roosevelt and
placed at the disposal of President
associates for defense expenditures,
his New Deal
although such outlays in recent years have
record
velt
asked
for
Guard and the
Army Reserves to active duty.
circles about the
numerous
possibility of Nazi penetration of
Latin-American
filled the press.
was
Im¬
suddenly prevailed in Administration
Latin-America, and real or imagined
to
been at
Late last week Mr. Roose¬
authority to call out the National
peacetime levels.
reports of peril
countries suddenly
More appropriately, every effort
co-ordinate American
made to stimulate and
production of machine tools and other products
which are basic for the defense of the New World.
It
meanwhile,
noteworthy,
is
Roosevelt is continuing
Premier
that
President
his endeavors to influence
against participation
Mussolini
in the
European conflict.
The advice from Washington
possibly is proving
unwelcome to the Italian dicta¬
tor, whose
advised the
leading editorial writers on Thursday
United States, in turn, to refrain from
meddling in
rumors
the affairs of Europe. There were
which apparently have little jus¬
from Rome,
tification/that the Pope had been invited to make
his domicile in the Western World.
The reports
that
"Fifth Column"
activities of German Nazis
Latin-America were fol¬
public approval on the part of
State Cordell Hull of legislation
making progress in
lowed, Tuesday, by
1ITTLE business was reportedEuropean financial
this week on the
stock exchanges in leading
of
one,
European central banks are report¬
serious
were
the
highly costly
All the
mense concern
on
a
jubilation in the German financial
ing swift advances in currency circulations, which is
reported by the Association of American Rail¬
closed
The
by American Iron and Steel Institute at
80.3% of capacity against 76.9% last week, 65.8%
The
was nec¬
much
operations for the week ending today were esti¬
As
It
victory in Flanders and Artois, for the fresh offen-
yes¬
Boeing Airplane at 14% against 15%, and Douglas
same
lacking.
quiet, notwithstanding the Reich
sive
the
was
only occasional rallying tendencies apparent.
against
was
are
overshadowed that
hour, owing to the German aerial bombing of Paris.
35% /Prices dropped steadily on the French market, with
at
•
and
a
rally, Wed¬
to halt trading last Monday before the usual
terday at 8 against 8% on Friday of last week;
a
brief
Friday of last
Refining
against 36%, and Phelps Dodge at 26%
mated
war news
a
The Paris Bourse lived under the threat
raids, and optimism
essary
28%.
In the aviation group,
A decision to drop
dividend limitations bill caused
Among the oil stocks, Standard Oil of N. J. closed
Secretary
of
against the transfer
of sovereignty of any Western
Hemisphere territory. Americans who could be in¬
duced to leave Europe were repatriated in special
vessels.
Our
Ambassador to France,
William C.
hit by a Nazi aerial dud on Mon¬
day, and he is said to have telephoned his reactions
Bullitt, almost was
3556
The Commercial & Financial Chronicle
to President Roosevelt.
Means
discovered by
were
Attorney General Robert H. Jackson, Wednesday,
whereby American military airplanes and other
the
war
first
the second
an
materials,
questions being asked
no
position of the old stocks.
as
to dis-
The United States, in
over
phase of the famous Schlieffen plan for
enveloping movement through the Low Countries
and along the Channel. Troop concentrations doubt-
less
were
known to the Allied Commanders, while
aerial activities provided bitter confirmation of the
short, moved toward participation in the European
German intentions.
conflict at
of the Rhone the Germans sent
rapid rate.
a
Berlin
the last week-end of
the impending push toward Paris, which carries out
diately, through the expedient of release of such
stores and supplies to American manufacturers of
the Channel to England.
over
authorities began to boast
stores could be made available. to the Allies imme-
new
june s, 1940
Down the rich industrial valley
a
large fleet of bomb¬
ing airplanes, last Saturday, and these raids
New German Offensive
continued
,
were
sporadically throughout the current week.
HARD on the heelsofof their capture of Flanders bombed. That this was down to Marseilles were
Important cities clear not
closing
the great battle of Dunkirk
retaliation for
and the
and
a mere
Artois, the Germans launched
Wednesday,
across
the Somme River in France and
toward Paris and the Channel
of the Seine to Abbeville.
the
ports from the mouth
This newest
of the
course
the French lines and
may
Flushed
war.
victory, the German Nazis drove in
a
frenzy
unquestionably suffered
They prepared the
by whole-
way
bombing of the French lines and of various in-
dustrial centers,
hurled
were
which
have
including portions of Paris. Tanks
against
admittedly
French
the
French
stout
gave way
in spots.
defenses,
But the
new
Generalissimo, Maxime Weygand, is said to
organized his defense "in depth/'
that
so
plunge through the outermost lines would not
essarily
spell
through.
drive
defeat
even
or
complete
a
Initial official statements
are
laconic, and it
the actual
course
of the
may
be
on
some
the latest
days before
fighting becomes known.
ful since the Germans started their march
Holland and
Belgium
a
nee-
break-
Anxious moments for the Allies have been
were
the aim, but the French found it
necessary to
report that scores of civilians had been killed
wounded, many children
them.
among
military damage caused by the German raids
slight, according to the French.
flights also
with
the
scores
made
were
of bombs
were
parts of England,
reported
unloosed.
Thursday,
when
The aerial warfare
began to develop rapidly, and there is every
pros-
pect of a hellish nightmare of raids by both sides,
When the Germans completed their occupation
of Flanders and Artois, the time obviously
was con-
sidered ripe for another immense drive against the
French.
such
General Weygand plainly
a move, as
he sent his
own
was
prepared for
troops against the
Nazis in the Abbeville sector, late last week, with
plenti-
through
the apparent aim of taking the north bank of the
Somme and preventing the drive.
This
maneuver
apparently
days
the
lor, Adolf Hitler, issued
ap-
special statements to the German Nazi troops and
to have effective mastery of the air over the
that
the German people, in which he announced that the
even
more
anxious
pear
develop
may
push.
as
The Germans
minor
was a
The German Chancel-
one.
on
Wednesday
a
front, probably because of sheer weight of numbers,
march in the West again would be resumed.
Some of the British
on
dependent experts
fighter planes
as
superior to
and it is evident that
made
any
German craft,
bombing attacks
can
readily
the
same
forces against the French defenses across the Somme,
and these attacks
were
followed by tanks and other
aspects of the war in the air will work
anized advances and covering moves by the infantry,
to have fortified the
new
General Weygand is said
Somme line
heavily, in the
respite gained from the desperate battle
in Flanders and
Artois, and hopes
are
held out for
effective halt of the Germans in that line.
The
The nature of the terrain
doubtless resulted.
every
assistance from the
longer have
a
great deal of
As the Germans ad-
artillery and machine guns, and staggering losses
that the French lost many excellent troops in Flan- /
no
said to account for
vanced they were subjected to a terrible cross fire of
indicated,
Artois, and
was
this change in German tactics.
sobering consideration must also be noted, however,
ders and
Earlier
day the Germans sent massed infantry
motorized units, reversing the recent order of mech-
beyond prediction.
few weeks
rated by in-
are
series of
Reich centers and concentrations,
upon
How these
out is
an
was
German bombing
over some
raid
largest
or
The actual
May 10, and it is obvious
on
Nazis continue their latest
be
over
German Command asserted that military objectives
tremendous losses.
sale
made clear
was
Monday, when a vast German fleet appeared
conflict already begins to overshadow
well determine the entire
across
and other German industrial centers
on
costly defeat suffered by the Allies in Bel-
development
gium and Northern France, for the outcome
with
Allied bombing of Hamburg, Bremen, Duesseldorf
Paris and dropped more than 1,000 explosive and
incendiary bombs upon the French capital.
The
in the great
even
offensive.
a new
every
quarry
General Weygand
utilized, it is
natural cover for his troops, and
and boulder as an emplacement for
The Germans nevertheless made some ini-
artillery.
British
Expeditionary Force,
tial progress in the Amiens, Peronne/ and Ailette
To all intents and purposes
the French must meet
River sectors, and they were reported yesterday as
alone the
their
tion
on
the
specter threatens of Italian interven-
the side of
Germany.
But the French
now
fighting in defense of their homes and they have
are
in
rear
onslaught of the Nazi battalions, while at
the
past demonstrated
ability to
an
produce
miracles in such circumstances.
As the Flanders-Artois battle
the
was
nearing its end,
for vast aerial attacks
French industrial and
tense
was
were
military centers, and all
dropped at Berlin of
carried out against
an
pre-
intention to carry
their penetration.
The French
counter-attacked furiously late in the day, and the
tide of battle rolled hack and forth,
Incidents bearing upon the course of the war were
numerous
least
plan of the German High Command became obvi-
ops,
having deepened
on
and they suggest the greatest candor, at
the Allied side.
Prime Minister Winston
Churchill admitted the worst in a speech before the
British House of
Commons, Tuesday,
while still
gaining what comfort he could from the successful
withdrawal
of almost all
of the British Expedi-
tionary Force from Dunkirk.
Premier Paul Rey-
Volume
The Commercial & Financial Chronicle
150
naud informed
France, Thursday, that hundreds of
destroyed in the developing
enemy tanks had been
battle of the
Somme, which "may decide the fate of
the world for hundreds of
for
There is reason
years."
hope, said M. Reynaud, who added that German
dreams of conquest and control over all
are
of Europe
He
going to disappear under French resistance.
assured
his
united.
Only
countrymen that France is calm and
day earlier, Mr. Reynaud reorgan-
a
ized his Cabinet by relieving
his
Edouard Daladier of
Foreign Affairs portfolio, and other political
holdovers of their Ministries.
became
a one-man
with the full
In
effect, M. Reynaud
director of the French
war
effort,
approval of President Albert Lebrun.
London reports suggest that a similar
tion of the British Cabinet
soon
reorganiza-
result in the
may
retirement of former Prime Minister Neville Chamberlain and Sir
S557
only a few days before Dunkirk fell, and from the
jaws of defeat the Allies snatched at least the core
of the armies which rushed only
a
few weeks earlier
to the defense of Belgium and Holland.
ing operations tempered the Allied
The
sense
reseu-
of defeat,
and all reports indicate that Allied morale
was
stimulated by this unexpected good fortune,
The full extent of what Prime Minister Winston
Churchill described last Tuesday as a "colossal military disaster" is still unrevealed, for much depends
the
upon
which the German forces will be
use to
able to put the Channel ports now within their
hands. It is clear, however, that the heroic resistof the Allied armies trapped in the Artois
ance
pocket
delayed
the
Paris which began
great
on
German
Somme, General Maxime Weygand
push
toward
South of the
Wednesday.
was
able to dis-
tribute his defense forces to much better effect,
while the Nazis strove frantically to close the pocket,
the experts have not yet furnished an adequate exdays after their confident assertions that this would
planation is the tendency of both sides to claim ? *>e a matter only of hours. When the Belgians surtremendous aerial losses to the enemy while conrendered, May 28, the British and French peoples
ceding only modest losses to their own aircraft,
were warned by Prime Minister Churchill and PreKingsley Wood.
One curious feature of the great war,
The British and French
mans
the
on
were
side, and the Ger-
one
at ratios of four
airplanes lost.
own
this week
the
other, invariably assert that
losses in the air
of their
on
absurd.
ently'
British
British
cated that
and
French
been
had
London and
made
to
our
was
noted
gold
plans
British
terrible
Nazi attack
some
directed to aid the British
and French Navies, and it appears that British hurricane, spitfire and defiance airplanes were superior
Local air superiority
teen established
the Channel communications,
to the German aerial fighters.
is said by military experts to have
bv the British over
Mr. Churchill minced no words in his report to
the British Parliament and people.
He described
estimated at $450,-
was
of the
were
the efforts of the British and French in Flanders
to "keep holding the right hand of the Belgians and
meas-
give their own right hand to the newly-created
rushed, and
were
French army which was to advance across the
plans for increased food produc-
tion also revealed
ish defense fliers
and Prime Minister Churchill was able to make a
relatively encouraging report when he appeared before the House of Commons, Tuesday.
made to send thousands of children to
were
Canada.
German fliers
the tele-
The British defense
possible invasion
against
and undertook the work of rescue.
bombed the fleet time and again, but the main Brit-
which arrived
The metal
Monday to Wednesday
a
In subsequent
days a vast Allied armada moved across the Channel
Fog aided the rescue fleet over the last week-end,
Here in New York
danger of
any
000,000 to $600,000,000.
ures
over
mier Reynaud to expect the worst.
to
arriving, presumably in order to
were
temporary victory.
from
indi-
early in the week that vast amounts of
place the metal beyond
or
appar-
was
Ambassadors
Paris, and transmitted
phone to President Roosevelt.
Allied
supplies
war
claim
the
pleas for prompt shipment of American
materials
it
one
loss of 700
a
authorities declared
running low this week, for it
were
to
interest
some
statement at Berlin that the British
was a
The
enemy
or more
Also of
battleship Nelson had been sunk with
men.
for which
grim aspects of this
war.
Somme in great strength."
the Channel ports changed this picture, and the
Prime Minister admitted that the Belgian defection
made
Epic Retreat
The German penetration
with armored divisions along the Somme and toward /
the
prospects extremely
unfortunate.
The
"ever-narrowing and contracting appendix" within
FIGHTING in the great battle of Tuesday, and by GermanBritish and French fought was he said,
Flanders and which the tanks, infantry and artillery, assailed
Artois
promptly
be
regarded
tions in
to
came
some
an
end
details began to
as one
last
appear
of what must
of the most remarkable
military history.
opera-
The Belgian defection
week earlier had concentrated all
a
attention of the
Anglo-French Allies upon the difficult problem of
rescuing their forces from the
which
broke
"nel
enormous
trap into
mechanized
the
from
narrow
pocket
Dunkirk, and that port
kirk and its
sea
con-
in French Artois
was
held to the bit-
From Dun-
neighboring beaches, however, the Al-
forces
the forces
apparently withdrew
a
great part of
entrapped by the heavily armored Ger-
units and the
force.
Churchill disclosed.
undertook the
sunk, Mr.
submarine was
The British air force decisively
defeated the German fliers and inflicted on them a
loss of at least four to one, he
added. «The Royal
bringExpeditionary
Force and the French and Belgian forces trapped in
the pocket.
Using nearly 1,000 ships of all kinds,
some 835,000 British and French troops were brought
"fromYthe jaws of death back to their native lands
and to\he tasks which lie immediately before them,"
Bitterly
end, Tuesday, of the gigantic battle.
man
German
through the Little Maginot line to the Chan-
toward
lied
One
Navy, with the help of countless merchant seamen
testing each foot of ground, the Allies slowly with-
ter
of the vast Channel traffic which
rescue.
units
they fell when the German
ports, along the Somme Valley.
drew
while German U-boats, and motor boats took toll
Losses
supporting Nazi infantry and air
were
far less than seemed probable
and
ing
a
host of volunteers, rallied to the task of
over
to British ports the British
The losses sustained by the
by the
Prime Minister at 30,000 killed, wounded and
missing, but the enemy sustained far heavier losses.
Mr. Chu^hill
British
said.
Expeditionary Force were placed
The Commercial & Financial
3558
The British Prime Minister thus was able to
trast
con-
on
opinions should not be formed upon "this pitiful
episode." But Mr. Churchill also declared at the
reality of a vast relief in which only
with the
material losses
Nearly 1,000
enormous.
were
vehicles that were with the
had to be left
Army of the North also
behind, according to the Prime Min-
The "first fruits" of British:
industry
defeated army, he said, and
the
with
small
sacrificed, and all transport and armored
guns were
ister.
a
He admitted, on the other hand, that
part was lost.
the
follow before fresh forces can be
were
delay must
put in the field
great scale.
any
exhibited by the Belgians in adapting themselves to
The rescue operations must not
fact, Mr. Churchill stated, "that what
and brain" of the British Army would succumb
core
June 8, 1940
For much of Belgium, of course,
is anything but new, since it
repeats the episode of the first World War. But
there is now the problem of a military surrender
under the personal orders of King Leopold iit,
which seems ever the more unaccountable as information accumulates.
Prime Minister Winston
Churchill, who asked originally for suspended judgment on the Belgian defection from the ranks of the
Allies, declared in his Commons speech on Tuesday
that there seemed to be no longer any reason why
early expectation that the whole "root and
an
Chronicle
obscure the
the new situation.
the present position
happened in France and Belgium is a colossal mili-
outset of his speech that the British and French
The possibility that the Germans
armies in the German trap could have been saved
tary disaster."
might endeavor to invade the United Kingdom was
only by a rapid retreat "from the moment when the
touched
by the Prime Minister, but he ap-
defenses at Sedan and on the Meuse were broken at
peared to regard such an action as unlikely. The
B. E. F. must once again be reconstituted under its
the end of the second week in May." The military
considerations which prompted the decision of King
gallant commander, Lord Gort, and home defenses
Leopold remain somewhat uncertain, in view of the
conflicting statements and claims of the Germans
upon
meanwhile
the
in
will
be
strengthened, he said,
With the solid assurance of sea power,
will go on
Great Britain
fighting to the end, without flagging or
and
German
The
Allies.
the
High
Command,
pleased with the decision of Leopold, asserted last
failing, Mr. Churchill said, and British defenders r week that he ordered capitulation only after the
will carry on
the New
the struggle "until in God's good time
World, with all its power and might, sets
forth to the liberation and rescue of the Old."
the British
When
Channel
the
Dunkirk
and French withdrawal
announced
were
as
from
blocked for future Ger-
operations by the scuttling of concrete-filled
man
ships in the harbor channels.
The fact remains,
however, that German forces hold the vast stretch
in
Abbeville in
coastline from
of
France to
point
Norway south of Narvik, and depredations doubt-
less will
In their conquest of Flanders and
develop.
Artois the Germans claim to have lost
to
a
only 35,000
40,000 killed and 15,000 to 20,000 wounded.
They
dent
Roosevelt
explaining the motives behind his
order for Belgian capitulation.
handed last Sunday to
John Cudahy.
This epistle was
United States Ambassador
Since Mr. Cudahy is cut off from
independent communication with the outside worldy
he is said to have asked German authorities to see
Informed
that the letter will reach Washington.
reports,
meanwhile,
suggest
that
the
plight
of
500,000 Belgian refugees, and -what he considered
inadequate support from the Allies, prompted the
Belgian King to surrender.
He is currently re¬
330,000, and asserted that the total number
prisoner in a castle near Brussels. Some
Belgian spokesmen who escaped to Paris claimed
captives is about 1,200,000 if the Netherlands and
last Sunday that the entire Belgian air force was
placed the number of British and French captives
at about
of
King Leopold was reported from Brussels, Tuesday, to have addressed a communication to Presi-
Zeebrugge and
ports was completed,
Anglo-French armies were being withdrawn,
The booty seized in
Belgian soldiers are included.
the advance
emphasized in the German reports,
was
which also claimed vast numbers of Allied airplanes
and
The Allies, in
Allied ships destroyed.
many
turn, claimed the destruction of many more
aircraft than they themselves
mitted
the
rescue
seven
ties
the
of three additional
loss
German
The British ad-
lost.
destroyers in
operations, and the French admitted that
of their destroyers were
lost.
German authori-
naturally made the most of their immense vie-
tory in Flanders and Artois.
French
were
drawal of threatened
episodes
as
wounded
the great with-
troops, but also to such heroic
occurred at Calais, where only 30 un-
soldiers
defend the town,
than
But the British and
able to point not only to
finally
gave
up
the struggle to
out of 4,000 who carried out more
their orders in
holding the port
so
that the
trapped armies could continue to utilize Dunkirk
as
an
soldiers
avenue
were
admittedly
of
escape.
carried off
was
Although
the
last
ported
wiped out by the Germans in their initial raid, thus
A
rump government of Belgians, set up at Limoges in
rendering the defense of the country difficult.
deposing
the King, but his future plainly depends upon the
France, last Saturday adopted a resolution
course
unknown to the Allied Commands.
Unhappy Belgium
Meanwhile, it appears that many
of the war.
thousands of Belgians are being gathered into
a
indicating
that no less than 250,000 men are training to bear
arms and fight for the liberation of their country,
It is officially disclosed that some Belgians pregreat army in France, some dispatches
ferred to
move
with the Anglo-French troops, rather
than surrender with King Leopold, but the
number
of actual soldiers who preferred such action is not
apparent.
Press correspondents with the German
forces asserted this week that the refugees trapped
in Flanders and Artois are streaming back to
their
homes, often with the aid of German trucks,
30
safely, the fate of the others
a
1M
*L-
F*
v»r
arvi
allied and German troops continued their
Fx
struggle, this week, for possession of the
area
0f Northern
small
Norway surrounding Narvik, the
Belgium isdominance country to fall under the ore port whichceaseless battles. Allied as theyafter
recently fell into Much hands are
complete the latest of Nazi German
six weeks of
conquer-
ors
in the
current war,
and reports from the
un-
happy country suggest that great fortitude is being
occupied with the strategic line from the Channel
to Soissons, the great antagonist in
Europe's war
Volume
Commercial & Financial Chronicle
The
150
pushing the strife at Narvik with grim deter¬
are
mination.
Recent
reports that
number of German
a
transports had been sunk by the British near the
ore
port
were
followed,
the last week-end, by an
over
3559
Ambassador, and Erik Labonne
treatment
French
the
as
was
accorded equal
representative.
Eastern
problems hereafter in the
same sense
official British admission that the converted World
the Allies.
War cruiser
tiveness of Moscow to British overtures
Curlew, of 4,290 tons, had been bombed
and sunk in the
town.
they
operations for capture of the small
Although the Germans evacuated Narvik,
reported to have rendered both the harbor
are
and the
railway to the
den, useless for
and
electric
Nazis
were
mines at Kiruna, in Swe¬
Docks, loading equipment
plants all were wrecked, and as the
inland
retreated
blowing
ore
a year..
it
reported that they
was
tunnels and in other ways putting
up
From Stockholm,
the rail line out of commission.
Wednesday,
on
came
Narvik had been
dispatches to the effect that
virtually wiped off the map in a
terrific aerial bombardment
This
by the Germans.
But those who recall the
will
not
The
Balkans
be
a
year ago
overly impressed by the latest hints.
remain
quite sensitive to
extremely apprehensive and
change in the military winds.
every
The Rumanian
Foreign Minister Gregore Gafencu,
with his Allied
orientation,
urday by
pro-German official, named Ion Gi-
a new
displaced last Sat¬
was
Hungary found it advisable to shift its troop
gurtu.
concentrations eastward and away
of the
from the borders
Reich, possibly because the German invasion
of Holland
and
Belgium
predicated officially
was
the "unneutral" maintenance of defense forces
upon
A
by the Low Countries along German frontiers.
reported last Saturday to have
Spanish mission
efforts to hold the northern
proceeded from Italy into Germany.
must be marked down as a success for the sea power
pared for
of the British.
was
any
was
Egypt pre¬
and all eventualities, and Turkey also
said to be ready
German airplanes
for conflict.
brought down over Switzerland and Sweden,
were
European Neutrals
with
apparent recep-
suggests that the Nazis soon will terminate their
Norwegian sector, which
London
dispatches suggested that Moscow may view Near
in¬
and it remains to be determined whether these
STIRRING have caused the great battlefields of
events on fresh anxiety and uncer¬
E arope
fractions of neutral
areas
intentional
were
or
acci¬
dental.
tainty in most of the countries that still maintain
official attitude of
an
of
and immediate
concern.
of worry
source
preparations
were
terribly ominous,
as
'HERE have been
Italy remains the principal
publicity
a
rate that
were
Present
banks.
modern need for
Premier
Benito
piled
public
Britain and France that his
But II
legions
soon
Effect
move
on
will move.
Duce, in the words of Shakespeare, protested
much, and
many
observers reached the conclu¬
sion that he intends to aid the German Reich
only
by material supplies and threats designed to keep
French forces immobilized
A
the Italian frontier.
on
Date
are
Effective
Effect
ZH
Mar.
Jan.
5 1940
Bulgaria
6
Canada
2*4
Holland
1 1936
2
Country
Date
vious
June 7
Rate
Argentina-.
Belgium
Pre¬
Rate in
vious
June 7
Effective
Rate
3
...
2
Aug. 29 1939
2 *4
Hungary...
4 '•
Aug. 15 1935
Mar. 11 1935
7
India
3
Italy.
4*4
Aug. 29 1935
■
3.29
Nov. 28 1935
May 18 1936
■,
4*4
3*4
5
3.65
Chile
3
Dec.
16 1936
4
Japan.....
Apr.
7 1936
Colombia..
4
July
18 1933
5;
Java
3
Jan.
14 1937
July
15 1939 V:T-
Lithuania..
6
3
Jan.
11936
3*4
Morocco
6H
May 28 1935
4*41
Jan.
2 1937
5
Norway
4*4
Sept. 22 1939
3*4
1
4*4
May 22 1940
4
Dec.
5
I
June
30 1932
5*4
3*4
Poland
3
vakia
Danzig
Denmark
_
_
-
:14
Portugal
England., i
2
Oct.
26 1939
3
Rumania
Estonia
4*4
Oct.
1 1935
5
4
Dec.
3 1934
4*4
Spain
France
2
Jan.
4 1939
2*4
Sweden
Germany
3 m Apr.
._
Jan.
0
Greece
Not officially
4
6 1940
4 1937 8 7
'
3*4
South Africa
Finland—
*
4
4
Czechoslo¬
Eire..
too
leading centers
Pre¬
Rate in
every
in the apparent endeavor to convince Great
move,
of the foreign central
the
it not
attending
speed and secrecy in war moves,
Mussolini
at
rates
shown in the table which follows:
startling contrast with the
In
gesture.
changes during ther week in
no
the discount rates of any
Country
Italian
Central Banks
Discount Rates of Foreign
matter of grave
rushed in Rome at
ostentatious
the
a
to the Anglo-French Allies, for war
might be regarded
for
The participation
neutrality.
of the so-called neutrals is
some
..
3*4
17 1937
Aug. 11 1937
May
5 1938
May 15 1933
4*4
4*4 '
4*41
Mar. 29 1939
5
3 *4
May 17 1940
3
Switzerland
154
Nov. 26 1936
2
Yugoslavia.
5
Feb.
*4
1 1935
0*4
confirmed.
meeting of the Fascist Grand Council on Tuesday
Foreign Money Rates
brought orders for additional Italian mobilization.
Although the Berlin partner in the famous axis
plainly aims at a conclusion of the war in months,
rather than years,
the Italian World's Fair of 1942
Italian
postponed.
publicly
was
ordered to remain in neutral
Mussolini still
the Germans
vessels
•
were
But Premier
ports.
delayed the fatal plunge, even though
were
possessors
German
airplane flights over the Rhone Val¬
ley were regarded by some observers as a demon¬
stration that the Reich controls the air and
invitation for Italian
solini
zone
on
of
participation.
as
an
Premier Mus¬
Thursday ordered the announcement of
danger 12 miles from the Italian coast.
did not order
he
Russia remains
participation in the
enigmatic in
a
a
But
war.
diplomatic
sense,
being rushed to the German Nazis by the Krem¬
lin.
An
Moscow
apparently stern anti-Allied attitude in
was
softened
this week
to
the extent
of
permitting negotiations to begin with Allied spokes¬
men
on
trade
problems.
Sir Stafford Cripps, of
England, was accepted in Moscow as the new British
as
were
months' bills, as
of last week.
against 1 1-32@1 1-16% on Friday
Money
on
call at London
on
Friday
1%.
was
Bank of
England Statement
HPHE statement for the week ended June 5 shows
l
a
further large
circulation raising
expansion of £12,398,000 in note
the outstanding to another new
peak of £569,262,000 compared with the previous
high of £556,864,000 reached the week before.
In that week the rise in circulation amounted to
record
£10,367,000 and was in part attirubtable to monthend
although there is some evidence that supplies of oil
are
on
Friday of last week, and 11-32@1 1-16% for three-
of most of the Channel
ports and were advancing toward Paris in a new
drive.
IN bills Friday market discountagainst for1-32%
LONDON open 1 1-32%,
rates 1 short
on
requirements.
have
Recent dispatches from London
suggested that the increasing seriousness of the
military situation as well as the inclusion of the
banks
provisions of the Emergency Powers Bill
resulted in substantial deposit withdrawals.
under the
have
There
was
a
small gain of
£14,664 imgold holdings
in the current statement week
tion in reserves
50%.
and
so
the total reduc¬
amounted to £12,384,000 or about
The proportion of reserves to deposit
liabili-
dropped sharply to only 6.8% from 13.6% the
ties
week
Public
deposits fell off £22,503,000 while other
deposits
The
£23,014,059.
rose
bankers
latter
comprise
which increased £23,882,022 and
accounts
other
accounts
which declined
ment
securities
rose
£867,963.
Govern¬
£12,830,000 and other securi¬
obligations recorded decreases of 1,841,000 marks,
The proportion of gold to note circulation is
0.61%, the lowest on record, compared with the
tively.
now
previous low, 0.62%, a month ago and 0.90% a
Below
year ago.
repre¬
addition to discounts and advances and
an
furnish the different items with
we
comparisons for previous years:
REICHSBANK'S COMPARATIVE STATEMENT
Of the latter amount, £7,953
ties, £87,904.
June 8, 1940
378,632,000 marks and 167,921,000 marks respec¬
previous and 19.3% two weeks before.
sented
Chronicle
The Commercial & Financial
3560
Changes
May 31, 1940, May 31, 1939 May 31. 1938
for Week
No change was made in the
Below we show the different items
£79,951, to securities.
2% bank rate.
with comparisons
for several
Reichsmarks
Reichsmarks
Assets—
years:
70,773,000
10,572,000
5,973.000
checks
+ 972,644,000 12,568,503,000 7,546,765,000
20,228,000
6,374,000
5.849,856.000
172,552,000
56,790,000
844,246.000
Of which dep. abr'd.
Bills of exch. &
',+
—
Investments
June
June 7,
1939
June 9,
1937
8,
1938
June 10,
1936
£
49,614,509 36,104,203 35,424,570 36,775.970 37,063,600
161,732,838 114,176,164 111,421,164 101,203,013 97,768,310
Other securities
25,698,738 30,408,574 28,104,449 25,906,727 20.737,018
7,937,500
4,832,696
6,165,920
7,800,963
Distc. & advances
2,890,173
20,166,949
14,671,098
21,074,031
Securities
22,808,665 22,607,611
36,396,959
Reserve notes & coin
12,397,000 28,376,596 36,544,860 45,612,671
Coin and bullion—
1,658,964 226,747,461 327,266,190 322,154,145 200,400,538
Other
124,146,000
1,434,368,000 2,057,381,000 1,200,725,000
Liabilities—
Other
569,262,000 498,370,865 490,721,330 476,541,474 433,003,579
11,732,296
14,480,741
18,401,277
10,687,162
13,612,000
168,405,032 136,727,140 146,634,861 144,204,638 123,663,740
85,600,140
Bankers' accounts- 118,790,523 100,622,937 111,110,291 107,428,668
Circulation
a
39,736,000
141,861,000 1,206,296.000
1,841,000
—378,632,000
Other assets
+827,169,000 12,594,182,000 8,525,426,000 6,268,733,000
Notes in circulation-..
Public deposits
Other deposits
<
c512,339,000
c23,480,000
Silver and other coin..
Advances
1940
Reichsmarks
70,772,000
'
Res've in for. currency
BANK OF ENGLAND'S COMPARATIVE STATEMENT
June 5,
Reichsmarks
77,329,000
+ 208,000
Gold and bullion
maturing
daily
1,470,017,000 1,291,726,000 1,020,793,000
—167,921,000
obligations
liabilities
c502,680,000
Propor'n of gold & for.
curr. to note circul'n
569,475,000
246,348,000
0.61%
Other
0.90%
1.21%
—0.05%
accounts---
Govt, securities
a
"Reserves in foreign currency" and "Deposits abroad"
coin and bullion."
c
are
Included in "Gold
Figures as of May 7, 1940.
_
New York
Money Market
Proportion of reserve
6.8%
2%
liabilities
to
Bank rate--
18.2%
2%
148s. 4d.
168s.
Gold val. per fine oz.
23.0%
2%
84s. ll^d.
29.40%
2%
84s. HHd.
26.50%
2%
84s. liy3d.
DEMAND forinaccommodation remained lacking
New York
market, and
this week
rates
Bank of France Statement
the
cial paper were
IN IT'S statement for the week ended in note cir¬
showed
further increase May 30, the
Bank
a
culation,
4,157,000,000 francs, which again raised
the total
outstanding to
853,000,000 francs;
a new
year
a
record high of 170,-
ago
it
was
122,900,-
An increase also appeared in gold
267,965 francs.
holdings of 393,163 francs, in French commercial
bills
of
discounted
658,000,000 francs, in creditor
of
accounts
current
1,749,000,000
francs,
money
Bankers' bills and
unchanged.
were
idle throughout.
sold
Washington
Monday
on
commer¬
The Treasury in
further issue of
a
1190,000,000 91-day discount bills, and awards were
at
0.089%, computed
Call loans
basis.
remained
loans
and
annual bank discount
1%
for all transactions, while time
wrere
1%% for maturities to 90 days,
at
again
on an
the New York Stock Exchange
on
iy2% for four to six months' datings.
and in
New York
Money Rates
temporary advances to State of 5,900,000,000 francs.
Gold
holdings
now
total 84,615,732,590 francs, com¬
The
DEALING in detailfrom day toloan rates was the
with call day, 1% on the
Stock Exchange
off to
ruling quotation all through the week for both new
it
loans
pared with 92,266,006,224 francs a year ago.
proportion
of gold to sight liabilities
42.80% from 44.12%
64.25%.
week
a
fell
ago; a year ago
was
The items of balances abroad and advances
against securities dropped 6,000,000 francs and
000,000 francs respectively.
various items with
Below
we
84|-
show the
comparisons for previous years:
BANK OF FRANCE'S COMPARATIVE STATEMENT
June 1, 1939
Francs
Francs
Francs
2, 1938
The supply of
fairly active this week.
has been larger and the demand has shown a
Ruling rates are %@l% for
improvement.
all maturities.
—6,000,000
Discount Rates of the Federal Reserve Banks
French commerc'l
+658,000,000 23,160,000,000 6,456,107,391 7.110,934,952
b Bills bought abr'd
778,276,405
742,645,233
*72,895,326
Adv. against securs—84,000,000 3,716,000,000 3,511,699,713 3,558,434,266
Note circulation
+4,157,000,000 170853000,000 122900267,965 101077694,340
Credit current accts. + 1,749,000,000 26,828,000,000 20,709,032,923 17,346,135,926
discounted-.
bills
c
ma¬
paper
Francs
+393,163 84,615,732,590 92,266,006,224 55,807,924,902
20,002,972
990,054
32,000,000
Credit bals. abroad.
a
June
months'
commercial
The market for prime
continued
modest
May 30, 1940
market for time money
Rates continued nominal at 1M%
to 90 days and 1 lA% for four to six
turities.
paper
Changes
for Week
Gold holdings
up
The
and renewals.
continues quiet.
advances
Temp,
+5,900,000,000 32,600,000,000 20,576,820,960 40,133.974,773
State
to
Propor'n of gold
on
hand to sight llab.
—1.32%
42.80%
THERE have been of the Federal Reserve banks;
no changes this week in the
rediscount
rates
recent advances
on
Government obligations are shown
in the footnote to the
The following is the
table.
47.13%
64.25%
♦
Figures as of May 2, 1940.
Includes bills purchased in France,
b Includes bills discounted abroad,
c In
process of revaluing the Bank's gold under the decree of Nov. 13, 1938, the
three entries on the Bank's books representing temporary advances to the State
a
the
schedule of rates
of paper at
now
in effect for the various classes
the different Reserve banks:
DISCOUNT
RATES OF FEDERAL RESERVE BANKS
wiped out and the unsatisfied balance of such loans was transferred to a new
were
entry of non-interest-bearing loans to the State.
Revaluation of the Bank's gold (at 27.5 mg. gold 0.9 fine per franc) under the
decree of Nov. 13, 1938, was effected in the statement of Nov. 17, 1938; prior to
Rate in
Effect on
43 mg. gold 0.9
1936, the value
65.5 mg. of gold to
Date
June 7
Federal Reserve Bank
that date and from June 30, 1937, valuation had been at the rate of
fine per franc; previous to that time and subsequent to Sept. 26,
Previous
Established
1, 1939
Rate
*■
26, 1936, there were
The present value Is 23.34 mg. gold to the franc.
IX
Bank of
Sept.
New York
1
Aug. 27, 1937
IX
IX
Sept.
IX
4, 1937
May 11, 1935
2
Cleveland
49 mg. per franc, and before Sept.
the franc.
1
Philadelphia
was
Boston
2
IX
Aug. 27, 1937
2
*1X
Aug. 21, 1937
2
Chicago
Germany Statement
*1X
Aug. 21, 1937
2
St. Louis
*1X
Richmond
Atlanta
-~.k»
a
record
the
high of 12,594,182,000 marks, compared with
previous high 12,479,837,000 marks
and 8,525,426,000 marks a year ago.
of
new
208,000 marks
a
month
Gold
holdings
now
70,772,000
Aug. 24, 1937
2
*1X
2
*1X
3, 1937
Aug. 31, 1937
Sept. 3, 1937
IX
San Francisco
Advances on Government obligations
total 77,329,000 marks, compared
last
year.
Sept.
2
2
bear a rate of 1%, effective Sept. 1,1939,
Chicago; Sept. 16, 1939, Atlanta, Kansas City and
Dallas; Sept. 21, 1939, St. Louis.
Bankers' Acceptances
appeared in gold holdings and
marks
Sept.
An increase
The items of
investments, other assets, and other daily maturing
2
IX
Kansas City
♦
ago,
972,644,000 marks in bills of exchange and checks.
with
2, 1937
Minneapolis
Dallas
THE statement of notes in circulation at
May showed the Bank for the last quarter of
THE market for prime bankers' acceptances con¬
quiet this week.
Prime bills are scarce
tinued
and
transactions
Dealers'
rates
as
have been in very small volume.
reported by the Federal Reserve
Volume
The Commercial & Financial Chronicle
ISO
Bank of New York for bills up to
days
and including 90
%% bid and 7-16% asked; for bills running
are
for four
months, 9-16 bid and %% asked; for five
and six
months, %% bid and 9-16% asked.
The
3561
stocks passed the $19,000,000,000 mark on May 20,
having risen from $16,000,000,000 on June 9, 1939.
Currently there is another extraordinary influx,
bill-buying rate of the New York Reserve Bank is
In the six weeks ended May 29, according to
Department of Commerce reports, the total gold
%% for bills running from 1 to 90 days.
imports amounted to $522,940,481.
:
1
^
,
,.
o
Course of Sterling Exchange
the past
caused
ment
week show
recovery
a
during
the
improvement
next two days not less than $700,000,000 of gold
May 28, with the result that rates
whole steadier.
There is considerable
from the extreme low of
recorded
May 28.
to have
come principally from London, but not
necessarily entirely from British sources,
On June 5 the Treasury's gold stocks totaled $19,281,000,000. It is amazing to consider that in the
from the shock
by the capitulation of the Belgian Govern-
on
came
Most of the gold g(mt here from Canada .g known
^
HPHE foreign exchanges in the free market
1
The metal
chiefly from Canada and Great Britain.
,
„
are on
$3.11% for cable transfers
arrived
in
this
These
country.
and 'subsequent
is ascribed to
arrivals will not be officially recorded until the issu-
moderately active buying by commercial interests in
of the June 5 statement of the Department of
Commerce, which will be published in these columns
on June 15.
Judging from this influx it is probable
that the Treasury's gold stocks will exceed $20,-
on
the presence
A
sources.
when
of
$3.19 to
spectacular rise occurred
that
land
would
sterling sent the pound from
high of $3.85. Under
a
Thursday
on
forthcoming -regulations
of free
use
order issued
United
recovery
light supply of sterling from foreign
a
reports
abolish the
The
British Treasury
a
Friday, June 7, all exports from the
on
Kingdom to the United States and Switzer-
(the only remaining free sterling markets) must
be paid for in
States dollars
United
order persons
United
Swiss francs. In
or
Kingdom.
related
a
The Treasury order is intended to
market supply of free sterling and to
the conduct of all current
official
in
residing outside of the sterling and franc
reduce the open
ensure
or
forbidden to sell their securities in the
were
areas
sterling at the fixed official rate
sterling rates.
The range
foreign business at
-
,
range
The
of between $3.11% and $3.23% last week,
cable
for
range
has
transfers
been
$3.18% and $3.85%, compared with
tween
$3.11% and $3.24
Official rates quoted
tinue
of be-
a range
con-
4.02%-4.03%; Paris
checks, 176%-176% (2.2883 cents buying); Canada,
4.43-4.47
New
(90.09c.-90.91c.); Australia, 3.2150-3.2280;
Exchange
Berlin,
on
longer quoted in London
London
dispatches
formation
bloc
of
a
or
on
which
discussions
that
Czechoslovakia,
Holland,
Norway,
and
Holland's
.
the
in
vided
to
as
near
and
an
future,
Netherlands
'
loan
of
£300,000,000
a
3%
advising against
a
coupon.
and discount
or
will be
on
The London banks
are
either non-existent
States
gold
;
time from Canada.
was
received at
f
7
,
The origin and ownership of the gold imports
evident that the gold must have
•:
are
come
immediately
Canada has long since been drained
from London.
of the earmarked supplies which
prior to the outbreak of the
were
war
built
up
there
and recent ship-
ments have been far in excess of current Canadian
probable that
a
It is
large part of the metal is of English
ownership, but undoubtedly Dutch, Belgian, and
French supplies are also included,
In the last few weeks
a
shipment of $1,550,000
tional Spanish gold is being sent here.
are
was
These receipts
the first to arrive since the beginning of the
break of hostilities the United Kingdom had $2,-
000,000,000 and
or
nominal, financial
the rapid accumulation of
stocks.
The
France had $3,000,000,000.
To
this must be added $770,000,000 gold held by the
Netherlands
at
that
time,
$615,000,000
held
by
With
other members of the British Empire the Allies held
altogether an estimated $7,140,000,000.
What part of the new arrivals is owned and earBelgium, and $215,000,000 held by Canada.
by central
banks cannot
be
determined,
Federal Reserve Bank for central authorities place
the amount at around $1,290,000,000.
must doubtless be largely increased
Treasury
gold
This figure
by the shipments
made in May and June.
Authoritative though
assert that
present, with official sterling practically dom-
United
one
Latest estimates of gold held under earmark with the
inating all markets, so that other foreign exchange
markets
when slightly less than $150,000,000
marked
further lowering of present
interest is centered upon
Pre-
viously all records had been shattered last month;
be
charges.
At
expected had been circulating for several weeks, but
the actual arrivals surpassed all expectations.
di-
The £300,000,000 loan issued
March 12 carried
12 railroad
will
kept at their present levels
further reduced.
on
Rumors that heavy gold shipments might be
opinion is
connection
whether general interest
rates will be
are
currency
progress
.
In this
On June 4 alone $600,000,000 arrived
cars.
The exact size of the gold reserves of the Allies is
expected
war
almost entirely from Europe,
of Halifax and rail to New York,
not known, but it was estimated that at the out-
now
responsible quarters in London it is expected
soon.
come
way
proceeding for the
are
Indies, according to authoritative opinion in
launched
to have
arriving by
Spanish civil war.
British purchases in the
another
that
no
New York.
London.
In
is
adhesion to the Anglo-French agreement
will facilitate
East
Poland,
Belgium
sterling-franc-guilder-belga
is
seem
June 3 were to the effect
already have made considerable
announcement
.
received from Spain and it is understood that addi-
Zealand, 3.2280-3.2442.
Denmark,
;
The huge gold imports which arrived this week
production and Canadian reserves combined.
by the Bank of England
New York,
follows:
as
between
week ago.
a
000,000,000 by the end of June.
thus far kept secret by the authorities, but it is
,
for sterling this week has been between
$3.17% and $3.84% for bankers sight, compared with
a
ance
unofficial
London
increasing, but the best that can
sources
steadily
be done in this
British commodity exports
are
respect can not overcome the heavy import balance
due to
war
necessities.
The Allied
war
commission
in New York recently made it known that more than
$1,500,000,000 has already been spent here for war
The Commercial & Financial Chronicle
3562
Now British purchases of
purchases.
f.
...
*
.
tion, -whether
for
war
,
through the commission, in order to
the
official rate of
.
exchange.
®
.
be
W
V
use
of
be spent,
if
additional
an
The financial strain
goid was held under earmark.
$16,000,000,000 will
before the end of the
necessary,
Saturday last in the free market
war.
On Monday the market was fractionally easier.
The London "Financial Times" index of industrial
Sept. 8, has fallen
on
the market again moved lower.
June 5; while its index for rails,
which averaged 40.8 on Sept. 8, is
currently down to
$3.17%@$3.20%;
37.7.
limited
on
industrials from 83.7
May 16 to 73.2
on
decline in
a
on
low
new
a
July 1, 1935
earlier, 84.1
Sept., 1939, with 95.2
supplies
strictly rationed
are
This accounts in part for the steady
mounting.
pansion in British note circulation.
ended June 5 circulation reached
all
ex-
For the week
£569,262,000,
a new
be
This
year
it
is
increased
the
beyond doubt emulation will
greatly by that time.
and the virtual
war
The necessities
o
collapse of the international
foreign exchange market
e
cir-
have
are
the principal factors
in
currency expansion.
The London money market shows
recent
The
weeks.
Rates
market loote for
interest
rates.
sider that it
view
is
realized
01
rp
the
London
banks
necessary to maintain present
J
J.U
x
that
XL
the
.
Treasury
reduction in discount
However
XX
matter
x
x.
rests
1'
but it
-XI
x,
entirely with the
,.
,
n
tv
1
1
with the Bank of England
in connection
Call money against
bills is in supply a M%unchanged, with two-months bills 1 1-32%,
three- and four-months bills
1
1-16%, and sixmonths bills 1^%;•
Canadian exchange except for the inconsiderable
volume of free market transactions is
kept steady by
the official control, which works in strict accordance
rates
with the
London control.
The
ranged during the week.
between a discount of 22% and a discount of
19%%.
The amounts of
gold imports and exports which
follow are taken from the
weekly statement of the
United States Department of Commerce and cover
the week ended
May 29, 1940:
■
imports, may
ore and base bullion..
Refined bullion and coin
Totai._______________
_
r
23 to may 29, inclusive
_____
—_______
Details of Refined Bullion and Coin
Shipments—
Switzerland...
__________
$76,497,094
Cotton and grain for
the ^
^
,g
feature of im
^ situation fa the
the
$3,228
increases in circuiation
t
....
The Qut.
_
circulation of
pointed out here last week,
the
are
due in part
t infIux bf ref
Be]gium and nolthe[n France.
Under prevail-
ing conditions it is natural that almost every Frenchghould haye
man
immediately available
bank
more
than ncnifll
The CUMent stetement of the bank for the week
M
ended
3Q ghows
4457 000,000
oco
francs,
,,
mg
,
.
the
in
i.
This
,
.
„
,
of
170,.
j
j
high record, exceedTr
00
A
is a new
n
,
high reached
previous
cir#lation
circulation
bringing the total to
rm.
nnrk
853,000,000 francs.
.
increase
an
May 23.
on
A
year
122,900,267,965 francs.
The Swedish krona continues relatively steady
,
00
,
OA
,,
,
,
18
/
...
.
,
fround 23.84 but the market
thin that the rate
is so
larKol-v nominal.
Swiss francs
steady, but owing to the limited
are
volume of transactions this unit is also nominally
quoted.
Italian lire continue to be
nominai^tradine-
quoted at 5.05 cents in
This is the rate fixed bv Rome for
°
f*
"the commercial hra.
rate nxea Dy itome lor
.
Holland guilders have not been quoted since the
German invasion
as
to
guilder
the
on
status
since
the
May 10.
of
second
destruction
only to London
as
Confusion continues
Netherlands
the
of
more
the
East
Indies
Amsterdam
than two centuries
the world's greatest interna-
tional market.
m,
$1,649,385
pay-
French finan_
i(% increasi
As
to the demands cauged b
from
^ tfae
rtance in the
market, which had been for
3,092
on
tvi
-T-t
The
Bankers
Foreign
t-ii
•
Exchange
1
•
x
x
Committee
SSsos
' 6[443
3",092
......
india~_7_~_~22122222222222222222222222222
147',042
21"
on June 4 at a special
meeting at the Federal Reserve Bank that no general
lt^3NicaraS2
S°luti°n had been f°UIld f°r the COmPIeX situation
Mexico.
British
n3?84Moo
72,652,694
_
Closing quotations
SSL?^S^tSged
«
1he Bank of France.
Canadian dollar in
the New York free market
gold exports and
1
JM
are
was
Continental and Other Foreign Exchange
and#
con-
charges
their increased overhead expenses,
in
1-
is
a
change from
no
range
Commercial sight bills finished at $3.78,
grain bills not quoted.
steady and unchanged,
are
The
ment closed at $3.78.
hardly to : standi
expected that holiday demands will affect
culation, but
On Friday trad-
features.
new
ments for payment (60 days) at $3.77, and seven-day
normally represents the
holiday demand.
maximum
On
60-day bills at $3.77, 90-day bills not quoted, docu-
high compared with the high of £554,615,983
27,1939. The Bank's circulation toward the
end of December each year
$3.17%@
$3.82 for demand and $3.82% for cable
were
transfers.
De,
on
,
among
no
$3.85% for cable transfers.
to be steadily
seems
was
$3.34%@$3.84% for bankers' sight and $3.34%@
Friday
classes, the commodity index
sight
$3.18%@$3.20%.
transfers
$3.18%@$3.81 for bankers' sight and
presented
ing
and with the high record of
a year ago,
While food
record
"
Nov. 11, 1936.
on
was
$3.18%@$3.21.
$3.18%@$3.85 for cable transfers.
month
a
Bankers'
cable
was
range
June 1,
on
record, against the previous record low of
66.4 at the end of
124.9
100 stood at 62.6
as
Bankers' sight
transfers
Thursday sterling skyrocketed on short coverings. The
The "Financial News" index of 30 industrial stocks
based
trading.
$3.19%;
June 5.
on
cable
On Wednesday the market displayed little change in
,
Reuters index for London stock shows
The
$3.19%@$3.21% for bankers' sight and
$3.19%@$3.22% for cable transfers.
On Tuesday
was
range
shares, which stood at 95.6
Bankers' sight
$3.21@$3.24; cable transfers $3.21%@$3.24%.
was
circulation.
on
steady, showing
was
little change from previous close.
emphasized
by the declining prices of industrial shares, the rising
commodity indices, and expansion in British note
steadily to 76.5
;;;.r:
Referring to day-to-day rates sterling exchange
Great Britain is
on
f°relSn
The current issue of the "Monthly Review" Of the Federal Reserve
Bank of New York estimated that at the end of May about $1,275,000,000
.
spokesman for the Anglo-hrench Purchasing Commission said that
t!he«tFo^inali^erve bankfl was increased
£* Ap™'000 ^
official
an
oo
during the week ended May 29 by $12,210,714.
The latest monthly report of the Department of Commerce showed
effected
the
ensure
Recently
.
'J A r
.
must
Gold held u?der ,^f^ark
descrip-
every
J
.
not,
or
June 8, 1940
$407,930 Mexico, $267,864 chile, $163,705 Ecuador. $879,571 Peru.
through its Chairman, R. F. Loree, told members of
the foreign exchange market
arising in New York
over
outstanding contracts in
Volume
The Commercial <& Financial Chronicle
ISO
Netherlands guilders.
foreign exchange dealers would
have
settlements
make
to
basis,
their
individual
an
on
; %/a:';•.
The
committe
has
been
struggling with the
problem since Germany's invasion of the Low Coun¬
tries
.■{>.'/
froze
in
;A'■
•:
May 10, when the United States Treasury
on
Argentine unofficial
The committee decided that
the various banks and
guilder balances here and stopped all trading
3563
or
free market
closed at
peso
22.50@22.60, against 22.40@22.50. Brazilian milreis
are
quoted at 5.15, against 5.15.
Chilean exchange is
nominally quoted at 5.17, against 5.17.
Peru is
nominally quoted at 15%, against 15%.
AA'A'A' ;'-v•'
•.
A//Aw
EXCHANGE on the Far Eastern countries pre¬
mixed trends.
The Hongkong dollar has
sents
aA?A AA' A
American importers had bought Dutch guilders
which were payable in Amsterdam to Netherlands
East Indies shippers upon presentation of documents
in Amsterdam.
These payments became complicated
and in fact impossible following the invasion.
The
proved down several points from the prevailing rates
blocking out of Dutch
pathy with sterling and is dominated by the London
guilder exchange.
seizure of Amsterdam and the
banks from international trade
either to
complete payment
Netherlands
actions.
asked
to be
now
have
made it
Indies
East
impossible
to undo entire trans¬
or
shippers
paid either in dollars
lands East Indies
unable to
A
-
or
guilders, but American buyers are
comply with this request because they
be
delivered.
resolved until
some
the
As
problem cannot be
the distant future, the
in
time
last
week.
from the
accordance
The Foreign
culated
the
with
client's
June 6 cir¬
declared that the
Exchange Committee
letter to the market which
a
independently in
best interests.
on
Treasury Department has ruled that general license
No.
Order No.
15 issued under Executive
April 10,
and pay at
8389 of
amended, includes authority to accept
as
maturity drafts under letters of credit
already outstanding which, if issued currently, would
come
as
within the provision
well
as
of -general license No. 15,
authority to issue and transfer documents
of title in connection with such letters of credit in
issue
such
General
instructions.
allows banks to issue,
confirm,
credit in favor of exporters
Indies to finance imports
in
the
of persons entitled to
with instructions
United
States
to
or
license
advise
on
No.
15
letters of
in the Netherlands East
and in favor of exporters
finance trade from this
exchange control.
at the
The London check rate
at
on
on
Friday
176.50-176.75, against 176.50-176.75 on Friday
of last week.
In New York sight bills on the French
center finished at
2.16% and cable transfers at 2.17,
against 1.83% and 1.83%. Italian lire closed at 5.05
for bankers'
sight bills and at 5.05 for cable transfers,
Berlin marks are not quoted
against 5.05 and 5.05.
in New
York,
nor
is exchange on Poland, Czechoslo¬
The Japanese
yen
pegged rate of 23.46 cents
on
yen
Holland, and Belgium.
(nominal),
Bucharest
closed at 0.50 (nominal), against 0.50 (nominal).
Greek exchange closed at 0.71 (nominal), against
0.61%. Checks on Sweden closed at 23.86 (nominal)
against
on
2.04
closed
Finland
(nominal).
and cable transfers at
at
2.04
Exchange
sym¬
is steady, ruling
per yen.
checks yesterday
Friday of last week.
were
Hong¬
kong closed at 23%, against 20.20; Shanghai at 5%,
against 5.63; Manila at 49.85, against 49.85; Singa¬
at 47%, against 47%; Bombay
pore
30.30, against
30.25; and Calcutta at 30.30, against 30.25.
Gold Bullion in European Banks
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at the
British statutory rate,
the
in
84s. 11 %d.
principal European banks
dates of most recent statements,
fine ounce)
per
of respective
as
reported to
shown for the corresponding dates in
by
us
(Friday); comparisons
special cable yesterday
are
the previous
four years:
A;
£
France
Netherlands
Nat.Belg..
Switzerland
Sweden
Denmark
33,444,000
6,667,000
6,540,000
7,442,000
Prev. week.
£
6,602,000
347,630,457
2,470,900
87,323,000
25,232,000
94,171,000
/
209,400,538
444,171,448
2,430,100
89,105,000
42,575,000
56,984,000
102,600,000
102,772,000
49,103,000
23,984,000
6,604,000
6,554,000
861,744,802 1,030,136,112 1,104,061,502 1,033,683,086
861,995,945 1,031,338,083 1,103,886,607 1,042,650,189
692,777,784
695,642,843
*
29,082,000
6,555,000
'8,222,000
23,400,000
100,750,000
82,260,000
el32,857,000
79,277,000
41,994,000
6,505,000
1936
83,594,000
25,735,000
6,549,000
63,667,000
Total week.
322,154,145
98,858,000
3,010,000
c63.667.000
817,440,000
e97,714,000
Norway
£
327,266,190
293,725,922
2,522,000
63,667,000
25,232,000
123,398,000
76,929,000
74,332,000
b3,365,900
Germany
Spain
1937
£
£
*129,869,608
311,709,194
*838,938
242,451,946
England
1938
1939
1940
Banks of—
Pursuant to the Currency
and Bank Notes Act, 1939, the Bank of England
1, 1939 and since have carried the gold holdings of the Bank
the statement date, instead of the statutory price
formerly the basis of value.
On the market price basis (168s. per fine
statements for March
at the market value current aa of
was
the Bank reported holdings
of £1,658,964; equivalent, however, to only
£838,938 at the statutory rate (84s. 11 Hd. per fine ounce), according to
In order to make the current figure comparable with former periods
well as with the figures for other countries in the tabulation, we show English
about
our
as
calculations.
holdings in the above in statutory pounds.
a
Amount held Dec.
31, 1939, latest figures available,
b Gold holdings of the
"deposits held abroad" and "reserves in foreign cur¬
Bank of Germany include
As of April 30, 1938, latest figure available,
e Prior to Invasion.
The value of gold held by the Bank of France was revalued with the statement
rencies."
c
of the Bank as of March
rate of 23.34 mg.
7, in accordance with the decree of Feb. 29, 1940, at the
gold 0.9 fine equals one franc; prior to the latest revalorization
the value of the Bank's gold holdings was
of Nov.
calculated, in accordance with the decree
13, 1938, at 27.5 mg. gold 0.9 fine per franc; previously and subsequent
July 23, 1937, gold in the Bank was valued at 43 mg. gold 0.9 fine per franc;
before then and after Sept. 26, 1936, there were 49 mg. to the franc; prior to Sept.
to
26,
1936, 65.5 mg. gold 0.9 fine equaled one franc.
Taking the pound sterling
rate (7.9881 gr. gold Il-I2th fine equals £1 sterling), the
at the English statutory
is now Just about £1;
gold to the franc the rate was about 296 francs to the £1; when there
190 francs to the £1; when 49 mg.
about 165 francs per £1, when 65.6 mg., about 12
francs equaled £1.
at 27.5 mg.
were
Exchange
The Indian
in close
moves
sterling eauivalent of 349 francs gold in the Bank of France
vakia, Norway,, Denmark,
The Straits
slightly firmer.
Closing quotations for
ounce)
Paris closed
dollar is relatively
rates of last week.
and
23.46, against 23.46
which
country to the Netherlands Indies.
Shanghai
is fractionally firmer but
rupee
Italy
accordance
average
dollar is steadier
Foreign Exchange Committee has been obliged to
advise each bank and trader to act
The
steady at the moment but has declined considerably
have
in Nether¬
already paid out dollars to buy guilders which
cannot
of
43 mg. gold to the franc the rate was about
on
23.86, against 23.85 and 23.85.
Swiss francs closed at 22.41 for checks and at 22.41 for
Congress: Remain
Conditions of imminent
of the United States.
viduals
among
on
Guard!
peril confront the people
They have honored 531 indi¬
their number by choosing them as
their Senators and
Representatives in Congress and
cable transfers, against
22.40% and 22.40%. Spanish
delegating to them all the legislature powers of this
pesetas are nominally
quoted at 9.25, against 9.25.
great Nation.
*—
Such preferment creates correspond¬
ing obligation.
EXCHANGE on the South American countries on
whole continues to rule steady and
the
un¬
changed from recent weeks.
few days
and
However, in the past
in the free market the Argentine, Peruvian,
Uruguayan units have been inclined to ease, while
of course remain
the official rates of those countries
steady.
the
Men may differ widely concerning
origin and character of the emergency now im¬
pending, and they do thus differ, but of its existence
and
magnitude there is nowhere any question. The
sober-minded are not at all convinced of the
more
existence of any
direct danger to this country's in¬
terests, or impairment
of the Monroe Doctrine, aris-
The Commercial & Financial Chronicle
3564
ing out of
conflict of
or
lieve in the
of,
connected with the present deplorable
European
possibility of attack
part of North America,
any
three thousand miles of
from the White House; with a President who is
Much less do they be-
arms.
ocean
upon, or
plainly undeterred by the financial weaknesses that
have accrued under and by reason of his leadership;
invasion
invasion
June 8, 1940
across
exaggeration of this peril and of the imminence of
and financed and
sup-
calamity that it involves is almost beyond the pos-
an
ported by peoples still acutely conscious of the heavy
pains and penalties of warfare, under the weight of
sibilities of language.
which
capable necessity, abandoned the expectation of the
full
they continue to be oppressed, and who, for
generation have reluctantly submitted to
of comfort and
sacrifices
treme
pretense that in no other way
abhorrent
liberty
Under these conditions the Congress has, of ines-
a
ex-
That it should do
few weeks ago.
a
could they avoid
aggression from their neighbors.
early adjournment which seemed probable only
very
the
upon
a
great deal
than that, and remain continuously in session,
more
with such recesses as the public interest will permit,
Such
peoples, common sense proclaims, must want respite
until these great problems are fully solved, is the
from
belief of many
hungar and privation, with
of their ancient liberties of
fore
some restorations
conditions by which the Nation is confronted and to
admittedly turning from the claimed necessi-
envisage the possibilities of adequate protection to
ties of
self-protection to overt and acknowledged at-
distant
The Constitution of the United States,
ernment.
hemisphere.
immediately after its preamble, proceeds to
Tet, notwithstanding these and similar difficulties in the
conception of
an
tion of the Federal
insatiable and tireless
of the
ation
Germany, persistently Hitler-led to incessant attack
House of
against a remote and unaggressive America there
tive power
are
those, apparently some of them in the Congress
of the United
ing
States, who
see
hostile heads
of the Atlantic which
Congress,
shores.
the
to
was
provided for, he
was
are
not conditioned
upon
expenditures to expand
our
■
fensive structures that have hitherto been
0r
rejected
superfluous and unduly burdensome to the Na- i
tional economy.
How far the country is going in
these directions it is not
that it is
going
added Federal
very
yet possible to estimate but
far and at costs, in
money,
in
debt, in increased taxation, and in
eventually costly dislocations of industry is already
And all this tends irresistibly to
only too evident.
aggravation of the National peril which really
calls for
great anxiety, which urgently demands pro-
and
found
consideration
statesmanlike
and
wise
any
was
au-
much
no
civil
powers
previous legislative
entitles,
or
any
There is nothing in the situation
Senators and Representatives
of
employment
which
given
by the Congress or the subsequent confirma-5
action
tion of the Senate.
the
of
dent
unmeasured
All this
executive
entrusted.
thority and when, in the subsequent article, a Presi-
Navy and upon augmentations of the Army and deas
was
creation
that
towards
cre-
it was considered wise to have exercised
these
sweeps
defini-
consisting of Senate and
With such visions, they press emotionally
upon every wave
a
and to the
power
Representatives, to which all the legisla-
antecedent
swarm-
legislative
National scale
upon a
fully-armed soldiers of attack and riding
as
public welfare within our plan of Gov-
the general
tempts, still fit great cost, to become the despots of
a
of those best qualified to weigh the
speech and activity be-
should entitle, them to vacations
or
longer than those enjoyed by other em-
pi0yees of the Government or by private citizens in
It is true, that, under less abnormal con-
gen€ral.
ditions the
legislative requirements of the public in-
terest are not very
that the
are
„
demanding in point of time and
customary adjournments over many months
0t
only warrantable but highly commendable,
However, proprieties derived from normal conditions
cease
to have the sanction of
right when
con-
action, before it becomes everlastingly too late. The
ditions
deplorable condition of the Federal finances ought to
mands
be
Congressman ought to be willing to desert his post
uppermost in the minds of all those charged with
legislative
or
executive authority and cannot be too
often referred to
nor
too
greatly emphasized in each
With the real debt of the
reference.
moderate allowances for
assumed which
are
Nation, after
contingent liabilities fully
real rather than
contingent in
become
a
and
public welfare de-
radically different course.
thig hour of
vices
abnormal
and
No Senator
or
exigent National demand for his ser-
for the
prompt exercise of the highest
qualities of statesmanship available to this sorely
threatened
people. The post of duty has now become
emminently the post of honor and none with any
everything but name, already exceeding the stat-
adequate conception of public obligation or of the
utory limit of $45,000,000,000; with an accumulated
jugt expectations of the people could desire to be
deficit for the Roosevelt
elsewhere.
period
now
above $27,000,-
600,000, plus an incalculable amount concealed by
the intricacies of
Treasury Department bookkeep-
When
the
ing; with the assumption of enormous new burdens
he declares
of expense
aWe
of the
not accompanied by sensible curtailments
extravagant burdens previously assumed that
have for
a
long period swelled the annually recur-
ring deficits; with
a currency
system unsupported
any
provision for redemption in gold of the paper
money
constituting the sole circulating medium;
by
and with
even
threatened
power
by
its remaining
a
to be as
it
transfer to the President of the
to control the coinage and declare the metal-
lie content of the
as
integrity continuously
dollar,
a
transfer which appears
repugnant to the letter of the Constitution
unquestionably is to its spirit; with
of alarm and
messages
President
of the United
States asks
multiplied billions of dollars for armaments which
are
resource
so
urgently needed that every avail-
of labor,
capital, and expert capacity
for direction must be devoted
night and day to its
rapid production, when he asks for new and heavier
taxes without
proposing to devote them to a balanc-
ing of the Federal budget/when he believes the
threat of forcible attack is
mands the
any
so
imminent that he de-
right to call out the National Guard at
moment for defense against invasion, the place
for genators and
Congressmen is at the Capitol in
Washington and Congress should be on its job of
legislative direction.
The president has moved as
blithely and as im-
appeals for defensive preparations and
petuously towards vast expenditures for Naval and
great expenditures therefor emanating almost daily
Military preparation as he moved seven years ago
.1
*
Volume
towards
The Commercial & Financial Chronicle
ISO
and
enormous
expensive commitments and
Very
general precedent-smashing in other fields.
few, in Congress
thusiasms
or
out of it, doubt that his en-
always easily aroused and are always
are
excessive; there
who believe that in most
are some
matters his intuitions and
impulses are in the main
3565
work weeks for all industries. Finally, there is the
establishment of the principle that all workers shall
have the right to bargain collectively, recognized
first in the National Industrial Kecovery Act, and
subsequently by the enactment of the Wagner Act.
While there may be argument as to the amount
defensible.
While these doubts and differences per-
of good
sist and
debatable, regardleess of where the ver-
would seem to be no .doubt that these three groups
of "gains" constitute the great "social benefits" won
by labor under the New Deal.
?
In what way does the defense program, or any of
the suggestions for accelerating it advanced by the
industrialists or the armed forces, jeopardize these
diet of
while
are
history shall place the ultimate balance, and
emergencies not yet fully appraised or under-
stood
are
admitted upon
all hands to imperil the
Nation, the Congress should not evade or shirk its
It should - remain in session and
public duties.
do the work
should
which all its members
to
are
pledged by their oaths and by their acceptance of
the places
Consider, for a mo-
which they sought.
ment, the only possible alternative, hasty and tern-
porizing action
taxation; defense appropriations
on
insufficiently considered and immense;
of sudden
and
no
balancing
expansion in outlays by sound economies;
early adjournment.
Then, for
than six
more
months, the country would have no legislature, unthe
less
President
chose
something he would decide
upon
an
extra
session,
only when no other
possible and with extreme reluctance,
was
course
call
to
During all these six months and more the will of the
President would be almost unfettered and substan-
His volatile nature and remarkable
tially supreme.
suggestability, his ardor for the sudden and dramatic
as
the
well
for naval planning
as
and achievement,
extravagant proportions of all his conceptions
and
experimentation, all
that it is
the
now
the
are reasons
for insisting
peculiar and plain obligation of
Congress not to desert its post but to remain
continuously alert and on guard.
What Sacrifice and
mislead and
been
attain
by Whom?
great popularity often
misrepresent, and that danger has never
than
illustrated
better
trotted
that
out
by
the
slogan
one
time the national defense
every
pro-
gram's industrial requirements are under discusThis is the argument,
sion.
and taken
tration
coined by the Adminis-
by all factions of organized
up
labor, that the great social gams and benefits won
for labor in recent years,
must not be sacrificed to
the rearmament program.
Actually,
even a
casual examination of the facts
will reveal that neither industrialists nor the
and
Army
Navy have proposed any changes that would
affect
these social
gains and benefits to any
ternal extent whatsoever.
of the
tition
slogan may be used to prevent the
attainment of changes
and efficient
How
social
ma-
Hence the constant repe-
that
are
vital to
a
prompt
prosecution of the defense program.
would
the
defense
gains of labor?
program
sacrifice the
To answer this and show
that it need not alter these
gains in
any
material
degree it is necessary to list these benefits, accepting the benefits at the New Dealers' own evaluation
disregarding entirely the question as to whether
and
the
gains
are
claimed by the
In
•
the
in truth the wonderful
Administration.
first place,
insurance, old-age
there are the unemployment
assistance, and old-age retirement
annuity systems established by the
Act.
the
benefits
Social Security
Secondly, there are the Walsh-Healey Act and
Wage-Hour Act which establish minimum wage
rate for the
lower-paying industries and maximum
No
accomplishments
one
represent,
has proposed that the
there
-
Social
Security Act be changed in any particular because
of the defense crisis, nor does the case for revision
of the Wagner Act stem from the defense program,
though, obviously, the defense crisis makes such revision all the more imperative. Finally, none of
those interested in speeding up the defense work
have suggested an alteration of the minimum wages
established under the Wage-Hour and WalshHealey Acts.
Therefore the entire basis for the slogan that
social benefits must not be sacrificed to the defense
program is solely this—that industrialists and the
armed forces have asked that restrictions upon
hours of work be modified to permit increased output in those industries engaged on munitions orders,
Thus the only "sacrifice" that has ever been suggested affects only a small part (and the least inl¬
portant part) of one of the three "great social
benefits."
het us see just how great a sacrifice this requested
change would amount to. At the present time the
average
========
Catchwords
benefits?
these
'
American factory worker is paid the high-
hourly wage rates in history, far above those
Pa^ during the World War or 1929 booms, and
ev€n
averaSe weekly wages paid our workers is
onty slightly less than in 1920 or 1929, though hours
work now average less than 40 a week, compared
t° ^ an<* moye during 1920.
these figures fail to tell the real story of the
workers' progress, for the cost of living currently
*s onty about 82% of the 1929 level and is some
^6% less than in 1920.
Hence the "sacrifice" asked of American workers
by those wishing to speed up munitions output is
simply this workers who are receiving the highest
hourly rates in history, pay rates with an even
greater purchasing power than the dollar totals in¬
dicate, to give up their right set in the Wage-Hour
an(f Walsh-Healey Acts to receive time and a half
Pay f°r
bours worked over 40 a week. This sacrifice" doesn't mean that the workers affected would
receive less pay each week than they are getting
they would get a substantial increase as the four tp
eight hours extra a week would be compensated for
at an all-time record hourly pay.
Moreover, this "sacrifice" is not asked of all workers; indeed, it is not asked of any of the workers
for whose protection the Wage-Hour and WalshHealey laws were enacted. It was asked, instead,
of workers who receive hourly pay far above the
national averages, workers receiving almost double
the pay minimums contained in Federal legislation.
For example, relaxation of the hours restrictions
was urged in such lines as machine tools, where the
hourly pay average is about 77c., compared to a
national average
the average
of G6c.? and as shipbuilding, where
is almost 86e.
The "sacrifice" involved
that these workers should
was
Chronicle
The Commercial & Financial
3566
give
tory right to take $1.30 an hour
(in the
shipbuilding) for work over 40 hours
workers down
the
on
their statu¬
up
case
week.
a
of
present law has aroused a widespread dissatisfaction
could easily cause the abolition of
collective
bargaining guarantees of any nature.
law
was
passed, do not enter into the picture at all.
orders must
is
well, also, to clear up another misappre¬
don
hension about this "sacrifice."
well
as
the armed services requested the relaxa¬
as
of the hours
tion
Since industrialists
be created that
restrictions, the impression
they would benefit in
may
pecunh
some
Actually, of course, the only party
ary manner.
Tf the
ernment.
requirement for time and
half
a
is maintained, the cost will be borne not by
pay
industry, but in the prices of equipment bought by
It should be apparent to all that
the Government.
Of
Act,
just to head off de¬
to
It
was
Certainly,
measures.
of the most im¬
one
the defense work, and a sure way of
that it
so
ac¬
prevents rather than encourages such
disputes.
Yet, the argument that
fice social
gains
all those who
noted in
be
than
must not sacri¬
we
be and will be directed against
can
It might be
support such a change.
passing, moreover, that the argument would
more
no
applicable against Wagner Act changes
against the proposal to relax the 40-hour week.
Modification
the
of
The
Wagner Act should insure
bargaining
collective
of
type
tion
over
all of its affairs.
aive the new national
in May
month since last September
advance
the
that
would
a
work,
the least active of
was
was
directly attributable
during tbe month of the German armies
Had the
through Holland and Belgium and into France.
been of
war news
of
issues
would
since last
a
different character, the month's aggregate
instead probably have
been the greatest
August, for the amount of issues postponed
ceeded that placed.
ex¬
The total of corporate issues sold dur¬
ing the month reached $111,982,430, including
one
issue of
$75,000,000 serial debentures of United States Steel Corp.
Proposed financing of four companies which
been carried out
abandoned
due
during May, but which
to
unsettled
the
and there
was
were
war
to have
was
postponed
conditions
market
May 10 onward, resulting from the
about $150,000,000;
were
news,
or
from
aggregated
smaller issues also that
necessarily delayed.
The
Steel
company's financing overshadowed
all other
corporate operations in the capital market in May and was
the last issue of any account publicly offered.
out
on
May 15, and
placed within
a
was
week.
It
dianapolis Power &
was
brought
reported to have been completely
Chief among the issues which were
scheduled for sale last month but postponed
still
more
taxes.
Light Co.
$32,000,000
were
the In¬
1st mortgage
debentures, effective May 21; and Iowa Southern Utilities
$10,000,000
gomery
to
have
1st
mortgage
4s and
434s, effective May 23.
Ward & Co. $30,916,400
been
offered
$2,660,000 general
Another issue,
common
Mont¬
stock, scheduled
through rights to stockholders,
was
withdrawn.
It is understood that negotiations which were being car¬
ried
on
during the month, contemplating sales of securities
that
the
actually involved is largely a paper one
and affects
only
so-called social
ment
minor phase of the New Deal's
a
benefits; it
of needed
may
prevent the enact¬
changes in such legislation as the
Wagner and Social Security Acts; and finally, it
be
will
certainly used against proposals that the
Federal tax
courage
and
Securities acts be altered to en¬
the construction of national defense plants
by private capital.
In the case of the latter changes,
again that the proposed alter¬
it must be noted once
ations would not affect the
"social gains," but would
make the stat¬
only remove impediments that now
virtually unworkable.
utes
in the
near
the Month of May
Year 1940
future, were suspended,
and
1
so
it is impossible to
just how much contemplated financing may
say
put aside, temporarily at
have been
least, because of the state of the
market.
the same circum¬
placed during the month,
aggregate of $20,900,000, or about 20% of the cor¬
totM.
The proportion of private transactions in the
Private
financing also suffered from
stances, only three such issues being
for
an
porate
vear
to date has also amounted to
about 20% of the total,
and compares with about 33% in the two past calendar years.
Stock issues placed last month comprised four equity
issues
$9,607,430, all for new capital purposes.
an airplane manufacturing company issue
jor $5,775,664, and an air transport line issue for $3,418,406.
The aviation industry was the third largest participant in
the capital market last month, ranking after the steel and
Jailroad groups.
The railroad total of $19,400,000 com¬
prised two issues of New York Central RR. equipment trust
certificates, both placed through private channels.
The
utility industry, usually first in volume, was represented by
only one issue, for no more than $1,500,000, in May.
Issues for new capital purposes in May totaled $^9,287,130,
or more than
25% of the total.
The amount of "new money"
sought did not drop as sharply from preceding months as
did the refunding total, and while tne amount is consider¬
ably less than the April figure of $53,925,210, it nevertnetotaling
The total included
than the March amount as well as every
month from August to
19; Texas Corp. $60,000,000 2%%
attention
gains of workers is misleading in that the
social
sacrifice
less
effective May
the
•
became
Co.
Indeed, business itself
Thus, the slogan that we must not sacrifice the
334s and $14,059,100 preferred stock, registration of which
mortgage
busi¬
Finally, of course, business faces taxes, taxes, and
Capital Flotations in the United States During
That the capital market
to
course,
defense commission greater
attracted
not
and for the Five Months of the Calendar
any
dislocations, of
certainty of greatly increased regula¬
insistently demanding that the Government
has been
prevent revision of the Wagner
complishing this objective is to modify the Wagner
Act
faces the
has
relaxation of the 40-hour week.
a
up
In addition to these
ness
which
portant needs of the hour is to prevent strikes from
holding
readjustments they must go through.
patriotic sentiments back of such demands merit.
phrase—our social gains must not
correction of some of the serious flaws in
or
the other
plaining, nor are they asking time and a half for the
the
also
intended
corpora¬
taking these sacrifices are not com¬
tions who are
of control over industrial affairs, a situation
course
mands for
competing
Yet, the
powers
sacrificed—was not coined
be
to
customers
competing industries.
Treasury cannot afford this burden.
Federal
our
sacrifice its normal market, must aban¬
carefully-cultivated
concerns or
con¬
cerned, other than the workers, is the Federal Gov¬
Every concern that takes armament
make?
must
sacrifices that business
not mention
why
about,
an
It
of social gains are being talked
While sacrifices
35c.
hour, for whose protection the Wage-Hour
Board's interpretation of the
with the law that
The
borderline who get 30c. and
Labor
the
whereas
June 8, 1940
was greater
December, 1939.
Municipal financing also was in reduced volume last month,
the total amounting to $50,046,353, the smallest of any
month since last September.
About 60% of the municipal
total represented new indebtedness.
Below we present a tabulation of figures since January,
1938, showing the different monthly amounts of corporate
financing as revised to date.
Further revisions of the 1939,
as well as the
1940 figures, will undoubtedly be necessary
from time to time, particularly as additional private financ¬
ing is brought to light in annual reports and other places.
■
Volume
150
The
SUMMARY OF
3567
Commercial & Financial Chronicle
CORPORATE FIGURES BY MONTHS, 1940, 1939 AND 1938
*1938
*1939
1940
S
62,224,590
99,667,851
58.643.000
50,505.996
103,076,500
82,638,213
275,665,755
111,211,719
125,008,990
236,220.709
259,909,392
183,242,443
282,039,488
11,683,361
37.574,800
202,315,995
66,750.000
25,691.650
98,791,000
78,433,361
63,266,450
301,106,995
10.386,300
136.115,000
16,312,332
159,685,572
52,979,191
46,688.660
556,636,731
82,475,795
193,189,960
192,353,442
246.2^8,6 52
181,749,350
82,695,300
111,982,430
78,160,042
21,740,443
45,404.059
March
29,120,241
210.841,581
105,756,300
450,057,713
106,579,018
53,925.210
29,287,130
$
46,364,596
40.851,910
23,995,213
5,926,032
February
April
$
23,570,572
133,459,832
First quarter
Total
$
165,514,550
256,245,640
134,876,541
32,054,718
....
Refunding
$
January
Total
$
New Capital
Total
Refunding
New Capital
Refunding
New Capital
4,141,400
161,502,000
251,798,424
130,141,549
June-
30,241,064
595,049,774
725,191,323
251,574,156
191,232,650
442,806,806
212,617.344
„
May__
788,239,734
1,000,857,078
362.785,875
316,241.640
679,027,515
55,545,325
211,140,930
185,820,831
338.154,500
150,072,841
.
Second quarter.
Six
months
......
50,139,246
...
180,438,079
230,577,325
25,894,844
317,462,641
343,357.485
16,019,150
July
79,096,000
95,115,150
130,275,506
127,013.570
84,937,241
August
65,135,600
September
92,053,240
576,996,720
669,048,960
342,226,317
331,821,855
674,048,172
304,670,584
1,365,236,454
1,669,907,038
705,012,192
648,063,495
1,353,075,687
18,200,021
21,407,875
157.313,663
90,792.333
175,513,584
63,921,610
43,520,873
274,237,144
338.158,754
112,200.208
107,701.800
221.252,215
59,644,275
237,143,300
151,222,673
296,787,575
Third quarter..
Nine months
...
October
...
November...
194,281,158
28,971,057
December
66,578,953
442,387.054
508,966,007
167,086,758
819,082,244
786,169,002
371,249,537
1,807.623.508
2.178,873.045
872,098.950
1,267,145,739
2,139.244,689
Fourth quarter
Twelve months
•
Revised.
USE OF FUNDS
Treasury Financing in
the Mon th of May, 1940
reflected in last
0.067%, the highest
the previous
high for the current year of only 0.006%.. The fact is, of
course, that most of the offerings this year have gone at
rising
the last issue of the month to
on
since the
offering of Sept. 22 last, and well above
prices to yield either nothing or some
of
infinitesimal fraction
It is only by comparison with such rates as
last month's yields even appear high.
However,
percent.
a
Type of
security prices was
month's Treasury bill financing, the yield
declining level of Government
The
these that
Total Amount
Security
Dated
Accepted
101,930,000
101,257,000
100,240,000
101,930,000
101,257,000
100,253,000
100,044,000
100,253,000
91-day Treas. bills
U. 8. Savings bonds
273,043,690
Jan.
3_.
91-day Treas. bills
Jan.
10-.
91-day Treas. bills
Jan.
17..
Jan.
24..
91-day Treas. bills
91-day Treas. bills
Jan.
31..
Jan. 1-31.
14.
Feb.
21.
setbacks.
Dec. 22
comprised five weekly bill issues of
about $100,000,000 each, all for the purpose of refunding
maturing issues of like amounts.
The only other financing
of the Treasury during May was the continuous sales of
"baby bonds," which dropped to an aggregate of $64,267,494
during the month from $121,503,951 in April.
As of April 1
the Treasury revised its policy regarding these securities to
permit their sale only to individuals, but the immediate
effect was to increase the volume of sales rather than reduce
it.
May's results indicate, however, that the new policy
is now showing its influence.
In the tabulations which follow we outline the Treasury's
financing activities in the current year:
Mar. 20
91
Mar. 27
91 day Treas.
The month's offerings
TREASURY FINANCING DURING THE
MONTHS
Amount
Due
Dated
Dec. 27 Jan.
3
91
days
Jan.
10
91
days
Jan.
Jan.
12 Jan.
17
91
days
Jan.
19 Jan.
24
91
days
26 Jan.
31
91
days
Jan 1-31 Jan.
1
10 years
579,659,000
380,809,000
225,527,000
217,745,000
191,020,000
273,043,690
91
Mar. 13
March
day Treas. bills
Treas. bonds
2J^%
day Treas. bills
bills
Savings bonds
U. 8.
1
Mar.
day Treas. bills
H % Treasury notes
Mar. 15
3.
Apr.
10.
Apr.
17.
100,525,000
100,043,000
523,002,951
May
1
May
8
91-day Treas.
bills
May 15
91-day Treas.
100,105,000
100,105,000
100,202,000
64,267,494
100,202,000
$564,664,494
1-31.
bills
91-day Treas. bills
U. 8. Savings bonds
May 29
$500,397,000
__
$3,664,828,170 $2,928,362,200
♦
101,257,000
100.240.000
x
Nil
INTERGOVERNMENT FINANCING
Issued
100,253,000
z
100,044,000
273,043,690
99.999
75
January—
$
26,500,000
X2.344.000
50,300,000
26,144,000
24,156.000
103,000,000
1,000,000
1,825.000
102,000,000
103,000,000
2,825,000
100,175,000
7,000,000
141,000,000
25,000,000
xl8,000,000
7,924,000
133,076,000
148,000,000
32,924,000
115,076,000
38,000,000
15,000,000
20,500,000
6,921,000
17,500,000
8,079,000
53,000,000
27,421,000
25,579,000
81,000,000
10,000,000
500,000
2,218,000
80,500,000
7,782,000
February—
Feb.
Feb.
7
91
days
270,753,000
Feb.
Feb.
14
91
days
223,822,000
Feb.
16 Feb. 21
22 Feb. 28
91
days
200,702,000
Feb.
1
91
days
10 years
215,771,000
144,661,590
100,420,000
100,444,000
100,836,000
100,454,000
144,664.590
z
999.999
99.998
99.999
75
:
■
s
*0.005%
*0.006%
*0.005%
*2.90%
Certificates
——
Notes
February total-—
1
March—
546,818,590
Febru ary tota
Certificates
Notes
6
Mar.
Mar.
Mar.
Mar. 15
8 Mar. 13
Mar. 15 Dec. 22
Mar. 15 Mar. 20
Mar.
Mar. 22 Mar. 27
Mar. 31 Mar.
1
91
5
91
14
days
years
days
years
91
days
91
days
10 years
309,711,000
718,098,200
337,056,000
26,994,000
322,991,000
289,388,000
105,992,245
100,667,000
100
100,714,000
26,994,000
H%
March total
Nil
ioo:
2tf%
Certificates
Nil
75
(
April—
Nil
100,469,000
100,640,000
105,992,245
Notes
*2.90%
91
days
91
days
235,592,000
263,933,000
195,965,000
182,526,000
10 years
121,503,951
3
91
days
5 Apr.
10
91
days
Apr. 12 Apr. 17
Apr. 19 Apr. 24
Apr 1-30 Apr.
1
—
1,253,574,445
total._
Mar. 29 Apr.
Apr.
100,525,000
a
a
100,685,000
a
a
100,043,000
99.999
121,503,951
75
*0.004%
*2.90%
May—
Certificates
Notes
-
-
100,246,000
May
91,000,000
1
8
May 10 May 15
May 17 May 22
May 21 May 29
May 131
May
1
26 May
May
3 May
*
99.998
91
days
days
100,028,000
100,105,000
99.996
91
99.992
*0.032%
91
days
218,779,000
169,840,000
213,762,000
*0.007%
*0.008%
*0.016%
100,202,000
99.983
*0.067%
10 years
64,267,494
64,267,494
91
days
91
days
182,446,000
219,118,000
100,051,000
100,011,000
99.998
75
*2.90%
Comprises
May
Total
5
3,664,828,170
months
At par and slightly above par.
> Prices ranged from
slightly above par down to 99.999; the average was fractionally under par.
a At
par and 99.999; average fractionally under par.
•Average rate on a bank discount basis.
x
Slightly above par.
y
of special series
88,282,000
92,032,000
353,268,000
certificates and notes; certificates sold to
Adjusted Service Certificate Fund and Unemployment Trust Fund, and notes to
Old Age Reserve Account, Railroad Retirement Account, Civil Service Retirement
Fund, Foreign Service Retirement Fund. Canal Zone Retirement Fund, Alaska
Railroad Retirement Fund, Postal Savings System, and Federal Deposit Insurance
Corporation,
x Excess of retirements.
comprehensive tables on the succeeding pages we
the May and the five-month figures with those
for the corresponding periods in the four years preceding,
thus affording a five-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.
In the
compare
564,664,494
total
sales
2,718,000
445,300,000
total
Total 6 months
523,002,951
April total.
Apr.
xl ,825,000
Nil
100
718,098,200
-
-
April total—
March
$
23,800,000
2,344,000
Notes
776,767.690
total
Feb 1-29 Feb.
Net Issued
50,300,000
Certificates..
*0.004%
*2.90%
January total
Janua ry
Retired
$
1940
Nil
y
$100,051,000
100,011,000
100,028,000
100,028,000
91-day Treas. bills
May 22
401,499,000
$100,051,000
100,011,000
91-day Treas. bills
Nil
101,930,000
100,685,000
100,246,000
100,043,000
121,503,951
U. 8. Savings bonds
Aprll total.
Yield
x
100,469",000
100,640,000
1,120,588,200
bills
91-day Treas. bills
Total 5 mont hs.
Price
100,677.000
718,098,200
100,714,000
100,525,000
100,685,000
100,246,000
91-day Treas.
Apr. 24.
1.
402,154,000
100,454,000
105,992,245
91-day Treas. bills
91-day Treas. bills
Apr.
100,420.000
100,444,000
100.836,000
1,253,574,445
total-
Apr.
May total.
Amount
Accepted
91
6
FIRST FIVE
1940
Applied for
Date
Offered
Jan.
OF
bills
February to tal.
Mar.
May
STATE&
UNITED
91 day Treas.
U. 8. Savings bonds
1-
503,724,000
100,667,000
718,098,200
100,714,000
26,994,000
100,469,000
100,640,000
Treas. bills
Feb. 28.
Feb.
044,000
546,818,590
91 day
further increase of
$260,000,000 in the excess reserves of the member banks to a
new high of $6,370,000,000.
The weakness in governments
and other securities followed the German invasion of the
Low Countries of Europe on May 10 and subsequent Allied
rising yield occurred in face of a
the
100
100,420,000
100,444,000
100,836,000
100.454,000
144,664,690
91-day Treas. bills
91 day Tieas. bills
7.
Feb.
100,240.000
776,767,690
January total
Feb.
Refunding
3
O
o
3
a
S
^
o
O
S,
<1
hi
0
265,12 0 14.508*16 25,360
-
304,9310
9,671*356105, 2749
419.87149
Refundi g 251,72 0 12,075 0 3,583,450
267,38540 3,71,30 37,123071 308,27981
Capital 13,980 2,43*16 21,7650
37,60 50 5,90 . 0 68,209678 1 ,537 28
1936
New
48,72,0 16,0 .0 15,0 0 085,0 .0^ 5265,1 0
9*6*606
"250",0 0 148,0 0 : : : : : : : :
Total
J3*
CO
Total
Refundi g 48,72 0 13,0 05,0 .0 85,0 ,0
1936
3,0 ,0
Capital
Neio
10, 0
P5 ^ ^
750, 0
251.7 ,0
250, 0 148*50
1,250, 0 30",7216 1,5 0, 0 4,80 ",6 01,40 , 0 39,86 10 48,72 .0 16,09 0 16,250 31",02",1658 ,5 0, £010 48, 0 §::: : 4,80 , 0 1,40 0 304,9310
15,68450 48,72 0 13,0 05,7 0, 0 14,90845085,0 ,0
14,908450
96,0 0 50 ,0 0
13.98,0
-
267,38540
15,863 50 1,50,0 4,80 , 0 1,40,0 24,09650 3,096,0 10,5 0 16, 3650 1,50, 0 148,0 0 4,80,0 1,40,0 37,60 50
•
123,4810 26,82*6524,867935
Refundi g 71,2548 0 19,680 5 1,284,628
83,01.572 28,50 037,9 68 148,90258
New
62,50
45,360 2,0 ,0 15,60 193,950
Total
YEARS
62,50
193,950
Capital 19,683502,0 ,0 15,60
OCORPFATE,
Total
14,530 4,50,0 2,60 1.092,43 10,5 0
$
New
63,26450 63,90 93,15072 20,37 12
183,24 35,20, 0 1,02964,32510,548623
21,740 3 1,50, 093,58 64 16,87410
New
Total
102,3750
9,607,430
COITSURPNHIAEED
1 ,982430 28,150 50,4635 190,78 3
Refundi g 82,69530
GORNUEPFIW
82,69530 25,10 20, 268 128,06798
SUM ARY Capit l 19,67.0 9,607,430
CAHANR DTE
29,87130 3,0 ,0 29,8365 62,10795
New
Refundig
Capital 14,0520
New
1,3 05,391
Capital 18,42 0 2, 0, 01,092,43
23,569.750 2.6 T.96 *126",606
1938
16,502 5,20, 0 1,024 ",3257,964,95 1.96,31284
■
37,950 5,6 *6 "8045"0, 1,540, 0 45.360, 2,6 *6
Total
37,5480 3,150 8,21854 158,943
Refundi g 126,0 4,50 , 0 20,4 0, 0 10,5 0
$
1940
607, 0 7,287,150
Refundi g 50,61 0 1,032,0 9,60 ,8 010, .0
1937
SFTMOFAHYNIAEERVRS
FGOFLOAMRFVUIEETNMORIAFGNCHMNDPIAVRELTG,YR
bSfmtroaFuGtonaeiochyvgpedindlrsnemsayl.
New
1939
6,765
71.254S 0
596,0 0
Total
25.691,50 30,81 0 4,932,178 61.43,82
Refundi g 25,691 50
S
1938
3,26* ,91331,86 209 2,306, 78
518,0 0
Capital 29,10 6,36,0 13,62 10 *666"0 0, 2,0 ,0 52, 6120
92, 036 16,3910 13,8970 12,43106
Capital 52, 6120 7,201,4523,58 307
1937
29.10 56.9820 1.5 0. 0 23,29,0 10, 0 60 ,0 0 2,0 ,0 123.4S10
607, 0 7.8 3,150
175,23095 4,8916 51,29,386 271,34 21
$
Total
*3
2,631,20 20,965483 50,61 0 1,628,0 27,3 8 9 10, 67 5
,2*691314, 296 12, 9 ,31
3,193,685 30,784 52 29.10, 6,973, 0 7,805,1 0 3,*26 *91327,518 2, 9 ,31 60 ,0 0 5,193,685 83,01 572
2,0 ,0 "T0oo"0, 15,46* 456
23,569750 2,01,90 "*126",0
2,0 ,0 "56 ",0 15,'406*,50
4,50 , 0 *04",20 0
Refundig
Capital
202,0 0
134,0 02,0 ,0
1,50 , 0 403,0 0
1
136,02 4,50,0
925,0 0 10 .0 0 50 ,0 0
New
Total
213,90 250. 0
23,71243 6,40,0 154,803 2,0 ,0 3,73,543 302"6 213,90 "56 ",0 15,20. 183,24 '
"
202,0 0
20,4 .0 4,90,0 154,0 2,0 ,0
16,502
2,84 ,543 213*96 *250*6 6 3. 12,4 3 1,50 , 0 403,0 0 3,7 3,543 *10 0 0 213,90 50 ,0 0 15,20
15,0 0 18,42 0
63,2450
25,691 50
15,906.450 16,905*26 18,40 50 '725,6 6 1,540, 0 37,5480
4,50 , 0 20,To",0 2,84 ,543
40 ,0 0
1939
2,631,20 92, 036
15,906450 40".~75",6 H20.46 50 *84*56 6 1,540, 0
25,691 50
2,*9 8*,10 *725*6 6 1,540, 0 19,6 8350 2.6*0 .6
,
1940
17,31.58
1,90 , 0 134,0 2,0 ,0 925,0 302,6 50 ,0 015,0 0 15,03 0 4,50 , 0
Total
5,824,8 5 51,749 35 29,1 0 57,8970 9,43 ,150 3,26 ,9135,09 209 12,306 78 60 ,0 0 7,824,8 5
175,23095
"
"
21,740 3
D
%
19,40 0 1,50,0 75,0 0 3,20 , 0 3.275,6
6,094,024
102,3750
Refundi g 1,50 ,6 75,0 0 3,20 , 0
2,95*36 82,69530
Capit l 19,40. 0
279,70
3,513,406 9,607,430 19,40 0 1,50 , 0 75,0 ,0 9,2 4,024 3,2*75',0 3,513,406
$
6,094,024
19,67 0
New
1,98243
^1,50 0 75,0 0 3,20,0 2,9 5,36
-
3,513,406 9,607,430 19,40 0
82,69530
6,094,024 "2779"0 , 3,513,406 29, 87130
notes notes. note_s governmt- acis—&_t,Posein fiuncldse Notes - manufctrig &holdcing, Notes— manufctrig &holdcing, manufctrig &hocld—ing, manufctres-. manufctrig h&oldcing,
MAY Domestic— Lboonagn-ntedrdmsShort-emPresftorcekd stockCandi— bLoonagn-ntdedrsmShort-emPresftorcked stock foreign— bLoonang-dtesrmShort-em Presftocrked stock_. corpate toal dfinguoorets OFMAY
Corpate—
GCovaenrnmdiatnforeignGLooavantn, ♦Municpal—Stes,Staes BLoonagn-TdesrmRailroads utiles&ccsotopeaerll,,,Equmainpufmtent aacensordi indaustril &buildcngs, Shipingttrraudsintg,,Miscelanous '—-SBhooratn-TdesmRailroads utiles&ccsotopeall,,,Equmainpufmcterenst anodi indausntrdl b&uildcngs, ttrraudsintg,,Miscelan—ous Railroads utiles&sccotopeall,,,Equmaipnumfcterenst anordiesindausntrdl b&ucild_ngs, Shipingttrraudsintg,,Miscelanous Railroads utiles&sccotoepaellr,,,Equipment aacensodriindaustrl b&uildcngs, Shipingttrraudsintg,,aneous csoercpuritate
MOFTNO H
Com on
Com on Other
Com on Total
Grand
Other Farm
United
These
MONTH
Total
*
Public Iron, Motors Other Oil. Land,Rub er-
Inv.
Total
Public Iron, Motors Other Land,Rub er
Oil
Ship ingInv.
Stocks—
Total
Public Iron, Motors Other Land,Rub er
Oil
Inv.
Total—
Public Iron, Motors Other Land,Rub er.
Oil
i1
scel
Inv.
M
Total
1
s
3
§
p.
B
0
a
s
So
a
2.
Si
0>
o
A)
*1
©
CO
Cn
CO
50,1250 83,0637 0,173907 38,0 0
2,05617,8348,0 0 5,0 0 238,7960 50,8460
Refundi g 1,605729 3,16250 70,325938 6,248,7 3 30, 0
1,847 90
$
1936
75,0 0
48,0 0 5,0 0 217,8960 19,68 192
Total
Capit l
2.57,98625
75,0 0
86,1320 14,650 243.6 ,913 213,4601
85,0 0 134,0 13, 40 4 ,75 296
2,15497820
805,7162 85,0 0 134,0 0 90,3140 108,2735
1,23 17
$
1.357,908 4
Refundi g 539,4758 7,250, 0 183,96 52 74,39762
Capit l
346,7452 7,40,0 59,67361 139,06539
Total
347,8950 4,650, 0 20,654 25 4,60,95
New
$
ii
Refundi g 214, 9840 2,0 8,0 1,02 ,80
37,9205
Capit l
1937
Capital
New
512,6950 12,0 0 84.17,0 46,83 90 63,0 0
Total
160,4980
8,125,0 2, 87,50
7, 50, 0 3,16250 14,02718 4,078,0 "423",90 30,16 204 15,4879
76,4190 45,17 831 65,98 248 1,0294 13,958037 2,148,0 6ob",o6 f,8"o ",o6 217. 608 15,0 0 1,250, 0
712,50
396,850 364,5 089 1,40,0
60 ,0 0
350, 0
45092 ,064 36,240 0,6 0 id,"o ~ ,6 62,490 74,0 0 21,650 "250",6 0 1,350 86,1320 5,80,0 5,10,0 2,0,0
4,93~60
Refundi g
950. 0
250, 0
14,650 87,28394 4,81 76 12,57 053 106,9 418 21. 8,3 l",673",05 83,472345 457,126974 304,860 458,62394 86,01 876 2,572"053 170, 9418 95,618 3 21,650 2,03,05 95, 7345 1,357908 4
2,482,70 16,23 76 12,57"053 75,90152 3.12073 "9 0,8 6 57,08 46 198,762 0 20,68 0 37,5208 32,74 326 4,5176337", 108,2 74 80,164073 5,647,0 1,340,5 0 250, 0 6,27986 52,837 12
950. 0 7,40 , 0
New
150, 0 50 ,0 0
40 ,0 0
15,7 0 256,190 24,895.0 2,843",50 45,0 0 2,790, 0 347,89350 2,0 ",6
Total
12,46 730 76,5471 397,41 90 809,4379 20,792 5 423,90 14,36721 57,4821 3.50,0 31,26730 1,7450. 3
7,250, 0 84,05694 28,1 50 30,18 96 8,10675 "682'50 26,391859 258,36421 102,8 0 421, 0312 53,26450 4,934~60 62,51067 15,4 765 16,03 0 682,50 28,9 359 805,71 62
80 ,0 0
2,537,50 539,4758 1,450, 0 5,0 ,0
.
16,9250 3,15,0 7,462,40 2,18,10 49,85102 2,14,90 4,80,0 6,319,07 76,35 72 91,490 46,51783 69,13 748 7,462,40 2,81,0 60,8 504 16,85027 2,148,0 "60 ,56 4,80,0 8,19,07 310,79680
"
Total 10,7320 31,0461825,07650 31,5278027,3480 16,030
1,40896
48,390 856,4128 69,250 7,462,40 3,25,0 205,4716 74,56329 5,648,0 '60 ,0 4,80,0 39, 580 2,0561783
96,0 0
•
$
7, 50, 0 50,1250 14,2318 7,2 9,50 7,462,40 3,2 5,0 80, 1 2 6 17,56329 4,80 , 0 18,7580 153,20 83
350, 0 250, 0
10 ,0 0 60 ,0 0
32198,3 0 4,9 382 15,23950 54,0065",30,9720 47,052 0 5.647,0 8,597,50 346.7 452 4,350, 0 1,40,0
Capit l
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
2,0 ,0 4,650, 0 1,570,425 40 ,598 21,496 7 675,0 0
37217,4506,'9205
300[
217,4506 209,530 56,84.528 483,67018
62,50
382,4190 795,16 9 16,7452 106,820 140, 1963 3,50,0 1,0 0 1,6357029 15.0 ,0
8
1938
FFGftoervahdmorgunnmicpally.esY3METIFOTUSNAIVSHNDOR1AHSERED
YFME3FTNILOFMAAIVUDOOHARN1CSRRPDMGL
13,4760 2,642,0 19,631 25 4,60,95
8,125,0 3,0 ,0
New
52,83712 43,0 0 35,92741 931,765 3
62,50
458,390 841,0850 26,70 17, 150 164,0 0 5,648,0 "6 ",06 12,806", 5 1.852,7190 30, 0 1,250, 0
$
Refundi g
1936
310,79680 20,9 0 314,598 645,8 168
Total
1938
2,9038 ,463
209,1 608 16,9250 12,70438 63,925134 8,0 ,0
$
New
1937
1,7450 3
Total
187,450 307,85961 1,40,0 657,1941
Refundi g 10, 0 149, 5 40 8,206,90 l",127",0 45,0 0
New
■
$
Total
120, 0 21 ,0 0
1,67 ,0 2,0 8,0
30,0 0 289,0 0
214, 9840
5,7 5,0 106,9406 16,8 10 1.7 6*856 40 ,0 1,90 , 0 13,47 60 2,0 ",6
Capit l
27718, .590 8,50 529,48325 453, 487 450, 0 2,7306 82
890, 0
32 ,0 2,642,0
20,30
5l",00 2",
1,27,0 45,0 0
2,587,
1,2 4,2 0 24,35 20 5,7 5,0 10,564 8 40 ,598 37,21 07 964,0 0 1,7 6,50 40 ,0 3,4 7,2 0 160,4980
1,570,425 40 ,598 20,493 7 675,0
2,50,0 12,0 0 80,"98,30 48,765390 750, 0 10 ,0 213,90
45,63 0 31,5730 78,50 0 4,6920 40, 0 3,963,0 14,25 0 17,30 0 57,6950 9,50,0 "10 ,6 6
1,02 ,80 10, 0 149, 5 40
9,329,40 21 ,0 0
213,90
320,5 0 13,058 90 5,1350 412, 560 78,60 0 93,24590 40,75 0 4,063,0 14,25 6 20,1 50 718, 590
;
1
1939
309,10
Refundi g 384,6 910 9,50 , 0 78,65.30 63,0 0
536,41.30 8,250, 0 1,093487",2571,0 561
127,950 2,60,0 5,409,40 46,574290
182,37680 20, 0 436,01 0 382,45326
736,430 13,0 0 124,5690 40,9723
125,870 46,1 305 1,625,0
Capital
$
New
$
Total
FGCOOVREREPNIMGNATT,,
.
914,8713
1,7092 16
450, 0
1,50821
OSUMFARY
33620,159 8 ,0 ,0 10,329 08 617,162
Refundi g
725,10645 10,987.0 27,5168
189,71358 14,90 0 238,5942 1,625,0 4 ,91082
New
Capit l 31,650 6,85943 5,0 ,0 25,316 4? 40, 0 2,105,0 1,50,0 15, 0 127,950
1,063 26
bSatneyds
CNOOGRRPEUWFPATIE
ACHANRDTE
79.04,0 23,50 0 403,61 57 73,50 0 19,461 53 1,85",06 12,75 0 1,750. 0
9,50 , 0 78,6530 "309,16
Refundi g 14,0 0 324,85137 73,50 0 19,52 3 f,858,6 6 12,75 0 1,750, 0 47,86 910 9,50 , 0
$
1,023460
Capit l 16,483915 10, 0 2,86 82 40,38761
1940
1939
10 ,0 0
2,50 0 2,60 , 0 2",143",65
48,56290 750, 0 10 ,0
213,90 320,50
New
Total
1940
174,01 0 238, 30 216,5 0 27,650 21,80 0 6,08,0 1,350, 0 50,8 0 736,4.30
Refundi g
58 ,0
13,0 0 13,0 78,16031 5,40,6 42,8304 1,40,0 1,0 ,0 36,2 159 165, 4 13 174,0 316,54210 217,40 5,40,0 70, 804 21,80 0 6,08,0 1,40,0 1,0 ,0 1,350, 0 10,76159 914,87 13
10 ,0 0
137,45602 0,675 3 216,0 21,90 10, 0 5,30,30 28,467930 620,15938
729.70
5 5,0 0
Capit l 36,25 398 37,0674 5,705,0 1,80 0 1,350, 0 2,38207 16,483915
536.41,0
213,90
51,983.690 31,650 8,28,943 5,10,0 73, 2937 40,75 0 2,05,0 1.50,0 18,3705 182,376 80
13,92 67 10,9470 137,45602 68,2 34 216,0 f,3~06~5o 41,087162 10, 0 5,30,30 45,39057 725,10645
3,0 ,0 3,0 ,0 67,5128 1,306, 0 19,6712
729,70
58 ,0
10, 0 10, 0 10,6902 1,094,0 0 23,1582 1,40,0 1,0 ,0 2,403"52 63,20743 36,25 398 48,31576 1,40, 0 4.09",0 28,9082 1,80. 1,40,0 1,0 0 1,350, 0 54,78 602 189,7 358
10 ,0 0
New
31 notes. notes. notes. stock. governmt acies.&_t,Posein . ifnuocbltadinese 31 Notes— manufctrig &hocl_din.g, Notes— manufctrig &holdcing, manufctrig —&holdcing, manufctrig &holdcing,
boanndds stock stock boands _ stock stock foreign— boanndds stock corpateGovernmt Goavntd,f ^Municpal—Stes,Staes toal dfignuoorest MEMNOADNTYHS LBonoga-nTedrmsRailroads utiles&sccotopeaellr,,,Equmiapnumftent aacensodri indausntridl b&uildcngs, . ttrraudsintg,,Miscelanous SBhooratn-TdemsRailroads utiles&cscotopeaerll,,,Equmiapnumftent aacensoridindausntridl &bucild—ngs, ttrraudsintg,,Miscelanous Railrods. utiles&cscotopeall,,,Equmiapnufmcterenst anorides indausntrdl b&uildcngs, ttrraudsintg,,Miscelanous Railroads utiles&sccotopeall,,,Equmiapnufmcteresnt anoidindausntridl b&uildcngs, ttrraudsintg,,Miscelan-o.us. sceocrupritate
MENADY
MONTHS Corpate— Domestic— Long-term Short-em Prefred Com on Candi— Long-term Short-em Prefred Com on OtherLong-term Short-em Prefred Com on TotalCandianfOortehigernLoan
5
Farm
Grand
United
Thesa
Total.
Total
*
5
Public Iron, Motors Other Land,Rub er
Oil
Ship ingInv.
Public Iron, Motors Other Land,Rub er
Oil
Ship ingInv.
Stocks—
Total
Public Iron, Motors Other Land,Rub er
Oil
Ship ingInv.
otal—
T
Public Iron, Motors Other Land,Rub er
Ship ingInv.
Total
The Commercial & Financial Chronicle
3570
DETAILS OF NEW CAPITAL FLOTATIONS DURING
•
LONG-TERM
BONDS
MAY, 1940
AND
NOTES
THAN
FIVE
;
(ISSUES
MATURING
June 8, 1940
$5,775,664 Boeing Airplane Co. 360,979 shares of capital stock (par $5).
Purpose, advance to subsidiary for repayment of note, work¬
ing
capital,
&c.
Price,
$16
per
share
(see following).
Offered firSt to stockholders at $16 per share, of which
272,731
LATER
subscribed
YEARS)
for; the balance, 88.248, taken up by the under¬
Underwriters are: Harriman Ripley & Co.,
writers.
Inc.;
Blyth & Co., Inc.; Lehman Bros.;
Hayden, Stone & Co.; Dean Witter & Co. and Ferris fc&
Ilardgrove, -y' ,"--H ' '
G. M.-P. Murphy & Co.;
RAILROAD
*$10,400,000 New York Central
RR. 2% equipment trust certificates,
Purpose, purchase of new equipment.
& Son, Inc., on bid of 101.0549 and
due June 1.1941-1950.
Purchased by Gregory
placed privately.
^:"
■
$6,094,024
MISCELLANEOUS
'<•' '?■;
*9,000,000 New York Central RR. 2H% equipment trust certificatesdue Dec.
1,
1940-49.
Purpose, purchase of equipmentPurchased from
RFC
by Salomon Brothers & Hutzler.
Dick & Merle-Smith and Stroud & Co. at
Issue placed privately.
Price,
$19,400,000
PUBLIC
UTILITY
;
*$1,500,000 Western Light & Telephone Co, SH% bonds, due May,
Purpose, refunding.
Price, 102'' and int.
—1
e Ins. Co.
privately with John Hancock Mutual
IRON.
STEEL,
COAL, COPPER,
•
95,000 Pepsi-Cola
1
Placed
common
Co. and Yarnall &
INDUSTRIAL AND
BUILDINGS, &c.
$175,000 Bethesda
St.
Hospital (The Board of Christian Service),
Paul, Minn., 1st ref. mtge. 3, 3M, 4% serial bonds,
due
June
1,
1941-1952.
Purpose,
refunding
promissory notes and corporate purposes.
101 and int.
Offered by B. 0, Ziegler & Co.
pay
37,000 Brothers
of
the
Sacred
Heart,
($140,000),
Price, 100K-
Muskogee,
Okla.,
mtge.
ls^
4% serial bonds, due Dec. 1, 1940-June 1, 1950Purpose, purchase of additional property.
Price on applica¬
tion.
Offered by Dempsey-Tegeler & Co.
800,000 Buffalo Academy of the Sacred Heart, Stella
Niagara,
N. Y., direct obligation collateral trust
3-3Yi and 4% sinking
fund bonds, due June 1, 1952.
Purpose, refunding.
Price,
100 and int.
Offered by Dempsey-Tegeler & Co.
35,000 Mount Tabor Presbyterian Church of Portland
(Ore.)
1st & ref. mtge. 4M and 5% serial
bonds, due June 1, 19411950.
Purpose, refunding.
Price on application.
Offered
by Dempsey-Tegeler & Co.
1
:■
.y:"*
115,000 St.
Cecelia's Roman Catholic
Church, St. Louis, Mo.,
1st & ref. mtge. 3% serial real estate bonds, due Dec.
1, 1940June 1, 1950.
Purpose, refunding.
Price on
application.
Offered by Dempsey-Tegeler & Co.
210,000 St. John's Military Academy, Delafield,
Wis., 1st mtge.
3, 3>3 and 4% serial bonds, due Oct. 1, 1940-1949.
Purpose,
refunding ($112,300), rebuilding hall, retire notes payable,
&c.
Price, 100M-101 and int.
Offered by B. C. Ziegler
& Co.
110,000 St. Olaf Lutheran Hospital
Association, Austin, Minn.,
4% 1st mtge. serial bonds, due serially April 1, 1941-April 1,
1950.
Purpose, new construction.
Price,
101
and
int.
Offered by B. C. Ziegler & Co.
68,000 St. Patrick's Roman Catholic Church. East St.
111., 1st & ref. mtge. 2,
1941-1950.
Purpose,
Louis,
and 3% serial bonds, due June 1,
refunding.
Price
on
Offered
by Dempsey-Tegeler & Co.
1,475,000 School Sisters of Notre Dame,
application.
Milwaukee,
Wis.,
1st
mtge. serial 2^,3, 3K and 3%% bonds, due Nov. 15, 1940May 15, 1955.
Purpose, refunding.
Price, 100.75 and int.
to
103H and int., to yield from 0.75% to 3.45%,
according
to maturity.
Offered by The Wisconsin Co., Braun, Mon¬
roe & Co. and
Paine, Webber & Co.
250,000 Sisters of Mercy, Cedar
Rapids, Iowa, 1st refunding 2H.
3, 3H. 4% serial bonds, due May 1, 1941-1950.
Purpose,
refunding.
Price, 100-101 and int.
Offered by B. C. Ziegler
& Co.
STOCKS
MANUFACTURING
Irust Co. of Georgia.
Intermediate Credit Banks
%% consolidated
debentures, dated June 1, due June 2, 1941.
Purpose,
refunding,
$24,700,000;
new
capital,
$3,000,000.
Price,
slightly above par.
Offered by Charles R. Dunn, New York.
V
$28,150,000
first
to
'
'
'
'
•
ISSUES NOT REPRESENTING NEW
FINANCING
$99,000 (E.
G.)
Brooke
(par $5).
:
Iron
Price, $4.50
Co.
22,000 shares of
per
share.
& Co., Inc.
-
common
stock
Offered by F. J. Young
180,655 Seaboard Oil Co. of Delaware 10,250 shares of
capital stockPrice, $17per share.
Offered by Smith, Barney & Co.
$279,655
*
Indicates issue placed privately.
The Business
Man's
Bookshelf
The
Over-the-counterSecurities Market
What it is and How it
By John C.
Loeser.
Operates
National
Quotation
Bureau, Inc.
notes and
New York.
183 pages plus
references.
$2, with discounts
on
quantity orders
This book, which so far as we are
aware is the first to be
devoted exclusively or even
primarily to the over-the-coun¬
ter
market
mirable
for
securities
description
in
of the
this country, presents an ad¬
operations of and the services
rendered by some 6,700 securities houses and
dealer banks
with
2,300 branches throughout the country, which accord¬
ing to the author, provide the only existing organized facili¬
ties
for
mately
trading in
security issues of
a
value
of
approxi¬
$85,000,000,000.
This market, which also offers
facilities for trading in many listed
issues, is the medium,
the author further points
out, through which banks, insur¬
ance
companies and other institutional investors usually
make their purchases and sales of bonds and
stocks
for their
investment portfolios.
The book describes the counter market and the
scope of
its operations both in the
trading of outstanding securities,
listed as well as those not listed, and in the
primary dis¬
tribution of corporation and
municipal securities.
It ex¬
plains the process of secondary distribution by actual ex¬
ample, and describes the function of the dealer, the typical
organization of a broker-dealer house, the
trading method
of the market and processes of
clearing transactions that
take place in it.
Tracing and outlining the development of state and fed¬
regulation, the volume shows in particular how the
eral
Securities Act of 1933 and the Securities
Exchange Act of
1934
touch
the
over-the-counter
market
and
explains how
self-regulation of the market operates through the ma¬
chinery of the National Association of Security Dealers,
The author has taken each of the
major groups of securi¬
ties in which trading predominantly or in
large part takes
place in the over-the-counter market and has given a brief
description of the group as a whole and the character of
trading that takes place in its securities.
Among the groups covered are U. S. Government direct
obligations,
guaranteed obligations and other instrumen¬
tality issues; industrial and public utility securities, mu¬
nicipal securities,
railroad
bonds,
railroad
guaranteed
and
equipment trust certificates, bank and trust
stocks, insurance company stocks, real estate se¬
curities, financing company issues, investment trust securi¬
ties, Canadian securities and foreign dollar bonds.
that
$318,360 Chicago Times, Inc., 26,530 shares of common stock
(no
par).
Purpose, working capital, &c.
Price, $12 per share.
stockholders
Cruttenden & Co.
V :
27,700,000 Federal
After
Offered
v'7
company
(Preferredfstocks of a stated par value are taken at
par, while prefored,
stocks of no 2 par value and all classes of
common stock are
computed at
their offering prices.)
INDUSTRIAL AND
Inc., 19,000 shares of
Purpose, purchase of bottling equip¬
share.
Offered by F. J. Young
per
FARM LOAN AND GOVERNMENT
AGENCY ISSUES
$450,000 Atlanta Joint Stock Land Bank
%% and 1% Farm Loan
bonds, dated June 1, 1940, due,
($225,000) Dec. 1, 1941,
and Is ($225,000) Dec. 1, 1942.
Purpose, refund
and
28.
Price, 100.
Offered by Kidder, Peabody & Co. and
stocks
$3,275,000
OTHER
$5
$3,513,406
Co.
MANUFACTURING
$3,200,000 Southern Advance Bag & Paper Co.,
Inc., 1st mtge.
sinking fund 4>£% bonds, due 1955.
Purpose, refunding.
Price, 100 and int.
Offered by: E. H. Rollins & Sons, Inc.!
Coffin & Burr, Inc.; Boenning & Co.; Timberlake &
Co.;
Bioren & Co.; Biddle, Whelen & Co.;
Johnson, Lane, Space
& Co., Inc.; Stroud &
Co., Inc., and Rauscher, Pierce &
Co., Inc.
LAND
Price,
&c.
■
Witter &
Albany Bottling Co.,
stock (par $4).
&c.
& Co., Inc.
ment,
$75,000,000 United States Steel Corp. serial debentures (bearing interest
coupons ranging from 0.375 to 2.65%), due Nov. 1, 1940May 1, 1955.
Purpose, refunding.
Price, 100 and int.
Offered by: Morgan Stanley & Co., Inc.; Almstedt
Brothers;
Bacon, Whipple & Co.; Baker, Watts & Co.; BancOhio
Securities Co.; A. G. Becker & Co., Inc.; Biddle, Whelen
& Co.; Blair & Co., Inc.; Blair, Bonner & Co.;
Blyth & Co.,
Inc.; Boettcher & Co.; Bonbright & Co., Inc.; Bosworth,
Chanute, Loughridge & Co.; Alex. Brown & Sons; Burr,
Gannett & Co.; Wm. Cavalier & Co.; Central
Republic Co.;
E W. Clark & Co.; Clark, Dodge & Co.; Coffin &
Burr, Inc.;
Paul H. Davis & Co.; R. L. Day & Co.; Dick &
Merle-Smith;
Dillon, Read & Co.; Dominick & Dominick; Drexel & Co.;
Eastman, Dillon & Co.; Elkins, Morris & Co.: Emanuel &
Co.; Equitable Securities Corp.; Estabrook & Co.; Ferris &
Ilardgrove; First Boston Corp.; First of Michigan Corp.;
Robert Garrett & Sons; Glore, Forgan & Co.; Goldman,
Sachs & Co.; Graham, Parsons & Co.; Green, Ellis & Ander¬
son; Hallgarten & Co.; Harriman Ripley & Co., Inc.; Harris,
Hall & Co. (Inc.); Hawley, Huller & Co.;
Hayden, Miller
& Co.; Hayden, Stone & Co.; Hemphill,
Noyes & Co.; J. J. B.
Hilliard & Son; Horn blower & Weeks; W. E. Hut ton &
Co.;
Illinois Co. of Chicago; Jackson & Curtis; Kalman &
Co.;
Kean, Taylor & Co.; Kidder, Peabody & Co.; Kuhn, Loeb
& Co.; Ladenburg, Thalmann & Co.;
Laird, Bissell & Meeds;
W. W. Lanahan & Co.; W. C. Langley & Co.; Lazard Freres
&
Co.; Lee Higginson Corp.; Lehman Brothers; Adolph
Lewisohn & Sons; W. L. Lyons & Co.;
Mackubin, Legg &
Co.; Laurence M. Marks & Co.; McDonald-Coolidge & Co.;
Mellon Securities Corp.;
Merrill, Lynch, E. A. Pierce &
Cassatt; Merriil, Turben & Co.; Mitchum, TulJy & Co.;
Moore, Leonard & Lynch; F. S. Moseley & Co.; G. M.-P.
Murphy & Co.; W, H. Newbold's Son & Co.; Newton, Abbe
& Co.; Paine, Webber & Co.; Arthur
Perry & Co., Inc.;
R. W. Pressprich & Co.; Reinholdt &
Gardner; Riter & Co.;
E. H. Rollins & Sons, Inc.; L. F. Rothschild &
Co.; Salomon
Bros.
&
Hutzler; Schoelkopf, Hutton & Pomeroy,
Inc.;
Schroder Rockefeller & Co., Inc.; Schwabacher &
Co.; Scott
& Stringfellow; Shields & Co.;
Singer, Deane & Scribner;
Smith, Barney & Co.; Smith, Moore & Co.; William R.
Staats Co.; Starkweather & Co.; Stein Bros. &
Boyce; Stern
Brothers & Co.; Stern, Wampler & Co., Inc.; Stone & Webster
and Blodget, Inc.; Stroud & Co.,
Inc.; Swiss American Corp.;
Spencer Trask & Co.; Tucker, Anthony & Co.; Union Securities
Corp.; G. H. Walker & Co.; Watling, Lerchen & Co ; Weeden
& Co.; Wells-Dickey Co.; Wertheim &
Co.; White, Weld &
Co.; Whiting, Weeks & Stubbs, Inc.; Wisconsin Co.; Dean
OTHER
$32 per share.
Offered first to stockholders at $32
share, of which 6,364 shares subscribed for; the balance,
104,545 shares, offered through underwriters at
30M per
share.
The underwriters are: Kuhn, Loeb &
Co.; Smith,
Barney & Co.; Blyth & Co., Inc.; Harriman Ripley &
Co.,
Inc.; Lehman Brothers; G. M.-P. Murphy & Co.;
Janney
& Co.; Emanuel & Co., and Carl M.
Loeb, Rhoades & Co.
per
101 and interest-
1969.
;/
$3,418,406 Eastern Air Lines, Inc., 110,909 shares of common stock
(par $1).
Purpose, purchase of airplanes, working capital.
and
underwritten!
by
Fuller,
"in
careful
a
year
inquiry the author arrives at the opinion
like 1939" the volume of trading by dollar
in excess of
while about 100,000 different issues reach
value in the over-the-counter is probably well
$15,000,000,000,
the over-the-counter market to be bought or sold.
Volume
or
The Commercial
150
& Financial Chronicle
Outstanding bond and stock issues which for one reason
another are available for trading exclusively over-the-
counter
$30,000,000,000 of
industrial company bonds and
stocks, $20,000,000,000 of
state, county, city and other municipal securities, $10,000,include,
he
says,
estimated
an
000,000 of United States Government direct obligations and
issues, $7,500,000,000 of stocks issued by
banks, trust companies and insurance companies, $4,000,000,000 of real estate securities, $3,500,000,000 of public
instrumentality
utility bonds and
such
securities
railroad
stocks and
stocks, and
than $3,000,000,000 of
more
guaranteed
bonds,
mortgage
as
equipment trust certificates.
of service to teachers of investment banking in our
universities
the need
where
for
some
of
entering
men
the
investment
publications.
The Stock
3,877
with
some
;
care.
wasting time in looking over its pages
■.;
■
S*.V.'
Exchange Official Year Book
Thomas Skinner & Co.
the
guides to informa¬
reviewing business
t.
♦
(Publishers), Ltd.
Published under
Price $25.
pages.
sanction
Committee
the
of
London
the
of
Stock Exchange.
In the issue for 1940 just released in this country there
with the desire to learn the business—not that the older men
in the field would be
either directly
use
libraries;
y
field
banking
public library
company
trade directories for first purchase and
tion on other media; note periodicals
felt, and should be required reading for
younger
for
indicate methods for
constructive cooperation in these contacts; provide history
of business library development and bibliography
of its
literature; give selective lists of business magazines and
colleges
the
executives
through their
or
such volume as
this has long been
collections, and effective public relations; describe
of
It should be
The book is both informative and readable.
and
tion
needs
3571
have
been
added
notices
of
19
Government
and municipal
loans and 48 companies.
,
The article
"Company Law" has been extended by the
of the British Trading with the
Enemy Act 1939, and legislation affecting the conduct of
business by trading companies.
In the General Information
section a note on the "Excess Profits Tax" is given.
inclusion
Business and the Public Library
New York.
$2.00
Special Libraries Association,
Clothbound, 83 pages.
This is described
as
essential
an
tool
in
meeting budget
arguments and fostering public relations.
The Association
claims that this is the first book to discuss possibilities for
on
of
synopsis
a
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, a new feature due to the out¬
break of the war is
special list of emergency addresses
comprehensive public library service to business; show
easily available means to such an end; suggest practices
of
companies, local authorities, registrars, &c., dealt
for efficient
in
the book.
administration, rapid preparation and utiliza¬
a
with
<
<
FDICf in Annual Report, Finds Improvement in Banking System but Sees "Weaknesses and
Additional Capital
Potential Hazards"—Survey for 1939 Says 2,884 Banks Need $6C0,000,000
—Assets Have Increased
with 12,987 in
50% in Six Years—Insured Commercial Banks 13,538, as
The close of 1939 marked the
the Federal Deposit
Corporation in its annual report for the
Dec. 31, 1939, made
year
ending
While the Corporation
public June 5.
"conditions
that
states
The banking system, however, is not
completion of the sixth year
of Federal insurance of deposits, says
Insurance
the six-year period
during
were
had
no
held
substantial
The report
with other
condition of these
close of the year one of the 10 banks with no capital had
one merged.
Programs of correction were proceeding in
tion to their net sound capital.
Federal
more
than 50% in
the six
years
of
deposit insurance, from 1934 to 1939, but it adds
that examinations
"10 banks had
had net sound
insured
in
1939 revealed
banks in
that
capital at all and that 75 additional banks
no
capital equal to less than 5% of the appraised
value of assets "
The report,
issued by FDIC Chairman Leo T. Crowley,
said that in 1939, 2,884 insured banks
below the ratio of
000 of additional capital is
tions
needed to bring these institu¬
the
of the remaining eight banks.
case
the
insurance,
period
the
and
1934
from
increased
assets
to
1939, inclusive,
has been clearly visible.
than 50%.
Free from
pressure
liquidate, banks were able to enjoy the benefits of an increase in asset
values produced
by general business recovery.
Improved business condi¬
improved the position of assets which had previously appeared
tions
also
to be
unduly risky.
has been strengthened
by the rehabilitation program carried out by the Corporation, the Recon¬
Finance Corporation,
This program was
susceptible
to
the banks, and other interested agencies.
aimed at strengthening or eliminating those banks most
any
general
local
or
deterioration.
a
longer
amounts of
time
in
which
to
Many
were
build up private capital.
earnings and profits were used to restore capital accounts which
impaired or weakened by accumulation of losses.
had been
banks
of preferred capital to afford
Substantial
given support by the RFC through purchase
them
advantage was taken of favorable asset prices to
In
many cases
liquidate, without loss to
depositors or to the Corporation, banks which had no prospect of further
successful
operation.
In
other cases
the pooling
of financial resources
There were a num¬
from the 1933 crisis, which had not
through merger was sufficient to correct a weakness.
ber of situations, however, carried over
justified the appraisals of the licensing
authorities but had deteriorated
further, with the result that the Corporation was
its
insurance
liability.
protect approxi¬
$295,000,000 of
will recover $104,600,000.
12.4% of total deposits in the banks
losses will amount to about 1% of total
while depositors'
From the report we
Insured Banks
also quote:
were
called upon to discharge
These situations were largely localized in certain
and asset position.
reflected in the improvement
On the average the amount of net sound
1, 1934, to Dec. 31,
870,000 depositors in 312 banks.*
in these banks amounted to
made available promptly without loss to
1% of the depositors held accounts in excess
merger
these
$294,700,000, of which 97%
depositors.
Less than M of
of $5,000 which were not fully
pledge of security, or terms of
By Dec. 31, 1939, the Corporation had made
of $140,700,000 as a consequence of the financial difficulties
agreements.
disbursements
banks.
Losses
insurance expenses of the
12.4% of the total deposits.f
estimated at $2,700,000, or less than 1% of total
and
nonrecoverable
Corporation are estimated at $36,700,000, or
Losses to depositors are
deposits in the 312 banks.
During the year
1939, the Corporation disbursed
funds to protect de¬
which were experiencing financial difficulties.
The Corporation paid the insured claims in 32 banks placed in receivership
and extended loans to 28 banks in order to facilitate their merger with other
positors in 60 insured banks
banks.
J
Total disbursements for these purposes amounted to $66,600,000.
almost equalling the aggregate disbursement of the
exclusive of expenses,
preceding five years.
or
Deposits in the 60 banks amounted to $157,800,000,
banks to which or for which
slightly more than the deposits in the 252
disbursements were
made during the preceding five years.
.
Placed in Receivership—From the be¬
ginning of deposit insurance through 1939, the Corporation made payments
to depositors in 207 banks placed in receivership with total deposits of $80,100,000.
Only K of 1% of the 300,000 depositors in these banks had
accounts in excess of $5,000 which were not fully protected.
Their excess
Payment of Deposits in Banks
*
Improvement in the condition of banks is
Jan.
aid to protect approximately
protected by insurance, offset, preferment,
the
of insurance
1939, the FDIC extended
Suspended or Merged—From the beginning
of bank deposits on
financial
regions.
in their capital
to
involved,
deposits. During
the 70 years preceding deposit insurance, depositors' losses amounted to
approximately 25% of deposits in the banks which suspended.
During
the six-year period the Corporation, after setting aside adequate reserves
for estimated losses, accumulated a surplus of $163,000,000 giving it a com¬
bined capital and surplus of $453,000,000.
The Corporation also has
authority to issue debentures up to $975,000,000 giving it available re¬
sources and borrowing power of nearly $1,500,000,000.
will amount to $36,700,000, or
of
v
>
In addition, the condition of the banking system
struction
$140,700,000
insured banks with
together with nonrecoverable insurance expenses
The Corporation's losses
Total deposits
of these forces upon the banks
The amount of assets increased by more
to
312
It is estimated that the Corporation
deposits.
the
reached the highest level in
by more than 50%.
The
report adds:
The influence
in
depositors
Operating Results of Deposit Insurance
report shows that bank deposits
history
disbursed
Corporation
the
870,000
mately
deposit insurance is reflected
During the six years of deposit
Corporation.
operations of the
about $30,000,000,000.
During
The Corporation, in concert
agencies, is seeking improvement in the
The influence of these developments upon
in
They had total deposits of
to that percentage.
up
had net sound capital
capital to assets 10% and about $600,000,-
By the
been closed and
indicates that assets and deposits of insured
have increased
substandard
of
amounts
banks continued to show excessive amounts
banks.
banks
Most of these banks
assets.
A number of other
of substandard assets in rela¬
equal to less than 5% of the appraised value of assets.
it finds that "the banking system, however, is not free
from
*
sound capital
capital at all, and that 75 additional banks had net
bank supervisory
potential hazards."
free from weaknesses and potential
1939 revealed that 10 banks
Examinations of insured banks in
hazards.
conducive to the improvement of the condition of the banks,"
weaknesses and
Compared
1934
Three other insured banks suspended operations
but were reorganized
taken over by other insured banks
without the financial
and reopened or
aid of the Corporation.
t Losses
are
lower in relation to the ap¬
the beginning of the period.
By the close of 1939 the number of banks in weak condition had been re¬
duced to fewer than one-tenth of the number of such banks in operation
six years
and mergers.
estimated at $36,100,000 and nonrecoverable insurance
incurred in paying insured deposits—amounted to
$600,000.
capital was higher and of substandard assets
praised value of all assets at the close than at
earlier.
expenses—expenses
of
% The terms "merge" and "merger" are used throughout to include cases
purchase of assets and assumption of liabilities as well as absorption
The Commercial & Financial Chronicle
3572
deposits constituted 9% of total deposits while other deposits not eligible
for insurance amounted to 1% of total deposits.
The remaining 90% of
the deposits were made available promptly to depositors.
During the
.
.
,
.
LIABILITIES
AND
ASSETS
June 8, 1940
OF
OPERATING
INSURED
COMMERCIAL
^
BANKS, DEC. 30, 1939, AND JUNE 30, 1934
,
v
;
(Amounts In Millions of Dollars)
.
1939, 32 insured banks with deposits of $32,600,000 were
placed in receivership.
As in the case of the banks closed during the entire
year
Amount
six-year period approximately 90% of the deposits in the banks placed in
were fully protected by insurance,
offsetting claims,
Dec.
receivership in 1939
security, or priority of claims
other creditors.
over
More than
99%
Change
June 30,
1934
30,
1939
Amount
Percent
of
the depositors were fully protected.
Repayments to the Corporation—The Corporation follows
setting up,
which
This
in
the
as soon as
disbursement is made,
a
Corporation's appraisals
is deducted from
reserve
indicate
policy of
a
reserve to cover
a
will
result
from
the loss
each
cases
the surplus and appropriate asset
account,
presenting the statement of condition of the Corporation.
Periodically,
the progress of the liquidation of banks in receivership is
reviewed, the
assets purchased and held as collateral to secure loans made
to banks to
facilitate mergers are reappraised, and reserves
with the information obtained.
repaid to the Corporation.
are
it expects to recover on the $140,700,000 of disbursements
made
.
.
during the
banks in receivership.
33% additional returns
placed in receivership from
1934 to
_
.
.
Total assets
■*.
Total deposits
had
been received from 28
receiverships.
acting
as
the six-year
over
+21.7
+ 20,243
+ 56.5
1,357
—811
—59.8
6,245
+280
+4.5
63.147
43,435
+ 19,712
+45.4
'
earnings of insured commercial banks
period,
the period and net
over
1934-1939.
Expenses increased only
current operating
earnings and net profits
than in the early years of deposit insurance.
years
Current income from
operating earnings.
Sources of
loans..........................................
.......
Interest and dividends on securities...
Fees and service
in
45%
82%
charges...............................................
Other current operating
8%
earnings.:.........................15%
re¬
EARNINGS,
12 national banks, as prescribed by law,
insured depositors'
gross current
earnings in 1939 were as follows:
EXPENSES
AND
DIVIDENDS,
1934-39
INSURED
COMMERCIAL BANKS
(Amounts in Millions of Dollars)
The Corporation, as principal creditor
through
claims, attempts to maintain close
remaining 119 State banks and
loans to, or in the purchase of assets
facilitate their merger with other insured banks.
pects to receive about 54% additional returns
to assist
The Corporation ex¬
these claims.
on
1939
1938
1937
1936
1935
1934
Gross current operating earnings.
Total current operating expenses.
1,603
1,153
1,582
1,153
1,631
1,564
1,516
1,160
1,122
1,483
1,081
Net current oper. earnings..___
450
429
471
442
402
Profits on assets sold, recoveries
on assets, Ac
381
329
309
684
432
292
Losses, charge-offs, Ac
438
454
395
601
627
1,032
388
300
380
623
207
6339
232
222
225
223
207
156
78
155
300
";
from, insured banks
.
.
.
Income and Expenses—-Total income of the Corporation for the entire
,
+ 68.2
+2,684
,
possible in promoting efficient liquidation of these banks.
Recoveries on Loans and Assets
Purchased—By Dec. 31, 1939, the
Corporation had recovered $21,500,000, or 27% of the $79,700,000 which
to
+ 13,069
6,525
charges, and from miscellaneous current operations.
Assets amounting to $112,000
as
as
+45.4
+ 105.1
Current Operating Earnings—The growth in earnings over the six-year
period reflected larger amounts of income from loans, from fees and service
banks, 21 of which
receiver for 61 of the 180 insured banks
receiver for
contact with the receivers of the
it had advanced
+ 19,712
35,833
+1.0
Earnings of Insured Commercial Banks
with deposits aggregating $10,700,000 and for 49 State
banks with deposits^
much
—58.1
loans continued to constitute the most important source of income to
banks,
purchased from the liquidators of five banks.
its subrogation to
—444
+ 4,490
;
546
current operating
gross
higher in the later
were
.
aggregating $11,300,000.
as
+10.7
.•
+ 11.0
4,271
19,169
12,393
56,076
.............
Total llabs. & capital accounts
increased
Receivership Activities of the Corporation—At the close of 1939, the
was
+664
+ 1,676
+17
.'V
43,435
32,238
15,077
Miscellaneous liabilities—
Amounting to nearly half of
was
'
8,761
Total capital accounts...............
Income from
It
63,147
_____—...—
Other time deposits
slightly
Dividends of from 75 to 99% had been
During
Corporation
1,640
764
6,196
Liabilities and Capital—
Deposits and other American banks
Other demand deposits
tate the termination of these
ceivership.
15,190
320
1939, for the first time the Corporation exercised its power to
purchase assets from the receivers of closed insured banks in order to facili¬
were
+51.1
Miscellaneous assets
Annual
by the close of 1939, 9 had made 100% repayment, 1 with
payments
closed in 1939.
+ 5,266
16,866
_
Loans, discounts and overdrafts.._____
27
1939,
paid by 5 banks, while the remaining 7 banks paid dividends of less than
75%, the lowest being 7%.
Of the 180 banks whose liquidation had not
No
10,302
+ 185.0
on these claims.
banks
subrogated claims, 5 with interest.
been completed
+ 87.8
15,568
6,860
....
Fixed assets.
The Corporation expects to recieve about
had been completely liquidated by the end of that
period, 9 during 1939.
Of the 27 banks, 15 had made full repayment to the
Corporation on its
interest.
+8,229
+4,304
1,657
guaranteed
Other securities
•
Of the 207 insured
4,442
4,901
.
Recoveries from Banks in
Receivership—By the close of 1939,the
Corporation had received approximately $21,400,000, or 35% of the $61,000,000 of depositors' claims to which it had been subrogated in the 207
insured
12,671
9,205
U. S. Govt, obligations, direct and fully
revised in accordance
I3y the end of 1939, $42,900,000 had been
This is less than one-half of the amount which
past six years in protecting depositors and assets.
Cash and res. with Fed. Reserve banks._
Amounts due from other banks
period of its existence up to Dec 31, 1939, amounted to
$218,600,000 of
which $164,900,000 were received from assessments on insured
Net profits after Income taxes
a
1,115
;:'::;'40l|
banks and
$53,700,000
were
expenses of the
from income and profits on investments.
Corporation
were
on
of
account
on
$36,700,000.
were
Accumulated
Dec. 31, 1939, was $163,400,000.
Total income for the calendar
year 1939 was $51,200,000, of which $40,700,000 represented assessments and $10,500,000 interest
(less
provision
for amortization of
premiums) on
and profits on securities sold.
amounted to
expenses and
investments, loans, and subrogated claims,
Total
losses
and
$20,700,000, of which $17,400,000
$3,400,000
for
expenses
were
the
increased by $32,200,000 during the
was
reflecting net income of $30,400,000 and adjustments to surplus,
applicable to prior periods, of $1,700,000.
The chief items of income and
expense
of the Corporation for each
year
since beginning operations
are
Income
a
paid income taxes of $2,400,000 in 1936, $4,800,000 in 1937, $4,300,000 in 1938,
and $4,600,000 In 1939.
Net loss.
\
,
,
Current
over
Operating Expenses—Expenses of the banks increased slightly
the six-year period.
Notwithstanding a substantial growth In the
volume of time and savings deposits, the amount of
interest paid depositors
reduced considerably and constituted less than
20% of current operat¬
ing expensesin 1939, compared with 30% in 1934.
The decline in amount
of interest paid on deposits was offset
by larger amounts disbursed for
was
shown in the following table:
salaries and wages, taxes, and other current
operating expenses.
INCOME AND EXPENSES OF THE CORPORATION SINCE
BEGINNING
insured commercial banks
Net
OPERATIONS
a
188
6527
taxes are not Included under total current operating expenses
by banks
not members of the Federal Reserve System, except in 1934 and 1935. These banks
year
year,
paid on capital**
Net profits after dividends
insurance losses and
administrative expenses and other charges.
were
The surplus of the Corporation
Cash dividends declared and inter¬
est
$18,500,000 and charges
insurance expenses and estimated losses
surplus of the Corporation
Administrative
Current
Operating
Earnings—Net
were
current
operating
.
.
.
earnings
of
higher in the last half than in the first half
of the six-year period, 1934-1939.
(In Millions of Dollars)
i::;,
The Increase in net earnings was not so great as the growth in total
assets, and the rate of earnings on assets was lower at the close than at the
Total
1939
1938
1937
1935
1936
619331934
Deposit lnsur. assesm'ts
Income—total
Deposit ins. losses & exps.
Adminlstrative expenses d
Expenses—total
40.7
38.3
38.8
35.6
10.5
9.4
9.3
8.2
9.3
~7~0
218.6
Invest, inc. & profits
164.9
53.7
c*
51.2
47.8
48.1
43.8
20.7
7.0
36.7
17.4
7.8
4.7
3.6
3.0
18.5
3.4
3.0
2.7
2.5
2.7
11.5
0.3
.1
<?4.2
55.2
Net inc. added to surp.
_
20.7
10.8
7.4
6.1
5.7
4.5
163.4
30.4
37.0
40.7
37.7
15.1
2.5
a
Figures of total expenses, deposit insurance losses and expenses, and net Income
added to surplus for years prior to 1939 differ
from those shown in previous annual
reports because of revisions in estimates of loses allocated to the different
years.
6 Includes expenses from date of
organization, Sept. 11, 1933, to Dec. 31, 1934.
Assessments collected from insured
banks, members of the temporary insurance
funds, were credited to their accounts in total at the termination of the
temporary
funds, being applied toward subsequent assessments under the permanent insurance
c
fund, and resulting in
no
income to the corporation from assessments for the term of
the temporary insurance funds.
/ ^
;
d Includes furniture,
fixtures, and equipment purchased and charged off.
e After deducting portion of
expenses and losses
f
posit
insurance,
Total
1934-1939—Assets and deposits of insured
assets
increased
1934, the first date for which statements
to
$63,100,000
was
on
Dec.
30, 1939,
or
from
are
during the six
$43,400,000
on
of de¬
June
30,
available for all insured banks,
by $19,700,000,000.
composed of the following items:
Increase in currency and coin
Reserve banks
years
on
"
This increase
>.■'•' +
-,v.
Increase in amounts due from other banks
Increase in securities
Changes in assets and liabilities
$8,200,000,000
4,300,000,000
5,900,000,000
sidered to be worthless.
J.
.
and
additional
an
capital accounts.
.
With the elimination of these assets, charge-offs
declined and net profits tended to increase.
Fluctuations in net profits were
substantial from year to year, however, reflecting, in
part, fluctuations in
profits and losses
securities arising from the efforts of many banks to
supplement operating income by speculating on price fluctuations in the
bond market, chiefly in high-grade bonds.
In 1936, net profits of the banks
a
on
high level for the six-year period
result of unusually large
as a
on
securities.
substantially
on
securities increased, while the amount of recoveries
banks
following table,
f Assets of these banks are estimated to have increased by about $4,000,000,000 during the first six months of 1934.
as
losses
In 1937 and 1938, net
profits declined
securities and of profits from security trading was greatly reduced.
were
on securities
higher than in
After
making
any
allowance for charge-offs
ating throughout
the
In
increased substantially and net profits of the banks
other year of deposit insurance except 1936.
for payment of income
taxes,
year
and
recoveries
on
assets
9% of the insured commercial banks
reported
net
losses,
and
an
additiona
and
oper¬
26%
reported net profits of less than $5 on each $100 of total capital accounts.
About 28%
reported net profits of more than $10 on each $100 of total
accounts.
.
.
.
\
.;C.
•
f
,
Insured Mutual
^ i'
Savings Banks
On Dec. 31, 1939, the FDIC was insuring deposits in 51 mutual
banks,
as
compared with 48 at the end of the preceding year.
ing banks, with deposits of $370,000,000,
one
of operating insured commercial
from June 30, 1934, to Dec. 30, 1939, are shown in
year,
net earnings of more than $10
Net Profits—-During the first year of deposit insurance, banks reported
heavy net losses because they made substantial charge-offs of assets con¬
capital
.
1,700,000,000
—400,000,000
Decrease in other assets
each $100 of total capital accounts.
on
hand and in reserves with Federal
Increase in loans
about 1% reported expenses in
operating earnings for that
net earnings of less than $5 per $100 of total
Approximately 39% of the banks reported
1939, profits
■;
,
Changes During Six Years,
of gross current
17% reported
on
Assets and Liabilities of Insured Commercial Banks
commercial banks increased
by more than 50%
excess
profits and recoveries
'
:
...
Of the 13,339 insured commercial banks for which
comparable informa¬
tion is available for the full
year 1939,
reached
charged to banks withdrawing
from the temporary funds on June
30, 1934.
Note—Figures do not balance precisely because of rounding.
beginning of the period.
However, the increase in net earnings was greater
relatively than the increase in total capital accounts, and the amount of
net earnings per $100 of total
capital accounts showed a net gain over the
period.
were
institution, with deposits of $1,600,000,
was
absorbed by
commercial bank with the financial aid of the Corporation;
were
saving,,
Four operat
admitted to insurance, while
an
insured
The 51 banks
located in 12 States.
Total
deposits in the 51 banks amounted to $1,400,000,000, of which
about 90% were estimated to be protected by insurance.
Of these banks,
The Commercial & Financial Chronicle
Volume ISO
16 had deposits of more than $10,000,000 each.
banks
The four largest
Activity in utility bonds this week has been extremely
held 54% of the deposits in the 51 banks.
light, but
Owing to the small number of banks, the data relating to the insured
mutual savings banks may not be characteristic of the
3573
been
condition and opera¬
tions of all mutual savings banks in the country.
better tone has
a
High grades have
prevailed.
firm, and lower grades have displayed moderate ad¬
Special
vances.
developments
have
been
absent, but the tendency toward stability
The Course of the Bond Market
There has been little movement in bond prices
has
Mixed
and
.United States Governments have fluctuated fractionally, as
they did
that
Secretary Morgenthau
last week.
there will
be
The
this time.
no
issue
new
for
cash
have been made to finance
or
1956
high
from increased
revenue
for
excess
in the
a
rail
have
issues
been
not
U.
All
S.
Govt.
the
MOODY'S BOND
All
120 Domestic
Corporate by Groups *
1940
120
P.
RR.
Baa
A
Aa
YIELD AVERAGES t
120 Domestic
by Ratings
Corporate by Groups
tic
Averages
Indus.
U.
120 Domestic Corporate
Domes¬
Daily
Aaa
establish new lows for
{Based on Individual Closing Prices)
by Ratings
Corp.*
week.
bonds
in the following tables:
given
Corp.
tic
Bonds
Dally
Averages
while Australian
Moody's computed bond prices and bond yield averages'
t
120 Domestic Corporate *
120
somewhat,
up
Japanese bonds improved moderately.
year.
are
Domes¬
sharp break in Argentine
continued their downward trend to
active
particularly
firmed
(Based on Average Yields)
1940
the
Canadians
during the week.
MOODY'S BOND PRICES
has been
it
group,
Speculative rails
category to display prices above last week's close.
Defaulted
With further declines
continued weak.
issues which has "been the feature of the market this
improved, but the gains have not been sufficient for bonds
this
back sharply for a gain or 2% points at 124.
came
enjoyed by high-
fractional nature have been
grade and medium-grade railroad bonds.
of
In the high-grade sec¬
Liggett & Myers Tobacco Co.
European section, especially in the Danish and Nor¬
wegian
system reflects, increasd shipments of gold from abroad.
Gains of
rule
In the latter classifica¬
to two points.
(w. w.), lost 2y2 points at 90.
The foreign list
banking
Reserve
Federal
in the
reserves
general
Among medium grades, the Wilson & Co. 4s, 1955,
:
5s, 1951,
This week's record
taxes.
one
tion of the industrial list the
000,000 debt limit, to be retired over a period of five years
by the
63.
at
$4,000,000,000 defense plan by
a
the
gained 1% points at 104, while the Remington Rand 41/4s,
obligations outside the existing $45,000,-
issuing Treasury
been
have
changes
tion, the General Steel Castings 5^s, 1949, gained 3% points
Proposals
paid in cash.
high grades
offerings, several issues now being in
industrial bonds, with the lower grades show¬
ing changes of
at
$353,000,000 of 3%s called for payment on
June 15 will be either refunded
fractional
among most
has indicated
securities
of
new
preparation for sale within coming weeks.
this week.
The better grades of bonds have tended to mark time,
stimulated
almost entirely
among
Aaa
Aa
A
Baa
RR.
P.
U.
Indus.
3.15
3.75
5.20
4.66
3.39
3.30
7— 113.15
103.93
119.47
116.43
104.48
81.87
89.40
111.43
113.27
7
3.78
6— 113.06
June
3.01
103.74
119.25
116.21
104.30
81.61
89.25
111.43
113.07
6—
3.79
3.02
3.16
3.76
6.22
4.67
3.39
3.31
113.07
5
3.79
3.02
3.15
3.77
5.22
4.67
3.40
3.31
4.67
3.40
3.31
5..
113.05
3—
104.11
116.43
111.23
89.25
81.61
103.56
113.05
119.03
116.21
104.11
81.61
89.25
111.23
113.07
4
3.80
3.03
3.16
3.77
5.22
118.60
116.00
104.11
81.48
89.25
111.03
112.66
3
3.81
3.05
3.17
3.77
5.23
4.67
3.41
3.33
103.38
113.12
4—
119.25
103.74
June
3.16
3.77
5.23
4.67
3.41
3.33
V:'-;-: 1- 113.13
Weelly—
103.56
118.60
116.21
104.11
81.48
89.25
111.03
112.66
3.80
3.05
103.56
118.60
116.21
13.093
81.61
89.25
111.
3
112.66
May 31
3.80
3.05
3.16
3.78
5.22
4.67
3.41
3.33
May 31.. 113.14
103.56
118.81
115.57
104.11
81.87
89.69
111.03
112.25
24
3.80
3.04
3.19
3.77
5.20
4.64
3.41
3.35
113.06
92.28
112.66
114.72
17.
3.68
2.97
3.09
3.68
4.97
4.47
3.33
3.23
105.79
84.96
4.73
4.30
3.23
3.09
24-
1
.
120.37
105.79
17- 113.73
117.72
'
Weekly—
:
115.51
108.46
123.33
119.25
107.88
88.36
94.97
114.72
117.72
10
3.54
2.84
3.02
3.57
109.24
123.79
120.37
108 .b6
88.95
95.29
115.57
118.81
3
3.50
2.82
2.97
3.53
4.69
4.28
3.19
3.04
3- 116.36
2.82
2.98
3.56
4.72
4.31
3.22
3.04
10-
Apr. 26— 116.18
108.85
123.79
120.14
108.08
88.51
94.81
114.93
118.81
Apr. 26
3.52
108.46
123.56
119.92
107.30
38.07
94.33
114.51
118.38
19
3.54
2.83
2.99
3.60
4.75
4.34
3.24
3.06
19- 115.94
107.11
87.93
94.33
114.30
118.38
12
3.55
2.83
3.00
3.61
4.76
4.34
3.25
3.06
4.31
3.24
3.04
119.69
123.56
116.38
108.27
5-
117.10
108.66
124.25
119.92
107.30
88.51
94.81
114.51
118.81
5
3.53
2.80
2.99
3.60
4.72
107.88
119.25
106.92
87.49
93.85
113.89
118.38
Mar. 29
3.57
2.83
3.02
3.62
4.79
4.37
3.08
116.87
123.56
3.27
Mar.29—
3.58
2.83
3.03
3.65
4.79
4.37
3.28
3.08
3.59
2.84
3.04
3.66
4.80
4.38
3.28
3.10
3.59
2.85
3.06
3.66
4.81
4.38
3.31
3.09
4.39
3.32
3.12
12-
21„ 116.36
107.69
123.56
119.03
106.36
87.49
93.85
113.68
117.94
21
116.74
107.49
123.33
118.81
107.17
87.35
93.69
113.68
117.50
15
93.69
113.07
117.72
8
15-
87.21
106.17
118.38
—
107.49
123.10
115.42
107.11
122.63
118.38
105.79
87.07
93.53
112.86
117.07
1
3.61
2.87
3.06
3.68
4.82
118.60
105.79
86.92
93.85
112.66
117.07
Feb. 23
3.60
2.85
3.05
3.68
4.83
4.37
3.12
123.10
3.33
23.. 116.32
107.30
3.04
3.67
4.82
4.36
3.32
3.10
8-
1-
Feb
116.03
16-
115.48
107.49
123.33
118.81
105.98
87.07
94.01
112.86
117.50
16
3.59
2.84
107 30
122.86
118.81
105.98
86.92
94.01
112.66
117.29
9
3.60
2.86
3.04
3.67
4.83
3.33
115.44
4.36
9„
116.86
2
3.62
2.87
3.05
3.70
4.84
4.38
3.34
3.13
4.38
3.35
3.13
3.15
86.78
105.41
112.45
93.69
115.43
106.92
122.63
118.60
Jan. 27- 115.54
106.92
122.63
118.38
105.41
86.64
93.69
112.25
116.86
3.62
2.87
3.06
3.70
4.85
86.21
93.21
112.25
116.43
:'r:.v;v 20
3.64
2.88
3.08
3.70
4.88
4.41
3.35
2-
Jan.
27........
3.11
20- 115.65
106.54
122.40
117.94
105.41
122.40
105.60
86 50
93.53
112.25
116.64
13
3.63
2.88
3.07
3.69
4.86
4.39
3.14
106.73
118.16
3.35
13- 115.96
117.72
105.60
87.07
93.85
112.45
116.64
6
3 62
2.86
3.09
3.69
4.82
4.37
3.14
106.92
122.86
3.34
116.03
3.81
3.05
3.19
3.78
5.24
4.68
3.42
6—
3.36
Hlgh 1940 117.18
109.44
124.25
120.59
109.05
89.25
95.62
116.00
119.25
High 1940
115.57
81.35
89.10
110.83
112.05
Low 1940
3.49
2.80
2.96
3.51
4.67
3.02
118.60
103.93
3.17
103.38
4.26
1940 113.06
87.78
94.33
112.05
116 43
High 1939
Low 1939......
4.00
3.34
3.55
4.10
5.26
4.76
3.76
3.64
118.60
105.22
4.77
4.34
3.36
3.15
Low
High 1939 117.72
1939 108.77
122.40
106.92
100.00
Low
1
81.09
98.28
108.27
112.45
104.30
87.93
106.54
1
Yr. Ago
June 7 '39 117.55
116.64
121.27
105.41
86.07
102.84
114.51
June 7 '38 111.97
106.73
115.14
94.17
94.01
70.10
101.58
76.41
3.05
2.93
3.14
3.84
4.89
4.46
3.41
3.24
4.35
June 7,1939
108.66
June 7,1938
2
2.88
3.70
3.21
3.63
4.36
6.21
5.64
3.91
3.53
Year A go—
111.03
92.43
2 Yrs.Ago
3.62
3.71
Years
Ago—
yields on the basis of one "typical" bond (4% coupon, maturing In 30 years), and do not purport to show either the average
level or the average movement of actual price quotations.
They merely serve to illustrate In a more comprehensive way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market.
<
t The latest complete list of bonds used In computing these indexes was published In the Issue of Jan. 13, 1940, page 179.
*
These prices are computed from average
Indications ot Business Activity
OF
STATE
THE
EPITOME
TRADE—COMMERCIAL
Friday Fight, June 7, 1940.
Business activity
fell off sharply during the past week,
Day holiday.
being due largely to the Memorial
this
loadings,
automotive activity and electric output were at
steel
operating
markets
The
the
for
levels
low
abroad
world
are
are
current
year.
have
focused
exceedingly
been
viewed with
on
A marked gain in
nervous,
great concern.
the
the
quite an offsetting influence.
rate proved
great
battle
as
events
The eyes of the
now
going
on
in
The stakes are high and the outcome one way or
France.
other will
the
Car
have tremendous
far-reaching effects.
Financial markets appeared to be more
than ever, if that
prevent any profits made by industry from war orders—
before or after our entry—to seep through to stockholders.
Apart from purchases of steel for the Allies, export de¬
quieted down, according to the "Iron Age."
Al¬
though a substantial tonnage of unshipped business is still
on
the mill books, new orders from neutral countries are
smaller in aggregate volume.
It appears likely that orders
from Great Britain, France and Canada will more than
mand has
offset
jip
a
war
in the automotive,
affair.
Every day that orders pile
steel, airplane, chemical and other
for stocks look to be illogically
industries the current prices
Investors and speculators
cheaper.
they have two great fears.
might
collapse,
with a consequent cancellation
Another is that this country
In that
tion
Congress would do would
of orders.
might be drawn into the war.
event, many suppose the first
and
realize all that, but
One is that Allied resistance
losses of other export business,
it was said.
A
has arrived in the
United States to confer with American steel interests rela¬
tive to a steady flow of iron and steel from this country
to replace what had been obtained from the steel mills of
Belgium and Luxemburg, now in German hands.
Inquiries
from South American countries and elsewhere are numer¬
buyers are slow in closing.
"Meanwhile
has expanded in nearly all directions,
resulting in higher steel operations, increases in backlogs,
as new orders exceed production and shipments and influ¬
ence advancing
scrap prices," the review continues.
Na¬
tional defense projects which had been planned are being
expedited.
One of the first of the munitions contracts,
for 350 carriages for 37 mm. anti-tank guns, has been
ous,
possible,
were
any
British-French commission of steel men
but foreign
domestic
A half million dollar order for light tanks has
placed.
Building awards for defense purposes
were announced, and inquiries for additional
orders
placed.
thing the Administra¬
also
be to devise ways to
also
business
been
The Commercial & Financial Chronicle
3574
in
are
The
hand.
orders
for
pected
to
1941
automobile
model
industry
production,
initiate repair
is
equipment
and
about
to
railroads
the
Moody's Daily Commodity Index closed at 154.0 this
programs.
buying
ex¬
Friday, as compared with 153.0 a week ago. The principal
individual changes were the advances in corn, cotton, rubber
and steel scrap prices, and the decline in hogs.
These, together with Allied requirements and the eventual
needs of our defense program, assure a high rate of produc¬
tion
while
the
Production
clined
total
lasts.
war
of
the week
ended
June
1
de¬
due to the Memorial Day holiday, to a
2,332,216,000 kwh., a decrease of 4.8% under the
previous week and
same
The movement of the Index was as follows:
in
electricity
seasonally,
of
a
week last year.
gain of 10.3% over output in the
Substantial percentage increases over
Sat.
June 1
Mon.
June 3
Tues.
June 4—._
Wed.
June 5
Thurs. June 6
June 7
Fri.
reporting to the Edison Electric Institute as follows:
New
England, 7.8%; Middle Atlantic, 6.7%; Central Industrial.
15.8%; West Central, 5.2%; Southern States, 8.2%; Rocky
Mountain, 16.1%, and Pacific Coast, 5.7%.
traffic
freight
639,126
cars,
the
in
June
ended
below the
7%
decline of
a
week
1
previous
was
week's
loadings, the Association of American Railroads reported
yesterday.
This was an increase, however, of 13.5% com¬
pared with the corresponding week of 1939, and 27.2%
higher than two years ago.
The drop in traffic last week,
largely due to the Memorial Day holiday,-was estimated to
be slightly more than is usual at this time of year.
Without
the
offsetting effect
earlier
in
as
less than
freight and
loadings
of greater
periods,
of
and
ore
coal,
sharp decreases in miscellaneous
eoarload merchandise cut the total
Engineering construction awards for the week total $64,967,000, which is 5% above the weekly average for the
twenty-third week period in 1939, and 24% higher than the
average for the current year, but 23% lower than the high
volume for the corresponding week last year, as reported
by "Engineering News-Record."
The week's awards bring
the 1940 construction volume to
under
the
23-week
the
period
awards
show
are
are
losses
period
15%
higher
25% lower.
the
for
$1,201,820,000,
than
a
year
level 15%
a
Private
last year.
awards
public
Comparisons with the 1939 week
current
in
week
private construction,
27%; and in public construction, 22%.
Sales of Sears, Roebuck & Co. in May increased to $65,978,370, a rise of 10.7% over sales in May, 1939, it was
announced today.
For the four months ended May 31 sales
totaled
$214,085,119, as compared with $195,517,366 in the
same period of last year.
Sales of Montgomery Ward & Co. increased to $45,904,511,
a rise of 8.46% over May, 1939;
sales for the four months
ended May 31 amounted to $161,133,045,
an
increase of
11.42% as compared with the corresponding period of last
Ward's automotive reports today estimated the output of
the automobile factories this week at
95,560 cars and trucks.
This compared with 60,980 last week, when operations were
curtailed by the Memorial Day holiday, and with 65,265
this week a year ago.
The survey says that "steady opera¬
tions"
looked for in the
period immediately ahead.
Increased industrial production, coupled with higher tem¬
peratures, stimulated retail trade throughout the country
announced
Low—Aug. 15
138.4
166.8
Low—May 23
151.9
on
This
June 6.
was an
increase of 75,817
cars
13.5% above the corresponding week in 1939 and an
increase of 136,509 cars or 27.2% above the same week in
1938.
Loading of revenue freight for the week of June 1
which included Memorial Day Holiday, was a decrease of
48,364 cars or 7.0% below the preceding week.
The As¬
sociation further reported:
or
Miscellaneous freight loading totaled
cars
below the preceding week,
but
an
257,175
cars,
a
decrease of 22,259
increase of 27,032
above the
cars
corresponding week in 1939.
cars, a
than carload lot freight totaled
decrease of 18,467 cars below the preceding week, and
130,439
decrease of
a
2,881 cars below the corresponding week in 1939.
Coal loading
amounted to 112,989
cars,
decrease of 3,568
a
cars
below
the preceding week, but an increase of 24,805 cars above the corresponding
week in 1939.
Grain and grain
cars
products loadrng totaled 27,243
cars a
decrease of 2,189
below the preceding week, and a decrease of 3,056 cars below the cor¬
In the Western Districts alone, grain and grain
responding week in 1939.
products loading for the week of June 1 totaled 15,865
preceding week, and
corresponding week in 1939.
a
decrease of
cars, a
decrease of 3,069
below the
cars
*
Live stock loading amounted to 10,533 cars, an increase of 27 cars above
the preceding week, and an increase
of 763
above the corresponding
cars
In the Western Districts alone, loading of live stock for the
week in 1939.
week of June 1, totaled 7,619 cars, an increase of 41 cars above the
week, and
an
increase of 490
cars
preceding
above the corresponding week in 1939.
Forest products loading totaled 32,263 cars, a decrease of 2,402 cars below
the
preceding week, but an increase of 4,913
week in 1939.
■■
above the corresponding
cars
V.;'./■
■
......
Ore loading amounted to 59,663 cars an increase of 644 cars above the
preceding week, and an increase of 20,676
above the corresponding
cars
week in 1939.
Coke loading amounted to 8,821 cars, a decrease of 150 cars below the
preceding week, but
an
increase of 3,565
above the corresponding
cars
are
week,
bringing about
sharp
a
from the low
recovery
All districts
reported increases compared with the corresponding week in
1939 and all districts reported increases over
previous week, Dun & Bradstreet, Inc., reported today
weekly review. Retail sales jumped 5% to 11% above
level, all regions showing some year-to-year gain,
the broadest margin again being in the Middle West, where
in its
the 1939
average
improvement
Wholesale markets
were
ranged
between
8%
14%.
and
somewhat
livelier, mainly reflect¬
ing the replenishment heeds developed by the quickening of
1939
2,555,415
2,288,730
Four weeks of February-.
2,486,863
2,282,866
Five
3,122,556
2,494,369
2,712,628
639,126
Four weeks of
January'Jivs.'-m
weeks of March
Four weeks of April
Four weeks of May
Week of June 1
Total
2,976,655
2,155,536
2,746,428
2,126,471
2,363,099
563,309
2,185,822
12,699,847
11,973,591
The first 18 major railroads to report
502,617
for the week ended
June 1,1940, loaded a total of 288,437 cars of revenue freight
on their own lines,
compared with 315,097 cars in the pre¬
ceding week and
June 3, 1939.
254,778 cars in the seven
A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM
days
of
over
the
week
large
a
was
characterized
northwestern
by
high
Loaded
subnormal
area,
on
Own
ended
CONNECTIONS
(Number ol Cars)
weather
temperatures
1938
2,256,717
2,225,188
14,010,957
retail turnover.
The
1938 except the Southwest
1940
of the
the
1939 High—Sept. 22172.8
1940 High—May 13
week in 1939.
year.
last
153.0
161.4
143.2
-.
Loading of revenue freight for the week ended June i
totaled 639,126 cars, the Association of American Railroads
912 cars below the
but
ago,
for
24
Month ago, May 6
Year ago, June 6
Freight Car Loadings in Week Ended June 1
Reach
639,126
Cars
Revenue
Loading of merchandise less
V':<,
substantially.
Two weeks ago, May
153.0
153.7
153.3
153.4
152.8
152.9
T154.0
May 31
Fri.
1939 production were shown by all major geographic regions
Total
1940
Moody's Commodity Index Higher
place
and
June 8,
•
Lines
Weeks Ended—
Received from, Connections
Weeks Ended—
warmth in most of the Southeast, and by heavy rains rather
generally in the
more eastern
tacular
developments in
In the
weather
more
States.
States showers
eastern
There
part
any
were
June 1
were no
beneficial
in the
South, but from the upper Ohio Valley eastward and north¬
eastward
there
farm work
was
too
was
much
cloudy,
further delayed.
May 25
June 3
June 1
May 25
June 3
1940
spec¬
1940
1939
1940
1940
1939
of the country.
wet
weather,
and
However, the latter part
Atchison Topeka & Santa Fe Ry.
Baltimore & Ohio RR
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
Chicago Milw. St. Paul & Pac.Ry.
Chicago & North Western Ry
17,646
18,185
17,939
4,943
29,120
32,475
23,327
15,995
5,192
17,471
24,557
24,369
20,855
10,926
11,298
11,523
12,792
19,013
11,779
6,866
7,036
8,741
6,105
15,636
6,179
6,670
6,365
8,109
16,538
12,005
4,864
12,837
8,925
9,161
Gulf Coast Lines.
2,228
14,379
2,486
11,606
of the week, with abundant sunshine and much higher tem¬
2,677
1,442
1,564
peratures, was
1,151
1,994
Missouri-Kansas-Texas RR
3,379
3,665
1,745
3,507
1,171
1,678
1,278
International Great Northern RR
2,383
2,630
2,204
area,
favorable.
more
Except in the northeastern
farm work made mostly good progress.
soil moisture condition is reported as
a
large
southwestern
Great Plains.
southern
It is
Plains
are
area
and
in
The surface
mostly favorable
much
of
the
over
northern
the best in
several years.
In the New
York City area the weather has been clear and hot during
most of the week.
The
weather
today
was
warm
and
ranged from 63 degrees to 85 degrees.
is
looked
about
65
for
10,908
12,247
9,977
8,034
8,675
7,852
35,864
37,578
38,979
31,199
4,711
19,549
41,113
5,461
19,820
63,827
29,368
N. Y. Chicago & St. Louis Ry...
Norfolk & Western Ry...:
9,395
4.177
48,152
5,858
4,489
43,094
4,682
Pennsylvania RR
reported that conditions in parts of the
tonight,
with
the
thermometer
cloudiness
15,775
9,572
8,143
4,464
45,111
35,119
3,815
Pere
6,388
4,537
6,490
Southern Pacific Lines
6,136
25,294
4,871
6,945
27,140
24,413
7,489
8,099
7,066
4,298
4,855
4,285
7,350
8,044
6,887
Marquette Ry
Pittsburgh & Lake Erie RR
Wabash Ry
4,044
4,669
288,437 315,097 254,778 187,355 197,363 161,054
temperatures
Partial
5,104
58,092
4,754
Total
clear,
1,757
Missouri Pacific RR
New York Central Lines
TOTAL LOADINGS AND RECEIPTS FROM
CONNECTIONS
(Number of Cars)
registering
degrees
in the city and 5 points lower in the
Saturday partly cloudy and a trifle warmer,
accompanied by local showers and thunderstorms in late
Weeks Ended—
suburbs.
afternoon
and
night.
Sunday fair and cooler.
Overnight at Boston it was 59 to 82 degrees; Baltimore,
to 94; Pittsburgh, 65 to 89;
Portland, Me., 56 to 77;
Chicago, 73 to 92; Cincinnati, 68 to 97; Cleveland, 77 to 86;
Detroit, 61 to 76; Milwaukee, 71 to 88; Charleston, 73 to 88;
Savannah, 68 to 93; Dallas, 71 to 92; Kansas City, Mo.,
67 to 91; Springfield, 111., 66 to 92; Oklahoma
City, 65 to 91;
62
Salt Lake
City, 48 to 75, and Seattle, 50 to 69.
June 1,
Total
following
we
June 3, 1939
23,020
Not available
28,590
24,237
11,433
10,926
38,256
niinols Central System
St. Louis-San Francisco Ry
May 25, 1940
Not available
27,143
11,113
Chicago Rock Island & Pacific Ry.
In the
1940
63,043
35,163
undertake to show also the loadings
ended May 25,
increases when
for separate roads and systems for the week
1940.
During this period 76 roads showed
compared with the
same
week last
year.
Volume
Southern
585
550
7,221
Chicago Indianapolis & Louisv.
1,396
1,566
19
21
Northern
363
436
340
302
358
306
1,990
Richmond Fred. & Potomac...
Seaboard Air Line..
8,899
7,684
7,310
6,157
20,242
8,760
18,521
1,118
5,123
4,667
16,303
14,027
5,309
3,553
12,945
Tennessee Central
467
344
332
622
505
117
148
Winston-Salem
131
145
154
710
673
944
99,337
90,909
84,343
66,221
59,801
& North Western.....
Great Western
18,349
2,385
17,232
3,525
9,161
2,429
6,670
2,967
8,832
2,353
18,463
3,415
16,153
1,003
16,183
2,536
17,779
3,677
14,146
14,172
MIlw. St. P. & Pacific.
6,417
183
17
77
47
7,841
8,605
1,172
6,111
9,973
2,092
283
377
452
2,037
2,068
1,204
298
263
153
12,356
11,287
Central Vermont
Delaware & Hudson
1,239
1,360
4,871
8,936
.
Detroit & Mackinac
4,177,
4,833
10,700
4,299
Lehigh & Hudson River
312
228
190
Lehigh & New England
Lehigh Valley....
1,839
7,947
2,569
4,645
2,082
41,113
9,173
1,028
1,869
2,210
7,973
9,536
2,416
1,196
2,796
11,381
7,132
1,823
1,186
6,717
2,330
Detroit Toledo & Ironton
Detroit & Toledo Shore Line...
Erie
Grand Trunk Western
...
...
Maine Central
3.308
2,175
9,794
1 754
1,290
6.249
2,540
New York Central Lines..
N. Y. N. H. <fe Hartford
New York Ontario <fc Western..
2,785
3,652
1,966
33,312
9,228
3,074
235
237
1,315
30,921
8,447
31
9Q
38,979
1,298
5,541
1,408
4,128
360
Montour
404
38,402
11,657
1,717
8,682
1,195
4,792
4,167
34
11,55'4
1,891
4,904
3~325
4,973
286
4,350
197
85
304
280
229
203
653
901
1,715
631
526
4,647
2,612
1,109
8,044
3,225
1,141
1,005
7,774
2,475
131,361
124,577
155,688
136,959
489
404
389
872
699
32,475
28,005
5,701
4,292
21,620
2,114
17,471
2,459
14,360
1,978
N. Y.
Susquehanna & Western.
Pittsburgh <fe Lake Erie
6,447
Pere Marquette
5,858
888
Pittsburgh & Shawmut
Pittsburgh Shawmut & North..
390
Pittsburgh & West Virginia
838
Rutland
632
Wabash
4,855
5,135
Wheeling & Lake Erie
4,579
3,463
146,814
Total
...
,
Ll
Piedmont
Southern System
...
Southbound
Total.
Northwestern
Chicago
Chicago
Chicago
Chicago
2,368
St. P. Minn. & Omaha.
Duluth Missabe & Iron Range
Duluth South Shore & Atlantic.
Elgin Joliet & Eastern
Bessemer & Lake
Erie
Buffalo Creek <fe Gauley..
V
1,362
Central RR. of New Jersey...
6,272
5
4
290
340
1,547
6,346
363
Cambria & Indiana
639
15
15
6,135
11,686
11,066
423
168
164
11,601
3,157
2,828
573
529
558
528
2,545
1,850
5,890
9,263
624
64
69
1,756
4,110
1,691
2,200
3,702
1,497
Pacific
213
190
225
342
294
1,758
1,666
1,472
1,401
108,831
99,833
77,044
39,942
37,735
.18,185
2,569
19,992
19,825
2,984
2,742
5,192
1,787
4,921
1,761
550
454
450
83
77
Chicago Burlington & Qulncy..
Chicago & Illinois Midland
12,792
13,153
6,796
1,364
671
525
Chicago Rock Island & Pacific.
Chicago & Eastern Illinois
10,690
2,294
10,892
2,088
12,634
1,618
11,427
2,125
7,036
1,816
8,369
2,490
7,201
2,455
631
597
595
1.380
1,195
1,719
1,729
1,823
2,867
2,263
234
192
318
28
1,049
1,258
1,478
971
884
1,692
1,675
1,546
1,300
914
1,713
1,125
374
287
1,767
1,680
1,096
106
61
769
873
693
407
418
45
18
34
23,067
20,810
Spokane Portland & Seattle
Total
;
Central Western District—
Bingham & Garfield
Colorado & Southern
518
578
50
39
Denver & Rio Grande Western.
129
40
40
Denver & Salt Lake
60
79
34
38
24
Fort Worth & Denver City
Illinois Terminal
Reading
566
824
48,608
13,365
Co
Union
(Pittsburgh)
Western Maryland..
1,259
45,111
16,407
5,472
6,372
653
16,044
3,538
2,411
1,342
36,354
15,754
2,563
895
54,892
12,631
7,136
3,594
580
1,095
63,827
13,936
4,785
2,627
Missouri-Illinois
Nevada
Northern
North Western Pacific
3,904
Peoria & Pekln Union
5,546
Southern Pacific
109,819
102,781
121,527
146,616
93,537
21,059
4,603
3",940
268
337
327
12,485
10,768
1,186
7,624
7,007
112
133
126
4
1
1,602
1,473
1,428
2,308
1,826
94,667
Union Pacific System.
95,350
92,628
49,032
43,892
Utah
Western Pacific
Pocahontas District—
Chesapeake & Ohio
21,686
24,369
19,820
4,055
Norfolk & Western
Virginian
11,298
4,464
8,099
4,116
979
18,091
14,878
3,619
16,260
3,820
41,766
48,244
13,059
16,741
36,588
Total.
District—
225
218
169
153
689
639
609
1,431
1,244
Atlanta Birmingham & Coast..
663
574
531
748
704
Kansas City Southern
8,838
3,628
9,575
3,784
8,801
4,840
4,108
2,695
1,220
1,787
Louisiana & Arkansas
Central of Georgia
Clinchfield
3,615
3,050
454
622
431
1,488
Charleston & Western Carolina.
1,192
1,054
1,167
2,041
1,661
1,853
359
171
677
753
1,818
1,389
1,877
I,490
1,450
1,666
1,461
281
261
283
861
727
383
437
490
229
209
212
Litchfield & Madison
153
98
287
229
2,433
...
Valley
....
Missouri & Arkansas
II,216
281
344
Missouri-Kansas Texas Lines.
3,695
3,723
159
165
154
393
330
Missouri Pacific
12,276
11,111
3,626
11,195
2,630
8,670
1,413
485
449
1,018
611
Quanah Acme & Pacific
79
107
113
112
90
23
31
31
94
78
St. Louis-San Francisco
873
1,558
1,460
1,947
6,092
3,580
6,344
2,270
6,400
3,901
871
6,037
2,123
5,874
3,832
6,593
1,107
Columbus & Greenville
2,288
3,952
2,304
4,316
3,880
167
179
214
37
63
21
51
29
28
46
42,981
42,796
44,115
32,819
31,146
<
255
Durham & Southern
Florida East Coast
Gainsvllle Midland*
Georgia
Georgia & Florida
206
240
471
505
Texas & New Orleans
1,136
935
Texas & Pacific
10,089
8,849
Wichita Falls & Southern
5,518
4,767
Weatherford M. W. & N. W..
22,912
Macon Dublin <fe Savannah
139
96
85
Mississippi Central
118
146
122
Wholesale
year's
Prices
Week
in
<
Ended
*
660
238
on
Declined to New Low
June 1, According to
June 3 that wholesale
com¬
Total.
prices of farm products, particularly cotton, fruits, and
vegetables, was counterbalanced bv declines for hides, skins,
raw silk,
burlap, petroleum, cattle feed and rubber," Mr.
Lubin said.
The Commissioner added:
In addition to the increases in farm products,
modity prices declined to a new low for the year during the
June
ended
week
market
1
of
because
further
as
liquidation
"Annalist" index closed at 79.8
the
into
came
situation in
adverse
the
Europe.
The
June 1, lowest since last
on
August and a decline of four-tenths of a point as compared
with the
Grain
previous week.
prices
were
easy,
and leather products,
The announcement added:
Corn declined about lc.
Cotton was steady, but silk declined.
scored a email gain.
Tin resumed its advance and rose to the
of the
levels
year.
Copper
was
steady
"ANNALIST"
good export demand.
and sugar improved.
(1926—100)
■
'.y;
■■
"
,y
y1
.
June 1, 1940
v. ;,
May 25, 1940
Farm products
74.5
75.1
June
level.
Largely as a result of higher prices for agricultural
declined slightly
Department also had the
The announcement of the Labor
Seasonal
advances
higher prices for
in
prices
cotton,
for
fruits
and vegetables,
Quotations were lower for wheat, oats,
flaxseed, and wool. The foods group index
rose 0.1% because of higher prices for most cereal products, canned peaches
and asparagus, dried fruits, lamb, cocoa beans, glucose, lard, raw sugar, and
olive oil. Prices were lower for butter, rye flour, fresh beef, cured and fresh
products group index up 1.5%.
barley, calves, sheep, peanuts,
3, 1939
71.1
69.0
69.3
65.1
pork, dressed poultry, coffee, jelly, pepper,
66.2
06.8
60.7
corn
86.0
86.2
82.8
Metals
97.4
97.3
95.5
72.9
All commodities
70.9
86.7
85.5
81.3
68.8
79.8
Miscellaneous
72.9
86.7
81.0
•
....
80.2
oils.
Marked declines in prices for hides and skins,
for leather,
76.8
to
The textile products group
Bureau
of Labor Statistics'
Index
During the week ended June 1 the Bureau of Labor Sta¬
tistics' index of wholesale commodity prices remained at
77.8% of the 1926 average, the level for the preceding week,
Commissioner Lubin reported on June 6. "A sharp gain in
index decreased 0.3% because of lower
goods, woolen yarn, silk, burlap and hemp.
C.1%.
prices
Lower prices for
the Pennsylvania field brought the fuel and
lighting
California gasoline advanced.
quicksilver, bar
silver, and pig zinc were counterbalanced by lower prices for solder, pig tin,
and range boilers and the group index remained at 94.7% of the 1926
average.
Average wholesale prices of building materials dropped 0.1%
because of lower prices for Douglas fir siding, yellow pine timbers, red
cedar shingles, linseed oil, and rosin. Yellow pine lath and flooring ad¬
In the metalg and metal
Week Ended June 1
According to
fall 0.9%
of the year.
crude petroleum from
Commodity Prices in
.■.: ..
together with lower prices
caused the hides and leather products group index to
the low point
for cotton
Remained at Level of Previous Week,
edible tallow, and peanut and
>
./
materials group index down
Wholesale
together with
hops, corn, rye and cattle, brought the farm
Food products
—
did also prices for non-
followiDg to report:
Fuels
Chemicals
as
agricultural and industrial commodities.
Textile products
Building materials
commodities, the raw
Average prices for semi-manufactured
materials group index rose 0.6%.
on
WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
.....
Metals and metal
products, and housefurnishing goods re¬
chemicals and allied
mained unchanged at the May 25,
losing 2%c.
highest
commodities declined.
and miscellaneous
materials,
products,
Hides
foods rose slightly.
textile products, fuel and lighting materials, building
and manufactured commodities
with wheat down about 3c. a bushel and rye
Among the more speculative items, rubber, cocoa
2,662
3,269
2,649
Discontinued Jan. 24, 1939.
"Annalist"
The "Annalist" announced
8,263
652
272
* Previous figures.
figures revised.
Commodity
Year
for
Louis Southwestern
1,455
17,250
16,942
17,991
18,487
Ncte—Previous
St.
...
261
1,627
19,203
Louisville & Nashville
279
1,508
304
•
Gulf Mobile <fc Northern
Illinois Central System
Wool
1,994
209
1,889
1,705
Kansas Oklahoma & Gulf
Midland
256
f.331
117
2,486
1,564
International-Great Northern.
247
Atl. & W. P.—W. RR. of Ala..
298
1,151
135
2,803
2,078
'
...
Gulf Coast Lines....
Alabama Tennessee & Northern
127
3", 108
178
Burlington-Rock Island
Fort Smith & Western.*
Southern District—
Atlantic Coast Line
944
844
Southwestern
Total.
386
30
11,882
(Pacific)
Toledo Peoria & Western
Total.
7,801
1,986
3,519
1,818
International
Spokane
245
Pennsylvania System...:
376
3,858
2,578
1,534
6,030
9,514
639
Long
474
4,704
493
Minneapolis & St. Louis
235
Penn-Readlng Seashore Lines.
425
4,143
16,208
Minn. St. Paul &S.S.M
Cornwall
Valley
Island
168
923
456
Lake Superior & Ishpeming
Northern
6,787
3,075
470
Green Bay & Western
Cumberland & Pennsylvania..
Llgonier
950
18,494
Ft. Dodge Des Moines & South.
Great Northern
Alton..
Baltimore & Ohio
881
5,819
7,793
Atch. Top. & Santa Fe System.
Allegheny District—
Akron Canton & Youngstown.
2,337
814
District—
.
9,572
1,219
6,886
4,871
N. Y. Chicago <fc St. Louis
.....
.........
5,733
5,461
Monongahela
1,968
1,987
2,645
1,526
1,970
2,434
1,071
1,399
Delaware Lackawanna & West.
Mobile & Ohio...
Nashville Chattanooga & St.
Norfolk Southern
1,692
2,651
269
10,151
1,807
Central Indiana
District—(Conci.)
1,735
2,801
1,132
291
10,281
2,192
Bangor & Aroostook
1939
1940
1938
1939
7,510
1,439
7,013
Arbor
1,091
1,081
566
1,579
7,245
1,670
Boston & Maine
Ann
from Connections
Freight Loaded
1940
District—
Total Loads Received
Total Revenue
RaUroads
1939
1940
1938
1939
1940
Received
from Connections
Freight Loaded
3575
FROM CONNECTIONS (NUMBER OF CARS)—WEEK ENDED MAY 25
Total Loads
Total Revenue
Railroads
Eastern
& Financial Chronicle
The Commercial
ISO
REVENUE FREIGHT LOADED AND RECEIVED
vanced.
.
products group higher prices for
I
The chemicals and allied products group
76.6.
Fats and oils advanced slightly and
index remained^ unchanged at
fertilizer materials declined.
The Commercial & Financial Chronicle
3576
Average wholesale prices of cattle feed declined 8.5% and crude rubber
The following tables show (1)
index numbers for the main
May 4, 1940, and June 3, 1939, and
week ago, a month ago, and a year ago; and
from a
important percentage changes in subgroup indexes from May 25 to
June 1, 1940-
^
,
June
Regions
Nevr England
May
1.
Commodity Groups
All commodities
Farm
Foods.
00-,
May June
4,
1940
1939
78.5
78.9
75.7
0.0
—1.4
63.1
+ 1.5
—4.9
6.2
6.9
8,2
13.3
14.3
16.1
13.5
13.7
12.4
8.4
5.8
0.6
11.6
71.7
72.5
67.5
+0.1
—2.3
92.6
—0.9
—2.0
66.9
—0.3
+ 1.0
—0.1
0.0
72.6
71.5
Fuel & lighting materials...
Metals & metal products—
72.3
72.4
72.3 *72.3
74.1
94.7
94.7
94.7
95.0
93.5
Building materials
92.5
92.6
92.7
92.6
89.2
10.0
1
+7.9
—0.3
+ 1.3
—0.1
+ 3.7
Chemicals & allied products.
76.6
76.6
76.8
0.0
—0.3
89.9
89.9
89.9 *89.9
86.9
0.0
0.0
76.9
77.4
78.2
76.9
73.8
—0.6
0.0
71.4
71.0
72.2
z
z
+ 3.5
+4.2
73.7
68.2
+0.6
—3.1
+4.7
Semi-manufactured articles.
78.0
78.1
78.6
79.5
74.1
—0.1
—1.9
+ 5.3
Manufactured commodities.
81.1
81.3
81.8
81.6
79.9
—0.2
—0.6
+ 1.5
80.0
80.2
80.8
80.6
78.5
—0.2
—0.6
+ P; 9
All commodities other than
than farm products
commodities
other than
farm products and foods.
x
Correction,
z
82.5
.
(THOUSANDS
82.7
82.9
82.6
No comparable data.
80.6
—0.2
-0.1
'
.
+ 2.4
,
OF
0':00. :
KILOWATT-HOURS)
1940
1939
0':
0:
Change
1940
Week Ended
1937
1932
1929
from
1939
+8.5
—2.4
0.0
Miscellaneous commodities.
All
11.1
10.3
WEEKS
RECENT
+ 4.9
<•"
—O.l
Housefurnlshing goods
76.8
tMiS
6.9
12.2
5.7
FOR
DATA
+7.4
70.7
iil
4.5
15.8
+2.8
71.3
72.4
5.3
7.2
16.2
June 3
1940
68.2
72.2
7.0
7.3
Total United States.
May 4
66.8
70.8
Raw materials
8.1
June 1, 1940 from—
77.8
100.5 101.4 102.4 J02.5
Hides & leather products
Textile products....
Week Ended
May 11,1940
14.5
Pacific Coa3t
3,
1939 May 25
1940
77.8
..
...
—
.
1940
67.8
—
products..........
May
18,
1940
25,
1940
Ended
5.2
Rocky Mountain
Percentage Changes to
Week
May 18, 1940
1940
6.7
Southern States
June
May 25,
15.8
West Central
(1926—100)
1, 1940
7.8
—
Middle Atlantic
Central Industrial
...
Week Ended
Week Ended
Major GeogravMc
groups of com¬
modities for the past three weeks, for
the percentage changes
Hii
1940
Paper and pulp advanced slightly.
dropr ed 3.7%.
(2)
June 8,
PERCENTAGE INCREASE FROM PREVIOUS YEAR
9
•»*.
Mar. 16
Mar. 23
Mar. 30..—.*
6......
Apr. 13
Apr.
m
2,199,976
1,519,679
2,237,935
+ 10.1
+ 10.6
2,212,897
2,211,052
1,538,452
2,225,486
2,198,681
2,209,971
+ 10.3
+ 9.6
2,200,143
1,514,553
1,683,262
2,146,959
1,480,208
2,173,510
+ 9.6
2,176,368
1,465,076
1,679,589
1,663,291
2,173,223
2,188,124
1,480,738
1,469,810
1,454,505
1,429,032
1,436.928
1,688,434
1,698,492
1.435,731
1,425,151
1.381,452
1,615,085
2,417,994
2,421,576
2,170,671
+ 11.4
2,199,002
+ 10.1
2,397,626
2,386,210
2.387.566
2,422,212
mm
mm
m
May 25
2,182,727
+ 9.8
2,448,865
2,332,216
mm
1
June
+ 10.5
2,422.287
2,381,456
m
mm
Apr. 20
Apr. 27
May
4
May 11
May 18
2,244,014
2,463,999
2......
Mar.
2,479,036
2,460,317
2,424,350
Mar.
2,193,779
2,176,363
+ 10.3
2,163.538
2,170,750
+ 10.0
2,194,620
2,198,646
2,206,718
2,131,092
+ 11.6
2,170,496
2,204,858
2,113,887
+ 11.1
+ 10.3
1,706,719
1,702,570
1,687,229
1,537,747
1,696,543
1.709,331
1,699,822
1,704,426
1,705,460
,
0Y0Y
IMPORTANT
PERCENTAGE CHANGES IN SUBGROUP
FROM MAY 25 TO JUNE I, 1940
Increases
*
'
Production
4.9
.......
Other farm products
CattlQ feed..8.5
rubber...........—...—. 3.7
Crude
2.9
.
Clothing.*...0.6
Hides and skins
Meats
1.8
0.5
Other foods
0.5
Cereal products .......
0.3
Oils and fats.................... 0.2
Silk...........
Other textile products
1.3
Fertilizer materials
0.8
Nonferrous metals............—. 0.1
Cotton goods
0.4
Paper and pulp...——..—. 0.1
Dairy products
Plumping and heating...
......
,
...
1.7
0.4
_
0.4
Livestock and poultry
0.3
Lumber
0.3
Leather..
0.2
;
Woolen and worsted goods
Paint and paint materials
MS:
.....
0.2
0.2
Wholesale Commodity Prices Further Declined
During
Week Ended June 1 Reaching Lowest Level Since
September, 1939, According to National Fertilizer
the month
cording to reports filed with the Federal Power Commission.
This represents an
increase of 12.4% when compared with
The average daily
production of electric energy for public use was 366,697,000
kwh. during April, which is 0.7% more than the average
daily production during March, 1940.
The production of
electric energy by electric railways, electric railroads^ and
other plants which generate principally for their own use
totaled 191,609,000 kwh., making a total production reported
to the Commission for the month of April, 1940, of 11,192,530,000 kwh., or an average daily production of 373,084,000
kwh.
The Commission's report further disclosed:
the same month of the previous year.
Association
The
The
wholesale
commodity price index compiled by the
National Fertilizer Association declined last week for the
fifth
consecutive
June 1
77.3
a
since
week.
This
index
in
the
week
ended
75.6 compared with 75.7 in the preceding week,
month ago, and 72.0 a year ago, based on the 1926-28
was
100.
average as
last
The index is
September.
now
lower than at any time
The highest point
reached
index in 1940 was 78.5 in the first week of
by the
January.
Association's announcement, dated June 3, went
on
production by water
decline
week's
in
the
all-commodity index
was
due
now
previously reported
shown
were
for
time since last January, A number of textiles
and fibers declined in price last week, resulting in the textile
price index
touching a new low for the year.
Declines were also registered by the
group
indexes representing the prices of building materials, fertilizer
A
continuation
of
the
rise in
steel scrap,
combined with higher prices for non-ferrous metals, caused
upturn in the metal index.
an
Thirty-two price series included in the index declined during the week
and
19
advanced ;
advances;
in the preceding week there
in the second preceding week there
were
were
any
made
on
March
31,
Occasionally
1940.
changes
month do not necessarily mean that all the changes
month, but only that they were reported to the
previous monthly report was issued.
one
that
during
Commission
since the
PRODUCTION OF ELECTRIC
■
primarily to
farm
miscellaneous commodities.
in service
made in plants which are not reported promptly, so that the figures
are
The
lower than at any
materials, and
use.
1940, indicating that the capacity
of generating plants in service in the United States on April 30, 1940,
totaled 40,556,000 kwh.
This is a net increase of 88,000 kwh. over that
ENERGY FOR PUBLIC USE
to say:
product average moved upward.
A mark-down
in fuel oil quotations resulted in a drop in the fuel price
average, which
is
the
in April amounted to 4,519,850,000 kwh.,
Reports were received during May,
lower prices for industrial commodities, as the food price average remained
unchanged and
power
41% of the total output for public
or
■
Last
Energy in the United States
for March and April, 1940
The production of electric energy for public use during
of April, 1940, totaled 11,000,921,000 kwh., ac¬
5.4
Grains
40 declines and
14
88 declines and 26
advances.
J
}
' '
|
■
"
Production
12 Months Ended
May 31, 1939
June 30,
July 31,
A ug. 31,
Sept. 30,
Oct. 31,
Nov. 30,
Dec. 31,
Jan. 31,
Feb. 29,
Mar. 31,
Apr. 30,
Previous Year
119,287,000,000
120.565,000,000
121,641.000,000
122,645,000,000
123,881,000,000
125,474,000,000
126,836,000,000
128,037,000,000
1939
1939..................
1939..................
1939
.............
1939
1939
...
1939
1940
1940
1940
1940
% Change from
KUowattrHours
••
+3
+5
+7
+8
+9
+ 11
+ 12
+12
+13
129,625,000,000
131,051,000,000
131,989,000,000
......
+ 13
+13
+ 13
>
133,207,000,000
Note—Since the above data show production by 12-month periods, all seasons of
the year are included in each total and the elfect of seasonal variations la largely
eliminated.
,
,
PRODUCTION OF ELECTRIC ENERGY FOR PUBLIC USE IN THE
WEEKLY WHOLESALE COMMODITY PRICE INDEX
Complied by the National Fertilizer Association.
'•
Electric
of
Decreases
Fruits and vegetables,*
'W'C; M
INDEXES
UNITED
(1926-28=100)
STATES
(In Thousands of Kilowatt-Hours)
Percent
Latest
Each Group
>.,
Bears to the
v..1.
i
■
0":"A.''.7;\:
:
■
-■
V. 'V-1
i
V-::
Group
Preced'g
Week
June
1,
Ago
25,
June 3,
1940
3]-:
By Water Power
Ago
May 4,
1939
Week
May
Year
Month
Division
Total
By Fuels
25.3
1940
Foods
70.6
Fats and oils
Cottonseed oil
23.0
1940
Farm products
70.6
72.3
68.4
46.1
46.3
51.9
49.4
57.3
66.4
65.7
62.1
61.5
61.0
65.7
61.6
Cotton
10.8
53.9
58.5
66.2
65.8
76.2
59.8
Livestock
17.3
56.2
Grains
59.2
59.3
62.4
63.3
82.9
52.3
Fuels
82.3
83.7
76.6
Miscellaneous commodities-.
87.8
88.5
88.8
77.7
8.2
Textiles
69.9
70.1
70.9
62.4
7.1
Metals..
92.2
91.9
90.1
6.1
\i%;
Building materials
85.9
86.0
85.9
1.3
.■»
New England
Middle Atlantic
April,
March,
April,
March,
1940
Total Index
March,
1940
1940
1940
1940
166,618
.....
658,756
East North Central..
West North Central._
201,008
Mountain
115,643
572,614
547,667
19,159
496,369
Pacific...
1,136,651
South Atlantio
East South
....
Central..
West South Central..
338,077
513,355
679,973
320,482
658,559
881,640 2,183,008 1,858,425 2,841,764 2,740,065
299,423 2,448,834 2,252,638 2,649,842 2,552,061
445,042
649,136
208,830
533,493
653,872
829,421
747,094 1,402,035 1,349,424
602,330
115,035
663,454
526,093
115,787
641,128
543,375
557,738
30,158
538,579
573,533115,157
623,892
483,994
127,523
599,151
83,823 1,226,692 1,233,128
90,041
1.149,305
87.8
83.9
Chemicals and drugs
Fertilizer materials
95.0
95.0
94.5
72.2
72.6
73.0
71.3
0.3'
Fertilizers
77.4
77.4
78.1
0.3
Farm machinery
95.0
95.0
95.0
94.9 ;
75.6
75.7
77.3
72.0
United States total- 3,914,485 4,519,850 7,380,041 6,481,071 11294526 11000 921
77.2
0.3
•
91.9
TOTAL MONTHLY PRODUCTION OF ELECTRICITY FOR PUBLIC USE
{In Kilowatt-Hours)
% Change
100.0
All groups combined
Month
1940
1939
% Produced by
Water Power
/
1938 to
Electric Output for Week Ended June
Above a Year Ago
The
Edison
Electric Institute,
1, 1940, 10.3%
in its current
weekly
re¬
light and power industry of the United States for the week
June 1, 1940, was 2,332,216,000 kwh.
The current
week's output is 10.3% above the output of the correspond¬
ing week of 1939, when production totaled 2,113,887,000
estimated
output for the week ended May 25,
to
be
2,448,865,000 kwh.,
the like week a year ago.
an
increase
1940,
of
was
11.1%
10,421,000,000
9.463,000,000
June
10,357,000,000
9,783,000,000
10,178,000,000
10,360,000,000
July
1940
1939
+ 10
+ 15
36
10,889,000,000
+ 10
11,295,000,000
+ 11
+ 15
+9
11,001,000,000
+ 11
+ 12
12,009,000,000
10,482,000,000
August
September
11,056,000.000
April
May
ended
over
„
March
port, estimated that production of electricity by the electric
The
January
February
1939 to
1939
kwh.
April,
1940
October
November....
December
Total
45
41
41
36
+ 11
;'".S
+ 16
128.037,000,000
•/
v/
•-
33
iii
■
]
' J"
'i-0
■
27
+ 13
0
A i'
00
:
■■
.
0''''
28
27
+ 12
v;/ '
i.\' iv
28
+ 11
'•
'
32
+ 10
+ 13
,
29
35
+ 14
;V
26
?
43
+ 14
10,944,000,000
11,670,000,000
11,463,000,000
11,860,000,000
40
;
1940
34
Note—Above data solicited from all plants engaged in generating electric energy
for public use, and, In addition, from
electric railways, electrified steam railroads,.
0;;:-
■
v.'v
Volume
The Commercial & Financial Chronicle
150
and certain miscellaneous plants which generate
energy for their own use.
data are received each month, representing approximately
Accurate
98% of the total produc¬
tion shown; the remaining 2% of the production Is estimated and corrections
made as rapidly as actual figures are available.
Thus, the figures shown for
current month are
are
the
preliminary while those for the preceding months are corrected
in accordance with actual reports received and
vary
slightly from the preliminary
data.
4,816
dwelling units,
erected,
Coal Stock
May
total
1,
stock
1940,
of
coal
10,496,138
was
compared with April 1,
the total
Of
stock
were
anthracite.
stock
decreased
when
electric
This
19.5%
tons
Bituminous
Consumption
at
tons.
1940, and
9,514,439
1.3%
and
hand
on
increase
an
compared with May 1,
as
coal
increased
2.8%,
stock
compared
was
with
April
1,
coal
in
April, 1940, of which 3,561,247 tons
165,944 tons
when
compared with
In
terms
of
last 80
were
supply,
coal
3,727,191 net tons
bituminous coal and
hand May
of
rate
the current
at
on
1940, to
1,
total
number
of
new
in
were
one-family
the
first
dwellings;
Bank Debits for Week Ended
Heavy engineering construction
the
Year—
Construction Highest of
Public Awards Up 18% in Month
set
in
of
the
five
basis,
weeks
May
the
of
the
On
volume tops
May 29, 1940, 25% Above
weeks
ended May 29 amounted to $112,733,000,000, or
above the total reported for the corresponding period
9%
year ago.
of
ume
month's
current
$1,186,853,000,
a
(In Millions of Dollars)
the
weekly average
April
average
awards
bring
1940
the
for
For
however, public awards
May,
to
Public
$392,200,000, is 14% higher than in 1939.
year
a
20% below May, 1939.
ago,
The State
is responsible
year ago,
a
the April average by
top
of
of
construction
boosted
South
the
December,
large Government dam and
a
Federal
the
It
1935.
weekly
exceeds
to
average
by
month
last
18%, but
an
;
498
584
420
Richmond
304
229
Atlanta
229
200
Chicago
1,272
5 337
1,003
St. Louis
Minneapolis
165
128
v
250
230
<
197
158
128,091,000
28,908,000
in
averages
of
April
112,600,000
15,491,000
$252,992,000
$211,816,000
$282,296,000
classified
the
show
increases
construction
public
in
compared
groups
buildings
32%;
of
in
with
bridges,
97%; earthwork and drainage, 166%, and unclassified construction, 15%.
Decreases
mercial
are
in
streets
and roads,
18%; industrial buildings, 19%;
building and large-scale private housing, 5%;
and sewerage,
9%.
with
waterworks,
com¬
Dallas
San Francisco
gains for the
current
month in
industrial building, 68%;
commercial building and
large-scale private housing, 35%, and earthwork and drainage, 273%.
Losses are recorded in streets and roads,
13%; public buildings, 64%;
bridges, 11%; waterworks, 38%; sewerage, 51%, and unclassified con¬
the
struction, 23%.
west of
and
South
averages
States.
those
top
Gains
of
1%
April
are
of
in
five
in
recorded
Mississippi, and of 3% in New England.
the
10%
are
May
United
of
show
1939,
57%
and
higher,
respectively,
than
the
its
continues
in
of
the six
Middle
West
Far West and
the
664
May,
1939,
average
the record volume of last year, topping
by 37%.
New England, with a 1% increase, is
which
of
Capital
9% less;
weekly
for the corresponding month last year.
The
of $196,279,000 in State and municipal financing,
average
$126,445,000 is for short-term notes
for United States Housing
construction; $9,733,000 in corporate security issues;
$4,879,000 in USHA loans; $5,000,000 in Reconstruction Finance Corpo¬
ration loans to private industry, and $212,000 in RFC loans for public
project
Authority
new
New
financing for the year to date,
construction
duction ; new orders,
Nearly 100,000 new dwelling units, having a permit valua¬
tion of over $330,000,000, were provided in non-farm areas
of the United States during the first quarter of 1040, accord¬
ing to estimates of the Bureau of Labor Statistics, Secretary
of Labor Frances iPerkins reported on June 1.
"This is an
5%
defined
States
as
and
over
the corresponding period of 1939," Miss
The non-farm area of the United States is
including all
all
Secretary added;
Increases
in
the
incorporated areas in the United
unincorporated
areas
number of
except farms.
The
;i:;v_v/
<
dwelling units provided
were
shown in
all
city-size groups except those having a population of 500,000 or over.
The
which is comprised of incorporated places below 2,600
and
ing
farms, also provided more new dwell¬
of this year than during the correspond¬
unincorporated areas excluding
ing units during the first quarter
period of 1939.
the 99,827 new dwelling units provided during the first quarter of
Of
1940,
10,415,
or
10%,
were
provided in
projects under the
sponsorship
The indus¬
production and 75% of average 1929 shipments.
ciation report further disclosed:
Year-to-Date
The Asso¬
Comparisons
production for the 21 weeks of 1940 to date was 9% above
corresponding weeks of 1939 ; shipments were 7% above the shipments,
and new orders were 8% above the orders of the 1939 period.
For the
Reported
1940
of
weeks
21
to
date,
new
business
above production and
5%
was
shipments were 5% above production.
*"
Supply and Demand Comparisons
The ratio of unfilled orders to gross
ago;
year
gross
stocks was 20% on May 25, 1940,
Unfilled orders were 16% heavier than a
compared with 17% a year ago.
stocks were 4% less.
Softwoods and Hardwoods
During the week ended May 25, 1940, 494
feet
of softwoods and hardwoods combined;
518;
Mills,
feet.
mills produced 247,416,000
shipped 229,179,000 feet;
Revised figures for the preceding week
production, 245,590,000 feet;
shipments,
250,832,000
orders, 242,190,000 feet.
reported for the week ended May 25,
1940, by 406 soft¬
wood mills totaled 217,729,000 feet, or 8% below the production of the
same
mills.
Shipments as reported for the same week were 219,287,000
feet, or 7% below production.
Production was 236,539,000 feet. Reports
from 104 hardwood mills give new business as 9,523,000 feet, or 12% below
production.
Shipments as reported for the same week were 9,892,000 feet,
or
9% below production.
Production was 10,877,000 feet.
Lumber orders
Identical Mill Comparisons
during week ended May
25, 1940, or 384 identical
234,264,000 feet, and a year ago it was
was
softwood
221,010,000 feet; ship¬
220,909,000 feet, and orders
In the case of hardwoods,
and a year ago 8,827,000
shipments, 8,262,000 feet and 8,456,,000 feet, and
respectively, 217,123,000 feet and
received, 215,110,000 feet and 217,232,000 feet.
86 identical mills reported production this year
leet
and
orders,
6,326,000 feet;
8,272,000 feet and 8,064,000 feet.
Bank
of
Montreal Reports Seeding
Prairie Provinces Near
Canadian
Operations
Completion
in
completion in the Cana¬
30 crop re¬
port of the Bank of Montreal.
"Early-sown wheat is well
above the ground and is of even growth," the Bank said.
"Seeding operations are nearing
dian Prairie
Provinces," according to the May
It adds;
..
beneficial in some areas, but in the
central, east-central and northern districts of Saskatchewan and in nort
western
Manitoba, where moisture reserves are low, early and generous
rains are needed to accelerate germination of late-sown grains and permi
normal development of the crop.
In Alberta moisture conditions are satis¬
factory for the present.
Pastures are in good condition in areas wheie
Moderate to
rural non-farm area,
1% less.
stood at 74% of the seasonal weekly average of 1929
ments were,
Unites Provided in the Non-Farm Areas
States in First Quarter Increased 5%
Over Year Ago
^
Compared with
8% below production.
shipments, 2% less, and new business,
try
Production
United
Perkins said.
May 25, 1940,
corresponding week of 1939, production was 7% greater;
the
$581,403,000, is 33%
reported for the five-month period in 1939.
New Dwelling
increase of
8,129
representative hard¬
Shipments were 7% below pro¬
wood and softwood mills.
mills
of
52,057
business, 6% less, according to reports to the
from regional
improvements.
lower than the total
542
$103,345
43,160
45,311
58,341
9,082
associations covering the operations of
feet;
capital for construction purposes for May, $216,103,000, is up 4%
the
from
month's total is made up
1,912
3,181
2,448
8,046
1% greater than in the previous week; shipments were
were:
ATeu?
New
2,984
Report of Lumber Movement Week Ended May 25, 1940
booked orders of 227,252,000
only other section to exceed the 1939 month.
the
2,959
14,508
Centers for which bank debit figures are available back to 1919.
preceding
over
gains
3,761
133 Other centers
5,396
6,133
3,492
$112,733
$7,059
2,756
4,552
month, while Middle Atlantic is 18% lower.
South
528
$8,825
3,609
140 Other leading centers
,1
Geographically,
sections
for May,
averages
641..
Total, 274 reporting centers
49%,
,
Comparisons
City
$5,529
46,757
National Lumber Manufacturers Association
189,512,000
V
May
5(5 Weeks)
$92,649,000
189,647,000
116,127,000
73,520,000
Federal
Total
those
(4 Weeks)
$83,725,000
160,604,000
...........
-
322
Lumber production during the week ended
May, 1940
$63,480,000
State and municipal
$6,018
49,324
5,734
7,171
3,998
3,387
16,509
3,317
2,304
3,427
2,741
8,803
2,988
499
was
(4 Weeks)
$356
airport in
'
Public.......
1939
$463
New York.
Com¬
the highest reported
280%, and last year
April, 1940
May, 1939
Private.-
1940
Boston
Values of awards for the three months are:
by 104%.
May 31,
1939
the public trend,
reverses
dropping 11% below last month, but gaining 17% over last year.
since
May 29,
1940
♦
mencement
May 31,
New York City *
Private construction
13 Weeks Ended
Week Ended
May 29,
Kansas
drop 26% below the five-month period
municipal total, 33% under
the public decrease.
the
Federal Reserve District
Cleveland
total
Private construction since the opening
despite a 53% increase in Federal construction.
and
3, 1940, by
System.
^
Philadelphia
decrease of 16% from the five-month vol¬
a
year ago.
of the year,
awards
are
figures are as reported on June
Board of Governors of the Federal Reserve
SUMMARY BY FEDERAL RESERVE DISTRICTS
by 7%, but falls 11% below the average for May, 1989.
The
two-
deposit accounts (except interbank accounts),
reported by banks in leading cities for the week ended
May 29, aggregated $8,825,000,000.
Total debits during tbe
tops the mark
four-week
the
in
1940,
in
Debits to
$56,459,000 for each
averages
month.
of
for May are at
awards
The total, $282,296,000,
February by 4%, and
6%,
as
highest level reported for 1940, according to "Engineer¬
ing News-Record."
or
Year Ago
These
Engineering
quarter
5,823,
family dwellings, aryl 18,905, or 19%, in aparement houses.
In the first
1939, 66,957 dwelling units were provided in one-family dwell¬
ings, 4,723 in two-family dwellings, and 23,674 in apartment houses.
a
days, and enough anthracite for 177 days' requirements.
May
dwelling units
quarter of
13
is calculated
which
enough bituminous
was
the
during
75%,
or
a
the preceding month.
days'
consumption, there
tons
while anthracite
11.3% and 11.0%, respectively,
anthracite, decreases of
were
of
1939.
981,699
and
5%
or
During the first quarter of 1939,
USHA projects.
1940.
Electric utility power plants consumed approximately
of
plants on
of 2.4% as
power
bituminous
were
coal
utility
in
were
Authority.
Of the total number of
dwelling units for which permits were issued
non-farm areas of the United States
75,099,
The
3577
of the United States
Housing
moisture
In all
with
heavy rains have been
supplies
are
plentiful.
other Provinces except
much
spring work on
continues late,
In Quebec, seed ng
British Columbia the season
the land still to be
done.
The Commercial & Financial Chronicle
3578
and should shortly be general.
In Ontario,
completed, but fall wheat and fodder crops are
making good growth.
In the Maritime Provinces potato planting is pro¬
ceeding in many districts, but generally seeding awaits warmer weather.
In British Columbia, where favorable weather has prevailed this spring,
high
on
is under
lands
way
seeding has not yet been
good progress has beer, made to date
by field, orchard and berry
crops.
many
received by us from "the
Paperboard Association, Chicago, 111., in relation
activity in the paperboard industry.
give herwitJti latest figures
members of this
Association represent 93% of the
total industry, and its program includes a statement each
week from each member of the orders and production, and
also
a
figure which indicates the activity of the mill based
operated. These figures are advanced to equal
the time
on
100%,
were
valid.
was
wiitten by Justice Frankfurter
appeal brought by the Commission against the ruling
the
written
Nichols
&
Rowan
Co.
Appeals which
The
Hughes and Justice McReynolds.
the
was
in favor of
dissenting opinion
Frankfurter
opinion
The dissenters held that
announced
principles
regarding
procedure in the lower courts "directly opposite" to those
previously established by the Supreme Court.
success
of the Rowan & Nichols Co.
injunction against the Texas Railroad Com¬
mission, the Humble Oil & Refining Co. advanced the
Production
Tons
Tons
Current
105.945
120,791
115,419
121,690
190,174
187,002
183,099
170,308
107,240
159,210
05
145,700
Tons
Jan,
87,740
6
Jan.
110,109
13
Jan.
20
111,332
Jan.
27
Feb.
3
111,954
100,954
Feb.
10
100,292
115,988
17
101,097
Feb. 24
2
108,784
104,400
9
111,714
Mar. 10
Mar. 23
107,024
108,134
114,403
115,189
114,150
113,710
112,855
114,958
113,655
Mar. 30
102,402
Apr.
Feb.
Mar.
Mar.
Cumulative
74
72
70
75
71
71
71
70
71
142,554
09
71
137,031
09
71
138,440
09
70
107,853
07
70
111,431
123,255
08
70
105.929
147,254
00
70
140,057
72
70
70
117,388
122,194
175,102
139,841
193,411
75
70
4
130.203
125,823
77
71
May 11
130,202
157,023
143,505
115,657
122,808
204,012
210,488
242,787
74
71
70
71
254,038
79
72
247,044
75
72
May
—
May 18
May 24
June 1
-
123,579
129,530
121,378
Rayon Production Highest on Record—
Still Third Largest Producer, but
World's 1939
States
United
Germany Replaces Japan for First Place—Record
Production for Rayon Staple Fiber
Due to the rapid strides made by the rayon industry
throughout the world during the past decade, it was to be
expected that 1939 production would set a new high record
for all time as indicated by the annual production figures
contained in the current issue of the "Rayon Organon,"
published by the Textile Economics Bureau, Inc., New
York.
World production of rayon yarn in 1939 (yarn plus
staple fiber) aggregated 2,230,960,000 pounds, exceeding the
previous record of 1,947,305,000 pounds in 1938 by 15%.
The tremendous growth of the industry says the Bureau is
indicated by the fact that the 1939 world total was more than
double the 1935 output and almost five times the total output
The Bureau's announcement June 6 goes on to say:
in 1930.
During 1939 Germany replaced Japan as the world's foremost producer#
the former with
output of 600,000,000 pounds,
an
or
of the world
27%
total, and Japan with an output of 548,850,000, accounting for 24% of the
The United States remained the third largest producer with
world's total.
an
output of 384,200,000 pounds, or 17%.
Italy ranked fourth with 310,
000,000 pounds, or 14% of total world output.
Production of rayon
filament yarn plus
countries for the past three years
staple fiber by principal
rayon
follows:
1939
Japan
600,000,000
548,850,000
United States
384,200,000
Italy
310,000,000
180,000,000
Germany
Great Britain
France
1937
1938
344,200,000
508,600,000
341,925,000
262,900,000
152,420,000
77,700,000
23,920,000
15,500,000
17,160,000
16,500,000
470,000,000
584,600,000
287,485,000
208,310,000
138,195,000
72,550,000
19,900,000
Canada.
71,700,000
24,200,000
17,000,000
16,500,000
14,200,000
All others
65,310,000
63,760,000
57,640,000
2,230,960,000
1,947,305,000
1,818,465,000
Netherlands
Russia
Belgium
Worldtotal
16,000,000
12,800,000
13,705,000
The Bureau likewise says:
Rayon staple fiber production for the world totaled 1,083,680,000 pounds,
a new
with
high record for this branch of the industry,
the
previous
proximity of
may
or a
13% gain compared
high of 957,615,000 pounds reported
staple fiber production to
rayon
rayon
for
filament
1938.
The
yarn output
be explained by the fact that the so-called "nationalistic" countries
concentrated
on
increasing their production of staple fiber
to
offset lack of
adequate home supplies of cotton and wool.
With the exception of Japan, the 1939 output of staple fiber by all other
principal countries
was
considerably larger than in 1938—the United States
by 77%, Germany by 33%, and Italy by 14%.
declined
17%
deficiency of
compared with
raw
1938,
materials such
as
Japan's 1939 production
wood pulp
ting
legality of its orders governing
progress
be
heard
at
the
October
for
prohibits
was
that
numerous
small wells opera¬
its holdings and which would be allowed to operate
at full capacity would gradually drain off oil from under the
company's land.
This, it was held, constituted "confisca¬
tion" of its property in violation of the due process clause of
the Constitution.
In
this argument, Justice Frankfurter conceded
"fugacious mineral," lease-holders would be
of their neighbors, with the consequent danger
of oil being drained away.
He pointd out, however, that
many experts who testified were unable to agree upon a
method of accurately measuring the oil reserves, and that
several experts, in fact, had held that the company would
actually gain from the drainage because of subsurface pressure.
In the injunction order issued against the Commissiion
by
the lower Federal Courts, it was held that the Commission
should have considered certain other factors, such as the
depth of the sand under each acre and the estimated amount
ruling
on
that since oil is
a
at the mercy
of oil under the land—"recoverable reserves"—rather than
adopting an arbitrary scale which was unfair to companies
with operations on the scale of Rowan & Nichols Co.
The majority decision, in noting this angle, pointed out
that the development of a fair and practical formula for such
quotas is "as thorny a problem as has challenged the in¬
genuity and wisdom of Legislatures" and that the Admin¬
istration
of such
regulatory laws is likewise "full of
perplexities."
But, Justice Frankfurter concluded, the
development of these formulas rests with the regulatory
agencies and not vvith the judiciary; consequently, the
courts should not be moved simply by their own views as to
the fairness and reasonableness of the formula selected by the
State control body.
"For all we know," he continued, "the judgment of these
two lower courts may have been wiser than that of the Com¬
mission and
their standard of fairness
as one
Commission, whose fight with the
the
will
near
is
production in the east Texas field has been in
Rowan & Nichols Co.
a
Oil Company Deals Seen Unlikely
over
case
2.32% of their hourly capacity under unrestricted flow with
a provision that wells of
20-barrel-per-day capacity, or less,
could produce up to capacity.
The argument advanced by
as
some
Railroad
down
oil wells in the East Texas field from producing more than
and chemicals and to
Products—Supreme Court Upholds
Texas in Proration Fight—Strengthening of State
Conservation Forces Seen in Decision—Seven-Day
Production Week for East Texas Indicated—Daily
Average Crude Output Slumps—Further MexicoTexas
handed
constitutional "confiscation" of their property.
The proration order involved in the legal action
a
Petroleum and Its
Rowan & Nichols Co.
order
highest tribunal.
In Justice Frankfurter's decision, he ruled that Federal
Courts cannot substitute their judgment as to the "fairness
and reasonableness" of State oil control agency rulings for the
judgment of the State control agencies.
The Court, by
making this ruling, has sustained the powers of the Texas
Railroad Commission and other State control agencies and
quite conceivably has avoided a sharp break in crude oil
prices which probably would have developed had the de¬
cision gone the other way.
The power of the Texas Railroad Commission within the
State has been immeasurably strengthened by the decision
which, in effect, gives the Commission wider latitude in
setting allowables than ever before.
The fight against the
Commission's ruling by Rowan & Nichols Co. admittedly was
a test case.
"The plaintiffs argued that the formula worked
out for the East Texas field in the September, 1938, orders
discriminated against their company and resulted in un¬
whether
believed,
shortage of power and coal.
The
This
a
it is
an
attack by Humble against the east Texas pro¬
orders.
to
due principally,
Through
session of the Nation's
71
70
field.
Texas
to review an
ration
71
132,455
130,871
129,496
105,140
-
east
same
did the independent company for its operations in
71
72
the
as
Monday, when the Supreme Court adjourned until the fall,
the Court granted the petition of the Railroad Commission
09
129,809
0
Apr. 13
Apr. 20
Apr. 27
claims
Orders
was
by Justice Roberts and concurred in bv Chief Justice
Following the early
Percent of Activity
Unfilled
Orders
Received
Week Ended
The
by lower Federal Courts.
majority decision
in obtaining an
STATISTICAL REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY
6 to 3 decision
a
orders
Texas
of the Fifth Circuit Court of
that they represent the total industry.
so
East
Supreme Court decision ended an injunction issued against
in the
National
The
the
that
1940
sweeping victory this week when the
a
Supreme Court ruled in
the Commission
Weekly Statistics of Paperboard Industry
to
won
States
Monday
The
We
months,
United
June 8,
fair
a
better
one.
But
system of proration based upon hourly potential
based upon estimated recoverable reserves or
or combination of factors is in itself a
other factor
question for administrative and not judicial judgment."
Lon A. Smith, Chairman of the Commission, announced
in Austin following the decision that the East Texas prora¬
tion laws upheld by the Supreme Court probably would be
readopted and also restoration of the former 7-day production
week for East Texas was probable.
Following the granting
of the injunction by the lower Federal Courts, the Commission
changed the law to permit not only the 20-barrel-per-well
minimum but also increasing the total field to provide more
proratable oil and using a new formula based on additional
factors of acreage, sand thickness and bottom-hole pressure.
Volume
The Commercial & Financial Chronicle
ISO
Witn production in Texas
barrels daily, the Nation's
easing off approximately 100,000
daily average flow of crude oil
during the week ended June 1 was off 3,749,050 barrels, a net
decline of 86,600 barrels.
The total wa3 about 150,000
barrels in excess of the May allowable recommended
by the
U. S. Bureau of Mines of 3,601,000 barrels
daily.
Sharply
higher production in Illinois and gains in other States offset
to some extent the slump for the Lone Star State.
Production in Texas was off 99,200 barrels
during the final
week of May to slump to a
daily average of 1,364,550 barrels.
A decline of 17,600 barrels in California's
daily average
carried the total off to 593,600 barrels, lower in
many weeks.
Kansas production was off 1,650 barrels to a
daily average
of 158,850 barrels.
Illinois production started climbing
against, rising 13,750 barrels to a daily figure of 449,600
barrels.
Oklahoma was up 5,150 barrels to 422,350 barrels,
Daily Average Crude Oil Production for Week Ended
June 1, 1940, Declines
86,600 Barrels
The
Despite
from
statements
eager
the
Cardenas
to close with
the
Oil
to
tion
at
no
crude oil
Bradford, Pa
Illinois
95-1.05
Western Kentucky
.90
Mld-Cont't, Okla., 40 and above._
Rodessa, Ark., 40 and above
Smackover. Ark.. 24 and over
REFINED
are not
of
Co.
1.03
1.25
four
PRODUCTS—WARM
weeks
the
bonded
in
Receipts
ended
June
1
all
of
for
1.
218,786 barrels daily
figures include all oil imported,
These
domestic
California
oil
amounted
which
but
use,
at
it
to
Atlantic
232,000
received
was
that all
Coast
barrels,
at
the
ports
companies
gasoline.
end of the week
The
total
of
DAILY AVERAGE
of gasoline produced by all
11,793,000 barrels during the week.
CRUDE
OIL PRODUCTION
1.15
over
■
1.38
over
a
B. ofM.
Calcu¬
AIDS
DEMAND
Four
Week
lated
State
Require¬
Allow¬
able
Weeks
Change
from
Ended
June 1,
1940
Previous
June
Week
1940
408,100
158,100
408,100
158,100
b422,350
+ 5,150
bl58,850
—1,650
413,600
158,500
blOO
Kansas
—50
100
—5,650
72,450
108,600
33,700
256,050
86,550
396,500
240,500
243,050
Nebraska
areas
Panhandle Texas
West Central Texas..
67,450
104,550
32,550
under
West Texas
236,750
—6,900
—1,850
—27,000
East Central Texas..
79,050
396,600
—9,100
+ 150
Southwest Texas
219,350
Coastal Texas
228,250
—28,400
—20,450
due to the weak statistical position of
the industry's major refined product, strengthened somewhat
in reflection of the increased dissappearance of motor fuel.
pressure
East Texas.........
i
Further
expansion of already abnormally high refinery
operations brought the unique spectacle of a rise in stocks
of finished and unfinished gasoline during the week
involving
the Memorial Day week-end holiday,
traditionally a period
of record consumption of gasoline and
accompanying drains
upon stocks.
It has been many, many years since the in¬
dustry read figures showing rising stocks of gasoline at this
period rather than heavy withdrawals from storage tanks.
The American Petroleum Institute statistics
covering the
final week of May disclosed that holdings of motor fuel were
up 56,000 barrels to a total of 100,353 barrels.
Refinery
operations were up 1.7 points to operate at 85.8% of capacity.
Daily average runs of crude oil to stills gained 70,000 barrels
Total Texas...
Total
Indiana—
Brooklyn
z
—
5.166
Boston
.185
U. S. Gasoline (Above 65
Std.Oil N.J.$.06 H--07
Texas
Gulf
SheU East'n
*
S.07H-.08
Chicago
New
Orleans.
Gulf
0SH-.08H
.07H-.08
-.0534
.06^-07
.0534
04J4-.05J4
$.061 Los Angeles..
$.04
...
(New Orleans.$.05K-.05H
I Tulsa
.04
-.0434
.0334--05
Fuel Oil, F.O.B. Refinery or Terminal
N. Y. (Harbor)—
Bunker C
,'i
Diesel
California 24 plus D
$1.50
Bureau's
estimated requirements
...$.04
7 a.m.,
c
Kansas, Nebraska, Mississippi, Indiana figures
May 29.
Refinery
or
28.30 D
Phila., Bunker C
I
to
be
.
This Is the net basic allowable as of the first of May.
Includes
and 31.
a
Past experience indicates
net figure of approximately
For all other areas a shutdown was ordered for May
d Recommendation of
Central
1 only,
Committee of California OU Producers.
Note—The figures indicated above do not Include any estimate
of
any
oil which
might have been surreptitiously produced.
CRUDE
RUNS
TO
STILLS
AND
ENDED
PRODUCTION
JUNE
1,
OF
GASOLINE,
WEEK
1940
(Figures in Thousands of Barrels of 42 Gallons Each)
Crude Runs to
Stills
Gasoline
Production
at
Refineries
Percent
Daily
Percent
Inc. Natural
Rate
;
Reporting
Average
Operated
Blended
East Coast
643
100.0
585
91.0
156
91.0
115
81.0
401
693
89.5
556
89.7
2,281
420
76.9
285
88.2
z966
;
280
59.6
117
85.3
878
96 1
164
97.6
128
80.0
North Louisiana & Arkansas
101
51.5
38
73.1
119
55.5
59
89.4
836
87.3
Inland Texas.
•
85.1
3,275
7^;
267'
100
209
•••••>
85.8
1,393+"
10,260
1,533
3,650
3,580
11,498
x3,423
yl 1,246
Estimated total U. S.:
June
4,483
4,483
1, 1940.
May 25, 1940
Is
514 ~
494,
2,686
375
Reported
Estimated unreported
1939
*
$.02 £$-.03
1,463
70.1
1,071
Louisiana Gulf
Texas Gulf.:
1.50
f (Tulsa
$.053
crude
for week ended
378,387 for East Texas after deductions
for 14 shutdown days, namely. May 1, 4, 5, 8, 11, 12, 15, 18, 19, 22, 25, 26, 29
It
Terminal
| Chicago—
new
are
it will increase as new wells are completed and if any upward revisions are made.
♦U.8.B. of M. June 1,
I
determine the amount of
b Oklahoma,
$1.00
2.10-2.20
Gas Oil. F.O.B
27 plus
to
produced.
♦
New Orleans C__
$1.00-1.25
N. Y. (Bayonne)—
—86,60013,811,300 3,558,800
Rocky Mountain
California
$ .05
ports...
Tulsa
(North Texas.
....
3,749,050
3,800
110,650
+ 1,000
Appalachian
Indiana, Illinois, Kentucky.
Oklahoma, Kansas, Missouri
,
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
(Bayonne)
—69,000 3,198,600 2,950,800
—17,600
612,700
608,000
55,300
14,600
3,350
106,850
.17
:
Other Cities—
RichOil(Cal) .08K-.08^
Warner-Qu. .07J+-.08
New York—
3,155,450
593,600
17,550
—50
Potential
Octane), Tank Car Lots, F.O.B. Refinery
Tj Wat. Oil
.08K-.08%
d592,000
+ 300
premises outlined in Its detailed forecast for the month of
upon certain
$.17
>
Socony-Vac. .0634-.07
70,600
107,000
+ 4,600
District
Chicago
New York—
New York
64,150
$1,000,000,000
Buffalo.
Not Including 2% city sales tax.
97,200
60,500
<
72,200
17,900
3,300
107,350
Daily Refining
Capacity
Newark
.17
—450
21L 000
May.
As requirements may be supplied either from stocks, or from new production,
contemplated withdrawals from crude oil inventories must be deducted from the
Gasoline, Service Station, Tax Included
z
+ 3,950
59,150
'/v.-".;"''
3,601,000
gallon and other Federal levies the Govern¬
...$.17
—1,200
98,900
56,350
8,600
439,950
11,650
Bureau of Mines' calculations of the requirements of domestic crude
are
in taxes during 1939.
New York
+ 600
+ 13,750
bl 1,900
V
592,600
gaso¬
of about $115,000,000 to add to the $215,217,325 in taxes
collected on motor fuel during 1939.
Counting the Federal
z
b9,350
449,600
Total east of Calif- 3,008,400
California
,
than
71,300
72,900
17,400
3,600
103,900
«
New Mexico
Per
more
302,550
+ 350
73,600
96,300
Colorado.
gallon in the Federal
gasoline to 124 cents per gallon would mean additional
revenue for the Government—collected from the consumer—
a
+ 3,900
71,900
8,100
Montana
on
tax of 1 cent
265,500
308,050
63,200
Wyoming.
oil based
191,900
70,147
101,300
Michigan
These
70,100
232,450
,
293,080
5,800
392,900
Eastern (not Including
Illinois & Indiana).
a
+ 350
+ 3,550
64,500
Illinois
340,000 barrels above the corresponding
ment is estimated to have collected
—99,200 1,436,400 1,465,300
264,500
...
Mississippi
ing benzol, totaled 1,729,767 barrels to other than U. S.
possessions, compared with 2,139,489 in the previous month
and 3,452,595 barrels in April a year ago.
April shipments of
lubricating oils were 1,152,277 barrels, off only 27,000 barrels
,
31,650
234,900
97,950
447,000
259,650
235,500
237,950
Louisiana...
Arkansas
line to other than United States possession and a further
gain
in off-shore movements of lubricating oils were disclosed this
week in Government figures.
Exports of motor fuel, includ¬
"
75,100
83,550
1
barrels.
of 24 cent
445,150
156,800
70,100
Coastal Louisiana...
total of 3,650,000 barrels with production of
gasoline
approximately 50% in April exports of
1,344,200 C1419 563 1,364,550
North Louisiana
climbing 295,000 barrels during the week to reach 11,793,000
tax
3,
1939
(May)
Nortu Texas
month last year.
The planned increase
Ended
June
1,
(
marketing
from March and
Week
Ended
has brought some cheer to oil men in its
sharp stimulus in
demand for gasoline.
Prices, which in some areas had been
A decline of
in transit
10,353,000 barrels of finished
(Figures in Barrels)
Oklahoma
a
week
33,143
202,000
.90
weather which has hit most of the Eastern Sea¬
board and also extended into other
major
to hit
the
of
average
Philadelphia,
amount
is estimated to have been
1.10
warm
severe
the
make
to
during
daily
a
port
ments
The
impossible
companies had in storage at refineries, bulk terminals,
unfinished
EXPORTS OFF 50%—GOVERNMENT
PLANS GAS TAX BOOST
is
and 30,000 barrels of other petroleum products.
Reports received
from
refining
companies
owning
85.1% of
the
4,483,000-barrel estimated daily potential refining capacity of the United
States indicate that the
industry as a whole ran to stills, op a Bureau
of Mines basis, 3,650,000 barrels of crude oil
daily during the week, and
CONTRA-SEASONAL GAIN IN MOTOR FUEL STOCKS ALARM¬
ING—APRIL GASOLINE
produc¬
1, 1940, is estimated
barrels being gasoline
1.03
WEATHER
by the various
average
weekly statistics.
of
June
barrels,
ended June
or
.70-1.03
Kettleman Hills. 39 and
ended
Daily
The daily average output for the
3, 1939, totaled 3,558,800 barrels.
Fur¬
reported by the Institute, follow:
as
four weeks
separation
$1.03
Darst Creek
May.
June
details,
whether
shown)
Sunburst, Mont
Huntington, Calif., 30 and
the
barrels.
ended
■
.73
restrictions imposed
during
and in pipe lines as of the
Michigan crude
that
155,429 barrels for the week ended May 25, and
for
and
over.
estimates
Imports of petroleum for domestic use and receipts in bond at prin¬
cipal United States ports for the week ended June 1 totaled
1,971,000
barrels, a daily average of 281,571 barrels, compared with a
daily average
price changes posted during the
$2.75 Eldorado, Ark., 40—
1.02 Rusk, Texas, 40 and
Corning, Pa
the
States
the
3,811,300
ther
Prices of Typical Crude per Barrel at Wells
(All gravities where A. P. I. degrees
for
week
was pointed out that the Sinclair
deals recently announced
represented less than $10,000,000 in cash, the other two
companies have valued their seized properties at well in
excess of $100,000,000 in cash.
were
be the total of
oil-producing
some two
years ago, well-informed oil men feel that there is
little liklihood of any such settlements in the near future.
It
There
Institute
week, but
(N. J.) and the Royal Dutch-Shell group on their claims
rising out of the expropriation of their properties in Mexico
week.
Petroleum
the current week's
figures were above the 3,601,000 barrels
calculated by the United States
Department of the Interior
Administration
Standard
American
daily average gross crude production for the week ended
June 1, 1940, was
3,749,050 barrels. This was a falling off
of 86,600 barrels from
the output of the previous
and Louisiana up 3,900 barrels to 308,050 barrels.
that Mexico is
3579
Estimated Bureau of Mines' basis,
a
week's production based on the U. S. Bureau
average,
z
x
11,793
May-June, 1939, dally average,
y
This
of Mines May-June, 1939, dally
12% reporting capacity did not report gasoline production.
STOCKS OF FINISHED AND UNFINISHED GASOLINE AND
FUEL OIL, WEEK ENDED JUNE 1, 1940
Thousands of Barrels of 42 Gallons
(Figures In
Stocks of
Finished &
Unfinished Gasoline
At Terms.
Total
Finished
At
in Transit
At
and
Refineries
and In
Refineries
In Transit
3,257
3,767
4,358
inspired a good volume of business in copper, zinc
and lead.
Domestic copper moved up to the large produ¬
cers' 11 %c. basis.
Prime Western zinc advanced one-quarter
tone
4,879
22,760
3,284
23,603
3,862
238
104
644
16,869
17,586
2,694
375
8,050
1,092
42
288
3,284
1,962
1,514
"~6i
7,529
-
3,863
"445
,
The firmer
metals during the last week.
major non-ferrous
and In
Pipe Lines
Pipe Lines
1,663
East Coast
Appalachian
Ind., 111., Ky
Okla., Kan., Mo—
reported that growing tension here because of developments
in Europe, coupled with buying of copper and zinc by the
Allies in this markst, strengthened the price structure in
of Residual
Fuel Oil
Finished
Unfin'd
Metals—Prime Western Zinc Advanced
6%c.—Copper Active—Lead Buying Expands
"Metal and Mineral Markets" in its issue of June 6
to
At Terms,
Total
District
Slocks
1940
Non-Ferrous
GAS AND
Each)
Stocks of Gas Oil
and Distillates
June 8,
Chronicle
The Commercial & Financial
3580
lead
cent, but
was
unchanged. Tin prices averaged a little
into new high ground on light
further reported:
highei.
Quicksilver moved
offerings.
The publication
Louisiana Gulf.—
2.505
2,016
14,847
2,883
No. La. & Arkansas
531
556
231
Mountain-
1,546
16,727
1,639
142
18,251
7,918
2,056
55.410
23",742
86,466
93,293
73,443
29,110
7,060
20,699
815
7,439
6,960
580
2,055
210
93,426
100,353
75,448
29,320
100,297
21,514
20,599
8,019
93,434
7,757
74,766
29,249
purchased a good tonnage of copper
in this market, at least 20,000 tons, brought domestic consumers around
to placing orders for a substantial tonnage.
Sales for domestic account
for the last week totaled 46,312 tons, all of which was booked on the basis
of 11 He., Valley.
The June and July positions for domestic metal are re¬
garded as strong, but uncertainty about futures caused producers to hold
to the old selling basis.
Both custom smelters and small producers ex¬
78,210
84,070
20,430
7,519
81,868
29,414
perienced no difficulty in selling nearby copper
Export copper sold at 11.375c. f.a.s. early in
Inland Texas
13,052
Texas Gulf
Rocky
California
Reported
Est. unreported
'■%
976
5,109
253
52
659
175
7
■
468
•"
.
♦Est. total U. 8.;
1, 1940
June
1940
May 25,
U.
1939—
1,
♦June
.
of Mines
B.
S.
—
New York,
Monthly
The United States Bureau of
February
gain
13,000 tons,
of
or
1.6%
last year
59,874
May
59,026
June
66,786
July-183,151}.
April
that of the preceding
the corresponding week of
over
—-
its current weekly coal report
York price was
&
Tons)
Calendar Year to Dale b
Week Ended
May 25 May 18 May 27
1939
1940
1940
6,124 180,993 129,951 213,289
1,706
1,045
1,458
1,021
7,670
7,960
1,327
Dally average
1,278
also the contract settling
PRODUCTION
OF
ANTHRACITE AND
PENNSYLVANIA
Calendar
Year to Date
1940
1939
1940
1939
1940
to
7,131 tons
Imports of zinc in ore during
Peru.
shipped from
was
April amounted to only 814 tons, all of
Imports of zinc in ore during the first
the same
33,943 tons, against 4,349 tons in
825,000 19,860,000 22,656,000 29,793,000
241,200
183,400
160,800
140,700 138,500 137,500
802,000 789.000 784,000 18,869,000 21,523,000 27,648,000
production.b—
The tin market was quiet
Tot. incl. colliery fuel .a 844,000 831,000
Daily average
Beehive Coke—
25,100
4,183
United States total
Dally average
a
22,300
9,800
717,100
1,633
5,691
2,600,000
20,635
255,900
3,717
2,031
coal shipped by truck from authorized
Adjusted to make comparable the number
Includes washery and dredge coal, and
operations,
b Excludes colliery fuel,
of working days In the
ESTIMATED
(The
c
three years.
BY STATES
WEEKLY PRODUCTION OF COAL,
current weekly estimates are based on
ments and are subject to
trict and State sources or
railroad carloadlngs and river ship¬
revision on receipt of monthly tonnage reports from
of final annual returns from the operators.)
dis¬
Avge.
1923
1929
1938
1939
to
3
4
284
44
171
Arkansas and Oklahoma
19
78
of tin
333
14
49
of 28,533 tons for
for
April.
99% was nominally as
*
1
1
702
699
460
513
813
1,292
248
257
141
169
299
394
Iowa
37
45
20
50
56
89
Kansas and Missouri
78
88
39
63
90
131
772
797
367
503
834
679
102
115
52
92
193
183
24
24
29
19
42
47
Michigan
4
6
4
14
12
Montana
35
41
37
35
47
42
17
20
12
17
46
57
Mexico
18
16
17
18
North and South Dakota
fl2
fl4
408
Ohio
Pennsylvania
bituminous
428
272
279
389
860
1,957
1,961
1,216
1,145
2,685
3,578
112
114
52
75
95
121
Texas
15
15
15
16
18
22
Utah
34
32
2
28
52
74
Tennessee
Virginia
276
West
Virginia—Southern.a
Northern. b__
Total bituminous coal
Pennsylvania anthracite.d
185
181
230
250
25
21
24
38
44
1,922
1,458
1,055
1,873
1,380
568
594
539
347
686
862
70
96
110
80
80
Wyoming
Other Western States.c
280
23
1,755
Washington
*
*
53
*
*
Dom.,Refy. Exp., Refy.
f
f
'v. 1
Indiana
*
OF METALS
Electrolytic Copper
168
Illinois
New
f3
f5
7,670
7,950
5,049
4,954
9,102
10,878
831
909
924
1,120
1,389
1,932
8,501
8,859
5,973
6,074
10,491
12,810
K. A M.; B. C. A G.;
and on the B. & O. In Kanawha, Mason, and Clay counties, b Rest of State. In¬
cluding the Panhandle District and Grant, Mineral and Tucker counties, c Includes
Arizona, California,
Idaho, Nevada and Oregon,
d Data for Pennsylvania
anthracite from published records of the Bureau of Mines,
e Average weekly rate
for entire month,
f Alaska, Georgia, North Carolina, and South Dakota Included
with "other Western States."
* Less than 1.000 tons.
a
Includes operations on the N. & W.; C. & O.; Virginian;
August at
follows: May 30, Holiday; May 31,
June 4, 53.750c.; June 5,
("E. & M. J." QUOTATIONS)
May 31
Straits
Zinc
Lead
Tin
New York
New York
St. Louis
St. Louis
Holiday
Holiday
....
11.300
Holiday
Holiday
Holiday
11.275
May 30
11.325
55.000
5.00
4.85
54.750
5.00
4.85
6.00
6.00@t6.25
June
1
11.275
11.325
June
3
11.275
11.400
55.000
5.00
June
4
11.275
11.425
54.750
5.00
4.85
June
5
11.275
11.375
54.250
5.00
4.85
11.275
11.358
54.750
5.00
4.85
6.00
4.85
„
'
Average
.
.
6.25
{
:J:
6.25
6.125
week ended June 1 are: Domestic copper f.o.b,
refinery, 11.205c.; export copper, f.o.b. refinery, 11.296c.; Straits tin, 53.925c.;
New York lead, 5.000c.; St. Louis lead, 4.850c.; St. Louis zinc, 6.000c.; and silver,
Average
prices
for
calendar
35.438c.
The above
markets,
Quotations are "M. & M. M.'s" appraisal of the major United States
on sales
reported by producers and agencies. They are reduced
York or St. Louis, as noted. All prices are in cents per pound.
based
to the basis of cash, New
Copper, lead and zinc quotations are
deliveries; tin quotations are for prompt
based on sales for both prompt and future
delivery only.
prices are quoted on a delivered basis; that Is, de¬
livered at consumers' plants.
As delivery charges vary with the destination, the
figures shown above are net prices at refineries on the Atlantic seaboard.
Delivered
prices In New England average 0.225c. per pound above the refinery basis.
In the trade, domestic copper
Export quotations for copper are reduced to net at refineries on the Atlantic sea¬
On foreign business, owing to the European war, most sellers are restricting
board.
offerings to f.a.s. transactions,
Total, all eoal
settled at 53He.; July at 53c.;
June arrival
53.250c.
66
109
Georgia and North Carolina
Western
7,905 tons,
World deliveries came to 13,367 tons, against
12,791 tons a month previous.
The visible supply, omitting stocks at
European smelters, because of war developments, but including the Straits
carry-over, was 28,873 tons at the end of May, against a comparable figure
against 7,855 tons in April.
398
62
•*
Maryland-
for tin for shipment
States during May totaled
in the United
e
9
85
Kentucky—Eastern
Tin-
f
f
6
18
Colorado
period.
Italy are being granted.
Deliveries
DAILY PRICES
3
2
304
Alabama
Prices averaged slightly
54.000c,; June 1, 53.750c.; June 3, 54.000c.;
May
Alaska
last"week.
with the previous seven-day
plate operations are estimated at 74% of capacity;
A report from abroad advises that no export licenses
Chinese tin
Week Ended
May 18 May 11 May 20 May 21 May 18
1940
,
'
52He.; and Sept. at 52He.
Stats
1940
during the
higher for the week, compared
Straits tin
(In Thousands of Net Tons)
period 5,748 tons, against 9,419
Tin
'
Penna. Anthracite—
Comm'l
zinc amounted to 2,967 tons during
Imports of zinc as slab
April, making the total for the Jan .-April
tons in the first four months of last year.
c
1 amounted to
grades for the week ended June
the preceding week.
Shipments increased
for the week, and the backlog dropped slightly to 54,852 tons.
time last year.
1929
c
:;
6,678 tons, against 4,895 tons in
four months of 1940 totaled
Week Ended
;V.
active in the week under review,
the week ended.
of the common
Sales
which
May 25 May 18 May 27
basis of the American Smelting
Zinc
particularly
for nearby metal, and on Monday, June 3, the price advanced one-quarter
cent a pound to the basis of 6He., St. Louis, Prime Western.
The uplift in
quotations did not occur early in the day, with the result that a good ton¬
nage was moved in some directions at 6c.
Export demand was largely re¬
sponsible for the sustained strength in the domestic market.
The under¬
BEEHIVE COKE
(In Net Tons)
'*
Demand for zinc was fairly
tone was firm as
weeks ended May 25, 1940, and corre¬
involving 8,176
Refining Co.
r
statistical convenience the
of historical comparison and
production of lignite,
b Sum of 21 full
sponding 21 weeks of 1939 and 1929.
ESTIMATED
1929
1939
1940
a—V
Total, Including mine fuel — .
Includes for purposes
807,242
Total.
_—, - -
against 4,019 tons in the
•
a
28,798
December
previous week.
Producers believe the buy¬
ing reflects growing nervousness by consumers because of the improvement
in copper and zinc prices.
Foreign lead offerings, however, still obscure
the domestic lead situation.
Any improvement in foreign lead would
strengthen domestic lead prices immediately, the trade believes.
Prices continued at 5c., New York, and 4.85c., St. Louis.
The 5c. New
tons,
PRODUCTION OF SOFT COAL
UNITED STATES
(III Thousands of Net
Bituminous Coal
November.
Lead
production of soft coal in the week
ended May 25 is estimated at 7,960,000 net tons, indicating
an
increase of 290,000 tons, or 3.8% over the preceding
week.
Production in the corresponding week of 1939
amounted to 6,124,000 tons.
:v-:, •
68,423
51,630
October.—..
improved during the last week, sales
Demand for lead
that the total
ESTIMATED
1940
38,299
.183,877
.
-----
September.
-
>
United States De¬
Coal Division of the
partment of the Interior in
showed
28,618
March---
August.
24,987
147,112
20,305
41,701
84,232
is considered.
Bituminous
The
——
1939
194(1
15,399
23,351
January-..-...
vania anthracite rose slightly, to
week, and of 19,000 tons when
follow:
1Q3Q
Mines reported that in the
25 the estimated production of Pennsyl¬
844,000 tons. This was a
week ending May
on the 11 He. basis.
the week. Since Monday,
varied from 11.375c. to 11.50c., f.a.s.
with the top figure prevailing on prompt business.
sales of copper by producers for delivery to United States con¬
in short tons,
sumers,
Weekly Coal Production Statistics
,
quotations on export copper
June 3,
Estimated Bureau of Mines basis.
*
1
■
effect that the Allies
to the
News
Copper
,
.
626
dollar basis.
Quotations, for the present, reflect
.05c. from f.ajs. basis
change In method of doing business.
We deduct
(lighterage, Ac.) to arrive at the f.o.b. refinery Quotation.
this
Dus to the European war the usual table of daily London
prices is not available.
Piices on standard tin, the only
prices given, however, are as follows: May 30, spot, £273%;
three months, £271%; May 31, spot, £274%; three months
Volume
The Commercial & Financial Chronicle
ISO
£273; June 3, spot, £276%; three months, £27434; June 4,
spot, £277; three months, £27454; and June 5, spot, £27534;
three months, £27334. y y;-y^
y '' ■yS:?'- '>:
\ V.',
y
An
during May, as against 926,505 tons per
April, and 743,829 tons per week in May, 1939.
PRODUCTION
OF
OPEN
HEARTH
AND
Calculated Monthly
Production
yyyy^^yy^y
Weekly
Number of
Weeks in
Month
Tons
of Capacity
(Net Tons)
5,655,315
4,409,035
84.11
63.42
1,276,595
1,064,984
962,699
4.14
4,264,755
14,329,105
72.62
1,102,239
13.00
3,974.706
4,841,403
61.04
926.505
4.29
72.00
1,092,867
4.43
January
3,578,863
52.83
807,870
4.43
February
3,368,915
3,839,127
55.07
842,229
4.00
56.67
866,620
4.43
10,786,905
54.85
838,795
12.86
3,352,774
3,295,164
3,523,880
51.11
4.29
48.64
53.71
781,532
743,829
821,417
Second quarter......
10,171,818
51.13
781,846
13.01
First six months.....
20,958,723
52.98
810,155
25.87
3,564,827
4,241,994
4,769,468
52.74
806.522
4.42
62.62
957,561
4.43
72.87
1,114,362
4.28
Third quarter.......
12,576,289
62.63
957,829
13.13
Nine months......
33,535,012
56.23
859,872
39.00
6,080,177
6,147,783
5,822,014
89.75
4.43
86.13
1,372,500
1,433,050
1,317,198
Fourth quarter......
18,049,974
89.83
1,373,666
13.14
Total.!...
51,584,986
64.70
989,355
52.14
January
At the
February...
1940—
time the committee recommended the signatory
same
governments
permit
experts
basis
this
on
July
before
March
1,
subject to subsequent adjustment
First quarter
April. ....
May
Pig
Iron
Output
Age" shows that production
May totaled 3,513,683 net tons, compared with 3,137,019
tons in April.
One a daily basis the gain in May production
was 8.4% over that in
April, or from 104,567 tons to 113,345
tons in May.
The operating rate for the industry was 78.4 %
against 68.6 in April, and compares with 40.8% in May
last year.
The "Iron Age" further said:
172 furnaces in blast
were
a
on
June 1,
day, compared with 157
States
Steel
First quarter
April
May
June
operating at the rate of
and took
15 furnaces
two
off
July
blast, independent producers put five in operation and blew out or banked
August
two
September
furnaces, and
one
merchant unit went into blast and two
Among the furnaces blown in
Duquesne, two Ohio,
one
Farrell,
Chicago
(old),
Jones
Laughlin Steel Corp.;
and four
Gary,
two
Steel
Corp.;
or
one
Ensley,
OF
Clairton,
one
COKE
PIG
three
(new),
one
South
Corp.;
one
Eliza,
Chicago
Steel
Coal,
Iron
IRON
November
December
Railroad Co.;
&
Otis, Otis Steel Co.;
one
Federal,
one
Ferromanganese
1939
March..
3,270,499
1940
y
Half yML.............
46,260
43,384
44,973
weekly capacities of 1,529,249 net tons based
1938, as follows: Open
12,900
8,835
18,611
2,639,022
23,758
August
2,978,991
3.223,983
24,583
4,062,901
4,166,888
4,220,536
26,817
33,999
40,654
35.317,374
275,384
October
November
December
on
annual capacities as of Dec. 31,
hearth and Bessemer ingots, 79,735,033 net tons.
17,928
102,470
September
4.42
Orders, Production and Backlog Expands—Allied
20,894
14,025,053
July
...
23,302
38,720
2,681,969
2,302.918
1,923,618
2,372,665
3 137,019
43.240
2,307,409
3,513,683
4.29
1939
2,436,474
June
93.71
of
Steel
F«hni«.ry
!
y
Note—The percentages of capacity operated are calculated on
weekly capacities
1,517,855 net tons based on annual capacities as of Dec. 31, 1939, as follows:
Open hearth and Bessemer ingots, 79,353,467 net tons, and in 1939 are calculated on
FERROMANGANESE
x
1940
4,032,022
3,311,480
May..
4.29
Inland Steel Co.
AND
Pig Iron
April
4.43
Carnegie-
NET TONS
January
.
October
Pioneer, Republic Steel Corp.
one
Interlake Iron Corp., and No. 2 Madeline,
PRODUCTION
taken off.
Shenango, Shenango Furnace Co.;
Tennessee
Anna, Struthers Iron & Steel Co.:
one
were
banked included: One Edgar Thomson,
one
4.43
Monessen, Pittsburgh Steel Co.; one
Inland Steel Co., and
Furnaces blown out
Carrie,
South
Carnegie-Illinois
one
Norton, American Rolling Mill Co.;
Madeline No, 3,
One
were:
4.43
May 1, making 106,395 net
on
Corp. blew in
.
March
daily.
United
........
70.16
1939—
The June 6 issue of the "Iron
119,905 net tons
„„
May
8.4%
Rises
in
Illinois
Calculated
Production
100%, which compares with 80% for the current quarter
and with 120% during the first three months of the year.
&
INGOTS
hearth and 100%
Per Cent
Period—^
at
The
STEEL
open
Net
At its meeting in London, on May 27, the International
Tin Committee fixed the tin quota for the third quarter
tons
BESSEMER
(Reported by companies which in 1939 made
97.97% of the
of the Bessemer ingot production)
Tin Quota Raised to 100% for Third
Quarter of 1940—
International Committee Urges Immediate Export
Permits
"
There
produced per
week in
week
■■
■
3581
average of 1,092,867 tons of ingots was
23.103
Commission
The "Iron
Here
Age" of June 6 reported that
British-French
a
commission of steel men has arrived in the United States to
confer with American steel interests relative to a
steady flow
of iron and steel from this
country to the Allies to
replace
being obtained from the invaded countries of
Belgium and Luxembourg.
The "Iron Age" further re¬
ported:
what
was
Apart from Allied purchases,
demand
export
has
become
which
have recently
definitely
quieter.
been quite heavyP
Although
substantial
a
tonnage of unshipped business is still on mill books, new orders from neutral
Year
z
These totals do not include charcoal pig iron,
Included in pig iron figures.
y
Countries
in
smaller
that orders from Great
losses that
any
DAILY AVERAGE PRODUCTION OF COKE PIG IRON
are
aggregate volume.
It
appears
Britain, France and Canada will
likely, however,
Inquiries from South American countries and elsewhere
1940
1938
Net
January........
":
Percent
Tons
yyyy;.'V"•'y:::yy..';
Capacity
130,061
85.8
Net
Percent
Tons
porary
Capacity
'
foreign buyers
but
1939
slow in closing,
successes.
are
numerous,
condition that may be only tem¬
a
.
,
domestic
Meanwhile,
51,632
are
and which is believed by exporters to be due to the disturbing effect
of German
51.5
78,596
than offset
more
may occur.
lesulting in
business
,
has
higher steel operations,
,
,
in
expanded
nearly
increases in backlogs
February
114,189
75.1
82,407
54.0
51,931
exceed
March.
105,500
68 9
86,516
56.8
52,476
upward trend is developing, however, in
April
104,567
68.6
50.4
51,376
May
113,345
74 8
76,764
62,052
40.8
51.7
45,343
39,648
directions,
orders
new
true last fall after the outbreak of war.
79,089
all
as
June.....................
A
production
77,486
...
July
48,717
85,130
---
September.
October
November.
December.
55.8
96.096
62.9
107,466
131,061
August.
70.4
85.9
-
...............
138,877'
90.9
...............
136,146
89.4
43,417
as
------
MERCHANT IRON
MADE,
96,760
...
1938
develop with the speed that
orderly
our
16.475
—
84,746
79,872
A half-million
Locomotive
Building
awards
1936
9,916
18,496
18,432
16,259
21,821
17,774
21,962
19,971
22,473
21,224
17,541
12,280
12,652
12,131
15,565
14,352
15,914
16,521
7,883
June
9,529
7,203
6,020
8,527
July
9,404
August
October
6,154
7,408
12,550
11,225
12.648
September..
12,095
14,793
10,226
16,409
...
November
16,642
December
16.912
far
for
been placed with Baldwin
defense
Seattle,
purposes
are
1,200 tons for
an
more
a
new
Army
hangar at Fairbanks, Alaska, and 2,000 tons for a National Guard drill
9,547
9,266
10,025
so
has been placed with the York
dollar order for light tanks has
Works.
storehouse
11.801
11,760
13,656
first envisaged
However, projects which
and include 2,500 tons of fabricated structural steel for
building for the Boeing Aircraft Co. at
18,039
14,773
was
defense
Safe & Lock Co., York, Pa., for 350 carriages for 37 mm. anti-tank guns.
11,911
March
national
contracts, other than educational orders,
74,147
11,875
10,793
February
April
May..
The
than
One of the first munitions
Washington, while inquiries include 2,200 tons for
at
Oakland,
Calif.,
and
2,100
tons
Alameda, Calif.
January-
manner
own
was at
prices.
62,737
57,633
1937
scrap
53,976
„
DAILY RATE—NET TONS
1939
advancing
more
a
already been planned are being expedited.
hall in
1940
in
large-scale steel requirements are concerned.
had
numerous
Year
and
sobering influence is the realization that
program may not
Half year..............
and shipments
for
a
Government
airplane
hangars
at
,
The appointment
of William S. Knudsen
as
Government coordinator of
the machine tool industry will relieve machine tool builders of the respon¬
sibility of making individual decisions
vision
an
13,013
A
as
to
priority.
Under his
super¬
industry committee of eight members will serve to put into effect
the voluntary system
of priorities and allocations.
priority system may eventually be required in alloy steels, particularly
13,606
14,029
electric furnace grades, as mills are already jammed with orders though the
15,282
larger prospective requirements of the airplane and other industries are yet
16.508
16,634
to be
experienced.
Delivery promises
on
alloy steels now
range
from 12 to
16 weeks.
Another bottleneck
Steel
Output Rose 20% During May
Total tonnage of open hearth and Bessemer steel ingots
produced during May rose more than 20% over the month
,
before
to
a
total of 4,841,403
June 7
net tons,
it
was
announced
by the American Iron and Steel Institute.
Ingot output in April amounted to 3,974,706 tons, while
in May, 1939, a total of 3,295,164 tons was produced.
Output last month represented an increase of 47 % over
the May, 1939, tonnage.
During the month just closed the steel industry operated
at 72.00% of capacity, which compares with
61.04% in
April and with 48.64% in May of last year.
likely to be experienced is in coke.
ingot output is this week only 80 H %, a gain of
some
steel companies
facilities being
have bought outside coke,
Although steel
points over last week,
their
own
coke-making
engaged at capacity.
Pig iron production has expanded rapidly along with steel.
a
There waa
gain of 15 active blast furnaces during May, 172 having been in blast on
June 1
against 157 on May 1.
3,513,683
was
net
tons
Total output of coke pig iron last month
compared with
3,137,019 tons in April.
daily basis of 113,345 tons, last month's gain was 8.4%
daily rate of 104,567 tons.
iron.
U.S. Steel made
a
All of the gain last month
was
over
On
a
the April
in steel making
net gain of 13, independents gained three, while
there was a net loss of one merchant furnace.
Further gains in steel and pig iron
production are likely because of the
following factors: Heavy specifications for sheets and strip against recent
low
pricted commitments have been placed and will be turned out rapidly.
although the tonnage is so
much
deadline
large that observance of the June 30
orders
a
a
the No. 1 grade in some centers
The "Iron Age" scrap composite is up
marked strength, price advances on
to show
to $1 a ton.
ranging from 50c.
$18.58.
41c. to
COMPOSITE PRICES
THE "IRON AGE"
Finished
Steel
]Based[ on steel bars, beams, tank plates,
-—2.261c. j- wire, rails, black pipe, sheets, and hot
2.261c. I rolled strips. These products represent
2.236c.J 85% of the United States output.
2.261c. a Lb.
June 4,1940,
One week ago.
One month ago
One year ago
2
2.211c.
3
2.236c.
2.211c.
Oct.
1936
8
9
2.249c.
Mar.
2
Dec. 28
2.016c.
Mar. 16
Jan.
2.512c.
2.249c.
..............i..
1937
net tons, with some esti¬
April and 1,923,625 tons
in May, 1939.
The daily rate of production in May was 112,613 tons;
In April, 104,635 tons.
At the end of May 171 blast furnace stacks were
in operation, a gain of 16 over the 155 at the close of April.
Pig iron is moving well, covering for third quarter being active and
in good volume.
Apparently current buying does not extend beyond third
quarter, as producers have not opened hooks for the final period.
From all indications practically all low-priced sheets have been speci¬
May production of pig iron totaled 3,491,009
mates.
This compares with 3,139,143 tons in
May 16
17
2.261c.
2.286c.
2.612c.
-
Mar.
Jan.
May
Apr.
16
Pig Iron
Based on average for basic Iron at Valley
122.61 a Gross Ton
furnace and foundry Iron at Chicago,
$22.61
Philadelphia,
Buffalo,
Valley,
and
One month ago...—..——.
22.61
June 4, 1940,
fied and little
week ago
On
1940—
$22.61
22.61
23.25
23.25
19.73
-
1939-..-.
1938
1937
1936
Steel
Jan. +2
Sept. 19
June 21
Mar. 9
Nov. 24
One week ago
One year ago
Low
High
1939
-
1937
1936
Iron
American
The
Steel
and
nounced that telegraphic reports
cated
Mar. 19
14.08
May 16
11.00
June
7
12.91
Institute
Nov. 10
12.67
June
9
June 3 an¬
on
which it had received indi¬
operating rate of steel companies having 97%
that
steel
the
of
$16.54
June
4
Oct.
3
Nov. 22
Mar. 30
Dec. 21
of
capacity
the
will be 80.3%
industry
of
capacity for the week beginning June 3, compared with
70.9% one week ago, 65.8% one month ago, and 54.2% one
This represents an increase of 3.4 points, or
4.4%, from the estimate for the week ended May 27, 1940.
ago.
year
rates of steel
Weekly indicated
1939, follow:
I
1939—
1939—
Mar.
4
64.6%
64.7%
92.8% Mar. 11
Dec. 11
91.2% Mar. 18—62.4%
60.7%
Dec. 18—..90.0% Mar. 25
Dec. 25
1
61.7%
73.7% Apr.
1940—
Apr.
8
61.3%
Jan.
1
60.9%
85.7% Apr. 15
Jan.
8
60.0%
86.1% Apr. 22
84.8% Apr. 29.-61.8%
9.. ...88 •6% Jan. 15
6
65.8%
82.2% May
16
90 3% Jan. 22
70.$%
77.3% May 13
23
90 .2% Jan. 29
5
73.0%
71.7% May 20
30
91 •0% Feb.
12
6
92 .5% ; Feb
68.8% May 27
76.9%
3
19
80.3%
13
93 .5% Feb
67.1% June
20
93 .9% | Feb. 26
65.9%
47.8%
47.0%
45.4%
48.5%
52.2%
Aug. 14
I Nov.
Aug. 21
1 Dec.
June
5
54.2%
Sept.
June
12
19
53.1%
55.0%
Sept.
June
June 26
54.3%
Oct.
3
38.5%
July 10
49.7%
July 17
56.4%
July 24.....60.6%
July 31
59.3%
Aug.
7
60.1%
Oct.
May
Aug.
Sept.
Sept.
Oct.
July
Oct.
Oct.
Nov.
Nov.
Nov.
1940—
1939—
1
8
May 15
May 22
May 29
May
operations since May 1,
62 •1%
62 •2%
28--—63 •0%
4
58 •6%
11
70 •2%
18
79 •3%
25
83 •8%
2
87 .5%
27
94.4%
4
"Steel" of Cleveland, in its summary of the iron and
markets,
June 3
on
steel
Domestic
and
is
for export combine
bring American steel mills heavy bookings, most of
largely
and
plates
operating
Britain,
bars,
with
continues its
tonnage came from Norway and Sweden, the
countries not being apparent.
During
months cumulative import tonnage, 25,558 tons, was only 23.7% of
and iron products imported in the corresponding period last year.
Rise of the operating rate 3%
points to 78*6% resulted from
all
Practically
situation
in
the
the Scandinavian
some
sheet
tonnage,
as
its plants day and night, seven days a
well.
Great
week, requires
war
four
steel
sub¬
in a number of centers and only slight decreases in
Chicago advanced 8 points to 83%, Pittsburgh 5% points to 79%,
eastern Pennsylvania 4 points to 71%.
Other gains were: Birming¬
stantial increases
two.
and
85%; Cincinnati, 3 points to 64%; Cleveland, 4 points
points to 70%; St. Louis, 2 points to 57%, and
ham, 2 points to
to
82%;
Buffalo, 5
74%, and Wheeling,
remained 56%.
An increase of
points in the estimated production of
steel ingots by subsidiaries of the U. S. Steel Corp. resulted
in a gain of four points in the average for the industry,
according to the "Wall Street Journal" of June 5.
The
upturn among independents in the compilation amounted to
only 1 Yi points.
The "Journal" further reported:
For the industry as a whole, output for the week is placed at about 80%
of capacity, compared with 76% in the previous week and 73% two weeks
ago, U. S. Steel is estimated at 83K%, against 77% in the week before and
72^ % two weeks ago.
Leading independents are credited with 77% com¬
58%.
Youngstown, I point to
6
points to 79%.
Detroit lost 5 points to
In New England the rate
preceding week and 73% two weeks ago.
of the percentage of production
for the week ended June 3, with the nearest corresponding week of previous
years, together with the approximate changes in points, from the week
pared with 7534 % in the
The following
table gives a comparison
immediately preceding:
Independents
U. S. Steel
Industry
77
5634
+3
26
—2)4
80
+4
83 K
1939
52^
+5
1938.
+4
—2H
47 )4
26
26)4
—2
1937
75
—8
88
1936..
69 34
60
+
1933
46
+ 1J4
—iy3
40
—2
39
71
1929
96 M
76
+ 1H
—3)4
100
1928
1927
74
—1)4
—
78
+2
3834
34
—134
6734
75
'
+2
53
+1
37 J4
1930
+1
—2
70
48
H
1931
1
73
42
+ 1
37
40
—14
64
64 H
+ 1
—2
1935
1934
+1)4
+6X
1940
increasing demand
which carry request
for
immediate delivery.
Steelmaking operations continue their upward
movement, advancing 3 V2 points last week to 78Y2%.
Not only are the Allies placing more tonnage in this country, hut
neutral countries cut off from former European sources are turning here
for their steel requirements.
Canada, working at top speed on armament
for Great Britain, finds its mills booked far ahead and is placing con¬
siderable steel with American mills to supplement the home supply.
This
to
being met and the
steel
stated:
consumption
"
general are firm, and wherever soft spots have developed in
there is a hardening toward quoted figures.
Fewer conces¬
market is much firmer than for some time.
upward course, although there has been little ton¬
nage buying.
Suppliers are holding their stocks closely in expectation
of an intensified demand,
and bidding on current railroad lists lends
color to this attitude.
Rise of more than $2 per ton since the middle of
April shows the strength of the situation.
The composite price last week
advanced 17c. to $18.38, on higher prices on the Atlantic seaboard.
At
Chicago and Pittsburgh quotations held steady.
Steel and iron imports in April totaled 6,674 gross tons, a gain of
30% over March.
With scrap imports excluded the gain was 22%.
Scrap
and Chicago.
$18.58
22.50
15.00
21.92
17.75
1940
1938
July 6
Feb. 16
Aug. 11
Scrap
16.75
14.58
One month ago
weeks
sions are
$18.58 a Gross Ton •
' Based on No. 1 heavy melting steel
quotations at Pittsburgh, Philadelphia,
$18.17
June 4, 1940,
in
Prices
recent
Jan.
2
Sept. 12
$22.61
20.61
19.61
20.25
18.73
taken up.
been
has
Low
High
30 deadline. Cover¬
lag until the slack
will remain undelivered after the June
price has caused current buying to
the cut
at
age
Southern Iron at Cincinnati.
20.61
One year ago———
increasing orders
are
recently.
being booked
tons
Low
High
1940--
1939.....
1938....
and with semi-finished
capacity,
own
expediting deliveries on flot-rolled steel
booked during the recent low-priced period, to meet the June 30 deadline,
backlogs of this class of steel are being accumulated in many cases.
Consumers are looking to the future in view of expected expansion of
requirements for preparedness, and there is considerable advanced buying
to replenish inventory.
Steelmakers believe armament requirements and
export steel will take precedence over domestic industrial needs and steel¬
makers seek to protect consumers now rather than have their requirements
come out
when capacity is fully engaged on preferred tonnage.
General buying is in the best volume since last fall, in the experience
of leading producers.
Much of it is for Government work, directly or
indirectly especially in bars and plates, with some sheets, but few struc¬
tural.
Semi-finished steel is in heavy demand, lots of 8,000 to 11,000
steelmakers
Although
buying programs.
period of high production, steel companies are bringing
large amount of Lake Superior iron ore.
The movement up to
June 1 totaled 7,743,196 gross tons, an increase of 4,084,945 tons over the
same period in 1939.
<
Without much influence from export business, scrap markets continue
for
To prepare
its
beyond
steel
the Continent reduced by war conditions
placed here.
being
are
repair and equipment
down
and
iron
supplies from
be possible in all cases; the automobile industry is about to place
for 1941 model production; the railroads are expected to initate
may not
June 8, 1940
Chronicle
The Commercial & Financial
3582
9434
+2
—4)4
73
—3
—2)4
71
+
79
•
34.
1932—Not available.
Current Events and Discussions
Increase
The
Week
with the Federal
Since
June
During
balances
bank
the week ended June 5 member bank reserve
increased $172,000,000.
Additions to member
reserves
arose
from increases of $119,000,000 in
gold
bank credit and decreases
Reserve
banks, and $2,000,000 in non-member deposits and other
of
$70,000,000 in Treasury deposits with Federal
Federal
Reserve
accounts,
offset in part by increases
of
$5,000,000 in
Treasury cash.
Excess reserves of member banks on June 5
were estimated to be approximately $6,530,000,000, an in¬
in
$33,000,000
crease
money
in
circulation and
of $170,000,000 for the week.
Changs
Bills discounted-..--
5 will be
the week and the year ended June 5, 1940:
$
3,000,000
-
———I
Bills bought
U. S. Government securities,
direct
advances
(not
including
9,000,000
$9,000,000 commitments—May 22)
Other reserve bank credit
Total Reserve bank credit
Gold stock
41,000,000
2,530,000,000
—.19,281,000,000
3,008,000,000
Treasury currency
13,387,000,000
Member bank reserve balances
Money in circulation
Treasury cash
Treasury deposits with
7,718,000,000
2,205,000,000
F.R. banks._
308,000,000
eral Reserve accounts
$
—i",ooo~,600
—3,000,000
—70,000,000
+ 45,000,000
—46,000,000
+ 3,294,000,000
+144,000,000
+3,334,000,000
+732,000,000
—366,000,000
—627,000,000
—2,000,000
+ 318,000,000
+ 19,000,000
+ 19,000,000
+ 119,000,000
+ 1,000,000
+ 172,000,000
+ 33,000,000
+ 5,000,000
-
Nonmember deposits and
June 7,1939
'.■-+3
—87,000,000
2,477,000,000
guaranteed
Industrial
other Fed¬
-
1,201,000,000
New York City and
Chicago—Brokers' Loans
Returns of Member Banks in
3614 and 3615.
in member bank reserve balances and related
items during
May 29, 1940
/
The statement in full for the week ended June
found km/pages
5, 1940
$
and
stock and $19,000,000 in Reserve
C-f) or Decrease (—)
Reserve Banks
Below is the statement of the Board
Federal
Reserve
of Governors of the
System for the New York City member
Volume ISO
The Commercial & Financial Chronicle
■
banks and also for the Chicago member banks for the current week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday.
Germany Raises 3,000,000,000 Mark Credit to
Finance Army of Occupation
Germany recently raised a 3,000,000,000-mark credit to
finance her armies in the latest occupied territories. Regarding this Berlin advices of May 19 to the New York "Times"
assets and liabilities of weekly reporting member banks
in central reserve cities
,
said:
(In Millions of Dollars)
~m?tWtJoronCit7—*
-Chlca£p
~~t
1940
1939
1940
1940
$
s
|
$
$
1939
$
9,228
2,760
Loans and Investments—total..
Loans—total.
—...
.
9,219
8,052
2,175
2,802
2,781
589
2,180
580
2,014
537
1,658
105
1,369
417
412
358
350
553
19
25
19
27
17
33
1,658
Open market
......
104
Loans to brokers and dealers..
312
paper
Other loans for purchasing or
124
'
>
159
200
121
112
17
Loans to banks
32
39
370
385
46
46
287
159
222
969
969
787
159
2,560
2,564
2,154
713
713
1,279
1,295
6,470
1,275
1,322
6,460
1,033
1,138
4,842
134
358
1,174
135
366
1,149
Cash ln vault
81
87
80
39
39
Balances with domestic banks—
Other assets—net
86
96
77
293
308
guaranteed
by
390
376
400
48
47
29
240
49
9,415
9,393
7,590
1,909
1,919
1,639
SmS'GovtVdeposIts"""
644
644
661
^4
^4
4<S0
Inter-bank deposits;
Domestic banks............
3,682
3,690
2,803
954
939
642
647
545
8
8
12
1
1
^
it
.
United
Foreign banks
Borrowings.
_
Jtl
be limited to 5,000
>
1 >'
1
.
»
tiirffi
Tiitia
wnt*
which added"
-
rupees to an
i„,
a
.
individual and will carry
,.
interest rate
an
....
.
A second issue, designed to attract Moslems, who are forbidden to accept
religious grounds, will be interest free, mature in three years
on
and have
subscription limitations.
no
The thir(i issue- six-year defense bonds, will carry
he limited to 15,000
—
a coupon of 3%
and
rupees per individual.
:'""
" »
.
«
Available
for
Payment
of June
1 Coupons of
Republic of Panama 30-Year Z Gold Bond.
Z
Guaranty Trust Co. of New York announced that it has
funds on deposit to
_
explained above, the statements of the New York and
Chicago member banks
are
given out
Thursday, simul-
on
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
f
of 31*%
{
Complete Returns of Member Banks of the Federal
Reserve System for the Preceding Week
As
.
Z
Jit
#
,
'
,
uviccs, wniui duucu.
y
f
Funds
i3
,
<
One issue, ten-year saving certificates aimed at the small investor, will
interest
Liabilities—
Demand deposits—adjusted
,f.
Press Bombav advices
736
.
...
•
as-
'V0*""
liquid funds was
01 Anaia announcea June«5 xnreewar
,
Reserve with Fed. Res. hanks—
This
loans or unspecined amounts, it is learned from Associated
the
United States Government...
Other securities
loans;
^
unspecified Amounts
Tllfi Govfirnmfint of TnHis flTuimiTirprl
137
333
879
Obligations
its long-term
India to Offer Three War Loans for
48
159
22i
627
united states bonds
'
,
221
159
for
discontinued.
38
376
the standard type
ln which savings and other banks formerly invested their
68
13
365
—.
Treasury bills...*............'
Treasury notes.....-—..-
as
PPOTt<?
,
65
17
65
121
Real estate loans......—..*
of 4% bonds
,
159
carrying securities
other loans....
The sala of the new 4% Treasury notes reached the imposing total of
2,500,000,000 marks and the issue of 500,000,000 marks of Prussian 4%
consols was oversubscribed on the first day when the lists were laid open.
Both transactions were manifestly preparatory to the Reich's adoption
—
1940
Assets—
3583
pay upon presentation and surrender,
and after June 1, 1940, of the June 1, 1940 coupons detached from the Republic of Panama 30-year external sinkon
ing fund 5^% gold bonds due June 1, 1953, in the same
manner and on the same basis as payment of the coupons
which matured in. 1939.
__
^
.
_
„
^
Norway to Pay June 1 Coupon, on Municipalities
on
.
..
.
..
...
The Government of Norway announced June 4 that it will
compiled.
System respecting the
body of reporting member banks of the
June 1,1940 coupons to holders of Kingdom of Norway Municipalities Bank guaranteed 5% sinking fund bonds
of 1930, due 1970.
Payment will be made upon presentation
of the coupons, together with an affidavit of ownership, at
Federal Reserve System for that week ended with the close
tke New York office of the Bank of the Manhattan Co.,
of business May 29:
fiscal agent.
,•»
r
o
ln the
ii
■
.
_
__
.
following will be found the comments of the Board
of Governors of the Federal Reserve
returns of the entire
pay the
#
The condition statement of weekly reporting member banks in 101 leading
cities shows the following principal changes for the week ended May 29:
Decreases of $27,000,000 in commercial, industrial and agricultural loans,
$66,000,000 in loans to brokers and dealers in securities, and $46,000,000 in
of
Other securities
'
Decree of Royal Netherlands ^Government Regarding
Citizens' Rights
The Foreign Exchange Committee, New York, at the
oiln iIn^reases0^81 'f.00,^°request of E. C. Zimmerman, Trade Commissioner for the
H.
Netherlands Indies, distributed on June 4 the following
and $86,000,000 in demand deposits-adjusted, and a
XT
i
a
j
decrease of $55,000,000 in deposits credited to domestic banks.
Commercial, industrial, and agricultural loans decreased $13,000,000 in
New York city and $27,000,000 at ail reporting member banks.
Loans to
brokers and dealers in securities decreased $53,000,ooo in New York City.
Holdings of United States Treasury bills decreased $40,000,000 in the
Chicago District, $26,000,000 in theSt.
^sDistrictand $46,000,000 at all
and^ increased J29.0W.000 to New York City.
Holdings of Treasury notes increased
^,000,000. Holdings of United
•!c
bonds increased $17,000,000 in New York City and
$15,^0,000 at aU reporting member banks. Holdings of obhgatlons 8uar*
a?^y
Sw, f
Holdings
increased 8G1,000,000 in New York City, $9,000,000
in the St. Louis District, and $81,000,000 at all reporting member banks.
reporting member banks
v
it,
i
a
^ted
Jacreased_ S61,000,000 in New York City,
$46,000,000 in the Chicago District, $15,000*000 in the Atlanta District
translation of a Royal Decree dated May 24, 1940, received
by telegram from the Netherlands Minister for Foreign
Aifairs, at present in London, by the Netherland Legation
ill
subiect always to the provisions of
.and $86,000,000 at all reporting member banks, and decreased $69,000,000
Louis District.
in the St.
_
■
Deposits credited to domestic banks decreased $29,000,000 in New York
City, $15,000,000 each in the 1 hiladelphia and Kansas City districts, $11,000,000 in the Chicago District and $55,000,000 at all reporting member
banks,
the St. Louis District.
Deposits
foreign banks increased $11,000,000 in New York City.
and increased $41,000,000 in
credited to
A summary
of th© principal assets and liabilities of reporting member banks, together with changes for the week
and thft year
ana rne vpsr
ended iviay Z\)r 1940 iouows.
enaea Mav 29 XUTU, follows*
Increase
Mav 29, 1940
%
Assets--
23,524,000,000
May 22, 1940
5
—20,000,000
Decrease
(—>)
May 31, 1939
$
8,475,000,000
—
Open market paper..'
+1,844,000,000
—87,000,000
+349,000,000
—27,000,000
—5,000,000
+ 545,000,000
478'000'000
jLoans--4otal——
loans—
or
4,367,000,000
322,000,000
Loans and investments—total
SStural
(+)
+14,000,000
Loans to brokers and dealers in
~66'000'000
—243,000,000
481,000.000
+7,000,000
—58,000,000
1,189,000,000
—4,000,000
+2,000,000
+ 6,000,000
+ 33,000,000
—13,000,000
om^to^7oVVur^arfM"or
carrying securities-—„*—
Real estate loans
Loans to banks..
Other loans
1,592,000,000
Treasury bills
627,000.000
1,926,000,000
6,528,000,000
—46,000,000
+ 7,000,000
———I——'I 3,569!ooo!ooo
+81,000,000
+ 7,000,000
+ 3,000,000
Treasury notes
United States bonds
+15,000,000
+ 71,000,000
+294,000,000
—127,000,000
+ 677,000,000
gnarantwd by United
Other securities
_
11,203,000,000
488,000,000
Balances with domestic banks.... 3,285,000,000
+16,000,000
DemS*deposlts—adjusted
+ 86,000,000
Reserve with Fed. Res. banks
Cash in vault
Time deposits
United States Government deposits
20,287,000,000
5,312,000,000
581,000,000
o
Foreign banks
—I——II
Borrowings
-
+4,000,000
onn
iw, oon
707!000,000
+15,000,000
4o,
oon
1,000,000
+ 307,000 000
+2,754,000,000
+ 61,000,000
+583,000,000
+3,322,000,000
+77,000,000
+22,000,000
o.t
7*a one ^
+ 72,000 000
—2,000,000
Washington*
M , j_(1) Rights arIsIng out of debts, obligations and other choses
ln ^tlon against persons, partnerships, companies, firms, institutions and
corporations belonging to natural and legal persons residing or domiciled
in the Kingdom of The Netherlands, including all claims for the delivery
cf any gold deposited, in so far as they are in any way capable of being
mortgaged or offered by way of securities transferred or disposed of or dealt
in any other way outside the realm in Europe, are hereby vested in
thie gtate 0f The Netherlands as represented by the Royal Netherlands
Government temporarily residing and exercising their functions in London,
fa
The
p;ovi8ion
Article V.
of th0 first paragraph of this article shall also be ap-
plicable to all claims resulting from confirmed credits and from participation in the capitai 0f loans to partnerships, companies or firms (whether
or not
gucj1 claims are registered or
expressed in stock or share certificates,
in so far as these claims belong to natural or
in th0 Kingdom of The Netherlands, and in so far as these
bonds or other documents),
x
j
ong
claims are capable
of being mortgaged or offered by way
ferred or disposed of or dealt with in any other way
Europe.
(3) The rights of ownership accruing to
of security, trans-
outside the realm in
the State of The Netherlands
by virtue of the provisions of the first and second paragraph of this Article
shall be exercised only for the purpose of safeguarding the rights of the for-
mer owners.
.
Article II—*(1) Rights arising out of debts, obligations and other choses
in Article I shall be exempt from vesting in the State
The Netherlands as provided in Article I where it is proved in the manner
in action as described
as prescribed by Article III that on the 15th day of May, 1940, they did
belong to (A) Netherlands subjects or persons residing in The Netherlands
or subjects of Powers which are not at war with the Kingdom; (B) partner-
ghipg
companies, firms, institutions and corporations established in the
territory of Powers which are not at war with the Kingdom, provided always
partnerships, companies, firms, institutions or
corporations were before or at that date resident and domiciled or estabthat the aforesaid persons,
nf thf.
„
now
occupied bv the
enemv
lished outside the territory or the Kingdom now occupieUDy tne enemy.
(2) Persons who, after the 9th day of May, 1940, and before the 15th day
of May, 1940, have left the territory of the realm in Europe otherwise than
for ene^y territory, and partnerships, companies, firms, institutions and
corporations which, in accordance with the provisions of the Act of the 26th
of April, 1940, No. 200, have transferred their seat registered office or principal place of business, as
Kingdom, shall, for the
the case may be, to other territory within the
application of this article, be deemed to have been
established on the 15th day of May.l940, outKingdom occupied by the enemy; provided that in
resident and domiciled or
side the territory of the
the case of
partnerships, companies, firms, institutions or corporations to
which Article II, sub (B), applies, the transfer of seat registered office or
principal place of business, as the case may be, has been previously approved
by our Minister of Justice or afterwards been sanctioned by the Governor-
General of the Netherlands Indies,
of Curacao.
ernor
the Governor of Surinam,
.'v-"r
.
Article III—(1)
t-'-"-'-'''''''-""
Governor of Curacao
it concerns the territory under their general
as
the Gov¬
or
BERS ♦
are
empowered, in
In
so
Total for
a
Per
Cent
16,410
1,112,835
1,129,245
1,129,245
—
27,640
2,849,880
2,877,520
135,825
shall be made by our Minister of Justice.
Total sales
Indies, Surinam
B. Round-lot
'
and Curacao.
Article V—(1)
owners
408,210
1. Transactions of specialists in stocks
which they are registered-
In
of the rights arising out of the debts, obligations and
other choses in action referred to in Article I.
11,200
19,640
145,600
401,360
Short sales
(1) of this article, the
Notwithstanding the provision of paragraph
Minister of Justice and the Minister for the Colonies are
Other sales.b—
hereby empowered,
156,800
Total sales
jointly, to effect the restitution to the former owners before the date set
out in the first
transactions for the account
of members:
Three months after the present emergency circumstances
shall, in our judgment, have ceased to exist, restitution shall be made to
paragraph of this article, where it is proved to then- satis¬
2. Other transactions Initiated on
floor—Total purchases.....
12.96
or
indirectly for the
48,075
87,175
2,900
Other sales, b.
exercised directly
44,350
4,400
92,190
benefit of the enemy.
Trading
on
New York Stock and
New
and
the New York Stock Exchange by
on
odd-lot
except
for
dealers,
amounted to 3,817,063 shares during
it
announced by
was
the
their
own
25,840
578,950
Total sales
242,340
20.61
20 61
604,790
for the account of
specialists:
26
0
86,140
176,643
Total purchases.
86,166
176,643
Total sales
56,944
163,569
Customers' short sales
.........
Customers' other sales.c
21.19% of total transaction for the
was
also
promulgated figures showing the
relation of trading by members
of the New York Curb Ex¬
change for their own account to total transactions on the
Exchange.
During the week ended May 18 the member
trading was 604,790 shares, or 20.61% of total transactions
of 2,877,520 shares, while the preceding week (May 11) the
traded
3.01
87,200
581,420
15,510
226,830
Odd-lot transactions
C.
3.43
38,290
Short sales.
week of 5,864,030 shares.
members
1,800
85,400
222,995
4. Total-
members, except odd-lot dealers, totaled 1,288,125
""The Commission
86,035
1,410
36,880
Total sales.
the week ended May 18,
the Securities and Exchange Commission
shares; this amount
39,095
Other sales-b.
previous week ended May 11 (as announced by the SEC
Curb
the
...
3.19
96,590
ViJ,
account
May 31) round-lot purchases and sales of stocks for the
account of
off
Short sales—
yesterday (June 7), which amount was 19.57% of total
transactions on the Exchange of 18,911,730 shares.
During
on
Initiated
."-1
1
floor—Total purchases..
Trading in stocks
members,
transactions
3. Other
May 18
4.22
47,250
Total sales.
York
Curb Exchanges—Figures for Weeks Ended May 11
14.41
421,000
thei
Short sales—
faction that such rights shall not be
Member
a
A. Total round-lot sales:
Short sales...
Article IV—This decree also applies to the Netherlands
(2)
Total for
Week
Per
Cent
Week
far as it is not provided for by the first paragraph of this article,
such regulations
the former
Week End. May 18
Week End. May 11
so
foregoing article shall be given.
(2)
STOCK SALES ON THE NEW YORK CURB EX¬
AND STOCK TRANSACTIONS FOR ACCOUNT OF MEM¬
(SHARES)
ROUND-LOT
CHANGE
administration, to make
regulations with regatds to the manner in which proof as intended in the
last
TOTAL
"y\
v*
June 8, 1940
The Governor-General of the Netherlands Indies, the
Governor of Surinam and the
far
Financial Chronicle
A
The Commercial
3584
stocks for
in
amount of
242,340 shares, which
of 1,129,245 shares.
was
their
in
account
own
20.61% of total volume
*
The term
"members" includes all Exchange members, their firms and their
partners, including special partners.
a
Shares In members' transactions as per cent
In calculating these percentages,
of twice total round-lot volume.
the total of members' transactions is compared
with twice the total round-lot volume on the Exchange for the reason that the
of members' transactions Includes
volume includes only sales.
b Round-lot short sales which are exempted
from restriction by the Commission
with "other sales."
rules are included
c
total
purchases and sales, while the Exchange
both
V
"other sales."
Sales marked "short exempt" are Included with
The data published by the SEC are based upon weekly reports filed with
the New York Stock Exchange and the New York Curb Exchange by their
respective members.
These reports
classified
are
follows:
as
Week
End.May 11 1940
New
York
New
York
New
Yrok
New
York
Stock
Total number of reports received...
1. Reports showing transactions
Curb
Stock
Curb
Exchange
Exchange
Exchange
Exchange
1,063
837
200
107
the floor
298
75
252
94
other trans¬
actions initiated off the floor
281
125
351
159
*468
671
"fe:;;380;;-;.y^
515
as
specialists
2. Reports showing
on
837
1,063
;|v:;;;;203ii',:;Co:
other trans¬
actions Initiated
111
3. Reports showing
4. Reports
showing
no
Odd-Lot Trading on New
Week
Week End.May 18 1940
trans¬
actions
Note—On the New York Curb Exchange, odd-lot transactions are handled solely
by specialists In the stocks In which they are registered and the round-lot transactions
of specialists resulting from such odd lot transactions are not segregated from the
specialists' other round-lot trades.
On the New York Btook Exchange, on the
other hand, all but a fraction of the odd-lot transactions are effected by dealers
s
York Stock Exchange During
and June 1
Ended May 25
The Securities and
Exchange Commission made public on
for the week ended May 25, 1940, of com¬
plete figures showing the daily volume of stock transactions
for the odd-lot account of all odd-lot dealers and specialists
who handle odd lots on the New York Stock Exchange,
continuing a series of current figures being published by the
Commission.
The figures are based upon reports filed with
the Commission by the odd-lot dealers and specialists.
We
also incorporate the figures for the week ended June 1 which
were issued by the Commission on June 7.
June 1
STOCK
a
summary
TRANSACTIONS
DEALERS AND
FOR
THE
SPECIALISTS
ON
ODD-LOT
NEW
ACCOUNT
OF ODD-LOT
STOCK EXCHANGE
YORK
Total for
Total for
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
Week Ended
Week Ended
two exchanges.
May 25. '40
June
9
The number of reports in the various classifications may
total more than
the number of reports received because a single report may carry entries in
more
than
TOTAL
one
classification.
NEW
YORK
STOCK
EX¬
CHANGE AND ROUND-LOT STOCK TRANSACTIONS FOR ACCOUNT
OF MEMBERS *
(SHARES)
25,689
66,710
Number of orders
1,701,809
...
Dollar value
644,426
$45,470,330
Number of shares.....
ROUND-LOT STOCK SALES ON THE
1, '40
Odd-lot sales by dealers (customers' purchases):
$19,258,367
Odd-lot purchases by dealers (customers' sales):
Week End.
Total for
May 11
Per
Week
Cent
a
Week End. May 18
Total for
Week
Number of orders:
Per
Cent
882
459
46,182
16,646
47,064
Customers' short sales......
17,105
25,553
1,328,765
13,731
453,745
-
Customers' other sales.a
a
....
A. Total round-lot sales:
Short sales
....
155,290
.
...
Other sales.b
.
Customers' total sales
529,400
18,382.330
5,708,740
Number of shares:
Total sales
Cusomters' short sales
18,911,730
5,864,030
....
Customers' other sales.a
B.
Round-lot
transactions
members,
except
for
for
account
the
odd-lot
of
Dollar value.......
Total purchases
580,570
67,740
514,910
231,100
1,818,780
Other sales.b...
Total sales.
Other
transactions
582,650
Initiated
on
9.92
2,049,880
20
47,160
47,180
10.75
Round-lot purchases by dealers:
floor—Total purchases
438,400
,
122,700
480,290
5
1,222,850
178,420
Sales marked "short exempt" are
5.98
-
,
189,900
reported with "other sales."
b Sales to offset customers' odd-lot orders and sales to liquidate a long position
which is less than a round lot are reported with "other sales."
a
1,100,150
7.83
458,250
Number of shares
1,037,250
33,620
446,670
Total sales
.
150
172,750
Short sales
Other sales, b
thei
Short sales.
floor—Total purchases...
467,476
$14,009,067
Round-lot sales by dealers:
Number of shares:
2,016,040
Short sales
2.
1,354,318
.—.$36,319,752
Customers' total sales
ac¬
counts of odd-lot dealers and specialists:
1. Transactions of specialists in stocks in
which they are registered—
Market
529,060
Value
of
Bonds
Listed
on
New
York
Stock
Exchange May 31 Below April 30
25,300
199,885
Other sales.b.
Total sales
4.
225,185
Total—Total purchases
38,640
505,693
3.44
544,333
.
3,582,350
126,660
.
Total sales...
1,197,390
.
1,161,465
392,440
3,424,623
....
.
I
2.84
1,288,125
21.19
3,817,063
19.57
The New York Stock Exchange announced yesterday
(June 7) that as of the close of business on May 31, 1940.
there were 1,369 bond issues aggregating $53,413,788,592
par value listed on the New York Stock Exchange with a
total market value of $46,936,861,020.
This compares with
1,376 bond issues aggregating $53,645,947,072 par value
listed on the Exchange April 30 with a total market value
of $49,611,937,544.
Volume
following table, listed bonds are classified by govern¬
industrial groups with the aggregate market
and average price for each:
In the
and
mental
value
Value
Price
33,270,285,824
105.77
34.204,329,534
18,915,332
15,776,804
88,687,726 102.20
90,443,044 104.10
88.93
86,637,690 96.44
25,391,096 80.97
36,667,069 106.39
75,889,775
....
21,851,926
69.70
36,341,753
229,768,030
74,162,150
41,165,531
8,292,325
57,437,673
73,528,137
624,628,506
67,471,890
16,460,331
105.44
Building
manufacturing..
....
Rubber and tires
Amusements
...
....
....
Land and realty
Machinery and metals
Mining (excluding Iron)....
Petroleum
....
Paper and publishing
Retail merchandising...
Railway operating and holding com¬
panies A equipment manufacturers.
8teel, Iron and coke.........
242,048,379 104.70
75,451,375 104.59
100.23
102.80
45,228,956
10.347,608
60.322,493
115,927,678
85.13
41.72
93.15
42.86
93.21
52.06
97.62
56.67
77.98
631,303,767 104.30
68,193,470 100.90
21,449,405 88.62
50.60
57.95
101.52
96.38
402,954,651
Gas and electric (operating)..
Gas and electric (holding)....
Miscellaneous
radio)..
Business and office equipment
...
Shipbuilding and operating
Tobacco
U. 8. companies operating
abroad
Miscellaneous businesses..
74.72
46 20
798,875,856
54.41
87.87 49,611,937,544
92.48
68.44
1,129,289,260
611,025,750
41.65
Foreign government
Foreign oos. (lncl. Cuba and Canada).
46,936,861,020
All listed bonds.
316,860,067 69.13
19,250,600 101.00
14,504,685 51.61
17,220,090 75.06
43,393,604 127.38
109,790,880 43.40
25,843,280 105.50
13,190,638,212
36.81
1,418.095.942
11,926,260,186
Total United States companies
3,192,845,175 108.49
225,176,123 103.09
1,059,562,834 106.93
1,014,725,151 102.70
300,677,458 65.70
17,535,200 92.00
11,829,417 42.09
13,434,975 58.56
41,314,049 121.27
85,816,897 33.92
24,985,920 102.00
'
utilities
Shipping services
9,350,760 101.89
8,798,685
3,075,026,289 104.66
211,990,063 97.05
Textile
Communication (cable, tel. A
95.11
6,103,768.840
524,743,912 100.30
95.88
5,285,708,874
Market
Aver.
Price
Value
Price
103.28
Financial
Chemical..
Aver.
Value
108.74
99.34
April 30, 1940
May 31, 1940
Market
Autos and accessories
Electrical equipment
Food
following table listed stocks are classified by leading
groups with
the aggregate market value and
price for each:
industrial
%
United Statu Companies—
....
In the
thicj
therefore 1.24%.
was
Price
Value
3
U. S. Govt. (incl. States, cities, <fcc.)__
date
Aver.
Market
Aver.
borrowings to the market value of all listed stocks, on
average
April 30, 1940
May 31, 1940
Market
3585
& Financial Chronicle
The Commercial
150
Autos and
2,846,893,762
Financial.....
...."
Chemicals......
Electrical equipment
manufacturing!!
Foods............................
14.85
56.96
17.68
31.49
26.71
HI!
275,223,714
25.90
487,252,518
165,334,242
13,054,723
37.17
I.I
1,277,334,285
1,296,382,716
3,210,476,232
Rubber and tires..
20.06
Farm machinery
Amusements
Land and realty
Machinery and metals......
Mining (excluding iron)...
Petroleum
3,831,337,560
1,032,803,213
6,553,178,645
550,805,411
1,585.423,422
3.150,446,914
23.97
750,361,659
5,249,225,169
384,492,993
1,232,946,306
2,479,867,051
sceessorles^......^*....
Building
....
389,967.296
632,048,558
238.666,924
16,865,530
1,676,501,041
1,694,215,013
4,293,823.276
517,946,887
2,556,524.673
3,051,952,294
2.390,810,263
9.45
2.64
20.16
16.61
Paper and publishing
365,274,770
18.05
Retail merchandising
1,936,618,474
25.85
Ry. oper. A holding oo*s A eqpt. mfrs.
Steel, iron and coke...
20.55
Gas and electrio (holding)
2,427,873,512
1,926,979,202
211,097,513
2,034,937,999
1,089,751,601
Communications (oable tel. A radio)..
Miscellaneous utilities....
3,235,116,967
117,682,289
Gas and electric
48.22
13.61
3.41
26.33
26.35
22.21
26.60
34.12
25.83
48.53
25.34
85.30
13.00
148,676,256
16.42
589,236,157
239,560,962
5,027,442
44,935,021
99,608,937
148,930,744
20.04
739,370,312
25.56
20.90
305,613.489
26.66
2.74
1,389,709,098
35,224,385
457,125,813
:i
623,046,952
49.71
21.00
8,903,410
73,613,158
128,501,339
188,499,576
1,693,148,169
45,091,655
13.40
604,689,242
17.62
12.92
784.966,540
19.39
25 26 46.769.244,271
32.35
...
........
Tobacco....
Garments
U. S. companies operating abroad
Foreign companies (inel. Cuba A Can.)
11.37
14.95
16.77
19.96
36,546,583,208
give below
38.70
28.85
Miscellaneous businesses
We
25.33
33.93
290,270,064
.....
All listed stocks
71.74
40.50
2,427.261,873
1,385,539,164
3,782,883,105
Aviation
Leather and boots
20.33
18.39
(operating)
Business and office equipment..
Shipping services
Ship operating and building
39.13
32.40
24.18
Textiles
The following
table, compiled by us, gives a two-year
comparison of the total market value and the total average
price of bonds listed on the Exchange:
$
$
14.46
99.74
4.85
24.43
21.63
25.26
60.56
26.88
market
the Exchange:
two-year compilation of the total
a
value and the average
price of stocks listed on
Market
Market
Market
Market
Average
Price
Value
Price
$40,673,320,779
$28.51
Price
Price
Value
Average
Value
Average
Value
Average
1939—
1938—
1938—
Mar.
91.56
Apr.
48.920.968.566
92.92
May
48.570.781,615
49,007,131,070
92.08
June
Aug. 31
47.297.289.186
July
Sept. 80....
46,430.860,982
88.60
90.79
91.24
Oet.
92.33
88.98
July
90.19
44.182.833.403
44.836.709.433
89.40
89.08
Opt.
Apr. 29
May 31
31....
31
31
45.539.192.999
90.67
45.441,652.321
90.34
47,839,377,778
49,919.813.386
Nov. 30
Nov. 30
Deo. 30
Oct.
Dec. 31
47.053..034.224
1939—
49.678.805,641
49.605.261,998
50,006,387,149
49,611,937,544
29
31
46.958,433.389
91.03
Mar. 30
Feb. 28
47,471.484.161
91.85
Apr. 30....
48,351.945,186
1
Mar.
Nov. 30
32.96
Deo.
30
46.467,616.372
47,490,793,969
33.34
44.884,288,147
31.50
Mar. 30
April 30
May 31
of
20,000 Shares
of
91.97
31
Jan.
92.86
Feb.
28
40,270.987.418
92.48
Mar. 31
40,921,074,970
28.09
Stock of National
A block of 20,000 shares of the National City Bank of
York was auctioned off yesterday (June 7) at the
offices of Adrian H. Muller & Son, the auctioneers, in
The transfer of the whole block was made to
an individual who refused to disclose either his own identity
or the name of the party for whom he was
acting.
The
stock brought a price of $22 a share, or fractionally under
the then existing market.
Jersey City.
♦
Atlanta Joint Stock Land Bank Refunds $450,000 Bonds
Atlanta
through
Joint
Kidder,
Land
Stock
Co.
&
Peabody
Bank
sold
the
and
on
Ttrust
May
4,
Cb.
of
Georgia, $225,000 %% bonds due Dec. 1, 1941, and $225,000
1% bonds due Dec. 1, 1942, at 100.
The proceeds were for
the
purpose
of refunding 1%% and 2%
bonds called for
Exchange
on
May
31,
with $46,769,244,271 on
Listed Stocks
of the
close of business
New York Stock
$36,546,583,208, Compared
April 30—Classification of
The New York Stock Exchange
as
on
on
announced June 5 that
May 31,
1940, there
were
1,234 stock issues aggregating 1,446,890,277 shares listed
the New York Stock Exchange with a total market
This compares with 1,234 stock
on
value of $36,546,583,208.
issues
aggregating 1,445,651,357 shares listed on the Ex¬
change April 30 with a total market value of $46,769,244,271,
and with 1,233 stock issues aggregating 1,426,995,729 shares
with a total market value of $43,229,587,173 on May 31,
1939.
This market value decline of $10,222,661,063 in a
the lowest figure since June 1,
amounted to $34,584,614,803.
In making public the figures for May 31, the Exchange said:
month brought the total to
1938, when the market value
As
of the close of business May
31,
member total net borrowings in New
1940,
New York Stock Exchange
York City on collateral amounted to
The ratio of these member total borrowings to the market
of all listed stocks, on this date was therefore 1.12%.
Member
$408,909,100.
value
borrowings are not
broken down to separate those only on listed share
collateral from those on other collateral;
the
true
relationship
thus these ratios usually will exceed
between borrowings on
all listed shares and their
market value.
April 30, 1940, New York Stock Exchange member
York City on collateral amounted
$579,486,871.
The ratio of these member total net
As of
31.08
31....
45,036,655,548
29....
46.058.132.499
31.96
40,694,703,128
46,769.244.271
36,546,583,208
32.34
Have
32.35
25.26
Repaid 22.6% of Principal
indebtedness, it was an¬
More than 70,500
loans, amounting to $167,500,000, have been repaid in full,
according to Charles A. Jones, General Manager of the
Corporation.
Mr. Jones said:
22.6%
on
May 25 by the Corporation.
granted
HOLC
The
entire principal
their
of
nounced
a million loans, amounting to $3,093,lending period in June, 1936. It since
to the same borrowers, largely to aid
to protect their properties through recon¬
than
more
000,000, prior to the close of its
has disbursed about $142,000,000
in
them
meeting
taxes
and
ditioning and repair.
repayment record of
small house programs
now being fostered by private industry,
encouraged by the
cooperation of Government agencies. He went on to say:
Mr. Jones found significance in the
HOLC borrowers in relation to the
of
average
the
the
loans
to those of email
credit
income has been justified.
HOLC loan was only about $3,000, and
were considerably less than that figure.
greatest
brackets
has
of liberal
and
number
of
general
the
been at least as
good
loans
repaid
in
full
have been in the lower
income borrowers
of the lowest
those of higher income.
performance
as
the great majority
Records show that
$170,577,770 in
Outstanding Brokers'
New York Stock Exchange During May
—Total May 31 Reported at $408,909,100—Amount
Is $137,066,879 Below Year Ago
Decrease
Loans
of
on
According to the monthly
compilation of the New York
issued June 4, outstanding brokers' loans
on
the Exchange decreased $170,577,770 during May to
$408,909,100, the lowest total amount in over seven years.
As compared with May 31, 1939, when the loans out¬
standing amounted to $545,975,979, the figure for the end
of May, 1940, represents a decrease of $137,066,879.
Both demand and time loans outstanding on May 31 were
below a month and a year ago.
The demand loans on
Stock Exchange,
May 31 totaled $391,388,100, as compared with $559,505,870
April 30 and $515,483,090 May 31, 1939.
Time loans at
the latest date were reported at $17,521,000, against $19,981,000 and $30,492,889, respectively, on the two earlier
dates
The
following is the report for May 31,
available by the
New York
1940,
as
made
Stock Exchange:
member total net borrowings on collateral,
carried in New York as of the close of business May 31,
$408,909,100. The detailed tabulation follows:
Stock Exchange
total net borrowings in New
contracted for and
to
1940, aggregated
32.37
Jan.
discloses that borrowers of the Home Owners'
Corporation have paid back more than $733,000,000, or
Extension
Stocks
31.79
A survey
Loan
The
Listed
33.11
Indebtedness, Survey Discloses
redemption June 1, 1940.
Market Value of
HOLC
of
City
New
The
33.15
1940—
32.30
32.44
New York
Bank of
81
31.31
29.12
Feb.
31....
Borrowers
Auction
29.41
30.29
28.70
87.87
May 31
91.80
Oct.
30.54
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
1939—
92.02
46,936,861,020
31
Feb.
30.55
43.626,688,812
47,001,767,212
46,081,192,347
31
31.38
31
Aug. 31....
Sept. 30
43,526.488,215
30....
Dec.
1940—
91.27
Jan.
Jan.
%
%
June 30
43.756.515.009
44.561.109.796
Sept. 30
July
Nov. 30
87.78
June 30
30....
34,584,614,803
41,961,875,154
44,784,224,215
24.28
Sept. 30....
42,398.688.128
42.346.644.435
July
June 30....
Aug. 31
47 621.2*5 885
May 1
June 1
87.82
Aug. 81
Apr. 29....
May 31....
June 30....
90.59
22.32
25.15
1....
93.15
$28.94
35.864,767.775
1....
1....
8
85.71
:
1
$41,172,861,535
31,868.461,871
1
48,127,511,742
1939—
8
41.450.248.311
Apr
The Commercial & Financial Chronicle
3586
'•..'^v;: !'■ jDemand
(1) Net borrowings on collateral from New York banks
Time
Number
or trust companies
-$351,731,600
(2) Net borrowings on collateral from private bankers.
brokers, foreign bank agencies, or others In the
City of New York
39,656,600
Below
furnish
we
month
a
1938—
Apr. 30
——
May 30---
30-.
July
Aug. 31
Sept. 30
31
Oct.
65,567,500
53,188,500
40,873,500
37,961,000
Nov. 30
681,885,192
193^—
*
31
Mar. 31
—
Apr. 29
May 31.....
June 30
478,060,007
———
Sept. 30
Oct. 31
433,556,992
Nov.30—
643,875,683
502,025,629
Deo. 30
Feb. 29
-
on
534.228,504
iia
Shutz
594,288,938
660,050,900
555,474,347
669,813,480
549,692.430
559,505,870
28% lower than
below any average
were
were
The Association's announcement went
lending
573,871,683
547,443,175
545,975,979
537,261,959
553,767,240
508,577,554
467,059,867
29,646,000
Apr. 30
May
period a year ago and
for the same
quarter since 1926.
27,046.000
25,996,000
20,121,000
19,981,000
Mar. 30
properties by all types of mortgage lend¬
the first quarter of this year
in
666,496.877
564,642,938
......
closures on urban
ers
should be encouraging to all mort¬
Nation.
He pointed out that fore-
of the
lenders
gage
654,855,671
533,004,900
529,478,347
....
31
mortgage foreclosures
683,432.399
1940— 7":'
Jan,
Shutz of the Mortgage Bankers Asso¬
3 that the downward trend in
June
on
32,202,875
30.996,000
526,691,740
Aug. 31
declared
37,254,037
37,663,739
32,269,650
30,492,889
28,240,322
27,075,500
30,517,547
33,502,875
509,021,637
-
31
July
(President Byron T.
ciation
33,983,537
632,513,340
646,178,362
617,191,932
515,173,525
515,483,090
Feb. 28
Encouraging to Lenders, Says B. T. Shutz, Head
Mortgage Bankers Association
of
521,116,919
459,363,905
469,887,400
493,615,933
541,490,407
524,202,638
580,741,637
619,955,270
717.084,329
34,398.000
—577,441,170
Dec. 31
Jan.
$340,330,000
Downward Trend in Mortgage Foreclosures Should Be
466,766,529
32,498,000
40,183,000
40,302,497
42,514,100
35,199,137
540,439,140
-
50,203,000
124,721
Totals
$
M
418,490,405
431,926,400
459,217,933
508,992,407
484,019,538
-
June 30
Others-.
Total Loam
$
455,549,419
413,578.029
—
3,465
15,341
in the loan
as
Time Loans
$
——
56,561,000
27,091,000
13,122,000
5.484
companies
Mutual savings banks
$21,073,300
two-year compilation of the figures:
a
29,532
$110,787,000
82,569,000
ago.
Demand Loans
Mar. 31-
same
26,711
—
Individuals--Insurance
$17,521,000
Exchange
44.188
companies—
Banks and trust
300,000
$408 909 100
of the above compilation is exactly the
associations-.
Savings and loan
$391,388,100
The scope
Amount
$17,221,000
Combined total of time and demand borrowings
Total face amount of "Government securities" pledged as collateral
for the borrowings Included in Items (1) and (2) above
report issued by the
June 8, 1940
'v
391,388,100
679.486.870
17,521,000
408,909,10
to say:
the
month
same
the
I
Shutz,
Mr.
or
more
39%
population—had
thfee months of 1940
first
were
below
foreclosures
Eighty-nine reporting metropolitan
1939.
in
100,000
of
ties—cities
in
said
foreclosures,
March
than
a
year
29%
fewer
for
communi¬
foreclosures
ago.
"No news can be quite so encouraging to those engaged in the mortgage
business than a continuation of this trend.
Above all, none of
wants to see a return of the 'foreclosure days' of the thirties," Mr.
said.
dwelling
family
of 1,662
increase
an
is
to
first
the
costing
units,
in cities of
construction
under
sented
during
construction
residential
61,720
encouraging note
another
"Still
more
be
found
in
of
quarter
$217,110,600
the
gain
made
in
A
total
of
constructed
or
1940.
were
than 10,000 population.
units and
$4,016,100 in
value
This
over
repre¬
the
same
at
$88,-
period of 1939," Mr. Shutz said.
Credit
Extended
by
New
Home
York Declined in
Loan
Bank
of
May
Reversing the uptrend noted during the first four months
of the year, the volume
of credit extended
by the Federal
Home Loan Bank of New York to its member
savings and
loan associations in New Jersey and New York
during May
amounted to but $381,200, which compares with
$639,313 of
credits
extended
during
$1,148,500 advanced
April, and with the total
May, 1939, the Bank reported
in
of
The net balance of the Bank's
outstanding advances
to member institutions at the end of May was
$17,015,807,
compared with $19,820,094 at the start of the year.
residential
valued
units
2,308
of
1939.
in
"Should this trend continue, and
Mr.
declared
there is
every
indication that it will,"
"urban residential construction during 1940 will
making the year the first 'billion dollar year*
Shutz,
dollars,
billion
a
'
1930."
since
was
financed, were built at a cost of $141,922,300, an
and $4,776,000 in dollar value over the same
privately
dwellings
reach
construction
During the quarter, said Mr. Shutz, 38,254 one- and two-family
Increase
period
March
gain of $16,261,300 over February and $3,284,200 over March
a
1939.
\
>
.■
:
on
June 4.
as
518,400,
of
that
declared
He
Federal
Forty-Eight Middle-Sized Savings, Building and Loan
Associations
Gained $20,451,000 in Assets Last
The
Year
Bank further stated:
Officers
to
of the Bank attributed the sharp decline in
requests for credit
increasingly heavy flow of savings funds into its member institu¬
an
tions
in
the
Second
Federal
Home. Loan Bank
District,
coupled with the
lack of any substantial increase in the volume of home
mortgages
in 1940 over the
corresponding period last year.
recorded
Forty-eight medium-sized savings, building and loan asso¬
ciations in 15 States from coast to coast gained $20,451,000
amounted to more
attributed
associations
of
Mortgage Loans Made by New York Savings and Loan
Associations Show Large Increase During April
Month
and
Savings and Loan League.
States
were
Over Previous
it was reported on June 1 by the United
The expansions, which
than 10% of the assets per association,
in assets last year,
Year
partially
home
on
of making
details
to the post-depression emphasis
construction loans, and on the
home-owner
debt retirement more con¬
The League's announcement added:
This report from the
$2,000,000 to $5,000,000 associations came on
top of an announcement
several weeks ago that three-fourths of the
associations over $5,000,000 in assets had increased last year.
George
venient.
The volume of mortgage loans made
by all savings and
loan associations in the State during
April, 1940, was greater
W. West, Atlanta,
in
tions
both amount loaned and in number of loans made than
during the preceding month
which
of March, 1940, according to
Zebulon V. Woodard, Executive Vice-President of the New
ference
York
larger
State
Tliere
League
was
an
Savings
estimated
in
the amount and
of
loans
show
of
made.
increase
of
increase of
an
Loan
and
43.7%,
59%,
Further, the month's
Associations.
$1,782,647,
or
Ga., President of the League, said that the 48 associa¬
management con¬
represent a good cross-section of he League's 700-odd
their size group.
From their reports and those of the
reported through their executives holding a
Chicago
associations
in
deduces that the active units of the Nation's
system are really growing more consistently
time in the history of this business.
associations
building
savings,
than at any
activities
12.6%, or $660,757, in amount loaned
April, 1939, and 5.5% increase, or 113 loans, in number
of loans.
The announcement made by the
League likewise
?;■.
,
These
estimated
member
of
during April,
State,
1940,
would
give
are
the
which,
total
a
arrived
League,
projected
of
from
at
with
total of 1,269
a
to
2,157
figures submitted by 119
assets
loans for
loans,
totaling
an
include
$242,885,324.
amount of
all
$3,445,707
associations
amounting
to
in
the
$5,857,701
for
the month.
Of the actual loans
the
construction
purchase
repair
in
a
of
of
and
made, there
new
homes;
homes;
154
total of
amounting to $1,034,499, for the
loans, amounting to $561,711; 87
totaling $99,887, and 367 other loans,
loans,
George J. Schaller of the Federal Reserve Bank
Chicago announced June 3 that J. J Chalfont, as Castiier,
been placed in charge of the Detroit Branch of the
Federal Reserve Bank of Chicago. Mr. Chalfont has been
with the bank for more than 21 years and has had charge of
ah internal operations of the Detroit Branch under Ralph
H. Buss, Managing Director, who died May 26.
has
Tenders of $209,222,000
Home
Urban
Mortgage Lending in April Was
Last Year, FHLBB
Reports
home mortgage financing by
21%
all types
of lenders
April was 21% ahead of April, 1939,
13% better than March, 1940, it was estimated June 1
economists
Further details
with
total
of
103,906
of
Research
showed
between
an
totaling
and
confined
to
and
Home
the
announced on
of $100,000,000, or thereabouts, of 91-day Treasury bills totaled
$209,222,000, of which $100,008,000 was accepted at an
average rate of 0.089%.
The Treasury bills are dated May 31 and will mature on
Sept. 4, 1940.
Reference to the offering appeared in our
Bank
of
movement
the
over
$340,333,000,
during April,
in
Board
March
April
a
ago,
The
compared
The monthly
$20,000 or less.
were
compared
as
year
reported.
as
last year.
mortgages of
Board.
survey
the
April
with
a
of the
Savings and loan associations maintained their position as the leading
group of home mortgage lenders in the United States by accounting for
approximately one-third of the April home financing.
Their mortgages
were 31% in amount ahead of the
figure in April, 1939.
The
year
distribution
was
of
Treasury
the
Morgenthau
as
of
recordings
follows:
by
type
of
issue
of June
1, page 3437.
accepted bids of the offering
Morgenthau's announcement of June 3.
The following regarding the
amounting to
Nation
$280,486,000
Statistics
April
Loan
follows:
as
mortgages,
property in
upward
March
Federal
given
home
mortgages
figures
is
the
were
124,721
decline
Division
of
non-farm
on
Division
Received to Offering of $100,-
000,000 of 91-Day Treasury Bills—$100,008,000
Accepted at Average Price of 0.089%
$173,988.
in the United States in
recorded
Branch of
337, amounting to $1,575,632, for
were
324,
Above
A
Detroit
President
Secretary
by
Charge of
June 3- that the tenders to the offering last week
Urban
and
in
Chicago Federal Reserve Bank
refinanced
modernization
Put
Chalfont
J.
of
'•
increases
associations
These institutions made
loan
4.
H.
over
said:
he
and
805, in number
or
mortgage
increase of
an
in
lenders
in
April
of
this
is from Secretary
Total
applied
Range
accepted
of
approximately
mately
bids:
0.111%;
(59%
0.089%.
total accepted, $100,008,000.
100; low, 99.972, equivalent rate,
price, 99.977, equivalent rate, approxi¬
amount bid for at the low price was
$209,222,000;
for,
High,
average
of
the
accepted.)
♦
Membership of St. Louis Federal Reserve Bank
Increased to 401 Banks
The
became
The
Southern
a
n8W
Missouri
Trust
Co.
of Springfield,
member of the Federal Reserve
member has
a
System
on
Mo.,
June 4.
capital of $200,000, surplus of $40,-
Volume
000,
The Commercial & Financial Chronicle
ISO
and total
resources of $2,706,736.
Its officers are:
Hutchison, Chairman of the Board; H. K. Hoblit,
President; A. J. Eisenmayer, Vice-President; G. K. Hughey,
Secretary-Treasurer, and R. L. Shannon and H. E. Shanks,
Asst. Secretary-Treasurers. The announcement by the Fed¬
J.
E.
eral Reserve Bank of St. Louis further said:
The addition
of this
Reserve Bank of St.
aggregate
bank
Louis
approximately
to
401.
The deposits in these member banks
and
deposits of all banks in the Eighth District.
Customs officers and postal
employees are instructed to.
securities
evidences thereof to
or
amount
70%
to
of
the
Since the first of the year,
any foreign country on or after June 7, 1940, which in the
opinion of customs officers or postal employees contain such securities or
evidences thereof, shall be
subjected to customs inspection in accordance
with the Customs
Regulations of 1937.
dressee or his agent in the
officer
by an ad¬
If any article opened
supervision of a customs
contain such securities or evidences
or
postal employee is found to
thereof, such securities or evidences thereof shall be surrendered forthwith
to such customs officer or
bank,
postal employee for delivery to a Federal Reserve
above provided.
as
,
H.
•
Eighth District, which is served by the Federal Reserve Bank of St.
Louis and its branches in Louisville, Memphis, and Little Rock, comprises
all of
Any articles
arriving from
eight State banks in this district have joined the System.
The
deliver any such
Federal Reserve bank.
a
presence or under the
brings the total membership of the Federal
SI,586,000,000,
3587
MORGENTHAU
Approved: June 6, 1940.
JR.,
Secretary of the Treasury.
Franklin D. Roosevelt.
Arkansas, all of Missouri except the western tier of counties, the south¬
portions of Illinois and Indiana, the western parts of Kentucky and
Tennessee, and the northern half of Mississippi.
ern
♦
New
Offering of $100,000,000 or Thereabouts, of 91Day Treasury Bills—To Be Dated June 12, 1940
Secretary of the Treasury Morgenthau announced
June
on
7 that tenders
are invited to a new
offering of 91-day Treas¬
bills to the amount of $100,000,000, or thereabouts, to
ury
be sold
will
on
be
discount basis to the highest bidders.
a
received
at
the
Federal
Reserve
Tenders
banks
the
and
branches thereof up to 2 p. m. (EST) June 10, but will not
be received at the Treasury
Department, Washington. The
Secretary of Treasury Morgenthau to Disclose June 15
Financing on Monday—Will Decide Whether to
Refund $353,000,000 of
3y8% Bonds
Secretary of the Treasury Morgenthau stated at his press
on June 6 that he will announce next
Monday
plans with regard to the June 15 maturity of $353,000,000
principal amount of Treasury 3%% bonds. He said that tie
will decide over the week end whether the
Treasury will
retire these bonds
through a cash offering or refund them.
Regarding his remarks a Washington dispatch to the "Wall
conference
Street Journal" of June 7 said:
If
a
Treasury bills will be dated June 12, 1940 and will mature
on Sept. 11, 1940, and on the
maturity date the face amount
of the bills will be payable without interest.
There is a
request for new money.
maturity of
Treasury to maintain
similar issue of Treasury bills
a
of
amount
$100,714,000.
In
his
June 12, in
on
announcement
of
the
offering Secretary Morgenthau also said; /
;
■0, They (the bills) will be issued in bearer form only, and in amounts or
denominations
of
$1,000, $10,000, $100,000, $500,000, and $1,000,000
(maturity value).
No
tender
tender
must
pressed
multiples
less
tlian
$1,000
$1,000.
of
trust
will
The
be considered.
price
offered
must
of
are
securities.
Tenders from others must be accompanied by a deposit
10% of the face amount of Treasury bills applied for, unless the tenders
accompanied by an express guaranty of payment by an incorporated
bank
trust
or
company.
Immediately after the closing hour for receipt of tenders on June 10,
1940, all tenders received at the Federal Reserve Banks or branches thereof
acceptable prices
the
hour will
the closing
to
up
follow
will
following morning.
the
right to reject
than
the amount
final.
Those
tion thereof.
be opened
as
and
possible
as
soon
public
announcement
thereafter,
of
the
probably
on
The Secretary of the Treasury expressly reserves
or all tenders or parts of tenders, and to allot less
any
applied for, and his action in
any
such respect sluM be
submitting tenders will be advised of the acceptance or rejec¬
Payment at the price offered for Treasury bills allotted must
or other immediately avail¬
be made at the Federal Reserve Banks in cash
able funds
on
June 12, 1940.
The Treasury bills will
gain from the sale
all
taxation,
to
l
"
and
estate
inheritance
(Attention
taxes.
is
invited
Treasury Decision 4550, ruling that Treasury bills are not exempt from
the
No loss from the 6ale
gift tax.)
bills shall
be allowed
poses
of
of its
as
a
deduction,
or
tax now or
other disposition of the Treasury
States
•
,
.
any
or
,■>;
Treasury Department Circular No. 418, as amended, and this notice pre¬
scribe
the
issue.
;
terms
of
the
,0;^
Treasury bills
\
committee
and
govern
the conditions of their
'-'-t "v' /
.^
'
to
into the United States from any foreign
country, on and after June 7, must immediately be delivered
for examination to a Federal Reserve Bank, Secretary of the
Treasury Henry Morgenthau, Jr. ruled June 6.
The ruling,
was issued pursuant to President Roosevelt's executive
order freezing funds in the United States, of governments
and nationals of countries occupied by the German armed
forces, was announced on June 6 by the Federal Reserve
Bank of New York.
The Bank's announcement follows in
which
the committee.
Woolley,
of
a
follows in the New York "Times"
as
of June 1:
I
have received
committee to
League
of
European
the
preliminary announcement that
Nations,
which
have
Please allow
war.
been
crippled
been
forming
are
a
the
the
outbreak
the
of
hope your committee will
•'".''■V;
Without in any way becoming
has
by
to say that I
me
get full and adequate support.
it
you
support the non-political and humanitarian activities of the
!;
involved in the political affairs of Europe,
continuous
policy of this Government for many years to
cooperate in the world-wide technical and humanitarian activities of the
League.
Certain
of
indeed,
them,
its
not
are
only
worthy,
but
definitely
.V,V.
essential..
League's
efforts
in
health
organization,
example, must in
for
way
no
relax
epidemics; war-time conditions
definitely increase the danger.
The world-wide efforts for better nutrition
standards have already shown that the way toward solution of health
problems may also be the way toward definite improvement of economic
preventing
the
spread
of
conditions.
the
narcotics
international
The
value
in
combating the
drug
control
system
been
has
The child
traffic.
the
of
welfare work
greatest
has won
sympathies of every friend of children.
The League's committees on
cooperation have outlined non-political programs furthering
appreciation of artistic and cultural values essential to common
intellectual
the mutual
Feb.
dated
"The
the
the
.
has
.
.
been
responsible
for
the development
of
value
this
The United States Government is keenly aware
of general interchange and desires to see it
type
■
,
Realizing,
has
as
must,
we
that these essential and non-political activities
handicapped under war-time conditions, I am glad that your
undertaken the task of providing support, to the end that
may
continue.
common
mon
of
exchange and discussion of ideas and methods to a greater extent
fields of humanitarian and scientific endeavor than any other
extended."
are
the League,
Secretary-General of
more
organization in histcry.
of
to
1939,
League
mutual
and in
in a letter
said:
Hull,
2,
committee
their work
governments may divide, human problems are
over and we shall never realize peace until these com¬
precedence as the major work of civilization.
However
the world
interests
take
Roosevelt
President
Others Concerned,
Praises
For your
information we quote below the text of a telegram received today
The Secretary of the Treasury
with the approval of the President has
issued General Ruling No. 5 which reads as
General Ruling No. 5 under Section 5
Stat. 411), as amended,
follows:
1
(b) of the Act of Oct. 6, 1917 (40
Executive Order No. 8389 of April 10, 1940,
as
amended, and Regulations issued pursuant thereto, and under all other
authority of law.
'
■■■\v
The sending,
on
June 6, 1940.
evidences thereof or the receiving or holding in the
United States of
evidences thereof so brought into the United
hibited, except on
States is
any
pro¬
condition that such securities and evidences thereof
be
immediately delivered for examination to a Federal Reserve bank as fiscal
agent of the United States.
Such Federal Reserve bank, as fiscal agent
United States, shall hold such securities and all evidences thereof
until the Treasury
Work in
Convention of the American Association
held in New York on June 6,
Physicians,
of
a
from President Roosevelt praising them for their
work in maintaining the health of the workers was read.
The President added that he trusted they would perform
their duties "with increased vigilance" due to greater in¬
dustrial expansion caused by the defense program.
message
telegram follows:
extend hearty congratulations to all of your
in maintaining the health of
our workers in industry.
This is a labor of paramount importance at all
times.
I trust that you will discharge your duties with increased vigilance
in the imminent stress of greater industrial expansion necessitated by our
program of national defense.
My best wishes for your continued success
in such an essential contribution to the national well-being.
It gives me
great pleasure to
members upon the
good work you have done
Department is satisfied as to whether or not any of the
countries named in Executive Order No. 8389, as amended, or any national
thereof has at any time on or since
the dates specified in such order,
such securities or evidences thereof.
countries or any national
mitted to the Federal
Proof
as
to whether or not any of such
thereof has had any such interest
may be sub¬
Reserve bank holding such securities or evidences
.
President
Roosevelt to Ask Congress to Permit Sale of
Guns to Allies
as
amended, had any interest of any nature whatsoever, direct or indirect, in
hereof.
At the Annual
Industrial
The President's
mailing, importing or otherwise bringing into the United
and after June 7, 1940, from any foreign country of any securities
securities or
Physicians for
Industry
from the Treasury Department:
of the
formation
The President's letter, made public by Dr.
given
was
in the Second Federal Reserve District.
or
the
non-political and humanitarian
'••'■v.
To all Banking Institutions and
States,
endorsed
the
support
of the League of Nations, it was announced on
May 31 by Dr. Mary E. Woolley of Westport, N. Y., Presi-;
dent Emeritus of Mount Holyoke College and Chairman of
Secretary
Imported from Any Foreign Country Must
be Submitted for Examination by Federal Reserve
Bank Treasury Department Rules
full:
has
civilization.
Securities
Securities imported
.
Roosevelt
activities
otherwise recognized, for the pur¬
or
hereafter imposed by the United
possessions.
any
Committee
President
The
be exempt, as to principal and interest and any
v
President Roosevelt Favors Carrying Out of Humani*
tarian and Non-Political Aims of League of Nations
•—Letter of Endorsement Sent to Newly Formed
J
other disposition thereof will also be exempt, from
or
except
V
stands at aoout
now
v.;;.
.
ment
large working balance which
a
$1,300,000,000.
ex¬
will be accepted without cash deposit from incorporated banks
companies and from responsible and recognized dealer in invest-
a
He explained, however, that if it is decided to
retire the maturing bonds, the
Treasury may step up the weekly bill offer¬
ings in order to provide the cash.
This would make it possible for the
Each
be
than three decimal places, e. g.,
more
Fractions must not be used.
Tenders
and
amount
an
in
the basis of 100, with not
on
99.125.
for
be
'
refunding is undertaken, he said, it would not be accompanied by
conference yesterday (June 7), President
Roosevelt said that he is asking Congress for power to trade
in guns for sale to the Allies, in a manner similar to that in
which the Government already is sending 50 Navy reserve
At
his
press
The Commercial & Financial
3588
Chronicle
June 8,
1940
planes back to the manufacturer to be sent to France and
Great Britain.
The President said he already has authority
to trade in airplanes and ammunition for replacement by
manufacturers, but lacks the authority to effect such trade-
totaling 167,000 combatant tons, at an estimated cost"of
$372,150,000; 1,011 airplanes at a cost of $99,152,270, and
75,000 auxiliary tons at a cost of $183,000,000.
Passage of this bill by the House was mentioned in our
ins for
issue of March 16, page
United Press Washington advices of June 7,
g^uns.
from which the
He said he referred specifically to large
quantities of French and British
This type of gun has proved
effective during the last few weeks against
German tank attacks,
specifically that 50 Navy reserve planes
are
bodied
The old planes will
erence
to the Allies.
be turned back to manufacturers for
might thus
The President asked
country toward the East Coast for possible similar transfer.
power to turn
in telephone
back
trade-in basis.
guns on a
Roosevelt, he now
sell
can
guns
it would have to be
a
begin the building of 68 new vessels as follows: 13 cruisers,
But under this
and 3 aircraft carriers.
An¬
included $180,889,395 cash
and $109,259,597 contract authority for the Army Air Corps.
new guns on a
measures
authority to turn back old ordnance to be
were
by turning back
Mr. Roosevelt said, also
reserve
Senate
ordered under authority
ruling by Solicitor General Francis Biddle, acting
The approving ruling,
was
as
Roosevelt
Plans
10%
Defense Government
President Roosevelt
reduce
by
on
June 3 began
wotk
on
a
Non-
plan to
Government
10%
expenditures not directly
associated with the defense program, according to an an¬
nouncement made
by Stephen T. Early, White House
Secretary.
The President initiated the
Budget.
economy move at a
10% is the
proper cut
some
which
can
be made.
departments cannot give
incur deficiencies.
.v
Mr.
he said.
budgeted appropriations
For the fiscal
year
are
a
a
monthly WPA
Communists and Nazi bund members from
-
-
and
armories
300,000 CCC youths,
fund to speed construction
strategic
roads,
and
special
of airports,
treatment
for
were
barracks,
other
national
defense projects.
House
adoption of this bill
May 25, page 3283.
certain
saved and returned to the Treasury
of
was
reported in these columns
1939, such savings amounted to $179,534,000,
In fiscal 1940, which ends June 30, a total of $184,978,000 should
Senate
Banking Committee Favorably Reports Bill to
Regulate Investment Trusts—SEC and Majority of
Mr. Early said that it is hoped the normal savings for fiscal 1941 would
exceed this $184,000,000.
He explained, however, that
could be set at this time.
no
definite figure
President
tion of Investment trusts and investment
on
this provision in the resolution when
approving it on May 31
by a vote of 56 to 4. Ordinarily a reorganization plan becomes effective 60
dg,ys after its submission to
Congress.
Previous House approval of the measure was
reported in
our issue of June
1, page 3441. Reorganization Plan No. 3
was referred to in our issue of
April 6, page 2187, while plan
No. 4 was mentioned in our
April 13 issue, page 2344.
Congress Sends $1,492,542,750 Navy Department Supply
Bill to President for
Signature
Congress completed action on June 6 on the Navy De¬
partment appropriation bill when the Senate
accepted
a
conference report
carrying $1,492,542,750.
The House
approved the report on June 4 after making several additions
to the legislation since the bill
totaled $1,474,006,728 when
it was reported
by the joint conference committee on Mav 31.
$1,308,171,138 in immediate appro¬
authority of $184,371,612.
Pas¬
priations and contractual
of the bill by the Senate
May 25, page 3284.
sage
was
reported in
our
issue of
Banking and Currency Committee, to which
the subcommittee, voted on June
6, (14 to 1,) to favorably report the bill. Associated Press ad¬
vices from Washington on June 6 stated:
$654,902,270
r
Naval
Fleet
bill authorizing $654,902,270 to
provide for an 11% increase
m the Navy's
fighting fleet.
The measure, which was sent
to conference on June 5 for action on Senate
amendments,
would authoiize the Navy to acquire 21 more
warships
Chairman
of the Committee, said he
bring the bill before the Senate next week and expected
The proposal
has been recommended for enactment at this session by
representatives of both the industry and the SEC.
Earlier,
on
June 4, the Associated Press said:
The subcommittee
President
of the
acted after
Investors
officials of the
Syndicate,
that they had reached agreement on
issuing
face amount
It
SEC and E.
E.
Crabb
Minneapolis, Minn., had testified
provisions covering investment com¬
certificates.
this made agreement complete
The SEC representatives said
with all segments of the industry.
May 31 that the SEC and a majority
companies had agreed on the measure
regulate investment trusts.
Associated Press Washington
was
reported
on
of investment trust
to
advices
on
that date said:
Spokesmen for the industry and officials of the SEC appeared before a
Senate
banking
regulatory
subcommittee
measure upon
present
to
joint
recommendations
for
a
which they said they had agreed in a series of in¬
formal conferences after the conclusion of hearings.
They asked the committee to act as quickly as possible to make pos¬
sible early consideration by the
the
a
Senate and the House.
They expressed
would benefit the industry and enable it to
opinion that regulation
large part in providing new capital for financing vital defense in¬
-:-X'7-
dustries.
Expansion Bill—
by 11%
June 3 by unanimous consent
approved a
Increase
Wagner of New York,
major opposition.
no
Senator
Will
on
Senator
would attempt to
play
♦
companies by the
the bill had been referred by
panies
♦
The Senate
of
The Senate
June 3 when the House agreed to a Senate amendment
changing to June 20 the effective date of the President's
Reorganization Plans No. 3 and 4.
The Senate inserted
Passes
Provisions
Commission.
-
carries
on
A subcommittee of the Senate Banking and Currency
Committee, headed by Senator Wagner of New York, on
June 4 approved a bill sponsored by the Securities and Ex¬
change Commission providing for legislation for the regula¬
signed on June 4 the resolution
June 13 his Reorganization Plan No. 5,
Immigration and Naturalization Service
from the Labor Department to the Justice
Department.
Congressional action on this measure was completed on
measure
Agree
Measure
Roosevelt
making effective
transferring the
Reportedly
Companies
,
Resolution Making Effective Transfer of Immigration
Service to Justice Department Signed
by President
Roosevelt
Senate
provide
$975,650,000 WPA fund for the eight
This is expected to provide
,
special $25,000,000
a
be returned.
The
Corporation to
Written into the measure, already adopted by the House, besides pro¬
°
Early pointed out that frequently, under normal conditions,
amount of
each year.
Finance
visions for noncombatant military training of
He added that the Administration hopes that in¬
reduction in relief expenditures.
Reconstruction
barring aliens,
the House.
v;
creased defense expenditures will result in considerable re-employment and
a
$38,170,000
relief rolls also were approved without change from language adopted by
The question of general salary reductions has not come under considera¬
tion, Mr. Early said.
the
beginning July 1.
Provisions
may
.
vras
employment of 1,950,000.
Mr. Roosevelt also realizes, he
their appropriations and
directing
The Senate committee approved a
months
up
bill appropriation total
$125,000,000 for relief loans to farmers.
This would be particularly true of the State De¬
partment, he added.
order
an
Smith, Director
Concerning the details, Washington Asso¬
White House Secretary Stephen T. Early said the President believes that
even
Bill—
CCC
a
As sent to the Senate, the relief
ciated Press advices of June 3 said:
said, that
for
below the amount approved by the House, but this did not take into account
conference in the afternoon with Harold D.
of the
Relief
Training
Senate
proved
in
Non-Combatant
Appropriations Committee on June 5 ap¬
$1,073,584,916 relief bill for the next fiscal year.
The measure, which provides $975,650,000 for the Works
Projects Administration to spend in 8 months if necessary,
includes a section added to the House-approved bill pro¬
viding non-combatant training for the youths in the Civilian
Conservation Corps.
In reporting the group's action,
Washington Associated Press advices June 5 said:
The
concurred in by the
Reduction
Spending
$1,073,584,916
Approves
Group
Provides
Attorney General.
Judge Advocate General of the War Department,
President
large item in the request
other
basis of fair exchange.
to extend assistance to the Allies
planes to manufacturers, Mr. Roosevelt said,
a
destroyers, 22 submarines
30
direct sale and proceeds would have to be
What he wants now, he said, is
The
$452,751,239 in cash and $254,176,761
Army and $507,253,170 in
funds
The
turned back to the Treasury general fund.
replaced by
a
$63,560,000 in contract authorizations for the Navy.
designed for the Navy included $144,000,000 to
cash and
Under
which the Secretary of
War has found to be surplus and subject to deterioration.
power
(noted in these
in contract authorizations for the
That detail has been handled
conversations with his Congressional leaders, he said.
week
3440) which indicated that "over
page
$1,000,000,000" more would be sought for defense.
Mr. Roosevelt said he would not send Congress a message requesting the
the law, said Mr.
1,
columns of June
quick resale to the Allies.
He said he had heard nothing of reports that some Army planes are flying
across
Mr. Roosevelt's message of last
with
Mr. Roosevelt offered no estimate of how many more planes
of
authorizations totaling $317,736,761,
aggregate of $1,277,741,170.
The request, em¬
in a letter to Speaker Bankhead for immediate ref¬
to the House Appropriations Committee, was in line
making an
being turned back
Company to be replaced by modernized fighting machines
protected by armor and puncture-proof gasoline tanks.
ap¬
$960,004,409 for the Army and Navy
and also asked contract
might be turned back to manufacturers on a replacement basis, in¬
to the Curtiss
for $1,277,741,170
propriate an additional
sisting he does not know the numerical details.
go
Congress
President Roosevelt on June 4 requested Congress to
Roosevelt at his press conference made no estimate of how many
He said
Asks
and Navy~-Submits E«timates Covering
Message of Last Week
for Army
Department since 1919.
guns
Roosevelt
President
75-millimeter field guns which have been in storage in the Army Ordnance
Mr.
1691.
foregoing is taken, also stated:
'
•
Wagner of New York, Chairman of the subcommittee, called
the joint proposals a
"magnificent" example of how "cooperation between
government and industry may achieve
reasonable and sound legislation."
Officials of the SEC said they still were attempting to reach an agree¬
ment with minor divisions of the
those groups and expected
The
compromise
industry on terms of regulation affecting
to have the bill in final form in a few days.
measure
was
a
modified version of
an
original SEC
proposal to which witnesses for the industry objected at hearings.
of the
major provisions of the new bill follow:
Some
Volume
All
to
The Commercial & Financial Chronicle
150
investment
and
trusts
investment
companies would be required
register with the SEC supplying detailed information as to the character
business, the officers, &c.
3589
tion between the American
republics in the event that
of the
(2)
Certain practices such as purchases on margin, short-selling
in joint accounts would be prohibited.
Lima in 1938
commonly referred to
resolution adopted at Panama
Approval of
and trading
majority of stockholders would be required before an
investment company could change its basic investment policy or borrow
a
money.
Restrictions
would be imposed on transactions with affiliated persons
"self-dealing" would be prohibited.
Companies would be required to inform stockholders when dividends
were paid out of funds other than earnings on investments.
and
From
York
of
Commerce"
declaration
of the
as
the Declaration of Lima, and (3)
Washington to the New
for
established sovereignties.
It would not interfere in any way with con¬
tinuance of equality of commerce and trade for all nations of the world in
their relations with the countries of
the, American continents.
tion and
am
approve the proposed resolu¬
glad to be able to recommend its favorable consideration hjy the
Congress.
quote:
we
Toned
Down
Sincerely yours,
,
In its revised form the bill has been toned down considerably from
it
way
originally drafted.
was
+,
issuance of senior
House
It is also provided in the new bill that investment companies can engage m
25% of total assets of the company and can purchase
the sedulities of another trust if the
than 3% of the
voting stock of the
Approves Farm Credit Bill—To Broaden Facilities
System and Reduce Interest Rates
of Land Bank
securities have been sharply relaxed.
up to
HULL
CORDELL
the
For example, prohibitions against size of
the trusts has been eliminated while restrictions
against
underwriting
the
regarding the transfer of sovereignty of
geographic regions of the Americas held by non-American states.
The proposed resolution is baxed
squarely upon the idea of full respect
■
Bill
their peace is menaced
principles of solidarity of America signed at
Having in mind the foregoing, I heartily
the June 4 advices from
"Journal
the
buying
company
does not obtain more
company.
A
bill
designed to broaden the credit facilities of the
Federal Land Bank system and reduce farm borrower interest
rates
passed unanimously by the House on June 3 and
Senate.
Regarding the bill a Washington dis¬
patch of June 3 to the New York "Times" said:
was
sent to trie
The proposed legislation was referred
May 18,
to in our issue of
3140.
page
The measure, sponsored by
+
Representative Jones of Texas, Chairman of
House Agricultural Committee, is a compromise on the measure he
originally introduced to change the structure of the land bank system.
Few provisions of the former, however, are incorporated in the bill
approved
the
Leading Investment Companies Reported Supporting
Bill to Regulate Industry
The
leading investment companies it was indicated this
the Wagner-Lea Bill to regulate the in¬
dustry, which was approved on June 6 by the Senate Banking
and Currency Committee; a statement to this effect was
week will support
made
Jun^7 by Arthur H. Bunker, Executive Vice-
on
President of the
Lehman
Corporation.
Mr. Bunker, who
and sent to the Senate
as spokesman for the investment trust
representatives
presenting to the Senate Committee at the close of the
recent hearings a set of principles for
regulatory legislation
which embodied the views of the
the
SEC in
Mr.
working out the
industry, collaborated with
in its present form.
on
"
permits the Farm Mortgage Corporation to charge
the average rate on securities issued in the last quarter,
plus one-fourth of 1 %.
This would allow in many instances
than the
existing formula, which is 1%, plus the rate
measure
also
authorizes the corporation to
land bank bonds for securities with
count
a
small minority of the industry
guilty in the past, and its adoption should
the flow
of
industry to play
an
the way for the in¬
pave
increasingly important part in facilitating
equity capital which will be needed by American industry in
Bank
Approves
Securities
and
industry and the
Exchange Commission sitting down together
over
long
a
friendly and cooperative spirit and working out
a
investing public from irresponsible elements in
a
a
form con¬
Export-Import Bank at Washington announced on
approval of a $1,500,000 loan to Ecuador for the
following purposes:
v
products and services for use in the construction of highways, with prefer¬
ence
the
public's interest and shows what
themselves to the task of
as
working out
can
reasonable
a
be accomplished when
men
and seriously
mutual problem in
a
given those which will complete
us
cars
manufactured in the Uhited States.
disease-resistant strains of Cacao and for other agricultural experimenta¬
tions, in cooperation with the Agricultural Department.
***
apply
spirit of sin¬
House
actively concerned in this matter have been
Wagner and the members of his committee which conducted the hearings
While
legislation
for
national
defense
is
obviously of paramount
im¬
portance at this time and should be given the right of way over all other
legislation, I
would be in the
of
with the 8EC that if the legislative schedule permits, it
agree
public interest to enact the Wagner-Lea Bill at this session
Congress "
Senate and House Groups Approve Resolution Barring
Any Transfer of
One
Power
Backs
to
Western Hemisphere Land from
Another—Secretary of State Hull
Proposal
declaring that the United States would not
transfer of Western Hemisphere region from
one non-American power to another was approved on June 5
by the Senate Foreign Relations Committee and the House
Foreign Affairs Committee.
The measure, sponsored by
Senator Pittman of Nevada, chairman of the Senate group,
and Representative Bloom of New York, chairman of the
House committee, was supported by Secretary of State Hull,
any
who indorsed it
June 4 in
on
a
letter to Mr. Bloom.
The
resolution also would authorize this Government to consult
with
American
other
action if such
The text of
governments and take
changes were threatened.
Secretary Hull's letter follows:
appropriate
You
tion
have; requested my comment on the attached proposed joint resolu¬
for
Regarding the action taken on June 4 Washington Asso¬
ciated Press advices said:
Government must
the
subject of barter
scene
The
time under taken to
necessarily insist that such possessions shall not become
the
States
no
or conquest
between rival European
powers or be made
of the settlement of European difficulties.
proposed resolution here in
would
not
recognize
any
question recites
(1)
that
the United
transfer and would not acquiesce in any
attempt to transfer any geographic region of the Western Hemisphere from
one
non-American power to another non-American power, and
such transfer
or
(2) that if
attempt to transfer should appear likely the United States
would in addition to other measures,
immediately consult with the other
American republics to determine upon the steps which should be taken to
safeguard their common interests.
The first part of
a restatement
of the position
which this Government has consistently taken for more than a
The second part of
of
it is
a
100 years.
reaffirmation of the policy adopted in recent
cooperation with the other American republics in matter* of
interest.
years
common
I enclose for your information copies of (1) the convention for the
maintenance, preservation and reestablishment of peace signed at Buenos
Aires in 1936, to
which the United States is
a
party, providing for consulta¬
resolutions,
one
sponsored by
an
Smith, Demo¬
of Virginia, the other by the House Labor Committee.
Ninety-six
crat,
Democratic, eight Republican, one American Labor and one Farm Labor
votes were cast
The
a
against the resolution.
question was set aside temporarily, however, to give right of way to
$1,300,000,000 Navy appropriation.
Word was passed that debate would
be resumed tomorrow.
<
committee approved 17 amendments based on
creation of a new Labor Board and separation of its judicial and adminis¬
trative functions.
Mary T. Norton, Democrat, of New Jersey, Chairman
of the Labor Committee, recommended four revisions centering around
A majority of Mr. Smith's
the three-man agency.
Pending Tax Bill Approved by House Sub-Committee
Would Add 2,000,000 Persons to List, as Aid to
National Defense Program—House
Reduce
and $2,000
Exemption to $800 for
Considers Plan
Single Persons
for Married
The income tax base
would be broadened to bring moie
those con¬
tributing to Government costs, according to plans formulated
this week by Congressional leaders in connection with the
than
2,000,000 new taxpayers into toe ranks of
program
to finance
national defense. The pending tax bill,
tentatively approved yesterday (June 7) by a subcommittee
of the Hous3 Ways and Means Committee, was mentioned
in these columns June 1, page 3442. The bill increases all
income taxes by a flat 10%, would impose an increase of 1%
on all corporation income taxes and lift surtaxes on incomes
ranging from
the resolution is in effect
hour of acrimonious debate on a resolution to
make in order two widely divergent sets of
investigating group headed by Representative Howard W.
to
However, in keeping with its traditional policy, this
Following two
members to the existing one.
have had possessions in the Western Hemisphere
long periods of time and this Government has at
Labor Relations
present three-man agency. Other proposals are still pending,
however, to establish a new three-man board or add two
regarding possessions in the Western Hemisphere belonging to Euro¬
interfere with them.
June 4 by a vote of 292 to 106 to
days of bitter debate on a wide variety of proposals to
change the Act, the House yesterday (June 7) refused by a
voice vote to substitute a new five-man board for
the
pean states.
Several European states
on
take up legislation amending the National
Act and the Board which administers it.
addition of two members to
My dear Mr. Bloom
Change Labor ActPresent Board by Five
to
Replacing
The action followed an
A resolution
recognize
Against
The House decided
on
legislation. Judge Healy, David M. Schenker and other SEC officials.
Bills
Two
New Members
greatly impressed by the cooperative spirit shown by Senator Robert F.
the
Considers
Votes
who have been
international highway through
Approximately $200,000 for the purchase of railway locomotives and
cerity and goodwill.
Those of
an
Ecuador.
Approximately $50,000 to aid Ecuador in research and distribution of
The whole process has been a splendid example of constructive achieve¬
Government and Business sit down
$1,150,000 to
The
sistent with the practical, working conditions for the industry.
ment in
of
June 4 the
which represents the viewpoints of both groups in providing pro¬
tection to the
Loan
Approximately $900,000 primarily for the acquisition of United States
The present bill is the result of representatives of the
measure
farm credit.
on
Ecuador
carrying out this country's national defense program.
series of conferences in
exchange higher-rate interest
lower rate.
privilege, would afford lower interest rates
Export-Import
eliminating the abuses of which
vestment trust
lower rate
measure
Bunker says:
were
a
the last issue. The
Approval of the bill by the House Agricultural Committee
was noted in our issue of June 1, page 3441.
The Wagner-Lea Bill as approved by the Senate Committee should go far
towards
a
on
Mr. Jones said these provisions, coupled with the Federal Reserve dis¬
acted
in
today.
The present measure
interest based
$6,000 to $100,000.
On June 5 the sub¬
lower and
committee agreed to recommend increases in the
middle brackets of income surtaxes ranging from
$4,000 to
single persons from
$1,000 to $800, and on married persons from $2,500 to $2,000.
A Washington dispatch June 5 to the New York "Herald
$50,000, and to lower
the exemption
Tribune" outlined these
plans
as
on
follows:
The Commercial & Financial Chronicle
3590
the returns from the Doughton bill introduced last week, which
mated
produce $656,000,000
to
a
in additional
year
esti¬
At
least
revenue.
will be needed to amortize the $4,00( ,000,000 in
$800,000,000 annually
securities the Treasury will
"defense"
was
the proposed
legislation.
would provide
Jere Cooper, Democrat, of Tennessee,
with
the
allowed for each minor
$400 now
or
persons to
un¬
*
Representative Cooper estimated that the changes would add approxi¬
mately 2,050,000 to the number of Federal income-tax payers.
about 7,500,000
At present
file Federal income-tax returns, but the operation of exist¬
ing exemptions reduces actual payers of Federal income taxes to half that
number.
the
additional
in
Representative
taxpayers,
new
would collect $14,000,000,
from
revenue
Cooper
said,
the
Treasury
and the lowering of the exemptions would result
existing taxpayers of $61,000,000.
With the
five-year "supertax" of 10% of the amount paid to be levied under the
Doughton bill, the total collections from the formula agreed
"No
tentative
agreement,
the
of
We
wells
As opposed to the 10% aupertax on both incomes and excise levies already
if made, would be "permanent."
sur¬
The surtax and the excise tax
designed to be "temporary," expiring in five
are
years.
It
was
pointed out, however, that the excise taxes of the Revenue Act of 1932,
earmarked at the time
"temporary" levies, have been continued three
as
times by Congressional action.
It
learned that the Committee discussed
was
a
Roberts
allowed
000,000,000 mark, providing
more revenue
Some of them indi¬
It
Taxation proposals
were also analyzed in the following
Washington dispatch of June 4 to the New York "Journal
of Commerce" by Kalph L. Cherry:
A $4,000,000,000 increase in the authorized
public debt to $49,000,000,-
000 and imposition of additional taxes in
an amount
sufficient to amortize
the debt expansion over a period of five years received the
approval of the
House Ways and Means Committee today.
Informed of the purpose of the Committee to increase the tax
program
by $250,000,000
$300,000,000
or
000,000, President Roosevelt expressed approval of the action.
that
be raised toward
can
a
"pay
but he declined to comment
the situation is
as you
The
go" policy, the better it is, he said,
changing all the time.
The President expressed
the view to his press conference that the best
thing the Committee could do would be
to get out a bill and have the House
He also indicated that there might be
a
departments and agencies
of the Government not associated with
the national defense activity.
Increase in the public debt limit is $1,000,000,000 more than that
pre¬
viously proposed when Congress leaders and the Administration decided
essential from the standpoint of the credit of the Nation
was
thatja tax bill and
boost in the public debt limit be authorized
a
at
this
session.
The Committee vote
approving the debt increase
Republicans voting present.
on
One
The
said
dissenters
established by the
16 to 0 with nine
Republican voted with the 15 Democrats
the Committee for the increase but his
means
name was not
Through
Another session of the Committee will be
was no announcement of the sources of additional revenue under
discussion by the members, but it
learned that serious consideration is
was
being given to the proposition that the basis
structure be
broadened, and the "middle"
of the individual income tax
surtax brackets be revised.
.
In his discussion of
economy at his press conference, President Roosevelt
said that he wanted to make it clear what he
could accomplish under his
new
economy program
savings.
clergy
and where lay inhibitions against the making of
He said that when it
are alike in not
comes
to
figures the newspapers and the
knowing the difference between
and he proceeded to review his
new
a
dime and a dollar,
budgetary action.
to do so
There
a
are
saving of $1,000,000,000.
very well be made in
on
the public debt, which amounts
payments to the farmers.
United States Supreme Court Sustains Texas Railroad
Commission's 1938 Order for Oil Proration
The United States Supreme Court on June
3, in a 6 to 3
decision, sustained the validity of the oil proration orders
issued by the Texas Railroad Commission for the East
Texas oil fields in
August, 1938. The majority opinion was
by Justice Frankfurter.
It was thought possible
that the ruling might cause the Commission to seek to re¬
abandon
was
the first
noted
in
in place of the plan adopted last
Commission said it was forced to
program
when
a
the
method
because of court decisions;
Washington dispatch
June 3
this
to the New
York "Times" which outlined the Supreme Court's findings
follows:
as
"
<
Court Upholds Compulsory
Flag if Required by State Laws
Supreme
States
Supreme Court ruled that
An 8-to-l decision held that the flag
by State laws.
national unity which transcends all internal
a
Associate Justice Harlan F.
The
Court
the
salute
to
Witnesses,
the
the
(of
for refusing,
Minersvilie),
grounds,
religious
on
members of Jeho¬
are
religious sect which believes that saluting the flag vio¬
Second
Commandment—a
regulation
a
board which ex¬
Pennsylvania school
a
classes
The children
a
School privileges
ply with
of
from their
flag.
vah's
to
Stone dissented.
upheld the action
two children
pelled
prohibition
against
the
worship
denied to them after they refused to
were
requiring pupils
recite,
to
hand
with
of
com¬
outstretched
flag, the oaths of allegiance:
"I
pledge allegiance to the flag of the United States of America, and
to the republic for which it stands; one nation indivisible, with liberty and
justice for all."
The decision concluded an eight-month session by the Court, which ad¬
journed until October.
out of
It
members of the cult
came as
were
being driven
Texas, California and Oklahoma towns for refusing to salute the flag
for
and
-v-vV
distributing pamphlets.
Justice
Felix
Frankfurter, in the Court's majority opinion, said:
"Conscientious scruples have not,
toleration,
religious
the
relieved
in the
course
individual
from
of the long struggle for
obedience to a general
law not aimed at the promotion or restriction of religious beliefs.
"The mere possession of religious convictions which contradict
the rele¬
concerns
of a political society does not relieve the citizen from the
discharge of political responsibilities."
.
.
Justice Frankfurter said,
"The manifold character of man's relations
the secular
fellow men."
interests of his
The question,
"When
into conflict with
conception of religious duty
bring his
may
he said, is:
the
does
constitutional
exemption
compel
guaranty
doing
from
what society thinks necessary for the promotion of some great common end,
or
from
a
penalty for conduct which appears dangerous to the general
good?"
■
Asserting that "no single principle can answer all of life's complexities,"
Frankfurter
Justice
that
said
"the
right to
freedom
of
religious
belief,
however dissident and however obnoxious to the cherished beliefs of others—
even
in
as
majority—is itself the denial of an absolute."
a
the
a
life
that the freedom to follow conscience has
"Our
are
we
.
.
is to reconcile two rights in order to
.
destroying the other.
But, because in safeguarding
dealing with interests so subtle and so dear, every pos¬
from
either
sible leeway should be given to
held
Frankfurter
Justice
limits
no
history, underlies protection of religious toleration," he said.
present task then
conscience
itself
that very plurality of principles which,
society would deny
of
matter of
prevent
School
Board)
the claims of religious faith."
that
"no
less
the
(in
Legislature
than
the
Court
this
is
case
the
committed
to
Min¬
the
guardianship of deeply cherished liberties."
In
sharply
a
taken
toward
tc
the popular
"...
attend
in
religious
so
will."
I
some
say," he added, "that the inconveniences which may
cannot
discipline in order that the
be spared, pi'esents a problem
pressing as to outweigh the freedom from compulsory
religious faith which has been thought worthy of constitu¬
sensible
adjustment
of
convictions of these children
momentous
of
school
may
or
protection."
Justice
that
Justice Stone charged that the attitude
this case "seems to me no more than the
protection of the liberty of small minorities
dissent
worded
legislatures
surrender of the constitutional
stressing
Frankfurter,
"national
State
the
for
need
unity is the basis for national
Department
Rules
for
at
Travel
Alien Entry as
"national
cohesion,"
said
security."
Washington
Within
Revises
Passport
Americas—Also
Curbs
Defense Move
The State Department at Washington on June 6 drastic¬
ally revised passport regulations for travel within the
Americas, explaining tersely that, in view of the critical in
ternational situation, closer supervision of aliens is required.
Regarding this United Press Washington advices of June 6
said:
:
Canada, Newfound¬
the Dominican Re¬
the United States must have passports from their
Beginning July 1, the department said, citizens of
land, Mexico,
Cuba, Haiti, Pananja* Benquda,_and
public ripairing to enter
governments and visas from the United States.
written
1938
re¬
to
$125,000,000; the PWA clear-up, calling for $125,000,000; social security
$410,000,000; refunding of taxes in the amount of $71,000,000, or
September,
principles
announced
He pointed out, however, that a cut could not
the interest
grants of
store the
opinion
differences, and the salute is a "means of evoking that uni¬
Were
$10,000,000,000 budget would bring
$1,100,000,000 in the budget; in veterans' pensions of $460,000,000 for the
fiscal year 1941; funds for the
retirement of civil service employees, etc.,
of
mineral,"
with the conse¬
fying sentiment without which there can ultimately he no
liberties, civil or religions."
United Press Washington ad¬
vices of June 3, added;
tional
certain appropriations where cuts cannot be made at all.
a
"fugacious
a
The case will be heard at the October term.
3 the United
symbolizes
violation
Discusses Possibility of Cuts
this not the case, a horizontal cut in
Frankfurter
Supreme Court.
States
On June
ersvilie
There
is
neighbors,
order the Court granted the petition of the Texas Com¬
by the Humble Oil & Refining Co. against the
an
Salute of
held tomorrow.
;
the
September, 1939, orders.
immediately learned.
that the tax bill will be enlarged from its
previous estimated total of $656,000,000 by an additional
$200,000,000 and
."possibly" to $1,000,000,000.
oil
of their
mission to review an attack
"But to affirm
was
According to Chairman Doughton of the Ways and Means Committee,
action of the Committee
since
garding procedure in the lower courts "directly contrary" to those previously
further offset to
national defense expenditures in the proposed
saving of between $250,000,000 and $300,000,000 in appropriations made to
last week that it
that
mercy
vant
President Urges Action
put it through.
the
at
quent danger of oil being drained away.
But he concluded that Texas
to meet proration problems through the Commission, whose
judgment Federal courts should not challenge.
more
the committee activities, pointing out that
on
was
total
a
had chosen
the original recommendation of $656,-
over
daily allowance of
also said that the densely drilled marginal
conceded
be
would
lease-holders
images.
,•
by
Danger oj Draining Conceded
Frankfurter
lates
than required on the basis of the
of the $4,000,000,000 debt increase.
care
A
'
possible increase in the
cated that the estimates for the bill, as now projected, might pass the $1,-
Treasury's proposal to take
dissent
Justice
for all wells.
Justice
normal rate of 4% on individual incomes, but most members appeared op¬
posed to it because of the 10% super-tax to be levied.
Co.
school children must salute the American flag if required
provided for in the Doughton bill, the changes in exemptions and in the
tax rates,
Oil
might drain away the B. & N. property, which it waB argued, would
Representative Cooper,
which other changes of course would have to be fixed."
increases
& Nichols
Rowan
violate the due process clause of the Constitution.
concerned today in fixing the base upon
were
appeal
an
&
"was reached today on the suggestion for increases in the lower and middle
brackets of the surtax.
in
by Chief Justice Hughes and Justice McReynolds.
Nichols objected
because the Commission's orders
Bhared
United
otherwise," said
or
today
opinion
today
upon
would amount to $82,500,000.
.
majority
"marginal" wells about 385,000 barrels out of
$2,000,
dependent remaining
changed.
From
favor
Rowan
for a lowering of the existing $1,000 exemption for single
$800, and of the $2,500 exemption for married
persons to
in
was
582,000
As announced by Representative
-
Chairman of the tax subcommittee, the formula for broadening the base
June 8, 1940
the
wrote
brought by the Commission after the Fifth Circuit Court of Appeals ruled
market- against the $4,000,000,000
Increase in the $45,000,000,000 national debt limit also to be authorized by
Frankfurter
Justice
By the two proposals the Committee expects to increase by $400,000,000
Neither passports nor visas are
citizens visiting those
required now.
Similarly, United States
countries have not been required to have American
passports.
>
Several smaller places were named in the
order, including St. Pierre and
Miquelon, French islands off the Newfoundland coast, and British,
and Dutch
citizens living in the areas
The
dians
French
British, French and Netherlands
mentioned also will be affected.
possessions in the West Indies.
regulations
are
employed in
expected to be modified with regard to 20,000 Cana¬
other nearby American manufacturing
Detroit and
Volume
Between 4,000 and 5,000 Mexicans also were said to
centers.
class
The Commercial & Financial Chronicle
ISO
along the Mexican border.
Several thousand Mexicans who migrate annually into
harvesting of seasonal
crops
in and depart as
come
/
for
this country for
will not be affected, it was said, because
immigrants.
Five-Point Program for Manufacture of Machine
be in this
.
they
A
extension of the Governments' drive
a
^
advices that day to the New York "Herald Tribune" which
against the formation
quotes Mr. Burt
as saying that "the production plan, was
developed in conference with Widiam S. Knudsen, of the
Washington
"fifth column" within the country.
Associated Press advices June 5 stated:
Government's Advisory Defense Commission in charge
One order read:
"No passport visa, transit certificate or limited entry
granted to
an
an
a
legitimate purpose or reasonable need
.
He described it
as
much
more
this clause
comprehensive than existing
restrictions.
The other order prohibited the landing of alien seamen,
sion of the
when
a
Secretary of State, "whose
advices state:
same
■
The plan follows:
I
Setting
of
up
a
;
machine
names are
without permis¬
list
Knudsen
the
which they arrived at a
as
Corp.,
the
by President
Congress provide $6,558,800 more for the
Department, of which $4,358,800 would be to add
500 additional agents to the Federal Bureau of Investigation
and $2,200,000 for the Immigration and Naturalization
This
coordinating committee will then determine the requirements of
Army, the Navy, United States manufacturers and foreign consignees,
3.
It
is
on
by
and in
no sense an
on
amateur
June 5 by the Federal Com¬
munications Commission.
There are approximately 55,000
amateurs licensed by the Commission.
This prohibition,
however, the FCC said does not apply to amateur com¬
foreign stations was ordered
on
munication between licensed amateur stations in the
United
tinental
does
nor
and its
States
it apply
and possessions;
territories
operate amateur stations in the Philippine Islands or the
Canal Zone when such persons are communicating with
on
a
matter of choice
all foreign shipments.
the requirements of the national defense program by
working
forces
and
facilities,
and
by
subletting
in important Government work.
The
expanding
production
of
„
industry also will inaugurate
the additional
men
required to speed
a
up
comprehensive program of training
production.
It is expected that the army and navy will be prepared soon to submit
details covering sizes, kinds and types of machinery required, and the time
at
which
they must be available.
obtained,
the machine
tool
As
soon
industry,
as
under
ordinating committee, will be able to set
con
to United States citizens authorized to
law authorizing
a
parts, and, if necessary, complete machine, to various factories not engaged
5.
radio communication with
embargo
This however, is purely
The machine tool industry will undertake to make deliveries in time
4.
FCC
Immediate ban
that Congress shortly will pass
order for foreign customers.
present
Banned
anticipated
the Navy to requisition for national defense purposes machine tools now
to meet
Communication
tool industry in
In determining priorities, national defense will
take precedence over all other consideations.
Service.
Radio
Mr.
Navy and two representatives from the Army.
2.
the
that
Justice
Amateur
with
as
filling these requirements.
a' request
followed
announcement
Foreign
committee,
Chairman, and Harold S. VanCe, Chairman of the Board of
Studebaker
and establish priorities for the guidance of the machine
port of the United States."
Roosevelt
coordinating
Vice-Chairman; two representatives from the
defense committee of the machine tool industry, two representatives from
not on a visaed crew
visaed crew list is required of the vessel on
This
tool
,
An official said that further regulations would be issued under
interpreting it.
The
1.
for the proposed entry."
of
manufacturing."
certificate shall be
alien whose entry would be contrary to the public safety or to
alien who is unable to establish
Tools
S. Knudsen
by W.
June 5 by Clayton R. Burt, Chaiiman of the Defense Com¬
mittee of the machine tool industry according to Cleveland
mission of aliens to the United States in what is described as
an
Drafted
Defense
Five Point program for the manufacture of mac bine
for national defense was announced in Cleveland on
tools
On the previous day (Juae 5) the State Department issued
two executive orders imposing rigid restrictions on the ad¬
of
National
and S. Vance
'
'
3591
up
this information has been
priority
rulings
of the
co¬
definite delivery schedules.
This program covers not merely machine tools to be purchased by the
and navy, but the entire needs of the United States.
army
from the Government will represent
needed for national defense.
only
a
Orders direct
small share of machinery actually
The largest portion will be those required by
manufacturers of aircraft, munitions and other types of defense equipment.
A
licensed by the FCC shall not exchange communications with operators or
meeting in Washington on May 27 of Government
and representatives of the machine tool industry
incident to the national defense program was referred to in
our June 1 issue, page 3446.
At Cleveland a week ago, two measures designed to aid in
meeting the macnine tool requirements for the Government's
defense program were suggested by J. E. Lovely, President
of the National Machine Tool Builders Association, in an
radio stations of any
address at the Association's 38th annual spring meeting.
amateuis in the
United States.
Order No. 72, pursuant to Section 303 of the Communica¬
tions Act and in accordance with Article 8, Section 1, General
Radio Regulations (Cairo Revision, 1938) annexed to th8
International
Telecommunications
Convention
(Madrid,
1934),
as
issued today, reads in the main:
"It Is Ordered, That amateur radio operators and amateur radio stations
foreign government
or
located in any foreign country;
Provided, however, that this Order is not intended to prohibit the exchange
communications
of
stations in
amateur
between
amateur
the continental United
and licensed
operators
licensed
and
licensed
the several
Territories
amateur
stations in
the
Continental
United
States and United
an
account in the "Wall Street Journal"
bureau, which said in part:
The suggestions advanced by Mr. Lovely were:
and
possessions of the United States, or between licensed amateur operators and
licensed
This is learned from
from its Cleveland
States and licensed amateur
stations in
amateur
operators
officials
The setting up of
1.
planning committee to coordinate production of
a
machine tools and determine which orders should be given priority.
2.
or
Canal
the
operate amateur stations in
Zone,
or
'
•
,
vitally needed by the Government for the defense program to lighten
the Philippine
between licensed amateur operators
and
licensed amateur stations in the several Territories and possessions of the
United States.
The purchasing of machine tools available in private industry and not
now
citizens authorized to
States
Islands
r
the demand for new equipment and spread the load on the machine tool
industry
over a
longer period.
.
It Is Further Ordered, That ail Rules and Regulations of the Commission
Inconsistent with this Order Be,
And
The Same Are Hereby, Suspended,
Government Agencies
Urged to Adopt Years 1935-39
as
Uniform Base Period for Indexes
pending the further Order of the Commission.
This Order shall become effective immediately."
The Central Statistical Board of the Bureau of the
Budget
has recommended that all Government
Governor
Rivers
of
Georgia
Orders Cancellation of
Trade or Professions
Aliens' Licenses to Engage in
—Order Affects Those
Who Have
Not Applied for
Citizenship
Governor
E. D. Rivers of Georgia issued an order on
May 25 directing Revenue Commissioner T. Brady Head to
cancel all occupational, business and professional licenses
#
permitting aliens to do business in Georgia after June 1 if
they have not initiated citizenship proceedings by that date.
prevent "Fifth Column" activities;
the Governor's second such order.
The
This move, designed to
in
the
State, was
required registration of all unnaturalized aliens with
the State Highway Patrol.
first
1935-39 as a
index numbers.
A
years
Washington dispatch of June 2 to the
this is learned, said the
Board urged this action because many statistical series for
York "Times," from which
New
the years before
economic changes
have made it increasingly difficult to
said:
At present
there is a multiplicity of base periods.
Export of Machine Tools
1923-25 base; the Department of Labor a 1923-25, a 1926 and a 1929
uses a
base, and the Department
Statistics cost of living index will be published
the 1935-39 base.
period 1935 through 1939 is regarded as most suitable foe
Standard base because it was a period of medium business
Inquiries addressed to the State Department for the government's attitude
such shipments are
and it
The
of
and one census of electrical industries,
period covers also three censuses of manufactures, one census
agriculture, two censuses of business
♦
v/
'
said to be telling inquirers:
Payroll
Business
The Social
Certain types of equipment, such as machine tools, are indispensable
1.
from the viewpoint
and
.■■v.V-'-•■■Js,
The State Department was
of national defense.
Publishes Extensive Employment
Data for 1938 Covering American
Social Security Board
bringing the reply that such exports should-not be
made.
lication
and Industry
Exports of these types are-not permitted.
of extensive annual
3.
The action of the American authorities is not
directed against
any
employment compensation
defense needs of the United States.
two-volume study,
our
issue of June 1, page 3446, we
referred to
a
confer¬
Secretary of the Treasury Morgenthau held with rep¬
resentatives of the machine tool industry.
employment and payroll ddta
1938, covering all American business and industry in¬
cluded within the scope of the 51 State and territorial un¬
particular country, but is directed solely toward conservation of the national
In
,
Security Board on May 31 announced the pub¬
for
2.
ence
activity; it is
the special needs of agricultural indices; it is recent,
included 1939, for which decennial census data will be available.
long enough to meet
ciated Press advices of June 4 said:
on
W'.'ii.'-Y'1;-
expected that the Federal Reserve index of industrial production
The five-year
a
of Commerce a 1923-25, a 1929 and a 1929-31
'-'Y--
soon on
Exports of machine tools and other equipment needed by
the Government for its national defense program are being
embargoed, it was reported in Washington press accounts on
June 4.
It is said that the ban does not apply to all exports
of machine tools. Regarding the situation Washington Asso¬
The Department of
Agriculture publishes some index numbers on a pre-war base and others
on a 1924-29 base; the Board of Governors of the Federal Reserve System
and the Bureau of Labor
for Defense
The dispatch quoted further
pre-depression base periods.
It is
on
1935 are not available and important
interpret the significance of index numbers calculated on
base.
Embargo Placed
agencies adopt the
uniform base period for general-purpose
laws.
The Board stated that the
"Employment and Payrolls in State Un¬
Compensation Systems, 1938," represents a
statistical by-product of the administration of the
nation-wide unemployment compensation system established
employment
major
The Commercial & Financial Chronicle
3592
by the Social Security Act in 1935. Characterized by Ewan
Clague, Director of the Bureau of Employment Security,
which prepared the data, as "a distinct contribution to our
understanding of the labor market," these volumes make
available, for the first time, information on monthly em¬
ployment and quarterly payrolls during the year for each
industry within each State.
The Board's announcement
to say:
went on
,
The Board
explained that since the unemployment compensation program
is sufficiently inclusive to assure reasonably complete
coverage in terms
of industrial employment, the data provide a valuable complement to those
collected by the periodic censuses of business and manufactures and the
monthly indexes of employment and payrolls issued by the Department of
Bureau
Labor's
The
and
Labor
of
series of 64
a
introduction
26-page
a
of
general
explanation
graphs and 177 statistical tables showing for each major
(1) the level of employment by months, and (2)
industry in the country
the level of wages
Board
The
for
interest
stated
of
istration
to
unemployment
Board
The
■
data
as
stated
that,
those immediately concerned with the admin¬
insurance.
general,
in
analysis of
the
data
indicates
the
following:
The fluctuations in employment and
1.
tries
each
in
for monthly
volume
The
2.
State
available
of
purchasing
The degree of
3.
The
wages
the various
among
by
each
industry
in each State.
concentration anu
work"
added,
the
to
total
v
diversity of industries in the States.
practices
the various industries.
among
by applying the contribution
Furthermore,
under
rate
of
the
unemployment-insurance
system
the
in
now
study
the
effect in
this
be obtained without co.st
may
Costs of Prin¬
cipal Imports Shown in Report Issued by Tariff
freight and insurance rates since the outbreak of the
have added
materially to the delivered cost of
some
in the
important
are
Commission
For many
war
200 commodities
of the United States.
unit
packaging.
risk
insurance
for
war
the increases exist
.
led
both
classes
The
.
sents
the
in
war
amounted
shipment of
freight costs
ocean
these goods
different commodities
last
rough,
a
cold
Tariff
Commission
imports
$1,500,000,000, weighing
the
which
in
imports
the Tariff
and at the Commission's office in
the
to
of
report
economic
to
1938
Some
war.
opportune moment
the
proposal of
over¬
act
long
economic and
unthinkable
of
years
or
take
unaffected
war
by
poverty
this
and
appalling
will make us suffer, too;.
.
an
.
.
Opportunity for Peace
<
.
will come when all of the belligerents
armistice by a neutral country.
a
discussion
coolness to seize
I know you will join
and
courage
of Europe.
destruction
The
facilitate such
mediator and
as
will
It
will
of
peace.
opportunity
an
the
to stay
in praying that America
me
accept such a challenge in behalf of peace.
presenting liis observations on the European situation
Mr. Mooney stated:
"My years of experience and observa¬
tion in Europe, and particularly my travels throughout the
belligerent countries during the first eight months of World
War No. II, make it possible for me to present to you the
following observations:
"The
is
war
colossal
a
economic
"Normal
"During the past
tragedy for Europe.
in
life
winter,
Europe
the
very
is
already badly disintegrated.
first winter of the war, there were
people in Europe.
of hungry and freezing
already millions
piling
Public debt is
in every country at a staggering rate.
This rapid increase in
badly weakening the paper moneys; the "black bourses" operating
up
everywhere
cover
the various
of
already placing heavy discounts on the nominal
moneys of Europe.
As the war goes on we
are
paper
successive
witness
shall
waves
of
currency
devaluations,
complete
collapse of the credit and currency
and
structures of
finally,
a
the various
countries.
"If
to
the war
ten
distribution.
of
to far worse poverty than
years
processes
of production
five
and the
,
for another year or two, Europe is
continues
war
the ordinary
re-create
channels
the
If
end tomorrow, it would take from
to come to an
were
to
years
normal
doomed for 20
the present generation has suffered during
of World War No. I.
the past 20 years as a consequence
"The
making
is
war
a
shambles of Europe.
creating the
The war is
and children
in the belligerent and neutral countries.
Hungry bellies are powerful
generators of social disorder and revolution.
If the war goes on very
long we shall have some shocking internal political disturbances in the
background for increasing the millions of starving men, women
various
countries.
European
did not find
consider the
mistake in international politics, and the conse¬
"During my recent eight months' experience in Europe, I
single man, from brass hat to taxi-driver, who did not
a
present war
quence
colossal
a
of a long series of political and
economic blunders."
Rea Opposes Capital Gains Tax, Federal
Laws, and Excessive Government Regu¬
lation of Business—Asks Aid of Farmers to Obtain
P.
Securities
5,000 import
European war.
valued at
the coverage repre¬
in
the Custom House,
man
with her great economic and potential military strength
Only America
can
Re.ief from Legislation
were
Copies
1938.
Commission
a
is terrible,
the present generations in Europe
unscathed
remain
the
of
causes
welcome
those that
are
present
in
sea
different trade
and
34,500,000 tons;
some
of total
value
prior
year
the
that
sea
The
material way, but in conscience for such of the responsi¬
on
our shoulders for the deep underlying
political and
a
rests
as
George
the
in
calendar
lists products,
17% of
from
>
shown
the
of
negotiated
Wide variations
shown in the report.
are
between
as
available at the office of
are
before the
aggregate value and quantity among more than
the
for
report
about
rates
"
.
commodities
in
even
War-time increases
origins to the United States
The
economy
value, bulky commodities, and articles of moderate worth that
substantial
and
routes.
children
can
Italy Is an absurd assumption.
part of their value, this being particularly true of goods
seas
in
some
announced:
further
of the commodities freight costs
substantial
require
is dooming
war
only in
bility
The study shows the relation of current to pre-war
transportation costs for imports of
some
a
misery of her neighbors and her blood kin in England, Germany, France
of the
principal commodities imported into the United States, it
is pointed out in a report issued May 29 by the Tariff Com¬
mission.
by
against
suicide.
is suicide for the political,
European
Commission
The large increases that have occurred in certain marine
a
America
debt is
Increases in Transportation
War-Time
low
charged
means
not
under
to
be
can
misery.
values
of
The
new-born
their
That
unemployment
application.
The
criticism
to
"Europe is living and doing business on paper money.
The Board stated that copies of the
that
there.
order
social
country.
upon
that
with the terrors of
be compared
can
social
and
compensation system to the wage data presented in the study, it is possible
to compute the degree to which the various industries contribute to the
maintenance
subject
Iii
employment and wage data shown, when brought together, roughly
the Board explained, the extent of underemployment and of
"spread
it
might he challenged to jump into from a burning ship.
indus¬
indicate,
Board
difficulties
these
will not fail to
and quarterly periods.
contribute 1
wages
power
vast patience and persistence to
would necessarily contain compromises
it
make
yes; but staying on the ship
The present war in Europe
it
well
as
would
America's
expected that these employment and payroll data
to be issued for subsequent years, will be of
business and labor groups, and to public and private research
to
all
peace
require
accomplished
that
1940
in the various countries.
politicians
But
would
peace
Once
sides
by quarters.
1938, and similar
organizations,
negotiated
both
on
and
Statistics.
includes
publication
A
effectuate.
June 8,
of
the report
Washington, D.
C.,
New York, N. Y.
Injuring Business
capital gains tax, the general attitude of the Gov¬
ernment toward regulation of business, and Federal securi¬
The
ties
legislation
three barriers which are hampering the
capital into industrial chan¬
are
revival of the flow of private
York Curb Ex¬
the Agricultural
Club of Chicago.
Mr. Rea said that the cooperation of the
farmer is necessary to obtain governmental relief from the
laws which injure business.
These laws, lie continued, are
harming the farmer by curtailing markets for agricultural
products.
In his address Mr. Rea said:
If capital cannot be used to employ idle men, who, in turn, will buy
the products raised on the farms?
They must suffer along with capital
nels, George P. Rea, President of the New
United States Is Asked to Define Eventual Aims Before
Entering War—James D. Mooney of General Motors
Corp. Says This Country Should Seek to Exert
Pressure for Peace in Europe
The
using
United
its
States
should
"enormous
consider
economic
and
the
possibility of
military
potential
strength to compel a discussion of peace" in Europe, James
D. Mooney, Vice-President in charge of overseas operations
of General Motors
the alumni
Cleveland.
at
Corp., said
reunion
Mr.
of
the
on
June 1 in an address before
Case
School
of
Applied Science
Mooney said that it will take courage
and coolness to stay
to
"accept such
a
out of the war, but he urged America
challenge in behalf of peace." Mr. Mooney
said, in part:
catastrophe
existed
We
have
under
all
in
that the
the
is
colossal catastrophe for Europe.
The
principally out of the economic disorder that
Europe at the outbreak of the war and which is being spread
there
war
a
arises
intensified with
and
every
economic
unsolved
million
housing
disorder
cotton
in
America,
men
conditions
still
problem.
all
out
of
Because
the
work.
The
too.
our
one
We
South
productive
cause or
staggering
industries
in
another, we have
slums
have
is
and
frightful
our drift
public debt.
make these
problems a hundred times worse?
Can you escape seeing that when our
sons return
from the battlefields they will be confronted by a reconstruc¬
tion problem that will make the social, economic and political disorder
of the past 10 years look like pink tea?
over
country.
We
are
continuing
into rising prices and inflation because of the rapid rise in our
Do you think our entry into the war will do anything but
Negotiating
cult.
a
at this
peace
Peacemakers
who
time,
of
course,
interpose themselves
themselves in the most thankless of jobs.
true in the present situation.
find
It
is
evident
continued
a
people,
for
depression.
wages,
more
abilities.
capitalists of the country, Mr. Rea ex¬
In defining the
that
formula
would 'be extremely diffi¬
between
belligerents usually
This would be particularly
sides.
He went
providing
security
the
on
are
cover
owning farms and tilling the soil, live out afong
those who, residing in the villages and
save their
earnings, pay their taxes,
dirt roads,
the
and
that
the
continent,
support their churches and
work
in
the English
the Germans
for
in Wall Street, but all
the economic system.
to say:
those who,
concrete
towns
support and maintain
who
those
factories,
labor
send their children to school; those, too, who
railroads, and who deposit their money in
on
savings banks and invest in the securities of American
the men and women for whom I have concern.
are
and
ones
enterprise.
These
In their initiative
is to be found.
They are the
whereby the rewards of thrift,
adherence to right conduct will accrue to them who are
support of our system
who wish to maintain an economy
endeavor,
industry and
possessed of
The
an
those qualities.
speaker took exception to
Street"
trict.
the
as
synonymous
it is not
the use of the term 'Wall
with the New York
financial dis¬
He added:
of road in lower New York,
stock exchanges, the investment
Technically, it is a short bit
and
French, and removing the threat of starvation for
and
Italians, will be very difficult to construct and make acceptable to both
a
of
They
day of war.
parts of the country are strangled from
tseveral
With the feeling that more jobs, for more
will benefit you, ask that capital be given its
day in court.
Give it a chance to release itself from those non-useful
portions of the restrictions which now prevent the constructive use of its
from
plained that they were not only men
have told you
I
change, said on June 3 in an address before
only the banks, the
but actually
bankers, and
New York City itself, but it includes also and
fully as important every bank, every exchange, and every investment banker
and security dealer in every city and town in the United States.
It i*
the
security
dealers
in
Volume
The
ISO
La Salle Street in Chicago, it is Federal Street in
Boston, it is Montgomery
Okla. .
.
.
In its
entirety Wall Street is nothing more or less than the capital
market in the United
States whose primary function is to collect and
make available to the industries and to the enterprises of the United
States the capital which is essential to their creation and continuance.
Street in San
Francisco, it is
Wall Street in Muskogee,
even
discussing the relation of the farmer to the
welfare of the country as a whole, he said:
In
bad when
is
Business
farmers are not making a
economic
the
receive
the
with
satisfied
plan
present
and
more
for
more
good living; conversely,
and
defeatism, not of ever-increasing real
the
The
multitudes.
all he
can
farmer
wants
to
That
less.
the policy of
is
It spells scant rations for
good and fair prices for
wealth.
be
policy
given
Only that program can ever mean abundance
raise.
of
is
which the farmer is supposed to
under
less
for all."
will
to the
answer
behind
be well
us.
of revenue to the farmer as a
Mr. Rea said that it
seemed reasonable that an average of $3.00 per week per
In
the flow
estimating
result
of
purchases would be spent for food.
yearly purchase of $1,560,000,000 to be
above their present
man
This would mean a
the farmers and those who
divided among
aid in the dis¬
products.
of farm
tribution
of Illinois Bankers' Association
of America
"by a mere shell of protective armament," John W. Hanes,
former Under-Secretary of the
Treasury, at the annual
dinner (May 29) of the Illinois Bankers Association added
that "within the shell must be a country smoothly produc¬
ing and fortifying this defense from a sound economy."
According to the Chicago "Journal of Commerce," Mr.
said:
of
our
developing the maximum powers
really hope to solve our economic problems, our
it is axiomatic that only by
me
can
economy
we
problems, our politic problems, our national defense problems."
That solution, he said, "is the creation of a healthy, busy and prosperous
social
private enterprise."
He pointed to a "decline
industrial companies
from $10,500,000,000 to
than
the
20%
past
of
1929
or
more
to
roughly $48,000,000,000,"
functioning properly.
evidence that the profit eystem is not
as
in time of emergencies.
to
generating capacity
spare
Mr.
1.
2.
He said these are so
high
as
to be confiscatory.
should be repealed.
returns.
3.
5.
Corporations should be allowed to file consolidated
Tax on intercorporate dividends should be repealed.
6.
to
Capital stock and excess profits taxes
4.
Individuals
be
should
guarantee payment
allowed to
take out some
form of insurance
the size of the
issues of Government securities.
or
sabot ige—more
electricity made
production
But operating expenses
all-time records.
new
possible
valuable than
appropriations reached new all-Vime
highs.
higher than 10
though $1,700,000,000 additional construction has been
ago,
done
in that time.
Our construction budget this year
is $644,000,000.
the first four months of this year are up 32%,
Refrigerator sales for
and electric range sales 37 %
fallen from $473 in 1930 to $450 now, and a kilowatt
from $362 then to $345 now.
This is
•
has
Through high-grade engineering the industry's investment a customer
of generating capacit7
real achivement."
a
The
developments of commercial and industrial markets
in territories served by a utility was discussed on June 4
by George W. Ousler, General Sales Manager of the Duquesne Light Co. of Pittsburgh, Pa.
He said, in part:
effectively and economically develop any market certain principles
To
must be followed which are
other business.
of
just
pertinent to the utility business as to any
as
The market must be analyzed to determine it3
possibility
•
development; it must be stimulated by publicity, education, &c.; the
consumer must
there should
be contacted by salesmen in the
in¬
and
of promotion and direct selling
cooperation with all other branches of the electrical
be
including
manufacturers,
distributors,
that the maximum amount
so
field; and last, but not least,
dealers,
contractors
contacts will result.
Organization
of these principles.
President in
has been created on the basis
The entire operation is under the direction of a Vice-
Charge of Sales with three
men
reporting to him; a General
General Sales Manager in Charge
Sales Manager in Charge of
all Gas Sales;
of all Electric Sales and
General Manager in Charge of
a
The Duquesne Light Co., the
Co.
are
Merchandising.
Equitable Gas Co. and the Equitable Sales
controlled by the Philadelphia company,
affiliated companies, each
neither the Duquesne Light Co.
The Equitable Sales
a
nor
the Equitable Gas Co. merchandise.
Co., the merchandising outlet, operates as a dealer
confining its operations almost entirely to the sale of residential gas
electrical appliances.
area
and
The Equitable Gas Co. serves about one-half of the
covered by the Duquesne Light Co ; two
non-affiliated gas companies
serving the other half of the Duquesne Light Co. territory.
Under the General Sales Manager of the Duquesne Light Co.
six
Department,
departments—Rate
Promotion
Department,
Sales
Power
Residential
Retail
Service
Sales Department,
charge of
a
Manager reporting to the General Sales
Since this paper is to be confined to commercial and
sales, I will comment only on the activities of three of
namely, Sales Promotion,
industrial
these departments;
Small Light and Power and Large Light and
1
The functions
small
Sales
Small Light and
Department and Large Light ahd Power Sales Department.
Each department is in
Manager.
there are
Department,
of the
Sales
Promotion Department,
and large light and power sales
likewise discussed by Mr. Ousler.
Bernard S. Rodey Jr., Chairman
departments,
the
&c.,
of the Institute's General
Accounting Committee, on June 5 discussed the questions
of "original cost" and depreciation as applied to accounting
methods.
He said, in part:
with
elapsed since the regulatory authorities came
primarily designed by them to
regulation of rates.
The advent of these systems found the
the new systems of accounts,
facilitate the
industry and its accountants as a
whole unprepared either to understand
proposed or to present
that appeared contrary
effectively the objections to some of the provisions
to
Prepared for Any Emer¬
gency—Charles W. Kellogg Tells Annual Conven¬
Utility Industry Regarded as
Institute
Can Meet Any Defense Program
of
tion
Edison
Electric
that
Industry
*
production and distribution system of
the United States is prepared for any emergency, Charles
W. Kellogg, President of the Edison Electric Institute, told
2,000 utility representatives on June 4 at the annual conven¬
tion of the Institute in Atlantic City, N. J.
Mr. Kellogg
declared that utility preparedness is now far greater than
during the first World War, and said that the Government
can count upon the availability of an adequate power supply
for national defense without the need for expenditures
or other special measures on its own account.
An Atlantic
City dispatch of June 4 to the New York "Heralld Tribune"
quoted Mr. Kellogg as follows:
The electric power
"industrial resources and preparedness are
Kellogg declared that
remain a free and respected people." He said
that "the electric utilities can face the situation with complete confidence.
Never in history has any country been so well equipped with power for the
prime essentials if we are to
production of munitions.
"At the end of 1939 installed generating capacity exceeded peak demands
by 39% even in the industrial areas.
because of the network
Effectively this margin is even greater
of interconnections.
1,640,000 kilowatts of generating
is already
The utility industry will add
capacity this year and another 1,250,000
There is ample capacity for ail
planned for completion in 1941.
existing industrial
establishments and more can be added as fast as new
built. In addition the Federal government will
munitions factories can be
add 230,000 kilowatts
other areas.
this year from the Tennessee Valley Authority and
,
"The power
industry now has three and a third times as much generating
capacity, and an annual output
entered the first World War.
in output,
of electricity four times as great, as when we
We have gained 230% in capacity and 300%
while population gained 29% and industrial production from all
kinds of factories gained 15%.
actor it was
ower
war
transmission lines."
or extra
completely the purpose and merits of the methods
Tax income from future
Mr.
personnel, skilled in
Several years have now
estate.
7.
exchanging
the most of our resources
Thus the balance for return to investors stands today no
years
forth
of death duties without increasing
service and in
trained and seasoned
our
and taxes and retirement
were
Repeal in its entirety the 1935 revenue bill. This would cut surtax
to 59% from 79%.
Estate and inheritance taxes would be reduced by the above action.
responsibility.
Kellogg announced that "in the 12 months just ended,
and sales of
rose
the "Wall
Mr. Hanes consists of:
rates
And
Power.
Street Journal" reported
seven-point program of tax revision advocated by
advices
Chicago
a
$31,800,000,000,
1937, when, at the normal rate of growth in
$1,000,000,000 a year, the plant account should have risen
from
to
that
only under profitable
in the plant account of
whose maximum powers can be generated
economy
judgment and initiative and
General—Our sales and service organization
Declaring that we cannot achieve the defense
"To
own
meeting sudden problems, form the most valuable defense against
architects
Program Proposed by Former Under
Secretary of Treasury Hanes at Annual Convention
Hanes further
its
"We have long experience in rendering public
dustry,
Revision
Tax
use
assistance among ourselves, enabling us to make
general employment,
more
Kellogg emphasized however, that the utility industry can serve
Personnel Held Best Defense
. . .
problem of farm production is not, in my opinion,
to cut down the supply but, on the contrary, to create demand.
If we can
solve the problem of unemployment, we shall automatically create that
demand.
Unemployment of many millions of our people is the greatest
single factor in our upset economy.
If we can find jobs for those men
and put wages in their hands to spend I believe that our economic problems
The
Mr.
best "if left free to
interruptions of service from acts of
prosperity of the rest of the country is essential to the well-being
farmer.
Further, I do not believe that the farming community
the
3593
Commercial & Financial Chronicle
An additional war load is nothing like the
25 years ago; the present war
resources
of Great Britain."
in Europe has failed to tax the
fundamental principles of accounting.
Even today,
to
while in a much stronger position, we still lack
insure a fair and equitable
industry as a whole.
preparedness
administration of the new systems for the
Many accountants in the industry originally had
the
of accounts were unwieldy, burdensome, and
costly beyond any benefits that might be derived therefrom. Even admitting
the truth of this belief, the battle for a simplified accounting system devoid
of a multitude of instructions des'gned to promote general uniformity, was
lost.
There now remains, however, a more important problem, namely
that of insuring that the results of the new accounting provisions do not
cause irreparable damage to the equity holders of utility securities.
There
also remains the heroic task of streamlining the accounting processes so that
feeling that the new systems
the new
systems may be
Economies have been
effectively carried on with a minimum of cost.
effected, but more are needed to balance
the cost
■
■
'•/■V
There never was a time when good faith, integrity and mutual confidence
between the utilities and the regulatory authorities were more needed than
in the present situation of putting into practical operation the new account¬
ing requirements.
Let us strive for a disposition of the "one-way street"
problems in accordance with those standards.
against results.
attempt to generalize will be of limited
the technique, of
presenting testimony is of utmost importance.
For the past two years, as a part of the work of Mr. Kohlhepp's committee,
we have been studiously analyzing not only the conclusions of the courts and
commissions in respect to depreciation, but also the details of the methods
employed in submitting proof regarding the extent of depreciation.
The
results of our studies have been most interesting and I think have been
instrumental in bringing extreme views into somewhat closer harmony.
They indicate that the technique of proving actual depreciation in value
proceedings is undergoing a substantial change.
Attempts to prove de¬
preciation by estimating solely the amounts sufficient to place a property
in first class condition, that is by limiting it to deferred maintenance, have
largely ceased.
So has the other extreme of attempting to prove depre¬
ciation on the basis of an arbitrary assumption of the age-life of the in¬
dividual component parts of a utility property, without recourse to an
actual engineering inspection of the, condition of the property, generally
called the straight-line method.
A middle ground appears now in the
process of formation.
Straight-line depreciation testimony, on the one
hand, is being supported by engineering estimates based on inspection of the
property (although the thoroughness and conscientiousness of such inFrom this it
value; second,
follows, first, that an
that not only the good faith, but also
The Commercial & Financial Chronicle
3594
is a matter of conjecture).
spection
The proponents of observed depre¬
giving effect in their estimates to known
ciation, on the other hand, are
judgment upon replacements in the
near future.
technique in estimating depreciation
These changes in
able
may narrow the
ably nearer to the true facts. We should recognize, however, that there is
the amount of actual depreciation existing in
absolute answer
to
ticular property,
whatever our ideas
a
the
Dr.
the light meter,
not
science
as
forward.
moves
I
have
indicated
Nation
of
always keeping
servation
the
at present.
as
same
philosophy
of service
and
con¬
I believe, not
This angle
planned too well.
you have restricted and in some instances,
Do not try so much for exclusive variations
for the general advance of the whole movement.
and
greater,
senseless,
costly
competition
Individual benefit is
little things blocks larger
on
steps forward.
I feel
6.
others
that both the scientific-professional groups, educators and
sure
want to
cooperate with you, realize the benefits from what you have
done and hope that your
future may be even more valuable to health, hap¬
piness and humanity.
The
question of rate making
analyzed
was
on
June 6 by
F. A. Newton, rate and valuation expert of the Common¬
wealth & Southern Corp. Nr. Newton said in part:
Successful rate making must, of course,
essential.
The electric utility business is
continually changing.
by
or
stationary,
and the
out
It
or
or one
or
may
increment cost basis.
same
rates
on
a
ating
making is
one to
be used with great
offing, then is the time when the additional
are
are
It must also
least not in the
much
cost basis must be
Sometimes too much attention is paid to oper¬
being made necessary by the additional business
near
so
be remembered that operating expenses and taxes
also not static and there
too
be
seems to
future.
hope that they will become
no
so, at
Sometimes the additional cost basis is used with
hope and faith
as
to future
operating expenses, taxes and fixed
charges.
Since the electric utilities have gone into the heating business so
widely in competition with other fuels which has been one of the great
developments in
the
last
decade,
marked reductions in residential
very
rates, particularly, have been made to develop this increased volume of
business of this character.
increased
a
character
does
not
bring with it shortly
increases in investment made necessary
increase fixed charges.
by
What needs to be guarded against is that the
business of this
material
very
by it alone and thereby
This situation is being given serious consideration
number of people in the industry and within the past two or three
have been taken in a number of cases to protect the com¬
years measures
panies against this danger.
ditional demand
may
exceed
charges
on
These
providing that in
no
measures
have taken the form of ad¬
residential and rural customers whose demands
certain amount
a
or
they have taken the form in
instance shall
measures
but manifestation of
business taken
on at
a
below
same
a
These
nature.
realization that the character
the lowest blocks of the rates is
of
the schedule itself may
Other provisions have been made of the
are
some cases
customer's average rate go
a
certain price per kilowatt hour regardless of how
work out.
will be made
upon
the skill and capacity
pos¬
continued opposition of industry to profiteering.
No man
should use the national emergency to serve his or its selfish ends.
-
'
./•:
•,
Regional
—-*6*—
.y
,
.
Presidents
Vice
Named
Manufac¬
by
Association
B. O. Ileacock, President of the Caterpillar Tractor Co., Peoria, HI.
E. J. McMillan, President of the Standard Knitting Mills, Inc., Knox-
ville, Tenn.
Craig R. Sheaffer, President, W. A. Shaeffer Pen Co., Ft. Madison, Iowa.
President
of the
bringing about material
increased fixed charges which
may not be entirely compensated for at the
ates named.
Connely of I. B. A. Says Latters Program of
Policy of Challenging
Public Information Includes
Misinformation—Calls Attention of Representative
Pierce to What He Terms" Incorrect Implications"
by Chairman of SEC
The Investment Bankers Association's
care.
in the study of additional cost and not enough to increased
expenses
secured.
,
,
proper
systems are becoming quite fully loaded and large increased investments
used with great discretion.
investments which
by
it was announced by H. W. Prentis, Jr.,
organization.
All from the Middle-West,
their election to office took place a few days ago at the
N.A.M. Board of Directors meeting at Chicago.
H. A.
Bullis
of Minneapolis,
Minn., was appointed National
Vice-President to fill the vacancy created by the recent
death of Walter J. Kohler. Mr. Bullis was recently elected
Executive Vice-President of General Mills, Inc., Minne¬
apolis, Minn.
;
The three additional regional Vice-Presidents named are:
Any management which
two-edged sword that may swing around and cut your own legs off.
in the
social
condemned
President of the
properly be worked
When the development of the business reaches the point where
plants and
are
been
turers on June 4,
time, it must be remembered that the increment
cost or additional cost basis of rate
a
have
as
pledges
group
basis will reduce unit costs and result in benefit to aU classes of customers is
It is
sound
of such legislative and adminis¬
production
turers'
of the prime rules
fails to recognize the fact that increased volume of sales taken
At the
capacity
Four nationally-known industrialists assumed new posts
as Vice-Presidents of the National Association of Manufac¬
The market is
but is good business from the standpoint of both the customer
shortsighted.
be made for the
provision
the fact that it is not only
industry to recognize the rule that rates
additional cost
on
that
compatible with the national honor and safety.
to avoid it
.',v
will be violated.
It is also sound rate making to recognize
necessary,
of
'
keep in mind that flexibility is
no means static.
Kate making must recognize this fact and the
themselves must not become static
of rate making
in
be
life
experience and the utmost energy of its members to the task ahead. /
It commits itself to this effort, abhorring war and urging every
Four
fully in hand, at, I think, certain places where cooperation is possible and
as
use
must
and industrial experience.
You must plant for coordinated research for solving problems not yet
5.
Its
increase
New recruits must be better guided and taught the
advantages of complete cooperation.
the situation is right.
prevent
regulations
the investment during the useful
industrial
on
the demands which
and
sible effort
wider
a
human
equipment.
extent
industry.
;
As you advance you will want to bring in other groups on
4.
front,
this
tax laws and
It recognizes that the situation calls for the full power of
America's genius in industrial management and mass production.
The National Association of Manufacturers pledges the knowledge and
desirable
directions for research.
of plant and
to
Industry's Pledge
enough of
certain
1940
plants
Industry recognizes the gravity of the defense problem which faces the
Not only must you hold present ground, but you must be prepared to
advance
will
They do mean the removal
restrictions
both military
hygiene in home lighting.
3.
of
in those private industries essential to defense.
of these things requires the abandonment of any
None
visibility meter and photo cell controls.
Designs of fixtures are still too much exponents of art and
it
important also
highly
trative
of your
some
expansion
But it is clear that
permit wiping out
to
is
legislation.
You must not, because of this success, fail to realize that you must
Indeed you must recognize certain failure to utilize
expansion
plants and
1. I believe success of a most satisfying sort has been yours.
hold it.
the
operation, night and day, of new and existing facilities both in Government
Hugh G. Rowell, M. D., General Adviser and Assistant
of Education, Physician to the Horace Mann
School, Teachers College, Columbia University on June 5
praised the Institute's program of "Better Light—Better
Sight," which, he said, aids both the community and the
utility industry. He continued;
best assets like
requires
facilities.
new
It
because
encouraged
public debt.
the
Professor
2.
be
modified
no
par¬
the proper way of measuring it.
as to
the necessary
finance
to
must
between the extremes and indicate some middle ground that is prob¬
span
June 8,
defense
national
and
equipment which, in the light of World War experience, will be virtually
valueless when the emergency is passed.
Ample private capital is avail¬
factors of obsolescence and inadequacy and in some instances to the
effect
of age, in their
for
Production
new
program
of
public information includes a policy of challenging misin¬
formation regarding investment banking as well as the
dissemination of facts about it, it was disclosed on June 6
when Emmett F. Connely, President of the association, made
public a letter to Congressman Walter M. Pierce (Democrat,
Oregon) in which he called attention to what he termed in¬
correct implications in a letter from Chairman Jerome N.
Frank of the SEC which the Congressman had incorporated
in the "Congressional Record."
Mr. Connely contends
that
Mr;
quoting
Frank's
letter
paragraph of
the
gave
wrong
impression
by
statement that urged members
of the association to establish contacts with their representa¬
tives, but omitted a following paragraph explaining the
purpose of the move.
"If
one
don't tell
a
representatives in Washington what we
for the welfare of the country, then we
are
guilty of gross negligence, not only to ourselves, but to
the country at large," the statement had said.
In writing
Congressman Pierce, Mr. Connely said:
we
our
believe is necessary
?
to
We have suggested to the SEC that either they present recommendations
Congress
These
or
that
overtures
will assist in
we
a
joint study of remedial legislation.
have been fruitless, hence our decision to take the matter
directly to Congress, which decision
intend to pursue vigorously."
we
In his letter Mr.
Connely stressed the importance from
the standpoint of national defense of getting impediments
to the flow of capital removed, and said:
(
It is the belief of the Investment Bankers Association,
that it is par¬
ticularly appropriate at this time to do eveything possible to promote and
Industry's
Pledge
Support Building of National
National Association of Manu¬
facturers—Voices Opposition to Profiteering
Defense
to
Made by
American industry, through the Board of Directors of the
National Association of
Manufacturers, on May 29 pledged
its "experience and full
energy" to the building of national
defense
and
its
"continued
opposition to profiteering."
Assurance of cooperation with the President's Civilian Com¬
mittee
as
wholeheartedly
that given by the Association
to the War and
Navy Departments for months before the
outbreak of hostilities in Europe; a warning against pro¬
duction
as
handicaps "as dangerous
Fifth Column intrigue,"
as
and recommendation for removal of unsound
legislative and
administrative restrictions were included in the statement
released
by H. W. Prentis Jr.,
Association
of
Manufacturers,
President of the National
following a meeting of its
Board of Directors at the Drake
In
A
on
May 29.
shortage of skilled labor exists in
defense.
-
A
reservoir
train
all
of
Given the
the
skilled
such
labor
necessary
labor
possible
many
must
occupations vital to national
be
created
procurement orders
required
adequately
and
with
the
greatest
promptly industry
quickly.
our
the
national
defeuge, and, by removing existing deterrents, make
of private industry through
expansion
of private finance.
the regular
channels
We believe it is desirable to accomplish this industrial
expansion in the way indicated in order to leave the government free to
finance and properly equip the army and navy for national defense.
From
Mr.
Connely's letter to Congressman Pierce
we
quote the following:
Dear Congressman Pierce:
It has
come
to my
gressional Record"
from
Mr.
Frank
Jerome
on
attention that you read a statement into the "Con¬
May 30, 1940, included in which
N.
quoted from
Chairman of the SEC.
Frank,
an
was a
letter to you
In this letter Mr.
article written by me which appeared in the May
(J.940) issue of "Investment Banking."
This letter of Mr.
Record" exhibits
in
getting
their
one
case
Frank's
before
sense
as
as
whether
a
part of the "Congressional
or
The paragraph
quoted by Mr.
he did, gives quite a different impression than
immediately following.
I quote herewith the two
to
now
the public.
if coupled with the paragraph
real
which is
of the difficulties that investment bankers have had
Frank, if quoted alone,
cision
part, the statement follows:
possible speed.
can
Hotel, Chicago,
facilitate
not
To^get the full and
paragraphs and leave to
the implication
you
the de¬
of the first paragraph when
quoted alone is not quite different than that of the two when linked to¬
gether
as
they
are
in
a
verbatim quotation which follows:
"One of the first things we set about doing after the Del Monte Convention
find out how many Senators and Congressmen our members know on
was to
a
personal basis.
Tho response to this inquiry
was
most surprising and
Volume
gratifying.
The Commercial & Financial Chronicle
150
We received nearly 600 replies, through which we iearned that
ye have members who know personally 87 to the 96 Senators and 295 of
tne 435
A few
is
prople raised the question
at
public
expense
no
Negligence
this information*
if we expected to use it
lobbying, which brings up a point that I.tnink might just as well be
covered now as later, and that is, if the time has come when we are afraid
to address a forthright, honest letter to our
representatives about a just
Some allowed
that
to why we wanted
as
they would not give it to
new
economic
services.
The
us
for
ful
cause, then I am afraid for the future.
steps
If we don't tell our representatives
ashington what we believe is necessary for the welfare of the country,
we
are
guilty of
gross
negligence, not only to ourselves, but to the
country at large.
It
war.
is
also
true, however,
buy brains from countries which
in
vv
(
only under-taking in which proletarian economics has been success¬
is
In
then
an economic order.
The work it has created has been work
and largely through forced "labor.
It has brought forth
inventions to
facilitate
the
production of goods or
validity^ of
Congressmen.
Silence
3595
that
have been
it
has
been
clever enough
to
developed under a free economy.
almost
every proletarian economy in the world today such constructive
have been taken have resulted from the hiring of brains developed
as
under capitalism and
put to
use
in the dictatorship countries.
No free economy or democracy based upon
National
Unity in Face of Emergency Abroad Urged
Louis H. Pink—New York Superintendent of
by
Insurance
Says
Insurance
Is
Ready
to
Preserving Self-Government—Speaks at
vania Insurance
Days Convention
strengthen
for
national
our
the
and
economy
preservation of
and the
dictatorship in which it manifests itself, said Dr.
Stonier.'
Service and Profit,"
Burgess, Vice-President of the Northwestern Bank &
John
work together "to
instru¬
it as an
use
address
York, said on June 5 in an address
Pennsylvania Insurance Days Convention in
Philadelphia.
Referring to the war in Europe, Mr. Pink
said that "the light of personal liberty and self-government
becoming
before
sanity, justice and
men," Louis H. Pink,
the
must
State
not
of
N&w
the United
out in
go
States."
He declared
that
the institution of insurance, "whose sole purpose and being
is
to
promote the
social
and
economic
stands ready to do its part."
Pink's address:
Now that there is
of
portions
many
the
it
world
localities and the States retain
issue
at
There
is
is
not
only
which
larger question.
a
federalized
in
order
to
between
the
localities
is
tion
the
depression
by
not be the best
may
State
for
reason
when
transferring
in
and
preserve
and
local
so
that the
ever
of
The question
supervision.
easiest
way
been
a
many
supervision
to
result
a
by the
Centraliza¬
problems,
but it
in the long run.
free
not
the public.
of
As
satisfaction
Washington.
While
success.
confidence
that
strengthen close rela¬
with
of
out
world
modern
government.
formerly handled
the
the
most satisfactory solution
or
and
trust
State
action
have necessarily gone to
has
supervision
earned the
has
efficient
and
as
some
than
form
State in
So many things have to be centralized and
things
the States
and
urged
of society,
possible.
as
efficient
most
be done to
public
many
important
more
much control
faults,
from
it
There is not apparent
the national
at
government
a
time
already overburdened with new and unusual powers
Nor is there any apparent demand for a change on
part of policyholders.
More than 60,000,000 people are directly
interested in life policies, and almost everyone has an interest in insur¬
ance
of some kind.
1
and
Washington
ia
responsibilities.
the
The T. N.
E.
at this critical
is
C.
in
period.
a
.
position to be of
,
very
great help to the Nation
With its background of inquiry into the
.
to
in
leadership
exert
about
bringing
a
unity
This
the
As
to
Nation
the
was
of
nations
free
first
the
to
world
be
conceived
falling
are
institutions
democratic
intact
maintain
of
.
effort
the close
and
.
and
one
and
dedicated
to
after another,
the
control
liberty.
our
duty
and
becomes
government
stronger.
right of the people to control their government.
the
speakers
Institute of Life
were
Chairman of the
Incidentally, Mr. Pink, in the course of
Fidelity Mutual Life Insurance Co., was
evening meeting.
his
remarks, said:
C. began its investigation of insurance
When the T. N. E.
there was
and
who
is
gracious Chairman of the committee, Senator O'Mahoney,
principal speaker at this convention, has given convincing
is devoted to the perpetuation of free enterprise and
The
your
reassurance
that he
that
is
there
insurance
thought
no
field.
of
promoting Government
competition
^ t
vv
1
Burgess
not
particularly
not
a
in
stressed
in the country, and
for
by
automobile
to
menace
our
would
same
for
better
Before
Annual
Association
Convention
Discuss
of
in the
t
Illinois
%
forestall a
of business
to adapt itself to the changing social needs of the people
it serves, Dr. Harold Stonier, Executive Manager of the
American Bankers Association, said on May 29 in an ad¬
dress at Chicago before the annual convention of the Illinois
Bankers Association.
Dr. Stonier said that the dictator¬
ship governments were successful only in war and are "in¬
competent to cope with the economic problems which will
arise after the period of the war is over."
He continued:
The
best
means
by which
a
democracy can
dictatorship is through willingness on the part
The
acid
test
of
proletarian
economics still lies ahead.
The criterion
by which any economic order is judged lies in its ability to create goods
and services and to distribute them in such a way as to assure the pur¬
suit
of
happiness
Proletarian
on
economics
the part of
has
the people living under the economy.
every point by which we judge the
failed as
the
was
that
necessity
however,
of
to
upon
trained
to be crowned with
instalment
that
they contained
goodwill.
He
consider carefully
of
this field of endeavor
personnel
sound
and
success.
credit of all
buying
or
loaning is
a
$4,000,000,000, probably
kinds at about
better than 69% of this impressive sum is accounted
In the national picture, therefore, it is no
On the
economy.
other hand,
a
sharp curtailment of the
provide a real threat to industry and, after all, is it not
people with growing leisure to spend their substance in the
equipment or luxuries
intangible and less worthwhile
objectives?
It is a fact that millions of our people would never own an
automobile, washing machine or refrigerator but for instalment buying. ...
"The
social aspects of instalment
loaning are most impressive, far
more
important than the quantitative aspect, for remember that con¬
sumers
demand and will secure credit; they will take good agencies if
rather
up
is
to
worthwhile
and
their
dissipate
get them,
can
it
in
tangible
of
than
they
funds
property,
on
but bad agencies if they have to; and I submit that
to the bankers to furnish the good agencies.
with the common people, the people
direct touch
It puts the bankers
who have the votes.
fascinating study in human Interest; almost"every
blank hides an O. Henry story behind a simple relation of
Almost every loan is a
application
facts."
In
,
the convention,
opening
.
May 28, President John J.
inquiry by the Wagner Com¬
into national banking policy.
He was quoted in
from the Association as follows:
Anton discussed the impending
mittee
advices
This
Wagner inquiry looms big on the
horizon of banking and the next
will recall that this study is being made under
resolution of the Senate passed last year, in answer to
You
Congress.
authority of a
the
the
sources, but more definitely from the Board of
Governors of the Federal Keserve System for the creation of a commission
from
suggestion
make
to
a
fundamental
many
general study of the entire banking situation with a view to
reconstruction of the banking system.
This has far-reaching
possibilities and therefore is of great concern to every bank and banker
in America.
Our Association probably could not function in any organized
this study or, for that matter, in any specific
consideration in Washington.
The American Bankers
Association will represent our interests, however, in the vast and compre¬
hensive scope this
investigation seems destined to develop on questions
affecting the future of banking.
I would urge all of us to devote our¬
selves watchfully to the research and study of this commission.
the molding of
in
under
legislation
attention to the Wheeler-Jones
Congress, asking that all bankers
themselves, regarding it as "an Act that would
inroad the functions of commercial banking."
He
called
also
Anton
Mr.
Farm Credit bill now in
concern
further
that endangers the sanctity of contract—a
bill is to make loans on farms on long-term
basis, 40 years' maturity, '6% interest—and no personal liability on
borrower and also the right to scale down debt if payments cannot be met.
While the bill seems destined to failure in its present form, there will
another
is
Here
of
provision
feature
proposal
the
undoubtedly be persistent efforts to pass it in some modified form
next session,
The bill a few days ago, I was informed, was killed
House
the
Conditions Here in
Light of European War
business,
said
building
our
acquisition
Adaptability of Business to Changing Social Trends
Seen
as
Best
Means
to
Avoid Dictatorships—
Bankers
the
rightly
departments
loan
and
the
and
credit.
Agricultural
not
is
Senate
He
in the
in the
in
of
However, the status of the measure
There are dangerous aspects to this type
Committee.
clear.
']■ .t
legislation.
Speakers
instalment
operations
16% of the total loans and investments of all the banks
than
more
that
service
requisites before embarking
of instalment
amount
specialized field of banking rapidly
a
condition
theory," said Mr. Burgess.
"While it has had a startling
the last decade, qualified economists have not as yet found it
to our national economy.
Informed authorities place the total
menace
any
not
in
now
remember
us
increase
said
social
for
principles if the effort
"Let
as
profitable
proven
those
loaning
said:
a
impression in insurance circles that the committee was unduly
accentuating the faults of the industry and had in mind some form of
Federal
control.
Fortunately that fear has been almost entirely dis¬
general
pelled.
had
certain fundamental
way
Holgar Johnson, President of the
Insurance, and Joseph C. O'Mahoney,
Chairman of the T. N. E. C. of the United States Congress.
Willard K. Wise, Vice-President of the Provident Mutual
Life Insurance Co. of Philadelphia, was Chairman of the
luncheon meeting.
Walter LeMar Talbot, President of the
Other
Mr.
opportunities
advised
the people
of
We are the guardians of popular
government not only for our children and our children's children, but
for the people of other nations who at the present time are unable to carry
on the kind of government in which
they believe.
While we may be unprepared for war at the present time, we have in
cur
natural
resources,
factories, industries, banks, insurance companies,
and in our educated people, the strongest potential war power in the
world.
That must be used to create and preserve a just and durable peace
ever
"Public
difficult because of competition and the lowering of credit
more
conducted
great
financial structure of the Nation the T. N. E. O. is in an unusual position
cooperation of labor, industry and finance.
of
said, in part:
standards.
and
the
subject
He pictured instalment
We quote, in part, from Mr.
is
as
is
secure
everything possible should
tions
of
welfare
strong trend towards the totalitarian
a
the
Co. of Minneapolis, analyzed for the convention on
May 29 the history and growth of the instalment loan busi¬
ness as applied to banks.
An Association summary of his
goodwill
Superintendent of Insurance
among
of the
:■■
Discussing
Trust
The people of the United States must
ment
Aid in
Pennsyl¬
it in the world
today has escaped the influence of proletarian economics
concluded his talk by saying:
There
is
a
questionable
ultimate
future, though in spite of many
economic trends we should have faith in the
continuing problem of our
social
wisdom
of
and
the American
people to preserve American
business
confidence in spite of uncertainties
and attacks on
that untimately a sound economic
future is the only answer.
However, we cannot sit by.
We must be
fully awakened to the task ahead and to our individual responsibilities if
wo
are
to find a place for independent and privately-owned
banking.
Our Association has and will continue to energetically advance the cause
of sound principles and for a sound economy.
methods
and
We should have
business and banking,
ideals.
of Urbana, 111., together with William
Evanston—being the only two known surviving
Robert R. Wallace
A
Heath of
charter
members present at
the organization of the Asso¬
Springfield on Nov. 5, 1891—were present at the
May 29 concention as special guests. Mr. Wallace, in speak¬
ing on the subject "The First Convention," said that:
When the Illinois Bankers Association came into being there were a
few, and only a few, State banks operating in Illinois, and the number
increased rapidly, largely because those State banks were locally-owned
ciation in
The Commercial & Financial Chronicle
3596
and
by directors and
managed
the
needs
business
their
of
individual
their
farmer
anl
men
profit,
as
two dividends, one to
the
dividend
State
banks
between
1,400
and
men
knew
bankers
and
citizens
as
multiplied
rapidly,
and
of
1,500
and
them
at
the
high
point
regularly
reporting
to
there
the
were
Banking
Department of the State Auditor.
United States Urged to Stop
President
Johnston
of
Buying of Foreign Silver—
New
for Defense
State,
Chamber
stop buying foreign silver and
buy airplanes for defense with the money thus saved,
Percy H. Johnston, President of the Chamber of Commerce
of the State of New York, declared on
Sunday, June 2, in a
statement urging prompt enactment of the amended Townsilver
send
The
measure
weeks ago, but as it
tax on
made
bill.
was
passed by the Senate
incidentally repealed the 50%
silver transfer profits, House leaders contended that
several
it
a
bill
revenue
originated in the
and
that
Co.
House
had
and
it
should
have
also
President
Association,
said
of the Chemical Bank &
the New York Clearing
of
that
since
1934
the
Government
spent nearly a billion dollars for useless foreign silver
that a continuation of the policy in the
emergency
Nation faces was a "tragic farce."
Mr. Johnston's
and
the
flight of business from it to other parts of the country, ac¬
cording to a survey made public on June 6 by the Chamber
of Commerce of the State of New York.
Tne Chamber
found that the State in innumerable industries continues to
stand "head and shoulders above its nearest competitors."
The Chamber said:
"
The extent of New York State's supremacy in
Every million dollars the Government spends in the purchase of foreign
now
means
dollars gone that the Nation could have
expended for
silver
has
Government
for
ment
paid
end
needed
about
it had
no
wasteful
the
In
more
purchases,
their dignity
on
defense
equipment.
$985,000,000
use.
foreign producers
such
standing
vitally
spent
which
silver
to
other
or
than
but
for
Townsend
Senator
leaders
has
the
Since
small
tax
over
provision
the
of foreign
alone the Govern¬
The
of
group
come
1934
purchase
year
$150,000,000.
a
and splitting hairs
deleted
the
fiscal
last
refused to let the Townsend silver bill
tives,
Senate
technique of production,
the
in
constitutional
to
vote.
a
to
voted
leaders,
preroga¬
Now
which
the
that
House
objected,
no valid reason remains why the bill should not promptly
by the House and again approved by the Senate.
the 1,950,000,000 ounces of foreign silver which the
Treasury
lias
acquired since 1934 is now gathering dust in underground vaults.
It could not be dispoesd of except at tremendous loss.
Had the huge
which
sum
.
been expended wisely by the Government for
airplanes,
tanks and other needed defense equipment, the Nation today
it cost
would be far better
compel
now
.
.
of
battleships,
motcr truck facilities
distribution
the
and
two
marketing.
surr
decades
Advances
alone—improved rail service, fast
and the increasing use of airplanes for express and
lighter freight shipments—have been sufficient to place industries located
in other States in much closer competition with those of New York State.
The Chamber did not attempt to give a
complete list of
the State is supreme. . It did not
the industries in which
include shipping, banking, investment or insurance, nor in¬
dustries in which the State's greater population
might be
the principal reason for larger production than other States.
It excluded industries of small dollar
volume, except in a few
compared with the total for the
exceptionally high.
The survey stated:
where the supremacy,
Nation,
was
'The 1940 census probably will show that New York State has less than
of the population of the nation, for in the last decade the
10%
increase in
the nation
population here has been considerably smaller than the
as a
whole.
of
rate
rate for
Of the industries embraced in the
survey, however,
than 75% have dollar production value in
more
excess
of
20% of the total
Tpe results of the study covering 1937, the latest
which official
Purchase
Act
be
would
mourned
only
year
for
are
In the
manufacturing industries, the State led with 29,749 establishments,
17.8% of the Nation's total; the number of salary and wage-earners was
1,184,274, or 12.1% of the Nation's total; salaries and wages paid amounted
to
$ 1,674,909,000, or 13% of the Nation's total; the value of products
$7,314,446,000,
by
the
or
was
12% of the Nation's total.
York
New
City alone with 22,235 manufacturing establishments had
13.4% of the Nation's total number; 5-9% of the Nation's wage-earners in
such industries and 6.5% of the total value of such national
production.
United
States Would Not Suffer From Allied
Defeat,
Says Dr Nadler—Holds Country is Less Dependent
on
Foreign Trade Than Any Country
prepared to meet the challenge which events in Europe
Silver
figures
available, show the extent of New
York's supremacy among the States of the
Nation, are in¬
dicated as follows by the Chamber:
to face.
us
of
Repeal
industries if
or
House
be passed
Most
many
prising in view of the changes which have taken place in the last
dollar production value of each of thes industries for the whole nation.
statement follows:
airplanes
outstanding leadership
the Nation's greatest industrial State despite the reported
cases
Mr. Johnston, who is Chairman
Trust
such
as
House.
of
New York State has maintained its
as
which have been made in transportation
The United States should
Country's Greatest
Commerce Survey
as
Discloses
York
Chamber of
Commerce Proposes Instead, It Purchase
Airplanes
,,
Industrial
of
the community, to
paid in service well rendered,
stockholders, paid partly in money and
of having served their community.
their
June 8, 1940
New York Maintains Its Position
their customers,
to
satisfaction
the
local
were
customers, and of country town and small
city
and whose directors and officers found it to
pay
partly in
who
laborers,
and
second
officers
Dr.
Marcus
Nadler, Professor of Finance of New York
It would not affect American producers,
who would continue to receive 7l.llc. an ounce, or double the open market
University, in
price, from the Treasury.
defeat because the nation is less
foreign
producers
prices all
it under
of
silver.
>
The Government's policy of buying at inflated
was indefensible from the start.
Continuing
the silver offered
the conditions which the Nation
faces
today is
a
tragic farce.
an interview in Salt Lake City on June 6,
said that the United States would not suffer from an Allied
dependent
on
foreign trade
than is any other major country and has the
largest domestic
market in the world.
The Associated Press in advices from
Salt Lake City also quoted Dr. Nadler as
saying:
Effect of European War on Economic Policies of
Americas Discussed by Cuban Ambassador
The effect
of the
European
war
on
economic policies of
Under
no
circumstances will
we
witness any collapse like that of
through clearings.
We
Our trade with Canada would increase if the Allies lost.
empire ourselves and it is not true that
are an
would lose economically.
we
the 20 Central and South American nations which with the
United States form the Pan American Union
was
discussed
by Dr. Pedro Martinez Fraga, Cuban Ambassador to this
country, at the monthly meeting of the Chamber of Com¬
merce
of the State of New York
on
June 6.
New York Chamber of Commerce Overrides
Opposition
Sending Armed Force to
Europe
With but
s
few
dissenting votes, members of the Chamber
of Commerce of the State of New York at their monthly
meeting on June 6 overrode the opposition of the Executive
Committee, as expressed in a resolution, to the sending of an
armed force to Europe in the present emergency. The resolu¬
tion, as amended, eliminated any reference to an armed force,
but said that "every possible assistance should be given to
a
Security Taxes Cited by Committee of Tool
Engineers as Major Unemployment Factor—Effect
Small Businesses
on
Hartman, Bolivia; Pablo Suarez, Cuba; Rafael Espaillat-dela-Motta, Dominican Republic; S. E. Duran-Ballen, Ecua¬
dor; Hector Giron, Guatemala; Charles B. Vincent, Haiti;
Rafael de la Colina, Mexico, Francisco Pardo de Zela, Peru;
William Wallace White, Paraguay; Pedro Perez, honorary
vice consul, Panama; Nicolas Veloz, vice consul, Venezuela.
to
Social
J;
Consuls general from several of the Latin American repub¬
lics were also guests of the chamber. They included: T.
of Executive Committee
1932-
If Germany wins, trade in those areas under her domination must be handled
Unemployment insurance taxes, in preventing small
businesses from expanding, are given as an important cause
of present unemployment in a report released
recently by the
Fact Finding Committee of the American
Society of Tool
Engineers, national technical organization. The Committee,
which is headed by Prof. John M. Younger of ©hio State
University, undertook a year-and-a-half ago a study of the
causes of
unemployment in this country, particularly insofar
as
employment was affected by the use of modern machinery.
The present report is the third and final one issued by the
Committee.
It traces the various factors contributing
toward unemployment, pointing out that industrial employ¬
ment today is identical with 1929 totals when
practically no
unemployment existed.
The report thus indicates that in¬
dustrial unemployment is largely due to failure of employ¬
ment growth to keep up with increases in population.
An
announcement pertaining to the report goes on to state:
In
endeavoring to locate
the
reasons
for
the failure
of industry
and
business to expand its employment, the Committee has uncovered the fact
that
a
vast
number of small
businesses purposely are being kept small in
the Allied cause." Albert C. Lord, an investment banker of
this city was responsible for the
order to avoid the necessity of paying unemployment insurance taxes.
tion. He said:
A business having eight employees
change made in the resolu¬
"I
that
am
a
amazed that
supreme
a
resolution
effort is needed to
by eliminating the sending of
the
dignity of thl3
an
eight.
offered in
this Chamber
meet an emergency
pointing out
should be qualified
armed force to Europe. I think it is beneath
Chamber, when
democratic countries
are
men in England, France and other
bleeding themselves white in defense of what they
beUeve to be the right, honorable way of
life, for us to say that we
material help, but not shed a drop of our blood."
will send
Percy H. Johnston, President of the Chamber, and Fred¬
erick E. Hasler, Chairman of the Executive
Committee,
both expressed their personal
sympathy with Mr. Lord's
views. The original resolution of the
committee, it is stated,
was drawn two weeks
ago when the European war was less
advanced than it is today.
The report was referred to in our June 1 issue, page 3448.
Present
easily
laws
exempt
small businesses,
A business with but
mean
whether
the
according to company
seven
business
reports
having less than eight workers.
has to
pays
no
makes
pay a
payroll tax of 3%
such tax.
a
profit
of all
The difference may
or
operates
at
a
loss,
cited.
Supporting the premise that lack of expansion in business is a major
unemployment
factor,
Committee
the
quotes
business enterprises but also from statements
this connection its refers to
a
not
only
from
of
In
report this February by the Executive Council,
American Federation of Labor, in which it was stated "Roughly
no one
reports
by labor organizations.
speaking,
has invested either time or money in new enterprises during the past
five years."
A further
sumer
cause
of unemployment is traced to the increased cost of con¬
goods occasioned by increases in taxation.
business
corporations
A study covering
cost
of
products
employee.
,
163
employing 3,000.000 people showed an average of
$576 in taxes, direct and concealed, paid per employee,
without
benefit
added
of increased purchasing
on
power
to the
to
the
Volume
The Commercial & Financial Chronicle
ISO
employment
employed in making
But
Cigarette taxes alone, the report points out, would provide
at
$4,500 per year for three times the number actually
to
Says
Ralph
Kelly, Westinghouse Executive Addressing Edison
Institute—Utility Representatives Pledge Aid to
Defense Program
Invention
and
Make
Jobs,
jobs and new demands
for products of industry, Ralph Kelly, Vice-President in
Charge of Sales of the Westinghouse Electiic & Manufactur¬
ing Co., told the Edison Electric Institute in convention in
Atlantic City, N. J., on June 5. The speaker said that while
the products of inventive genius save labor they actually
create more jobs."Seldom does a new product spell doom to its
predecessors/' Mr. Kelly declared. "It simply creates anew
demand or enlarges an old one." Mr. Kellv said this "funda¬
mental of the industrial age" is suppoited by the "continu¬
ing parade of new lamps marching out of the lamp labora¬
tories."
Todav's electric lamp has about the same amount
of glass, copper and wire that it had at the time of its dis¬
covery.
But, Mr. Kelly pointed out, while the electric lamp
at its beginning was a competitor of the candle and oil lamp,
"after 50 years of research and developmen o, it is a competitor
of daylight itself."
Asserting that under the American way of work "oui
problem is to give the public the best electrical service the
world affords, and never to be satisfied that it cannot be
improved," the sales executive disclosed that 10% of his
company's investment in plant facilities consists of labora¬
tories, test equipment and service facilities devoted almost
entirely to the advance and improvement of the electrical
Research and invention
most
important results of the action
W. U. may be the return of A. F. L. ranks
taken today by
of the powerful
were
Assurances by William Green, President of the A. F. of L., in a
Mr. Dubinsky, that the Executive Council of the Federation
one-cent-per-month per
the Executive Council's
Assessments
The
Typographical union
special assessment.
was
Hitch
Caused
it refused to pay the
when
suspended
Earlier in the garment workers'
declared that the assessment
was
convention speakers
the chief stumbling block to
reaffiliation
with the A. F. of L.
The I. L. G. W. U.
.
come
a
suspended by the Federation after it had be¬
was
moving factor in
workers left the C. I. O.,
of the C.
the formation
I.
The garment
O.
however, about a year ago due to a difference
policies.
over
It
that Mr. Green had been invited
announced shortly after noon
was
to address the
convention, which closes Friday.
According to Mr. Dubinsky, prospects for peace in the labor movement
considerably brighter at this time than they have been in the past.
were
He told newspaper men
ago on
is
that he had talked with Mr. Green several weeks
the question of peace, and that Mr. Green told him "the A.
ready to
farther than
go
ever
Alternative Tax Proposed
Mr.
F. of L.
before."
,
Dubinsky setting forth the Federation's concessions,
In his letter to Mr.
disputed 1-cent special tax, it was
Green said that in abolishing the
planned to recommend to the national convention at New Orleans in Novem¬
ber that the per capita tax paid
increase, it
by international unions be increased.
month per capita tax and a 1 cent
month assessment for organizational activities.
per
The convention today
approved resolutions to instruct delegates to the
A. F. of L. Convention to work for the removal
of moral
convicted
executives.
turpitude
or
from unin office of any
unlawful actions while union
...
More than
to produce lower loss steel for
The
suggested, would be in an amount sufficient to provide a
was
income equal to the 1 cent per
revenue
persons
practical; for example,
letter
would
of the
capita tax for fighting the C. I. O., and curbing
power to suspend international uions, cleared the
for the reaffiliation of the I. L. G. W. U.
way
mean more
The keystone of our research down through the years has been to accom"
plish ends which
G.
recommend, at its forthcoming national convention, the abolition
Mr. Kelly continued:
art.
L.
Typographical Union.
cigarettes in 1935.
Research
of the
one
the I.
3597
25 separate resolutions
had been introduced, calling for re¬
affiliation.
transformers, higher capacity circuit interrupting deyices, more efficient
tives
by thorough methods.
route to progress.
have
For
Our research has been
every way we
a
its charter to the International Ladies'
tedious painstaking
have discovered to do something, we
Federation
Asserting that the electrical manufacturers "can well be
proud of the faith the utilities have placed in us," Mr. Kelly
use
We
are
future,
increasing
we are
our
enlarging
our
engineering and
efforts to promote the increased
Earlier in the day the union
of electric power.
States to extend all moral and
Representatives
of the electric utility industry,
at
the
democracies and indorsing the
June 5 session of tbe convention, urged the Federal Govenment to direct the flow of its funds to those activities which
Fairchild Aviation
carried by a
was
of
so
In
—William
Union, Votes
this
that
found the I. L. G.
Mr. Green
was
to
effort to
on
June 5 to return to affiliation
New
was
of L.'s readiness to confer with the C. I. O. in an
their differences and declared:
patch up
in
to
Two concessions
hour for
that these
the
Former
June 4 promised President Roosevelt that
would cooperate on the National Defense
United Press Washington advices of June 4 said:
L. would co-operate fully in
program," Mr. Green said.
His conference with Mr. Roosevelt followed bitter statements from high
A. F. of L. officials after the President named Sidney Hillman, C. I. O.
Vice-President, as key man on employment on the new national defense
President that the A. F. of
execution of the defense
with the American
commission.
Mr.
-
Green
would make no prediction as to
whether the A. F. of L.
direct representation on the defense commission, referring
such questions to the President.
Mr. Green said that his surveys showed that between 200,000 and 300,000
might be given
workers were on unemployed lists and these
immediately in the retooling of industry to put
highly skilled
be
utilized
making on a mass
men could
armament
production basis.
John L. Lewis
and the Executive Board of the Congress
Industrial Organizations on June 4 also indorsed the
National Defense Program and announced that they were
of
"unalterably opposed to subversive activities" in the united
States.
We quote, in this connection, from Associated Press
Washington advices of June 4:
The Board's defense poUcy, issued as a formal statement, was supple¬
mented later by Mr. Lewis, who told reporters that he was not in sym¬
The
only opposition to reaffiliation came from the small communistic
bloc, and while the gathering in the convention hall cheered widely, David
Dubinsky, President of the I, L. G. W. U., denounced communistic
pathy with
and subversive elements in the labor movement and
promised that all such
Communists.
"I am not a
...
...
Communist," said Mr. Lewis, "and I am not In sympathy
I am one of the few men in the country who has been
with Communists.
By reaffiliation of the garment workers union, the A. F. L. increases its
grand membership by 250,000 members and the Federation is enriched by
approximately $60,000 a year through the per capita tax for organizations
on
Federation
"I assured the
added:
and assessments for administrative purposes.
promises woud be carried out,
Green
Program.
and to exercise its influence for the
of his union.
Executive Council were re¬
back into the fold after two years
promised recommendation at its
National Convention in November that the present special per capita
assessment of 1 cent a month would be eliminated and that the Council
would also recommend that is power to suspend unions would be with¬
drawn.
Mr. Green yesterday further assured the I. L. G. W. U. delegates
movement.
The decision to join the
made at this weeks Annual Convention in
run out
made by the A. F. of L.
sponsible for bringing the I. L. G. W. U.
as an independent union.
They are the
York
would be
Ready for Peace
of Labor peace committee is read to meet
a conference room, anywhere, any place, and at any time, in an effort
re-cement the ranks of labor.
I make this statement without any
reservation."
by a vote of 640 to 12.
Before the vote the
delegates heard a letter from William Green, Federation
President, promising concessions on points demanded by the
garment workers.
In the New York "Sun" of June 5 it
was stated that delegates to the union's A. F. of L.'s
40th
Anniversay Convention in Carnegie Hall in approving
reaffiliation
with
the parent it had left two years
ago
materially strengthened the hand of the A. F. of L. in any
further peace negotiations with the C. I. O.
The "Sun"
groups
similar action would
He
outstretched hands to welcome them back."
A. F. of L.
unity in the labor
A. F. of L.
belonged all the time."
promised that other unions which took
American Federation
"The
The International Ladies Garment Workers
Uniou, with a
membership of 250,000 in the United States and Canada,
voted
"historic day" in the labor movement which
again pledged the A. F.
C. I. O. Affiliate—Both Major Labor
Groups Pledge
Support of National Defense Program
Federation of Labor,
a
W. U. "back again where we
find him "standing with
to Return to A. F. of L.
Concessions
objectonable
of the central Executive Council.
introducing Mr. Green, David Dubinsky, I. L. G. W. U. President,
Mr.
Green Promises
power to remove
he felt dictatorship was inherent in the placing
much power in the hands
declared
apprentices, two week's vacation with pay after a year of
service, eight paid holidavs and generally higher minimum
wages.
The strike had been in progress since April 26.
A previous reference to the strike appeared in our issue of
May 11, 1940, page 2984.
Garment Workers'
Powers
question wisdom of a proposal that the
of L. Executive Council be given
F.
A.
union officials and said that
a strike at the plant of the Fairchild Avia¬
Corp. in Jamaica, Queens, was announced on May 29
by the company and the United Electrical, Radio and
Machine Workers Union of America, Congress of Industrial
Organizations affiliate. A new contract affects 200 members
of Local 1217 and provides for wage increases of five and
an
opposed return to the A. F. of L.
Questions Dictorial
Mr. Green took the occasion to
Corp., Strike Settled
hour for skilled workers, 3 cents
The resolution
7, the only objections coming from the
fold on Wednesday.
Settlement of
an
mate-ial help short of war to the Western
national defense program.
vote of 621 to
tion
10 cent3
approved a resolution calling on the United
minority Communist bloc which also
will most quickly aid defense and preparedness facilities,
including ships, airplanes and related ground facilities. Two
thousand delegates to the couventioo on June 5 adopted a
resolution pledging the readiness of the industry to devote
its "full capabilities, best efforts and lesources" to the na¬
tional rearmament emergency. The resolution added that
speedy rearmament will require "the spending of billions of
dollars of public funds, adding to public debt and taxes."
—-♦—
s
#
as
day—President Green responded to an invitation by the
union and was given a 20-minute ovation at the Convention
when he revoked the union suspension.
Said the New York
"Journal of Commerce" from which we also quote:
concluded:
Because we have faith in the
predicted that other unions will sood rejoin the
the I. L. G. W. U. decided to do the previous
and
Union
probably discovered 100 ways not to do it."
research facilities.
L. handed back
Garment Workers'
On June 6 President Green of the A. F. of
lamps or more enduring insulation—but always to accomplish these objec¬
publicly exonerated by Mr. Dies."
On the question of the defense program,
'
-
the C. I. O. board said:
prepared to lend practical, wholesome and feasible cooperation
undertaking to protect this nation and prepare for national defense."
"We are
in any
The Commercial & Financial Chronicle
3598
Board Insisted,
The
however, that social and labor legislation be pro¬
tected, and that labor's right to organize and bargain, and its rights to
freedom of speech,
Earlier in
the
action and worship be protected.
day the Board adopted
resolution calling for enough
a
"WPA money to provide 3,000,000 Jobs.
>
ment in exile in
June 8,
France,
was
reopened
on
1940
June 3 by further
instructions of the Government. It was explained that the
funds for operating the pavilion were already provided.
The confused international situation in
Belgium
was
blamed
for the difficulty.
Federal
Shipbuilding & Drydock Co. Strike Ended
Operations were resumed on June 3, at the Federal Ship¬
building & Drydock Co. at Kearny, N. J. when between'
6,000 and 7,000 men returned to work after a four-day strike.
The stiikers
members of Local 16 of the Industrial Union
are
of Maritime and
tankers
Shipbuilding Workers of America, a C. I. 0.
destroyers, cruisers, merchant vessels and
tied up in the yards in various periods of con¬
Several
affiliate.
were
struction because of the strike.
The men returned to their jobs undei a new agreement that
included pay rises amounting to 2 ^ to 4 cents an hour.
The
asked
men
to receive it
10-cents
a
was one
of the
hour increase and the failure
an
for the strike.
reasons
Other
con¬
cessions
sought by the workers, but denied by the companv,
pending further negotiations were, one week's vacation
with pay after one year's service, a union shop, reclassifica¬
tion of certain groups and establishment of
seniority and
service lists.
i
Denmark Day at New York World's Fair Celebrated
Denmark Day at the New York World's Fair
was observed
June 5, the 91st anniversary of the Danish Constitution,
with a program including folk songs and dances by Danish-
on
American groups and speeches by Henrik de Kauffmann,
Danish Minister to the United States; Dr. George Bech, Con¬
sul-General in New York and Commissioner-General to the
Fair, and others.
Participation in the exposition this year was made pos¬
sible, Dr. Bech explained, through the efforts of an Ameri¬
can-Denmark
some of the most precious rights" guaranteed by the
Constitution, "justice will win and a free and independent
Denmark will be re-established."
.
disputed points were discussed at a five-hour con¬
on June 3, attended
by union officials and representa¬
tives of the company.
Neither group would reveal what
progress was made.
Three members of the local union left
for Washington on June 3, to seek government
support for
their demands.
Agency Set Up to Handle American
Cross Shipments
Red
A new French
agency, Secours American aux Victimes de
la Guerre, has been established in France to handle Amer¬
ican Red Cross war relief shipments, it was announced in
Washington, June 2, by Norman H. Davis, Chairman. The
new organization
was set up by the French with public
contributions of $400,000, through the cooperation of the
French Government, the French and American Red Cross
organizations, William C. Bullitt, American Ambassador to
France, and M. Ernest Mercier, French industrialist.
On
the
day this announcement
made
was
Premier Paul
address broadcast to the United States,
Americans for their Red Cross aid and spoke
thanked
an
briefly of the
relief agency.
new
''
V'
Agriculture Department Announces Plan to Aid Red
Cross in Refugee Food Shipments—Statement
by
Secretary Wallace
Secretary of Agriculture Wallace announced on
a
cooperative arrangement had been worked
1
June
that
tween the
be¬
out
Department of Agriculture and the American Red
Cross through which the Red Cross will be able to get
American surplus food supplies for war refugees in France
at about one-balf of the market cost.
The Department's
announcement had the
following to
say:
Japanese Pavilion at World's Fair Dedicated
Plans have
already, been perfected under this arrangement for the pur¬
by the Bed Cross of 6,881,000 pounds of wheat flour, 1,250,000
pounds of corn meal, 750,000 pounds .of lard, .800,000 pounds of prunes,
and 800,000 pounds of raisins, all of which will be included in the cargo
of the ship which the Bed Cross recently chartered and which will be
loaded early in June.
Through this cooperation the Bed Cross will be able to purchase much
greater quantities of these surplus foods
with
The Japanese Pavilion at the New York World's Fair was
re-opened
June 1 by Consul General Kaname Wakasuzi.
the pavilion, an authentic example of
Japanese architecture, will become the property of New
York City at the conclusion of the 1940 Fair season.
The
Consul General, who is Japan's Commissioner General to the
Fair, declared that "the reason for Japan's participation this
year, in spite of the prevailing world situation, is Japan's
on
He announced that
determination
firm
under any
not only to maintain but strengthen
circumstances the traditional friendship between
the two countries and to promote our reciprocal
their available money,
the donations which they receive will go much further
and
than they would
in
row
Cross
keeping with the true spirit of the New York World's
+
Report to the Public Issued by New York Curb Ex¬
change-—Concerns Activities and Accomplishments
of Exchange During 1939
The New York Stock Exchange recently made available'a
"Report to the Public" which, explains the activities and
accomplishments of the Exchange during 1939. The booklet,
which contains several illustrations and maps, deals with the
safeguards offered the investor, the corporation and the
employee. Also included in the report are a list of the Board
of Governors, officers and department heads of the Exchange
and its affiliates, assets and liabilities as of Dec. 31, 1939,
income and expenses and general statistics regarding trading.
In a foreword to the report George P. Rea, President of the
Exchange,
says:
In seeking a review, by the Congress, of
subsidy
arrangement
payments
in connection
with
which
the
for
need
has
by
the
the
exportation
In discussing the plan
been
Department
create
directing the flow of capital into industry and thus to
employment.
I believe that the
securities business
ability,
are
energy
essential to
these
for
of
some
specific
producers
same
accomplish
surplus
products
the
food
greater
such
are
we
of
out
1352.
page
for
provides
Agriculture
there
in
that
humanitarian
poor
is
an
Europe.
we
distribution
are
the
among
supplies
increased
time that
worked
the
to
C.
children.
We
are
can
that
even
Our
assist
will
in
families
more
this
tragic
surpluses
United
result
of
States
from
this
sort
of
us
will permit,
ends
with
its
available
funds.
The
The payments
program
it is
our
hope that
we
can
In
so
far
continue
cooperative arrangement if subsequent boatloads of Bed Cross
supplies go to the war-torn
areas.
to the
i
Red Cross in connection with this
will be made from funds appropriated to increase
the distribution of surplus commodities.
constitute
an
Harding Elected Head of New York Stock
Exchange Subsidiaries
Charles B. Harding, Chairman of the Board of the New
Stock Exchange, has been elected a Director and
York
Chairman of the Board of the New York Stock Exchange
Building Co., the New York Quotation Co., and the 39
Broad Street Corporation, succeeding Edward E, Barlett Jr.
making it possible for the Bed Cross
glad to be able to render help in this crisis.
funds available to
this
B.
Bed
New York Stock Exchange
people of America have been shocked by the untold misery and suffering
of Europe's war refugees, the great majority of whom
are women and
as
complete business recovery.
economy, the
The statement of assets and liabilities as of Dec. 31, 1939
of the Curb Exchange, was given in these columns March 2,
Secretary Wallace said:
additional
these
food
through
plan, at the
to
and experience of those engaged in the
a
Exchange has been able to maintain a secure
position, and its balance sheet shows cash on hand in excess of $825,000.
Through rigid
of the commodities listed above.
country has not yet been adequately met,
need
legislation bearing upon security
transactions, we believe that such revision is essential to the fulfillment
+,
detailed
While
He
Fair."
otherwise.
export
trade."
also said that "Japan stands ready to share with the United
States the responsibility of making a better world of tomor¬
of the function of
chase
The
funds
on
lost
The
Reynaud, in
necessary
April 9.
Mr. de
Kauffmann said that despite the fact that "our people have
ference
New French Relief
Committee, which raised the
after the German invasion of Denmark
The payments will
export subsidy.
1
Another
Renaud
Ambulance
Golf Association to Give
Unit
France—Premier
to
Expresses Thanks
Coincident with the receipt of a cablegram from Paul
Reynaud, Premier of France, expressing his "sincere grati¬
tude" for the efforts of the New York Stock Exchange Golf
Association in donating a completely equipped ambulance
unit to the American Volunteer Ambulance Corps with the
French Army, the Stock Exchange announced June 3 to
its membership that it had received subscriptions sufficient
to furnish an additional unit.
The cablegram from Premier
Reynaud follows:
Italy Postpones Rome Universal Exposition of 1942
John Bell Huhn
The Italian Government announced June 3 that the Rome
Stock Exchange Golf Association
Universal
Exposition of 1942 was postponed indefinitely.
The postponement was granted, it is said, at the request of
the Bureau of International Exhibitions to give the par¬
ticipating states time to prepare. -
11 Wall St., N. Y.:
,
I desire to express to you
for
all
the
interest
that
.
and also your collaborators my since gratitude
have shown in furnishing
you
France by the intermediary of the American
This organization, thanks to its volunteers
ambulances for
Volunteer Ambulance Corps.
and their ambulances, renders
France and the French Army inestimable services.
Belgian Pavilion at New York World's Fair Reopened —
Had Been Closed Three Days by Order of Exiled
Government
The
which
\
Belgian Pavilion at the New York World's Fair,
closed on May 31 by order of the Belgian Govern¬
was
V
'
.
.
V
.
(Signed) PAUL REYNAUD,
.
President of the Counsel.
The two ambulances already provided by the New York
Stock Exchange Golf Association will be presented to the
American Volunteer Ambulance
Corps
on
June 25, at the
Volume
The Commercial & Financial Chronicle
150
annual
golf and tennis tournament of the Exchange at the
They will be presented
byjthe Corps to the French Government for active service in
France, leaving on July 11.
Previous reference to the matter was made in our issue of
May 25, page 3281.
11
>
t
Glen Oaks Club, Great Neck, N. Y.
<{:'kSMk'';M
Election
;W-.k0^f'i
♦
Officers of
of
New
York
Produce
Exchange
Jas. j. O'Donohoe, of O'Donohoe, Quain & Co., was re¬
elected President of the New York Produce Exchange at the
annual election held
Chief Grain
Inspector of the New York Produce Exchange, was re¬
elected Vice President, and Wm. V. Fritz, of Fritz-Ince Co.,
was elected Treasurer.
James J. Ryan, of Cosmopolitan
Shipping Co., Inc., was elected a member of the Board of
Managers to serve two years, and the following were re¬
elected to
serve on
on
June 3.
Laurel Duval,
the Board two years:
;
May I thank
that
have
serve
from
you
existed
Dear
three years.*
Mr. O'Donohoe joined the New York Produce Exchange
on
March 4, 1915.
He became a member of the Grain
the
Exchange in June 1925 and assumed
chairmanship of this committee on July 23, 1930, serving in
that capacity until June 1932.
He served on "the Board of
Managers from 1927 to 1931, and has just completed a term
as
Re-elected
Betts
I
sorry to lose you as the head of the Navy Department—because you
have had experience there, because you understand the multifarious prob-.
lcms of the
Navy, and because you have greatly contributed to the present
efficiency of the service.
In regard to the date of your
rule
laid
down
active
part of
but I
by
your
your
at
know
former
resignation taking effect, I apply the old
when members of the Cabinet or
Presidents
that
will want to visit
you
May I
on
you
are
conversant with
facilitate
To
Chairman
of
Stock
Chicago
Exchange
Duty
Give
to
Month's
Employees
Vacation
With
maximum
program
alike.
Charles Edison Resigns as Secretary of Navy—President
Roosevelt Wishes Him Success in Campaign for
Governor of
New Jersey
President Roosevelt accepted on June 4 the resignation
of Charles Edison as Secretary of the Navy, effective
June 24.
The President congratulated Mr. Edison on his
nomination
for the governorship of New Jersey and ex¬
pressed the hope that he would be elected.
Mr. Roosevelt,
in his letter accepting the resignation, also felicitated Mr.
Edison on the "splendid record" he made in the Navy De¬
partment and indicated his regret at losing him.
Also, I want
in
This will' give you enough time, I think, to finish the
I
you
hope
you
will find time
defense development now under way,
during the next few months to
He added that his action would
in the normal routine of the
Mr.
Edison
cause
no
I
tell
of the affectionate personal regard in which I
you
congratulate
you
on
splendid record
the
Officers
ever
As
already know, on May 20, 1910, I issued the following state¬
you
"When I announced my
told
the President that
Navy for more than
candidacy for the governorship of New Jersey I
I felt I
should not
remain
30 days after the primary.
as Secretary of the
I believed then, and I
believe now, that a Secretary of the Navy—the head of our first line
of defense—should not also be a candidate for political office.
During
these trying times
there must not be the slightest suspicion that decisions
the Navy are influenced by political expediency."
Accordingly, I am tendering you my resignation as Secretary of the Navy
effective at your convenience.
The plans that you and I have discussed, anticipating my withdrawal,
are well in hand and I leave with the full assurance that this action, at
of a Secretary of
this
time,
will cause
no
disturbance in
the normal routine of the De¬
ensuing year ar8: Albert C. Beeson of Francis
Co., President; Thoma3 B. Meek, Orvis
Brothers & Co
Vice-President; and Kenneth I. Walton,
J S. Bache & Co., Treasurer.
Edward H. Hill of Fenner
& Beane, was chosen Secretary.
In presenting its report the Nominating Committee issued
a statement that the Committee did not wish to establish
I.
general, the objectives we have striven for, over the past three and
one-half years,
Congress
have in great part been realized or will be when the present
finally passes the current legislative program.
The shipbuilding
and plans for its expansion are in good condition, as is the
Fleet in being.
The affairs of the Navy are in the hands of an excep¬
program
from Assistant Secretary of the
Naval Operations, Admiral Harold
vL
tionally able group of men at this time,
Navy
for the
serve
Du
Pont
&
,
a
precedent in suggesting the nomination of officers for re¬
election.
This
done this year principally
was
Lewis
Compton,
the
Chief
of
Stark; the bureau chiefs, and department heads on.
because of the
youth of the organization.
Outlining the accomplishments of the Association, Presi¬
dent Beeson stressed the fact that in bringing together
Customers' Brokers who were interested in improving rela¬
tions with the public "we have taken the first steps up the
professional ladder." Mr. Beeson added:
Our professional task is to seek out and evaluate statistically and qualita¬
tively Investment and speculative values for our clients—and then to help
protect those values by constant surveillance.
We must just as sincerely
weigh and judge the spiritual and moral values behind our material heritage.
If our analysis proves Americanism a better investment than other 'isms'
_
.
bottom of
let us not be sold out at the
a
spiritual bear market."
growth of interest in the AssoJ
ciation of Customers' Brokers throughout the country ana
outlined plans for obtaining congressional review of securi¬
ties' legislation.
Members elected to serve on Executive Committee for
Mr. Beeson also traced the
.
.
four years are:
Alfred E. Borneman,
Alfred L. Ferguson
Kidder, Peabody & Co.
Jr., Estabrook & Co.
C. Edward Grafmuller, Eastman,
W. Ralph
Dillon & Co.
Rockford Jr., F. S. Moseley & Co.
the Admissions Committee
are:
Co.
M. Minton & Co.
Geoffrey C. Ettleson, Granberry &
Percy Friedlander, D.
Nomination of these officers was
referred to in our issue of
^
B. W. Henderson Mad© Trial Counsel
tion Division of SEC
for Reorganiza¬
Berkeley W. Henderson, special assistant to the Attorney
General, has resigned from the Department of Justice to
become trial counsel for the reorganization division of the
Securities and Exchange Commission, it was announced May
20.
Mr. Henderson had been associated with the Attorney
General since 1934.
;;
S. T. Pike
♦
:;
Takes Oath of Office as SEC Member
in June 4 as a member of the
Commission. Mr. Pike, who is a
Republican, was named by President Roosevelt on May 22
(noted in our May 25 issue, page 3297) and the Senate
approved the nomination on May 29.
At a press conference
following this action Mr. Pike said that he will devote some
time to a study of the SEC laws.
Concerning ais remarks,
a Washington dispatch to the "Wall Street Journal" of June
Sumner T. Pike was sworn
Securities and Exchange
partment.
In
presented by the Nominating Committee
elected at the
annual meeting held in New York Gity at the Hotel New
Yorker on June 3.
Three of the present officers reelected
May 18, page 3144.
ment:
Elected^
of the Association of Customers' Brokers were
The follow,
Dear Mr. President:
/
ROOSEVELT.
Customers Brokers
of
Those elected as members of
ing is Mr. Edison's letter of resignation:
yours,
complishments
The entire slate
Department.
November, 1936.
of Association
hold
naval
Coming Year—President Beeson Outlines Ac¬
for
1939 (noted in our issue of Jan. 6, page 52).
Prior to that
he had been Acting Secretary since July, 1939, and before
that Assistant Secretary since
to
have made.
you
FRANKLIN D.
disturb¬
appointed by the President on Dec. 30,
was
come
and of the real admiration I have had for your understanding of
affairs.
Mr. Edi¬
explained, in tendering his resignation, that he felt he
should not remain in the Cabinet while running for political
ance
advice
to know that I will continue to count on your
matters which relate to the
many
and
son
office.
section.
therefore, that this acceptance of your resignation take
suggest,
June 24?
As
cooperation with our national
the San Francisco Stock Exchange has
adopted a vacation policy for its employees which will insure
a full
30-day vacation with full pay to any employee par¬
ticipating in active duty with the United States Reserves or
the National Guard. George N. Keyston, President of the
Exchange, in making this announcement on June 3, also
stated that members of the San Francisco Stock Exchange
had been requested to effect a similar
policy with their own
employees in their principal offices and their branch offices
defense
every
position it will take you several weeks
various matters to the progress of which you are essential.
immediate tasks at hand.
to
Military
the
problems of New Jersey, even though, because of
previous experience,
place
realize that the
I
various parts of
in order to familiarize yourself with all of the
I know also that in your present
to wind up
for elective office.
campaign for Governor will not begin for a month or
also
earlier period
an
I need not
Chicago Stock Exchange for his third consecutive one-year
at the annual election of the exchange on June 3.
Walter J. Buhler, Frank Fletcher Garlock, Thomas E.
Hosty, and Harry M. Payne were newly elected as Governors
for three-year terms, while M. Ralph Cleary, Charles C.
Renshaw, T. Clifford Rodman, and R. Arthur Wood were
re-elected for three-year terms.
Serving
Pay
by
am
term
Stock
EDISON.
government and efficient government, which I hope will be recognized
Exchange
Francisco
to
me
read as follows:
Arthur M. Betts, senior partner of Alfred L. Baker & Co.,
was re-elected Chairman of the Board of Governors of the
San
gave
':J^e;:)people:pf';:3Wur State.
you,
M.
fine relations
you
Washington frequently in order that I may talk things over with you.
President of the Exchange.
A.
heart for the
opportunity
me congratulate you on your nomination, without oppo¬
sition, for the New Jersey governorship.
I hope you will be elected—and
I say this because
you have a deep-seated feeling of responsibility to good
sections and all of the
serve
my
the
Charlie:',:$■'kkkk "^k'-■'Vkk' vi,
State
re-elected to the office of trustee of the
of
for
First of all, let
Wholesale Society, Ltd.
of
and
CHARLES
The President's reply
Norris of Giles, Norris & Hay, and Wilfrid L. Wieland of Co-Operative
Committee
bottom
Respectfully,
two,
gratuity fund to
us
their assistants have been nominated
George Carznichael of Laird, Bisseli & Meeds, John R. Collins, Jr. of
was
the
between
country?
my
Goodbody & Co., James Lovatelli of James Lovatelli & Co., Howard E.
B. H. Wunder
3599
4
stated:
The Commercial & Financial Chronicle
3600
Commissioner Pike
was
asked whether he thought the Securities Act of
1933 should be amended in view of assertions that it is
what
I think should be done,
and that doesn't
that what
mean
can
I
& Loan League to Hold Annual
Placid, N. Y., June 12-14—
Savings
Comptroller Tremaine to Address Gathering
League of Savings and Loan Associa¬
"I've heard them from all my friends," he replied, "but I've got severa
ahead of me of these laws and regulations Defore T
1940
Convention at Lake
blocking the flow of
capital.
months' study
York
New
June 8,
The New York State
say
think
tions will hold its 53rd annual convention at the Lake Placid
that every comma could fit every business situation that arises/' he re¬
Club, Lake Placid, N. Y., on June 12, 13 and 14. Over 600
delegates from the membership of the League, locat3d in all
parts of the State, will be present at the three day conven¬
tion. Speakers of national and state wide importance have
been announced by Zebulon V. Woodard, Executive VicePresident of the organization.
These include Dr. Will
Durant, author, who will address the convention the evening
of June 13, on the subject, "The Crisis in American Civiliza¬
marked.
tion."
should be done will be done."
'
r
Speaking generally and without specific reference to New Deal security
Commissioner
legislation,
like
said
he
thought
"some
modification"
probably would be in order after any initial attempt to regulate
which has been outside the law.
state
Commission,
Commerce
an
area
Pointing to the evolution of the Inter¬
Mr.
Pike
implied
that
similar
some
de¬
velopment could be expected from the SEC.
"It is too much to expect of a thing like this which has sprung
Nelson Named Acting Director of Procurement
M.
D.
full-grown
for Treasury Department
Secretary of the Treasury Morgenthau announced on May
29 the appointment of Donald M. Nelson, Executive VicePresident of Sears, Roebuck & Co., as Acting Director of
Procurement, effective June 1.
Mr. Nelson, who is a mem¬
ber of the Buiness
Commerce and
Industrial
was
Advisory Council of the Department of
assistant to the Chairman of the National
Recovery Administration,
a chemical engineer in 1912 and has been in
charge of
merchandising for that organization and a Vice-President
and director since 1930.
He has been code administration
as
director and resident director of the Government's indus¬
trial advisory board and Chairman of industry committee
director and resident director of the Government's indus¬
trial advisory board and Chairman of industry committee
No. 1 of the
Wages and Hours Administration.
Captain Collins
Division
named to head the Procurement
was
Julv 1,1939, when that agency was divided under
President's reorganization order.
He was commis¬
the
on
sioned ah ensign in the United States Navy in 1905 and
to the rank of
captain in the Supply Corps
master.
He resigned
his commission in
1929 to accept employment in
transport Industry and returned to
later
as
rose
assistant pay¬
The Treasury Department announcement adds:
Assistant
Director
of
as
the
Government
Procurement
the air
service five
year®
Public
Buildings Branch of the Procurement
transferred to the Federal Works Agency under last
plan, the Branch of Supplies took
and
Captain
Chairman of
Collins
an
became
the
over
Division
7
he
was
We expect that
coordinating foreign
1
Lowry, President of The Merchants' Association of
of the Committee will be to cooperate with the Council of
National Defense and other
public authorities in the mobiliza¬
tion of men and industry in the New York area and thus
facilitate the task of placing the country in a state of pre¬
to
Hold
Conference
at
Meeting of
At the 47th annual convention of the New York State
Bankers Association, which will open in
Syracuse
(June 10),
a
on
Monday
lunch and conference of trust executives
Onondaga,
Tuesday (June 11),
on
under the auspices of the Committee
on
Trust Functions.
The afternoon session will consist of a
symposium on Invest¬
ment and Accounting Procedure in New York State with a
comparison with that of some of the other states.
The
luncheon speaker will be Paul
Shipman Andrews, Dean of
the Law School of Syracuse
University.
Previous reference to the meeting was
June 1, page 3452.
Program
made in
Committee for Western Metal
vention and
National
even
the spec¬
70,000 to inspect the more than 250 exhibits provided at that time.
In the past year,
the membership of the American Society of Tool En¬
in the last 12 months alone.
new
chapters
A number of additional chapters are already
scheduled for chartering in the next few weeks,
while membership in es¬
tablished chapters also continues to grow.
Convention
of Association
and
Equipment
lems
of Gas Appliance
Manufacturers—Current Prob¬
Analyzed
The Association of Gas
facturers held
Appliance and Equipment Manu¬
its fifth annual
convention in
French
Lick
Springs, Ind., May 20 through 22 with an attendance said
to be greater than that of any previous convention.
The
program, it is pointed out, was outstanding in that no "out¬
side"
speakers were included and discussions centered
ex¬
clusively around issues vital to the gas appliance industry
in particular and the gas industry in general.
Participating
delegates from ail sections of the United States heard men
prominent
industry analyze current problems
relations, appliance development, sales
promotion, resource conservation, and other matters of im¬
mediate interest and concern to the industry.
Emphasis
such
as
in
the gas
industrial
was given to the extensive progress made by gas appliance
manufacturers during recent years, and there was expressed
President of the Surface Combustion C6rp., of Toledo, Ohio,
our
address of welcome stating
an
that associations formed, to a great extent, a
bulwark for
industry, and that problems of individual companies within
an
industry which vitally concern all, can best be solved
through the co-operative efforts provided by an association.
He declared:
I
can
try
think
we
make
money
as
a
can
whole
say
or
is
it is almost fundamental that
no
single company
have any. real security profit-wise unless the indus¬
making
money.
Welfare in
industry is definitely de¬
pendent upon each other.
The principal
session of the convention was held on the
second day with
issue of
Mr. Adams presiding.
The speakers were
N. T. Sellman, Assistant Vice-President, Consolidated Edison
Con¬
Chairman of the American Gas Asso¬
Committee; Louis Iluthenburg, President of Servel, Inc., Evansville, Ind., and W. C.
Beckjord, President of the American Gas Association, and
Vice-President, Columbia Gas & Electric Corp., New York.
Co. of New York, and
ciation's Laboratories Managing
Mining
Exposition to Meet June 13
defense problems
in interest
a total trade attendance of
gineers has continued its rapid growth, with the addition of 11
opened the convention with
State Bankers in Syracuse on June 11
will be held at the Hotel
surpass
though the latter developed
by the speakers a general optimistic outlook for the future.
Frank II. Adams, President of the Asscoiation and Vice-
any emergency,
Executives
the 1941 show will far
tacular 1939 show,
over
named
New York, announced June 4 that, at a special meeting, the
Association's Board of Directors had authorized the appoint¬
ment of a Committee on National
Preparedness. The purpose
paredness for
Mr. Lamb added:
at that time.
year's reorganization
Dec.
On
informal interdepartmental committee
*
next
Engineers, Detroit.
The exhibition will be held in con¬
junction with the A. S. T. E. annual convention in Detroit
and will be held at Convention Hall, as were the spectacularly
successful 1938 and 1939 shows.
In announcing the dates
for the show, Ford R. Lamb, Executive Secretary of the
Society, said that reservations for exhibit space will not be
accepted prior to the mailing of formal application blanks in
October, previous exhibitors being given first choice of space
all of the activities of the Division
Director.
Merchants' Association of New York Authorizes Special
Committee on National Preparedness
Trust
The week of March 24 to 29 inclusive has been selected for
the 1941 Machine and Tool Progress Exhibition according
to an announcement from the American Society of Tool
was
military purchases in this country, reporting to the President through the
Secretary of the Treasury.
>
John
—'1
1941 Machine and Tool Progress Exhibition Scheduled
for Detroit Next March
Annual
the
"Service—
charge of the Branch of
in
Supplies.
When
will be
of New York.
will replace Captain
Harry E. Collins, who has resigned to become manager of
the export department of Bell Aircraft Corp. of Buffalo,
N. Y.
Mr. Nelson went to work for Sears, Roebuck & Co.
theme of the convention
The
Safety—Stability" and this keynote, wnich is the foundation
of the thrift and home financing functions of the savings and
loan business, will be interwoven in the addresses of most of
the speakers. These will include Secretary of State Michael
F. Walsn, L.L.D., who is scheduled to speak at the opening
session, and Morris S. Tremaine, Comptroller of the State
at Denver
dealing with the administra¬
tion's program to acquire stocks of
strategic minerals will be
considered at the
forthcoming meeting of the
program com¬
mittee for the 7th annual western metal
and exposition of the American
mining convention
Mining Congress which is to
be held at Colorado
Springs, Colo., Sept. 16-19.
The
program committee meeting has been scheduled for June 13
at Denver by its general
Chairman, J. C. Kinnear, general
manager, Nevada Consolidated Copper Corp., McGill, Nev.
ITEMS
ABOUT
New
York
BANKS,
TRUST
COMPANIES,
&c.
made June 6 for the transfer of a
Stock Exchange membership at $39,000.
The
Arrangements
were,
previous transaction
was
at $42,000, on May
♦
28.
x'0
committee members will be focused upon drafting a program
embracing the economic, operating, and legislative problems confronting
industry.
Foremost among topics which will be considered for in¬
Board of the Guar¬
anty Trust Co. of New York, announced on June 3 that, in
accordance with the provisions of the Banking Act of 1935,
the following directors of the trust company have resigned:
Robert W. Goelet, W. A. Harriman, Thomas W. Lamont
clusion in the convention program, in addition to national defense
and George Whitney.
The announcement says:
Attention of
the
questions,
relations, international developments in mineral resources,
industrial uses for silver, mine financing,
progress in mining and milling
practice, taxation, wage and hour legislation, health and safety problems,
are
industrial
and other national legislation affecting
mining.
William
C.
Potter, Chairman of the
Guaranty Trust Co. of New York announced on June 1
the
appointment of Arthur T.
of its
Peterson as Joint Manager
Kingsway Office in London.
Volume
The Commercial & Financial Chronicle
150
The Citizens
Savings Bank, New York City, observed its
80th anniversary on June 2.
business
as
of
one
the
The bank opened its doors for
early mutual
be
13 Avenue
A, New York City.
Its first President was George Folsom.
On this first day of business 67
persons opened accounts,
and at the end of that day there was on
deposit the sum of
$1,334.75.
Now, in the completion of its 80tli year, it is
chartered in New York State
stated
for
bank
the
is
45,000
over
taking
there has not been
During the
increased
period of
of
amount
ization, there
its growth,
or
the
business.
Bowery, at the
banking
and
new
expanded
at
51st
80
this
the
year
enlarged several times, to take
In
1862,
and
In
1924
the
Street,
inidtown
in
only
the
office
General
it
two
was
Trustees
present bank building.
a
Citizens
the
of the
care
after
years
Savings
its organ¬
again necessary to provide
bank
the
of
decided
erect
to
Again in 1938 the bank was further
was
with The
proposed
3601
of the Hartsdale National Bank
was noted in our
merger
County Trust Co. of White Plains
April 27 issue,
2664.
page
opened
Electric
570
at
Lexington
Avenue,
that
The business at
Building.
Deposits of the Bank of Southampton, Southampton, Long
Island, N. Y., will be assumed at the close of business today
by the First National Bank of that city, it was announced on
May 31 by Leo T. Crowley, Chairman of the Federal Deposit
Insurance Corp.
office has shown splendid growth.
We quote below from Washington advices
York "Herald Tribune" on May 31, announcing
to the New
the proposed merger:
The Reconstruction
Bank
and
of
other
that
deposits
Corp.
will advance $850,000
assets of
upon
over.
result
a
Finance
Southampton to permit transfer to the assuming bank of cash
high-grade assets in an amount exactly equal to the liabilities
taken
are
As
and the office moved
of Canal Street, New York City, which is the
corner
quarters,
when
quarters of
definite need for larger quarters,
was a
present site of its main office.
larger
deposits
period
$45,000,000 in
During
a
Bank have either been moved
to 68
of
care
single interruption in the payment of
depositors, it is noted.
The bank observes—
interest to
The
June 2, 1860, at
on
depositors.
savings banks to
Co.
of
of
the
about
the
merger,
$3,400,000,
First
which
National
will
the extent provided
will
to
involve
no
interruption
Bank
continue
Federal Deposit Insurance to
will
be
to
banking services
the community,
in
total
by
The transaction
by law.
will be accomplished without loss to
any depositor
the FDIC stated.
Stockholders of both banks are
have
protected
and
of Bank of Southampton,
expected to approve the
at meetings that have been called for Friday, June 7.
"Assumption of all deposits of the Bank of Southampton by First Na¬
Bank of Southampton with financial assistance from
FDIC," said
Mr.
Crowley, "will result in a substantial strengthening of the banking
merger
tional
Wagner D. Orvis has recently been elected Chairman of
the Board of Trustees while Charles E. Rogers Jr., has
President
the
clude
:
C. Heuman
who
of
the
William A.
has
as
had
bank
Keys Jr.,
since
1937.
Other
been
officers
in¬
First Vice-President; Charles
as
Second Vice-President, and Carl A. Richter,
over 37 years of service with the bank, as
Secretary since 1925 and Vice-President since 1934.
Henry Sayler, who
was
situation
than
in that community.
The transaction will be
other cases in which FDIC has been able to
125
usual
business
of
course
at
First
the
National
Bank
Leo T. Crowley, Chairman
ance
Cardozo, Director and Senior Vice-President
of
City Bank Farmers Trust Co., New York, died on June 3
his home in New York City, after a protracted illness.
He was in his 75th year.
Mr. Cardozo joined the trust com¬
pany, then the Farmers Loan & Trust Co., on Dec. 12, 1881,
at
was a
just two months past his 16tli year.
His father
friend of Roswell G. Iiolston, who was then President
of the trust company, but while this connection may have
opened the
way to
Mr. Cardozo's securing
a
position, it is
pointed out in an announcement of his death, that it cer¬
tainly did not obtain for him any favored treatment.
In
his work in the trust company, Mr. Cardozo
intimate knowledge of real estate.
He was
developed
an
recognized
a
authority in matters of this kind and in trust administra¬
tion.
Mr.
Cardozo, who was born in New York City on
was a first cousin of the late Benjamin N.
Associate Justice of the United States Supreme
Oct. 12, 1865,
Cardozo,
Court.
He
was
a
the
on
morning
Corp., announced
on
of the Federal Deposit Insur¬
June 3 plans for the rehabilitation
member
of
the
Sons
of
the
plan calls for the organization of
all
a
new
Utiea, N. Y.
to be made
vance
of the
to
bank.
by the FDIC upon unsatisfactory assets
The transaction
will involve
interruption
no
banking services in the community and no loss to any
depositor of the First Citizens Bank & Trust Co.
The trans¬
fer, it is expected, will be effected about June 29.
The new
institution will begin business with $3,300,000 of new capital
subscribed by the Reconstruction Finance Corp. and with an
small amount subscribed locally.
Deposits af--
additional
$35,000,000.
will be
liquidated by the corporation with due regard for credit
conditions in the community and for the circumstances of
creditors of the bank.
The advance will in no way be an
obligation of the new bank.
fected by the transfer amount approximately to
Assets taken by the FDIO in return for the advance
Mr. Crowley, in his statement, said:
American
Citizens
First
&
Bank
Trust
Co.
has
been burdened
with
a
dispropor¬
tionate amount of fixed and substandard assets for several years.
substantial
M.
Thomas
Godwin,
Memorial
Trust
Officer
York, died
Hospital, Orange, N. J.
on
of
City
the
Bank
May 29 in the Orange
He was 57 years old.
Mr. Godwin had been associated with the bank for 40 years.
the
of
York, effective June 5. This step, taken by the stockholders,
brings back to banking circles a name made famous by the
Lederer family, founders in 1882 of the Lederer Banking
House, which in August, 1919 became known as the Standard
Bank, with offices at Avenue B and 4th Street and First
Avenue and 79th
Street, Manhattan, and Richard M.
Lederer as its President.
In May, 1927, the Standard
Bank merged with Manufacturers Trust Co. at a profit of
over
1,200% to its stockholders in less than eight years.
The
new
Standard National Bank will remain at Roosevelt
and Woodside Avenues, at 60th Street, in
Woodside, Queens,
to do a general banking business with a complete credit
service serving the building and construction field.
Mr.
Lederer continues
as
Chairman of the Board of the bank.
Other officers include Charles Herr, President and one of the
oiiginal founders of the Woodside Bank in 1926; Andrew S.
Roscoe, Executive Vice-President; J. Arthur Volt, VicePresident and Cashier; and Richard M. Lederer Jr., Comp¬
troller.
Its directorate includes Edgar Ellinger, Governor
of the Real Estate Board of New Yoik and President of the
Martin, former Vice-Presi¬
George F. Fuller Construction Co. and present
Secretary and Treasurer of General Bronze Corp.; Edward
T. Hart of the management firm of Eadie & Hart; and
Stanley Haskell, Treasurer of Associated Real Estate
Corporation. ;
-rv:
s-:
Fifth-Eaat Association; Ivan L.
dent of the
chargeoffs
classification
adverse
bank
in
recent
Despite
subject to
constantly, with the result that capital
the
years,
has increased
been
has
exhausted.
declined steadily during
Net
volume
current
of
assets
operating
earnings
have
the past three years.
been worked out
jointly by FDIO, RFC, the New York State Banking Department, the Fed¬
plan for correction of this hazardous situation has
A
eral
Richard M. Lederer, Chairmaa of the Board of the Wood-,
side National Bank of New York, announces a change in the
name of the institution to Standard National Bank of New
The
bank to take over
deposit liabilities of the present institution, together with
acceptable assets and cash proceeds of a $15,000,000 ad¬
its
Revolution.
Farmers Trust Co., New
of
Monday, June 10."
of the First Citizens Bank & Trust Co. of
was
more
rehabilitation
Chairman of the Board of Trus¬
tution since 1871.
when he
effect
problem banks in all pdrts of the country without interruption to bank¬
ing services and without loss to any depositor. AH funds* to the credit of
depositors of the Bank of Southampton will be available to them in the
tees at the time of his death in July, 1939 and a former
President of the bank, had been associated with the insti¬
William B.
comparable to
of
Bank
Reserve
of
New
York
and
representatives
of the
bank.
This
Citizens Bank
Co., through an advance by Federal Deposit Insurance Corp. in the
approximate amount of $15,000,000; for transfer of all deposit liabilities
of the bank, together with sound assets of the bank and proceeds of the
FDIC advances, to a new bank; and for capitalization of the new bank
plan calls for elimination of all unsatisfactory assets of First
& Trust
by RFC.
V,:;'': v-.'d-.'v;?-:.
«
Charles Frederick Weed,
Council,
President of the New England
business promotion group, and Vice-President of
Boston, Mass., died on May 31
a
the First National Bank of
after
old,
a
long illness.
was
Trinity
The deceased banker, who was 66 years
College,
Hartford,
Harvard Law School,
an
graduated from
1894, and attended
graduating cum laude. He also held
Trinity College. After practising law
born in Claremont, N. H., and was
M. A. Degree from
in Boston from
Conn.,
in
1898 until 1917, he joined the First National
Vice-President and held the office until
former Vice-President of the
Chamber of Commerce of the United States and at the time
of bis death was a member of the executive committee of
the American Section
of the International Chamber of
Commerce.
Further in regard to his career, we quote from
the Boston "Herald" of June 1:
One of the leading figures in Massachusetts banking circles for a quarter
of a century, he was a director of the Boston Insurance Co., Brookline
Trust Co., Old Colony Trust Co., Security Safe Deposit Co. and Sullivan
Bank of Boston, as a
Mr. Weed was a
his. death.
Machinery Co.
...
.
f
he was Chairman of the War Savings
Liberty Loan Committee and the State
During the World War
the
Boston
Work
District
Stamp Drive,
United War
campaign.
♦
'
—*—
:-
J. A. Nathans, Jr. has been
-
-
-
appointed Assistant Treasurer
Co. of White Plains, N. Y.
Mr.
Nathans ha3 been associated with The County Trust Co.
of
The
Countv
Trust
April, 1932, during which time he has served in various
departments of the bank.
Edward M. Hoffman, VicePresident of The Hartsdale National Bank of Hartsdale,
N. Y., will become a Vice-President of The County Trust
Co., effective Juae 10, at which time The Hartsdale National
Bank will become the Hartsdale Office of The County Trust
since
Saginaw National Bank, Saginaw, Mich., represent¬
conversion to the national system, of the Saginaw
State Bank of that city, was chartered on May 31.
The
new
institution is capitalized at $357,000,; consisting of
The
ing
a
and $200,000 common stock. J. M.
President and E. E. Speckhard, as
the same date (May 31) the new bank was
maintain a branch at 115 North Hamilton
$157,000 preferred stock
Shackleton continues as
Cashier.
On
authorized
to
Street, Saginaw.
.
The Commercial & Financial Chronicle
3602
Paul
S.
President of the United States National
Ore., has announced the election of
Arthur A. Binford, Manager of the Citizens Branch, largest
Bank
unit
of
in
Dick,
Portland,
Portland
outside of the main
office, as a director
Mr. Binford acquired his early banking
of the institution.
experience in Colorado and Idaho.
In January, 1925, he
what was then the Citizens Bank of Portland as
joined
That bank became
Second Vice-President.
United States National in
ford
was
a
branch of the
the spring of 1933 and Mr. Bin¬
appointed Manager in April, 1935.
The Board of Directors of The Standard Bank of South
Africa, Ltd.
(head office London), has resolved, subject to
recommend to the shareholders at the general
meeting to be held on July 24 payment of a dividend of 7%
for the half-year ended March 31, 1940, together with a
bonus of two shillings per share, both payable in British
audit,
to
currency and subject to British income tax, making total
distribution of 14% for the year ended March 31, 1940, and
to appropriate
£75,000 to writing down bank premises and
£150,000 to the officers pension fund, carrying forward a
balance of about £157,932.
The bank's investments stand in
the books at less than market value as at March 31 and all
other
usual
and
provisions have been made.
July 3 to July 23, both
necessary
Transfer books will be closed from
days inclusive.
CURRENT
NOTICES
series A—$534,000 and series
1940
price changes marked the dealings on Thursday,
outnumbered the declines, trading was
extremely light, the transfers dropping to 66,660 shares
against 107,480 on Wednesday. The aluminum stocks led a
modest upswing, Aluminum Co. of America advancing 7
points to 152, followed by Aluminium Ltd. with a gain of 5
points to 55. Colts Patent Fire Arms was a strong spot and
climbed upward 234 points to 7234Aircraft issues were
irregular and changes in the paper and cardboard stocks were
unimportant. Among the declines were Chesebrough Manu¬
facturing Co., 4 points to 95; Duke Power, 334 points to
6834; and Quaker Oats, 134 points to 95%.
Moderate gains were registered during the early dealings
on Friday, and while these were slightly shaded around midsession, at the closing hour the advances were in excess of the
Narrow
and wnile the. gains
Aircraft shares
recession-..
active and modest gains
were
recorded by Beech, Bell and Brewster, the latter ad¬
were
vancing 2 points to 1134- Public utility preferred stocks were
active on the upside, Alabama Power pref. (6) moving for¬
Consolidated Gas & Electric of Baltimore
gaining 2 points at 70 and Jersey Central Power & Light
pref. (7) climbing up 2 points to 9934Oil stocks were
irregular and paper and cardboard shares wers fractionally
higher. As compared with Friday of last week the range of
prices was to lower levels, American Gas & Electric closing
last night at 26% against 2734 on Friday a week ago, Bell
Aircraft at 18 against 19, Creole Petroleum at 15 against
1534, Gulf Oil Corp. at 2534 against 27, and Lake Shore
Mines at 1134 against 12%.
ward 3 points to 85,
DAILY
•—Manufacturers Trust Co. is fiscal agent and registrar for the Municipal
Housing Authority for the City of Yonkers, N. Y.
June 8,
TRANSACTIONS
(Mulford Gardens),
AT
THE
NEW
Stocks
B—$3,096,000.
YORK
CURB
EXCHANGE
Bonds (Par Value)
(Number
Week Ended
June 7. 1940
—The New York Stock Exchange firm of Mabon & Co. announces the
of
Shares)
Foreign
Domestic
Foreign
Government
Total
Corporate
admission of Joseph C. Nugent as a general partner.
44,335
75,665
77,315
106,870
$300,000
661,150
85,620
736,000
1,050,955
Saturday
Monday
THE
Price movements
CURB
MARKET
>
the New York
Curb Exchange were
generally toward higher levels during the fore part of the
week and a fairly large number of active stocks registered
modest gains.
The advances did not extend to all parts of
the list but were confined to a selected few of trading favorites
among the industrial specialties,
public utility preferred
issues and
stocks.
to
a
on
lesser extent to the oil shares and
Wednesday, prices tumbled downward and the list
sagged all along the line.
Dull trading, with narrow price changes, were the domi¬
nating characteristics of the curb market dealings during
the brief session on Saturday.
The trend was definitely
upward with the industrial specialties as the center of specu¬
lative interest.
The. transfers dropped to approximately
44,000 shares as compared with 101,000 during the preceding
short session.
Aircraft issues advanced but mostly in minor
fractions.
Public utility preferred stocks were moderately
higher and the shipbuilding shares were in demand at im¬
proving prices.
Gil issues were quiet and mining and metal
stocks moved within a narrow range.
Prominent in the list
of advances were Florida Power & Light $7 pref2 points to
95; Montgomery Ward A, 3% points to 143; Pittsburgh &
Lake Erie, 2 points to 52; Midvale, 334
points to 10034; and
Aluminum Co. of America, 134 points to 152.
Advancing prices ruled the market on Monday, and while;
the changes were generally small, there were a dozen or so
active stocks that moved upward a
point or more.
Public
utility preferred issues continued their advance, Florida
Power & Light $7 pref. moving
upward 3 points to 98, fol¬
lowed by Toledo Edison pref., with a gain of 2 points to 100.
In the paper and cardboard section, stocks were
fractionally
lower and in the shipbuilding
group prices were generally
Machine tool stocks were stronger all along the
irregular.
line and the chemical shares were
higher.
Outstanding
among the gains were American Potash & Chemical, 5 points
to 77; Heyden Chemical, 234
points to 65; Niagara & Hudson
1st pref., 2% points to 76; and Alabama Power $7
pref. 134
points to 9334.
way on
apparent as the session got under
way on Tuesday, and while there was some activity in the
were
oil group, the market, as a whole, was dull with transfers
down to approximately 77,000 shares.
Aircraft issues were
moderately higher and there were some modest advances in
the public utility preferred stocks.
Shipbuilding shares
were irregular and most of the
paper and cardboard issues
registered moderate gains.
Oil stocks were in good demand
at improving prices, Humble Oil
moving ahead 1% points
to
51.
Industrial shares
were
lower
and
there
"was
.
.
.
...
—
Friday
Total............
paper
were
and cardboard stocks
inclined to
move
down.
were
Note¬
worthy among the declines were Aluminum Co. of America,
524 points to 145; Aluminium, Ltd., 434 points to 50; Heyden
Chemical, 334 points to 6134; Humble Oil, 2 points to 49;
Mead Johnson, 4 points to 124; and
Pepperell Mfg. Co.,
2 points to 55.
$21,000
$51,000
$4,180,000
Jan. 1 to June 7
1939
1939
1940
24,988,990
17,975,726
$4,108,000
21,000
51,000
$10,800,000
148,000
$159,977,000
1,025,000
82,000
3,245,000
$208,560,000
2,295,000
2,791,000
$4,180,000
$11,030,000
$164,247,000
$213,646,000
Bonds
Domestic
Foreign government...
Foreign corporate
Total
Course of Bank
Clearings
Bank
clearings this week show a decrease compared with
a year ago.
Preliminary figures compiled by us, based upon
telegraphic advices from the chief cities of the country,
indicate that for the week ended today (Saturday, June 8)
clearings from all cities of the United States for which it is
possible to obtain weekly clearings will be 4.6% below those
for the corresponding week last year.
Our preliminary
total stands at $5,346,240,456, against $5,601,950,192 for
same week in 1939.
At this center there is a loss for
the week ended Friday of 13.2%.
Our comparative sum¬
the
mary
for the week follows:
Per
Clearings—Returns by Telegraph
Week Ending June 7
New York
Boston
1940
M
1939
Cent
$2,311,642,232
285,262,488
^
.
.
$2,664,596,778
—13.2
247,816,441
331,000,000
...
Philadelphia... ...
326,000,000
157,789,771
68,890,528
72,700,000
110,540,000
+ 15.1
+ 1.5
...........
179,032,271
Kansas City
St. Louis...........................
78,379,162
87,000,000
..........
San Francisco.
143,160,000
Pittsburgh
82,167,348
63,478,722
66,087,924
56,601,392
99,892,126
Detroit
86,536,985
Cleveland.
92,593,856
...
Baltimore
65,835,425
Eleven cities, live days
Other cities, five days
$3,760,334,545
694,865,835
+ 13.5
+ 13.8
+ 19.7
+29.5
+21.6
+36.3
+40.1
+ 16.3
—4.0
$3,916,668,904
735,717,130
—5.6
$4,455,200,380
891,040,076
$4,652,386,034
—4.2
All cities, one day
949,564,158
—6.2
Total all cities for week
$5,346,240,456
$5,601,950,192
—4.6
Total all cities, five days
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
results
Industrials also
$4,108,000
768,000
747,000
801,000
519,405
The market moved downward on
Wednesday following the
lead of the aluminum stocks, the recessions
ranging up to
5 or more points.
There were some
lower.
30,000
4,000
800,000
1,050,955
present further below,
most of the market favorites were on
the side of the decline as the session closed.
Shipbuilding
shares were off and the
$17~666
7,000
7,000
1,000
1940
Exchange
Stocks—No. 01 shares.
activity in the mining and metal stocks.
through the list but
~5~,O66
731,000
New York Curb
little
strong spots scattered
726,000
815,000
Week Ended June 7
Sales at
aircraft
As Hitler's drive against the French forces got under
Renewed advances
Tuesday
Wednesday..
Thursday
$301,000
726,000
837,000
$1,000
for
the
week
statement, however, which we
we are
able to give final and complete
week ended June 1.
4.2%, the aggregate
clearings for the whole country having amounted to
$5,291,060,822, against $5,077,890,205 in the same week in
1939.
Outside of this city there was an increase of 5.1%,
For that week there
previous—the
was
an
increase of
of
the bank
clearings at this center haying recorded a gain of
We group the cities according to the Federal Re¬
3.5%.
districts in which they are
located, and from this it
that in the New York Reserve District (including
city) the totals are larger by 3.3%, but in the Boston
Reserve District the totals are smaller by 1.0% and in the
Philadelphia Reserve District by 7.5%.
In the Cleveland
serve
appears
this
Volume
The
ISO
Our usual monthly
improvement of 6.8%,
21.8%, and in the
Atlanta Reserve District of 23.4%.
The Chicago Reserve
District enjoys a gain of 11.6% and the St. Louis Reserve
District of 15.1%, but the Minneapolis Reserve District
suffers a loss of 2.9%.
In the Kansas City Reserve District
the totals show a decrease of 1.7%, but in the Dallas Reserve
District the totals show an increase of 18.6% and in the
San Francisco Reserve District of 1.5%.
In the following we furnish a summary by Federal Reserve
Reserve District the totals show
in
an
The results
appended.
May and the five months of 1940 and 1939 follow:
for
Month of
Five Months
May
Description
1939
1940
1939
1940
12,935,210
111,392,190
96,800,295
$98,423,000
17,291,000
7,390,000
$615,399,000
104,379,000
21,983,000
$599,940,000
110,895,000
39,190,000
$176,105,000 $123,104,000
$741,761,000
$710,025,000
Stock, number of shares.
38,964,712
.
Bonds
Railroad and miscell
Foreign
$144,924,000
22,931,000
8,250,000
Government
United States Govt
districts:
CLEARINGS
SUMMARY OP BANK
detailed statement of transactions on
the New York Stock Exchange is
District of
Reserve
Richmond
the
3603
Commercial & Financial Chronicle
Total bonds
Inc.or
1940
Federal
1st
Reserve
Dists.
Dec.
1938
1937
S
%
S
S
218,781,799
"
—1.0
197,577,591
2,956,898,266
+3.3
2,956,092,951
3,488,293,407
390,609,179
—7.5
334,623,983
The volume
of transactions in share
New York Stock Exchange for the five
226,483,340
361,456,581
New York.. 13
PhiladelphlalO
220,915,135
3,053,97c,824
12 cities
Boston
2d
3d
1939
S
Week Ended June 1, 1940
properties
the
on
months of the years
341,147,190
273,511.791
1937 to 1940 is indicated in the following:
7
44
276,510,894
258,987,896
"
137,806,515
113,134,709
126.992,090
1940
1939
1937
6
107,347,257
1938
Richmond..
+6.8
+21.3
232,248,763
6th
10
44
152,477,243
+23.4
114,514,514
131,961,233
No. Shares
No. Shares
No. Shares
Atlanta
123,541,094
No. Shares
6th
4th
Cleveland—
7th
Chicago
18
"
483,113,886
432,738,565 + 11.6
412.664,664
450,929,578
8th
St. Louis...
4
44
140,983,702
122,473,790
+15.1
115,557,294
129,121,395
9th
Minneapolis
7
44
44
87,399,331
90,022,588
—2.9
83,164,804
96,635,884
111,741,795
113,626,866
—1.7
105,551,285
123,161,702
10th Kansas City 10
Uth Dallas
6
"
February
March--!
25,182,350
13,873,323
24,563,174
24,151,931
14,526,094
22,995,770
58,671,416
50,248,010
50,346,280
47,132,098 +18.6
55,904,413
44
12thSan Fran... 10
15,990,665
13,470,755
16,270,368
Month of January
210,905,839
47,448,038
49,876,612
+1.5
198,319,348
215,671,652
First Quarter
45,731,788
63,618,847
61,673,795
159,265.706
April
May
26,695,690
38,964,712
20,246,238
12,935,210
17,119,104
14,004,244
34,606,839
18,549,189
207,810,019
113 cities
5,291,060,822
5,077,890,205
4,905,110,492
Outside N. Y. City.....
2,337,553,708
2,223,230,090
+4.2
+5.1
5,653,785,874
2,050,968,881
2,288,414,881
Canada........32 cities
305.828,392
340.271,577
—10.1
427,540,180
444,237,764
Total
The
of the clearings for the
there was an increase
for the entire body of clearing houses of 9%, the 1940 ag¬
gregate of clearings being $26,861,893,522 and the 1939
aggregate $24,639,280,005.
In the New York Reserve Dis¬
trict the totals show an improvement of 5.3%, in the Boston
Reserve District of 10.0% and in the Philadelphia Reserve
District of 11.2%.
In the Cleveland Reserve District the
totals record an improvement of 18.1%, in the Richmond
Reserve District of 19.4% and in the Atlanta Reserve Dis¬
trict of 14.6%.
The Chicago Reserve District has to its
credit an increase of 18.3%, the St. Louis Reserve District
of 12.1% and the Minneapolis Reserve District 14.8%.
In
the Kansas City Reserve District the gain is 7.9%, in the
Dallas Reserve District 12.1% and in the San Francisco
Reserve District
following compilation covers the clearings by months
since Jan. 1, 1940 and
We also furnish today a summary
month of May.
For that month
1939:
MONTHLY CLEARINGS
1940
1939
$
$
May.
Inc.or
May,
$
%
$
%
+3.9 12.620,502,357 11,076,265,314 + 13.9
9,617,767,054 + 14.7
+4.6 11,029,309,130
+7.9
—4.4 12,357,976,167 11,449,037,566
l8t QU- 75,769,569,240 74,992,605,154
+ 1.0 36,007,787,654 32,143,069,934 + 12.0
Apr—. 26,035,844,628 24,156,251,694
+ 7.8 12,097,915,060 10,773,253,307 + 12.3
+ 9.0 12,708,644,083 11,159,259.737 + 13.9
May
—
26,861,893,522 24,639,280,005
The
of bank clearings at
course
Dec.
1938
four years
May,
1939
is shown in the subjoined statement:
1937
2d
1,063,972,007
+10.0
953,616,885
1,160,482,060
44
New York.. 15
4th
Phlladelphial7
Cleveland-.18
3d
14,675,002,112
13,931,374,489
15,132,752,406
1,719,505,284
1,523,223,504
1,236,548,582
1,150,567,698
1,492,821,317
+14.8
+7.9
+ 12.1
1,045,964,039 +10.2
5th
Richmond..
9
6th
Atlanta
16
44
832,719,320
726,454,098
7th
Chicago
31
2,418,705,377
2,045,048,227
667,975,316
596,079,172
10th Kansas City 18
44
44
44
44
11
44
553,613,152
12th San Fran—19
44
1,152,137,275
8th
St. Louis...
9th
Minneapolis16
Uth Dallas
7
We
14,153 13,480 12,383 14,567
1,519
1,283
1,150
1,382
992
900
805
r982
Philadelphia
1,822
1,633
1,443 1,649
St. Louis
419
373
339
399
Pittsburgh
577
465
438
629
San Francisco
635
690
557
623
Baltimore
349
285
257
295
Cincinnati
276
240
228
273
Kansas City-424
38 1
338
418
Cleveland
466
401
370
431
Minneapolis
345
295
256
286
New Orleans
183
160
141
153
Detroit
498
401
325
519
Louisville-------151
142
121
151
Omaha
133
129
118
127
Providence---.-.49
43
39
46
Milwaukee..
100
85
75
88
Buffalo
156
133
128
160
St. Paul"
126
111
98
106
Denver."
134
125
110
133
Indianapolis
90
81
73
81
New York
529.794.859
629,574,922
403,041,363
448,699,C66
744,655,396
668.021.860
493,926,685
426,667,500
469,064,741
955,264,851
Chicago--
704,620,241
1,164,355,629
Boston
794,053,248
+9.0 22,351,735,740 26,606,492,289
26,861,893,522
24,639,280,005
11,159,259,737 + 13.9
9,968,584,673
12,039,069,993
1,850,383,558
32 cities
Canada
$
1,644,783,462 +12.5
1,422,854,360
1,597,411,967
append another table showing the clearings by Federal
months for four years:
Reserve districts for the five
5 Months
5 Months
Inc.or
5 Months
5 Months
1940
1939
Dec.
1938
1937
1st
Reserve
*
%
S
$
14 cities
Boston
S
Dists.
67,853
6,937
4,987
8,757
1,948
2,763
3,144
1,676
1,309
69,713
6,009
4,675
7,815
1,776
2,328
2,888
1,391
64,500
1,979
2,191
1,517
906
2,392
796
647
240
478
743
584
641
—
-------
5,851,829,405
5,462,077,521
71,993,292,981
+7.1
4,913,147,371
6,194,603,077
Memphis.--
2d
New York.. 15
44
70,362,045,073
-2.3
66,780,072,916
85,252,992,818
3d
Philadelphlal7
Cleveland-.18
9,211,642,789
8,239,210,210 + 11.8
7,626,783,343
9,068,805,555
6,947,659,695
6,022,971,090
+ 15.4
5,704,465,499
7,302,715,256
Hartford.;....".
6th
Richmond.
6th
Atlanta
7th
Chicago
9
44
44
44
3,253,233,651
2,799,166,443 + 16.2
2,666,016,288
16
44
3,992,645,429
3,558,493,988
44
44
11,265,974,094
8th
31
St. Louis... 7
9th
Minneapolis 16
44
10th Kansas City 18
44
_
3,221,371,570
3,596,854,485
9,163,314,315
11,518,008,228
2,893,021,822
2.756.957.227
1.981.746.228
2,173,464,984
3,824,624,669
3,541,103,730
+8.0
2,465,605,609 +11.6
+9.9
5,065,640,520
3,417,499,769
4,040,385,871
2,296,758,176
2,394,000,664
4,860,834,561
12thSan Fran.-.19
44
5,568,414,687
+ 12.5
6,848,950,336
+ 11.3
7,624,307,667
CLEARINGS FOR
Total
Other
6,631,811,981^
We
7,931,049,936
years
now
$
Federal
Rese
Portland..————
Mass.—Boston
^
Fall River-.
H Holyoke
L
Lowell...
1.
New Bedford..
—
Springfield
Worcester..
Conn.—Hartford
New Haven
R. I.—Providence
N. H.—Manchester
Total
(14 cit es)
563
348
735
370
670
275
232
24,019 115,634 112,018 104,290
2,587 13,034 11,770 11,099
rve
add
459
793
627
666
;
404
818
406
786
341
279
130,757
12,904
Five Months Ended May
g
1939
S
.
Dec.
%
$
+ 1.5
11,557,149
41,226,638
+ 10.1
4,987,233,044
+ 5.3
14,637,855
+ 11.6
8,060,418
+28.3
9,465,227
1,943,884
8,265,602
900,338,508
2,714,961
1,466,763
2,028,079
2,771,159
13,696,122
7,848,348
$
54,479,968
50,592,709
19,051,852
9,272,600
48,820,800
2,366,795
18,006,743
+5.8
8,371,600
43,221,600
+ 10.8
+ 13.0
239,620,700
2,705,929
—12.5
12,128,441
1,636,850
1,823,219
3,207,809
14,840,945
1,170,422,856
T
1,063,972,007
—10.1
8,856,087
+ 15.8
14,649.913
72,333,347
45,453,001
+ 8.4
+20.6
+7.7
+ 10.0
261,819,935
98,330,377
35,922,500
5,851,829,405
50,889 61,188
and since Jan. 1 for two
1 for four years:
Inc. or
1940
%
+ 13.3
88,399,808
Dec.
1938
$
%
520,337
—0.2
546,342
1,755,957
187,600,768
+ 4.7
—1.4
1,772,457
166,503,464
+7.0
+0.9
+6.7
+2.8
588,572
—14.3
501,666
—50
"286",797
"395,289
546,324
—6.5
2,796,730
+6.4
650,363
3,176,461
1,904,379
—3.5
747,867
2,721,661
1,626,345
10,518,677
3,960,452
9,390,800
+V3.2
7,930",400
528.200
569,171
—7.2
461,463
10,115,500
533,741
218,781,799
220,915,135
—1.0
197,577,591
226,483,340
304,537
510,902
2,974,530
1,677,196
10,396,615
3,991,080
—1.5
+2.8
+9.2
+ 15.1
+ 11.1
•
+7.1
656,3 1 4
1,905,131
190,584,903
655,684
"32o! 685
+8.9
+ 11.0
+3.7
1937
$
519,253
1,839,237
184,908,650
504.199
+ 11.2
33,569,700
215,852,200
11,697,186
1939
$
Dec.
10,198,074
40,870,205
4,675,086,289
14,232,744
7,401,958
8,987,276
14,251,070
66,262,159
39,506,764
235,762.088
5,462,077,521
54,076
Week Ended June 1
31
1939
60,815
WEEK ENDING JUNE 1
Inc. or
1940
128,668 123,788 115,389 143,661
detailed statement showing the figures
city separately for May
District— Boston—
2,493,791
8,391,676
991,712,460
2,858,864
our
9,969 12,039
and for the week ended June
Inc. or
First
York-12,709 11,159
MAY, SINCE JANUARY 1, AND FOR
Month of May
Maine—Bangor
24,157 22,231 20,223
2,705 2,408 2,129
26,862 24,639 22,352 26,606
for each
Clearings at—
1940
[
Total all
61,188,131,069
50,888,975,639
-
cities!
Outside New
+3.9 115,388,967,263 143,661,436,227
191 cities 128,668,105,829 123,788,136,853
60,815,145,206 54,075,582,978
Outside N. Y. City
__32 cities
816
328
262
239
207
407
629
501
5,864,024,272
2,751,821,486
Canada
131
52
47
' 51
386
765
370
700
300
236
2,050
1,386
800
2,527
737
656
3,168,509.990
2,398,970,964
+ 12.0
2,055,423,919 + 16.7
3,239,243,887
44
Total
.
1,683
1,239
764
1,747
658
579
3,087,071,027
+ 12.2
9,692,129,020 + 16.2
11
Uth Dallas
Seattle
5,843
4,157
7,219
1,699
2,265
2,799
1,317
1,174
1,798
1,889
1,281
819
/1,984
715
620
216 416 ;
648
509
597
429
852
459
165
73
167
69
67
138
63
147
68
175
67
54
Salt Lake City
4th
154
75
175
89
Richmond-—-----
2,138
1038
—
Federal
1,742
1939
-
-
1,142
1937
t+sjj
82,473
7,173
5,304
8,606
1,992
3,107
3,241
1,497
1,352
1040
1939
1938
1937
$'■;+■ $ +;
1040
omitted)
2,269,239,598
12,708,644,083
Outside N. Y. City
(000,000
600,742,786
513,358,778
611,936,002
1,784,906,647
465,700,759
534.533,857
803,397,116
191 cities
Total
570,051,267
680,871,197
Jan. 1 to May 31
Month of May
1,740,086,275
1,459,838,969
+5.3
+ 11.2
+ 18.1
+ 19.4
+ 14.6
+18.3
+ 12.1
12,832,335,793
1,912,676,975
44
44
44
LEADING CITIES IN MAY
$
$
%
1,170,422,856
14 cities
Boston
$
$
Dists.
Reserve
1st
leading cities of the country
and since Jan. 1 in each of the last
BANK CLEARINGS AT
Federal
*
1939
1940
26,687,316,998 25,692,147,968
Feb— 22,834,951,138 21,840,482,419
Mar.. 26,247,301,104 27,459,974,767
for tbe month of May
1940
;
Jan
10.2%.
May,
Clearings Outside New York
Clearings, Total AU
Month
1,760,598
10,931,201
4,133,992
—4.7
10,627,400
—4.9
10,984,959
4,920,616
The Commercial & Financial Chronicle
3604
June
1940
'
CLEARINGS (Continued)
"
'
..
,
*—
Month of
—
May
Five Months Ended May
Week Ended June 1
31
Clearing8 at—
Inc.
1940
1939
* :
District —New York—
erve
Blnghamton
%
s
...
—7.6
3,797,000
132,580,096
+43.7
2.343,951
3,756,684
3,326,976
14,153,249,469 13.480,020,268
33,032,092
36,512,961
Rochester....
18,039,448
24,313,998
Syracuse-.-.-——3,751,257
Utlca.—
3,926,945
Westchester County.
18,444,638
17,171,457
Conn.—Stam ford
21,380,388
24,858,784
New York
24,319,907
+ 12.5
+ 17.9
+3.2
743; 149,677
647,786,359
10,673,013
+ 14.7
+ 5.1
1,062,042
31,600,000
+ 12.9
+ 5.0
+7.4
86,556,761
+ 16.3
15,664,192
69,712,553.875
167,710,797
87,292,228
16,951,402
81,996,557
88,145,001
+ 15.6
+4.7
18,116,360
67,852,960,623
183,738,760
107,884,400
18,420,703
+ 10.5
+34.8
11,219,785
2,114,832
77,093,009
+ 13.8
93,960,932
+23.5
■
,
7,533,021
7,315,225
+ 9.7
—0.3
1,059,405
24,900,000
29,500,000
—29.5
1,293,961
458,880
«
—12.0
658,022
725,358
641,985
+ 3.5 2,854,141,611 3,365,370,993
—12.3
8,660,166
8,241,856
—26.7
3,442,896
5,846,979
+5.6
2,8*30,296
3,660,937
3,215,012
4,663,567
3,370,894
3,965,639
—"16*6
+ 8.8
+ 17.6
4,256,139
4,720,387
+6.4
437,397
426,757
+ 2.5
410,462
516,041
+ 10.1
20,015,272
20,268,291
17,052,362
21,118,189
+ 17.5
18,691,931
28,235,518
18,330,777
42,558,796
3,053,978,824 2,956,898,266
+ 3.3
+6.8
3,273,546
—1.2
15,071,273
18,429,940
70,362,045,073
71,993,292,981
—2.3
rve
9.467.122
11,973,941
—4.0
—18.2
+5.3
-
-
2,956,092,951 3,488,293,407
District— Philadelphia
2,264,601
y2,451,165
+23.3
9,690,203
y2,279,924
+7.5
11,685,991
1,602,860
1,396,278
+ 14.8
Harrisburg
10,127,040
9,519,992
+6.4
8,356,924
47,152,271
7,369,745
46,106,160
Lancaster-
5,801,922
+ 5.8
+ 12.1
28,209,970
10,523,555
26,664,978
2,211,757
5,151,886
1,973,871
+ 12.6
Lebanon
9.637.123
+ 9.2
1,817,667
1.633,000,000
6,437,356
10,847,003
4,391,316
5,236,749
1,108,592
583,162
—2.1
8,320,554
8,236,646
+ 1.0
+ 11.6
Bethlehem.-..—
Chester
—
Norristown....—
1,779,781
1,822,000,000
7,106,969
Philadelphia
Reading-.
Scranton
12,169,210
Wilkes-Barre
5,714,783
6,165,1.50
York..—.
Pottsvllle
Du Bols
1,225,067
580,240
2,684,921
.
Hazleton.;
1,836,004
+2-9
1,068,602
1,291*,689
351*000*066
380,000^000
—"7.6
324,Oob",000
326,000^000
1,231,158
1,227,773
2,403,043
932,949
+0.3
1,191,780
1,470,871
—1.4
2,213,716
2,141,888
—3.8
805,519
934.518
1,377,246
—2.7
1,325,735
1,590,516
+30.1
22,801,736
27,681,434
+ 17.7
5,679,410
3,407,307
—0.5
+
+8.7
2,368,937
+ 15.4
897,692
1,339,804
+ 14.2
+3.3
2,758,215
+23.5
+21.0
85,979,500
12,283,318
72,395,141
87,629,300
—1.9
2,459,560
2* 345*166
+ 4.9
2,685*666
6,438,000
9.211,642,789
8,239,210,210
+ 11.8
361,456,581
390,609,179
—7.5
334,623,983
341,147,190
47,038,403
41,853,926
+ 12.4
1,895,595
1.723,856
+ 10.0
1,308,958,070
1,174,160,162
+ 11.5
53,625,809
54,634,296
—1.8
1,463,297
45,292,359
1,888,880,477
+ 16.0
91,196,562
+ 10.7
216,484,600
+ 6.4
9.643,300
82,362,358
9,623,500
10,557,034
4,560,806
34,482,386
+0.9
+10.8
1,235",857
1,323*949
—6.7
1,321",873
1","910", 100
+ 17.1
2,232,060
1,859,524
+20.0
1,568,158
1,968.159
1,912,676,975
1,719,505,284
+ 11.2
District
—Cleveland—
8,739,002
240,283,944
+ 15.0
400,634,346
+ 16.2
2,190,658,209
45,040,700
1,810,649
1,080,163
+ 10.4
230,248,700
+26.0
10,648,783
+ 10.4
4,642,962
38,208,375
67,227,002
serve
276,234,604
465,674,022
49,720,100
Columbus..
2,281,677
1,191,969
Mansfield
7,751,165
11,430,689
Youngstown
Newark
Toledo
Franklin
Greensburg
Pittsburgh
........ .
Erie
OU City
Ky.—Lexington
W. Va.—Wheeling....
1,459,838,969
rve
+ 18.5
6,753,092
1,236,548,582
.
2,540,649
C.—Charleston
Columbia. - ........
Greenville—--—...
Md.—Baltimore
—5.9
48,860,962
26,414,376
90,565,402
3,912,047
27,328,751
99,651,132
5,153,150
1,960,461
+6.5
+ 10.1
+ 31.5
+ 24.0
3,216,876
2,762,705,293
+ 21.6
36,086,787
—4.0
1,690,376
2,965,845
2,312,171
54,029,985
79,825.644
76,510,886
8,434,800
+0.2
12,242,200
+ 1.8
+3.5
^
+ 10.0
.
■'■■■
+31.7
ry..
+ 16.0
r
+ 8.5
+ 18.7
2,327,602,924
32,142,256
46,800,364
36,137,079
+ 4.5
—0.1
31,420,020
34,900,068
6,947,659,695
6,022,971,090
+ 15.4
97*,657*,390
121,223", 532
—10.0
+ 18.1
+ 8.6
+ 17.0
+ 5.2
54,749,114
37,757,607
116,681^711
+ 12.3
107,460+13
—
276.510,894
258,987,896
+6.8
-
273,611,791
232,248,763
+ 55.4
11,505,856
1,634,880
11,014,000
370,887
+46.5
343,926
438,020
+ 13.4
58,747,000
52,166,000
+ 12.6
2,481,000
1,909,000
+ 30.0
154,179,611
+ 13.3
852,137,120
765,292,224
+ 11.3
34,266,925
1,134,743
26,534,963
991,328
+ 29.1
1,794,000
26,569,066
29,453,429
5,342,548
12,489,000
174,701,482
5,893,811
10,792,398
4,838,980
349,059,124
Richmond
+ 5.5
+20.5
—2.9
District— Richmond—
Va.—Huntington..
Va.—Norfolk
+7.3
7,345,368
9,486,415
6,507,683
19,260,642
865,077
392,556
583,323
465,181,068
6,530,187
10,507,450
5,546,917
6,120,954
20,509,368
952,197
465,006
767,270
576,751,379
7,942,595
10,083,972
5,836,973
6,744,484
Pa.—Beaver County..
+ 14.5
918,523
1,935,383
64*.607*,533
7,777,862
+47.9
+ 10.3
27,863,511
10,166,274
+ 6.2
48,455,322
45,140,762
+3.2
+ 22.4
25,354,603
1,390,696,711
—0.7
285,154,620
25,184,645
1,676,061,691
2,958,000
+ 7.3
4,686,734
543,178
26,136,721
>
+ 6.6
75,52+372
61,396",808
+23*0
56*.10*5*836
1,615,496
1,476,791
+9.4
96,395,809
+ 23.4
8.183,576
545,094,930
7,400,428
479,201,132
+ 10.6
118,940,257
+ 13.8
23",859",297
21,93l",723
+8.8
21,6*15*966
27*.*599*,725
680,871,197
570,051,267
+ 19.4
3,253,233,651
2,799,166,443
+ 16.2
137,806,515
113,134,709
+21.8
107,347,257
126,992,090
3,642,647
17,439,556
54,200,000
1,419,856
3,473,997
12,335,047
41,000,000
944,020
+ 4.9
+41.4
12,399,440
3,632,396
13,853.847
+ 32.2
41,500,000
43,400,000
Frederick
D. C.—Washington. —
Total (9 cities)
Sixth Federal Rese
rve
Tenn.—Knoxvllle
Ga.—Atlanta
_
....
Augusta
Columbus.—.—
Macon...Fla.—Jacksonville
Tampa
Ala.—Birmingham
Mobile
Montgomery
Jackson
•
+ 13.8
98,304,943
90,468,121
+ 8.7
+7.6
250,200,000
+ 18.1
+9.1
+39.7
417,383,407
1,355,100,000
29,360,510
24,278,114
19,821,259
478,123,792
33.583,902
383,825,641
1,193,200,000
24,187,176
+ 13.6
18,862,519
+28.7
19,358,627
+ 2.4
423,748,161
25,705,712
432,913,850
+ 12.1
36,757,010
+ 22.6
18,076,083
23,888,000
38,411,368
7,975,109
2,940,483
+ 14.7
819,176,128
+ 10.6
35,191,699
28,060,060
+ 25.4
26,419,371
32,663,036
3,558,493,988
+ 12.2
152,477,243
123,541,094
+23.4
114,514,514
131,961,233
439,517
97,936,167
5,147,348
4,021,019
3,957,847
83,998,045
5,319,982
92,938,261
+ 10.0
+ 13.7
+ 17.4
+ 11.8
+ 2.7
485,496,504
45,079,965
3,867,332
4,664,000
7,066,469
+ 11.4
20,734,715
+ 7.6
+ 22.5
25,112,000
1,578,119
523,133
+ 20.2
183,284,698
160,389,734
+ 14.3
41,321,631
9,392,955
3,477,972
906,073,760
832,719,320
726,454,098
+ 14.6
3,992,645,429
Meridian..........
......
La.—New Orleans
(16 cities)....
+ 29.9
+ 9.0
+ 21.4
•
8,739,340
4,307,420
5,019,000
8,659,535
1,896,532
679,390
Miss.-—Hattiesburg
+20.5
15,342,699
78,500,770
103,934,792
10,106,927
....
--
Vicksburg.
District— Atlanta—
17,460,919
84,421,559
295,600,000
5,617,362
5,619,083
4,354,272
95,510,763
6,247,068
Nashville
Total
1,09*7*,407
+3.8
—28,9
Hamilton
Lorain
W.
1,129,346
+ 2.3
+ 12.1
9,380,645
Rese
345,921
426,044
31,364,674
48,830,709
19,764,953
24,229,212
5,498,973
13,070,900
........
Federal
449,354
7,815,000,000
11,926,333
87,573,106
Cleveland...-—...
Fifth
453,604
—24.3
53,095,214
—3.5
Ohio—Canton
Total (18 cities)
507,743
+ 1.3
350,171
32,559,281
+ 23.2
Total (17 cities)....
Fourth Federal Re
430,673
417,548
8,757,000,000
2,782,561
15,720,609
Cincinnati.
457,942
422,921
265,012
+2.4
+ 10.4
+ 10.5
—25.3
342.211
—2.4
+ 13.4
+ 12.2
12,757,823
18,385,100
Del.—Wilmington
N, J.—Trenton-...*..
'■
:
31,700,000
650,059
866,730
762,690
2,953,507,114 2,854,660,115
7,131,172
8,135,747
4,192.525
5,722,258
458,573
5
—14 7
371,836,873
526,494,418
562,359,053
3.232,834
+9.6
+23.6
+ 8.7
8,261.721
967,795
9,452,241
95,895,281
10,052,752
409,554,282
+ 7.4
—2.7
Third Federal Rese
S.
%
7,049,885
14,675,002,112 13,931,374,489
Oranges--.
Pa.—Altoona
V
%
1937
1938
$
+2.7
Total (15 cities)
,
•
Dec.
S
% s
1939
213,986,178
87,713,513
116,081,108
.4*.
Northern New Jersey
1940
Dec.
219,714,235
27,352,128
2,271,784
J.—Montclalr
Newark
•
%
39,489,237
Jamestown—
N.
1939
5,456,435
156,251,426
2,419,413
-
Buffalo
Elmlra
1940
36,512,120
N. Y.—Albany_.^.».>
Inc. or
Inc. or
Dec.
S
Second Federal Res
or
+ 12.8
3.028,788
+ 186
928,420
993,413
+ 27.1
623,599
16,771,000
626,302
15,735,000
+6.6
15,733,000
1,009,716
15,610,000
20,681",073
19,636,074
+ 5.3
12,470",622
1^,850,434
2,497,842
1,643,567
+ 52.0
1,266,583
796,231
+ 30.6
1,803,688
+ 5.1
'
'
+ 7.6
+ 17.8
+ 18.3
X
■* "
X
vUi
■■■■
X
"
137*339
87,027
+
5*7*8
*144*703
144,691
\
■
.
Seventh Federal Re
Mich.—Ann Arbor
serve
1,704,534
,
1,915.968
497,689,944
4,915,278
Detroit
Flint
Grand Rapids
Jackson
South Bend____.
Terre Haute..
......
Wis.-—Madison.......
Milwaukee.
08hkosh_..-_
Sheboygan
Watertown.
Manitowoc
Iowa—Cedar Rapids..
_
Des Moines
.....
........
HI.—Aurora....
Bloomington
Chicago
i
....
Decatur
.......
Springfield
-
V
—1.8
+ 1.8
2,391,944,781
+33.5
21,809,622
70,894,008
1,983,916,894
21,239,805
+ 20.6
3,680.695
11,938,419
58,687,567
9,862,584
+20.8
+21.9
Sterling
Total (31 cities)
T;
229,333
111,520,187
256,789
84,247,621
—10.7
+32.4
321,000
78,613,610
2,823*743
2,598,836
+8.7
2,095*162
2*93"l",647
1,318,116
1,467*211
—*10*2
1,493*798
1,*291*668
+ 66.4
*896*785
1,123*831
1*6
15,722*666
17*,464*,000
+ 2.7
1,910,032
+ 7.9
7,222,299
2,796,947
6,446,136
+ 12.0
11,355,780
35,124,508
2,461,279
+ 13.6
13,642,164
30,541,544
11,793,844
+ 15.7
2,385,641
+ 17.9
13,222,477
11,382,728
+ 16.2
4,665,680
+ 83.1
13,862,424
81,344,655
+ 11.6
38,239,101
76,752,023
+ 10.1
428,829,403
6,913,171
+41.6
43,648,696
21,276,083
+ 17.3
5,634,913
85,265,801
+ 11.2
123,249,896
30,993,087
477,793,484
7,714,121
14,928,055
20,975,299
65,429,937
386,042,460
31,930,079
104,407,116
27,573,037
9,790,131
24,956,420
6,265,695
100,263,815
1,483,495
•;
+ 17.6
+0.5
415,564,979
6,805,015
12,981,373
2,088,662
5,887,762
24,523,005
1,476,520
2,754,006
419,716
—0.8
1.172,770
+ 15.7
6,794,840
5,376,742
46,646,520
16,017,821
+ 1.6
—10.8
25,213,728
214,554,902
+8.0
79,856,356
971,421
+6.2
2,163,316
1,671,626
+ 1.2
1,283,397,396
+7.9
+ 18.4
4,800,569
9,707,558
7,950,733
6,936,942,085
4,267,209
+ 2.7
22,310,241
16,993,150
5,225,687
5,629,709
+8.3
+ 12.5
87,063,648
5,877,087
6,447,408
+ 9.2
28,613,180
615,924
597,887
+3.0
3,164,405
6,008,926,218
20,107,477
78,144,165
22,983,919
26,225,863
2,732,548
2,418,705,377
2,045,048,227
+ 18.3
11,265,974,094
9,692,129,020
2,731,065
454,394
1,356,352
5,462,553
17,297,039
1,031,460
2,189,154
1.804.117
1,519,259,264
4,383,957
18,405,038
Peoria
Rockford
-
41,588,174
Sioux City
Ames
9,199,969
8.541.116
15,468,867
89,573,145
Wayne
Gary..-—
Indianapolis
-
9,036,293
2,812,444
.
Muskegon
Bay City
Ind.—Ft.
—11.0
400,565,834
14,557,734
2,060,527
Lansing..
v:;
District —Chicago—
+ 8.3
2,390,977
-
27,433,373
196,992,428
74,446,776
4,552,795
9,061,173
7,121,999
+ 15.1
+ 15.0
1,521,865
"914*336
+ 11.1
16,310*,000
16",047",000
+ 36.7
1,717,909
5,335,078
1,448,265
4,079,057
4-18.6
954,892
1,274,389
+30.8
3,494,841
4,196,661
17",810^237
17.462^653
+2.0
17,605,439
19,613,026
1,078", 256
1,072] 766
8,053,695
3,164,085
+ 10.0
7,950,298
7,842,643
—3.8
3446,421
2,992,324
+82.3
+ 17.3
+ 18.0
+
+ 12.4
+ 15.0
+ 13.4
+ 15.0
+ 14.5
+ 15.4
+ 2.8
+8.9
8,858,568
+ 7.3
3,043,781
+0.5
1,098,727
1,052,920
+ 5.4
+7.1
+ 11.6
*404*863
*392*668
+3*3
"418*864
*49*9*932
+ 15.4
304,029,878
828,297
283,486,124
1,085,666
+7.2
271,602,384
283,840,917
—23.7
906,391
3,952,602
1,182,346
1,148,833
3,759,619
+ 5.1
1,550,197
1.652,583
—23.7
3,281,877
1,794,356
951,451
3,959,203
2,154,909
—30.5
1,273,939
1,364,373
483,113,886
432,738,565
+ 11.6
412,664,664
450,929,578
+ 11.0
+ 11.4
+ 19.4
+9.1
+ 15.8
+ 16.2
-
Volume
3605
Commercial & Financial Chronicle
The
150
CLEARINGS (Concluded)
Month of
Week Ended June 1
Five Months Ended May 31
May
Clearings at—
Dec.
1940
1939
Dec.
$
$
%
$
%
Re
Federal
Eighth
serve
1,948,012,114
+ 30.9
+ 14.1
20,277,102
2,514,233
795,618,839
458,613,716
1,598,883
12,609,000
+ 12.1
3,239,243,887
12,776,330
295,315,809
65 ,616,549
+ 16.7
1,516 ,686,753
1,462,272
+28.0
8 ,715,514
111,020,034
1,739,322
679,808
+ 13.1
1,280,762,787
6,595,068
509,361,490
1,654,022
635,203
10,528,523
1,080,000
111.—Jacksonville
9,469,730
1,182,000
+ 11.2
596,079,172
Qulncy
(7 cities)
14,674,944
Minn.—Duluth
Rochester
344,779,300
1,871,196
St. Paul_
125,577,946
Minneapolis
370,360,245
1,387,928
11,496,000
583 ,887,636
869,177
Fergus Falls..
N. D.—Fargo
Grand Forks
Minot
823,349
3,660,608
7,059,707
Winona
3.479.639
+5.2
16 ,523,541
6,967,399
+ 1.3
31 ,343,119
—4.9
,177,709
—6.6
i>2 ,754,456
,594,333
51
—8.6
5 ,126,000
+ 5.6
3 ,976,752
822,365
860,200
—4.4
,867,751
3.169.640
3,682,336
+ 16.5
16 ,779,516
16 ,557,566
13,424,766
12,760,066
+ 5.2
65 ,966,775
312,825
+ 13.4
1 ,396,994
140,983,702
122,473,790
+ 15.1
115,557,294
129,121,395
2,367,466
+ 14.9
3,853,287
60,766.425
—8.3
52,235,023
5,135,944
63,358,828
22,829? 331
20",817",522
+9.7
21,595*285
21,950,303
1,841*263
1,983",362
—7".2
1,853,287
.1,912*069
"769",944
"660,236
+ 16.6
534,533,857
465,700,759
+ 14.8
2,398,970,964
•
+ 11.7
4-11.7
:>
"648",850
2,055,423,919
District— Kansas
3
689,500
"
1,184,216
"
671,247
670,491
+o".i
"628",079
660,267
2,824,290
2",757",092
+2.4
2~,35"o",993
2~,928",973
90,022,588
—2.£
83,164,804
96,635,884
,81,751
102,028
124,321
2,365,092
25,438,092
+ 19.1
"
+ 16.7
"
'wi
'
87,399,331
City-
88,752
107,446
73,022
+21.5
152,113
—29.4
135,741
+ 9.3
2,402,599
2,348,754
+2.f
2,230,303
+4.3
23,593,613
25,501,541
—7.6
22,419,745
478,307
429,798
+ 11.3
2 ,228,238
2,093,166
—6.1
2 ,804,457
+ 8.9
60 ,350,225
2,821,531
55,200,272
—0.6
13,441,797
599,579
12,347,789
132,857,664
129,244,468
+2.8
647 ,229,260
17,051,058
16,720,928
612,156
+2.0
84 984,280
+ 10.8
3 297,938
620,372,510
79.864.436
3,192,119
742,221
842,937
—11.9
3 ,783,274
10,426,896
—11.2
49 ,578,946
4,338,864
49,068,634
—12.8
9,261,005
+ 1.0
1,334",235
l,480~6li —"l6".3
l",868",374
65 ,632,078
+ 13.5
2,458,044
2,571,807
2,782,253
1,722", 954
2,886,880
+28.0
11 ,550,151
57.837.437
9,500,576
—4.4
11,803,734
1,936,541
+ 7.0
+ 11.2
1,797,679,384
+ 10.1
78",229",402
+0.8
+ 4.9
2,321,533
2,097,131
2.626,634
+0.6
62,721,361
—1.9
12,971,508
1,978 ,799,820
65 805,354
86,679,262
381,421,979
72",883",409
423,961,230
13,050,067
423,971
35,183,437
433,485
—2.2
2 ,987,278
33,209,576
+ 5.9
2,732,979
—7.1
12 ,570,110
"346",091
+-69.1
"585", 164
2,539,596
133,908,093
124,654,086
2,594,298
163,496,822
12,415,229
597,498,799
+ 15.1
170 ,641,364
+ 8.5
—0.4
...
Hastings
Lincoln
Omaha
.
Kan.—Kansas City
677,998
Manhattan
Parsons
Topeka...
Wichita
12,635,373
....
2,477,982
Mo.—Joplin
Kansas
City...
St. Joseph
Carthage..
Okla.—Tulsa
Colo.—Colo.
Springs..
Denver.....
+7.4
640 ,869,689
"
-
+ 6.4
+ 3.3
+ 21.6
78,845,064
2,277,745
"
+ 4.4
+ 1.2
"
107,663
601",980
"
"
+ 7.3
"527", 294
"595",992
—ii~5
467,4 ii
614,459
123,161,702
2,782,444
(18
cities)
___
Texas—Austin.
+3.8
14 ,450,928
1,585,147
—14.1
7 ,061,279
13,317,543
7,090,749
+7.9
3,541,103,730
+8.0
111,741,795
113,626,866
105,551,285
744,655,396
3,824,624,669
—1.7
803,397,116
_
Eleventh Federal R
2,681,810
1,361,580
Pueblo
Wyo.—Casper......
37,248,790
20,324,411
1,074,926,714
+ 7.7
1,232,658
1,277,702
—3.5
1,278,218
1,347,577
43,018,000
33,922,017
+26.8
34,911,309
36,591,509
6,600.088
1,762,000
6",284",249
eserve
Distric t—:Dallas—
8,257,897
4,488,570
:
Beaumont...
+9.2
40 ,116,212
+ 16.4
22 056,175
+ 12.7
7,559,? 94
3,857,1 bO
215,496,868
+ 10.5
Fort Worth
32,405,626
19,486,568
31,551,396
1,230 600,000
108 387,541
+ 2.7
142 654,553
Galveston
11,150,000
9,570,000
+ 16.5
210,660,176
185,891,201
242,860,000
Dallas...
El Paso
21,538,881
...
Houston.....
98,879,343
+ 9.6
145,599,214
49,320,000
—2.0
6,243,177
6",359",747
—V.8
109,000
+ 3.6
2,031,000
2,469,000
—17.7
+ 13.3
1,045 678.218
934,306,999
+ 11.9
8,893,388
+ 13.2
51
+ 5.3
19,972,094
+ 12.7
"793", 306
"689", 185
+ 15.1
""852*453
22, 510,284
712,567
+ 18.9
+ 9.2
6, 689,971
6,280,224
+ 6.5
71, 950,195
69,854,432
2,414", 447
2,183,856
3",123",824
+ 5.8
2,586,272
+7.1
14,355,096
+ 3.0
2,465,605,609
+ 11.6
55,904,413
49,876,612
2,751,821,486
47,448,038
+ 12.1
+ 18.6
493,926,685
47,132,098
553,613,152
10,774,734
815,946,370
7,942,022
699,824,730
+ 35.7
+ 16.6
33,496",660
29,522,354
+ 13.4
28,412~ 888
34,115", 38 3
+ 7.9
873,444
844,384
+ 3.4
980,994
18,894,398
23,313,680
5,124,000
627,490,177
12,391,252
299,911,832
66,331,830
39,341,652
37,765,198
91,390,432
16,605,000
80,414,216
17,693,107
820,512
20,389,919
26,494,547
30,269", 995
24,478,391
+ 23.7
23",'197,673
26,727*092
11,694",646
12",189",932 :f. —4.1
12,073,412
14,175,266
3",969*381
4,656,079
1,339,536
La.—Shreveport.
cities)
Twelfth Federal Re
District
serve
-San
Franci
SCO—
2,055,814
147,350,545
+ 10.4
+ 10.1
1.402,000
3,935,713
5,138,458
1,105,000
162,908,187
2,669,572
128,360,243
2,597,047
+ 26.9
66,821,652
16,084,929
7,193,498
8,385,519
16,119,643
3,505,000
13,139,605
3,430,083
635,100,453
68,152,848
—2.0
13,782,987
+ 16.7
590,470,160
+ 7.6
Santa Barbara...
11,646,209
5,654,457
10,799,981
5,852,784
—3.4
56,560,627
31,490,024
Stockton
10,760,346
10,079,235
+ 6.8
1,152,137,275
1,045,964,039
+ 10.2
2,269,420
Wash.—Bellingham
175,146,030
4,333,285
Seattle..
Yakima
5,567,387
Idaho—Boise
Ore.—Eugene
Portland..
Utah—Ogden
Salt Lake City.
Ariz.—Phoenix
Calif.—Bakersf ield
Berkeley
Long Beach..
Modesto
Pasadena.
Riverside
San Francisco
San Jose..
Total
......
(19 cities)....
Grand total
+ 18.9
+ 8.3
8,601,626
—16.4
7,535,429
17,910,823
+ 11.3
5,959,000
717,973,695
13,600,451
327,523,607
78,318,890
39,027,078
44,786,471
—10.0
83,599,623
3,438,000
+ 1.9
17,466,000
14,992,635
—12.4
3,804,711
—9.8
(191 cities) 26,861,893,522 24,639,280,005
12,708,644,083 11,159,259,737
Outside New York
+ 26.9
+ 2.8
+ 7.8
68,472,953
16,838,671
3,144,171,023
2,888,375,343
S
$
Five Months Ended May
Dec.
+ 20.4
2,380,695,769
2,199,610,983
1,093,926.494
370,170,697
583.381,154
101,919,212
65,534,365
+ 15.8
121,628,607
+ 14.0
+ 14.9
105,009,231
49,348,4.50
+ 9.0
37,228.608
11,236,153
19,901,553
__....~..
Brantford
8,976,362
9,337,.503
—3.9
21,405,283
19,298,340
+ 10.9
1,271,293
1.644,783,462
+ 12.5
7,624,307,667
6,848,950,336
+ 11.3
305.828,392
16,555,451
(32 cities)....
1,850,383,558
Chatham
.
Sarnia
Estimated,
x
No figures
+ 76.9
+ 3.1
+ 6.0
—0.8
+ 17.1
Kingston
618,222,186
91,856,526
76,955,210
60,779,995
15,023.891
20,751,250
4,359,452
2,414,534
4,706,004
3,681,269
1,750,046
1,532,280
2,074,331
3,292,100
4,067,887
—7.5
2,611,208
3,344,568
4,943,892
12,488,283
1,369,688
3.323,178
Sudbury..............
2,590,319
3,917,481
5,756,648
13,586,780
1,588,584
3,471,815
3,010,008
2,709,087
1,964.117
4,844,969
4,593,860
12,159,387
Moncton
+ 0.3
4,570,197
14,305,766
+ 4.7
Windsor.........
+ 0.6
2,192,455,540
502,458
275,328
14,608,819
+ 12.1
Kitchener
2,367,594,885
11,796,881
+ 9.8
available,
y
+ 16.4
24,026,947
+ 8.8
61,379,507
+ 16.0
6,780,249
Calculated on basis of weekly figures.
MAY 30
+ 30.4
+ 9.6
+ 29.2
+ 24.7
+ 11.0
+ 35.1
+ 4.8
+ 11.2
+ 14.8
+ 17.7
+8.4
+ 10.9
30
1939
Dec.
1938
%
13,500.469
73,983,867
6,195,825
-0.1
+ 20.6
Prince Albert
1940
%
+ 10.9
84,722,870
+ 29.2
945,891
Sherbrooke
Dec.
2,443,490
2,122,614
+ 10.5
14,767,438
1,449,493
1,922,862
5,496,149
2,627,116
4,030,949
5.12,050,968,881 2,288,414,881
Inc. or
2,661,024
55,685,391
4,905,110,492 5,653,785.874
Week Ended May
16,304,473
+ 4.6
2,772,749
Peterborough
-0.7
+ 12.0
AND FOR WEEK ENDING
12,445,390
+ 3.0
2,609,205
—
215,671,652
+ 4.5
22,689,058
11,214,977
21,458,014
18,823,486
8,524,113
7,403,885
11,463,486
16,687,227
990,094
Medicine Hat
198,319,348
+ 13.1
+ 4.3
+ 31.6
3,108,642
Fort William
New Westminster.....
210,905,839
359,116,096
447,400,415
92,961,339
50,731,973
97,562,134
94,571,247
36,533,896
35,512,914
50,097,445
73,794,556
62,834,900
5,717,519
8,838,226
23,498,125
11,175,076
17,592,427
11,642,779
12,963,919
4,169,874
11,475,160
13,409,156
20,305,998
57,738,129
5,722,412
13,943,494
10,935,792
71,180,178
163,202,388
2,608,977
4,427,623
3,145,593
Moose Jaw
—23 3
126,271,000
2,679,366
1,275.355
2,118,876
31
1939
%
—0.7
Saskatoon._
3.1
$
1940
9,805,942
Lethbridge
2,801.347
1,235,958
1,994,003
121,656,000
2,276,956
1,230,110
1,811,387
Inc. or
27,280,433
_
Brandon
+ 0.3
—
MAY, SINCE JANUARY 1,
+ 17.7
Regina..
—3.7
+
+ 10.1
Edmonton.
127,767.000
2,337,553,708 2,223,230,090
6,467,100
London
3,358,939
123,068,954
2,148,953
1,227,653
2,233,092
4.8
+ 8.9
+ 12.5
60,815,145,206
175,654,847 + 102.0
Victoria
—
54,075,582,978
+ 13.9
354,734,535
74,215,123
214,855,459
23,378,602
13,507,834
24,851,154
21,452,082
9,793,149
8,069,161
11,992,468
18,437,060
19,074,450
1,447,499
2,117,322
Calgary
3,310,265
+ 4.2
Winnipeg..
Hamilton
—7,3
+ 1.5
—5.0
St. John.—.-w..
3,530,145
2,965,695
207,810,019
—4.9
...
4,bi6*,955 —*2l".5
5,291,060,822 5,077,890,205
483,612,763
Halifax
3,149~844
2,748,598
+ 5.2
+ 3.9
556,369,046
Quebec
—8.6
—14.8
+ 9.9
459.199,5.50
Ottawa
—0.8
+ 18.6
5,568,414,687
529,070,273
Vancouver
+ 9.2
+ 18.1
+ 11.5
Montreal
—
+ 9.8
49,021,004
Inc. or
Canada—
+ 14.4
5,065,640,520
Month of May
1939
+ 16.3
56,367,970
32,500,148
43,963,533
Clearings at—
1940
+ 13.6
+ 9.0 128,668,105,829 123,788,136,853
CANADIAN CLEARINGS FOR
Toronto
1,677,000
1,226,169
13,567,162
1,805,100
3,915,196
1,901,291
Wichita Falls
Texarkana...
(11
*
10 069,337
Port Arthur
*
668,000
563,293
Neb.—Fremont
Total
776,000
55,743,531
57,097,705
354,834
Lewlstown
Total
x
—26.6
15,485,827
rve
14,037,772
638,000
2,719,725
+ 12.0
14,087,566
+4.5
Helena
Total
27,315^623
X
X
468,000
3,486,500
3,691,859
3,849,407
Great Falls
(16 cities)....
23,591,015
12,190,279
+33.2
X
33,000,029
Huron
Mont.—Billings
Tenth Federal Rese
16,704,376
7,870,596
2,466,699
45,971,423
4,793,000
3,512.273
14,792,943
...
D.—Aberdeen
Sioux Falls.
Total
+ 21.8
87,100,000
17,001,604
2,476,104
714,715,372
District— Minneapolis-
rve
Ninth Federal Rese
+ 6.5
+ 19.2
79,000,000
+26*6
23,096,143
12,539,647
54,955,797
667,975,316
151,450,626
89,070,605
364,650
Ky.—Louisville
Tenn.—M em phis..
+ 6.4
$
-1 9.9
86,200.000
29,111",326
2,893,021,822
+ 14.9
2,735,000
372,572,494
3,397,187
508,750
142,179,620
74,723,794
299,327
2,398,000
Independence
94,700,000
1,775,584,569
+ 12.6
4,446,664
536,430
Cape Girardeau
S.
-St. Louis—
419,371,341
Mo.—St. Louis
Total
District
1937
1938
%
1939
1940
Dec.
1939
1940
Inc. or
Inc. or
Inc. or
270,512
374,287
114,480,892
107,914,725
—19.8
40,608,985
15,655,678
+49.7
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
337,775
476,214
—28.7
—4.0
+ 21.5
—18.4
—1.9
—9.4
—8.7
—5.8
—1.8
—17.6
-14 4
+ 18.8
—19.9
168,949,073
129,236,655
41,953,512
19,258,980
17,976.810
5,635,723
3,144,713
5,363,368
5,354,897
2,369,376
1,798,464
3,264,930
4,096,474
4,320,348
359,741
—21.4
443,128
1,126,919
1,163,191
—3.1
1,176,717
563,016
865,375
—29.0
+ 13.1
399,599
740,847
+ 25.5
540,684
588,675
—8.2
+ 10.4
645,587
185,586
514,267
924,843
7.50,548
701,510
183,815
+ 16.1
+0.5
+ 23.5
810,787
624,076
179,816
639,662
867,672
+ 18.3
+ 6.3
921,011
2,527,622
1,195,259
2,604,543
+ 18.5
302,182
+ 16.9
679,244
542,399
304,300
985,633
585,745
492,510
527,973
+ 10.2
+ 6.0
+ 13.8
+ 14.2
467,272
—
14.4
+ 3.4
+ 3.2
—27.0
655.167
—6.6
879,118
—22.9
1,220,249
3,206,529
—3.0
—0.7
—31.1
272,236
766,263
—7.4
568,783
+ 2.0
*525,000
—47.9
548,364
1,292,353
—1.6
1,120,579
340,271,577
—10.1
427,540.180
The Commercial & Financial
3606
EXCHANGE
FOREIGN
Chronicle
BRANCHES
RATES
May 29—National Bank of
Pursuant to the
requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
give below
a
RATES
CERTIFIED
BY
1940, TO JUNE 7,
1,
May 31—Saginaw National Bank, Saginaw, Mich.
branch:
115 North Hamilton St., Saginaw,
tificate No. 1467A.
June 3
OF
1930
1940, INCLUSIVE
$
Europe—
s
.
*
AAA;;
a
Czechoslov'la, koruna
a
a
Denmark,
a
a
a
'
a
■
'
■
77
a7
June 7
$
a
#r;:a';AvH
a
W.
•
7-7
8
4.035000
4.035000
4.035000
4.035000
3.218125
3.200416
3.183281
3.188472
Finland, markka
.019760
.019166
.019750
.019166
.018217
.018126
.018010
.018036
.019166
.018062
.019250
France, franc
Germany, reichsmark
Greece, drachma
.399500*
.399583*
.399500*
.399500*
.399583*
.399500*
.006078*
.006000*
.006000*
.005937*
.005937*
.006600*
.176930*
.175787*
.175930*
.175930*
.175930*
.050440
.050414
.175787*
.050416
.050466
.050433
Netherlands, guilder.
a
a
Norway,
a
...
krone
Poland, zloty
Portugal, escudo
77
777
.032666
V
a
A7
.77
a
.020295
.;A ■ ;V,
.050440
"■'7'
b
Effective
a
.091300*
.091304*
.091304*
.091304*
.091304*
.237914*
.237842*
.237912*
.237971*
.238057*
.223837
.223900
.223875
.223941
.223800
.022440*
.022440*
.022440*
.022440*
.023420*
.022440*
7*
■'
Chefoo (yuan) dol'r
a
Hankow (yuan) dol
a
a
a
a
Shanghai (yuan) dol .053937*
Tientsin (yuan) dol. 77'"- a
Hongkong, dollar- .199812
.300900
India (British) rupee.
.234330
Japan, yen..
Straits Settlem'ta, dol •471156
a
a
.060400*
A,
a
a
a
.049337*
a
.051625*
777 '-tAA
a
a
a
.051450*
a
a
.224150
.198750
.198093
.198143
.198118
.300716
.301208
.301208
.300633
.301000
.234330
.234330
.234330
.234330
.234330
.471156
•471156
.471156
.471156
.471156
3.228000
'
t
3.228000
3.228000
3.228000
3.228000
3.228000
2.564166
2.550625
2.535833
2.540000
2.540000
2.852500
New Zealand, pound. 2.574791
Africa—
2.561666
2.546458
2.550416
2.550416
2.864166
South Africa, pound. 3.980000
3.980000
3.980000
3.980000
3.980000
3.980000
.909090
.909090
.909090
.909090
.909090
Free
■r,".
'•■■■;
North America—
Canada, dollar.909090
Official
•„
.781160
;
.781718
.783593
.782321
.781250
.796718
.166700*
.166487*
.166612*
.166012*
.166487*
.166612*
.909090
.909090
.909090
7909090
.909090
.909090
.778760
.779375
.781406
.779583
.778750
.792812
.297733*
.297733*
.297733*
.297733*
.297733*
.297733*
Free
Mexico, peso
Newfoundl'd,
t Official..
dollar.
Free
South America—
Argentina, peso.....
Brazil, mllrels—
-
•
Official....
.060425*
.060425*
.060425*
.060425*
.060425*
.060425*
Free
.050325*
.060125*
.050475*
.050475*
.050225*
.050475*
Official
.051680*
.051650*
.051680*
1051650*
.051680*
.051680*
Export
.040000*
.040000*
.040000*
.040000*
.040000*
.040000*
.572450*
.571800*
.571800*
.571800*
.571800*
.571800*
.658300*
.658300*
.658300*
.658300*
.658300*
.658300*
.380250*
.380500*
.379250*
.379760*
.379150*
.379150*
Chile,
peso—
Colombia, peso
Uruguay, peso-
■
.
Controlled
...
Non-controlled
♦Nominal rate,
a
No rates available,
ENGLISH
FINANCIAL
b
Temporarily omitted.
MARKET—PER
CABLE
The
as
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sat.,
p. oz._d
Mon.,
Tues.,
Wed.,
Thurs.,
Fri„
June 1
Silver,
June 3
June 4
June 5
June 6
June 7
Closed
23%d.
Gold, p. fine oz. 168s.
Consote. 2H%. Closed
23d.
22%d.
23%d.
23%d.
168s.
168s.
168s.
168s.
168s.
£73%
£73%
£725*
£72%
£72%
£99
£98%
British 3%%
W. L
British
Closed
£99 11-16
£99%
£99
The
States
Closed
£110%
price of silver
on
the
Bar N.Y.(for'n)
U. S. Treasury
(newly mined)
£110 %
per
ounce
35%
£110%
£110%
(in cents) in the United
71.11
34%
71.11
following securities
REDEMPTION
CALLS AND
$50,000
SINKING
FUND
NOTICES
Below will be found
stocks of
a
list of bonds, notes and preferred
corporation called for redemption, together with
The date indicates the redemption or
making tenders, and the page number gives the
location in which the details were given in the "Chronicle":
sinking fund notices.
were
Alabama Power Co.
Date
71.11
Florida Public Service Co. 1st mtge. 4s
July
debentures
Georgia-Carolina Power Co. 1st mtge. 5s—
Hartford Times, Inc. 15-year debentures
Indianapolis Water Works Investment Co. 5% bonds
Inland Steel Co. 1st mtge. 3%s
Indiana Telephone Corp. 1st mtge. 5s
♦Kansas City Gas Co. 1st mtge. bonds
Kansas Power & Light Co. 1st mtge. bonds
Liquid Carbonic Corp. 10-year 4% debs
3505
3044
3353
3357
July
Louisville & Nashville RR., unified 50-year 4s
Micromatic Hone Co. preferred stock
Missisquoi Corp. 7% pref. stock
♦Montana Coal & Iron Co. 5% bonds
National Supply Co. 1st mtge. bonds
New Jersey Water Co. 1st mtge. 5s
New Orleans Public Service, Inc., 4%% bonds
New York Shipbuilding Corp. 7 % preferred stock
Northern Ohio Telephone Co. 7% preferred stock
Northern Oklahoma Gas Co. 1st mtge. bonds
Northern Pacific Ry. equipment trust certificates
Outlet Co. 7% pref. stock
Oxford Miami Paper Co. 6% gold bonds
♦Pacific Southern Investors, Inc., 5% gold debs_
♦Panhandle Producing & Refining Co. notes
♦Pennsylvania RR. 4%% bonds
Phelps Dodge Corp,, 3% % debs
Philadelphia Transportation Co. 3%-6% bonds
♦Pittsburgh Steel Co. 6% bonds
Portland General Electric Co. 5% bonds
Safeway Stores, Inc., preferred stock
3360
3360
2884
2729
1
Aug.
3513
3663
3515
2731
843
3363
2584
3054
3667
3055
2586
3057
3521
3522
2891
3210
3060
3522
1
June
July
...July
June
June
July
__June
June
July
June
22
1
1
29
15
1
20
8
1
24
(L. SJStarrett Co. 6% preferred stock
Tide Water Associated Oil Co. 15-yr. 3 % % debs
Underwriters Building Co. 1st mtge. bonds
1st mtge. bonds.
♦United Cigar-Wbelan Stores Corp. 5% bonds
Announcements this
3508
3661
1
June 20
July
1
-Aug.
1
July
]
June 15
July
1
July
1
June 15
July
1
July
2
June 15
June 18
June 14
July
1
July
1
June 15
July
1
Manila Gas Corp. 1st mtge. 6s
♦
on
3654
3041
3655
Aug.
6
July
1
June 20
♦General Motors Acceptance Corp. 3%%
bonds
3670
3671
3672
2893
3213
3672
3061
2592
3675
July
2
June 30
July
1
July
1
Sept. 1
June 21
June 15
3529
3374
3530
3530
3376
3680
3221
July 15
July
1
June 20
July
1
Virginia Coal & Iron Co. 5% bonds
♦Wisconsin Public Service Corp. 1st mtge. bonds
Woodward Iron Co. 1st mtge. 5s_
sold at auction
1
1
4
5
July
5% bonds
(The) Catholic Archbishop of Chicago series D notes. ...June 11
♦Chicago & Illinois Western RR. 6% gold bonds.
July
1
Commonwealth Electric Corp., Ltd. 6% bonds
July
1
Connecticut Railway & Lighting Co. 4%% bonds
July
1
Container Corp. of America 6% bonds
June 15
Emporium Capwell Co. 4% bonds
July
1
United Merchants & Manufacturers, Inc., 6%
United States Steel Corp 10-year 3%% debs
SALES
2406
3191
3345
3345
2867
3346
2248,
3502
3502
3654
American Seating Co. 6% notes
A. P. W. Paper Co. 3%% notes
Beatrice Creamery Co. $5 cum. pref. stock,.
Bethlehem Steel Corp. consol. mtges. 4%s
Brillo Mfg. Co., Inc. class A stock
July
Buffalo & Fort Erie Public Bridge Authority 5% bonds ..July
♦Carolina Power & Light Co. 5% bonds
June
71.11
71.11
Pao«
Sept. 1
June 14
July 22
July 31
Aug.
1
July
1
July
1
1st mtge. 5s
Allied Owners Corp. first lein bonds
American Bakeries Co. 7% preferred stock
34%
34%
3221
?
3531
3682
3532
week.
Wednesday
DIVIDENDS
Dividends
By R. L. Day & Co., Boston:
$ per Share
Stocks
1 Begole Mines Syndicate, Inc.: 20 Shannon
Copper Co., par $10
first
...$3% lot
Shares
.
we
■/'
$ per Share
10 The Aiken Realty Co. of Aiken, S. C., par $100..
150 Edward Clothes, Inc., preferred, par
$100
5%
$10 lot
100 Edwards Clothes, Inc., common, no
par.....
$3 lot
300 Arrowhead Spring Corp. common
10 Girard Trust Co., par $10
25c
52%
20 Northeast National Bank of
Philadelphia^ Var"$fioIIIIIII
15 Philadelphia Electric Co.
common, no par
15 Philadelphia Electric Co. common, no
par
"IIIIII"
67%
....
....A
we
show
bring
the
grouped in two separate tables.
In the
together all the dividends announced the
are
current week.
By Barnes & Lofland, Philadelphia:
Stocks
L
donia, Minn.
of the current week:
Shares
Burton
agents:
Union Pacific RR. Co.
34%
71.11
AUCTION
The
£110%
days have been:
same
35 %
Liquidating
♦Sierra Pacific Power Co. 1st mtge. bonds
Standard Oil Co. N. J. serial notes.
4%
1960-90
1940.
Company and Issue—
.056100*
Australasia—
Australia, pound—
Official..
25,
May
$25,000
-
last date for
V 1
China—
_
-
May 28—The First National Bank of Caledonia, Minn
Common stock, $25,000 preferred stock, $25,000.
Effective May 23, 1940.
Liquidating agent:
W. A. Klug,
Caledonia, Minn.
Absorbed by:
Sprague State Bank, Cale¬
.091304*
.237985*
■
$50,000
b
.223580
:
Co. of
Regis Falls National Bank. St. Regis Falls,
.035933
b
Switzerland, frano...
Asia—
Decrease
Dupree and Percival L. Rowell, care of the liquidating bank.
Absorbed by: OgdensburgTrust Co., Ogdensburg, N. Y.
7'7"
a
1
Sweden, krona
Yugoslavia, dinar.,.
$25,000
STOCK DECREASED
Amount
8t.
N.Y..
%
a '■
.032600
.032450
b
3.577857
of
a
a
a
.032600
77. b
....
A-,
a
a
a
.032566
Rumania, leu
Spain, peseta
4.035000 4.035000
3.188437
$76,500
VOLUNTARY LIQUIDATIONS
May 27—The
Free
Reduction
of
INCREASED
Amt- of Increase
May 27—The Fruit Growers National Bank & Trust
Smyrna, Smyrna, Dei.
From $75,000 to $25,000--
..A AwA'77
a
Trust Co.
Amt of
777:;a777\
Official
Hungary, pengo
Italy, lira
Cer¬
Del.
Smyrna, Smyrna,
,7
•
Mich.
Growers National Bank & Trust Co.
From $8,500 to $33,500-
27—The Fruit
May
PREFERRED
June 6
■
a
■
CAPITAL STOCK
COMMON
'
; 'a
■
A; A a
krone
Engl'd, pound sterl'g
June 5
S
"'
'■■'a''
Aya A.v■
Belgium, belga
Bulgaria, lev
June 4
Cer¬
Location of
REDUCED
STOCK
May 25—The Fruit Growers National Bank &
Smyrna, Smyrna, Del.
From $85,000 to $8,500
UnU
June 1
Location of
Detroit, Mich.
Amt. of
RESERVE
Noon Buying Rate for Cable Transfers in New York
Value in United States Money
Country and Monetary
Rd.,
COMMON CAPITAL
FEDERAL
BANK TO TREASURY UNDER TARIFF ACT
JUNE
AUTHORIZED
Detroit, Detroit. Mich.
McNichols
13000 West
tificate No. 1466A.
branch:
record for the week just passed:
EXCHANGE
FOREIGN
June 8, 1940
Then
we
dividends
follow with
a
have not yet been paid.
dividend payments in many cases are
pany
News
second table in which
previously announced, but which
Further details and record of past
given under the
com¬
in our "General Corporation and Investment
Department" in the week when declared.
name
The dividends announced this week are:
30%
30%
''"Un
Percent
$100 Old York Road Country Club deb. 6s,
1935, registered
$8,000 Hotel Pennsylvania 5%s, 1932, certificates of deposit..
...16% flat
Bonds—
—.$20 lot
Aetna Casualty & Surety
Aetna Life Insurance
Alexander & Baldwin,
NATIONAL BANKS
The
following information regarding National banks is
from the office of the Comptroller of the
Currency, Treasury
Department:
CHARTER ISSUED
'
1
'**
■
1
•
May
31—Saginaw
dLfflOUTlt
National Bank, Saginaw, Mich.
Capital
stock consists of $157,000 preferred and
$200,000 common.
President, J. M. Shackleton.
Cashier, E. E. Speckhard.
Conversion of the Saginaw State Bank,
Saginaw, Mich.
$357,130
15c
$1
30c
June
June 15
July
July
June
8
June
8
$1%
J$l%
June
June
5
July
July
July
July
June
15
Adams Express Co
(quar.)
(guar.)
Ltd
Algoma Steel, Ltd., 5% pref
Allied Laboratories (quar.)
Aluminum Co. of America/pref. (quar.)_
Aluminum Goods Mfg. Co., cap. stk
Capital stock
American Agricultural Chemical Co
American Alliance Insurance (quar.)
American Bank Note Co., pref. (quar.)_
American Capital Corp. $3 preferred
American Crystal Sugar
Preferred (quar.)
i
S1H
20c
June
15
June 15
June 15
20c
Sept. 14
June
June
25c
75c
1
Oct.
30c
July
July
July
JulyJuly
June 20
t25c
25c
$1%
15
June
11
June
15
June 17
June
17
Volume
July
July
June
$6
A & £ (quar.)
5% cum. conv. 1st & 2d preferred (quar.)
American Enka Corp
—
American European Securities Co., pref
American Express Co. (quar.)
American Felt Co. 6% pref. (quar.—
American Investors Co., Inc., pref. (quar.)
American Optical Co. (quar.)
American Smelting & Refining--.;
—
June
1 May 20
3
5 June
12Ac
S1A
$1A
July
si a
25c
50c
S1A
Preferred
75c
(quar.)
$6 1st preferred (quar.)_„
15c
Armstrong Rubber Co., Inc
Associated Public Utilities Corp
Atlas Press Co. (quar.)
.......
.....
Automobile Finance Co. 7% pref
Automobile Insurance (Hartford) (quar.)
Backstay Welt Co
........
BancObio Corp. (quar.)
:
...
Bankers Trust Co
......
Bank of the Manhattan Co. (quar.)
Bath Iron Works..........................
........
Basic Dolomite, Inc.*..............——...
Bastian-Blessing Co
Preferred (quar.)-:
(quar.)
Preferred (quar.)...
.......
June
July
July
July
t37Ac
t75c
t$l
J50c
t$2
t$2
tS2
t$l
7% pref
50c
tsi
t37Ac
——
—- -
June
June
....
3
Ex
3
June 20
July
June 12
July
June 12
July
May 31 May 24
July
2 June 15
July
2 June 15
June 15
July
Aug. 15 July 31
June 15
July
June 15
July
June 20
July
pref
June
July
July
July
8
15 June
June 18
_
50c
Jrme 20
June
15 June 11
June 20
1 June 14
June
June
14
$1A
July
July
July
July
June
14
July
10
June
June
14
June
June
June
June
7*
7*
July
1
June 20
June 20
June
10
June 10
5c
June
June
10
June
June
10
75c
Cincinnati & Suburban Bell Telephone (quar.)
Citizens Wholesale Supply 7% pref.
....
Cleveland Electric Illuminating
Preferred (quar.)
50c
SI A
....
(guar.)-.,
1215
Columbia Bank & Trust Co. (quar.).
Columbia Gas & Elec. Corp., 6% pref. A (quar.)
SI A
SI A
5% cumulative preferred (quar.)....-..-.
5% cumulative preference (quar.)
S1A
Corp., preferred A
t8I&
Commercial Alcohols, Ltd., pref. (quar.)
Commonwealth Edison Co
45c
Connecticut Gas & Coke Securities, pref. (quar.)
Connecticut & Passumpsic Rivers RR.—
75c
-
-
-
-
t$2 A
Continental Bank & Trust (N. Y.) (quar.)
Credit Acceptance $1.40 conv. pref. (quar.)
.
r
—.
Aug.
35c
June
- - - r - -
(s.-a.)_.
-
$7 pref. (quar.)
(quar.)
-—
S6A preferred (quar.)
Electric Co.
June
15
July
18
June 29
July 20
July 20
July 20
-
--- -
------
_ — _
.
-
1 June 14
15 May 31
—
-----------
—
-
Derby Oil & Refining preferred
Diamond Alkali...
Divco-Twin Truck Co.—.............
+s
July
Aug.
50c
June
12 June
(quar.)
June
15 June
June
29 June
17
t25c
tSl A
July
July
12 Ac
June 29 June
June 25 June
25c
3c
—
sirs
25c
$2 A
50c
--
75c
15c
,
■ -—■->■■—
June 28 June 21
July
1 June 20
Muskegon Piston Ring—
Mutual Telephone (Hawaii)
July
1 June
June 20 June
July
15
18
10
10
1 Tune 20
June 29 June
lst & 2d preferred (quar.)
National Steel Car, Ltd. (quar.)
Natomas Co. (quar.
$1.18 A
July
$2
50c
July
July
July
35c
:
25c
SI A
•SpeciaL-;—
Filene's (Wm.) Sons—......—
Preferred (quar.),.
........
Finance Co. of
Pennsylvania (quar.)
Florsheim Shoe Co, class A..—
17
25 July
25 July
15
15
June
15
June
17
17
June 29 June
15
SI A
June 29 June
15
25c
June 29 June
15
50c
June
15
15c
June 29 June
.. „ —
——...
Fox (Peter) Brewery Co. (quar.)
Extra
(quar.)
Frankford Kentucky Natural Gas Co
Fred Fear & Co. (quar.)
Fuller (Geo. A.), 4% preferred (quar.)
June
June
25c
25c
B
—
19
June 20
June 17
...
:
$1
2 A%
SI
June
June
July ^
29 June
15 June
15 June
15
1
4
1 June 17
it-
(quar.)
10
1 June
10
1 June
10
1 June 20
1 June
14
1 June
14
15 June
5
15
1 June
15
15 June
15 June
15
1
1 June
1
14
1 June
17
24 June
12
12
12
July
Aug.
July
5 June 21
15 July
5
1 July
15 June
15
June 25 June
15
25 June
15
14
18
July
July
July
15 June 29
15 June
15 June
29
15 June
10
June
15
29
15 July
1
10 Tune 20
— — — — — —
1 June
14
17
July
July 15 Jure 29
1 June 15
July
1 June 15
July
1 June 15
July
Sept. 23 Sept, 20
July
July
July
July
20
15 June 29
1 May 25
1 June
20
2 June
15
15
1 June
1 June
1 June
15
1 June
15
1 June
14
2 June
15
15
June 29 June 13
5
June 15 June
1 June 12
July
July
July
—
-—
Electric & Gas pref. (quar.)_North American Aviation
Noblitt-Sparks Industries (quar.) —
Northwestern Yeast Co. (quar.)
1 June
12
15 June 29
15
July
1 June
1 June
21
July
July
1 June
1 June
15
15
June
15 J7ne
June
15 June
6
July
July
July
July
July
1 June
June
15
14
June
14
June
14
June
7
July
June
14
June
June
June
June
17
5
July
6% cum. conv. pref. (semi-ann.
Newport Electric Corp. 6%Preferred (quar.).New York Lackawanna & Western Ry. (quar.).
New York Power & Light 7% pref. (quar.)- —$6 preferred
1
15
1 June
July
(quar.)---------New England Power Assoc. 6% pref-..
$2 preferred
New Mexico Eastern Gas Co —------------
New York State
15 June
July
July
July
Navarro Oil Co.
■
15
June 29 June
July
July
July
July
July
July
June
National Candy Co.
July
July
July
July
J25c
_______
1 June
July '■!1 June 15
1 June 20
July
1 June 20
July
1 June 20
July
June
1 May 10
1 June 11
July
Dec. 23 Dec.
June 29 June 21
June 30 June 15
2 June 20
2 June 15
2
1 June
2
15 June 29
July
July
preferred
Milwaukee Gas Light 7% pref. A (quar.)
Mission Oil (interim)
Mitchell (J. S.) & Co. pref. (quar.)--Molybdenum Corp. of America
Montana Dakota Utilities
6% preferred (quar.)
—5% preferred (quar.)
Morris & Essex RR—
Morristown Securities Corp..
Midland Oil Corp. $2
25c
—
-ii'--i'-—
6% Pref. (qu.)_
Quarterly----------
5
25c
Dominion Textile Ltd. (quar.)
Easy Washing Machine class A & B (quar.)
Economy Grocery Stores (quar.)....
.......
Ecuadorian Corp., Ltd. (quar.)
Egry Register Co.
Pref. (quar,)-.........
Electrical Products (quar.)
Elizabeth Water Co.yconsol. (s.-a.)__
El Paso Natural Gas (quar.)
Empire Safe Deposit Co. (quar.)
Evans Wallower Zinc—
——
Famous Players Canadian (quar.)_—_
Federal Insurance of N. J (quar.)..
Federal Light & Traction Co. (quar.)
Extra
Michigan "Associated Telephone
Michigan Silica (quar.)
5
25c
w-----.
Dominguez Oil Fields Co. (monthly)
Dominion Foundries & Steel (interim)
AA% preferred (quar.)———
Marine Midland
■
............
.
June 21 June
Marine
1 June 15
1 July 15
Aug
July
.July
July
July
-
Mead Johnson & Co,
29 June
17
12
1 July
June
-
15
31 Ac
—
10
1 June
June 29 June
Co. (quar.)
Mar gay Oil Corp
25 June 15
29 June 24
10
1 June
June 27 June
June
(quar.)
15
June
1 June
July
July
July
(Ky.) 7% pref. (qu.)__
June
June
50c
-
15
11
June 24 June
--------
(quar.)
Mahon (R. C.) Co
Manufacturers Trust
Preferred (quar.)-
1 June
June 24 June
—r-
5% preferred
1
1 June
June 15 May 31
July 10 July
1
June
RR. & Coal Co. (s.-a.)
Steel Chain (quar.)
Loew's, Inc. (quar.)
Louisville Gas & Electric
15
June 15
July
July
July
July
Ex^ra
uly
1 June 10
1 June 10
June
Lictle Schuykill Nav.
Locke
July
July
June
—•,— ----
—
20
25 June 20
July
Langendorf United Bakeries class B —
Class A (quar.)
Preferred (quar.)--__
Lehman Corp
Lerner Stores (quar.)
— -(a uar.)
15 June 10
15 June 10
June 20 .June
June 29 June
J.) (quar.)
Co
15
1 June 20
1 June 15
1 June 15
June
Extra
June 29
1 July
------- w- --
(quar.)
Kansas Gas & Electric 7% pref. (quar.)_
$6 preferred (quar.)--- — --Keystone Custodian Fund K-2 (s.-a.)
King-Seeley Corp
Kleinert (I. B.) Rubber
Koppers Co. 6% pref. (quar.)
Kysor Heater Co. (quar.)
Preferred
11
June
--- -- -
(quar.)------—
Lambert
15
-
Joliet & Chicago RR.
June 29 June 14
July
2 June 15
July
pref. (quar.)
Iron Fireman Mfg. Co
June 27
15
July
Aug.
International Shoe
-—-—-------—.——
Investment Co. of Amer. (quar.)
.-
Lackawanna RR.(N.
1 June
15
June
June 29 June 22
Co
Payable in U. S. funds.
7 % preferred (quar.)
International Products Corp., 6% pref.
7% preferred
10
15
June
June
Insuranshares Certificates
Iowa Public Service,
June
June
.
June 27
July
Aug.
July
12 Ac
.....
20
7
June 27 June 20
June 25 June
June
June 27 June
J25c
Preferred
June 20
June
David & Frere Ltd., class A (quar.)
Davidson-Boutell Co., 6% pref. (quar.)
_ .
21
June 21
July
July
Midland Corp
Trust (quar.)--McColl Frontenac Oil oref. (quar.)
.
20
June
July
- -
—
-
June
20c
-
ra_
6% preferred
$3
75c
6% preferred (s.-a.)..
Consolidated Aircraft, pref. (quar.)
Consumers Gas (Toronto) (quar.)
Crystal Tissue Co. (quar.)
....
Danahy-Faxon Stores (quar.)
Davega Stores Corp., pref. (quar.)
10
June
June 25 June
(quar.)
-
Hygrade Sylvania
- — -—- -—- . - Preferred (quar.).-----. — ------------—
Illinois Commercial Telephone Co. (Madison,
Wis.) $6 preferred
—
Illuminating Shares, class A
Indiana Hydro-Electric Power, 7% pref
Indianapolis Power & Light
6 A % preferred (quar.)
6% preferred (quar.)
14
......
July
July
July
July
July
Aug.
July
Aug.
Aug.
Aug.
June
(quar.)___
15c
$1.12
87 Ac
preferred (quar.)
.
Jersey Central Power & Light 5 A % pref. (quar.)
6% preferred (quar.)--- — -- — ——
July
July
July
July
July
Chiksan Tool Co.
.
Irving Trust Co. (quar.)
Jamieson (O. E.) & Co
$1
62 Ac
$2 A
62Ac
S1A
SI A
-
Jefferson
10c
Corp
15
June
1 June 21
June 29 June 24
17
Cbamberlin Metal Weather Strip Co
Chesapeake & Ohio Ry. Co., pref. A (quar.)
Food Machinery
June
15 June 20
July
June 29
25c
Class
17
June 26 June 20
June
Chain Belt Co
75c
.—-
Chemical—
$6 preferred
Chicago Junction Rys. & Union Stockyards Co
Chicago Pneumatic Tool S3 pref. (quar.)
$2 A preferred (quar.).:
Chicago Towel Co
Preferred (quar.).......................
-
5% preferred (quar.)__
7% preferred (quar.)
June 14
S3 A
- ...... ......
—-
.
—
.
International Nickel of Can.
10
Aug.
S7yii
.
Interlake Steamship
July
July
July
...
2
12 July
1 June 17
June 15
15 June 11
June
.
Homestake Mining Co. (monthly)
Houston Natural Gas 7% pref. (quar.)
stk. at the rate of one sh
7% cum. 1st partic. pref. (s.-a.)
7% cum. prior pref. (quar,).............
Central Aguirre Assoc. (quar.)
Central Hanover Bank & Trust Co. (quar.)..
Columbus Foods
June
June 29 June
——
Hershey Creamery (semi-ann.)
7% preferred (semi-ann.)
Hickok Oil Corp. (quar.)
July
m
S1A
t$1.20
Corp. of America
Colgate-Palmolive-Peet
-«
-
Hein-Werner Motor Parts
15 May 31
15 June 29
10 June
10 June
—
Hercules Motors
15 June
60C
6% preferred (quar.)
10
17
July
July
July
July
July
July
— ---
7% preferred (quar.)...
v
18
June
for each 40 shs. of common held
cum.
(quar.)
(quar.)
Gruen Watch Co. pref. C (quar.)
Preferred B__
Harshaw
25c
- . -
-
—-
Class B.
Class B (quar.)---—
6%
T.) Co. (quar.)..
Harris-Seybold-Potter Co., pref. (quar.)——
$1A
Carter
(Wm.) Co. pref* (quar.)....
Capital Transit Co
Carthage Mills, Inc., class A
Class A (quar,).....
......
June 28 June
June
$154
$1
...
Canadian Tube & Steel Products,
10
June
1
1
July
1
June 15
Greyhound Corp. (quar.)
.
15 June 29
15 June 29
June
50c
Cannon Mills Co.....
......
Canadian Wallpaper Mfrs. A & B (final)
Canadian Westinghouse (quar.)
-
10
June
July
July
Extra.
Hard Rock Gold Mines
29 June 25
6
10 June
S1A
S1A
SI A
Canadian General Electric (quar.)
Canadian Oil Cos., pref. (quar.)__
-
19
June
June 20 June
(s.-a.)
Harding Carpets, Ltd. (s.-a.)
June 29 June 20
June 29 June 20
50c
.......
...
19
June
June
10c
50c
Canadian Foreign Investment, pref. (quar.)
.
10
June
June
10C
.,. „ .
.—.
(quar.).
18
June
July
July
u—.*.———
June
July
July
July
July
July
25c
Canadian Converters.
Common
18
July
1
15 June
29 June 15
June 29 June 15
June 28 June 15
20C
*
Canada Foundries & Forgings class A-......,
Canada Packers, Ltd. (quar.)._
in com.
June
Guaranty Trust Co. (N. Y.) (quar.).——
37 Ac
S1A
:
........
7<
June 20
July
July
■
Bucyrus-Erie Co. (interim)
Preferred (quar,)...........
A div,
15
15 June
Halifax Insurance (N. S.) (s.-a.)...
Hamilton Cotton Co., Ltd., $2 conv.
25c
Briggs Mfg Co
Bristol Brass Corp
British Columbia Power, class A (quar.)._...
Brown & Sharpe Mfg, (quar.)..............
Extra,
Brunswick Balke Collender Co., pref. (quar.)_
Celanese
15
June
July
July
July
-
Preferred (quar.)
12
June
June
25c
Extra..
■
(quar.)
Preferred (quar.).
—
Green Daniel Co. pref. (quar.)
Great American Indemnity (s.-a.)
Great West Life Assurance
June
June
...
Great American Insurance
July
July
July
June
62 Ac
-
Grant (W.
12
45c
(quar.)
Bound Brook Water Co.
BralorneMines, Ltd; (quar.)
—
pref. (quar,)__.
Goldblait Bros. Inc
Preferred (quar.)—
Grand Rapids & Indiana Ry.
20
June
25c
-
Bird Machine Co. (quar.)_
Bliss & Laughlin, Inc..
Preferred (quar.)
Bloch Bro. Tobacco, pref. (quar.)
Calhoun Mills
5
5
June
_
.....
Bellows & Co., class A (quar.)-Beneficial Industrial Loan Corp
Prior preference
June
10 June
-----
(quar.)
General Railway Signal Co.
General Time Instruments
Preferred (quar.)-——
June
8
t43Mc June 15 June
June
8
25c
July
June 15
12 Ac
July
June 22
22c
July
June 15
50c
July
June 12*
20c
July
June 15
25c
July
7
June 15 June
12 Ac
June 15
40c
July
June 15
SI A
July
June 13
25c
July
June 13
$1A
July
_
Beatrice Creamery Co.
Preferred
June 14
10c
•
15 June
July
July
June
-
General Paint Corp., $2.67 pref. (quar.)
General Printing Ink Corp.
-
29 June 24
June- 25 June 10
5
June 15 June
S3
$2
pref. (s.-a.)
„
:
American Water Works & Electric Co—
Arcade Cotton Mills Co. 6%
1 June 15
July 20 July 10
Aug.
1 July 20
5
June 15 June
General American Investors pref. (quar.)
General American Transport
General American Transportation
General Baking Co—
'■■Preferred (quar.)
General Gas & Electric $5 prior pref.
Holders
When
Payable of Record
July
(quar.)
General Acceptance Corp. (quar.).
Class A (quar.)
July '•11 June 14
1 June 15
July
1 June 20
July
1 June 15
July
2
Aug. 31 Aug.
5
July 31 July
1 June 13
July
1 June 13
July
—
Preferred (quar,)..
.....
......
American Snuff Co, (quar J..................
Galland Mercantile Laundry Co.
Gardner-Denver Co. (quar.)__
Preferred (quar.)
1 June 12
1 June 12
$1
15c
American Cyanamid Co., class
Per
Share
Name of Company
Payable of Record
Share
of Company
Holders
When
Per
Name
3607
Financial Chronicle
The Commercial &
ISO
6
The Commercial & Financial Chronicle
3608
Per
Share
Name of Company
Norwich & Worcester RR. Co. 8% preferred.,.
Nova Scotia
& Power (quar.)
— -
(quar.)
8
July
July
July
1 June
5
10c
32 He
75c
-------- ---------
Pacific Southern Investments S3 pref. (qu.)__.
$1 J*
Page-Hersey Tubes. Ltd. (quar.)
Parke Davis & Co
15
six
SIX
—
-
1 June
1 June
June 24 June
25c
_
-
Pacific Lighting Corp., preferred
Pacific Public Service (quar.)
Preferred (quar.)
—
-
...
-
—
—
— .
Lambert....—
—
Price Bros. Co. 5H% preferred
—
5H % preferred (quar.)
Ray-O-Vac Co. (quar.)
8% preferred (quar.)
Reed-Prentice Corp., preferred
Reliance Electric & Engineering—
Reliance Mfg. Co
Preferred (quar.)—;
Rensselaer & Saratoga RR. (semi-annual)
Rice-Stix Dry Goods 1st & 2nd pref. (quar.)
Richman Bros. (quar.)...
1 July
1 June
2 June
15
15
17
13
10 May
27
SIX
July
1 June
10
70c
$2
7Xc
SIX
SIX
15c
35c
50c
six
1 June 10
15 June 29
July
July
June 29 June
15
1 June
2 June
10
1 June
June 28 June
15
1 June
15
July
July
July
July
July
10
7*
2 June
19
:30c
June 29 June
8
[IX
July
July
July
July
July
:75c
50c
nix
wx
15 June 29
15 June 29
1
Tune
June 29 June
June 29 June
June
15
1 June 20
1 June 20
15
15
12 June
5
25c
June 25 June
15
15c
_
Aug.
July
July
July
July
July
20
six
$4
—
SIX
75c
50c
-
10c
Extra.
5c
1 July
1 June 20
1 June 15
1 June 15
1 June 20
—
__________
Safeway Stores, Inc
5% preferred (quar.)...
Savannah Gas, preferred (quar.)
Scudder, Stevens & Clark Fund
Silver King Coalition Mines
Southern Advance Bag & Paper 7% pref. (qu.)
6% preferred (quar.)
$2 preferred (quar.)
_
1 June
14
Aug.
1 July
25c
July
July
July
1 June 19
June
15
1 June 15
1 June
19
June
1 May 28
20 June
8
July
1 June 17
six
SIX
June
June
1 May 23
1 May 23
June
1 May 23
Southern California Edison Co.—
37 He
34Hc
,20c
»3^ %
25c
South West Penn Pipe Line
Southwestern Portland Cement (quar.)
Preferred (quar.)
50c
J.) (quar.)
June 20
June 29 June
14
June
1 June 15
15 May 27
June
15 May 27
50c
July
1 June
15
June 29 June
15
July
July
June
July
July
23 July
June
26 June 20
75c
60c
X 15c
i75c
Steel Products Engineering
Sun Life Assurance of Canada
(quar.)__
Sussex Railroad (s.-a.)
20c
S3X
16
2 June 20
July
2 June 20
June 29 June 15
July
July
60c
June
20c
July
July
July
62 He
50c
1 July
1
15 May 31
15 June 15
July
50c
......
Talon, Inc. (quar.)..
Tamblyn (G.) Ltd. (quar.)
5% preferred (quar.)
Texas Corp
1 June 15
1 June 14
15 May 31
2 June 14
2 June
1 June
14
June
20 June
10
5c
June
25 June
15
58 l-3c
June
15
June
15
June
15
June
12
$15*
July
July
July
July
July
15c
June
25c
$1
(monthly)
6% preferred (monthly)
5% preferred (monthly)
50c
41 2-3c
....
Corp. (quar.)...
62 He
7% preferred (quar.).
1
1
1
1
7*
(quar.)
Union Investment Co
Preferred (quar.)
Union Metal Mfg. (quar.)
15
11
July
1 May
1 June
June
15 June
5
10c
...
1 June
34c
Tyler Fixture Corp
July
July
95c
15c
...
$1H
...
75c
$2H
IX
7% preferred (s.-a.
United States Steel & Wire, Inc.
(quar.).
United States Trust Co.
10c
(N. Y.) (quar.)
Upson-Walton Co
Valley RR. (s.-a.)
15%
15
1 June 18
1 June 18
June 22 June
15
June
15
22 June
1 June 15
July
July
1 June 20
June
1 June 20
15 June
8
July
1 June 20
July
10c
H_ .H-HH
Vanadium-Alloys Steel
Van de
Kamp's Holland Dutch Bakers (quar.)..
Preferred (quar.)
Van Norman Machine Tool
Vapor Car Heating, Inc.
I
I.I
(quar.)
June 20 June
•1 2H
$1
1 June
14
June 28 June
15
June 29 June
10
12Hc
3 IX
40c
50c
Quarterly
July
June 29 June
10
24 June
12
June
10 June
June 29 June
75c
July
July
HI
$15*
43 X c
_
(quar.)
Preferred (quar.)
Western Light & Telephone
Co., pref. (quar.)
Western Tablet &
...
Stationery._______
Preferred (quar.)
West Penn Electric, class A
(quar.)
West Penn Power
,4 A % preferred (quar.)
Sept.10 Sept.
30c
11 111
.IIIIIIII"
..IIIIIIII
Wheeling & Lake Erie Ry
Will & Baumer Candle
Co., Inc..I."""
10*
June
50c
Victor Chemical Works
Western Grocers Ltd.
Below
31
75c
Bros., Ltd, (quar.)...___
Preference (quar.)
Preferred (quar.)
United Carbon Co
United States Gauge Co
July
25c
Standard Oil Co. (Kansas)
Union Premier Food Stores
Preferred (quar.)
June 20
June 20
SIX
Stedman
Twin State Gas & Electric
15
15
Aug. 15
July 15
$2
SIX
...
....
Trico Products
July
July
$1
.
Springfield Gas & Electric $7 pref. (quar.)
Square D Co
Prefer red (quar.)
Squibb (E. It.) & Sons
Timken-Detroit Axle
Tintic Standard Mining Co...
Toledo-Edison Co., 7% preferred
1
2
19
15 June 20
15 June 20
June 29 June
10
$1
June
29 June 20
SIX
SIX
37 He
$1H
July
July
1 June 20
$1
10c
1 June 14
June 25 June
10
July
July
15 June 20
1 June 24
June
15 June
10
give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends announced this week, these
being given in the preceding table.
we
Per
Name of Company
Abbott Laboratories
Extra.
Preferred (quar.)
Acme Steel Co.
(quar.)
Aero
Share
(quar.)..
Acme Gas & Oil Co., Ltd
Acme Glove, 1st preferred
40c
10c
I.II
I
HI.IIIIIIII
H1111111'
HI
Supply Mfg. Co., class A (quar.)
Aetna Ball Bearing Mfg
Agnew-Surpass Shoe Stores, pref."(quar.)
Agricultural Insurance Co. (quar.)_
A hi berg Bearing
Co., class A (quar.)
HIH
Air Associates, Inc.
(quar.)
1st preferred (quar.)
HIIIIIIIIIIH
Alabama Great Southern Railroad
ordinary
Preferred
—
Class A
SI H
lc
When
Holders
Payable of Record
June
June 12
June
June
July
July
1
May 31
June
12
tS3 X
July
June 18
75c
June
May 22
37Hc
July
June
35c
June
July
July
July
June
71
15
June
8?*c
12Hc
u&
S3
15
May
June
8
June 20
June 14
July
May 31
June
June
8
June
June
8
14
SIX
July
25c
July
2 June 26
1 June 17
$1H
75c
June
July
July
July
43 He
SIX
25c
25c,
8
15 May 28
1 June
8
1 June
8
1 June
17
June 29 June 10*
June 25 June
1
June 11 May 31
June
15 May 31
June 30 June 15
Sept. 30 Sept. 15
31 Dec.
30 June
Dec.
June
Dec.
31 Dec.
10c
July
July
1 June 15
15 June 29
1 June 14
1 June 14
50c
25c
SIX
75c
SIX
:
15
15
Sept. 30 Sept. 15
July
15
July
1 June 14
July
July ;«1 June 14
1 June 11
July
1 June 14*
July
$1
six
6SXc
_
American Cigarette & Cigar, pref. (quar.)
American Cities Power & Light, S2X cl. A (qu.)
Optional cash or 1-16th sh. of cl. B stock.
American Envelope Co., 7% pref. A (quar.)
SIX
15 June
4
June
15 June
4
June
40c
six
Extra
15 June
1
June
15 June
1
14
June
June 28 June
1 June
July
11
Aug. 25
Sept.
25c
June 29
June
25c
40c
4X% cum. pref. (quar.)
American General Insurance Co. (quar.)
May 31
July
t30c
t35c
Foreign Power Co., Inc., $6 pref
$7 preferred
June
10c
American Fork & Hoe Co
American Gas & Electric Co. (quar.)
June
10c
Monthly
June
May 25
May 25
June
5
June
May 15
June
June
4
July
June
25c
June
June 20
$2
June
June
14
25c
June
SI-18
American Hard Rubber, preferred
(quar.)
American Hawaiian Steamship (quar.)
7
|
June
15
50c
June
June
15
75c
Extra
American Hide & Leather Co. pref. (quar.)
American Home Products Corp
American Investment Co. (111.) Stock div. of
June
14 June
20c
July
1 June
4
14*
2
$1 par, for each no-par common
held
5% preferred (quar.)
62 He
American Maize-Products
26c
(quar.)
SIX
American Meter Co.. Inc
American Oak Leather pref. (quar.)
American Paper Goods Co. 7% pref. (quar.)
75c
$5 preferred
American Public Service 7% pref. (quar.)
American Radiator & Standard Sanitary—
(quar.)
M
American Rolling Mill 4 H % preferred
American Safety Razor (quar.)
July
July
26 July 15
1 June 15
June 28 June
June
15 May 29
1 May 21
July
June 15 June
5
Sept. 16 Sept. 5
Dec. 16 Dec.
5
1 June
July
Sept.
July
1 Aug. 27
1 June 10
20c
American States Insurance (quar.)
...
American Sugar Refining, pref. (quar.)
June 29 June
30c
.
American Steel Foundries.
17
June 28 June 17
SIX
SIX
SIX
SIX
mx
1 June
193 Xc July
June 20 May 31
SIX
7% preferred (quar.)
7% preferred (quar.)
American Power & Light Co. $6 preferred
Preferred
June 20 June
25c
M
(quar.)
Preferred
1 June
50c
Class A (participating)
American &
14
19
15
July
$1H
SIX
SIX
American Bakeries Co. class B
7% preferred (quar.)
American Bank Note, preferred (quar.)
American Can Co., preferred (quar.)
American Chain & Cable
Preferred (quar.)
American Chicle Co. (quar.)
1 June
July
July
1
50c
...
Quarterly
7% preferred.(quar.)
7% preferred (quar.)
7% preferred (quar.)
Amalgamated Sugar (initial)
American Asphalt Roof, preferred (quar.)
shs. of com.
Original preferred (quar.)
5H % series C preferred (quar.)
Southern Canada Power Co. (quar.)
6% cumul. partic. preferred (quar.)
Southern Natural Gas Co
Standard Chemical Ltd..
Standard Fire Insurance (N.
Quarterly
Holders
1 June
15c
50c
(quar.)
When
Payable of Record
Aug.
July
SIX
SIX
$4H
$1
Industries
Aluminum Mfg.. Inc.
American Factors, Ltd. (monthly)
1 June 20
10c
_
Aluminum Co. of America
Aluminum
American Export Lines
50c
——
—
—
15
July
43 xc
75c
Albany & Susquehanna RR. (s.-a.)
Alberta Wood Preserving Co. preferred (quar.).
Allegheny Ludlum Steel
Allied Chemical & Dye Corp. (quar.)
Allied Mills, Inc
Allied Products (quar.)
Class A (quar.)
Allied Stores Corp. 5% pref. (quar.)
Allis-Chalmers Mfg. Co
Alpha Portland Cement
12
July
75c
SIX
$5 preferred (quar.)
15
l()c
Six
Share
Alabama Power Co. $7 preferred (quar.)
$6 preferred (quar.)
2 June
25 June
June
25c
_...
Per
Name of Company
June 25 June
six
...
_
Aug.
July
July
29 June
50c.
Riverside Silk Mills, class A (quar.)
Roberts Public Markets (quar.)
_
18
June
50c
—
Rubinstein (Helena)_
Class A (quar.)
1 June
5
15 June 30
June 28 June
June
six
_
Rochester Telephone Corp., pref. (quar.)
Rome Cable Corp
....
15
t50c
—
__
July
July
40c
-—
-
Co., preferred—
Pennsylvania Edison Co. $5 pref. (quar.)_.___
$2-80 nreferred (quar.
Peoples Telephone (quar.)
Pictorial Paper Package
Pittsburgh Fort Wayne & Chicago Ry. (quar.).
Preferred (quar.)
Plough, Inc
Plymouth Oil Co. (quar.),
Phoenix Insurance (Hartford) (quar.)..—
Porto Rico Power Ltd. 7% pref. (quar.)
Power Corp. of Canada (interim)
6% cum. preferred (quar.)
6% non-cum. preferred (quar.)..
Penn Investment
Pratt &
Holders
Payable of Record
50c
Light & Power, Ltd. (quar.).
Ohio Brass Co. class A & B-_
Ottawa Light Heat
Preferred (quar.)
SIX
SIX
When
June 8, 1940
July
25c
June 29 June
2 June
July
SIX
American Sumatra Tobacco Co. (quar.)
American Surety Co
American Telephone & Telegraph (quar.)
American Thread Co. pref. (semi ann.)
American Tobacco Co., preferred (quar.)
American Toll Bridge Co
Anaconda Copper Mining Co
Andes
Copper Mining Co
Anheuser-Busch, Inc
Appalachian Electric Power $7 preferred
(quar.)
Arkansas-Missouri Power, preferred (s.-a.)
Arkansas Power & Light $7 pref. (quar.).
$6 preferred (quar.)
Armour & Co. (Dela.), 7% preferred (quar.)
Armstrong Cork Co. pref. (quar.)
...
Arnold Constable
Art Metal Works, Inc
Asbestos Corp. (quar.)
5C
June
1 June
15 June
1
50c
June
24 June
4
25c
June
14 June
7
June
July
13 May 31
1 June
4
June
15 May 31
$1
SIX
six
SIX
SIX
UH
50c
5% preferred (quar.)
SIX
(s.-a.)__
3m
&& 72
S2X
Atlanta Gas Light. 6% pref.
(quar.)
Atlantic Refining Co., preferred
(quar.)
(Quarterly)
25c
Atlas Powder Co
Autocar Trucks, $3 cum. part. pref. (quar.)
Avery (B. F.) & Sons, preferred (quar.)
Baldwin Co., 6% pref. (quar.)
6% preferred A (quar.)
Bangor & Aroostook RR. pref. (quar.)
Bangor Hydro-Electric 7 % preferred (quar.)
6% preferred (quar.)
Bank of America (quar.)
Barber (W. H.) Co. (quar.)
July
July
July
15 June 17
1 May 31
10
1 June 15
1 June 15
1 June
11
15 June
1
27 June .14
June 15 June 10
June 30 June 15
June 30 June 15
June
15c
Astor Finance, 1st pref. (semi-annual)
Atchison Topeka & Santa Fe Ry.,
5% pref
Atlanta Birmingham & Coast RR. pref.
8
July
July
July
July
XS1X
Associates Investment Co. (quar.)
1
1 June
June
X25c
Preferred (quar.)
15 June
25c
15c
Extra
15
5*
SIX
S2X
S12X
12 He
15c
Associated Breweries of Canada (quar.)
11
1 June 15
75c
75c
nm
tin
$15*
SIX
June
June 29 June
15
1 June 15
June 29 June 15
June 29 June 15
June 25 June
5
July
Aug.
July
July
Aug.
1 June
27
1 June
12
1 June
1 July
14
5
June
June
15 May 21
July
15 June 29
15 May 31
1 June
5
1 June 10
10 May 31
1 June 19
July
June 28 June 20
June
July
July
July
1 June 10
60c
June 29 June
25c
June
Barnsdall Oil Co
15c
June
Bathurst Power & Paper Co., Ltd. A
25c
Bayuk Cigars, Inc. (quar.)
7% 1st preferred (quar.)
25c
Beattie Gold
Mines Ltd. (interim)
Beatty Bros., 2nd pref. (semi-annual)
Beech Creek RR. (quar.)
Beech-Nut Packing Co. (quar.)
Extra
Belding Corticelli (quar.)
Preferred (quar.)
Bell Telephone of Canada
(quar.)
Bell Telep. of Penna.
6H% Pref. (quar.)
Belmont Radio Corp. (quar.)
Bensonburst Nat'l Bank (Bklyn., N.Y.) (qu.)__
Extra
$15*
J4c
$3H
Bohn Aluminum & Brass
Bon Ami Co. class A
Borg-Warner Corp
Borne-Scrymser Co
Boston & Albany RR
15c
1
July
17
15 May 31
15 June 30
17 June
1
2 June 15
June
51
SIX
52
,75c
25c
$15*
$1H
2 He
1 June
1 June
14
10
1 June
10
2 July
2 July
15
15
15 June 22
15 June 20
15 June
1
June 29 June 29
June 29 June 29
June
July
15 June
5
1 June
7
June
15 June
June
1
15 June
1
25c
June 28 June
14
30c
June 29 June 15
1 June 14
July
$1
_
June
SIX
$1
25c
25c
(quar.)
Class B (quar.)
Bond Stores, Inc. (quar.)
Bondholders Management, class A (s. a.)__
June
July
July
July
July
July
July
July
July
50c
25c
Berghoff Brewing Corp. (quar.)
Bethlehem Steel Co. 7% pref. (quar.)
Birmingham Water Works Co. 6% pref. (qu.)_._
Bishop Oil Co
J
Black & Decker Mfg. Co.
(quar.)
Blue Top Brewing, 6% class A
(semi-annual)..
Aug.
July
15
15 May 31
8 May 20
62 He
40c
62 He
25c
$2
$2H
July
July
31 July
31 July
June
15 June
June
July
June
15
15
3
15 May 22
1 June 18
15 May 29
June 29 May 31
Volume
Commercial & Financial Chronicle
The
150
Boston Elevated Railway
Boston Wharf Co
25c
$3
Bower Roller Bearing Co
June
June
June
June
_
$2
June
50c
June
June 20
15c
June
June
50c
Brewer & Co. (monthly)
Brewing Corp. of Amer. (quar.)
Bridgeport Gas Light Co. (quar.)
Briggs & Stratton Corp. (quar.)
Bright (T. G.) & Co., Ltd. common
July
June
June
-
•
July
June
15
50c
July
July
June
15
25c
British American Oil (quar.)
British-American Tobacco Co. (interim)
Brunswick-Balke-Collender Co
1
June 29 June
19
M
June
25c
1
15 May 31
June 15 May 31
June 24 June 14
June
50c
(quar.)
15
56Hc
June
25c
Crown Cork & Seal Co., Inc., $2* cum. pref
Crown Zellerbach
July
15 May 31*
1 June 13
June
19 June
$2
1
1
15 June
1 May 31
June 29 June 15
3
June 15 June
June
$1*
tSl
50c
25c
Curtis
July
15 May
June 29 June
June 29 June
24
15
Dairymen's League Co-operative, pref. (s.-a.)__
MX
July
1 June
15
15
Daniels & Fisher Stores
June
15 June
13
Co. (quar.)
Dayton & Michigan RR. (quar.)
Debenture & Securities Corp. (Canada)—
Preferred (semi-annual)
Preferred (semi-annual)
Deisel-Wemmer-Gilbert (quar.)
Delaware Fund, Inc
De Long Hook & Eye (quar.)
Dentist's Supply Co. (N. Y.) (quar.)
..
Quarterly.
Detroit Gasket & Mfg
Detroit Gray Iron Foundry (semi ann.)
Detroit-Hillsdale & Southwestern (s.-a.)
Semi-annually
Detroit Steel Corp
Devoe & Raynolds Co., Inc., 7% pref. (quar.)..
Devonian Oil Co. (quar.)
Dewey & Almy Chemical
50c
June 28 June
5
15
$1
June
MX
Dredging (interim)
Burgess Battery Co. (quar.)
Burlington Steel, Ltd. (quar.)
Butler Water Co. 7% preferred (quar.)
Calamba Sugar Estates (quar.)
Preferred (quar.)
June
15c
June
15c
Bulolo Gold
June
15 June
1
1 June
14
50c
SI
tux
(quar.)
t6M
Canada Cement Co. 6 H % preferred
1 Sept. 14
1 June 15
July
July
1 June
15
June 20 May
31
June
|25c
tlH%
July
July
15 May 31
25 June 29
15 June 29
15 May 31
Sept. 15 Aug. 31
Dec. 15 Nov. 30
June
i-_
II
Class A (quar
r.).
Class B
Sept. 15 Aug. 31
Oct.
25c
.......
6H % preferred (quar.)
Canadian Breweries, Ltd., $3 preferred
Canadian Canners
n
2 June
preferred (partic)
Canadian Celanese, Ltd
7% participating preferred (quar.)
Canadian Cotton, Ltd. (quar.)
Preferred (quar.)
Canadian Fire Insurance (semi-annual)..
Canadian Malartic Gold Mining
Preferred
June
June
12c
15
15
July
6% preferred (quar.)---.
Cariboo Gold Quartz Mining Co.
.........
(quar.)
15
14
14
2 June 14
2 June 14
21 June 20
10
Preferred
June 29 June 20
June 23 June 20
4
2 June
JuJy
June 28 June
15
Central Steel & Wire Co., 6%
preferred (quar.).
25c
Champion Paper & Fibre
Preferred (quar.)
ChesebroughMfg. (Consol.) (quar.)
Extra_
-
June
MX
July
$1
50c
-
62Hc
$1
Chesapeake & Ohio Ry. Co. (quar.)
4% preferred A (quar.)
Chicago Electric Mfg. class A
Chicago Flexible Shaft (quar.)
50c
MX
25c
Extra
25c
Chicago Rivet & Machine
$33 X
MX
MX
Christiana Securities
—
Chrysler Corp
preferred A (quar.) —
Cincinnati New Orleans & Texas Pacific Ry
Cincinnati Union Terminal. 5% pref. (quar,)..
5% preferred (quar.)—
City Ice & Fuel Co
Cincinnati Gas & Electric
M
!ig
30c
25c
Clark Controller Co
75c
Clark Equipment Co
Preferred (quar.)
tlX
MX
(s.-a.)
15 May 31
1 June 15
June 24 May 31
June 24 May 31
July
July
1 June
1 June
12 May
1 June
15
June 26 June
1 June
July
10
17
19
1 Sept. 18
June 29 June 15
Oct.
June
14 June
June
17 May 29
6
June 17 May 29
1 June 20
July
1 June
15
18
June 25 June
14
75c
$1H
$5.80
(semi-annual)
Coca-Cola International
$3
Class A (semi-annual)
Colgate-Palmolive-Peet Co. pref. (initial)
Colonial Ice Co. $6 preferred B (quar.)
$7 preferred (quar.)
Colt's Patent Fire Arms Mfg. Co. (quar.)
July
1 June 20
June 15 May 25
1 June 12
July
July
July
July
1 June
12
1 June
12
1 June
12
5
$1.2514 June 30 June
1 June 20
MX July
$IX
July
1 June 20
50c
June 29 June
25c
Columbia Baking Co
July
July
25c
(quar.)
$1
Columbian Carbon Co. (quar.)
75c
Commercial Credit Co. (quar.).
$1.06 X
Preferred (quar.)
$1
Commercial Investment Trust Corp. (quar.)..
$1.06*
$4 H. series of 1935, conv. preference (quar.)
75c
Commonwealth & Southern Corp., $6 pref
$1H
Commonwealth Utilities Corp., 6% pref. B (qu.)
SIX
6H% preferred C (quar.).
25c
Compo Shoe Machinery (quar.).
62 He
Preferred (quar.)
25c
Compressed Industrial Gases—
25c
Congoleum-Nairn, Inc. (quar.)
t4c
Confarum Mines, Ltd
75c
Connecticut Light & Power (quar.)
Consolidated Diversified Standard Securities—
1st preferred (semi-annual)
$ik
Consolidated Edison (N. Y.), preferred (quar.)
Preferred
Consolidated Film Industries, pref
—
5 June
14
15
15
10 May 24
June 29 June 10
June 29 June 10
June
July
July
July
1 June
10
1 June
10
1 June
7
1 June
15
2 Aug.
15
15 June
June 15 June
5
July
Sept.
June
5
June
15 May 31
15 June
1
June 25 June
5
June
July
1 June
15
June 15 May 31
1 June 28
Aug.
10
25c
90c
15
15
SIX
Co.
4H% preferred (quar.).
slid
Consolidated Investment Trust (quar.)...
—
ConsolidatedRetailStores 8% pref." (quar.-)
...
8% preferred (quar.)
...
Consumers Power, $5 preferred (quar.)
$4 X preferred (guar.)
Continental Can Co., Inc.. MX
'9
pref. (quar.)...
July
July
1 June
1 June
15
30c
June
15 June
1
10c
Consolidated Gas Electric Light & Power
June
15 June
1
$2
$2
July
1 June
15
Oct.
$1*
SIX
six
July
July
July
1 Sept. 14
1 June
7
1 June
7
1 June
June
Preferred
3 Aug. 12
Dec.
2 Nov. 12
Sept.
3 Aug. 12
2-10-41
10
25c
15
June 15 June
1
15 June
5
June
July
Sept.
1 June 10
3 Aug. 17
Dec.
2 Nov. 16
June 20 June
50c
38c
July 20 June 29
June 15
July
June 15
July
June 15
July
June 15
July
July 15 June 29
June
1
July
June 20
July
June 15
July
July
1 June 15
June 10 May 31
June 30
July
Ry. pref. A_.
June
15 June
SIX
SIX
six
July
June 15
1
15 June
14 May 27
July 25 July 10
July 15 June 15
June 15
July
June
5
June
5
5
June 29 June
15
—
June
July
July
25c
15 May 31
June
75c
July
15 May 31
June 18
40c
Electric Boat Co
June
62Hc
(quar.)
5% cumul. preferred
Auto-Lite
Electric
June
12 May 28
1 June 20
75c
(quar.).
(quar.)
6% preferred (quar.)
$6 preferred (quar.)
Ely & Walker Dry Goods 1st pref.
2d preferred (semi-annual)
Empire Power Corp., $6 cum. pref.
Participating stock
Emporium Capwell 7% pref. (s.-a.)
(s-a)
June 29 June
8
June 29 June
8
30c
25c
15 May 15
June 22 June
8
$1.60
$1*
$1H
$1H
$3H
(quar.)
(Quarterly)..
(quar.)
preferred (quar.)
preferred (quar.)..
Fanny Farmer Candy Shops (quar.)....
Fansteel Metallurgical Corp., preferred (quar.).
Preferred (quar.).
r.).
Preferred (quar
Farallone Packing Co. (quar.)
Quarterly
—-—
Quarterly
Quarterly
Farmers & Traders Life Insurance (quar.)
Quarterly
Quarterly —
——-—-—
New 5%
New 5%
July
July
July
July
July
July
15, June 28
15: June 28
15 July
3
15iJuly
3
June
15 June
1
50c
June
lO.June
1
>m
7
Sept. 21 Sept
July
1 June 21
.
56 Xc
Oct.
$1H
SIX
SIX
1 June 22
1 Sept. 21
July
56 He
56 He
July
July
July
62 He
87 He
60c
25c
25c
25c
25c
37Hc
1- 2-41 Dec. 21
1 June 14
1 June 14
1 June 14
June 15 May 31
June 10 May 31
July
1 June 12
July
1 June 15
Oct.
1 Sept. 15
1-2-41
4-1-41
July
15
3-15-41
Dec.
1 June 15
June 30 June 15
8ept.30 Sept. 16
Dec.
18 Dec.
14
Sept.16 Aug. 31
16 Nov. 30
Mar. 15 Feb. 28
Dec.
June
July
15 May 31
1 June 10
1 Sept. 10
2 Dec. 11
June 29 June 15
Oct.
Jan.
—...—
June 20 June
15
3
15 June
5
June 29 June
June
July
July
Extra
2 June 15
2 June 15
June 25 June
June
July
Corp.
Fire Corp
10
19
June 26 June 14
June 29 June 19
Co—
America class A and B (quar.)..
(extra)—
—
Fifth Ave. Coach
June 29 June 19
June 29 June 19
Class A and B
preferred (quar.)
June
Financial Security Fund. Inc. (quar.).
Fireman's Fund Indemnity (quar.)
of J. O. (quar.)..
First National Stores, Inc. (quar.)
First Securities Corp. A and B (s.-a.)..
Class A and B (extra)
..First State Pawners Society (Chicago).
Fitz Simons & Connell Dredge & Dock
Class A and B (quar.)
llJune 20
15 June 28
SIX
.
Federal Bake Shops
Preferred (s.-a.)-.—--—Federal Mining & Smelting Co
Federal Mogul Corp
Feraie Brewing Co
June
_
4H% preferred (quar.)
4H % preferred (quar.)
—
4X% preferred (quar.).
Engineers Public Service Co.—
$6 dividend cumul. preferred (quar.)..
$5X dividend cumul. preferred (quar.)
$5 dividend cumul. preferred (quar.)...
English Electric Co. (Canada) $3 class A (quar.)
Erie & Pittsburgh RR. (quar.)
Ex-Cell-O Corp
Eversbarp, Inc., new 5% pref.
New 5% preferred (quar.)
July
50c
50c
r
Finance Co. of
1
June
25c
(quar.)
Edison Bros. Stores, Inc. (quar.)
Ferro Enamel
5
June 29 June 15
prior
(quar.)
Preferred (quar.)
Eddy Paper Corp
5H%
June
July
$1*
SIX
SIX
SIX
SIX
(quar.)
Eastman Kodak Co.
Preferred
3-1-41
July
Duquesne Light 5% 1st pref. (quar.).
Eagle-Picher Lead, preferred (quar.).
East Mahonoy Railroad (semi-annual)
Eastern Gas & Fuel Association, 4X%
preferred
15 May 31
15 May 31
Sept.
62 He
Dunlop Tire & Rubber Goods,pref. (s.-a.)
Du Pont (E. I.) de Nemours (interim)
Fidelity & Guaranty
June 15 May
1 June
July
50c
...
5 June
June
50c
Elgin National Watch
_
...
...
Elmira & Williamsport Railroad, pref. (quar.)..
El Paso Electric 7% preferred (quar.)
-
June 25 June
MX
June 15 May 31
June 15 May 31
$6 preferred (quar.)
Dunean Mills 7% pref. (quar.)
7
July
MX
pref. (qu.)__
Coca-Cola Co
25c
50c
$1*
Preferred (quar.)
Dun & Broadstreet, Inc. (quar.)
June 29 June 19
June 15 May 25
June 15 May 27
July
$1*
20
June 25 June 15
July
1 June 20
75c
Electrolux Corp
June
Jan. 1*41 Dec.
'--
Electric Storage Battery Co.
1 June 20
5
$2
25c
preferred (quar.)
Electric Controller & Mfg.
50c
(quar.)
Coast Counties Gas & Electric, 1st
Driver-Harris Co. 7%
Duke Power Co
June 15 May 11
June 29 June 19
July
20 July
June 20 June 10
July
5 June 20
t$lH
XSIX
SIX
SIX
Draper Corp. (quar.)
7
75c
(interim)
(Quarterly)
10
20c
Clearing Machine Corp. (quar.).
Clorox Chemical Co. (quar.)
Cluett, Pea body & Co., Inc.
June 20 May 31
June 20 May 31
June 20 June
July
$2
2c
15c
(quar.)
Eastern Massachusetts State
$6 prior lien preferred
25c
30c
-
Dominion Textile Ltd. (quar.)
Preferred (quar.).
Central & South West Utilities Co.—
tlX
2 Nov. 26
62!£
Dome Mines, Ltd..
Dominion Coal Co., Ltd. pref. (quar.)
Dominion Glass Co., Ltd. (quar.)
tlx
14c
12c
4c
Extra
-
Quarterly
Carolina Telephone
$7 prior lien preferred,
3 Aug. 20
Dec.
25c
75c
75c
Doernbecher Mfg. Co. (quar.)
4
2 June
July
1 June 24
$2
July
& Telegraph (quar.)
June 20 June 10
tlX
Carpenter Steel Co., common (final)
Carreras,Ltd., Amer. dep.rec. A. &B. (interim) 112-3% June 25 May 28
1 June 12
tlX
July
Case (J. I.) Co., p eferred (quar.)
5
15c
June 20 June
Case, Pomeroy & Co
Celanese Corp. of America—
13.50 June 30 Jute 14
7% 1st preferred
1 June 14
SIX
July
7% prior preferred (guar.)
5
12XC June 15 June
Central Cold Storage Co. (quar.)
1 June 20
si x
July
Central Illinois Light pref. (quar.)
June 15 May 20
MX
Central Illinois Public Service $6 pref
MX June 15 May 20
6% preferred
4c
June 28 June 15
Central Patricia Gold Mines, Ltd. (quar.)
Extra
1 June 20
Sept.
50c
(quar.)
Dixie-Vortex Co. class A (quar.)
Doctor Pepper Co. (quar.).
2 June
June 25 June
July
75c
SIX
(quar.)
Divco-Tivin Truck Co
SI
Canfield Oil Co
15c
1-2-41 Dec. 23
June 25 June 15
1
June 15 June
(seml-ann.)..
(semi-ann.)____*
37Hc
Disney (Walt.) Productions 6% pref. (quar.)...
J55Hc
Distillers Corp. Seagrams (quar.)
June 29 June
July
July
2 June 21
Preferred
June 29 June
$1H
'ill
July
Preferred
15
June
$2H
$2H
37Hc
Quarterly
15
15c
t5c
Jl5c
2 June
50c
Diamond Match Co.
15 May 31
June 15 May 31
2 June 15
July
25c
"ins
preferred (quar.).
First preferred (partic.)
Convertible preferred (quar.)
July
Class B
June
July
July
July
July
July
$1
...
1 June 14
June 20 June 10
50c
Canada Malting Co., Ltd. (quar )
Canada Northern Power Corp. (quar.)
7% cumul. preferred (quar.)
(quar.)
15
July
July
35c
62Hc
Canada Wire & Cable, class A
Class A (quar.).
2 June
40c
Co
Canada Bread, Ltd., 5% preferred
Preferred B (quar.)
10 May 18
5
15 June
July
$1X
California-Western States Life Insurance (s.-a.)
Cambria Iron semi-annual....
Preferred
10 June
15 June
Crum & Forster 8% pref. (quar.)..
Cuneo Press, Inc. pref. (quar.)
2 June 17
3;
June 29 June
5
June 15 June
SI X
.
Clearfield & Mahoning Ry.
June
50c
.
.
(quar.)
1
62 He
25c
50c
Buckeye Pipe Line Co
Preferred
15
Publishing Co.. preferred
Curtiss-Wright Corp. class A Cutler-Hammer, Inc
lOd.
Budd Wheel Co. preferred (quar.)
Preferred (participating div.) (Corrected)
Convertible
1 June
1 June
10 June
25c
Crowell-Collier Publishing Co.
1 June 14
July
July
July
June
Extra
June
3
June 24 June
1 June 14
July
20c
$1H
$1*
....
20c
t$l
cv.TquaV.)::::::::::::::::::::
Ink
1
May 31*
May 31*
June
Bruio Mfg.
Class A (quar.)
Bullard Co
15
14
June
1
June
75c
Ppp fprppH
SI*
(qu.)
7% partic. preferred (quar.)
Copperweld Steel Co
Preferred (quar.)
Crane Co., 5% cum. conv. pref. (quar.)
Creameries of America, Inc. (quar.)
Creole Petroleum Corp
June
%IX
Boyd-Richardson Co.. 8% 1st pref
Brazilian Traction Light & Power, pref. (quar.).
Class A
25c
Continental Steel
75c
Preferred
First
25c
Continental Oil of Delaware
10
June 29 June
June
June
Payable of Record
Share
of Company
Preferred (quar.)
Continental Telephone Co. 6H% pref.
50c
Boston Woven Hose & Rubber Co
California
1 June
July
SIX
(quar.)
Name
Payable of Record
Holders
When
Per
Holders
When
Per
Share
Name of Company
3609
15 May 31
5
June 15 June
June 29 June 22
June 17
July
First National Bank
10 June
1
June 10 June
June 29 June
1
19
June
25c
June 15 May 25
I
The Commercial & Financial Chronicle
3610
Per
Name of
Machine Corp. 5% pref-
_ _
(Canada).
Foreign Light & Power .preferred (quar.)
rft
Fort Wayne & Jackson RR.. 5H % pref. (s.-a.)_
Extra
-■
Fyr-Fyter Co. class A
Gameweli Co
- -
—.
(quar.).
Garfinckel (Julius) & Co. (quar.)..
Preferred (quar.).
Gatineau Power Co. (quar.)---
10c
2c
25c
A (quar.)
25c
General Cigar Co
General Electric Co
35c
General Fire Extinguisher
General Mills, Inc., 5% cum. pref.
General Motors Corp
10c
General Re-Insurance Corp.
Extra
General Telephone Co.
Preferred (guar.)
SIX
(quar.).
Preferred (quar.)
General Public Utilities, Inc., $5 pref.
General Railway Signal Co., preferred
General Refractories Co
•A1
y
(quar.)-.
(quar.)-.
(quar.)
1 June
10*
8
June 15 June
June 15 June
8
75c
118
92 H
15c
91X
25c
40c
30c
56 He
SIX
50c
(quar.)
SIX
Goderich Elevator & Transit Co. (s.-a.)
Extra
25c
15c
—
Goebel Brewing Co. (quar.)
Gold Belt Mines, (initial)
5c
2c
Telegraph (quar.)
SIX
Golden Cycle Corp
50c
Goodyear Tire & Rubber Co.
$5 conv. preferred (quar.).
Gorham Mfg. Co
*
Gorton Pew Fisheries (quar.)
Grand Union Co., arrearage certificates
25c
1 June
8
15
15 July
June 29 June
1
_
Aug.
1 July
1
June 15 May 27
June 15
July
July
July
July
July
July
July
July
June
June
18
June
June
_
18
20
June
18
15
June
15
June 29 June
15
$50
SIX
50c
SIX
XS1X
XS2X
25c
SIX
S5X preferred (quar.)
Guysboro Mines Ltd. (initial)
Habison-Walker Refractories pref. (quar.)
Hackensack Water Co. pref. A (quar.)
SIX
2Xc
1X%
43 Xc
1 June 29
June 10 May 31
June 15 May 15
July
1
1
10
15
Preferred
1
15 June 29
1 June 13
25c
Co
Hammermill Paper pref. (quar.)
Hanely (James) Co. 7% pref. (quar.)
Hanna (M. A.) Co
$5 cumulative preferred (quar.)
Hanners Oil Co., common
Common-,-
June 30 June
1 June 15
June 29 May 31
20c
July
8
2c
2c
-
Harris & Co., preferred (quar.)
Preferred (quar.)
SIX
SIX
SIX
HarrisburgGas Co. 7% preferred (quar.)
Harvey Hubbell, Inc. (quar.)
Hat Corp. of America pref. (quar.)
Haverty Furniture Co., Inc. pref. (quar.)
Hawaiian Agricultural (monthly)
Hazel tine Corp.
Dec. 15
2c
-
Common
Hazel-Atlas Glass Co
Sept.
1 Aug. 15
July 15
Sept. 15
SIX.
40c
SIX
37Xc
10c
-
SIX
-
(quar.)-
Aug.
1 July
25
Nov.
1 Oct.
25
July
15 June 20
June 20 June
8
1 July
18
1 June
18
June 20 June
10
Aug.
July
July
1 June 14*
75c
Mining Co
Heileman (G.) Brewing (quar.)
Helme (Geo. W.) Co
Preferred (quar.)
Henkel Clauss, pref. (quar.)
Preferred (quar.)
June 15 June
10c
Hecla
June 21 May 21
June 15 June
5
25c
SIX
SIX
SIX
SIX
July
July
July
Oct.
1
8
1 June
8
1 June
1 June 21
1 Sept. 20
Hercules Powder Co
Hewitt Rubber Corp
60c
June 25 June
14
25c
June
15 June
1
Hibbard. Spencer. Bartlett & Co. (mo.)
Hinde & Dauch Paper Co
15c
June 28 June
18
25c
July
July
July
Preferred
(quar.)
SIX
Holland Furnace Co
50c
5c
Hollinger Consol. Gold Mines
Honey Dew, Ltd. (initial)
Hoskins Mfg. Co
17 June
3
June
17 June
3
50c
June
15 June
5
50c
.
June
5c
Extra
Home Fire & Marine Insurance (quar.)
July
2 June 15
25c
Houdaille-Hershey, class B
Class A (quar.)
__
__
Imperial Chemical Industries—
American deposit receipts (final).
Imperial Tobacco (Canada) ord. (interim).
(initial)
-I-II-!
7% preferred (quar.)
Indiana Pipe Line (old)
Reducingpar value from $10 to $7 X.
Indianapolis Water Co. 5% cum. pref. A (qu.).
Ingersoll-Rand Co. pref. (semi-ann.)
•
July
f2c
July
July
2X%
2X%
37^c
30c
SIX
SSX
—I"
11
15 June
5
1 June 20
1
2 June
1 June 20
10 May 20
June 10 May lO
June
1 June
1
June 29 June
June 29 June
18
July
July
18
1 June 20
5c
June 21 June
11
$2
June 29 June
18
$2
July
1 June 11
30c
SIX
SIX
SIX
S2X
July
8 Apr. 25
June 29 June
June
July
July
July
July
June
July
July
7
June
I
.
14
35c
June
June
1
75c
June
June
SIX
SIX
six
SIX
SIX
SIX
June
June
1
July
July
July
July
July
June
14
June
15
June
15
6
1
12Xc
SIX
SIX
'
June
May 31
July
June
June
June
1
50c
June
June
10
Sept.
Aug. 20
SIX
SIX
mx
25c
50c
15
Dec.
Nov. 20
July
June
June
May 31
May 31
June
June
July
14
10
5
June
July
PJune 15
June
15 May 31
10 July
1*
July
July
July
July
25c
_
June
1 June 12
June 12
June
12
July
July
June
15
June
15
July
June
15
July
June 20
June
May 31
July
July
Aug.
June
June
June
July
July
June
10
June
10
Class A
20
June
17
July
20
1
SIX
SIX
SIX
June
June
10c
3c
June
May 29
May 29
June
June
10
621?
July
July
June
15
June
14
25c
June
May 31
5c
June
June
50c
June
May 31
15c
July
July
June
June
30c
June
June
30c
30c
Aug.
July
26
Nov.
Oct.
26
June
June
May
May
May
May
$1^
25c
25c
(quar.)
Class B common (quar.)
Lunkenheimer Co. 6X% pref. (quar.)
6X% preferred (quar.)
0X% preferred (quar.)
Lykens Valley RR. & Coal Co. (s.-a.)
Lynchburg & Abingdon Teleg. Co
common
-
Sept.
Dec.
Juno
June
#0
July
July
June
$1.10
$1.10
June
June
Magma Copper Co
Magnin (I.) & Co. preferred (quar.)
Preferred (quar.)
Quarterly
Mallory & Co
Marshall Field & Co., preferred (quar.)
2nd preferred (quar.)
Maryland Fund, Inc.,
Masonite Corp. (quar.)
June
Preferred (quar.)
May Department Stores (quar.)
McCrory Stores Corp. (quar.)
Mclntyre Porcupine Mines fouar.)
June
McKenzie Red Lake Gold Mines (quar.)_.
June
1
15
14
Sept.
$1.10
Dec.
Nov. 25
50c
June
50c
Sept.
May 24
Aug. 24
50c
Dec.
Nov. 25
$1
June
June
$2
19
July
June 21
t$3X
June
June
75c
June
June
25c
June
June
25c
Aug.
July
July
18
June
18
SIX
SIX
S2X
30c
$1^
10c
37 Xc
25c
SIX
SIX
SIX
11
5
Oct.
Sept. 18
June
17
June
15
June
15
June
June
1*
June 25 May 31
June 25 May 31
1 June 21
1 Sept. 21
1-2-41 Dec. 23
July
Oct.
40c
July
$3
July
June
50c
June
SIX
SIX
15
July
July
July
1 June
15
1 June 15
15 May 31
15 May 31
Aug. 15 Aug.
5
Nov. 15 Nov.
6
10c
June
20c
June
SIX
SIX
15 May 31
10 May 28
June 30 June 15
June 30 June
10c
June
25c
June
June
60c
(quar.)
11
May 24
Aug. 24
25c
Extra
Master Electric Co
3
14
31
31
31
31
June
7
1X%
1X%
1X%
8c
Macassa Mines Ltd
June 20 June
June 29 June
37Xc
SIX
10 May 25
5
June 29 June
75c
Sept.
25c
June
15
15 May 31
10 May 25
5
5
3 Aug. 16
28 June
17
3 Aug.
1
50c
Sent.
J3c
June
25c
Sept.
5 Sept.
1
25c
Mercantile
June 28
5%
5%
6%
6%
Acceptance Corp.—
preferred (quar.)
preferred (quar.)
preferred (quar.)
preferred (quar.)
June
10*
June
6
June 21
June 20
Mesta Machine Co
12Xc
July
June 20
Metropolitan Edison, $6 preferred (quar.).
SIX
June
10c
6% cum. partic. preferred (quar.)
7% cum. prior preferred (quar.)
Lindsay Light Sc Chemical Co., preferred (quar.)
Link-Belt Co. pref. (quar.)
Liquid Carbonic Corp. (quar.)
Little Miami RR. Co., original capital (quar.)-.
Original capital (quar.)
Original capital (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.).
Special guaranteed (quar.
r.).
Lock Joint Pipe (monthly)
Preferred (quar.)
Loew's (Marcus) Theatres, 7% preferred..
Lone Star Cement Corp
Longhorn Portland Cement
Loose-Wiles Biscuit Co. (quar.)
Preferred (quar.)
Preferred (quar.)
Lord & Taylor (quar.)
Lorillard (P.) Co
Preferred (quar.)
Louisiana Land & Exploration Co
Louisville Gas & Electric Co. (Del.)—
July
July
July
July
$1!i
July
10c
Extra
Mathieson Alkali Works
x\l
10
SIX
$1
-
37 Xc
International Business Machines
(quarl)
International Cellucotton (quar.)
:
June
25c
Indiana General Service Co. 6% pref.
(quar~)"~
Indiana Michigan Electric Co. 6% pref. (qu )
Extra
June 26 June
50c
62Xc
(interim)-I-ZIZII-.
Howey Gold Mines, Ltd
III"
Hudson Bay Co. 5% preferred
(s.-a.)
(Final)
Hudson Bay Mining &
Smelting Co
.""III!
Humble Oil & Refining
(quar.)__
HumphryeeMfg
I
I
Preferred (quar.)__
Huston (Tom) Peanut Co.
7% pref. "(s.-al)"-"-"i
Idaho-Maryland Mines (monthly)
Illinois Bell Telephone
"
Illinois Central RR. (leased
lines) (s.-a".)IIIIII!
Indian Motocycle
Preferred (s.-a.)
1 June 10
1 June 10
1 June 14
June
SIX
SIX
,
1 May 20
June 14 June
June
June
25c
6
14
June 15 May 31
July
1 June 15
SIX
87 Xc
15
June
75c
14
14
June
30c
—
July 20 July
July
June
60c
June
25c
Lehigh Portland Cement pref. (quar.)
Lehn & Fink Products Corp
Lessing's, Inc
Libbey-0wens-Ford Glass
Life & Casualty Insurance Co. (Tenn.)
Liggett & Myers Tobacco, pref. (quar.)Lily Tulip Cup Corp. (quar.)
Lincoin National Life Insurance Co. (quar.)
Quarterly
Lincoln Service Corp. (quar.)
25c
15
14
SIX
SIX
SIX
preferred (quar.)—
(quar.)
(quar.)
19
mx
-
;-
Extra
5
Theatres, Ltd., 7% pref
15
15
June
14
June
25c
Lane-Wells Co. (quar.)
8
Co
Preferred
June 29 June
June 15 June
June
July
July
25c
.—--—
Lava Cap Gold Mining
Leath & Co. preferred (quar.)
June 20 June
June
SIX
June 15 May 31
June 15 May 31
25c
Hamilton Watch
——
-
Landis Machine
15
20c
SIX
SIX
S2X
14
June
50c
Extra.
15 June 29
(W. F.) Printing (quar.)
June
SIX
Lamaque Gold Mines, Ltd. (quar.)
June 29 June 21
(C. M.) Lamp
June
June
70c
Lake Shore Mines
2 June
2 June
50c
Dec.
20c
-
July
July
July
July
July
July
«!
8^c
.*
8
June 17 June" 7"
June 19 June
7
June 28 June
June 20
June 14
1X%
July
July
July
July
July
July
July
17c
—
Series
15
Hall
Haloid
-------
1
Sept.
Kings County
1 June 21
1 July
May 31
Aug. 10
Nov.
9
June
SIX
Lighting Co.—
B7% cumul. preferred (quar.)
Series C 6% cumul. preferred (quar.)
Series D 5% cumul. preferred (quar.)
Klein (D. Emil) Co. (quar.)--Kresge (8. S.) Co. (quar.)
Kresge Dept. Stores 4% preferred (quar.)
Kroger Grocery & Baking 6% pref. (quar.)
7% preferred (quar.)
Hall
Hamilton United
——
Preferred (quar.)
June
SIX
Gulf Oil Corp
Gulf State Utilities $6 pref. (quar.)
Extra
June
50c
Kerlyn Oil Co., class A (quar.)
Kern County Land Co—
Keystone Public Service, pref. (quar.)
Keystone Steel & Wire
Keystone Watch Case Corp
Kimberly-Clark Corp. (quar.)
8
June 29 June
$1
-----
18
June
July
75c
$3
-
3
May 31
June
25c
—
—
—
15
1 June
75c
Griggs Cooper & Co. pref. (quar.)-Group No. 1 Oil
Goodrich (B. F.) Co., preferred (quar.)
Great Western Sugar
7% preferred (quar.)
Guarantee Co. (N. A.) (quar.)
5
8
1 June
50c
Copper Co
Greene Railroad (semi-annual)
-----
June 15 June
1 June
June 15 May
June 15 June
SIX
Greene Cananea
5
1 June 15
July
July
July
July
July
July
3
1
June
10c
7% cumulative preferred B (quar.)
7% preferred A (quar.)
5% preferred C (quar.) —
Jamaica Water Supply Co. (quar.)
$5 preferred A (quar.)
Jamestown Telephone Corp., 1st pref. (quar.)._
Preferred A (semi-annual)
Jewel Tea Co., Inc. (quar.)
Johns-Manville Corp
Preferred (quar.)
Joseph & Feiss Co
Joslyn Mfg. & Supply
Preferred (quar.)..
;
Kansas City Power & Light, pref. B (quar.)
Kansas Electric Power 7% preferred (quar.)
6% preferred (quar.)
Kansas Power & Light 7% preferred
6% preferred
Katz Drug Co. (quar.)
Preferred (quar.)
Kaufmann Dept. Stores, 5% pref. (quar.)
Kelvinator Corp. (Canada) (interim)
Kemper-Thomas 7% special pref. (quar.)
Special preferred (quar.)
Keith-Albee-Orpheum 7% preferredt.
Kennecott Copper
Special
16
1 July
8
1 June 20
June
30c
30c
-
Preferred (quar.)
Jamaica Public Service, Ltd. (quar.)—
10
50C
—
Common v. t. c. (quar.)—
June 12 May
12
15
June
$1
75c
Irving Air Chute Co. (quar.)
July
1 June 10
June 20 June 10
June 15 May 27
July 25 June 28
June 15 May 19
June
June
25c
$1 1-3
Distribution Shares (quar.)
Mfg. common v. t. c. (quar.)
Island Creek Coal Co
June 29
June 15*
July
July
July
July
SIX
Iron Fireman
1
1 June
June 15 May 31
June 15 May 31
1 June
June 28 June
-25c
(guar.)
Investors
July
June 15 June
62 Xc
-----
15
5
June 29 June 15
June 29 June
1
1
July
1 June
July
15'June 20
June 20 May 31
June 29 May 31
371!
Corp. (Phila.) (quar.)
Investment
15 June
Aug.
July
July
July
10c
International Silver Co., preferred
International Telegraph Co. (Me.) (s.-a.).
Interstate Hosiery Mills
Interstate Natural Gas
5
1 June
June
Holders
Payable in U. S. funds.
June 15 June
5
July
1 June 21
June 15 June
5
June 15 June
5
July
When
Payable.of Record
50c
International Ocean Telegraph Co. (quar.)
International Salt Co. (quar.)
15
25c
30c
Globe-Wernicke Co. 7% preferred (quar.)-Godchaux Sugars, Inc., class A
Extra
91X
June 20
1 June
June 15 June
25c
$3 preferred (guar.)
Georgia Power Co., $6 pref. (quar.)
$5 preferred (quar.)
Georgia Railroad & Banking Co. (quar.)
Gillette Safety Razor
Preferred (quar.)
Girdler Corp. (quar.)
Glens Falls Insurance Co. (quar.)
Glidden Co. (interim)
Gold & Stock
91 X
jSfy"
25c
—
(quar.).
General Telephone Tri Corp
General Water Gas & Electric Co
Preferred
75c
68Xc
-
General Box Co. (semi-annual)-----—
Preferred
2m
20c
-
General Candy .class
Aug. 20
_
$1.38
$1X
-
5
$2
40c
International Harvester (quar.)
International Mining
International Nickel of Canada.--------.
15
J25C 3X?y6 l?
37Xc
5X% preferred (quar.)
5% preferred (quar.).,
Gaylord Container Corp. (quar.)
1 June
15 June
Share
Name of Company
May 25
SIX
SIX
17Xc
Preferred.
(quar.)
July
June
25c
*
Gannett Co., Inc., $6 pref.
t50c
37Xc
preferred A (quar.)
Frankenmuth Brewing Co. (quar.)
Foster & Kleiser,
Per
Holders
Payable of Record
35c
Foote Bros. Gear &
Foote-Burt Co
Ford Motor Co.
Preferred
When
Share
Company
June 8, 1940
Merck &
Co
Preferred
(quar.)
15 June
1
Dec.
5 Dec.
1
30c
Sept.
5 Sept.
1
30c
Dec.
5 Dec.
40c
July
July
July
July
SIX
50c
SIX
1
1 June 20
1 June 20
1 June
it
1 May 31
Volume
The Commercial & Financial
150
Per
Name of
Metal & Thermit
Share
Company
(quar.)
(quar.)
Preferred (quar.)
Michigan Steel Tube Products
Mickelberry's Food Products Co., pref. (cp.)
Micromatic Hone Corp. pref. (quar.)
Midland Grocery 6% preferred (s.-a.)
__
Preferred
Sept. 30 Sept. 20
10 May 28
June 20
July
June
15 June 11
June 25
July
July
July
July
July
$2 dividend shares
8% preferred
Mid vale Co
Midwest Oil Co.
45c
(semi-annual)
Mid-West Refineries, Inc. (quar.)
Minneapolis-Honeywell Regulator (quar.)
-
23 Dec.
June
—
Midland Steel Products--
Extra.--'-
13
Dec.
—
10c
June
14
June
15 May 15*
June 25 June 10
Tune
10 May 25
June
10 May 25
June 15
Extra
10c
Quarterly
20c
Oct.
$19*
20C
June 20
June
1
June
15
June 20
June 20
25c
Otter Tail Power Co.
(Minn.) $4H div. ser. (qu.)
$5H preferred (quar.)
Pacific Indemnity Co. (quar.)
Monroe Chemical Co. pref. (quar.)
Monsanto Chemical Co. (quar.)
50c
$1
15c
1st preferred (quar.)
2nd preferred (quar.)
Park & Tilfords 6%
preferred (quar.)
-
Jan.
Dec.
20
Parker-Wolverine Co
Jan.
Dec.
20
July
June 20
Pathe Film Corp.,
preferred (quar.)
Penick & Ford, Ltd.
Oct.
Sept.20
Peninsular
Dec. 20
Ian.
June 20 June 10
June 20 June 10
June
1
15 June
June 29 June 20
July
1 June 15
50c
Class A (quar.)
Dec.
50c
Montgomery Ward & Co
June
$2H
July
July
SI 9*
$1
Montreal Cottons Ltd. (quar.)
Preferred (quar.)
Moore Corp. (quar.)
$19*
40c
-
Preferred A & B (quar.)__
Moore Drop Forge, $6 participating class A
Moore (Win. R.) Dry Goods Co.
(quar.)
SI 9*
$1H
$1H
$14
Quarterly
Quarterly
M
Morris Plan Insurance Society (quar.)
Quarterly
$1
Motor Finance Corp., pref. (quar.)
June
Tune
July
July
June
15 May 28
9
2 Nov.
15 June 14
1 June 14
15 May 31
15 May 31
5
2 June
2 June
5
10 May 28
July
1 July
1
Oct.
1 Oct.
1
1-2-41 Dec. 3
Sept.
1 Aug. 23
Dec.
1
iNov. 22
June 29 June
15
Motor Products Corp
Motor Wheel Corp. (quar.)
50c
June
10 June
1
40c
June
Mountain Fuel Supply
Mountain Producers Corp. (s.-a.)
Muncie Water Works Co., 8% pref.
15c
June
30c
June
lO.May 20
10 May 15
15 May 15*
$2
25c
June
15 June
June
5c
July
July
1
15 June
15 June 29
Muskogee
$1H
(quar.)
Co
Mutual
Sys em, Inc
8% preferred (quar.)
Myers (F. E.) & tiro
Narragansett Racing Assoc
50c
75c
50c
Nashua Gummed & Coated Paper pref.
National Battery Co. $2.20 con v. pref.
(quar.)
(quar.)_-
Natioual Biscuit Co.
National Bond & Investment (quar.)
Preferred (quar
;
,
„..
$1*4
55c
40c
-.
25c
$14
National Breweries, Ltd. (quar.)_-_
Preferred (quar.)
National Brush Co. (quar.)
50c
15,June 29
May 20
15 June 14
June 21 June
June 21 June
10
June
June
15
15
June
1
44c
July
July
10c
June
25c
National Cash Register Co
National Casualty Co. (Det.) (quar.)
1
June 25 June 15
June 10 May 29
June 24
July
July
Tuly
10
July
15
25c
15 June 29
June 15 May 31
25c
July
June
15
75c
City Lines
Aug.
Aug.
July
July
15
15
National City Lines $3 pref. (quar.)
$1 class A (quar.)
National Container Corp. of Del
National Cylinder Gas Co
National Dairy Products Corp. (quar.)
25c
20c
15 May 24
June 21 June 12
20c
July
July
July
July
50c
Class A & B preferred (quar.)
SI H
50c
37 He
National Folding Box (quar.)
National Grocers, Ltd., pref. (quar.)
National Lead Co—
Preferred B
Preferred A (quar.)
National Malleable & Steel Castings Co
National Oil Products Co. (interim)
National-Standard Co. (quar.)
National Steel Car Corp. (quar.)
National Transit Co
Nehi Corp
Preferred
12Hc
SI H
$1*4
;-
(quar.).
25c
25c
—
50c
50c
50c
-
12 He
—
(quar.)
$6 prior lien
New England Telep. & Teleg.
New Haven Water Co. (semi-annual)
New Idea, Inc
New Jersey Zinc
—
_
-
—
(quar.).
14
June
$2
75c
50c
14
.June
14
June
29
June
May 24
July
June
15
June
June
7
June
June
5
Aug.
1
Nov.
1
Aug.
Nov.
June
$24
Tune
30c
July
July
July
July
July
July
July
87 He
20c
25c
10c
25c
$1H
87 He
June
July
July
May 20
[May 31
June
10
June
10
June
10
June 20
June 20
|June 20
June
17
—
5% prior preference
6% preferred
-|{ %
$14
20c
10
June
10
May 10
June
3
July
July
June
600
41 2-3c
43He
6% preferred (monthly)
5% preferred (monthly)
(quar.)
-
July
June
15
15
15
June
June
Co
(quar.)
Peoples Drug Stores
Special
Peoples Gas Light & Coke
Pepsi-Cola Co
Perfect Circle Co.
Perron
June
June
12
J1 H
June
May 31
May 31
$14
June
June
June 15 ^June
Extra
1
July
June 29 June 17
June 15
July
June 15
July
$19-4
$19%
$1H
$ih
62 He
$1
$1H
50c
$5
—
5
.
10c
25c
(quar.)..
14
Aug. 15 Aug.
75c
25c
Gold Mines
,1 June 15
1 Sept. 14
1-1-41 Dec.
30c
*
...
1
3
35c
$3 4
Preferred
50c
4c
July
.July
25;July
_
10
June 15
June 15
June 26 June
1
June 15 May 31
July
July
July
July
July
July
l June
8
1 June
8
15 June 21
June
10 May 24
July
1 June 12
LJune 15
ljJune 15
lj June 15
June 21 June
June 21 June
1
;
lc
Pet Milk Co. (quar.)
Peter Paul, Inc
25c
July
1 June 10
50c
July
1 June 21
Petroleum
Corp.
Petroleum
Exploration, Inc. (quar.)
of
12
June 15 June
3
June
3
25c
June
15 June
15c
Phelps Dodge Corp., common
Philadelphia Co. $6,pref. (quar.)
$5 preferred (quar.)___
Philadelphia Dairy Products, 1st pref. (quar.)
Philadelphia Electric Power, pref. (quar.)
Philippine Long Distance Telep. Co. (mo.)
Pioneer Gold Mines of B. C. (quar.)
Pittsburgh Bessemer & Lake Erie (s.-a.)
Pittsburgh Brewing preferred
Pittsburgh & Lako Erie RR
Pittsburgh Metallurgical Co. (year-end)
Pittsburgh Plate Glass
Pittsfield & North Adams RR. (s.-a.)
Placer Development (interim).
Planters Nut & Chocolate Co. (quar.)
Plymouth Oil Co. (quar.)
Pollock Paper & Box 7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Pond Creek Pocahontas Co.
—
I!
$1
$2H
60c
$2H
35c
$1*4
$1*4
$1*4
June 29 June 20
July
2 May 31
Oct.
1 Sept. 14
15 June
1
June
June
June
15 May 24
15 June
6
July
July
1 June 10
1 June 29
June 10 May
July
18
1 June 15
7
I.Tune 28 June
June
15 June
15 Dec.
June
15 June
20c
June
15 June
$1H
$14
-
June
15 May 24
July
15 July
5
1
1 June 14
1
1
50c
% prior lien stock (quar.)—
15 May 31
July
June 20
Oct.
Sept. 20
31
60c
50c
$1>4
50c
$1*4
$2
-
——
7% preferred (quar.)-------Publication Corp. voting & non-voting
Original preferred (quar.)
7% 1st preferred (quar.)
--------Puget Sound Pulp & Timber Co. pref. (quar.)—
$1*4
$14
$14
$1*4
50c
June 15 May
June
15 May 31
June 29 May 31
July 15 June 14
June 15 May 16
June 15 May 15
June 15 May 15
June 15 May 15
July
July
1 July
1
1 July
1
June 29 May 31
June 29 May 31
June 27 June 17
1 June 20
—-
$1*4
$1*4
July
30c
July
June 15
25c
June
1H%
—
5M% preferred (quar.)
——
6% preferred (quar.)
Pyrene Mfg
Quaker Oats Co—
Preferred (quar.)
Quaker State Oil Refining Corp
Quebec Gold Mining Corp
Radio Corp. of America—
$3H cum. conv. 1st pref. (quar.)-
15 June
June
37Hc
37Hc
$1H
$1H
—
(quar.)
June
9c
Class A common (semi-ann.)
Public Investing Co.
July
July
July
May 24
June 10
1H%
1H%
20c
$14
$1H
-
25c
J2c
June 15 June
June
87 He
$1'4
5
10
June 10
June 15 May 24
June 25 June
1
1
Aug. 31 Aug.
15 May 31
June
June 15 June
,
1
July
July
June
June
7*
May 31
|Mav 23
7*
25c
June
50c
—
June
50c
—
July
June 20
10c
July
July
J June 15
8 He
June 15
12Hc
$1H
June
15 May 31
June
15jMay 31
t$lH
June 15
May 31
—
— —
Republic Investors Fund. pref. A & B (quar.) —
Republic Steel 6% prior pref. A (quar.).—6% preferred
Rheem Mfg. Co. (quar.)
Rich's, Inc., 6H% preferred (quar.)
Risdon Mfg. 7% pref. (quar.)
Roberts' Public Markets (quar.)
30c
June
15 May 24
10c
—
Quarterly
Robertson (H. H.)
Roeser & Pendleton (quar.)
15
July
10c
Procter & Gamble Co. 5% preferred (quar.)
—
15
Sept. 15 Sept. 15
Dec.
25c
——
Pullman, Inc.Pure Oil Co. 5% pref. (quar.)
75c
$1
—
6 % prior lien stock (quar.) —
Public Service Elec. & Gas $5 pref.
1 June
1
lJune
1
1 June 20
1 June 10
50c
— —
—
10 May 24
July
July
July
July
42c
.
Preferred Accident Insurance
June
$1H
$14
$1H
JlOc
—
Inc
10 May 20
June 20 June
5
25c
-----
—---
7
June 28 June
15c
35c
Pfeiffer Brewing Co. (quar.)
Pharis Tire & Rubber Co
Powdrell & Alexander
1
25c
America
Extra.-..—'—
10
75c
—
Oklahoma Gas & E lectric 7 % preferred (quar.).
58 l-3c
June
June
—-
(quar.)
Ohio Public Service Co., 7% pref. (monthly)
Pennsylvania Salt Mfg
Pennsylvania Telephone Corp. $2H pref. (qu.)_
Pennsvlvania Water & Power Co. (quar.)
Remington Rand, Inc. (interim)
Preferred (quar.)--—
June
June
11 June 24
Nov. 15 Nov.
4
2-15-41
2-4-41
50c
15
15
40c
Pennsylvania Railroad
10
June
$1.80
---
June
June
June
July
July
July
July
July
July
July
July
*£-65
$}64
Preferred A (quar.)
(quar.)
Preferred A (quar.)
Penn Electric Switch Co.. $1.20 cl. A pref. (qu.)
Penn Traffic Co. (semi-annual)..
Penney (J. C.) Co
Pennsylvania Glass Sand preferred (quar.)
Pennsylvania Power & Light $7 pref. (quar.)—
$6 preferred (quar.)
$5 preferred (quar.)
Preferred A
1
14
June 14
June
1
Oct.
Reliance Steel--
June
June
1
1
June 20
June 15
July
10
June 10
July
15
5c
12
6
July
July
July
50c
35c
35c
June
June
|July 15,July
50c
15
15
17
May 24
June 30 June 20
June 271 June
50c
June
June
June
1 June 15
1 June 15
June 30 June 20
Quarterly
.
16
1 May 31
LMay 31
Telephone (quar.)
Quarterly
B preferred (quar.)
Raybestos Manhattan, Inc—
—
Reading Co. 1st pref. (quar.)
2nd preferred (quar.)
Reed Drug Co. (quar.)
Class A (quar.)
Reeves (Daniel), Inc. (quar.)
Preferred (quar.)
Reliance Grain Co., Ltd. ,6 H % preferredReliance Insurance Co. (Phila.) (s. a.)
May 24
| June 15
June
$14
Ohio Oil Co
14
June
$1
§1H
$6 preferred (quar.)
$6.60 preferred (quar.)
$7 preferred (quar.)-._$7.20 preferred (quar.)
Ohio Finance Co.
June
July
July
July
50c
75c
71 He
May 31
June
Tune
Ohio Edison Co., $5 preferred (quar.)
June 29 June
1
10c
Oahu Railway & Land Co. (monthly)
Oahu Sugar (monthly)
6% preferred (quar.)
15
101 May 20
75c
Ohio Seamless Tube Co. prior pref.
Ohio Water Service Co., class A
7
June
1
17 May 31
$1H
$1H
North River Insurance
Northwestern Telegraph (s.-a.)
Norwalk Tire & Rubber Co., preferred
Norwich Pharmacal Co
June 15 June
June 15 June
June 29 June
June
Niagara Alkali Co., preferred (quar.)
Niagara Share Corp. (Md.) cl. A pref. (quar.)
Niles-Bement-Pond Co
1900 Corp.. class A (quar.)
Class 'A (quar.)
jv---—
Noranda Mines Ltd. (interim)
Norfolk <fc Western Ry. Co
(quar.)
North American Co. (quar.)
6% preferred (quar.)
5*4% preferred (quar.)
North American Finance Corp., 7% pref. (quar.)
Cumulative prior preferred (quar.)
Class A (quar.)
North Central Texas Oil Co., Inc. (interim)
-
June 15
15 May 31
June 15
July
July
July
[July
2jJune 15
II Sept. 16
June 15 June
(semi-ann.)-.----Payable on both orig. & cashable stock.
Public National Bank & Trust Co. (quar.)
Quarterly
Public Service Co. (N. H.), $6 pref. (quar.)
$5 preferred (quar.)
Public Service Corp. (N. J.) (.quar.)
6% cumul. preferred (monthly).
$5 pref. (quar.).
6% preferred (monthly)
7% preferred (quar.)—..
8% preferred (quar.).
Public Servide Co. (Oklahoma)—
June
New York Mutual Telephone (s.-a.)
New York & Queens Electric Lt. & Power (qu.)_
75c
Oct.
75c
June 15 May 31
June 15
July
50c
75c
75c
$1*4
Prosperity Co., 5% preferred (quar.
Prudential Personal Finance Corp.—
July
$2H
$2H
15c
June 28 June 20
June 14
July
July 15 June 29
July
-
(quar.)
New York & Harlem RR. (semi-ann.)—
Preferred (semi-ann.)
Preferred
14
July 19
June 15 May 31
June
May 25*
Aug.
$2
15c
50c
Newmont Mining Corp
Stock div. of one share of cap. stock for each
share heldNew York City Omnibus
3.
June 24
June 29 June
June
$1H
June
3
15
60c
87 He
75c
June
June
25c
-
Newberry (J. J.) Co. (quar.)
;
New England Public Service $7 prior lien
—
June
$1.31 H July
Neisner Bros., inc. (quar.)
$1H
$1H
$3H
Preferred (quar.)
Paramount Pictures
Oct.
87Hc
Preferred A & B (semi-ann.)__
Dec. 30 Dec.
10c
$3
Sept. 20
Sept. 20
$3
July
40c
Extra
Pacolet Mfg. Co
7% preferred A & B (s.-a.)
Paraffine Cos., Inc
50c
25c
Extra
Mohawk Carpet Mills
Monarch Mills
June 20 May 24
June 20 May 24
30c
t$l*A
quar.)
quar.)
1 June 14
15 May 20
June 15 May 20
20c
|
UlH
iquar.)
14
July
June
30c
30c
25c
5 H % cumulative preferred
5H% cumulative preferred
Modine Mfg. Co. (quar.)
June 29 June
$2
18Hc
43 He
(quar.)
t$lH
5H% cumulative preferred
15
15
$1H
Preferred (quar.)
Ottawa Electric Ry.
10c
-
15
June 29 June
30c
10c
^
June 29 June
June 29 June
75c
Preferred (quar.)
Oneida, Ltd. (quar.)
7% participating preferred (quar.)
Otis Elevator Co
)uarterl
Holders
of Record
$1H
20c
Extra
guarterly
xtra
National
Oklahoma Natural Gas Co
$5H conv. prior preferred (quar.)
Preferred (quar.)
Omnibus Corp
15
25c
M
Per
Share
Name of Company
14
June
June
July
July
July
July
July
July
—
14
June
$1H
50c
——-
Mississippi River Power, pref. (quar.)
Mississippi Valley Public Service, 6% pf. (qu.)Mobile & Birmingham RR. Co. preferred (s. a.)
Mock, Judson, Voehringer Co., Inc., pf. (quar.)
Modern Containers. Ltd. (quar.)
3611
Holders
Payable of Record
1
June 10 June
June 29 June 20
Corp
Preferred
When
Chronicle
June
May 25
20c
June
10
June
10
15
S1H
$1H
July
July
Aug.
July
July
25c
June
June
$1H
$1*4
June
June
July
July
{June 21
$1H
15c
10c
10c
Oct.
July
June 12
June 12
1
15
June 20
Sept. 20
10c
Dec.
__.Dec,
25c
June
25c
July
15 June
4
1 June 10
5
Chronicle
The Commercial & Financial
3612
June 8, 1940
«<3sd
Per
Share
Name of Company
When
Per
Holders
Name of
Payable of Record
June
United Bond & Share.
Share
Company
2
June
5
Ruoerold C#
June
June
quar.)..
Rustless Iron & Steel Corp.------Sabin Robbins Paper Co. 7% pref (quar.)
Safeway Stores, Inc., 7% pref. (final)
—
6% preferred (final)
—
St. Croix Paper Co., preferred (s.-a.)
St. Joseph Lead Co. (quar.)------- —
St. Louis Bridge Co. 1st preferred (s.-a.).
3% 2nd preferred (s.-a.)
San Carlos Milling Co
Sangamo Electric Co
Savannah Electric & Power, 8% deb. A (quar.)
7H% debenture B (quar.)
7% debenture C (quar.)
6H% debenture I) (quar.)
Schenley Distillers Corp., preferred (quar.)
25c
June
J
15c
June
May 29
United Dyewood Corp., preferred (quar.)
United Elastic Corp.- —
——
July
July
July
July
June 20
United Gas A Electric
June
June
7
June
81*
July
July
20c
June
June
15
15
3
25c
June
15
III
July
July
July
July
81*
SIM
July
July
25c
June
SIM
June
May 31
May 31
40c
June
June
Aug.
Aug.
July
July
July
July
20*
20*
June
14
June
4
June
June
10
25c
June
June
1
75c
25c
June
May
10
July
July
June
10
June
10
II
Roper (Geo. D.) Corp. (initial)
Ruuu MfK. Co.
llVi
M
25c
$3
Belliff Co.
(quar.)
5H% preferred (quar.)
Scott Paper Co. (quar.)--.84 H cumulative preferred (quar.)
$4 cumulative preferred (quar.)
—
25c
Scovill Mfg. Co
Scranton Electric
Co., 86 pref. (quar.)
Scranton Lace Co
Seaboard Oil Co. (Del.), (quar.)
Sears Roebuck & Co. (quar.)
—
Corp. (quar.)
6% preferred (quar.)
Securities Acceptance
37&
Inc
Shattuck (Frank G.) (quar.)_.
Shell Union Oil, preferred (quar.)
Sheller Mfg. (quar.)
Sberwin-Williams Co. (Can.), pref
Signal Oil & Gas. class A & B (quar.)Simon (H.) & Sons, Ltd. (interim).
7% cumulative preferred (quar.)
Seeman Bros.,
10c
12
5
June
22
June 20
June 20
June 20
June
20
June 20
June
June
1*
May 31
1
June
14
t$3K
July
July
July
50c
June
SIM
10c
—
15c
June
15
June
15
June
5
Preferred
...
Smith Howard Paper Mills,
preferred (quar.)—_
June
$3 dividend
Sonotone Corp
South Carolina Power Co. $6 1st pref. (quar.)
South Penn Oil (quar.)
South Porto Rico Sugar Co
Extra
Quarterly
-
Dec
Juarterly
uarterly
Playing Card Co
United States Potash Co
6% preferred (quar.)
United States Rubber Co., 8% 1st non-cum. pref
United States Sugar pref. (quar.)
United States Tobacco Co
Preferred (quar.)
United Stove Co. (quar.)
July
ted States
June
++
4? He
10
June
June
10
July
July
July
June 29
June
June
10
July
June
15
June
June
14
July
July
July
June
7
June
7
Vapor Car Heating Co., inc., 7% pref. (quar.).
7% preferred (quar.)
7% preferred (quar.)
_
7% preferred (quar.)
June
7
Veeder-Root, Inc
June
June 20
.ffi
SIM
June
June
40c
Sparks-Withington 6% preferred (quar.).
Spencer, Kellogg & Sons, Inc. (quar.)
Spencer Trask Fund, Inc
Spiegel. Inc., $4 H pref. (quar.)
Staley (A. E.) Mfg. Co
$5 cumul. preferred (quar.)
7% preferred (semi-annual)
Standard Brands, Inc. (quar.)
June
July
July
July
July
SIM
—
$6 preferred (quar.)
June
15
June
20
June
May 25
5
Wabasso Cotton Co. Ltd.
1
40c
June
June
10
June
June
10
July
July
Sept.
June 20
3i i
us
June
Sept.
10
3
June
June
25c
June
25c
25c
June
50c
June
50c
June
25c
June
May 15
May 15
May 31
May 15
May 15
May 31
June
'
Standard Oil Co. (N. J.) (s.-a.)
Extra
-
Standard Oil Co. (Ohio) (quarterly)
-
1
Dec.
June
81H
June 20 June
Sept. 20 8ept. 10
July 20 July 10
81*
81*
Oct.
50c
Waldorf System, Inc. (quar.)
Walgreen Co. (quar.)
Preferred (quar.)
Walker (H.) Gooderham & Worts (quar.)
Preferred (quar.)
June
15c
:
July
50c
(quar.)
July
40c
81H
81
—
25c
83 H
Ware River Railroad (semi-ann.)
Warren (S. D.) Co. (quar.)
75c
Washington Water & Power preferred
Waukesha Motor Co. (quar.)
(quar.) —
81H
25c
81H
Wayne Knitting Mills, 6% pref. (s.-a.)
40c
Welch Grape Juice Co-----Stock dividend
5%
8154
Preferred (quar.)
Wellington Fund, Inc
June
June
July
June
July
July
5
West Texas Utilities 86 preferred (quar.)
81H
15
West Virginia Pulp & Paper
West Virginia Water Service pref. (quar.)
Western Electric Instrument (quar.)
10c
July
July
81*
July
75c
25c
Dec. 14
June 20
June
7
June
50c
June
June
1
SI
July
July
1 June
15
*3c
2 June
15
25c
June
-
50c
2*c
Western
Exploration Co. (quar.)
Western Pipe & Steel 7% preferred (s.-a.)
Westinghouse Air Brake
Westminster Paper Co., Ltd. (s.-a.)
50c
June 29 May 11
June 29 June 15
June 29 June
15
50c
June 29 June
15
Will & Baumer Candle Co.
25c
June 29 June
1 June
Aug.
15
Wilsil
17
Time
14
lMc
Sunshine Mining Co. (quar.)
3-1
Supervised Shares, Inc. (quar.)
Sutherland Paper Co
Swift & Co. (quar.)
i
30c
5c
__
——
Extra
-----I
Extra
Preferred (quar.)
Taggart Corp., preferred (quar.)
——II—I
SIM
62 Mc
10c
Talcott (James) Inc
5H % partic. preference (quar.)
II
II
Tappan Stove Co
Technicolor, Inc
IIIII
Teck-Hughes Gold Mines (quar.)_
I
Telephone Bond & Share Co., 7% 1st pref._-II
_
68Mc
Texas Gulf Producing Corp
Texas Gulf Sulphur (quar.)
Extra
Texon Oil & Land Co
1 June
1 June
15
15
.1
HI"
5
3
10
10c
.
July
15 June
15 June
1
June 20 June
1 June
July
10
10c
June
17
28c
5c
June
June
15 May
15 June
15 June
50c
Tilo Roofing Co
Stock div. of H eh. of com. for each
Time, Inc. (interim)
Todd Shipyards Corp
June
June
10c
25c
June 28 June
1 June
July
$1
15 June
SIM
50c
June
Towle Mfg. Co. (quar.)
Troy & Greenbush RR. Assoc. (quar.)
Truax-Traer Coal Co., 6% pref. (quar.)..
HII
—
5 H % preferred (quar.)
I"
Tuckett Tobacco Ltd., pref. (quar.)
I
Tunnel Railroad St. Louis (semi-annual)..
Twentieth Century Fox Film Corp., pref. (qu.)"
Udylite Corp
5% preferred (quar.)
1
1
10*
15
3
June 15 June
1
1 June 21
SIM
SIM
July
July
July
30c
shlheldll
1
7
June
1 June 21
1 June
5
15 May 28
June 15 June 11
June 10 May 31
June 15 June
15 July
June 15 June
July
15 June
June 15 June
June
1 June 14
June 15 June 14
June 29 June 12*
July
-
Underwood Elliott Fisher Co. (quar.)
Union Carbide & Carbon Corp.
Union Gas Co. (Can.). Ltd. (quar.)
Extra
Union Pacific RR
July
HI
1 June
7
15 May 20
June 15 May 20
June
July
1 June
3
June 15 May 31
;
50c
Wisconsin Michigan Power Co. 4M % pref. (qu.)
Wisconsin Power & Light, 7% preferred
6% preferred
Wisconsin Public Service, payment represents
10c. for 1st quar. and 10c.
7% preferred (quar.)
6H% preferred (quar.)
6% preferred (quar.)
Wiser Oil Co. (quar.)
for 2nd quarterly—
—
15
17
15
1 June
15
June 20 June
10
1
July
June
15 June
11
July
July
June
June
11
July
July
June
15
June
15
June
15
July
July
July
July
_
1 June 17
1 June 15
1 June 15
Oct.
1 Sept. 14
June 10 May 31
Aug.
1 July 15
Aug.
1 July 15
Nov.
Nov.
1 Oct.
1 Oct.
15
15
June 15 May 31
June 15 May 31
June 15 May 31
20c
June
81*
$1*
81*
June
June
June
May
May
May
May
31
31
31
31
July
July
June
11
June
t83*
Wood (Alan) Steel 7% preferred
June
June
11
3
15
25c
10c
17
June
17
50c
June
June
18
July
July
July
July
Aug.
Sept.
May 22
May 22
25c
Monthly
Monthly
Monthly
Monthly
:
June
June
25c
(quar.)
Wright Hargreaves Mines. Ltd. (quar.)
Extra (both payable in U. 8. funds)
Wrigley (Wm.) Jr. (extra)
June
June
10c
7% preferred (quar.)
Worcester Salt Co.
June
50c
81 *
Woodley Petroleum Co. (quar.)
Woodward & Lothrop
Oct.
5c
50c
25c
-
25c
-
-
June 20
June 20
July 20
Aug. 20
Sept. 20
July
July
June
10
June
14
25c
June
June
1
25c
July
July
June
$1*
50c
June
50c
Sept.
May
Sept.
50c
Dec.
Dec.
15c
Co
Yellow Truck & Coach Mfg. Co., preferred
Youngs town Steel Door
Youngstown Sheet & Tube
Preferred (quar.).-Zion'B Co-operative Mercantile Institution
Quarterly-.
Quarterly. _1
*
81*
81*
81*
15 May
20c
—
Extra
81*
June
Transfer books not closed for this dividend
J On account of accumulated and the
dividends
Payable in Canadian funds,
uction of
^
50c
81H
Yale & Towne Mfg.
15 June 29
1 June 15
June 29 June 15
July
July
75c
20c
Extra
1 June
3S&C
M
tig
25c
Quarterly
15 June
20c
t75c
15
15 June 29
15
Nov.
1 Oct.
June 28 June
July
1 June
81H
Extra
15 June
25c
-
I
Ltd. (quar.)
Quarterly
June
June 20 June
June
$2
25c
pref. (quar.)
Wilson Products, Inc. (quar.)
Winsted Hosiery Co. (quar.)
June
50c
I"
Co
—
July
July
July
1
1
50c
12c
Thatcher Mfg. Co. (quar.)
__I__IIII.IH
Thermo id Co., $3 preferred
HI.
Thew Shovel Co., preferred
(quar.)
Thompson Products
Preferred (quar.)
I—IIIIH
Tide Water Assoc. Oil Co. pref. (quar.)
I
United Aircraft Corp
July
1 June
25c
_
$3 1st preferred
Terre Haute Malleable & Mfg.
Texas Corp. (quar.)
June 20 May 31
3
June 15 June
30c
(quar.)
1
July
10c
—
-
Sylvanite Gold Mines (quar.)
Tacony-Palmyra Bridge (quar.)
1 June
40c
June 10 May 27
July
25c
15
1 June 15
1 June 10
1 June 15
25c
50c
25c
50c
Sunset Oils
June 29 June
25c
Westmoreland Coal Co
18
15 May 24
1 June 15
35c
-
Westmoreland, Inc. (quar.)
Weston (Geo.),Ltd. (quar.)
Weston Dairies, 83 preferred
Weyenberg Shoe Mfg
Wheeling Steel, 85 prior pref. (quar.)
6% preferred (quar.)
Whitaker Paper Co_
Preferred (quar.)
Whitman (Wm.) Co., Inc., 7% pref. (quar.)-—
Wieboldt Stores, 6% preferred (quar.)
15 May 25
June 20 June 10
5
June 15 June
15 May 24
15 May 24
3 June 20
1 June 15
14 May 23
8
July
1 June
Aug. 31 Aug. 15
12
Sept. 14
1 June 20
June
June 29
June
10
2 June 22
20 May 31
June 26 June
June
20c
19 Oct.
10
June 20 May 20
June 15 May 15
June
Dec.
June
1 Juiy
81H
June
Sept.
1
31
20
June 25 June 15
Aug.
June
June
15 June
June 20 May
July
SIM
SIM
SIM
-
1
1 June 15
1 June 20
1
June 15 June
75c
Stecher-Traung Litbograp 5% pref. (quar.)___
5% preferred (quar.)
5% preferred (quar )
Stercbf Bros. Stores, 1st pref. (quar.)
Stewart-Warner Corp
Stonega Coke & Coal Co
Strawbridge & Clothier 7% pref
Sullivan Consolidated MinesSun Oil Co. (quar.)
Sundstrand Machine Tool—
3-1-41
15 June
July
20c
_____
1
10 Nov. 30
3-9-41
July
SIM
(quar.)
Stand. Wholesale Phosphate & Acid Wks. (qu.)
Starrett (L. S.) Co
1
Sept. 10 Aug. 31
June
37 He
62 He
Wagner Electric Corp
SIM
-
—
7% preferred (quar.)__
7% preferred (quar.)
June
1
1
*1H
:
June
1 June
1 June
15
81
82
(quar.)..
June
July
July
15 May 31
June 28 June
June 10 June
40c
(Quarterly)
June
1 Sept. 28
Dec. 30
1-1-41
15 June
60c
June
Oct.
June
81H
20
5
1
Juue
81*
81H
81*
$1*
——
Virginia Electric & Power 86 preferred (quar.)
Virginian Ry Co. 6% preferred (quar.)
Vulcan Detinning
12 June
June
June 28 June 14
July
1 June 29
81
(quar.)...
15c
;
f4 H pref.(quar.)
4H cum. preferred (quar.)
Standard Oil Co. (Calif.)
Standard Oil (Indiana) (quar.)
Standard Oil Co. (Ky.) (quar.)
Preferred
27
June 30 June 20
81
dividend priority
Utility Equities Corp. 85)4
Vanadium-Alloys Steel
SIM
-
Class A
10
10c
25c
Corp
Southwestern Gas & Electric, 5% pref. (quar.)
Southwestern Light & Power, $6 preferred
Preferred
15
15 May
June 30 June 20
Upper Michigan Power & Light Co. 6% pf. (qu.)
6% preferred (quar.)
;
.—
6% preferred (quar.)
10c
Utah Oil Refining Co. (quar.)
Utah Power & Light Co. $7 preferred
f$ 1.16 2-3
til
86 preferred
1
14
May 31
June
10c
50c
June
June
1
7
40c
June
May 20
15
June 21 June
15 July
5
June 15 May 27
$1H
$1H
81 H
6% preferred B (quar.)
Southern Colorado Power, 7 % pref
Southwest Consolidated
/o
July
Universal Consolidated Oil
June
June
1 June 15
15 June
5c
June
June
20 Nov. 30*
June 29 June
Extra
July
June
5
5
15 Dec.
Sept.20 Aug. 31*
June
15c
15
June 20 May 31*
& Foundry Co. (quar.)
Universal Products
37fi
15
5
—
United States Pipe
1 June
1 June
15 June
Dec.
Victor-Monaghan Co. 7% pref. (quar.)
Viking Pump Co. (special)
-
1
Sept. 15 Sept.
Vermont & Boston Telegraph (ann.)
Phosphate
Southland Royalty
1
15 June
June
Southern California Edison Co., Ltd.—
Southern
15 June
July
Ju'y
15
35c
2
June 20
June 28 June 18
June 15 June
1
15
2%
Preferred (quar.)
1
Dec.
June
(quar.)-—
United States Graphite Co
United States Gypsum Co. (quar.)
Preferred (quar.)
—
United States Petroleum Co. (quar.)
Quarterly
May 25
SIM
37Mc
15
June
5
June
preferred
%2U dividend preferred
United Pacific Insurance
June
21
June
July
June
June
15
15
—
June
June 21*
June
Dec.
Semi-annual
————
United New Jersey RR. & Canal (quar.)
United Public Utilities Corp.
June
June
June
United Light &
June
15c
5c
30
July
July
July
(Can.) (standardshs.).—Railways. 7% pref. (mo.)
6.36% preferred (monthly)
6% preferred (monthly)
United Merchants & Manufacturers, Inc
United Gold Equities
SIM
SIM
Sonotone Corp., preferred (quar.)
Cum. prior pref. (quar.)
1
May 31
May 31
June
June
3c
—
1
June
June
(quar.)
75c
(quar.)
1
June
June
SIM
Ltd. (quar.)
Skenandoa Rayon conv. & A preferred
7
June
June
Corp, pref. (quar.)
40c
Sloss-Sheffield Steel & Iron
Preferred (quar.)
June
June
$1M
Simonds Saw & Steel Co
5
July
a.)
(quar.).
Sept
June
—
United Gas Improvement
June
Oct.
June
Quarterly
United-Carr Fastener
5% preferred (s.
June
—
Siscoe Gold Mines,
une
June 30
July
Ltd. (quar.)
May
June
30c
(final)
Rolls-Royce, Ltd., Amer. dep. rec.
Holders
When
Payable of Record
a
tax of 5%
In
case
of the amount of such
of non-residents of Canada
dividend will be made.
Volume
The Commercial & Financial Chronicle
ISO
Condition of the Federal Reserve Bank of
New
Weekly Return of the New
Clearing House
York
The following shows the condition of the Federal Reserve
Bank of New York at the close of business June
5, 1940,
in comparison with the
previous week and the corresponding
date last year:
May 29, 1940
STATEMENT OF MEMBERS OF THE NEW YORK
AT
CLOSE OF BUSINESS
♦
June 7,1939
$
5, 1940
$
$
•
1,638,000
85,862,000
Bank of New York
Bank of Manhattan Co.
8,547,401,000 8,542,253,000 6,450,504,000
National City Bank
Chem Bank & Trust Co.
Guaranty Trust Co
852,000
Total reserves..
Bills discounted:
944,000
102,598,000
Other cash f.
102,456,000
direct and guaranteed.
990,000
188,000
6,000,000
Total bills discounted..
Bills bought in open
market.
Industrial advances
20,000,000
90,000,000
238,000
Cent Hanover Bk&Tr Co
Corn Exch Bank Tr Co.
First National Bank
21,000,000
15,000,000
Irving Trust Co
50,000,000
4,000,000
1,178,000
905,000
776,000
2,010,000
2",028,000
218,000
2,882,000
Bills
Total U. 8. Government
securities,
direct and guaranteed
404,247,000
339,160,000
25.000,000
Title Guar A Trust Co..
Marine Midland Tr Co..
New York Trust Co
256,538,000
331,160,000
134,259,000
743,407,000
743,407,000
746,340,000
17,000
1,526,000
60,000
154,581,000
9,820,000
18,485,000
158,427,000
9,839,000
18,397,000
12,500,000
725,833,000
17,000
1,366,000
6,000,000
Bank premises.....
Other assets
I.III!
23,677,000
39,888,000
173,132,000
6,716,000
81.524,000
96,622,000
60,188,000
28,339,000
718,000
4,337,000
1,121,000
42,353,000
3,238,000
292,613,000
717,108,000
721,583,000
38,803,000
2,471,100
9,411,300
27,984,400
13,492,000
126,327,000
421,208,000
7,000,000
8,570,600
117,207,000
2,046,000
7,000,000
10,066,100
90,397,000
51,536,000
931,357,000 14,416,631,000
693,176,000
5,000,000
Totals...
,
Average
2,179,000
2,924,000
33,835,000
721,957,000
746,595,000
Total bills and securities
Due from foreign banks
Federal Reserve notes of other
banks..
Uncollected Items
Deposits,
Average
4,430,300
70,574,000
136,486,900 d2,943,964,000
4,244,300
52,880,000
81,598,600 el, 108,104,000
500,000
Comm'l Nat Bk & Tr Co
Public Nat Bk & Tr Co.
404,247,000
339,160,000
Notes
Deposits,
73,015,100 cl,091,382,000
100,270,000
Fifth Avenue Bank
Bankers Trust Co
Time
19,663,500
108,555,000
63,240,100
10,000,000
Continental Bk & Tr Co.
Chase National Bank
anteed:
Bonds
1940
Net Demand
13,924,100
209,252,000
26,615,500
525,994,000
68,734,200 a2,315,153,000
57,040,300
742,744,000
185,154,500 52,194,072,000
40,151,100
662,577,000
20,000,000
77,500,000
42,117,000
538,000
722,000
183,000
HOUSE
Undivided
Capital
Manufacturers Trust Co
Other bills discounted
CLEARING
THURSDAY, JUNE 6,
Surplus and
Members
8,443,951,000 8,438,853,000 6,363,004,000
City
Profits
Clearing House
Assets—
York
The
weekly statement issued by the New York City
Clearing House on Friday afternoon is given in full below:
ASSOCIATION
June
3613
*
As
trust
3,340,000
136,893,000
8,959,000
National,
March
30,
1940; State,
March 30,
1940;
companies, March 30, 1940.
Includes
6 (May
16,107,000
518,887,000
official reports:
per
deposits
in
foreign
14), $74,412,000;
c
branches
follows:
as
(May
a
$257,958,000;
25),
(June 6), $2,990,000; d (May 31), $67,713,000; cMay 15),
$20,421,000.
Total assets.
9,478,265,000 9,476,799,000 7,341,696,000
Liabilities—
THE
F. R. notes in actual circulation
*.
1,341,163,000 1,335,121,000 1,116,319,000
Deposits—Member bank reserve acc't.. 7,229,475,000
7,191,608,000 5,387,958,000
U. 8. Treasurer—General
account
77,328,000
230,354,000
105,373,000
Foreign bank...
161,218,000
110,680,000
154,606,000
Other deposits
409,878,000
241,037,000
421,358,000
LONDON
STOCK
EXCHANGE
Quotations of representative stocks
each
received by cable
as
day of the past week:
.
,
Sat.,
Total deposits
Deferred availability items
Other liabilities, Incl. accrued
Total liabilities.
Total liabilities and capital accounts..
total
reserve to deposit
F. R. note liabilities combined
35/7^
81/3
36/4>*
83/9
35/4H
82/6
35/1^
83/1)4
50,848,000
53,326,000
7,109,000
52,463,000
7,457,000
8,442,000
10,884,000
make
£43
£41
£41
£40
£40
£11H
£11M
£11&
32/6
26/3
£11H
30/-
LllH
33/9
26/-
34/4)4
25/9
De Beers
£4
Distillers Co
Electric & Musical Ind
Ford Ltd
HudsonsBayCo
Closed
Imp Tob of G B & I..
£4
54/6/16/4H
19/6
86/10J4
£4
£4
53/6/16/6
19/3
85/7)4
54/6
6/3
16/4)4
20/86/3
92.8%
91.0%
831,000
2,254.000
t "Other cash" does not include Federal reserve notes
or
a
bank's
own
£12
Rand Mines
£7)4
£7)4
£11^
69/4)4
£7)4
RtoTinto
92.7%
ad¬
£10
£10
£10 X
Rolls Royce
are
United Molasses
Vickers
West
68/1)4
£23
Witwatersrand
£4
52/6
6/3
16/7)4
19/85/£11^
67/6
52/6
6/6
16/9
19/3
88/1 J*
£12
67/6
£7)4
£10)4
£7)4
£10)4
65/-
65/7)4
£23
£23
58/156/10)4
6/3
6/3
19/3
19 /1)4
12/4)4
12/3
Swedish Match B
certificates given by the United States Treasury for the gold taken
from the Reserve banks when the dollar was, on Jan.
31, 1934. devalued from
100 cents to 59.06 cents, these certificates
being worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934
71/3
£23
Shell Transport
over
69/4J*
72/6
Royal Dutch Co
Federal
£12
69/4H
30/7>*
26/6
26/-
London Mid Ry
Metal Box
and
Industrial
Fri.,
Central Min& Invest..
Reserve bank notes.
These
June 7
36/6
84/4)4
Cable & W ord
9,478,265,000 9,476,799,000 7,341,696,000
vances
*
June 6
British Amer Tobacco.
51,039,000
828,000
to
Thurs.,
June 5
Courtaulds S & Co
51,039,000
53,326,000
7,109,000
10,900,000
Other capital accounts.
Commitments
Wed.,
June 4
Cons Goldflelds of S A.
Surplus (Section 7)
Surplus (Section 13-b).
of
Tues.,
June 3
Boots Pure Drugs
9,355,891,000 9,354,441,000 7,222,486,000
Capital Accounts—
Capital paid in
Ratio
Mon.,
June 1
7,877,899,000 7,872,945,000 5,970,029,000
135,359,000
134,326,000
144,887,000
dividends.
1,470,000
1,812,000
1,488,000
55/7)4
6/3
20/1)4
12/6
£23
55/6/3
20/1)4
12/4)4
56/3
6/3
20/10)4
12/6
■■
£2)4
Areas....
£2
£2)4
£2)4
£2
;
Weekly Return of the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of
These
and liabilities of the reporting member banks in 101
resources
figures
are
always
he Federal Reserve
a
System
obtained.
we
Commencing with the statement of May 19, 1937, various changes
an
are
The comments of the Board of Governors of
the figures for the latest week.appear in our department of "Current Events and Discussions"
also give the figures of New York and Chicago reporting member banks for a week later.
upon
mmediately preceding which
described in
leading cities from which weekly returns
week behind those for the Reserve banks themselves.
were made
announcement of the Federal Reserve Bank of New York of
in the breakdown of loans as reported in this statement, which were
April 20, 1937,
as
follows:
The changes in the report form are confined to the classification of loans and discounts.
amounts of
ecurities.
This classification has been changed primarily to show the
(1) commercial, industrial and agricultural loan?, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York
City and those
located
futside New York City.
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
market" under the revised caption "open market paper," instead of in "all other loans," as formerly.
Subsequent to the above announcement, it was made known that the new Items "commercial, industrial and agricultural loans" and "other loans,*
cial paper
bought in
open
would each be segregated as "on securities" and "otherwise secured and unsecured."
A more detailed explanation of the revisions was published in the
May 29, 1937, issue of the "Chronicle," page 3590.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES BY DISTRICTS ON MAY
29, 1940 (In Millions of Dollars)
Federal Reserve Districts—
Total
Boston
ASSETS
$
$
Loans and Investments—total
New York
Phila.
$
$
>
$
$
Atlanta
Chicago
St. Louis
$
Cleveland Richmond
$
$
Minntap. Kan. City
$
$
Dallas
San Fran.
%
$
23,524
1,191
10,074
1,176
1,894
697
627
3,295
729
399
691
522
8,475
4,367
618
3,145
447
703
271
306
946
328
189
302
266
954
299
1,771
209
271
122
156
573
185
95
178
176
332
Open market paper
322
70
111
30
7
11
3
39
10
4
22
2
13
Loans to brokers and dealers in securs.
478
16
355
24
20
3
5
32
4
1
4
3
11
Other loans for purchasing or carrying
securities
481
18
211
32
31
15
11
75
13
7
10
13
45
169
42
32
118
53
22
385
78
98
109
61
Loans—total
Commercial, Indus, and agrlcul. loans
Real estate loans
Loans to banks
Treasury bills
197
50
46
1
39
1
1
133
461
101
204
29
11
2
1
V
t» «* <» -»
1
71
59
49
168
627
bonds
Obligations guar, by U. S. Govt
Other securities
Reserve with Federal Reserve Bank..
Cash in vault
14
290
2
221
40
17
27
1,926
Treasury notes
United States
81
1,189
1,592
Other loans
2,229
38
1,005
31
157
143
35
289
32
29
68
40
59
6,528
343
2,808
323
612
163
113
1,036
144
114
87
84
701
2,399
48
1,350
91
124
53
65
267
68
22
69
47
195
11
F5
3,569
130
1,476
284
287
67
106
536
117
45
148
58
315
11,203
544
6,624
500
647
187
149
1,487
199
100
191
139
436
488
142
103
20
45
22
13
73
12
7
15
11
25
168
231
234
345
247
239
636
161
121
290
299
314
72
538
83
98
39
51
82
22
17
24
30
249
20,287
1,230
10,103
1,041
1,380
515
432
2,805
396
297
530
481
1,077
5,312
235
1,040
262
746
202
192
967
191
116
145
136
1,080
581
14
71
53
47
34
44
134
17
5
24
31
107
8,431
351
3,788
421
458
306
303
1,241
418
157
403
260
325
Balances with domestic banks
3,285
Other assets—net
1,305
Y
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
Other liabilities
Capital accounts
707
19
648
5
1
1
1
9
1
1
739
21
299
15
17
37
12
21
7
8
3
4
295
3,747
246
1,621
216
380
97
95
396
94
59
106
88
349
2
1
20
mm
m
The Commercial & Financial Chronicle
3614
June 8, 1940
Weekly Returns of the Board of Governors of the Federal Reserve System
The
.
following
issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, June 6,
was
showing the condition of the 12 Reserve banks at the close of business
The first table presents the results
Wednesday.
on
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
for the System as a
Reserve agents
returns
The comments of the Board of Governors of the Federal Reserve
and the Federal Reserve banks.
System
upon
the
for the latest week appear in our department of "Current Events and Discussions."
CLOSE OF BUSINESS JUNE 5, 1940
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE
June
phers (000) Omitted
5,
May 29,
%
May 22,
May 15.
1940
1940
May 1,
May 8,
1940
1940
1940
$
S
,
1940
April
10,
1940
* v
$
%
*
I
I
Apr. 17,
1940
Apr. 24,
1940
June 7,
1939
$
ASSETS
Gold ctfs. on hand arid due from U. S. Treas.x.
17,053,492
10,490
348,578
16,935,473
16,378,477
10,288,976
16,161,074
9,140
389,625
9.275
379,962
387,927
8,672
385,310
13,391,719
9,273
349,876
16,832,580
16,777,242
16.686,178
16,555.056
13,750,868
16,442,978
9,640
9,021
359,026
9,089
378,611
9,087
366,076
17,303,520
17,224,087
17,079,675
16,872,140
1,760
1,303
1,093
1,234
680
742
621
1,332
2,142
2,053
2,047
2,782
Total reserves
16,496,977
1,4.50
Other cash *
16,691,975
17,412,560
Redemption fund (Federal Reserve notes)-—-
16,841,976
7,737
374,374
3,063
2,327
2,822
2,795
~9~088
"9", 161
~tf,232
"9,292
1,346,995
1,130,125
1,346,995
1,130,125
1,346,995
1,130,125
1,344,845
1,129,225
Bills discounted:
Secured
S. Government obligations,
by U.
direct and fully guaranteed
Other bills discounted
Total bills discounted-.-
—
443
632
366
1,929
1,831
1,727
1,808
1,659
2,668
2,372
2,463
2,093
3,467
T.296
"V.333
"9",918
"9,852
9^875
12,429
1,337,495
1,129,225
1,337,495
1,129,225
1,337,495
1,129,225
1,337,495
1,129,225
1.337,495
1,129,225
911,090
1,176,109
vr
561
Bills bought in open market
Industrial advances
—
United States Government securities, direct and
guaranteed:
Bonds------—-————————
Notes--————————————
Bills
S.
Total U.
476,816
—
-
Govt, securities,
direct and
2,477,120
Foreign loans
2,477,120
2,477,120
2,474,070
2,466,720
2,466,720
2,466,720
2,466,720
2,466.720
2,564,015
2,488,990
guaranteed
Other securities
2,489,344
2,488,679
2,486,184
2,478,811
2,478,721
2,479,010
2,479,035
2,478,688
2,580,472
_
gold-
on
Total bills and securities
Gqld held abroad
Due from foreign banks. J-
47
47
47
"""47
47
47
47
47
18,871
673,347
41,511
64,396
19,262
21,255
22,197
19,461
599.213
21,751
688,329
22,113
637,292
21,377
664,147
638,721
41,555
63,561
41,595
62,465
41,553
41,536
41.533
41,621
61,760
60,293
59,524
59.145
20,554,581
20,502,397
20,478,598
20,074,237
20,122,485
20,017,899
—
Federal Reserve notes of other banks
Uncollected items
Bank premises
Other assets
-
—
Total assets
20,699,722
788.124
47
161
22,146
19,612
763,669
592.220
579,855
41,625
58,082
41,612
59,572
42,453
56,990
20.048,097
19,749.341
17,030,411
*
LIABILITIES
5,065,239
Deposits—Member banks'
5,038,386
4,984,611
4,968,735
4,954,783
4,945,500
4,918,503
4,931,115
4,923,425
4,476,310
13,386,697
13,215,148
377,749
440,086
509,464
13,222,502
13,093,674
12,883,034
12,574,727
590.460
10,052,643
370,008
12,757,391
512,521
384,229
377,569
632,339
5,277
Federal Reserve notes in actual circulation
424.634
12,877,017
512,185
449,854
400,930
360.819
12,869,916
490,106
357,212
484,761
476,886
441,280
435,912
376,402
396,295
14,542,447
615,189
14,527,125
14,396,124
14,191,301
14,153,146
14,125,705
632.653
756,205
570,750
667,041
616,461
5,181
4,728
4,500
4,484
4,064
4,566
20,346,189
20,201,203
20,149,117
20,125,564
19,721,318
19,769,751
136,165
151,720
26,839
38,809
136,151
136,108
136,117
151,720
151,720
26,839
38,367
26,839
38,668
136,127
151,720
26,839
38,594
38,243
136,113
151,720
26,839
38,062
20,699,722
20,554,581
20,502,397
20.478,598
20,074,237
20,122,485
88.4%
88.4%
88.3%
8,828
8,852
8,883
88.2%
8,933
88.1%
8,965
88.1%
9,225
1,814
2,081
1,386
1,801
969
927
149
206
167
250
1,137
1,059
51
196
208
196
197
190
224
1,198
61-90 days bills discounted.
132
136
171
212
190
189
161
142
229
111
Over 90 days bills discounted
491
432
407
362
309
269
255
219
180
428
2,782
3,063
2,327
2,822
2,795
2,668
2,372
2,s63
2,093
3,467
reserve
account
United States Treasurer—General account--
308,135
454,181
494,321
Foreign banks
Other deposits
Total deposits
14,643,334
—.■■-
Deferred availability items
------------
Other liabilities, incl. accrued dividends
Total liabilities
—
CAPITAL
Capital paid in
Other capital accounts
Total liabilities and Capital accounts
reserves to
—
'
309,600
360,319
320,441
14,031,710
728,857
13,898,308
3,902
4,415
11,617,648
584,207
6,827
19,665,235
19,695,584
19,396,958
16,684,992
136.125
136,132
151,720
37,822
136,127
151.720
26,839
37.697
134,953
151,720
26,839
37,980
20,017,899
20,048,097
19,749,341
17,030,411
88.1%
88.0%
88 0%
8,725
8,805
8,790
85.4%
11,473
858
523
2,492
105
233
161
1,139
928
275
570,810
151,720
26,839
26,839
149,152
27,264
34,050
deposits and Federal
Reserve note liabilities combined--
Commitments to make industrial advances.-,
934,964
372 802
ACCOUNTS
Surplus (Section 7)
Surplus (Section 13-b)
Ratio of total
469,974
^
|
:V,V-
Maturity Distribution of Bills and
Short-Term Securities—
•
1-15 days bills discounted-16-30 days bills discounted
31-60 days bills discounted
/
707
■
'
Total bills discounted.
1-15 days bills bought
16-30 days bills bought
31-60 days bills bought
31-90 days bills bought
in open market
In open market
In open market
_
56
252
::::::
in open market
253
Over 90 days bills bought in open market
Total bills bought In open market
1-15 days industrial advances
16-30 days industrial advances
561
~
"
—-
"1,623
1,609
"l",572
"T.590
"l",437
"l",447
1,426
"1,242
1,333
145
142
79
86
77
84
61
227
628
893
634
622
742
737
244
286
271
188
85
31-60 days industrial advances.
61-90 days industrial advances
Over 90 days industrial advances
"V,561
588
875
897
916
916
646
629
689
781
166
9,250
5,899
Total industrial advances
U. S. Govt, securities, direct and guaranteed:
1-15 days
5,946
5.962
5,983
5,967
6.929
7,472
7,405
7,437
9,088
9,161
9,232
9,292
9,296
9,333
9,918
9,852
9,875
1.052
12,429
69,693
16-30 days
63,798
137,405
31-60 days
61-90 days
Over 90 days
170,495
__
2,477",120
2,477", 120
2,477", 120
2,474~070
2,466,720
2.466" 720
2,466,720
2,466,720
2,466,720
2,122,624
2,477,120
2,477,120
2,477,120
2,474,070
2^466,720
2,466.720
2,466,720
2,466,720
2,468,720
2,564,015
5,367,189
5,349,723
5,296,011
5.251,464
327,276
301,484
5.245.738
327,235
5,239.294
311,337
5,275,419
320,636
5,246,984
301,950
5,318.607
333,996
308.179
328,039
4,750,019
273,709
5,065,239
5,038,386
4,984,611
4,968.735
4,954,783
4,945,500
4,918,503
4,931,115
4,923,425
4,476,310
5,455,500
5,455,500
5,420,500
1,171
5,374,509
5.375.500
5,375,500
5,368.500
4,869,500
2,307
5,430,500
1,657
5,375,500
2,028
1,170
1,059
719
794
471
3,367
5,437.157
5,421,671
5.376.670
5.375.559
5,376,219
5.376,294
5,368,971
4,872,867
Total U. 8. Government securities, direct
and guaranteed
Total
other securities
i
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.
on
By eligible
hand and due from U. 8. Treas...
paper
United States Government securities.
Total collateral
*
"Other cash"
5,457,528
does
not
include
Federal
Reserve
notes.
5,457,807'
'
x These are certificates given by the United States
Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100 cents to 59.06
31, 1934, these certificates being worth le33 to the extent of the difference, the difference itself having been appropriated as profit by the Treasury under
provisions of the Gold Reserve Act of 1934.
cents on Jan.
Volume
The Commercial & Financial Chronicle
150
3615
Weekly Returns of the Board of Governors of the Federal Reserve System (
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12
Three
Ciphers
Federal Reserve Agent at—
Total
certificates
$
hand
on
and
Cleveland Richmond
PhUa.
New York
Boston
ASSETS
Gold
FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JUNE 5,
Atlanta
17,053,492
Redemption fund—Fed. Res. notes..
$
.
Total reserves
17,412,500
852
615
851
102,598
2,179
29,478
348,578
24,963
23,490
428,891
1,781
20,209
917,732 1,102,744
450,881
976,535 8,547,401
335,192 2,703,548
Secured by U. S. Govt, obligations,
direct and guaranteed.
Other bills discounted..
1,450
$
188
1,178
78
59
232,780
344,538
369
454
511
549
228
16,382
6,296
17,698
13,792
353,328 2,752,281
431,547
266,902
362,464
974,446
1,385
27,020
716
48,279
70
83
260,057
60
13
414,054
247,288 1,003,457
23
130
119
64
279
81
310
164
160
39
287
160
318
119
38
9,088
1,163
2,010
2,588
350
912
267
330
60
163
102
475
668
1,346,995
1,130,125
98,199
82,387
404,247
107,604
137,752
62.096
51,742
33,987
52,098
51,835
43,490
110,197
115,574
147,369
123,644
40,510
90,279
56,851
47,699
61,672
339,160
68,663
57,610
2,477,120
180,586
743,407
197,883
253,326
126,273
104,550
271,013
113,414
74,497
114,194
95,325
202,652
2,488,990
181,832
746,595
200,549
253,735
127,315
104,936
271,407
113,034
74,824
114,606
96,118
203,439
U. S. Govt, securities, direct & guar.
Bonds...
Notes
Govt,
92,455
securities
direct and guaranteed
Total bills and securities
Due from foreign banks
Fed. Res. notes of other banks
47
3
18
5
4
2
2
6
1
1
1
4
18,871
673,347
534
962
1,539
2,442
2,072
508
73,497
33,687
17,379
29,861
41,511
2,866
9,820
4,520
5,486
2,016
2,321
1,384
4,366
18,484
5,371
7,140
2,630
6,666
2,798
1,971
3,165
2,857
30,852
1,147
2,781
2,839
35,088
64,396
62,743
2,513
3,701
1,990
32,628
1,238
50,047
2,970
90,294
3,362
411
62,690
1,366
154,581
20,699,722 1,228,826 9,478,265 1,179,186 1,444,145
649,597
498,671 3,126,986
584,919
302,871
514,192
U ncollected items
premises
Other
990
2,782
Industrial advances.
70
1,332
Total bills discounted..
Bank
San Fran.
17,767
Bills discounted:
8.
Dallas
$.
892,154 1,078,403
944,878 8,443,951
10,490
Other cash *
U.
St. Louis Minneap. Kan. City
Chicago
due
from United States Treasury..
Total
194°
(000) Omitted
assets...
;___!
Total assets.
See
a
2,911
5,628
378,698 1,253,360
LIABILITIES
F. R. notes in actual circulation
5,065,239
415,642 1,341,163
352,194
458,871
222,831
163,682 1,105,868
193,651
142,538
185,218
79,564
404,019
13,386,697
678,461 7,229,475
657,833
27,563
810,102
312,611
309,645
162,302
259,598
219,815
704,341
21,901
42,274
14,856
249,848 1,792,008
20,425
35,721
18,808
16,969
20,179
24,258
19,546
13,182
33,228
7,335
2,886
433
13,837
2,747
Deposits:
Member bank
reserve account
U. 8. Treasurer—General account.
308,135
Foreign banks
454,181
Other
494,321
deposits
Total deposits.
14,643,334
Deferred availability items
Other liabilities, incl. accrued divs...
77,328
10,916
32,456
6,392
409,878
44,547
15,664
728,225 7,877,899
745,607
881,612
54,547
13,637
4,834
5,953
19,211
10,000
5,511
293,645 1,887,708
349.899
161,218
348,043
197,084
290,182
256,378
787,052
15,909
7,463
25,225
632,339
135,359
47,725
69,886
61,352
28,287
87,839
32,095
13,891
28,076
31,289
36.579
518
1,470
773
534
172
194
540
147
166
268
181
314
20,346,189 1,204,346 9,355,891 1,146,299 1,410,903
Total liabilities.
59,961
5,277
634,254
485,808 3,081,955
573,936
353,677
503,744
4,378
3,613
367,412 1,227,984
CAPITAL ACCOUNTS
Capital paid in____
26,839
10,405
2,874
38,809
1,869
11,917
14,198
14,000
5,276
4,632
13,659
4,137
14,323
5,247
5,725
4,393
1,007
3,246
713
22,824
1,429
4,709
7,109
9,332
151,720
51,039
53,326
10,900
136,165
___■_
Surplus (°ection 7)
Surplus (Section 13-b).____
Other capital accounts
2,379
3,912
1,574
1,793
7,119
1,599
2,957
3,152
1,001
2,084
498,671 3,126,980
584,919
362,871
514,192
378,698 1,253,366
175
56
167
3,740
Total liabilities and capital accounts 20,699,722 1,228,826 9,478,265 1,179,186
Commitments to make Indus, advs...
8,828
322
828
1,139'
*
"Other cash" does not include Federal Reserve notes,
1,444,145
1,177
.
649,597
691
Less than $500.
a
18
4,124
10,714
3,974
1,266
10 224
1,142
1,315
1,922
2,343
2.121
\
RESERVE
FEDERAL
515
538
NOTE
STATEMENT
Three Ciphers (000) Omitted
Federal Reserve Bank of—
Boston
New York
$
$
Cleveland Richmond
Phila.
S
Total
Atlanta
Chicago
St. Louis
$
S
$
Dallas
Minneap. Kan. City
San Fran.
'
Federal
Reserve notes:
$
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank___.
In actual circulation
Collateral
held
$
.
•■■p
%
$
$
$
5,367,189
301,950
430,770 1,432,080
369,526
482,885
238,477
24,014
15,646
203,373
9,722
195,020
17,332
177,413 1,149,333
13,731
43,406
146,850
90,917
4,314
9,802
86,329
6,765
455,133
61,114
5,065,239
415,642 1,341,163
352,194
458,871
222,831
163,682 1,105,868
193,651
142,536
185,218
79,564
404,019
5,455,500
------
by Agent
:v.::
440,000 1,455,000
375,000
484,000
250,000
180,000 1,160,000
209,000
148,500
200,000
90,000
464,000
105
164
310
209,105
148,664
200,310
90,000
464,000
15,128
security
as
for notes Issued to hanks:
Gold
certificates
and
hand
on
due
from United States Treasury
Eligible paper
Total collateral---
quoted
5,457,528
.
-
United States
Rates
83
1,178
58
440,083 1,456,178
375,058
2,028
130
484,000
THE
Treasury Bills—Friday, June 7
for discount at purchase.
are
180,000 1,160,000
250,130
each
Bid
PARIS
Asked
Asked
Bid
12 1940..
June
19 1940
June 26
July
1940
3 1940._______
July
10 1940____.
July
17 1940
24 1940__
July
July
0.12%
0.12%
0.12%
0.12%
0.12%
0.12%
0.12%
_
m
mm
mm
m'mmJm
m
mm
mm
mm
Sept.
0.12%
Canal deSuez cap.
one
15 1940.
Mar. 15 1941.
June
845
818
405
400
400
405
__i
12,850
12,060
12,115
12,250
12,900
548
490
592
485
1,465
1,430
1,375
1,310
53
52
49
49
_
15 1941
101.1
15 1943
1H%
103.20
101.11
101.13
y»%
101.11
Dec.
1H%
101.11
101.13
101.14
Mar. 15 1944.__
1%
100.14
100.16
101.28
June
99.14
99.16
102.27
102.29
Sept. 15 1944...
H%
1%
H%
100.12
100.14
104.2
104.4
15 1943
103.18
1
__
101.26
1H%
2%
280
Courrleres
-
-
—
15 1944...
Mar. 15 1945-..
-----
98.29
98.31
Below
are
the
daily closing
stocks and bonds listed
508
525
518
1,435
1,438
1,435
585
563
560
550
540
as
Exchange
compiled by Dow, Jones & Co.:
642
••••
604
603
1,345
1,311
1,315
1,290
1,308
26
—
825
790
755
26
26
1,895
1,780
1.795
-
-
-
1,775
70.25
70 05
70.05
69.90
70.60
_
1.775
-
5%, 1920
81.80
80.75
80.00
80.60
80.50
106.80
4
105.80
106.10
105.50
105.80
1,520
1,450
1,920
1,440
53
52
'
2,063
1,600
Saint GobainC&C
Schneider <fc Cle.—
'mr
m'm
'
m
mmrnm
1,550
56
'■
mm
mm
•
1,175
1,153
1,100
680
674
670
52
1,048
1,045
684
''
38
Tubize Artificial Silk pref-
mmrn
m
'
■
---_
40
414
-
405
397
401
408
34
Union d'Electriclte
34
31
30
33
Wagon-Llts
*
Not official closing prices.
Bond»
Stocks
10
THE
10
30
20
15
Total
10
First
Second
10
Rail¬
utm-
65
Indus¬
Grade
Grade
Utili¬
40
trials
roads
lies
Stocks
trials
Rails
Rails
ties
Bonds
BERLIN
STOCK
EXCHANGE
Total
Indus¬
Date
Closed
679
--■—
Societe Marseillaise
of representative
averages
129
127
60
531
Orleans Ry.
Soclete Lyonnalse--..-
the New York Stock
on
252
152
1,475
549
Societe Generale Fonclere
Stock and Bond Averages
4
630
265
1,497
—
L'Air
LIqulde..
(6%)
Pathe Capital..—
Pechlney
Rentes, Perpetual 3%
500
635
••••
130
132
_—
mmmm
491
525
6*0
281
— —
510
1,328
*
641
534
657
Coty 8 A
Citroen B
Kuhlmann
Asked
101.12
1H%
Sept.15 1942.__
15 1942.
June
Bid
101.9
__
___
Mar. 15 1942
101.3
__
Energle Electriaue du Littoral._
Rate
Maturity
850
845
421
Credit Ly onnais —
Dec.
100
iy3%
__
151941
Dec.
__
32ds of
Int.
Asked
7,160
870
Credit Comrre-clal de France.--
Int.
15 1940.
more
or
7,040
7,035
7,175
Comptoir Nationale d'Escompte
Figures after decimal point represent
point.
Dec.
France
Cle Distr d' Electrlcite.
June 7
June
June 0
Francs
Banaue de PUnlon Parlslenne--
mmmmm
Bid
June 5
Francs
Bank de Paris et Des Pays Bas.
Quotations for United States Treasury Notes—Friday,
Rate
June 4
* Francs
7,450
Cle Generale Transatlantlque
Maturity
June 3
Francs
Banaue de France
Cle General d'Electrlcite.,;
a
Thurs.
Wed.,
Tues.,
Mon.,
June 1
Francs
0.12%
0.12%
0.12%
0.12%
0.12%
4 1940.
Sat.,
May 31
31 1940.
Aug.
7 1940.
Aug. 15 1940.
Aug. 21 1940.
Aug. 28 1940.
'
mm m
received by cable
as
clay of the past week:
Frl.,
June
BOURSE
Quotations of representative stocks
Closing prices of representative stocks as received by cable
each day
of the past week:
June
June
5
6
7
149
149
June 7
115.67
23.91
18.50
38.49
104.33
87.36
38.01
105.86
83.89
June
June
June 6
114.48
23.09
18.24
37.91
104.16
87.00
37.69
105.64
83.62
1
3
June 5—
113.25
22.94
18.10
37.54
104.22
87.00
37.72
105.62
83.64
Percent
June 4—
115.79
23.35
18.66
38.39
104.14
86.98
38.36
105.58
83.77
149
Allegemeine
114.73
23.15
18.62
38.07
103.55
86.89
38.05
105.42
83.48
Berliner Kraft u. Licht
June 1__
115.67
23.05
18.87
38.32
103.46
87.00
38.01
105.44
83.48
Commerz Bank
United
States
York Stock
Government
Securities
Exchange—See following
on
the
New
page.
(8%)
(6%)
Deutsche Bank (6%)..—
Deutsche Reichsbahn (German RyB.
Dresdner Bank (6%)
--i
Farbenindustrie I. G. (8%)
—-
Transactions
at
the
New
York
Stock
Daily, Weekly and Yearly—See page 3631.
Exchange.
Reichsbank (new shares)
Siemens & Halske
(8%)
(0%)
Vereinigte Stahlwerke
——
4
June
of Par
148
149
—-187
—119
-126
7%)
127
-——-117
189
—--113
...244
186
119
127
127
118
189
113
242
184
183
113
113
113
113
241
243
243
244
-.122
121
120
121
122
122
EIektrizltaets-Gesellschaft(6%)148
June 3__
June
_.
186
119
120
120
127
127
127
127
127
127
120
127
118
119
119
119
188
189
191
191
127
June 8, 1940
3616
Exchange
New York Stock
Stock and Bond Sales
DAILY, WEEKLY AND YEARLY
Pages—Page One
Occupying Altogether Sixteen
NOTICE—Cash and deferred delivery sales are disregarded
taken of such sales In computing the range for the year.
————==========
United States Government Securities
Below
we
June 5
June 4
June 3
June 1
Bond Prices
June 6
High
117.8
117.8
117.4
117.8
117.6
117.4
117.8
117.4
117.7
Close
"mmmm
'mmmm
8
111.23
111.23
2
Total sales In $1,000 units...
'High
m
m
.
.
mmmm
111.23
Total sales in $1,000 units...
111.23
111.23
1
1
mm
m
Total sales in
mmmm'
111.24
mmmm
111.24
^(Low.
>.
3
..
.
.
.
103.1
'mmmm
1
102.29
mmmm
1
mmmm
107.16
mmmm
107.16
mmmm
(Close
....
107.16
(High
P,'
■ "■»
.'
(Close
mmmm
mmmm
•
-
I ClOSG
107". 17
107.15
107.17
107.17
107.15
103.9
103.12
•-
[■:''■■.'■
.
""■■'/'mmm'm
mmmm
108.2
2s, 1948-50
mmmm
108.3
108.3
108.4
108.2
108.2
108.3
108.2
108.2
1
11
"mmmm
\!-m
108.28
108.24
108.23
108.28
108.24
mmmm
mmmm
101.13
■m.mrnm
....
102.31
'■mmmm
...-
102.31
mmmm
....
1
.....
101.16
4
....
105.26
mm
m
2
1
rn+mm
'% 'm
■
101.17
101.16
rn'm
'
■
m m m
.
101.16
'
m m mm
1
....
•
'
■
mm.m
mmmm
mmmm
mmmm
105.26
"mmmm
105.26
mmmm
1
Low.
Close
'
"mmmm
'
High
3fl, 1944-49..
9
mmmm
mm m m
Low.
109
mmmm
m mm
m
.mmmm
'
Close
....
mmmm
mmmm
I-.--
''mmmm
■
....
mmmm-
'mmmm
105.23
105.29
'mmmm
105.23
105.29
mmmm
105.21
105.23
105.29
'
105.21
105.21
*4
'
■
■mmmm
m —
^
1
1
y.mmmm
'
mm
103.28
; ' "mmmm
103.28
:
High
.
....
•
—
...
5
107.21
.
(High
Low.
m
^
m
^
....
107.25
...
mm
107.21
107.23
107.21
107.22
107.21
107.25
107.23
107.22
41
7
I
22
105
105.1
105.5
105
105.1
Low.
104.30
105.2
104.29
104.31
104.30
105
.
.
.
104.29
105.2
5
83
3
units...
106.21
106.26
106.23
106.23
sales'Jn $1,000 units..
3
1
mm
mmmm
mmmm
■
mm
mm mm
5
'
inA$l,000 units...
mmmm
(High
....
.
l^s, 1945-47
10*5*36
105.30
mmmm
104.28
104.28
'■"mmmm
104.28
105
104.28
104.28
105
3
mmmm
Total sales in $1,000 units...
2
''mmmm
(High
103.27
Low.
103.27
•
2
mmmm
Note—The
103.26
103.31
mm
103.26
103.29
103.26
103.29
2
'm*m
'
mmmm
inty 1,000 units...
1
(High
103.24
103"23
103.19
103.17
Low.
103.24
103.20
103.19
103.17
103.24
103.20
103.19
103.17
*1
61
2
.
.
.
■
Treas. 434s, 1947-52..117.2
1
Treas. 314s, 1943-47.. 107.10 to
Treas. 3>4s, 1944-46.. 107.30 to
....
....
':mmmm
....
■;;V
105.7
.....
....
105.7
.
''"mmmm
•
....
1
mmmm
...
rn m m
103.2
103.6
103.3
103.2
103.6
6
1
2
1
103.6
103.2
103.3
103.1
100.5
100.7
100.10
'mmmm
100.5
100.7
100.10
mmm m
100.5
100.7
100.10 .V
'
$ Cash sale.
of
includes only sales
registered bonds were:
1
to 117.2
....
2
10
table
above
....
....
....
mmmm
t Deferred delivery sale.
Transactions in
■
....
.
....
1
1
1
1
Total sales in $1,000 units...
mmmm
mmmm
'■'mmmm
mm mm
''m'mmm
Treas. 214s,
1
Treas. 234s,
coupon
194547.. 106.20 to 106.20
1949-53.. 103.3 to 103.3
5
mmmm
v
.mmmm
bonds.
■
mmmm
103.3
'm'mmm
Low.
2
mmmm
mmmm
103.27
(Close
mmmm
Odd lot sales,
IO5"""
104.28
104.24
104.24
mmmm
m
...
....
'
104.24
mmmm
.
....
Close
m
''mmm-'rn
103.1
Total sales in $1,000 units
'
Low.
■
....
-
103.1
■mmmm
:
'
105.30
.
1
3
V
Close
mmmm
1
105.7
....
High
mmmm
nil
105.27
105.7
....
Total sales in $1,000 units
mmmm
105.27
Close
....
•>'-
105.7
105.7
105.6
.
-
'
1
105.27
Low
(High
-
Low.
2^8, 1942-44
.
14
105.6
[High
3
106.24
mmmm
103.10
105.6
-
Total sales in $1,000 units...
106.24
106.21
mm
'
mmmm
•
....
Close
105.3
2
106.24
106.21
.
mm mm
'
mm
105.1
88
103.10
....
.'mmmm
Low.
3s, series A, 1944-52....
mmmm
103.10
mmmm
mmm
High
Home Owners' Loan
105.3
Low
-.m
Total sales in $1,000 units...
105.5
105
mmmm.
mmmm
107.27
1
..
mmmm
1
mmmm
Close
107.27
m
'
mmmm
103.28
mmmm
'^mmm
m
m
[.'v.
'
Low.
2Jis. 1942-47
m
107128
107.22
(High
(High
'
'■
1
....
.
107.24
■
[High
mm
'■mm
'
■
Total sales in $1,000 units..
Close
108.8
mmm*
Low.
■
Total sales in $1,000 units
108.8
...
mm
-
108.8*
1
1
108.6
...
3s, 1942-47.
I 1
1 II II I
108.6*
Low.
Total sales in $1,000 units...
214s, 1958-63....
102.31
101.13
m
Total sales in $1,000 units
109
108.6
•
....
101.13
■•'
Total sales in $1,000 units
(High
•
1
....
mmmm
Total sales in $1,000 units...
■
25
■■mmmm
'''mmmm
[High
3^s, 1944-64
6
Low.
i
101.17
101.12
2
'mmmm
mmmm
.
rnm m
—
-
'
109
mm
mmmm
(High
■
101.12
101.14
'
1
\-zm'm
108.24
108.28
2
mmmm
Total sales in $1,000 units...
214s, 1955-60
101.14
mmmm
mmmm
.
Close
Federal Farm Mortgage
108.3
17
108.24
1
mmmm
108.23
3s, 1951-55........
1
101.17
'
mmmm
108.2
108.4
•
103.9
101.12
mmmm
Total sales in $1,000 units...
108.3
334s, 1949-52.....".
30
....
mmmm
.
Low.
1
108.3
Low.
mmmm.
''mmmm
'mm'mm
High
107.17
1
108.7
314s, 1946-49
Total sales
103.9
'mmmm
....
75
mmmm
Total sales in $1,000 units...
107.17
107.21
4
1
1
108.3
214s, 1956-59
■rn'i^mm
103.12
—
m
mm m
Low.
2s, 1947
107.17
Low
214s, 1951-54
mm
;/ ':mmm'm
Close
107.21
108.3
(High
Total sales
103.12
'
107.21
107.17
mmmm
Total sales in $1,000 units...
~
m
m'-m
;
mmmm
108.3
314s, 1944-46
214s, 1948-51
51
'
(High
Total
31
m
•
'1
Close
J
107". 17
107.17
"mmmm
Total sales in $1,000 units..
103.12
'
.
.
mm^m
....
101.14
mmmm
103.21
..
107". 17
.
103.12
103.6
....
High
mmmm
.
".■*
Total sales in $1,000 unils...
103.21
(High
.{Low.
....
103.10
mmmm
mm'mm
Low.
2tfs, 1951-53
"%
103.12
103.4
'
Close
....
'"mmmm
....
103.6
m mm m
\Ammmm
103". 21
....
Total sales in $1,000 units...
4
mmmm
mm
-,m mmm
■:
Low.
.—
1
■mmmm
■
Total sales in $1,000 units—
J.
1 Low.
mm
....
103.7
'High
IIII
"±mmm
'
103.10
....
"■'
'mmmm
....
mmmm
.'
mmmm
mm
mmmm
mmmm
mmmm
'.mmmm
$1,000 units...
High
2Hs. 1950-52
9
....
....
....
105.18
'
Total sales in
1
....
....
"
105.18
-
"
■
Close
102.29
1
-
mrn'mm
mmmm
Low.
2Ks, 1949-53
102.29
102.29
5
-
-
mmmm
'
102.29
103.1
-JLow.
214s, 1945-47
Low.
■mmm^
mmmm
.
105.18
'■'mmmm
-
100.13
102.27
2
mmmm
■
(High
110.13
102.29
mmmm
.
.....
$1,000 units...
KM) J 3
100.14
mmmm
1
Total sales in $1,000 units
Total sales inJ1,000
....
mmmm
....
Close
2)4s. 1948
100.14
mmmm
■
102.27
.
....
(High
3s, 1946-48
5
....
mmmm
Total sales in $1,000 units...
102.27
Low.
Total sales in $1,000 units.
,
28
Close
mmmm
mmmm
102.27
'
■
2
[High
lob". 14
100.15
m .
Total sales in $1,000 units...
3148, 1943-45
105
Low.
Total sales in
7
100.15
31^8, 1941
6
2HB. 1945
1
....
lob". 15
Low.
3^8, 1943-47
$1,000 unils...
6
111.21
Q
Z%B, 1941-43
103.24
111.24
...-
Total sales in $1,000 units...
SViB, 1940-43.
103.17
103.20
mm m —
.
103.25
103.20
103.25
High
111.21
mmmm
^mrnm
'
■
mmmm
103.25
103.25
Close
•
111.21
mmmm
m
.
103.20
103.21
Low.
2^8, 1960-65
mmmm-
'mmmm'
2
mmmm
103.25
103.17
103.22
103.20
'
[High
3Jis, 1946-56
1
rnrnmm
■
111.23
....
'mmmm
Low.
4s, 1944-54
\
■'
103.21
103.22
103.25
rHlgh
Treaiury
117.7
117.6
103.24
June 7
June 6
June 5
June 4
June 3
June 1
Bond Prices
Daily Record of U. S.
June 7
117.7
Low-
1947-52
4
daily record of the transactions in Treasury, Home
a
Corporation bonds on
Treasu ry
Exchange
the New York Stock
on
Owners' Loan and Federal Farm Mortgage
the New York Stock Exchange during the current week.
furnish
Dally Record of U. S.
No
they are the only transactions of the day,
In the day's range, unless
account Is
107.10
107.30
mmmm
United States Treasury
<
..
..
Bills—See previous page.
&c.—See previous page.
United States Treasury Notes,
mmmm
New York Stock Record
AND
HIGH
SALE
PRICES—PER
Sales
NEW YORK STOCK
the
NOT PER CENT
SHARE,
STOCKS
for
LOW
Monday
Tuesday
Wednesday
Thursday
Friday
June 1
June 3
June 4
June 5
June 6
June 7
$ per share
$ per share
$ per share
54
54
$ per share
$ per share
$ per share
Range Since Jan. 1
Shares
On Basis of
Week
*5312
54
*115
*52%
141
31
31
♦115
*3758
434
3834
17
17%
*13%
38%
5
14
39
*3g
*50
37%
*30%
*3734
484
*1638
434
478
13%
...
4%
91#
lg
*6%
*5%
784
18%
*5
6
*7%
1834
9%
193a
13%
38%
16%
*13%
38
%
*50
478
81«
6!
17
*%
47g
6%
*115
30%
38
I
53%
141
30%
37%
*%
141
16%
13%
38%
»
*50
484
714
*5
*7%
19
"7% "7%
142
142
142
*9
11
*9
*7
11
*10%
5%
*55%
25%
*11'4
*1%
1034
10%
5%
58
26
*55%
10%
5%
58
12
1%
*9
10S4
*40
4034
*13%
53
634
41
*
14
533s
684
41
5
*9
10%
*1%
*9%
40%
1%
1034
40%
*40%
14
*133s
*9%
53
678
39
5278
6%
*37%
6
%
5%
*5
*7
8%
1634
*7
19%
72
7%
141% 142
11
*9
10
10%
10
1038
5
25
11%
138
10%
40%
14
53
678
39
53
700
53
*115
141
32%
36%
*30
32%
38
13
13
38
38%
58
....
%
58
2,100
%
28,200
6%
6%
5%
6%
6%
1,600
*5
57g
8%
*734
8%
""160
19%
6,500
H40
*9
10%
5
*55%
1834
*52
10%
....
7%
7%
13934 142
*9
11
""560
2,500
11
5
11
T,o66
5
*10%
5
3,100
58
*55%
24
24%
237g
24%
z2434
2434
~4~605
11%
11%
11%
11%
11%
700
1%
1%
11%
138
1%
200
10%
40%
*9
10%
41
41
*1%
11
*9
40
40%
40%
13%
50%
6%
133s
51%
14
*1%
15
5034
5034
6%
*35
6%
39
6%
*35
39
52
6%
*35
a
~i"66o
1
Allied Mills Co Inc
No par
Allied Stores Corp
No par
preferred
100
Allls-Chalmers Mfg
No par
Alpha Portland Cem..No par
Amalgam Leather Co Ino
6% conv preferred
Amerada Corp
No
Am Agrlo Chem (Del)..No
700
Am
6%
1.000
American
Def. delivery,
100
Allied Chemlca A Dye.No par
Allied Kid Co
6
3,200
20
war.
Allen Industries Inc
15%
39
10
No par
5)4% pf A without war. 100
$2.50 pnor conv pref.Ne par
Alghnj Lud 8t' Corp__A% par
AllegA West Ry 6% gtd-.lOO
53%
*14%
t In receivership,
10
Alaska Juneau Gold Mln
Allegheny Corp
5)4 % Di A with $30
5%
58
♦9
Corp
Air Redueslon Ino.....No par
Alabama & Vicksburg Ry.100
4%
%
7%
140%
Express.....
Air Way El Appliance..No par
*50
18%
May 22
Address-Muitgr
3,300
Adams
A-rilnes
Bank Note..
n New stock,
r Cash sale,
Apr
9
Jan
27% Apr
19% Jan
1% Jan 8
14% Jan 3
12% Jan 4
17% Apr 8
26%May 10
73% Mar 21
7
May 21
15%May 21
Feb 19
72
7
June
1
77
7
Mar 26
Jan
8
1234 Apr 16
Apr 9
May 28
182
8%May 15
10 June
5
14
136
4%May 21
May 28
55
2184May 22
11%June
9%May
38%May
12% May
4134 Jan
10
Apr
33%
4
6 May 21
4% May 21
3gJune
1
par
53
120
68% Jan
7g Mar 11
50
par
5
May 16
13
...
6%May
50
39
z
Ex-dlv.
June
v
7
15
28
28
22
12
23
3
Jan 26
16% Apr 23
9% Jan 2
Mar
27%
Jan
Sept
68
Jan
2
Sept
634 Aug
20% Sept
Feb
4% Sept
18
8
June
14
Apr
23% 8ept
28% Jan
69
Sept
11% Oct
62
May
6%
Apr
151% Apr
10
Apr
9% Apr
6
4
9
28
Jan
Apr
Apr
Apr
12% Apr
1% June
12
60
Aug
Apr
58% Apr
5
21
Jan
4
16
Apr
75
Apr 15
26
June
Ex-rlght.
1% 8ept
10
Jan
3
68
68
16
9
Oct
11% Sept
Feb
417g
Jan
56%
6% Dec
% July
54%
1234 Apr
49% No«
25
8
50
71% Sept
149% Sept
Apr
31% Mar
6% Aug
19
Sept
15% Sept
45% Apr
*4 Jan
737gMay
2% Jan 9
18
Apr 22
Highest
share $ per share
~
Feb
46% Apr
52% Apr
3634May 21
3gMay 23
60 May 21
4 May 21
l%May
Inc..........10
0% Deferred..
l6%June
$ per
70% Feb 14
147
May 22
30
4% May 28
43g
*7
110
$ per share
34%May 25
»i«
*52
100
25
4%
*7%
17%
No par
..No par
No par
Adams-MUllLs ........No par
2,400
438
*5
4)4% conv Dref
Abraham 4 Straus
Acme 8teel Co
$ per share
50 May 21
400
17
13%
377s
*U
Abbott Laboratories
Lowest
Highest
Lowest
Par
Year 1939
100-Mar# Lots
500
5%
*16%
17
400
38
47g
5
40
»u
8%
19%
*50
54
141
*%
*50
4%
6%
534
Bid and asked prices; no sales on this day.
37%
%
478
138
67S
*13-
*55%
11%
39
*16%
13
5
24%
51%
16%
58
11%
4%
38
5
2434
36%
13
16%
*56
24
*30
37%
*%
43s
7%
5384
*115
30%
3634
478
*50
141% 143
*1138
*133s
478
484
*6%
534
734
19%
142
53%
141
30%
3634
%
434
5g
678
*50
"7
53
*115
32%
38%
478
Range for Previous
EXCHANGE
Saturday
9% Sept
46%
Dec
Sept
200% Sept
14% Sept
15% Sept
11% Jan
71
Aug
48%
Jan
I97g
Jan
3% Sept
21
Sept
74% Sept
24% Sept
47
Dec
17*4
Jan
60
Jan
T CaUed for redemption.
Volume
LOW
AND
New York Stock
150
HIGH
SALE
PRICES—PER
SHARE,
Record—Continued—Page
CENT
NOT PER
Sales
8TOCKS
NEW YORK STOCK
for
Saturday
Monday
Tuesday
Wednesday
Friday
Thursday
the
2
Range Since Jan, 1
On Basis of
June 3
June 4
June 5
June 6
June 7
Week
$ per share
$ per share
5 per share
$ per share
$ per share
$ per share
Shares
6%
578
6*4
31
31
305g 30%
*
128*4 131*2 *128*4 12934
*91
92
91*4
92
*161
166
2234
41
1534
*162
23
41
16
2H2
*3884
a:15*2
100*4 100*4 2:100*4
*112
114% 115
*
9
*
6
*1*2
*534
6
*434
9
*76*2
5*4
9
9*8
7834
134
*76*2
*1*2
6*2
*1*2
*3*s
1*4
15
434
*3*a
1*4
1*8
12*2
278
15
*2%
13
3*4
13
26*4
3*4
11*2
2534
3%
26*4
3%
6%
11*2
2534
1134
28
*22
28
50*4
178
*50
50*4
24
*19
3%
3l2
2634
*23%
50
2
*134
3%
12
26%
3%
33g
*49
*18*2
5%
534
31%
*5%
10%
24%
3%
3*2
2778
*23%
50
49
I
11
25%
3%
27
10%
24
*134
2%
! *1834
3%
21%
*19%
3
3*2
*35
37*2
*35
37%
*35
*42
49
*44
49
*45
49
44
*40
10%
*2*4
11%
43
1034
212
11%
2*4
*41
1078
*2
2*4
1478
1178
1034
39%
10%
43
1034
11
*2
2*2
1434
15
15
*14
*80
115
*80
115
*80
115
*21
23
21
21
*20%
2*2
2278
2%
*2*2
44%
44*2
37%
38
44*4
36%
5*8
5*8
5%
*.1— 150
1078
11
*55i2
734
7*4
24
3478
—
7*4
24*4
36*8
54
37
54
141
37%
5%
5
5%
150
*.—
*56%
7%
*7%
,
8%
7*4
24*4
24
|
*139
141
*139
2034
11 "
1034
*1034
11%'
1078
*11
13%
11%
13
11%
*12%
13
13
*74
76
75
77
*12
13
*73%
*1134
*12%
13
149% 150
*70*2 72*4
*73
74%
149% 150
7034
7034
73
73%
139*2 *136
138
4%
*30
*
3%
684
3%
6*2
89
*75
71
I
77
24
136
634
29%
3034
4%
I
*30
40
*30
38
2:20%
21%
28
20%
*24%
*13%
*23%
14%
14
*107
110
,*107
*10
13
*10
2%'
*2
*2334
*9734
4*8
*38%
*
*23*2
9834| *98
4
4%
41
38
*
95
•
*6*2
*4*8
*75
4%
*2
2434
24*4
4%
4%
102
*75
4%
74*2'
4%
*60 "•
*50*2
6434!
*50%
*32
33
*83
84%'
*60
14%
*42%
10%
*9
107
12
*10
4
25
7
*1%
4
4
102
4%
*4%
5
74%
64%
*60
73
*51%
33
33
*32
6434
~
34%
14%
*83%
*1334
84
14
14%
14%
44
*41
44
41%
I
10%
10%
105
7
*101
7
44
67
115
4%
14%
*2%
*13%
5%
13%
3%
3%
*9%
10%
*4
4%'
21%
734
54
*53
139
139
*139
21%
1034
11%
1384
*10*2
11
*11
11%
,
313
6%'
6%
84%
*76
734
34
7%
31%
'
5%
434
38
*30
20
2034
24%
*21%
*13%
14
108
1,200
1,025
35%
7,400
124
4
4%
2%
15
5%
14
3%
4
8
8
*37
40
9%
20%
8%
9%
4% I
20%
8%
7
43%
54
100
30
22%
7,700
10*2
1,000
i
13
76
200
I
73
73
1,400
a:138
74
138
139
500
3%
3
6%'
6%
*75
7%
33
88%
7%
3234
5
j
5
38
I
*30
2034
23
14%
20%
*21%
13%
*23
25
24%
f
*97
*35%
24%
*6%
24%
7%
*6%
4341
*384
484
*334
I
4%'
*75
4%
1384
25
102
*75
|
5%
68%
6434
32
*4%
*60
*52
*49%
24%
70
*112
17%
*16%
*7
50
24%
72%
115
1734
17%
73g
*14%
*11%
153s
*60
69
1534
200
8%
*9%
8%
1078
1978
104% *101
I
25%'
7%
434
102
*8%
20
105
17
9,000
1,100
~
2*666
100
"166
110
3,500
400
1,300
102
500
102
400
100
7
7
43%'
*43
44
*43
7%
44%
67
*58
60
*58
67
I
31
*10
3,200
300
*113
115
*16%
18
*16%
11434 11434
17%
7
*16
17%
7
7
18
""166
100
20
13,000
16,400
4,400
26%
18
49%
50
*25%
27
115
15
*11
14
60
60
60
60
*113% 115
16
6%
15%
*11
14
*50
62%
6%
*14%
*14%
16%
18
16%
*6%
*14%
7
16
115
16
6%
*16
18
16
6%
7
*15%
14
*11
63
*55
Common class B
18
21
27
22
4
May 15
l084May
21
:
3% Aug
31*4 Apr
125
29
16
150
10
22
Apr
Sept
16% Aug
179
83%
100
25
61
Apr
Apr
21
12
28
60%May
6% Apr 23
24
38
21
25%
41*4
l%May
21
66% Apr
378 Apr
3
June
30
May
41% May
10
May
38
May
10
May
134May
6
45
67
Apr
27g Mar
14%
Jan
25
Aug
9
Sept
2234 Jan
13
41
Aug
Aug
147s Jan
3% Jan
11
Apr
Apr 24
2%
25
Mar 20
Mar 19
20%May 31
26
26
AncborHock Glass Corp. 12.50
$5 div pref
No par
Andes Copper Mining
A P W Paper Co Inc
...20
Armour A Co of Illinois
5
%Q conv prior pref
5
May
May
30%May
122
May
21
15
21
28
22
25
51%May
May
l9%May
9%May
11
May
12%May
139
75
21
22
18
28
AtlG A W1 88 Lines
1
5% preferred..........100
...25
Atlantio Refining
4% conv pref series A... 100
Atlas Corp
...........5
6% preferred-.....——.50
No par
5% conv preferred
100
A»tas Tack Corp -—No par
No par
$5 prior A
Ni, par
Aviation Corp. of Del (The)-3
Baldwin Looo Works vt c—13
Baltimore A Ohio.......-100
Conv 5%
preferred-.—-100
Asphalt Corp.......10
N« par
Brothers..
150
bH% preferred...—-50
BarnsdaH Oil Co...........5
Bayuk Cigars Ino.....No par
Beatrice Creamery......—25
.——100
preferred
No par
$5 preferred w w
preferred x-warrents.No par
—50
500
1,000
36,300
400
500
500
1,100
Beech-Nut Packing
20
5
Bendtx Aviation
Beneficial Indus Loan.-Ne par
Pr
21
21
28
21
25%May 21
2%May
5%May
84% May
6
May
4%May
38
May
18 May
20 May
12%May
107
8
June
22
16
21
21
21
4
May 21
May 16
June
6
13
7
39%May 21
9%May 22
8%June 6
9%June 5
18% May 21
102
June 24
7
May 7
43%June 5
57
May 23
115 May 22
4
May 21
1% Feb 7
10 May 21
4%May 15
12%May 23
234May 15
3%May 15
7%June 4
34
May 21
8%May 21
4
May 15
20 May 21
7%May 28
April
147
Apr 15
70
Feb
33%
20%May 21
May 15
18%May 21
9
Dec
Sept
25iz Aug
35% Apr
127% Sept
69% Apr
Jan
14% Apr 12
17% Jan
2338 Feb 23
May
3
534 Apr
12% Jan
8
4
101% Apr 15
144
Aug
July
41
8%
9
Apr
Apr
Apr
15%
76% Mar
1378 Deo
75%
Oct
Sept
4% Sept
8%
78
14%
18%
34
97%
18%
171%
87%
89%
153%
and asked prices; no sale
on
this day.
t In receivership,
a
Def. delivery,
n New stock,
r
Cash sale,
t
Jan
Dec
Jan
Jan
May
8%
Jan
14%
Jan
Apr
96
Aug
15% S
t
64*4 Sept
12
24
Apr
48
32
20*4
Apr
40
35
Apr
13%
Apr
647g Jan
27% Aug
Apr
41% Apr
22% Mar
112%May
1634 Apr
4% Apr
35%
110%
75g
64%
68
9
8
8
2
12
10
8*4
Apr
1%
Apr
4
Deo
Apr
37
Sept
May
106
Deo
21
97
Sept
33*4 Apr
60
60
Mar
65
31*4 Sept
7% Sept
6% Apr
68
Jan
13
Mar
4
11
Apr
4
9% Jan
4
10178 Apr 18
80
21
Sepl
Sept
Sept
Apr 20
4334 Apr
9
Apr
Feb 27
Apr 30
Apr 22
Apr 22
Jan 11
May
8
3% Aug
73
5%
70
Jan
Apr
Jan
8*4 Sept
Sept
10%
100
10%
78%
Jan
Oct
Dec
Jan
Oct
85
Jan 16
41
Apr
81
Oct
45
Mar 26
30
Apr
38
June
90
Jan
100
June
21
Sept
100% Mar
25% Jan
8
3
67% Apr 24
23% Jan 3
x49«4 Dec
15
Apr
22% Apr 20
22% Apr 20
27%May 7
5*4
9%
18%
104%
Aug
Aug
Sept
Apr
Apr
110
Jan 25
978Mar 19
61
Feb 14
80%May 13
124*4 Jan 10
4
4
32% Mar 4
8% Apr 15
8% Mar
5% Mar
197gMay 10
6%
Jan
8
2
Jan
7
43% Apr
50
116
42%
71
Jan
Mar
30% Jan
26*4 Sept
26
24%
Sept
Oct
110% June
9% July
48*8 Aug
Aug
71
Sept
June
127
Jan
4%
Apr
8
2
Apr
16
Nov
3%
9%
3%
4*4
11%
Aug
Aug
Aug
Sept
147S Jan
52% Jan
49
16% Apr
10% Aug
Dec
Deo
Sept
3% Jan
30% Jan
9% Nov
21% Sept
8*4 Jan
11% Sept
30% Jan
87% Jan
21% Jan
6
Apr
13
Jan
29% Mar
24%
Apr
33
Feb
13% Jan
11% Aug
1912
Jan
8*8 Jan
36'4 Apr 17
14
22
21
127
v
Oct
Sept
Sept
Apr
105
Ex-div.
Jan
July
Apr
32
97g
67%
36%
22%
56*4
39
15%
109%
Apr
17
Apr
98
Apr
Oct
7
April
27«4 Sept
Jan 24
104% Sept
26% Nov
1J6% Nov
28
9
Apr 2
Apr 9
Mar 13
Apr
Jan 18
Jan
3
8934May 10
125%May 10
34% Jan 5
22% Apr
11% Jan
23% Jan
18
Apr
80
Mar
Ex-rights.
July
107% Nov
May
7%
52
16%
Apr
Nov
Apr
32
17%
Apr
48%
Apr
Sept
56
50% June
99% Apr
100
32
Nov
128% Aug
9% Oct
73% Jan
33% oct
22% Deo
Dee
67% Mar
Sept
120% Sept
32% Oot
15%
Apr
14
Apr
24%
Apr
Oct
22
Deo
13%
Deo
17% Jas
36% Oct
23% Mar
35
Apr
57
8%
'S
Bid
Nov
69
153
I
•
Jan
Aug
28
21
15
15
21
14
20
46% Sept
Sept
63
4
27
23
22
Jan
Jan
80% Sept
15% Mar
3%
28%
103
28
Jan
8% Apr 10
45% Apr 22
105
27
22*4
Nov
12
Apr 23
52% Apr 23
3534 Apr 16
112% Apr 22
17%May 22
18%
Oct
140
115% Mar 12
May
May
29%May
102 May
7%May
6334 Feb
24% May
Feb
20% Aug
152%May
112
4
par
—5
Btoomlngdale Brothers-No par
Blumenthal A Co pref..... 100
Inc
64
10'4
Apr
132
55% Jan
par
60
151
21
par
6
June
22%May
63%May
l09%May
14 May
15 May
534May
l3%May
11
May
100
70
Apr
No par
7% preferred
Blgelow-Saaf Corp Ine.N*
Black A Decker Mfg CoN)
B law-Knox Co
No
3
1234 Mar 5
11% Feb 23
Jan
7
68% Nov
49
17% Jan
37% Apr 15
124% Mar
z26
162
Apr
8% Sept
Sept
117$ June
Jan
30% Jan
79% Jan
1534 Jan
5% Sept
40% Jan
28
Apr
4
Deo
3% Aug
140
4
73
6
Bethlehem Steel (Del)-No par
8
4
Mar
148
49%June
Best A Co
Jan
10% Jan
163
175% Mar 12
89% Apr 15
9134 Apr 9
pfd|2.50d v ser*38Ne par
Blias A Laughlin
30
Co
Beiding-Hemlnway
No par
Belgian Nat Ry* part pref
54
Apr
May 28
May 22
May 21
May 23
May 21
Atlantio Coast LAe RR—100
32
Feb 23
82
100
100
5% preferrred
8
Mar 13
June
5% preferred
21% Sept
3% Apr
18
32
Atch Topeka A Santa Fe..lQ0
7
5
93
69
Oct
Mar
May 28
145
Apr
22% Deo
112
5% Jan
63% Jan
ll%May 21
Assoc Investments Co.No par
4,200
1,700
6 I
June
5
22%May 21
6%May 22
3% May 22
96% Jan 12
4%May 22
7434 Apr 1
49%May 22
Barker
10,900
»
7
No par
7% preferred
100
Armstrong Cork Co
No par
Arnold Constable Corp .—6
Artloom Corp....
No par
7 % preferred
100
Associated Dry Goods..
1
6% 1st preferred
..100
7% 2d preferred
100
Beech Creek RR
I
May 20
23
70
300
1
140
8
Sept
Sept
43% Sept
63
3434May 21
28%May 21
484May 21
33
60
18
May 15
Jan
25% Nov
384 Sept
121
2
Jan
Apr
22
15
Jan
Sept
Apr
Jan
25
9ft
934
Sept
Sept
Apr 26
Apr 27
Apr 20
12%May
116
Aug
17i2 Sept
1%
Mar 29
6% Jan
23
31
132
30% Nov
Apr
5
10
35
Oct
25% Oct
115% Mar
Dec
Feb
2% Sept
12%
May 23
Oct
64
Feb
7% Jan
18
July
40%
Sept
24% Jan
Apr 22
116% Sept
11%
18%
86%
5%
6%
3%
4*4 May
17g
Aug
8%
28
136
100
Dec
Aug
5% Sept
6% Apr
9%May
23
May
3
May
23
May
45%May
100
10
May
9
5
Apr 18
Mar 25
Mar
Apr 16
Jan
Jan
Jan
8
57% Sept
140
109% Apr
934 Apr
8% Jan
Highest
( per share
Apr
30% Aug
13% Apr
Feb 23
15%
91%
3%
6%
2%
28%
share
per
:
Apr
13
I
2%May 21
.....25
Preferred
400
14
*55
No par
American Tobacco.......
Barber
16
*11
American Stove Co
300
16%
16
25
6% preferred
100
Amer Steel Foundries..No par
American Stores
...No par
1st
25%
69
71%
*113% 114%
I684
American Snuff
1,500
25%
67%
100
"l'eoo
27%
18%
*48
18%
49%
Preferred
900
200
26%
par
4% preferred-..—..—100
""366
18%
par
Bangor A Aroostook—.—-60
20
8
26
Ship Building Co-No
Amer Smelting A Refg.No
800
110
18%
49%
24%
American Seating Co-.No par
Amer
3,400
*734
27%
*16
18
48%May 21
American Safety Razor..18.50
Austin Nichols
8%
18%
49%
24%
66%
16
*1434
*1478
*784
25
16%
17%
21
23
23
100
conv prof
Atlas Powder
31
110
69
1
Jan
28
97%June 6
4
May 21
35 May 21
58% Jan 4
6,500
106
7134
5
21
ArmourACo(Del)pf7% gtdlOO
9%
*10
28
„
400
107g
20«4
*10
106
50
116% Jan
176% Jan
33%May
51*4 Jan
23% Jan
112% Apr
140%May
28
2
I "2300
14%
31
27%
18%
50
2434
70%
21
27
23
300
68%
6434
105
2634
18%
*49%
24%
68%
133
5
|
5
105
18%
24
Archer Daniels Midl'd.No par
100
47%
11
1
8%
"*200
I
*44
9%
1934
20
|
39
*10
27%
9%May
45*4 Jan
21
May
May
87
May
164
May
18
May
34
May
13% May
^May
100 May
-112
May
9
May
5%May
4% May
8
May
75%May
l%May
Lowest
share
28
1,100
84%
14%
10%
4J4%
Anaconda Copper Mining. .60
Anaconda W A Cable..No par
300
49
10%
19%
102
33
2634
18%
*49%
*2378
67%
5% Jan 13
g per
128
9%May 15
40*760
24%
106
27%
18%
Highest
share
25
$5 prior conv pref
32 ,
84%
10%
100
Amer Zlno Lead A Smelt...-1
13%
♦5
27%
18%
5,400
32
*83%
14%
j
Am Rad A Stand San'y.No par
American Roldng Mill
4,500
95
7%(
No par
$8 1st preferred.....No par
American Woolen
No par
4%'
4
'*
95
15 preferred
"8*966
109% *108
109%
*934
12%
*934
12
1
*1%
2%
*1%
2%
1*
24%'
8
100
Am Water Wks A Elec.No par
38
*101
*734
conv preferred..
1,300
21%
24 ,
31
8%
Amer Maoh A Metals
No par
Amer Metal Co Ltd...No par
6% preferred
Am Type Founders Ino
5%
*113
115
115% *113
115% *113
115
5
*4%
4%
*4%
*4%
434
484
2%
*2%
2%
*2%
2%
*2%
2%
15
*13%
16
*13%
15
14%
14%
5%
5%
5%
5%
5%
5%
584
14
13%
14
13%
14%
14%
1434
3%
3%
3%
3%
3%
3%
13%
3%
334
378
378
378
*3%
4
*3%
4 |
778
8
*7
8
*7
f7%
778
7%
*35%
40
35%
36
*35% 40
*35%
40 j
9%
9%
9
9
9%
9%
9%
9%'
*4%
4%
4%
4%
*4
4%
4% » 4%
21
21
t
*20% 28
*20%
28
*20%
28 j
8
8%
8
8
778
8%
8%
8%
*734
American Locometive_.No par
Preferred
100
Amer Maoh A Fd> Co-No par
4,200
3
6%
88%
734
3334
*4%
*2%
*13%
5%
13%
8
50
American Sugar Refining.. 100
800
110
*734
pref
Preferred
100
Am Sumatra Tobacco..No par
Amer Telep A Teleg Co—100
200
10,400
*5
734
conv
200
71%
*71
*102
734
Amer Internat Corp_._Ni»
par
Amer Invest Co of 111..No
1,200
13%
*11%
12%
14934 15134
25
25
25
24
25%
25
24%
2434
24%' *24% 2484
25%
*111% 11434 *111% II434 *111% 11434 *111% 11434 *111% 11434 *111% 11434
23
*23% 24%
23%
23%
23%
23%
23%
22%
22%
22%
2284
*106
105
*10534 108% *10534 112
*90
110
*92
107%
10534
110
*103
*103
105
105
103
103
*90
110
*90
103% 103%
110
:»r £
400
I
*107
11%
7
470
148%
12%
*72%
13%'
149% 150%
7034
7034
73%
8
7%
24 |
*11
4%
38 |
*58
6% conv preferred
60
American Heme Products
1
American Ice
No par
6% non cum pre!
100
Preferred
10%
22
13
17,500
>
2134
21%
76
1,100
2,300
5%
115
*113
8%
*53
10%
7
115
4%
|
10%
8%
9%
*58
*121
I
1078
*43
*113
40
3434
*44
7
*58
5%
35
*83%
65
7%
34*2
42%
43%
65
Amer Hawaiian S3 Co
10
American Hide A Leather... 1
6%
300
7%
4
*101
500
|
56%
*2334
42
105
734
*35%
19%
200
112
10%
24
42
7
44%
*58
2*2
15
*7
32
43%
*43
5
'*101
*7%
*60
8%
200
1,700
"9*866
24
*52
1078
1978
105
59
i
8%
"
3,200
IOS4
2*s
13%
x56%
*7%
59
6434'
|
No par
par
150
54
65
16 preferred
5%
10*8
10%
33%
83%
14 1
*9%
19%
10%
20%
*
10%
*52
84
4%
5*8
150
*32
83
13%
*10%
19%
I
4%i
37%
<z65
10%
11
*8%
4%
,*
4134
34%
9734
4%
...No par
$7 2d preferred A...Ne par
American News Co....No par
139
102
"^ioo
Power
Amer Power A Light..-No par
16 preferred
..No par
97%
*75
200
n
17 preferred
50
9834|
24%
*6%
*384
7
100
800
Amer & For
No par
No par
2,700
4
25%
500
European Sees
2%
4134
35%
122% *120% 125
95
American Crystal Sugar-.-. 10
6% 1st preferred
100
American Encaustic Tiling.._ 1
22%
98
35%
3,100
190
American Colortype Co-—.10
Am Comm'l Alcohol
Corp..20
Amer
T,306
conv preferred
2%
2%
"
23%'
*
6%
American Chicle
No par
Am Coal Co of
Allegh Co NJ25
*2034
23
4%
38
*75
4*8
*8%
734
*10
95
102
10%
*20%
13
2
3734
24%
7
11
*37
108
24%
9834
4%
20*4
*4%
*2%
*13%
5%
1334
3%
4%
8%
15
2
38
*934
7
;
*98
98%
19%
24%
*13%
28
23%
2%
24
20
*101
**30
90
300
Am Chain A Cable
Ino.Ne par
2%
39%
3334
39
73%'
4%
900
25
_
Preferred
100
American Car & Fdy__Ne
par
Preferred
100
21*2
33%
70%
107
95
24%
*6%
7
14
109%
*80
i
13
31
21%'
10*2
2%
13%
13%
76
7
I
5
1
112
#11%
3
7%
33
5
10%
2%
*7334
*76
300
1
Am Brake Shoe <fc
Fdy.No par
6 M% conv pref.
100
American Can
2%
5*8
7234
84%
H34
*4134
11%
41
I
6%
*75*2
6%
1
5J
40
136% 136%) 138
,
3%'
*3
300
200
49
12
43
1134
1134'
148% 150 I
73%'
136
600
American Bosch Core
21%
70
22
24
*1334
*74
I
1234'
71
73
434
5
|
13%'
6%
29
7
30%
11
14
20%
10*2
11%
1334
149% 151
3%
6%
89
139
21%'
*35
I *44%
*2
56%
7%
7%
24
3534
7
j
13%
2%
40%
35%I
11
7
3%
38
49
*80
22
148
23%
1,300
$ per
~"
56%
7*2
24*2
800
2,200
*134
*19%
3%
22%
10%
I
"9" 300
3%
27%
46*2
2%
23 ,
3%
46%
41
115
130
1,400
3,700
*35
11%
39%
10%
2%
13*2
1,400
2,000
11
|
26%
*44%
*11%
,
10*2
59
7%
40
21*2
24
5
*
,
11
141
2134
29*2
239
233
34
35% 36*2
36
36%
123
123
*122% 124 | 122
*52
*52
59 I *52
56
20%
1034
3*8
6%
*75*2
6%
I
150
1078
23%
11 1
*135
2%
44
36%
60
*7%
714
24
*21
2*2
44*4
< *56*s
*120% 12378
22%
2%
13%
*80
44
11
734
*139
2%
1078
j
60
*1334
I
2%'
*134
23
49
10%
50
*19%
3%
22*2
3%
37*2
*41
24
*47
50
2
*42
11*4
3%
1%
*33
12
2,000
3%
*23%
2534
3%
Lowest
*10%
25
10%
25
3%
37%
11*2
6
6
6%
31
31
31
33
33
32%
33
130
130
12934 12934 *129
130
12978 12978
91%
92
8934
90*2
89%
90*8
89
90
166
*162% 165
*162% 166
*162% 165
*162% 166
22
23
21
23%
22
2238
23%
21%
22%
40
>
40
40*2
39*2
40
38%
38%
*38
3978
15l2 *15%
16
15
15*2
15%
15%
15%
15%
100*4 *100% 105
*100
105
100»4 100% 100
100
*112
115
*112
116
11434
116%
115% 115% *112
9
*2
13
*1%
9
*2
9
9
9
6*2
*584
6%
*58,
6*2
6*8
6%
*584
6%
5
5
5
*484
5
484
434
*484
*484
9
9%
9*4
9%
9%
9%
9%
9%
9%
7834
76%
77
76*2
*76
77
76*2
76*2
*76
1«4
I84
134
1%
1%
1%
*1%
134
1%
6*2
*3%
6*2
6*2
*3%
*3%
6*2
*3%
6*2
*1
1*8
1%
1%
1%
1%
1%
1%
*1%
13
13%
14
11%
13
12%
12%
12%
12%
3
*284
3*4
*2*2
3
2%
2%
278
2%
*23
*134
6%
Range for Previous
Year 1939
100-Share Lou
EXCHANGE
June 1
6%
3617
Called for redemption.
Dee
HIGH SALE PRICES—PER
Saturday
Monday
Tuesday
June 1
June 3
June 4
June 5
$ per share
$ per share
$ per share
% per share
15*4
22%
*100
105
*53
57
21
*18
*1812
53
53
54
*18%
20
*18
17%
15%
27%
1%
27%
5
5
15%
1%
27%
5
9
15
1%
*26%
15%
1%
27%
17%
14%
5
5
1%
*1%
*27
28
5
5
27
9%
15
*4%
8%
15%
8%
9%
15%
1%
14%
8%
*29
*29
32
*29
30
30
30
*39
41
*39
40
39
39%
3
18%
20
19%
7%
99%
3%
17%
7%
20%
26%
*2%
7%
*6%
14
7%
2%
2%
2%
13%
8
2%
9
7%
26%
*20%
*13%
7%
21
*20
20%
13%
13%
3%
3%
27%
3%
3%
27%
3%
27%
23%
*27%
7%
99
3%
3%
25
24
24
3%
3%
25
25
3%
3%
3%
334
26%
20%
13%
20%
25%
20%
26%
20%
13%
26%
20%
*13%
9
*6%
3%
*13
13%
7%
7%
*2%
7%
7%
3,000
2%
2%
900
9
*6%
7
5
2%
*634
434
*17%
234
*7%
4%
4%
*4%
17%
17%
*17%
*2%
7%
17%
48
*10
13
100
*15%
16
16
16
1,500
*45
53
*45
53
53
12
12%
12%
13%
14%
14
36%
*32
*32
28%
28%
29%
*2
2%
2%
44
44
48
104% *100% 103
46
46%
45%
46%
22%
23%
22
23%
110
109% 110
/ 5%
5%
*40
55
19
111
5%
*18%
108
*105
28%
19
*43
1%
*105% 107%
*105% 108
2%
2%
*2%
*5
5%
*514
2%
6
*2%
5%
5
2%
.5
*3
3%
*3
3%
*3
3%
3
3
27%
*93% 102
26%
27
4
19
15
*101
103
101
*19
21
*19
*11%
*26
*3%
2612
4
4
17
*17
*15
19
16
4
*15
*15
19
101% *101
106
102
*19
21
*18
21
*12
13
*312
32%
32%
4
32%
85%
85
85
*3%
26%
21
*19%
12
*1034
*6%
6%
*6%
%
%
%
3i«
100
%6
3i«
318
%6
*%
*16
la
934
9%
*%
%
*9%
*23
*23
48
%
48
18
*%6
%
*%6
%
*%
%
8%
*%
%
*8
8
10
10
9%
10
3%
*23%
58%
8
10%
3
3
3%
*23%
55%
*8
25%
*23%
30
*23%
57
59
57%
10%
10%
89%
10%
10%
10%
*89%
90%
89%
89%
*45%
..
*45%
*2%
2%
2%
26
26
*
63
109
*108
26%
*
80
89%
~2%
*2%
*26
26%
108%
*
.
*4
%
56
30
57
57
10%
*10%
10%
90
*90
93
*2%
*45%
*2%
2%
25
25
25
*
63
29
80
*934
3%
*23%
56%
3%
30
90
30
*69
*8
8%
10
*—_
80
10%
%
8%
11
*2%
2%
26
63
2534
*.—
*
100
Cerro de Pasco
100
Copper.No par
1
Certain-teed Products
100
67, prior preferred
Chain Belt Co.
No par
—
_
Cham Pap & Fib Co 6% pf. 100
No par
Cab Mfg..
5
Preferred series A.
No par
25
100
_
{ChlcA East 111 Ry 6% pf.100
{Chic Great West 4% pf.,100
Chicago Mail Order Co
5
{Chic Mil St P & Pac..No par
$5 preferred100
{Chicago & North West'n.100
Preferred
100
Chicago Pneumat Tool-No
preferred
par
No par
Pr pf ($2.50) cum div No par
{Chic Rock Isl & Pacific
100
1,100
Childs Co
31
29
31
28%
29
30
30%
29
30%
29
29
27%
28%
23S
27
Chilf Copper Co
50
"""166
1,100
63
31
*._._
27%
27
30
137%
137% *135
137% *135
137% *135
*102
*102
103
105
102% 103
*102% 105
60
60
60
*55
60
*55
*55%
*54%
11
10%
10%
10%
10%
10%
10%
10%
19
19
18%
18%
19%
20%
19%
20%
*135
*108% 109
*108% 109
15
15
15
*2
3
*2
*2%
2%
*2
3%
17
17
*16%
4%
*70%
17
434
75
2%
2
*16%
17%
15
40
800
25
Chrysler Corp
City Ice & Fuel
5
*14
15
*2
3
2
2
2%
2%
2%
2%
2%
*13%
2
*2
3%
17
17
17%
17%
16%
4%
4%
4%
*70%
63%
*70%
4%
61
59
59
*57
65
72
72
72
72
72
72
*15
29%
*84
3%
16%
*13%
16%
29
99
34%
35
*92%
99
8%
9
33%
*94
8%
%
»16
47%
47%
%
*45%
26%
26%
26%
*
16%
29%
*95
*95
16%
16%
4%
17
71%
No par
3%
4%
28
30
13778
30
103
600
56
56
100
57
1078
10%
11%
*18%
19
19
19
16
15%
3
*1%
2%
*2%
15%
2%
3%
7,200
900
Colgate-Palmolive-Peet No
Collins & Alkmah
"""566
10
240
33%
34
33
97
97
97
*97
8%
%
46%
15
%
47
4434
46%
26%
26%
26%
26
26%
8%
this day.
83s
21%
Oct
29% Sept
27
Apr
47% Sept
8 534
Oct
95% June
138 Sept
1% Aug
4
9%
Apr
14
%
Apr
78'Sept
% June
1% Sept
138 Sept
Jan
Jan
%
Dec
%
% Jan
1% Jan
1434 Jan
3578 Jan
Dec
3% Sept
20% Jan
39% Sept
44
50% Nov
7g Sept
% Aug
91% Apr 8
14% Jan 26
6
Jan 80
4% Apr 26
40% Apr 18
6
Mar
114% Jan 10
43% Mar 8
10
Apr
4% Dec
Apr
41
53%
Apr
9
Apr
94% Oct
1478 May
Jan
97% June
79
46% Sept
34%
Oct
68
Feb
69
Feb
10678 Sept
115
Feb
May 21
Apr
39
Oct
74
May 16
80
Mar 28
69
Sept
78
Mar
48
Mar 26
42
Jan
..
41% Apr
1
4
20%
34% June
21% Apr
Dec
125
Sept
135
Mar
99%May 21
56 May 24
131
Mar 30
105
Sept
133
63
Feb 27
58
Jan
62% Dec
10%May 21
20
Feb 21
11%
20%
Apr
18
16%May 21
108
May 23
12%May 21
134May 15
May 17
May 22
2
35% Apr
8
112% Feb 10
24
May 10
434 Apr
534 Apr
5
Apr
4
4
4
100
11%
Apr
111% Dec
247g Sept
8% Sept
934 Sept
234 Aug
378 Sept
3% Aug
Apr
Apr
7,700
Columbia Gas & Elec..No par
71
71
*3%
*13
29%
*95
34%
4%
16%
29%
15
15
100
a;28%
29
4,800
99
*95
99
36
z34%
107%
8%
834
%
*97
x45
26%
*4
5% preferred
*97
8%
78
35%
107%
9
45
46
»18
46
26%
2678
27%
{In receivership,
a
100
9,100
13,000
1,900
24,500
Def. delivery.
100
No par
No par
$2.75 conv preferred.No par
71
May 29
3%May 21
1434May 24
10
28
May 21
100
99
May 15
Comm'l Invest Trust..No par
33
Commercial Credit
4 M 7o conv
"4", 500
v t c
v t c
4%May 22
67%May 28
59 June 3
$4.25
conv
preferred
pf ser '35.No par
97
May 21
June
4
8
May 21
No par
42
34May 22
May 21
Commonwealth Edison Co..25
26
May 21
Commercial Solvents..No par
Commonw'lth & Sou.-No par
$6 preferred series
n New stock.
r Cash
sale,
x Ex-dlv.
y
8% Sept
25% Dec
25% Dec
8
8
5%
Apr
9
Feb
74%
Jan
91
Mar
Jan 26
62%
Jan
83
Feb
Apr
96
Oct
15%
Jan
7% Apr
93% Apr
79
S8'4 Apr 4
8% Mar 15
73
23% Jan 29
15% Dec
6%
Dec
3
3834
108% Feb 21
56
Apr 8
98%
Oct
42
Apr
Jan
48
Apr
Mar
103a4 Sept
16% Apr
8% Aug
113
Oct
Apr
14
100
37%
Jan
Dec
Apr
26% Mar 12
67c preferred series A
Jan
38
Feb 14
4')% Apr
May 21
30
60%
142
16
300
45% May
25%May 22
25%May 21
May 22
131
14
16%
434
Oct
26
26% Mar 12
75
Mar
4%
Apr
May 21
4-%
58
15
16
16%
Sept
Apr
2%
100
*70
15% Sept
13% Jan
25
Columb Br'd Sys Inc cl A.2.50
Class B
2.50
458
Jan
1% Sept
9^ Mar
1,400
1,100
16%
178
% Aug
7% Apr
Jan
11% Mar 28
16% Apr 15
6% Mar 25
33% Apr 3
65
Aug
% June
Jan
84 Apr
Feb
Oct
Apr
%
%
Sept
4% Sept
30% Aug
10
Mar
50
30
Apr
Dec
3
Columbia Plot
8%
84
Aug
6%
17
Columbian Carbon
»18
%
Jan
z3%
17
300
47
Jan
Mar 23
Apr 3
Jan 8
Jan 16
Jan 3
Jan 24
12% Jan 4
29%
478
423s
97%
2%
2%
*2
500
34
17
3034 Apr 18
3
4%
107%
Dec
16%
59
16%
105
16%
16%
4%
*2
71%
99
Apr
2
59
29%
98
May
5% Aug
Sept
46%May 16
100
4% 1st preferred
4% 2d preferred
Oct
9
106
June
20
71%
*13%
28%
100
Colo Fuel & Iron Corp .No par
Colorado & Southern
100
71%
*95
par
No par
57c conv preferred
61
99
No par
67a
Jan
65
No par
Jan
13
Mar
....
3%
5%
22% Sept
May 21
Coca-Cola Co (The)
Class A
Apr
Apr
3%
3034 Sept
113% Aug
12% Sept
1434 sept
47%
24
Molybdenum..No par
384 June
64% Sept
30% Dec
I0»7g Aug
19% Jan
72% Mar
Sept
No par
Cluett Peabody & Co..No par
Preferred
100
Apr
2% Apr
103% 8ept
Sept
Sept
98
Climax
7
Oct
18%
Sept
4
94% Mar
122% Mar
18
*60
Clev Graph Bronze Co (The). 1
778 Aug
58
33
22
May 18
May 21
Apr
Sept
8512 July
8
May 15
108
Apr
x*3
3"3, Feb 15
21%May
2
6
Apr
13%
Sept
41% Jan 10
8% Feb 1">
89%May 31
*57%
29%
8%
4,900
2,900
103
*55%
10%
*14%
*1%
2%
24%May 14
53%May 28
10%May 21
38%
84
Jan
8
Jan
45
*70
3%
34%
*131
8
Apr
6%
41% Sept
5278
5
CCC & St Louis Ry 5% pf-100
Clev El Ilium $4.50 pf.No par
110
Jan
Jan
June
96
100
61
3%
Bid and asked prices; ao sales on
135
102%
*i«May
3% Sept
10% Sept
32
100
City Stores
Clark Equipment
71
71
3%
30%
3%
16%
*56%
4%
*3%
*14%
29%
99
3%
*2
15
70%
17%
72
*59%
135
102
%May 20
July
85% June
preferred
6
Clev & Pitts RR Co 7% gtd.50
80
*108% 109% *108% 109% *108% 109%
*108% 109
2%
27%
29%
27%
29%
May 22
41
2%May 21
No par
13% Apr
23s July
6312 Aug
I
Jan
Sept
53
47
3% Sept
Apr 16
City Investing Co
*108% 110
*30
313s
29
21
28
28
13
21
15
21
10
100
Special gtd 4% stock.....50
31
6%May
% Feb
% Feb
%May
%May
8%May
23%May
%May 21
778May 21
9 May 21
Chlckasha Cotton Oil
10%
30%May 28
,
Mar
17 78
30
Apr
4% May
Jan
6
Sept
9% Jan
2384 Mar
Dec
29% Sept
Jan
100
No par
500
lSlflOO
May 21
100
200
1,100
May 21
3
20
12
Apr
Apr
93% Jan 31
Jan
34% Mar
20% Dec
1834 Jan
7«4 Sept
36%
12% Feb 1
106%June 6
2%May 18
30
1784
20%
9%
July
3%
Jan
6% Sept
16% Nov
35
May
8
55% Jan
6% Nov
84 7g Nov
77
72
25% Nov
13% Jan
106% Aug
Apr
11% Aug
13% Apr
48% Mar
% Feb
47g Aug
13
21
21
Dec
Sept
Ap
7
3
114% Mar 9
57g Apr 5
1134May 10
a:8434June 6
%May 15
34May 28
Apr
25%
l%May 15
100%May 20
17%May 22
11 May 21
3%May 22
Apr
2% June
3
3
3
4
9
26% Apr 22
15%May 21
15 May 28
Apr
578
1878
56% Jan
35% Apr 29
Apr 8
5
22%May 24
3%May 22
June
1
6% Mar
May
4
Ribbon Mllls.No par
6% preferred
Chicago Yellow Cab
3%
30
58%
93
*90
Central Foundry Co
11
May 22
18
Apr
15% Aug
21% Apr
11% Apr
119
May 21
5
49%June
Apr
3
II884 Jan
May 21
20
Apr
Apr
Apr
75
105%May 22
Assoc.No par
Central Agulrre
77c preferred
80
*29%
30
*
400
*45%
108% *108% 109% *108% 112
30
80
30
*
3%
*23%
3%
30
*%
No par
Amer.No par
100
Celotex Corp...-.
.No par
5% preferred
100
4
3
50
Jan
Apr
Apr
29%
4
13»4 Dec
15% Dec
507g Dec
41
94%
3
Jan
30% Aug
7
22
22
Jan
Apr
10
Apr
3234May
3% Jan
39%May 23
102%June 4
42%May 15
100
Apr
45
May 24
2
Apr
Nov
6
75%June 3
22%May 21
7% prior preferred
$3 conv
*T16
103s
2%
26%
63
108
10
11
*45%
*45%
63
*108"
30%
30
*
3%
58%
59%
11
*8
8%
*9%
3%
30
300
200
48
*%
*1,
8%
*3
'
1,000
31
*41
*7I#
%
*7
*24t2
%
1
10
100
{Chesapeake Corp
2,000
''
48
*41
%
*%
9%
%
9%
3ia
31
*23
31
%
*%
%
%
%
9%
*41
31
*41
9
%
3i#
*38
9.%
3I6
*%
5
2%May 22
Preferred...------
Chesapeake & Ohio Ry
"""766
Mar
29%May 28
3%May 23
38%May 22
Case (J I) Co
7,000
200
*%
*%
316
16
%
1134May 21
36
Jan
31%
9%
19% Apr 18
23% A pr 3
40
Apr 17
6% Mar
40% Jan
May 21
25
4,200
3%
33
May 21
_
No par
Canadian Pacific Ry
Cannon Mills
Checker
2
4%May 21
11
Campbell W & C Fdy.-No par
Canada Dry Ginger Ale
6
Canada Sou Ry Co
109
Common
"""266
800
3I<!
31
50
%
*%
48
200
7%
*%
*41
530
Jan
1
1
Cop.-5
Preferred....
%
%
May 21
Century
*6 34
%6
May 21
51
Central Violeta Sugar Co
316
316
Calumet & Hecla Cons
9
14
50
5% preferred
Callahan Zinc Lead
100
"i,200
May 22
No par
California Packing
500
7%
7%
*%
6%May 22
200
30
1,500
21%
12
2%May 24
Feb
2
Apr
Nov
13%
7
39
Oct
734
Aug
7%
10
17%May 28
Jan
478 sept
3434
53
Apr
39
Mar
4%May 21
Dec
Aug
32
Aug
27
21% Jan
1212 Jan
5% Apr
13% Apr
7% Jan
23% Apr
4% Jan
1334 Jan
81% Jan
15% Jan
26% Feb
52% Mar
I7a Feb
8% Feb
5%May 21
dep7%pf-100
10
5% conv preferred
30
Butte Copper & Zinc
6
ByersCo (A M)
No par
Participating preferred-.100
Byron Jackson Co
No par
24
22
41
1%
33
Butler Bros
1
Central 111 Lt 4 H% pref.,100
{Central RR of New Jersey 100
173s
1
1%
%
*9%
*23
.500
1,000
1
*318
31
20
*%
%«
48
1,700
5%
85
1
1
Jan
63% Dec
157g
317g
11
12%May 22
7%May 22
2 May 21
Celanese Corp of
32%
1
Jan 19
Jan
28%
4134
Jan 5
Jan 5
Feb 17
Apr 29
6%
4434
6%
33%
3434
121% Dec
734 Aug
16% Apr
31
Apr
17%May 21
Burlington Mills Corp
1
Burroughs Add Mach __No par
Bush Terminal---
May 21
20
Caterpillar Tractor
3°0
*83%
1%
Bulova Watch
3,500
3%
32%
*3%
Bullard Co
May 23
3%May 22
No par
—No par
No par
9,800
8434
3%
Z8434
*%
*%
*6%
*%6
*24
50
z32
*6%
7%
%
*41
2,600
87
*%
*%
1
10
400
32%
*85
87
3
21
No par
100
Carpenter Steel Co
5
Carriers & General Corp.-;— 1
3%
3%
32%
6%May 23
97 May 28
Carolina Clinch & Ohio Ry 100
102
102
106
*19%
*10%
14%May 21
6
100
Jan
12% Jan
16% Jan
1834 Apr
1% Apr
19% Apr
5% Sept
37% Apr 30
29% Apr 6
10% Feb 9
111 May 7
May 21
27
No par
Balke-Collender_No par
Budd Wheel.—
Jan 15
13%May 21
Capital Admin class A
$3 preferred A
19
*15
Bruns
Jan
48
Gas—No par
Bucyrus-Erie Co
7% preferred
Budd (E G) Mfg
7% preferred
3
49
No par
1,700
4
4
17%
1% Jan 5
12% Jan 30
13% Jan 30
50
*93% 102
26%
26%
16%
6
Tr.No par
ctfs of dep.—No par
BklyD-Manb Transit--No par
$6 preferred series A-No par
Brooklyn Union
May 23
Aug
Sept
51
M ar 15
7
13%May 22
May 22
$6 pref
16
1334 Apr 29
2334 Apr 8
39% Feb 1
5334 Apr 5
334 Apr 11
19% Apr 8
24% Apr
107%May
63% Apr
25% Jan
May 21
38
I684
100% Sept
8
37%May
27
Brooklyn & Queens
Ctfs of deposit
May 22
8
Manufacturing-No par
& Stratton
No par
Briggs
Bristol-Myers Co
May 18
4%May 23
20
4%
39
80
3134
3%
32%
*85
*%
10
500
12
3%
11%
*%
*34
1%
"7", 100
31
50
50
19
*101
102
21
32%
1,200
5,100
12%
13%
3
5%
5%
4
16%
17%
*11%, 12
*83%
*%
*%
4,500
36%
3
*29%
*3%
*38%
*74%
50
*25%
3%
3%
17%
12%
3%
"2",206
30
*93% 102
*93% 102
*25
26%
*93% 102
15
3%
16%
17%
*32
1%
5%
19
19
19
2
2
2
106% 106% *10634 107%
*2%
23g
*2%
2%
5
5
*5%
6
*3
*3
3%
3%
2
*5%
*93% 102
80
50
*18%
*134
18%
18%
2
*2%
2%
4%
39
5%
5%
49%
5'%
49%
55
2
1%
1%
2
*3%
39
12%
13%
2%
30
*74%
29%
80
28%
5%
5%
*42
19%
19
30
4%
*3%
*74
75%
29%
2%
36%
2%
3
31
1%
5%
12%
13%
1,700
1,100
7%
Z29%
30
*2
2
2
2%
2%
2%
42%
42%
41%
44
44
41%
*41%
44
*100% 103
*100% 103
*100% 103
102% 103
44
44%
45%
45%
44% 45
45% 45%
23%
25
23%
23%
22%
23I4
22% 23%
110
111
110
112
110% 111
*110
114
55
*40
19
75%
29%
2%
76
75%
*32
13%
*39
*39
*39
90"
12
36%
234
31
4%
*3%
4%
*3%
4%
*39
12%
13%
*32
2%
31%
*31
30
30
1%
5%
13%
36%
2%
2%
2%
2%
30
1
5%
*11%
14
36%
1%
5%
400
18
2%
45
*10
13
1
12%
14%
45
5%
1%
5%
12
*8
"11700
16%
2%
7%
1
26
Boston & Maine
Bush Term Bldg
13
15%
*45
12
*934
500
13%
7%
16
14%
18
2,400
3,400
1,400
53
*45
*5,
'18
260
2%
53
1%
*7
2,300
3%
25%
334
27
21%
*10
16
5%
*%
50
10%
10%
1%
*9%
104
25%
*45
5%
*15%
1,900
21
14
7%
2%
16
16
1
4
T.200
7%
*43
5%
17
17%
7%
*99
5
1278May 21
17%June
Brown Shoe Co
30
17%
48
1%
27%
*27%
*43
5%
108
*27%
30
16%
16%
7%
7%
*99% 104
17
44
*10%
53
*105
33%
44
1%
*1%
1,200
43%
13
5%
5%
15%
43%
2%
16%
*103
*15
7
13
*44
15%
2%
*43%
*2
14%
*14%
7
*10%
"29"
"V.eoo
2%
17%
*3%
58%
7
18
2%
7%
50
*
*58%
3%
3%
10,200
110
60
7%
99
*100
110
*57%
16%
24
4
27
18%
*90
58%
7
*17%
2%
500
2,900
17%
*2%
4%
30
2%
19%
19%
7
4%
*45
2%
*17%
18%
17%
3
4%
16
2%
17%
18%
7
4%
7%
500
39
2%
4%
17%
2%
4%
*2%
30
17%
7%
*6%
9
*6%
400
2%
17%
3%
3%
24
3%
23%
Briggs
900
9%
16
39
39
1778May 28
Borg-Warner Corp
% per share $ per share
share
28% Apr 15
per
29%May 1
123% Jan 3
70% Mar 20
29% Apr 25
24% Mar 27
2578 Jan 3
234 Jan 4
5134May 22
Highest
Lowest
Highest
S
share
99
15
5,100
800
5
>
Class B
Borden Co (The)--—
4,900
200
17%
19%
108%
33%
99
99
104
*99
24%
*24
33 I *27%
17% *17
7%
7%
*27%
17%
7%
99%
3%
*28
5
No par
Ho par
A
Bon Ami class
per
l3%June 5
1934May 22
May 23
5
Boeing Airplane Co
Bolun Aluminum & Brass
--5
RR—---100
Bower Roller Bearing Co
5
Brewing Corp of America
3
Bridgeport Brass Co...No par
5,700
27
15
14%
*38
15%
1%
*434
8%
$
Par
Bond Stores Inc
"8JOO
18
27
29
100
57
21
*2%
19
19%
19%
109% *100
109% *100
58
58%
58%
59%
14%
14%
14%
14%
15 1
33
17
57
*19%
17%
14%
*1%
1%
27%
5
8%
14%
39
40
17%
18%
18%
15%
*27%
38%
2%
18
68%
60
15%
18
18
18
*100
108
*59
*2%
3%
*2%
3
18%
100% 100%
18
14%
a29
31
24,700
1,300
55%
*1%
*27%
*4%
8%
8%
15
14%
22%
22
21
17%
14%
15%
14%
14
14%
21%
100% 100%
17%
*1%
*100
14
21
19%
15%
9%
56
*18
Week
Shares
17%
17%
15%
15%
*53
June 7
$ per share
Range for Previous
Year 1939
On Basis of 100-Stars Lots
Lowest
June 6
100% 100%
101
_
EXCHANGE
the
Friday
$ per share
15
22%
13%
21%
101
i
18
*53
18%
16%
18%
*22
105
57
19%
*100
15%
22%
14%
15%
22%
14%
23
15%
Thursday
STOCK
NEW YORK
for
Wednesday
Range Since Jan. 1
STOCKS
Sales
SHARE, NOT PER CENT
LOW AND
*22
June 8, 1940
New York Stock Record—Continued—Page 3
3618
1% Apr
73% Jan
33
Ex-rights.
Apr
1% Dec
4534
Jan
x25%
Apr
30% Mar
57
Jan
109% Aug
60
Jan
110% June
16
2%
Sept
Feb
72% Aug
32% Dec
T Called for redemption.
Volume
LOW
New York Stock
150
AND
HIGH
SALE
PRICES—PER
NOT PER
SHARE,
Record—Continued—Page!
Sales
CENT
STOCKS
NEW YORK STOCK
for
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
June 1
June 3
June 4
June 5
June 6
June 7
$ per share
8 per share
3
3
$ per share
*3
15'4
*1018
$ per sTiare
*3
37g
1558
*3
15%
10%
$ per share
4
*15
15l2
10%
*634
10
2178
217g
*9
10
1018
*6%
20%
*8%
*62%
66
65
65
75
75
578
25
*7512
534
24is
80
534
2434
102
102i8 102%
*58
7,
*6
6%
»212
*58
3
6
6I4
*1%
6
178
3
1134
*714
778
13H
73
131«
73
|
35% 355s
*10634 107l2
*534
6I4
30% 31 I
3%'
|
8
101%
*%
7o
*5g
*57g
6%
57g
2%
.2%
6%
2%
57S
25
10234
%
3
6
6%
234
1378
*1%
278
*11
*93
9434
11%
11%
75s
734
*34
*71%
34
72
73%
3478
35
35
10634 10678
6
24
31
6
30%
3
i
1734
*2H2
3%
185s
2234
17%
2284
183s
1838
51 |
42 I
46%
17%
1784
17
50
42
50
*48%
52
j
42
4284
43
j
4534
4584
4%
h
1338
*8358
2434
170
45
45%
*161%
434
434
166
478
434
*Za
86
*24
25
22
2O84
40
*297g
*28
*2978
40
*414
21%
*2978
*28
37
*28
34
14
137g
8434
*24
*4%
4%
3%:
127g
13
1284
81
27%
7378
3
71
71
2
2
47g
7«
13%
414
414
*65i4
*10i4
67
11%
20
1934
2%
27%
*70%
43s
20%
40
*70
11%
1984
2%
11%
32
32
1934
2%
32%
65
1934
*75
82
*50
70
17
4%
15
4%
16%
*3%
4%
15
*14
4%
110
4%
,*108
1534
1534'
21%
21%"
16
934
27g
934
2%
*%
%
99%
13%
15%
21 %
*13%
15
4%
110
*108
15%
15%
*2%
31%
75g
23%
8%
25
110
14%
13%
834
284
*%
99%
137g
*56
82
*56
82
*10%
31%
*167g
11%
3134
*10%
*10%
12%
763g
12%
76%
11%
31%
1734
12%
12
12%
76%
137% 138
18
*17%
75%
77
37
534
18
140
18%
6%
10%
31%
1734
12%
6
*9%
118
*114
154
119% 119%
119
28% 28%
3%
37,
*127% 128
160
3534
*35
12%
5%
14
[
5%
13%
*56
*31
17
7434
155% 156
*112% 114
31
*14
99%
12%
*28%
%
82
6%
160
*56
11%
*10%
*31
16
11%
12
11334 11334
26% 2734
3%
3%
122
125%
160
26
12%
11%
24
23
*%
3%
2234
%
3%
24%
%
3%
23%
20%
27%
12%
%
3%
22%
20%
2034
20
20
20%
18
19
*25%
%
26
25%
*34
12%
%
334
23%
20%
25%
12%
257g
34
257g
25%
34
25%
*27%
*35%
28
28
39
*35%
6%
*58
26
27%
*11
12%
S18
12
17%
11
100
20
800
*2%
32
778
33
800
8
16%
8%
2434
16%
*3%
4%
15
*14
29
29
16%
4%
15
900
50
4%
14%
21%
16
14%
15
4,300
21%
213s
16
j
934'
9%
234
234
35%
5%
13%
66%
11%
31%
16%
40
1,500
60
300
66%
3%
124% 125
160
25%
*11
11%
%
3%
21%
18%
26%
900
*ie
33s
22
22
19
19
*25%
34
28%
35%
105
26%
84
28%
35%,
105
«
6%'
6
*60
72
*65
72
*67
85
*70
3
3
3
3
•
5%
57g
3084
31%
*%
%
*4%
*31%
19%
12%
32%
1934
5
*5%
31
5%
31%
%
*%
*4%
30
5
V*
B%
31
*%
*15%
*2%
*%
*10%
30
*10
11
30%
23
%
15%
*79
%
15%
29
82%
10%
29%
*10
?434
10%
34
30%
*3
534
"is
*%
4
32
31%
19
19
157g
*80
90
86
86
*83
*16
18
*15
19
19
*16
*%
30%
4
*15
1634
»X6
5%
297g
*%
*84
*18%
15%
18*4
82%
*3
534
3034
5%
*1%
*30
90
*79
3
29%
1
1%
1%
3%
5%
18%
*80
*15%
3
3%
*1%
*34
31
13
2%
1%
1%
5%
3134
4%
31
*19
2%
1
*%
*»i«
29%
18%
1434
31%
1984
13%
234
1
7i«
19%
147g
4%
31
*18%
13%
90
*
1
1%
*34
1%
1%
1334
2%
2%
%
•
4%
4%
2%
17
2%
15%
15%
15
16%
*2%
*%
*15%
80%
10%
79
79
*78
10%
10%
29
80%
10%
30%
29
2434
*10
2934
2434
*10%
29%
*10
%
%
%
3,800
*10
*4
800
700
1,000
200
30
3,300
100
1
700
1%
1%
3%
578
31%
200
""600
2,000
6,500
"le
5
"""80
9434
16%
9434
5,600
*85
17
*16
18
25
No par
Casting Co No
Dome Mines Ltd
par
__Nc par
Douglas Aircraft......No
par
Dow Chemical Co
No par
Dresser
Mfg Co..
No par
Dunhll
International
1
..No par
preferred
100
Du P de Nem (EI) 4 Co...20
84.50
preferred. .—No
par
Duquesne Light 5% 1st pf.100
Eastern Airlines Ino
...1
Eastern Rolling Mills
...5
5
80
May 22
June
6
3%May 22
l8%May 21
37
*18
22
21
21
21
Apr
95
Apr
9
5
97g Feb 21
82% Apr 5
110% Mar 25
1% Jan
10% Apr
4
4% Apr
8% Apr
2% Jan
4
4% Apr 29
18% Mar 2
104
Feb
Corp
5% preferred
Engineers Public Service
85 conv preferred....No
85)$ preferred
..No
86 preferred
No
3
50
100
1
par
par
par
Equitable Office Bldg..No par
JErie Railroad...—
100
4% 1st preferred
100
4% 2d preferred
...100
Eureka Vacuum Cleaner
5
Evans Products Co.........5
Ex-Cell-O Corp............3
Exchange Buffet Corp. No par
Fairbanks Co 8% pref
100
Fairbanks Morse A Co. No par
600
Federated Dept Stores .No par
4H% preferred—...100
Ferro Enamel corp.........1
Fidel Phen Fire Ins N Y.82.50
Filene's (Wm) Sons Co.No par
27g
11
30
2434
900
20
100
400
300
2,800
%
1
Jan
Apr
Jan 12
14%May
3
May
1334May
3%May
107%May
l3%May
21%June
15
21
22
22
23
22
70
61% Jan
150
7% Apr
1% Apr
24% Jan
%May
May
84
Mar
6
22
21
22
22
21
31
31
4
%May 15
%May 15
l%May
%May
27gMay
5 May
20% Jan
»i»May
3%May
29%June
l7%May
11
May
86
June
14
15
25
21
15
20
28
5
21
23
5
17
105
Jan
32% Feb
784 Jan
38%
Apr 2 V
17
Apr 22
29% Feb 24
4% Jan
51
May
4
4
11% Mar 8
32% Mar 14
92
Mar 29
60 May
22% Apr
6% Mar
17
Apr
8% Apr
113% Apr
10
30
7
27
4
12
237g Apr 9
28%May
116
20
177
5
38
Jan
110
Jan
8
8584 Apr
145, Apr
5
9
Feb 29
Bid and asked prices; no sales on this day.
t In receivership,
a
Del. delivery,
n
New stock,
r
Cash sale,
x
32% Aug
13
Apr
41% Jan
40% Feb
37% Mar
17% Dec
9
75
24%
Apr
Apr
Apr
Apr
27b Aug
Apr
48
Aug
9
Aug
3
26
Dec
Apr
4% Aug
19% Apr
73% Apr
45
Jan
13%
Apr
3% Aug
14% Sept
4% Apr
103
Sept
15% Apr
23
Apr
Apr
Deo
103
Apr
Sept
Apr
86*4 Sept
5% Aug
13*4 Sept
66
Sept
984 May
18
28
30
Mar
10
Apr
91
Aug
Nov
55% June
25
Sept
7
June
17%
10%
112*4
25%
27%
Sept
Deo
Oot
July
Mar
18% Dre
28
Oct
87s Sept
1% Jan
125% Oct
32% Jan
84% July
447i July
10% Nov
20% Mar
90
July
13% Nov
35%
22%
Jan
Jan
July
87*4 Nov
144% Deo
17% Deo
19% Jan
Apr 9
Apr 24
101%
Apr
6
Mar
10
Mar 30
6
Dec
10
Apr
108
Apr
Apr
Sept
116% Nov
188% Sept
124% Aug
111% Sept
12% Apr
384 July
138% Apr
155% Sept
15% Apr
15% Sept
118% Feb
317b Deo
13>i Jan 18
120
Jan 17
189% Apr
8
126%
126
4
112
Mar
II884 Jan 19
44%May
6% Jan
166*4 Jan
178
37
8
Jan
Apr
Jan
17%
1%
4184
18%
1
Jan
Apr 16
Apr 20
1*4 Jan
4
8% Jan
36% Jan
31*4 Jan
8
8
8
33%May
2
112
Mar 19
12% Jan
83
8
Jan
14
19% July
Aug
6%
3% Jan
40% Oct
18% Nov
3% Mar
Apr
12%
20% Apr
I884 Apr
23% Apr
41%
Jan
38
Feb
%
28
Sept
3% Sept
42«4 Nov
55
Sept
Apr
Jan
32% Aug
*103% Mar
7
111
Jan
97
Jan
69
7| Jan
89
95
Apr
84 Aug
1*4 Jan
1
3% Jan
1% Apr
Feb
1
Jan
8% Mar 11
102
Mar 27
Jan
Apr
20
Jan
3
4% Jan
1
Jan
40% Feb 14
22% Jan 5
5% Mar
13
Apr
14%
Apr
% Dec
3
49% Apr 8
31% Apr 18
18% Apr 3
Aug
6
25%
2%
87b
437,
38%
18%
2*4 Apr
24
20
11
81
29
2%
84
I884
82*4
17%
27%
16%
Ex-rights,
Aug
Aug
17b Sept
3
Sept
6
Sept
3% Sept
17b Sept
1% Apr
3% Sept
5
Jan
137b Aug
80% June
Apr
89
Jan
35
62% Apr
65% Apr
11% Apr 25
3484May 10
June
8% Sept
186% Jan
183% Feb
307b Oct
22% Apr
8% Apr
1% Sept
1«4 Jan 10
41% Jan 3
46
Apr 13
95
y
Jan
8% Sept
Sept
93
Sept
19% Sept
28% Deo
7% Sept
63% Sept
13% Nov
32% Nov
34
20% Sept
55
Deo
52% Sept
13
3% Sept
38
94
96
June
30
25
Ex-dlv.
Deo
2% July
Jan
67k Aug
20% Apr
33
Sept
%
Jan
171
61% Sept
67% Sept
Aug
Apr
Sept
Apr
Apr
Apr
Jan
98
Jan
Nov
Jan
Sept
Jan
Sept
Aug
Deo
Dec
31% Deo
Aug
May
6% Nov
1%
27%
89*4
23%
40%
21%
Apr
Sept
Nov
Apr
Sept
I
»
May
10% Jan
407b Deo
5% Nov
31% Jan
32% Sept
12% Aug
3% Sept
Jan
Jan 10
Apr 10
Feb 3
Feb 21
79
10 May 21
27%May 21
14% May 20
Jan
Mar
51% Sept
11%
19% Apr
23% Jan
57b Jan
28% Jan
5
2
Apr
26%
Apr 3
Feb 26
May 27
2%May 15
7uMay 22
15 May 28
June
22% Mar
100
Sept
% 8ept
Sept
93
Apr
24% Apr 23
237s Jan 10
94%May 10
3
Apr
Deo
Sept
3
38
112%May 22
26% Jan 22
3
May 15
6% Sept
9
Sept
Sept
1017b De0
17% De0
84
16
14
12%May 13
May 15
146%May 28
114
May 22
Mar
108% Aug
2% Jan
12% Mar
77« Mar
97s Sept
Deo
Jan
547i
May
30%May 22
114
Aug
Sept
11
35
July
49
65% Jan
179
125%
23%
36%
43%
10%
1434 Jan 12
5 May 21
Feb
91
May
22
21
22
21
15
21
56%May 24
9%May 15
May 21
ll%May 22
7l34May 21
137 May 28
85
1*4 Apr
8% Aug
88
Sept
9% June
84 Jan
98%May
12%May
2578May
32 May
434May
12%May
Jan
25%May
91% Feb 24
53
8
Sept
Apr
Apr
1% Apr
197b Aug
16% Apr
434 Feb
25
83
•hare
Feb
92% Nov
9% Oct
7*4 Sept
3*4 Dec
6% Aug
15% Jan 10
11%
1
1% Apr 4
97% Jan 10
*87%
49% Apr 9
32%
116% Jan 26 *108
5
9% Apr 9
40% Mar
29%
May 21
9%May 23
19%June 6
2
May 17
3l%May 24
7%May 15
21% May 21
80 May 22
z2478June
%May
26
May
35 May
102 May
5%May
63
May
66
May
Endlcott Johnson
7
19% Apr 24
4% Jan 6
878May 10
Elec Storage Battery..No par
Elk Horn Coal Corp...No par
El Paso Natural Gas...
9
3
8%
Apr
73
Apr
79% Apr
7% Nov
27
Apr
101*4 Jan
5
24
21
60
l8%May
15%May
200
*10%
2934
92
per
80*g Jan
97s Dec
6%
62
No par
No par
87 preferred
86 preferred....
1,400
*10
8
95
May
May
25 May
64
May
184May
3s4May
Elec 4 Mus Ind Am shares...
*i«
*78
Apr
28
12
75
lO%May
3
4
16
Apr
Apr
5
Sept
484 Apr
15% Aug
45
Electric Boat
Electric Power 4 Light. No par
Apr
31% Apr 15
Highest
i
share
19
43% Apr 4
21%May 4
95% May 9
43%May 10
Eltlngon Schild
No par
Electric Auto-Lite (The)....6
2
Jan 3
Feb 17
Feb 2:>
2
5
16%
81%
27g
6%
24%
13%
9%
9
23
22
28
28
21
21
22
15
21
21
*%
3
per
5
Jan
May
22
May
10% May
% Mar
25 May
Fajardo Sug Co of Pr Rico..20
Federal Light 4 Traction... 15
86 preferred........—...*
Federal Mln 4 Smelt Co
.2
Federal Motor Truck._N# par
Federal Water Serv Aw No par
16%
per share
37% Jan
June
16%
16%
11
6% partic preferred
1,300
1,900
29%
2434
.100
Devoe 4 Raynolds A ..No par
Match
No par
Diamond
Edison Bros Stores inc..
31%
19%
16%
8034
June
159
85
1%
*84
5
24
122
72
*70
*1
13
6% cum preferred......100
Eaton Manufacturing Co
4
65
85
1%
10
June
May 21
106%May 31
4%May 21
277gMay 25
2
May 15
l684May 21
18%May 21
15% Mar 16
47 May 21
41
May 28
44%May 21
165 May 25
4
May 21
%June 1
Eastman Kodak (N J).N# par
6,900
1,100
2,900
4,800
#i»
3%
*70
1
6
7%May 21
34May 16
80
6,400
*65
1%
June
3,400
""306
72
1%
*1%
*34
.20
Detroit Edison.
Doehler Die
5,800
6,100
1,400
2,100
«i«
85
1%
1%
No par
Preferred
Dlesel-Wemmer-GHbert
Class A
12%
*%
*65
1
Davison Chemical Co (The) 1
Dayton Pow & Lt 4H % pf. 100
130
28%
12
*i»
*70
1%
*1%
*34
Cash man's Sons 7% pref.. 100
88 preferred...
No par
Cutler-Hammer Ino...No par
Davega Stores Corp
.5
Conv 5% preferred
25
5% pref with warrants.. 100
Dixie-Vortex Co
No par
...
12
28
*%
"is
1
Distil Corp-Seagr's Ltd. No par
29%' 14,800
71
h«
l
A..
Diamond T Motor Car Co...2
80
28%
3%
85
*%
Curtlss-Wright........
8%
*63%
718
Packing Co
..30
Cuneo Press Inc.
.5
Curtis Pub Co (The)...No par
Preferred
No par
Duplan Silk
*73
71S
...100
Cudaby
600
9,600
1,100
72
%
10
1,000
500
85
*716
Cuban-American Sugar
600
7684
*62
%
1
2% May 21
834May 22
93%May 22
97gMay 21
Lowest
% Apr
*73
*7ie
5% May 22
2% May 23
5%May 22
JDenv 4 R G West 6% pf. 100
31%
26
,
Preferred
.....100
Cuba RR 6% preferred...100
2,900
*150
35%
6
Preferred
21
21
21
17
100
17%
25
Corp
$5 conv preferred...No pa*
Crucible Steel of America. .100
Co
4%May
23 May
97%May
%May
234
13%
12
x247g
w w. .No par
ex-warrants....No par
Deere 4
May 29
May 29
75
Delaware 4 Hudson
100
Delaware Lack 4 Western..50
30%
36%
5%
28
%
1
5% conv preferred
100
Cream of Wheat Corp
(The).2
Crosley Corp (The)
No par
Crown Cork 4 Seal
No par
Class
63
5,000
2,800
99
99%
13%
30%
*%
27%
3%
20%
18%
l
25
_
Crown Zellerbach
7% Jan 29
H78May 22
8%May 21
2%May 21
%
12
ICO
...
pref
Jan 15
57s Jan 13
l984May 21
%
9%
160
100
No par
Coty Inc
Coty Internal Corp..
conv
2%May 22
May 18
8
33
...
Co
8
14
20
pref. 5"/f series
50
Corn Exch Bank Trust Co.20
Corn Products Refining
25
Crane
Highest
share
pr*
70
conv.
1.600
*14
114% 114%
28
27%
*3%
3%
122% 12484
25%
1,800
107% 107%
28
*35%
47,900
7,800
4%
4%
1
34
*34
28% *28
28%
35% *35% 38
1097g *103
1097g *103% 1097g *105
1097g
6
6
6%
6%
6%
*57g
6%'
66
64
64
*58
*50
65
66%
34
29
39
900
2%
24
24
preferred
8
—100
Continental Motors
1
Continental OU of Del
5
Continental Steel Corp. No par
Copperweld Steel Co
5
200
5%
*11
%
%
2,900
20
12
11%
73%
74%
140
138
*150
28
67
4%
5%
10%
*9%
*9%
10%
11734 *114
*114
11734
151
152
15384
15284
11834 11834
118% 11834
27%
6
!
17%:
534
28%
1097g *103
16
73% 75%
137% 13734
12
1
13%
66%
27%
3%
*14
99
i
3
61
j *10
11
20
2%
32%
*%
28%
12%
%
334
**18
4%
60%
100
90
31%
*150
3,100
70
16
334
330
110
*75
31%
11334 11334
27?g
28%
9,900
74
*50
14%
21%
99%
16%
534
28«4
90
*10%
17
27%
*71
No par
Continental Diamond Fibre. 5
Continental Insurance
12.50
$2.25
4%
61
I
70
%
*56
1
11%
31%
74
*75
13
37%
5%
13%
273s'
*50
9%
234
27
12
19%
9%
27g i
26%
*11%
*%
34
27
*10%
*14
13%
si«
26%
*11
4%
60
4%
15%
21%
516
2634
12%
*7078
16%
*3%
1
5i«
6%
84 50
40
13%
30% *28
35% r 35%
*5
5% !
13%!
13%
18%
*150
600
4,200
80
13
11
*9%
10%
11734 *114
11734
15634
154% 155%
119% 118% 118%
160
4%
20*4
13
99%
127% 127% £12634 127
160
4%
20%
*2978
4%
80
30%
35%
5%
13%
1734
334
100
400
13
31
*534
11334 11334
2734
28%
334
334
86
24*4
80
99%
12%
137% 137«4
6
!
4%
21%
16
%
*80
*24
IO984 *107% 110
1584
97g
27g
j
15
4%
21%)
99%
12%
*28%
3534
5%
13%
*57
6,600
1,200
3,900
86
I25g
*2
16%
4%
*14
15
*13%
9%
27g
13i«
14
80
26%
*3034
8
f
734
24%
2334
*3%
21%l *21%
9%
27g
31
2%
31%
16
,*108
9%
234
*%
*103
6,700
1,500
*134
4%
70
17
8
24%
I
63%
11 \
1934
90
*%
400
24%
3
4
11%
1934
2%
8%
*34
13%
*297g
61%
*10%
4%
65
74
*2
7378
67
2434
*4%
1284
82 |
26%
*50
8
34
20
12%
80%
25%
3
4%
24
4%
1934
2734
*2
4%
34
el A No par
preferred
Continental Can Ino...
Preferred
1
47g
*80
*75
3%
45*8
*163% 168
5
47g
13
86
*16%
*3%
*14%
*4%
12%
43
4434
45
*163% 168
25
16%
4%
28
17%
21%
17%
370
70
*%
3%
17
21%
2,400
I
90
26%
3%
17
22.
2,000
17,700
9,800
46
I
46
*50
*11
400
6
31%
*42
43
*75
160
*584
Continental Bak Co
8%
50
70
*9%
110
31
Consumers P Oo*4 50 pfNo par
Container Corp of America 20
Class B
3,600
1,000
1
Consol RR of Cuba
6% pf. 100
Consol Coal Co (Del) v t C..25
6% preferred v 10
100
700
43
90
*114
3534
pa*
$2 partic pref
No par
Consol Laundries Corp......6
Consol Oil Corp......No par
400
%
50
*75
*6
500
80
xl09
-
1,700
8
%
....
4934
24i4
*17%
11%
*7%
-
4934
42%
8%
247,
*138
11%
784
1
~
49%'
*50
1
1034
_
17%
32
*5%
13%
96
17%
*30%
8%
24%
*12%
*28%
*35%
127g
*93
16%
2%
32
*99
12,500
4,800
1,000
I
17
*80
81
*13%
3
*11
33g
*24%
138s
81%
27
438
3
1634
*21
500
2%
6%
15 preferred
No
Consol Film Industries
Pref
81%
*14
*69
17%
21%
*2978
13%
*108
*34
3
127g
96
"~900
134
3%
35
*34
434
21
28
*3%
*1
*71
47g
,
80
1634
6
6
74
13
8434
25
1278
2%
*7%
4434
137g
28
20
*9284
10%
*163% 169
80
*10%
*2%
2%
Tg
6%
|Conn Ry & Ltg 4 J$ % preflOO
Consol Aircraft Corp
1
Consolidated Cigar
No par
7% preferred
...100
6H% prior pref._
100
Consul Coppermlnes Corp...5
Consol Edison of N Y._Ne par
37
434
23%
67
*234
34
6
1%
*11
101
*%
63g
30
2434
100
7g
1
734
24
245g
101
*57g
*2%
57g
11
534
57S
*5g
16%
47%
42%
40
37
24
101
1%
27g
137g
3
434
h
34
*22
*134
4%
5,900
14,600
1,200
17
13%
*8434
*4
*71
90
6
21%
\
4,700
1,100
8%
80
70
18
13%
87
2434
20
10
22
8%
80
100
2284'
17%;
*163% 169
*65g
21%
8%
34% 35%
34%
35
108
109 ,*10734 109
534
534
6
6
30
30%
31
31
30%!
3%,
Congnleum-Nalm Inc..N. par
Congress Cigar
No par
*64
70
35%'
1,900
1,300
10%
*76
7%
34
19
4534
*10
66
10%
6
14%
145g
97S
10
21%
76
5%
6%
*94
Ml.
Par
Conde Nast Pub Inc...No
par
66
*11
74
200
76
1%
*234
77g
Shares
3%
14l2
76%
534
24%
101%
7g
57g
23g
6
3
137g
95%
11%
8%
Lowest
_
*3
Year 1939
EXCHANGE
80
76%
5%
2
14%
8%
*67
107% 107%
6
31
3
6%
23
*161
21
20
884
80
76
76%
534
578
24%
245s
1023s 102%
3l8
185s
4134
21
10
2134
8%
*68i2
23
5012
978
*6%
*6%
2
75g
34
10%
6%
21
9%
234
*10
*92%
1U2
1378
9434
1134
10
15%
10%
3%
15
10
6%
*212
6i8
3%
14%
22%
2
3
*12l2
*9212
.
10i2
4
Range for Previous
On Basis of 100-Share Lots
Week
$ per share
3619
Range Since Jan. 1
f Called for redemption.
Jan
Oct
Feb
Nov
Deo
Dee
®
New York Stock Record—Continued—Page 5
3620
LOW
Monday
June 1
I
June 3
June 4
$ per share
13%
14
Wednesday
$ per share
14
14
$ per share
*14
14U
*55
*31$
*21
27
1%
*2«2
*10l2
10%
*89
*18
IBS
*2014
l8#
22
*1712
1%
35
*4
414
10
9
9
*40
55
414
414
*3%
99
96
96
3734
578
38l4
38l4
578
512
124
124
130
2
*1%
*178
47«
*1212
*46i8
47g
13®8
57l8
*14
15
2
4%
4%
*12i4
1314
56*2
14l2
*50
14%
106
106
*10312 106
29% 30J8
39
3984
*25
7812
78l2 80l8
II8I2 120%
397s
40i8
120
120
397S
119*4
119l4' 118% 11812
334
40l4
1 *36i8
41
334!
7i4!
*7
*38
11
*90'4
7i#
15
*22
95
12U
*1814
*17l2
1912
19
878
16i2
*lli4
4I4
11%
4%
484
*38
*1412
23%
1178
18%
1758
812
1434
5
11%
11%
2's
2i4
1138
«45i2
80i2
1138
4912
n'2
12040
4
12%
*2
*70
*%
10%
*90%
*'8
*14%
23%
11%
18%
*17%
8%
*15%
*98
11%
478
*46
104
4
4
*8%
9
55
*40
119
*384
*40
6
800
30
*5%
1%;
*134
4%
13%,
*4%
*12%
40
8%
15%
8%
*16
1158
2%
80
11%'
40%
40%
1,800
10%
400
Gen Theatre Eq Corp..No par
Gen Time Instru Corp-No par
""166
General Tire A Rubber Co...5
11,000
Gillette Safety Razor..No par
6%
103
11%
4
4
11%
*33
36
5
1,200
*2
*2
2%
2%
2%
""700
$2%
2%
2%
2%
1,700
79
11
*46
49
46
46%
14%
71%
4,000
14
14%;
14
14%
13%
14%
13*4
14
71%
72
2l2
*71
74%
2%
71
70%
*1%
70%
2
*70
2
71
2
2
2
*30
*30
34
30
30
*30
34
100
*2
*30
34
«n
684
2%
5
5l2
*10
12
34
%
34
*5i2
*10%
12
5
»i«
5
10
10%
%
«i,
5%
5%
10%
7%
10%
30%
22%
13%
18%
20%
*10
*7
712
7
7
*6%
*10i2
10%
*1034
30
*2912
10%
30%
IO84
*29
10%
29%
*22
2212
13i4
1884
*22
lll4
30l2
22l2
13%,
1884
*65s
13%
18U
8
21i2
21%
*123
131%
*30
60
*2412
108s
9i2
2014
103$
9l2
18
*158
*2
2
16
2«4
*9
12
21%
6%
*85
5%
*87
25s
91
Vs
*150% 160
15
80%
*120
*30
20
10%
9%
81
128
*2
293s
*32%
1234
*13%
934
18
1»4
2
*12%
*2%
*9%
*29%
*32%
212%
*13%
9%
14
14
*13%
14
132
*120
89
234
*90
91
10%
28%
10%
60
*54
105
*95
334
*89%
7»4
21%
132
*5%
56
56
106
*10
17%
24
5%
*22%
*5%
10%
24
10%
39%
28%
10%
57%
104
334
*30%
%
*3
12%
35s
12%
35s
12«4
58
%
384
31%
%
3%
1234
384
*96
85
85
2%
89%
734
284
89%
734
*85
2%
10%
97g
3%
5%
10%
1234
20%
88
69
*50
106
*98
17%
22
5%
10
*96
38
29
29
*28%
*984
10
58
104
334
30
*%
*3
*12»4
384
»i«
384
30
1
4
13%
384
%
9%
5484
*90
*334
30
*78
*3
3834
30
934
5478
101
4
30
1
4
Hazel-Atlas Glass Co
300
Preferred
"""266
6%
10
I
10
10
I
*96
108
Holly Sugar Corp...—No par
7% preferred
100
Homestake Mining
12.50
Houdallle-Hershey cl A .No par
200
10
57
Class
2,300
56
600
101
4
29%
1
*384
*29%
,
4
*7„
*3
5
900
*90
*78
*3
No par
4",600
58
4
...100
38%
30
101
29%
.No par
preferred
Hollander A Sons (A)_.
108
10
cum
No par
100
10
9%
100
Hercules Motors
Hercules Powder
1,900
1
5
*96
*55%
25
800
j
*90
25
Hecker Products Corp..
Helme (G W)
600
2,900
5%
4
31%
B
..No par
Household Finance
'"966
No par
.100
preferred
Houston Oil of Texas
v
t C..25
Howe Sound Co
200
Hudson A Manhattan..... 100
T.200
• 1
300
5% preferred
100
Hud Bay Mln A Sm LtdNo pat
4
.....5
13%'
*3%
334
3%
3%
1,100
Hudson Motor Car
*18
%•
•i«
%
Hupp Motor Car Corp
-.1
6%
12%
6%
12%
35
2,100
2,400
Illinois Central RR Co
100
6%
*12%
14
12%
0%
12%
34
33
33
0»4
*3%
Bid and asved prices- no sales on thte day.
3,700
13%
*33
4
6X% preferred
Hayes Mfg Corp
100
1
100
2
®16
14
*3%
Hat Corp of Amer class A
334
33
4
3,500
21%
5
*28%
100
84 conv preferred
No par
Hlnde A Dauch Paper Co.—10
Holland Furnace (Del)
10
*4%
38
preferred
Hershey Chocolate
21%
38%
30
No par
300
21%
38%
*28%
9%
10
1284
*12
*3%
6%
16
21%
*4%
25
*16
*32
634
*10
16
25
12»4
3%
14
6%
6%
108
*10%
Water
Hanna (M A) Co 85 pf.No par
Harbison-Walk Refrao.No par
106
21%
5%
978
100
7% preferred class A
10
59
*98
preferred
6% preferred
284
1
100
Hall Printing Co
Hamilton Watch Co
""466
6
88
*50
4
6%
12%
3384
*3%
6%
12S4
3384
4
| In receivership,
13%
*32%
*3%
a
ll%May 24
48% Feb 6
12% May 23
102 May 21
26%May 21
36
May 22
lll%May 22
/
% May 17
35
May 13
77»4May 21
14
par
10G
4%....—100
6% preferred series A_.
1,000
Leased lines
70
RR
4
Def. delivery,
N
rt
Wpf rtfo scrip#
N«w stock,
A
r Can sale.
1000
4
35
9
Jan
9
51
Aug
Sept
Apr
38
17
May
25
Oct
5
Sept
1%
21
Apr
Apr
31%
Jan
July
37% Sept
10734 Apr 4
21% Apr 29
103%
Apr
Aug
108%
2984
Jan
14
83% Apr 30
66%
Aug
9034
Jan
6% Apr 18
1%
Apr
3"% Jan
3834 Apr 15
2% Jan
May 28
37%May 28
14% Apr 24
51 May
3
734 Apr
27
Sept
18%
1%
Jan
97g Sept
55
Apr
30
Jan
8%
ll%May
14
98
May
10%May 22
4
June
3
3378May 21
4%May 21
43
May 22
11
May 21
30 May 21
2
May 22
2
80
May 21
May 29
10
May 21
45
May 21
12%May 22
70%June 6
l%May 15
25 May 22
%May 14
4%May 22
9% June 7
6% May 23
10 May 18
26 May 21
21%May 29
ll%May 22
15%May 21
18% May 22
125
5
Mar 21
June
May 22
9%May 22
9
May 29
16
May 15
l%May 28
11
May 21
2
May 18
8
May 21
29% June 5
30 May 20
9%May 21
lO%May 22
xlOO%May 10
96 May 21
16%May 23
130 May 27
5%May 21
85
June
5
2%May 21
8978June 5
7%May 28
June 7
155
Jan 12
Apr
Sept
Dec
Sept
11
Mar
149
8
4
Jan
9
11% Jan
7%
128
2%
Apr
3
9
Mar
18
8
Apr 24
19% Apr 16
17%
Apr
35
Jan
43
Apr
75
Jan
10
Dec
117% Mar 29
106
Oct
31
Apr
41
Jan
2
49% Apr 15
118% Jan
% Jan
44
Jan
101
Apr
30% Jan
107% Sept
% Dec
4
7% Apr
Jan
65% July
99
July
12884 Dec
8
Apr
112
Sept
28
Apr
3% Sept
Jan 10
7
Mar
3
105
Apr
Jan 11
Jan
4
99% Feb 21
»n Apr 2
18% Apr 5
33% Jan 4
15%
Jan 11
31%May 10
2434Mar 7
13% Jan
% June
12% Sept
85% Aug
% June
14
Sept
19% Apr
12% Aug
16
Apr
15
Apr
5634
Oct
126% June
38
Feb
678
Jan
1078 Jan
111% Nov
1% Sept
28
Jan
92%
Apr
1%
20%
Jan
41
Jan
Jan
15% Oct
43% Sept
20% Nov
15% Jan
4
8% Sept
23% Apr 27
10% Aug
18
99% Feb
27% Mar
106
May
1
97% Nov
23% Jan
4
15% Apr
534 Apr
43% Oct
6% Aug
6% Mar 6
61% Mar 14
9
Nov
8%
54
Jan
Mar
Jan
3
58% Apr
19% Jan
2
4
43
14
Sept
1378 Jan
66% Mar
24% Jan
44% Mar 20
34
May
47
Sept
Mar
4% Apr 22
2%
Jan
3% Mar
3% April
17*
Apr
27S
88
Jan
8
20»4 Apr 4
09% Mar 7
247* Apr 4
97% Feb 21
4% Feb 8
71% Jan 9
1% Jan 80
9% Apr 10
14% Jan 4
10%May 3
1634
36%
24%
18%
28%
29%
142
55
Apr 8
Apr 8
Feb 21
Jan 8
Apr 24
Jan 2
Feb
6
Jan 29
70
Jan
13%
Apr
Apr
63
21% Apr
Nov
87
27* June
67
Dec
% Aug
4% Apr
14% Dec
9% Dec
Apr
24% Jan
10
2278
12%
16%
23%
129%
42
Jan
Apr
Apr
Aug
Sept
May
80
Jan
Nov
24*4 Jan
74% Mar
38% Jan
10984 Jan
5% Sept
80
Mar
1%
1078
15%
10%
22%
35
Nov
Sept
Dec
Dec
Sept
Aug
25
Aug
22%
3384
37%
141%
63%
Sept
Sept
Sept
July
Deo
35% Apr
17% Jan
5
4
24%
14%
Apr
35% July
21% Mar
12
3
10
Apr
12% June
Jan
25% Apr 29
3% Apr 18
30% Apr 18
%
Jan
Apr
6
Sept
36
Sept
9
Apr
4
Jan
4
3
Apr
6% Sept
18
Apr
8
11
Apr
22% Sept
34% Apr 22
29
May
32% May
37
9
32
Jan
38
20% Feb 19
8
Apr
1834 Dec
15
Apr
18
Oct
105
Oct
17
Jan
Jan
8
106% Jan 12
99
Apr
105% Mar 30
96
May
Apr
Sept
28% Jan
138
4
Apr 12
9% Apr
104
Apr
5
9
4% Apr 16
113% Jan 29
17
123
47* Feb
71
Jan
2
Apr
Apr
93
8%
1158 Apr
8
Jan
8
100
110
Apr
Apr
63
Apr
June
3
67% Apr 16
9478May
1434 May
19
May
4%May
8
May
103 May
35 May
28 May
21
14
21
15
21
13
21
g
Jan
Aug
Jan
36%
58%May
1%
44%
4778
118% July
1% Jan
72%
56% Apr
19%
25% Jan
130% Mar
39
127% Mar 23
Jan
Jan
125% Dec
130% Jan
10
xEx-dlv.
July
5% Sept
87
148
8%May 21
54%May 22
May 17
3%May 22
29%June 6
84 Jan 3
2%May 22
12 May 24
3
May 15
%May 14
5%May 21
12
May 21
31%May 25
3
May 18
103% Mar
29% Apr
Mar 20
105
Jan
65
21% Apr 22
100% Apr 9
133% Jan 30
22
9
Jan
Apr
12%May 23
70%May 23
127%May 31
55
Jan
Jan
Jan
40
Sept
Oct
88
7%
18%
52
96
Jan
3%
10
May
3%
z9% Sept
45% Aug
5% May
3
Jan
145
110
20
July
7% Aug
Jan
67%
1
June
4
Apr
Mar 20
104
3%June 7
5%May 21
100
9
20
_
50
.No par
preferred...
Hackensack
200
1,300
10
20%
234
2%
6%
132
*5%
*85
6
5
23
Gulf Mobile A Northern... 100
20
98
*126
132
8%
90
100
14
*101
20
June
35%May 25
5%May 22
118
May 27
l»4May 15
4%May 15
1
Aircraft Corp
Guantanamo Sugar
20
36
55
39
*95
Grumman
""260
12
108
108
*54
900
284
30%
*96
94
100
Greyhound Corp (The)-No par
5)4% preferred
10
8,400
55
33
4
*5%
Green Bay A West RR
Green (H L) Co lnc
26%! "uoo
*98
*10
38%
%
634
19
*126
5%
Great Western Sugar. .No par
Preferred
100
89
*98
108
38%
*98
4
2%
17%
*95
31%
%
234
55
*22%
*4%
4
89
106
24
5l2
10%
*54
7%
93
*22%
*518
10%
*30%
7s
*85
5%
40
90
90
91
90
90
73/.
734
784
778
778
*87
90
89%
88
88
*86
90
*150% 160
*150% 100
*150% 160
*150% 160
*150% 160
14
14
*13
*1284 14
*14
13%
1384
1334
14%
80
80
80
8084
80% 80%'
80
80
81% 82
1
*124
128
*124
*124
128
128
*125
128
1
*125
128
784
*10
39
30
10%
2%
5%
1,500
*117„
*13%
98
10
...20
I
*287a
*32%
*101
(W T) Co
5% preferred
2034j
13
*12
No par
Gt Nor Iron Ore Prop—No par
Great Northern pref
No par
200
12%
*120
Grant
400
6,000
*8%
dlv ctfs.No par
No par
4,000
9,400
133s
1878
2
13%
33
21
I
w
Without dlv ctfs
Granite City Steel
800
30
23
17%
12
*96
Grand Union
500
*134
29%
98
600
800
17
33
*101
9%
7%
10%i
1
5
.
00
*2%
No par
100
Preferred
900
17
2
16
234
11
30%
36
1284
150
5%
934
16%
*184
*12%
*2%
*8%3
*28%
*32%
20
*98
*3%
9%
30»8
36
12%
15
A*.
I
*£0
'
60
10
Gotham Silk Hose
1,900
120
25% *24%
10%i
10%
n7«l
* OSi
*934
9%
25
2
20%
*
126
18
284
9%
29%
22
17%
108
17
*12%
*2%
21
55
65s
984
30
*22%
13%
18%
10%
20%
*30
*96
5%
17%
20%
24%
10%
934
16
96
*19%
13%
9%
*6%
30 I
22%
13%
18%
*29%
22%
60
16
284
934!
No par
Graham-Paige Motors.
Granby Consol M 8 <k P
5%
7%s
10%
..No par
85 conv preferred
600
34
"16
%
5%
*9%
*6%
10%
*120
*1%
96
106
33
934
17%
%
*5
126
23%
9%
*101
*14S4
*12%
*30
25
10%
17
20%
98
*98
*3
16
2»4
10%
29%
36
1384
15
24%
10%
125
13
101
*47
3878
*28%
10%
2
22
22%
13%
18%
20%
131%
101
55
*95
10%
9%
1734!
*134
*12%
*87
94
*13
00
*24
*85
89
25s
90i2
784
*125
*30
30%
60
13%
18
20%
129
*126
132
*126
21
*22
*96
98
20
18
2034
129
*9
♦293s 3Q%
*32l2 36
12l2 12%
*1314 15
100% 100i2
*96
1234
17
18
*13%
5% preferred
Goodyear Tire A Rubb.No par
600
34
~~
1
1
Gold A Stock Telegraph Co 100
Goodrich Co (B F)
No par
400
14
47
1%%
50
Gobel (Adolf)
"6166
11
11
..No par
No par
X % conv preferred
Goebel Brewing Co
79
79
*
1034
preferred
Gildden Co (The)
4
14%
2l2
*28
86
200
2%
10%
*45%
Glmbel
3,800
47
1134
..100
preferred
85 conv preferred
No par
Brothers......No par
300
38%
36
11%
*33
*35%
484
*42%
11%
1
General Shoe Corp
380 ! Gen Steel Cast $6 pref..No par
900 I General Telephone Corp
20
2%i
2%
,»
10%
17%
17%
8%
11%
478
47
36
*2
2%'
434
*41%
1134
*33
17%
17%
8%
16%
11%
4%
37%
11%
4
2,800
1,000
*98
48% Apr 8
3%May 21
9
1134
25% Apr
3% Jan
Apr
15
25
104% Dec
Feb
24
113s
38%
Apr
16%May
734May
l378May
23%
2
Jan
94
May 29
6
86 preferred
No par
General Refractories—No par
46
21% Apr
fi
38% Mar 26
share
per
25% Sept
105% June
105% Mar 27
0% Apr 22
jQ
17
15
15
22
21
23
21
28
23
28
100
Jan
May 22
384May 28
98
%June
1
Apr
July
978May
86% Jan
%May
15 May
15%
5
47
4%
*41%
90
17%
99%
9
No par
100
3
Jan 24
21% Jan
106
Highest
2
No par
6% preferred
Gen Realty <fc Utilities
share 3
per
6% Apr 24
Apr 30
18% Mar 5
Gen Railway Signal
*14%
*3578
11%
No par
.No par
3
May 21
12
May 28
preferred
share
per
Sept
3% Sept
578 Sept
18% Oct
15% Sept
May 22
86
600
103
234May 22
20
May 24
24%May 28
l%May 14
2%May 22
10%May 21
Gen Public Service
15%
22
|
*98
5
35
Common
70
%
16%
June
9%May 21
61
May 22
400
*'%
1134
17%
17%
102
1,600
11%
a:90
I
12%May 21
May 21
32%May 22
10% May 22
25% May 28
19
May 20
l%May 15
19
May 21
84
116
General Printing Ink....—.1
60
he]
4
36%
11
4
12
95
11
8
share
10
No par
$5 preferred
300
10%|
per
100, 118
preferred
General Motors Corp
300
I
S
Gen Outdoor Adv A...No par
1,000
40
1,700
8%
15%
36
120
*35
3%
884
16%
36%
5%
45,400
40%
120
No par
General Mills
530
'
3%
No par
preferred
Gen Gas A Electric A..No par
200
"i",300
4
10%
103
84.50
200
7
*6%
7
109% *101
109%
%
%
*%
%
3%
*6%
*101
No par
86 conv pref series A.No par
85
3934
Electric C0...N0 par
General Foods Corp
40
*80%
|
100
preferred
7%
General
4,700
38
*90%
*%
*14%
21%
II84
17
*17
11%
4%
38%
5
7% cum preferred..
100
General Cigar lnc
No par
""360
14
No par
Class A
100
119%'
*35
%
15%
2334
11%
18%
1734
12
*70
39%
119%
4
*98
1,100
120% a:119% 120%
%
10%
95
%
15%
23%
12
18
17%
95
200
5
*25
81%
120
7
101
I
40
80
*%
10%
*90%
*®8
*14%
22
*1134
17
17
*33
2%
*25
3834
40%
119% 119%
35
36%
%
10%
2
13%
57%
140
3g
7
Gen Am
27,200
787s
4
preferred
No par
Transportation
5
General Baking
5
$8 preferred
No par
General Bronze Corp
5
General Cable Corp.--No par
$6
400
1,400
*124% 130
125
% conv preferred
Gen Amer Investors—No par
4%
42
109
106% 100%
29%
29%
30%{
38% 39%
38%
40 1
113% 113% *113
115
*4i«
%;
*6ie
3g
119
101
5^
*93% 100
40%
584
5
50
Gay lord Container Corp
300
29
40
78%
10
10
preferred
No par
Gannet Co conv $6 pref N0 par
Gar Wood Industries lnc
3
""600
*107
28% 29%
38% 39
11358 113%
*25
$3
GamewelJ Co (The)
55
14
80l8
12014
4012
700
72
14i4
*70
»
*89
4
15
47
*41
*2%
11%
49%
98
*14
103
214
80
1078
""480
14%
4
2%
2%
2%
12%
17%
*14
7*4
10978
4
40
2%
*10%
*15%
14l2
11914 11912
*35
42
*37
478
1,200
*50
109
"2"700
134
55
40
80
38%
44
*33
2
11%
18%
1758
8%
15
28
*1%
*50
*'l#
*25
48s
44
12
36
*218
*7612
23%
4
44
44
1178
*34l2
90l4
12
1512
103
*3612
478
37
37
11%
*98
103
%
12
27
55
*100
""460
27
*50
107
107
*7
7
11
24
*98
1412
1,500
3%
*21
55
*50
10978 *101
90
12
*818
*14i2
7
12
llSfj
7i#
15
334
334
*101
100
42
*3
i34
458
13
150
11%
61
4%
*12%
2
458
13
105
11%
2%
125
Fllntkote Co (The)
600
12%
17
40%
*5%
125
*134
2
434
13%
'u
40
40
100
*134
484
*12l4
40l2
512
Stores...No par
No par
No par
Florshelm Shoe class A .No par
t Follansbee Brothers. .No par
Food Machinery Corp..... 10
4M% conv pref...
-100
Foster-Wheeler
10
87 conv preferred...-No par
Francisco Sugar Co
No par
F'k'nSimon&Co lnc 7% pf-100
Free port Sulphur Co
10
Gabriel Co (The) cl A_.No par
Galr Co lnc (Robert)
-1
First National
"""600
*55
A—100
Florence Stove Co
20%
1%
Rubber... 10
6% preferred series
300
20%
*100
IO84
Firestone Tire A
800
1%
61
384
27
27
1%
Par
3,000
*19%
l1^
*384
4%
*93% 100
4U
95
*124
*17%
20
105
*8%
94
130
*124
2034
*40
38lg
53s
3812
578
2914
2934
297s
3884
3878 39i8
3914
*11314 115
♦112&S 115
*5i«
*36l8
38l4
*53s
11
26%
Year 1939
Lowest
Highest
Lowest
1,300
34%
11
3%
9
34%
26
Range for Previous
100-Share Lots
EXCHANGE
100
11
1034
55
*378
414
101
*95
2918
115
7812
*4
*878
*40
13%
90
2512
*55
*234
*21
27
*1%
*212
*1012
*1512
*94
4
4
*4
1334
*86
3412
11
2512
*1712
1%
193g
*1712
*1%
20
20 |
102
102|*100
20%
1%;
55
*25
3/3412
107g
25l2
2034
15«
*9
*113
35
1034
*'0
534
1378
86
25l2
10
3734
137g
86
11
36
55
*124
14
88
135s
26
*9
*334
Shares
*86
90
*40
*95
$ per share
$ per share
*20's 22
103%
10312 *100 ~ 103l2 *100
10%
1038
1012
11 >4
10
1012
10%
*55
6484 *55
6434 *57
61
6484
*3
334
3
3 13
3
3i2
*21
2778
*21
25
*21
27
28
2734
2812
2734 28%
2714 28
28
1%
1*4
*ll2
134!
*1%
1%
1%
212
2l2
*2'2
3 1
*2i2
2%
27«
127g *10l2
127S *10l2 127s
127s *10i2
I6I4
1712 *16%
1634 *15l2 1578
1712
*89
104
*89
104 > *89
104 ,
104
414
*4
$ per share
On Basis of
Week
11
105s
26
21
10l2
June 7
26
26
*100
June 6
*35
37
11*4
*3412
11%
26
1*4
|
36
11%
*3412
20»4
the
26
20»4
*85
*158
Friday
*85
90
*20
Thursday
90
*86
*18
I
.
June 5
Tuesday
STOCK
NEW YORK
for
,
Range Since Jan. 1
STOCKS
Sales
SALE PRICES-PER SHARE, NOT PER CENT
AND HIGH
Saturday
June 8, 1940
If 6
115% Jan
18% Jan
35% Apr
9
4
4
4
7% Mar
16% Apr 20
110
Mar 30
128% Apr
Nov
103% Nov
33% Sept
144
May
10%
92
.
Oct
Nov
484 Nov
12% Dec
13% May
117
Mar
167
June
18% Nov
101% Sept
135% Mar
54
Jan
100
Sept
Apr
115
July
19
Jan
29% Sept
61
Jan
1434
5% Nov
8% Aug
65% Aug
Hag Mar
21% Sept
95
May
47% Sept
110
60% Jan 12
38
27
36% Mar
17% Jan
73% July
11034 Aug
Apr 13
16% Apr 15
71% Apr 25
Apr
834
60%
111%May U
6% Jan 3
102
50% Feb 21
40
1% Feb 20
7% Feb 20
27
Jan
5
0% Feb 17
1
Jan
13% Jan
24%
Jan
43% Apr
6% Jan
Ex-rights.
2
Apr
Oct
Sept
9% Sept
4% Sept
%
Apr
Dec
Oct
66% May
57
1%
8ept
Jan
27* Sept
21% Sept
4% July
84 Aug
9
Aug
5% Jan
3584 Sept
87a Jan
2% Jan
20% Jan
16%
Apr
35
Jan
38% Sept
4% 8ept
49
Mar
11%
T Called for redemption.
Jan
New York Stock
Volume ISO
LOW
AND
HIGH
SALE PRICES—PER
Record—Continued—Page
Sales
NOT PER CENT
for
Saturday
Monday
*5
*140
81
156
69*2
June 4
June 5
June 6
June 7
S per share
$ per share
$ per share
Shares
*478
*478
5%
18%
18%
18
18
85
86
87
90
90
*140
156
*140
156
*137
156
*137
156
*137
156
72
73
69%
69
68
6884
24
24
*24
26
95
95
*93
95
7%
ll2
1%
81*
9
878
9%
*478
2%
5
*478
5
25s
3
*238
*2%
234
*2i4
*234
278
7l8
1%
*19
V
21
146
3
734
15s
7%
138
19
3
*234
7%
14634
146%
19
69%
■
95
*144
1%
*19
23
146% 146%
8%
87S
478
2%
478
*23s
*2%
3
234
234
7%
*1%
7%
1&8
*18
71
85s
434
2%
*2%
24%
*93
*2%
7%
1%
71
87s
434
23s
*2%
3
*23s
4%
20
205s
109
109
*10934 115%
1134
11%
1234
12%
4584 48
45%
4734
*2%
3%
2%
2%
20%
20%
1151s
12i4
1278
48i4
3i4
46i2
»2i2
4%
20
4%
2078I
19
*19
22
*142
147
40
4%
21% 2284
193g
19%
1978 21%
*111
118
*11234 124
10934110
11
12
1178
12%
11%
12%
4434
4634
42%
45«4
4434
4534
*2%
2
234
*2%
3%
234
23,000
*87
29%
28%
*26
29%
28%
*27
*28%
16
*15%
16
*15%
96
1534
40
*87
*87
95
*87
16
2%
5
23«
2%
5%
5%
5%
*75
80
2%
23s
2%
2%
238
5U
5»4
*75
95
238
25s
2%
2%
40
*75
80
80
39
28
39
29%
28%
157s
93»4
2%
2%
238
23s
5%
*75
5%
80
37%
38
38
*27
*28%
29%
2834
15%
*15%
1578
600
94
*87
94
2%
5%
*75
2%
23g
5%
80
—
5%
2,100
1,000
54%
*10
11
*10
*118
120
1034
38
49l2
49l2
*1236s 12478
15
*9%
*118% 120
*334
4
334
334
*12
11
981a
*12
*82
10
*118% 120
4
*378
10
11
*82
*12
15
*9%
11%
*9%
*82
98%
8
*8
8l2
8
*98
103l2
*98
14
11%
98%
*734
*98
103%
10%
10
8%
100
10
1012
*9
97
90
90
90
90
27
2734
26
27%
265s
27%
11
lli4
*11
11%
11%
11%
*9i2
5%
5%
*5i4
*87
32
32
32
H2
23
20i2
2 3«4
23«4
25ls
4»4
*212
2334
25i8
784
100
934
24
24
24
26%
26
26%
19&8
234
3
*4
1978
2%
10
538
11
11
*11
30«4
*2934
*1%
20%
1934
1934
*2%
*22%
25%
2
2658
*4
*4
7
13
*9
13
*9
12
*9
13
13
*12%
13
1234
12«4
125s
1258
*3i2
4
1734
3%
3%
*1734
*33s
1758
18
1734
104
178
178
*
*18
187s
1634
17
*98
104
16%
104
78
*97g
10%
18%
1878
3234
33
5%
10%
21
20
20
19%
3278
5%
3234
33%
3234
538
53s
*5%
55s
185s
1734
«3278
*5%
34
*33
978
*1734
*978
34
*33
92
92
*91
92
91
*33%
*91
93
92
1%
1%
78
2%
78
*19
*2%
18U
17
104
278
*10
2%
4
134
278
183s
10%
195s
33%
*258
1638
*98
684
is8
16s
7g
284
18
10
15s
1
*%
4
18%
1634
1834
*1634
*—
*3%
91
91%
34
5%
95
26%
11%
31
2
20%
20%
3%
24
26%
26
*9
634
934
5%
27
20%
20
3%
24
2%
17
*33%
1784
5%
*2%
*22%
2578
*4
6~
*8%
*12%
13
13%
*338
*1734
16%
4
18
168s
104
*98
134
10%
18%
3234
5%
34
*89
91
91
91%
90
91%
134
34
2%
16%
*33
92
8i
9%
2534
*1%
4
13
11%
98%
100
*87%
12»4
414
*7%
*98
95
30
20
734
100
5%
*89
*19
195s
*82
4
12
*9%
31
*2%
*2334
253s
11%
98%
12
*82
2
20
20
20
*934
11
*118% 120
*358
*11%
*9%
*35s
*1%
2
20
1034
*118% 120
31
32
*1%
1%
*1878
20i2
53s
53s
*984
8934
*934
*118%
*3%
*11%
*9%
*82
*7%
*98
10
22%
22
100
1878
29%
18%
29%
26s
15*4
*2%
*15
22
*92
22%
22%
*92
100
17%
31%
1%
20%
2034
*2%
*22%
26
*4
22,200
1,100
900
100
5,400
10
Laclede Gas Lt Co St Louis 100
13
1278
*338
17%
16%
29
30
25s
*2%
15
15
*105% 106
*105% 106
1878
1938
19%
19%
*138% 140
*16%
17
*42
43*4
27
*25%
*130
-
—
140
140
*130
...
18%
2178
18«4
22%
9
9
*24
27
*23
2%
*4%
2%
5%
*25%
*130
1834
2134
5%
*4%
*27%
*27%
30
*28
29
16%
16%
*1578
16%
16%
13%
16%
16%
13%
*34
*378
1
4
*3%
3%
9%
33%
9%
4334
2%
*26
*12
1634
*41
25
32
157s
13%
144
*157s
2%
30
*139
17%
16%
25%
*28
22
99
4334
*9
*26
16%
*1578
9
*2%
*4%
21%
*92
*40%
19
22
2134
9
1834
183s
*138% 146
16«4
4078
27
1634
4078
*25%
2234
100
2178
*98
17
27
—
27
___.
19
19
2168
22
21%
9%
87g
9
25
23s
6%
30
29
1638
157g
14
1
*23
25
2
2
*4%
5%
*9
*24%
*2
*4%
500
500
2,900
*10%
19
19
33%
32s4
33%
5%
5%
5%
1,200
5,100
1,300
33%
100
33%
91
91
90
90
800
91
9134
2178
175«
*30%
*2%
I47g
144
165s
4334
27
2,200
19%
2134
9%
25
2%
""
5%
I684
16%
*16%
16%
*13
14
378
378
378
3%
*3%
334
93s
9&8
934
*34
378
*3%
9%
1
378
334
32%
75s
31
7
2234
22«4
22%
3134
77g
22%
23%
23%
23
23
£2258
23
2134
2238
2l5g
2l7g
*150
162
*2078
*10%
1134
105%
*95
*11
1134
*95
*53$
*27%
*6
•
19%
6
28
11
11%
*20%
105%
19%
55s
*2734
6%
19%
*1034
24
99%
11®4
1134
*2978
*98%
*6%
Bid and asked
19%
558
29
6%
98%
*9534110%
*1834
19%
*514
28
63s
6
29
6-
*150
162
38%
38%
2%
2%
*20%
22
97%
11%
97%
*1034
10%
11
*9578 108
18
5%
29
584
18
5%
29
578
price ; no sales on this day
7%
*150
1
*34
37g
31%
162
*150
38%
*23g
*20%
97%
40
40
11
11
4~600
4134
1
No par
No par
Mathleson Alkali Wks.No par
7% preferred.
100
May Department Stores—10
Martin (Glenn
200
97%
11
*11
12
100
22
11%
*957g 10978
1834
1834
5
5%
28
28%
57g
6
11%
11%
*957g 108
*19
19%
5%
5%
29
30
6%
6%
t In receivership,
a
L) Co
.
Masonlte Corp
No par
Maytag Co....
preferred....——No par
No par
No par
McCrory Stores Corp
1
6% conv preferred
100
McGraw Elec Co
1
McGraw-Hill Pub Co..No par
Mclntyre Porcupine Mines—6
McKeesport Tin Plate..—. 10
{3
60
2,100
"
1~ 100
700
1,400
1,300
Def. delivery,
56 1st cum pref
McCall Corp
n
New stock,
r
Cash sale.
7
23
17
31
21
18
22
31
24
21
6
22
21
21
21
22
21
21
23
%May31
3%May 22
27gMay 21
pref. 100
Martin-Parry Corp
"3^660
27g
22
98%
25
Marshall Field A Co...No par
162
*2%
*2014
*97%
27g
May
May
14%May
13%May
ll%May
24
100
Market St Ry 6% pr
40
2,300
11,100
10,000
1,100
2,100
3234
8%
23%
2l7g
77g
2284
2178
24
100
Maracalbo Oil Exploration.. 1
Marine Midland Corp....—6
"
May
May
17
May
20%May
87gJune
21%May
2
May
4
May
—
Manhattan Shirt...
200
37g
37g
97g
384
*9%
May 15
130
....No par
Modified 5% guar
Ctfs of deposit-
1,600
14,800
38
40% Sept
Jan
19
Apr
33
Oct
84
Jan
107
Dec
5
3% Sept
4
47g Jan
17
Jan
62
Sept
77g Aug
834May21
2934May 21
6%May 21
22
May 21
21%May 21
161% Jan 6
36%May 22
2% May 22
20 May 23
97%June 6
lO%May 22
10 May 21
93 May 21
17%May 21
5
June
6
27
May 21
5%May 15
z
Ex-div.
y
Sept
7% Nov
Apr
119% Sept
Sept
9%
Jan
Feb
Jan
978
1434
87
June
10% Jan
32% Sept
125
Mar
13
Sept
18
Oct
59
3
Sept
105
Jan
Mar 27
77% Jan
122
Aug
133
June
69
Apr
35
Apr
83
Sept
16
Apr
13
Apr
19%
132
Jan 15
Mar 15
121
7% Apr
20
Jan
15% Jan
Feb 23
97
15% Jan
Apr 18
17% Apr 23
1978 Apr 23
103% Apr 16
109
117%
Jan
5% Apr
11
Apr
9o\sept
12% Apr
85
Apr
7% Apr
5
Aug
79
June
3878 Jan
28
Apr
14%
46%
2*4
3134
Feb
Apr 18
Jan 24
Apr
8»4
20
Apr
Apr
26
Feb 16
4
Feb 26
1'4 Apr
1278 Apr
20
Apr
3% Dec
23% Sept
20% Apr
29% Jan
34% Apr
7
9% Jan
Apr
18% Jan
12% Sept
16% Jan 11
12
115
Jan
121*4 Jan
11% Jan
24
Sept
16% NOV
997g
Jan
18
July
100% Dec
14% Mar
10% Mar
99
Sept
46% Sept
167g sept
38
Dec
4
Sept
80% Oct
26% Aug
5% Jan
29% July
29% Oct
13% Jan
23% Jan
18% Mar
5% July
37% Oct
Jan
25
Jan
17
Apr
25
Mar
112
Jan
4
Jani
3% Apr
6% Apr
3534 Jan
23% Jan 10
Dec
118
Mar
2% Sept
1% Jan
4s8 jan
%May
1% Apr
20
24% Apr
14
Feb 19
29
Jan 11
9%
23
Sept
Apr
Apr
6% sept
3% Sept
8% Sept
27% Jan
13% Nov
32% Mar
56% Mar
53% Jan 3
9% Apr 20
36%
45
33
Sept
43% Aug
95
sept
108% Aug
109% Aug
109
Apr 15
Apr 15
109% Apr
180%May
23% Apr
29% Jan
41
Apr
5
9
4
3
6
14% Apr 27
18% Mar 27
4l7g Apr 15
37% Mar 16
46% Jan
2
1
J Manhattan Ry 7% guar.
Ctfs of deposit.—.
10
60% June
Jan
109% Apr
39% Apr
147gJune
105%May
18%May
138%May
15%May
—10
Manatl Sugar Co
Mandel Bros
16%
16%
14
31
*98%
1,300
*13
9%
32%
3878
2%
22
98%
1134
200
2%
5%
*16%
16%
3%
162
Magma Copper
24%
14
378
2%
900
163s
934
38%
9
16%
3%
*150
22
9
2%
*4%
Jan
3
June
Jan
67% Dec
6% May
31% May
May 22
15% May 21
38
22
16%
—
2534May
2,500
1,700
24%
Jan
39%
6
10% Jan
2
28
21
22
27
23
s4 Apr 17
2
May 17
15%May 21
9%May 18
18%May 21
32%May 21
5
May 15
38 May 28
87
May 22
87 May 22
170 May 22
16 May 22
13%May 21
27 May 21
9
May 15
10% May 21
2738 Mar 18
20%May 21
Louisville A
30
378
*3%
9%
32%
38'4
3
Louisville Gas A El A —No par
19%
16%
Jan
MacAndrews A
30
1
—100
7% preferred
19%
*28
♦34
100
10
preferred
Lorillard (P) Co
27
*25%
*28
1
*23s
5%
3%
1434
102% Apr
4s4 Jan
9
97
Long Bell Lumber A...No par
Loose-Wiles Biscuit
—.26
60
25% Aug
138
29
28
21
3% May
l6%May
15% May
104% Apr
l%May
29
200
2,500
66% Feb
l%May 22
l7%May 20
19%May 23
2
May 21
2334June 1
23%May 22
4
May 21
8%May 23
12 May 15i
No par
---1
Lone Star Cement
600
Jan
May
Dec
Sept
Aug
6%
Jan
36% Jan
24%May 21
10 May 21
27%May 21
Corp No par
{6.60 preferred.
Loft Inc
900
Nashville..—100
Forbes...-.10
6% preferred
—100
Mack Trucks Inc
No par
Macy (R H) Co Inc
No par
Madison Sq Garden...No par
30
4
38%
-
200
30
8%
23
39%
2%
22%
99%
11%
1134
3,300
16
*28
*13
No par
Co...No par
Liquid Carbonic Corp..No par
Lockheed Aircraft Corp
1
Loews Inc
No par
38~800
43«4
*28
333s
162
Lion Oil Refining
16
30
*22%
*23s
400
1,000
26,800
4334
30
3384
8
23
38%
Link Belt Co
100
200
30
7%
22%
*150
300
144
*28
*34
7%
400
Lily Tulip Cup Cor p..No par
Lima Locomotive Whs.No par
*130
23%
33%
8%
*139
Llbbey Owens Ford Gl.No par
Llhby McNeil A Llbby
7
5
Liggett A Myers Tobacco..26
Series B
25
Preferred
100
98
*92
1778
5
Life Savers Corp..
400
24%
23%
98
par
Lehigh Portland Cement— -25
4% conv preferred...—100
J Lehigh Valley RR
60
Lehigh Valley Coal ——No par
6% conv preferred..
60
Lehman Corp (The)
1
Lehn A Fink Prod Corp
6
Lerner Stores Corp.
No par
700
%
2%
17%
10%
17
No
Lee Rubber A Tire
*3",400
2
J8
23
7%
Lane Bryant
1,300
1,000
preferred......
Jan
90
100
No par
5%
104
*134
2%
*130
18%
1578
*34
*1578
*41%
*25%
1984
22
14
*1578
*25%
.S. *130
*139
Lambert Co (The)
"""500
4
18
16%
*8%
12 7g
5584
35
123
8%
87% Apr 12
8%May 21
434May 22
H) A Co.
No par
Kroger Grocery A Bak.No par
4,100
Sept
4
5% Jan 24
May 24
95
Kress (S
100
10
Jan 11
73
117%May 28
3%May 21
11 May 23
9
May 23
92
May 21
7%May 21
Kimberly-Clark
..No par
Kinney (G R) Co...
1
$5 prior preferred...No par
Kresge (S S) Co
10
Kresge Dept Stores......... I
200
10
1
Class B
200
17% Sept
5% Apr
3
387g Jan
9
May 21
34%May 22
44%June 6
122%May 22
48%May 15
Keystone Steel A w Co.No par
265s
634
*11
123
Kendall Co $6 pt pf A ..No par
Kennecott Copper
No par
18%
29
29
29
29
29
295s
31
2%
2%
*2%
2%
2%
*2%
2%
15
15
*15
15
15
1534
1478
106
106
*105% 106
*105% 106
*105% 106
19
19
19
19
19%
19%
19% *19
175s
1834
5% conv preferred
100
Kayser (J) A Co.
6
Kelth-Albee-Orpheum pf—100
Kelsey Hayes Wh'l conv cl A.l
700
17
10%
18%
34
—100
"
*166% 171
*16878 172% *16878 172% *16878 171
*16878 171
*16878 175
*16%
17
*16%
1678
*16%
17
*16%
17
*1678
17
*1612
17
*16
*16
17
17
17%
17%
17%
1678
1678
1678
17l2
17%
29
30
29
30
*28% 29
2934
*28%
29% *28
28%
28%
q
q
*9
*9
934
934
*9%
934
9
9
93s
9%
13
13
11%
11%
12%
12%
12
12
123g
123g
113s
12
28
2884
29%'
273g
28%
29%
28%
2934
29%
30%
28% 29%
*91
4% preferred
Kaufmann Dept Stores
2678
11%
3l«4
1%
20%
21
3%
24
263s
*98
City P A L pf ser B No par
Kansas City Southern.No par
20
Sept
Jan
3
Apr 29
Oct
3% Apr
2% Aug
127%May 14
Kan
500
142
Jan 23
41
195% Mar
71% Sept
I6634 Aug
457g Sept
Jan113
5%
95
*5%
*87%
Apr
Sept
21%May
l7gMay 15
Kalamazoo Stove & Furn...lO
10
16
145
18
No par
100
Preferred
200
3
Jan
8% Jan
28
Mar 13
300
100
10
1678 Sept
37g Oct
5%May 21
20%May 23
Jones A Laughlln St'l pref. 100
100
1% Apr
76
$6 preferred.
1
Jarvis (W B) Co
1
Jewel Tea Co. Inc.....No par
"166
5
Apr 10
800
11
120
4
14
11%
98%
8
67g Sept
7% Aug
133
f
4%May 21
...1
109% Deo
2% Apr
7
134May 15
No par
Johns-Manville
Apr
678 Dec
9% Mar
3% Dec
46% Oct
4
90
lntertype Corp..
40
17% Apr
90
98 >4 Sept
21
Sept
6
'
7 5% May 25
Island Creek Coal
120
9% Apr
4% Apr
234 sept
234 Dec
100
Preferred
1,000
1,000
3,500
Aug
Apr
Jan
5% Jan 5
14% Apr 20
97% Jan115
80
*75
*505s
126
*10
7% preferred..
100
Telep <fe Teleg
No par
Foreign share otfs...No par
Interstate Dept Stores .No par
157
67
171
'23
May
l3%May
Inter
*5»4
2212
*37
25
Sept
147% May
38
37%June 6
267gMay-28
100
No par
131
191% Mar 12
6234 Jan 4
3
International Shoe...-No par
International Silver
50
"moo
23g
2%
5%
23s
*23g
*
preferred
June
Mar 28
9% Sept
29% Jan
Apr
1278 Jan
2% Apr
10%May 21
40%May 21
l»4May 18
""
100
International Salt
6
6
6
6
6
*584
*534
*584
*534
24
*23
22% *22% 23% *22% 23% *22% 23%
125
♦120&8 125
*1205s 125
125% *12058 125
*12058 125
10
10
9%
9%
9%
934
978
978
9%
9%
38
38
38
38
236%
37%
38%
38%
37%
36%
48
49
49
4834
44%
45% z44%
4484
45%
48
12478 125%
12334 12334 *123% 12478 *1235s 12478 *123% 12478
51
51
50
50
50
51
*51
55
*51% 56
126
5%
"""600
15%
conv pref
*21%
6
*534
*2112
5%
109
8
47% Mar 20
3%May 23
19%June 5
16
Internat Rys of Cent Am
120
38%
29%
2%
5
Inter Paper A Power Co
300
Jan
113
lnternat'1 Mining Corp
l
Int Nickel of Canada..No par
Preferred
100
500
28
*87
7
Int Mercantile Marlne.No par
32,100
16,400
28
*27
7
June
2%May 15
6%May 21
1
May 21
18% May 21
140 May 22
38 May 22
145 May 25
134May 22
5%May 22
Preferred
100
Int. Hydro-Elec 8ys class A.25
700
*26
*28%
100
*4
*39
June
93
Prior preferred
100
Int. Business Machines.No par
Internat'i Harvester
No par
147
3
2s8May 15
23
No par
No par
200
1,700
10,500
4
Apr 16
No par
Rubber
Interlake Iron
1,000
6,100
3
......100
Corp
6% preferred
Intercont'l
Internet Agricultural..No par
6%
39
28l2
Interchemical
700
2%
4
158
157g Apr 11
6% Feb 14
6% Feb 28
1%
■H2
*19% 23
141% 141%
393s
40%
6
4%
86
7%May 22
434June 6
2%May 21
7,800
2%
*4
16s4 Apr
4
90% Apr 27
1
Apr
3
Jan
66%May 22
Jan
438
Jan
150
778
147
1
29
118
100
70
100
144
29i8
28lZ
157g
39
*26
"""800
3
19
934 A pr
Highest
I per share 8 per share
No par
1 Interboro Rap Transit... 100
Certificates of deposit......
93
143
share
72
Insuransliares Ctfs Inc
23
7%
per
No par
800
93
7%
1%
Lowest
Highest
S
share
5
May 23
l6%May 21
May 25
.10
No par
....
200
23
*2%
per
Inspiration Cons Copper...20
5,300
95
3
I
6% preferred
24%
41
4%
4l2
4%
*108
3978
41
434
Range for PreHont
Year 1939
Inland Steel Co
3
884
—
Industrial Rayon
Ingersoll Rand
~2~206
9%
434
2%
395s
40
39% 403s
40%
405s
♦1433s 147
*1433s 147
*14078 147
*14478 147
*1447g 147
2 >8
2%
2%
2%
2%
2%
2%
2%
2%
2%
6
534
5%
6%
6%
578
578
6%
57S
6%
40%
Indian Refining
700
24
*234
Lowest
1,400
85
5%
95
94%
Range Since Jan. 1
On Basis oj 100-SAars Lots
Par
700
53s
5%
1834
90
24
2414
5%
5
18
♦84
1834
*4%
*47g
1878
86
185s
9412
3
7i2
*2%
EXCHANGE
$ per share
67%
*2%
the
Week
69i2
9
5%
234
3
24%
8h
*47S
STOCKS
NEW YORK STOCK
Friday
,
*82
5i8
19
19
Thursday
June 3
$ per share
8034
SHARE,
Wednesday
,
$ per share
J
June 1
Tuesday
3621
6
8
8
2
4% Apr 10
18% Jan 11
Apr
4% Apr
95% Sept
152
15
Sept
Apr
10
Sept
180
May
19
NOV
20*4 Aug
31% Apr
40% Sept
10
18% Sept
Aug
13% June
.29*4 Dec
30% Sept
101% Sept
6
Mar
38% Sept
2
47
Mar
19
Jan
32% Dec
54%
Jan
109% July
21% July
62
Jan
Aug
6% Sept
16% Sept
22% Mar
109%May
25% Apr
3
2
105
162
May
3
138
21% Jan
4
Jan
l»% Apr
Sept
15% Jan
36% Apr
110
June
24% Feb
159% June
20% Mar
67
Sept
3
28
Apr
35
136%May 10
28*4 Jan 3
31
Apr 15
1234 Jan 4
124
Feb
135
Aug
Nov
18
Aug
33%
Oct
25% Sept
11% Sept
25% Apr
43%
Feb
60
Jan 25
35
Jan
38
Mar
8
4% Apr 18
7?s Mar
35% Feb
32% Apr
17%May
17%May
16% Jan
11
28
16
9
9
17
9
5
8% Mar 29
15% Feb 21
47% Apr 16
1434 Apr 15
407g Jan 8
3234 Apr 15
l%May
5% Jan
170
Mar
2
1
5
Apr
Apr
30
Nov
29
Nov
5
Apr
15% NOV
12%
Oct
16
Nov
10
Apr
16
Oct
1
Apr
2% Sept
4% Apr
37g Aug
5% Sept
9*4 Apr
26 % Aug
2
May
30
Sept
20*4 Aug
155
Nov
24*4 Dec
lit
29
8
8
Feb 24
Apr
3
9% Apr 25
47% Jan 3
127$ Jan
Ex-rights.
8
Oct
7%
Apr
Nov
3
Mar 29
16% Jan
177g Apr
Jan
Sept
6% Sept
9
40*4 Apr
3% Sept
30% Apr
40
27
53% Jan 4
4% Feb 23
105
19%
93
Jan
lQ7g Apr
934
8»
jan
Jan
15% Apr
5% Sept
39
Sept
8'4
Apr
8% Mar
17% Nov
45% Nov
8%
Dec
57% Jan
37% Sept
176
July
53% Oct
6% Mar
36% Mar
105
June
15% Aug
17% Nov
108% Dec
2512 Dec
10*4
Jan
59% June
18% Sept
1 Called tor redemptlo
New York Stock Record
3622
Continued- Page 7
-
June 1
S
$ per share
per
4U
4%
4%
I8I2
57g
19
19
*5%
678
96
8%
*90
*66
78
*67
*60
70
*61
*25
26
*90%
8%
12%
28
7«1
?34!
13
,
27
27
I
105% IO6I4
38%
38*4
7i2
*12
178
*18
.
75s
7i2
58
178
*ie
I4
*12
178
i«
*11
113s
89
89i4
88l2
11312
11278 1133s
*11518
*115i8 118
335s
35i8 36%
*33%
*33i8 37
23
23
IOI4
2134
*10
IOI4
1312
17
*278
*20'8
*9i2
1234
17
*13
16l2
278
3l8
23
*2U2
103S
*9
63
63
*103
108
438
6178
*103
*412
44U
4l2
44
43
4l8
12*4
17*2
*658
*8*4
11*2
17
18
7
6*2
1014
18*8
*8
9*2
10%
18
*155*4 157
10
75
*67
75
{
*61
70
*61
70
25*4
2514
278
,
j
*61
278
278
30
30
7%
%
17g
*712
'it
*1#
"8
%
178
712
8
%
17g
*i«
1#
*9
*i8
6178
108
63
12
134
*18
*it
*14
11*2
4%'
4
11*2
*10%
16%
*6%
*734
934
11%
1734
934
*13
934
1334
*16
17
278
20
*5734
*105
17%
634
17%
678
67g
9
8
8
1034
17%
1034
10*2
177g
155% 155%
14
*12
15
*80
90
89*8
*80
18
*16*4
17
1634
1634
10%
10
10
9*2
878
87g
*8*2
13*8
12%
1234
12%
9%
12%
4%
*44
16*2
17
*534
6*2
18%
18*4
8
*7*2
534
67g
*72
74
♦
16
15
169
*15l2
*160
*160
*
137
*1658
6
53
63
55s
*8
6
6%
934
8
53l2
5*4
■
»8
15*2
5%
8
*7%
5%
534
73
15%
15%
168
1434
*159
"10"
17%
8
*65
*169
*
6
6
*53%
6*4
*8*2
54
51
53
*26
30
*27
41
*26%
*27
41
478
8*2
*434
5
9
/
16%
140
177g
*65
73
52
15
15*2
5*4
165
20,300
200
4,000
4,500
300
3,500
2,000
*27
41
*27
5
5
*4%
*15%
8% /,
734
15
17*2
15
*15
1634
*7*2
*1434
*70
80
*70
80
*70
80
*70
40
40
*38
41
41
41
*39
43
*39
43
39
39
*90
105
*90
105
*90
105
7*4
3334
10*4
7
7
7
45*2
7%
34
34
*33
357g
1034
*934
45
*44*2
45*2
*44%
10
18
18
17*2
24
24
2434
10%
1034
18%
2434
*3*2
5
*3%
5
6
6
*6
6
10*8
*934
*312
*5*8
97g
4*2
6
*984
10%
10%
18
18%
*23%
24%
*98*2 105
43% 44*8
7
7*4
33% 33%
934
10
*98*2 105
42*2
7
*34%
97g
*934
43
7%
36
8*2
*98*2 105
**4
18*4
*%
**4
17%
*2
19
No par
*21
1.700
Newmont Mining Corp
..10
3,000
Newport Industries....
1
7
300
10
978
10%
19,500
10
10%
10%
500
*104
110
16
48
*48
49
49
49
17*4
1734
17%
1678
17%
90%
85
85
5
514
*103
107
*29
30
2*4
2*4
1678
*
90%
18%
2,300
500
NYC Omnibus Corp..No par
3%
200
New York Dock
No par
6
*5
6
6
100
*5
*5
*2
2*4
2*4
32
*25
32
16*2
*16
16%
534
12*4
9*8
12*2
9%
12*4
97
97
97
*234
12
*120
3%
12*4
128
758
*23
778
26*2
2134
26
186
186
107
107
*9%
234
117s
*120
7%
*22%
*20*2
*40*4
31
*2%
31
2*2
32
»1«
108
190
108
191
16
157g
16%
53
53
*51
48%
50
50%
x50
16*2
17%
17
17%
84*2
84%
*2*4
*25
5%
2*2
300
*84
5
*103
95
5%
107
*31%
*2%
35
2%
6,800
1734
100
1,100
21,500
70
4,600
5%
90
800
2%
2%
32
*25
32
*25
15%
534
15%
*15
16
*15
578
534
534
534
12%
12%
12*2
11%
12%
11*2
11%
12%
North Amer Aviation
1
Northern Central Ry Co..-50
9%
97
234
*25
9%
*95
*234
9%
97
3%
12
12
12
127
*120
127
7%
26
7*2
*23
21
734
24%
9%
97
*234
11%
*120
7%
23%
9%
97
3
1178
125
7%
23%
9%
*95
*234
11%
*120
7%
*23
21
9%
97
3
11%
125
Northwestern
7*2
24%
Norwalk Tire A Rubber No par
200
12%
9*2
1,900
1,300
Oliver Farm Equip
No par
180
8% preferred A
Oppenhelm Collins
No par
Otis Elevator.
No par
97g
97
100
3
*234
2,000
11%
11%
3,700
734
7*2
*115
116
115
115
115
147
*135
147
*138
147
*135
147
*136
147
*136
147
3%
Bid and asked prices; no sales on this day.
3%
3%
3
I In receivership,
3%
a
-
100
100
Pacific Coast Co
480
1st
30
-.
—
-
700
60
"
.
7*4
267g
1678
12*4
96
May 23
May 22
100
100
6% preferred
Pacific Tin Consol'd Corp
Def. delivery,
n
New stock,
r
Cash sale.
1
18*8
Sept
117*2
Sept
114
5
4i2May 15
May 24
27 May 22
2igMay 15
32
May 20
147gMay 27
534May 21
8412June
101
10i4May 21
75sMay 21
May 23
2%May 22
lll2May 21
7
5
May 28
2
May 22
8
May 22
338May 22
June
zEx-dlv.
7
v
Aug
Jan
Mar
Oct
Jan
6*2
Feb
20*8 Sept
10*8 Sept
8*4 Sept
28*2
Jan
4*2
83
Sept
Oct
14*4
Apr
18*8
167g
106
27*2
Jan
Jan
Mar
Jan
173*8 Aug
145
Feb
35*4 Sept
Apr
10
Aug
July
684
82
Sept
55g Aug
15*2
Jan
20
Jan
10
Apr
33*8 July
59*4
Jan
Apr
41
Deo
50*4
Apr
Apr
25g Apr
8*8 Sept
18*2 Apr
7318 Mar
Apr 29
Jan
4
Apr
32
6
Apr
"1734" Sept
11*8 Sept
3
Apr
10*8
18*2
4
*2 Jan 11
267g Apr 22
134i2June 6
3678 Apr 6
226i2May 4
113i4Mar 27
2384 Jan 3
8
26*4 Jan
3
90i2 Feb 20
9*4 Jan 3
113
Mar 2 5
36
Apr 29
Apr
Apr
Apr
1*4 May
62
Sept
23*4
25*2
4534
43*2
1034
Sept
Sept
Sept
Feb
Sept
47g July
15*4 Sept
Nov
118*2 Mar
May
47
120
Mar
July
119
Feb 20
3
July
Apr
8*2
27
3
4
Jan
42
112*2 June
3
Jan
6*8 Oct
11*4 Feb
29i2 June
87*2 Aug 1
105*4 Sept
Jan
Jan
3
Jan
Sept
83g
Apr
62
Jan 10
9i2May 21
Pacific Telep A Teleg
16
110
4
58
25i4May 22
33
May 22
8
May 21
115 May 25
147i2May 21
No par
26*4
Jan
132
59
25
No par
Apr
12*2
Jan 31
47i4May 22
15 May 14
47
Jan
17*8 Nov
Dec
4i2
5s Jan
Jan 30
June
Nov
14*8
Mar 14
Apr
Jan
Jan 3
Jan
15
r8*4 July
177s June
152
Sept
2
May 25
1458May21
125
Jan
28*4 Mar
175
107
47%May 22
95
Deo
95*8 May
23*4 Sept
22i2 Apr 9
1733s Jan 31
66
Corp (Cal).lO
Electric
Pacific Ltg Corp
Pacific Mills
_
l"500
No par
Pacific Finance
Pacific Gas A
5
10
..No par
preferred
2d preferred
220
900
20
9*4
17*8
6i2 Apr
62
Mar
Sg
Dec
1*8
Dec
•
3g May
85g June
70
Apr
31*8
Dec
17g Sept
5*4 Sept
1*4 Sept
17
94*4
33*2
Sept
Dec
Deo
Jan
217
Nov
103i2 Sept
185g Apr
623g Sept
50*2 Sept
113
June
168
26*8 Feb
597g Aug
59
Aug
1258
Apr
29*4 Nov
82
Jan
89
14*4
Nov
Jan
7
June
100
Sept
113
Dec
29
Sept
40
Oct
3
2*4
Apr
42*2 Jan 12
32*8
Apr
6*2 Nov
44*4 Aug
6
Aug
101*2 Sept
5*8 Jan
16%May 29
834May 7
112
Jan
4.4*8 Sept
12
Sept
Mar 28
100*2 Sept
113*2 May
434 Aug
1558 Sept
8*2 Jan
27*8 Jan
148*2 July
16
Sept
5512 Sept
26*2 Dec
578 Apr
1838 Jan
144
30
4
4
2314 Apr
143s Mar
4
4
Feb 19
"123s Jan
ll5igMay 24
43l2May 28
Glass Co.12.50
18*4 Sept
7*2 Sept
Jan
41
Owens-Illinois
267g Nov
114
May 21
100
Aug
778 Aug
215g Sept
1477g Oct
10*4 Apr
87
Sept
May 21
May 23
May 24
No par
14
3
62
24*2 Jan 24
170% Mar 6
19
Apr 1
99*2 Apr 17
2012 Jan 3
16*4 Jan 8
13^8 Mar 12
185s Apr 17
116i2 Jan
7
Preferred
43*2 Sept
53f} Sept
May 31
20
Pacific Amer Fisheries Inc
—
Aug
21
Outlet Co
—
5,400
4
8% Feb 16
Apr 8
73s Feb 15
63
5
2,600
—
Apr
Sept
No par
Outboard Marine A Mfg
3,500
w
60
105
$5.50 conv 1st pref..No par
Otis Steel Co..
10
«.
115
*135
300
6
(The)
6% preferred.
100
25
*23
Omnibus Corp
20
125
23
*3%
Co.-2.50
No par
120
3%
50
Pharmacal
Ohio Oil Co...
*115
*3%
Norwich
8.700
120
3*2
Telegraph...50
6
97
125
100
Northern Pacific Ry
Preferred
15*2
57g
50
50
32
16%
534
16%
6
10
6% preferred series
5H % pref series
North States Pow $5 pf No par
37
*31%
*115
*
100
Adjust 4% preferred
North American Co
Mar 29
Mar 14
39
105
107
115
3%
175
95
5*8
*110
3*4
100
600
2134
21% 21% .*21%
*20*2
21%
21%
48
48
48
50
50
*40*4 50
*40*4 48
*40%
*40%
*115% 125
*115% 125
*115*2 118
*115% 125
*151*2 125
*115% 125
44
46*2
4534
46% 46*2
45*4 45*4
43% 45
45*2
44*2
45%
5
534
5*2
5%
584
534
534
5%
5%
5%
5%
*5%
2
2
2
2
2
2%
2%
2*4
2*2
2%
2%
*2%
10
9
*8*2
9%
8*2
9*2
*8*2
*8%
*884
8*2
*884
9%
4
*4
4
*4
*4
4%
4%
4*8
4*8
4*8
4%
4%
10*2 *10%
10*2 *10%
*97g
10*2 *10
10*2
*97g
10%
10*2
*10%
26
26
26*2
26%
26%
26%
2578
26*2 26*2
26*2
26%
26%
37
37
38
*37
*37
38
37
37%
37%
3534
36%
36%
9
9
9
9
8%
8*2
87g
87g
9*2
8%
*878
8%
3*4
Norfolk A Western Ry
140
14*4 8ept
70i2 Dec
llll2 Nov
9*8 Jan
83
111
1878 Jan
21*4 Jan
i4 Apr 4
1314 Jan 15
700
7,700
18%
*84%
*103
JN Y Ontario A Western.. 100
Corp part stk__l
Jan
44*2 Mar
Apr
50
3s Apr 12
N Y Shipbldg
7*4
Sept
% Apr 27
100
Conv preferred
Oct
Jan
37g Aug
75i2Mar 9
14i4 Feb 20
6
100
JNYNH & Hartford
92
16%
50
June
100
5
5334
>
45
Jan
177g
30
106
110
19
Apr
115i2Mar 11
11H2 Apr 30
50
Oct
Sept
Apr
May 21
Apr 27
N Y Lack A West Ry Co.. 100
47
16*4
434May 22
104
67*4
37*4 Mai
10
4
9
30
7% preferred
Noblltt-Sparks Indus Inc
810
108
Zl534
52*2
49%
122*2 May
33i2Mar 9
8i8 Apr 22
1214 Apr 22
60
900
195
*104
153s
No par
5% preferred
10% non-cum pref
20
*%
*2
*%
%
1734
17%
1778
18%
134% 134% 134i%, 134i2
*23
24
23% 23%
*184
100
N Y A Harlem RR Co
%
*2
52%
31
*1534
6
*21
*%
Sept
40*8 Apr
31*8 Aug
22i2 Sept
9i2 Apr
9
91
3%May 21
6% preferred series A
Oct
30
110
9i4May 21
23%
21
Feb 28
53i2 Apr
36
May 22
lOOUMay 24
42i2June 6
6i8 May 24
N Y Chic A St Louis Co...100
Jan
112
April
253s Mar 13
30%May 21
New York Central
9*4
143sMay
May 22
No par
No par
N Y Air Brake
Aug
4334
43i2
8%
1038
10
4
21
21
3%
31
30
75
Jan
Jan
11434 Sept
121
May
87s Jan
24
17%
107
30
26%May
40i2 Feb
3% Jan
7%May
14 May
Jan
Mar
Apr
Sept
73*4 Jan
9«4 Jan
4%May 24
8
May 23
54
Jan
July
I.534 Mar 20
39
27
May 21
48
*22%
5
"5"
5%
5%
5%
107
*103
*103
*103l2 107
*25
6
*84%
4
13%May 21
5%May 22
13434June
3%
18%
48
May 29
6*8
1478
2*a
14812 Jan 29
l4igMay 22
3T6O
18
*%
1634
16%
51%
157g
5
2278
*2
*49*2
June
18
18%
51l2
1578
*49*4
6
5%May 21
*3
*%
18%
26
7%June
71
2278
*2
188*2
108*2 108%
16%
16%
*51
52*2
ll78June 5
108i4May 15
107
May 23
3
May 28
5% May 23
l7%June 6
3%
%
*23
May 21
6
18
%
*186
l6%May 21
934May 22
2334
%
26
*22
100
4
3*2
%
18 534 186
110
*104
26
188
5% pref series A
Jan
114
1*4 Sept
1038
m8 Feb 16
7
May 18
Dec
2*2 Sept
85*4
8%May 28
16*4 Apr 15
878May 21
15 May 21
20%May 21
984
134®jj 134»aJ 134'jj 134bij 134»m134**« 134I%2134*%2
*183
1
16
91
85i2
110
21% Apr 30
l"78June 6
155t8May 23
40
12012 Nov
Dec
Apr
5s
Apr 18
224 Jan
May 31
9%
16*2
*22%
**16
18%
prior preferred
100
6% prior preferred
...100
5M %
4H% conv serial pref... 100
Newberry Co (J J)
No par
"
%
25
National Supply (The) Pa..10
$2 conv preferred
40
National Steel Corp
----
*10334 108
*10334 108
*103*2 108*2 *103l2 108l2'*103l2 108*2 *10334 108
*100
117% *100
117% *100
117*4 *100
117%
117% *100
117*4 *100
♦
50
50
*45
45
45
*45
46
46
55*2
55*2
*16
*16
*4
»16
*'u
«u
*318
*»u
*4
*11
U
*8
Ns par
National Pow A Lt
Nelsner Bros Inc
37
67g
*35
100
6% preferred B
Nat Mail A St'l Cast Co No par
Natom as Co
43
43
100
preferred A
No par
80
7
7%
400
18
80
734
10
National Lead Co
400
17
*70
734
1
100
*778
*15*4
3334
No par
Co
$4 .50 conv preferred. No par
National Tea Co
1,500
17
*44*4
Nat Enam A Stamping
100
80
734
10
preferred
Nat Gypsum
41
5
2,000
No par
No par
40
9
434
100
100
Nat Distillers Prod
......
30
41
6%
......
800
5%
No par
Register
7% pref class B
Nat Dept Stores
3,500
3,500
*8
Nat Bond A Share Corp No par
Nat Cash
7% pref class A
57g
55%
5%
*27
pref......
.100
Co-No par
100
cum
20
135
9
7%
National Cylinder Gas Co—1
167g
5%
National Biscuit Co
*
16
,
*8 July
3078 Feb
185s Apr
2678 Jan
Dec
Jan
Aug
1
258
Jan
121t2 Jan 3(
934May 21
Nat Dairy Products...No par
57g
30
8
900
400
June
10
16,200
*16%
*8
9i2May 21
87
Sept
8*4 Aug
78 Jan
19*8 Jan
110
-5
10
6% pref series A
6
*27
36
Apr
1% Jan
4>4 Jan
6s
Apr
25s Sept
11
»i«May 14
6% conv pref
Nat Bond A Invest
15*2
54
'0
44*4 8ept
103*4 8ept
434 Apr 24
48
Apr 25
»ie Jan 26
Nat Aviation Corp
100
16
62%
Nat
200
165
*159
♦
26%
9
4%
National Acme Co
500
73
*70
*734
Nashv Cbatt A St Louis...
70
*1538
778
Nash-Kelvlnator Corp
5,300
109
*107% 108
3%
3%
6*2
*534
6*2
1734
1734
1734
7%
7*2
7*2
5%
5%
5%
135
"ie"
578
5%
*8
26%
*27
5
15%
15%
168
6
5%
7*4
5%
5%
16
41
1234
500
500
6
5%
934
6,400
2,800
16
54
2,100
4%
44%
4%
6*2
135
*
13484 135
10
8*2
10%
72
71
Mulllns Mfg Co class
"""500
6%
*534
Corp
Wheel
170
8%
6*2
Corp..No par
6
1
Motor Products
B_
1
$7 preferred
.....No par
Munslngwear Inc
No par
Murphy Co (G C)
No par
6% preferred
....100
Murray Corp of America.. 10
Myers (F A E) Bros—No par
6*2
18
8
ll%May 21
13i2 Jan 13
6%May 28
Essex..
800
8%
6
*27
77g
17%
Apr
•
100
1
Automotive Fibres Inc.-l
Morris &
Motor
*7%
934
17
*25*8
4%
*534
1834
*159
30
434
6
18%
*72
169
30
4*4
*584
*7*2
57g
73
137
*16"
17*4
6
6*2
1834
101
110
7%May 21
%May 18
li2May 22
Apr
9
Jan
54
7
Apr
Apr
*
2812 Jan
21i2 Sept
3914 Jan
167g Sept
18
Sept
Apr
6*2
May
122
2i8May 15
26
May 21
Aug
11*8
183„
Nov
6
July
25
Nov
63
30*8
113g Sept
7
327g Apr 8
12*4 Apr 10
17«8May 9
40'g Apr 8
5
""446
Mueller Brass Co
17
17%
17%
17%
1678
*146
155
156
*145
155% *145
*11
*12
1384
1334
1384 *10
90
*80
*80
*7834
947g
947g
18
17*2
*1634
*16%
177g *16%
10
10
10
10
10%
978
x8
8%
8%
8%
8*2
8*2
12%
12%
1278
1178 12%
12%
3
14
Jan
900
17
6
5
Feb
60
109
June
28% May
73
3978 Aug
28*4 Dec
Feb 21
26
46
*6%
111
110
*109
110
*108
110
*108
110
108*2 108*2
107*2 108
108% 108% *107*2 108
*10678 108%
*10678 108
4
4
4
*3%
3%
3%
3%
3%
*3%
*358
34i2Mar
6ig Jan
24
22
22
21
22
6%May21
lli2May 21
23i2May 21
103 May 24
33%May 21
66
500
10%
July
May
3l34May 21
33i4May 21
2l34June 3
878May 22
12 May 21
15 May 21
23sMay 14
20
May 21
8% May 22
66
May 28
97i8May 22
4
May 21
42i2May 21
334May 21
No par
50
Morrell (J) A Co
8*2
10*4
10
66
May
Montg Ward A Co. Inc. No par
400
17%
6
2
86
82
160
107
*11
1234
Aug
5
Oct
101*2 Nov
14*8 Sept
Jan
6
6
24%May
2i8May
llt4May
12
May
24
May
105g
65a Aug
88
3
Feb
95
1
1
4
Apr 15
53>4 Feb
64
Highest
share $ per share
14%May
107
7% May 28
14,800
912
4I2
44
458
Jan
Jan
60
44%
9i4
per
May
107
107
8*4 Apr
32i2 Apr
118
22
22
*9
4
May 15
17i2May 28
5 May 21
91
May 31
$
share
per
119
3
3 |
20%
978
61
$
share
5
1312
17
ver
May 23
113i2May 27
16*2
6*2
,
iO
10
$
Lowest
Highest
$4 50 preferred
No par
Preferred series B—No par
17
*13
|
4
*11
100
100
100
I Missouri Pacific RR
5% conv preferred.
Mohawk Carpet Mills
Monsanto Chemical Co
670
10
10
No par
7% preferred series A
500
3514
37
23
*33
2212
10
Mo Kan Texas RR
3,900
115
34%
No par
preferred
Mission Corp
300
105s
115
f
$6 50
200
9012
lOSg
23%
Minn
200
115
*2D4
4% conv pre!series B—100
Mollne Power Ixnpt— 1
20
500
114
37
1234
400
3.000
8978
343g
5
Mid-Continent Petroleum.. 10
8% cum 1st pref
100
Minn-Honeywell Regu.Aro par
*14
114
Machine Co...—-.--6
Miami Copper.
Midland Steel Prod..—No par
*1«
I
33%
Mesta
700
*3
|
1
200
*l8
115
4
90
1,500
11
par
par
(The)...
1
6% conv 1st pref
50
Mercb & M 'n Trans Co.No par
1,100
88
par
Co
Mengel
400
%
178
'It
100
Melville Shoe Corp
2,200
1,800
3,100
8
*12
178
*14
*14
*33
6012
378
*7%
7l2
%
134
114
*9
,*103
108
*103
108
412
4%
414
412
*44
45
*44
4434
*16*4
10*2
*71
""400
96
278
35
87
4%V
4414
96
*25s
*30i2
114
*1034
10
60
|
*10
10%
7l2
178
*9
10
*60i4
10
*80
*684
185g
*7*2
55g
6% conv preferred
Mead Corp.—
No
$6 preterred series A. No
$5 50 pref ser B w w.No
75
26%
26J2
7%
"u
178
*4
%
%
*!•
%
1114
1012 1078
in2 *11
89
*88% 8834
87
88%
113% 11312 114
113
114
118 1 II434 H5l8 *114
117
36%
34
35 - 33% 3434
37 | *33% 37 I *33
37
22%
22
22t2 *19% 22%
10%
10
IOI4
95g 10
1278 *1278
13l2
1234 1234
*1612
17% *16
17%
17
*27g
3 I
278
27g
3
21% 21%'
20i8 20i8
23
18*4
*155*4 160
10%
26
25t2
*92% 100
1 *9218 100
I
234
234
234
234
*2878 30 t *2878
35
100
*98
37
25%
2534
90
*87g
12&8
75
70
' *61
*91
*8U
*67
Co—--—1
Mcl^ellan Stores
70
*67
1734
16
*10
97
8l2
*90t2
8%
414'
4I4
1134
95
834
94
9
100
100
234
234
*14
m2
*4
578
200
♦283s
40
300
*534
Inc...5
$3 series conv pref—No par
1,300
578
1,000
278
*234
*29 7s
McKesson & Robbins.
2,900
18i8
*91
*8%
*67
94
8%
Shares
18i8
578
*90%
*8%
8%
414
18
2634
100
*98
4%
18
18
6
Par
Year 193»
10O-Sftaro Lots
Lowest
*2%
278
*2%
27«
2%
2%
2?g
278
1318 *1314 1412
13
1318 *13% 14 j
14
14
14 I *12l8
13l2
12
12 » *1218 1334
1334 13*4
29%
2934 30>4
2914 30
30
3058
29i2 30i4
712!
712
734
7i8
7%' 7i2 7%
7%
734
12%'
1234 1234
12i2 1234
1212 1212
1234 13
*2612
27i2 *26i2 27'2
25
26l2
24% 25 f *26% 28%
105% 1055S 106
107 *105
107 » 108
108^ \ 108
108
38
38
37l2 37% *3712 3814
3734 3734
*37l2 39
I
12%
18
6
On Basis of
Week
$ per share
4
4%
$ per share
$ per share
414
4%
4%
1834
6%
June 7
70
*2!2
13
*12
29
7U
12i2
14l2
2714
4%
18%
*678
4*8
18*2
67g
June 6
?
EXCHANGE
Friday
75
25U
..0
*12
June 5
I
share i I per share
96
8l2
27s
125s
♦2%
June 4
NEW YORK STOCK
the
Thursday
Wednesday
Tuesday
Monday
June 3
STOCKS
for
Saturday
Range for Previous
Range Since Jan. 1
Sales
NOT PER CENT
SALE PRICES—PER SHARE,
HIGH
AND
LOW
June 8, 1940
3
Jan 11
128
7*2
33
Oct
Apr
July
20*2 Mar
4
16*2
55
Jan 22
54
Dec
Jan 17
40*8
114*4
Jan
120
Jan
120
Dec
6
50
Apr
70
Jan
10*8 Apr 26
684 Jan 6
2384 Feb 13
12*2 Jan 4
14
Apr 15
3
A
2*8
Apr
11*4 June
3*4 June
9*4 Apr
345s Apr 15
27*2
Apr
41
Apr
3234 Apr
645s Jan
Jan
3
16*4 Jan
4
50
912
Apr
Apr
139
Mar 12
114
Apr
154
Jan 24
128
Sept
7*4 Jan
Ex-rights.
4
6*2
Dec
7*2 Sept
77g Nov
25
Nov
15*2 Sept
12*4 Mar
34*4 Mar
52
Oct
21*2 Sept
132
June
156*2 July
7*2
Dec
1 Called for redemption.
Volume
New York Stcck
ISO
Record—Continued—Page
8
3623
wm
AND
HIGH
SALE
PRICES—PER
Tuesday
June 1
June 3
June 4
June 5
$ per share
578
578
*534
234
133g
27g
13V
8I4
V
234
*6V
V
♦29
*
1234
*7
101V
434
434
*65
*
678
*15
*64
*15
18
8'4
*
45s
*66
70
7
7
18
*15
18
134
134
3278
3278
3278
17i2
18
*7
65s
*43
634
7V
65s
*614
49
74
678
I
*15
134
45
3318
17i2
134
33i2
17l2
*17
13s
13g
*1
7
7
634
73i2
1?8
*13
2l2
15V
*1234
15
*11
12
*11
*42
12
9
74l2
IV
33i2
634
614
$ per share
Shares
*584
578
334
312
3V
1378
87s
9,500
1284
8i4
84
5g
66
|
101l2
45s
458
*67
6V
634
16
*15
,
134'
33l2
6I4
73
71
7334
2i8
*1V
2i4
1478
214
1478
*1284
*2
2
634
6i4
1,700
1,200
46
7134
7284
*178
218
200
2l8
600
*26V
1634
1578
2634
*1
3
1534
*6V
2214
1412
*16V
*658
678
2gl4
I684
153g
173s
17
1578
26i2
*1512
1714
16
17
16
16iS
16
26i4
263s
1578
25l4
25U
*1
3
*H2
3
*U2
3
*6i2
2114
7l2
*6i8
7i2
*6
7l2
26i2
714
2214
1434
1234
19
*16l2
7
612
26V
6l2
*1514
16
27
27
700
*li2
*614
7V
*6i2
*70
*27
35
7i2
23
23
23
23
.310
14
1334
14
*14
15
320
19
*1612
20
*1612
20
*6l2
7
612
73s
65«
26i8
*3678
2934
*234
*36
*27
30
28*2
278
234
*35
38
*8V
85s
*8lS
23
*37
*
*22
4H2
23
*39
135
"*358
4*4
*1712
18l2
6
6
65
65
*170
172
5i2
*7
5l2
75g
1914
19
♦
*65i8
*170
514
778
20
15
*13&8
*25
914
*16i4
1638
*10i2
*6'4
1712
*V
814
*8
*24
*23g
*35
85g
2384
4112
6i2
*65s
7
27i2
263s
*3658
834
*5s
16'4
6V
634
634
7
7
7
267g
2634
27k
*11
834|
«4
58
23
40
*35
40
8i2
834
758
8I4
135
"T
4
I8I2
63
*17i2
65V
*83s
78V
9%
978
*10l4
412
12
*65
458
100
*50l2
5g
51V
"is
*11
43s
*65
*50*2
58
5U
5i8
*714
1712
8
65s
58
758
I6I4
2:1584
16
14is
634
*1.2
1378
6V
%
5g
9
*8
*23
*74
77
6k
126
*126
130
126
149V 14912 *147
14912
114
*111V 114
*1117g 11412
19
18V1
17V
I8I4
19*2
73s714
712
714
7i8
j
86V, *76
83
*75
78
x75k
*9k
75i8
978
12
12
9
97g!
*11
12V*
*65
95
*65
95
*65
95
*65
52i8
52
52
52
52
x51k
52
52
53
1214
43s
458
100
414
"i6
2714
103s
2714
103s
*20
22
*20
22
*20
22
20
20
*17*2
*214
18
*17i2
18
*17
18
17i2
*214
17V
*32
40l2
*534
934
*534
2U
4018
934
634
634
*634
*2l4
7l2
42
42
*40
*534
*45
*74
78
*62
6734
918
9
8
*9
Ik
16
7514
6834
*76i2
80
*64
6734
9
|
I
9
14l2
I
79
*62
6734'
834
878
*16
25
*16
*65
74
*65
72V
43
43
*40
48
87S
*65
85
32V
3314
32l2
63s
*434
512
*4
5i2
34
30
28
'16
5.
*U
9634
512
3818
9734
*2l2
*4
38V
97i2
21i2
22
20i4
*212
*4
38
*
6i2
*52
6i2
54
*52
612
6
*5
6
5l2
*4
512
13
13U
13
1
Pure
j *16
*65
|
42
83s
*67
*65s
28
I4
283$
V
U
*'8
V«
5
5i2
38 V
9734
21i8
*212
*4
20
Bid and asked prices; no
5
512
3814
97l2
63s
38*4
9734
21U
200
$2
4% 1st preferred........50
4% 2d preferred
....60
Real Silk
(Robt) 4 Co 1st pref—100
Reliable Stores Corp...No par
Reliance Mfg Co
10
Remington-Rand
—-.1
Preferred with warrants—25
Rensselaer 4 Sara RR Co.-100
700
~4~406
JReo Motors vtc
32,600
Republic Steel Corp—No par
79
79
67
67
200
9
1,200
*16
*65
48
200
6% conv
8V
84
85s
*67
714
678
52
52
65s
65s
25
884
1,600
84
67S
""606
60
634
5
*4
5
*414
5
12l2
12i2
1212
1
*34
2714
*i8
27l2
*l4
*2i2
*4
k
he
5
27*8
k
*ig
■
*»4
*2l2
he
5
*14
*2i2
512
*4
5k
*4
38ls
9734
38
38k
*38
97U
9612
97
18U
19
20
21
3734
sales on this day.
9784
213«
{ In receivership,
1
preferred......100
Brass..—5
10
Reynolds (R J) Tob class B.10
Common
10
Richfield Oil Corp..
No par
Rltter Dental Mfg
No par
Roan Antelope Copper Mines.
Ruberold Co (The)
No par
12,700
52
1
7% preferred
100
5)4% preferred—...100
Reynolds Metals Co—No par
5)4% conv preferred
100
Reynolds Spring
.... 1
20
34
,
6% conv prior pref ser A. 100
Revere Copper 4
Class A
7212
*40
6
..100
Hosiery
Rels
"4466
15l2
7212
50
Company
Preferred
138
I6I4
25
25
preferred
Reading
53
42
No par
{ Radlo-Kelth-Orpheum No par
Raybestos Manhattan-No par
Rayonier Inc
1
1,100
95s
67g
3734
884
25
858 Apr
I0t8 Feb
401s Jan
6i8May
.
May
37i4May
6'4 Sept
5h Apr
28V
Apr
36
Apr
75
...
5,700
"""166
1,200
{Rutland RR 7% pref
300
Jan
1
9
74
Sept
17b Sept
103V Mar
Jan 23
124
Sept
154
734 Apr
2 «gMay
May
7i2May
Jan
V July
2*4 July
Jan
July
31V
Apr
46V Sept
2
Feb
Aug
37i Sept
45V Mar
36
May
May
I07i2 Feb
3i2May 22
16 May 24
110
Jan
6
Aug
23
Apr
Mar 12
5'4May
6484May
154 May
168 May
4i2May
9'% Apr
80
Apr
154 May
176 May 10
83s Jan
__
15
5
7
May 21
®8 Feb 14
May
1214 Jan
5i2May
i2May
28
13
21
29
6l2May 21
68sMay 21
21 May 21
53
June
5
11
Jan
34t2 Apr 25
1934 Apr 8
37 May 10
15
Apr
95
Sept
176
Aug
22
Apr
12V Aug
18
June
Sept
V
Apr
17V 8ept
6V Apr
7i2 Aug
V Aug
147b Jan
14*4 Jan
6
Aug
6V Sept
18
42t8May
6
145
May 22
165
115
May 21
118
Feb
2
733sMay 28
June
5
112
Deo
Feb
31V Apr
101V Sept
112
Sept
Apr
147
Sept
111
Sept
x22V Aug
15i2 Feb
Aug
5
Aug
90
90
48i2May 21
l2May 15
15i2May 22
13i2May 21
69
20
June
5
17
May 22
134May 21
2478May 23
6
52
May
578May
434May
6 May
lli2May
3
22
22
22
18
28
i2May 16
5
2,700
r
Cash sale,
3
6 V June
37l2May 4
17t2 Apr 8
26 >s Apr 10
12 V June
June
i8 Apr 19
i4May 16
34
96
17
Jan
3
8
4
40
Dec
55
Mar
Jan 12
4134 Aug
114V Aug
128V Aug
143
Aug
166
June
117V
417S
11*4
90V
81V
16
8V
677b
Nov
Jan
Jan
19
Deo
28V Dee
22V Sept
28V Oct
27
Sept
5V Sept
54
7
Apr
16V
10
13ig Feb
10t2 Jan
5734 Apr
9
9
3
8
Apr
Apr
Dec
50
Dec
69
5
60
Apr
2
Mar
Jan
27b Jan
23V Sept
6V
9V
Sept
85V June
9
Jan
Dec
Sept
18V July
Jan
Mar
Oct
Nov
14lj Sept
17V Jan
75V Mar
75
Nov
2*4 Nov
Apr
237g Jan
95
Apr
127b Apr
28 V Sept
43
80
42
95V Deo
89V Oct
20V Jan
40V Jan
84
Sept
.
May
V July
Apr
Apr
14V Jan
30V Apr
21V July
92
Apr 17
61V A pr 8
15V Feb 20
96V Apr 8
llVMay 2
63
44
8
35
Sept
5334May 14
83s Jan 3
62
July
68
Jan
Apr
10V
Jan
6V May
934
Oct
May
7V Jan
12
9V
3
Feb 27
22V Apr
IV Feb
42
Jan
4
9
3
Apr
Aug
37V July
7V June
78*4 Jan
6V Apr
6V
10
Sept
15V Sept
»4 Apr
27V Apr
V June
56
Sept
14V Jan
87
Deo
11V
Jan
45
Jan
17V Sept
34
Jan
2V Nov
49V Sept
7b Sept
*s Jan
2
7g Jan
3
3j Aug
2
Jan
May 10
1*4 May
3VMay
2734 Apr
82V Jan
10*4 Apr
6
Sept
5
4*4May 18
May 21
May 21
May 21
111 V Mar 28
y
Apr
4*8 Feb
23
9
x Ex-dlv.
16V
10V Apr
207i Sept
16
July
2V Dec
8
2,000
nNe^ stock,
4
6SgMay 21
8i2May 21
6
May 22
x3734June 7
50 May 28
1
May 15
14 May 21
70i8May 21
60 May 21
7i4May 21
18 May 17
73 May 21
39 May 27
8i8May 21
7578 Mar 28
6'8May 21
9812
21k
a Def. delivery.
Apr
13
32i4June
85V June
53 V Apr
IV Deo
2978May
6
June
Jan
preferred
—100
Corp....No par
Jan
11
May 28
978May 28
Jan
Sept
10*4
24
2V
16V Sept
16V Sept
49
IfiSg Feb
23
I67i Sept
66
129
Apr 8
17b Jan 29
40V Sept
20V Sept
2V Sept
24
Sept
17
Sept
119 V
2
714 Apr
Apr 16
11V Sept
16V Sept
48V Oct
25V Oct
Apr
Apr
Mar 29
May
32V Sept
14V Sept
Mar
50V
11
May 23
4i4May 23
Apr 15
Sept
Sept
47s Aug
6V Apr
Jan
Apr
Jan
12
50
158
12*4 Jan
2«4 Feb 27
June
May 21
Sept
Apr
Apr
6
11078May 22
100
5
51
Mar
lt4 Mar 12
22*4 Feb
143
June
4
5%
Oot
31V Sept
4
16t4 Apr
126
31
2V
_
71*4 Apr 16
118i2 Jan 2
43i2 Apr 8
115t2 Jan 11
128
Apr 20
112i2May 22
35V Mar
12
27*8 Jan
24
22
6
22
512
38l2
Savage Arms
9V
Jan 17
7
35
Jan 30
880
Mar
7
35
.
2
•
Aug
Apr
67g Feb
{St Louis Southwestern—.100
5% preferred..—
100
Safeway Stores——No par
5
91
25
.
Mar 26
41*4 Jan
"1460
>
10V
8V
47V
48V
Sept
Sept
Sept
Sept
Mar
Sept
Aug
4
40
27i8May
100
—
40
Jan
136
Jan
27
St Joseph Lead
6,300
Oot
5*4 Sept
19V Sept
97i8May
3i8May
10
{St Louis-San Franclsoo.. .100
6% preferred—
100
he
2
2
45
5s Mar
85
May 28
i4 Mar 20
68 May
30-
4
Jan
Jan 11
47
__
71
136
Apr 2
"l"£66
*8ls
*ll4
45
Apr
May
Mar
27V Sept
17
2
7V
15 preferred B
No par
$3.50 conv 1st pref—No par
100
200
-
—No par
Oil (The)
5V Sept
24
30V
4i2 Jhd
27,100
7i2
5
*i8
Aug
Jan
63*4 Aug
*684
3314
x27
15
24k«
89
6
1
Mar
97i2May
70
*5
277g
124
May 18
9
6i2
6
*7g
Dec
June
121
85
234
3934
*25
*5
27
17
6% preferred
.....100
5% conv preferred......100
4,500
100
52
12i2
*34
33
Aug
Purity Bakeries
..No par
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer...No par
"""560
100
3212
12«4
Aug
Sept
6V Aug
70
Sept
200
6
125g
2V
17V
11*4
120V
Ian
32V Jan
lltsMay
18
33
6i2
Feb 17
1678May 21
7 May 21
21i2
*5
34
34
29
*i8
*18
**16
,
7
H4
151g ,155s
79
*75l2
6512
6512
884
884
327s
52V
612
52
2958
84
65s
3334
1314
34
*65
85
6l2
52
684
912
*8
I
8V!
714
32i4
*1278
87S
*634
52V
638
*5
*4
1234
*34
8V
25
7
34i8
3934
H4
*75
85
638
Pullman Inc
11,400
*17i4
*2i4
155s
15*2
9
284'
6
634
H4
50
3334
"MOO
700
*47
25
*52
30
1,400
2:684
x37*4
*16
678
"""260
12
53
*43
714
700
28l4
40
*65
*7i8
3,500
28
*1012
*47
55
*65
5% pf (ser of Feb 1 '29). 100
Pub Serv Corp of N J—No par
95 preferred
..—No par
6% preferred
100
7% preferred......
100
8% preferred
100
Pub Ser El 4 Gas pf 15-No par
5,700
*38
74
85
70
6k
I
18
...6
5% conv 1st pref
*1912
21V
634
7
25
*65
5% conv 2d pref....
50
Procter & Gamble
No par
5,700
I6I4
53
*65
834
"""166
1514
I
12
6
9l2'
*17
9i2
2734
*25
"is
16
*15i2
2734
I
"u
58
1578
*1012
*20U
*1714
*2l4
4V
438
17
1578
6k
*43
*9
5g
*1512
'
234
3978
8
1214
438
40
157g
8I2
414
934
*8i8
7
6i2
40 V
38
52
1
*46i2
1%'
H4
,
40*2
*46l2
138
614
*634
10l2
7
50
16
784
*634
4334
52
*25
40
*25
1012
67g
*45
284
*11
5g!
1012
"16
934
412;
2738
1U
1514
75U
*62i4
8i2
Pressed Steel Car Co Ino...
95
*11
IOI4
13g
JPorto Rlo-Am Tob cl ANo par
84
76
*74i2
No par
16,000
8
9l2
1214
412
93s
5
Pond Creek Pocahontas No par
Poor & Co class B
500
*k
14934
273s
*lt4
1558
"loo
*8k
912
j *8
28
27
27
26i8
*24
56
53V
5312
5512
56l4
11258 *11258 11512 ♦1125s 115l2
32
3278
32l2
31i4
3218
101
1 101
101
10134
1013s
11712 *11338 11384 *11312 117
131
V
4
May
e^May
15
2,500
1378
684
634
.No par
4V Sept
47
Sept
21
Sept
2V Feb
13V July
11*4 Mar
59V Dec
94*4 Aug
4*4 Sept
Apr
21
Apr
13V Sept
May 15
l6l4May 22
10 May 21
19 May 21
9
11
634
I6I4
*12
*38
9
27i2
634
100
63s
2712
*10i2
*8
260
78
16
105s
1012
6V
8i2
*58
1512
*lli8
15
*8
8i2
78
100
Jan
Jan
1314 Apr
39*4 Apr
2914 Apr
26
Jan
26
21*4May
38*4 Jan
Plymouth OH Co
180
8%
*•>8
8Vj
1912
referred..
Jan
13V
May 18
May 22
Pittsburgh Steel Co
No par
7% pref class B
100
5% pref class A
...100
% 1st ser conv pr pf. 100
Pittsburgh & West Va
100
Pittston Co (The).....No par
500
8
1512
*30
778
20
1
Pitts Screw A Bolt
1,400
*714
10
15
2U
7% guar
20
%
1512
234
$5 conv preferred
No par
Pitts Ft Wayne & C Ry Co. 100
90
75
....
15
1658
28
800
33
16
10i2
6I4
Apr
Apr
Apr
Feb
141i
I07ia
8
Plllsbury Flour Mills
Pittsburgh Coal of Pa
100
6% preferred........—100
Pitts Coke 4 Iron Corp No par
*24
14V
74
104
Jan
22
200
*12
8
8
Apr
Deo
11V Jan
4V Jan
197g Dee
8V Sept
2
Sept
60V Jan
4i8
1058May
287g Apr 26
49t2 Jan 5
""366
534
48
66
25
14V Sept
IV Apr
36
Apr
1178 Apr
IV Aug
x5V
36
4
IV\
V
5
Pirelli Co of Italy "Am shares"
Pitt C C & St L RR Co
100
28
*5s
Hosiery
738 Sept
5
Preferred
—.100
Pierce Oil 8% conv pref... 100
10
*20
V
163s
10
200
*13
1578
28
Phoenix
200
""400
15
16
*16
7~400
7% preferred
100
Phillips Petroleum....No par
25
1612
17i8
6% conv pref series A...100
Phillips Jones Corp....No par
18
58
1678
1634
I6I4
""400
25
18
par
18
*6212
5V
778
No par
Reading C & I .No
Philip Morris & Co Ltd
135
*17012
preferred
2,900
*13
1558
*16
$6
Phlla &
300
13V
33
26's
*76
7812
10
65
100
Phelps-Dodge Corp
...25
Philadelphia Co 6% pref...60
Apr
Sept
Sepc
6V Sept
72
Sept
92
per share
15
100
No par
23
*6
*170i2
prior preferred
preferred..
June
V
Highest
l78May 18
5i2May 21
17i4May 22
lli2May
100
40
18
578
700
11,300
20V
85g
,*25
578
65
73s
7
5434
78
834
"4"
4
18
6V
*17014
5V vV'i 5i8
8
*384
I *1712
65V
70
*
135
I
4
18
57g
934
8
9
K
135
8V
"l",466
15
5
35
96i2May
6
June
23
100
Petroleum Corp of Amer....5
Pfelffer Brewing Co..-No par
39
*35
1638
*1118
658
5s
58!
10
*35
85s
*35
*5o
16V
21
23g
25s
39
40
*8
1
14 78
78
*23g
*35
8U
*22
53
53V 55
5314 5384
113i8 113i8 *113l2 11512 *1125s 115V 1125s
31
33i2 34
333s 3378
3318 3312
101
*10112 102
101V 102
*ion2 102
*113
117 V *113i8 119
*1135s 11712 *11318
*126
*126l2 132
12712 12712 *12612 131
147
*147i4 150
14714 *147
14912 *147
*11034 114 V *11034 114
*11178 114
*11178
18
1884
18V
18*4
18U
17l2
I8I4
7
778
75s
758
75g
7*2
73g
*75
82
*75
78i2 *75
86l2 *75
5414
25s
36
23
*17i2
*534
*65i8
28
8k
*22
*170i4
514
*53s
*7
8*2
20U. *18
14
I
1312
30V *25
*23
*238
*35
83g
30
2914
23
"~4~
612l
28
234
2734
5%
5%
Pet Milk Co
35
*83g
*2238
*
70
*8
2818
29
40
*6l4
7
283s
29
*27
35
*27
23
414
7o
35
*27
|
39
*8iS
6
33
"1.
234
18
*25
"15
2778
39
6
35
*27
30l4
18
*1212
*8*4
35
135
"*4~
Peoria & Eastern Ry Co
Pere Marquette Ry Co
97b Sept
10<sMay 13
118 V Jan »
15 May 22
Peoples Drug 8tores Ino
5
Peoples G L & C > (Chic)..100
3
*37
42
42
42
42l2 *3?V 4134
*3714
*65
*71i8
76i2 *65
7612
76l2 *71
76V
*65
76k
«i«'
*U
S16
*16
V
*16
he
*14
*16
*14
71
72
70
71
71
72
73V
69
68I4
69i2
69
*100
120
*1097s 120
*107 78 125
*10778 125
*10712 125
*1077g 125
4
4
334
334
*35s
412
*358
4V
3&8
35s
4l2
*312
*36V
preferred....No par
Pennsylvania RR
50
17,500
1,000
3
nv
Apr
62i2 Jan
165s Jan
13
27i2
44i2 Apr 9
2214 Apr 16
2 <gMar 12
12tgMar 4
25
22
*7
6
23s Apr 12
13gMay 22
v t c No par
Deo
2
Feb
10
*16i2
27
18
ll2May 22
H84May 21
14
7
Jan
Penn G1 Sand
24
28V
1
Penn-Dlxie Cement—No par
$7 conv pref ser A ...No par
Corp
7
3
4
8
4512 Apr 5
I01i2 Jan 25
85s Apr 4
94
Apr 16
1018 Apr 6
500
20
7
2514 Apr
8i2 Apr
300
*li2
22
21
16
12
1678
16V
157g
26i4
9 per share
814 Jan 4
4'g Mar 11
15
*2
22
20
June
Year 1939
Lowest
share
15
12
1312
*16i2
612
2H4
1284
265s
678
28^2
42l2
76l2
14
7312
*147g
j
No par
71
$7 Ci
16V
5
15
per
*10
218
1434
*10
1
Penney (J c) Co..
No par
Penn Coa 4 Coke Corp....10
3,800
2V
1
Patino Mines A Enterprises. 10
Penlck & Ford
No par
100
9
6VMay 21
15 May 21
13sMay 21
32 &May 28
13i2May 22
34May 28
53sMay 21
534 Jan 13
45 May 23
2.50
Parnielee Transporta'n. No par
Pathe Film Corp
1
100
*6k
*43
2V
11
303
1*4
10
Parke Davis & Co
Parker Rust Proof Co
3,400
18
share
22
7
99VMay 7
4i4May 21
61
May 23
1
Range for Previous
Highest
i27'sJune
100
Park & Tllford Inc
Park Utah Consol Mines
"1,700
34
*llg
46
1434
1414
500
34
IV
714
6I4
conv preferred.
6% 1st preferred.
6% 2d preferred
18
134
No par
100
Paramount Pictures Inc
200
7212
*178
2i8
10
4%
*17
17
*6i2
"moo
134
33V
*1
*43
484
6812
7
*15
134
17
6V}
Parafflne Co Inc
68I2
*634
17V
3314
678
300
400
2:458
6*4
I
18
34
2778
IOII2
*
70
134
72
12
8V
400
per
534June
2i4May
12 May
634 Jan
VMay
Pan
*®16
*83s
30
$
Amer Airways Corp
5
Pan-Amer Petrol & Trans p.. 5
Panhandle Prod & Ref
1
:r27V
13
**18
*28
*
Par
Pacific Western Oil Corp... 10
Packard Motor Car....No par
77,400
1278
Lowest
300
3is
318
13
8*4
578
46
*1V
*11
Week
*43
46
*733s
9
June 7
II4'
63s
7i8
*6i4
45
17g
*2
66
134
3318
17i2
74l2
17S
I
I
*534
28i4
101i2
412
458
13f»
*1
Us
8i4
*®i«
Friday
$ per share
28i4
*
7
134
*34
58
3012
10112
45g
438
*2838
134
*16
8V
*®16
58
29
278
12V
Range Since Jan. 1
On Basis of 100 Share Lots
EXCHANGE
•
June 6
I
9 pa share
534
534
578
27g
1312
69
*67S
678
13
10H2
45g
70
*534
234
278
13i2
8U
**i«
29
30V
$ per share
6
STOCKS
NEW YORK STOCK
the
CENT
Thursday
Wednesday
$ per share
NOT PER
SHARE,
Monday
Sales
for
LOW
Saturday
53
Mar 14
31V Apr 26
Ex-rights,
6V Sept
51*4 NOV
109
Aug
23
Sept
f Called for redemption
New York Stock Record—Continued—Page 9
3624
LOW
AND
SALE PRICES-PER SHARE,
HIGH
NOT PER CENT
1
June 1
$ per share
♦8i2
♦6518
*"8
234
♦351*
9
Monday
June 3
Saturday
Wednesday
NEW YORK
Juried:
June 5
$ per share
$ per share
$ per
8%
*65
70
share1
»»«
284
37
*2%
*35%
*106
♦102*i 106
8
8*4
70
2%
37
108
*65
%
*2%
*35%
*106
8%
70
*65%
%
3
36%
108
107%
107% *102
*3ie
%
%
%
*%«
*he
%
*12*4
13% *12% 13%
2
2
*1%
*1%
107% *102
*102
hi
h
*%
%
12%
12%
734
*1%
2
65%
63%
65*4
63%
64%
9
9
9
9%
60%
3%
*40%
*36
314
45
*43
5
5
35%
♦35
8
8
♦94
97
*414
*1312
14
*1%
4*4
2
21
*18
*3
*43
5%
*3434
9%
60%
3%
45
96%
8%
*94
4%
13%
1%
*94
4%
13*4
1%
75
75
75
75
*107
109
*107
109
11%
6
6
*6
16
16
*15
778
134
*10'4
2012
1034
20*4
130
130
*24i4
243g
7-%
734
9%
15%
*28is
1%
9%
15*4
37
178
734
*1%
10%
21%
24
7%
9%
15
*1%
12%
*75i2
*108
he
%
12%
*1%
24%
7%
3%
2
64%
8%
9%
60%
*41
3%
*3
45
44
45
5%
34%
34%
8
4%
13%
2
21
12%
82
109
8%
96%
4%
*1%
19
12%
*75%
108
2
19
*15
7%
1%
1%
*10%
21
19
*131
145
*135
24
24
7%
9%
15
1«4
1%
4
4
7%
9%
15%
38
2334
7
8%
16
7%
1%
12
20%
145
24
7%
9
16
134
134
4
*1534
17%
39%
38
3884
38
1634
3834
27
25
25
25
25
*471$
578
52
*47%
57
57
6
534
6
*48%
534
49
49
60
50
50
50
50
31
31%
31%
30
31
38*4
*2512
*3012
512
31
*9812
99
*1%
27«
5%
1%
2%
12
*u
*1312.
14%
16%
*49
30%
1034
24
5%
5%
5%
534
5%
98%
98%
1%
1%
1%
2%
2*4
*234
1034
13*4
10*4
10*4
*13%
IO84
13%
13
18%
21%
21
1%
5*4
99
13*4
1084
38%
24
98%
6%
*98%
mmmm
37%
*48%
1
3
2%
7% .734
1%
10%
*1034
*133
1%
10x2
20%
145
23%
7%
834
7%
9%
14%
*28%
1%
*3%
*62%
16%
38
134
4
mmmm
16%
39
5%
5%
98%
1%
31%
29
31
64
64
23%
*48%
5%
2334
49%
30%
5%
*98%
50%
30%
5l2
*1
21%
33%
1%
2l2
10%
13%
18%
2134
34%
29
2%
*10%
*12%
18
54
5%
99
18%
1778
18%
18
21
21%
20%
30%
31*4
65*4
5%
4%
297a
30%
30
32
32
30%
63
64
64%
31%
31%
64%
64%
64%
6
584
5%
534
5%
x5%
4%
4%
4%
4%
4%
534
4%
5i2
4x8
4%
6
6
6%
6%
49
49
678
*4%
6
6%
6
19
19
18%
19
17%
1778
17%
17%
5%
5l2
4%
5%
5%
4%
4%
32
3%
6
*4
4%
*4%
*3%
35
4%
35*4
34
*2%
29%
278
29%
2%
28%
6
6
*378
*6
4
7%
10
*9
4%
6%
3%
*6
120
120
121
3%
4%
4
5
42
3%
i884
17%
5
3%
20
*79
36%
4%
1434
*5
3%
3x2
4%
*4%
27%
4i2
27%
1%
9%
1%
9%
9%
1134
9
9
86
*78
83
83
22
21%
22%
21%
36%
4%
13%
30%
36%
37%
3584
1%
*5
1%
1%
*50
83
*50
3%
3%
3%
*6%
8%
*6%
584
14%
5%
14%
*1%
*1434
1%
*1*8
15%
*1434
*684
7
#u
24i2
11%
63%
107
107
12
12%
75
76
*76
76%
25
25
41*4
1334
13%
43
*110
14%
13%
5%
1%
76
%
*24
10%
61%
*107
12
75*4
*75%
25*4
41%
13%
13%
111x2 *110
4%
14
.
4%
13%
14
13%
111%
47
*43
47
*12
14
*12
14
1%
1%
1%
1%
*29%
30%
29%
29%
i%
10x2
9%
86
4x2
1%
*51
1%
1%
1%
584
14%
5%
14%
1%
1%
1%
*1434
634
6i«
%
2534
3x2
*4%
28x2
1%
♦5%
*24
10%
19
634
he
25
10»4
61% 62%
*107% 108®4
12
12%
7634 '79
75% 70%
25js 25%
42% 43%
14
13%
*13
1334
*110
111%
*4338 49
*11%
13%
1%
1%
29% 29%
3%
9
*6%
512
5%
14%
8%
5%
6i2
*%
%
*%
22x2
14x2
1%
15
1%
15
mm
mm
3%
2834
3x2
4l2
28%
$3.60
mm
Thermold
700
m'm
1
200
1,900
*4%
76
*538
*14i2
8x2
5%
18
1%
*l3g
6%
6%
6%
*10
*%
he
22%
2284 2234
22%
9%
10%
10%
10% 1012
10%
62
6112 62i2 x61% 62%
63l2
107% 10712 *108% io884 *108% 10884
12
12
12
12%
12% 12%
76
7734
77%
7612 7634
7684
74
74
75
74% 74l2 *73
24% 24%
2412
24%
*24l2 26
41
42
40% 43
42i2 4314
12%
13»4
15%
13%
1384
13%
*13%
13i2 *13%
13%
13%
13x2
iiii9
11u2 111% *110
111% *110
45"
*43% 4634 *43x2 45
*43%
*11
12
12
13
12
*11%
1%
1%
1%
1%
1%
1%
*29
29
2934
2834
28% 29
X In receivership,
a
conv
pref
10
No par
96 preferred
No par
Truax-Traer Corp.....No par
........
600
m
m
m
m
m.
Truscon steel Co
m
10
500
20th Ceo Fox Film CorpNo par
$1.60 preferred... ...Nopar
200
Twin
50
7%
2,500
8,600
9,900
20
500
4%
preferred
United Biscuit Co
400
10
Preferred
'
200
8,900
1,400
Def. delivery.
preferred
nNewstook.
74
40igMay 23
12
May 21
12i2May 28
111
May 18
42i2May 23
12
May 24
l%May 29
27i4May 21
5
No par
100
..No par
Cash sale.
May 26
June 5
2234 Jan 21
—5
No par
r
May 27
May 21
12
Unlted-Carr Fast Corp.N© par
United Corporation
No par
S3
li4 Jan
20
Jan
2
2
3
258 Mar 25
Apr 6
88
l63g Jan 11
1512 Apr 9
69i2 Apr 12
534 Jan 11
56
Apr 6
75s Mar 13
40i2 Feb 13
13% Jan 4
108U Feb 7
6i2 Jan 10
x
Ex-div.
y
per
ehare
Highest
1
per
ehare
10
Aug
177g Mar
61
Sept
7612 Aug
*8
3*4
Apr
Apr
4412 Sept
105
Sept
1
Jan
10l2
Jan
62i8 July
117i4 May
% Aug
1
Apr
15% Aug
15g
6OI4
11%
IOI4
June
Apr
1
Apr
18%
Apr
21*4
Dec
51
72
37g May
43
June
6i2 Dec
28
Jan
97g Aug
Sept
3i8 Sept
24*8 Sept
3i2 Jan
857g Nov
Jan
Jan
Sept
77g Sept
64
Oct
1134
Feb
38i2 Aug
1714 Sept
15l2 Aug
1077s Nov
87s Sept
32*4 Jan
314 June
28% Oct
29X2 Jan
Apr
70
Apr
127
114UMay
1878 Apr
lli2 Jan
101
24
Jan
3
2i2 Apr 29
25
Feb 19
23UMay 10
120
2i2Marll
1658 Jan 3
3034May 10
162i2 Apr 23
30i2May
15*8 Jan
20i2 Jan
347s Jan
3
May
7
Sept
Dec
I7X4 Mar
12is Apr
iox4 Aug
1% Sept
13
Sept
14
Apr
127
Apr
Feb
60
Sept
14i2 Apr
36
Apr
67*4 Dec
1812 Apr
6*8 Dec
Oct
2
Dec
4*4
Jan
10
Jan
Jan
Apr
46l2
34i2
80*4
87S
8U
125s
94
Jan
Jan
29
135g Apr
24x4 Sept
22*4 Aug
53
Dee
16ij Mar
75i2 Mar
345g Dec
714
108
Jan
June
5x4
Jan
Apr
10*8
Jan
Apr
207t Oct
25% Oct
33% Sept
30
Sept
38
2014 Apr
36
Sept
65
80
Dec
Jan
5
4
Feb 13
107s Jan 20
277S Jan 5
2l2 Jan 3
17i2 Apr 4
36*8 Feb 28
7igMar 25
247s Apr 22
32i4 Jan 25
Aug
Apr
61* Aug
3%
Apr
85g Apr
Oct
75s
Apr
1914 Sept
1*4 Aug
10
Apr
22*4 8ept
67s Sept
17
Apr
24*4 June
33g Aug
478 Aug
3314 Ookj
5
Mar 21
Jan
Jan
3
65s Mar
17%
10
7*gMay
6
Jan
7*4 Sept
66
4lg Aug
April
12%
Apr
5X8
3
Mar
53i2 Sept
45*4 Sept
118i2 Sept
95g Jan
7
Jan
9i2 Sept
Jan
12*s Feb 21
6
3*8
7014 Nov
22i2 Dec
517g Sept
343s Dec
Apr 11
Jan 3
Feb 15
Apr 2
6678May
40
Dec
23i4 Jan
36*8 Nov
43*4 Sept
Mar
Apr
Apr
8X4 Aug
Apr
Apr
353s sept
143
1118 Apr
1512 Apr
1012
11
60i2 Apr
40i2 Apr 10
Sept
15is Sept
314 Sept
18% July
29X4 Dec
215s Jan
42
lli2 Jan
24
Jan
Apr
231s
434 Apr
23*4 April
124
Dec
21
lit Aug
Jan
May 14
778
108i2
2*s
7i2
1812
22*4
26ig
112
34
Jan
72
Sept
Jan
Apr
9
24*4 Feb
12l2 Jan
39
9812 Aug
434 Apr
17x3 Apr
214 Dec
16l2 Apr
11*8
35g Aug
4
128i2June
11*4 July
88i2 Jan
3% Sept
22i2 Jan
80i2 Mar
10% Jan
25i4 Sept
37% Sept
12% Sept
9i| Sept
7i2 Mar
43i2 July
6i4 Mar
Apr
9i8 Sept
4
3212 Aug
60*4 Sept
4U Apr 4
36*4 Apr 11
314 Aug
26
Sept
475g Apr
85s Jan
8
4
8
8
65s Jan
12i2 Jan
18i2 Jan
53
Mar 21
4
Feb 16
42i2 Feb 16
6*4 Mar 8
Mar
7
7i2 Apr 8
6*4 Apr 22
38i4 Apr 16
2i2 Jan 4
May 28
I
Feb 27
3g Jan
5
71
.....
United Carbon Co
109
2
Jan
106
A/o par
United Aircraft Corp
Un Air Lines Transport
115i2 Jan 11
34
61
100
Union Tank Car
1,000
16,900
12,800
m
1
Union Carbide A Carb.No par
Union El Co of Mo$5 pf No par
Union Oil of California—
25
Union Pacific RR Co
100
2,700
1,500
m
100
(Ulen A Co..
No par
Under Elliott Fisher Co No par
Union Bag A Paper....No par
800
4
5
June
UgMay 22
13%May 22
6UMay 23
i4 Mar 16
22i2June 5
9i4May21
par
preferred
Twin Coach Co
1,000
1,200
mmmm
City Rapid Tr an. No
Jan
4
Transamerica Corp.....
2
Transcont'l A West Air inc..5
4,000
3g Jan 2
7«4 Feb 21
49
234 Feb
Transue A Williams St'l No par
Trl-Contlnental Cor p.. No par
15
15
2534May28
1
May 18
8
May 21
8<4May 28
81
May 28
18
May 21
35igMay 21
4i4May 21
10i4May 21
4i2May 22
li4May 22
74
May 20
3i8May 21
6i4May 22
5
May 21
14
May 22
200
334
*3%
*6%
5
May 15
20
conv
2,500
6,300
1534
5i2
1%
*51
Co
9
May
2x2May 22
3
$4 50
3,700
4i2
14%
*5%
1x2
30igJune
Tlmken Detroit Axle..
10
Tlmken Roller Bearing.No pa
11,200
38
44
Tide Water Associated Oil
100
86
No par
1
$3 dlv
1,900
1,400
9%
1
100
No par
Thompson Prods Inc..No par
Thompson-Starrett Co. No par
$3.60 cum preferred.No par
180
1012
6i2May 22
37gJune 3
5
May 22
8
May 21
preferred
10
Third Avenue Ry.—.100
Thompson (J R)
26
1,400
m-rn mm
2678May 23
No par
.100
pref
Preferred
1
2234
conv
The Fair....
180
9%
*7984
x22%
38
Mfg...
200
32
*9x2
23%
*1434
6%
Bid and asked prices; no sales oa tihls day.
76
3%
*1%
1434
6%
*20
334
13%
*51
43%
2i2
*2
412
27%
1%
*51
634
42%
23
13%
14%
77
3%
5
*14%
12
*30%
3%
5
1%
7534
*38
32
5%
*6%
108
Thatcher
14
9
63
Texas A Pacific Ry Co
200
*5
*7
11%
800
5l2
8
2478
7%
9
37
76
26
Texas Pacific Laud Trust
3%
23%
3%
15
9
..6
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
Texas Pacific Coal A Oil..-.10
9
36%
4%
*3%
Tennessee Corp.......
Texas Corp (The)
7
437s
2i2
1
9
9
*5
76
Without warrants....
4
21%
334
5*4
*312
*4%
27«4
1%
*9%
*7984
*3%
*43
*
4%
13%
86
*3
w.l
634% preferred
60
Telautograph Corp.........6
6i2
22%
36l2
4%
3%
14
6%
6ie
24%
10%
63%
5*4
14
*78
4%
14
*22
384
21
5l2
23
28%
1%
20%
37%
4%
14*4
*2
*30
*4%
9
*38
w
Talcott Inc (James)
1,800
30%
3%
27%
83
20
4
*38
28
Symington-Gould Corp
100
6
6
25
Swift International Ltd
30
4
29
15
21
21
22
20 May 21
3
May 22
*17%May 29
17igJune 5
434May 21
334May 22
4igMay 21
28i2May 20
3
May 22
4i4May 14
33 May 25
2i2May 21
60
Swift A Co
300
27%
41%
1%
*9%
Sweets Co of Amer (The)
500
5
6
*38
3
*3%
434
4%
32
4%
*4%
*29
273s
6%
41%
5%
27i2
*5%
3%
♦8x2
*2
5%
27%
6
30%
3%
173s
234
9
8*4
300
3,600
3,900
1,300
May 24
118i2May
7i«May
12i2May
li4May
9igMay
Superior Oil Corp.........
Superior Steel Corp.......100
Sutherland Paper Co
10
mmmmmm
9
38*4 Apr
57i2 Apr
47
preferred
100
Sunshine Mining Co......10c
Superheater Co (The)..No par
1,100
11,700
2.100
3,400
1,500
9
3
4xg
4%
28»4
6
i884
17»2
18%
484
36%
234
6
*23
12
11%
24
35
3%
*23
1
1%
1
No par
Oil
6%
1,900
2,100
1,600
1,100
7%
14
4l2
3412
234
4%
6%
934
*3%
Sun
70
x33%
*2i2
3%
27
*9%
8*4
3%
3%
*25
1%
4%
2834
3%
*9
*6
3
12%
878
*4
5%
3
1
5
512
3
3*4
4%
28%
1%
5
28%
*2%
26%
5
4x2
34%
284
27%
5%
434
34%
234
3
3
17%
18%
1712
4
3%
*4% ■v 5
*2834 32
3
41%
7%
1334
*1%
1012
18%
17%
5%
4
734
13%
1%
Stone A Webster..—..No par
Studebaker Corp (The)
'
17%
*3%
438
33%
2»4
27%
28
7%
12%
1%
1
Stokely Bros A Co Inc
1,800
122
*4
3
8»4
*120
10
Stewart-Warner Corp.......5
4,100
15,300
6
*22
3
*9
122
6
31
3*4
*120
Standard Oil of New Jersey.25
Starrett Co (The) L 8..No par
900
6%
25
Sterling Products lnc
857gMay
47
12igMay 21
1738May 22
2034May 28
29?gJune 1
23 May 21
56
May 21
4i2May 15
4igMay 20
5
May 21
534May 21
Standard Oil of Calif- —No par
Standard Oil of Indiana
2,300
50%
534
6%
50
$6 cum prior pre!
97 cum prior pref
800
4%
No par
No par
No par
preferred...
$4
9,700
63%
5%
10
29%
5*4
preferred
.No par
Standard Gas A El Co .No par
16,600
44,500
1,000
1,600
3534
14%May 29
May 21
May 21
45i4May 28
434May 22
46
May 22
267gMay 23
5
May 21
x98%May 29
1
May 18
2i4May 22
97gMay 26
$4.60
200
Jan 29
share
1434Mar 27
per
19
No par
Standard Brands
3,000
23
31
*4%
234
11%
1312
18%
*4
31
2734
2%
30
Year 1939
Lomst
33
1
Square D Co..
500
*10%
13%
17%
21%
65
No par
Conv $4.60 pref
700
1%
10
31
3*4
1,900
12,900
*21
31
4%
28%
32
99
-.1
No par
Spencer Kellogg A Sons No par
Sperry Corp (The) v t c
1
Splcer Mfg Co
...No par
$3 conv pref A
No par
Spiegel Inc
2
4,100
684
l3i4May 21
33i2May 13
H2May 21
4
May 21
preferred
95.60
mmm
31
50
7%
Spear A Co
m m
May 28
23i4May 22
634May21
8
May 21
Mobile A Ohio stk tr ctfs 100
8,200
1,000
62
128
Sparks Wltblngton——No par
m
®5%
98x2
6
Greyhound Lines..5
Sugar—.No par
preferred
—100
Southern Calif Edison....—26
Southern Pacific Co...No par
Southern Ry
No par
6% preferred
100
700
1634
39
24%
*4%
.No par
8%
140
*49
13
m
50
6x2
41%
334
*4%
28%
534
m
May 22
l0i2May 22
5
May 21
15i2May 18
7igMay21
li2May 22
10 May 22
16*4May 21
10
100
22
105
No par
900
m
6
May 31
3%May 22
12l2May 23
l%May 81
17%May 24
12i4June 4
67 May 24
...No par
Slmms Petroleum
.10
Slmonds baw A Steel—No par
So Porto Rico
mmmmmm
5%
7%June
Simmons Co
S'eastern
5
June
434May 21
May 29
34
Snider Packing Corp...No par
1%
5-%
96
44
Socony Vacuum Oil Co Inc. 16
South Am Gold A Platinum..I
4
3434
*29i8
62x2
634%
conv
preferred-—10
Silver King Coalition Mines. .5
200
mmmm
*1
l%May 15
61%May21
8i2June 5
8x2May 21
52i4May 20
3
May 21
100
15%
5
No par
Co—.No par
1
Sbaron Steel Corp
No par
$5 conv preferred
No par
Sbarpe A Dob me
No par
$3.60 conv pref ser A.No par
Sbattuck (Frank G)—No par
Sbeaffer (W A) Pen Co.No par
Sbell Union OH
No par
Smith A Cor Typewr.
7,000
7,800
5,000
May 21
XsMay 16
3gMay 18
11 May 21
Sears Roebuck &
Smith (A O) Corp
2,300
June
102
100
700
38
134
108
par
39,900
7%
9%
*3%
par
par
par
Serve 1 Inc..
$6 preferred
4,300
*62%
*15%
38%
24%
*48%
5%
49%
2i4May 21
May 14
34
Del .No par
600
11%
20%
834
No
$4.60 preferred
No
$4 preferred
—No
(Seaboard Air Line
No
4-2 %
preferred
400
24
6%
638
90
24
49%
121
40
7%
1«4
7%
1
100
—
Paper Co—
Seaboard Oil Co of
7i2May 21
May 22
% Apr 22
Skelly Oil Co
15
Sloss Sheffield fcteel A Iron. 100
10
22%
2%
100
145
934
*3%
200
3,700
79
20
*4
2%
*30
*2%
2
13%
*133
22%
*4%
1,200
3,500
21
7%
6%
18%
17%
5%
*334
100
4%
*1%
*10%
22
34
7%
*38%
*76%
4,100
14
22
*30
200
13%
*134
*18%
133s
1%
934
*5
1,400
97
734
18%
17%
200
5%
8
12%
1%
*10
1,700
35%
8%
*94l2
*4%
734
1%
*36
2%
5%
mm
4434
5
36%
1334
1%
10%
7%
*13
35%
2*4
10
*9
49
*4%
5
30
30
6%
5%
50
*43
*4
*4
*4%
*4
6
6%
*49
50
*118% 120
*118% 120
7*4
7% •734
734
14
14
14% 14%
1%
1%
1%
1%
10%
9*4
*10% 10*4
*21% 22%
*21% 22
*2834
*3%
4%
5%
6%
6%
6%
50
mm mm
3%
15
21%
*61*4
578
400
56
3%
514% preferred
(Schulte Retail Stores
8% preferred
$
65
Seagrave Corp
9,000
4,700
10
*28%
18
31*4
2
884
*41
15
21%
29%
1734
05
8%
*9%
38
29
54
284
10%
13%
18%
21%
33%
*10%
64%
1,300
*1q312 109
11% *11%
12%
5%
6%
6%
16%
*15%
1012
23%
38
*3%
2
21
12%
109
14%
*62%
*15%
96
109
*28%
134
4
3%
4434
5%
35i2
7%
77
4
mmmm
56
77
80
*62%
1634
2
63%
8%
934
82
16
7%
40
100
12%
*1%
Range for Previous
Loxt
Highest
$ per share
6
100
Schenley Distillers Corp
Scott
30
%
12%
*15
1%
*10%
800
*%
12%
*5%
*15%
7%
100
*2
12i2
4%
6%
11
1,400
1,200
13%
5%
,v.'Par
mmmmmm
%
13%
108%
Lowest
1,800
%
4%
6
*28%
mmmm
7%
96
6
2034
8%
70
1940
EXCHANGE
%
12%
*134
*18%
13
*3
*3
5%
♦5
8
*68
*62%
*43
5%
*94
4%
1284
*9%
*11%
9%
38
*41
12%
*%
1212
*1%
63%
812
11%
8
10%
21*4
8%
9%
%
5%
35%
96%
8%
*65
*%
**h
11%
16
134
63
10
60%
3%
8%
70
*%
12
*11%
15%
*28%
*134
4%
13%
11%
6%
145
*130
784
*19
21
*18
12%
1%
5%
*35
13%
734
*43
5%
1312
113g
*3%
35%
8%
13
♦ills
*41
8
234
3j«
9
9%
8%
*9%
8%
9%
Shares
3
*214
*2%
234
35% 30% *35% 38
35% 35%
108
108
*108% 109l2 *108% 109%
*102
102
102
102
102
107%
*2%
*he
64%
$ per share
On BatU oj 100-Share
STOCK
Week
*65
70
%
June 7
$ per share
734
Thursday
the
June 6
,
Friday
Range Since Jan. 1
STOCKS
Sales
for
Tuesday
June 8,
23
Jan 27
12
May 6
May 10
7
Aug
5*4
Jan
38i2 Sept
11% Sept
534 Nov
9
Jan
8i2 Sept
22i2
Jan
Oct
15x3 Dec
24
48
61
Oct
6
Nov
33
Nov
Dec
Oct
314 Dec
30
2if Apr
14
Apr
lx2
Jan
234 Sept
17
Oct
Sept
378 Oct
4*4 Nov
Apr
33X4 Nov
li2 July
7i2 Apr
9i2 Aug
i8i4 Dec
1414 Mar
3*4
Jan
Sept
96
Feb
277s Apr 24
1034
Apr
25
Dec
3
3414
Apr
5
Sept
54x4 Jan
818 Sept
97
62
7
Jan
Mar 14
217g Apr
4
8i2 Apr 4
2*4 Jan 4
82i2 Mar 7
6*8 Apr 15
10>8 Apr 24
13x4 Jan 4
25x4 Jan 23
314 Apr
30
Apr
4
4
1314 Mar 14
li2 Jan 11
45
Feb 19
18*4 Apr 22
88*8 Jan 4
116x2May 2
17!2 Jan 8
98
Apr 8
89is Feb 10
29%May 11
63*s Apr 16
23*4 Apr 4
18
Apr 17
119
Feb 23
655gMay
1914 Apr
27, Apr
42
2
5
4
Feb 13
Ex-rights.
83
6I4
Apr
6is Apr
127s Dee
107s Jan
2
Mar
74
Apr
3
Apr
7*4 Sept
6
Apr
11*8
Dec
1414 Sept
26i4 Jan
4% Sept
88
Jan
1984 Sept
34x4
1% Apr
17i2 Apr
7i« Apr
3% Aug
3514 Aug
1212 Jan
>4
Dec
34i2 Sept
6
434
66
Jan
Jan
Jan
Aug
131s Dec
Apr
108*i Sept
94% Sept
U8
15ig Aug
8ll2 Apr
105
65X2
78
19*4
July
Jan
Sept
90
Apr
201s Mar
July
2414 Sept
31
51
778
Aug
Apr
14*8 Sept
H2i2 Mar
52
Apr
Apr
69i2
13*8
2
Apr
334
30ig Apr
Nov
16i2 Dec
18*4 July
ll9i2June
20
Oct
Mar
Feb
39% Aug
5 Called for redemption.
Volume
LOW
AND
New York Stock
ISO
HIGH
SALE
PRICES—PER
Record—Concluded—Page
Sales
NOT PER CENT
SHARE,
for
Saturday
Monday
Tuesday
June 3
June 4
June 5
June 6
$ per share
$ per share
$ per share
$ per share
4
4
2%
2%
*43
4
*2%
47
3%
*43
3%
*27
4%
3%
| *43
48
31g
314
314
32
64%
10%
*107
*27%
65
64
32
*27i4
6434». 64
10%
10l2
1034
109
67g
*3%
*3%
84
*107
4
*3%
84
*5
*578
*83
7%
6%
7
3%
378
*84
90
634'
*5
4
3
*45
48
33s
32
3%
*27%
438
3i8
64
61%
103s
10%
10%
108l2 10812 *106%
678
678
*634
3%
*3I4
35g
*3%
378
*3%
109
*678
*3U
67g
3%
4
3
48
*4%
3i8
90
*5l2
*83
*534
6I4 j
*534
614
59
57l2 58%
57
58
167% *165
16712 *165
167%
*3
*3%
3%
3%
35s,
*3
*23*4 30
*23«4 30 I *2334 30
15% 15%
15%
1534
15%
15%'
37S
378
378
378'
334
378
59
*23%
7%
5518
24 1
*27
30
*47
634
*47
23%
*27%
I
*%
a4
17%
75%
1778
75%
44
44
n18
45
u18
*55
45
45
i
49
*40
*131
140
*131
*61
68
*60
*2334
*7i«
%
31%
24
38
,
*%
*78
*6
1%
6%
*6
6%
20
19%
11
*40
43
65%
*55
*43
43%
109%
31%
42%
*1%
*534
45
1%
1%
*34
*3
*4%
*7g
*15
2%
40
*30%
4%
*44
49
*45
140
*131
140
*59
68
59
62
*59
%
16%
%e
7ifl
*%
%
*12%
16%
*12%
29%
24
24
*%•
24
36
38
38
7«
6%
I684
*78
*15
2%
3%
4%!
2%
*30%
23%
*22
*21
23
15
15
*14%
5
3
*55
63%
*60
95
*105
16
*96
105
63%
93%;
92
91
100
*103
1534
I
*96
92
91%
109
*103
1534
105
24%
*278
24%
2378
3
3
*4%
♦%e
6%
*4%
%
*5 it
*15%
3
I
91%'
114
*105
16%
*96
15%
105
24
*96
4%
|
4%
22%
2%
*4%
*%«
%
3
300
1,500
9278
3%
3%
3%
'4"506
19%
11%
19%
1,400
*10%
19%
12%
4%
*4%
1%
*%
2%
*28
%
2%
22%
22%
*21
*14%
15*4
*2%
16
2%
17%
63%
1584
15*4
21
*60
14%
105
*96
*50
70
*50
70
I
*85
90
*85
90
I
21
21
2184'
20%
*96% 105
*96% 105
*52
60
*51%
*8%
60
9%
*9
9%'
834
9
8%
*5%
8*4
*5%
*334
6
4
4
6
I
497g
*32
19
20%'
96%
96%
*95% 105
52%
*9
52%
9%
8
8%
*61%
9%
8%
*14
18
*14
16%
*14
2%
2%
2
2
2%
2%
2
2%'
4
334
4
4
*334
4
*4184
334
4
4
*43
21%
30%
30%
15%
30%
16
16
65
62
~30%
*35
30%
42%
*
15%
9
9
30%
*2I4
•
2%
*52
9%'
8%
5%
834
884
45
*15
|
5%
4%
4
*36
16%
2%
2%
2%
2
4
3%
3%
3%
334
*43
45
45
*105
22%
3034
2134
30%
14%
15
•
4
*105
22""
45
700
22%
30%
307s
15%
6%
White Motor Co
3,200
15%
67
60
*35
43
29
29
*28"
32
Prior
*28*4
*337$ 43
*90% 103
*29
30%
*31
36
*34
42
*34
*95
101
*96
102
100
*95
75%
16%
11%
11%
100 |
..
*96
101
75%
16%
11%!
101
7%
7%
29%
*74
30*4
90
*74
90
*14%
8%
2%
15
15
15
9
9
238
2%
7%
2934
76
*16%
77
77
217
17
200
11
30%'
I
27%
29%
228%
7%
29%
90
*70
89
*70
14
8%
*2%
1434
*95
7%
11%
11%
7
101
*95
9
9
2%
*2%
2%
7
Jan
2
-10
20
Young Spring A Wire. .No par
Youngstown 8 A T....No par
900
9,000
1.100
6H% preferred ser A—.100
2,200
Youngst'n Steel Door—No par
Zenith Radio Corp....No par
15
9%
2%
9%
*2%
t In receivership.
June
89
14*4
|
11,500
I
u
1,500
200
Jan 15
45
7%
307g
| *70
14%
9%
101
*7%
29*4
.
14%
Bid and asked prices; no sales on thla day.
11
100
7
3
3*4May 21
116
10
7% preferred A
—100
6% preferred B__
...100
Prior pref 4*4% series.. 100
Prior pf 4*4 % conveerleslOO
Wright Aeronautical...No par
Wrlgiey (Wm) Jr (Del)-No par
Yale A Towne Mfg Co.—25
Yellow Truck A Coach cl B.
Preferred
—100
700
17
1434May 22
l7gMay 15
1% Jan 5
100
preferred...
Worthingt'n PAM(Del)No par
102
76
*95
7%
9%
2%
10%
*95
7534
*16%
10«4
4
Woolworth (F W) Co
200
17
...6
Jan
No par
56
10,300
2,500
76
..—20
preferred
38
Jan 20
Wisconsin El Pow 6% pref.
Woodward Iron Co..
100
42
17
Corp— 1
No par
Wilcox OU A Gas Co
"moo
32
1
Willys-Overland Motors..... 1
6% conv preferred.....—It
Wilson A Co Inc
No par
60
30
100
No par
S3).20
White Rock Mln Spr C0N0 par
67
*""""
100
-
White Sewing Mach
600
23%
3078
1578
67
preferred
55 conv prior pref
White Dental Mfg(The
—J
60
76%
30
5% conv preferred....
200
10,500
3,000
1
MixMay 22
15%May 21
76 May 21
110 May 21
26
"""166
I
May 21
2*4May 15
4%May 18
%May 15
27*4May 21
2878May 21
50 May 28
85 May 24
18%May 21
96%May 15
51
May 29
8*4 Mar 16
7%May 21
4% Mar 23
3%May 22
50
...50
1st preferred
54 conv preferred.
16%
2%
2%
37g
2%
2%
22
Westvaco Chlor Prod—No par
45
16%
3%
45
5%
3
Weston Elec Instrument. 12 50
2,400
1,800
2,000
4%
*34
June
96%May 22
May 25
l08%May 23
11
May 21
lOOTgMay 17
600
30
9%
91
91
MOO
100
55
9%
%May 16
14% May 16
2
May 15
30 May 22
%May 21
3*4May 16
22 May 23
20 May 21
l3%May 21
14 May 21
2%May 21
l5%May 22
60%May23
Westlnghouse El A Mfg
3,100
*95% 105
58
*_.._
76
*73
*5
*3*4
21*4
3*4May 21
Westlnghouse Air BrakeNo pair
6H % conv preferred....100
Wheeling Steel Corp...No par
20«4
4
6,200
6,200
Wheeling A L E Ry Co
20%
June
Western Union
70
*
*15%
11%
*14%
143g
Telegraph. 700
3 May 22
l8%May 22
10
3,200
95
67
17
7%
30%
87%
15%
21%
30%
-100
Maryland..
♦85
19%
2%
2%
334
3%
*105
22%
30*4
15%
No par
*50
62
78
12
20%
30%
preferred
95
*50
101
100
*43
*100
conv
I
No par
70
*42
*15
11%
3%
Wesson Oil A Snowdrift No par
*85
62
*94
*7
16
1%
Webster Eisenlohr
105
67
*: 1
*29"
*75
100
16
*2
46
47
*42
"20%
*""
*12
Wayne Pump Co......
700
*50
5%
378
49%
4
45
♦_
5
334
*34
2%
—-
203s
30%
2%
|
2
3*4
20%
*100
568!
4%
49%
16%
2%
No par
7tf
20% 21
*96% 105
60
*51%
5*8
pref.
*su
70
*4
conv
5
7i«
95
*36
49%
...100
4% 2d preferred
100
Western Pacific 6% pref..100
*85
9%
8841
preferred..
200
*50
*9
8%
.......No par
5%
70
|
4
*30
I
No par
Western
90
*50
*85
Feb
Jan
1
Sept
16
Aug
21
Sept
40
Sept
40
Nov
16
Apr
Apr
Sept
347a Apr
64% Aug
18% Apr
2% Apr
26
17
Apr
11211 Sept
4>a July
116% July
44% Dec
66% Aug
29% Dee
6% Sept
83% Sept
118
July
15
Sept
Jan
Jan
100
Mar
135
May
1% July
5% Apr
15% Apr
500
**11
July
June
78
2% Jan
2" 500
%
85
163
7% Apr
23%May
200
T660
15
15%
15%
15%
15% |
15%
15%
1434
15%
15%
15*4
18«4
19%
18%
19 |
19%
18%
18%
17%
18%
18%
19% 20
84
87 i
85
86 |
86%
857fi
82%
85%
83
84%
85%
86%
*115
130*4 *116
130*4 *116% 130*4 *116% 13034 *117
125
13034 *117
30
*29
28% 30 i *28*4 29%
27% 28%
28%
28%
29% 29%
31
*29
29
1
2934
2934' 29% 2934 *28
*28
28*4 29
31%
32%
32% *31% 32% *3034 32%'
32
*30«4 33
31%
31%
31%
Sept
*4May 15
5%May 21
l6%May 22
92%May 24
54
15%
Oct
Dec
17
Apr
Jan
48
2%
64
Sept
15% Apr
35
July
45%
%
109
49%May. .
79% Feb 28
31% Mar 14
4% Jan
31% Jan
Sept
8%
Dei
278
5%
*4%
60% Sept
4
Mai
23%
5%
Mav
Sept
Sept
June
3
*234
*434
23
9
June
82%
1207g
37%
46%
101
114
2%'
4378May 10
3978Mar 15
118
Oct
1% Deo
6% May
1% Apr
46
Apr
«70
131
7% preferred....
100
6% preferred.......... 100
WestPennPowCo 4*4 % pf. 100
West Va Pulp A Pap Co No par
6% preferred
..100
Western Auto Supply Co... 10
23
.
39
114% Nov
68% Sept
Apr
West Penn El class A..No par
I
105
Apr
Mar
70
*234
86'
37% July
6% Mar
52% Jan
% July
120
3
Oot
146
117% Apr
15% Sept
1% Jan
600
16
23
Jan
Mar
778 July
35% July
29% Sept
10% Sept
Mar
41% Aug
98% May
30
Sept
Feb 29
113
180
67
Jan
% Apr
Jan
49
July
Jan 15
11
87% Mar
17% Sept
14
Sept
Apr
60
3
Sept
7% Sept
32% Sept
31% Oct
1% Deo
31% Apr
48
Apr 23
Apr 5
Feb 20
Apr 24
Nov
14
"uMay 22
"loo
*14%
Aug
15
117% June
128% May 28
92
1478
July1
534
Jan
Feb
8% Sept
35% Sept
95
Sept
100
[*105
114
23
25
92
I
92
*96
23%
100
92
91*4
99% 100
93%
99%
*105
5
Washington Gas Lt Co.No par
Waukesha Motor Co.......
62
*91%
15%
'""165
200
62
99%
*91%
114
100
3%
23
8*4
74
.100
53.85
1,200
17
May
May
May
May
May
35%May
6634 Jan
19 May 24
134May 15
14 May 22
109 May 23
6
May 18
37 May 21
28%May29
71
May 23
No par
13%
Apr
Apr |
Apr
68% Jan
25
100
Chem.
4
4
25
XWarren Bros Co
..No par
53 convertible pref..No par
Warren Fdy A Pipe
No par
300
15%
16%
2%
*60
Jan
124%
39%
48%
2%
/%
100 *113
6
5% Aug
65% Sept
149% Sept
70*4 Jan 11
19
Warner Bros Pictures
3,700
300
.
23%
2%
65
May
May
38May
12%May
7%
17
117
Jan 2
100
*4
*15%
3
1% Jan
41% Jan
April
May
Mar 27
Class B
17
Apr
112
Ward Baking Co cl A ..No par
17
39
8ept
6% Apr
8% Aug
5% Mar
46
15)
Walworth Co
5
*14%
May
38% Jan
May
May
100
2%
21
74
June
300
17
*22
22
12% Apr 23
59
Walk (H) Good A W Ltd No par
Preferred
No par
31
Apr 25
7% Apr 23
137
1%
*3%
28
No par
400
34
%
5
3
45
4%
31
31
**4
*3%
23%
21%
14%
*«u
*2%
4%
%!
2%
Jan
Jan 25
Apr
share
7% Mar
5% preferred A
...100
Waldorf System
No par
Walgreen Co
No par
4*4 % pref with warrants 100
100
1%
634
17%
*14*4
2%
10%
70
1
Preferred
*%
15
Mar
l2%May
f Wabash Railway Co
*6%
15
*60
92
92
99% 100
92
*91
100
24
i
24%
3
14%
*15
2%
16%
16%'
100
*90%
20%
18%'
*60
3
99
112
16
*15%
*2%
*17
15%
17%
63%
100
92
*22
70
17%
1
3034
|
85
*%
1%
*10%
1 *4%
1
*34
*3%
15
18
4%
30%
23%
22%
*2%
<
!
%
6
*73%
*120
3%
10
June
5
3
182%May 14
6% Mar 9
32% Mar 11
l03%May
31% June
42%June
l%May
5%May
43
Virginia Ry Co
6% preferred....
Vulcan Detinnlng Co
300
400
19%
3%
19%
,
32
78
*3%
37%
29%
♦90
75
Jan
89
7
May 21
50 May 21
2178June 6
29%May 31
%May
5
6% preferred.
40
*29
75
May 11
10»4 Apr 11
6
No par
Va El A Pow 86 pref...No par
Va Iron Coal A Coke 5% pf 100
120
6*4
17%
92%
*90
17*4
2%
37%
29%
110
Apr 24
2% Apr 11
61
Apr 12
17 May 10
Va-Carollna
500
15
*6%
37%
*%
92%
*1434
2%
1734
*15%
1
No par
Vlck Chemlca1 Co
Vlcks Shreve A Pac Ry
Victor Chemical Works
400
*6%
*16%
1
*78
2%
1534
110*4 111
10
*% ""84
%
4%
1
16
111
75
6%
17
10
i
"""400
*2
*120
34;
19%
19%!
10
10
*90
22
37%
75%
1%
*21
*28%
1*120
6%
22
*634
,
17%
92%
3%
"""166
16
29%
75%
40
2%
Corp..
7% 1st preferred
*38
111
38
*28%
*%
700
40
2%
....No par
preferred...
25
Feb 24
Mar 12
Apr 10
97
2%May 21
26 May 15
14 May 21
3%May 21
42
11
Vanadium Corp of Am.No par
Van Raalte Co Ino......... 5
12,600
22
21%
2%
2%
16%
16%
111
Ill
6%
6-%
100
6
8% preferred
100
Universal Pictures 1st pref. 100
Vadsco Sales
No par
Preferred
..100
200
*37
21%
34
*%
*21
100
29% 30*4
2834
29%
2334
2334
*2334
25 )
*103% 115
*103% 115
36
No par
Apr
3
Jan
Universal Leaf Tob
100
90
68
62
Corp..
Apr
Apr
3
Jan
3%
25%
62%
117%
13%
7%
7%
May 23
60
64%
3
Deo
Deo
15
5%May 22
15
4%
85%
May 18
52%June
4% Aug
0% Jan
35
Jan
0
Highest
share $ per
65% Mar 14
31 May 25
Jan 15
165
ner
Mar 13
6
80
n
I
7% Apr 11
6*;May 22
3 May 21
50
S6 conv preferred
46%
46%
3%May 28
2%May 22
40 May 22
278May 21
25%May 22
60 Ma; 21
10%May 22
107"«>June
Low-m
Highest
S per share
share
68%May
39% May
United Stores class A
*131% 137
65
per
50
& Mln
....
Unl ed Stockyards
Conv pref (70c)
16%
1
*17%
7%
5
Universal-Cyclops Steel Corp 1
49
6
*14%
15%
*2%
17%
40
100
14
*131% 140
10
Preferred
45
*13
49
10
U 8 Tobacco Co
800
*43
14
*22
92
1
U S 8 eel
60)
45
24
*99%
6
*12%
22%
*85
6
*43
*78
16%
6
15
*4%
38
Preferred
33
44%
178
45
1
1784
U 8 Smeltluc lit
400
31%
*42%
*1%
1
.
100
32
42%
1%
1%
Playing Card Co...
No par
2,100
1.500
*12%
*20%
*15%
*1
20
8% 1st preferred
~6%666
*43
*23
15
1%
6
100
iU 8 Realty & rmp
USRUDIX Ci
4734
46%
A ..No par
15,300
10934 1097«
44% 46%
109% 110
31%
42%
I
15
*19%
j
"2~200
600
17%;
45
*3%
1%
6
41
*55
65%
463s
110
31%
43
134
6
1%
conv cl
Prior preferred......
U 8 Pipe ft Foundry
65%
3%
11
Partlo &
par
No par
1,300
34
42
*55
Industrial Alcohol. No
U 8
*13-1#
34
"
29
*27
29
*",«
5S
22%
22%
42
*90
19%
12
*30%
*27
42
338
20
*10%
2%
2178
29
*47
55%
44
6%
17%
93
2%
23%
*47
72
*120
*90
3%
1734
55%
16%
|
1%'
9278
3%
*15
1,200
72
1
*90
1
7 |
55%
2234.
17
2%
17%
434
634
71
22
*17
*78
6%
16%
*3578
18
*4
6%
27%
*17%
3%
634
370%
24
38
*19%
*2
|
U 8 Leather Co..
16
17
%
*120
1
U S
1,100
%
.
*%
*78
1~200
378
ule
16
*126
|
16%'
*3%
22
22
*19%
2%
2%
16
17
*16%
16%
16%'
*110% 112% *110% 112% *110% 112%.
15
10
15
I
*6%
*6%
*6%
*37
39
38% *37% 38 j *37%
*28% 31 |
28%
28% 28%'
28%
75
75 I *75
80 I
77
77 I
19%
2%
19%
*2%
16%
16
*103% 115
*36
I
preferred
100
U S Hoffman Mach
Corp. __5
5*$% conv preferred.>...50
3»4
*28
*101
*35%
30
*2334
7%
334
*2334
74
%
24%
100
334
15
*47
28%
24
115
200
3,900
200
*41
I
20
3%
3
10
No par
No par
U 8 Dlstrlb
Corp conv pref_ 100
U 8 Freight Co..
No par
U 8 Gypsum Co
20
6%
6%
55%
2358
29%
*12%
24
3%
30 |
*12%
*7I6
16%
30%
*3
33s
30 1
_._5
No par
United Paperboard
U S & Foreign Secur
56 first preferred
100
100
*131
*12%
101
1,100
88
*12%
68
400
334
*3%
6
United Gas Improv't
No par
55 preferred
No par
United Mer & Manu Inc v t c I
7,500.
300
*43
49
"MOO
United Eng & Fdy
United Fruit Co.
7
3%
334
*83%
334
88
100
United Electric Coal Cos
3%
15
1%
534
*43%
*12%
*40
*3%
*83%
6
IlO
~2~3o6
10%
108% 10812
*684
Drug Ine
United Dyewood Corp
Preferred
400
10%
16
1
15
63
72%
1
1%
45
*12
J
17%
*1%
534
*43
32
63
3%
*28»4
*42
47
*43
I
3%'
10%
10%
107% 108%
634
3%
*33s
88
*3
*55
65%
4534
473s
110
IIO84
*31%
32%
110%
*31%
32%
1%
*43%
49
United
2,300
4%
3
49
3%
32
63%
*2%
Par
_
Ran re for Previous
Yeaf 1939
of 100-jSAar* Lots
Lowest
,-r
80
16%
110
6
61%
I
3
Range Since Jan. 1
On Basis
Shares
share
*75
17%
77
45%
65%
65%
46%
47%
110% 110%
*32% 34%
*1%
*534
1%
6%
*47
23 %
*27
n16
1634
75%
| *42
*59
*43
7 ,
55%
23%
29%
3%
32
63%
103s
108%
7
33s
378
$ per
4
4%
3625
EXCHANGE
Week
*5
*5
7%
7%
5%
5%
*584
6%
534
578
*5%
6%
52%
53
54% 5634
53%
54%
*165
175
175
167% 167% *165
712
*165
*7%
*37g
*2%
*43%
3%
*28%
the
June 7
June 1
$ per share
STOCKS
NEW YORK 8TOCK
Friday
Thursday
Wednesday
10
Zonlte Products
Def. delivery,
n
New stock
Corp———1
r Cash
sale.
15*4May 21
30
May 18
13%May 21
May 22
May 10
101
64%
125
Mar 15
1% Dec
21
50
36
Jan
8
95
15%May 28
9*4May 21
98
May 25
6'4May 21
1*8 Nov
6%
31% Jan 6
28% Feb 7
20% Apr 22
24
Jan
4
47j Feb 23
29% Apr 16
75
Jan
4
* Ex-dlv
1
y
Jar
58
July
37g Jan
13% May
79
Jan
85
Apr
95
88
Apr
Apr
106% Sept
15% Nov
Jan
Oct
Jan
107% Dee
112% Deo
106
Deo
115
Nov
19%
Deo
Apr 29
407g Apr
5
4
20% Apr
Jan
2%
8% Apr
3%
1
Jan
%
28% Jan
28% Jan
118
138
Apr
Apr
Dee
167g Apr
18% Apr
82% Apr
Jan
Jan
126
37%May
88% Feb 13
39% Jan 3
10%
May
Apr
15% Apr
*29
4
42
Apr
July
Jan 30
74
Apr
Mar
67
08
35% Apr
9
105
Apr 30
71
Apr 5
11% Apr 18
1378 Apr
9
11% Apr 10
7%May 3
67% Mar 8
2478May
3%
8%
6%
7%
2
Jan 11
1
9
5
8
Oct
Oct
80
Jan
80
Jan
45
July
78
Oct
8% Dec
7
Apr
3% Sept
1% Aug
14
Apr
14
Sept
2% Aug
June
32
Aug
105% Apr
15
Apr
36
Sept
10% Apr
47% July
43
May
8
23% July
54%May
129
Apr
9
9
81%
85
Apr
93
Apr 26
76
Mar
26
Jan
19% Jan 4
Apr 23
Apr 16
14
14
Jan
3
98
Apr
9% Aug
30
Apr
74
17
17% Apr 8
4% Apr 22
12
Ex-rlghts
Apr
18% Sept
11% Apr
4
28% Jao
Mar
28% Deo
39% Deo
39% Deo
Oct
May
3
145
75
2% June
27| Aug
6
Sept
887g
Apr 13
Mar
37
37% Sept
Sept
121
97
1
Apr 22
36% Nov
6% Sept
11% Sept
2
Sept
15% Apr
Apr 22
121% Mar
277g Apr
42% Apr
247gMay
42
Jar
Mai
Ool
8
70
27g
67g
Jan
9
105
147g Mai
44
24%
32%
8%
28%
Jan
118% Apr 30
25%May 3
20% July
14% Apr
20
Sept
17| Apr
16
July
65% Aug
Apr
110% Apr 12
Oot
35%
115
9378May 10
Mar
Apr
8
23% July
98% July
9% Jan
50% Jat
19% Apr
108
48%
2
Feb
Mar 16
80
May 28
3% Deo
Mar 16
27%May 28
12%May 21
8%May 21
Deo
2
Jan 25
73
Dec
9
Apr 23
May 20
May 21
May 23
7
25% Jan 10
4% Feb 19
71
40
Apr
1% Jan 10
69
5
4
30% Sept
14% Oct
64
June
Jan
6% Jan
86% Jan 11
16% Feb
9% Jan 10
60
29
85
Sept
37g Sept
12% Mar
16% Oot
7
Jan
4% Nov
84*4 Nov
20% Deo
4% Nov
3% Feb
6% Feb
77S Sept
60% Nov
115
Sept
31% Sept
50% Jan
23% Jan
74
Oct
69
Oct
38% Sept
53% Sept
124% Nov
86% Deo
38% Mar
217g
127
Oot
Nov
Apr
21% Jan
56% Sept
92
Sept
34
Sept
22% Jan
Aug
37g Sept
May
Apr
f Called f<K r-d**aneton
June 8, 1940
3626
Bond Record—New York Stock Exchange
friday, weekly and yearly
NOTICE—Prices are "and interest"—except for income and defaulted bonds.
Cash and
week's range, unless they are the only transactions of the week, and when selling outside of the
deferred delivery sales are disregarded in 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.
The italic letters in the column headed "Interest Period" indicate in each case the month when the bonds
Friday
Friday
Range or
■§
Sale
Friday's
Bid
A
Asked
£
EXCHANGE
Week Ended June 7
United States
£a.
1917-1952
1944-1964
1946 1956
1940 1943
1941-1943
1943 -1947
1941
Treasury 3^s
^Treasury 34a—
Treasury 34a
Treasury 34a
Treasury 3 4a
Low
A
D
M
J
M
..
Treasury 3 ms
Treasury 3s
Treasury 3s
Treasury 24a
Treasury 2ms
Treasury 2'4b
Treasury 2'4a
Treasury 2 ms
111.21
13
3
111 20 115 9
♦Sink fund 6ms of 1926
100 13 102.8
*6*4a assented
♦Guar sink fund 6s.
111.24
111.24
100.15
5
S
103.1
102.27
112 4
121 6
111 21 115 6
-
«.
-
..
17
102 22 104 24
107.16
m mmm -
m
D
107.16
1
107 16 109 30
103.21
103.21
3
103 19 105 17
O
107.17 107.15
107.21
A
O
108.3
108.2
108.7
37
108 2
J
D
109
108.23
109
14
108 23 112 13
J
D
J
D
A
J
M
M
m.m-m
mm'm
m
-
S
M
S
M
'i
D
M
6
107.28
72
111 22
184
104 20 109 16
106.26
5
106 21 109.26
6
105 24 109
105
9
104
103.24
10
103.25
152
mm
m
S
8
*106.16 106.20
16 108 30
103 24 108.12
103 13 108
103 16 108 1
106.20 109.13
105.18
4
103.12 103.4
103.12
103.9
105.18
19
105 13 108.31
1961
12
16
...1961
J
*9*4
12
13m
iom
nm
12m
10m
15
12
16
13 m
-.1961
*10
A
assented...—........1961
A
10*4
*10
...1962
10m
10m
1960
M
S
15 m
15m
14
17m
♦7s assented---.--....—,..1960
M
S
10
10m
10
18
1951 J D
3
♦6s assented.
.....
♦Chilean Cons Munio 7s
♦6s
Oct 1961
1928
of
M
.1947
(City) 6s
Copenhagen
1952
F
J
D
1953 A/N
25-year gold 4 Ha
F
5*Cordoba (City) 7s stamped. 1957
Cordoba (Prov) Argentina 7s..1942 J
J
107 3
Cuba (Republic) 5s of 1904
D
102.31
102.31
1
102.31 105 30
External 5s of 1914 ser A
1949 V
J
D
101.16 101.13
101.16
5
101.13 104.24
External loan 4 Ha ser C
1977
Mar
15 1944-1964
105.26
105.26
1
105 26 108 24
3s
May
105.29 105.21
105.29
6
105 19 108.21
3s
Jan
16 1944-1949 A/N
J
16 1942-1947 J
1 1942-1947
Mar
2Ha
103.28
103.10
105.6
103.1
100.5
1
103.28
103.10
........«# „
103
1 1944 1952 A/N
May
1942-1944 J
1945-1947 J
2Mb series O
1Mb series M
;
103.6
J
D
16105.15
105.7
5
105 4
103.6
10
103 1
104.25
External gold 5Ha
100.10
13
100.5
102.12
External g 4 Ha
105.2
108.12
D
89m
89
91H
499
89
97 Hi
J
D
89
884
90 m
484
884
964
MU n I c I pa I
A
1947 F
♦Gtd sink fund 6s
1948 A O
M 8
20
♦Sinking fund 8s ser B
Akershus (King of Norway) 48.1968
♦Antloqula (Dept) coll 7s A...1945 J
♦External
b
f 7s Berles B
♦External
8
1945 J
1945 J
f 7s series C
s f 7s series D
1945 J
♦External s f 7s 1st series. ..1957 A
♦External
♦External
see s
♦External
sec s
f 7s 2d series. 1957 A
f 7s 3d series. 1957 A
J
Antwerp (City) external 6s
19
Argentine (National Government)
*
O
7%
s
20m
19
56
20
73
6
ism
16
17 m
p3m
55m
M N
Finland (Republic) ext 6s
7*4
7*4
3
18 Hi
79m
89m
230
27 Hi
96«
71 m
7im
79
64
71)4
95
74m
78
66%
43
66 *4
87*4
87*4
A
664
A
O
66*4
eem
66m
J
J
40
40
74m
424
M
6
38 m
38m
424
42
38
35
34
37m
59
34
M N
J
F
s
J
rio
A
12)4
10
14
102)4
S
49
484
43 m
44
49
4sm
22
364 100)4
45
38
45
41
35
108
13
14
f 6 Ha of 1927... 1957 A
♦7s (Central Ry)
..1952 J
O
s
m
m
m
20-year
1950 J
J
9m
om
9
8%
D
♦Budapest (City of) 6s
Buenos Aires (Prov of)
1962
33 m
344
„
^
35
_
*38 m.
25
85
1948
1967
1961 M 8
1977 M
sm
*55
S
s f 4 m-4 ms
External readj 44*-4Ha
External s f 4^-4^8
45
A
..1976
F
3% external s f J bonds.....1984 J
Bulgaria (Kingdom of)—
1967 J
f 7s...
Canada (Dom of) 30-yr 4s
1960 A
6s
♦7s part paid
D
196*
♦68 part paid
D
a"o
30-year 3s
J
634
30-year 3s
1968 M N
65
♦Carlsbad (City) 8s
1954 J
♦Cent Agrlc Bank (Ger) 7s
1950 M
♦Farm Loan s f 6s...July 15 1960 J
♦6s Jan. 1937 coupon on..1960
♦Farm Loan s f 6s...Oct 15 1960 A
63)4
2
35
8
14
2
94
15
104
78
76
69
51
79
40
60
63 m
29
59 m
65
36
*
J
*iom
10m
*
15m
10m
69
101)4
83)4 107
72
96)4
61
93*4
78
96*4
58)4
89
59)4
88)4
6
7
S
J
O
'
7
15)4
16
164
10
15)4
124
1
15
11
16)4
12m
13m
13
124
17
nm
11m
13m
2
16
11m
16
114
124
10 *4
144
17
14 *4
12)4
3
11
17
14)4
6
12)4
17
10
11)4
14«
*iom
15
♦6s Apr. 1937 coupon on..l960
1942 M N
124
mmmmmm
♦External sinking fund 6s...1960 A
♦6s assented...
i960 A
♦Extl sinking fund 6s..Feb 1961 F
O
A
*12
.Feb 1961 F
A
11
f 6s
Jan 1961 J
J
12m
11m
12m
♦6s assented
Jan 1961 J
J
nm
11*4
♦6s assented....
♦Extl sinking fund 6s..Sept 1961 M
♦6s assented..
Sept
1961 M
O
S
For footnotes see pave 3631.
1963 A/N
12m
10 m
-
-
-
-
10m
m'm
mm
mm
mmmmmm
13
13
4
13
16)4
10m
11m
7
10 *4
14H
12m
w
S
♦External sinking fund 6s... 1962 A O
♦6s assented..
.....1962 A O
♦External sinking fund 6S...1963 A/N
....
124
10 m
124
1
12)4
*104
124
17
14)4
124
1
12)4
11m
9
11
11
184
103
24
10
sm
sm
11
20 m
"83
12m
28
iom "214
6*4
124
9
15m
12
20 m
21
9
12
*10 4
8*4
82
0
"sm
2im
7*4
79
85
J
10
*48
~io"
*5m
/
sm
1951 J
D
F
A
164
90
11
7
*84
0
O
B "47 M S
/
J
19m
10 m
*15
A
10
10
61
22 m
75
10m
94
9
9
20
20
1
32 m
70
70
70
92
39 m
41 m
175
38 m
72
3sm
43 m
14
38m
78m
"32 m
30
324
50
30
sim
77
si m
62
58
76
9im
30
57
65 m
7
17%
14
1960 M N
ser
40 m
12
12
16)4
14)4
A/N
A
F
61 4
94
O
"*74
A
54 m
J
D
5s of 1899.......1945 Q
7m
70
♦Sec extl
s
f 6 ms
HH
A
O
1959 M
External
s
2sm
5m
*5m
S
14
53H
54
12m
sm
sm
sm
12m
714
71H
44
40
75
36
28
33 4
12
35
89
A
40
40
2
29
974
A
38
38
2
294
974
23 4
90
1943 F
1944 F
1956 M S
1965 A
O
1963 F
1970 J
A
f 5s
27
36 m
4s s f extl loan
s
76
im
14
33 m
O
External sluk fund 4 ms
External a 144a
Municipal Bank extl
28 m
*4
35
Apr 1958 A
Norway 20-year extl 6s
20-year external 6s
2m
64 m
(State) extl 5s..1957
f 5s
27
D
1959 M N
F A
♦6s series A
m
*m
1952 J
(City) 7s
14
im
1
*m
J
.1958 M S
f 6 ms..
s
m
m
m
*m
1945
Italy) extl 6ms... 1952
Minas Geraes (State)—
♦Sec extl
nm
82 *4
*m
D
...1954
Milan (City,
♦Montevideo
7
63
,
*1
J
1933 J
4s of 1904
4s of 1910
of *13 assent
124
74
D
♦4 ms Htampe I assented
1943 M N
♦Mexico (US) extl 5s of 1899 £.1945 Q J
♦Assenting
♦Assenting
♦Assenting
f*Treas 6s
17
ism
D
1954 J
(Colombia) 6ms._—1954
Mendoza (Prov) 4sreadl
Mexican Irrigation—
New So Wales
1942 M N
f 7s
109
45)4
654
7
74m
62 4
784
118
106
5m
♦Lower Austria (Province) 7 ms 1950 J
108
744
105
5m
674
86
69
92 m
18 4
18)4
184
79
66
72 M
J
10
112
13m
105
7
47)4
69 m
J
om
75
6
1946 J
f g
15
86
A
80
sm
s
30
724
1944 J
1967 J
9m
53 m
8
10 H
16
40
40
"90"
6
♦Medellln
1961 J
om
6
♦7s secured
44)4
45)4
4554
38
Aug 15 1945 F
"ism
9
sm
Japanese Govt 30-yr s f 6 m8—. 1954
Extl sinking fund 5 ms
1965
♦Jugoslavia (State Mtge Bk) 7s 1957
♦Leipzig (Germany) s f 7s
1947
53
10-year 2 Ha
13m
9m
9
*7
F
A
Italy (Kingdom of) extl 7s
Italian Cred Consortium 7a
50 4
25-year 3 }*a
7-year 2 Ha
"ism
11
♦Hamburg (State 6s)
1946
♦Heidelberg (German) extl 7)^81960 J
A
Helslngfor* (City/ extl 6)48
1960
Hungarian Cons Municipal Loan—
J
♦7 ma secured s f g
1945
Irish Free State extl s f 5s
35
O
sm
*
Haiti (Republic) s f 6s ser A... 1952 A
78
50
10
13m
13m
sm
..1968
8754
47 m
94 p
105
105
1964
♦Sink fund secured 6s
42
45 m
94
75
11m
74 m
J D
♦'Cons Agrlc Loan) 6Ha
1958
♦Greek Government s f ser 7s. .1964 M N
35
474
83 m
72
♦6s assented
♦German Rep extl 7s stamped.. 1949
♦7e unstamped
1949
German Prov A Communal Bks
33)4
45 m
9*4
75 m
694
92
1966
'
454
1952 M N
s
unstamped
22
38
1968 MJV
♦Stabilisation loan 7 Ha
♦Ry extl
♦5He
21
45 4
sm
68
76
nm
*105
.1965 J
isms of 1930 stamped
8%
70
J
75 m
German Govt International¬
48
50 4
J
68
J
23)4
5)4
9m
D
1949
94
9)4
2
*50
8
75 m
♦Hungarian Land M Inst 7 ms. 1961 A/N
♦Sinking fund 7 ms ser B
1961 A/N
Hungary 7 ms ext at 4 ms to... 1979 F A
12 *4
11)4
80
44 m
1976 A O
1975 MN
Refunding
s
7s unstamped
75
*45
J
M
Italian Public Utility extl 7s._.1952
♦6s stamped
External sf 4^-4 Ha
♦Chile (Rep)—Extl
♦7s assented
1945
94
94
J
"5
70
70
69m
69 m
75
75
*10
68
70
*68
(City of) s f 6 Hs... 1953 A/N
23
m
sm
35
11)4
_
10 m
104
10m
37
37 m
94
D
f 6s..
94
124
114
mmmmmm
12
J
*8
-
*7m
D
1957 M S
1958 V A
—
12
O
Sinking fund gold 5s
Brisbane (City) s f 5s...
s
6H
90)4
84
J
JL)
♦Secured
1
91
%
1955
♦Brazil (U 8 of) external 8s
1941 J
♦External s f 6Hs of 1926... 1957 A
8
no
40
1949 M
f 6s
External 30-year b f 7s
1955 J D
♦Berlin (Germany) s f 6 ms
1950 A O
♦External sinking fund 6s... 1958 J D
♦External
62
*7
..
Belgium 25-yr extl 6 Ha
External
14«
77
80
F
♦Bavaria (Free State) 6J$s.
67 m
Customs Admin 6)4s 2d ser..1961 M 8
A O
5 Ha 1st series
1969
5Ha 26 series
1969 A O
29
3
'
13m
ism
354
♦5 Ha «tamp(Canadlan Holder) *65
1971 M N
S f external 4 ms
5
7*4
7m
O
D
81H
13m
ism
31H
25 m
28%
U%
14H
14%
70
21
20
74
2
28
7%
.
104
73 m
29
7*4
84
m m
62
99
21
31
84
mi
m,
52
4
28
24
sm
8*4
+
m
"56
29
16
15%
8
J
101H
57
99
J
7%
*74
J
O
21
102 m
103 m
A
7
84
13
O
French Republic 7 Ha stamped. 1941 J
7 Ha unstamped
1941
External 7s stamped
1949 J
84
102 H
98
A
1942 J
♦Frankfort
J
98 m
4
*5H
15 *4
13
13
23
*5m
66
8*4
15
98m
102m
73
8
sm
85
F
40
J
69m
..1955
■
28 m
40
49
72
Apr 15 1962
Denmark 20-year extl 6s
24
10
20
20
*20
"12
102
1961
1952
♦El Salvador 8s ctfs of dep
E«tonla (Republic of) 7s
Agricultural Mtge Bank (Colombia)
♦Gtd sink fund 6s
524
15m
99
♦Dresden (City) external 7s...1945 M N
'
&
16
60
70
"54""
55
Dominican Rep Cust Ad 5)4s..l942 M S
1st ser 5 Ha of 1926
.1940 A O
2d series sink fund 5)4s-___.1940 A 0
/
G o v t.
10
62
9sm
♦Public wks 5)4s...June 30 1945
♦Czechoslovakia (Rep of) 8s
103.9
Transit Unification Issue—
Foreign
25
22
14
A
Sinking fund 5)4s...Jan 15 1953
14
0
New York City
23
26 *4
27*4
964
1024
1944 M 8
Home Owners' Loan Corp—
3s series A
34
107 2
Federal Farm Mortgage Corp—
S
25 m
70
1949
4 Ha external debt
S
15*4
15*4
22 m
22
"30
*50
"70"
14
34 m
20
21
ism
♦Costa Rlea (Rep of) 7s.......1951 M N
J
M
34
18K
21
A
104.23
3Hb
26
17m
*20
A
103 2
M
17m
*20
*20
em
12*4
174
174
O
1946 M N
♦Sinking fund 7s of 1926
♦Sinking fund 7s of 1927
3
17
17
A
♦6s of 1927
Jan 1961 J
♦Colombia Mtge Bank 6)4s...l947 A
3
*7
S
101.7
102.31
14
10m
103.4
Treasury
16
M N
76
103.9
134
A/N
28
S
14M
*4
♦Guar sink fund 6s._.---—.1962
112
D
164
10
101.17
M
12m
10 4
12
103.12
J
I
High
10 *4
101.17 101.12
Treasury
Low
12
D
Treasury
No.
*10
J
J
Treasury
High
Since
J
♦Cologne (City) Germany 6 Ha. 1950
Colombia (Republic of)—
6
105.30
103.31
mm
♦6s
Range
Jan.
J
10
.107 21 111.30
106.21
103.17
mm
♦6 )4«
♦Chinese (Hukuang Ry) 5s
104.24
I'm
m
110 21
105.27
103.25 103.17
D
J
108.8
105.5
107 15 110.1
1957
assented.......... 1957
♦Chile Mtge Bank 6 4b
109 14 113.10
103.29 103.26
D
J
108.6
104.29
mrn'm'm
105
S
J
-
mm.m
mm
m
D
1958-1963
•«.
105.3
S
M
«,
*109.17 109.21
107.27 107.21
S
8
Low
Foreign Govt. & Munic. (Cont.)
111.23
100.13 100.13
A
High
117.8
S
J
Low
Friday's
Bid
A
Asked
Price
Week Ended June 7
Jan. 1
111.21
D
1960-1965
2His...............1945
2 His
1948
2 4a
1949-1953
2Hs
1950-1962
2tfs
1951-1953
2s
1947
Treasury 2'4b
Treasury 2'4a
No.
9
F
1951-1964
1966-1959
Treasury 3%a
High
CQ<§
EXCHANGE
117.4
O
J
1943-1945
1944-1946
1946-1949
1949-1952
1946-1948
1951-1955
1955-1960
1945 1917
1948-1951
Treasury 3^s
Treasury 3ms.
Price
Government
rreasury
Treasury 4s
Treasury
Treasury
S h
N. Y. STOCK
Since
Range or
Sale
BONDS
Range
3
Week's
Last
Week's
Last
BONDS
N. Y. STOCK
mature.
D
36 m
*30
"23m
23
25m
904
"27"
*15
23
26 m
29
21
80
23
80
34m
80 4
Volume
New York Bond
150
si
is
Last
Cfe
"■a.
Price
BONOS
N.
Y.
EXCHANGE
STOCK
Week Ended June 7
Oslo (City) 8 f 4X9-♦Panama (Rep) extl 5Hs
♦Extl
8
f 58
1955 A
♦Nat !x>an extl
s
♦Nat Loan extl
1959 M
♦Poland (Rep of) gold 6s
100
20
97
1050 J
♦Rhine-Main Danube 7s A
w
w
w
♦Rio de Janeiro (City of) 8s
1946 A
....1953 F
6 V$s
Ref & gen
iox
1"x
16x
9x
3x
_
7
7
7
1
7
4
4
7X
7
7
....
13h
_
_
.
_
.1966 MN
____1967 J d
A
13x
67
41h
1959 F
A
paid
41h
cc
13
Ref g 48 extended to. .1951 MN y bb
♦8s external
1950
J
12
13h
1960 F
■.£ 7
2
m
S'west Dlv 1st M(Int at 3 H %
to Jan 1 1947) due... 1950 J
J
J
♦Secured
1940 A
14
72|
8%
6x
13
ex
8
D
1946 J
~62~~
5%
...1958 J
♦Silesia (Prov of) extl 7a
♦4
assented
2
A
1947
F
A
Sydney (City)
1955 F
J
f 5Xs
f 6Xs guar
A
1961
A
1946
f
a
f 6a
1960
a
f 6s
D
F
3
89
101
21
J
J y bb
J y bb
91 %
55
3
54
70
56 X
1
5
7H
H2X
5x
11H
A
0
x
aaa3
128 X
128
129
J
x
J
J
D ib
1
*9
A
z
b
1
*9
O
z
b
1
*9
15
*62"
12 H
9x
80
♦Debenture 6s
♦Berlin Elec El A Undergr 6 Ha *56
Beth Steel 3 Ha conv deba._1952
Cods mtge
3X«
»er
aaa3
\
0
z
A
O
x
J
x
a
—1944 J
D
x
3
Blaw Knox 1st mtge 3 Ha... 1950 F A x bbb3
Boston A Maine 1st 6a A C 1967 M S y b
2
M S y b
Stamped
2
25 h
12 h
*7x
14
8h
8h
10
59
10
31
3h
m'm
w
m
m
w
-
w
-
w
27
58 %
61x
47 %
8
9
-w
47 h
14x
5x
5x
15x
40 h
87
50x
63
5
26
41
53
62 x
w
2
39 h
91
43
39
39
38 h
41h
41h
mmmmmm
15
40
9
42 x
28
44
J
A
O
MN
53
mmmmmm
mmmmmm
F
J
D
*27"
*7h
*3h
3h
A
1961
mrn.mmm
A
F
m
Yokohoma (City) extl 6s
57 X
mmmmmm
'*>
-
-
40
Lm
-----
mm
5h
6
60h
7
41 X
79
37X
40 X
0 yb
2
49 H
44 H
50 X
113
37 X
""74"
73 X
A
mmmm
1st 5s stmp ctfs..
1941
Bklyn Union El at g 5s
1950 FA
Certificates of deposit
Bklyn Un Gas 1st cons g 5s_.1945 MN
1st Hen A ref 6« series A .1947 MN
1950 J
1st Hen A ref 5s series B
1957 MN
39
65 x
83
40
40 x
51 x
56 H
40
56
26 H
8
61
2
x
bb
bb
107
aaa4
y
13
62
62 X
12 X
80 X
12
105
110X
2
b
x
bbb3
x
107
175
82
92 H
44 X
44 X
9
38
48 H
56
5
44 X
107 X
3
88X 107X
84 %
86 X
40
SIX
bbb3
2
W
W—
-
84
51X
107
W
H
92
a
3
108 X
109 X
6
108X H3X
x
bbb3
111X
ilix
2
111
3
88 X
104 X
103 H
aa
4
110H
110X
C.1967 / D
{Buffalo Rochester A Pgh Ry—
x
aa
4
at 3% to 1946) due
1957 MN
{Burlington Cedar Rapid A Nor
z
b
O
z
cc
2
_
z
wwwwww
*56
13
*3
w^-w-w
3
104 X
110X
88
_
bbb3
x
modified
83 X
x
x
1981
83H 103X
---
86 X
A
F
8X
84 X
85H
2
y
9
74 X
105 X
*103»i«
ecc2
D y bb
Debenture gold 5a
Buffalo Gen Elec 4 Ha B
Buff Nlag Elec 3 H" series
38 h
bb
*6X
cccl
y
y
Bklyn Queens Co A Sub RR
1st con gtd 5s stmp ctfs...1941
63
65
z
y
Certificates of deposit....
63
3
*105
....
115H
84
08 X
102
107H
10'>X 112 x
107X 109
(Interest
A
19;
♦Certificates of deposit-.--.
»*lst & coll 5s
30
2
27
cc
2
4
2
A
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2
A
O
x
a
2
A
0
x
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J
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3
75
J
8x
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.
5
WW
66 X
32 X
WW--W-
22
30
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WW w w
^
O y bb
J y b
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A
Bush Terminal 1st 4s
25X
6H
X
69 H
0
2
33 X
7
2X
—
W--
-
40 X
3
.WW
32 X
47
...
""3x "7 x
55 x
99 X
57
62 X
57 X
52 X
56 H
41H
36 X
41
A
mmmm
3h
277
113
J
*
J
51
57 X
47 h
53
--
47 x
97
45 X
-
61
*46
109H 109 H
53 X
60
*48
mmmm
—
3
13
27
-
58 h
~
9
.
645
50 X
Bklyn Edison cons M 3 H8. .1966 MN
7Bklyn Manhat Transit 4Xal966 MN
52 h
.
55
48
15h
41
9
.
"47"
46
{♦Boston & N Y Air L 1st 48.1955 F
52
w
52 h
.
*97 X
*
54 H
49 X
48
Bklyn City RR 1st 5s ctfS._1941
3x
*105
______
57 H
16
5
t00%
62 H
18
13
4
15X
103X 112
100
49
15
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166
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—
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7x
7h
100 x
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11X
....
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MN y b
A
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5x
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mmmmmm
—1955
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7
1st g 4Hs series JJ
-
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1958
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30
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1979 MN
J
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32
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1978
1978
3Hs extl readjustment
1984
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1952
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1958
7
*37
3X^4-4X8 ($ bonds of *37)
external conversion
56 X
40
2
7
1979 MN
conv
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7X
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28
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17
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18
77
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6%
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f 5 Ha
46
23X
z
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6%
mm
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d
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J
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19
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J
1958
20
J
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66
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1962 MN
1962 MN
extl
28
J
Serba Croats A Slovenes (Kingdom)
♦8s secured extl..
69 X
15 X
J
7H
22
mmmmmm
D
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55
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56 X
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—
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90
40
16 H
3
11
..
1936 /
57 X
ccc4
z
F (Int at 1 %
Sept 1 1946) due.. 1996 M 8
11 x
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z
to
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5h
34 %
1957 MN
§♦88 extl loan of 1921
58
82
Ref & gen ser
11H
6x
+ mmmm
m
1952
San Paulo (State of)
58 X
76H
102X 107 H
1
Brazil)—
f
58
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62 H
1
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ccc4
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90
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20
ccc4
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1964
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48
58 X
3
z
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1 1946) due..2000 M S
5x
7%
1953 J
a
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to Sept
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105
90
ccc4
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J
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1952
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-
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1
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8
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5
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3
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4
8X
8h
8
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AO
A (Int at 1%
1946) due.. 1995 J D
Ref A gen ser C(lnt at 11-5%
to Dec 1 1946) due... 1995 JD
12
9X
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Santa Fe extl
a
3
iox
63 h
65h
41h
♦Saarbruecken
a
1st mtge gold 4s
July 1948 A O ybb
Stamped modified bonds—
x
w
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11
*5 %
O
D
♦Itoumania (Kingdom of) 78
Taiwan Elec Pow
3
5
7
mm
A
1968 J
see
J y bb
5x
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O
extl 6 Ha
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J
6x
S
...1946 A
f g
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3 w',W—
A
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S
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4
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1950 M
M
13
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O
F
J
ww
Jan. 1
No. Low
Hioh
Low
3
Adk
A
Since
Bonds Sold
Friday's
Bid
29 X
3
49
~
Price
J y b
J y b
Range
Range or
Sale
See a
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5%
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4
O
1947
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coupon
w'w
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Rating
J
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J
«
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J
1st mtge g (int at 4% to
Oct 1 1946) due.July 1948
5h
www—-
J
1941
72 h
52 x
Inter st Periad
Week's
Friday
Cos. (Cont.)
1948
Second mortgage 4s
1948
Atl Gulf & W 1 88 coll tr 5a..1959
Atlantic Refining deb 3s_...1953
Austin A N W 1st gu g 5a
1941
5
5h
D
1952
7
Railroad & Indus
Atl A Dan 1st g 4s
6%
—
-
"
1952 M N
M N
1951 m S
Queensland (State) extl 8 f 7s
-
-
82
"~5h "~15
O
J
--
54 x
105h
.....
S
1963 J
----
70
ww
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♦Prussia (Free State) extl 8Xs
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s
75
O
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8
20
*8
1966
♦February 1937
3
O
♦Extl loan 7 Ha
Rome (City)
21
"54"
O
J
8
68
O
♦4 Hs assented
♦68 extl
49h
1940 A
1958 A
♦External sink fund g 8s
sec
6
..1947 A
f7s
Xs assented
♦Extl
51h
1968 A
♦4 X* assented
♦Stab!Iliatton loans
♦4
'ww——
D
A
1961
65
aTs
1960 J
f 6s 2d ser...
54
97
•-WW-w
1947
13 x
6
*
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8
M N
High
9x
17 H
57 h
20
D
.1963
A
ser
♦Stamped assented
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♦Pernambuco (State of) 7a.
♦Peru (Rep of) external 7s
NO. Low
*7h
56 x
_
"21"
O
1953 J
N. Y. STOCK EXCHANGE
Week Ended June 7
Jan. 1
50 h
_
56 x
MN
195*
03 &Q
High
Low
BONDS
Since
00
Ask
A
Range
•5
Friday's
Bid
■
1952 f A
—1953 ms
Oriental Devel guar 6s
Extl deb 5 4s
3627
2
Bank
Range or
Sale
Foreign Govt. & Mun. (Conct)
♦Nuremburg (City) extl 6s
Record—Continued—Page
Week's
Friday
_
69
ww
— -
46 X
W
101
47 X
46 X
101
100X
12
61
106 H
100
15
66
72 H
78 X
75
67
72 H 103X
78 X 100 X
66%
85
Friday
and
x
aa
3
80%
80%
58
0
x
aa
3
80
77
80
35
77
F
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77
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15
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107
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J
D
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76 X
74
15
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46
x
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72
103
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3
Week's
Last
Range or
Rating
Sale
Friday's
EXCHANGE
See A
Week Ended June 7
RAILROAD
J
A
Since
F
STOCK
Range
J
Bank
Elig. &
BONDS
N. Y.
Bid
Price
A
S
Ask
Guar
INDUSTRIAL
D
/
27 H
28 X
29 X
102 %
z
cc
2
Adams Express coll tr g 4a_
1948
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1952 A
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103
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109
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t|*Abltibi Pow A Pap let 5s. 1953
_.
Adriatic Elec Co extl 7s
1943 J
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102 H
mmmmmm
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x
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Albany Perfor Wrap Pap 6a. .1948 A
68 with warr assented.... 1948 A
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1946
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1950
..1998 A
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Allegh Val gen guar g 4a
4 Ha
1951 F
debentures
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1955
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2030
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Am Internal Corp conv 6X«-1949
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*40
2
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1944
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M S
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MN
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F A
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J
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1946 J J
J
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1989 J J
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J
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-.1949 J J
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1966 J D
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70
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45
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Armour & Co
gold 4Hs
Canadian Northern deb 6 Ha. 194" J
COMPANIES
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76
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P
/
■
t
For footnotes see page 3631
Attention la directed to the new column
It* thi.
f-ahnlatlon
pertaining to bank eligibility
and rating of bonds.
See
A,
New York Bond Record
3628
Friday
Bank
BONDS
N.
Elig. &
Last
Range
Sale
Bee a
Price
Week Ended June 7
2
10%
93
ccc3
*11
18
J
J
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*11
15
J
J
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14
cc
2
J
cc
2
J
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2
1966
B..May 1966 J
Chlo Ind A Sou 50-year 4s.. 1956 J
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4
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3
Jan 1 2000 A
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1987 MN
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6 Vis..
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May I 2037 J D
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D
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♦1st ref g
cc
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14
Ch St L A New Orleans 6s.. 1951
x
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7%
{}*Dul Sou Shore A A tig 5s
1937 J
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1
2%
Duquesne Light 1st M 3348..1966 J
x
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18
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10
18 34
Ed El III (N Y)
1834
Electric Auto Lite
18 34
El Paso A 8 W 1st 5s
19
12
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1034
1314
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13
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14
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6
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734
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1944 A
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1951
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aa
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67
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stamped
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9534
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..
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1948 M N
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1956
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534
434
734
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21
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1965 A
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1940
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1953
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1951 J
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1951 J
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30%
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1960 M N
cc
ccc2
3%
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♦Certificates of deposit
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1935 J
100 %
14
634
6
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134
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234
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1934 AO
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18
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106
6
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1995 J
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z
6
3
28%
134
2
c
D
2037
1949 MAT
{f*Chlcago Railways 1st 6s stpd
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J
{♦Chic R I A Pac Ry gen 4s.. 1988 J
cccl
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2
cc
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cccl
15%
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23%
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2
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aa
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1965 A
11
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x
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10%
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100
10%
1
ccc2
1987 M N
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1987
109
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108
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55
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183*
20%
19%
29%
18 %
*16%
High
Jan. 1
aa
61%
ccc3
J
Low
Since
Ask
A
x
♦Ref A Impt 5s ser B.Apr 1978 A
1014
Range
Friday's
Bid
x
J
J
J
J
J
F
F
♦Assented (suhj to plan)..
is
3%
3%
Price
(Cont )
t A ref 4 3*8
1969
•<t mortgage 4%b
..1969
{|*Den A R G 1st cons g 4s.. 1936
J^ConsoI gold 4 34s
1936
{♦Denv A R G W gen 5s Aug 1955
21
20
Range or
Sale
See a
{♦Des M A Ft Dodge 4s ctfs
{♦Des Plains Val 1st gu 4 %b
*
ccc3
♦Geo 4%a series F.May 1 1989 J
{Chic Mllw St Paul A Pac RR—
♦
Mttte g 6s series A
1975 F
Income guar 5s
4%
4
'
30%
1214
12%
4
ccc3
♦Gen g 3 34s ser B.May 1 1989
♦Gen 4 34s series C.May 1 1989
♦Gen 4 34s series E May 1 1989
100
19%
12%
Cos
Railroad & Indus.
Last
Rating
1940
Week's
Friday
Elig. &
EXCHANGE
STOCK
Del Power A Light 1st 434s.. 1971
12014
19 %
1934
86
125
ccc3
M N
♦General 4s
10 %
10 •
"~4
22
8
J
Y.
Week Ended June 7
High
118
93
'21%
M
♦1st A gen 6s ser
♦Conv adj 5s
how
20 5*
bbb2
IstAgei
NO
11
J
{♦Chicago Gifat West 1st 4s 1959
{♦Chic Ind A Loulsv ref 6s.. 1947
♦Refunding g 5s serlPH B..1947
♦
Refunding 4s series C...1947
N.
Jan. 1
"22
11
*10
Chicago A Erie 1st gold 5s.. 1982 MN
Since
o
120
10%
cccl
©
High
*117
cccl
June 8,
BONDS
Range
is
ftjeo
Ask
Low
b
♦Certificates of deposit
♦
or
A
Bid
Rallraad & Indue. Cos. (Cwi.t
{f ♦Chicago A East III 1st 68.1934 A O
{♦Chic A E III Ry gen 6s
1961 ATN
Page 3
Bank
Friday's
Rating
EXCHANGE
STOCK
Y.
Continued
-
Week's
y
bb
2
1951
y
bb
4
*40
1951
y
bb
4
*43
1951
x
bbb3
1951
ybb
....
3
5034
70
"45" "64"
66
66
63
56
Volume
New York Bond
150
Bank
BONDS
N.
Y.
Elio. &
EXCHANGE
STOCK
Rating
Week Ended June 7
Railroad
&
Cos.
Indus.
See
Last
Range
(Com.)
Ask
A
Low
1963 J
bb
2
35%
1963 J D
1948 F A
1st A ref 4 5*8 series C
♦Ilseder Steel Corp 6s
D
No
Low
bb
2
33
{♦Ind Bloom & W 1st ext 4s. 1940 A
Ind 111 A Iowa 1st g 4s
O
High
bbb2
ccc2
Ind Union Ry 35*s series B.1986
bb
ser
"8%
61
8%
♦
""6
101
8%
17
106
♦Certificates of deposit
100 %
2013 JD
♦Certificates of deposit..
Manila Elec RR a Lt
Manila RR (South
s
♦1st g 5s series C._
1
74%
74
75
""8
70
80
73%
75%
85
70
80
Marlon Steam Shovel s f 6s..
1947 A
1
31
31
33
10
29
39%
1
30 Hj
36
1
70
71
"12
67
76%
1
70
71
13
67
76%
3
78%
79
8
78
90%
8%
9
29
8
16%
1
1%
10
6%
6%
7%
9
1
cc
cccl
Internat Hydro El deb 6s
1956
1944 A
b
1941 A
ccc4
f 6s
A A B.1947
J
4
1
6%
5
6%
14%
57
37%
54%
55
19
53
74%
76%
22
99
103)4
90% 103%
Int Rys Cent Amer 1st 5s B .1972
1st lien & ref 6^s
1947 F
100
99?*
93
92 %
95
42
bbb2
A
3
3
81
81
82
2
80
82
82%
25%
3
61
27%
198
bb
3
J
.....1955 F
b
2
"r23H
A
Int Telep A Teleg deb g 45*sl952 J
b
2
25
{♦Iowa Cent Ry 1st & ref 4s. 1951 M S
James FrankI A Clear 1st 4s. 1959 J
M
23%
24%
*1
cccl
D y bb
S y bb
100%
1%
*38%
3
94
8
42
80
*12
165*
b
z
ccc3
♦rV
82
99
22
44%
"155* "22"
"2
73
645*
47%
1%
x
bbb4
aa
x
z
60
101
"3
1665* 103"
1105*
2
1105*1125*
405*
1
ddd2
z
*6
1
7
S
x
a
3
55*
*.....'
665*
58
"575*
205*
19 j*
2
*35
*15
205*
z
ccc3
♦1st & ref gold 43——.1949 m s
z
c
f
z c
2
/
z
cccl
j
z
cc
j
z
cccl
j
z
cc
115*
bbb4
85
85
10
85
86
b
1
26
25
26
15
25
b
1
245*
24%
24%
18
24%
x
bbb3
53
53
38%
69%
y
bb
x
aaa4
4%
4?*
♦Certificates of deposit
Kan City Sou 1st
gold 3s. .. .1950
Ref <fe Impt 5s
Apr 1950
Kansas City Term 1st 4s
1960
Karstadt (Rudolph) Inc—
♦Ctfs w w stmp (par 1645) 1943
♦Ctfs w w stmp (par $925) 1943 M N
♦Ctfs with warr (par $925) 1943
3
1
50
54%
20
50
107%
23
106
53%
106
68 %
109
1654
*15*
1%
15*
2
1
25*
35*
7
3%
35*
65*
4
25*
15*
15*
z
cccl
25
135*
145*
no"
*10
1946 M~ S
25*
•
{ {♦MStP&SS M con g 4s Int gu'38 J
{♦1st cons 5s
..1938 J
{♦1st cons 5s gu as to Int.. 1938 J
♦1st a ref 6s series a:
1946 J
-.
45*
•
,
T"
Mo Kan a Tex 1st gold 4s__.1990 j
Missouri-Kansas-Texas RR-
D ybb
5*
40-year 4s series B
2
2
Prior lien 45*s series D
1978 j
ybb
ybb
J y bb
3
*100
100%
100
1035*
a
3
*
104
107
107 %
Kentucky A Ind Term 4J*s_1961 J
x
bbb3
*20"
50
50
50
J
x
bbb3
*68
75
70
75
*83%
92%
80
80
♦Cum adjust 5s ser a.. Jan 1967 A
90
80
157
168
2
43
43
43
695*
63
55
74
20
32 5*
22
215*
85
172
75*
25*
*55
2
1962 J
1962 j
bb
x
22
55*
*1
1
55*8
....1949 m s z cc 2
♦1st a ref 55*s series B
j ybb 3
1978 J
{♦Mo-Ill RR 1st 5s series a.1959 j J z ccc2
y
45*
3?*
*3?*
35*
2
♦25-year
*
30
52
32
"~4 5* "85*
39%
z
8
665*
1045*
73
2
♦Ref a ext 50-yr 5s ser a. 1962 Q
*95*
2
z
97
56
ccc2
ccc3
x
95*
375*
225*
ccc2
cc
945*
675*
b
z
O
90
57%
100%
1005*
z
z
5*
18?*
--
*12
z
{♦Minn <fe St Louis 5s ctfs...1934 M n
75*
5*
18?*
-
z
♦{Con ext 4 5*s
1939 j D
{♦Mil Spar a N W 1st gu 4s. 1947 m s
J
{♦Mllw a State Line 1st 35*8 1941 j
90
40
...
*5*
....
95 %
O
83
1105*
405*
bbb3
55
{{♦K C Ft S & M Ry ref g 4s 1936 A
81
525*
70
101
101
3
x
93
Kanawha & Mich let gu g 4s 1990 A
81
72
...
*50
{{♦Mid of N J 1st ext 5s
1940 a o
{{♦Mil a No 1st ext 45*s...1939 j D
24%
1963 M
46?*
"70"
70
s f 7s„ 1956 j D z cccl
Mich Cent Det & Bay City—
Jack Lans a Sag 3J*s
1951 M 8 y bb 4
1st gold 3 5*8
1952 mn x a
2
Ref a lmpt 4 5*s series C—1979 j
j ybb 3
Michigan Consol Gas 4s
5*
...
70
70
2
38
44
93%
3
*315*
53
39
7
1
y
s
95
1
83?*
84
*855*
♦Mlag Mill Mach 1st
7%
41%
46
76
76
445*
1
________
♦Mex Internat 1st 4s asstd—1977 M
53
b
555*
2
43
*43
39
32
12
805*
43
1
81
1
fl80
705*
3
805*
z ccc2
O y b
3
14%
40
bb
Af N
80
High
101
81
2
2
41 H
cccl
1955 M S
Steel 45*s A1961
"■71
35
y a
Stamped........
{♦Market St Ry 7s ser AApiirio Q J
(Stamo mod) ext 5s
1945 Q A
Mead Corp 1st mt"e 45*s_—1955 Af s
Metrop Ed 1st 45*s series D.1968 Af s
Metrop Wat Sew a D 55*s__1950 A O
{{♦Met W Side El (Chic) 4s. 1938 f A
*295*
425*
343*
15
865*
71%
425*
—
No. Low
High
835*
y aa
Lines) 4s. 1959 af N
{♦Man G B a N W 1st 35*8.1941 j J
74%
32
cc
z
ats
1
cccl
J
z
..
f 5s.. 1953
Jan. 1
Ask
a
71
,
80%
z
♦Second 4s
105 %
100
89
91
*89
.
104
102
160"
2
Int Merc Marine
Jones A Laughlln
99%
56
3
bb
1956 J
Debenture 5s
99%
60
bb
A. .1952 J
♦1st 5s series B
Internat Paper 5s ser
Ref s f 6s series A
21
Since
Friday's
Bid
Low
bb
♦Adjustment 6s ser A.July 1952 A
s
47
20%
Range
Range or
Sale
Price
Railroad & Indus. Cos.
([Cont.)
cc
deb 4S..1947 A
{♦Int-Grt Nor 1st 6s
30
Last
Rating
{♦McKesson a Robbins d 5 5*8 '50 M s y b
2
Maine Central RR 4s ser A. 1945 J D
ybb 2
Gen mtge 4 5*s series
A...I960 J D y b
2
Manatl Sugar 4s a f___Fcb 1 1957 MN
y ccc2
{'Manhat Ry (N y) cons 4s. 1990 A O z cccl
cc
7% notes..1932 M S
♦Certificates of deposit
conv
26
Elig. &
See 1
bb
conv
Interlake Iron
33%
98%
S3
a*
EXCHANGE
bb
♦Certificates of deposit
{♦10-year
50%
>*>
8H
bbb2
M S
J
O
{♦Interboro Rap Tran 1st 581966 J
J
♦Certificates of deposit.
{♦10-year 6s.,
1932 A O
33
*
aaa2
Industrial Rayon 45*s
1948 J
Inspiration Cons Copper 4s. 1952 .4
49
*12
bbb3
J
J
1950 J
4s. 1956 J
{♦Ind A Louisville 1st gu
fcee!
STOCK
Week Ended June 7
37%
35%
32%
Y.
N.
Jan. 1
oqCQ
High
BONDS
Since
1?
Friday's
Bid
Ill Cent and Chic St L & N O—
Joint 1st ref 5s sertes A
3629
Week's
Friday
Bank
Range or
Sale
Price
a
Record—Continued-Page 7
Week's
Friday
1st 6s
Keith (B F) Corp
Kentucky Central gold 4s—1987 J
Stamped
1961
Plain
J
1961 J
xbbb3
45*s unguaranteed
1961 J
Kings County El L & P 6s—1997 A
O
Kings County Elev 1st g 4s.. 1949 F
A
x
*
bb
x
1954
1st A ref 65*s
1954
Koppers Co 4s series A
1951
{♦Kreuger A Toll secured 6s—
Kings Co Lighting 1st 5s
bbb3
x
bbb3
x
*147"
aaa4
x
Certificates of deposit
885* 1045*
85%
~85%
a
105%
105%
*107%
J
J
J
J
x
a
MN
x
a
85%
102%
84
Prlor lien 6s
ser
a
♦
22
102%
♦1st a ref 5s series F
1977 m S
1005* 106
25*
O y bbbl
O y bb
*785*
805*
90
82
82
16
A y b
39
19
805*
♦Certificates of deposit
♦1st a ref 5s series G
45*
Coll tr 6s series B
385*
40
F
A y b
38
385*
4
38
1942 F
1942 F
Coll tr 6s series A.
905*
855*
615*
495*
A yb
33
33
1
33
44
A y b
*33
39
F
1947 J
1941 J
3% to
2d gold 5s
Lake Sh «fc Mich So g 3Ha... 1997 J
Lautaro Nitrate Co
505*
80
38
xbbb3
y
D
a
71
71
bb
x
1
90
'81%
82
Dec y cccl
29
J y bb
45
1st mtge Income reg
1976
Lehigh C A Nav s f 45*s A—1954 J
Cons sink fund 45*s ser C.1954 /
Lehigh A New Eng RR 4s A. 1965 A
695*
715*
82
82
54
93
795*
87
29
1945
O
x
s
45*8—1940
1940
{Lehigh Valley RR—
J Leh Val N Y 1st gu
4 Hb assented
cons g
♦Montgomery Dlv 1st g 5s 1947 f
♦Certificates of deposit
cccl
cccl
39J*
57
425*
Moh'k a Malone 1st gu g 48.1991 ms y b
Monongahela Ry 1st 4s ser a 1960 mn x aa
{♦Secured 5% notes
1938
♦Certificates of deposit
1
■
'
20 5*
215*
215*
125*
■
4
215*
125*
%
125*
14
215*
13
4
39
35
~
—
2
3
24?*
*20
29?*
b
*215*
26
b
*45
70
b
50%
22
1
m.
...
29
295*
60
50
495*
—
245*
205*
—
655*
50%
505*
Ay bb
30
30
2
30
485*
y
bb
33
33
3
30
45
30
40
*305*
9
z
cccl
2003
z
ccc2
...2003
Af N
z
cccl
*30
8%
9%
215*
2054
25*
17
Gen & ref
1960 AO
x
27
103
103
a
105
19
195*
515*
aaa4
bb
x
a
x
aaa3
124
124
*91
94%
90
101
106
106%
105
110
1015*
1045* 1045*
1005* 105
53
49
1065*
105
110
635*
67
*63%
t
a
M S
x
bbb3
x
aaa3
O
1951
F
A
x
aa
J
x
bbb3
107%
x
aa
3
x
aa
945*
85%
1205*
875*
87
955*
1205*
123
1205* 1265*
122)*
123
120
1295*
765*
1075*
3
77
75
865*
*1085*
1075*
1075* 110
109
1085* 1115*
Louisville & Nashville RR—
x
bbb3
92%
84
2003
O
2003
O
x
bbb3
2003
o
x
bbb3
2003
o
bbb3
1946 F A
St Louis Dlv 2d gold 3s—1980 Af 8
bbb2
925*
94?*
15
925* 1025*
84
85
16
84
86
565*
29
"26
2554
1045*
1125*
665*
565*
375*
295*
27
345*
475*
21
27
445*
265*
20
245*
39
11
106
3
1125*
A ybb
4
2
101
*60
51
1045* 1095*
112!* 120
101 >* 101H
675*
505*
*102)*
705*
65
51 %
28
42 5*
102
"49
655*
1025*
1035* 107 5*
45
995* 1065*
*1
1914 coupon on. 1957
5*s July 1914 coupon on 1957
5*s July 1914'coupon off 1957
1
1
%
%
%
H
%
%
H
H
*1%
%
IN
*5*
%
%
*5*
*5*
%
""%
♦Ass't warr A rets No 4 on '57
*5*
1914 coupon on. 1977
April 1914 coupon off ..1977
*5*
♦4s April
♦4s
♦Ass't
warr
5*
*5X
A rets No 5 on '77
Nat RR of Mex prior Hen 45*s—
{♦Ass't warr A rets No 4 on '26
♦4s April 1914 coupon on..1951
z
z
...
♦4s April 1914 coupon off.. 1951
♦Ass't warr A rets No 4 on '51
z
...
z
..,
National Steel 1st mtge 3s... 1965
x
aa
102%
1015*
102 5*
1954
x
a
1025*
1025*
103
...
79
78
88
Natl Supply
3 ?*s
1005* 1055*
102
1055*
{♦Naugatuck RR 1st g 4s.-.1954
Af N
Newark COnsol Gas cons 5s. 1948 J
J
{♦New England RR guar 68.1945
♦Consol guar 4s
.—.1945
Tel 5s A—.1952
1st g 45*8 series B
1961
N J Junction RR guar 1st 4s. 1986
N J Pow a Light 1st 45*8... 1960
New Orl Great Nor 5e A
1983
New Eng Tel a
**60
b
d
aaa3
j
67
119
1195*
70
1195*
119
*325*
cccl
415*
36
42
j
j
cccl
♦325*
j
D
aaa2
122
1225*
1235*
1235*
106%
106?*
mn
aaa2
f
a
bbb2
A
O
aa
2
1235*
¥
1065*
315*
122
71
124?*
43 5*
435*
128?*
123
128 5*
1055*
109"
695*
78?*
45
59
70
1
j
bb
3
*60
70
....
j
bb
3
46
46
3
945*
*77
77
735*
*101
a
3
Mob A Montg 1st g
a
3
*106
South Ry Joint Monon
bbb2
76
106?*
cccl
5
103
*75%
3
715*
^
955*
855*
76 %
8
89
875*
875*
A
Lou & Jeff Bridge Co gu 4s._1945 Af 8
"92
1205*
87
1944
3
....
735*
^
56
345*
♦4 5*s Jan
y
bbb3
*
345*
National Rys of Mexico—
x
122%
_
_
1055*
5s debenture
.1951 F
Lion Oil Ref conv deb 4Ms.. 1952 A
x
.
101
10
955* 1045*
655*
«.
1045*
105*
1125*
645*
70
m Nx bbb3
w
1105*
103
-
100
3 ?* s w
105
79
*35
2
56
*35
107
52
1055*
Liquid Carbonic 4s conv debs 1947 J D
Little Miami gen 4s series A. 1962 TAN
Loews Inc s f deb 3 Hb
1946 F A
D
Lombard Elec 7s series A..
1952
Lone Star Gas 35*s debs— .1953 F A
x
f 5s series D...1955 A
*35
103
30
99
*
101
495*
122
O y bb
_
98
99
a
2
aaa4
a
x
3
x
45*8—1945 M S
J
4s. 1952
Atl Knox A Cine Dlv 4S..1955 MN
♦Lower Aust Hydro El 65*8.1944 F A
.
a
A
Paducah A Mem Dlv 4s
O y bb
d
a
♦4
Af 8
1075*
1055*
405*
55
3
x
♦4
M 8
103
505*
x
54
106%
24
1951 mn
Nat Distillers Prod 35*s——1949 m s
118
106%
s
Nat Dairy Prod deb
995* 104
1215* 1275*
1205* 13154
a
25
1
165*
50
x
13
53
b
10%
49
29
27
bbb2
109
101
415*
205*
27
y
47%
49
33 5*
x
100
101%
20
Elec 4s ctfs of dep..1951
Nassau
109%
1
18
Nat Acme 45*s extended to. 1946
*30
aaa3
205*
345*
22
17
109
b
20
Nash Chatt A St L 4s ser a.. 1978 f
a
y
14
Mut Un Tel gtd 6s ext at 5% 1941
bbb4
x
255*
22?*
165*
165*
x
106
79
1065*
4
.
Constr M 45*s series B
1955 MNyb
Mountain States T A T 35*s.l968 j D x aaa2
2
Mutual Fuel Gas 1st gu g 58.1947 MNx a
x
2
215*
2154
15
1
23)*
47
47
995*
125*
125*
62
*35
2
bb
d y~
Morris <fe Essex 1st gu 35*8.-2000 J
Constr M 6s series A
1955 MN y b
y bbb3
J
22
15
225*
215*
85*
9%
*10
~
1
95*
9%
10
9%
13?*
85*
85*
9%
10
O y bbb3
8%
'*•
Monongahela W Penn Pub Ser
375*
z
IN
E
z
28
42
35
z
Af N
1st & ref 3Hb series
22
O y b
Oy bb
J
2003
Louisiana <fe Ark 1st 5s ser A. 1969 J
Louisville Gas & Elec 35*8—1966 M
cccl
Gen & ref s f 4 5*s series C. 1955 A
Azb
♦45*s assented
.1949
1949
...1949
z
M~S
225*
O y bb
ccc2
series C
m
135*
15
cccl
Gen A ret s f 5s series B...1955 A
cccl
1st & ref 5s series B
m
62
*
ccc2
z
295*
z
1st A ref 4s series D
m
1
62
z
29 5*
z
1st & ref 4 Hb
mi m
*11%
ccc2
z
205*
J
♦Long Dock Co 3?*s ext to.. 1950 A
a
M_S
245*
ccc2
McNeil A Llbby 4s.. 1955
Liggett & Myers Tobacco 7s. 1944
13
13
z
♦Ref a impt 45*s._
1977
♦Certificates of deposit.....
*20
bb
5s debenture
31
:
215*
125*
15*
12?*
125*
*11%
2
b
Af N
4s stamped
13
61
13
13
j y bbb2
2
Oyb
y
LIbby
ccc2
b
-
z
Lortllard (P) Co deb 7s
13
cccl
32
z
{Leh Val Term Ry 1st gu g 5s 1941 A
5s assented
1941 A
Lex & East 1st 50-yr 5s gu... 1965 A
f" a
Gen <fe ref s f 5s series A...1955 A
....
J
1981
♦Certificates of deposit
{{♦MoPac3d 7sextat4%Jul'38 MN
335*
2003
Long Island unified 4s
Guar ref gold 4s
18
*115*
cccl
23
,...2003 Af N
♦58 assented
♦Certificates of deposit
♦1st a ref 5s series 1
27
245*
J
♦General cons 5s
21
13
ccc2
30
b
•General cons 4 Hb
♦48 assented
o
1980 a
♦1st a ref g 5s series H
875*
*»
*20
Af N
—.2003
4s.
2
1?*
13?*
%
*20
z
Leh Val Harbor Term gu 5s.. 1954 F
♦Gen
125*
*115*
Azb
z
1974 F
1974
extended to 1943
stamped
1943
♦5s stamped
♦Sec 6% notes
♦68
13
135*
15*
2
c
6s debentures
1965 A
Montana Power 1st a ret 3%b '66 J
Montreal Tram 1st A ret 5S..1941 J
1964
♦1st & ref s f 6s.
155*
165*
85*
13 5*
cccl
555*
90
'•»
375*
37?*
Azb
1954
♦5s stamped
35*
125*
135*
"l%
ccc2
..1949 mn
335*
zb
F
.1964 F
f 5s
1978 MN
♦Certificates of deposit
1st mtge 45*s
1954
♦5s stamped...
35*
35*
cccl
835*
bbb3
M S y b
stamped...———1944
♦1st A ref
2
ccc2
1
455*
47
*41%
Lehigh Valley Coal Co—
♦1st A ret s f 5s
cc
13
29
45
J y bb
■
♦5s
2
85*
35*
{Mobile a Ohio RR—
Ltd—
♦
Lehigh & N Y 1st gu g 4s
8
45
A
Lake Erie A Western RR—
5s extended at
195*
1
9
75*
105*
cccl
m~8
1975
107
101%
ccc2
a
♦Certificates of deposit
♦Conv gold 55*s
A
1965 f
1st a ref 5s series A
♦General 4a
1085*
9
2
cccl
z
19
10?*
{Missouri Pacific RR Co—
92
1055* 107 5*
Uniform ctfs of deposit—-1959 M S
{♦Laclede Gas Lt ref A ext 5s 1939
Ref <fc ext mtge 6s
1942
Coll A ref 5 %b series C
1953
Coll A ref 55*8 series D—1960
O
8
105*
—
83 5*
_
1045*
79
785*
«
735*
101
82 5*
1125*
112
_
76
9
1
106?*
155*
83
735*
1055* 107
165*
155*
5*sA*52
New Orl Pub Ser 1st 5s ser A.1952
1st & ref 5s series B—
1955
New Orleans Terra 1st gu 4s. 1953
j
NOANE 1st ref <fcl mp
{{♦N O Tex A Mex n-c inc 5s 1935
♦Certificates of deposit
♦1st 5s series B._—
♦Certificates of deposit
♦Certificates of deposit
♦1st 4 5*8 series
♦Certificates of deposit
♦1st 55*s sertes
A
*555*
58?*
1954
102?* 105?*
1015* 1065*
715*
655*
34?*
* b
...
21
33
25
27
30
23
395*
375*
24
37 5*
40
30
37?*
38
32?*
37
27
23 5*
36?*
40
29
32 5*
27
40
33
385*
27
26
1
A z ccc2
z b
*20
1
f z ccc2
z b
1
A z ccc2
..
.
I
z b
O z ccc2
...
♦Certificates of deposit.—
18
*19?*
...
1956
D
28
j y bbb2
...
...—1956
1st 5s series C
104?*
105
O z ccc2
...
1954
10452
104
Ox bbb3
D x bbb3
z b
1
*20
.
285*
*175*
285*
2
1
38
▲
I
'
.
For footnotes see page
3331.
I
Attention 18 directed to the
I
■
new
col urn a I ncorporated In this tabulation
pertaining to bank eligibility and rating of bonds.
SeeTT
New York Bond Record
3630
Bank
BONDS
N. Y.
EUg. &
EXCHANGE
STOCK
Last
Sale
See a
Price
Bid
A
Railroad & Indus. Cos. CCont)
624
74
81
38
564
454
434
464
43
624
45
42 4
70
70
684
85
54
544
514
12
Penna
54
Gen mtge 34» series O... 1970
624
60
N
N
N
514
A
C
424
454
384
73
73
804
S
51
434
804
A
O
0
A
A
,
Debenture g 4 4s—....—1970
694
■
60
101
101
:
1044
A
O
0
O
:
D
x
474
:
474
;
1064
1948 J
106
106
gold 4a..-1949 FA* aaa4
{♦N Y A Greenwood Lake 5sl946 INzcc
N Y A Harlem gold 3 4s
2000 MS x aa
N Y Lack A West4seer A...
122
aaa4
114
13
2
2
1973 INy bbb2
.——197 5 M N
y
♦N Y L E A W Coal A RR 6 4s'42
M N
1943 J
/
z
b
y
bb
434
2
4 Mb series
B
—
-
-
N Y A Long Branch gen
4s.. 1941 M S
y
bbb2
97
bb
♦Non-conv deb 3
4s—...1954 A
Oz cccl
*11
cccl
13
214
cc
cccl
1954jMN z b 3
834
111
3
'"954
1014
814
894
1014
804
894
3
a
3
bbb4
94 4
1044
1004 1104
79
89
a
b
56
70
b
654
654
Apr
F
-1974
1104
1124
aa
z
111
cc
x
A
1104 116
a
34
106
J y bb
J y bb
y
514
45
"56"
bb
x
55
a
45
108
107
aa
d
x
aa
2
D
x
bbb4
Phlla Eleetrle 1st A ref 34s. 1967 MB
j
{♦Phlla A Read C A I ref 5s 1973 J
♦Conv deb 6s
..1949 MB
x
aaa4
z
cccl
z
cc
1
Z
cc
x
aa
x
111
2
bbb3
J
M
44s A *52
Series C 4 4s guar.
Series D 4s guar
20 4
244
36 4
64
Series E 34s guar gold—.1949 F
Series F 4s guar gold
1953 j
Pitta C C C A St L 4 4s A—1940 A
Series B 4 4« guar
A
...1942
1044
100
108
15
"44
24
34
4
S
2
106"
x
aaa2
x
A
aaa2
X
aaa2
D
x
aaa2
934 101
101 >16 103
23 4
Series G 4s guar
1957 MS
x
aaa2
Series H cons guar 4s
1960 F
A
x
aaa2
Series i
1963 F A
1964 MS
1970 J d
x
aaa2
x
aaa2
*106 4
105
105
*1004
1014
102 4
184
cons
4 4s..
x aa
2
x aa
108
1154
*109
2
I'M 4
109
115
994
1084
1004 110
105
1094
116
1164
109
*109
1014
108
112
10»4
*105
106 4
108 4
109
*103
72
1074
*1084
12
Series J cons guar 4 4s
Gen mtge 5s series A
84
1044 1124
934
*1064
*1084
*1104
*1044
aaa2
X
1942 MA'
1945 MS
106
*101
O X aaa2
O
1044
934
58
14
1064
1114
1
134
34
115
94
584
Lt A Pow 3 4s '65
N Y Rys prior Hen 6s stamp. 1958
N Y A Rlchm Gas 1st 6s A.. 1951
62
T04
124
{♦N Y Prov A B08ton 4s
1942
N Y A Putnam 1st con gu 4s. 1993
60
1114
z
1948 MS
conv
20
*754
71
10"4 1104
1044 1084
x
124
14
10
107
1094 1104
J
10
34
1174
General g 4 4s series C——1977 j
General 4 4s series D
.1981 J
Phlla Co see 5s series A
1967 j
58
14
874
x
x
124
1955
994
994
76
76
91
894
894
"764
92
1154 1204
944
3
115
81
814
1154
584
{♦N Y Ont A West ref g 4a..1992 M S
•General 4s
3
1094
1104 115
z
10
24
a
1094
108
111
z
22
34
111
S
194
204
204
*3
1
z
,100
1104
O
134
cccl
z
68, 1044 1104
47
A
13
z
1054
O
14
♦Conv debenture 3 4s
1940 A Oz cccl
114
11
2
1
High
Phlla Bait A Wash 1st g 48—1943 M N x aaa3
General 5s series B
1974 F A x a* 2
Phillips Petrol conv 3s
124
Jjtfo
1004
a
{ {♦Philippine Ry 1st s f 4s._ 1937 J
♦Certificates of deposit-....
114
aa
a
1st g 4 4s series C.
1980 MB
Phelps Dodge conv 34s deb. 1952 J d
Pitts Coke A Iron
*104
"ill
bbb4
Pere Marquette 1st ser A,5s. 1956 j
1st 4s series B
1956 J
194
11
z
Peoria A Pekln Tin 1st 5 4s
20
*11
—1957 MJV
1927.1967 J D
724
NO
O
Apr 1990
...
15
cccl
...
71
4s
11
cccl
{♦Harlem R A PtCh 1st4s
♦Income
12
z
♦Debenture 4s
67
Since
Jan.
108
aaa
♦Certificates of deposit
13
z
♦1st A ref 44s ser of
80
65
Range
si
93 t>3
1952 ^
{{♦Peoria A East 1st eons 4sl940
*104
J
{♦Collateral trust 6s
80
1064
1024
aaa2
1984 J
*10
J/N
1956 J J
1948 J J
♦Conv debenture 6s
04
994
♦Non-conv debenture 4s.. 1956
♦Non-conv debenture 4a.. 1955 J
60
60
74
3
100
434
~66~~
{§*N Y A N E (Host Term) 4s *39 A O z b
4
{•N Y N Hav A Hart RR—
♦Non conv deb 4s
—1947 M 8 z cccl
♦
Non-conv debenture 3 4s 1947 M S z cccl
14
114
1014
444
OVA
3
♦N Y L E A W Dk A Impt 5s
1204 1264
114
1184
1144
Asked
a
a
Peoples Gas LAC cons 6s..1943
Refunding gold 5s
1947 M
564
46
574
1044 110
105
1104
1054
or
Friday's
A
10<4
47
.4
:
1074
104 4
694
:
1981
Gen mtge 4 4s series E
Conv deb 3 4s
69 4
864
N Y A Erie—See Erie RR
N Y Gas El 1A H A Pow g 5s.
Purchase money
1968
General 5s series B
684
87 4
84
Range
Bid
aaa2
F
J
J
A
A
General 4 4s series A..... 1965
4
a
bbb4
£ O*
Consol sinking fund 4 4s..1960
General 4 4s series D
1974
.... 1978 M
4s collateral trust
1946 F
1st mtge 3 4s extended to. 1947 A
3-year 6% notes
1941 A
Y Connect 1st gu 4 Mb A-.1953 F
1st guar 6s series B
1953 *
Y Dock 1st gold 4s—
1951 F
Conv 5% notes
1947 A
Y Edison 34s ser D
1965 A
1st lien A ref 3348 ser E...1966 A
Ref 4 4s series
Ax
4Mb debentures
.
,1971F Ax
Pennsylvania RR cons g 4s.. 1943 MSA
M Ni
Consol gold 4s........... 1948
x
4s sten stpd dollar May 1 *48 MS J
N Y Chic A St Louis—
Ref 6 34s series
Last
Price
Low
1969 F
I.t 34s
A
Pow
Week's
Sale
See k
Railroad & lndu«. Cos. (Cont)
95
65
Friday 1
Rating
EXCHANGE
STOCK
Week Ended June 7
63 4
79 *4
854
..1952
48-1997
1942
eoll gold 3 48.1998
col! gold 348-1998
Debenture 48...
Lake Shore
444
744
404
'404
3348
N. Y.
1
High
111 4
in
N Y Cent A Hud River 3
Mich Cent
No. Low
"484
46
10-year 348 sec 8 f
1946
Ref A Impt 4 4» series A—2013
Ref A lmpt 6s series C
2013
Conv secured
Since
Jan.
Elig. &
BONDS
Range
Asked
High
Newp A C Bdge gen gu 4 48-1945
N Y Cent RR 4« series A—.1998
June 8, 1940
Bank
Range or
Friday't
Rating
Week Ended June 7
Continued-Page 5
H ttk's
Friday
1154
1014
118
994 1084
204
*334
N Y Queens El
N Y Steam Corp 1st 34s.-.1963
1024
{{♦N Y Susq A W 1st ref 5s. 1937
1937
1940
♦Terminal 1st gold 6s
1943
N Y Telep 34s ser B
1967
N Y Trap Rock 1st 6s
1946
68 stamped
.........1946
t§*N Y WestABost 1st44s 1946
Niagara Falls Power 34s.-.1966
Nlag Lock A O Pow 1st 5s A. 1955
§♦26 gold 4 4s
*54
♦General gold 6s
*7 4
107
106 4
*74
34
34
1074
1074
*1074
964
84
84
[{♦Norf South 1st A ref 5s..1961
♦Certificates of deposit
{{♦Norfolk A South 1st g 5s. 1941
Norf A W Ry 1st cons g 4s... 1996
z
ccc2
x
aaa4
1184
North Amer Co deb a Mb
x
a
4
1054
I
1054
1st mtge 4 4s series C—..I960 A
14
28
x
a
4
1034
1959
x
a
4
1054
104
1974
x
aa
2
102 4
114
1974
x
aa
2
107
North Cent gen A ref 6s
Gen A ref 4 4s series A
574
1194
54 4
79
1174 1264
1024 107 4
1054
1034
1054
101
1064
1084
50
0zccc3
0
z
♦Certificates of deposit
z
1
Geo lien ry A Id g 3s
ccc2
bbb2
102
102
102
3
*107
117
1104 1104
3
1977
Dx
aa
3
1960
bbbl
*42
cccl
conv 6s
*98
664
"764
cccl
764
cccl
18
aaa4
bb
2
cc
z
b
"80"
1
3
x
45
Public Service El A Gas
34s 1968 j
1st A ref mtge 5s
1st A ref mtge 8s
aaa4
66
674
76
164
1064
66
814
1064
794
794
1064
764
101
107 4
59
61
404
594
70
Jan.-.2047
y
bb
2
36
314
794
y
bb
2
49
2047
y
bb
2
45
Ref A lmpt 6s series C
2047
2047
y
bb
2
394
494
434
334
Ref A lmpt 6s series B
60 4
544
J
X
2037
aaa4
80
*14
34
*65
63 4
1084
140
854
254
144
1064 1104
79
844
1084
140
140
5
634
106 4
140
222
*195
x
aaa4
1968
x
aa
4
1064
i07"
f deb 5s... 1948
x
bbb3
994
1004
z
113
226
150
....
§♦ Debenture gold 6s
1941 j
{♦Deb 6s stamped
...1941 j
Reading Co Jersey Cent coll 4s *51 A
Gen A ref 4 4s series A...1997 j
Gen A ref 44s series B._.1997 /
d
106
1104
994 105
D
z
*334
48
50
65
D
z
*43
60
50
64 4
50
50
50
624
634
O y bbb2
j
x
bbb3
j xbbb3
*62
60 4
604
754
66
19
65
75
434
Ref A lmpt 4 4s series A.-.2047
z
80
584
18
1064
2037
Pub Rerv of Nor 111 3 4s
{♦Radlo-Kelth-Orph pt pd ctfs
for deb 6s A com
stk(65%pd) j
40 4
614
{♦Providence See guar deb 4s 1957 M N
{♦ProvidenceTerm 1st 4s... 1956 M 8
1064
*984
bbb2
Purity Bakeries
ccc2
x
North Pacific prior lien 4s...1997
3
114
♦
53
63
aa
....1942
s
53
40
40
13
aa
108 4
{Northern Ohio Ry—
;
♦1st gtd g 58
1945 A
1st mtge g 6s (stamped can¬
cellation of guarantee). 1945 A
45
84
.1954
Debenture 3*4s
Debenture 4s
40
474
42
107 4
1004
aa
Dx
1950
♦6s stamped
94
534
*424
{{♦Postal Tel A Cable eoll 5s 1953
Potomac EI Pow 1st M 34s. 1966
Pressed Steel Car deb 5a
1951
"974
574
1174
1044
1024
1949
*42 4
45
92
..1974
{♦Porto Rleo Am Tob
1084
92
A x
Port Gen Elee 1st 4 4s
1st 5s extended to
34
3
92
1004
Dx
1st gen 5s series B
1st gen 5s series C
1st 4 4s series D
904
O y b
102
1004
1962
Pitts Y A Ash 1st 4s ser A—.1948
84
107 4
O
J x aa 2
Gen 4 4s series C
Pitts Va A Char 1st 4s guar. 1943 M N x aaa2
D y b
Pitts A W Va 1st 4 4s ser A. 1958 j
3
1st mtge 4 4s series B
3
1959 A O y b
78
78
Niagara Share (Mo) deb 5 4s 1950
~4§"
109
52 4
*_.
1975 A
1977 j
Gen mtge 5s series B
Ref A lmpt 5s series D
y
Northern States Power 3 48.1967
X
Northwestern Teleg 44s ext 1944
x
{♦Og A L Cham 1st gu g 4s.. 1948
Ohio Connecting Ry let 4a.. 1943
Ohio Edison 1st mtge 4s
1965
bb 2
444
4
1064
a a
444
1064
95
bbb3
4
34
108
95
84
1084
1094
1054
1054
Ontario Power N F 1st g 5s.. 1943
Ontario Transmission 1st 5s. 1945
i
105
1044 110
103
1014 no
1074
1034
1024
1064
106
102
1st mtge 48...————. 1967
let mtge 3 4a
1972
Oklahoma Gas A Elec 34a.. 1966
4b debentures..
1946
40
554
1054 1104
95
*108
106
404
108
1074 1104
103
107,
1044
94
94
k__
__
.*
94
97
1084
1004 1054
Oregon RR A Nav con g 4s.. 1946
1084
1084
108
Ore Short Line 1st cons g 6s. 1946
Guar atpd cons 5s
1946
...
113
113
113
1114
1184
1144
1134
1144
113
119
Ore-Wash RR A Nav 4s
105
1044
1054
104
1074
Otis Steel
1961
108
1st mtge A 448., 1962
*61
Pacific Coast Co 1st g 5s
1946
Pacific Gas A El 4s series G.1964
*49
71
68
77
63
604
Remington Rand deb 4 4s
44s without warrants
w w
H._ 1961
1104
1084
1054
1st A ref mtge
34s
ser
{♦Pac RR of Mo 1st ext
4a. 1938
*71
1938
g
*60
{♦2d ext gold 6a
Pacific Tel A Tel 34sser B..1966
Ref mtge 34s series C
Paducah A 111 1st
if g
106
105
104
ser
"674
*1014
1015
*102
104"
994
100
1963
994
1004
94
101
Attention is directed
984
98
103
22
92
11
984 1034
109
984
z
*15
*12
j
z
194
15
16
N
z
17
154
♦Direct mtge 6s
♦Cons mtge 6s of 1928
♦Cons mtge 6s of 1930
16
z
124
17
z
13
164
144
17
1955 A O z
Richfield Oil Corp—
4s s f conv debentures
1952 M 8 X bbb3
Rlchm Term Ry 1st gen 5s.. 1952 J
J x aa 2
♦Rlma Steel 1st s f 7s
zb
1
1955
z ccc2
{{♦Rio Gr June 1st gu 5s.-.1939
z
cc
♦
1st con A coll trust 4s A
1949
Roch Gas A El 4 4s ser D...1977
.
x
x
./.1948
A
4s strap...1949 J
{♦Rutland RR 44i stmp„ .1941 j
103 4 109
104
104
1044
103 4 105
8
7
2
33
40
204
204
9
36
aa
S
S
{{♦R I Ark A Louis Ist44s.l934 M 8
{♦Rut-Canadian
105
aa
8 X
Gen mtge
1969 M
174
104
aa
Gen mtge 34s series H—.1967 M
Gen mtge 34s series I
1967 M
34s series J
30
14
20
344
7
54
104
124
aa
x
26
104
ccc2
z
g 4s._.1939
z
*1074
*1054
106
108
O
z
cccl
*9
J
z
c
2
z
cc
2
105
5
64
*4
J
1084 HI
1104
1064
54
cc
*44
2
Saguenay Pow Ltd 1st M 44s *66
X a
St Jos A Grand Island 1st 4s. 1947
x
bb
68
aaa2
y
2
94
21
6
94
68
69
1114
96 4
y
b
z
bb
984
1104 112
z
bb
pr lien 4s A.-.1950 J
♦Certificates of deposit
♦Prior lien 5s series B
1034
964
♦Certificates of deposit
♦Con M 4 4s series A
1950 J
494
2
cccl
new
494
66
9
484
65
154
1
59
61
8
554
66 4
33
1
33
624
144
144
15
264
74
8
81
74
84
74
58
"84
94
90
84
16
.....
84
84
12
84
154
84
74
77
74
144
74
64
"
m'b
mIv
21
154
59
cccl
cccl
504
494
33
2
cccl
J
♦Ctfs of deposit stamped
{♦St L S W 1st 4s bond ctfs. 1989
to the
59
ccc2
b
b
J
1978
70
50
1996
♦§Riv A G Div 1st g 4s—1933 MS
♦Certificates of deposit
{♦St L-San Fr
94
*23
9
4
10
68
*104
21
.....
3
1996
cccl
74
cccl
74
"564
7
64
134
554
56
13
554
67
1
254
254
13
254
38
z
ccc2
*124
12
z
cccl
74
214
134
_
bb
j zb
{♦1st term A unifying 5s_.1952 /
♦Gen A ref g 5s series A.-.1990 j
3631.
P04
15
93 4
99
z
♦Rhlne-Westphalla El Pr 7s. 1950 M
f 6s
52
104 4
924
1952 MS
1953 F A
♦Rhine-Ruhr Water Serv 6s
s
93
904
104
j
♦2d 4s lnc bond ctfs..Nov 1989 j
For footnotes see page
93
"924
i
{♦St L Peor A N W 1st gu 5« 1948 J
J
St L Pub Serv 1st mtge 5s
1959 M 8
St L Rocky Mt A P 5s stpd..1955 J
J
*1054
964
bbb3
St Louis Iron Mtn A Southern—
E trust ctfs...1952
Pa Ohio A Det 1st A ref 4 4s A '77
4 4s series B
1981
x
bbb4
♦Ruhr Chemical
,894 102
91
1004
1946 J
1953 J
42
*
Penn-Dlxle Cement 1st 6s A. 1941
Penn Glass Sand 1st M 4 4b 1960
A
x
{{♦Rio Gr West 1st
18
I664
1946 J
f 7s
♦34s assented
764
394
*1124
1942
F
bbb2
s
924
*90
bbb3
♦Rheinelbe Union
894
*88
bbb2
X
76
58.1949
28-year 4s
1034 1104
1044 112
1024 1024
1034 105
90
bbb3
x
x
St Lawr A Adlr 1st g 5s
2d gold 6s
394
Penn Co gu 34s coll tr ser B.1941
Guar 34s trust ctfs C
1942
Guar 34s trust ctfs D
1944
Guar 4b
loi"
75
bbb3
x
MA
42
1st M 8 f g 3s loan ctfs
1955
Paramount Pictures 34s deb *47
Parmelee Trans deb 6s
1944
cons
106
1054
*102
448—1955
♦Paullsta Ry 1st 8 f 7s
74
1054
1996
Panhandle East Pipe L 4s
1952 M 8:
Paramount Broadway Corp—
Pat A Passaic G A E
1094 1134
108
1124
1054 1104
734 85
x
S
J/N
M
Gen mtge 4 4s series C—..1956 J/N
Revere Cop A Br 1st M 44s 1956 J
j
_
1st A ref mtge 3 4s ser I... 1966
'56 M S
1956
Rensselaer A Saratoga 6s gu. 1941
Republic Steel Corp 4 4s ser B '61
Pur mon 1st M conv 5 4s. 1954
j
j
2
21
74
column incorporated in this tabulation pertaining to bank eligibility and
rating of bonds.
74
See
k.
V
Volume
New York Bond Record-Concluded- Page 6
ISO
Bank
Bank
Y.
Friday
Week's
Last
Range or
Rating
S3
EXCHANGE
STOCK
Elig. &
Sale
Friday's
See a
BONDS
N.
Price
Week Ended June 7
(Com.)
Railroad & Indus. Coi.
Bid
I
Low
{♦St Paul E Gr Trk 1st 4%s_ 1947 V
{♦St P A K C Sh L gu 4 %S— 1941IP
J
A
z
5
-
-
6
5
4%
(large)--1940 J
Dep 58 guar
1972;/
J
J
St Paul Un
8 A A Ar Pass 1st gu g 4s
1943 /
San Antonio Pub Serv 4s
1963|A Oya
San Diego Consol
J
98%
57
1946 J
3
21
54
106
23
105
108%
1
109
111%
109%
-
-
33%
—
23
z
N
x
36
36
1
35
36
6
——
-
aaa3
z
ccc2
cccl
z
A
*
118%
18%
....
cons
7
—
—
1%
cccl
2
zee 1
19351F A
z c
3%
3
71
aa
b
1
♦Silesia Elec Corp 6%s
1946 F A
1941 F A
Simmons Co deb 4s
1952 A O
Skelly Oil 3s debs..
1950 F A
Socony-Vacuum OH 3s debs. 1964 J
J
South & Nor Ala RR gu 53--1963 A 0
South Bell Tel & Tel 3%s._.1962\A O
3s debentures
1979 J /
Southern Calif Gas 4%s_.—1961 !Af S
1st mtge & ref 4s
1965 F A
Southern Colo Power 6s A.-1947 J
/
D
Southern Kraft Corp 4 >£8—1946
z
Sllesian-Am Corp coll tr 7a..
y
cccl
Gold 4%s___.
Gold 4 Vis
3%s
Fran Term 1st 4s
10-year secured
San
So Pac RR 1st
sbbb2
ref guar
-.1955 J
Southern Ry 1st cons g 5S--1994 J
Devel & gen 4s series A—1956 A
Devel & gen 6s
1956 A
Devel & gen 6%s___
1956 A
Mem Dlv 1st g 5s
1996 J
St Louis Dlv 1st g 4s
-1951/
So'western Bell Tel 3 Vis B--1964IJ
1st A ref 38 series C
1968;J
{♦Spokane Internat 1st g 5s_l955 J
Staley (A E) Mfg 1st M 4S..-1946.F
Standard Oil N J deb 3s-_--1961|/
2%s debenture
1953 J
Studebaker Corp conv deb 6s 1945;/
Swift & Co 1st M 3%8------1950 M
Tenn Coal Iron A RR gen 5s. 1951
Term Assn St L 1st cons 5S..1944
Gen refund s f g 4s
1953
Texarkana A Ft S gu 5 Vis A. 1950
IfTexas Corp deb 3Vis_——-1951
3s debentures
1959
Texas A N O con gold 5s
1943
Texas & Pacific 1st gold 58—2000
Gen A ref 5s series B
1977
Gen & ref 5s series C
1979
Gen & ref 5s series D
.1980
Tex Pac Mo Pac Ter
5 Vis A.1964
x
a
x
x
aaa3
x
aa
95
105%
104"
21
107
16
5
103
17
100
39
105
12
4%
9%
x
bbb2
102%
20
O y bb
O y b
102
59
2
M
D
59
57
*60
9%
101% 106%
8
70
56
<3%
79%
78
79
16
78
90%
19
S y b
S z cc
20
21
16
3''%
35
37
6T
70
79%
30
*22
*
x
aa
x
aaa3
x
120
aaa4
x
aaa3
-
-
—
—
-
109%
*106%
-
—
65
------
-
-
-
-
-
---
-
3
120
13
106% 109 VI
108% 109%
120
128%
105%
—
—
-
115%
2
115% 120
108%
-
106%
115%
106%
3
108%
24
1'7% 112
104%
1
99
74%
14
1977
J
x
bbb3
79%
O
x
aa
2
------
A—1946 M S
z
ccc2
ser
25-year gold 5s
30-year 5s
1951 J
110%
98% 102%
58%
56
J y bb
34
x
aa
x
bbb2
x
bbb2
1949 M
D
cc
x
-
bb
53
Winston-Salem 8 B 1st 4s...1960
x
{♦Wis Cent 50-yr 1st
41%
41
35
32%
33%
38
32
32%
32
31%
32%
32
33%
33%
52
60
31%
50%
45%
45%
45%
47
42%
58
80%
62 %
32
47
8
111
3%s
97
*96
*110%
-
z
ccc2
15%
cccl
*11%
{♦Su & Du dlv & ter 1st 4s. 1936 M N
z
cccl
♦Certificates of deposit
Wisconsin Elec Power 3 Via.. 1968 AO
Wisconsin Public Service 4s.. 1961 / D
z
cc
{♦Wor A Conn East 1st 4 Vis. 1943 J
Youngstown Sheet A Tube—
/
-
16
-
aa
3
a
4
107%
54%
37
53
65%
z
c
2
84
85
31
83%
91%
Conv deb 4s
1948 M
S
x
a
4
102%
45
44%
46%
68
42
61 %
1st mtge s f 48 ser C
1961 M N
x
bbb4
102%
59
57
59%
26
53
63%
57
73%
112
25%
23
13%
16%
-
5
3
106
10%
4%
9
110
107% 110%
102%
74
103
31
101% 109%
101
106%
15
9%
14
84%
78
63
110
-
79%
21
-
13
*3
53
102
5
107%
106
x
96
58
---
13%
100% 106%
-
106
x
9%
18
8%
*5%
1
101% 103
-
—
5%
5%
5%
-
-
-
16
4s.. 1949
-
-
16
z
gen
♦Certificates of deposit
116%
96% 101%
80
-
104%
103
104
3
---
11%
10%
aaa2
50%
50%
37%
15%
35
2
102
*100%
-
11%
bbb3
y
33%
70
11
8
-
99%
99%
99%
2
z
1955
39
51
111
111
S
A
1940 M A'
White Sew Mach deb 6s
—1947
48%
72
21
35
111
18%
67%
56%
38
...2361 /
10%
50
9
16
35
b
z
92%
14
56%
*10%
J y bb
Conv deb
30%
63%
55
56%
55%
—.2361 /
Wilson & Co 1st M 4s A
107%
12
2
12
54%
56%
86
107% 108%
10%
18%
45
11
55
D yb
Wheeling Steel 4 Vis series...1966 F
33%
65
7
79
J
Wheeling A L ERR 4s
106
31%
63%
24
12%
72
79
19
108%
11%
i960 M S yb
Registered
97% 102%
104
79%
107%
West Shore 1st 4s guar
107% 111
101
1952
{§♦ Wilkes-Bar & East gu 5s. 1942 /
105
72
53
63%
61%
*60
79%
66
*
-
-
-
-
5
66
------
108%
109
10
—*1—
103
103%
27
—
—
— —
101%
102%
108% 112
102
108%
15
15%
104
104%
11
103% 107%
aaa4
102%
101%
103
64
101% 106%
x
aaa4
103
102
103
70
J
N
z
bb
2
87
85
100% 106%
81
113%
x
aa
4
/
x
aaa3
*120
105%
1247%
x
aaa4
112%
112
112%
16
112
115%
transaction during current week,
J
x
aa
4
105 %
104
106
36
104
111%
5 Negotiability Impaired by maturity,
t The price represented is
tion per 200-pound unit of bonds.
Accrued Interest payable at
A
15%
3
105%
4
23 %
cccl
a
x
81
89%
104%
15
36
-
'
-
104% 106%
125
128%
-
A
x
bbb3
79%
76%
D
x
aaa3
103%
103%
79%
103%
34
O
x
aaa3
104%
47
2
76%
92
103% 108
102
106%
104%
103%
64
64
D
x
a
3
105
105
105
13
O
x
bbb3
55
55
16
53%
O
x
bbb3
53%
54%
15
53%
72
D x bbb3
53%
55
19
53%
72
90
97%
J y bb
8
4
x
a
b
2
53%
2
/
/
D x bbb3
A
O y bb
M
j
46
110%
72%
11%
95
14%
100%
105%
105%
106
57%
56%
58
40
25%
100%
105
24
----
/
107%
r
a
aaa3
M S
4
J y bb
M N z b
/
F
82%
89%
64%
64%
*55%
67%
A
z
------
1
*
99
*102%
------
-
cccl
J\ x
*8
107
6s series A. 1942
x
aaa4
1959
x
aa
5s_1945
------
-
n
106%
*8%
11
107%
-----
-
-
-
-
5
101
101%
7
110%
110%
63
Union Pac RR—
80
95
105% 109
8%
9
109% 112%
100% 104%
115
110
J
/
X
aaa3
M
S
x
aaa3
106% 109
M
S
x
aaa3
I0813jjll6%
O
x
aa
M N
x
aa
A
110%
93
3
93%
A
O x
a
A
O y b
93%
104%
104%
-------
x
D
x
a
z
2
------
31
6
*15%
21 %
21
60%
75%
108
1940-1943, June 15 at 100.
Treasury 3%s,
Brooklyn-Manhattan Transit 4Vis I960,
x
cccl
77%
89%
x
bbb3
24%
z
b
z
cc
z
2
b
A
x
x
98
80
*110
79
77
-
-
-
20
90
93%
104
—
--
95
95% 104%
-
-
----
7
79
*110
97
77
delivery sales transacted
during the current week and not Included In
the yearly range:
No sales.
Bank Eligibility
and Rating Column—x Indicates
those bonds which we believe
eligible for bank Investment.
Indicates those bonds we believe are not bank eligible due either to rating status
or some provision In the bond tending to make It speculative.
z Indicates Issues in default, In bankruptcy, or In process of reorganization.
The rating symbols In this column are based on the ratings assigned to each bond
y
The letters Indicate
of agencies so
by the four rating agencies—Moody, Standard, Fitch, and Poor's.
the quality and the numeral Immediately following shows the number
given by the majority,
by Fitch, and A by
Poor's, would be represented by symbol aa2 showing the majority rating.
Where all
four agencies rate a bond differently, then the highest single rating Is shown.
A great majority of the Issues bearing symbols ccc or lower are In default.
All Issues
rating the bonds.
In all cases the symbols will represent the rating
for example, a bond rated Aa by Moody, A1 by Standard, AAA
In default.
bearing ddd or lower are
Transactions
New York Stock Exchange,
the
at
Daily, Weekly and Yearly
160% 115
77
96
115%
100
Total
June 7,
1940
Railroad &
State
Number of
Shares
Mis cell.
Municipal
Bonds
For'n Bonds
273,445
Saturday
445,705
Monday
Tuesday
Wednesday
Thursday.
_—- -—
—
......
Friday
aa
F
Deferred
week.
Bonds selling flat.
▼
securities assumed by such companies.
No sales transacted during current
Friday's bid and asked price.
—
409,800
668,740
426,915
469,410
2,694,015
Total
Iff
Bond
Sales
710,000
334,000
814,000
110,000
554,000
578,000
89,000
96,000
$1,934,000
3,584,000
4,232,000
4,608,000
3,568,000
3,796,000
$3,817,000
$766,000
$21,722,000
$1,564,000
2,656,000
3,188,000
3,684,000
2,925,000
3,122,000
$353,000
808,000
$17,000
$17,139,000
120,000
Jan. 1 to June 7
Week Ended June 7
Sales at
aa
M N
------
— —
51
98%
96
98
cc
—
72
96%
98%
z
-
*79
bbb2
♦
Stocks.
20
88
—
x
bankruptcy, receivership, or reorganized under
{ Companies reported as being In
Section 77 of the Bankruptcy Act, or
Week Ended
_23% "25~~
*
—
— —
rescinded).
Pacific 4s 2608, Sept.
25
24%
*12
bbb3
Aug. 2 at 103.
3Vis 1951 (Previous notice of call
1 at 107 Vi.
Union Pacific 5s 2008, Sept. 1 at 107Vi.
U. S. Steel 3 Vis 1948, July 15 at 103.
Union
110%
18
*15
z
1959
99%
99%
*12
z
92%
92%
104% 104%
*
*15
1
Stock Exchange bond Issues which have
f The following Is a list of the New York
103% 106%
.....
z
-1959
5
77
108
*12
—
b
5
76
z
z
18
60%
60%
aaa4
/
94
108
76
M S y bb
M S
8
93%
104%
the dollar quota¬
exchange rate of
been called In their entirety:
i
14%
14%
14%
3
109U3l 1091»32
3
108
13%
80
delivery sale; only
year's range.
54.8484.
125
104
16
week,
a Deferred
Odd lot sale, not Included In
sale; only transaction during current
Cash
r
99%
124
----
80
aa
98
—
--
-
104%
-
--
—
-
*112%
1
included In the yearly range
No. sales.
66%
aaa2
X
11
83
82%
------
55%
current week and not
Cash sales transacted during the
e
Texas Corp,
62%
45
215
*99%
12%
67
55
105
19
47%
46
13%
1
90%
*75
3
x
x
S
cccl
Pacific RR—
§♦4 Via July coupon off.—-1934
{♦4 Vis assented
1934
Va Elec A Pow 3 Vis ser B—1968
Va Iron Coal A Coke 1st g 5s. 1949
3
♦Westphalia Un El Power 6a. 1953 /
31%
z
—1957
5%
D
♦
A—1955
5%
74
••
105% 108%
109
M S y b
Vandalla cons g 4s series
Cons a f 4s series B
cc
x
UJIgawa Elec Power s f 7b—1945
UnloD Electric (Mo) 3%s...l962 J
|♦Debenture 5s—
♦5s stamped
9%
z
♦5s assented
1946 M S z cccl
Western Union Teleg g 4 Via. 1950 MVS y bb 2
101% 105%
99%
1
1970
debenture.-.1971
3Via debs_„1935
United Cigar-Whelan Sts 58.1952
United Drug Co (Del) 5s
1953
U N J RR & Canal gen 4s. —1944
fU S Steel Corp 3Vis debs.. 1948
♦Un Steel Wks Corp 6 Via A—1951
♦3%s assented A
1951
♦Sec s f 6 Via series C
1951
♦3%s assented C
>.-1951
♦Sink fund deb 6 Via ser A. 1947
♦3Via assented A
1947
United Stockyds 4%s w w„1951
Utah Lt & Trac 1st A ref 5s. 1944
Utah Power & Light 1st 5s.-1944
{}*Utll Pow A Light 5 Via—1947
♦5 Via stamped..1947
9%
4%
1955 A
1st & ref 5 Via aeries A
109%
103%
103
108%
101%
D y b
deb
4%
10
z
Ltd—
35-year 3%s
5%
5%
20
5%
West N Y & Pa gen gold 4s..1943
102%
94
7
100
2
34-year 3 Via
5
98%
{♦Western Pac 1st 5s
-
102
a
United Biscuit
5%
cc
74
30%
-
-
bbb3
x
1947
June 2008
June 2008
5%
cc
99
12%
28%
bbb3
|*Thlrd Ave RR 1st g 5s—-1937
Oil 3 Via—1952
fist lien A ref 5s
13
42
cc
4
15%
x
Tide Water Asso
fist lien A ref 4s
8
a
33 %
105%
3
grant 4s
51
13%
12
bbb3
14%
99% 100%
cccl
1st A land
28
-
x
26
x
bb
3s debentures
—
-
-
/
A
D
/
M
-1953
Tol A Ohio Cent ref & imp 3%s *60
Tol St Louis A West 1st 4s„ 1950
Tol W V A Ohio 4s series C--1942
Toronto Ham & Buff 1st g 4s. 1946
Trenton G A El 1st g 5s—— 1949
Trl-Cont Corp 5s conv deb A. 1953
♦Tyrol Hydro-El Pow 7 Vis.-1955
♦Guar sec s f 7
1952
10
z
A
1945 J
Western Maryland 1st 4s
102% 106%
bb 2
20
41
-
x
67
106%
/ y bbbl
Jx bbb3
Oybb 2
O y bb
Oy bb 2
Jy bbb2
J y bbb2
D x aaa4
/ x aaa4
-
—
-
97%
557%
4
65
-
-
-
O
93%
75
aaa2
—
—
-
—
-
-
z
1976 F
1955 A
14
99%
3
—
(Hiram) G A W—
40
104%
103
—
-
-
10%
25 V4
z
Vis A '75 M 8
Westchester Ltg 5s stpd gtd.1950 J
...
y
{§*Unlon Elev Ry (Chic)
gen 5
-
5
28
*20
------
5
Gen mtge 3 Vis
1967 J
D
West Penn Power 1st 5s E..1963 M S
1st mtge 3 Via series 1
1966 /
J
West Va Pulp A Paper 3s... 1954 J
D
3%
95
_
y
Union Oil of Calif
39%
4%
1
Warren RR 1st ref gu g 3 Vis.2000 F A yb
Washington Cent 1st gold 4s. 1948 Q M y b
Wash Term 1st gu 3 Via
1945 F A x aaa3
1st 40-year guar 4s
1945 FA x aaa3
4
1%
3
y
Tokyo Elec Light Co
1st 6s dollar series
14
ertihle deb 4%s
Walworth Co 1st M 4s
15%
103
aaa3
1960
♦AdJ Income 5s
5%
60
99%
Jan 1960
ref 4s
Third Ave Ry 1st
41%
con
8%
7%
104
aaa4
y
*20
S
1%
6%
5%
1%
18%
bbb3
4a—1955'/ J
b
M
1941
95
*
*
y bb 2
8 y b
2
N y b
2
iVyb
2
/ y bb
O x bbb2
1st 4sstamped
z
94%
*11%
1977jM 8
A/
Jlf
M
J
A
9%
{♦Warren Bros Co deb 6s
3
2
*
*
Gas—
line 4 Vis
1951 A 0 x bbb4
So Pac coll 4s(Cent Pac coll) .1949 / D y bb 2
1968
1969
_1981
-1946
1950
*8
15%
11
6
*21%
z
1st mtge pipe
Lines) A.
cc
Walker
Southern Natural
1st 4 %s (Oregon
z
94
94%
4
y
Gold 4 Vis
*5
60
z
x
cc
1948 M
2%
14
1%
*1%
/
debs-—1954IJ
z
Warner Bros Pict 6s debs
2%
-
15
1%
1
-
--
3%
3%
3%
3 %
12
5
*6
Sblnyetsu El Pow 1st 6 %s._.1952 J D
♦Siemens & Halske deb 6 %s. 1951 M S
Shell Union Oil 2 %b
2%
*2
{{♦AtlA Blrra lstgu4s
1933'M Sz cccl
{♦Seaboard All Fla 6s A ctfs.1935 F A z c
2
♦6s Series B certificates
1939
4s
g
1%
2%
10
1%
2%
— — a*
-
------
z cc
♦Certificates of deposit
b
6%
12
7
7
2%
z
1945 M S
6s series A
z
6s debentures..
1959.A Oz cccl
♦Certificates of deposit
♦1st
1941
15
11%
*8
2
z c
48
b
♦Ref A gen 4 Vis series C—.1978
♦Ref & gen 5sseries D
1980
33%
28%
47
29%
47
118
123%
7
35
0
Oct 1949 F
11
ccc2
z
♦Ref A gen 58 series B
109% 111
21
33
.
23
23
J z
0 z cccl
1950IA O
1950 A O
|*Refundlng 48
10%
z
1954
{♦Wabash Ry ref A
{Seaboard Air Line Ry—
{♦lstg 4s plain....
|»4s g stamped
♦Adjustment 5a
A
30%
16
31%
109%
102
36
105
30%
31%
2
1939 F
♦Omaha Dlv 1st g 3%s...l941
♦Toledo A Chic Dlv g 4s.. 1941
68%
*22
J z cccl
J
♦Guars f 6%sseries B... .1946 A
♦Starojled..
A
Scioto V A N E 1st gu 4s
1989.M
b
♦Det A Chic Ext 1st 5s
58
56%
105%
109%
G A E 4S..1965 A/N x aaa2
58.1942 MS* aaa2
♦Stamped
z
104%
aaa2
N
1
High
Low
{♦Lies M Dlv 1st
Santa Fe Prea & Phen 1st
{♦Schulco Co guar 6 lis
x
1939
No
High
♦1st lien g term 4s.
110% 118
112
*110%
bb 3
y
Cos.(ConcI.)
Since
Jan.
Ask
&
Low
§♦ 1st gold 5s
8
Bid
Range
•3
e.2
Range or
Friday's
Sale
Price
1
5*2d gold 5s
98%
*98
2
aaa2
x a
*
See
Virginian Ry 3 J^s series A... 1966 M S
{Wabash RR < o —
5%
St Paul Minn A Man—
fPaclflc ext gu 4a
Rating
82
4%
4%
97%
—
& Indus.
Last
Elig. cfc
Railroad
82
6
fel
H fc;
EXCHANGE
High
No. Low
79
STOCK
Week Ended June 7
Jan. 1
High
*2
cccl
cccl
z
Y.
N.
Since
Ask
&
BONDS
Range
§13
*
48.-1968 / Di bbb2
St Paul A Dul 1st con g
3631
Week's
Friday
.....
------
New York
Stock
1940
Exchange
1940
1939
1939
Vera Cruz A
Va & Southwest
J
J
M
z
S
x
M S y
1st gu 58—2003
/
—-—1958
A
1st cons 5a
z
J y
c
------
O y bb
2
*%
%
107%
__
aa
ccc3
bbb2
107%
107%
*31
------
*70%
♦
-C
40
-----
60
-
-
-
-
%
%
-
13
-
2,694,015
114,086,205
100.646,925
$766,000
51,762,000
4,469,000
25,597,000
$22,749,000
108,196,000
632,538,000
$42,006,000
3,817,000
17,139,000
$21,722,0001 $31,828,000
Stocks—No. of shares
2,851,050
$763,483,000
$752,854,000
Bonds
107% 111
40
51%
Government.,
70
76%
State and
59
62%
Railroad and
foreign.
...
Industrial.—
Total.
See note a above.
Attentioa Is
directed to the new column
Incorporatedfln this tabulation pertaining to bank
eligibility and rating of
bonds.
116,592,000
594,256,000
New York Curb
3632
NOTICE—Cash and deterred delivery sales
Exchange—Weekly and Yearly Record
June 8, 1940
disregarded In the week's range unless they are the only transactions ot 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 (s taken of such sales In computing the range for the year
Friday
,
are
Sales
Last
Par
STOCKS
Weeks Range
o/ Prices
Friday
for
Sale
Week
Price
Low
High
Range Since Jan. 1,1940
Shares
Low
Acme Wire Co common. 10
Par
May
2234
Jan
5
Apr
2234
Mar
May
200
10
634 Mar
1434 May
Beech
1134
400
IX May
11X
Jan
334
3034
Bellanca Aircraft
X May
11
Air Associates Ino com—1
~2
{Air Investors common. _*
Conv preferred
Warrants
2,200
»n
June
7834
10834
2
2
200
x58
Southern..50
x58
63
4
;
94
9334
7
May
:
Jan
85
85
150
x58
80
90
10
82
May
May
200
2
Feb
234
134
94
-*
85
preferred.——
2%
Alles & Fisher Inc com.—*
234
Investment-
Alliance
Jan
X May
Alabama Power Co $7 pf.*
$6
4X
—
Alabama Gt
X
98
Apr
*
J3 conv pref
151
145
153
2,700
11234
110
113
050
3X May
8
May
19X May
13834
Jan
108
May
1634
100
1634 June
534
150
25
Class A conv com
Aluminum Co common—*
6%
100
preferred
Aluminum Goods Mfg—*
mi'+im
^
Aluminium
0%
1634
~ ~
634
Aluminum Industries com *
634
55
Ltd common.*
50
55
534
100
May
4234 May
9634 May
X Mar
900
100
preferred
American Beverage com__l
^
•
1
~ «
1
37
37 34
100
37
4
American Book Co....100
434
300
4
434
Amer Box Board Co com.l
May
May
4
18
Feb
Apr
1134
Feb
11034 Mar
10934 May
134
Apr
4934
Apr.
*
*
Class
32
25X
25
8,566
834
9X
1134
20 34
American Gas A Elec... 10
1134
400
26
27
Amer General Corp com 10c
2X
5,000
2%
24
300
'ii"
2334
"ii"
"166
1334
20
12
25
11X
13 %
12 X
75
500
1,800
25
Preferred
1
Amer Meter Co
*
X
21X
76
Amer Potash & Chemical.*
American
Republics
10
Amer Seal-Kap common. .2
Corp
77
534
334
4X
5X
4%
*
com
X
50
1st 56 preferred
50 X
Jan
834
May
May
3934
1934
Apr
34 Mar
934 May
2534 May
•u
Jan
1434
3934
Apr
Apr
May
30
Apr
Jan
1,000
500
734
8
3
3
3
Common cl A non-vot.
IX
73
May
*»»•
36
Jan
694
'x.
Mar
Jan
17
Jan
May
334
134
Feb
87
434
434
600
4;
May
May
434
434
700
4
May
Assoc Breweries of Can
634 May
1,200
34
34
1
1
Coast RR Co pref... 100
Atlanta Gas Lt 6% pref 100
05
10434
IX
Atlantic Coast Fisheries..*
Atlantic Coast Line Co..60
Atlantic Rayon Corp
1
m
12
2
nx
•l«
§ Austin Silver Mines
5
»1«
2%
1334
13
—1
99
Jan
634
Mar
634
Jan
834
Feb
*i«
Jan
0% preferred
x-w
%
334 May
3 94
16
100
May
334
4,800
21X
24X
1,500
5X
5X
8,900
22
50
100
Bar him Stainless Steel... 1
20
18
20
350
X
;_34
10
1934
Jan
10
May
17
Apr
2034
Feb
10
Apr
20
June
Apr
Mar
Feb
22
Mar
Feb
15
36
May
134
May
100
10
10
IX
900
"ix
1,000
May
6
33X
"3334"
""166
17
18
9034
92
100
934
18
634
10
1,300
38
10
May
34
200
34
X
100
X May
34 May
X June
X
X
600
2234
1234
100
334
Apr
1134 May
134
134
000
1434
Burry Biscuit Corp..1234c
Jan
Jan
Jan
Jan
234
.
Jan
134
134
X May
1234
Feb
108
May
34
Jan
43
9034 May
9
May
434
1134
Jan
2,000
Feb
234 May
May
28
Feb
18 34
134 May
35
May
134 May
134
com
X
60c
50e
Formerly Elsler Elec.
Camden Fire Insur Assn__5
Canada Cement Co Ltd.
Apr
434
2334
0
534
Jan
7% partlc preferred...25
Airways
1
334
Apr
1834
Mar
234
1734
May
Apr
534
Apr
Feb
13
Class B non-voting
Marconi
6
734
5,100
134
734
134
100
May
534 May
common
Feb
Mar
Jan
partlc
pref
~"98~
98
30
8734
"034
1
9834
8934
120
634
634
3,100
Jan
134
Feb
2 34
107
234
105
•
234
21
-
1,700
334
1334
1334
"360
9234
""180
7 34
100
6 34
May
9534
May
Cent Pow A
LtfJ% pfd 100
9834
9834
25
Feb
Cent A South West Utll 50c
Cent States Elec com
1
34
34
1334 June
Jan
1003*
91
"906
1834 May
3034
Jan
91
Apr
Apr
Apr
May
1334
Apr
334
Jan
734
Apr
20
92
134
Jan
1534
1734 May
134 May
09 X
434
Jan
i
12
98
17
53
!
May
May
234 June
Jan
2034
Jan
May
Jan
734 May
4034
Apr !
109
May
10434 May ,
May
300
225
22
June
Cent Ohio Steel Prod
May
Jan
Feb
534
534
475
108
•
Cent Hud G A E com
•
Cent Maine Pow 7% pf 100
Cent N Y Pow 6% pref. 100
9734
86
934
134
25
6
34
Mar
Apr
2H
27
*
7% 1st partlc pref...100
Celluloid Corp common. 16
$7 dlv. preferred
*
1st
Jan
1134
May
134
34
25c
Castle (A M) common.. 10
Catalln Corp of Amer
1
Celanese Corp of America
Mar
22
May
634 May
34 May
X
Capital City Products...*
Apr
4
Apr
•
.1
Carter (J W) Co common. 1
Casco Products
*
234
Mar
Canadlan Car A Fdy Ltd
Can Colonial
Apr
May
Jan
1
May
134
17
234 May
434 May
May
434 May
18
700
34
9X
Mar
34
Mar
934
100
8
4
For footnote» see page 3637
Mar
IX May
20
Barlow <fe Seellg Mfg—
12
10 Feb
1
June
Feb
Jan
334
127
5
Jan
May
34
Feb
3434 Feb
8734 May
Feb
1734
109
Jan
10534
Apr
Apr
11534 May
1034
34
Jan
Jan
34
Jan
'ii May
234
May
834
Jan
100
34 May
Jan
Conv pref opt ser '29.100
May
234
234
6%
7%
preferred
preferred
Conv preferred
«u May
34
100
3
100
Jan
Jan
Chamberlln Metal Weather
5
22
5
38
134
Jan
2034 May
Jan
100
2X
4X
68
10434
Feb
4X
conv A com
Apr
Mar
Baldwin Rubber Co com.l
Bardstown Distill Inc
1
51.20
10
10
Carolina P A L $7 pref...*
May
Jan
May
134 May
1434
17 Jf
26
$6 preferred
Carrier Corp common
#i» May
2
Jan
4
34
*
3
22 X
30
Basic Dolomite Inc com__l
Bath Iron Works Corp
1
10
$5 1st preferred
*
Bunker Hill A Sullivan 2.60
Burma Corp Am dep rets
Feb
Apr
Apr
May
Carnation Co
34
34
com.
preferred
100
IX
Apr
Baldwin Locomotive—
Purch warrants for
1034
*
•ii
May
334
49
May
May
May
May
734
Ayrshire Patoka Collieries 1
7%
1034
1434
2 X
1
*
1034
100
234
June
Mar
Apr
1634
British Col Power cl A...*
Feb
May
May
1734
36
Feb
Apr
1034 May
434
Jan
10
Babcock A Wilcox Co
20
»
34
134
634
X
common
100
May
Jan
25
"ix "360
~~2X
1834
Apr
1»u May
Warrants
Class A
134
234
*
'i«
200
1,100
13,100
Carib Syndicate
4,400
"166
5X
1134
Carman A Co class A
Class B
May
4%
5
dep rets ord reg—10s
$1.60 preferred
Feb
30
♦
preferred
Feb
134
834
734
X May
May
334 May
8
May
36
Apr
134 May
29
May
IX
Apr
X
Apr
834
234
Apr
Apr
X
834
3
Jan
19 34
4
4,000
3%
Jan
May
434
Aviation A Trans Corp
Axton-Flsher Tobacco—
134
12
200
26
200
4
Mar
4834
034
334 June
1
3X
34
1134
4
w w
150
1
Am dep rets ord reg_._£l
British Celanese Ltd—
$6
June
434 May
34 May
100
634
13)4
Avery (B F) A Sons com.5
X
Apr
Cables A Wireless Ltd—
100
16
28
250
33
3X
Am dep 5 34% pref shs £1
Calamba Sugar Estate..20
Callite Tungsten Corp
1
700
16
"20 "
British Amer Tobacco—
Am dep rets ord bearer £1
Jan
2%
:
Automatic Products.....6
Automatic Voting Mach..*
0% preferred
510
434
Atlas Corp warrants
*
900
Jan
Mar
British Amer Oil coupon..*
Am
Jan
834
♦
Registered
Jan
6
22J4 May
134
Jan
234
3134
.100
A
634
Jan
10
Brlllo Mfg Co common...*
May
»»«
Assoc Tel A Tel class A...*
Atlanta Birmingham A
1234
45
•
Apr
Jan
Feb
May
34
*
Atlas Drop Forge com
Atlas Plywood Corp
Class B
Canadian
200
warrants
Assoc Laundries of Amer
common
3,400
Feb
Apr
Mar
34 May
334
5
1134
•
16
Option
c
Brill Corp class A
115
Associated Elec Industries
V t
1
Aeronautical...1
preferred
40
334 May
IX May
1634 May
100
Breeze Corp common
Class
1434
May
3334 June
Bridgeport Gas Light Co.*
Bridgeport Machine.
*
Preferred ........—100
7%
1534
X
Canadian Indus AlcoholClass A voting
»
200
11
3634 June
100
28
Vot trust ctfs
Apr
au
100
275
.._...*
Feb
Apr
Apr
IX
1134
Apr
Apr
100
25
Borne Scrymser Co
2
834
IX
1il
400
100
7% 1st preferred
Cable Elec Prod
234
234
434
....
»ll
Mar
Jan
X
20
Mar
134 May
x4X
preferred..
Mar
Feb
33)4 33 34
8334 •3334
Buckeye Pipe Line
50
Buff Niagara A East Pow
134 May
634 May
X
34
400
Co com...*
10934 Apr
1034 May
May
234 May
1
55
1
•
Brown Rubber Co com..
Jan
X
X
Mar
4334
4034
Bruce (EL) Co common..5
Jan
5
1
125
""5<j
37
1434
34
*
Jan
75
Ashland Oil A Ref Co
Class A
Blue Ridge Corp com
Jan
34
June
Art Metal Works com
Common
Apr
May
May
34
1134
3634
15 X
Class A preferred
*
Brown Forman Distillery. 1
34
Amer deposit rets
£1
lAssoclated Gas A Elec—
Jan
114
34
36 34
$3 opt conv pref
Blumenthal (S) A Co
Apr
Apr
2,800
2
136
434 May
234 May
2534
Apr
Feb
10
34
1
{Brown Co 6% pref
Apr
Mar
Mar
700
Arkansas P <fc L $7 pref—
May
Brown Fence A Wire com.l
400
IX
Feb
common
Jan
108
IX
IX
Apr
834
834
334 May
A Machine Co com
Bliss (E W) common
Jan
May
34 May
834 May
134
3234
May
23
*
$2.50 preferred
Blrdsboro Steel Foundry
1634
1
Arkansas Nat Gas com...*
May
3
1u
29 34
100
Appalachian Elec Power—
57 preferred
fArcturus Radio Tube.—1
16
1,200
4234
3134
3434
1934
1834
300
Anchor Post Fence
1,700
2,600
11534 11534
Bickfords Inc common...*
Brewster
Apr
Mar
434
Conv preferred
Bourjois Inc
Jan
534
15
4X
1934
Purchase warrants
Bohack (H C)
0
Jan
Feb
103
34% pf. 100
2X May
2234 May
2034 May
11
May
1334 June
1134 May
0
50
Angostura-Wupperman ..1
Apex Elec Mfg Co com...*
preferred
Apr
26
50
200
7 34
50 series preferred...—*
American Thread 5% pf—6
6%
Mar
May
May
150
15,600
27
Amer Pneumatic Service.*
Am Superpower
35
3334
134
X
800
100
Amer Maracalbo Co
Jan
Mar
2534 June
May
1334 May
05
May
34 June
23
May
34
Jan
70
May
5
May
334 May
34 Mar
Amer Mfg Co common. 100
434
1634
434
434
Berkey A Gay Furniture. 1
Blauner's
High
334 May
Benson A Hedges com...*
25
24
1
1
Amer Hard Rubber Co..60
preferred
80
Jan
1,100
Amer Foreign Pow warr...
6%
Feb
34
"366
"30X ~32~~
934
Amer Fork & Hoe com—»
Amer Laundry Mach
Amer Lt A Trac com
May
34 May
31
Amer Cyanamld class A. 10
Class B n-v
10
Amer Export Lines com__l
52 conv preferred
Jan
25
25X
""x
1
52.60 conv preferred
Apr
*11
2034
400
100
2d preferred
»
Brazilian Tr Lt A Pow...*
234
13
434
18
Bowman-Blltmore com...*
Jan
72
26
A....
Low
434
1
Apr
Jan
100
Class A with warrants.26
Range Since Jan. 1,1940
Shares
1234
1
734
X
\
Amer Centrifugal Corp—.1
Am Cities Power A Lt—
Class B
Apr
Apr
Apr
134
10c
preferred
Mar
434
com... 1
com
7% 1st preferred
Class A common——10c
56.60 prior pref
Corp
Apr
Apr
Apr
May
19234
11834
Aircraft Corp
Bell Aircraft
Bell Tel of Canada
Jan
1134
American Capital—
Common class B
High
20
Bell Tel of Pa 0
Mar
21
$1.50 conv pref
Apr
Allied Intl Investing—
Allied Products (Mich).. 10
Low
for
Week
Beaunlt Mills Inc com..10
634
434
434
Price
Baumann—See "Ludwig"
Beau Brummell Ties Inc.. 1
21
5 34
-
Alnsworth Mfg common..6
Sales
Week's Range
sf Prices
Sale
13
Class A——
Class B
Last
High
Supply Mfg—
Aero
53
STOCKS
(Continued)
4X
700
334
11
12 X
7,200
May
May
934 May
834 May
2734 May
734
Apr
34
Apr
.34
Jan
1134
734
1634
Apr
Jan
Apr
Strip
Co
3
5
Chads
Corp common... 10
Cherry-Burrell common..6
Chesebrough Mfg
Chief Consol Mining
Chllds Co preferred
10
95
95
100
56 34
56
5934
750
15
15
15
75
13
25
Chicago Flexible Shaft Co 6
Chicago Rivet A Mach...4
10
50
10
May
454 May
734 Mar
June
13
Jan
15
May
117
66
June
83
Apr
Apr
6
1
100
May
434
10
May
34
Mar
10
Jan
34
Apr
May
2934
Mar
i
Volume
New York Curb
ISO
Friday
STOCKS
Last
Sale
(Continued)
Par
Cities Service
$6
common..
10
preferred
60c
Price
for
of Prices
j Week
Low
High Shares
*
4%
62
4%
3,700
1,500
62%
STOCKS
1, 1940
Range Since Jan.
4
49
6%
68
Jan
May
Par
May
6% prefer, ed
6%% preferred
7% preferred
8% preferred
May
*
6
6
6
100
*
60
60
60
20
45
May
99
99
130
85
May
115%
Mar
*
80
85
10
75
May
110
Mar
City Auto Stamping
*
City & Su our ban Homes 10
5
$6
preferred
Clark Controller
Co
1
....
.....
""206
*
lUum
Cleveland Tractor
36 %
5
*
com
May
35
4%
May
7%
Feb
May
7
Apr
12
500
5%
ClaytonA Lambert Mfg..*
Elec
62
6
Claude Neon I lght> lnc..l
Cleveland
May
May
May
%
3H
36%
4%
16%
150
30
1,800
4
Mar
May
...100
Esquire Iuc
Apr
Kansteel
Cohn & Rosenberger Inc.*
6%
May
8%
Jan
Fodders
%
May
2%
Jan
Fed Compress A
3%
3%
May
May
4%
Jan
Flat Amer dep rets.
?% May
Patent Fire Arms.25
Colt'
Columbia (las &
600
75
69
51
51
350
55
67
May
88
75
75
May
51
June
70%
2%
Feb
%
1%
100
1
1%
Am
Jan
1%
Jan
May
60%
22% June
38%
Apr
%
Apr
22%
22%
300
X
X
600
Community Pub Service 25
Community Water Serv.. 1
31
%
Macb—
-1
Class A
%
"70
Consol GELP Bait com
X
IX
68
100
Consol Mln A Smelt Ltd..5
18
Feb
Feb
Fruebatif Trailer Co
200
May
1%
Apr
200
1%
May
$3
67%
May
3%
83%
Feb
500
Apr
4%
IX
18
10
100
IX
18%
200
1
2X
2X
300
100
80%
80%
20
10
Consol Steel Corp com...*
%
May
111
"zx
84%
""400
85
70
18
3%
84
6%
7%
8%
500
3%
X
3%
he
3%
%
2~66o
400
"2% "2%
""loo
1
1,200
100
10
"4% "4%
3
3
50
"600
200
9%
9%
100
1%
1%
1%
"166
"13%
"266
1
13"
"l3"
De Vilblss Co common.. 10
10
May
a;ll%
20%
32%
Apr
Apr
Jan
Jan
Feb
87
Jan
"69" "Apr
78
Jan
85%
com
preferred
100
% May
5
5
100
Jan
15%
16%
Mar
5
May
9
Feb
25
Feb
50
Warrants
_
65
hs
65
Mar
1«4
Gen Outdoor Adv 6% pf 100
41
Jan
*i«
preferred
16
1%
June
...*
in
Apr
Apr
Apr
Apr
Mar
May
90
Mar
48
Apr
1
Apr
X
Feb
1
May
1%
Feb
General ShareboldingsCorp
Common
1
May
77%
Feb
Jan
2%
Apr
1%
6% May
$6 conv preferred
6% preferred A
7%
Jan
Gen Water G A E
24%
May
6%
Jan
%
Jan
May
X
1%
Apr
1%
Jan
4
June
8%
><it May
Jan
May
May
4
June
4
May
Feb
Feb
57
-
100% 100%
75
May
8
May
10%
Apr
32
May
41
Mar
88
May
preferred
-
87 %
*-
Gilchrist Co
4%
4%
500
Alden Coal
*
5%
6%
21
Godchaux Sugars class A.*
Class B
5%
*
preferred—
$7
„*
Jan
Feb
Goodman Mfg Co
7
Feb
Gorharn Inc class A
4%
Jan
"95
95
2,700
22
5%
95
100
Jan
4%
Jan
6% Apr
5% May
20
May
200
5
10
93
May
May
hs
Goldfleld Consol Mines.. 1
112
Jan
4% May
40%
..*
Gladding McBean A Co..*
Apr
Jan
Apr
100
-
Gilbert (A C) common...*
Preferred
*
Glen
May,
1%
81
1.
100
oom
preferred
85
% May
|
Georgia Power $6 pref...*
Apr
1%
22% May
% May
Feb
8%
10%
2%
S3
300
..*'.
Apr
Feb
13%
%
.
*
General Tire A Rubber—
June
May
14%
3%
50
*
25
$3 preferred..........*
12
Jan
19
Feb
Gorham
?8%
May
19%
Jan
May
32
Feb
Gray Mfg Co
4% May
8
Jan
5
Apr
Jan
Feb
Apr
May
19% May
May
106
1*1%
Feb
Mar
91
7%
49
Apr
May
5% Apr
6% Apr
9% May
32% Apr
11%
105
Apr
Apr
»ji
Feb
1%
Apr
Apr
Apr
Apr
25
Feb
17
Great Atl A Pac Tea—
3
1%
Grand Rapids Varnish... 1
June
Mfg common.. 10
Non-vot
com
4% May
100
..—.10
stock
88
*
Feb
1%
27%
Feb
14
Feb
Gt Northern Paper
Feb
98
Apr
Greenfield Tap A Die....*
May
Jan
88
123% 125
25
125
Grocery Sts Prod com..25c
2
7% 1st preferred
100
25
37%
May
May
15% May
% May
1%
Feb
X Mar
11%
Apr
17%
12%
26%
22
28
Apr
Hartford Elec Light
Apr
a: 10
Apr
May
'^28
Jan
1%
Apr
13%
Apr
Jan
May
114%
Apr
88
123% May
37
May
Jan
Mar
2%
Jan
Mar
%
Jan
"25% ""25% "26%
4,800
25% June
39%
Jan
"~T
in
Apr
Hail Lamp Co
Jan
Hammer mill Paper
102
110
102%
86
Apr
10%
Apr
June
111
Jan
114
Mar
14
Apr
......
*"*8% "T%
6
10
102
49%
107% May
preferred
*
Gypsum Lime A Alabast.*
1%
Jan
May
6% May
1% May
Gulf States Util $5.50 pf.*
1%
2%
135
"300
Harvard Brewing Co.—.1
Jan
May
Jan
...25
Gulf Oil Corp
8
11%
1
Guardian Investors
28%
4% May
"8%
8
Hartford Rayon v t c
1
Hartman Tobacco Co.... *
7%
1%
"21%
21
200
400
'""5%"
Feb
25
20% May
40% May
62
22%
70%
1%
X
May
"""% ""% ""loo
% May
%
""lx "lx ""166
Jan
1%
Jan
2
Apr
Jan
Feb
Mar
Hat Corp of America—
dep rets ord reg.._£l
13
Mar
Divco-Twin Truck oom._l
5%
May
Dobeckmun Co common
4
May
Dominion Bridge Co Ltd
*
58%
59%
70
10
May
Mar
12%
Jan
6%
Mar
Hecla Mining Co..
67
100
Draper Corp
Driver Harris Co
Mar
67
Mar
June
78
Jan
32%
Apr
20% May
..100
107%
Mar
1%
Jan
May
Mar
May
May
May
100
68
68
72
225
200
Durham Hosiery cl B com *
Duro-Test Corp common. 1
Duval Texas Sulphur
•
5%
6
10
7%
8%
1,300
..__*
2%
2%
100
Eagle Picher Lead
64
%
%
5%
6%
110
2%
79%
1%
Apr
Apr
May
Jan
2%
Jan
8%
Apr
12%
Jan
East Gas A Fuel Assoc—
4%% prior pref
6% preferred..
100
100
40
43
575
26
16%
15%
16%
600
12% May
•
14
50
♦
Easy Washing Mach B
4
65%
24%
10%
1%
Mar
Mar
Mar
"2% "3"
4%
3%
4%
50%
59%
9%
"400
11,000
46
54%
53%
9%
conv
preferred
50
25c
*
Class A..............*
Heller Co common......2
Preferred w w.
26
.*
1
warrants
1
3%
Jan
preferred
Hubbell (Harvey) Inc
8%
64%
Apr
Humble Oil A Ref.......*
73
Apr
Hummel-Ross Fibre Corp
7%
May
20
Jan
H ussmann-1 lgonler Co.
%
May
Jan
IHuylers of Del
May
May
14
May
Mav
29%
Apr
3%
5%
Mav
Mar
79
3637
1%
450
"6%
"466
6%
700
May
60
May
13% May
6% May
Jan
Jan
Jan
Feb
.
Apr
Jan
3% May
21%
Feb
7%
Jan
14
Apr
12%
Apr
11
Mar
27%
27
Mar
13
92
22%
10
Jan
Apr
May
Apr
Jan
12
Jan
14
Jan
3
Feb
Jan
Apr
120
27%
50
Jan
26
May
110
27%
Feb
13% May
50%
49
5%
51%
3,000
5%
100
47% May
4%
Feb
.
7% pref stamped
100
7% pref unstamped.. 100
Hydro-Electric Securities •
29
May
x5%
Inc—
Common
8%
9% May
6
100
6
May
100
6%
*
A Hardart...
5%
May
77
Empire Dist El 6% pf 100
pag»
3%
66%
*
Horn
Apr
51
21
4
8
61%
66%
Apr
4%
Jan
May
25% May
14%
17%
May
7% May
23% May
Hormel (Geo
42
Elgin Mat Watch Co.... 15
4%
29%
Apr
com.._.i
4
7
..---*
28
3%
T.700
Henry Holt A Co—
Participating class A...*
Hewitt Rubber common.. 6
Heyden Chemical.
10
Hires (ChasE) Co
...1
Hoe (R) A Co class A—10
Hollinger Consol G M
5
Holopbane Co common..*
Holt (H)—See Henry
May
1% May
May
A) A Co com*
Horn (A C) Co common.. 1
Horn A Hardart Baking..*
May
100
"4% "4%
25
ex-warr
900
200
"4%
.
Preferred
16
11
■
1,900
Electrographic Corp.
400
Horder's, Inc
28
3% May
6%
%
46
•
2%
200
Apr
May
2% May
13% May
Hearn Dept Stores com..5
10%
preferred
preferred
1%
~18
Apr
13
14
14
57 preferred series A..
Economy Grocery Stores.*
Elec Bond A Share com..6
May
8% May
% Mar
Eastern States Corp
$6 preferred series B
1% May
43
Eastern Malleable Iron. .25
18*
18
Helena Rubensteln..
58%
Dubiiier Condenser Corp.l
Duke Power Co
Haverty Furniture conv pf*
Hazel tine Corp
♦
May
4% May
1
non-vot common
4%
5%
Dominion Tar A Chemical*
preferred
Apr
9%
7% Apr
25% May
B
25%
Dominion Steel A Coal B 25
see
8% May
16% May
19% May
13%
Apr
1%
Jan
17% May
Mayl
Distillers Co Ltd—
For footnotes
400
Jan
May
20%
Distilled Llauore Corp...5
Emerson Elec Mfg
22
12%
%
2:10
Diamond Shoe Corp com.*
c
100
25%
37%, May
9%
20
10
15%
Jan
1%
"166
*
Det Mich Stove Co com.. 1
Electro) Inv v t
Mar
15%
.
May
"20% "20%
Detroit Gray Iron Fdy_..l
pref A
1
,
84%
20X
100
Derby OH A Ref Corp com*
Option
Apr
Feb
21
De]ay Stores
1
Dennlson Mfg d A com..5
Elec P A L 2d
17
25
19
17%
10
Decca Records common.. 1
55
May
9%
-
May
56
Jan
9
Feb
*
2%
Common
17%
Gen Rayon Co A stock...*
1% May
108
May
Dayton Rubber Mfg.....l
Class A conv
..35
preferred
8% May
10
Gen Pub Serv 86 pref
6
Davenport Hosiery Mills.*
7%
800
8%
General Investment com.l
Jan
5%%
Mar
3%
Gen Flreprooflng com
*
Gen Gas A El 6% pref B.
6%
Am
113
1% May
41
Jan
5
preferred
84% May
300
27%
Jan
Jan
Darby Petroleum com...5
7%
350
1%
Feb
%
Cuneo Press 6 %% pref. 100
Detroit Steel Prod..
98
Apr
18
*
Detroit Paper Prod
Feb
5%
1,400
-•
1
w w
Ap
May
3%
7
'
"15%I
25
*
10
5
Detroit Gasket A Mfg__.l
5%
1%
I
"li'x
15
Crown Drug Co com...25c
6% preferred
Mar
Feb
*11
May
Apr
30
600
A conv preferred
12
May
6%
98
May
May
May
'"700
4%
5
50
Gatlneau Power Co
Jan
4
$6 prior pref
36%
70
Amer dep rets ord reg-£l
May
Crown Cork Internat A..*
8% debenture
Mar
55
1
Crowley, MUner A Co...*
Crown Cent Petrol (Md).5
Curtis Mfg Co (Mo).
%
8% May
Gen Electric Co Ltd—
11%
2,606
Croft Brewing Co
Cuban Tobacco oom
Jan
Apr
1
12
General Alloys Co
10%
"lx ~T%
*
preferred
Cuban Atlantlo Sugar
May
28
30
Jao
May
1
50
56
May
X May
4
£1
preferred
5%
100
conv preferred...
Feb
May
"loo
Crocker Wheeler Elec
conv
June
....*
conv stock
Jan
May
23
4%
5
7%
8
«i6 May
21
3%
6%
"i'x "in
Creole Petroleum
Crystal Oil Ref com
Apr
May
51% May
10
1
97%
1%
4
1
*
Ltd
May
17% May
200
15
May
1,200
...*
preferred
conv
50
Gamewell Co 16 conv pf..*
Jan
7
Copper Range Co
.*
Cornucopia Gold Mines 6o
Courtaulds
39%
"m
5%
T
com...*
preferred A
May
%
8%
Cook Paint A Varnish....*
*6
2%
May
%
Cont Roll A Steel Fdy—.♦
Cosden Petroleum com..
400
1,700
1
partlo pref
May
1%
76
Continental Oil of Mex__.l
Corroon A Reynolds
Feb
120
Jan
June
1%
1%
Cont G A E 7% prior pf 100
$3 prior preference
Apr
6% May
10%
Apr
Fuller (Geo A) Co com..
Common.
1
2
Consol Royalty Oil
Cooper-Bessemer
Mar
31
May
9%
45
70
111% 111%
"lx
1
preferred
25%
5%
10
Class B voting
Conv
ConnTeiep A Elec Corp__l
Consol Biscuit Co.1
8%
Feb
53
1%
*
vot
May
42%
Consol Retail Stores
non
11% May
preferred-......-
4 %% series B pref
Utilities
•u
Ford Motor of France—
Conn Gas A Coke Secur
Consol Gaa
Jan
Jan
11
95
95%
Fox (Peter) Brewing Co..6
Froedtert Grain A Malt—
'"150
34
V tcext to 1946.
Mar
26
4%
6%
Amer dep rets... 100 frcs
May
72
53
dep rets ord ref.._£l
ht
Mai
7,400
9%
X
Mar
71%
12%
33
X
Mar
70
May
J..
1
70
7%
600
7
57% May
57
May
May
62% May
24% May
8% Mar
% May
19% May
2% May
23%
Jan
58
2"666
W'h'se 25
May
35)4
Community P A L 16 pref *
Compo Shoe
6%
Fire Associafon (Phil™) 100
Florida P A L $7 pref...
Ford Motor Co Ltd—
Jan
5%
7
T^
6
1%
Distribution..!
Commonw
High
Ford Motor of Canada—
Warrants
i:
Co
2,200
1%
Commonwealth A Southern
S3
Mfg
4%
6%
8%
4,600
IX
*16
"~8% "9%
1
Metallurgical..
Fldello Brewery..
Mar
May
Fanny Farmer Candy
Jan
Elec—
5% preferred
Columbia Oil & Gas
1,300
5%
Feb
4%
3%
Fairchild Eng 4 Airplane. 1
Falstaff Brewing
...1
May
4%
600
2%
Feb
2%
£1
20%
3%
20
"9%
3%
preferred
%
19%
..1
6
Development ord...
900
16
Fatrcldld Aviation
May
conv
50
.
Feb
May
6%
20
.
1
May
Colorado Fuel A Iron warr.
120
61
63
Eureka Pipe Line com..60
1
Colon
61
62
Equity Corp common..10c
S3 conv preferred..
1
2
,
Low
61
.
Equip. .5
4
Utensil Co
Share
Empire Power part stock.*i_
Emsco Derrick A
*
Club Alum
High
59%
.
100
Cockshutt Plow Co com..*
Clincbrteld Coal Corp.. 100
Low
59%
100
100
Jan
48%
7%
May
5%
Jan
%
«
Mar
Jan. 1, 1940
j Prices
0
Price
Empire Gas A Fuel Co—
6% May
preferred B
4%
Sale
High
Low
Week's
Last
(.Continued)
$6 preferred BB
Cities Serv P4LI7 pref.*
3633
2
Friday
Sales
,
Week's Range:
4%
62%
Exchange—Continued—Page
4&JS
2* &
New York Curb
3634
Friday
STOCKS
Week's
Last
(Continued)
Sale
Par
5
Hygrade Sylvanla Corp..*
Range
High
for
Range Since Jan. 1, 1940
Low
5%
conv
34%
Dlv arrear ctfs..
Illinois Zinc
3
34%
3
3
25
60
preferred
25
5%
IOO
2N
1,700
26
5
5%
...
200
28 N
21 %
1,200
4N
4%
60%
*
Co
*
Imperial Chemical Indus—
Illuminating shares A
6%
5V*
preferred
3314
9N
May
7N
Mar
Jan
03 N
Mar
May
12 N
May
Co
Metal Textile Corp
12 N
13 X
6%
pf.100
100
12
6%
Apr
24 N
7N
12
"230
Mar
Class
%
Pref 13.50 series
55
*
"55"
N
~58%
17 X
Coupon shares
Jan
18
113
May
Feb
May
Feb
7i»
"2H
*
"~2J4
10
9X
9%
3%
10
9%
3%
52
X
50N aMy
Apr
23 N
Apr
June
15 X
Jan
2N
Apr
9",900
IN May
6%
5,900
9N June
19 H
9N
June
100
3
May
19N
5N
0
Jan
IN
Apr
May
9H
Mar
200
2N
May
7
May
Interstate Hosiery Mills..*
9
May
Interstate Power $7 pref.*
3N
400
1,700
Investors
X
N
Mar
5N
N
Mar
12%
250
12
May
17 X
1,100
1,500
12
May
17 N
N
700
*
May
May
20 %
5
30
90
May
102
80
97
May
109
18 X
May
30
26N
115
Klrby Petroleum
81%
10
55
10
55
June
IN
300
1
May
2
May
11N
UN
v9:>.v:L-\0. •
114
100
IN
—
Klelnertd B) Rubber Co.10
Knott Corp common
1
Kobacher Stores Ino
*
1st pref
100
9
77
77 N
60
75
*35~"
UN
Lakey Foundry A Mach..l
Lane Bryant 7% pref.. 100
3N
Wells Co common.. 1
12N
"35"
11N
2N
""6%
12N
"35*"
12%
500
"""16
4,000
3N(
2,700
9N
"260
Apr
Apr
?6N
Apr
Mar
40
May
43 N
UN June
25N
Jan
9N June
100
12 N
*
Line Material Co
4N
IN
N
May
6X
Apr
May
3
6
21N
100
8N
100
8
7% pref class A
0% pref class B
*
8N
*
X
X
UN
400
8N
3,200
N
35 N
12 N
Apr
Jan
10 N
Mar
May
22 N
Mar
Feb
IN
Apr
10
May
13 N
Mar
May
10N May
Jan
7N
26
100
Loudon Packing
*
Louisiana Land A Explor.l
Louisiana P A L S0 pref..*
24
4
1,300
"25"
20 N
N
N
IN
10
"25"
21N
"m
"""46
300
106 N
Apr
Apr
Mar
2
Apr
21
Jan
25
Jan
Jan
25
Jan
29 X
Apr
May
4,300
N May
7i»
Jan
N
100
500
N May
IN May
IN
IN
IN
Apr
Apr
*
30
May
39
Mar
ManlschewItz(The B) Co.*
10
Jan
10
Jan
25
May
29
Feb
Mfg Co...*
Marconi Internat Marine
Communlca'ns ord reg £1
Margay Oil Corp
*
14% May
*
2
2
100
1
2
2
Massey Harris common..*
29N
May Hosiery Mills Inc—
~29N "32"
500
17
Apr
June
4N
Feb
Jan
2N
Jan
5
Jan
42
Apr
IN
May
21X
Jan
Mead Johnson A Co
*
IN May
4N
Memphis Nat Gas com..6
Mercantile Stores
com
3N
F-t footnotes see nag* 3037.
4
700
200
1,600
4N
123
3N
25
3N
25
300
50
3N
25
Feb
38
Apr
Mar
10
Mar
Jan
35
36
81%
Jan
11%
%
Apr
Jan
17% Apr
47%
Apr
14% May
13%
Jan
800
May
7X May
10%
5,200
lox May
30
""166
31 X
May
44
Jan
475
76 X
June
2X
9
Jan
97%
3%
Apr
10
10X
IX
"36~"
77
~36~
76 X
77 X
May
3%
Feb
Jan
"3X "~4X
"560
3X May
May
54%
Jan
'~7X
"460
■V 7Jf May
11%
Feb
5X May
8%
Mar
Jan
12%
Apr
May
1%
Feb
25
-r
~~9~X "ox
IX
IX
"166
8X
400
1
X May
""iOO
8
May
iiox May
9X
9X
9 X
1,500
8X May
84 X
3
X
700
"20"
~~~25
X
X
May
May
4X May
X June
IX
Jan
6%
Feb
XI Jan
12%
Jan
117%
14%
Mar
84%
May
Apr
6
Jan
7
Apr
1
Jan
""675
"lis"
lis""
""16
4X
10%
300
10 X
49
50 X
1,200
4
~ibx
.500
June
1%
30%
Apr
13 %
Jan
55
May
18
*56" "5'5'x "57'x
20
11
"26"" "20
May
May
76%
25%
Jan
136%
Apr
115
4
May
1
Feb
33
Feb
1%
36
*
2
Feb
3%
Apr
15X May
15
17
17
100
15
Apr
Apr
Jan
Apr
Apr
Apr
28 %
Jan
9%
Mar
103% May
118%
Jan
109
Jan
160"
"I16
98
May
14X
14X
700
11
May
98%
99
210
98
May
108
0
100
Jan
May
29
*
Jan
May
7
104"
Apr
Apr
8% May
l
preferred
Apr
May
13%
17%
Feb
250
37 X
21%
142
31
Feb
June
12X
preferred
100
New York Transit Co
5
N Y Water .Serv
6% pf.100
6
5X
17
23 % Apr
May
7%
Apr
Jan
Niagara Hudson Power—
...10
100
3X
3X
76
3X
225
3X May
6%
76
Jan
73
May
92
Mar
z73
76
Jan
87
Apr
400
Class A opt warrants
Class B opt warrants
Niagara
4,400
100
J3»
Jan
X May
*11
Feb
1
Feb
5%
Feb
Share—
Class B
common
3X
5
Class A preferred
*
200
"6S^~
"1,766
200
3X
65
*66"
5
x
x
Noma Electric
1
Nor Amer Lt <fe Power—
Common
1
$6 preferred
*
North Amer Rayon cl A..*
3X
314
100
X
X
50
May
8X May
X May
3X May
300
Nlplssing Mines
Class B common
70
125
57
May
1%
103%
Mar
16X
100
15
May
26%
Apr
Jan
47
44%
May
May
20%
47
52
Feb
X
Mar
'ii
Jan
3%
Mar
15
*
20
2% May
Nor Central Texas Oil...5
100
X May
97 X
97
105 X
104
7X
SO
95
May
105 X
80
97
May
7X
200
8X
98
6
600
7
May
May
15
15
100
12
May
28
28
100
27
18X
19
200
17
May
May
95
May
8
15
....
Ohio Brass Co cl B com..*
Ohio Edison 56 pref.....*
99%
Feb
71% May
9% Mar
1%
Jan
5%
Jan
69 X
16 X
6% prior preferred...50
No Am Utility Securities. *
preferred
May
93% May
100
Nlles-Bement-Pond
3X
Nineteen Hundred Corp B1
Northern Pipe Line
10
Northern Sts Pow cl A..25
Jan
X
1
Northwest Engineering..*
N0 vadel-Agene Corp
*
Jan
4
6% May
15%
Jan
Apr
% May
4%
Jan
67
Feb
4
Jan
May
Apr
5N May
18 X
Jan
30
May
9 N
30 N
Jan
25
iox
2N
Apr
171
49
*
170 N
Mar
Jan
11%
10
11
11
25
May
May
Jan
Apr
11X May
614 June
May
8X May
X May
19X May
300
12 X
*
100
May
100
*
May
3N May
11
3N
Participating preferred. *
,
5N
128
*
Merchants A Mfg cl A...1
jZ
124
Jan
Shipbuilding Corp—
W7%
128
6X
x
5
Norlnd Pub Ser0% pf.100
$4
preferred
*
McCord Rad A Mfg B___*
McWilliams Dredging...*
200
»
6% 1st preferred
5% 2d preferred
June
20 N
50
ex
x
Founders shares
1
New York State El & Gas—
0N
92
May
June
Warrants
Common
20
25
92
12
75
N Y & Honduras Rosario
10
N Y Merchandise
10
N Y Pr & Lt 7%
pref.. 100
Jan
May
IN May
3N May
Apr
1
Apr
127
*
N Y Auction Co com
N Y City Omnibus—
Mar
24
Feb
2%
7%
2X May
2% May
4X May
100
12X
*
New Process Co
2%
150
200
June
100
12%
ex
.»
New Idea Inc common
New Jersey Zinc
New Mex & Ariz Land.
Jan
Ma pes Consol
1
I
Jan
IN
4M
22 X
*
com
preferred
IN
June
1
92
__l
Master Electric Co
*
Pow Assoc
preferred
48 N
44 N
26
24N
IN
warr
Marlon Steam Shovel
Mass Util Assoc v t c
com
N May
100
May
139X May
15 vi May
10
14X
127
8X
10
5%%
26
preferred
May
900
100
Ludwlg Bauman A Co com*
Conv 7% 1st pre!
100
Conv 7% 1st pfvtc.lOO
Lynch Corp common
6
§MaJestlc Radio A Tel..l
May
7N
10N
Jan
25
8X
10%
16
10N
8N
127
1
N Y
6
Long Island Lighting—
Common
21
1
8X
Lit Brothers common
*
Loblaw Groceterias cl A..*
Class B
Locke Steel Chain
Lone Star Gas Corp
Mar
N
16
"21N
Llpton (Thos J) class A..1
6% preferred
...25
14X
*
New England Tel «fe Tel 100
Mew Haven Clock Co
*
Feb
May
150
*
52
Mar |
700
X May
500
0%
0N
N
1,600
260
5
3% cum 4%non-cum_100
10 N
N
145X
17X
22X
4X
New Engl
May
May
Feb
Jan
X
Nestle Le Mur Co cl A...*
Nevada Calif Elec com. 100
Mar
May
200
5
Nelson (Herman)
Corp
Neptune Meter class A.
Jan
4N
2N
24%
1,800
}NebeI (Oscar) Co com
*
Nebraska Pow 7% pref. 100
Nehl Corp new common..*
Apr
May
12 N
Apr
200
3
Navarro OH Co...
75
Apr
41
2,800
2%
Jan
8N
11%
9%
2X
10N
90 N
May
5X May
6
143
May
5
8
X
90
May
May
37
Nat Union Radio
Corp_..l
Jan
Apr
.IN
Jan
Feb
70% May
3X
16%
Jan
Apr
IN
N
21N
May
1
117%
5%
22X
Apr
2N
IN
Mar
IN
May
43X May
Apr
8%
June
17 X
15
N
*
2%
11
IX May
National Tea 5 N % pref. 10
National Transit
12.50
Nat Tunnel & Mines
*
Jan
6N
25
Le Tourneau (R G) Ino.-l
120% May
107 X
22 X
Nat Rubber Mach
May
Feb
OX
36
X
National Steel Car Ltd...*
National Sugar Refining.*
15N
Develop
May
1 y8
Jan
6X May
9X May
1
Mar
1
Lehigh Coal ANav...
A
Mar
*
B
Lefcourt Realty com
Conv preferred
97
10
7
.1
Machine Tool..*
Mar
May
UN
271
Langendorf Utd BakeriesClass A
»
Jan
Apr
200
73 N
2
750
50
6 X
95
»u
46 X
6 %
National OH Products
4
National P & L 50 pref
*
National Refining com...*
Jan
4N May
Lake Shore Mines Ltd...l
conv
May
112N
May
55
12 N
Kreuger Brewing Co
1
Lackawanna RR (N J). 100
6
19
400
6X
1st preferred
100
Kress (8 H) special pref. 10
N May
11N June
4N
77
Jan
Jan
Mar
90
National Fuel Gas
Nat Mfg & Stores
Apr
81H
200
Jan
"u
9%
May
400
107 X 107 X
National Container (Del).l
Mar
6N
55
7u
IX
6X
3X
National Candy Co.
*
National City Lines com.l
53 conv preferred
60
Mar
7%
Jan;
*t« May I
81N June'
7i#
50
1X
National Breweries com..*
Mar
3N May
1
Koppers Co 6% pref...100
Kresge Dept Stores—
27 X
120
May
111
......
4X
200
Mat Bellas Hess
...
Klrkl'd Lake G M Co Ltd.lj
Kellu (D Emll) Co com..*
$5
5
100
*
'5X
50
3X
common
~
Kimberly-Clark 0% pf.100
Kingsbury Breweries
1
Kings Co Ltg 7% pf B.100
6% preferred D
100
Kingston Products
11
May
May
50
Mountain Sts Tel & Tel 100
Jan
...
May
6X
IX
!
Mar
1,600
93
Lamp A *
common
95N
20%
Kansas G A E 7% pref. 100
Keith (Geo E)7% 1st pf 100
Kennedy's Ino
May
99 X x99X
19%
Mar
514
Mountain States Power—
Apr
May
93
*99%
X
100
314
N acb man-S prl ngf llled
80
..100
500
Mountain City Cop com.5c
Mountain Producers
10
Jersey Central Pow A Lt—
preferred..... 100
8X June
12
Murray Ohio Mfg Co
*
*n
Jan j Muskegon Piston Rlng.2N
3N May
Muskogee Co common
*
2N
Feb
6% preferred
100
Apr
IN
1
2
Apr
Apr
Apr
IX
4%
5X
100
*
Montreal Lt Ht & Pow__*
Feb
IN
Jan
"i« June
8
6%
h
Moody Investors part pf. *
jMoore (Tom) Dlst Strap 1
Mtge Bank of Col Am shs._
Jan
Mar
14%
.
Jan
108%
5
May
8X June
5X
m
Montgomery Ward A
Jan
1214
1%
Feb
5X
Monogram Pictures com.l
Jan
12%
:
%
1
Feb
X May
4X May
X Mar
""600
Montana Dakota UtH_..10
4N May
10N
Apr
13 N Mar
7% preferred
100
Jones A Laughlln Steel. 100
Julian A Kokenge com..*
preferred
Monarch
Jan
L) Co
3%
42%
214 May
"m "8i4
8H
Molybdenum Corp
Feb
May
Jan
Jeannette Glass Co
100
Mock Jud Voehringer—
Common
...52.50
Feb
100
18 N
12%
X
Missouri Pub Serv com..*
6N May
37
Royalty
1
Mfg v t c
*
Irving Air Chute
..1
Italian Superpower A
*
Jan
May
Mississippi River Power-
Jan
Apr
Iron Fireman
X
X
12 X
May
May
7%
Jan
Mar
4
50c
5N May
IN
Feb
May
Mangel Stores
%
____10
Minnesota Mln <fc Mfg...
Minnesota P & L 7 % pf 100
H
3%
7%
.50
Mining Corp of Canada.
9
Vitamin...1
7,600
Midwest Piping <fe Sup..
*
Home Equip..1
Ul«
414
100 X 102
Mid-West Abrasive
Monroe Loan 80c
X
Mar
67
36X June
104
616
*
Midwest Oil Co..
100
6
""10
shares.*
Apr
23 X
Manatl Sugar opt
cum dlv
non
Ap.
N
0
X
2'4
Mar
X
May
Midland Steel Products—
N
Razor B_*
SI .76 preferred....
Oil
preferred
conv
10 N
73 N
1,300
214
36 X
X
4X8
6
com
Jan
200
IX
S3 60 prior pref
*
Warrants series of 1940.
Leonard
'36
I
Corp
Jan
200
ex
Class B.........-*...1
Class
West
17 N
""756
114
International Utility—
Class A
—*
Lane
3,500
4X
Midland Oil Corp—
300
0
IX
Registered shares.*
International Products...*
conv
t c
May
International Petroleum—
4%
v
102N
Class
5
60
A Pow warr
Ken-Rad Tube A
B
Middle
Internat Metal Indus A..*
Key Co
*is
1
Apr
9
Internat Industries Inc.__l
preferred
X
1
t C
Apr
Internat Hydro Elec—
6%
v
21N
N
N
1
International Cigar Mach
5%%
A
22
100
preferred
Jacobs (F
50
MIdvale Co
V t c common
International
75
10
.....
Mar
52
Insurance Co of No Am. 10
Interstate
53X
*
Mar
Non-voting class A
1
Class B._.........—1
Internat Safety
52 X
High
May
Feb
Middle States Petroleum-
Industrial Finance—
Internat Paper
preferred
Preferred
Jan
Indian Ter Ilium Oil—
7%
52 X
Michigan Bumper Corp._l
Michigan Steel Tube._2.50
Michigan Sugar Co
*
Jan
10
40
163% lblx
2
15
ION
IndplsPA L6%% pf—100
600
Metropolitan Edison—
Feb
Feb
19H
5*4
200
2%
25c
Mlcromatlc Hone Corp
10,
Low
2X
1
Partlc preferred-
Jan
May
Shares
X
Mesabl Iron
Jan
'M
0
High
2%
6N% A preferred... 100
Apr
5%
Imperial Tobacco of Great
Britain A lreland.._.£l
7%
May
May
Mar
May
Range Since Jan. 1,1940
for
Week
of Prices
Low
Warrants.............
Apr
6N
Jan
4,100
Imperial Tobacco ot Can.6
Indiana Pipe I-lne
Indiana Service 6%
47 N
5N
7N
6%
-•
Registered
May
Mar
5%
Imjeria! Oil (Can) coup.-*
Sale
Price
Merrltt Chapman & Scott
Jan
$6
£1
Am dep rets regis
3
Sales
Week's Range
Last
Par
Hihg
IN May
Illinois Iowa Power Co...*
STOCKS
0Continued)
Shares
Hygrade Food Prod
32
June 8, 1940
Friday
Week
of Prices
Low
Price
Exchange—Continued—Page 3
Sales
"l8X
Jan
110
May
117% May
9%
Apr
15%
Jan
21
Apr
38% May
24% May
110% Mar
Volume
Last
Week's Range
Sale
of Prices
Par
Price
High
Low
Shares
Oklahoma Nat Gas com. 15
14 *
-.60
*
1
"~4H
preferred
55* conv prior pref
Oldetyme Distillers
1,100
'"4* "lli
4,100
8*
Apr
13* May
21*
Apr
Feb
Mar
Apr
pf.25
29$*
29*
300
25
Mar
Samson United
Mar
Sanford Mills
10
Feb
Feb
8*
3*
28
May
26* May
May
101
72
May
May
Feb
15* May
34*
Apr
31*
Jan
108*
Feb
95*
Jan
6*
Feb
20
Feb
2*
American shares.......
8,500
3
2*
*
*
12
"41*
5*
700
*
5
10
*
common
Mfg
26*
25
Scranton Elec S6 pref
Scranton Lace
10
200
25*
26*
900
*
common
Scranton Spring Brook
Water Service $6 pref..*
Sculln Steel Co
Warrants.
.
.
Securities Corp general
600
*
4*
400
Common...
1
35*
Jan
Convertible stock
5
"loo
41
May
49*
Feb
16*
Apr
36* May
15.50 prior stock
25
Allotment certificates.—
200
#11
May
200
27
May
30
32*
*
May
*
Mar
May
Apr
*
*
2*
*
2*
400
50
Amer dep rets reg
£1
1
*i#
1
May
6*
May
Jan
Apr
Shattuck Denn Mining...5
64
65
Jan
*
37
104* 104*
99* 102
'ferred
Pennsylvania tugar com
50
4*
100
25
Phlla Elec Co $5
97* May
rl58* May
2
.
Jan
113*
Mar
112
Feb
185
May
Conv 53
300
""*75
3*
500
6*
6,700
3*
*
6*
...........1
25
pref series A. 10
5*
25
24
11
250
11*
200
1*
1*
2,000
6*
Pierce Governor common.*
Pitts Bess & L E RR
6*
400
60
Pittsburgh Forgings
1
9
Pittsburgh & Lake Erie.60
52
8*
May
May
28*
Mar
May
8H
8*
Jan
5
June
May
29*
June
3* May
5
May
20* May
9*
Jan
Boss Mfg com
May
Jan
8*
May
45
Feb
13*
61*
Apr
May
May
70
June
12*
78*
2,200
Pleasant Valley Wine Co.l
1*
1*
100
1*
7.50
7*
7*
400
7* June
*
*
100
Powdrell & Alexander...5
1st preferred..—100
*
Pratt & Lambert Co
5*
1
Metals of Am
*
Nev__20
7
22
27
300
24* June
25
preferred B
6%
Mar
Soutnern Union Ga-<
Jan
8*
Feb
81*
Jan
24*
Apr
Spalding (A G) A Bros...1
5% 1st preferred
*
Spanish & Gen Corp—
Am dep rets ord reg._£l
Spencer Shoe Corp....—*
Stahl-Meyer Inc.
—*
1*
Jan
10
Feb
*
2*
8*
300
95
95
100
■
4*
95
May
May
7i# June
preferred———10
Standard Dredging Corp—
102* May
/104* May
110* May
107
May
113*
Mar
Conv
in
1
10
80
81*
450
67
May
42
350
3j>
May
100* May
69* May
$5
Common class B
99
0% prior lien pref
100
7% prior lien pref—100
104*
99
50
104* 105
70
99
June
99
104* June
109*
Feb
113* May
—
1
*
Preferred......... ....*
Standard
Products Co—1
Standard Silver Lead.—.1
58
16
69*
19*
325
17
925
18*
17*
18*
1,600
13* May
11*
Jan
"95"
"97""
510
95
142
142
80
68
*
50 preferred———
Puget Sound Pulp & Tim *
May
80
Jan
32*
29
Jan
May
Standard Steel Spring—..5
Standard
142
May
154
May
"5* "5*
*
*125
Railway & Util Invest A.l
Raymond Concrete Pile—
7*
*
May
13
Feb
10*
*
Feb
7*
50
5* June
*
Feb
6* May
May
Apr
Feb
Feb
14
Feb
40*
Mar
phate & Acid Wks
Jan
1*
Feb
*
May
2*
Jan
200
16*
May
26*
Jan
May
Jan
Stroock (S)
Jan
*
Feb
Sullivan Machinery
May
4* May
13*
Mar
Apr
Apr
100
10*
4*
4,800
"12* "l2*
'""266
10*
10
Co
"6*
*21*
*
1
Gas Co-
Rice Stix Dry Goods
Radiator
17*
"766
28*
600
*
Jan
12 *
4
June
19*
Mar
May
z5 *
Jan
2*
Apr
Superior Port Cement
$3.30 A part.....
*
Jan
'11
Jan
Swan Finch Oil Corp.
Jan
*
97
0% preferred D
100
Rochester Tel 6*% prflOO
97
25
95
May
104
94*
Rochester G&E16% pfClOO
97*
50
94
May
105* May
116*
Feb
"n* "n*
"loo
"i""
100
116*
11*
Inc..*
11
Feb
May
14
Jan
"26* "21*
"600
19
May
100
1
Jan
1
15*
15*
150
'~8~
May
6
1*
12*
Jan
3*
Jan
Mar
Feb
1* May
42*
2*
Rustless Iron A Steel.—1
42*
"T*
*
.2*
9*
pref—.—*
Ryan Consol Petrol
*
52.50 conv
3637
44
200
100
2*
10
1,100
"I* "l*
"566
May
7*
Jan
*
Royallte Oil Co Ltd..—*
3*
5*
Apr
'11
Feb
42*
June
2* May
8
40
"65"""
Mar
5
Mar
May
15*
Jan
10*
10*
100
May
50
Apr
1* May
2*
Jan
May
33
May
*600
Jan
Jan
1* May
25
2* May
700
3*
5*
1*
....
1*
3*
Jan
6
6*
*t«
Mar
7* May
6* May
8
1*
1*
1,000
22*
a34
May
1* May
22*
Feb
100
33*
200
21
May
6
a34
15
common.*
pref-100
2
Thew Shovel Co com
5
Tllo Roofing Inc
1
Tishman Realty & Constr *
Tobacco & Allied Stocks—*
Tobacco Prod Exports.—*
Tobacco Secur Tr—
Texon Oil & Land Co
registered
Todd Shipyards Corp
Apr
10* June
May
—•
1
Tampa Electric Co com..*
Tastyeast Inc class A
1
Taylor Distilling Co.——1
Def
'u May
2
Sunray Oil
Ordinary reg
15* May
100
3
26
3
26 •
3
26*
200
£1
5s
*
2*
"loo
10
1,100
8*
"250
10
14
10*
49
50
9*
103
4*
4*
300
150
400
May
12* May
9
May
* Jan
48* May
3* May
10*
*
58*
59
"loo
Apr
Jan
May
May
2
13*
May
25* May
*
*
""""*""*
9*
"966
Texas P & L 7%
ord reg—£1
com...5
Roosevelt Field Inc......5
Root Petroleum Co
1
51.20 conv pref
20
Rossia International
*
Am dep rets
Rome Cable Corp
Mar
May
6
x
xie May
*
Technicolor Inc
Rolls Royce Ltd—
Mar
100
*
Taggart Corp com
1,200
*u
400
Class B common..—..*
*
*
Voting trust ctfs—.1
16* May
26* May
6*
6*
1
Co.———1
1
5*% conv pref
50
Superior Oil Co (Calif)..25
6*
*
1* May
4*
17
28
May
Sun Ray Drug
hi
4*
1
{Reynolds Investing
1
Rheem Mfg Co—.......1
Republic Aviation
May
20
Sterling Inc. . . ...——1
Stetson (J B) Co com....*
Stinnes (Hugo) Corp....6
50c
Reliance Elec & Eng'g—6
8* May
*
Stein (A) &
300
6
100
57
*
11
18
8*
Steel Co of Canada—
4*
17*
15* May
Starrett (The) Corp v t c.
*
1
18
May
250
102* May
Co common..*
Sterchl Bros Stores
*
6% 1st preferred
50
6% 2d preferred
20
Sterling Aluminum Prod.l
Sterling Brewers Inc
1
May
34
preferred.....*
Raytheon Mfg com....60c
Red Bank Oil Co
Reed Roller Bit Co
*
Reeves (Daniel) common.*
conv
17*
28*
Ordinary shares.———*
8
142
100
Quebec Power Co—
May
6*
300
1
Inc.20
1
10*
7*
126
Mar
June
7*
4*
Pyle-National Co com...5
Pyrene Manufacturing..10
Quaker Oats common
*
Mar
Jan
7*
17
Phos¬
Wholesale
Jan
May
8* May
1
Standard Tube cIB
May
7*
16*
100
preferred
Standard Pow & Lt
Jan
May
8*
16*
Standard Invest $5* pref *
Standard Oil (Ky)
Jan
1*
*
1
Common..--.
Standard Oil (Ohio) com 25
80
"60
1*
8
*8* "lo"
Standard Cap & Seal com. 1
Apr
5* May
2*
*
Standard Brewing Co
Jan
Feb
6*
9*
9*
"266
14*
SI.60 conv preferred..20
38*
For f 'Otnotes see page
*5* "5*
Southland Royalty Co...6
May
Feb
8*
25
Preferred A
Mar
4* May
*7* June
200
7*
10
*
Southern Pipe Line
Jan
June
66
Southern Phosphate Co. 10
Apr
15
1*
167
South New Engl Tel...100
Jan
11
28*
7% preferred.......100
Jan
1*
Feb
May
May
May
May
500
Apr
13*
* May
May
1,000
4* May
5
*
Puget Sound P & L—
55 prior preferred
5% original preferred.25
Jan
35
Edison—
1*
700
5
...
Royal Typewriter
Russeks Fifth Ave—
1,200
Jan
28*
600
6
*
100
Roeser & Pendleton
*30* "33""
33
1*
3* May
1* Mar
28
May
26*
Mar
..100
57 prior preferred
Rio Grande Valley
100
1*
Public Service of Okla—
Richmond
2,100
3*
25*
Public Service of Indiana—
Reiter-Foster Oil
* May
1*1*
27*
42
*
50 preferred.
53
25
Apr
May
Feb
5 * % pref series C...26
Public Service of Colorado
Common
Oil
Calif
Mar
May
Southern Colo Pow cl A.25
May
-*
Prudential Investors
Southern
100
*
3*
*
4*
Jan
32
Prosperity Co class B
Providence Gas.
....
Ry & Light Secur com
"460
2
1 *
1
200
1
Inc com..
preferred
Penn
108"
95
South Coast Corp com—.1
South
Jan
May
Jan
104
May
* May
* May
2* May
7
Power Corp. of Canada.
0%
105"
1
81*
Jan
10
May
25c
5
Premier Gold Mining....
Apr
Jan
1*
9*
1*
13
Pneumatic Scale com... 10
50 preferred
7,100
1
Solar Mfg Co
1
So no tone Corp.—.......1
18*
4*
5
15* Mar
Apr
4*
7% pf 100
47*
May
May
70
0% 1st preferred
7% 1st preferred
4*
Skinner Organ
0
9
11*
Producers Corp of
*
Pattern com„1
Simpson's Ltd B stock...*
Feb
2
8
11*
Pressed
$3 conv pref..
Sioux City G & E
Jan
May
19
Jan
31*
6*
May
5* May
8
.*
Feb
120
June
43
70
Prentice-Hall
106
Slmmons-Boardman Pub—
Singer Mfg Co
100
Singer Mfg Co Ltd—
Amer dep rets ord reg.£l
1*
170
Pittsburgh Plate Glass..25
0%
May
20
Line stamped..—.—.25
SIlex Co common
Simmons H'ware & Paint. ♦
1,100
Pittsburgh Metallurgical 10
Co
108.7
Simplicity
4
May
May
bhreveport El Dorado Pipe
Jan
53*
9
50*
300
Potero Sugar common
108
Jan
53
3*
10
65
Southwest Pa Pipe Line. 10
Meter.........-.....*
Polaris Mining
700
200
1,050
5% cum pref ser AAA 100
Apr
Pitney-Bowes Postage
Plough Inc com
4*
10*
09
16*
72*
90*
39
Pioneer Gold Mines Ltd.-l
.
4
10*
67
Feb
Phoenix Securities—
Common
4*
10*
com..25
bherwln-Williams
53* May
114*
8% pref.25
Phillips Packing Co
'""200
5*
5
*
pref
"4* "T"
"29* "30*
Philadelphia Co common.*
Pnlla Elec Pow
38* May
22
1
55
*
Pilaris Tire & Rubber
56*
55
100
Perfect Circle Co
* May
103* May
12
66*
Penn Water & Power Co.*
Pepperell Mfg Co
175
50
20
Penn Salt Mfg Co
Apr
Mar
Sherwin-Williams of Can.*
Pennsylvania Gas & Elec—
Class A common
*
pr
3
Shawlnigan Wat & Pew..*
,
Jan
Sentry Safety Control
2*
2,000
May
Mar
22*
2,900
May
37
May
1H May
Jan
11*
1*
14*
* May
2* June
Selfridge Prov Stores—
Pennsylvania Edison Co—
55 series pref
*
56
Jan
35
Serrlck Corp
1
Seton Leather common...*
Penn Pr & Lt 57 pref
*
3* May
Selected Industries Ino—
May
2*
>2.80 series pref—
Jan
4* May
*u May
8* May
Jan
12
1*
May
9
4,100
Segal Lock & Hardware—1
Selberling Rubber com...*
Jan
28*
13
22*
* Mar
35* May
*
Seeman Bros Inc
200
46
...
Feb
11
1*
14*
May
May
45*
6*
6*
*
com
.—
3*
50c
1
May
"23* "May
10*
27*
com.l
Mar
*
*
12*
2*
Cent Airlines
May
*
May
Penn Traffic Co
Penn
May
48* May
4* May
29
May
300
Penn-Mex Fuel
Pennroad Corp com
May
2
100
*
20
41 *
375
55
*
6
3*
41 *
4,200
5
8
7*
com*1
25
51.40 preferred
5*
Selby Shoe Co
10
Parkersburg Rig & Reel_.l
Patchogue-Ply mouthMllls *
A
Feb
2* 7 2*
52
54
Jan
Paramount Motors Corp.l
Peninsular Telephone
5*
2* June
Scovill
2*
Corp com.l
—
* May
9
1
Savoy Oil Co
Low
2
100
Salt Dome Oil Co
4* June
May
Week
700
1
5
preferred...
50
Pantepec Oil of Venezuela-
Pender (D) Grocery
Class B
7%
117
Feb
■4
74*
*
Parker Pen Co
St Regis Paper com
May
20
74*
Pacific Public Service...
com..
Price
St Lawrence Corp Ltd...*
Class A $2 conv pref..50
Schlff Co
1,300
30
26* 27*
101
101
pref..*
7 % pref —100
preferred
Ryerson & Haynes
May
1*
2* May
Feb
1st preferred...25
1st
May
13*
Pacific Lighting 55
51.30
May
110*
108*
5
Securities
Pacific P & L
Shares
39
Pacific Can Co common..*
5*%
for
of Prices
Low
High
100
...1
Pacific G & E 0% 1st
116*
May
*
Oliver United Filters B
Omar Inc
Overseas
14*
14*
110* May
6
120
Oilstocks Ltd common...5
S3
Apr
107
103
111* 113*
Week's Range
Sale
Par
104
113*
Ohio P S 7% 1st
Last
High
Low
94* May
preferred-_100
pref
100
pref—100
0% 1st preferred
100
Range Since Jan. 1, 1940
STOCKS
{Continued)
1,1940
Range Since Jan.
for
Week
Ohio Oil 0%
Ohio Power 0%
Sales
Friday
Sates
Friday
STOCKS
{Continued)
3635
Exchange—Continued—Page 4
New York Curb
149
55
Mar
Apr
May
New York Curb
Exchange—Continued—Page 5
3636
Friday
STOCKS
Last
(Concluded)
Sales
Week's Range
Sale
Pai
Toledo Edison 6% prel 100
Price
103
of Prices
High
Low
100
for
Week
95
Olflflft
—1
#
A
2*
1
mm'm
2A
21
VA
"VA
Series B pref
Union Gas of Canada
1A
350
VA
600
'1,100
A
A
100
*
Union Investment corn..."
Union Premier Foods Sts.l
14*
14*
"llA
"io"a "11 a
United Chemicals com—*
S3
A oart pref
cum
OA
1
1
89
1A
88 A
warrants
United G & E 7% pref. 100
United Lt A Pow com A—*
May
1A
Apr
♦Maranhao 7s
3A
*
~20A
Jan
10% preferred...
United Specialties com—1
U SFoll Co class B
1
U S Graphite com
"1,960
5,400
500
Jaa
\*
Jan
Apr
13*
Plywood
16
1
20
U 8 Stores common
60c
1st $7 conv pref
65
1A
A
8A
Feb
2*
Jan
May
Tx«
Jan
89
Jan
4 a
m
100
3A
4A
4*
210
2A
2 A
Apr
Jan. 1
High
Range
x
a
x
a
1
x
a
1
1
1st A ref 5a—....—-1968 y bbbl
106*
105*
104*
105*
105*
104*
101*
102
106*
105*
105
102*
12,000
105
11,000
1st A ref 4*s
1967
ft
bbbl
99
4
92
91*
1963
1st mtge 4s
Debentures
99*
2016 y bb
3
108
y
% I
100
104
99
76,000
93*
bbb3
107* 108*
104
104*
14,000
x
2024
x
bbb3
122
x
bbb3
1,000
34,000
b
122
106 *
98* 103*
90* 105*
44,000
...1948
4*s
109
104* 107*
105*
3,000
16,000
106*
7,000
ill*
103* 108
122
129
y
Apr
May
7A
dddl
z
dddl
11
11
12
4,000
10
45
Apr
Jan
Apr
z
83 *
June
z
dddl
U
11
18,000
10
28*
11*
11*
11*
10
11
22,000
10*
28*
34*
61
75
54
39 A
3A
May
7*
Apr
3 As
May
7A
Feb
May
May
8
Apr
May
May
71
1H
300
2A
3A
1,000
~~2H
*
Feb
Mar
6
Feb
Jan
'II
Apr
36*
Apr
2*
Feb
2A
28*
May
May
5*
Apr
May
Jan
1A
Jan
Apr
ht
VA
*
4A
Mar
*
1A May
2A
Apr
May
600
1A
May
A May
2 A May
3A
3
v:4/,:;-,
2,800
6
Jan
15
100
15
va
54
100
1*
50
54
""*
38
*
~~i()6
75
38
27 A
400
A
50
Bell Telep of Canada—
1st 5s series B
aa
x
aa
x
aa
2
1968
x
bbb3
72
Jan
Apr
Jan
Mar
9
June
20*
1*
Jan
May
21
29
30
H May
63
Apr
Apr
1 *
Jan
May
84
May
7 'f May
12
Apr
May
5
May
Apr
Feb
May
May
6*
99*
99*
95
96
1
26
2
70
5*
1*
Apr
1*
Feb
15* May
May
4* May
5
11*
9*
112
26
9,000
25*
41*
67*
70
25,000
64*
83
103* 104
5,000
43,000
103*
106
41
25*
bb
40
44
bb
77
79*
4,000
77
93*
1955 y bb
80
81
2,000
4,000
80
95*
70
80
1
1966 y b
40*
Conv deb 5s
1950 yb
73*
71*
Debenture 5s
1958 y b
71*
Debenture 6s
1969 y b
71*
Cities Serv P A L 5 *8
1952
b
81
1949 y b
$A s
(Bait) 3*s ser N
81
y
85*
1971
1st ref mtge 3s ser P
Consoi Gas (Bait City)—
Gen mtge 4*s
x
aaa4
.1969
x
107
a4
a a
1958 ybb
4
1944 y b
2
6s
ser
Jan
Cuban Tobacco
Apr
Apr
Cudahy Packing 3*8
Jaw
Jan
Jan
Mar
Apr
80*
85*
tl27
aaa4
b
73*
70*
70*
71*
79*
74
72
71*
71*
81*
82*
86
49
365,000
34,000
65*
78*
66
77*
31,000
66
76*
92*
92*
60,000
76*
29,000
75*
23,000
81
130
105* 107
104* 104*
tl26
37 >>
97*
135*
127
15,000
105
111*
104* 109
4,000
128
124* 127*
Consoi Gas Utll Co— '
5s
Delaware El Pow 6*8
Detroit Internat Bridge—
Aug 1 1952
♦Certificates of deposit
♦Deb 7s
Aug 1 1952
Eastern Gas A Fuel 4s
4
2
1955 x a
1959 xbbb4
♦6*s
z
cc
c
c
82*
81
*45
"95*
95*
104
84
82*
75
90*
80
52,000
55
94
50
14,666
104*
2,000
104
4*
3,000
2
4*
4a¥
6*
6*
*
78*
109*
72*
78
El Paso Elec 5e A
1960
Empire Dlst El 5s
1952 xbbb2
80* 131,000
109*
17,000
70*
72*
53,000
110
112
10,000
103* 103*
2,000
102
102*
3,000
1953 y b
*25
x
99*
107
4
1
1956 y bb
61*
93
96
1
z
*78*
1
z
Edison El 111 (Bost) 3*8,-1965 x aaa4
Elec Power A Light 5s
4
2030 yb
Elmlra Wa Lt A RR 5s...1956 x a
4
bbb3
74*
108
108
70
1
85*
112
84 *
110
120
103
106
101* 105*
Ercole Mare 111 Elec Mfg—
1
Erie Lighting 5s
1967 xa. 3
Federal Wat Serv 6*s
4
1954 y b
Finland Residential Mtge
Jan
7*
5*
Jan
June
12*
Feb
ser C
Florida Power A Lt 5s
3* May
6*
Jan
30
106* 106*
2,000
25* 47*
106* 109*
89
101*
Gary Electric A Gas—
Jan
Banks 6s-5s stpd
Florida Power 4s
1961
y
cccl
J20
28
24
May
28*
*7
15
12
Jan
7* June
13
15
Feb
May
Jan
20
14
Feb
15*
15
14*
Feb
16
18
23
20
X2 A
7
2
1953 y b
1
1956 ybb
2
1948
z
10
52
Jan
49
Mar
7
"9§""
4
1
1978
b
1953
b
bb
3
"96*
1
1965
a
ccc4
1941
Grand Trunk West 4s.—
1950
Gr Nor Pow 5s stpd
...1950
Green Mount Pow 3*8...1963
1938
59
83
70
65,000
101
103* 107*
59
9,000
io'ooo
75
89
33T666
to
the
new
91
70
78
2
52*
*40
*60
101
52*
15,000
1,000
50
1
26
26
1
*/
108*
99* 105*
52* 63*
49
'3,000
53
26
42*
15*
16
40
cccl
35
Apr
column
In
75
"66* "75*
Mar
13*
87 *
100*
70
b
z
25~666
106
101
c
56
98* 102
70
2
ccc2
97* 102
9,000
73
62
105
*106* 112
3
2
aa
„
93*
57
98* 104*
100
94
50
*.—
66*
67*
90
*....
a
1958
1948
60*
"67"
39,000
99*
60
97
95*
104* 105*
a
1945
Guantanamo A West 6s
Guardian Investors 5s
4
105
56
*92*
90*
*66
100*
Jan
14
58*
ccc2
1967
Glen Alden Coal 4s
Gobel (Adolf) 4*s
A St Ry 5*8
Mar
7* May
7* May
*98*
3
1943 y bb
♦Hamburg Elec 7s
1935 zdd
♦Hamburg El Underground
May
:
22*
101* 102* 102,000
Apr
May
0
X8A
X8A
Danzig Port A Waterways
May
50*
100
Grocery Store Prod 6s
X7
X7
18,000
102*
♦Gesfruel 6s
Bogota (see Mtge Bank of)
*35*
94*
100
Georgia Power ref 5s
Georgia Pow A Lt 6s
Feb
93*
1954 xbbb3
1944 ybb
1969 x a
♦General Rayon 6s A
Gen Wat Wks A El 5s
29
93*
1966 xbbb3
General Pub Serv 5s
Gen Pub Utll 6*s A
22* May
Attention is directed
36,000
bbb3
y
%
For footnotes see page 3637.
5,000
4,000
27*
26*
y
Cities Service 5s...
4*
24
12
14,000
z
Feb
2
X20
♦External 6 *s
1952
♦German Con Munlc 7b '47
♦Secured 6s
1947
23,000
64
x
x
for
tl6 A
103*
65
100*
63
83*
103* 107*
95* 101*
1927
1954
Sales
X16A
95
1956
1943
17* May
11*
Apr
7*
Feb
6*
Feb
7* Mar
100
1953
3,000
..1952
A stamped
Cont'l Gas A El 6s
59*
9* May
3* May
5A
Jan
4
May
* May
7* May
5* May
Ry 4*s series A
{♦Chic Rys 5s ctfs
Cincinnati St Ry 5*s A
6s series B
aaa4
May
100
1955
63
103* 104
96*
97*
26*
x
Week
1952
65
64
27*
5s ex-warr b temped
Gatin®au Power 3*s A
Cent Bk of German State A
♦Prov Banks 6s B..1951
152
3
Conn Lt A Pr 7s A
...1951
Consoi Gas El Lt A Power—
May
5
1,000
138*
90
Apr
May
14
4*
7A
89* 117
2,000
90*
Apr
Jan
May
3* May
4* May
7A
88* 116
30,000
10,000
10
GOVERNMENT
7H
47,000
98*
130*
91*
74
2*
7*
6*
5
1951
95
90*
bb
102
4*
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946
♦20-year 7s
Jan 1947
92*
3
y
May
1A May
300
BONDS
95* 105
12,000
Community Pr A Lt 5s—1967
3A
5
AND MUNICIPALITIES—
103* 110
93
Apr
200
2,900
104* 107*
92
1
Apr
»ii
2*
92
3*
93
91
88*
91
89*
138* 139
y cc
.1948
65*
400
"166
Cent States Elec 5s.
June
Jan
'166
3,000
Chicago A Illinois Midland—
Jan
125
90*
139""
"97*
Jan
Mar
4A
30
4,000
103* 109* 117,000
4
1A
38
1A
OA
D
/i*g
1954 y cc
Cent States PAL 5 *8... 1953 y b
2
100
ser
—1942
Apr
Feb
4
"306
3*
1959 y bb
1954 y bb
A May
93 A
15
109
3
1998
...
1*
5
3A
3
x
.......1960
Pa series C—
1957 y bb
98
1
2
Bethlehem Steel 6s
6*s series A
6s
1957
bb
Cent Power 5s
May
'~6A "~6*
Wolverine Portl Cement. 10
Wolverine Tube com
2
*
2
1
"lA "lA
Winnipeg Electric B com.*
Wisconsin PAL 7% pf 100
—1950
2
30
"5A "l~A
Williams Oll-O-Mat Ht..*
1
Wilson-Jones Co
*
Wilson Products Inc
6s
Mar
31
1
♦Convertible
a
700
Western Tablet A Station'y
Wichita River Oil Corp_.lu
Williams (R C) A Co
•
100
a
1A
100
OA
99
too
6*
6
15
t90
2
x
"266
1
15
2
1947 y bb
x
A May
A May
1A
1947 y bb
7,000
62
Baldwin Locom Works—
1956 xbbb2
12 A
2
4A
5s with warrants
5e without warrants
11*
Avery A Sons (B F)—
Canadian Pac Ry 6s
3A
92
3
x
Carolina Pr A Lt 5s
74
1A
aa
*64
Canada Northern Pr 5s ...1953
3
1.25
Atlantic City Elec 3*8
Mar
100
7A
11
104* 105
104* 105
Broad River Pow 5s
Apr
May
11*
102* 108
38* 62*
17,000
13
2
Mar
2
til *
42
+57 *
Mar
23*
41
3
Mar
900
66
"5"A "V"
dddl
13
A May
7A
dddl
z
24
17
H
z
1977
May
50
25
1968
♦Conv deb 5*s
May
•it
65
♦Debenture 6s...
4
14* May
1A May
z48A May
Feb
1A
104* 104*
41*
AssocT AT deb 5*8.....A '55 y b
Atlanta Gas Lt 4*8
1955 x a
2
"5*"
104*
'
1950
Birmingham Elec 4*8
Birmingham Gas 5s
1A May
66
♦Conv deb 5s
3
15
""l66
T
Western Maryland By—
Since
3
Low
1953
1A
Western Air Express.....1
Western Grocer com
20
♦6 series A
for
Week
Price
{Associated Gas A El Co—
♦Conv deb 4*8..
...1948
♦Conv deb 4*8
.....1949
1A
West Texas Utll 56 pref..*
West Va Coal A Coke....*
Danish 5*8
Ext 5s...
Sales
Associated Elec 4*8
19 A
*
1948
Feb
Mar
Feb
...........
Valley 7s
Jan
*
Feb
26
..1
Wayne Knitting Mills...6
♦Cauca
•11
17*
Jan
Feb
Walker Mining Co
♦Baden 7s
14*
1*
920
7% preferred.......100
FOREIGN
5,000
A
A
243*
350
♦
Wright Hargreaves Ltd..*
he
20
Mar
Jan
22A
Watt A Bond class A....*
Class B_
*
Amer dep rets
Mar
May
27 A
.._*
Petroleum
Woolworth (F W) Ltd—
Mar
16*
10*
A
20 A
1
Weyenberg Shoe Mfg
46*
Jan
5* May
*
Jan
*
Jan
Arkansas Pr A Lt 5s—...1956
26 A
Van Norman Mach Tool.6
Common......
..._*
Westmoreland Coal new.20
Apr
OA
Appalachian Elec Pow—
20A
6
Wellington Oil Co...
16
7,000
6,000
5*
Apr
of Prices
1951
Apr
...1
Wagner Baking v t o
Mar
Weeks' Range
1946
Apr
500
1
Vogt Manufacturing
Mar
14*
Sale
1st A ref 5s.........—.1956
Mar
27
Utility Equities com...10c
S6.60 priority stock
1
Utility A Ind Corp com. .6
Conv preferred
7
{Utll Pow & Lt 7% pf.100
7% pref.. 100
26*
Jan
Co—
74
52 a
2 A
Utah-Idaho Sugar
6
Utah Pow A Lt S7 pref...*
Woodley
Power
27
3
.....
Petroleum
Feb
12
Last
1st A ref 6s
Feb
1,700
39 A
1
Valspar Corp com
54 conv preferred
26
20
7A
T,3OO
57 A
39 A
4H
Universal Products Co—*
Utah Radio Products
26*
Friday
&
1st 5s
May
1,800
60*
40 A
60
8
Universal Pictures com
7% 1st preferred
Alabama
Am Pow A Lt deb 6s.
*
1
Jan
See 1
Jan
Universal Cooler class A..*
Universal Corp v t o
Universal Insurance
Jan
26
Rating
Jan
239
10
Class B
Apr
Mar
Jan
.......
Wentworth Mfg
Elig
BONDS
Mar
108 *
May
Bank
RAILROAD and INDUSTRIALS
Apr
1A
39
*
2
10*
13*
15
28
tl4
1949
1*
United Stores common.60c
United Wall Paper
Universal Consoi Oil
2,000
28
t*
*
1921
♦Santiago 7s
A May
A May
16 A May
100
1
com
Waco Aircraft Co
Govt 6*s__1919
♦5*s
7*
5*
Apr
Feb
A
U S Rubber Reclaiming..*
Va Pub Serv
♦Russian
5* May
8* May
7* June
8
Feb
May
A
2,000
S6 1st pref with warr—
51 * conv pref
Feb
12
♦Rio de Janeiro 6*8.1959
3A
uit May
88
4 A
6
*
12*
Jan
U 8 and Int'l Securities..
U S Lines pref
Jan
26
♦Parana (State) 7s
May
8A May
May
A May
A
Jan
6 A
Jan
10
26
12
6
12
Mtge Bk of Denmark 5s '72
1958
Jan
Apr
Appalac Power Deb 6s
Preferred
Apr
20
X20
J20
til
tl5
♦Issue of Oct 1927
6A
15*
United NJRR4 Canal 100
Venezuelan
May 1927
8
Jan
100
United Profit Sharing..26c
S
Feb
2", 100
Am dep rets ord reg
U S Radiator
♦Mtge Bk of Chile 68.1931
11
Feb
—*
United Shoe Mach com.25
High
Apr
Apr
United Molasses Co—
U
39A
3A
♦Issue of
70
"i§"
19
Lew
11
Mtge Bk of Bogota 78.1947
20
50 1st preferred
United Milk Products..
Range Since Jan. 1, 1940
t
20
7A
3*
200
A
1958
♦Medellin 7s stamped. 1951
19*
A
A
1958
Feb
64*
79
A
(City) Peru—
♦0*s stamped
X6A
X7A
A June
Jan
z8A
10 A
Jan
Jan
*
Common class B
Week
High
X5 A
X6
May
89
A
53 partlc pref
Apr
14 a
OA
'"a
•it
United Corp warrants—
United Elastlo Corp
*
Option
»«•
ht
59 A
Un Clgar-Wbelan 8ts._ 10c
for
of Prices
Lima
Jan
64 A
6A
*
United Gas Corp com
1
1st $7 pref. non-voting.*
Apr
Apr
200
14*
Un Stk Yds of Omaha.. 100
United Aircraft Prod—
Jan
2
""166
24
"3 A "3 A
*
*
10
Unexcelled Mfg Co
115
May
A May
z8A
Jan
4* May
20
May
IA May
6 A May
3A May
A May
A May
1A
Feb
7 A May
2A
Mar
700
Week's Range
Low
♦Hanover (City) 7s... 1939
♦Hanover (Prov) 6*s_1949
A
200
*
"~5A ~~5A
1
Tung-Sol Lamp Works.—1
80c oonv preferred
.♦
Udyllte Corp...
lUlen A Co ser A pref
May1
3,300
2H
A
Corp—1
mmm
Mar
'11
Trunz Pork Stores Inc.-
■'
109
ht
Transwestern Oil Co—-.10
Last
Price
1940
Sales
Sale
High
May
104
Trl-Contlnental warrants
Tublze Chatillon
BONDS
(Continued)
Lou>
120
7% preferred
100
Tonopah-Belraout Dev.lOt
Tonopab Mining of Nev.l
Trans Lux Corp
Range Since Jan. 1, 1940
Shares
103
June 8,
Friday
this tabulation pertaining to bank
eligibility and rating of bonds.
See
Volume
New York Curb
149
3637
Exchange—Concluded—Page 6
Sales
Bank
Friday
Bank
Friday
Elig. <t
Last
Week's Range
for
Range
Elig. dk
Last
Week's Range
for
Rating
Sale
of Prices
Week
Since
BONDS
Rating
Sale
Week
Jan. 1
(Concluded9
See a
Price
of Prices
Low
High
BONDS
See A
(<Continued)
1943
Houston Gulf Gas 6s
Price
x
y
bb
1966
102
x aa
102
101
107M 107 M
101
3
107M
$
High
Low
bbb3
1943
convdeb 6 Ms
Houston Lt A Pr 3#s
Sales
*7
b
65
66
*65
72
Idaho Power 3#s
1967
x aa
105M 106 M
111 Pr A Lt 1st 6s ser A.
1953
x
5.000
2,000
10.000
100 M 105
100
103M
106M 111#
35
1949 y b
v;
♦Hungarian Ital Bk 7#8.—1963 z c
1949
Hygrade Food 6s A—
6s series B
-
1st A ref 5 Ms ser B
1st A ref. 5s ser C
y
bbb3
1954
x
x
bbb3
Indiana Hydro Elec 5s
1958
y
3
bbbl
1950
y
b
1957 y bb
May
99 M 100
2
94#
21,000
87
93
93 M
2,000
93
"62""
60 M
62 M
61
11,000
57
56
73#
60
85
"
1968 x
105
5,000
4,000
21#
26
24 M
26
4.000
23 M
1957 y b
7s series F
23,000
57,000
24
5,000
52 #
34
b
7s series E
85
105 M
54
55,000
31,000
105
a
1955
98 M 107
94 M
60
1952 y b
101M
100
73 M
109 M
26
"52#
1952 y ccc2
Debenture 6s
34 M
1957 y bbb4
Iowa-Neb LAP 5s
1961 y bbb4
6s series B
Iowa Pow A Lt 4
Ms
35M
103 M 103M
103 M
1103
106M 106 #
"2^666
38 M
30 %
32
3,000
39,000
1952 y b
1963 y cc
6s
3,000
38M
106 #
1958 x aa
Isarco Hydro Eleo 7s
Italian Superpower
Jacksonville Gas
—1942
39M
z
b
3
a
4
103 M
4
105
6s series B
1947
x
4 #s series C._
1961
z
a
1966
z
>12
Kansas Gas A E ec 6s—-.2022
Lake Sup Diet Pow 3
Ms.
-1966
-
6% perpetual certificates
Pub Serv of Oklahoma—
4s series A
103
1,000
39M
103 M
104 M 105
*102# 110
*117
5Ms series A
30 M
42
39
53M
x
aaa2
Ref M 3 Ms
123
106M
127M
6s
104# 108
x
aa
4,000
107
1965
x
aa
2
1945
1943
1967
y
bb
2
y
bb
2
X
bbb2
1978
X
bbb3
loo"
1955
x
bbb3
103M
Mississippi Power 5s
1955
X
bbb2
Miss Power A Lt 5s
1957
1951
x
bbb3
x
aa
bb
2
Nat Pow A Lt 6s A.——2026 y bbb2
2030
y
{♦Nat Pub Serv 5s ctfs—1978
x
1981
x
68 series A———.2022
Nelsner Bros Realty 6s —-1948
1956
1948
Nevada-Calif Elec 5s
New Amsterdam Gas 5s
bbb2
.
x
55
98
99
99# 101
37,000
9,000
86 M
5s
Conv deb 5s
3
bb
15,000
1,000
86 M
4,000
1,000
97
101M 101M
20
5,000
109
101M
110#
8,000
27,000
20
1,000
110M 110#
1113
3,000
68
68
aaa2
73 M
104
20
7,000
37
8 000
104
106#
90#
1.000
90
105#
1.000
105
40
108#
60
90#
4
2
60#
61
61
Dec 1 1966 y b
61
24,000
49
*4#
62#
14,000
61,000
34,000
49#
48
74#
74#
74#
62#
16M
16
17
1940
x
30
30
1946
Z
y
b
Texas Elec Service 5s
1953
I960
x
bbb4
103 M
Texas Power A Lt 5s
1956
x
a
2
106M
7s 2d stamped 4s
7s 2d stamped 4s
Ternl
Hydro El 6 Ms
6s series A
93
94#
16,000
93
61#
62#
62#
1942
y
bb
♦Income 6s series A
1949
y
bb
5,000
100 M 101M
1950
1954
Debenture 5s
y
101M
99;
99
bbb2
z a
x
a
91
91
103
4
4
x
aa
105
105 M
104
aaa3
x
1953 yb
Nippon El Pow 6Ms
1949
x
United El Service 7s
3
"in#
19,000
91
103M
97
103M
105M
104
5,000
J53
81
95#
28,000
102 M 105 M
11,000
1,000
104 M
1,000
111M HIM
1
3
1956 yb
Ltg Prop 3M 8—1947 X aa 4
97
;
1948
1957
N' western Pub Serv 5s
46#
20
30
22
46
~6~666
18,000
101# 106#
12,000
104# 108#
109
119#
88# 103#
109
1,000
91
92
8.000
57#
58
20,000
"91"
57 #
1956 ybb
aaa4
H4 M
*7
8#
114# 114#
8.000
1
28
28#
3,000
♦United Industrial 6Ms—1941 z cccl
♦1st s f 6s
I
1945 tb
20
20
1,000
*16
35
62M
102
109
106 M
111M 114M
52
65
y
b
x
4,000
4,000
98
104 M 104 M
35
35
104 M
bbb4
3
102
94
104
3.000
35
5,000
102
101
56
69
75
76
2
1975 y b
Debenture 6s
Debenture 6Ms
2
1974 yb
1st lien A cons 5Ms.—.1959 x bbb3
6s series A
(Del) 5MS—1952 ybb 3
Rys (Me)—
1952 Zbbb3
Deb 6s series A
1973 y
Utah Power A Light Co—
1st lien A gen 4Mb
b
76#
77
110
111
*92
x
bbb3
2022
x
bb
2
87#
1946 ybb
Deb 6s series A
3
101#
1950 y bb 3
3
1946 y b
Deb s f 6s
6,000
78#
1954
cc
"95""
z aa
bbb3
95
119
72#
10 000
43,000
13,000
95
1,000
5
1,000
**37666
*107# 107#
x
aa
2
bb
2
Wheeling Elec Co 5s
Wise Pow A Light 4s
1941
1966
x
aaa2
103# 103#
bbb3
103# 104
Yadkin River Power 5s
1941
x
a
{♦York Rys Co 5s
1937
x
bb
1
y
bb
2
x
"43"
43
*91
94#
94
85
101#
99# 103#
103#
94
101#
95
4
10#
109#
104# 108
108# 117
~2"ooo
43
2,000
43
103
15,000
8,000
103# 103#
2
100#
107
112
104# 105
y
89
96
95
I960
5s
91
110
110
75
Un 6s__-1944
West Penn Traction
West Newspaper
74#
9,000
\ 97,
*107#
105
19#
89#
78
5
4
x
21
73
107
86
87#
99# 101#
96# 98
2
1951
Wash Ry A Elec 4s
West Penn Elec 6s
x
2030
♦5s Income debt
16
29T606
83#
111
*73#
2
1944
Va Pub Service 5M A
1st ref 5s series B
11,000
*108# 110
82#
7#
12#
114# 118#
26#
45#
17#
United Light A Pow Co—
No Amer Lt A Power—
Nor Cont'l Util 5Ms_.
29
1,000
30
25#
102# 103#
105# 106#
♦Stamped 5e..———1947
1950
1980
1964
2004
N Y A Westch'r Ltg 4s
74#
24#
109
3
*
100 M 102 M
Penn A Ohio—
1st mtge 3Ms
74#
14#
Waldorf-Astoria Hotel—
5s stamped
♦Ext 4#s stamped
48
49
11,000
23
4
yb
Conv 6s 4th stp
United Elec N J 4s
100 M
New Orleans Pub Serv—
N Y State E A G 4Mb
23,000
44,000
*18
1
48
fUlen A Co—
83
99 #
....
1979 ybb
Tietz (L) see Leonard—
Twin City Rap Tr 6Ms—1952
United Lt A
71M
110
ccc2
—2022 y bbb2
Tide Water Power 5s
110
88#
53
62#
61
Un Lt A Rys
51
105#
37#
105#
61
128 M
105
34,000
104
37
105
z
26
2,000
91M
106# 110#
106# 110#
10.0C0
1950
107 M
29,000
54 M
89
6,000
95#
96# 103
102
112#
104#
1957 yb
108 M 111M
71M
53
94
101
100M
112M
52
106 M 106 M
3
96
109
98
71M
23,000
bb
54 000
106# 106#
1957 y b
122 M
54
y
104 M
86 M
51
52 M
63 M
97
108 M 110M
62
63
"90 M
104 M
115
4
4
3
96
5.000
54
aaa3
98 M 103 M
102 M 107
14,000
51M
bb
70
104 M
179,000
115M 116M
"52"
y
81,000
♦Starrett Corp Inc 5s
Stlnnes (Hugo) Corp—
106
4
X
106#
106# 107#
1951 y b
(stamped)
120
127
*103# 109 M
1954
Debenture 5Ms—
100 M
110M
1961
1948
3Ms
5s
New Eng Pow Assn
97
98
110
bbb3
y
98
92
63
97
106
107 M
1948 y b
1948 yb
(stamped)—
Debentures 6s
Debenture 6s
100 M
53
8,000
92
53
2
x
92
6.000
92
iw„.
1947 y b
1948 y b
1950 y b
N E Gas A El Assn 5s
~i~66o
111
aaa2
z aa
108
1109
102M 103 M
95
109 M
111
107 M 107 M
4
bb
106 #
3
Standard Pow A Lt 6s
2
y
4
60#
59#
59#
59#
59#
106"
81
y
98
50
5,000
1960
89M
96#
105
83
1945
97#
89#
87
*42
82
Missouri Pub Serv 5s
98#
64
1,000
13,000
105
2
Nassau A Suffolk Ltg 5s
64
13.000
b
b
99
42,000
67
bbb4
y
109
"~98~~
66#
Standard Gas A Electric—
Conv 6s
70
3,000
17
31
100# 104
57
72#
64
2
aa
12
5,000
64
67
x
1947
1971
"IOOM
~66#
t
71M
3
2
Ref M 3 Ms B
July 1 '60 x aa 3
Sou Counties Gas 4Mb —1968 x aa 4
Sou Indiana Ry 4s
—1951 y bb 2
S'western Assoc Tel 5s
1961 xbbb3
101M
97 M
2
a
15
23
28
100 M 101
59
59
1945
99
*60#
4
2
a
x
x
IOOM
1989
*12
1
109#
16"
*7
*25
2
x
1947 y b
May 1 1960
20#
107 M
132# 136
*128
cccl
-.1951 yb
i8~o66
109 # 109#
109#
Spalding (A G) 5s
117
60
Nebraska Power 4Ms
z
3
102 M 107 M
2,000
No Bost
aa
103 M 105 M
28,000
100
5Ms series A
x
18#
14#
*9
2022 y bb
102 M 105
99
York
>■■*7
So'west Pow A Lt 6s
S'west Pub Serv 6s
10,000
bbb2
New
cccl
2025 ybb
X
1948 yb
New Eng Power
99
z
Southeast PAL 6s
Sou Calif Edison Ltd—
52
McCord Rad A Mfg—
Deb 5s series B
80
6s gold debs...
Memphis Comml Appeal—
Deb 4 Ms
1952
Miss River Pow 1st 5s
10,000
Safe Harbor Water 4 Ms—1979
San Joaquin L A P 6s B—1952
♦Saxon Pub Wks 6s
1937
103 M 108
1941 zdd
L4M8
80#
♦Ruhr Gas Corp 8Mb
1953
♦Ruhr Housing 6Ms_—1958
Mansfeld Mln A Smelt—
1st A ref 5S
80
1957 y bbb2
16,000
ft:/': 4
MlnnP A
97
4
1952 ybb
Sou Carolina Pow 5s
103#
X
4Mb
81
1970
"e'ooo
Louisiana Pow A Lt 5s ----1957
Midland Valley RR 5s
22,000
1st 4Mb series D
Sheridan Wyo Coal 6s
2,000
bbb3
Milw Gas Light
87 M
Shawinlgan WAP 4Ms—1967
40
J12
103M 103 M
106 M 106 H
x
Middle States Pet 6Ms
100
85#
Scullln Steel Inc 3s
105M 105M
1946
4s series G
83
85M
1st A ref 4Ms ser D
1950 ybb 2
Queens Boro Gas A Eleo—
49 M
2
Long Island Ltg 6s
Metropolitan Ed 4s E
11,000
71M
4
z
Mengel Co conv 4 Ms
47.000
90
47 M
cccl
1946
68 stamped-
94
89
22
a
♦I-eonard Tleta 7 Ms
♦7s mtgesf
91M
89
51#
38
104# 108
86
100#
92
24
103# 106 M
106 M 109 M
158
2
cc
106 M
5,000
104M
15
128
2
bbb2
103
26,000
bb
y
x
51
104 #
4
91#
14
1950 y bb
1st A ref 5s ser C
z
x a
x
1966 z a
Puget Sound PAL 5Ms—1949
61
3,000
134 & 137#
3
y aa
1943
29
Since
15
1951
Jersey Central Pow A Lt—
Kansas Eleo Pow 3 Ms
61
XI
Scripp (E W) Co 5 Ms
—
6s stamped
) 1
b
♦Schulte Real Est 6s
23#
1957 y b
Interstate Power 5s-
a
z
43#
International Power See—
y
x
1954
107 M
91M
59
6 #8 series O
101
96# 105
85
bb
1959
79
32,000
30,000
67,000
59
z
81
98M
1952
♦Indianapolis Gas 5s A
Indpls Pow A Lt 3#s
67
105# 109 M
97#
1963 y b
1st lien A ref 5s
103
65
I2T600
*98#
Indiana Service 5s
8 f deb 5 Ms
102
bbb3
1956
103
1IW0
Power Corp (Can) 4MsB
♦Prussian Electric 6s
Public Service of N J—
Range
Jan. 1
s
60#
105
102# 107#
103# 105
92
93
14000
94#
98
94
99
103
106
49 M
106 M
y
bb
2
107 M 108 #
2,000
107 M 111M
x
aa
4
a
3
107#
105M 105M
106 M 108 M
5,000
x
43,000
103 # 109 M
103 M 109 M
1955
x
bbb3
105M
105M 105M
8,000
104 M 109
Okla Power A Water 5s_—1948
x
bb
100 M 100 M
1,000
100 M 105
z
aaa2
107 M 107 M
100 M
7,000
67,000
*104# 11 l.'M
87 M
327666
Ogden Gas 1st 5s
Ohio Pow 1st mtge
1945
3#S-,—1968
Ohio Public Serv 4s
1962
Okla Nat Gas 3 Ms B
4
Pacific Gas A Elec Co—
1941
1st 6s series B
Park Lexington 3s
Penn Cent LAP
4Ms
1st 5s_-
—
b
aaa4
1955
y
bbbl
1964
1977
-—1979
z
bbb2
x
100
ccc2
x
bbb2
1971
x
aa
—1962
x
100M
"87M
*40
"97 M
97M
86 M
97 M
40
44 M
98 M
107 M iiom
87 M 100 M
109 M 112
24T666
43 M
97M 104 M
3,000
101
107 M
103
27,000
100
106
105# 106
11,000
2
*
104 M 109 M
102
102
eluded In year's range,
Deb 5Ms series B
Penn Pub Serv 6s C
5s series D
105
1950 y bb
1959 y bb
1947
x
x
101M 102#
aa
18,000
106M 106#
aa
1954
105
1,000
92
4s series B
1961 x bbb2
95 #
3
113 #
1972 x aa
93 M
6,000
95
1981 * bbb2
48 series D_
95#
37,000
112M 114
Phila
y
94
y
26
30
16,000
4,000
95 M
Piedrn't
Rapid Transit 6s
1962
Hydro El 6Ms —1960
Pittsburgh Coal 6s
1949
Pittsburgh Steel 6s
1948
♦Pomeranian Elec 6s
1953
♦Portland Gas A Coke 5s. .1940
Stamped
Potomac Edison 5s E
4Ms series F
Potrero Bug 7s stpd
108 M
bb
b
y bb
y bb
tl04
~
95
110M
92
98 M
102 M
25 M
48 M
103
106 M
99
14
14
86
75
4,000
78 M
75
107 M 108
10,000
107 M 109 M
2,000
107 # 110M
107# 107#
*47
50 H
50
53 M
Cash sales transacted during the
current week and not
Included in weekly or
No Sales.
V
Under-the-rule sales transacted during
the current week and not
Included In
weekly or yearly range:
No sales.
v
102 M
90
1 at 100.
yearly range;
94
75
108
1T666
13
*79
1961 * a
--1947 y ccc2
99 M
XI
during current week.
\
Pacific Investing 5s 1948, July
100 M
115
99 M
b
y bb
z
z b
1956 x a
105 M
12,000
MM
No sales being transacted
traded flat.
1 Called for redemption-
108M
e
Peoples Gas L A Coke—
Phlla Elec Pow 5Ms
106
Bonds being
not included In year's range, d Exr Cash sales not in-
in year's range,
Ex-dividend.
| Reported in receivership.
101M 107M
105
*105# 107
z
* Friday's bid and asked price.
*
Penn Ohio Edison—
6s series A
No par value,
a Deferred delivery sales
n Under the rule sales not Included
interest.
104# 108 M
2,000
101
aa
Penn Electric 4s F
5s series H
1
y
x
1948
1942
7 Pacific Invest 5s ser A
Pacific Ltg A Pow 5s
Pacific Pow A Ltg 5s
Deferred delivery sales
transacted during the current week
weekly or yearly range:
-
and not Included In
'
No sales.
Used Above—"eod." certificates of deposit; "cons," consolidated
"cum," cumulative; "conv," convertible; "M," mortgage: "n-v," non-voting stock'
v t c." voting trust certificates: "w I," when Issued; "w w." with warrants; "x-w"
Abbreviations
*
without warrants
i
Bank
believe
Eligibility and Rating Column—x
Indicates those bonds which we
eligible for bank Investment.
believe are not bank eligible due either to rating
status or some provision in the bond tending to make lt speculative.
z Indicates Issues in default, In bankruptcy, or in process of reorganization.
The rating symbols in this column are based on the ratings assigned to each
y
Indicates those bonds we
four rating agencies—Moody, Standard, Fitch, and Poor's.
The
quality, and the numeral immediately following shows the number
rating the bond.
In all cases the symbols will represent the rating
given by the majority; for example, a bond rated Aa by Moody, A1 by Standard,
AAA
by Fitch, and A by Poor's, would be represented by symbol aa2, showing
tne majority rating.
Where all four agencies rate a bond differently, then the
highest single rating is shown.
.
....
...
A great majority of the issues bearing symbols ccc or lower are in default.
issues bearing ddd or lower are in default.
bond
by
the
letters Indicate the
of agencies so
All
Attention is directed to the new column
in this tabulation pertaining to bank
eligibility and rating of
bonds.
See note A above.
=1!
The Commercial & Financial Chronicle
3638
June 8,
1940
Other Stock Exchanges
Sales
Friday
Baltimore Stock
Last
June 1 to June 7, both inclusive, compiled from official sales lists
Sales
Friday
Last
Week's Range
Sale
Stocks—
Par
of Prices
High
Low
Price
Stocks
(Continued)
Par
Allied Prods Corp cl A. .25
Allis-Chalmers Mfg Co..*
14
14
Bait Transit Co com v t c *
Low
4X% pref B
100
1.55
177
70
70
112
112
High
212
112
25*
55
78
40
73
May
100
149
151*
1,205
146
May
175*
Mar
4
4*
11*
1,200
May
7*
17
May
1*
Apr
5
4*
Jan
Aro Equipment Co com._l
10*
Jan
Asbestos Mfg Co com
2 60
Apr
Automatic Washer com..3
33 X
119*
Apr
Aviation Corp
Feb
Aviation A Transport cap. 1
Apr
Apr
Barlow A Seellg Mfg AcomS
*
13%
3%
13*
Jan
3*
*
5*
3*
9*
13*
3*
5
26 X
25*
27*
6
10
Feb
Berghoff Brewing Corp
1
189
12
8%
May
19 X
Apr
Bliss A Laughlin Inc com.6
70c
15X
15
26c June
Jan
15*
40c
290
27c May
13
June
55c
Jan
Borg Warner Corp—
Common
15
27
16
26% June
14*
14*
29*
10
10
300
26 *
26 %
119
7% pf 26
31*
130
100
40*
12*
40X
25
12*
416
1.05
New Amsterdam CasualtyS
1.05
300
1.00
54 X
.1
Penna Water & Pow com.*
58
56 *
58
2
16*
16*
17
1,105
Bait Transit 4s flat—.1975
30 *
29%
34
33 X
90
June
May
May
12
66
U 8 Fidelity & Guar
40 X
May
14* May
32 X
Feb
Belmont Radio Corp
Bendlx Aviation com
Bracb A Sons (E J) cap..*
Mar
B 5s
1975
Flnan Co of Amer 4% .1947
5%
48
Jan
17 X
Apr
1.45
Jan
72 X
Jan
23 X
Jan
1 to June 7,
une
May
35X
30
May
40 X
Apr
Mar
90
2,000
102
100
2,000
90
8,000
100
June
102
May
June"
100
95%
103 X
Last
Week's Range
for
of Prices
Low
High
Wy A Can Fdy cap*
Cent 111 Pub cer %6 pref..*
$7 preferred....
Week
Prior lien pref
*
Chicago Yellow Cab cap.*
Chrysler Corp common..5
Cities Service Co com
10
1*
-.60
Amer Tel & Tel
100
150%
Associated Gas & El cl A.. 1
Boston & Albany
100
Boston Edison Co
100
Boston
Elevated
Boston
&
69
Prior
IX
Apr
2
preferred
100
16 X
175*
May
Mar
X
Apr
Crane Co
May
May
May
Feb
149 %
Jan
50 X
Mar
20%
126
,
405
38%
10* May
1*
2*
85
2
51
495
12*
1*
6*
86
5
May
10*
%% prior pref
100
6% preferred
Eastern
Mass St
60
12
May
Jan
16
Apr
1
Jan
1%
Mar
4
X May
8 %
Feb
4*
5%
Feb
Preferred
*
*
10
26
May
Four-Wheel Drive Auto. 10
42
282
12
X May
65 % Mar
24% Mar
15*
3% May
90
Feb
May
66
May
17 X
Jan
4*
400
Apr
7*
Apr
General Foods
17*
1,025
3*
102
20
June
16% May
3% June
414
50c
419
25c
1*
1*
130
1* June
Mergenthaler Linotype...*
Narragansett Racing Assn
12*
12*
110
NYNH4H RR
100
North Butte...
4*
5*
IX
1*
1*
llix zlll
116*
X
*
*
2.60
45c
NorthnRR (New Ham) 100
Pacific Mills Co
*
Pennsylvania RR
70
8%
..50
16%
*
8X
Fhawmut Assn T C
10
9*
45c
525
Stone & Webster
*
5%
5*
6*
226
Torrlngton Co (The)
Union Twist Drill Co
*
24 X
27
23*
24*
360
5
26
27
United Shoe Mach Corp.25
6%
cum preferred....25
Utah Metal A Tunnel Co.l
Venezuela Holding Corp..l
Vermont & Mass Ry ColOO
Waldorf System
Warren (S D) Co
49
Feb
Jan
7% May
14% May
7 X May
6X May
22% May
Jan
25%
May
30
Mar
26 X
Apr
Mar
6%
"9%
%
2X
Gossard Co (H W) com..*
Great Lakes DAD com..*
Hall Printing Co com..
10
Mar
17
Apr
6%
May
1X
Feb
137
Apr
Feb
92c
May
78
Mar
com
1
Illinois Brick Co cap
10
Illinois Central RR com 100
Apr
24*
12
Jan
Indep Pneumatic Tool vtc *
Feb
12*
Jan
Indiana Steel Prods com._l
Inland Steel Co cap
*
33*
Mar
Feb
60
250
55
June
84
Apr
7*
55*
8*
166
59*
685
7* May
53* May
91
4*
450
25*
11*
27*
9,350
25* May
33
11*
800
10
May
16*
1
May
3*
3%
*
11*
Mar
Jan
6*
May
13
Jan
5* May
605
55*
Apr
Mar
40
8
Jan
2
50
14*
4*
Feb
"4%
May
Apr
Jarvls (W B) CoCommon
35o May
60c
Apr
2
80
75
75
25
6*
27
6*
27
700
Mar
1Vs
75
May
140
5%
May
5
26 X
Jan
M
2
Mar
91
7%
Katz Drug Co com
Apr
18*
4
39
100
May
100* June
98
Apr
Apr
106*
LaSalle Ext Univ
Leath A Co
*
com
Lincoln Printing $3.50 pfd*
SECURITIES
Lynch Corp
38
Mar
14
May
May
9
50
11*
May
May
23*
10*
100
3
Jan
4*
200
21
May
29*
2*
30*
3*
15*
4*
15*
300
2
3*
June
2*
60
29* June
3* June
12*
Feb
17*
200
3
950
150
-
14 *
110
40
Apr
May
49*
150
Jan
Feb
35*
100
39*
40*
3*
1*
124
1,363
50
5
Apr
Jan
May
May
18
Feb
57*
Jan
2*
Jan
May
3* May
8
50
May
May
36* May
38
Apr
4* May
49* Apr
56*
Apr
7*
Apr
25
Feb
Apr
9*
500
12*
Feb
18*
12*
5*
18*
13*
550
70
9* May
17* May
9* May
20*
Feb
5*
8*
100
5* June
9*
May
10*
Jan
300
8
May
10
Feb
36
May
42
Mar
9
May
16*
»ll
50
2*
6*
362
21
27*
250
hi
23
12*
20
36
6*
May
23
hi May
•
1
Feb
2
May
5*
6*
50
200
Apr
May
13 *
Jan
Jan
Apr
18* May
1* June
28
1*
1*
89
66 *
May
90*
39*
11*
41*
458
June
62*
Jan
12*
250
39*
11*
June
17
Feb
9*
17*
4*
5*
10
660
2
150
17*
50
4*
9
IOC
May
17* June
4
May
3*
Mar
Jan
17
Jan
23*
Apr
6*
Feb
6
200
38
39
120
38
May
49 *
Jan
90
39
91
60
90
May
103*
Feb
June
3*
Jan
Mar
5* May
8*
Apr
2*
1.50
*
*
300
2*
*
JaD
*
1*
1*
100
1* June
1*
Jan
3
100
2*
May
4*
Mar
5*
100
5
May
9
2*
3
3
19*
12
"19*
5*
19*
12
70
Apr
19* May
26
S 50
11*
May
18*
Mar
450
1*
Jan
2*
Apr
21* June
8* May
28*
Apr
15*
Feb
Jan
1*
1%
21*
21*
50
9*
9*
485
3*
24*
3*
5*
2*
3*
24*
3*
5*
500
3*
Apr
4
30
24*
June
30
50
3*
Jan
4*
Apr
1,600
5*
May
9*
Jan
2*
100
1*
Mar
4*
May
*
*
100
*
20
* May
3*
Jan
*
18*
18*
100
17* May
24
*
35*
33*
35*
20
35
May
42*
36*
686
32
May
55*
Jan
50
7
May
11*
Apr
23
May
28*
Jan
1
com
3%
*
Middle West Corp cap
5
"5%
Midland United conv pf A*
Midland Util
Jan
Jan
—
7% preferred A
Miller A Hart Inc
St., CHICAGO
31
*
com
$2 cumul part pref
Municipal Dept. OGO. 521
50
2*
6%
Mickelberry's Food com.l
Principal Exchanges
Teletype
25
Mfrs Sec—
Class A
Bell System
Jan
..5
com
Field
Merch A
Paal R Davis & Go.
Jan
19*
.
*
com
Marshall
Lifted and Unlisted
•2
Mar
12* May
8*
Liquid Carbonic Corp com*
Loudon Packing
Feb
9
May
13* May
4* May
V
23
1*
Jan
May
210
9*
5
com
•
19
8*
14*
Kingsbury Brewing cap__l
87
May
May
1*
115
36
Kellogg Switchboard com.*
Kentucky Util jr cum pf.50
6% pref
100
Kerlyn Oil Co cl A com..5
Feb
72
12
15%
5X
31*
3%
1
Mar
30
51
8*
13*
9*
Jefferson Electric Co com.*
2
75
40
450
50
29*
3*
* June
19*
Apr
May
24*
20
1*
38*
40*
* May
10
13* June
1*
15*
37*
9*
Jan
44*
300
9%
15*
*
84*
June
Salle
11*
Feb
4
455
6*
3*
*
2*
2
11*
May
La
Jan
37
1*
LlbbyMcNeillALlbby com7
S.
Jan
1*
June
9*
*
Bonds—
10
13
26
12*
Iron Fireman Mfg v t c
55
Members
Jan
650
55
Apr
39 X
Trading Dept. OGO. 405-406
50
950
1
77
26*
11*
13*
International Harvest com*
31
300
CHICAGO
Jan
Apr
%
Hupp Motor Car
16*
813
1948
May
*
8X
5*
Houdallle-Hersbey cl B__*
40
89* 89*
100* 100*
88*
50
HIbbard Spen Bart com.25
%
60*
Eastern Mass St Ry—
Series A4 *8
1948
May
*
Jan
4* June
200
4*
8X
57*
Hamilton Mfg cl A pt pref 10
Helleman Brewing cap
1
57
*
71
250
55
Goldblatt Bros Inc com..*
39*
49c
240
*
4*
Jan
26
Goodyear T A Rub com..*
60
*
Series D 63
Gen Motors Corp com.. 10
General Outdoor Adv com *
39X
42c
Apr
Feb
*
com
50c June
Apr
61
390
8*
8*
June
hi
145
17*
16
Jan
Mar
rill
25
450
70
8*
May
4X
IX
50
256
Feb
12
395
48c
19*
May
Gen Amer Trans Corp cm .5
General Finance Corpcoml
5*
10* May
6*
(new) .*
7%
3X
4%
1
com
54 X
42c
Inc
Gardner Denv
32
Mass Utilities Assoc r t c.l
Natl Tunnel & Mines Co.*
New England Tel & Tel 100
Jan
240
22
42c
1.00
Fox (Peter) Brewingcom.6
Fuller Mfg Co com
.1
8
17
Gillette Safety Razor....*
Hathaway Bakeries cl B..*
120
120*
Elec Household TJtil cap..6
Elgin Natl Watch Co
15
59
20
17X
Apr
12*
May
Eversharp Inc com
1
Fairbanks Morse A Co cm*
2
4
Mar
4*
17*
June
14*
50
East Steamship Lines com*
4*
7*
23*
100
4* May
9* May
* May
5*
31*
11*
3*
21*
70
54*
7*
7%
Feb
92
*
270
600
100
Employers Group
Deere A Co com..
14*
100
Preferred B
Feb
11*
39
Diamond T Mot Car com.2
1*
5*
..100
1st preferred
Apr
20
30
Dlxib-Vortex Co cl A_.„.*
Dodge Mfg Co com
*
40
"l5X
Ry—
Common
22*
June
June
May
May
20
May
2
100
June
May
5*
2*
140
..25
com
4
:}.2
14*
10
10
4*
9%
2% Mar
3
1% June
1% June
East Gas & Fuel Assn—
4
Jan
112
4X
9%
Dayton Rubber Mfg com.l
5*
"~5%
25*
Apr
x66%
211
25
13* May
96*
Cudahy Pckng 7% pref-100
CunnlnghamDrugStoresi *
Curtis Lighting Inc com..*
234
1 *
5
Copper Range
Jan
1,525
40
Common ptsh vtcB..*
Container Corp com
20
Jan
8
Calumet & Hecla
23*
39
*
Feb
17
12*
11*
13* May
94
3*
May
367
8
8* May
300
96*
C..50
hi
2X
"l2X
v t
13 X
41*
'i
Feb
Jan
420
4*
Corp...*
Consumer Co pref
144%
16*
Class A 1st pref std._ 100
Apr
40
11*
12
Maine—
Cl D 1st pref td
100
Boston Personal Prop Trs *
Brown-Durrell Co com
*
Apr
36*
2.50
14*
*
27%
115
39
39
Jan
Apr
Apr
Apr
Apr
4*
11*
18*
5*
12* May
3* May
24* May
550
1
com.
2,894
67* 69*
128* 131*
131*
Herald Traveler..*
Boston
..100
50
IX
16
16*
148* 150*
hi
he
75
25
Consolidated Oil
60
pref
non-cum
76
Compressed Ind Gases cap5
High
*
8*
Commonwealth Edison—
Capital
Low
American Pneumatic Ser
1st preferred
...*
Cherry Burrell Corp com .5
Chicago Corp common... 1
Range Since Jan. 1, 1940
50
200
Apr
76
12
"4*
200
Jan
Jan
entral A 8 W—
"
Consolidated Biscuit
6%
2*
4*
17*
11*
17*
Convertible preferred..*
Chi Flexible Shaft com
5
Shares
Price
5*
1,550
9
8*
Central States Pr A Lt pfd *
Sales
Sale
Par
Camp
Jan
Exchange
Friday
14*
10
30c
pref
June
100
both inclusive, compiled from official sales lists
Stocks—
Cumul conv
Apr
34
Boston Stock
Butler Brothers
Central 111 Fecur Corp cm.l
$1 50 convertible pref..*
30* $21,000
102
1944
9
Brown Fence A Wire pf A.*
Bruce Co (E L) com
5
Burd Piston Ring Co com.l
23
13,500
,.5
May
Bonds—
...1975
Bastlan-Blessing Co com.*
2*
Jan
*
Apr
4* May
2* May
8* May
150
5*
2*
4*
17*
13*
MononWPenn P 8
A 5s flat
190
405
140
14
Mt Vern WWodb Mills—
_
*
5X
5%
*
Apr
41*
10* June
400
3,070
134
107
com
3
4
200
1
9*
1
Oil Co
(Del)
1
16 X
40c
53
27
13
mer
10*
1
26c
1
100
101*
26 *
High
21
77
9*
17
16*
101
16 Ye
Low
50
24*
21*
Mar
1.35 May
69
May
655
TVs
Merch & Miners Transp..*
North A
18
15*
"l7"
100
Preferred
18
May
May
16
May
91* May
25
May
9* June
7
Finance Co of Am A com.5
Common class A
18
Range Since Jan. 1,1940
Shares
High
55c
May
30c
414
70*
113
Low
25c
Pre' vte........*....l
Fidelity & Deposit
20
Fidelity & Gur Fire CorplO
Houston OH pref
11
3
Eastrn Sgrs Assn com v t cl
Mar Tex Oil...
678
31c
1.45
"l~55
Price
Amer Tel A Tel Co cap. 100
Range Since Jan. 1,1940
31c
1st pref v t c
100
Consol Gas E L <fe Pow—*
Week
Amer Pub Serv Co pref. 100
for
Week
Shares
15
for
of Prices
11* May
22* May
Armour A Co common
Arundel Corp
Week's Range
Sale
Exchange
100
cnv
pf.*
Modine Mfg com
6
6
8*
Jan
Apr
Apr
Monroe Chemical Co—
Preferred.
Chicago Stock Exchange
June 1 to June 7, both
inclusive, compiled from official sales lists
Friday
Last
Sale
Stocks—
Abbott Laboratories—
Common
Par
Price
Range
of Prices
High
for
Range Since Jan. 1, 1940
Week
Shares
Northwest Bancorp com. _*
"~8~
Omnibus Corp com
Low
High
6
Peabody Coal cl B com..5
*
Penn RR capital
54%
------
Allied Laboratories com..*
For footnotes see page
------
14*
3641.
54*
435
37
Adams Oil A Gas Co com.*
Advance Alum Cstgs com.5
Aetna Ball Brng Mfg com 1
52*
37*
115
200
7*
8*
2*
2*
8*
2*
100
2*
8*
14*
250
12*
100
500
50* May
33* May
7* May
2* May
2* May
8
50
IX
17*
26*
23*
100
23*
*
7*
Quaker Oats Co common.*
com
Preferred
Rath Packing com
20* May
3
50
1
Jan
Feb
9*
*
*
Jan
Feb
8
9*
*
IX
1
Apr
Apr
4
4
13*
7*
Pressed Steel Car
11
cap
50
300
3*
Perfect Circle (The) Co
Potter Co (The) com
Peoples G LtACoke
20*
24
3*
16*
26*
Jan
May
23*
23
100
70*
51*
10* May
8
23*
23
Penn Gas A Elec A com..*
Acme Steel Co com
25
Adams (J D) Mfg com...*
Week's
8
Noblitt-Sparks Ind com..5
North Amer Car eom___20
Sales
Low
Montgomery Ward com .*
Nachmar Springfilled com*
National Standard com. 10
95
100
142
10
34
50
350
50
7*
Feb
June
12
Jan
14*
Jan
*
Mar
2*
24*
38*
Feb
365
15
May
79
25
May
10
50
23* May
* June
6* May
98
440
95
140
50
34
Apr
5* May
8* May
Jan
*
750
142*
36
1* May
.V':
9
*
Jan
29
Jan
Jan
Mar
*
Feb
June
14*
123*
Feb
142
June
154
Feb
33
Feb
55*
Jan
Jan
The
Volume 150
Week's Range
for
Sale
of Prices
Low
High
Price
Par
Jan. 1, 1940
Wcelt
Shares
54
54
100
% May
M
500
%
Jan
1
20 54
22
6M
400
50
709
10M
65%
154
1054
50
23
23 54
200
6
68
320
70
54
Serrick Corp cl B com
654
63%
1%
1
Singer Steel Castings com.*
Sou Bend Lathe Wks cap.5
23%
554
2
Spiegel Inc common
"66 54
St Louis Nat'l Stkyds cap.*
66 M
Common (new)
8M
20
1
25
Preferred (new)
30%
Apr
Feb
Metro
62
May
88
Apr
National Acme
com.
5%
5
10% June
30
Apr
5
May
11
Jan
68
June
80
Feb
May
14
Mar
c
*24"
Swift International cap..15
17H
1254
Jan
25
3454 May
44
Apr
1254
50
12
May
15
Jan
26
26
60
26
'May
35
May
a60
a60
6
60
Jan
60
Jan
Jan
2154
Apr
1,700
1654 May
6
May
al654 al654
20
1354
al6
.1
Otis Steel
May
2%
Mar
20% May
28%
c
50
1354 May
27
Natl Ref pr pref
Nestle LeMur A
Jan
98
30
June
41
Apr
54 June
1
Jan
Ohio Oil
30
*
30
*
6%
54
54
a954 al054
New York Central com.*
c
al654
100
229
40
954 May
Jan
1854
Feb
3054
Feb
554 May
854
May
30
3054
3054
*
a554
«6
.._.*
a754
«754
35
7
May
1254
Jan
1054
a1454 al6
3254
3254
189
10
May
1454
Apr
209
14
May
2354
Jan
371
31
May
4054
Mar
a27 54 02754
115
2554
May
3854
Apr
25
3554
42
com
125
Apr
1
Feb
2%
100
22 A x24
5%
10
Sunstrand Mach T'l com.5
100
36
26
*
Natl Mall Stl Cast cm..*
20% May
650
5%
5
5
Stewart Warner
135
0.7%
Mar
Jan
300
480
Jan
29
al854
1254
PavgBrlck7%prf 100
15
100
8M
High
Low
36
Nineteen Hundred Corp A*
21%
Shares
a754
al8
_.*
McKee (A G) B_
10%
2%
Price
Par
com
Feb
1% May
Week
Steamship
*
Kelley Isld Lime & Tran__*
May
1%
for
of Prices
Low
High
Interlake
6
50
l
1
21
Apr
Interlake Iron
c
20% June
Stand Dredge—
Standard Oil of Ind
May
4%
100
3
3
Sears Roebuck & Co cap..*
Feb
1%
M
50c
Common
6% preferred
5
Rolling Hsry Mls(new)cm-4
Sangamo Elec com (new) _*
Schwltzer Cummins cap. .1
(Concluded)
Week's Range
Industrial Rayon com..*
c
Raytheon Mfg Co—
Storkline Furniture
Stocks
High
Low
1, 1940
Range Since Jan.
Last
Sale
Range Since
Last
Stocks (Concluded)
Sales
Friday
Sales
Friday
3639
Commercial & Financial Chronicle
.?■
Feb
9
4% May
7%
Feb
Jan
29%
May
15%
Feb
Reliance Electric..
Republic Steel
c
10
5
*
com
Richman Bros...
*
Thompson Products Inc..*
1754
555
25
18%
19
800
17% May
32%
25%
Mar
c
Timken Roller Bear
25
Thompson (J R) common25
Trane Co (The) com
2
Union Carb & Carbon cap *
United Air Lines Tr cap..5
U S Gypsum Co com
20
33%
34%
346
33
May
47%
Apr
c
United States Steel com.*
454
454
100
4
Jan
5%
Apr
Upson-Walton
150
10
June
16%
Apr
Swift & Co
Texas Corp capital
Utah Radio Products
.....
1
com
June
5
5
May
52
Jan
6854
Jan
454
May
554
Jan
3
May
454
Apr
361
a4454 a4754
1
May
230
a3654 a38
*
com
61% May
12% May
88
Jan
23%
Apr
White Motor
3 54
«854
20
754 May
1354
Apr
87%
Jan
Youngstown Sheet & Tube*
028
a3054
70
2754 May
4854
Jan
June
41% May
68%
Jan
cYoungstown StlDoor com*
al5
01554
25
1254
2854
Jan
2,000
200
103% May
124%
Apr
63%
375
13 54
47
17%
261
14%
253
53%
4354
59%
73
47%
109 M 110%
1
1
6154
100
pref
cum
11
10
United States Steel com..*
7%
1754
53%
250
% May
1%
1% May
2%
a854
May
Apr
23%
354
*
50
Jan
200
Van Dorn Iron Works
May
Utility & Ind Corp—
Western Un Telegcom.100
16%
1454
1%
18
15 %
Westh'se El & Mfg com.50
76%
85%
50
3%
3%
4
3%
1,000
75%
76%
9%
Convertl ble preferre d
_
_
1%
7
*17 54
*
Walgreen Co common
4
Wisconsin Bankshrs com.*
cap..2
Woodall Indust Inc
*
Zenith Radio Corp com..*
Wrigley (Wm Jr) cap
~954
8%
1,000
v
230
16% May
14%
June
76% June
3% May
2854
117%
J»n
Jan
5%
Feb
6%
Apr
134
3% May
72% May
93%
Apr
625
8% May
17J4
Apr
350
Watling, Lerchen Si Co.
Members
New
York
Ford
40
40
ctfs.1927
Chic Ry 1st m 50
810,000
Cincinnati Stock
40
June
40
Sale
DETROIT
,
Telephone: Randolph 5530
Exchange
Detroit Stock
Sales
Friday
Last
Building
June
both inclusive, compiled from official sales lists
June 1 to June 7,
Chicago Stock Exchange
Exchange
Detroit Stock
Bonds—
New York Curb Associate
Stock Exchange
Week's Range
of Prices
High
Low
Range Since Jan. 1, 1940
for
June 1
to June
Week
Exchange
compiled from official sales lists
7, both inclusive,
Sales
Friday
High
Low
Shares
20
*
Amer Laundry Mach
Burger Brewing
LOOM
Cin Gas & Elec pref...100
,...20
C N O & T P
Cincinnati Street
50
"~~2%
Cincinnati Telephone
50
89
Cln Union Stock Yards
*
Dow Drug.....
100
Eagle-Picher
42%
10
Preferred
Part
prior pref...__12
Kahn 1st preferred
*
.50
..... .
^
_
Little Miami guar
'26%
16
41
25
U S Printing pref
10
Mar
10054
14 54
Mar
Mar
754
254
Feb
1254
23
56%
.....
Jan
May
Jan
May
Jan
1954
Apr
May
2954
Apr
Jan
454
6 K
20
9
•Jan
6%
Mar
1454
May
2654
33
June
43
Mar
98
May
107
Mar
99
25
21
6
3354
2354 May
585
3454
102 54
9554
31
95
June
45
26
45
June
45
40
16
June
Apr
22
16
16
%
%
;_*
100
..50
8%
454
254
May
1354
27
7
Jan
45
52%
224
8%
5654
18
4
836
224
5
9
Jan
54
87
18
Mar
5254 June
224
May
175
854
June
Western Bank
10
4%
454
63
454 June
Wurlitzer
10
8%
854
15
854 May
154
May
June
Jan
Apr
20
Jan
7154
Apr
230
Feb
1754
Mar
554
Jan
13
Mar
Mill
City Ice
4%
__.*
Columbia Gas
40
10
General Motors
Timken Roller Bearing...*
10%
1054
454
3854
11
10%
454
4054
333
36
10%
25
3754
190
954 May
1054
66
487
May
454 May
3754 May
3554 May
262
Allen Electtlc com
17
Apr
14
Jan
754
Apr
5254
5754
Apr
Apr
1554
1,265
7, both inclusive,
for
Sale
c
of Prices
Low
High
May
1254
400
75c May
1.25
Jan
880
254
May
454
Feb
Crowley Milner com.....*
Det & Clev Nav com
10
Detroit Edison com.. 100
154
154
100
154
May
2
Jan
75c
70c
Feb
154
Apr
"9954
Detroit Gray Iron com...5
154
154
150
420
y*mer Home
Brewin '
3
Corp of Amer
Clark Controller
c
al354
80
13
May
1954
Jan
454
300
4
May
454
1
1
.100
40
4554 May
6654
^pr
.75
1054 Q1054
160
454 May
10)4 May
89>4 May
1454
90
Colonial Finance
5
1
Eaton Mfg
Elect Controller
*
1354
*
Cliffs Corp com
90
10
1254
13
a2954 c30
7
98
135
12
May
1654
50
26
May
4354
24%
304
1754
Jan
1354
1054
1,357
1254
02654 a2654
"2454
25
23
1254
1054
Fostoria Pressed Steel
c
40
Firestone T & R com..10
General Electric com
*
357
40
110
01354 al4
30
a5
5
40
a5
02854 a2954
*
2
May
4
454
660
4
May
254
654
Apr
154
100
154 May
254
Jan
40%
254
40%
1,676
2%
590
2
May
354
46c
50c
300
45c May
80c
Apr
854
354
854
115
554
Feb
1354
Apr
354
250
3
May
654
Feb
35c
36c
675
33c
May
52c
May
154
Jan
Feb
600
Mar
"40%
254
Kingston Products com__l
1%
38 54
154
1
10
154
350
41c
42c
500
May
35c
Jan
56
Apr
Apr
Jan
Feb
26
154
154
400
1954 May
154 May
78c
79c
200
78c May
154
Jan
18c
18c
200
18c
May
27c
Apr
75c
75c
250
72c
Mar
1.25
Apr
854
856
754
1154
Mar
154
200
154
Jan
285
954
May
454
354
1,835
7,227
454
May
3454
928
20
1%
2
com...1
McClanahan Oil com
1
Michigan Sugar pref
10
Masco Screw Prod
8
854
Micromatic Hone com—1
154
154
Mid-West Abrasive com50c
*
*
454
454
354
3454
10
254
33
9%
154
154
"154
com.l
5
10
10
10
"254
365
20
347
10
1
75c
Jan
1454
154
May
854
Mar
1
Mar
154
May
300
2 54
May
100
75c
1
1
2154
1,160
760
2354
Jan
154 May
Apr
7
Apr
June
154
154
Mar
May
1854 May
26 54
Apr
Apr
Mar
75c June
1
100
4
Jan
150
1
May
2%
Mar
820
90c May
1
Feb
154
254
Apr
10c
Jan
25c
Apr
454 May
654
Mar
2
254
1
com..4
com._l
254
100
254 May
454
154
1.25 i V.
154
154
100
18c
17c
1,200
5
2
Apr
254
454
754
100
1.25
Apr
4
454
1.25
2
Mar
3
2
154
Mar
254
2
.__*
Feb
44%
604
125
Apr
254 May
154
4
Apr
254
16
3254 May
154
100
Jan
154
854
454
254
154
4
154
Jan
1,086
254
154
5
100
May
Apr
Jan
Wm. Cavalier & Co.
MEMBERS
New York
Mar
Jan
Loe
36
140
Chicago Board of Trade
Stock Exchange
Angeles Stock
San Francieco Stock
Exchange
Los Angeles
Jan
Mar
May
1854
Apr
13 i\
Apr
22
37
Apr
3854 May
50
Los
2154
Angeles Stock Exchange
inclusive, compiled from official sales lists
June 7, both
Apr
354
Feb
2654 May
41
Jan
Sales
Friday
Jan
554
to
Jan
1254
May
Last
Sale
Stocks—
Par
Price
Week's Range
of Prices
High
Low
75
1054
May
2354
Jan
145
10
May
20 54
Apr
Aircraft Access
354
3 54
110
1254 May
24 54
Apr
Bandlnl
254
254
al 154
Teletype L.A. 290
May
1054 May
May
Exchange
Feb
01354 al454
1054
1
Goodyear Tire <fe Rubber.*
3641.
Apr
May
330
all54
For footnotes see page
Feb
Mar
254
al054 all54
25
Apr
1154
*
General T & R
Goodrich (BF)
154
454
34
2
35c
June 1
c
Jan
154
523 W. 6th St.
1254
Mar
June
Apr
Mar
Apr
a
Cl Graphite Bronze com
Cleve Railway
High
Low
Shares
a4654 a46%
a5
a5%
City Ice & Fuel..
_.*
Preferred100
75c
3
20 54
Jan
154
254
454
Warner Aircraft com
4
Prod com..l
May
11
1
Timken-Det Axle com.. 10
Tivoll Brewing com
1
United Shirt Dlst com...*
United Specialties
1
al3
'Akron Brass Mfg-,
c
154
125
2
1154
1
Wolverine Tube com
9854 May
1
May
1554
Hudson Motor Car com..*
Universal Cooler B
300
79c
3
31
754
514
com..l
*
Kinsel Drug com
200
3
31
3
Federal Mogul com
*
Frankenmuth Brew com._l
Gar Wood Ind com
3
General Finance com
1
General Motors com.... 10
Goebel Brewing com
1
Hurd Lock & Mfg com
2.329
31
5
Ex-Cell-O Corp com
Hall Lamp com
134
75c
Detroit Paper Prod com_.l
Grand Valley Brew
100
284
154
Det-Michlgan Stove com.l
Eureka Vacuum com
75c
9954 10054
154
154
Std Tube B com
Week
> ddressograpb-Mul cm 10
Jan
971
Range Since Jan. 1, 1940
Week's Range
Price
Mar
Sales
Last
Par
Apr
May
2354
compiled from official sales lists
Friday
Stocks—
May
754
81c
Wayne Screw Prod
Wolverine Brewing
to June
1354 May
2%
37
354
RickeKH W) com.,
2
River Raison Paper com..*
Cleveland Stock Exchange
Feb
June
754
Reo Motor com
A. T. & T. CLEV. 565 & 566
154
454 June
27
76c
Sheller Mfg com.
1
1940
High
Low
3
754
1254
Simplicity Pattern com—1
June
1,
Range Since Jan.
Continental Motors com.l
Burry Biscuit com
Peninsular Mtl Prod
Cleveland
120
1454
754
Parker-Wolverine com...*
GILLIS KJ RUSSELL co.
945
27
1554
Brlggs Mfg com
*
Burroughs Add Machine.*
Parke Davis com
Members Cleveland Stock Exchange
350
27
Packard Motor Car com..*
Ohio Listed and Unlisted Securities
154
454
27
5
Bower Roller Bearing
Murray Corp com
Telerhone: CHerry 5050
Shares
454
154
1
com
Motor Products com
Union Commerce Building,
for
Week
High
Low
1
Baldwin Rubber
Kresge (S S) com
LaSalle Wines com
Unlisted—
Amer Rolling
of Prices
Price
Par
Stocks—
Week's Range
Jan
Feb
87
June
654
20
15
18
25
Procter & Gamble
255
2554
.2.50
Magna vox
Nash...
4254 June
3%
Apr
110
93
*
Lunkenheimer
4
Mar
18
45
50
Special
42 54
99
100
Kroger..
_
354 May
2
20
33
*
...
1154 May
62
100
20
9
.100
preferred
Hobart A
June
1% May
85% May
163
15
Gibson Art-....—!....—*
June
10054 June
79
May
2554
4%
*
Formica Insulation
135
854
8
20
Early & Daniel..
Hatfield
454
2
42%
8%
100
289
1354
254
60
13
4%
2
...
680
91
89
12
*
Crosley Corp
13%
13%
2%
2%
100% 102
83
82%
2%
2%
Last
Sale
Price
Par
Stocks-
Corp—50c
Petroledm Co-.-l
354
254
for
Range Since Jan.
1, 1940
Week
Shares
Low
High
760
354
June
354
Mar
325
254
May
454
Jan
The Commercial & Financial Chronicle
3640
Sales
Friday
Last
Stocks (.Concluded)
Par
Week's Range
of Prices
Low
High
Week
Price
Broadway Dept Store Inc *
Central Invest Corp... 100
1%
1%
3%
9%
5
a 56%
Blue Diamond
Cprp
Bolsa Chlca Oil A com.. 10
Chrysler Corp
Range Since Jan. 1, 1940
Shares
Low
200
1% May
1% May
250
3% June
9%
9%
a55% a58%
55
8% May
57% May
3%
160
3
Feb
2% Mar
5% May
6
6
3%
3%
3%
350
3% May
6%
7
606
6% June
7
24
87%
Apr
3% May
6% June
88 %
100
863
38%
66
Douglas Aircraft Co.....*
aim
Electrical Prods Cor p....4
s%
General Metals Corp
10
6%
General Motors
10
39%
com
a75% 075%
8%
8%
6%
6%
39% 40%
4%
4%
8
7%
General Paint Corp com.. *
4%
Globe Grain & Milling Co25
8
Goodyear Tire A Rubber.*
Hancock Oil Co A com...*
14
14
14
27
27
457
May
8
•ie May
a9
1
Lane-Wells Co
Lockheed Aircraft Corp._l
a9
11c
29 %
1%
for
Week
%
Apr
12 % May
Par
Stocks—
9%
Jan
7o
Jan
16c
Mar
29%
3%
3%
Mar
41%
4%
4%
Apr
American Tel A Tel
Jan
Barber Co—
9,575
American Stores
Oceanic Oil Co
1
30c
29c
30c
300
29c June
47c
Feb
Pacific Clay Products
*
Pacific Finance Corp com 10
3%
10%
3%
10%
3%
126
4%
Apr
Budd Wheel Co
10%
a 26%
29% 29%
a26% 0.26%
30% 30%
a35% a37%
295
9%
161
26%
29
13%
34%
34%
Mar
225
30%
asm
19
Puget Sound Pulp A Tlmb*
Republlo Petroleum com.l
2%
6%
8
8
31 %
Jan
HornAHardart (PhU) com *
115
HornAHardart (NY) com *
29
29
Jan
Lehigh Coal A Navigation *
12
Jan
28 %
May
May
May
2%
8%
Jan
6
100
1%
7%
2,645
3%
038
a38
5
37%
27
27
27
20
May
May
Shell TJnlon Oil Corp
*
a8
08
a8%
Signal Oil A Gas Co A...*
22
21
23
500
20% May
2%
4%
23%
27%
24%
30
55
Solar Aircraft Co
3%
3%
4
500
Sontag Chain Stores Co..*
5%
5
5%
575
24
24
687
28
28
28
271
25%
25%
26
476
So Calif Gas 6% pref A..25
Southern Pacific Co
*
30 %
30%
30%
140
7Vs
18%
7%
17%
7%
18%
8%
599
Standard Oil Co of Calif..*
26
26
6%% preferred C_...26
6% preferred B
Taylor Milling Corp
7%
*
2
Transamerica Corp
Union OH of Calif
1,310
7%
100
4%
12%
7%
4%
4%
10
12%
7%
..1%
10%
8%
10%
3,161
3,358
1,270
4,101
Yosemlte Port Cement pflO
1%
VA
VA
200
25
Universal Consol Oil
Vega Airplane Co
12
8
7%
Apr
Pennsylvania RR.
Apr
Phil a Elec of Pa $5 pref..
Apr
Scott Paper
*
Transit Invest Corp pref. .
United Corp com
.*
62 %
33% May
8% May
May
30
May
May
4%
Mar
May
30%
Apr
Apr
May
7
May
17%
7%
*
aiH
7c
22
Mar
Apr
1%
360
6%
125
5%
May
3,107
1%
Mar
14% May
63
112% June
24%
120%
25
34% May
% May
1% May
28% May
Jan
2%
1,527
Jan
125%
35%
2%
3%
8%
108
__*
Westmoreland Inc
26 Hi
10
29
40
245
341
396
47
202
10%
June
10
6,905
108%
30
10%
Apr
Feb
Apr
Jan
Jan
49
Apr
1
Jan
2%
41%
15%
117%
May
107% May
9% May
Jan
Feb
Jan
Feb
12
Apt
Jan
Mar
17%
7% June
Jan
4%
1% May
ST. LOUIS, MO.
Jan
7
Gatch Bros., Jordan & McKinney
Jan
15%
Jan
14
Apr
3
Feb
Inc.
ACTIVE IN:
LOUIS
STOCK EXCHANGE
Mining—
Black Mam Cons Mln.. 10c
29%
10%
United Gas Improve com.*
Preferred
--*
ST
Alaska Juneau Gold Min 10
16%
.
Preferred
Apr
1% May
1% May
,
*
.
Apr
55%
Jan
May
May
12
..50
34% May
15%
Jan
June
4%
—
50
90%
33%
May
Jan
29 %
May
May
May
V
30 %
May
—
Jan
May
Feb
1%
1%
16%
17%
112% 113
35%
35%
%
%
1%
1%
29%
29%
10%
10%
5%
1%
Lehigh Valley
Jan
Apr
6%
e
1%
Natl Power A Light
*
Pennroad Corp v t C-....1
7
May
fl38
......50
Jan
41
June
May
1%
1%
1%
10
Jan
125%
Apr
111% May
1,007
120
Apr
Apr
May
38
443
26
40%
14%
175%
15%
55% June
25% June
122
58%
39
210
5
70
25
39%
Ryan Aeronautical Co...l
Safeway Stores Inc
*
24
55%
40%
49%
30
Security Co units ben Int..
So Calif Edison Co Ltd..25
—5
Electric Storage Battery 100
General Motors...
10
1,850
1,120
6%
4%
Chrysler Corp
Apr
9
4
4
May
8
5
26% May
Apr
70
*
June
146%
8%
113%
23%
3%
20
114% 116%
23%
23%
Bell Tel Co of Pa
High
9% May
519
8%
8%
37% May
50
2%
m
May
May
May
May
Low
215
147% 151 Hi
10
Range Since Jan. 1, 1940
Shares
11
181
19
18
2%
Richfield Oil Corp com...*
Roberts Public Markets..2
5
3% May
Jan
1%
High
10%
pref. .100
Budd )E G) Mfg Co pref 100
3% May
Low
10%
150%
100
3
Sales
Price
*
3%
Pacific Indemnity Co...10
Pacific Lighting Corp com *
Mar
of Prices
70
a26
2 Hi
Week's Range
3%
29%
a.26%
1% June
Last
3%
a26
88
Last
1
25
..25
1%
Friday
Menasco Mfg Co
6% 1st pref
5%% 1st pref
Jan
Jan
80o
Los Angeles Investment. 10
Pacific Gas A Elec com..25
Jan
117%
Philadelphia Stock Exchange
400
27 %
15% May
77% May
28 Hi
67
404
June 1 to June 7, both inclusive, compiled from official sales lists
2,000
200
20
83%
Pennroad Corp vtc...—1
11c
28
Jan
18
Unlisted—
a9%
lie
25c
83%
Feb
Apr
45c May
50
Lincoln Petroleum Co..10c
Apr
Mar
24%
500
"26"
Westlnghouse El A Mfg.50
Feb
May
Mar
40
60c
a%
Westlnghouse Air Brake..*
Mar
lc
34
May
15c May
200
15c
15c
High
45c
28
165
Apr
Apr
May
1,113
60c
a%
5,100
32
Mar
27
27%
60c
lc
32
32
Low
30c May
lc
Feb
200
lc
1
—
35c
35c
8%
June
a%
San Toy Mining Co—
Range Since Jan. 1, 1940
Shares
6%
14
Holly Development Co-.l
1
Renner Co
High
Apr
7
215
Hupp Motor Car Corp...l
Low
Price
Par
Vanadium-Alloys Steel Cp*
Victor Brewing Co...—1
June
10%
May
4% June
6% May
105
450
Week
Jan
6%
7
6
for
of Prices
Jan
90%
6
Week's Range
Mar
12
Consolidated Oil Corp...*
Consolidated Steel Corp. -*
District Bond Co
25
50
Stocks (Concluded)
High
367
Last
Sale
1%
1%
3%
1%
1%
Sales
Friday
for
Sale
June 8, 1940
ISSUES
(MEMBER)
ST. LOUIS BANK STOCKS
o4%
7a
a4%
7c
1,000
7c May
a5
a5%
40
a34% 034%
al48%al51%
al9% a21%
5% May
32% May
358
4% May
-
Apr
6%
14%c
OLIVE
418
Jan
ST.
A. T. & T. Tel.
Garfield 3450
St. L. 494
Unlisted—
Amer Rad A Std Sanl
* ..a5%
Amer Smelting A Refining.
Amer Tel A Tel Co. ..100
Anaconda Copper..
a34%
a 150%
...50
a21%
AtchBn Topk A S Fe RylOO
al3%
a20%
Atlantic Refining Co
Aviation A Trans Co
25
1
5%
Baldwin Locomo Wks
v t c.
al3%
Bendlx Aviation Corp
Bethlehem Steel Corp
6
a26%
08%
*
Borg-Warner Corp
5
Caterpillar Tractor Co...*
Columbia Gas A Elec
al5
a45%
*
am
Commercial Solvents Corp*
a8%
Curtlss-Wright Corp
1
7%
1
Class A
a23%
Elec Power A Light Corp
General Electric Co
General Foods Corp
Goodrich (B F) Co
a3%
a29%
a39
•
Intl Nickel Co of Can...
Loew's Inc..
*
...*
*
Packard Motor Car Co..*
Paramount Pictures Inc..l
Pennsylvania RR
...50
Radio Corp of Amer.....*
Republic Steel Corp
..*
Seaboard Oil Co of Del..*
Sears Roebuck A Co
♦
Socony-Vacuum OH Co..15
Southern RyCo
*
Standard Oil Co (N J)...25
Stone A Webster Inc.
*
Studebaker Corp
Swift A Co
1
25
Texas Corp (The)
25
Tide Water Assoc 011...10
Union Carolde A Carbon.*
United Air Lines Transp.6
United Aircraft Corp
6
U 8 Rubber Co
10
Corp
»
Westlnghouse ElecA Mfg50
Willys-Overland Motors..
a21
a26
22
a27%
75
120
16
al2%
a65%
a7%
a8%
June
23%
Feb
61
Apr
i
46%
a83%
2
High
29%
28
29%
48
66
66
66
10
May
46
28
May
36%
66
June
70
3% June
4
Apr
Apr
Apr
June
34
Apr
May
27
Jan
ElyAWalkerD Gds2d pflOO
96
96
10
27
May
40
Jan
Flastaff Brew
7
700
41
May
May
Feb
12
28
28
May
47%
20%
3«%
6%
11%
38
16%
24%
May
June
May
Apr
Feb
35%
47% May
215
9%
May
May
18%
26%
17
20%
Mar
4
57
1,304
50
136
271
21%
Jan
4% May
14% May
11% May
85
Apr
7% May
14
May
30
June
80
10
Mar
6%
300
282
Mar
8% May
Jan
24%
Apr
7%
Apr
23%
11% May
Apr
67%
12%
Apr
Jan
17%
Feb
43%
Jan
May
12%
Feb
23%
47%
Feb
65
45%
Mar
9%
200
10%
Feb
118
_
_
1
*
11%
"8%
93
6%
Feb
May
102% May
10%
Apr
70
11
May
15%
Feb
100
28
June
45
Apr
12%
Apr
120
8%
8%
10
50
3%
May
8% June
45
45
28
28%
25% May
36%
Jan
34
34
16
34
June
35%
Apr
15
15%
95
15
June
20
Apr
2%
14%
50
Feb
14%
50
2% May
14% June
4%
*
15%
May
Midwest Piping A Sply cm*
Mo Ptld Cement com...25
9%
10%
9%
20
May
11%
Jan
10%
133
12
Apr
99
99
com...
International Shoe com...*
Kanpp Monarch pref
"28%
*
20
com
5
10%
Natl Bearings Metals pflOO
National Candy com.....*
2d preferred
Rice-Stix Dry Gds
2%
7%
100
15
*
4
103
Sterling Alum
com
Wagner Elec com
85
Jan
June
12%
Mar
June
99
25
3%
May
103
2
60
108%
2%
Feb
3
6
6
Feb
Jan
6%
111
Jan
May
4%
May
10
6
June
10
Apr
6
25
Apr
50
5% May
Jan
5%
9
6%
6
9
Apr
75
21% May
30
Apr
55
66%
Jan
6%
22%
23%
60
15
1
May
105%
2%
1
com..
May
June
7%
10
4
1st preferred
100
St L Bk Bldg Equip com..*
Scruggs-V-B Inc com
5
Scullin Steel com
*
10%
82
85
58
June
99
10
7%
85
45
515
61
Bonds—
St L Public Service 5s.1959
S3 600
May
Apr
11
Jan
Feb
62% May
12% May
82%
10
23%
42% May
23
May
61%
38%
886
45
May
65
Apr
on
St. Louis Bank and Trust Companies
Apr
55
Quotations
Apr
92
al4
290
1%
Mar
Bid
Feb
20
2
Hyde Park Brew
LempBrew com
Meyer-Blanke com
Apr
Apr
12
061% 061%
_
com..
Laclede Steel
June
5%
18
com.
Feb
7%
2% May
5% May
General Shoe
"27"
...1
com
Jan
23%
5% May
Coca-Cola Bottling com._l
3%
Grlesedleck-West Brew cm*
45%
35
10
Hussman-Llgonier
22
100
Century Electric Co
Jan
119
510
7% pref...100
Apr
27
a6%
2
30
14%
Mar
185
a41% a42%
al6% al6%
45% 46%
a83%a83%
a\6%
50
27
10
014
*
37%
180
289
al4
Bruce (EL)
114
08%
a\l%
Apr
Apr
Low
37%
220
30
30
8%
Brown Shoe com.....
*
com
15%
50
18
9%
Jan
Range Since Jan. 1, 1940
Shares
27%
a35
a6l%
American Invest
High
15
a8%
6
Apr
Low
Apr
24%
61%
7%
Price
133
al2% al2%
a63
o55%
18
84
for
Week
27
117
a34
Par
of Prices
_*
16% al6%
a4%
18
Stocks
Week's Range
Sale
110
a4%
a35
Apr
Sales
Last
Dr Pepper com
50
a6
Friday
May
Jan
50
2,815
a6
May
5% June
19%
34%
Exchange
June 1 to June 7, both inclusive, compiled from official sales lists
Feb
70
3%
08%
Apr
8
396
a4%
a7%
Apr
16%
11%
29%
25
2%
30
Feb
St. Louis Stock
Mar
6% May
13%
Jan
7% May
28%
Apr
5% May
04%
30
6
31%
68%
80
10%
17
17%
a 15% al5%
a5%
a6
16
May
160
22
15
May
3% May
13
280
10
a
148
340
a33% a35%
10%
17%
a 15%
a5%
3%
a4%
a 16%
a4%
22
295
a22%
22
22
Jan
31%
24%
35
Jan
47%
174%
75
a28% a30
a38% a39%
all% a 11%
a26%
Montgomery Ward A Co.*
New York Central RR...*
Nor American Avlatlon.10
U S Steel
11%
May
19% May
15
May
192
al3% al4
a20% a20%
5%
5%
a 13% al3%
a.25% a27%
68% 68%
a 14% 015%
a44% a45%
a4%
a4%
a8%
a8%
7%
7%
a23% a24%
o3%
s3%
a22%
Kennecott Copper Corp.,
North American Co
Ohio OU Co
a
35
10
3%
Apr
Ask
Boatmen's National Bank.
First National Bank
29
32
34
Mississippi VaUey Tr Co._
24
26
Bid
36
MercantUe
Commerce
Ask
Bk
<fc Trust Co
103
St Louis Union Trust Co..
108
48%
46
Pittsburgh Stock Exchange
June 1 to June 7, both
inclusive, compiled from official sales list
Friday
Last
Sale
Stocks—
Par
Price
18%
24%
7%
7%
Armstrong Cork Co.....*
*
Byers (A M) Co com
Clark (D L) Candy Co
*
Col Gas A Elec Co.
*
*
Duauesne Brewing Co...5
Electric Products
*
Follansbee Bros pref
Fort Pitt Brewing
5
4%
4%
Pacific
Coast
•
7%
7%
5%
25
*•'
23% May
5% May
6% May
15
50
300
5
142
May
June
591
4% May
9% June
4%
100
4% May
11
100
76%
8%
Lone Star Gas Co.......*
8%
Mt Fuel Supply Co
10
National Radiator Corp. 10
5%
Penn Federal Corp com..*
50
Pittsburgh Plate Glass..25
Pittsburgh Screw A Bolt.*
For footnotes see page 3641.
5
4%
1%
11
45
1%
78
1,450
8%
910
5%
4%
1%
1,215
40
110
9
1%
75
May
Jan
6%
Exchanges,
which
are
1%
4%
May
77
83
72% June
4%
May
104%
8%
Cortlandt
Private Wire to
San
Jan
Apr
10% May
6% May
Jan
7%
1% Mar
26%
Apr
72%
5%
York
Stock Exchange
Broadway, New York
own
7-4150
offices in San Francisco and Los Angeles
Mar
May
4% June
1% Mar
25
May
111
Mar
7%
10
30
14
20
91
25
100
26% May
Apr
43%
Jan
11%
Feb
13%
Apr
6%
Apr
7%
May
25
5%
Stock
Schwabacher & Co.
High
16
4%
10
1%
Low
80
19%
24%
9%
...1
%% Pref
on
Range Since Jan. 1, 1940
for
Week
Shares
4%
10
100
Koppers Co pref
4
of Prices
High
solicited
until 5:30 P. M. Eastern Standard Time (2 P. M. Saturdays)
Members New
Allegheny Ludlum Steel..*
Blaw Knox Co.
Week's Range
Low
Orders
•pen
Sales
June
1
to
May
Francisco Stock
Exchange
June 7, both inclusive, compiled from official
Last
Sale
Stocks—
Par
Apr
Aircraft
Jan
Atlas Imp Diesel Engine..5
Accessories
A.50c
Price
sales lists
Sales
Friday
Week's Range
of Prices
High
Low
3%
4%
for
Range Since Jan. I, 1940
Week
Shares
3%
225
4%
255
Low
3% June
3% May
High
3% May
7%
Feb
Volume
& Financial Chronicle
The Commercial
150
Sales•
Friday
Last
Week's Range
Sale
Stocks {Concluded)
of Prices
Low
High
Price
Par
108
108
1,
Range Since Jan.
or
1940
VLT/i/iY
rr CtK
45
108
High
Low
Shares
May
103
12%
13%
437
12%
21%
13 %
21%
800
19%
125
19
Mar
Average Spending by Convention Visitors in New York
Surveyed by Merchants' Association
The question, "Where does the convention visitor to
Jan
May
Jan
21%
York
13c
13c
1,200
12c May
25c
Feb
3.00
2,774
2%
May
4%
4%
340
12%
79%
82
1.40
Apr
12% May
75% May
21
May
95
May
1.40 June
2,028
1.40
20
6
6
6
175
13%
80%
4% May
272
"i§N
May
5
3.50
Jan
10%
Jan
10%
May
Apr
answered by a new
8% May
14% May
15%
36
36
50
35
82%
83%
175
77
1.50
1.50
240
of
377
6%
Hawaiian Pine Co Ltd...
"14%
33
40%
Director,
11%
12
„
May
May
99%
Apr
2.20
Mar
May
7%
Jan
May
56
May
May
11%
20%
Jan
33
June
44
Feb
attendance
11% May
16%
Feb
survey the
June
8%
Feb
7%
'
Class B.
4%
218
463
5
112
35%
Lockheed Aircraft Corp.
35%
22
22
200
30
870
29
30c
105
30c
4%
Apr
Mar
Calcul
3%
•
person,
27%
Mar
York
25c May
30c
Feb
50c
Jan
130
Apr
275
19%
12%
Apr
10
12% May
9% May
550
3%
3
3,789
6%
7%
2.50
8%
2.50
1,425
16
8
6%
400
16
20
200
8
630
20
20
20
35
26%
29%
26
26%
29%
26%
29%
3,525
1,485
26%
444
100% 101%
■Y 4
4%
17
16%
60
8
7%
26%
".'Y
■
"l6%
665
1.75
Jan
May
7% May
5%
Apr
4.50 May
11
10%
2% May -Y4v
28
16
June
Apr
Mar
Jan
May
June
11
Jan
May
7%
20
26
Feb
34%
Apr
34%
Apr
31%
jm
108%
5%
21%
138%
Jaa
25% May
28% May
25% May
100
May
3% May
16
May
115
53
115
May
144
144
50
143% May
45
47
130
45
17%
18%
570
12%
Jan
29%
survey
Executive
conducted
was
10 representative conventions
an
estimated attendance
of
recently
5,000 dele¬
industry, bakers,
gas
are
These
typical of the more than 500
250,000
shows
and that
that
Association
States
is
days.
4.3
$62.50
York
of the
to the results
delegate
New York
national
Convention
Bureaus,
spending
he
stays
in
which conducted
a
like effort
by I. A. C. B.
delegate in the United
convention
city an
average
Thus, the New York survey shows the visitor who comes
stays
both in New York and nationally was
expenditures on the following items:
Living—hotel; food—hotel and miscellaneous restaurants; entertainment;
retail and department stores; local transportation.
By grouping these
covered
by questions asking for his
expenditures into five classifications they were divided in comparison to
spending in New York and the average convention city as follows:
2.00
100
1.50
May
4.00
Jan
June
Jan
Average
Mar
154
54
New York
Jan
Jan
■'
■■
,
.
-
Living—Hotel
Convention
City
City
y
25.20%
*.....
27.11%
13
13
100
12
May
24%
Mar
Food—Hotel and miscellaneous restraurants
20.30
23.54
16
16%
330
14
May
29%
May
Entertainment
27.00
17.27
------
27
312
24%
May
37%
May
Retail and department stores
i-iv--
23.00
22.75
2.05
265
1.80
May
2.75
Feb
Local transportation
iYii „--»-#-
4.50
13%
6%
684
12% May
19%
8%
Jan
Unclassified
27
2~6O
13
»
to
day longer than the average and spends $34.50 more
a
than he does in the average city.
The convention delegate spending
——
Richfield Oil Corp com
per
The New
prepared by the Inter¬
survey
the
$97
be
to
days.
These national figures just released
that
and
5.2
was
that the average expenditure for a convention
of
New
the average
part of a
a
of
14 convention cities.
show
As
persons.
the average stay in
figures became
national
in
of
Association says:
May
2.00
'
Bureau
Association
Nichols,
Feb
292
115
45
N.
C.
advertising, manufacturing,
survey
Jan
Apr
Apr
468
f'
The
35
71c
The
by
conventions meeting here annually with a yearly estimated
44
12%
with
New
been
has
recently completed by the Con-
released
organizations, it is stated,
41%
10
iiini
gates in
35% June
May
12%
Machine..
much?"
how
foreign trade and governmental trade associations.
21
70c
March
connection
14%
845
33
,
and
meeting here with
20%
44%
Feb
survey
June 2.
on
38
300
14%
York
6
824
7%
11%
40 %
6%
4p%
7%
14%
33
Genl Mtrs Corp com
]
Golden State Co Ltd....
New
1.25 May
110
and
money
vention and Visitors Bureau of the Merchants'
in
1C0
8%
15%
8%
i
his
spend
Mar
4%
com...
15%
City
Mar
2.80
i
...
Creameries of Am
3641
2.00
12%
------
6%
4%
8
1,725
995
5
8
5%
May
3% May
7
5.33
4.00
Jan
Apr
Mr. Nichols brings out that as a
result of the more than
'
"22%
22%
350
22%
26%
8
May
200
22
May
12% May
30% Mar
May
42
1,518
21
Southern Pacific Co
7
5%
7%
5%
1,816
Spring Valley Co Ltd...
~"ii%
17%
18%
2,602
6% May
5% Mar
17% May
20%
Jan
9c
9c
9c
100
9c June
20c
72
25
Standard Oil Co of Calif.
81
81
53
"l2"
7%
4%
3,250
8c
4%
8c
12%
7%
8,043
2,035
7%
4%
12
627
81
June
15%
6
96
May
Jan
Jan
May
Mar
6c
12
7%
May
May
6%
15o
Jan
May
4%
17%
15%
Jan
June
Jan
10
460
14
Apr
23
23
190
23
June
30
Apr
15
10
15
10
15
May
22
Feb
8%
.1
1.50
379
1.55
4%
Jan
1.50 May
2.90
Jan
is
city.
outside money
dropped into the coffers of the business men of the
He says:
On
the percentage of the convention
the basis of
delegate spending hb
by the survey, the convention delegate spends for hotel rooms and
hotel incidentals $6,300,000; food, both in the hotel and at outside restau¬
rants, accounts for $5,075,000 of the total, while $6,750,000 finds its
way into the cash registers of the night clubs, theaters, sightseeing and
points of interest.
Retail interests profit from the money left here by
convention delegates to the amount of $5,750,000, while taxicabs, buses,
street cars and subways get $1,125,000 as their share of this outside
shown
Mar
May
$25,000,000 of new
approximately
City
Feb
81%
250,000 convention delegates annually coming to New York
money.
Unlisted—
a5
240
a5
149
8
May
788
a5
149
Amer Rad & Std Sanitary'
149
June
9%
174%
Feb
91o
18% May
31%
Apr
10%
May
89c
4,215
20%
450
8%
8%
100
2.00
2.00
600
al4% al4%
a7
86c
20%
89c
20
1
—- -
-
-
2%
Cal Ore Pr
"24%
6%
8%
*
.1
Curtiss Wright Corp
Ital Pet Corp of Am com.
90c
90c
840
09%
50
.
250
6
June
7%
May
87%
Apr
6%
32%
May
7%
11%
Apr
Apr
Mar
7%
8%
635
28%
200
25
May
36
Jan
29%
5%
535
28%
June
41
Jan
7
Apr
20%
185
20%
June
38%
—
10c
10c
600
10c
Mar
16c
Jan
75c
85c
1,380
75c June
1.55
Jan
Montgomery Ward & Co.*
Mountain City Copper
5
-
-
-
-
Corp...5
National Distillers Prod..*
Aviation._1
------
2%
------
------
50
Pioneer Mill Co
20
------
------
c4%
*
—
~
—
—
-
*
So Calif Edison com
5
8~~
26
Shasta Water Co com
a24%
25
25
%% pref
6% preferred
*
Studebaker Corp com
1
6%
United Aircraft Corp cap.5
a42%
------
47
United States Steel com..*
5
— —
West Coast Life Insurance5
a
35%
365
22
8c
9c
1,400
6c May
12c
Jan
a33% a36%
2%
2%
4%
4%
al8% al8%
17%
17%
210
39% May
2% May
65%
4%
Apr
June
7%
Feb
370
14%
May
50
20%
Mar
125
35
—
— —
7%
Ex-rights.
The Whal Co. to Eversharp,
Inc
Jan
26
Apr
26%
23%
Feb
Jan
Mar
15
June
23%
18
June
25
3
May
4%
Jan
65
18
May
23%
Apr
100
150
7% June
12
Jan
Jan
110
7
May
7%
23%
12%
303
24
May
30% May
110
25% June
40
20
8
a23% a24%
4%
May
20
May
Apr
Mar
Jan
6%
770
5% May
30%
29%
7%
12%
a40% a43%
45
47%
2%
2%
155
43% May
51%
1,660
42%
Jan
2
May
May
66%
225
4%
Feb
7%
44
4
Jan
9%
Apr
25%
25%
28
245
25
May
5%
0%
155
5
May
6
7%
r Cash
« Listed,
Apr
Jan
Apr
Feb
Apr
c Admitted to unlisted
sale—Not Included In range for
tin default. J Title changed from
Odd lot sales, b Ex-stock dlvldeid.
y
May
Mar
May
50
3%
al6% al6%
7%
7%
a4%
04%
7
4%
24%
35
20
19
20
Jan
May
575
15
3%
d Deferred delivery,
rEx-dlvldend.
905
27%
------
Standard Brands Inc
Warner Bros Pictures
130
23%
15
3%
•
Radio Corp of America...*
Shumacb Wall Bd pref
CO lO X
Jan
226%
a26
13
cap..20
20
Pennsylvania RR Co
June
5
al6% al6%
9c
North American Co com.10
Packard Motor Co com..*
6,255
22%
Nash-Kelvlnator
No par value,
6
70
May
4%
Feb
24% June
Jan
Jan
1
*
1
M J & M &.M Cons...
year.
290
5
a26%
Matson Navigation Co
*
46
24%
6%
2
14%
Apr
20%
Kenn Copper Corp com..*
trading privileges,
6
04%
24%
Jan
May
90c
May
9% May
28%
80c
Oahu Sugar Co Ltd
Apr
5%
26%
------
...1
Preferred
Onomea Sugar Co
5%
36%
50
------
*
Int Nickel Co of Can
American
Apr
,
yearly spending by convention visitors of
in new gross
trade channels
ail
$25,000,000
business dollars,
resulting in many instances in new net business dollars,
which is the goal of all commerce, trade and industry."
♦
Apr
*
Electric Co
Idaho Mary Mines Corp__l
No
4%
Jan
27%
28
Domlnguez Oil Fields Co.*
General
9%
8%
8%
a4%
Consolidated Oil Corp
May
2% June
4%
70
a71 % a71%
6% pref '27.100
Cities Service Co com.
Cons Edison Co of N Y__»
Jan
190
a3
Jan
benefits
"the estimated
that
contends
Nichols
Mr.
Concluding,
average
Mar
500
5%
2%
4.00
Apr
25%
May
am
90c
..1
Bunker Hill & Sulllvan.2 %
Feb
1.50 May
14
a26% a27%
a3
~a26%
Blair & Co Inc cap
8%
29
07
a7
5%
Aviation & Trans Corp
52c
San
Francisco
Exposition
Reopens for Second
Year
International Exposition of 1940, located
on Treasure Island in San Francisco Bay, reopened on May
25 for a four-months period with the approval of a referee
The Golden Gate
in
Nearly 150 commercial displays are on
well as those of eight States and 13
bankruptcy.
exhibition this year as
foreign nations.
Marshall Dill, President of the.Exposition,
officially opened the gates.
President Roosevelt sent a letter
through George Creel, Federal Commissioner, wishing the
Exposition well and saying it represents "the
of many countries and many
can be and what it ought to
combined action
men—it shows what civilization
be."
Regarding the opening an Associated
Press San Francisco
dispatch May 25 said:
Thirteen foreign
countries and six states opened exhibits.
The exposition ran
sions.
254 days last year, drawing
10,500,000 paid admis¬
Financially, it finished in the red.
Far more elaborate
and with a riot of color exceeding
that of its opening
exposition was launched on a wave of optimism that it
general and itself in particular even more than in
1939.
- .'YY:Y^v"Y Yv.;"
The war took its toll of foreign exhibitors, and a few States, too, fell by
the wayside.
But officials of the repeat performance appeared confident
that added entertainment, more diversified exhibits and lower costs to
day last year, the
would do for the West in
fair-goers would attract a
the red ink of
More
300
than
and shrubs,
sufficient patronage to wipe out a large
share of
last year.
worked for months on flowers, trees
been reharmonized.
again are the United States government and the
gardeners have
and brilliant lighting effects have
Largest participants
State of California.
The virtues
trom of war
of Czecho-Slovakia and Norway,
since a year ago,
both engulfed in the maels¬
again were stressed in special displays.
Brazil,
returned with extensive participation, and Uruguay,
Switzerland offered new attractions. Colombia, Peru,
Portugal, Ecuador and French Indo-China completed the foreign list.
Missouri and Illinois reopened their large offerings in individual buildings,
and the Western States of Oregon, "Washington, Idaho, Nevada and Utah
again were well represented.
Japan and Italy also
Malaysia
and
The Commercial & Financial Chronicle
3642
June 8, 1940
Canadian Markets
LISTED AND UNLISTED
Montreal Stock
Service
all Canadian
on
Securities.
(Concluded)
Stocks
507 Place
Montreal Curb Market
Preferred
d'Armes, Montreal
Low
High
21
1034
1034
1034
13
1234
13
634
£1
...
Week
19 34
Mining—._*
Imperial Oil Ltd
*
Imperial Tobacco of Can-5
Greenshields & Co
for
of Prices
Price
Par
Hudson Bay
Montreal Stock Exchange
Sales
Week's Range
Last
Sale
Members
Exchange
Friday
634
Range Since Jan. 1, 1940
400
266
21
21
16
*T6
28
30
1534
15
16
2
2
2
80
80
16
1534
*
Preferred————.100
International
Municipal Issues
Power
Lake of the Woods
Closing bid and asked quotations, Friday, June 7
-—.—-100
Preferred
(American Dollar Prices)
*
_^
Bid
A 8k
Bid
Ask
1 1942
Jan
1 1948
33
37
5s
Oct
88
92
4348
Oct
1 1956
32
34
6s
Sept
15 1943
90
92
Montreal
1 1959
77
80
National
Breweries
1 1962
68
72
Oct
434s
65
60
12 1949
1 1953
6s.-.--.-.July
60
56
434s
75
1 1941
434s
Aug
5s
June
5s
Dec
65
60
2 1959
65
Feb
1 1958
65
1 1961
65
5s
Apr
15 1960
65
70
434s
Apr
15 1961
60
65
Sept
15 1952
64
1 1960
69
15 1943
55
60
Nov
15 1946
55
60
Oct
11951
50
Jan
80
90
80
May
94
Feb
16
222
14
May
27
Jan
5
110
110
June
128
Jan
15
1234
May
13
Jan
360
234
May
934
3
534
534
70
5
27
28
4234
2734
3434
44
2834
39
49J4
*
24
24
*
*
4034
Feb
25
May
3134
65
43
May
27
May
5634
3834
Jan
3434 June
4134
Mar
71
460
35
Feb
Jan
69
Jan
30
20
Jan
3234
Ap-
741
49
May
7814
Jan
23
May
3334
June
1334
Mar
Jan
1134
Mar
25
70
634
7
100
9
.
Jan
Jan
934
120
620
23
4734
June
2,127
35
23
534 May
110
634
9
1
634
734
May
Jan
OttawaLH&Power._.100
12
12
20
12
May
100
90
90
9
90
June
10234
Jan
6
7
520
6
May
1134
Jan
2,090
9
Preferred
73
434s
6
55
5s
68
-..Mar
June
5 348
434s
Province ol Nova Scotia—
Jan
Feb
May
Ottawa Car Aircraft.
70
Feb
3
Ogilvie Flour Mills
70
May
Feb
23
15
Ottawa Electric Rys
4s
Prov of Saskatchewan—
29
24
4034
Car Corp.*
Niagara Wire Weaving—*
May
June
23
National Steel
Noranda Mines Ltd
June
15
4934
76
74
2 1950
Apr
976
*
72
70
Mar
434s
60"
15 1954
Prov ol New Brunswick—
58
15 1965
Jan
4348
25
Preferred
Province of Quebec—
Province of Manitoba—
2734
4234
2734
.*
734
Jan
4614
11034 11034
Montreal LH&P Cons..*
Jan
Feb
2734 May
234
534
Tramways...100
May
4s.-.-.—.June
5s
110
125
934
Mohtreal Cottons pref. 100
5a
Prov ol British Columbia—
_
3
*
McColl-Frontenac Oil.—*
Province of Ontario—
Province ol Alberta—
_
3
Laura Becord
Massey-Harris
1534
1634
16
3,843
International Petroleum..*
Jan
May
734
2134
25
2934
Intl Nickel of Can
Provincial and
10
34
1234 May
225
21
International Bronze
High
1934 June
1,870
*
»
Acceptance—*
Industrial
MR
Low
Shares
Power Corp
_
6
of Canada—.*
Feb
16
10
1134
May
24
Jan
6% preferred- —---.100
60
60
40
60
May
80 34
Feb
*
14
1434
215
14
May
1734
Jan
Railway Bonds
334
100
Ask
Bid
May
5234
May
24 34
734
8
75
7
June
15
82
50
80
May
10334
934 May
June
May
15
Jan
63)4
8634
Jan
63
83
Jan
65
5s
Dec
1 1954
5634
58 >4
Simpsons
434s
July
1 1960
52
54
Southern Canada Power—*
92
preferred
82
100
10
56
*
64
63 34
64
421
25
63
63
6534
320
Co of Canada
Steel
10
2
2
334
334
3 34
3 34
Western Grocers Ltd
(American Dollar Prices)
6
100
Zellers
934
*
-
934
20
60
1.15
June
234' Mar
May
Feb
634
55
1.10
195
6
Feb
June
Jan
Apr
434
60
May
180
Jan
234
May
12
Apr
934 June
15
10
Jan
Apr
13
Apr
6
Ry—
75
76
77
78
76
77
76
1 1957
1 1969
Ask
1.10
*
Preferred
Bid
60
Apr
Mar
2
50
2
Apr
234
234
15
*
Winnipeg Electric A
Ask
•
370
334
Twin City.!
—.—_—*
United Steel Corp
*
Viau Biscuit
*
Bonds
Closing bid and asked quotations, Friday, June 7
434s
1,295
16
.
4Hs
21
1234
Jan
20
Sherwin Williams of Can.*
77
4s
Jan
1 1962
68
3s
Jan
1 1962
64
634s
Jan
442
58 3s
Canadian Northern
534
1,356
1,026
65
Sept
1 1951
June 15 1955
Feb
1 1956
May
1034 May
234
18
57 H
Dominion Government Guaranteed
4)4s
2
234
1134
2734
Preferred
434s
Mar
1734
1 1946
Canadian National Ry—
102
10734
2634
4Hs--.--.8ept
Bid
May
May
18
4334
90
96
100
1234
2734
63
.
234
.50
4234
perpetual debentures
63..
Sept 15 1942
4)48
Dec 15 1944
6s--July
1 1944
Feb
6
5
35
St Lawrence Paper pref. 100
Ask
Canadian Pacific Ry—
4s
May
98
100
Shawinigan W & Power._*
A preferred
Bid
334
98
100
Saguenay Power pref—100
St Lawrence Corp
...*
(American Dollar Prices)
Canadian Pacific Ry—
3 34
*
100
Regent Knitting
Rolland Paper pref
Closing bid and asked quotations, Friday, June 7
1034
*
Price Bros & Co Ltd
Quebec Power
1 1946
July
9134
92 K
Banks—
140
140
38
140
May
...100
158
158
158
70
145
May
17634
Mar
Montreal
100
198
194
198
207
190
May
212
Mar
Nova Scotia
100
295
295
1
300
May
311
Mar
Royal..
100
156
162
.118
155
May
190
Mar
Canadienne
Grand Trunk Pacific Ry—
5s
July
July
81
8234
5s
Oct
1 1969
8034
82
5s
Feb
1 1970
80
100
Commerce
-
*.•—
-
-
-
164
Apr
8134
Montreal Stock
June 1 to June 7,
156
Montreal Curb Market
Exchange
June
1
to
June 7,
both inclusive, compiled from official sales lists
both inclusive, compiled from official sales lists
Sales
Friday
Sales
Friday
Last
Bale
Stocks-
Par
Price
Week's
Range
of Prices
Low
High
Week
Stocks—
'
Low
Shares-
Par
Week's Range
for
Rale
of Prices
Low
High
Week
Price
1.05
*
10
10
30
10
May
12
Mar
100
6
Agnew-Surpass Shoe prflOO
107
107
15
107
June
110
Feb
Aluminium Ltd
*
90
17
Bathurst P & P Co B
*
Asbestos
Corp
Bathurst Pow &
Bell
*
Telephone
-.100
150
Brazilian Tr Lt & Power.*
5H
British Col Power Corp A *
Bruck Silk Mills...
*
13 H
Canadian
Celanese
Preferred
.
100
Industrial
Alcohol.*
Class B
*
Canadian Locomotive
Canadian
Pacific
*
25
Ry
Cockshutt Plow
Beauharnois Power Corp.*
Jan
Belding-Corticelli Ltd.. 100
534 May
486
85
4
169
34
1054
Mar
7
Feb
Canada & Dom Sugar Co. *
Can Nor P 7% cum pref 100
1734
Jan
Cndn Breweries Ltd
12
14
310
12
May
2334
Feb
4
206
334 May
834
Jan
80
110
12
55
1034
35
334
1134
370
6
13 34
14)4
1,176
634
1,505
1434
535
2534
June
99
Feb
11
May
1034 May
23
Feb
18
Jan
3
1034
June
834
Apr
Jan
Cndn Power & Paper Inv_*
Jan
1,195
20
May
75
106
June
15
65
14
May
1934
9
110
9
June
1434
1.85
680
2.00
200
8
8
8
434
434
434
*
cum pref
Cndn Vickers Ltd
Mar
1.75
1.85
5%
Feb
5
1.65 May
1.75 May
37 34
128
"T§5
Feb
Mar
7%
*
1134
June
19 34
635
24
May
35
Jan
90
15
90
June
111
Feb
6
35
6
June
15
1.25
1.35
665
2534
335
1.25 May
22
May
16
May
16
198
June
235
Mar
155
155
4
155
May
160
May
80c
550
50c
50c
125
2 34
234
50
234
285
80c
50c
234
234
70c
1.00
Mar
Alcohols
*
2.00
255
2.00
1.80
8
8
"3 H
334
434
3,195
90c
90c
260
14
May
33
Jan
18
Feb
1434
Feb
3.50
Mar
1.55 May
May
334
May
834
90c
May
334
20
May
21
22
22 34
1,105
1934 May
24
2434
305
2334 May
4034
Jan
Dominion Coal pref_.__.25
Dominion Glass
.100
17
16
17
691
16
June
22
Feb
113
113
25
113
June
125
Jan
Falrchild Aircraft Ltd
5
Jan
Fleet Aircraft Ltd
*
Apr
Ford Motor of Can A
*
Tsli
386
14
Jan
Fraser Cos Ltd
*
7
634
7
5.50
6
Mar
Voting trust
9
734
9
2,095
32
6
Preferred
334
100
*
Preferred
100
Dryden Paper
*
65
Electrolux Corp
1
Foundation Co. of Canada*
Gatlneau
5%
Power
preferred
10
3
May
Jan
Dom Engineering Works.*
32
Apr
Dom
2734
Apr
834
8534 May
89
760
72
June
90 34
150
7
148
Apr
5
255
4
May
65
8
8
634
73-4
5
60c
Apr
155
1134
1.00
8
May
12
Feb
6
May
1534
Fen
1134
1134
75
10
May
1634
82
28
8134 May
9634
Feb
91
91
20
91
Rights
2
General Steel Wares
*
Preferred.
5
79
Gypsum Lime & Alabas..*
434
78
234
—.*
334
334
334
6
9)4
934
Hollinger Gold
Howard Smith Paper
Preferred
*
100
13
90
13
88
2
5
5
305
79
15
334
334
225
5% cum pref
Feb
6
1.00 May
5
925
334 May
4
205
3
May
834
Jan
234
234
234
450
2 34
May
634
Jan
334
434
1,045
1434
1534
32
Jan
Massey-Harris 5%cm pflOO
10 34
Feb
"Too
96
Feb
Melchers Distilleries pref 10
Mitchell (Robt) Co Ltd.
3
May
May
June
13 34
90
561
1134
May
May
85
534
Mar
834
Apr
Provincial Transport Co..*
23 34
Apr
Apr
106
*
No par value,
r
1.00
734
1.00
234
1.00
13
734
25
Jan
Feb
May
2234
Feb
May
20
734 June
2 34
Feb
10
334 June
32
334
10
2134
Jan
Jan
June
38
Mar
May
4
Feb
1.00 May
3.50
Jan
15
13
June
1634
Apr
15
20c
May
60c
May
2
Jan
12
12
75
12
2034
1034
2034
10
2734
1034
50
9
May
20
27
May
5
96
Jan
10134
May
334 May
534 May
634
1534
Mar
29
29
82
29
82
334
Page-Hersey Tubes Ltd..
Jan
15
32
13
"734
McColl-Fr Oil6%cm prflOO
May
1.00
234
MacLaren Pow & Paper..
June
934
Jan
Feb
434
12
May
234
44
3?4
Loblaw Groceterias A...
134
590
26
6
Lake St John P & P
1
22
5
20
434
78
10
84
105
Feb
Apr
4
International Utilities B_
Jan
80
100
22
1.00
*
Freiman (A J) 6% cm pf 100
Hillcrest Coll pref
*
Intl Paints (Can) Ltd A..*
Apr
95
May
Jan
Worsteds
B
Jan
330
Woolens &
Common
Donnacona Paper A
Jan
..100
534% preferred..
Hamilton Bridge
434
65
.
"~7 H
*
7234
149
5
*
82
72
150
Eastern
Dairies
334
82
"7234
10
9
21
Dominion Textile
June
834
Jan
48 34
1534
Apr
May
24
May
Apr
5
8
21
674
Apr
1.50
2
22
400
1.40
Feb
1234 May
10
834
1,951
May
May
234 June
25
May
734
Apr
10
*
734
Apr
25
*
334
Jan
234
3134
16
Dominion
"m
Jan
198
Distillers Seagrams
*
Jan
460
2934
Dom Tar & Chem
2334
12
30
Dominion Steel & Coal B 25
Feb
27
Consol Mining & Smeltlng5
Crown Corl & Seal Co
*
Bridge
May
96
16
....15
4
June
15
May
Apr
25
10
cum pref
3,151
21
Jan
10
5%
Consolidated Paper Corp.*
Cub Aircraft Corp Ltd..*
25
Jan
634
334
80
1734
198
Consol Div Sec pref...2.50
9
5
15
Commercial
May
May
May
134
30
Jan
May
1,994
145
834
Jan
4
28
June
1234
Feb
29
1634
1,095
Jan
May
834
334
145
80
110
Apr
5
90
1234
pref...
1934
896
234
434
v.:
100
cum
May
5
550
Catelli Food Prods Ltd...*
7
30
590
2434
*
25
334
6
92
6
Cndn Marconi Co__—__1
1634
106
1.75
"
High
234
90
100
cum pref
28 34
9
9
7%
2134
14
2334
;
Low
0.75 May
3,525
Canadian industries stmp'd
May
106
2534
"IT"
1.20
1134
*
1234 May
6
4
1534
"25"
Cndn Dredge & Dock Co.*
Cndn Industries Ltd B
*
Mar
May
*
Preferred
534
90
80
Canada Vinegars Ltd....*
660
80
"4%
*
Mar
1.00
2
British Columbia Packers'*
30
14
11
"~6M
Brit Ainer Oil Co Ltd
Apr
May
24
3
3 34
Cndn Foreign Investm't..*
Cndn
Mar
15H
1034
100
.
19 34
12
*
7%
May
634 May
150
May
80
80
....60
Canadian Converters
434
354
1,630
Jan
May
May
334
*
preferred
634
26
cum pref
26 H
14
4
Canada Steamship (new).*
5%
152
6%
May
1334
Can North Power Corp..*
Canadian Car & Foundry.*
Preferred
25
1,365
434
Canada Cement.--.——_*
Canada Cement pref
100
Can Forgings cl A
1234
9
2534
6
Bulolo
13
534
26
Building Products A (new) *
14 34
255
150
Paper A.*
915
8
......
18
13
17
*
Associated Breweries
Shares
High
Abltibi Pow & Paper Co..*
Agnew-Surpass Shoe
Range Since Jan. 1, 1940
Last
Range Since Jan. 1, 1940
for
434
1,652
60
734
734
9734
734
"4
97 34
25
434
265
4
Canadian market.
9734
4
Feb
28
Jan
2734
Feb
22
Jan
59
Jan
Jan
June
11m
Jan
May
734
Feb
Volume
The Commercial & Financial Chronicle
ISO
3643
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Friday
Stocks
(Concluded)
Par
Sou Can Pr
6%
cum
Week
Low
36
5
Jan
98
May
65c
100
4H
4 H
40
65c
65c
110
-
30 H
16H
16H
30 H W,
17 H
65c
Feb
6H
I Winnipeg Grain Exchange
Jan
Apr
85
30
May
43
H
17
May
20 H
unlisted
*
11 Jordan Street
Feb
109
and
M«mh«..lThe Toronto Stock Exchange
Jan
1.20
;
65c June
listed
on
F. J. CRAWFORD & CO.
Jan
Feb
70c
Jan
4
Apr
5H
112
invited
Canadian Mining and Industrial Securities
High
:
,
10
30 H
*
:
Jan
65c
4H
-
30
29
>
-
Low
45
4H
—
msm
Shares
98 H
H
98
-
Range Since Jan. 1, 1940
30
4
------
of. 100
pref.
High
30
Walkerville Brewery
i..*
Walker-Good & Worts(H) *
cum
for
of Prides
Price
United Distillers of Can..*
United Securities Ltd. .100
SI
Week's Range
Sale
Sangamo Co Ltd
__*
Sarnla Bridge Co Ltd A__*
Inquiries
Sales
Last
TORONTO
Feb
Mines—
Aldermac Copp Corp Ltd.*
Beaufor Gold Mines Ltd..1
Bidgood-Kirk Gold
13 He
mm
1
-
Big Missouri Mines Corp.l
Bob jo Mines Ltd
1
Bouscadillac Gld Mns Ltdl
—
-
—
-
-
14c
4c
4c
500
13c
Jan
14 He 14 He
1,000
12c
May
52c
Apr
600
9c
Apr
11c
Feb
— —
-
-
-
8c
,
4Hc
4Hc
500
3c
3c
1,000
46c
46c
600
-
-
7c
7c
11c
11c
------
Dome Mines Ltd
*
17Hc
Duparquet Mining
1
lc
East Malartic M Ltd
1
2.20
Eldorado Gold
Falcon bridge Nickel
1
*
Joliet-Quebec Mines
1
Kirkland Gold Rand Ltd.l
Lake Shore Mines Ltd
1
June
4.10
1.25
3,150
2.05
39c
1,000
37c
1.80
22,015
1.80 June
23c
100
l'4c
4,500
2Hc
2Hc
7,000
2 He May
4c
4c
Feb
7c
June
31H
54c
1.82
Jan
10 He
Jan
33c
1,000
33c June
__1
69c
Pandora-Cadillac Gold
1
Pato Cons Gold Dredging. 1
Pend Oreille Mines &
Metals Co
1
Pickle-Crow Gold
Sherritt-Gordon Mines
1
SIscoe Gold Mines Ltd
2.00
1
Perron Gold
70c
300
2c
2c
2,000
2.00
2.00
900
-----
1
1.25
1.28
69c June
2c
June
2.00 May
200
1.00 May
2.10
1.10
335
1.10
June
2 11
425
2.46
June
4.15
75c
65c
75c
870
61c June
1.15
67c
200
64c June
95c
Apr
22c
61c
11c
55c
550
50c
May
1.00
Jan
11c
2,500
9 He
May
3 ic
Jan
5.30
5.20 June
8.20
Jan
Wrlght-Hargreaves
1,000
22c June
60
v
40c
44c
*
Royallte Oil Co Ltd
44c
100
1.18
1.18
100
1.37
1.45
2,750
20c
*
Home Oil Co Ltd
20c
5
*
------
1.45
44c June
1.18
1.03
1.30
May
3.10
36c
Jan
14o
Jan
43c
48c
6,225
25c
500
41c May
25c May
1.05
25c
58o
Jan
36c
40c
4,500
35o May
78o
Jan
3H
9H
Jan
30c
Apr
5
•
270
500
1,310
6
30
29
30 H
Gas.......100
156
156
East
Jan
105
1,553
159
85
June 7, both
Exchange
Friday
Apr
15c
16c
7.300
3 H
350
Apr
3c
3c
500
22 H
2,160
17
17 H
1,975
184
25
184
184
*
"20 H
103 H
25
20
21
Mar
22
Feb
19
May
109
May
Jan
6H
May
3H
260
3
June
3 H
175
3
June
81H
10
Par
of Prices
3c
3c
3 He
2.05
2.32
20,175
1.00
Alberta-Pacific Consol___l
Aunor
1
Mar
Barkers pref
Base Metals
50
lHc
1,100
Jan
Golden Gate
1
1
6Hc
Jan
47c
8,000
45c June
1.03
1,000
2He June
1.05
7,996
5c
12c
8,200
8C
2.68
Jan
,4He May
lOHc
Jan
8c May
:
28c
Jan
May
211
315
11
220
June
268
25
25
25
June
28
4c
4c
85c
15c
13HC 15HC
284
10
3 He
5c
8.00
7.80
8.10
20
6,700
2,015
20 H
875
5H
3H
6H
3,957
15H
16 H
2,055
25H
26 H
315
"~5%
5
*
15H
Brit Columbia Power A. .*
4
70
1
"34c
38c
34c
*
6Hc
4,500
3.70
6Hc
3.65
8c
1
...»
7H
7H
♦
1.13
1.10
.
Burlington Steel
Calgary A Edmonton
Calmont
20c
Canada Bread
Class B
225
1.22
19c
3H
100
3
19
12
10
12
20
4
495
80
47
12
205
25
30
Canadian Canners
3H
11
3H
11H
460
75
87
May
Feb
57H
3HC May
5H0 Mar
Jan
Mar
69o
Jan
19Hc
Jan
8.60
Jan
Jan
Mar
.....*
3H
3
1
185
Celanese._.._.*
25
23
25
Canadian Dredge
*
Cndn Industrial Alcohol A*
Class B
....*
15
15
15 H
175
2.00
1,025
1.70
1.65
1,080
1.65
Canadian Locomotive
*
8
8
Canadian Malartic
Canadian Oil pref
*
45c
45c
112
4H
20
115
*
•9
4
4
Canadian
*
15
15
1
7c May
19He
Jan
1.41
1.35
1.49
11,110
Homestead Oil
1
lHc
\He
25Hc
20 H
2c
2,000
26c
9
9
Howey Gold
..1
Hudson Bay Mln A Sm__*
3,500
20
9
8H May
9.75
May
1.30 May
lHc June
16
7 Ho
Feb
4,500
24 He
May
21
500
19 H
May
34
Jan
Mar
40Hc
5
6
5
June
II
100
58
58
8
57
May
74H
190
193
Intl Metals A....
Preferred
190
23
190
220
10
10 H
6,604
10
May
May
15H
Jan
12
13
495
12
June
16 H
M ut
6
6
100
5
May
15H
Jan
•
100
May
114
7,666
27H May
47
15
5H
7,125
May
24
Intl Utilities A
85
7
Feb
Jellicoe
May
6c May
June
3H May
12
3H
8H
J M Consolidated
Kerr-Addison
1
Jan
22
Mar
39 H
Apr
Kirkland Lake..
17H
Jan
Lake Shore..
104 H
Apr
June
150
Lamaque G
Lapa-CadUlac
May
May
21H
Jan
8H May
Laura Secord (new)..
Lebel-Oro
21H May
May
6H May
18
May
7H May
June
12 H
20
May
May
15
May
1.65 May
1.65 May
8
May
41c May
May
9
31H
178
10H
Feb
Leitch
A...
1
Feb
Macassa
Feb
Feb
Madsen Red Lake
Mines
16H
Jan
Malartic
29
Jan
Feb
Maple Leaf Milling
Massey-Harris
Jan
3.62
Jan
2.50
Mar
20
85c
123
8H
Feb
Jan
May
Mar
June
13
May
3H May
13H May
12
Apr
Preferred
1.95
8c
4,000
lHc
48c 50Hc
1.90
2.00
4,900
5.65 May
6 Ho June
3,500
9
10
425
June
9
47c
Jan
1.64
7.50
22H0
Jan
Jan
Mar
Jan
13
Jan
Jan
5H0
Apr
May
88o
June
lc
2.75
32
Jan
4,525
1.71
May
3.40
Jan
667
20 H
20
May
28 H
26 H
Jan
4.75
Feb
21
2.50
2.47
2.62
18,515
1.10
1.18
5,815
May
2.30 May
1.00 May
29c
28c
30c
22,418
26c May
62o
Jan
62c
67c
10,200
60c May
1.45
Mar
He June
lHc
5H
6H
Apr
He
2
3
H
*
~5H
*
1
380
5
5H
820
■
50
1H
May
2 He May
26
May
39H
129
5
May
33
82
6c
89c
11,000
He
3 H
29
39
5
McVIttie
25
2
3
80
100
1
He
21
26
100
Mclntyre
No par value.
6Hc
May
Feb
20 H
21
»
McKenzie
•
418
35c June
72c
18
Jan
4He
21
*
McDougall-Segur
Apr
22
McColl Frontenac
5.85
190
Jan
Feb
Mar
35c May
June
June
Apr
67c
1
Gold
Preferred
600
17,500
1,419
H
1.33
11H
Jan
1.17
..1
Manitoba A Eastern
37H
35c
76c
18H
75c
lHc
"48c
MacLeod Cockshutt
14
32
8c
10
..1
B
22
12,955
5.75
._*
...
6,000
1.45
35c
18
3
lc
1.33
18
"75c
90
1,007
6c
He
1.39
Kerr Lake...1
May
25
7H
6c
1
Feb
147
6
7 H
1
Jan
99
32H May
14 H
Jan
11
58
*
May
Jan
H
10
16
78
Jan
12 %
90
45
Jan
Jan
Jan
5
Imperial Bank of Can..100
Imperial OH
*
Imperial Tobacco
6
Jan
3.10
.*
Huron A Erie
Jan
Feb
Apr
15
30
June
100
Jan
15
4
360
Jan
100
3
90
112
10
1.48
3Hc June
May
28 H
19
9
*
1,256
65c May
1,100
1,400
lc June
3
15H
3,658
4H
Cndn Wall Paper cl B
Canadian Wineries
25
13,878
3
*
*
1,360
May
75c
3He
Home Oil Co
Hunts A
Jan
65c
3
"70c
505
2,760
*
6H
1,000
10c
Little Long Lac
14 H
1HC
3H
10H
Loblaw
6
lc
7c
Apr
14
5H
lc May
9H
84
6H
2H May
4,500
10 H
310
14H
560
lc
3H
*
*
3H
Apr
3H0
3Ho
8H
4H
lc
*
25
*
8
3Hc
1
1
1H
lc
.
...*
<
3c May
35c May
158
25
4c
8,500
Apr
15
4c
29 H
May
Jan
64o
4c
37c
24
25
lc June
35c
65
23 H
62 H
37c
....
June
150
8,000
1,500
Holllnger Consolidated...6
Jan
14
7
lHc
Mar
June
489
June
52 H
lc
27H
3H
15
8H
"l5~"
65
25
65
52 H
Jan
May
Feb
49
6H
Wire bound
Jan
May
50
18 H
4H
26o
10
27
7H
25
June
2H
15
6H
100
6 He
2H
49
18H
C P R
2,300
2H
15
*
1.90
Jan
7c
6Hc
*
1
Apr
Apr
Canadian Canners cl A..20
Class B
Can Car & Foundry..
Preferred
22e
3
49
23H
May
*
130
154
9c
International Petroleum..*
57
Cndn'Breweries pref
*
Cndn Bk of Commerce. 100
23,050
International Nickel
130
16
9c 10 He
Jan
130
*
Jan
230
Jan
Can Permanent Mtge._100
Class B
69o
Jan
70
3H
May
100 June
47c
25
*
Apr
25c
5,900
2.39
455
*
2Ho
3,000
lie
19c June
71H
60
2,200
30c
3
33H
14H
Canada Wire A
Jan
3.25 May
6H May
1.10 June
70
134
May
28c May
6 He
33H
14H
Canada Steamships...
Preferred
lHc
15
Hinde A Dauch...
11.00 May
Apr
Apr
Feb
125
High wood
Jan
Apr
10 H
135
Harker
Apr
10H
5H
23 H
4H May
lHc
Jan
3H
Hard Rock
Mar
11H0
50
Jan
16 H
Harding Carpets
Mar
12
20 H
70
5
169
62 He
Jan
»
Canada Northern Power..*
Canada Packers
Jan
5H May
3
May
14 H May
3,050
.
45
H
78
*
6,325
20c
3H
45
Canada Cement Co
Preferred
246
-8
3H
*
50
Canada Foundry A
Canada Malting
3.70
Jan
3Hc June
7.75 May
24,150
Brown Oil
Buffalo-Ankerlte
May
12c
Feb
3
Hamilton Bridge
Jan
10
6
15
Halliwell
Apr
150
June
26c
65
Hal crow-Swazey ........ 1
Mar
5H
6H
53,300
10
3 He
Brantford Cordage pref.25
Brazilian Traction
1.19
May
Jan
2
*
Gypsum
Jan
15H
9Ho May
May
97
16
H
May
*
Gunnar
Jan
3
386
150
33c
2H
15
4H
152
May
4c May
84c May
1,825
4H
3H
10
*
7
13,400
3H
4H
151H
11c June
825
4 He
85c
6,300
Feb
16H
80
*
May
11c 12Hc
8
9
70o
19c June
10H June
77
Voting trust pref
Great West Saddlery
Feb
25
lie
4,400
140
Mar
Grandoro
Feb
220
21c
Jan
M
21H
Great Lakes vot trust
Mar
June
..*
Brewers & Distillers
British American Oil
Apr
192
1
Bralorne
2,500
7o
June
95c
220
............
Goodyear
*
Goodyear Tire & Rub prf50
Graham-Bousquet
1
Jan
2Hc
95c
290
1
19c
10c
Gold Eagle.
25
100
June
Apr
10c
Feb
81
Bldgood Kirkland
16
3H
1 He
380
292
Biltmore
60
30c
16H
6Hc
290
Bell Telephone Co
16
"l9c
13Hc May
7H May
lHc June
80
290
Beauharnola.............
Jan
Jan
1
8
Apr
Mar
16
1
*
6
22
5
—
6 00
30
May
4H
Goldale
June
May
2c May
14
2
God's Lake..
1 85
21
Jan
2,852
2
Glenora
Feb
16
2
Jan
Jan
260
May
14 H
»
Apr
I 23
15c
27
*
21c
18H
36c June
8
June
11H
2.87
Jan
May
81
9c June
4.10
Feb
23
10H
1.50 May
Jan
Apr
5
80
Rights
General Steel Wares
4o
80
23
10 H
25
197
""25"
985
9H
Ho
10H
81
1,000
4Mc
...1
Beatty A
•
13,300
193
...»
4H
Jan
Apr
Mar
May
May
8,500
..
100
9c
Bathurts Power A
Bear Exploration
Beattle Gold
*
...
17c.
197
100
1,840
:2C
3H
16
1.50
9c
.....
Bank of Toronto
Canadian
lHc
Jan
2.10
22 H
2c
89
Jan
Jan
23
*
Preferred
Mar
1.85
21H
2c
*
A
Francoeur..
Apr
45c
1
Broulan-Porcupine.
2.50
17 H
6c
1.90
100
9c
1.00
Bank of Montreal.....100
Bank of Nova Scotia...100
Bobjo.....
580
2Hc
1
Bagamac
1,200
3,551
15H
6H
8H
May
2.00
10,200
16c
14c
*
_;.i i..
Gold Mines
Cons
He June
7H
lHc
..
Bankfleld
1,000
17c
8
Anglo-Can Hold Dev
150
39c
16c
1.50
•
Gold Mines
He
9c
*
Aldermac Copper
Algoma Steel
1,000
6
9H
36c
Ford
High
80c
3 He
5
9
37c
Gatlneau Power
575
May
4H May
3 He June
5H
»
;
Alberta-Pacific Grain
Ashley
1.20
Low
3 He
100
9H
1
Class B
Shares
High
1.00
Range Since Jan. 1, 1940
He
preferred
Acme Gas...
Alton
Amm
Low
*
*
H
36 H
2c May
3c June
4,600
2.18
3H
1,500
3c
1
Fleury-Bissell pref
Week
Price
Abltlbl
6%
for
Sale
Stocks—
Week's Range
81H June
10
4 H
3c
»
1
Jan
210
May
103 H
4 H
May
May
10
3
Jan
27 H
29
16
1,610
3
81H
1
May
7H
7H
"~3H
May
175
1,043
103 H 103 H
*
100
18 H
17
Jan
8c
15
17H
7H
15c May
3c June
49
17H
100
Fleet Aircraft
Sales
Last
Feb
31 H
May
22
Falconbrldge... ..._....*
178
May
17 H
Federal-Klrkland
June
75
22
Fanny Farmer
inclusive, compiled from official sales lists
Jan
22
Extension Oil
Toronto Stock
to
49
50
*
Eastern Steel
Jan
Feb
May
27
Eldorado
June 1
28 H
156
19
85c
*
East Malartic
1.98
May
22 H
.....1
Crest...
18c June
1.05 May
13
85c
""l6c
*
May
Jan
22 H
..»
Dominion Woollens pref.20
Dorval-Siscoe
1
Jan
18 He May
Jan
2.55
18c
Dominion Tar
Apr
Mar
1.45 May
5c May
1.18
100
117
3,800
4,300
18c
22 H
Jan
6C
14
Smelters
High
2.67
76c
1.06
Preferred
Jan
114
59c June
13
Dominion Steel B
Dominion Stores..
Jan
2.35
June
Low
1.90 June
20,065
AH
*
Preferred
Calgary & Edmonton
61
14
Oil-
Anglo-Canadian Oil Co
59
....*
Dominion Coal pref
Dominion Foundry
Jan
53c
10Hc
------
25c
1
Distillers Seagrams
Dome Mines
Dominion Bank
Jan
65c
22c
1
47c
*
Cub Aircraft Corp
Davles Petroleum.
Jan
Wood-Cadillac Mines....1
1.70
5Hc
Cosmos..
Jan
2.50
5.20
Sullivan Cons Mines
1.62
5Hc
Consumers
Jan
1.10
Sladen-Malartic Mns Ltd.l
1.68
1
Denison
2.46
------
1
Conlaurum
2.55 May
2.50
1
1
Consolidated Bakeries...*
Apr
33c
50
Cons
Mar
33c
*
2,725
115H 115H
100
Cockshutt Plow
Range Since Jan. 1, 1940
Shares
2.00
Commonwealth Petroleum*
Jan
1.45
1.90
Cochenour-WIiliams Gold
May
4c
for
Week
High
Chromium
Mar
60c May
3,700
Low
Chestervllle-Larder Lake.l
Jan
18H
65c
1.90
Range
of Prices
Central Patricia
Central Porcelain
Feb
95
65c
]
Price
Sales
Week's
Castle-Trethewey
Apr
68c
4H0
8He
1,900
18Hc 19Hc
65e
Normetal Mining
O'Brien Gold
5 05
May
lo June
20c
Par
Carnation pref
Jan
2.26
37c
(Continued)
Cariboo
Jan
May
2.05
4c
Stocks
Jan
lc
18Hc
Malartic Gold Fields
Sale
Jan
23c
2Hc
Last
Mar
2Hc
Exchange
Friday
Mar
21c
29 H
6,900
1.80
20o
May
1 He
------
Toronto Stock
Jan
lc June
17 H
lc
*
87c
6 He
May
11c June
300
Jan
4Hc June
4He June
June
46c
500
17Hc 17Hc
;
1
4Hc June
3Hc Mar
600
i
35e
June
4c June
3c
Century Mining Corp Ltdl
Francoeur Gold
8c
13 He
4He
Cndn Malartic Gold
*
Cent Cadillac G M Ltd__l
J-M Consol Gold
500
80
June
420
6c
1,000
86c
90c
13,500
5Hc
5He
1,100
6c May
39
June
86c June
15Hc
Jan
2.55
Jan
Jan
Jan
Jan
69H
Jan
9H
Mar
101
14
Apr
Ho
58
Jan
Jan
1.47
Jan
5c
May
The Commercial & Financial
3644
Chronicle
June 8, 1940
Canadian Markets—Listed and Unlisted
Toronto Stock
Closing bid and asked quotations,
Sales
Laxi
Par
Week's Range
for
Sale
Stocks (Concluded)
Industrial and Public Utility Bonds
Exchange
Friday
of Prices
Low
High
Week
Price
Range Since Jan. 1, 1940
Shares
Low
High
Mercury Mills—
Mining Corp
_
Corp
Morris-Kirkland.
Moore
35
*
1
—
45c
1,250
Jan
45c May
12%
40
12% June
"l5c
9c
Jan
60
93 %c
48
1948
58
45c June
Jan
British Col Pow
4%s.l960
1946
Calgary Power Co 5s__1960
55
57
Brown Co 1st 5 %s
31
33
61
65
Canada Bread 6s. -—1941
75
2%c
2%c
20,164
24%
600
39
12%c
5c June
.500
80
26%
Jan
Mar
21 %C
Jan
Plata
61
63
65
Massey-Harrls 4%s__ .1954
Minn A Ont Pap 6s...1945
48%
53
19
21
59
61
McColl-Front Oil 4 %s 1949
58%
60%
37%c
Jan
Canadian Inter Pap 6s 1949
70
75
Montreal Cotton 5s...1943
75
4%c
78%
6%c
Apr
Canadian Locomot 6s. 1953
65
N Scotia Sti A Coal 3 %s
*63
46
48
Jan
Canadian Vickers Co 6s *47
27
29
Power Corp of Can 4%s '59
Price Brothers 1st 5s. .1957
56
58
54
56
28c June
60c
Apr
1962
57
59
1966
61%
63%
12 %c June
2c May
55c
Jan
70c
70c
72c
70c June
1.81
Jan
65c
68c
65c May
1.35
Apr
13c
13c
14,800
2,400
4,778
20c
20c
22c
2,800
20c June
218
Feb
97%
99%
156
91%c 91 %c
3%
3%
3%c
3%C
20c 21 %c
1,820
1
-1
Perron...................... 1
21 Mc
1
1
2.50
Cons.
Pickle-Crow
Gold
Porto Rico pref.
1.12
1.85
1
Prairie Royalties
1.15
3,500
13c May
95
6%
5% May
6%
1.56
26c
13c June
22c
Feb
80c May
1.42
1
17c
17c
17c
Jan
May
12%
1 45 May
600
Roche
1
L L
Royal
Bank
100
*
1
Royallte Oil
8t Anthony
St Lawrence
Corp
Jan
26c
57c
6%o
Jan
2%c May
18
150
May
110
18
May
5,250
2%
1.40
1
1.25
1.40
7,010
100
56
Saguenay Power—
Dom Steel & Coal 6%s 1955
Dom Tar St Chem 4 %s 1951
59
61
4%s series B
59
61
Simpson's, Ltd 4%s._ 1951
75
1956
41
43
Winnipeg Electrio—
4-5s series A.......1965
37
39
Famous Players 4%s..l951
58
60
1965
25
27
1949
54
56
Donnacona Paper
Co—
4s
Federal Grain 6s
4-5e series B
...
♦
No
/Flat price,
value.
par
Nominal.
n
Comparative Figures of Condition of Canadian Banks
In the
following
banks for
we compare
the condition of the Canadian
April 30, 1940, with the figures for March 30,
1940, and April 29, 1939:
Jan
6,000
163
18%
8%C
54
Apr
17c June
3c
3c
157
*
San Antonio
2.38
Apr
20c
20
10c
2%
3c
163
Dom Gas & Elec 6%8.1945
Feb
2,200
Reno Gold
Jan
Jan
6
18,805
25c
6
Quebec Power 4s
Jan
Jan
15
1.45
31
Apr
2.18
500
26c
4.25
2.35
101
11%
3,720
"i~51
;
29
Jan
225
1
Preston E Dome
1961
5%s ex-stock
Jan
1,250
1
*
Pressed Metals.
ConsoJ Paper Corp—
50%
Apr
Apr
85c
Reeves-Macdonald
Jan
6
10c
May
80c May
13c
Jan
2.35
53c
95
6
80c
111
2.12
2 25 May
1 85 June
2,257
80c
Jan
1.05 June
6,505
2.00
Apr
3 %c June
20c May
5,400
2.55
May
903 May
3% June
27,500
6,000
13c
80c
1
47
60
95
6
-25c
Premier
1.85
85c
....._*
Corp
2.45
95
100
Powell Rou
1.05
37%
Canada Cement 4%s.l951
30c June
97%
35%
Maple Leaf Milling—
Canada SS Lines 68—1957
900
"~3%
52
2%s to *38-5%s to '49—
1961
Canadian Canners 4s_1951
30c
.1
60
50
5%s
Jan
30c
.*
Pantepec
Partanen-Malartio
Algoma Steel 5s
Feb
30c
*
Page-Hersey
Pamour Porcupine
75
69
June
30c
*
....
_
193
35% May
188
28c
2c
Alberta Pac Grain 6s.
May
3%c June
900
"... 1
19,700
3%c
1
Omega
Power
5c
40%
188
47%
-*
Okalta Oils
58%
50%
Lake St John Pr & Pap Co
Apr
2,374
1,000
5,100
*
1
56%
48%
70
Gt Lakes Pap Co 1st 5s *55
4 %c May
*
O'Brien..
55
76
34% June
2%c May
24
May
--1
Northern Canada
53
500
2%c
49
*
Mines.—...—*
Norgold—
Nor metal
4%s 1955
1946
Acadia Sugar Ref
209
37
15c
2%c
49
3%c
Noranda
Pioneer
Jan
Feb
26
9,525
188
Newbec..,
Paymaster
1.33
20
Gen Steel Wares 4%s_1952
27
Abitibl P & P ctfs 5S..1953
5%C
34%
5c
40 %
-100
Naybob—--—1
Oro
Apr
Ask
Jan
12%
Hamilton Cotton 4%s 1950
Int Pr & Pap of Nfld 5s '68
24
2%c
National Grocers pref—-20
National Petroleum.—25c
National Steel Car
*
National Trust
6%
58c
45c 49 %c
25c
1
Moneta
15
45c
—
Monarch Oils
7
25c May
8,150
12%
5%C
—*
•
Modern Containers
26c
7
McWatters Gold.
25c
Bid
Ask
Bid
26c
Friday, June 7
(American Dollar Prices)
8c May
190
STATEMENT
CONDITION
OF
BANKS
THE
OF
THE
DOMINION
Jan
21c
OF
OF CANADA
Jan
36%
Feb
2% June
5%
2.50
Apr. 30, 1940 Mar. 30,1940 Apr. 29,1939
Assets
Jan
1.25 June
Jan
>:
5%c May
Current gold and subsidiary coin—
15o
Jan
57c
Jan
$
In Canada
Jan
Elsewhere
7c
7c
500
10c
15c
14,000
16%
l%c
17%
1%C
90
500
l%c June
85c
85c
1,100
81c May
1.24
Jan
1
62c
70c
10,395
1.18
6.00
5.00
120
8.75
Jan
Dominion notes
Feb
Notes of Bank of Canada
$
$
Jan
Sigma.............—.1
58c May
4.85 May
.....1
Sand River
*
1
50c
Shawkey
Sbeep Creek
Sherritt-Gordon.
Silverwoods
12c
.1
Senator-Rouyn
Shawlnigan
_
5
*
pref-.
Simpsons A
100
82
.-1
1
Sladen Malartlc
Deposits with Bank of Canada
Apr
Notes of other banks
Mar
United States A other foreign currencies
79% May
60c May
22c June
95C
Apr
Cheques
Jan
Jan
7%C
Jan
Including bills rediscounted
Deposits made with and balance
2.00
Jan
May
28%
Mar
3c
4%e
2,200
500
2%c May
2%o May
40c
40c
60c
110
40c June
22
22
15
22
•
64~"
64%
65%
62% June
86%
63%
62%
63%
365
26
375
63
83
8teep Rock Iron Mines
*
1.18
1.05
1.20
Straw Lake Beach
*
3%c
3%c
16,250
8,000
3%C May
8%c
Apr
Sturgeon River.....
Sudbury Basin
1
*
He
12c
4,000
2,200
10c May
1.00 May
20 %c
Mar
Sullivan
1
55c
55 c
55c
800
52c May
1.02
Jan
Sylvanlte Gold
1
2.14
2.10
2.20
2,964
1 99 May
3.45
Feb
May
12
Feb
Jan
53
Steel of Canada
Preferred
ii%c
1.05
1.00
1.05
52%
52%
9%
52%
l
Teck
Hughes
Texas-Canadian
3.00
2.95
3.05
1
1.10
105
-.100
Tip Top Tailors
9
1,990
9
9
*
Preferred
To burn..
1
Toronto Elevator
*
1.10
1.10
52%
25
2 75 May
1.10 May
340
105
1.10
105
6
1.10
2%
12 %
31
United Fuel A
Jan
44
June
49
Apr
75
May
90
75
12
30
Jan
Loans to the Government of Canada...
Loans to Provincial governments
Feb
Loans
125
30
May
42
Mar
1.95
2.10
*
3.05
10%c
2.75
.......
30%
30%
17
17
8%C
108
2c
Preferred-
./£.
100
Wood Cadillac
York
*
Knitting
5
2c
vided for.
Real estate other than bank
30
May
May
17
Jan
8c
106
Jan
Jan
17 %c May
Jan
6.05
Bank
on real estate sold
premises
at
not
20%
Feb
credit
Apr
by bank-
more
than
May
4c
2c May
Mar
2c
9,000
10%
596
10
May
15
Apr
76
10
76
June
99
Apr
10c
1,600
10c May
30c
5.40
4,808
4 25 June
8.15
Jan
6 %C
6,000
5%c
as
per contra
.
with the Minister of Finance
for the security of note circulation....
Shares of and loans to controlled cos
Other assets not Included under the fore¬
going heads
Jan
6
4c May
6
120
80
99%
99%
$2,200
5,050
80
May
June
99% May
June 1 to June 7, both inclusive, compiled from
97
100%
Feb
Apr
Total assets........
Sale
Par
Price
official sales lists
Week's Range
of Prices
Low
High
Range Since Jan.
for
1, 1940
High
Low
4%
4%
25
4% May
6%
Feb
5
5
25
4
Jan
6
Advances under the Finance Act
Balance due to Provincial governments.
Deposits by the public, payable on de¬
Deposits
by
notice or
Loans
Canada Vinegars
Canadian Marconi
*
5%
80c
6
320
5
May
Consolidated Paper
DeHavilland
♦
3%
4
1,955
3
May
8
8
25
8
June
17
Dominion Bridge
*
24%
24%
145
24
May
40
Foothills...
*
38c
40c
2,000
Humberstone
*
13
13
20
13
June
17
Feb
Montreal Power.....
*
27
28
101
26
May
31%
Feb
2%
Mar
Oils Selections
Ontario Silknit pr
Pend-Oreille
Rog MaJ A
Temiskamlng Mining
♦
No par value.
1.50
1
—*
1
1.50
25
100
"Tip
71,955,614
72,226,657
56,833,519
53,552,427
5,080,767
11,065,013
5,077,153
11,101,872
11,320,184
2,527,387
2,639,969
2,307,469
5,490,826
the
on a
from
public,
payable
1.15
80c
1.50
25
1.59
700
500
5
17,075
65c May
38c June
banks
in
1.50 June
25
June
48",705~667
66,124,003
749,513,021
715,599,245
1,671,538,370 1,661,151,503 1,696,974,403
467,875,156
466,519,688
467,114,635
ents In the United
Elsewhere
13,809,021
38,458,169
211,505
44,900,958
68,882
59,832,371
4,380,703
2,744,396
56,833.519
4,378,342
1,442,796
53.552,427
133,750,000
145,500,000
Apr
Apr
Acceptances
Jan
standing
Liabilities not Incl. under foregoing heads
Dividends declared and unpaid
Jan
8,744.959
24,778,289
35,811,633
Mar
Jan
14,302,974
10,735,882
24,274,627
Kingdom
8%
35
59,Oil",466
Canada,
1.40
1.05
30,543,589
after
than in
United Kingdom
Bills payable.
15%
94,862,028
264,610,519
832,598,639
fixed day In Canada
other
92,032,556
179,439,353
133,750,000
145,500,000
133,750,000
Due to banks and banking correspond
Apr
"~3%
71,952,275
89,171,887
other banks In Canada
*
*
*
8,942,465
7,887,057
4,265,934
secured, Including bills rediscounted..
Deposits made by and balances due to
Week
Shares
Can Bud Brew
1
8,106,727
7,641,639
4,028,061
Liabilities
Balance due to Dominion Govt, after deducting adv. for credits, pay-lists, Ac.
Deposits elsewhere than In Canada
Bruck Silk
""5%
8,086,903
7,629,505
4,011,731
3,731,657,385 3,715,084,559 3,495,562,417
....
mand In Canada
Sales
Friday
Stocks—
22,587,745
119,077,412
Apr
11
6
Toronto Stock Exchange—Curb Section
Last
17,698,151
113,316,450
Jan
4.25
80
99%
17,300.790
cost
Notes In circulation
War Loan 1948-1952
54,412,534
43,929,725
814,102,924
143,289,500
Deposit
16c
108
Bonds—
Uchi
57,014,418
934,261,407
148,817,976
pro¬
premises
less amounts (If
any) written off
Liabilities of customers under letters of
Jan
10
*
~6
Mortgages
43%
6c
5.40
51,841,911
50,681,982
984,161,915
147,957,823
127,635,055
59,832,371
Non-current loans, estimated loss
10 %c June
2 70 May
2,000
108
Jan
Jan
4.35
178,452,062
municipalities
6%
1.95 June
174,346,808
114,673,539
119,909,726
towns,
8%c
10c
1
*
242
cities,
May
76
10%
Wright Hargreaves
Ymir YankeeL
13c
3.05
32%
17%
8%c
13,800
2,510
3,000
3,557
1,758
to
and school districts..
3c May
97c May
114,404,230
54,028,747
cover
Elsewhere than In Canada
Other current loans A discts. In Canada.
Elsewhere
17
58o June
202,402,841
stocks, deben¬
tures, bonds and other securities of
a
sufficient marketable value to
May
3
141,022,753
on
12
2.00
West oi)8
Canada
515
♦
Westflank
loans in
12%
755
146,674,283
170,413,288
Apr
66c
-\_.l
curities other than Canadian
Railway and other bonds, debs. A stocks
Call and short (not exceeding 30 days)
35e
1,000
4,852,600
15,618,755
Canadian municipal securities and Brit¬
ish, foreign and colonial public se¬
2%
4c
4,045,553
37,567,786
1,306,991,167 1,310,009,370 1,202,765,958
June
3%
3,450,897
36,457,871
Provincial
10c May
66c
pref.} 100
Government and
Government securities..
2
...1
Wendlgo
Dominion
30
4c
48,358,848
206,187,420
5,151,509
28,683,373
100,919,711
banking correspond¬
ents elsewhere than in Canada and the
United Kingdom
500
58c
Western Grocers
Due from banks and
31
i/12^"
57,335~ 563
202,321,099
4,224,702
31,594,996
96,112,171
213,910,188
4,836,897
30,714,627
131,416,226
due
from other banks in Canada
Due from banks and banking correspond¬
ents in the United Kingdom
12c
3
"
Feb
other banks
on
2%
2
4c
»
Jan
70
3%
Preferred
Jan
1.90
46
*
1
2.25 May
110
32
•
Vermllata Oils
Jan
June
United Steel
fkJVaite Amulet
4.15
16
United Oils.
Ventures
Jan
170
12c
♦
Upper Canada
'
75
.*
Gas
Jan
2.05
44
44
1
City
Union
Jan
Apr
20
'
Twin
May
1.00 May
625
Jan
3 10
16
Toronto Elevator pref
50
Toronto General Trusts 100
To wag mac
May
1.05 June
50
50
Tamblyn common
11,141,600
5,619,016
Loans to other banks In Canada, secured,
7%c
22c
*
105
610
22c
*
Stedman
Feb
12%
2%0
4%c
South End Petroleum....»
Standard Paving...
7%
21%
Jan
5,650
2,100
8,786,314
61,573^803
June
May
45
67c
5,522,584
9,294,781
Total.
5
5%
4,931,679
3,855,635
Jan
15
100
2%c
..1
Slave Lake
6%
84
62c
5%c
5,414,777
3,880,004
100
17
6%
!
Preferred
Slscoe Gold
May
24
10
5%
15
15
_•
ClassB..
10c June
16
Rest
and
or reserve
Capital paid
Canada
letters
and
of credit
fund
up..
the
out¬
3,838,300
2,781,446
145,500,000
Mar
99c May
2.35
3%
8%c
3,716,091,173 3,696,629,922 3,484,472,985
Jan
Apr
1%
1%
10
1% June
3.50
3.50
3,500
3%e May
Jan
Note—Owing to the omission of the cents In the official reports, the
the above do not exactly
agree
with the totals given.
footings In
Volume
Financial Chronicle
The Commercial &
150
Quotations
Over-the-Counter Securities—Friday June 7
on
New York City Bonds
1969
88 54
9054
1
a4J^s Mar
1
Jan
1
1977
92
94
038
Feb
1
1979
92
94
a454s Apr
a454s Apr
95
97
1966.
1
1975
1
1954
1
1954
a3 54s Mar
1
1960
15
1976
a354s Jan
10154 10354
10154 10354
99 54 10154
1957.
104
a4s
1958.
a 4s
May
1959.
10454 106 54
104 X 10654
May
1977.
106
108
a48
1974.
110 J* U2X
110 H 112 H
Feb
15
1976.
111
113
Jan
1
1977.
111
113
15
1978.
11154 USX
Nov
Mar
1
106
1981.
1957.
1957.
a454a Mar
a4 H s June
1963.
11054 112H
11254 U4X
1965.
113
?*% due.....Sept 3 1940
X% due
Oct
1 1940
—
X% due
Par
1980.
106 54
108 54
a4Ha July
1967.
113 H 11554
a4Xa Sept
1960.
108 54 11054
a454s Dec
15
1971.
a4548 Mar
1962.
108 54 11054
a4HB Dec
1
1979.
11454 11654
11654 11854
Bid
A Trust—
..100
Continental Illinois Natl
Oct
Dec
Jan
Chicago & San Francisco Banks
115
Bank A Trust
Ask
Harris Trust A Savings. 100
295
470
495
70
67X
197
100
284
Northern Trust Co
205
190
33 1-3
First National.;
Bid
Par
■Ask,
American National Bank
a 4s
6
.30%
.30%
.30%
1 1940 6
2 1940 6.35%
2 1941 6.35%
Nov
X% due
54% due
6
110 J* U2X
a4Hs Nov
Ask
Bid
Ask
H% due
May 1 1940 6 .25%
54% A 1% due June 1 1940 6 .25%
X % A1% due July 1 1940 6 .25%
54% due.....Aug 11940 6 .25%
11154 usx
a4 Ha May
98 J* 100 54
May
Nov
a4s
a454s
a454s
a454s
a4Xa
Bid
MX
109
1972.
a454s June
a354s July
a354s May
a354s Nov
10854 UOX
1964.
15
o3s
Federal Intermediate Credit Bank Debentures
Ask
Bid
Ask
Bid
15
a254s July
3645
202
FRANCISCO—
SAN
1
100
Bk of Amer N T A S A 12
3154
54
3354
New York State Bonds
62.30
less 1
3s 1981
62.40
less 1
Canal A Highway—
5s Jan A Mar 1964 to *71
133 H
Canal Imp 454s Jan 1964..
—
126 H
•12054
Barge C T 454s Jan 1 1945.
11254
Commodity Credit Corp—
X%
Aug
1 1941 100.4 100.7
1%Nov 15 1941 100.20 100.23
>
—
Public
—
■
Gen A ret 4b Mar 1 1975.
1941.
MAS
6.25
1942-1960
MAS
10754
mm —
3 54s '76
3s 1976
101
Gen A ref 3548-—1977
99
102.14
ser
ser
-
9554
-
1!4% notes Feb 11944.
100.4
A/AS
3548
s
1980
f revenue
2 54 s serial rev
10654
9054
Bank of Yorktown__66 2-3
699 to
1946-1952
62.25
Chase———13.65
90
Philippine
1959
454s Oct
99
1952
454s July
1955..
99
101
6s
Feb
1952
100
103
1941
120
454s July 1952
5s
July 1948 opt 1943.
110
109
1054
1254
10
954
Penn Exchange
113
10954
Conversion 3s 1947
£»•-'m
m-m
..50
42
1754
2554
2654
23
25
1615
Sterling Nat Bank A Tr 25
Companies
Par
Ask
330
205
220
1(M)
248
253
4854
Guaranty
17
20
Irving
—10
68 54
7354
Kings County..
.100 1510
,
Ask
103
10354
4s 1946 opt 1944——JA/
103
10354
New York
Continental Bank A Tr.10
10954 10954
8
1154
13
Title Guarantee A Tr.
20
4154
Corn Exch Bk A Tr
4254
First
—
...
—
17
rS
99
354
lS, 2S....
82
81
York 5s
mm*
154s__
Trade Bank A Trust..
99
■
....
4 Ha
Fremont 454s, 5 Ha
Illinois Midwest 454s, 5s._
99 54
80
%F.H.A. MORTGAGES @1041/4
:
to
yield over 4.15
Telephone Whitehall 4-8050 collect
1354
Travers King &
Company
99
85
1548
New York
One Wal I Street
99
100
Virginia Carolina Is
98
454s——A----
Southwest (Ark) 5s
Union Detroit 254s
Jersey and New York Metropolitan
mmm
99
rl254
Virginian Is,
100
IndlanapolIs5i
Iowa 4Mb,
mm-
'.-.'m-m
1540
mm'*
'
63
90
24
722
Southern Minnesota
99
5
-
■
9954
San Antonio 54s, 2s..
100
4X8, 4Ha
Fletcher 54s, 354s
13
100 1490
United States
254
11
80
10
.100
4754
102
St. Louis
First Trust Chicago—
5254
92
154
$250,000—each
New
103
Potomac 1548
—
12
We offer for IMMEDIATE DELIVERY
''mum*
9854
5s
—
mi
■■
84
r44
Phoenix
99
........
m
100
Pennsylvania 154s, 154s.—
Phoenlx
254s
mm
85
99
Pacific Coast Portland 5s„
99
First New Orleans—
'-
Lincoln 654s—
Oregon-W ashington
99
154s, 2s...............
3s, 354s.————
First Texas 2s,
78
81
North Carolina 54s,
Carolina—
First Montgomery—
:■
Lafayette 54s, 2s.—..
Lincoln 4 Ha
Lincoln 6s—
mm m
99
954
854
10
—
30
5014
89
Ask
99
New
99
;
rl5
....
Denver 2s, 3s
Empire
Bid
Ask
Bid
2854
-25
Underwriters
Joint Stock Land Bank Bonds
30
20
Preferred
4154
39
60
Clinton Trust
1054
1560
27
20
Manufacturers
3954
30
Chemical Bank A Trust. 10
104 54
JAJ
A/AN
82
79
20
Central Hanover
Bid
104
954
25
Lawyers
3548 1955 opt 1945..MA2V
Ask
100
4654
35
100
Bronx County new
10354
Bid
Fulton
10
Brooklyn
Ask
Bid
Chicago
-mi
120
310
100
Bankers
11054
103
Atlanta I Ha, 2a
„
Atlantic 548, 154s—
Burlington..............
1154
Peoples National
710
Bid
Par
-JAJ
3s 1956 opt 1946
2354
National Safety Bank. 12 54
New York Trust
114
100
Federal Land Bank Bonds
3s 1956 opt 1946
43
2254
...
Bank of New York
U 8 conversion 3s 1946
3s 1955 Opt 1945.
170
110
100
Merchants Bank
10254 104
109
28 54
First National of N Y..100 1575
Ask
Govt of Puerto Rico—
102
Apr
Hawaii 454s Oct 1956—
Ask
38
1254
103
5s
6548 Aug
100
660
Fifth Avenue.——..100
Bid
U 8 Panama 3s June 11961
100
27
164
Bid
National Bronx Bank. ..50
Public National
Ask
Government—
75
2.90
United States Insular Bonds
Bid
101.10
National City..
15
1354
42
Bensonhurst National...50
98
Par
Ask
Bid
Par
Bank of Manhattan Co. 10
38 serial rev 1953-1975..
6.50
101.0
New York Bank Stocks
9654
Commercial National.. 100
1942-1960
.
100 16
101
Triborough Bridge—
1941............. Af AS
U 8 Housing Authority—
■■
-
mm'm
Inland Terminal 454s ser D
100.10
105.
Gen A ref 4th
Holland Tunnel 454s ser E
31944
Call July 3 '40 at 10?
Gen A ref 3d
10554 10754
11943 102.6
1548Jan
15 1941 100.7
May
H% notes July 20 1941 100.16 100.19
54%
Nov
1 1941 100.14 100.17
H%
Jan
15 1942 100.13 100.16
1%
July
1 1942 100.20 100.23
1 1940 100.18 100.26
Call May 16 '40 at 100 54 100.28 101.8
Ask
Bid
Ask
Port of New York-
San Fran-Oakland 4s *76
Deo
Apr
Federal Natl Mtge ABsn—
2s May 16 1943—
Authority Bonds
Bid
California Toll Bridge—
%a
Reconstruction Finance
Corp—
28
—
Loan Corp
Home Owners'
Federal Home Loan Banks
2s
131
Ask
mmm
13354
Can A High Imp 454s 1965
61.40
4548 April 1940 to 1949Hlghway Improvement—
4s Mar A Sept 1958 to '07
Bid
Ask
Bid
World War Bonus—
Canal Imp 4a JAJ '60 to '67
52.05
Highway Imp 4Hb Sept '63
Obligations of Governmental Agencies
Ask
Bid
Ask
Bid
3s 1974—
Joint Stock Land Bank Stocks
Par
Ask
Bid
Ask
Par
Bid
77
81
New York.
100
3
Atlantic
100
44
48
North Carolina.......100
85
Dallas.
Pennsylvania
100
30
34
100
100
110
.......100
95
FHA Insured Mortgages
95
100
102
Atlanta
50
58
Denver
100
47
51
Potomac
Des Moines
100
45
52
San Antonio
100
14
18
Virginia
——
First Carollnas
100
-
...
Lincoln.
254
454
6
Virginia-Carolina
6
100
Fremont.
2
100
0
100
H
Offerings Wanted-— Circular on Request
WHITEHEAD & FISCHER
3
44 Wall Street, New York, N.
105
7
Y.
Telephone: WHIteball 3-6850
Telephone and Telegraph Stocks
Par
Par
Ask
Bid
100
Preferred
Bid
100
pref—100
90
100
Bid
12
-
Rochester
Telephone—
130
Bid
110
25
100
15
So A Atl Telegraph
Sou New Eng Telep
*
354
6
IX
254
B
14054 14454
Ask
24
7% preferred-..—..100
Co Inc..*
654
854
1154
1254
Miller (I) Sons common..5
1
/Flat price,
maturities:
n
tc <
a
Interchangeable.
to-s
Reeves (Daniel) pref—100
99
6 Basis price,
*
d Coupon,
155*
e Ex
1754
102 H
101H 10254
10154 102 H
101 H 102 H
Pennsylvania 454s
Rhode Island 454s
10234 103 H
South Carolina 454 s
-----
101 H 10254
101H 103
Texas 4Ha
Tennessee 454 s
—•
103
Virginia 454s
Michigan 4Ha
Minnesota 454s
101
10234
West Virginia
101H 103
454s...——
101
10254
102
101X 10254
102 H 103 H
H% to 54% must be deducted from Interest rate.
SPECIALIZING
The beet
"Hedge" security for Banks and Insurance
Circular
on
r In receivorship.
Quotation shown Is lor ail
With stock,
x Ex-divldend.
V Ex-righta.
STORMS AND CO.
Phone Atlantic 1170
5 Quotation based on $89.50 of principal amount.
Sept. 25
-r
.
..
Co't.
request
Commonwealth Building
5% was paid on July 2 and
103 H
101
insured Farm Mtges454s
102
102
interest.
Quotation not furnished by sponsor or Issuer .
103
10154 10254
F.H.A. INSURED MORTGAGES
Cigar-Wheian Stores
$5 preferred
fNow listed on New York Stock Exchange.
♦
102
North Carolina 454 s
area) 454s..
17
Nominal quotation,
When Issued
102
New York State 454s
101H 102 H
103 H
102
Y (Metrop
102
3
12
United
•No par value,
101
N
65
1085*
0% pref—100
Flshman (M H)
Kress (S H)
Georgia 4 54 s—
Illinois 4H8
Indiana 454s..
Louisiana 4 Ha
A servicing fee from
Kobacker Stores—
854 preferred—....50
Diamond Shoe pref—100
101H 102 H
102
Maryland 4 Ha
Bid
103
New Mexico 454 s
101H 102 H
103 H
454s.
Florida 454 s
18
101X 102H
101H 102H
10SH
102
2H
IX
18
100
7% preferred
Asked
New Jersey 454s
Massachusetts 4 Ha
Par
Ask
/G Foods Inccommon..*
Bohack (H C) common...*
Berland Shoe Stores
Bid
Asked
101
68————
District of Columbia
Chain Store Stocks
Par
454s
"■
74
—
125
30 54
32
$0.50 1st pref-—100
43
21
100
Int Ocean Telegraph—100
Arkansas
27
28
Delaware 454s
:• ■
Franklin Telegraph
Alabama 4 H s
♦
50
43
Emp A Bay State Tel. .100
Telegraphs—25
16
Preferred A——.25
Peninsular Telep com
11454 11654
Cuban Teleph 6% pref. 100
Mtn States Tel A Tel. .100
FHA Insured Mortgages
Ask
16
11154 11454
Bell Telep of Canada
Bell Telep of Pa
88
81
Teleg (N J) com.*
New York Mutual Tel__25
Pac A Atl
Am Dlst
PITTSBURGH, PA.
The Commercial & Financial Chronicle
3646
June 8, 1940
Quotations on Over-the-Counter Securities—Friday June 7—Continued
I
Guaranteed Railroad Stocks
Aetna Cas A Surety— -10
Mrmkrn J^rw
10
Agricultural
i
—
15M
17
54M
57
17%
14%
19
Jersey Insurance of N Y.20
Knickerbocker
—.5
30
33
7
8
5
1 H
2M
Maryland Casualty
11
1
Mass Bonding A Ins_.12M
1 H
51
54
38%
Merch Fire Assur com—6
37
41
15%
9
Lincoln Fire
..10
5%
7
9%
36%
American Re-Insurance. 10
Sincsl855^
10
14
-25
40
10
American Reserve
32
—
American Surety
Automobile
Guaranteed Railroad Stocks
Baltimore American..
—
,100
6.00
100
Central)
Alabama & Vlcksburg (Illinois
Albany A Susquehanna (Delaware A Hudson)
10.50
Asked
60
69
99%
109%
6.00
57
63
60
2.00
25
100
8.75
67
28%
70%
Allegheny A Western (Buff Roch A Pitts)
Central)
Boston A Albany (New York Central)
Beech Creek (New York
—5
-10
26 M
39
23%
25
Northeastern
Continental Casualty. —.5
28
30
Northern
11
14
32
36%
Excess
5.00
74%
77%
Federal
pref (N Y Central) . .100
50
Cleveland A Pittsburgh (Pennsylvania)
...
6.00
51
Fidelity A Dep of Md. ..20
3.50
70%
58%
74%
60
—
2.00
2.00
100
5.50
140
4.00
Michigan Central (New York Central)
.100
50.00
Morris A Essex (Del Lack A Western)
..50
100
32%
70%
11M
26 M
28%
5%
23
19
20%
Provldence-Washlngton.lO
Reinsurance Corp (N Y).2
10
Republto (Texas)
26%
Revere (Paul)
Fire..'...10
General Reinsurance Corp 5
10
Georgia Home
33%
35%
Rhode iBland
23%
195
Gibraltar Fire A Marine. 10
17%
25%
19%
St Paul Fire A Marine_.25
23%
48%
Seaboard Fire A Marine. .5
6
36
32%
800
20%
110
68 M
8
Franklin Fire
3
30M
85
6%
24%
150
600
3.875
25
Pacific Fire.
Preferred Accident......5
81
12%
92
19%
20%
115
National .25 105
54%
Firemen's of Newark.. —6
5
2
86 M
2.50
51%
55%
49
9.00
Central)....—
Fort Wayne A Jackson pref (N Y
-10
__5
Pacific Indemnity Co.—10
Phoenix
10
106
100
Fireman's Fd of San Fr.25
42
100
Georgia RR A Banking (L A N-A CL)
Lackawanna RR of N J (Del Lack A Western) — .100
Fire Assn of Phlla
Northwestern
48
38%
10%
12.50
North River
10%
40%
8%
-10
:..
5
New York Fire
2%
43
5
—
45%
44
..25
Betterment stock
27%
42%
10
10
1%
7%
13%
New Hampshire Fire
8
7
48 M
125
12 M
New Brunswick
2%
Eagle Fire
Employers Re-Insurance 10
7
25%
2
New Amsterdam Cas.
19
3.00
Delaware (Pennsylvania)
17%
25%
8.50
Cleve Cin Chicago A St Louis
15%
24
100
Carolina Cllnchfleld A Ohio com (L A N-A C
6M
17%
.100
—
46 M
2
20 115
National Union Fire
-.10
City of New York
5
City Title
Connecticut Gen Life. -10
L)— .100
Boston A Providence (New Haven)
Canada Southern (New York Central)
10
National Liberty
89
560
Camden Fire
22 M
National Fire
6%
85
543
Carolina
Bid
Par in Dollars
National Casualty.*^.*.10
34
100
Boston
6
2%
42
5%
-2%
Merch A Mfrs Fire N Y..5 *
15%
•
Bankers A Shippers— -25
Dividend
2M
10
Ins Co of North Amer—10
American of Newark.. -2%
2-6600
.
Homestead Fire
67
Co com 5
American Home
STOCKS
1M
23%
42%
8
Amer Fidel A Cas
GUARANTEED
NEW YORK
10
62
American Equitable.. —5
120 Broadway
27 %
Home Fire Security
10
—
American Alliance
Tel. REctor
Ask
26
—5
Home
44%
25%
25
—
Aetna Life—,
York Stork Excboogi
Dealers In
102
98
Bid
Par
Alt
Bid
10
Aetna
Joseph Walkers Sons
Companies
nsurance
Par
5
2M
13%
7
24%
4
208
8
Seaboard Surety
28
30
Security New Haven
25 M
27%
1.50
36
42
Globe A Rutgers Fire. -15
15
2d preferred
11
,50
54
58%
.10
10
Springfield Fire A Mar.,25
Stuyvesant
5
-50
3.00
76
81
Great American
—.6
22
23%
Sun Life Assurance
100 200
250
Pittsburgh Fort Wayne A Chicago (Penna) pref— .100
7.00
2:166%
Great Amer Indemnity
—
1
9
11
Travelers..
100
389
399
Pittsburgh Youngstown A Ashtabula pref (Penna). .100
Rensselaer A Saratoga (Delaware A Hudson)
.100
St Louis Bridge 1st pref (Terminal RR)
7.00
142%
Halifax
-10
8
12
Guar Co..2
10
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U S Steel)
Preferred
-
6.00
44%
Glens Falls Fire
5
36%
38%
4.00
Globe A Republic
5
7%
8%
4.50
83%
28 1
87%
,50
—
Northern Central (Pennsylvania)
.100
50
New York Lackawanna A Destern (DL4W)
33
6.64
47
6.00
171
126
3.00
60
6.00
125
10.00
236
6.00
36
.100
5.00
50
6.00
46%
..10
68%
70%
U 8 Guarantee
51%
53%
Westchester Fire
17%
16 M
38%
60
25%
2.50
40%
57
4
27
241
Vlcksburg Shreveport A Pacific (Illinois Central). -100
22
103%
98
3%
2%
131
(Pennsylvania)._. .100
100
Utlca Chenango A Susquehanna (DL&W)
20%
Hanover
Hartford Fire
65
100
10
U S Fidelity A
U 8 Fire
Hartford Steam Boiler -10
51%
131
.100
14
Second preferred
Tunnel RR St Louis (Terminal RR)
United New Jersey RR A Canal
Valley (Delaware Lackawanna A Western)...
100
Industrial Stocks and Bonds
41%
''
«•
-
m
53
Par
5.00
50%
56
Alabama
Warren RR of N J (Del Lack A Western)
3.50
15%
20%
American Arch
West Jersey A Seashore (Penn-Reading)
3.00
49
53
Amer Bemberg
Preferred
13
15
New Britain Machine
A com...*
5%
Norwich
Ask
1.00
Missouri Pacific 4Ms...
63.25
b3 25
2 25
Pharmacal
2%
1%
2%
11%
Pan Amer Match
10%
11%
3%
Peosl-Cola
44
Petroleum Heat A Power. *
Ohio Match Co
2d
2%
pf 10
American Enka Corp
*
American Hard ware... .25
42
2.26
Nash Chat A St Louis
52.50
2 00
Bessemer & Lake Erie 2%s
Boston & Maine 6s
61.80
1.25
Nat Steel Car Lines 5a
53 00
1.50
Amer
63.60
2.50
52 50
1.75
American Mfg 5% pref 100
Canadian National 4%s-5s
Canadian Pacific 4%s
67 50
6 50
New York Central 4%s___
2 Ms
52.50
2 00
67 60
6 50
NY Chic & St Louis 4s...
53.50
2.50
Arlington Mills
100
Armstrong Rubber A....*
Central RR of N J 4%s—
64.00
2.10
N Y N H A Hartford 3s__.
53.25
2.25
Art Metal Construction. 10
10
Central of Georgia 4s
64.50
3.50
Autocar Co
10
5%
6200
1.00
North Amer Car 4%s-5%8
Northern Pacific 2%b-2%s
3.50
Chesapeake & Ohio 4%s__
Chic Burl & Qulncy 2%s..
52.40
1.75
Bankers Indus Service A
61.85
1.40
No W Refr Line 3 %s-4s
53.75
2.50
Botany Worsted Mills cl A5
"i%
Chic Mllw & St Paul 6s_._
65.00
4.50
Pennsylvania 4Mb series D
51.50
1.00
Chic A Northwestern 4 %s _
63.25
2.25
52.75
2.00
11.25 preferred
10
Buckeye Steel Castings..*
2%
12%
54.50
4s series E
Maize
Products...*
com
*
Corp..25
Co
*
Con version... 1
Petroleum
12%
6%
%
2%s
3%
21%
37%
*
10%
Ask
Bid
Bid
1
60
—
5
Amer Distilling Co 5%
.
preferred
5% conv pref 1st ser.. 10
61.60
Atlantic Coast Line 4%s_
Baltimore A Ohio 4 %s—
2%
30%
Nat Paper & Type com
27%
American Cyanamid—
Equipment Bonds
Bid
1%
*
Amer Cable A Radio
Railroad
Par
Ask
Bid
*
Mills Inc.
Exploration
1
Manufacturing...*
17%
18%
Pilgrim
17%
20%
Pollak
64
Postal Telegraph System—
19%
71%
22%
38
43%
--
3%
15
Cllnchfleld 2%s
62.50
2 00
52.70
200
63.75
2.75
Pere Marquette—
Brown A Sharpe Mfg...50
Cessna A Ircraft
1
Denv & Rio Gr West 4%s.
Erie 4%s
63.25
2.50
53.00
2.00
2.25
52.75
2.00
Chic Burl A Qulncy... 100
Chilton Co common
10
30
63 25
2%s-2%s and 4Ms
Reading Co 4Mb
2%
St Louis-San Fran 4s-4%s.
53.25
2.25
City A Suburban Homes 10
62.25
1.25
St Louis S'western 4Mb
53.00
2.00
54.75
3.50
Fruit
Growers Express
4s, 4%b and 4%s
Grand Trunk Western 5s..
Great Northern Ry 2s
2Mb series G A H
61.85
Southern Pacific 4Mb
52.50
2.00
2.25
Southern Ry 4s
52.40
2.00
62.50
_.
1.50
63 00
Illinois Central 3s
Kansas City Southern 3s
1.50
Texas A Pacific 4s-4%s
Union Pacific 2Mb..
52.50
2.00
52.10
1.60
$4.25 preferred
37
*
62.50
1.60
63.25
2.25
1.00
2.50
Virginian Ry 4Mb
Western Maryland 2s
51.50
63.25
52.25
1.75
$3 conv pref
Crowell-Colller
63.25
2.25
Western Pacific 5s.
53.25
2.50
Cuban-Amer
1.50
Dentists
2.00
West Fruit Exp 4%s-4%s_
Wheeling & Lake Erie 2Mb
52.00
63.00
51.90
1.25
Maine Central 5s
Tennessee Products.
*
Thompson Auto Arms
1
Time Inc
2%
13%
121
Tokhelm Oil Tank A Pump
Common
60
64
*
18%
Manganese_2
6%
20%
7%
.*
Pub
4%
6%
21
8%
15%
*
common
16%
t
Lehigh & New Engl 4%s._
Long Island 4 Ms
'
*
Tampax Inc com
...1
Taylor Wharton Iron A
6%
18
2%
*
Stromberg-Carlson_.
Sylvama Indus Corp
35
8teel
Columbia Baking com
*
$1 cum preferred
,..*
Consolidated Aircraft—
Louisiana & Ark
3%8
157% 163
2%
1%
1%
3
33%
..25
Stanley Works Inc
67%
Shippers Car Line 5s
Coca Cola Bottling (N Y) *
Colgate-Palmollve-Peet—
5%
62%
5 75
25%
104
3%
66 50
38%
_
2%
Del Lack & Western 4s
4%
4%
4% preferred
60
Remington Arms corn
*
Safety Car Htg A Ltg._.50
Scovlll Manufacturlng..25
Singer Manufacturing. 100
Singer Mfg Ltd..
£1
Skenandoa Rayon Corp..*
Standard Screw
...20
5
Triumph
12%
.*
31%
2
Trlco Products Corp
4%
*
1%
Explosives
50
53
United Artists Theat
13
15
Dictaphone Corp
*
Dixon (Jos) Crucible... 100
24%
28%
United Piece Dye Works.*
Preferred
100
2%
18%
22%
Veeder-Root Inc
*
53%
26
29
Welch Grape Juice com 2%
19%
Draper Corp
■__*
57%
62
Farnsworth Telev A Rad.l
Despatch
2Ms. 4Mb & 6s.
Supply com... 10
Devoe A Raynolds B com *
Domestic Finance cum pf. ♦
Merchants
1%
2%
7%
8%
—
Railroad Bonds
Asked
Bid
Akron Canton A Youngstown 5Ms.
Chicago
Chicago
Chicago
Chicago
42
44
.1943
69
71
.1940
86
90
63
66
.1955
...
_
...
4Mb
Cambria A Clearfield 4s
.1944
.1944
Boston & Albany 4Mb.
Boston A Maine 5s
/38
/38
42
.1945
98
100
.1945
Baltimore A Ohio 4s secured notes
_
Federal Bake Shops
Preferred
42
Indiana & Southern 4a
.1956
50
.1951
62
.1963
Cleveland Terminal A Valley 4s
43%
10%
17%
19
Machine Tool
2
Good Humor Corp
Graton A Knight com
96%
95%
1%
41%
9%
preferred
Preferred
3%
*
.100
Worcester Salt
York Ice Machinery
*
100
preferred
..100
40
Bonds—
Amer Writ Paper 6s
1961
5%
,
Beth Steel 3s..
1960
97
1965
Brown Co 5%s ser A. .1946
Carrier Corp 4%s
1948
Chic Dally News 3%s. 1950
Comml Mackay 4s w 1.1969
Deep Rock Oil 7s
1937
Stamped
100
100%
/31 %
32%
102% 103
3
45
45
50
Great Lakes S3 Co com..*
34
37
.1951
107
109
Great Northern Paper. .25
37
40
26
27%
Harrlsburg Steel Corp
.1970
98%
99%
Interstate Bakeries com..*
9%
5
10%
1
1%
22%
Mb
Florida Southern 4s
.1945
*
19
Hoboken Ferry 5s
Illinois Central—Louisville Div A Terminal 3%s.
.1946
8
52
62
23
25
Inland Steel 3s...
Indlana Illinois A Iowa 4s
King Seeley Corp com_._l
Landers Frary A Clark.-25
7
.1953
.1950
50
57
Lawrence Portl Cement 100
10
12%
94
Long Bell Lumber
Kansas Oklahoma A Gulf 5s
.1978
Louisville A Nashville 3Ms
.1950
4s
73
$5
43
....
99%
100
preferred..
*
7%
8%
43%
46%
*
10%
11%
? NY World's Fair 4s. 1941
1
44%
47
61
64
Old Ben Coal 1st mtg 6s '48
8covlll Mfg 5%s
1945
Memphis Union Station 5s...
New London Northern 4s
New York A Harlem 3Mb
.1959
112
.2000
96
101
New York Philadelphia A Norfolk 4s
New Orleans Great Northern income 5s..
New York A Hoboken Ferry 5s
.1948
93
96
Muskegon Piston Ring.2%
.2032
8
10
National Casket
.1946
Norwich A Worcester 4Mb
m
—
...
....
...
to.
75
.1949
40
98
'
$6
100
13%
Superior OU 3Ms
1950
United Biscuit 3 %s___ 1955
8
13
90
115
12%
_•
Preferred
112
68
52%
97%
72
102% 103%
34%
37
/43%
46
98%
99%
101% 102%
/20%
23
23
26
34
31%
104% 106%
96%
97%
Woodward Iron Co—
80
preferred
102
.1947
.
/50M
—
mm
2d conv income 5s
1962
t
i04% 107%
50
.1941
Mallory (P R) A Co
Marlin Rockwell Corp
Merck Co Ino common..1
35
m
.1947
Pennsylvania A New York Canal 5s extended
Philadelphia A Reading Terminal 6s
Pittsburgh Bessemer A Lake Erie 5s....
Portland Terminal 4s
loo
.1940
1961
100
$5 preferred
101
101%
.....
Kreege Foundation 3s_ 1950
McCrory Stores 3 Ms. 1955
Minn A Ont Pap 6s
1945
.1960
...
1
5%
4%
.1960
.....
100
com v t o
Wick wire Spencer Steel..*
Wilcox A Glbbs com
50
7%
30
28
1
*
.1995
Connecting Railway of Philadelphia 4s
Cuba RR Improvement and equipment 5s..
Elgin Joilet & Eastern 3Mb ser A..
cum
%
Giddings A Lewis
100
Union Station 3 % ser F
$3
com
preferred
7%
West Dairies Inc
■
2%
Garlock Packings com
*
Gen Fire Extinguisher...*
70
.1961
23
Gen Machinery Corp com *
55
St Louis A New Orleans 5s
Stock Yards 5s
*
30
Foundation Co Amer shs *
j
com.
90
.1961
Providence A Worcester 4s
.1947
Sugar Securities
86
Bonds
Bid
80
90
Tennessee Alabama A Georgia 4s
.1957
65
.1942
107
Toledo Peoria A Western 4s
Toledo Terminal 4Mb
.1967
94
100
AntUla Sugar Estates—
6s
1951
.1957
105
109
Baraqua Sugar Estates—
Toronto Hamilton A Buffalo 4s..
Union Pacific ref rntee 3M ser A
.1946
85
.1980
100
United New Jersey Railroad A Canal 3Ms
Vermont Valley 4Mb
.1951
105
Vicksburgh Bridge 1st 4-6s._
Washington County Ry 3%s
West Virginia A Pittsburgh 4s
.1968
69
70
.1954
34
42
Ask
Par
Stocks
Bid
Ask
70
Terre Haute A Peoria 6s
...
.1990
—
-
-
85
.1940
45
50
—
Haytlan Corp
/19
22
Sugar Assoc com.l
Preferred
7%
1
17
1
__1947
/50
53
4s_""l954
/39
/13
42
Haytlan Corp com
*
Punt a Alegre Sugar Corp.*
Savannah Sugar Refg
1
15
8%
19
1%
Vertientes-Camaguey
6s_.........
92
100%
Eastern
5s
1989
Sugar Co
New Niquero Sugar—
3%s
For footnotes
1940-1942
see page
/22
3645.
5
West Indies Sugar Corp__l
6%
27
8
30
2
2%
5%
6%
Volume
Quotations
Public
3647
The Commercial & Financial Chronicle
ISO
Over-the-Counter Securities—Friday June 7—Continued
on
Investing Companies
Utility Preferred Stocks
Bought
Sold
.
Par
Keystone Custodian Funds
2.02
2.21
Series B-l
24.61
17.33
11
12%
Series B-2
2.49
2.76
Series B-3
5.50
6.08
Series B-4
5.52
.23
.27
Series K-l
12.19
3
6.80
3%
3%
4%
Series K-2
2
New York City
5%
12.13
.13
.28
18.23
1
13~04
11%
10%
Canadian Inv Fund Ltd_.l
5.60
3.05
1
15.98
Mutual Invest Fund... 10
8.11
2.25
Mass Investors Trust
Nation .Wide Securities—
95%
Amer Util Serv
%pref.100
6% pref.25
7% pf..*
103
105
5
6%
89%
56.50 preferred
*
1%
%
118 % 121
Atlantic City
El 6% pref.
Birmingham Elec $7 pref.
74
70%
39
53.50 prior preferred..50
41%
57
preferred
Cent Indian Pow
56
100
100
preferred..
3.67
9.86
Accumulative series... 1
52%
84%
80%
44
100
preferred
47%
preferred
105
18%
*
47%
50
7% pref
100
(Minn) 5% pref......-*
71%
74%
103
6%
preferred
95
preferred
100
Okla G <fe E
100
100
7% pref...100
Lt 7% pf_.100
Eastern
98
105% 108%
74
76%
*
27
7% pf-.100
100
Kings Co Ltg 7% pref.100
P]
x99
Jer Cent P & L
30
101%
94
76
80
100
*
Sierra Pacific Pow com
7% preferred....
27%
*
2.25
Series 1958—
1
2.00
25c
.92
1.01
Shares
20 %
21%
9.65
Quarterly Inc Shares..10c
5.75
Eqult Inv Corp (Mass)__5
Equity Corp S3 conv pref 1
Fidelity Fund Inc
*
21.11
22.70
15.33
5% deb series A
Representative Tr Shs. .10
Republio Invest Fund
97%
14.25
5.18
5.76
20
20%
2.87
Fixed Trust Shares A... 10
7.73
Foundation Trust Shs A.l
3.25
3*75
Fundamental Invest Inc. 2
13.11
14.25
Mountain States Power...
73
,75%
79%
81%
Fundament'l Tr Shares A 2
18
4%
20%
5%
96
98%
17%
19%
_•
3.67
*
22.79
24.51
General Investors Trust. 1
4.00
4.36
General Capital Corp
3.92
3.24
shares
3.54
Aviation shares
7.56
8.22
Building shares
4.02
4.38
5.65
6.15
S'western G A E
96%
99%
Electrical Equipment
Food shares
6.83
7.43
3.54
3.86
Investing shares
2.26
2.47
Merchandise shares
4.09
4.46
99% 102%
3%s
s
1960
1970
f debs
3%s s I debs
shares
.65
55%
RR Equipment shares..
2.95
3.22
Steel shares
Tobacco shares
units.....
17%
18%
West Penn Power com...*
23%
24
40
42%
West Texas Util 56 pref..*
92%
94%
Washington Ry A Ltg Co—
Participating
Utility Bonds
4.33
4.72
4.36
.05
.25
12.03
12.93
1.77
1.98
Ask
Kansas Power Co 4s..1964
Kan Pow A Lt 3%s
1969
99% 101
107% 108%
106%
Kentucky Util 4s
1970
1955
4%s
Lehigh Valley Tran 5s 1960
Lexington Water Pow 5s'68
Marlon Res Pow 3 %s. 1960
12
Montana-Dakota
12%
1954
Income deb 4s
1978
1978
/H %
/12
1973
fl7
1973
f!9
f21
22
NY PA NJ Utilities 5s 1956
...1973
23
N Y State Elec A Gas
1973
121
23
/44
46
4%s
New Eng G A E Assn 5s
'
'62
1.03
1.14
14.21
15.36
1965
4s
70%
Old Dominion Pow 58.1951
8%
Parr Shoals Power 5s. 1952
103
106
8%
Penn Wat A Pow 3%s 1964
104
104%
1964
1970
3%S—
Peoples Light A Power—
1st lien 3-68
1961
Blackstone Valley Gas
103
104
73
1950
6s
86%
89
Pub Serv of Indiana 4s 1969
1948
77%
1951
64
100
67
97
98
Pub Util Cons 5%s
1968
100
101
102
103
99% 100%
St Joseph Ry Lt Ht A
4%s
Pow
1947
71%
72%
S'westem Gas & El 3%s '70
101% 102%
85%
88
S'western Lt A Pow 3%s'69
1962
45
46
Tel Bond A Share 5s.. 1958
103% 104%
67%
64%
1962
43%
45%
Texas Public Serv 5S..1961
1%
Cities Service deb 5S..1963
Cons Cities Lt Pow A Trac
Sioux
City"G
Toledo Edison 3%s._.1968
Crescent Public Service—
52
55%
Cumberl'd Co PAL 3%s'66
105% 106%
Dallas Pow A Lt 3%s.l967
107%
1st mtge3%s
s
f
debs 3%s
1970
19r0
United Pub Util 6s A. 1960
103% 104
41%
96%
105
44
Dayton Pow A Lt 3s__1970
5s._1958
Monmouth Consol W 5s '56
96%
97%
t
72%
93
95
_
79
76%
_
_
123
Wash Wat Pow 3%s..l964
105
West Penn Power 3s..l970
103% 104%
103
104
89
92.
105%
xUuJi
1952
Iowa Pub Serv 3%s._1969
f45
1
48
101 % '103
5%s
1960
87%
1967
88
102
.
•
1956
4s A
67
101
--
Texarkana Wat 1st 58.1958
104
Union Water 8erv 5%« '51
101
104
W Va Water Serv 4S..1961
106
104
Western N
98
102
100
Y Water Co—
1951
5s series B
-1951
5%s
101
94%
99%
Westmoreland Water5s'52
99
Wichita Water—
91
96.
94
99
58.1955
Ohio Water Service 4s. 1964
Ore-Wash Wat Serv 5s 1957
108
For footnotes see page
95
96
5s *51
Ohio Valley Water
96
1951
1950
1st mtge 5%s
91
5%s '53
New York Wat Serv
1950
1st mtge 5s
New Rochelle Water—
6s series B
103
88
93
3645.
1956
100
5* series C
1960
1949
104
5s—1952
101
6s series A
102
Western Public Service—
Inland Gas Corp—
101
5s series B
Ohio Cities Water
1957
5s
100
104%
Springfield City Water—
---
Monongahela Valley V"
5%s
Morgantown Water 5s 1965
Muncle Water Works 5s '65
Utica Gas A Electric Co—
70
...
.
98%
106
103% 104%
West Texas Util 3%s.l969
Dallas Ry A Term 68.1951
103%
100
Kokomn W W Co
1962
/%
6%s stamped
1957
106%
100
Shenango Val 4s ser B.1961
South Bay Cons Water—
I5s...
1950
1st A ref 5s A
102%
& E 4s" 1966
Sou Cities Util 5s A... 1958
'52
Federated Util 5%s...l957
4%s
1958
Scranton-Spring Brook
Water Service 5s. 1961
104
Joplin W W Co 5s
Collateral 5s
Central Public Utility—
1954
Scranton
Indianapolis Water—
Republic Service—
Cent Ohio Lt A Pow 4s 1964
4s ser A 1966
Gas A Water Co
102
79%
103% 104%
4s
Central Illinois Pub Serv
CoU inc 6s (w-s)
Richmond W W Co 5s 1957
Roch A L Ont Wat 5s. 1938
102% 103%
1949
Debenture
104
79
104
99% 106
Pub Serv of Colo 3%s.l964
99
105
St Joseph Wat
16%
87%
106
98
Pittsburgh Sub Wat 5s *58
Plainfleld Union Wat 5s '61
81
Water—
104%
85
101
76
6s.
/14%
1948
74
Huntington
94%
Central Gas A Elec—
6s series B
—
75%
92
99
Phila Suburb Wat 4s_.1965
104% 105
102
99
1948
1948
Pinellas Water Co 5%s.'69
...
104
104%
Portland Electrlo Power—
1950
1st consol 5s
99
100
Nor States Power (Wise)—
3%s
1st A ref 5s
106
'/•
100%
8%
8%
104
'
5s.
100
Penna State Water—
Prior lien 5s
104% 105%
Northern Indiana—
/5%
/5%
Consol E A G 6s A
%
1st consol 4s
103
/5%
5s
11
Peoria Water Works Co—
72
1983
Sink fund inc 6-6s_.1986
Income 5%s with stk
10
1
♦Schoellkopf Hutton A
Pomeroy Inc com... 10c
1st coll trust 4%8_. 1966
104
55
Sf inc 4%s-5%s._..1986
Central Pow A Lt 3%s 1969
♦First Boston Corp
20
■i:
Bid
99% 100%
103%
97
51
8%
3%s
*
Ask
Bid
104% 105%
/6%
/5%
1st mtge
♦Central Nat Corp cl A__*
53
87%
101% 102%
84%
1958
4%s_.1983
Cons ref deb 4%s
Cent 111 El A Gas 3% s. 1964
%
♦Blair A Co
Water Bonds
50%
Corp
Public Service 3%s.l969
1st lien coll trust 6s. 1946
.93
.84
Insurance Group shares.
13
Assoc Gas A Elec Co—
1946
11.34
Banking
♦Class B
Investm't Co of Amer—10
Util—
Income deb
5%s
Investment
99% 100%
96%
97%
12.
1st lien coll tr
Fund.......1
Wellington
Corporations
Bank Group shares
Bid
Ask
103% 104%
103% 104%
1.72
B
4.76
♦Huron Holding Corp._.l
Institutional Securities Ltd
/11%
Cent Ark Pub Serv 5s. 1948
.48
25c
53%
/II %
1968
4.17
B
Class B
Utah Pow A Lt 57 pref...*
1978
A Electric 3%s
1
♦Series
Trusteed Amer Bank Shs—
12%
1978
Sink fund inc 5s
4.62
A
U 8 El Lt A Pr Shares A...
Income deb
Sink fund inc
1.95
1
♦Series
Trusteed Industry Shs 25c
Income deb 3%s
Conv deb 5%s
1
3.66
16
Corp—
8s without warrants 1940
1
D
4.72
28%
50
Conv deb 5s
C
♦Series
3.35
81%
Conv deb 4%s
2.00
♦Series
Trustee Stand Oil Shs—
4.33
18%
48%
4%s
7.52
Trustee Stand Invest Shs—
Mining shares
Petroleum shares......
26%
48
Conv deb 4s
2.99
1
22%
4%
78%
3%s
2.05
2
21
3%
46%
Assoc Gas A Elec
1
B
19
53 pref
Amer Utility Serv
6S..1964
AA
.19
20%
52.75 pref
74%
Amer Gas A Pow 3-5s. 1953
Associated Electric 5s. 1961
2.85
*
*
86
72
Bid
Amer Gas A Elec 2%s 1950
52%
.51
4.28
Chemical
United Pub Utilities Corp
12.12
Sovereign
Supervised Shares
Group Securities—
Agricultural Bharee
Automobile
3.48
Investors. _. 10c
Spencer Trask Fund
*
Standard Utilities Inc. 50c
♦State St Invest Corp...*
4.74
4.03
17%
83
Public
6.99
Selected Income Shares.. 1
Incorporated Investors..5
Independence Trust Shs.*
*
6% preferred
72.97
Clark Fund Inc
Selected Amer Shares..2%
Super Corp of Amer ol A. 2
68
29%
28%
8.08
2.58
Scudder, Stevens and
2.23
97%
Texas Pow A Lt 7% pf.100
Mass Utilities Associates—
6% conv partlc pref..50
Mississippi Power 56 pref.*
57 preferred
*
Mississippi P A L 56 pref.*
Missouri Kan Pipe Line..6
Monongahela West Penn
Pub Serv 7% pref
16
11.34
15.96
j1
14%
6% pf-100
.29
10c
8.99
Series
95
100
Plymouth Fund Inc
Putnam (Geo) Fund
14.86
ment Fund series A-l.
2.56
Southern Indiana G A E—
4.8% preferred
preferred
2.29
1
Southern Nat Gas com.7 %
25
100
Mass Pow & Lt Associates
52
1
Series 1956
5.20
B
Queens Borough G A E—
6% preferred
100
Republic Natural Gas
2
6% preferred D
Long Island Lighting—
1.82
Series 1955
2.00
Rochester Gas A Elec—
96
No Amer Tr Shares 1953.*
Insurance stk series. 10c
28%
*
57 prior lien pref
6.35
2.32
Bank stock series..-10c
66
4.58
Steel
42%
Fiscal Fund Inc—
55 cum preferred
*
Pub Serv Co of Indiana—
2.08
No Amer Bond Trust ctfs.
16%
97%
Kansas Pow A Lt 4% %
14.64
4.55
59%
14%
5.35
5.47
1.21
2.50
D
57
Peoples Lt A Pr 53 pref.25
Philadelphia Co—
6.67
Railroad
3.93
105% 107%
82%
7.67
Metals
Oils
26%
22%
110
3.00
C.
First Mutual Trust Fund..
29%
95%
Jamaica Water Supply...*
Deposited Bank Shs ser A 1
Deposited Insur Shs A
1
5.88
Machinery........
Railroad equipment
31
*
*
7.39
equipment...
Insurance stock
115
13.54
Delaware Fund
28%
*
56.50 cum preferred
20%
100
Cumulative Trust Shares. *
103%
Pipe
•
Interstate Natural Gas...*
100
supplies
Electrical
Eaton A Howard Manage¬
Penn Pow <fe Lt 57 pref...*
20
106
Ohio Public Service—
Penna Edison 55 pref
19%
♦8% preferred
Dividend
Panhandle
24
Diversified Trustee Shares
(Del)
81%
indlanap Pow A Lt com..*
20%
com..
107%
16
28 %
50%
10
♦Crura A Forster
♦Common B shares... 10
*
54%
4.01
Chemical
♦Crura A Forster Insurance
56 cum preferred
Hartford Electric Light.25
6.90
Building
2.27
99%
99% 102
*
preferred... 100
Serv 6% pf-100
Line Co
Florida Pr A Lt 57 pref.
Bank stock
2.27
1
♦7% preferred
56 cum preferred
Pacific Pr &
Federal Water Serv Corp—
1.94
1
18
7%
Derby Gas A El 57 pref..*
5.52
Agriculture
Series ACC mod
96 5*
93%
98% 101 %
Series A A
11%
20%
8%
56 cum preferred..
New Orleans Pub Service.*
91
Continental Gas A Elec—
7%
Automobile...
Aviation
51
54 preferred
Northern States Power—
Consumers Power 55 pref.*
N Y Stocks Inc—
Series AA mod..
70%
Consol Elec A Gas 56 pref.*
9.50
1
Fund
1.94
55
99%
preferred
Cent Pr & Lt 7% pref.. 100
New England
1
58%
68
97% 100
97% 100%
8%
6%
7%
9.43
7%
Northeastern El Wat A El
Central Maine Power—
8.71
3.02
53%
—*
*
*
97
*
7% pf 100
1
6%
55%
7% cum
N Y Water
Carolina Power & Light—
Chemical Fund
2.78
New York Power A Light—
Birmingham Gas—
4.77
2.01
New Eng Pub Serv Co—
57
National Investors Corp.l
Commonwealth Invest
1
♦Continental Shares pf 100
26
56 prior lien pref..
Electric
&
22.13
Corporate Trust Shares..1
23%
57 prior lien pref
.94
20.59
4%
5%% Pf
New Eng Pr Assn 6%pf 100
87
3.04
(Md) voting shares._25c
*
21%
3%
New Eng G & E
Arkansas Pr & Lt
Associated Gas
19
7%pf 100
Ask
National Gas A El Corp. 10
See Industrial stocks
Amer G & E 4 %
Bid
Par
Nassau & Suf Ltg
*
B shares
ser
3.05
Century Shares Trust
Ask
93 %
5.04
Manhattan Bond Fund Inc
19.71
3.03
(Colo)
Amer Cable & Radio—
1
Maryland Fund Ino___10c
4%
British Type Invest A
1
Broad St Invest Co Inc..5
1-1600
Public Utility Stocks
Alabama Power $7 pref.
6.73
2.73
Knickbocker Fund
3
♦5% preferred
Bullock Fund Ltd
Bid
10.12
Series S-2
Series S-4__
.....
Teletype N.Y.
11.62
Series 8-3
Bankers Nat Investing—
♦Class A
Basic Industry Shares..10
Boston Fund Inc
Par
1
Assoc Stand Oil Shares
ESTABLISHED 1879
Tel. BArelay 7-1600
7.88
Investors Fund C_.
9.11
Amer Gen Equities Inc 25c
Am Insurance Stock
Corp*
Principal Stock and Commodity Exchanges
115 Broadway
Bid
9.76
8.38
Amer Business Shares
Amer Foreign Invest Inc..
Jackson & Curtis
Members
Par
Ask
9.17
Affiliated Fund Inc
1%
♦Amerex Holding Corp
*
Quoted
•
Bid
Admlnls'd Fund Inc
.*
Aeronautical Securities".
W'msport Water
103
Chronicle
The Commercial & Financial
3648
June 8, 1940
Quotations on Over-the-Counter Securities—Friday June 7—Concluded
Real Estate Bonds and Title Co. Mortgage Certificates
If You Don't Find the Securities Quoted Here
Bid
in which
128
B'way Barclay inc 2s__1956
B'way A 41st Street—
1st leasehold 3 34-5s 1944
have interest, you will probably fiDd them in
you
monthly Bank and
our
cation quotations are
stocks and bonds.
Quotation Record.
carried for all active over-the-counter
/1834
Public Utility Stocks
Railroad Bonds
Industrial Stocks
Real Estate Bonds
Insurance Stocks
Real Estate Trust and Land
Railroad Stocks
1948
Eastern
18
10
Title Guarantee and Safe
Deposit
Stocks
32
35
48
16
4934
343*
21
24
26
Mining Stocks
29
15
19
165 Broadway Building—
Sec s f ctfs 434 s (w-s) *58
2
29
293*
31
31
Prudence Secur Co—
534s 8tamped
14
1946
Realty Assoc Sec Corp—
54
60
63
1956
7
9
17
9
1947
29
32
1950
20
22
1957
23
:mmm.
60
«•*»<»
35
'49
1st mtge 4s
OO
71334
40 Wall St Corp 6s... 1958
1939
1948
Fuller Bldg debt 6s.—1944
1st 234-4S (w-s)
1949
Graybar Bldg lstlshld 5s '46
3s with stock
36
Harriman Bldg 1st 6s. 1951
Savoy Plaza Corp—
1434
125
/13
6s
Income
Roxy Theatre—
1st leasehold 3s. Jan 1 '52
Film Center Bldg 1st 4s
503*
1957
5s
1234
32
1943
1st 5 34 8 (w-s)
...1950
00 Park Place (Newark)—
19 y2
034s (stamped 4s)..1949
42 B way 1st
65
1961
16lA
52d A Madison Off Bldg—
and Quotation Record is published monthly aid
Your subscription should be sent to
234
52
1951
103 E 57th St 1st 08...1941
1
26 3*
600 Fifth Avenue—
Dept. B, Wm, B. Dana Co., 25 Spruce St., New York City.
45
11
2d mtge 6s
21
55
e4134
Olicrom Corp vtc
1 Park Avenue—
Ambassador
1st Income 3s
U. S. Territorial Bonds
53
...
53*s series Q
Eqult Off Bldg deb 5s 1952
Deb 5s 1952 legended...
U. S. Government Securities
sells for $12.50 per year.
4634
£313*
634s series C-2
534s series F-l
50 Broadway Bldg—
Mill Stocks
The Bank
5
N Y Title A Mtge Co—
45
Hotel units
Stocks
ties
183*
3
N Y Majestic Corp—
534s series BK
Foreign Government Bonds
Industrial Bonds
Securi¬
16
2s
■%+m.
60
4s '45
Cheseborough Bldg 1st 6s '48
Colonade Construction—
1st 4s (w-s)
1948
Court A Remsen St Off Bid
1st 334s
1950
Dorset 1st A fixed 2s—1957
Public Utility Bonds
Joint Stock Land Bank
25
Chanln Bldg 1st mtge
Federal Land Bank Bonds
Investing Company Securities
1955
4s with stock stmp._1956
N Y Athletic Club—
...1957
3s
Canadian
Canadian
65
2133
Domestic
York and
63
Brooklyn Fox Corp—
Municipal Bonds—
Out-of-Town)
1945
Sf deb 5s
534!
55
4-6s
Aft
Metropol Playhouses Inc—
'
14
Broadway Motors BIdg—
The classes of securities covered are:
Banks and Trust Companies—
Domestic (New
In this publi¬
Bid
Ait
Apt 1st mtge 3s. 1957
Beacon Hotel Inc 4s._1958
Aid en
Sberneth
1400 Broadway Bldg—
1st 4s stamped
38
13
17
28
32
7434
Corp—
7834
1st 33*s
61 Broadway Bldg—
Foreign Stocks, Bonds and Coupons
016 Madison Ave—
40
2634
6s' 42
Hotel St George 4s... 1950
33*s with stock
153*
38
Hearst Brisbane Prop
283*
3s
Syracuse Hotel
Inactive Exchanges
Lefcourt Manhattan Bldg
1st lease 4-6 34 s
52 William
& CO., INC.
Lewis Morris Apt
Textile Bldg—
1st 3-5s.._
Tel. HAnover 2-5422
St., N. Y.
49
1948
•
;
;
1958
19
22
1939
2 Park Ave Bldg 1st 4-6s'40
m m —
125
28
138
42
Trinity Bldgs Corp—
Bldg—
1951
1st 4s
1955
46
1948
1st 4-5s
(Syracuse)
1st 3s
Lef court State Bldg—
BRAUNL
with stock
1st 53*8
38
"
32
35
57
60
Walbrldge Bldg (Buffalo)—
28
Lexington Hotel units
303*
Wall A Beaver St Corp—
Lincoln Building—
Income 534s w-s
Foreign Unlisted Dollar Bonds
Due to the European situation some of the
uominal.
quotations shown below are
.
-
Bid
Bid
A 8k
1948
/6
Hungarian Cent Mat 7s '37
1940
7%-1947
/50
/I8
/18
/28
/6
Hungarian Ital Bk 734s '32
Hungarian Discount A Ex¬
change Bank 7s
1936
Jugoslavia 6s funding. 1956
Jugoslavia 2d series 5s. 1950
For footnotes
7s
Barranqullla 8s'35^4(Hi6-48
1945
Bavaria 6Ms to
1946
Cities 7s to
Bogota (Colombia) 03*s '47
8s
1945
12
18
18
to
3
Leipzig O'land Pr 0348 *40
Leipzig Trade Fair 78.1953
Luneberg Power Light A
Water 7s...... ....1948
/8
122%
/36
/13
08
Brazil funding 5s.. 1931-51
funding scrip
(Germany) 7s. 1935
1940
Bremen
Koholyt 034s
3 3*
3
British
1902
Munlo Bk Hessen 7s to *45
Municipal Gas A Eleo Corp
Recklinghausen 7s..1947
1953
034s
Burmelster A Wain 08.1940
Caldas (Colombia) 73*8 '40
Call (Colombia) 7s... 1947
73*8—1944
1946
Ceara (Brazil) 8s
1947
(Peru)
Cauca Valley 73*8
Nassau Landbank
/8
/45
15
/83*
/15
/33*
/83*
11
634s '38
934
534
934
3
13
Central German Power
Oberpfals Eleo 7s.....1940
1934
55
City Savings Bank
Budapest 7s
1953
Colombia 4s.........1946
Cordoba 7s stamped.. 1937
Costa Rica funding 6s. '61
Costa Rica Pac Ry 73*8 '49
6s
1949
03*8.-1959
60
69
/40
/10
/12
48
flO
/73*
15
13
1952
1950
Porto Alegre 7s
Protestant Church
1968
(Ger¬
many) 7s
1940
Prov Bk Westphalia 6s '33
6s 1938
/6
/6
East Prussian Pow 08.1953
/8
Electric Pr (Ger'y) 63*8 '50
/8
/8
1953
03*s
European Mortgage A In¬
vestment 734 s
I960
73*s Income
1908
4s scrip
/16
1967
Mtgc 7s. '63
/3
1967
7a Income
Frankfurt 7s to.
1945
80
German Atl Cable 7s_. 1945
8s ctfs of deposit-1948
8%
Building A Land1948
90
State
1938
1946
German scrip
Graz (Austria) 8s
1954
Great Britain A Ireland—
..1951
Saxon State Mtge 6s. .1947
Siem A Halske deb 03.2930
18
/8
3234
234
1956
2d series 5s
/3134
/134
/7
145
115
11
/4
1956
8tettln Pub Util 7s... 1946
Toho Electrio 7s
Tolima 7s
Kingdom
United
/4
18
18
18
1955
.1947
Brown
& Sons during the
Co., Inc.
Harriman &
Co., Inc.,
for
—
announces
the appointment of Joseph
Manager of the wholesale department and the establish¬
trading department
company
under the
of
a
new
direction of
Harold B.„ Smith,
Traders Association of New York.
On
will move its offices to larger quarters on
York City.
partnership consisting of Robert H. Gwaltney,
formerly with Fuller, Rodney & Co., and Paul A. Gulden, previously with
Standard Statistics Co., to be known as Gwaltney, Gulden &
Co., has just
business
The firm will conduct a general over-the-counter
for
some
time past
York City.
identified with the liquidation of mortgage investments
for banks, institutions, law firms
and individuals, have formed the firm of
Rowland, Hannaway & McAuliffe, with offices at 11
East 43d St., New York
City, to specialize in real estate securities.
be distrib"
—Copies of the 1940 edition of "The Bawl Street Journal," to
Field Day,
uted to members of the Bond Club of New York at their annual
are on
—Otis & Co.
announce
Copies will be priced at 50 cents each.
that O. G. Corns Jr. has become
them in charge of the Trading Department
Corns
15
534
Richard
public sale at the offices of Dillon, Read & Co., according to
M. Newell, Circulation Manager.
was
of years
associated with
and
more
—Granberry
&
recently with Haskell, Scott & Jennings, Inc.
Co.,
members of the
New York Stock Exchange,
50
at or close to
Copies are available
working capital value which they are distributing.
upon request.
Mr.
number
in their Chicago office.
previously associated with John B. Dunbar & Co. for a
Broadway, have issued a list of "bargain stocks" selling
74
78
/113*
Kingdom
S7
70
19
Vesten Elec Ry 7s
1947
/35
18
18
/II
Wurtemberg 7s to
1945
16
W. Lanahan & Co., of
I»—Charles R. Rowland, Richard D. Hannaway and John J. McAuliffe,
15
1953
75
as
with offices at 24 Broad St., New
110
110
19
1957
6s
6~
150
Hamburg Electric 6s.. 1938
Housing A Real Imp 7s '46
Haiti 6s
Wks
a
—Formation
14
334% War Loan...
Uruguay conversion scrip..
Water
of
the ninth floor of 70 Pine St., New
25
/834
17%
11
115
/13
of Great
Britain A Ireland 4s. 1990
Hanover Harz
with the firm's bond department.
1934, and before that was the Baltimore manager
Monday, June 10, the
19
17
17
35
1948
Guatemala 8s
brief time in
been announced.
J62
/1234
Reynolds, formerly of
Richard J.
"
Mtge Bk Jugoslavia
5s
Office
Funding 3s
Sao Paulo (Brazil) 08.1943
Saxon Pub Works 7S..1945
634s
German Central Bank
Agricultural 6s
1947
Santa Fe 4s stamped. 1942
Santander (Colom) 7s. 1948
)8
bank 034 s
1948
that
associated with
was
former President of the Security
16
18
Santa Catharina (Brazil)—
/6
French Nat Mall 88 6s '52
...
8s—
/2
/16
/2
7s
See United
2234
Salvador
7s ctfs of deposit.. 1957
He
years.
R. Donaldson
17
7s 1957
a
ment
14
18
18
18
Saarbruecken M Bk 08.'47
53*
—MacBride, Miller &
1941
58
made
The National City Co. for 16 years.
13
Rio de Janeiro 0 %
1933
Rom Cath Church 0348 '40
R C Church Welfare 7s '46
834
/8
.1946
13
Panama City 6348
Panama 6% scrip..
Poland 3s
/3
66
Dortmund MunUtlI03*8'48
Duesseldorf 7b to
1945
Conversion
for
/10
1968
Madgeburg 6s
Chilean Nitrate 6s
..1945
7s to
also
was
Mr. Belknap had been sales manager of Alex. Brown
past
Oldenburg-Free State—
German Central Bk
and that N. C. Vanderlip
Exchange, and associate members of the New York Curb Exchange.
19
.1948
Mtge 7s
limited partner in the firm
a
Baltimore, members of the New York Stock Exchange, Baltimore Stock
16 5
160
North German Lloyd—
4a
1947
as
had been admitted to limited partnership.
—Robert 8. Belknap is now associated with W,
(A A B) 4s... 1946-1947
(C A D) 4S... 1948-1949
Nat Central Savings Bk of
Hungary 7348.—...1962
National Hungarian A Ind
formerly a partner of
time, the firm announced that the estate of F. A. Vanderlip
R.J. Reynolds & Co., is now associated
Nat Bank Panama—
Central Agrlo Bank—
Dulsburg 7% to
/9
was
Co.
Announcement
137
10
16
1945
&
same
had withdrawn
35
/3
Brown Coal Ind Corp—
Buenos Aires scrip
30
Montevideo Bcrip
Munich 7s to
/8
Maynard, Oakley & Lawrence and Mr. Sealy
At the
18
Meridionals Eleo 7s..1957
Sealy Jr., had been admitted
Mr. Edgar was formerly a partner
general partnership in their firm.
Tameling
Mannheim A Palat 78.1941
Hungarian Bank—
73*8
of
18
4
2334
British see United Kingdom
German
45
—Baker, Week® & Harden, members of the New York Stock Exchange
Land M Bk Warsaw 8s '41
Brandenburg Eleo 08.1953
German
35
•
15
14
2 y8
/3
Farmers Natl
1948
15
10
/13
1969
1940
(Republic) 8«-1947
Cundlnamarca
12
,18
NOTICES
CURRENT
10
announced that James A. Edgar and Robert
1958
see
1st mtge 4s
—
/8
7s
Cailao
93*
15
1951
Westlnghouse Bldg—
63
1943
7b
0s
45
15
/4
/12
/3
12%
Brazil
1950
1st 43*8 w-s
3645.
see page
13
Bavarian Palatinate Cons
Boliva
3s
/3
1948
Bank of Colombia
Ask
/3
Anhalt 7s to.
Antloqula 8a
1903
London Terrace Apts—
1st A gen 3-4s
1952
Ludwlg Baumann—
1st 5s (Bklyn)
1947
1st 5s (LI)
1951
Unterelbe Electric 6s..1953
15
—S.
H. Junger
Co. announce they have opened a department
be the first department of its
1334
kind to be inaugurated by a security house.
—Kaiser & Co., San Francisco
investment firm specializing in State and
municipal issues, announced the admission as a general partner
Jacks, and the opening of
a
that will
This is believed to
specialize in disposing of bonds with missing coupons.
Chicago office under his
—Sartorius, Engel & Co., members of the New
have opened an office for the season
of Hugh J.
direction.
York Stock Exchange,
in the Nautilus Beach Club, Atlantic
Beach, L. I., under the management of Louis Michael.
Volume
The Commercial & Financial Chronicle
150
General Corporation
3649
and Investment News
-V':'
>>
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
NOTE—For mechanical
FILING
is not always
it
reasons
However, they
are
always
possible to
as near
REGISTRATION STATEMENTS UNDER
OF
Receiver
following additional registration statements (Nos. 4423
to 4428, inclusive) have been filed with the Securities and
Exchange Commission under the Securities Act of 1933.
The amount involved is approximately $19,426,366.
Virginia Pulp & Paper Co. (2-4423, Form A-2) of New York,
a registration statement covering 7,411 shares of $100 par
6% cumulative preferred stock and 43,920 shares of no par value common
stock.
The preferred stock will be offered at market, estimated to be
$104.81 per share, and the common stock will likewise be offered at market
which is estimated at $22.76 per share.
The shares registered are treasury
shares.
Proceeds of the issue will be used for bond retirement, working
capital and for plant improvements and additions.
Thomas Luke is
President of the company.
No underwriter named.
Filed May 29, 1940.
Saenger Theatres Corp. (2-4424, Form A-2) of New Orleans, La. has
a registration statement covering of $2,450,000 of 4^% first mort¬
and collateral trust sinking fund bonds, due 1952.
Proceeds of the
issue will be used for debt of registrant and subsidiaries.
E. V. Richards Jr.
is President of the company, Nusloch, Baudeen & Smith are expected to
filed
gage
Filed May 31,
1940.
issued to stockholders to subscribe to the
common
stock at $40 per share
and unsubscribed portion will go to underwriters at $40 per share.
Pro¬
be used for building construction and equipment.
ceeds of the issue will
Howard F. Baer is President of the company.
Mark C. Steinberg &
has been named underwriter.
Filed June 1, 1940.
Receivable
Investments
for the certificates mentioned above and such certificates to be guaranteed
principal and interest by Washington Ry. & Electric Co. (see re¬
gistration statement 2-4427). Registered under plan of adjustment. Edward
D. Merrill is President of the company.
There will be no underwriter.
Filed June 3, 1940.
to
as
There will be no underwriter.
Alfred G. Neal is President of the company.
Filed June 3, 1940.
Rochester
Gas
Y
&
Electric
,
YvliY'
.
The last
in
previous list of registration statements
issue of June 1, page 3499.
our
was
given
Abitibi Power & Paper
1939
1938
1937
$15,506,229 $14,109,004 $21,150,077
639,819
621,766
604,704
Calendar Years—
Sales of newsprint
and pulp
Sales of power
12,819,076
Operating costs
Discount
on
Cr504,026
1
-
_
Interest and discount earned
.
Cr57,246
$3,830,999
115,465
$3,417,470
87,955
3,402
United States funds
Balance
11,370,546
3,196
...
Sundry minor operating profits..
16,300,309
13,276
$5,441,195 "
59,185
24,265
Total.
$3,949,866
....
$3,508,620
$5,524,645
171,248
107,963
187,619
191,290
2,706
Int.
on
436,248
receivers'ctfs. and overdraft.
Cost of issue of receiver's report
2,805
Expenses re: bondholders' meeting-.
Prov. for bad & doubtful accts. receiv.
Prov. for legal and audit expenses
Paid to receiver in resjject of renumer.
29
..
151,734
5.986
25,000
48,000
48,000
48,000
48,000
48,000
48,000
Prov. for U. S. Fed. inc. taxes on int.
16,588
13,494
25.922
17,172
3.002
and dividends received-.
12,237
2,706
11,312
24,737
3,202
Cost of obtaining special reports under
authority of court-.
Expenses of liquidator
__
Exp. re Ripley reorganization plan..
Costofprot. prop, against sabotage-.
Exp. of bondholders committee
87,605
2,452
Bal.
available for deprec. of mills
and properties and
interest b-.-.
...—
—
...
r-
——
090,000
$2,983,256
$4,838,965
>
$3,445,001
General
57,160
750,000
749,855
48,267,000
749,857
48,267,000
1,300
1,877,050
1,300
1,877,050
con¬
reserves
creditors'
claims
incurred
prior
to re¬
ceivership.
5% 1st mortgage gold bonds....
Unpaid interest coupons due Dec. 1, 1931 and
prior.
Interest accrued to Sept. 10,1932
...
—
18,964,935
4,488,091
9,930,930
Common stock
from
1,000,000
34,881,800
4,488,091
"...
Nominal surplus of period prior to receivership..
Amount available towards depreciation and bond
interest
17,636
1,000,000
34,881,800
8,259,032
_______
7% cumulative preferred stock
6% cumulative preferred stock
x
17,636
18,964,935
Reserve for tax rebates
operations during receivership
period
Total....
.$121,678,767 $123891,061
...............
x Represented by 1,088,117 shares of no par value (including 67 shares
deposited for exchange of shares of subsidiary companies.) Y
Hearing Postponed to June 8—
The hearing of the application of
the Montreal Trust Co. on behalf o
the bondholders' protective committee for a judicial sales of the assets or
the company has been postponed from May 25 until June 8, 1940.—V. 150»
P.
3499.
Adams Express
Directors
no
have
par
Co.—Larger Dividend—
declared
of 15c. per share on the common
26 to holders of record June 15.
Like
dividend
a
value, payable June
amount was paid on Dec. 15 last, and compares with 10c. paid on
1939. and on Dec. 24 and July 12, 1938.—V. 150, p. 2405.
June 26,
Alabama Power Co.—Earnings—
Divs.
on
1940—12 Mos.-~1939.
1940—Month—1939
Period End. Apr. 30—
$1,827,095
Gross revenue.
851,891
238,365
$1,715,459 $22,622,522 $20,619,101
702,374
217,690
^$44,409
11,182,079
2,694,980
2,612,280
$8,662,411
4,874,103
$3,788,308
2,342,138
$1,446,170
$736,840
403,788
$795,395
404,778
$8,745,463
4,853,498
$333,051
$390,617
$3,891,965
195,178
195,178
2,342,138
$137,873
$195,439
$1,549,827
pref. stock
Balance.
Applies to Sell Facilities to TVA—
The company has
asked the Federal Power Commission for
authority
of its electric power system to the Tennessee Valley Authority
of cooperatives and municipalities in northern Alabama, for a
tentative price of $4,600,000.
*
The facilities sold would include most of the company s property in
northern Alabama.
The TVA would pay $1,989,000 for the facilities it
is to receive.
Other proposed purchases and the amounts they would
pay follow: North Alabama Electric Cooperative, $185,000: Sand Moun¬
tain Electric Cooperative, $136,100: Cherokee County Electric Membership
to sell part
a
group
Albertville, $263,100; City of Huntsville,
$1,600,000;
Electric Membership Corp., $125,000: Joe Wheeler Elec¬
$88,000; City of Sheffield, $47,000; City of De¬
$25,000.—V. 150, p. 2709.
Cullman County
tric Membership Corp.,
catur.
Addressograph-Multigraph Corp. (& Suhs.)—Earnings
al939
bl938
bl937
—....$11,579,654 $12,140,754 $14,514,557
6,832,309
7,353,025
8,032,109
Calendar Years—
Net sales
El^e"8lAb:„dev:p^:anY°^1.ty
Deprec. and lease amortization
Commission and discount to agents
and branch expense
-
305,613
294,535
317.470
329,401
2,715,913
2,860,989
3,377,502
$1,372,352
Operating income
$1,252,294
$2,458,075
$1,329,185
$2,590,844
2,136
103,252
90,943
199,433
4,295
110,165
38,389
412,269
$906,693
1,055,338
$1,950,802
979,742
76,891
76,415
Other income
$1,448,767
Total Income
Provision for contingency, &C-.
Subsidiaries preferred dividends
132,769
----
1,650
94,318
Interest,
Son
foreign exchange, net
Federal and foreign income tax
Provision loss French subsidy
Net profit
Dividends...
-
279,667
51,838
4.
-
alncl. adminis., superintendence and gen. exps., but before providing for
b Amount provided for depreciation (in¬
depreciation and bond interest,
cluding provisions shown on books of subsidiary companies) was $1,785,000 in 1937 and $1,785,000 in 1938.
A further amount of $650,000 was
provided during 1938 for depreciation in respect of the year 1937.
This
same from surplus for period of receivership,
making total depreciation
during receivership $4,220,000.
A contingent reserve of $750,000 was also provided in 1938 from surplus
during receivership.
French
German subsidiaries.
Excludes
and
—
$148,645 sur$971,060
v
-
b Includes French and
;
>
Surplus Year Ended. Dec. 31, 1939
Dec. 31, 1938, $3,719,477; profit for the
for unrealized foreign exchange losses on
deducting $214,507
$2.58
$1.20
$1.35
German subsidiaries,
Consolidated Statement of Earned
Earned surplus
$1,021,294
1,055,338
$34,044
Earn, per share common._—
a
72,237
504,962
4,000,000
_
struction...
Contingent
Deficit
towards bond
-
99,692
598,699
__
-
*
Divs. on common stock of Provincial
Paper, Ltd
_
6,851
8,000
46,032,633
19,894,049
327,039
27,830
206,553
51,778
750,000
-
Costs and expense
Cost of carrying idle mills and timber
concessions tributary thereto
600,000
1,500,635
$121,678,767 $123891,061
Corp., $81,800; City of
$16,146,048 $14,730,770 $21,754,781
Total
a
42,508,189
y.Y
-
Receiver's certificates (secured)
Liabilities on contracts for boats under
and
Co., Ltd.—Earnings—
to
Liabilities— v>;iy'Y
Net income.
[Including also the results of wholly owned subsidiaries, but exclusive of
Provincial Paper, Ltd.J
69,450
62,205
6,299,321
63,524
__
Total
Int. & other deductions.
The Interstate Commerce Commission on May 27 authorized the com¬
pany to extend from July 1, 1936 to July 1, 1951, the maturity dat§ of not
exceeding $516,000 of first mortgage 6% gold bonds.
All of these bonds are owned by the Colorado & Southern Ry., which
controls the company through stock ownership, and are pledged under its
refunding and extension mortgage and general mortgage.
3,575,831
131,303
Sundry liabilities of Receiver:
Wages accrued and payable-...Sundry accounts payable..
Oper. exps. and taxes._.
Prov. for depreciation..
Ry.-—Bonds Extended—
2,001,290
—-------
Gross income
Abilene & Northern
1,760,142
_
stock,
(2-4428, Form A-2) of Rochester,
N. Y. has filed a registration statement covering $15,000,000 of general
mortgage bonds, series K, due 1970. Filed June 4, 1940.
(See subsequent
page for further details).
Corp.
advances
$336,286
449,749
represented by
-
and
>1938
wholly ownedsubsidiaries (excl. of G. H. Mead Co.) net
41,851,267
Investment by rec. in purch. of shares of G. H.
Mead Co__-_
600,000
Investments in shares of corporations not wholly
owned
1,500,635
Investments in mills and equipment, railways,
waterpowers, townsites and buildings (net)
44,920,614
Timber concession and freeland timber owned (net)
19,890,601
Real estate and office buildings
327,361
Chattels and equipment—
22,106
Prepaid expenses
229,832
Washington Ry. & Electric Co. (2-4427. Form A-2) of Washington,
D. C. has filed a registration statement covering $2,097,000 of certificates
for 5% first mortgage bonds due 1949 of Anacostia & Potomac River RR.
Co., and $1,342,000 of certificates for 5% first mortgage bonds due 1948 of
City & Suburban Ry. of Washington.
The company also registered as
guarantor regarding the following securities, as to which Capital Transit
Co. is principal obligor, $2,097,000 of 3%% certificates of modification,
assumption and guarantee, due 1951 of Anacostia & Potomac River RR.
Co., 5% first mortgage bonds, due 1949, and $1,342,000 of 3%% certi¬
ficates of modification, assumption and guarantee, due 1951 of City &
Suburban Ry of Washington. 5% first mortgage bonds, due 1948 (see
registration statement 2-4426). Registrant guarantees principal and interest.
in
":•••
$303,741
804,493
3,378,235
5,894,912
subs,
Investments in bonds
Deposits with trustee for bondholders-.
Capital Transit Co. (2-4426, Form A-2) of "Washington, D. C. has filed
registration statement covering $2,097,000 of certificates for 5% first
mortgage bonds due 1949 of Anacostia & Potomac River RR. Co., and
$1,342,000 of certificates for 5% first mortgage bonds due 1948 of the City
& Suburban Ry. of Washington. If approximately 80% of holders of above
bonds assent to plan interest rate will be reduced to 3 % % and the maturity
extended to 1951. The company also registered 3%% certificates of modi¬
fication, assumption and guarantee, due 1951, in the amount of $2,097,000
for the Anacostia & Potomac River RR. Co. 5% first mortgage bonds, due
1949, and $1,342,000 for City & Suburban Ry. of Washington 5% first
mortgage bonds, due 1948. These certificates are to be issued in exchange
from.other
current assets
Co.
a
;
Inventories.
(A. S.) Aloe Co. (2-4425, Form A-2) of St. Louis, Mo. has filed a regis¬
tration statement covering 5,000 shares of $20 par common stock and a like
number of warrants reserved for the common stock.
The warrants will be
assets:
Receivable from G. H. Mead Co. for newsprint
shipments
West
N. Y. has filed
1939
.
s
Cash on hand and on deposit
Accounts receivable—Customers'less reserves.
The
be the underwriters.
Balance Sheet Dec. 31
.
■x>^-ets~ current
ACT
SECURITIES
>'
companies in exact alphabetical order.
as possible.
arrange
alphabetical position
year"(Se?ore
conversion),
total, $4,740,770; unrealized foreign exchange losses on con¬
version, $214,507; expenses and income taxes of the English subsidiary
company applicable to prior years, $35,890; dividends declared and paid
$1 021,293;
($L40 per share),
$1,055,338; balance at Dec 31, 1939, $3,435,034,
Consolidated Balance Sheet Dec. 31
.
a
a
ooptc-——
Caahfll
~
_
-
bl938
$2,601,316
2,684,932
2,721,189
226,181
401,554
34,872
369,482
123,704
52.469
29,264
434,154
Employees loans and accounts
Agents' advance commission.---
Value of life insurance policies------—137,517
Miscellaneous securities
142,720
and deposit in connection with
Payment on account
acquisition of capital stocks of foreign
43,160
290,051
2,793,642
2,362,440
175,281
$15,695,229 $15,838,967
—
Liabilities—
$249,025
324,225
21,609
79,443
192,476
258,155
$285,670
Accounts payable
292,992
15,768
77,865
248,196
243,687
263,835
Sundry accruals
Deferred income..
.
Supply contract obligations
Federal and foreign income taxes (est.)
Agents and salesmen's credit balance
Dividends payable
15-year ZH% sinking fund debentures
Provision for foreign income taxes
Reserve for contingencies and insurance, &c
Minority interest in stocks of subsidiaries, &c
z2,350,000
66,441
270,628
49.980
7,538,130
569,379
3,719,477
7,538,130
Capital surplus-.—-..-569,379
Earned surplus—
—
3,435,034
After
depreciation,
y
Represented by 753,813 shares of $10 par value,
debentures to be redeemed Dec. 1,
1940.
a Includes
Canadian and English subsidiaries,
Netsales
Costs, exps. &
103.343,588
4,871,355
3,586,985
60,480
4,432,846
226,276
4,734,766
192,124
5,119,743
b720,000
964,158
3,647,465
b525,000
888,745
4,659,122
b769,000
985,916
4,926,890
b627,000
861,805
31,637
3,435,585
1,149,880
2,233,721
1,160,505
2,904,206
1,160,163
3,406,448
1,051,910
351,631
2,285,705
1,073,216
1,744,043
2,002,908
.
.. .
Federal taxes
-
pref. dividends-
Subs.
Net
profit
—
Preferred dividends
.
cash.
Common dividend,
Surplus
ShoaSanTnnSo plr).
1,808,153
1.808,153
1.778,153
Earnings per share
$1.26
$0.59
$0.96
$1.38
a Including operations of subsidiaries acquired during the year from dates
of acquisition only, b Including $21,500, the surtax on undistributed profit
in 1937, $226,064 in 1938, $2,400 in 1939, and $1,600 in 1940.
Statement of Earned and Capital Surplus for Year Ended Jan. 31, 1940
1,797,153
Earned
Consolidated net profit for the fiscal year
Miscellaneous credits
Cost of sales
—
748,719
-
968,595
Notes
21,633
local warr.,&c._
(net).17,483,525 15,808,285
customers
390,815
$2,035,939
$1,166,632
1,180.064
Lossfrom aboveopers. prof.$31,916
$2,169,453
2,362,925
427,405
transf.
to
37,575
17,390,733 14,758,424
x
(at cost)-.-.—.34,054,758 29,256,221
1,066,203
1,155,862
$412,300
$40,655
total loss
$103,392, leaving a net loss of $51,462 for the year.
Oth. accts. (trade)
b Common
stock-
$784,511
67,709
576,336
12,984
Dec. 31/38
487,125
per
Accrued liability..
Res .for fire loss,&c
Notes payable
Dealers' reserves..
367,679
37,122
64,803
80,227
8,630
23,905
177,222
Deferred Income.-
foreign subs
86,134
85,872
8,630
6,298
Capital surplus.-.
to
177,222
Oper. impairm't Drl,056,289Drl,004,826
patents,
23,611
27,009
Minority
Other assets
18,535
24,870
subs
Deferred charges..
16,159
Total
a
$1,602,030
After reserve for depreciation,
Int.
in
Directors
declared
have
dividends
two
share
per
each
on
the
Corp. (& Subs.)—Balance Sheet Dec. 31—
x
Property,
1939
S
y
11,801,630 11,591,429
advances to asso.
849,593
764,593
Corp.-—2,630,591
Loans, deps., &c._
136,474
2,186,867
x
z
11,252
———i———
4,576,157
4,922,743
1,036,966
133,670
443,549
Accts. receivable.
.
„
Total..
101,535
318,665
After
155,370
19,415,349 19,732,582
19,415,349 19,732,682
Total
$40,031,315 in
depreciation, depletion and drilling expenses of
Represented by 922,075 shares (no par),
Represents 133,400 shares held by Amerada Petroleum Corp.
The income account for the year 1939 was given in V. 150, p. 2709.—V.
1938 and $40,930,747 in 1939.
notes
909,799
308,109
2,976,414
1,160,208
140,727
509,259
-
$12,130
to
949,708
&c
Surplus
zStock of Amerada
Current Assets—
collateral
Accounts and taxes
2,630,591
cos
Mat'ls supplies.
Cash
Capital stock... 13,581,375 13,581,375
payable
Contingent res've,
Investment in and
profit in inventories, and the translation of Canadian into United
States dollars at the prevailing rate at Dec. 30,1939, summarized as follows:
company
$
Liabilities—
plant
and other
1938
$
1938
$
Assets—
Inventories
payable)——.
Inventories- w..——
Co.—Dividends—
20c.
payable July 1 and Oct. 1 to holders of record June 15
Sept. 14, respectively.
Similar amount was paid on April 1 last, and
compares with
a year-end
dividend of 40c. paid on Dec. 15 last, and
dividends of 20c. per share previously distributed each three months.-—
V. 150, p. 985.
Cash
located.
The parent company's equity in Air-Way, Limited (Canada) is $86,132,
on its audited statement at Dec. 30, 1939, the elimination of inter¬
as
of
and
1939
b Represented by 389,700 shares (no
(pledged
73,411,749 66,199,686
stock,
common
& equipment
receivable
8,791,056
4,182,091
6,467,796
department.—V. 149, p. 4017.
given on first page of this
based
accounts
22,890,100 23,200,100
1,808,153
1,817,153
Total
Aluminum Goods Manufacturing
$1,602,030 $1,900,460
Total
as of Dec. 30, 1939 consolidates the accounts of
Air-Way Electric Appliance Corp., and its U. S. subsidiary only.
The
accounts of its foreign subsidiaries, which were included in the consolidated
balance sheet as of Dec. 31,1938, have been excluded because of restrictions
on the transfer of funds by the foreign subsidiaries to the United States
imposed by the governments of the countries in which the foreign subsidiaries
Instalment
stock-
9,672
par value).
Note—The balance sheet
are
Common
depreciation of $7,703,996 in 1938 and $8,388,454 in
y Represented by shares of no par value but with stated value of $1
share.—V. 150, p. 2245.
Amerada
$1,900,4601
y
After deducting
See list
18,131
trade-marks, &c.
5% pref. stock
(A. S.) Aloe Co—Registers with SEC—
487,125
175,000
30,410
38,861
Accounts payable-
247,850
141,059
Due from distrib..
Licenses,
..
Dec. 30 *39
$749,697
56,668
462,539
6,969
Inventories
adv.
x
7% 1st pref. stock.$1,648,900 $1,648,900
181,720
chinery, &c
Cash & cash items.
Instl. accts. rec...
&
-
LiabilUies—
Dec.31/38
1 yr. thru s.f
322,335
657,025
Long-term obllg's.20,732,713 18,509,818
Res. for cont., &c. 1,671,787
1,595,120
435,423
Miscellaneous res.
380,443
396,034
Unearned Income.
388,894
—73,411,749 66,199,686
Total
202,000
bds.
1939.
Consolidated Balance Sheet
•
Dec.30/39
Assets—
aLand, bldgs., ma¬
of
Earned surplus
$173,300
follows:
amt.
940"214
1,739.301
Capital surplus.-- 8,951,354
1
1
Goodwill,&c
companies only.
The losses from foreign subsidiaries were as
Air-Way Ltd., Can., $10,405; Air-Way Ltd., England, $93,987,
Inv. in
assets
Perman't
8.
^
40,329
749,449
Life Ins. policies...
Other assets..
Deferred assets
impairment-.-.—prof$51,929
U.
a
------
771,918
$193,471
Cr49,869
29,695
operating
Prin.
trustee
int., &c
$372,802
Loss from all sources—
800,000
Accrued accounts. 1,286,432
Instal/onmtgs.&c.
335,556
Taxes (Incl. Fed'l) 1,919,058
payable
to be ret'd within
with
for bond
Dep.
Cr74,027
113,525
$13,432
Cr38,067
65,290
CV39.136
19,121
Other income
Income deductions--.--
2,408,741
$
4.078,039
Accts.pay.for mdse 5,113,438
4,034,161
Notes & accts. rec.
1,458,422
1939
$
Liabilities—
$
$
2,164,136
Mdse. inventories.
$870,507
838,592
Gross income
$8,951,354
1940
1939
1940
Other accts. receiv.
Sell. & adminis. exps.._
$8,951,354
Comparative Consolidated Balance Sheet Jan. 31
Assets—
Jan. 2, '37
$3,627,875
160,298
—
$7,617,676
$6,467,796
-
State, county and
Jan. 1, '38
$3,443,788
1,407,849
aDec.30/39 Dec. 31, *38
$1,619,227
$2,135,227
Years Ended-—
Gross sales
$8,791,056
1,149,880
Balance—Jan. 31, 1939-
Cash
Consolidated Income Account
—
5% preferred stock
Dividends paid in cash on
Air-Way Electric Applicance Corp.—Earnings—
—--
i-
Total
Capital
$4,182,091
3,435,585
Balance—Jan. 31, 1939
organization
recent
97,499,999
1,108,823
248,388
Operating profit--.
meeting, Henry C. Osborn was elected a
Vice-President and the directors voted to change from a calendar year to
a fiscal year basis, Aug. 1.—V. 149, p. 3543.
the
$
$
112,122,354 103,243,425 107,556.225
bad debtsl05,986,412 98,467,014 101,940,686
1,189,427
1,182,693
Other income (net)
Interest
al937
al938
al939
1940
b Includes French and
Vice-President—
New
At
1
,,
,
Allied Stores Corp. (& Subs.)—-Earnings-—
Comparative Consolidated Income Account Years Ended Jan. 31
German subsidiaries.
•
.
$15,695,229 $15,838,967
Total
$150,000 principal amount ot Z%%
under^the
amount of bonds outstanding
equal to 150% of the principal
indentures.—V. 150, p. 3191.
2,500",000
73,203
301,471
Capital stock
x
all times securities and cash
Alleghany must maintain at
provision that
$
527,136
values---------—--1—------—524,035
Invest, in and advance to foreign subs, not consol.
520,986
Rental machines, incl. parts, less reserves
243,643
x Plant and equipment
2,699,996
Patents, applicable for patents, development expense, trade-marks and goodwill
2,362,440
Patents, &c., in process of amortization (net)
158,899
ment
Total
3 extended a preliminary!in¬
corporation from disposing of
shares of Chesapeake & Ohio Ry Co., on deposit with
Manufacturers Trust Co., to the date of final determination of an action
by three trustees of the Alleghany bond indentures to compel specific
performance of covenants in the indentures.
These indentures contain a
107,579 common
properties, reduced to approx. assess¬
Non-oper.
z
Extended—
L. Leibell on June
July 1, 1939. restraining the
Judge Vincent
Federal
junction issued
433,815
40,903
442,794
companies
Advances to foreign company
June 8, 1940
Preliminary Injunction
1939
$2,178,866
Notes and accounts receivable, less reserve
2,539,570
Inventories.
-—2,660,248
Deferred charges to operation. —
160,862
Sales agents accounts for merchandise-—
416,075
y
Chronicle
The Commercial & Financial
3650
y
150, p. 3036.
Total current assets
Current Liabilities—
$124.917
Amerex Holding
Note payable (secured)
Accounts payable and other liabilities
$25,000
15,912
Corp.—Earnings—
Calendar Years—
Income—Dividends
Total income—
$1,086,229
64,786
$1,518,763
$1,180,691
$1,172,734
226,248
22,882
248,477
31,34 1
$1,269,632
$900,872
175,991
Dr740,000
10,487,013
Oper. exp., taxes & legal
$86,132
$1,128,546
52,145
$1,293,935
Miscellaneous
$84,005
2,127
57,164
233,021
22,813
$40,912
Net current assets, or working capital
$1,461,599
$1,549,769
Total current liabilities
Interest-
Fixed assets, &c. (less reserves)
'
21,719
,
fees
Book value of net assets.
The
is'ap¬
company's equity in Air-Way, Limited (England)
proximately $45,000. based on its audited statement at Oct. 7, 1939, the
elimination of intercompany profit in inventories, and the translation of
pounds into dollars at the prevailing rate at Dec. 30, 1939. In view of the
Surplus credits (net)
Dividends paid
uncertainties
Surplus Jan. 1
parent
^arrsing from the war this equity has been written down to
Net income
Drl,036,000 Drl,036,000
11.057,509
10,823,876
$11,315,444 $11,057,509 $10,823,876
Surplus, Dec. 13
Alleghany Corp.—Time Again Extended—
k
5s of 1950, and
within which
Trust Co. of New York,
Alleghany Corp. have
as trustee for Alleghany
July 1, 1940 the time
stock withdrawn from the collateral securing Alleghany 5s
•
'
'
'•
-t-
2,hrpTlt«QMrnnnron_that during the month of May, the corporation
bonds, dated
heretofore received by
1' 1930, out of the $188,263.26 of dividends
j11?*Tactmers Trust Co. under trust agreement between Alleghany
of New York.
on
The bonds
$722,766
347,018
Dr370,000
9,787,229
$10,487,013
••/•••'
so
Corn
purchased
are
being held by Manufacturers Trust Co. under said agreement, the total of
such bonds being so held amounting to $428,000 principal amount
:'-.v
S
Express Co
20,506,586 20,485,844
Total
x
1938
$
1,500,000
Accts. payable and
Res. for taxes and
143,527
87,990
contingencies.— 2,765,235
Cap. stk. ($10 par) 7,400,000
3,085,004
7,400,000
accrued expenses
securities-.-11,938,531
rec..
1,500,000
625,576
679,088
Inv. in Amer
Other
$
Liabilities—
$
Loans payable
in banks
x
1939
1938
hand and
Bills & accts.
purchased $352,000 20-year collateral trust convertible 5%
Assets
Cash
Note receivable
Purchases 352,000 Additional Bonds—
and Manufacturers Trust Co.
1939
extended to
a
Chesapeake & Ohio
common
1944.
379,082
70,886
Balance Sheet Dec. 31
plan of readjustment for the 5s of 1950 may be submitted,
under the terms of the agreement dated Sept. 28,
1939, under which Manu¬
facturers Trust Co. is holding in trust 107,579 shares of
Ol
1936
1937
1938
1939
$1,541,522
8,246
Interest.
2,019,082
J
1
Surplus
11,315,444 11,057,509
23,124,206 23,130,503
Total
23,124,206 23,130,503
1
shares are pledged as
Using estimated net asset value (which includes
177,797 (177,671 in 1938) shares, of which 40,000
collateral to loans payable.
real property at book value, with respect to which depreciation of buildings
of American Express Co. has been partially set up) of the American Express
Co. on the basis of that company's unaudited balance sheet as of Dec. 31
Volume
The Commercial & Financial Chronicle
ISO
1939, there would be
appreciation of $4,330,189 over the above book
value of $20,506,586.
The dividend receivable from the American Express
Co. on Jan. 2. 1940, amounting to
$266,695 is not included in the above
appreciation figure, or in the assets of Amerex Holding Corp. at Dec. 31,
1939—V. 150, p. 267.
an
American Car & Foundry Co.—Year's
to Show
Figures Expected
Satisfactory Results—
Charles J. Hardy, President, in a letter
accompanying the notice of the
annual meeting of stockholders to be held
July 11, states:
It is expected
that the final figures for the year ended
April 30, 1940 will show a much
more
satisfactory result than might have been expected in view of the results
as shown by the
American Hard Rubber Co.—Tenders
for Pref. Stock—
Company has received tenders of a total of 5,821 shares of the 8% non-
callable
cumulative preferred stock, pursuant to invitation to
preferred
stockholders to tender their stock on or before
May 27 for purchase by the
company at prices not exceeding $100 a share flat, with view to retirement of
the shares so
acquired.
The sum of $582,100 has been
appropriated from surplus funds available
ior the
purpose.
Acquisition of the preferred shares will reduce the annual
preferred dividend requirements
by $46,568.
A special
meeting of stockholders has been called for June 25 to take
necessary action for reduction of capital by the amount of
approximately $2,500,000.
early in September there was little or no buying of
railroad equipment, but during the fall there was
buying of such equipment
in considerable volume and of this business
company obtained its full share.
From that time until
preferred stock
acquired.—V. 150, p. 3345.
of operations for the first six months of the fiscal
year,
statement of Dec. 7, 1939.
At the close of company's fiscal
year ended April 30, 1939 it had on its
books unfilled orders aggregating in dollar value
3651
American Ice
;
Co.—Earnings—
Calendar Years—
Sales
Inc. from
_
_
1939
1938
cl937
-
'
cl936
$11,568,955 $11,381,409 $13,222,841
____
investments,
interest, rents, &c—_.
70,648
73,154
58,675
74,171
Included in the orders
of
equipment for
U.
S.
so received were orders for a substantial dollar value
in certain South American countries. In addition, the
placed with company an order for 329 light combat
use
Government
military tanks, having
a dollar value of something over $6,000,000.
There
also placed during the year with
company, by a foreign government,
were
orders for
substantial amount of
a
of the
military supplies.
A considerable amount
railway equipment was, as forecast in the statement to stockholders,
produced and shipped during the year, but the above mentioned orders for
tanks and military supplies were taken too late in the
year to allow the
results thereof, to any appreciable
extent, to be reflected in the companys'
accounts for the year. At the close of the fiscal
year, however, the company
had
its
on
books unfilled
orders
for
its products,
including railway cars
(freight and others) tanks and military supplies, aggregating in dollar value
somewhat over $22,000,000,—V. 150,
p. 425.
Total.
$11,639,603
Cost of mdse.,
operating
t
_
——
expenses, &c________
on bonds, &c
Directors have declared a dividend of 25
stock, payable July 1 to holders of record
dividend paid on the common shares since
per share was also distributed.—V. 150, p.
American Enka
cents per
share
on
10,415,088
11,556,797
45,728
79,301
5,000
14,895
1,008,069
100,164
112,423
b20,000
41,952
1,044,542
150,080
103,116
35,033
23,761
1,073,544
Cr 32
11,597,303
213,738
143,870
a58,000
5,857
1,124,771
Cr2,717
$84,435 loss$279,607
174,506
$339,216
349,012
$155,978
209,406
$9,796
$53,428
deductions
V
Res. for Fed., &c., taxes
Misc. losses or exp
Depreciation
Minority int. sh. of loss.
Net gain
Preferred dividends
sur$84,435
$454,113
Including $1,300 for surtax on undistributed profits, b Income taxes
profits of subsidiary to date of liquidation and
contingencies,
c Consob dated figures.
a
on
the common
June 17.
This will be the first
March 24, 1938 when 25 cents
Comparative Balance Sheet Dec. 31
1939
3499.
1938
A- $ s
Corp.—To Pay $1 Dividend—
Directors have declared a dividend of $1 per share on the common stock,
payable June 1 to holders of record May 20.
This compares with $4
paid on Dec. 20 last. $1 on Sept. 30. 1939, 50c. on Sept. 1, 1939, and $1
paid on Nov. 1, 1938, and on Dec. 23, 1937.—V. 149, p. 4164.
American
$11,454,563 $13,281,516 $13,296,799
10,402,175
Interest
Other
Balance, deficit.
American Crystal Sugar Co.—25-Cent Dividend—
European Securities Co.—$6 Dividend—•
Directors have declared a dividend of $0 per share on the preferred
stock, covering the cumulative period for the 12 months ended Sept. 30,
1938, payable June 5, 1940, to stockholders of record June 3, 1940.—
V. 150, p. 2407.
•.
#
1939
.
c
Liabilities—
a
Calendar Years—
Gross earnings
1939
Notes & accts.
n
rec.
on
1,131,042
7,832
23,682
Deposit on acct. of
salesof prop...Liabs. not current-
30,100
25,000
309"; 193
408,016
Accounts payable-
476,781
663,479
751,824
740,229
285,042
283,251
Acer, exps., &c
Federal taxes, &c.
83,718
192,429
165,083
debs.
Inventories
Other
...
investments
Insurance fund
Receivables matur¬
ing after 1
Sinking
22,925
year.
42,977
Jt'O
fund
Net
earnings
Dividends
...
Surplus for
...
year
$1,613,469
1,080,000
$2,143,715
1,440,000
$1,651,287
1,080.000
$142,451
...
$6,409,939
4,758,651
$1,582,451
1,440,000
Oper. expenses & taxes._
1937
$7,884,227
5,740,512
$533,469
$703,715
$571,287
_
1938
O70
110,163
earnings of the American Express Co. and The American
Express Co., Inc., consolidated were as follows: 1939, $1,710,986, or $9.50
per share; 1938, $1,760,716, or $9.78 per share; 1937, $2,300,360, equal to
$12.78 per share, and 1936, $1,846,006, equal to $10.26.
a
Includes profit on sale of U. S. Government, State, municipal and
other
marketable securities (net) of $526,401 in 1939,
$672,862 in 1937 and $373,986 in 1936.
v"
Assets
and
Liabilities
Assets—
Cash on hand and in banks
Dec.
103,637
...
84,609
peasat'n Act, &c
and
travelers'
letters
American Mfg.
31
assets
983,924
305.863
Liabilities—
Capital
Surplus
...
Reserves for contingencies
Reserve for losses and other items
Travelers' checks and travelers' letters of credit
Checks and drafts not yet presented for payment..
$531,429 def$408,535
$255,740
$361,388
y
Before deducting Federal taxes of $90,000, of which $3,800 is surtax on
z Before deducting $81,000 for Federal income taxes
provision for surtax).
Consolidated
?
Cash..-
2,155,991
Deposit
with
cost:
Period End. April 30—
Subsidiaries Consol.—
1940—Month
$6,860,713
-
2,096,827
Maintenance
345,946
-
961,536
Depreciation
1,029,504
Taxes
$1,854,042 $27,753,230 $25,805,037
6,466
198,906
81,548
$2,460,298
806,705
424,342
$1,860,508 $27,952,136 $25,886,584
793,726
9,525,557
9,844,099
424,342
5,092,519
5,092,519
$1,229,251
Total income
Int. and other deduct'ns
on
1940—12 Mos.—al939
33,398
$642,440 $13,334,060 $10,949,966
$2,426,900
Operating income
Other income
Divs.
al939
$5,877,206 $80,973,347 $73,772,648
1,923,395
25,801,458
23,010,626
352,003
4,446,262
4,111,562
918,671
11,187,760
10,745,446
829,095
11,784,637
10,099.977
pref. stocks
b Balance
Amer. Gas & Elec. Co.—-
b Balance
for subs,
Int.
Pref.
divs.
consol—
from
$642,440 $13,334,060 $10,949,966
154,104
1,585,298
2,168,851
,
subs.
165,681
4,529
consolidated..
165,681
1,988,170
4,509
11,189
18,286
Acer. Fed. & State
taxes
258,996
14,811
BSfl&nco
641
on
Balance-.-..--
(par
a
x
a
es
y
10 shares of preferred at cost,
Other than Federal income taxes,
American Power &
-...12,021,974
11,567,578
$7,277,210 in
Includes acceptances receivable.
b Prior years,
c General reserve
150, p. 1924.
/ it
~fa\'Sl'Cl'1'
Light Co. (& Subs.)—Earnings—
1940—12 Mos.—1939
1940—3 Mos.—1939
Period End. Mar. 31—
"
$27,943,757 $25,861,834$103,581,966 $97,400,331
10,626,842
9,878,744 40,461,057
38,430,763
Operating revenues
Operating expenses
4,183,770
3,806,400
14.970,884
13,890,497
2,625,639
Direct taxes.
2,502,264
10,164,103
9,776,541
Prop, retire. & depletion
reserve
appropriations
$10,507,506
Net oper. revenues
Other income (net)
16,460
$10,523,966
other
3,924,101
Int. cbgd. to construct'n
Cr2,568
Pref. divs. to public
1,792,936
Portion applicable to miGross income
to
.
.
.
.
-
-
-
-
-
709,099
$3,999,861
14,264
nority interests
Net equity..
Amer. Power & Lt. Co.
a
$9,674,426 $37,985,922 $35,302,530
43,223
131,480
138,318
$9,717,649 $38,117,402 $35,440,848
&
public
deductions.
Bal. carried to consol.
earned surplus
z
for future decline in inventory valuation.—V.
Expenses, incl. taxes
Int. & other deductions.
b Of income for common stocks of
owned by American Gas & Electric Co.—V. 150, p. 3037.
Total
12,021,974 11,567,578
After reserve for depreciation of $7,444,773 in 1939 and
1938.
2,133.738
Restated for comparative purposes,
ubrldl-
7,626,200
387,284
-
Surplus.
$609,438 $12,748,269 $10,609,111
1,999,158
3,135,700
7,626,200
401,908
$100).....
(par $100)
$1,207,339
128,438
177,811
3,135,700
General reserve.._
Common stock
$915,687
pref. stock
3,627
52,000
..
5% cum. pf. stock
$1,445,143
97,036
140,767
.1>16,175,358 $14,608,285
1,427,931
1,865,436
on
52,000
c200,000
compensation
6,727,026
$15,165,350
557,064
Int. and other deduct'ns
Divs.
57,946
74,338
********
b 10,169
Res. for workmen's
$966,734 $16,981,867
51,048
806,508
(net)...
;^
a55,930
81,883
purch. commlt's
641
84,667
xProperty--.--.- 6,500,550
a
Taxes and exps.
Reserve for loss
248,739
6,849
Treasury stock. Deferred charges..
y
$1,528,652
83,509
Total income
payable—
Inc. & oth. taxes
1,988,170
58,362
Other income
106,580
105,761
Accrued taxes and
8,831
Pref. & com. stock
Int.
$1,229,251
129,191
taxes.__
14,961
officers
and employees..
Total
Subs.)—Earnings—
63,979
100,804
employees
Accrued Federal
Income
of affiliated cos.
Operating revenue
Operation
30,450
52,413
34,190
52,413
Miscell. lnvestm'ts
from
88,628
wages, <fcc__
due to officers &
current....
not
120,103
Deposits of <feamts.
mu¬
tual Ins. cos....
Due
$
229,030
Accrued salaries,
797,295
2,443,139
Marketable securs.
$9,893,951 U. S.
Govt.; $662,220 U. S. Govt, agencies, and $2,943,442 short-term notes.
Also includes the following at wirtten-down values established Dec. 31,
1933, and subsequent amortized costs: $16,580,129 State and municipal
bonds—U. S.; $1,515,490 railroad bonds; $4,663,467 utility bonds; $4,986,616 industrial and miscellaneous bonds; $1,057,108 Canadian and foreign
Government, Provinces and municipal bonds, and $1,992,841 stocks owned
of other companies,
y After deducting reserve
of $660,000.—V. 149,
p. 3707.
American Gas & Electric Co. (&
Z48.741
......
1938
1939
Accounts payable-
1,106,646
713,237
Inventories
31
Liabilities—
2,200,905
Accts. receivable..
Dec.
1938
$
Accts. <fc notes rec.,
Includes the following securities at amortized
x
Balance Sheet
1939
$76,529,767 $72,078,106
Total
215,085
228,786
undistributed profits,
863,392
270.000
848,346
1,040,063
638,622
__
1936
x Appropriation made for depreciation,
1936, $235,000; 1937, $211,898;
1938, $214,197, and 1939, $214,755, charged to earned surplus.
44,172",792
270,000
1,139,506
891,660
113,175
r
Balance, surplus
dividends
1,435,947
Dividends payable
1937
1938
Common dividends
Preferred
47.688,482
Due to affiliated companies
Accrued and current liabilities
Other liabilities...
Co.—Earnings—
y$805,259
Notes receivable..
....$18,000,000 $18,000,000
4,193,062
4,072,284
2,776,954
2,172,607
20,980
....
19,717,454 21,383,051
z$721,642
160,854
305,048
1,483,810
499,084
$76,529,767 $72,078,106
Total
1939
Assets—
Total
16,291
234,325
97,488
$764,426 loss$251,800
156,735
156,735
76,262
(no
;
21,383,0511
613,720
instal.
Profit for year, before
depreciation
of
credit
Issued against agreements for reimbursement
Other
...19,717,454
Calendar Years—
x
1939
1938
$13,476,491 $16,164,976
122,203
670,257
1,500,000
Securities and investments
43,845,265 y36,384,699
Investments in subsidiary & affiliated companies..
9,843,359
9,766,341
Accrued interest and accounts receivable.
982,192
767,999
Branch offices' working funds (& items in transit).
173,681
876,851
Land, buildings and equipment
5,296,789
5,464,086
checks
600,000
7,239
on
a As follows:
6% non-cum. preferred stock (par $100) authorized and
issued, 140,000 shares, including scrip and 53.28 shares reserved for con¬
version, $14,000,000 common authorized and issued, 560,000 shares (no
par), incl. 220 shares reserved for exchange of prior issues $2,800,000 earned
surplus, $1,427,056 in 1938 and $1,454,890 in 1939 total of $18,227,056 in
1938 and $18,254,890 in
1939, less 381 shares preferred and 800 shares
common stock owned by subsidiary, at cost, $25,193
balance as above,
b Including non-operating property
(at cost). $3,253,929 in 1938 and
$3,031,834 in 1938. c After depreciation —V. 150, p. 3192,
Cash with affiliated companies' offices
Time deposits due from banks
Travelers'
Com-
zRes.for est. losses
$391,644 in 1938,
...
34,225
...
W'kmen's
1936
Note—Net
94,189
pay.
Res. for pay. under
Q7
.
Total
100
......
current
Prepd. rents, taxes,
Deferred Items
18,201,864
1,334,775
945,441
2,757
Employees' acc'ts.
Discount
Cap.
sales, &c
$6,875,347
5,261,878
.
$
& surplus.18,229,698
Funded debt
a
Co.—Earnings—
$6,751,205
5,168,753
1938
$
cPlant, eqpt.,&c.bl5,939,874 16,920,500
Cash
1,259,688
1,630,750
Def. inc.
American Express
>'
$13,222,628
$4,795,233
4,795,233
Net equity
17,881
Other income
Total..
$4,813,114
104,154
Of American Power &
Light Co
3,984,757
Cr755
1,792,929
17,634
15,879,390
C'rl6,174
7,171,739
t
58,530
16,020,651
Cr296,712
7,171,705
64,555
$3,923,084 $15,023,917 $12,480,649
3,923,084
38,360
15,023,917
76,930
12,480,649
94,010
$3,961,444 $15,100,847 $12,574,659
93,050
466,321
429,597
726,631
2,875,371
2,906,956
$3,141,763 $11,759,155
in incom<- of subsidiaries.
$9,238,106
The Commercial & Financial
3652
Other.----
1940—12 Mos.—1939
$11,836,084
$9,229,131
38,360
76,930
94,010
17,881
-
—
,-
$2,307,767 $11,913,014
93,050
466,321
726,631
2,875,371
$2,477,417
-
104,154
_
is
a
709,099
Int. & other deductions.
2,906,956
-$19,073,821
4,404,256
4,525,369
Adjustment of unamortized debt discount and expense on re¬
acquired bonds, less net profit of $47,450 applicable thereto.
31,111
Otherdebits
1,219
—
-
—
Preferred stock dividends---
— —
—
Earned surplus, March
31--
$10,111,867
—
Balance Sheet March 31
{.Company Only)
j\■'S
$ '' *
252,430,311 253,124,792
Cash in banks—on demand—
5,763,517
5,411,109
Short-term securities—U. 8. Government-.
2,269,567
2,041,673
Short-term securities—other
9,001,210
9,324,196
Receivables from subsidiaries..
920,034
914,011
Receivables from others
59,261
65,694
1
'
organized by employees of the Associated
12 transportation and investing companies, hav¬
over this stock from the Associated system in exchange for a
of Shinn & Co.—V. 150, p. 2710.
,
,
ing taken
Associated Public Utilities Corp.—Dividend—
meeting, held on May 31, 1940, the Board of Directors
dividend of 10c. per share on the common stock, payable
1940, to holders of record at the close of business on June 5,
1940
Holders of five-year convertible secured gold bonds of Utilities
Public Service Co., or certificates of deposit issued in respect of such
bonds, who have not exchanged them for common stock of Associated
Public Utilities Corp. in accordance with the Amended Plan of Reorganiza¬
tion, dated May 1, 1937, of Utilities Public Service Co. will receive the
At
special
a
declared
June
$5 preferred stock dividends
'
'
is a partnership
It holds stock in
large note
$1,488,086 $8,571,322
$5,986,588
Earned Surplus for the 12 Months Ended March 31, 1940
Earned surplus, April 1, 1939
---— -—$10,502,499
Net income for the 12 months ended March 31
8,571,322
Total
7s Unit in System—
28 held that Shinn &
System because it is
controlling influence" by the. top holding companies in the
Shinn & Co.
system
$1,664,164
Net income
1940
and Exchange Commission on May
subsidiary in the Associated Gas & Electric
"subject to a
$9,323,141
429,597
8.
The Securities
Co
syst6ift
Total-
Expenses, incl. taxes..
June
SEC Rules Shinn & Co.
(Company Only)
Statement of Income
Period End. Mar. 31—
1940—3 Mos.~1939
Fromsubsid— $2,459,536
$2,269,407
Income:
Chronicle
a
15,
payable upon the stock issuable to them (in the ratio of 50 shares
$1,000 principal amount of bonds or certificates of deposit") only
of their bonds or certificates of deposit to the Huntington
National Bank of Columbus, Columbus, Ohio, in exchange for shares of
such common stock.—V. 149, p. 4019.
dividend
for each
after surrender
Investment in subsidiaries
—
-
—
Other current assets
-
140
177
172,420
3,302,570
147,583
3.428,297
.
Special deposits
Deferred charges
—
Atlantic-Acadia Sugar Sales Co.—Organized—
capital is divided into 200,000 shares of par value of $10 each.
Head office of the company is at St. John.
The company is authorized4 'to buy, sell and deal in sugar. syrup, molasses
and all products thereof and all articles of commerce of a similar nature."
The
Corp.—Acquisition—
Aviation
Total
273,919.031 274,457,534
—
Liabilities—
Capital stock (no
Long-term debt
par
x214,579,677 214,579,677
value)
46,261,000
1,810,075
478,681
237,980
403,305
——
Preferred divs. declared payable April 1
Accounts payable
Accrued taxes.
Accrued interest on long-term debt
Other current liabilities
-------
—
—
420
...
...
Capital surplus
Earned surplus
..... .
.
........
.
.
Total
-
V
36,025
420
10,111,867
36,025
10,502,499
.273,919,031
274,457,534
...
.
47,502,500
1,206,704
54,889
190,143
384,675
«. .
.
.
.
.
-
Represented by preferred ($6) cumul. (entitled upon liquidation to
a share); pari passu with $5 pref.; authorized 1,000,000 shares; issued
and outstanding, 793,581 2-10 shares, inclusive of 26 2-10 shares of scrip;
$5 pref., cumul. (entitled upon liquidation to $100 a share) pari passu with
pref. ($6); authorized 2,200,000 shares; issued and outstanding, 978,444
shares.
Common, authorized, 4,000,000 shares; issued, 3,013.812 27-50
shares, less 5,301 shares reacquired and held by company; outstanding
3,008,511 27-50 shares, including 2,088 27-50 shares of scrip.—V. 150, p.
x
$100
with capital stock of $2,000,000,
issue of "The Canada Gazette."
has been incorporated,
This company
according to a notice in a recent
This
owned subsidiary. Aviation
Barkleyall metal
Woodhead, President of Aviation Manufacturing Corp.
corporation has acquired for its wholly
Manufacturing Corp., the physical assets and trade name of the
Grow Aircraft Corp., Detroit, Mich., builders of twin engine,
Harry
airplanes,
aD"In
connection witn this purchase the
Acquisition of Barkley-Grow adds another plane manufacturing unit to
Manufacturing Corp.'s activities.
Other divisions are: Stinson,
and commercial aircraft, Nashville, Tenn., and Wayne,
Mich.; Lycoming, Williamsport, Pa., manufacturers of military and com¬
mercial aircraft engines and propellers and the Spencer Heater division,
manufacturers of boilers and heaters, Williamsport, Pa.—V. 150, p. 3501.
Aviation
builders of military
Earnings—
Inc.-
Balfour Building,
Mar. 31 '40
Period—
American Rolling
have
declared
dividend
of
$2,12 ^ per share on account
accumulations on the 4V2% cumulative preferred stock, payable July 1
holders of record June 10.
This payment clears up all accruals up
and including March 31, 1940.—V.; 150, p. 3192,
to
Oper. & miscell. exps., incl. insurance,
depreciation, repairs & alterations.
Taxes, including Federal income tax.
25,214
12,493
7,557
4,340
32,772
16,833
Net income....-------------
of
$17,034
$6,600
$23,634
to
—V. 150, p.
American Safety Razor
Quar. End. Mar. 31—
Net profit.
y Shares of com. stock..
Earnings
Par $18.50.
y
z
1939
$136,072
$Q.26
$225,761
524,400
524,400
$287,181
524,400
$0.39
$0.43
$0.55
v
1927.
Bangor Hydro-Electric Co.
1937
1938
$206,673
524,400
share.---.
per
Corp. (& Subs.)-—Earnings—
1940
z
$54,741
Gross income
Mill Co .—Accumulated Dividend—
a
After deprec., reserves, Federal and foreign taxes, &c.
Directors have declared a dividend of 20 cents per share on the common
stock, payable June 29 to holders of record June 11.
Previously regular
American
per
share
were
Operating expenses
Taxes accrued
Depreciation
There was a gain of about 86,900 telephones in service in the principal
telephone subsidiaries of the American Telephone & Telegraph Co. included
in the Bell System during the month of May. 1940.
The gain for the previous month was 84,100 and for May, 1939. 72.600.
The net gain for 5 months this year totals 431,300 as
against 354,300 for
Div.
'n 1939.
At the end of May this year there were about
16.966,600 telephones in the Bell System.
The May, 1940 telephone increase in the Southern New England Co.
was 3,171. and in the Cincinnati & Suburban
Co., 727.
The gain for the
for™e£,m May- 1939-
P. 3037.
was
2,776, and the gain for the latter, 605.—V. 150,
American Water Works & Electric Co., Inc.—Weekly
pref. stock.
stock.
_
Output of electric energy of the electric properties of American Water
Comparative table of weekly output of electric energy for the last five
—V6
1940
1939
1938
1937
1936
.51,331,000 39,154,000 39,542,000 51,191,000 44.766,000
May 18..
May 25-.__
51,895,000 43,150,000 37,701.000 50.723,000 44,605,000
52,597,000 44,616,000 38,603,000 50,672,000 44,105,000
150""p"356649'369'000 42,790'000 36,060,000 48,018,000 43 061,000
April 30— 1940—Month—1939
1940—12 Mos.—1939
Operating revenues
$711,949
$714,264
$9,822,670
$9,362,386
Operating expenses—...
302,766
303,686
4,127,927
3,700,312
Direct taxes
Prop, retire,
1
94,864
96,000
res. approps
Net oper. revenues—.
$218,319
Other income (net) —738
Gross income
Int.
on
mtge. bonds
Other int. & deductions.
Int. charged to construct
$219,057
146,373
19,522
93.838
93,000
$223,740
1,229
$3,151,181
12,225
$224,969
146,385
$3,163,406
1,756,528
264,834
Cr3,574
$3,229,733
1,756,624
9,519
Cr260
—V.
150,
p.
'
116,551
Cr6,409
$1,145,618'
949,265
$196,353
„
$1,362,967
949,265
$413,702
2867.
have
declared
a
dividend
stock,
$1
of
$1.50
per
share
29.
on
Initial
the
common
dividend
of
$1,839,174
115,911
$1,887,524
$1,647,453
202,593
$1,955,085
264,230
154
44
$1,956,440
Net income
Divs.
$1,623,141
$lU44.815
a371,469
$1,583,617
and accrued
paid
90
1 CO
—
Beatrice pref. dividends
Common dividends
483,085
756,089
$717,084
Crl 1,000
Surplus for year
Adjustments
Net loss on disposal of
assets of dise'd plantsof sub.
loss
486,651
567,051
$391,023
Cr20,000
$478,486
643",468
$467,960
016,080
1,592,186
483",085
.
661,570
472,188
114,695
as-'
90
signed to min. interest
Prior years taxes
Previous surplus..
8,779
2,838,616
2,474,825
12,512
2,076,315
Profit & loss surplus._
$3,558,103
$2,838,616
$3 01
$2,474,825
$2.53
Earned
______
$3.89
on common
Includes surtax
on
$2,076,315
$2.49
undistributed profits.
Consolidated Balance Sheet Feb. 28
Feb. 29 '39 Feb. 28
Assess—
'
$
•
Customers
Liabilities—
Cum.
173,021
Common stk.
S25)
161,968
12,262
Deferred income
Prov.
Due fr. employees.
Due from others
for
43,803
67,703
152,646
105,816
Capital surplus
Earned surplus
3,674
May
Miscell. investm'ts
124,095
Deferred charges
183,051
193,923
43,051
596,521
449,670
36,853
5,416
5,374
m
55,642
137,546
3,558,103
48,510
social
1,855,344
par
.
interest.
2,368,697
Inventories
47,438
mestic taxes...-
Minority
446,201
do¬
Prov. for Fed. tax
of
9,451,000
484,873
35,330
218,609
payable_w
Accrued wages
for
9,661,700
par
—-
Accounts
139,696
165,099
9,661,700
9,453,525
pref. stock
Provision
rec. un¬
surrender
Feb. 29 '40 Feb. 28 '39
*39
$
-
Land, bldgs. and
equipment
12,293,379 11,854,817
Real estate for sale
136,948
142,068
Cash...
5,060,437
5,461,355
b Accts.¬es rec 3,549,853
3,175,821
a
9,709
8,123
138,277
security tax
...
137,294
2,838,616
179,232
29 declared a dividend of 12^c. per share on the
$5, payable June 27 to holders of record June 14.
Like amount was paid on
March 25 last, and compares with 25c. paid
on Jan.
25 last; 12^c. paid on Dec. 29, Sept. 25, June 27 and March
21,
1939, and 25c. paid on Jan. 27, 1939.—V. 150, p. 1419.
on
stock,
$1,465,408
182,045
201
Federal taxes...
Cash
Arnold Constable Corp.—Dividend Halved—
Directors
$1,719,353
168,171
life Insurance-..
payable July 15 to holders of record June
was paid on Feb.
15 last.—V. 150, p. 1128.
common
56,796,514
1,031,467
$2,161,918
.
61,727,091
1,031,171
Minority interest
Inv.&adv.affil.co.
Directors
(& Subs.)—Earnings—
201,223
secured
Arkansas Western Gas Co.—$1.50 Dividend—
$111,738
$2,363,141
406,500
Net operating income
$3,215,594
14,139
Cr224
-
1,172,881
1,273,599
$142,001
56,508,509
1,096,374
Other income
a
Net income..
$53,386
$69,325
Divs. apphc. to pref. stocks for the period
Balance-
1,251,562
1,292,000
x$9,827
60,361,371
1,118,123
Selling & admin, exps—
Depreciation-.. —I.-...
Portion
Arkansas Power & Light Co.—-Earnings—
Period End.
$678,191
305,794
260,659
Feb. 28, '39 Feb. 28, '38 Feb. 28, '37
$63,641,412 $59,324,236 $64,223,669 $59,667,156
_
stocks of subs.
JJay 11
$708,455
305,794
260,659
Feb. 29, '40
Years Ended—
Net sales.-___
years follows:
-Week Ended—
25,483
21,722
25,433
Deficit.—V. 150, p. 3039.
Output—
Works & Electric Co. for the week ended June 1, 1940, totaled 49.369.000
kilowatt hours, an increase of 15.4% over the output of 42,790,000 kilo¬
watt hours for the
corresponding week of 1939.
$984,282
306,090
$37,377
Beatrice Creamery Co.
^er£^n]£period
$1,014,730
306,275
$62,810
x$ 1,878
on
on common
Balance
x
$2,232,691
704,531
375,684
168,194
$45,326
25,483
21,722
Surplus
Dividend
1940—12 Mos.—1939
$2,343,459
742,537
396,500
189,692
$71,264
25,938
Net oper. revenue
Fixed charges
distributed.—V. 150, p. 2710.
Telephone & Telegraph Co.—Gain in Phones
Earnings—
1940—Month—1939
$186,329
$163,613
66,305
58,667
34,000
30,000
14,760
12,136
Period End. May 31—
Gross earnings.
20-Cent Common Div.—
quarterly dividends of 30 cents
Jan. 1 to
Month of
Apr., 1940 Apr. 30 '40
$73,239
$18,498
Jan. 1 to
.
3346.
Directors
Aviation Manufacturing Corp. has
the Barkley-Grow Aircraft Corp. as disclosed
by its balance sheet as of April 30, 1940, with the exception of $314,000
advanced by General American Transportation Corp.
The purchase price
consisted of 42,000 shares of the Aviation Corp.'s stock.
Aviation Manu¬
facturing Corp. will operate the company as the Barkley-Grow division,"
Mr. Woodhead said.
assumed the obligations of
Associated Gas & Electric
Co.—Weekly Output—
The Utility Management Corp. reports that for the week ended
May 31
net electric
output of the Associated Gas & Electric group was 90 399 00 i
units (kwh.).
This is an increase of 10,886,030 umts or 13.7% above
production of 79,512,971 units a year ago.
*
■
Dep. in closed bks.
Adv. to officer
Total
-
-
24,254,702 23,312,194
a After
depreciation of $17,469,937
b After deducting reserve for doubtful
Total
24,254,702 23,312,194
in 1939 and $18,293,379 in 1940.
accounts of $334,900 in 1939 and
$417,701 in 1940—V. 150, p. 3346.
Bath Iron Works
Corp.—25-Cent Common Dividend—
Directors have declared a
stock
dividend of 25 cents per share on the common
payable July 1 to holders
of record June 15.
This will be the firs
Volume
The Commercial & Financial Chronicle
ISO
dividend paid on the common shares since
distribution of 3% was made.
Dec.
30,
1937 when a stock
William S. Newell, President, states that in
spite of the strong current
cash and financial position it is not deemed advisable at
this time to attempt
to establish
a dividend rate in view of the
possible increased demands on
working capital due to the increased volume of work which is anticipated.
Directors expect future dividend declarations to be made from time to
as earnings, financial condition
and immediate future need for working
time
capital justify.—V.
150, p. 2080.
stock for transit unification
issue of June 1, 1940, due June 1, 1980 plan B
when
issued." will be
suspended from dealings June 12, but that the
Vn.
ey York 3 % corporate stock for transit unification issue of June 1,
0,
n
Beech Aircraft
Corp.—Expansion Program—
by this corporation.
The corporation has contracted for the purchase of
160-acre tract
a
immediately adjoining the present holdings of the com¬
pany, and a storage hangar of 42,000 square feet will be the first building
to be erected on the added site.
Acquisition of the additional acreage will
make possible construction of
runways extending a mile in length, into the
direction of prevailing winds.
r ■
two
twin-engine airline transport monoplanes the corporation's current back¬
log of unfilied orders is $1,258.512.—V. 150, p. 2868.
Brown & Sharpe
Mfg. Co.—Extra Dividend—
Directors haye declared an extra dividend of
$1.50 per share in addition
the regular
quarterly dividend of $1.50 per share on the common stock,
both payable June 10 to
holders of record June 3.
Similar amounts were
paid on March 11 last.
Special dividend of $6 was paid on Dec. 27 last.—
V. 150, p. 2566.
*
Bucyrus-Erie Co.—25-Cent Dividend—
Directors have declared a dividend of 25c.
per
share on the common
stock, payable July 1 to holders of record June 12.
This compares with
50c. paid on Dec.
15, 1939, and
Bell Telephone Co. of Pa
.—Earnings—
£& Period End. April Z0—
Operating
1940—Montffc—1939
1940—4 Mos.—1939
$6,345,643
$5,909,662 $25,100,748 $23,504,205
18,317
21,146
70,927
86,928
revenues
Uncollectible oper.
rev..
Operating revenues
Operating expenses
$6,327,326
$5,888,516 $25,029,821 $23,417,277
3,895,278
16,659,125
15,983,400
4,251,570
on June 12.—V. 150, p.
to
May deliveries of planes by Beech totaled $272,054 and it was announced
that with the receipt of an order from Brazilian Airlines of Sao Paulo for
1980 WiU be admitted t0 dealin«s
6
3502'
Plans for expansion of production and
flying field facilities in line with
the national expansion of aircraft
production, were announced on June 5
3653
^ Brooklyn-Manhattan Transit
Corp., certificates of deposit for ($6
^lve dividend) preferred stock, series A,
(h) Brooklyn & Queens Transit
Corp., certificates of deposit for ($6
cumulative dividend) preferred stock.
1 he
Exchange also announced that the City of New York 3% corporate
on
Dec.
16, 1937.—Y.
$2,075,756
571,113
$1,993,238
548,524
$8,370,696
2,296,847
$7,433,877
2,082,166
$1,504,643
1,053,625
$1,444,714
989,843
$6,073,849
4,293,855
$5,351,711
3,544,251
Operating taxes
Net oper. income
Net
income
—V. 150, p. 3039.
Years Ended Dec. 31—
V
1939
1938
1937
$2,356,563
$2,820,933
1,366,616
904,682
1,736,289
1,042,088
$79,010
15,935
$85,265
$42,555
20,416
44,691
40,088
on
standing credit
(less provision for maga¬
zine returns)
$2,252,587
Cost of sales and
shipping exps. (incl.
cost of replacing pattern
discards)
1,277,608
Selling, general and admin, expenses.
895,969
Profit from operations
Prov. for U. S. and foreign inc. taxes
Int. on notes payable,
foreign income
taxes, &c. (less miscell income)
consolidated
and $40,000,000 consolidated
mortgage 25-year
series H, dated Feb. 1,
1940, and due Feb.
and outstanding.—V. 150, p. 3194.
sinking fund 334% bonds,
1, 1965. all of which
are
issued
Billings & Spencer Co.—Unfilled Orders—
Bond
$5,000)...
Cal. Year
Period—
.
r
Cat. Year
1939
Net sales
$960,591
Development
airplanes
costs
on
a
1938
Charge resulting from conversion of net current assets of foreign
subsidiaries and branch to United States dollars
Assets—
$712,823
948,411
CV191.645
experimental
on
Cr83,281
Cr65,653
$46,267
$287,226
Dr2,077
$21,710
Net income
Income charges
$51,957
40,931
1,050
$285,148
$22,490
5.690
profits
51,270:
--
Net income for the period
2,965
197
------
$9,976
78,141
Dividends
779
$233,878
105,000
$19,327
17,500
Company, period Feb. 10, 1937 to Dec. 31, 1937.
Consolidated Balance Sheet Dec. 31
Assets—
1939
Cadh
1938
Liabilities—
$136,675
416,006
2,075,788
Inventories
5133,807
138,418
402,447
4,131
receiv..
2,611
557,042
Other assets
Total fixed assets.
rights
drawings
Res.
$67,133
350,750
profits
31,000
31,000
67,739
Deferred
171,847
124",297
__
charges.
&
&c., taxes
Customers' adv.
70,415
1,122,272
1,547
337,500
337,500
on
contracts
Due of fleer
Real estate mtge__
Publlc'ns.,
503
After
a
$3,976,807 $1,597,234
$73,999
$60,162
y$62,339
$0.43
$0.33
$0.34
1937
(also
a
special
for taxes
reserve
$214,540,
total
a
ratio
114,356
1,487,479
1,534,203
Total..
$2,285,111 $2,420,451
of $14,360 in 1939 and
$19,344 in 1938.
b After depre¬
c Represented by 86,770
shares in 1938.—V. 148, p. 3370.
no par
shares in 1939 and 86,328
no par
(H. M.) Byllesby Co.—SEC Denies Request—
The Securities and Exchange Commission has issued orders denying the
applications of the Byllesby Corp. (File 31-420) and of H. M. Byllesby &
Co. (File 31-379) for orders declaring that they are not holding companies
or in the alternative exempting them from the provisions of the Holding
Company Act.
The Commission on Jan. 15, 1940, issued its findings and
opinion denying the applications but withheld issuance of the final order
so that the applicants would have an opportunity to adjust their business
to the situation.—V. 150, p. 2566.
California Oregon
Power Co.—Earnings—
Years Ended April 30—
Operating revenues
Operation..
Maintenance and repairs
„
1§40_
$5,087,893
1.171,594
273,652
^
480,000
7,270
653,239
155,221
7,270
646,700
93,811
$2,346,917
238,274
$2,320,722
238,210
$2,108,642
Appropriation for retirement reserve
Amortization of limited-term in vestment
$4,743,293
1,041,478
273,312
360,000
-
-
$2,082,512
..._.
-
for Federal income taxes
Net operating revenues
Rent for lease of electric plant
--
—
---
Dr38,olb
$2,096,842
842,500
203,223
85,567
20,949
$2,043,696
842,500
203,223
3,119
Cr3,065
92,321
18,414
$944,685
$887,184
Interest
on
funded debt
—
Amortization of debt discount and expense
Otherinterest-........
--^—Interest charged to construction
1940—Month—1939
$1,338,367
$1,272,739
824,733
781,616
$491,123
— —_
-
Net income
3196.
-Y. 150, p.
Canada Northern Power Corp.,
Period End. April 30—
1940—A Mos.—1939
$5,519,652
$5,271,169
3,250,011
3,154,851
$2,269,641
3,182
Cr3,264
Amortiz. of prelim, costs of projects abandoned-.
Miscellaneous deductions
of
Corp., Ltd.—Earnings—
-V. 150, p.
$2,116,318
Gross earnings
-
Operating expenses
1940
$1,743,767
882,621
$1,734,419
822,606
$222,091
$861,146
$911,813
$216,346
Net earnings
-V. 150, p.
Ltd.—Earnings—
1940—Month—1939
$434,546
$^39,817
218,200
208,726
4 Mos.
-1939
2870.
Canadian Breweries, Ltd. (& Subs.)—Earnings—
Brooklyn-Manhattan
The
Common stock._
1,689,717
44,880
1,559,812
com-
a
$773,775 and current liabilities
1.—V. 150, p. 3502.
Suspended from Dealings
1,214
88,982
1,620,242
Deficit....
reserves
496,000
79,245
...
5% preferred stock
c
—
were
$513,634
Reserves
copy¬
10,157
467,800
Deferred Income..
Gross income
abilities of $207,832,
Sany's own securities heldratio of of $192,911, At the 1939 year-end, total
at cost 3.83 to 1. compared with total current
Net earnin
6,786
Net operating income
1938
v
excluding
earnings
Operating expenses
1
189,518
240,055
magazine
Other income.-—.....—Dr11,799
1939
$0.42
Gross
1
51,354
130,706
Total
$72,170
Period End. April 30—
discards
for
54,742
186,516
exps.^
pattern
ciation of $313,506 in 1939 and $292,735 in 1938.
62,541
After depreciation, Federal taxes, &c.
to
1938
replaci*&-
6% notes payable.
159,033
Taxes
1940
British Columbia Power
1939
returns
$2,285,111 $2,420,451
Provision
of $10,000 in 1939).
y Before surtax on undistributed profits.
The balance sheet of the company as at March
31, 1940, shows
current assets of $796,499,
including cash of $460,284 but
3.6
14,066
pat. contr'ts, &c. 1,534,203
581,466
Mfg. Co.—Earnings—
assets
30,198
for
agents'
Res.
exp.,
Total
1,170,949
Earns, per sh. on 145,310
current
4,403
rights, subscr'p'n
lists, adver'g &
352,700
$3,976,807 $1,597,234
shares...
326,278
5,777
Res.
Miscell. investm'ts
446,625
-V. 150, p. 2249.
Net profit
278,717
Acer, taxes &
248,005
advances, &c...
Earned surplus
3 Mos. End. Mar 31—
197,373
accts.
deposits
Prepd. ins.,
Capital stock
Capital surplus
Total.....
$103,977
Post office & other
25,811
55,542
Res. for Fed. inc.,
544,871
25,000
238,611
Mfg. rights
Notes
$79,809
payroll, &c.
expenses
and
1938
$330,342
for refund of
excess
Acer,
de¬
cur.
sign
602,488
1939
Accounts payableNotes payable
Liabilities—
1938
Accounts payable.$1,242,904 $1,357,902
hand
b Fixed assets
Cr474,444
Provision for Fed. income taxes
Provision for surtax on undistributed
1939
Inventories......
Feb. 10 *37
Profit from operations
Other income
x
Drl5,124
$1,487,479
Cash in banks and
receivable..
to Dec. 31 *37
$1,490,338
1,181,599
Drl04,793
Costs and expenses
2,794,655
Decrease in work in process in
ventoryCrl ,405,887
no par
44,798
$1,515,014
42,659
Net profit for the year ended Dec. 31, 1939.
a
x
v
Consolidated Balance Sheet Dec. 31
May 31—
1940—Month—1939
1940—5 Mos—1939
$2,608,846
$1,878,332 $11,312,497
$8,853,916
3039.
Brewster Aeronautical Corp. (&
Subs.)—Earnings—
Brillo
$2,467
Balance deficit Dec. 31, 1938.
$1,559,812
Credit arising from revision of basis of recording sales of certain
items (less provision for Federal income tax applicable thereto
Stores, Inc.—Sales—
—V. 150, p.
Unamort.
$11,990
Consolidated Deficit Account Dec. 31,1939
_
Period Ended
Accounts
$42,659
Note—Costs and expenses include provision for depreciation of $32,597
Balance deficit Dec. 31, 1939
Sales
a
28,583
in 1939, $35,438 in 1938 and $44,897 in 1937
of
The backlog of unfilled orders of this
company, manufacturer of airplane
castings, currently amounts to between $350,000 and $400,000, it was
announced.
Factory shipments during May were the largest in the com¬
pany s history, and all lines of its business are
showing gains.
The company
now
employs 480 persons, compared with 140 three years ago, it was
stated.—V. 145, p. 1893.
mov¬
Net profit for the year
The
New York Stock Exchange has authorized the
listing of $30,000,000
mortgage 20-year sinking fund 3% bone's, series G, dated
Feb. 1, 1940, and due Feb. 1, I960, all of which are issued and
outstanding;
1756.
balances
Expenditures in connection with
ing offices
Bethlehem Steel Corp
.—Listing—
p.
Sales, incl. interest
_
Net oper. revenues
150,
Butterick Co. (& Subs.)—Earnings—
Transit
on
following securities will
Corp.-
to
Be
June 12—
be suspended from
York Stock Exchange on June 12:
■Securities
dealing
on
the
New
,
Period End. Apr.
Profit from
opers.
30—
after
tlxi^' eXCe---~C:
Other
income:":
1940—3 Mos.—1939
1940—12 Mos.—1939
$252,374
6,809
$105,966
43,407
$1,455,209
68,600
$1,099,394
124,206
(a)
Brooklyn City RR., certificates of deposit for 1st consol. mtge
5%
bonds due July 1, 1941.
(b) Brooklyn-Manhattan Transit Corp.. certificates of deposit for
rapid
transit collateral trust bonds AH% series due May 1, 1966.
(c) Brooklyn, Queens County & Suburban RR., certificates of deposit
for 1st mtge. 5% gold bonds due July 1, 1941 (stamped) and
certificates of
deposit for 1st consol. mtge. 5% gold bonds due July 1, 1941
(stamped)
(d) Brooklyn Union Elevated RR., certificates of deposit for 1st mtge
5% gold bonds due Feb, 1, 1950.
(e) Kings County Elevated RR., certificates of deposit for 1st
mtge 4%
bonds due Aug. 1, 1949.
v
(f) Nassau Electric RR., certificates of deposit for consol.
mtge. 4%
gold bonds due Jan. 1, 1951 (stamped).
$259,183
$149,373
$1,523,809
$1,223,600
-------
31*488
27»101
108.536
for "depreciation..
117,950
120,292
445,506
105.474
469,851
$109,745
$1,979
$969,767
196,674
67,430
$648,275
136,877
68,251
Total income
Interest
Prov
x
---
-
Profit
& Provincial income taxes..
profits applicable to minority interests..
Provision for Federal
Net
Net profits
Earned per share
x
$705,664
$443,147
of preference stock
$4.31
$2.71
months ended April 30, 1939, and 1940, subject
Profits for the three
to provision
for minority interest and income taxes.
The Commercial £ Financial Chronicle
3654
Consolidated Balance Sheet April 30
1939
1940
189,792
347,784
draft
(secured).
Accts. & bills rec'le
5
436,240
410,562
699,009
750,318
income tax savings
Accts. payable and
for
accrd. liabilities.
less
reserve
247,074
2,233,962
1,854,730
32,521
150,584
431,998
410,873
buildings,
plant & equip.. 8,342,424
444,656
Fed.
230,297
7,227,552
doubtful accts..
&
Prov.
taxes..
Prepaid
expenses.
158,673
Z157.100
1,200,000
925,000
1,300.000
1,038,479
fund
deb.
April 1, 1946...
Min.
int.
in
tributable
10,817,6781
12,446,388
Total....
due
Series B debens..
331,454
Other Investments
27,000
5H% ser. A sink,
Land,
*
payable
400,000
sub.
Total..
4,918,960
3,085,452
surp.
1,859,813
12,446;?388 10,817,678
reserve for depreciation of $2,031,425 in 1940 and $5,275,397 in
y Represented by 163,428 cum. sinking fund conv. preferred shares,
value, and 675,195 (674,667 in 1939) common shares, no par value,
Includes purchase liability.—V. 150, Pi 3348.
x
After
1939.
no par
z
California Water Service
Co.—Earnings—
12 Months End. April 30—
Net income before interest and Federal taxes
1940
1939
$1,052,501
$973,780
—V. 150, P. 2870.
proximately $3,200,000 earned surplus (as shown on the pro forma balance
sheet as of March 31, 1940) unavailable for the payment of dividends on
Canadian Colonial Airways, Inc.—Increases Stock Issue
Company has filed an amendment to its registration statement with the
Securities and Exchange Commission increasing its proposed offering of
stock to the public from 50,000 to 60,000 shares of $1 par.
Each of the four underwriters, Auchingloss, Parker & Redpath, Dominick
& Dominick, G. M.-P. Murphy & Co. and Stern, Wampler & Co., Inc.,
will underwrite 25% of the offering,,
The stock will be offered at prices
prevailing on the Curb Exchange at the time.—V. 150, p. 3041.
Canadian Converters Co.,
common
the proposed bonds covers substantially
properties and franchises of Carolina now owned or hereafter
acquired with the express exception of buses, motor coaches, vehicles, and
automobiles.
proposed bonds are callable in whole at any time or in part from
time, on at least 30 days' notice at the following prices:
10SA
before May 1, 1941; less
point each year thereafter prior to May 1, 1951:
less A or 14 point (as scheduled in the indenture) each year thereafter prior
to May 1, 1964; 100 M on or after May 1, 1964 to Nov. 1, 1964, at face
Ltd.—Common Dividend—
tfacpGetftor
1939
$5,529,143
Increase
$988,233
—V. 150, p. 3503.
Canadian Pacific
Ry.—Earnings—
Earnings for the 10-Day Period Ended May 31
1Q40
•
•
'•
.
Canadian
$3,945,000
"
Tnrrenco
$327,000
>
.>V"-'/v'" .-j-sv.'.!
n.:, •
1 Q^!Q
$4,272,000
Traffic earnings
—V. 150, p. 3503.
A1,
•"
'
_
V1,,-
.,l
,■
Tj*■,
'
Wallpaper Manufacturers, Ltd.—Final Div.
Directors have declared
a final dividend of $1 per share on the class A and
payable July 12 to holders of record July 2. Dividend of 50 cents
July 11, 1939 and one of $1 was paid on July 11, 1938.
B stocks,
was
paid
on
Capital Transit Co.—Registers with SECSee list
given
on
first
page
of this department.
25-Cent Dividend—T
Directors have declared a dividend of 25c. per share on the common
stock, payable July 1 to holders of record June 15.
Dividend of 50c. was
paid on Dec. 20 last, this latter being the first dividend paid in some
time.—V. 150, p. 1758.
Carolina Power &
Light Co.- -Private Sale of $46,000,000
SEC—The Securities and Exchange
Commission on June 5 issued an order exempting the com¬
pany's application from the provisions of Section 6 (a) of
the Holding Company Act with respect to the issue and
sale of $46,000,000 1st mtge. bonds, 3%% series due 1965.
Bonds
Apprated
by
The application states that the proceeds from the sale of the said bonds
be used to pay and discharge $7,500,000 underlying and assumed
will
Yadkin
River
mature
Power
Co.
first
mortgage
30-year 5% gold bonds, which
April 1, 1941, and to redeem and discharge $38,500,000 Carolina's
1st & ref. mtge. gold bonds, 5% series of 1956.
The two issues just men¬
tioned comprise the entire mortgage debt of Carolina and equal in aggregate
principal amount the new first mortgage bonds proposed to be issued.
Carolina proposes as part of the transaction to deposit funds in trust for
the payment at maturity of the Yadkin River Power bonds plus interest
to the date of maturity. Carolina deems it more advantageous to provide at
this time for the payment of the bonds at maturity (together with interest
5% to April 1, 1941, the maturity date) than to redeem the bonds at this
time, since the bonds may be redeemed only on an interest date and at 105.
The next interest date is Oct. 1, 1940.
,
at
Proposed Issue and Sale of Securities and Use of Proceeds—Carolina proposes
to
sell,
of May
1, 1940, the $46,000,000 first mortgage bonds, 3 H%
[For list of insurance
companies and amount of purchases see V. 150, p. 3041.1 The gross proceeds
of the proposed sale (including accrued interest to May 24,1940, an assumed
date of closing) w|ll amount to $47,725,000.
After deducting estimated
fees and expenses of $225,000 and after using approximately $762,569 of
general funds, the total amount of cash available for the proposed refunding
operations will amount to $48,262,569.
This cash will be used for the
following purposes:
(1) To pay at maturity $7,500,000 Yadkin River Power Co. 1st mtge.
30-year 5% gold bonds, assumed by Carolina, plus accrued interest to
April 1, 1941, the date of maturity, involving an expenditure of $7,875,000.
(2) To redeem $38,500,000 Carolina's 1st & ref. gold bonds, 5% series of
1956, at 103 M% plus int. to May 24, 1940 (an assumed date of closing)
involving an expenditure of $40,387,569.
Capitalization and Surplus—The following tabulation sets forth the
capitalization and surplus of Carolina as at March 31, 1940, after giving
effect to the proposed financing:
—After Financing
as
series due 1965, at 103 A to 11 insurance companies.
Amount
First mortgage bonds, 3 % % series due 1965
Miscellaneous long-term debt
$7 pref. stock, cumulative, no par, issued 110,659 shs.
$6 pref. stock, cumulative, no par, issued 81,533 shs__
Common stock, no par; outstanding 2,500,000 shares.
Earned surplus
$46,000,000
25,300
xll.065,900
x8,153,300
x24,096,542
y3 ,242,641
49.68
0.03
11.95
8.81
26.03
3.50
classes of stock, as to amounts of
capital represented
segregated in the capital stock account at March 31, 1940.
The above computation assigns to the preferred stocks the amounts to which
such stocks are entitled in liquidation,
excluding accrued dividends, y This
item reflects the charge-off to surplus of $3,060,686 unamortized debt dis¬
count and expense, including call premium, on the bonds to be redeemed and
interest to maturity on the Yadkin River Power Co. bonds.
Earnings—Operating revenues, derived principally from electric oper¬
ations, have increased from $9,947,283 in the year 1935 to $12,532,407 in
x
The
thereby,
various
were not
the 12 months ended March
31, 1940. Over the same period, gross income
increased from $3,922,165 to $4,815,938.
During the year 1939, approximately 96% of operating revenue was de¬
rived from electric service and 4% from transportation service.
The com¬
pany obtained a relatively large amount, approximately 35.9% of electric
revenue
from
industrial
customers; a substantial portion of industrial
revenue, in turn, is obtained from the textile
industry.
In recent years,
however, the relative importance of the more stable residential, farm and
commercial revenues have increased.
The
ments
proposed refinancing will result in
of $575,000
during the first year.
contain
a
gross cash
saving in interest
~
if'
i
'
proposed bonds are callable at generally lower premiums, starting
A, if redeemed out of deposits with the trustee pursuant to the pro¬
visions of the sinking fund, maintenance and renewal fund, and improve¬
ment fund, or out of proceeds from the sale of property pursuant to the
exercise of eminent domain or by order of any governmental body or agency
having the right to order such a sale or a sale to a governmental body,
provided, among other things, the proceeds of such sale or sales aggregate
not less than $10,000,000 during any 12 months' period.
Carolina covenants that, so long as any of the bonds of the 1965 series
shall remain outstanding, it will, as a sinking fund for the retirement of
such bonds, deliver to the trustee on or before Oct. 1 of each year, beginning
with Oct. 1, 1941, an amount in cash and (or) principal amount of bonds
of the 1965 series equivalent to A of 1 % of the greatest principal amount of
such bonds outstanding at any one time.
Carolina further covenants that, so long as any bonds issued under the
indenture are outstanding, it will, as an improvement fund, deliver to the
trustee on or before Oct. 1 of each year beginning 1941, as to each series
of bonds then outstanding, an amount in cash and (or) principal amount of
bonds of such series equivalent to A of 1 % of the greatest principal amount
of bonds of such series outstanding at any one time; except that Carolina has
the right to a credit against the amount of cash or bonds so deliverable in
an amount equal to the
aggregate principal amount of bonds which Carolina
shall then be entitled to issue and which it waives its right to issue and
also subject to the provision that net property additions may be used as a
credit up to 100%, rather than 70%, of such additions.
The indenture permits the issuance of additional bonds of any one or more
series from time to time up to 70% of the cost or fair value (which ever is
less) of net property additions; provided that net earnings after depreciation
for a period of any 12 consecutive calendar months within the 15 calendar
months immediately preceding are (1) at least twice annual interest require¬
ments of, or (2) at least 10% of the principal amount of, bonds outstanding,
bonds applied for, and prior lien bonds.
Fees and Expenses—No underwriting fees, discounts, or commissions will
be paid in connection with the proposed financing. However, of the $225,000
estimated expenses in connection with the proposed transaction it is pro¬
posed that approximately $46,000 will be paid for Federal stamp taxes;
$7,000 (estimate) filing and recording fees; $20,000 (estimated) for printing,
including the mortgage; $3,000 (estimated) for printing and engraving of
bonds; $34,500 (estimated) of which $3,700, (estimated, will be for Counsel
for the trustee) for fees of trustees; $22,500 for counsel fees for special counsel
to the purchasers; $10,000
(estimated) for counsel to Carolina; $75,000 to
agents who acted for or aided Carolina in the negotiation of the proposed
financing herein; and $7,000 (estimated) miscellaneous expense.
In conclusion the Commission states:
"Our order will contain a condition that Carolina shall not pay the
agents who acted for or aided it in the negotiation for the sale of, and the
sale of, the proposed bonds more than $50,000 for their services.
Our order
will likewise contain a condition that Carolina shall not pay counsel for
the purchasers more than $15,000.
However, Carolina or the agents or
counsel for the purchasers may apply for a rehearing on this matter within
10 days after the date of our order."
A
Bonds Called—Delisted—
Company
has
authorized
Old
Colony Trust
Co.,
as
trustee,
to pay
immediately to holders of its assumed Yadkin River Power Co. first
mort¬
30-year 5% bonds, -due 1941, the principal amount, together with
interest to maturity, April 1, 1941, without discount.
Funds for this
purpose have been deposited with the trustee and payment will be made
upon presentation of the bonds at the Boston office of Old Colony Trust
Co.
These bonds have been called for redemption on June 4 at par and
gage
accrued interest.
The New York
'
■
Curb Exchange has removed from unlisted trading
privileges the Yadkin River Power Co.'s first mortgage bonds, which have
been called for redemption and Carolina Power & Light Co.'s first and
refunding mortgage 5% gold bonds due in 1956, which have been called
at 103 % and interest on
July 5.—V. 150, p. 3196.
Catalin Corp. of America—Volume of Business—
William Theile, President of this corporation, reports that the company's
volume of business for the first five months of 1940 was the largest for any
similar period in the company's history,
with earnings running at
a
satis¬
factory rate.
Poundage sales for the period amounted to 1,882,277 pounds
compared with 1,581,950 pounds for the first five months of 1939.
Im¬
portant contributions to this showing were made through sales of liquid
Catalin for laminating varnishes ana abrasive binders, and the develop¬
ment
of the
technique of split molding for casting Catalin,
Mr. Theile
states.—V. 150, p. 2567.
Central Arizona Light & Power Co.—Earnings—
Period End. Apr. 30—
Operating
Operating
revenues
expenses
Direct taxes
Prop, retire,
res. approp.
1940—Month—1939
$367,793
$324,906
172,845
157,953
66,802
58,242
30,000
22,000
1940—12 Mos.—1939
$4,343,488
$4,164,510
1,988,766
2,040,257
835,156
704,933
410,000
427,300
.
Amort,
of limited-term
investments
2,913
2,913
34,960
34,960
Net oper. revenues...
Other income (net)
$95,233
96
$83,798
82
$1,074,606
18,961
$957,060
72,522
$95,329
18,958
$83,880
18,958
$1,093,567
227,500
$1,029,582
227,500
734
703
8,867
Crll7
Cr2,787
__
Gross income.
Interest
on mtge. bonds.
Other interest.
Int. chgd. to construct'n
CV117
-
9,782
Net income
$75,754
$64,219
Divs. applicable to preferred stocks for the period
$857,317
108,054
$795,087
Balance..
—V. 150, p. 2871.
$749,263
$687,033
108,054
pay¬
As the proposed indenture will
provision requiring Carolina to redeem bonds in the principal
*'*■
The
at 103
Earnings of the System for the 10-Day Period Ended May 31
1940
$6,517,376
-
The
time to
Canadian National Ry.—Earnings—
revenues
stock.
The lien of the indenture securing
all the physical
Directors have declared a dividend of 50 cents per share on the common
stock, payable Aug. 15 to holders of record July 31.
This will be the first
dividend paid since May 15, 1937 when 50 cents per share was also dis¬
tributed.—V. 149, p. 1908.
Gross
of $450,000 for 1940 and $350,000 for 1941.
improved to the extent of $549,237. This amount com¬
Net income will be
112,545
Mortgage
to affil. cos.
1940
prises the cash savings of $412,700 previously mentioned, plus $55,400
representing amortization of the premium to be received on the bonds to be
sold ($1 610,000 less estimated expenses of $225,000), and plus a reduction of
$81,137 in the amortization of debt discount and expense. This reduction of
$81 137 in income deductions arises by reason of the fact that Carolina
proposes to charge earned surplus with unamortized debt discount and
expense, including call premium, on the Carolina bonds to be redeemed and
interest on the Yadkin River Power Co. bonds to maturity.
The aggregate
amount of the charges to earned surplus will be $3,060,686.
Based upon the results of operations during the 12 months ended March
31
1940, assuming that the proposed bonds had been outstanding during
such period, and giving effect to pertinent pro forma adjustments, it appears
that interest requirements on the proposed bonds would have been covered
2.7 times and total income deductions and preferred dividend requirements
would have been covered 1.6 times.
Indenture Provisions—The indenture will contain a covenant by which
Carolina covenants that so long as the first mortgage bonds, 3%% series
due 1965, are outstanding, it will not declare or pay any dividends upon its
common stock (other than dividends in common stock) or make any other
distribution on, or purchase or otherwise retire, any shares of its common
stock in an amount in excess of the aggregate net income (after preferred
dividend requirements) from Jan. 1, 1940 to the date of such declaration,
payment, distribution, purchase, or retirement, plus $1,000,000.
This covenant will operate to render approximately $2,200,000 of ap¬
Inc.
companies
865,426
y Capital stock... 4,919,489
Cap. surp. & dis¬
Inventories
Invests. In & advs.
June 8,
$230,000 annually, the annual interest savings may increase in
subsequent years.
An estimated increase in tax liability of $162,300 will, on a pro forma
basis reduce the initial cash savings to $412,700.
Asa result of the refinancing Carolina will have an estimated non-recurring
1939
$
Bank loans & over¬
264,402
523,962
Investments
1940
Mobilities—
$
$
Assets—
Cash
amount of
,
"'.'A.
■
Volume
The Commercial & Financial Chronicle
150
Celanese Corp. of America—Stock Dividend—The
Board
of
Assets—
Directors
June
declared the following dividends on
A dividend of 50c. per share, payable
July 1, 1940, to holders of record at the- close of business June 14, 1940,
and in addition a dividend in common stock of 26,266 shares issuable at
the rate of one share for each 40 shares of common stock held, payable
Aug. 15, 1940, to holders of record at the close of business June 14. 1940.
Like amounts were paid on April 1 last.—V.-150, p. 3348.
the
common
stock of
on
3655
Consolidated Balance Sheet Dec. 31
3
the company:
1939
1938
Liabilities—
1938
1939
foCabs, eqpt., &c.$l ,642,207 $1,706,652 a Capital stock
$1,650,000 $1,650,000
G'dwlll, Iran., Ac. 1 ,031,654
110,594
1,031,654 Accounts payable101,469
Investments
l ,058,549
968,429 Accruals
186,321
71,345
Deposits
174,000
22,628 Federal taxes, Ac.
116,026
203,666
Cash
2 ,494,925
1,934,216 Instal. pays. due.
178,750
U. S. Treas. bonds
Dlvs. payable-.
3,990
held in escrow.
73,580
61,052 Res for claims, Ac.
247,106
236,343
Accts. receivable.
119,298
112,939 Res. for workmen's
Notes
receivable,
compen.in8*ce__ v 24,654
24,298
allied companies
54,645
500,000 Capital surplus.
845,800
845,800
Marketable secur.
60,719
56,439 Earned surplus
3,647,393
3,315,804
Cash in closed bks.
16,182
16,307
_____
.
_
_
.
_
Central of Georgia Ry.—Delisting Hearing—
The Securities and Exchange Commission May 31 announced a public
hearing on June 20, at the Commission's New York Regional office, on a
new application of the New York Stock
Exchange to strike from listing
and registration the Macon & Northern Division first mortgage 5% bonds
due Jan. 1, 1946, and Middle Georgia & Atlantic Division purchase money
5% bonds, due Jan. 1. 1947.
On April 6, 1940, the exchange filed an application for the delisting of
these bonds, stating that in the opinion of its committee on Stock List,
the outstanding amounts of the bonds had been so reduced as to make
further dealings in them on the Exchange inadvisable.
After public hear¬
ing on the application, however, the Exchange requested permission to
withdraw it and the Commission granted the request.
The new application stated, among other things, that the Committee on
Stock List is of the opinion that the small amount of the bonds outstanding,
when considered in the light of their small aggregate market value, does
not warrant continuation of
dealings in them
on
the Exchange.—Y. 150,
P. 3503.
Central
Hudson
Gas
&
Electric
Corp.—-To Issue
$2,200,000 Bonds Privately—The New York P. S. Commission
has authorized the corporation to issue $2,200,000 3 % 30-year
mtge. bonds at 101, to yield the company not less than $2,-
222.000.
The bonds will be sold
privately at 101, $850,000
to New York Life Insurance Co. and $1,350,000 to Metro¬
politan Life Insurance Co.
By the foregoing action, the Commission rescinded an order of May 17,
last, which limited the company to an issue of $500,000
Proceeds from the
__
Due from empl's.-
a
•The
bonds will
dated April
be
1940, and are to mature on April 1,
1970.
They will be redeemable at the option of the corporation on the first
day of any month before maturity at prices ranging from 106, if redeemed
before April 1, 1941, with a progressive decline
varying from M to % point
in each of the succeeding years to maturity.
The company is directed by the order that of the
proceeds from the sale
of the bonds, not lass than $2,186,000 is to be
deposited in a special fund
to be applied only to the projects authorized
by the Commission or to such
work as hereafter may be authorized by the Commission.—V. 150, p. 1758.
Central Illinois Light
Period End. April 30—
Gross
Oper.
$825,042
461,262
exps. & taxes
for
■_
deprec.
_
1940—12 Mos.—1939
$783,945
442,216
$9,510,153
5,373,160
$8,795,104
5,021,074
115,000
90,000
1,180,000
$251,729
66,595
$2,956,992
772,214
$2,753,230
771,593
on
$191,813
41,800
15,951
$185,134
41,800
15,951
$2,184,779
501,607
191,406
$1,981,637
501,607
$134,062
Net income
.
-
Divs. on pref. stock
Amort, of pref. stk. exp.
Balance
$127,383
$1,491,766
$1,288,624
191,406
—V. 150. p. 2871.
Central Kansas Power Co.—To Sell $900,000 Bonds—
'[The Securities and Exchange Commission announced June 5 that
the
company filed an application (File 70-75) under the Holding Company
Act regarding the issuance and private sale, at par, of
$900,000 of 4K%
first mortgage 25-year bonds, Series A, due July 1, 1965, to six insurance
companies
follows: Bankers Life Co., Des Moines. la., $250,000; Equi¬
Co., Des Moines, la., $200,000; Great-West Life
Assurance Co., Winnipeg, Manitoba. Can., $100,000; Indianapolis Life
Insurance Co., Indianapolis, Ind., $60,000; The John Hancock Mutual
Life Insurance Co., Boston. Mass., $200,000: Modern Woodmen of
America,
Rock Island; 111$90,000.
table
as
Life
five-for-one
a
the old
Insurance
The proceeds from the sale of the bonds will be applied to the
redemption
Sept. 1, 1940, at par and accrued interest, of $780,000 6% first mortgage
gold bonds, due March 1, 1946, and to the payment of a $28,000 314%
note, due June 15, 1940, held by the City National Bank and Trust Co.
of Kansas City, Mo.
The balance, estimated at $69,500, will be used to
reimburse the company's treasury for expenditures
previously made for
additions and improvements.
The company is a subsidiary of United Utilities, Inc.—V. 149,
p. 2227.
on
dividend of
a
stock
have
declared
an
extra
dividend
of
two
cents
(not
four
previously
reported) per share in addition to a quarterly dividend of
share on the common stock, both payable June 28 to holders
15.
Similar amounts were paid on March 29 and Jan. 2
last; extras of one cent were paid on Sept. 30, June 30 and April 1. 1939,
and extras of two cents were paid on Jan. 3, 1939, and Sept. 30. 1938.—
V.
150, p. 1273.
as
four
of
rents
record
per
June
Central Power Co.—Seizure
The
Federal
Circuit
Court of
lower court decision dismissing a suit
by the company to presvent Nebraska
its property in and near that city.
The District Court had valued the property at $1,307,200, including
$300,000 outside the city limits.
Nebraska City voted in August,
1938, to take over the property by
right of eminent domain and the Central Power Co. sought an injunction
against the city, asserting that the election was invalid.—V. 150, p. 3041
City, Neb., from taking
over
Int.
on
Consolidated net loss
Chicago Yellow Cab Co., Inc. (& Subs.)—Earnings—
Calendar Years—
b Net profit from oper..
1939
$1,014,219
610,059
under
67,754
86,250
116,026
a30,959
al27,357
$313,444
300,000
$58,425
300,000
$75,799
450,000
$601,887
525,000
terms
Net income
Dividends
Balance, surplus
surplus Dec. 31.
outst. (no par)
Earns, per share on com.
com.
per
share
on
1939
1938
14,390
86,969
$23,895
8,671
Crl,692
88,091
$7,866
$71,176
38,560
Maintenance
Taxes—
Prov. for Federal income taxes
Net operating revenues
Non-operating
$13,263,493 $12,012,831 $11,932,820
37,917
50,967
104,186
revenues
Grossincome
-$13,301,410 $12,063,29 ' $12,037,006
1,500,000
1,500,000
1,500,000
9,791
8,787
8,804
Crl2,554
Cr34,155
Cr21,800
Interest during construction
a Other deductions
633,266
3,938,954
3,553.956
3,767,887
$7,242,202
$7,034,694
$6,771,882
Approps. for deprec. reserves
Net income
Electric
1938
939
1940
$30,502,666 $27,511,939 $27,851,237
10,698,117
9,473,331
10,008,326
1,771,935
1,718,259
1,788,985
3,313,453
3,078,603
3,043,189
1,455,668
1,229,415
1,077,916
in suspense pending rate decision.
revenues
Note—The provision for
Federal income taxes for the 12 months ended
March 31, 1938 includes $3,345 of provision for Federal surtax on undis¬
tributed income which was made in December of 1937 for the calendar
of 1937.—V. 150, p. 1427.
year
Cleveland Terminal Buildings Co.—Cash Distribution—
A cash distribution is to be made immediately to the holders of the first
mortgage leasehold sinking fund 6% gold bonds of Cleveland Terminals
Build ng Co. on the Terminal Tower Building, dated Dec. 1, 1926 and due
Dec. 1, 1941, in the amount and on the terms and conditions provided in an
order entered on May 25,1940, by the U. S. District Court for the Northern
District of Ohio, Eastern Division:
It is ordered that company make prompt distribution of $60,446, out of a
now in its keeping, known as the "Tower Earning Fund," to Terminal
fund
Tower bondholders; said distribution to be made pro-rata upon the out¬
standing first mortgage leasehold sinking fund 6% gold bonds of the Ter¬
minal Tower Building now outstanding in the aggregate of $6,044,600; said
distribution to apply presently upon interest, upon the Tower bonds, ac¬
crued since the institution of the reorganization proceedings. -r^,-i
Central National Bank, Cleveland, as distributing agent, has been
provided with the funds necessary to make the distribution.
Distribution
will be made only on bonds bearing the original coupons dated subsequent
to Sept. 1, 1936, but no original coupons maturing prior to that date need
b© d6t^chcd.
To permit
the payment of the 1 % distribution, bonds should be forwarded
Bank, Cleveland, accompanied by transmittal letter.
1922.
to Central National
—V. 147, P.
(& Subs.)—Earnings-
Coca Cola Co.
Consolidated Income Account for Calendar Years
operating profit..$58,129,263
Gross
^egenerainexpens^^l^519,880,083
1936
1937
1938
$50,694,759 $47,141,414 $39,609,206
17,651,646
12,747,151
15,814,200
$33,043,113 $31,327,214 $26,862,054
1,357,236
1,235,598
1,448,976
7,343,000
6,115,000
x5,410,000 x5,015,000
Net oper. profit
$38,249,180
Other deductions (net).
1,875,805
Federal taxes
Common dividends.
_
-
_.$29,030,375 $25,570,877 $24,681,616 $20,398,079
1,800,000
1,800.000
1,800,000
1,800,000
19,959,500
17,963,550
17,963,550
15,967,600
__
Surplus
$7,270,874
Earned surplus, Dec. 31 41,005,847
y Shs. com. outstanding
(no par)...
4,000,000
Earns. per share on com.
$6.80
,
$5,807,327
33,734,972
27,927,645
$2,630,478
23,009,578
4,000.000
$5.94
4,000,000
$5.72
4,000.000
$4.66
$4,918,066
1937 and $207,000 in 1936 surtax on undis¬
Includes stocks held in company's treasury.
Including $270,000 in
profits.
y
Consolidated Balance Sheet Dec. 31
1939
,
,
1939
Liabilities—
14,704,537 8,854,692
Govt, securities._ 4,180,772
3,069,819
Accts. reclvable— 3,950,109
3,669,937
Inventory
19,361,964 19,380,351
of affil.
Sec.
not
consolidated
filiated
cos.
96,083
96,083
Accts.
payable.„ 3,225,850
Accrued accounts.
671,486
—
Land, bldg., ma¬
chinery, Ac
.17,309,071
miscell.
8,360,112
2,734,785
7,146,338
opers.-13,011,480 12,500,127
Profit and loss
af¬
not
177,274
consolidated
585,712
Other investm'ts..
Miscell. notes and
accts. receivable 1,445,767
a
$
Class A stock
3,000,000
3,000,000
b Common stock.25,000,000 25,000,000
c
Res. for contlng. A
cos.
Accts. due from
1938
$
1938
Cash!*!!"
sur¬
plus..
41,005,847 33,734,972
d Com. treas. stk. Drl89,533 Dr189,533
602,199
656,722
15,213.575
tradem'k
goodwill...30,560,250 30,560,250
Deferred charges. 1,042,216
1,151,573
Total
93,413,756 83,926,689
Total..
...93,413,756 83,926,689
for depreciation of $5,865,679 in 1939 and $5,438,147 in
b Represented by 4,000,000 no par shares,
c Represented by
600,000 shares (no par),
d 8,100 shares at cost.—V. 150, p. 3197.
a
After reserve
1938
$76,887
3,440 359
300,000
$2.01
Including surtax on undistributed profits of $282 in 1937 and $6,067 in
1936.
b Includes other income of $123,586 in 1939, $103,947 in 1938,
$115,114 in 1937, and $144,305 in 1936.
a
par
and
$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
■
$20
$112,053
•
prof$55,698
Operating revenues
Operating expenses
Formulae,
Prov. for income tax
P. & L.
1936
$1,602,479
861,718
11,518
682,701
16,795
ofcontract
Shs.
1937
$1,195,679
853,159
235,762
22,962
Depreciation
Other charges
Payments
1938
$960,197
new
Cleveland Electric Illuminating Co. (& Subs.)—Earns
tributed
Chicago & North Western Ry.—Protective Committee—
the
$10
of
;
36,800
33,712
84,848
12 Months Ended March 31—
due July 1, 1947 has been called for redemption on July 1
The Interstate Commerce Commission on May 31 authorized Harry W.
Harrison, W. A. Hauck, J. H. Dornstreich, and Henry Broder to serve as
a protective committee for holders of preferred stock and to solicit authoriza¬
tions to represent the holders of thie stock, without the deposit thereof.
—V. 150, P. 3504.
on
1940
parent co.'s funded debt, &C--
A total of $100,000
general mortgage 6% gold bonds, dated July 1, 1907
/at par and accrued
interest. Payment will be made at the Continental National Bank & Trust
Co. of Chicago.—V. 137, p. 4527.
share
—V. 150, p. 3350.
x
Chicago & Illinois Western RR.—Bonds Called—
per
$211,058
Minority interest. 1
Class A dividends
a
and
City Stores Co. (& Subs.)—Earnings—-
Net income
Upheld—
Appeals at St. Louis, June 3 upheld
$3
Company paid a dividend
26, 1939.—V. 150, p. 2873.
1939
cents
b After depreciation
basis.
June
on
Central Patricia Gold Mines, Ltd —Extra, Dividend—
Directors
$6,974,074 S6.485.186
shares,
3 Months Ended April 30—
Consolidated net profit
Estimated Federal income taxes
a
Int. & other deductions
Total
par
shares, payable June 26 to holders of record June 10.
Dividend
of $4 was paid on Dec. 22 last, this latter being the first distribution made
on
these shares since thev were exchanged for the old $100 par shares
1,020,800
$248,780
56,967
Gross income
no
Cincinnati New Orleans & Texas Pacific Ry.—$3 Div.
Directors have declared
&
amortization
Represented by 300,000
Interest on funded debt
Other interest
Co.—Earnings
1940—Month—1939
revenue
Prov.
1,
37,633
56,485,1861
common
of the sale, will be applied, together with other available funds, to a
construction program which will involve an expenditure of $5,282,200 over
three-year period.
$6,974,074
29,856
6,003
amortization.—V. 150, p. 3504.
cost
a
24,650
7,545
216,120
_
Total
bonds with the exception of $36,000 to cover the
new
1,377
Inventories
Acer. int. receiv..
Deferred charges.
Cliffs
Corp.—Will Auction Republic Steel Common—
corporation will sell for cas 1 to the highest bidder at public sale at
shares of Republic Steel Corp. common stock.
The sale, which is pursuant to an order entered by the Court of Common
Pleas, will be held at the county court house.
The
Cleveland on June 11, 16,449
The Commercial & Financial
3656
The
Republic common which is being sold was
pledged on Dec. 3, 1930,
by C. S. Eaton as collateral security for payment of a note of $1,100,000
with interest at 6% per annum.
The stock is being sold because of the
non-performance of obligations contained in the contract of pledge.
The Cliffs Corp. as of Dec. 31, 1939, held m its investment account
144,000 shares of Republic Steel common.
The 16,449 shares, which are
sold, were not carried as an investment, but were shown under notes
receivable.
A reserve of $1,000,000 was set up on April 27, 1932, for this
note so that the net carrying amount in the balance sheet at the end of
to be
1939
was$100,000.—V. 150, p. 3197.
,
Corp. (& Subs.)—Earnings—
Collins & Aikman
for Slated Periods
Consolidated Income Account
Special com p. to empl__
-i
Federal tax reserve
-
-
b9~4~,000
Miscell. deductions
$2,556,895
5,548,759
Bal. at begin, of period
319,175
123,975
528,908
1,234,500
187,000
10,522
551,367
528,132
16,000
111,308
579,328
300,000
516,226
558,000
i
profits
Surtax on undist.
Feb. 27, '37
$3,725,122 z$2,074,353 y$3,612,269 x$7.395,739
Net profit from oper'n..
Add. compens. to officers
and employees _.—.
Depreciation- „
Feb. 26, '38
*40 Feb. 25, '39
2.
Mar.
$2,405,462
5,259,055
$1,195,025
5,162,264
$4,991,659
3,619,003
June 8,
Chronicle
1940
difficult to raise new money for expansion and corporate pur
its complaint, asserted that both Panhandle Eastern and
minority stockholder, are "suffering and will continue to suffer
irreparable loss and damage by reason of the obstruction of Columbia Oil,
as maioritv stockholder, on the issuance and sale of new preferred stock."
and make it
" Mokan, in
noses
Mokan
as a
being "injured,"
Panhandle Eastern and Mokan were
that
Asserting
dividend rate and participating features of the present preferred
requested the court to enjoin Columbia Oil and Mr. Dunn
"from voting all shares of stock of Panhandle Eastern owned and held by
them on any proposal to amend the certificte of incorporation."—V. 149,
p. 103.
bv the $6
Mokan
issue
Commonwealth Edison Co.—Weekly Output—
electricity output of the Commonwealth Edison Co. group (intercomoanv sales deducted) for the week ended June 1, 1940, was 135,565,000
kwh
compared with 126,446.000 kwh. in the corresponding period last
The
year',
7.2%.
an increase of
The following are
four weeks
^
periods last year:
■Kilowatt Hour
M£y25i::
Increase
7.2
126,446,000
134,695,000
131,693,000
129.701,000
147,125,000
145,594,000
140,911,000
-
-
Per Cent
Output—
1 QgQ
1940
135,565,000
Week Ended—
1
June
May 18ZIZ
May 11
for the last
the output and percentage comparisons
and the corresponding
9.2
10.6
8.6
—V. 150, p. 3505.
of
pref. stock purchase. _
Excess of par over cost
Drl 1,146
DM4,054
DM2,883
DM3,735
$8,094,508
213,508
Divs. on pref. stock
1,547,700
Divs. on com. stock._
Prem. paid on pref. red.
$6,343,234
$7,651,634
238,170
2,251,200
$8,596,928
$6,333,300
$5,548,759
$5,162,264
$5,259,055
$4.16
$1.71
$3.85
$8.15
Total
—
Earns, per share on com,
stock
income.
$89,176.
Includes other income of
x
y
_
Includes other Income of $56,308
$932,519.
but is after deducting write-down of inventories of
x Includes
other income of $29,767 and excess
Federal and State income taxes of prior years
ing loss due to storm and
reserve for unadjusted
of $53,572 but is after deduct¬
flood of $151,721.
Consolidated Balance Sheet
Mar.
Property & plant 6,765,411
3,562,376
1,401,729
...
Adv. pay. re-purch.
Dividends
463,056
Invest,
in
6,765
56,413
20,746
1,897,763
6,333,300
5,548,759
18,789,7951
19,855,540
< ■
■ ■
output of electrical energy of subsidiaries of
Corp., adjusted to show general business
conditions of territory served, for the week ended May 30, 1940, amounted
to 147,344,080, as compared with 127,690,345 for the corresponding week
in 1939, an increase of 19,653,735, or 15.39%.
The 1939 figure does not
include the output of The Tennessee Electric Power Co., the electric prop¬
erties of which were sold on Aug. 15, 1939 to the Tenne§see Valley Authority
and other governmental agencies.—V. 150, p. 3505.
:>
Collins Co .—To
dividend of $1
per
share
on
the
common
[Excluding General Public Utilities, Inc.
stock,
payable May 29 to holders of record Mav 23.
Dividends of $2 were paid
in the three preceding quarters.
Previously regular quarterly dividends
of $1.50 per share were distributed.—V. 149, p. 2364.
Operating revenues—
Operation
Taxes
(& <Su5s.)]
1940—12 Mos.—1939
$4,659,557
$4,992,858
2,097,696
230,169
2,049,142
222,249
530,074
492,059
$2,134,920
Net oper. revenues—
$170,608
$146,424
Non-oper. income (net).
a single due date—Oct. 2, 1944.
the Securities and Exchange Commission shows that the
Metropolitan Life Insurance Co. originally purchased $11,250,000 of the
note issue and the Equitable Life Assurance Society took $1,250,000.
Under the agreement made last October, the Metropolitan management
agreed to the interest rate change and other modifications, as did the Equit¬
able.
Socony-Vacuum Oil Co. agreed to purchase all or part of the $3,750,000 of notes not held by the Metropolitan and to sell them to the Metro¬
politan.
Payment of a redemption premium of 3 % on the notes was made part of
the altered agreement.
In addition, it was stipulated that the call price
of the new 1 y2% notes would be 100.
The company is jointly controlled by Texas Corp. and Socony-Vacuum
Oil Co.—V. 149, p. 3111, 1757.
The report to
Wins Anti-Trust
21,113
44,419
-
-
163,369
18,978
41,361
170,705
Maintenance--------
1943 to 1947 basis to
Columbia Gas & Electric Co.-
1940—Month—1939
$406,845
$370,132
Period End-. Apr. 30—
Colombian Petroleum Co.—Interest Rate Reduced—
The company arranged to have the interest rate on the $15,000,000 of
promissory notes reduced from 3 % to 1% and the maturity changed from
a
Co. (& Subs.)—Earnings-—
Community Power & Light
Pay $1 Dividend—
Directors have declared a
forth our tentative views as to
The weekly kilowatt-hour
a After
depreciation,
b 2,200 common shares at cost,
c Represented
by 565,000 no par shares, including 2,200 shares in treasury.—V. 150, p
3013.
decision in that case, we
bring about compliance
The Commonwealth & Southern
.....19,855,540 18,789,795
Total
dismiss the
Weekly Output"™m
1,699,006
390,561
369,131
Deferred charges..
Earned surplus...
our
to
191,245
Capital surplus...
corn.
stock of corp...
Total
705,447
applications for information, motions to
will, in this proceeding, issue an appropriate
what action is necessary
with Section 11 (b) (1). Upon the issuance of
this statement the respondents will be given full opportunity to introduce
evidence and to be heard with respect thereto."
The SEC also granted postponements of the hearings set in the cases of
the two compahies under the "death sentence" so that they may study the
data to be supplied by the .Commission.
of
on
of cap. assets
431,016
6,765
life insurance...
the documents were
proceedings, or both, since in legal language they combined a motion to
dismiss with a suggestion that information would be helpful.
"We construe the motion to dismiss," the identical SEC opinions read in
part, "as in effect a request for a recitation of the Commission's tentative
conclusions of the character recently granted by the Commission on the
basis of a similar request by the United Gas Improvement Co. On the basis
Unapprop. bal. of
reserve for reval.
627,255
Can. subsidiary.
Sought Outline—
statement setting
payable
rec.
Public Service
The Securities and Exchange Commission agreed June 3 to supply the
Commonwealth & Southern Corp. and Engineers Public Service Co. with
its tentative views on what action the holding companies should take to
conform their properties to the geographical integration provisions of the
"death sentence" section of the Holding Company Act.
The applications of the two companies followed the successful effort
of the United Gas Improvement Co. to obtain from the SEC a statement of
the Commission's views on what it should do to comply with the law.
The applications of the two companies, though not phrased precisely as
that of U. G. I., apparently left the Commission in a dilemma as to whether
700,877
196,261
350,000
sales contracts..
to
Cash surr. value of
b
pay.
4,432,900
5,650,000
966,717
__
Fe deral tax reserve
Adv.
191,264
5,650,000
and
accruals
14,311
5,032,500
2,088,252
Due from empl'ees
8,297
Inventories
5,743,742
receivable
adv.
4,245,900
Common stock..
Accts. payable
Accounts and notes
in &
pref.
5%
stock
c
30,000
U. S. Savings bds.
Cumu.
4,731,010
Cash
Inv.
L1/ibililies—
S
6,781,904
Feb. 25,'39
Mar. 2,'40
2,'40 F<?6.25,'39
AS8€i$m~~m
a
& Southern Corp.— Utilities to Get
Plans—Commonwealth & Southern and Engineers
Commonwealth
SEC's Set-Up
401,662
2,814,000
122,210
b Provision for State taxes based on
of $54,624.
Includes other income
a
231,676
562,800
3,788
1,231
10,033
$1,896,108
4,177
$174,396
$147,655
34,838
$.2144,953
498,542
$1,900,285
456,274
$112,817
4,099
71,345
$1,646,411
40,226
868.158
$1,444,010
43,149
842,511
1,027
1.027
12.327
12.314
409
V 450
4,951
3.516
$65,890
$35,895
$720,749
$542,521
Balance
30,525
Retirement accruals
Gross income
$143,871
...
Interest to public
3,227
73.318
___
Int. to parent company.
Amortization of debt dis¬
count and expense.
Miscell. inc. deductions.
Net income.
Dividends paid and
To
Litiga-
._
accrued
on
preferred stocks:
104,183
1,827
public
To parent company
*
102,743
1,891
tion Move—
The U. S. Supreme Court refused May 27 to review a decision dismissing
litigation brought by Inland Gas Corp. charging Columbia Gas & Electric
Corp. with violating the Clayton Anti-Trust Act and seeking $52,666,926
damages. Columbia was alleged to have substantially lessened competition
by purchasing control of the capital stock of Inland, which operated in
Kentucky.
Inland said a syndicate planned in 1930 to construct, in competition with
Columbia, a natural gas transmission line from Kentucky to Detroit. But
it added that Columbia, "which did not want the pipe line to be built
because it would interfere with its monopoly," purchased from the syndicate
control of Inland and other companies formed to take title to the pipe line.
Both the Federal District Court and the Federal Circuit Court at Phila¬
delphia dismissed the suit on the ground that it could not be prosecuted,
because more than three years had expired since the alleged anti-trust
violation.—V. 150, p. 3504.
Commercial Credit
Period End. April 30—
Gross volume of
y
x
recs
1940—12 Mos.—19139
$
$
$
273,527,432 228,430,433 670,965,942
$
573,095,879
7,811,148
$4.24
7,059,498
$3.83
2,060,673
$1.12
2,476,405
$1.34
Net income.
Earns, per share.
_
Co.—Earnings—
1940—4 Mos —1939
__
After providing for dividend on the
4H% preferred stock outstanding, and all Federal and other taxes and
minority interests.
x
On 1,842,007 common shares,
y
$614,739
Balance applicable to parent company.
Earns, from sub.
cos.
deducted in arriving at
-
6,393
98,514
272
6.393
125,029
269
— - ~
SI ,589,903
$1,413,981
888,833
880,959
—
Common div. from
subsidiary—not consolidated
Other income
Total....
-
-
-
-
Expenses, taxes & deductions from gross income.
a
1,891
-----
Other
a
830,772
M'JSS
1,827
Preferred dividends
.
$437,887
854,931
13,226
above:
Interest earned
Interest not earned
_
$701,070
$533,022
& Light Co. owns 98,514}^ shares (60.37%) of
Amount avail, for divs. and
surplus
a Community
Power
the common stock of General Public Utilities, Inc.
The_consolidated
figures of that company and its subsidiaries are not included in this report
except to the extent of dividends received by Community Power & Light
Co.
Such dividends for the current period were paid in cash and those
for the prior period were paid in common stock.
In addition to the fore¬
going, Community Power & Light Co.'s equity in the undistributed con¬
solidated earnings of General Public Utilities, Inc. and its subsidiaries for
the 12 months ended April 30, 1940 was $331,255 (1939, $243,360).
As
of April 30, 1940, the proportionate interest of Community Power & Light
Co.
in
the
earned surplus of General Public
$955,959 (April 30, 1939, $619,437).
undistributed consolidated
Utilities, Inc. and its subsidiaries was
—V. 150, p.
3198.
75-Cent Dividend—
a dividend of 75 cents per share on the common
Previously regular
quarterly dividends of $1 per share were distributed.—V.l 50. 3198.
Directors have declared
stock, payable June 29 to holders of record June 10.
Columbia
to
Oil
Reduce Dividend
&
Gasoline
Corp.—Mokan Asks
Court
from Panhandle Eastern—
P The Missouri-Kansas (Mokan) Pipe Line Co. brought action May 31
against the Columbia Oil in the Chancery Court in Wilmington, Del., to
restrain Columbia Oil from receiving an annual dividend of $6 a share, plus
additional participations, on $10,000,000 of $6 Class A participating pre¬
ferred stock of the Panhandle Eastern Pipe Line Co.
Mokan petitioned
the court to limit the dividend on the Panhandle Eastern preferred stock to
$4.50 a year and to eliminate the participating features of the issue.
All the $10,000,000 of Panhandle Eastern Class A preferred stock, aggre¬
gating 100,000 shares, is owned by Columbia Oil & Gasoline, an affiliate of
the Columbia Gas & Electric Corp.
Columbia Oil also owns beneficiallv
404,326 common shares of Panhandle Eastern, or more than 50% of the total
outstanding.
Mokan owns 339,475 common shares of Panhandle Eastern,
or 42% of the issue.
Voting control of Columbia Oil's common holdings
in the Pipe Line concern is vested in Gano Dunn, trustee.
a
Declaring that the terms of the presently outstanding Panhandle Eastern
$6 preferred stock are such "as to injure the credit of Panhandle Eastern
Consolidated Edison Co. of New
York, Inc.—Output—
New York announced production of the elec¬
its system for the weekended June 2, amounting to 130,000,hours, compared with 130,400,000 kilowatt hours for the
corresponding week of 1939, a decrease of 0.3%.
Consolidated Edison Co. of
tric plants of
000 kilowatt
New Machinery Finance Plan—
new plan to help New York City business and industrial concerns to
expand their plants was announced on June 3 by this
comnany, according to E. F. Jeffe, Vice-President in charge of sales.
The plan involves new low-cost financing on a three-year basis for the
purchase of gas and electric machinery and equipmentjieeded for commer¬
A
modernize and to
expansion programs.
help business and industry in New York City is being
is expected to increase the business produc¬
tion facilities of the city, as well as to create additional jobs for men, Mr.
Jefte said.
This is the first time that industrial and commercial establish¬
ments have been able to purchase this type of equipment on a three-year
finance plan.
All types of gas and electric equipment are included, such
as new motors for increased power and efficiency, new furnaces and ovens
for improved economy, and quality, air conditioning, better lighting, &c.—
V. 150. p. 3505.
.
cial
modernization and
This campaign to
launched at this time because it
,T
,
„
.
,
Volume
The Commercial & Financial Chronicle
150
Consolidated Balance Sheet Dec. 31
Congress Cigar Co., Inc.- -Earnings—
1939
1938
1937
$5,089,812
$5,414,383
1939
1936
$5,227,344
Calendar Years—
Gross sales
$5,868,707
Cash
admin., &c.,
5,121,764
Net profit
Other income
.Total
$141,319
103,457
2,124
6,045
Balance, deficit
Profit and loss surplus.
sur$29,693
721,335
293,300
_
Shs.cap.stk.out. (no par)
Earnings per share
293,600
$0.20
Investments
and
Accr. int.
special funds.._•
Prop, and equip.18,663,771
■ 293,192
a
1940
1939
$23,043
1937
$5,410
$57,658
Balance Sheet Dec. 31
Assets—
1939
1938
1939
MabilUies-
1938
Land, bldgs., and
a Capital stock.—$4,692,800 $4,697,600
equip., less depr.SI, 121,622 $1,219,827 Drafts payable—
20,000
10,000
Cash
744,196
832,539 Accounts payable.
300,178
195.647
Accts. receivable..
719,070
895,203 Accrued salaries,
Inventories
1,584,270
wages, &c
2,795
5,693
1,716,920
Adv.ontob. purch
for
Federal
970,027
549,660 Res.
Adv. to growers..
and State taxes.
11,628
17,973
58,490
22,352
Accrd. int. receiv.
323
323
Deferred charges..
40,574
67,535
753,811
550,542
Other assets
437,066
244,304
3,315,000
7,350,097
365,938
25,000
245,709
3,458,000
7,286,300
426,386
25,000
160,000
6,181,700
8,092,050
5,648,088
951,634
Deferred credits..
Res. for insurance.
Res.
contings.
for
Fed. income tax
5% pref.stock
Com. stk. ($25
Total
a
,
33,362,815 35,226,148
33,362,815 35,226,148
Total
After depreciation of $20,547,541 in 1939 and $19,718,969 in 1938.
b After reserve for
_
1938
$27,124
481,003
tax
come
5% sec. notes, 1950
25-yr. 5% bonds..
sin 74
After ail charges, including Federal taxes.
82,875
172,538
&c.
Res. for Federal in¬
308,826
57,962
of $195,875 in
doubtful notes and accounts
$292,002 in 1938—V.
1939 and
150, p. 3198, 3044.
part payment of dividend.
x
bonds
on
prop.,
1,525,266
1,950,000
86,450
655,766
160,000
5,822,900
par) 8,450,850
Capital surplus... 5,865,247
Deficit
1,796,950
Deferred charges..
$100,416
859,290
301,400
.
SMos. End. Mar. Zl—
Net loss.
1,401,589 Accrued
taxes
19,108,112
1,432,657
Other assets..
x Excludes
bonds of Porto Rican
dividends paid of $279,295 in 6
American Tobacco Co.
137,303 in 1935) profit
y Includes $122,806
i
on Porto Rican
American Tobacco Co. bonds which were distributed in
x
Acer. int. on notes
$223,089
x323,505
$192,019
656,814
296,200
$0.35
sur$58,142
686,552
$0.10
$443,239
88,317
94,627
37,206
$104,581
296,600
Cash dividends.
y219,699
$220,161
91,719
9,280
14,581
$58,142
$29,693
....
45,523
$164,442
95,606
5,812
4,881
$223,540
$
payable
& accr. payrolls. 1,574,013
Notes pay .to banks 1,250,000
1,649,334
5,019,784
7,738,504
Inventories...... 5,859,019
5,645,167
$174,638
$121,017
43,425
$105,580
35,739
Deprec. & amortization.
Deductions from income
Prov. for Fed., &c., tax-
5,239,745
4,968,795
1938
Mobilities—
Accounts
1,554,525
b Notes
&acct8.rec 5,501,689
expenses
Net income
$
hand and
in banks
counts, &c., cost, sell¬
gen.
on
1939
1938
$
\ Assets—
Returns, allowances, dis¬
ing,
3657
Continental Roll & Steel Foundry Co.—Plan Operative
Company's plan and agreement for reorganization and recapitalization,
dated Oct. 6, 1939, was declared operative and ordered consummated by
the board of directors at a
special meeting held on May 31. On that date in
excess of $3,000,000 of bonds had been
deposited or pledged for exchange
under the plan, and assents and agreements to exchange had been received
from the holders of 27,961 shares of preferred and 150,976 shares of common
stock.
The right of other bondholders to exchange under the plan will
terminate at the close of business on June 15.
The new bonds and certificates for common stock to which security
holders are entitled under the plan will be available for delivery at any time
on and after June
15, 1940, upon surrender of certificates of deposit to
Continental Illinois National Bank & Trust Co., Chicago.—V. 150, p. 3198.
Res. for Social Se¬
22,226
219,212
21,465
222,182
721,335
curity taxes
Capital surplus
Years End. Dec. 31—
Gross profit from sales..
trade
Earned surplus
Sell.,
Total
$5,992,384 $5,854,902
Represented by 293,300
a
no par
1939
1937
1936
$1,646,032
841,626
$1,134,456
506,972
$803,653
26,753
$804,406
Dr55,782
$627,483
12,542
$830,406
$748,624
$640,026
282,932
182,920
129,577
xl37,900
1,215
$934,348
$647,486
$619,046
$500,911
381,778
300,919
342,805
235,465
214,256
$5,992,384 $5,854,902
Total
1938
4,686
& admin, exp.
gen.
$1,646,937
843,283
$1,212,595
686,552
$2,316,638
1,104,043
$1,217,281
Goodwill &
214,241
Other income (net)
shares in 1939 and 293,600 no-par shares
1938.
n
May Sell Assets—
Stockholders
Prov.
special meeting on June 15 will consider and vote upon
a proposition to sell
substantially all of the assets of the company to Con¬
solidated Cigar Corp.—V. 150, P. 3353.
y
&
State
Adjustments
Net income
5% cumulative preferred stock ($100 par) will be stricken from list¬
Exchange Commission.—V.
certificates
In
ing and registration on the New York Stock Exchange July 3.
Applica¬
tion of the Exchange to strike the above issue from
listing and registration
has been granted by the Securities and
of
in¬
debtedness
150,
$552,569
638,257
51,147
$346,567
291,691
$61,985
229,705
$51,205
178,500
$1,241,975
$638,258
$291,691
$229,705
Surplus for the year..
Earned surplus Jan. 1
Prior year adjustment..
3044.
p.
Fed.
Divs. declared & paid—
in cash
Connecticut Ry. & Lighting Co.—Delisting—
The
for
income taxes
at a
Consolidated Film Industries, Inc, (& Subs.) —Earns•
Calendar Years—
1936""
1939
1938
1937
$7,409,452
6,477,875
$8,799,876
7,993,100
$9,635,961
8,723,117
$9,496,488
8,269,550
$931,577
191,797
$806,776
300,954
$912,844
322,761
1,226,938
324,608
$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
xl 1.3,000
28,820
37,050
1,551,546
266,675
155,847
140,000
23,974
Balance for stock
Divs. on cum. participat¬
$628,297
$616,697
$605,756
$919,516
ing preferred stock.__
on 524,973
shs. com. stk. (par $1)
400,000
400,000
200,000
700,000
Sales (net)
Cost of sales &exps.
Net
Other
income
oper.
income
Total
Depreciation
Prov. for doubtful accts.
Federal taxes
Interest
Other
deductions
45,535
x Including
$4,750 Federal surtax on undistributed profits,
y Of de¬
preciation, amortization and other items applicable to prior years (net).
Note—Provision of $131,155 in 1939, $102,112 in 1938, $87,063 in 1937,
and $77,907 in 1936 for depreciation on cost of property has been made in
arriving at net income for the year in the above statement.
Provision for
depreciation has been charged to surplus from appreciation.
Balance Sheet Dec. 31
1939
.
Inventories
Nil
Nil
$0.23
87,872
40,833
3,558,332
.
Miscellaneous assets.
?atents
Property
52.7(0
Processes and trademark.
Nil
$810,319
4,481
xl,222,339
1,920,789
101,895
21,141
44,668
1,683,710
2,226,164
Marketable securities, less reserve
Accounts receivable.
Other receivables
Earns, per sh.
1938
$3,005,330
Assets—
Cash....
2,073,037
53,324
175,055
—
120.365
84,670
.$10,819,975
$6,467,051
Deferred charges
Includes surtaxes.
x
Total.
Comparative Consolidated Balance Sheet Dec. 31
1939
Assets—
.
Cash..
1939
v.
368,908
Notes payable
59,203
$
Accts.
Notes and accts.
rec.
real
4,255,186
393,360
1,000,000
1,000.000
sec'd by
est.
of
life
insurance
139,855
902,100
b Property & plant
3,892,578
Prints & negatives
233,347
Deferred charges..
123,423
1
Goodwill, &c
Miscell, securities,
Total
Surplus
6,000,000
524,973
101,781
Earned surplus
3,812,496
3,584,199
Deferred income..
35,046
217,724
c
mtge..
value
15-year 4^% 1st mtge. bonds (curr.)
15-year 4j^% 1st mtge. bonds (non-curr.)
Certificates of indebtedness
127,800
—
Preferred stock.,
d Common stock..
vvM,-
1
12,264,529 11,468,532
m
1938.
c
Represented by 400,000
no par
shares,
1938.
$1,143 d Represented bv
z2,158,570
2,241,210
1,989,173
$6,467,051
...
......
.
Includes notes receivable,
Cord
Total
y
$1,659 846 in 1938.
.
.. ...
After reserve for depreciation of $981,942
z Par $10.
Corp.—$500,000 Sought in Action—
A suit seeking
in company
the recovery of $500,000 and an accounting of $10,000,000
funds
was
filed in the Superior Court at Los Angeles, June 1,
E. L. Cord, President of the company, and its
by Lynder L. Young against
officers and directors.
shares of $1 par value.—V. 150, p. 3353.
56,584
137,142
2,500,000
2,158,570
pref. stock $50 par..
conv.
Common stock (par $5)
in 1939 and
12,264,529 11,458,532
......
246,151
3,900
$10,819,975
Cumulative
x
332,918
497,121
Total
64,176
$1,350,000
329,755
100,000
1,900,000
Wokmen's compensation fund reserve
Reserves for sales adjustments
902,100
4,054.362
233,436
a
After deducting reserves of $134,815 in 1939 and $123,601 in
b After deducting reserve for
depreciation of $1,595,206 in 1939 and
041
Payables and commitments
Accrued liabilities.
387,991
111,759
11,590
191,268
6,000.000
524,973
101,781
117,563
Taxes
$583,705
702,227
362,297
vouchers
Capital surplus
5,168,609
313,878
......
Liabilities—
Notes payable
Accounts payable
544,971
Accruals
accept's receiv..
Inventories
Note
$
1,092,649
payable
receiv. and trade
Cash
&
1938
ft
Mobilities—
Interest receivable
a
1938
$
461,898
28,841
-
Mr. Young charges
.
that the defendants conspired between 1929 and 1937
defraud stockholders "to a sum in excess of $10,000,000," through a
series of stock transactions.
His complaint alleges that a considerable
to
Consolidated Retail Stores, Inc.—Sales—
Period End. May 31—
1940—Month—1939
$797,977
$796,001
—V. Io0, p.3044.
1940—5 Mos.—1939
$3,958,538
$3,802,285
j
Consolidation Coal Co., Inc. (&
Years Ended Dec. 31—
1939
b Sales of coal to public_$25,117,323
Subs.)—Earnings—
1938
1937
$25,726,517 $32,142,091
103,489
123,112
156,999
3,121,454
3,035,648
3,395,136
Goal royalties
Other sources
portion of the profits of the stock transactions were turned over fraudulently
to relatives and defendants.
In addition to Mr. Cord, the defendants named are L. B. Manning,
Vice-President; R.
8. Pruitt, Secretary, and Tom M. Girdler, Henry
Lockhart Jr. and Victor Emanuel, directors.—V. 146, P. 1237.
(Wm.) Cramp & Sons Ship & Engine Building Co.—
1936
$30,276,957
Balance Sheet Dec. 31—
218 013
3.213 J94
^
Total
Oper.
exps., taxes, insur-
ance
$28,342,266 $28,885,278 $35,694,226 $33,708,165
and royalties
$268
1,332
x
17,116
16,913
231,768
219,599
28,112,228
33,712,093
Notes
31,828,295
Earns .from operations
■
./
.
on
on
$773,050
45,552
$1,982,134
55,274
$1,879,870
$823,252
356,059
$818,602
364,315
$2,037,408
390,113
$1,923,937
182,073
967,772
164,964
195,231
1,027,738
145,935
189,651
1,041,763
194,685
197.287
1,057,604
195,055
5% bonds
5% secured notes
and loans
Depreciation
Depletion
12,530
131,673
al30,082
$927,147 prof $89,524
$73,280
Prov. for Fed. income &
excess
profits taxes
Deficit.............
a
44,068
.
Total income
Int.
Int.
$746,745
76,507
125,000
125,000
Ground rents
7,578,548
24,682
7,578,548
24,580
.—.$7,977,741
$7,966,241
16,298
$863,915
417,190
ties, &c
1,457,500
6,182,563
4,032
Reserves
24,272
24,272
Capital stock...-.15,232,500 15,232,500
Deficit16,835,169 16,458,469
-
Total
x
Includes
-V.
1,203,391
52
accrued interest,
149, p. 2365; V. 148, p.
Crescent Public
y
Total
1,517,500
6,367,483
(est.)
4,034
........
$7,977,741 $7,966,241
After deducting deprec,
of $1,818,811.
3372.
Service Co.—Interest—Earnings-
months ended April 1, 1940, was paid June 1,
6% income bonds, series B. Applicable earnings com¬
Interest of 3% for the six
Including approximately $2,000 in respect to surtaxes of subsidiary
b Including coal produced and purchased, transportation to
(less allowances, &c.)
companies,
distribution points, See.
y Flxe.d assets
Deferred assets—
$1,011
319,441
1,312,137
Notes payable
Rents rec. in adv.
Gen. mtge. 6s held
in treasury
$1,571
353,362
Accounts payable.
Prop, taxes, penal¬
receivable
Proceeds of sale of
assets
Divs. and sundry net inc
1938
Notes payable....
Past due obliga'ns.
receivable..
(not current)...
27,595,521
1939
1938
151
Cash in banks
Accts.
Liabilities
1939
$474
Assets—
on
the collateral trust
puted in accordance with the formula set forth in the trust indenture securing
the bonds exceeded the 3% and, therefore, this payment is at the maximum
rate.
•>:!'
IV
■■
•.
■-
:
The Commercial & Financial Chronicle
3658
Comparative Balance Sheet Dec,
Consolidated results, as shown by the books of account of the company
subsidiaries, for the four months ended April 30, 1940, which are
1939
79,307,
of 1939.
Consolidated gross income of the company and its subsidiaries, before
provision for renewals, replacements and retirements, fixed charges, &c.,
for the four months' period amounted to $339,381, an increase of $34,508,
or 11.3%, compared with the corresponding results of 1939.
After deducting
all charges of subsidiaries, consolidated net income for the four months'
period, applicable to Crescent Public Service Co., amounted to $145,026,
an increase of $42,996 or 42.1% over the corresponding results for 1939.
As of April 30, 1940, the subsidiaries served 29,071 electric customers,
and 5,521 natural gas customers, representing a total Increase of 986 as
compart with April 30, 1939.-—V, 150, p. 2875.
1 ,,
,
2,000,000
Deferred shares— 3,181,973
Interests, estates
424,370
465,314
Prern. on shares..
167,173
1,510,250
202,582
1,510,250
Diam .sales in adv.
4,364
to
1
stores.
cos.,
retired empl's
Res. for
1
authorized
mach. &
exp. on
invest. In diamond
plant.—......-
DiaLtd.,
4,850,181
4,473,631
& kindred int...
Credit balances
Debtor for Diam'd
687,500
35,547
2,625,335
Current assets
1,604,336
Diamonds on hand
1 1
469,556
Ltd., shares
transf. from
1,000,000
1.000,000
account
773,597
762,352
Vendors
liabilities.
of
The
Diamond Corp.,
Bal.
approp.
12,803,051 12,938,926
Total
12,803,051 12,938,926
Total
being underwritten by
131,248
216,106
—
74L779
Current
—
35,689
2,906,162
1,768,354
1
Investments
President of the company.
The plan in general, which
includes accident and health coverage, is
the Metropolitan Life Insurance Co. on a coopera¬
the employees contribute fixed amounts and the employer
bears the balance of the entire net cost.
With the additional insurance of $500 which each employee receives,
general workers are now covered for $1,500 life insurance, while male
employees in that classification also receive benefits of $12 a week in case
of sickness or non-occupational injury and female employees $7.50 a week.
Also included in the group program is visiting nurse care and the dis¬
tribution of pamphlets on health conservation and disease prevention.
2,999.545
Res. for allowances
bldgs. &
Livestock
increased at its own expense the group life insurance of
approximately 250 men and women in its employ, bringing the total in
force on company employees from about $260,000 to more than $400,000.
Announcement of the additional insurance was made by E. E. Grant,
general._ 2,999,545
Reserve,
3,378,538
3,376,700
and farms.
Corp. shs. sold-
Crystal Tissue Co.—Insurance Increased—•
Company has
2,000,000
3,181,973
Preference shares.
Mach., permanent
min.
£
£
Liabilities—
Claims, other min.
m'd Corp.,
1938
1939
£
Assets—
works,
31
1938
£
and its
subject to audit, show operating revenue of $937,731, an increase of
or 8.87%, compared with the results for the corresponding period
June 8, 1940
-V. 149, p. 725.
tive basis whereby
—V. 150. p. 2721.
Cudahy Packing Co.—Transfer Agent—
Company has notified the New York Stock Exchange that the common
stock of the corporation will be transferred at the office of the Continental
Illinois National Bank & Trust Co. of Chicago instead of the company's
1940.—V. 150, P. 1597.
office, effective June 3,
Curtis Publishing
Co.—Vote for Reorganization Plan—
stockholders are voting overwhelmingly
in favor of recently proposed recapitalization plan.
A letter sent to stockholders informed them that the vote is running 95%
or more in favor of the plan from both classes of present stockholders and
that in spite of war distractions the results to date have been "very
gratifying."
The company said that the response has been extremely favorable from
both large and small stockholders and especially from insurance companies,
trust companies and other institutional holders of Curtis stock.
Twenty full business days remain before the scheduled special meeting
of stockholders in Philadelphia to vote on the amendments.
Company
officials pointed out that consent of two-thirds of the holders of the pre¬
ferred and a majority of the common is required to make the proposal
It was announced on June 3 that
effective.
Under the plan present owners
to
ization committee's plan.
amendment which altered its plan by allocating 75% of the
common stock of the reorganized company to the debtor's present note¬
holders (in addition to $5,500,000 of new notes), and 25% of the common
stock to the preferred stockholders, in lieu of the previous distribution of
80% and 20%, respectively.
On the same day the amendment, m which
independent preferred stockholders' committee has concurred, was
the
Exchange Commission in its supplemental report states;
"In our view the difference between the allocation of
1940—Month—'1939
1940—12 Mos.—1939
Direct taxes
Prop, retire, res. approp.
Net oper. revenues
$514,655
199,548
87,505
4,701
$7,037,719
2,594,958
1,209,852
524,104
$6,709,618
2,553,606
1,127,048
380,916
•$227,804
Operating revenues
Operating expenses
$222,901
$2,708,805
$2,648,048
$228,124
Gross income
Int.
on mortgage bonds_
Other int. & deductions.
246
341
320
$222,901
46,667
a36,668
46,667
a42,387
560.000
b485,l 11
Detroit-Michigan Stove Co.—Earnings—
1940—3 Mos.—1939
1940—9 Mos.—1939
$89,336
$38,795
$130,188 loss$33,389
Earns, per share
$0.16
SO.05
$0.20
Nil
After depreciation, interest, Federal income taxes, &c.
y On 458,742
Period End. April 30—
y
x
$133,847
Dividends applicable to pref. stocks for period
$1,618,064
507,386
$1,603,183
507,386
$1,110,678
$144,789
income
150, p. 2722.
shares of common stock.—V.
235,389
61,020
$529,661
$502,523
450,000
350,000
450,000
350,000
350,000
$286,180
700,000
$270,339
$267,922
700,000
$297,477
700,000
$0.44
$0.39
$0.44
1936.
350,000
share
per
„
accrued
Includes $225,000
—V. 150, p. 1597.
$1,095,797
263,102
59,964
450,000
.
.stk .out. (no par)
.com
$897,142
29£'£52
67,012
$798,933
$0.41
—
Deficit
Shs
■,»
.1937
1938
.
319,503
55,510
Common dividends
Earnings
1939
$852,727
$513,820
dividends.
Preferred
Subs.)—Earnings—
1940
$888,833 ft
Quar. End. Mar. 31—
Operating income
Federal taxes, &c
Depreciation
x
Net
value,
par
Net profit
x
$2,648,294
$2,709,146
500,000
b531,082
of accumu¬
15.—V. 150, p. 3355.
payable Aug. 1 to holders of record July
Net profit
Other income
Co.—Accumulated Dividend—
Derby Oil & Refining
Directors have declared a dividend of $1 per 6hare on account
on
the $4 cumulative convertible preferred stock, no
lations
Diamond Match Co. (&
$550,207
218,407
94,731
9,265
stock under the
original plan and under the amendment is not a change which materially
affects the fairness of the reorganization committee's plan.
On the assump¬
tion made by the Court that the trustee's appraisal is a proper basis on
which to predicate a plan, the participation allotted to the debtor's note¬
holders does not appear to be less than compensatory treatment for their
claims, taking into account the various elements thereof discussed in our
prior report.
We therefore conclude that the recommendations expressed
in that report are equally applicable to the plan as amended."—V. 150,
p. 3355.
■
'
Light Co.—:Earnings—
Period End. Apr. 30—
The Securities and
supplemental report.
referred to the Commission for
declared operative,
Dallas Power &
and suggested further amendment of the reorgan¬
Thereafter, on May 20, the reorganization com¬
the value of the debtor
If the plan is
and debentures.
holders of present preferred would be entitled to ex¬
change each share for a $10 principal amount 15 year 3% debenture, one
share of a new $4 prior preferred on which $3 annual dividend would be
cumulative and $1 paid if earned and two and a half shares of common.
Under the plan there will be no change in the terms of the common.—
V. 150, P. 3199.
plans held on May 8. 1940, the Court
trustee's appraisal as a basis for determining
hearing on the proposed
mittee filed an
of preferred will be offered an opportunity
exchange for new preferred, common
Plan
Corp.—SEC Approved Amendment to
Deep Rock Oil
At a
indicated acceptance of the
on
$532,078
450,000
'
preferred stock payable Sept. 1,
°2a°99
Diamond T Motor Car Co*' —Annual Report—
Balance
;
amortize nreferred stock
commission and expense over the life of the charter plus additional amorti¬
zation of $34,064 in 1940; also includes in April. 1939, amount required to
amortize debt discount and expense over the life of the outstanding debt
plus additional amortization of $37,000.
b Includes for both periods amount required to amortize preferred stock
commission and expense over the life of the charter plus additional amor¬
tization of $264,592 in 1940; also includes amount required to amortize
debt discount and expense over the life of the outstanding debt, plus
additional amortization of $217,472 and $420,000 for the 12 month periods
ended April 30,1940 and April 30,1939, respectively.—V. 150, p. 3199.
Includes for both periods amount required to
a
Gross sales.
z
—
Cost of sales
profit
$2,175,673
$1,487,359
on
$993,445
$1,799,166
7,954
Gross profit
Gross
1936
1938
1937
£8,597,531 $13,405,822 $14,435,591
12,259.919
7,604,086
11,60 ,656
1939
—$10,340,677
8,853,318
Calendar Years—
6,943
9,661
8.436
$1,808,827
$2,184,108
sales of
used trucks
,
Dallas
Ry. & Terminal Co.—Earnings—
Period End.
April 30—
1940—Month—1939
$262,476
178,654
$3,113,152
2,174,345
16,564
25,849
208,315
228,379
$3,074,709
2,138,881
190,351
252,970
$42,210
15,505
$41,409
15,505
$502,113
186,063
$26,705
$316,050
14,667
$306,444
958
$25,904
1,375
$27,663
23,515
1,961
$27,279
23,515
1,959
$330,717
$327,000
282,180
$2,187
$1,805
$23,736
Divs. applic. to pref. stock for the period._____
103,901
expenses
_____
Prop, retire,
res. approp.
notes
_
34,958
48,290
1,316,884
1,205,294
$345,682
20,655
loss$10,118
15,034
$491,943
28,530
$870,120
43.756
$366,337
706
$4,916
3,277
$520,473
1,889
$913,876
6,990
64,238
486
75,523
138.097
3.617
and accounts.__
Balance:
Other income
Total income
Other deductions
■
Operating income
Prov.
20,556
Fed.
for
excess
and
inc.
profits taxes.
Prov. for Fed. surtax
Gross income
Int.
on
mtge. bonds
Other deductions.
282,180
24,801
undistributed
25,304
Net
x
Net income
a
Balance, deficit
$19,516
103,901
$84,385
$80,165
Dividends
accumulated and unpaid to April 30, 1940, amounted to
Latest dividend amounting to $1.75 a share on 7% preferred
stock was paid on Nov. 1, 1933.
Dividends on this stock are cumulative.
—V. 150, p. 3045.
a
Years End. Dec. 31—
Mines, Ltd.- ■Earnings—
(diamonds unsold, &c)
1939
1938
Diamond acc't dur. year
Int. & divs. on inv., &c_
on inv. realized--
Profits
£732,764
656,473
954,209
1937
'
12,699
12", 225
£2,599,807
755,218
96,392
£2,355,671
Sundry receipts, &c
£1,329,346
2,536,603
843,923
84,865
13,600
1936
Mining expend., &c_
Int.on cap .of leased cos_
Def.
directors'
fees
888,926
96,393
£4,808,337
898,339
96,392
amounted to $59,522 in
Notes & accts.
Accts. rec.,
843,848
Inventories
416,773
12,260
Value of life insur_
Advs.
96,392
staff salaries
38,758
Prov. for taxation.
55,000
800,000
8.000
400,000
Def. div. account
220,000
2,000,000
860,842
Res. for authorized exp.
on
mach.
x
200,000
Deferred charges.
_
general
£762,352
reserve.
]
39,872
32,424
4,575
4,849
121,026
1,925
*
dep.
and credit bal.
Other accts. pay
242,061
Accrued items
4,940
Unearned interest.
$297,403
for truck guar¬
8,375
5,022
Com .stk. (par S2)_
842,518
26,467
Capital surplus.__
Earned surplus
1,185,839
842,518
1,185,839
1,170,176
1,251,322
4,961
anty expense
1,303,066
1,263,266
4,961
Patents and trade¬
__
.$4,249,240 $3,661,182
—V. 150, p.
initial quarterly dividend of 37
£1,329,346
Company reports bullion output
April and $601,338 in May, 1939.
the
$4,249,239 $3,661,182
Productions—Initial Preferred Dividend—
share
on
Total
2878.
Directors have declared an
£732,764
$617,993
____
2
150,205
Property, plant and
Dome
£773,597
Amount transferred from
Customers'
Res
148,534
2
23,340
xl ,598,517
gen. reserve
1,200,327
78,397
suppliers
(Walt) Disney
plant
Suspense profit acc't
(diamonds unsold).
20,932
1,852,986
82,764
investm't
Total
3,200,000
______
die costs
Security
marks
3,224
116,376
Approp. for
to
others
424,024
106,998
5,433
588,462
1938
Accts. pay.: Trade
creditors.
.securs.
1939
Liabilities-
1938
$401,102
rec.
2,242,803
504,547
Includes dividends of $211,656
1939 and $85,232 in 1938.
$275,934
(net)_
eouip. (net)
Expend, of farms, &c
General charges
Pref. div. account
___
—
Marketable
and
y416,257
y
_
Comparative Balance Sheet Dec. 31
1939
£54,842
£3,570,526
410,629
1, 1936.
$2 par stock,
z New trucks and service parts, less discounts, re¬
turns, allowances, Federal excise and State sales taxes,
a Depreciation
included in cost of sales and selling, general and administrative expenses
on
Total.
$720,759
ft::
6,852
on
customers
£762,352
1,065,362
753,827
5,567
$441,307
105,315
168,504
dividends
Preferred stock retired May
paid
Cash
Previous year's balance,
48,031
$1,154
$301,395
Assets—
De Beers Consolidated
1,755
Preferred dividends
x
$675,357.
on
profits.
income
Common
7,725
14,104
______
1,010*506
Other income
Net oper. revenues.__
Rent for lease of plant.
a-
1,149,631
Sell., gen. & adm. exps.
Provision for
doubtful
$492,507
186,063
revenues.
Direct taxes
— —
—
See
Depreciation:
—
Taxes (other than Fed¬
eral income)
Rents
1940—12 Mos.—1939
$269,002
183,678
17,595
25,519
Operating
Operating
$1,000,388
$1,495,313
Total
Maintenance and repairs
6% preferred stock, payable
cents per
July 1 to holders of record June 15.
Mines, Ltd.—Output—
in May at $661,091 against $661,058 in
Volume
Dominion Stores,
loss$19,658
9,996
Gross income
$41,505
17,231
$222,043
12,279
$98,676
23,771
def$9,663
60,581
Other income.
$58,736
151,018
1,440
50,803
4,586
$234,322
138,401
1,156
$122,447
137,867
1,000
47,283
;
* „
„
.
Directors' fees
1,620
46,667
6,677
Executive salaries
Leg&l fees
Prov.
36,943
792
1,225
$149,112 prof$46,736
$65,581
280,014
$0.16
280,014
in¬
municipal
come taxes
Federal income tax
Net loss
Shs.
stk outst'd'g.
com.
Earnings
$125,208
280,014
Nil
share
per
Light Corp 62,667,000
The above figures do not include
not
■:
280.014
Nil
Nil
%a
54,707,000
9.8
14.6
7,960,bOO
13,574,000
the
19.3
19.3
inputs of any companies
3506.
system
appearing in both periods.—V. 150,
p.
Durham Hosiery Mills—Earnings—
Calendar Years—
Net sales.
1939
Selling and administration
Depreciation
expenses..
1938
1937
$1,923,356
1,621,784
142,089
56,890
Cost of sales
$2,198,806
1,892,205
146,531
57,415
$2,930,871
2,457,955
"
186,198
79,775
$102,656
21,464
$206,943
9,589
$124,120
$216,531
2,866
17,265
20,634
5,591
$102,596
18,099
Other income.
$120,690
2,457
2,832
Interest
Other deductions
Inventory
Income tax
1
adjustment
4,134
9,750
11,888
•
mm
mm'mm
reserve
Includes Provincial income taxes.
a
Balance Sheet Dec
Assets—
5649,391
326,200
186,556
charges.
Capital assets....
1,751,495
1
Inventory
Deferred
1
Goodwill
Prov.
for taxes
Reserve
59,475
869,998
Dunhlll International,
40,000
40,000
3,100,340
38,632
fire losses
Assets—
$3,487,453 $3,946,207
Total
$1,862,129 $1,864,423
130,035
132,445
Notes receivable..
300
2,274
Inc. (& Subs.)—Annual Repor
Other receivables.
Cash
Real
1936
1937
$931,777
17,333
$888,271
23,526
$878,543
$949,110
$911,797
993,166
8,543
840,160
6,830
923,361
7,107
849,446
6,868
holds, &c
Prov. for Federal taxes.
10,833
35,881
9,793
1,901
64,662
y5,205
78,031
2,326
y
$24,876
$51,225
$6,228
prof$51,242
1939
Assets—
109,370
95,741
124,032
29,000
15,000
30,623
21,295
_
$2,754,838
Represented by 12,500
$2,689,542'
$2,754,838 $2,689,542
Total...
shares of class A and 59,324
3714.
no par
of class B stock.—V. 149, p.
shares
-11 Mos.End.
Ended-
Nov. 30, '37 Nov. 30, '36
$3,231,550 $10,758,117
$9,789,474
3,687,953
10.209,808
8,578,963
Nov. 30, '38
$1,196,749
1,177,923
Cost of sales, &c
no par
-Earnings-Years
Nov. 30, '39
Period—
Cash
_
_
-.
$193,111
$285,988
„
Accounts payable.
169,568
161,369
Accrued
Inventories
193,629
210,492
Reserve for taxes..
94,326
28,788
94,326
35,165
Capital surplus
6,387
16,999
Earned deficit
1
1
Investments
-_
—
Fixtures & equip. _
Deferred charges__
Goodwill
Total
y
$711,470)
$778,688
.........
charges._
Capital stock
x
Total
$778,688
Represented by 145,866 shares of $1 par.
shares at cost.—V. 149, p. 1620.
Du Pont Film Mfg.
12,303
2,416
1939
obsolescence
2,036,407
1,008,248
Z>r609,327
$711,470
$2,257,712
253,483
.
1938
*$1,742,766
222.42Q
3,517
1,893
$2,007,746
$1,522,239
357,472
262,673
ployees under bonus plan
Provision for Federal income tax.
,/:
$1,650,274
1,467,695
Net income
...
$1,259,566
908,130
$2,167,696
700,000
$1,717,969
Surplus at end of year—...
$1,467,696
carried in reserve for contingencies at Dec. 31, 1937,
1938.
Cash
$298,066
$389,155
743,379
.....
524,541
at
c
Accts.pay.
1939
trade
1,238,993
1,093,775
6,835
bonus plan
149,575
obsolescence
58,203
Res. for pensions.,
128,805
95,923
e
Plants & properties
5,301,636
4,992,248
529
for
Surplus
1,467,696
1,855,222
167,299
521
40,328
.
$7,813,784 $7,201,529
Less
Common stock..
3,000,000
1,717,969
66,423
stock.
30,960
121,841
2,052,853
195,297
3,000,000
...
insurance cost..
Deferred charges..
Total
doubtful accounts and
$7,813,784 $7,201,529
$218,293 in 1939 and
$213,247 in 1938.
b E. I. du Pont de Nemours & Co. acquired for awards
to employees under bonus plan (808 shares (733 in 1938) at cost),
c In¬
cluding accounts payable to E. I. du Pont de Nemours & Co. and its whollyowned subsidiary companies,
$78,128 ($97,752 in 1938).
d Including
provision for Federal and other taxes, $411,111 ($311,324 in 1938). e 10,000
shares (no par) authorized, issued and outstanding.—V. 150, p. 3046.
reserve
Eastern
notes,
Steamship Lines, Inc. (& Subs.)—Earnings—
Period End. Apr. 30—•
Operating revenue
Operating expense
1940—Month—1939
$630,445
$732,559
728,622
737,841
,177
2,135
53,100
$149,142
1940—4 Mos.—193
$2,584,735
$2,528,685
2,944,191
2,698,958
$5,282
Operating loss.
Other income
Other expense—
$170,273
52,845
$359,456
8,792
213,109
$57,238
$563,773
$386,061
889
3,601
219,389
Note—The above statement covers operations after depreciation, interest
rentals and local taxes, but before Federal income tax, capital stock tax*
capital
No
gains
or
losses and
other non-operating
adjustments.
Directors at their meeting held June 3 took no action
the
on
payment of the
$2 convertible preferred stock due on July 1. Regular
quarterly dividend of 50 cents was paid on April 1, last.—V. 150, p. 3046.
on
no par
Ebasco Services
For the
Inc.—Weekly Output —
week ended May
30,
1940 the kilowatt-hour system input of
which are subsidiaries of American Power & Light
Power & Light Corp. and National Power & Light Co
as
the operating companies
Co., Electric
compared with the corresponding week during 1939,
pf $775,097
16,380
34,822
—
—
—
—
16,044
23,500
and financial
charges
Other charges
370,265
20,120
228,843
c398,402
61,765
c,3,768
'al3,024
144,767
33,592
1,936
22,029
"
•
,"•■'•i'm
-
m
—
24,165
24,165
24,153
$172,971
$142,260
35,658
pf$521,570
106,057
$1,373,408
564,236
$66,914
63,336
$809,171
144,546
$106,602
pf$532,966
532,924
eCr45,189
Drl34,987
$953,717
$639,582 sur$443,168
Special credits
Loss.
Special charges
Ih-56
10,500
d Prov. for inc. taxes.
Deficit
$140,750
was as follows*
11.395
a Taxes, repairs, alterations, &c. on leasehold situated in foreign country,
Provision for losses on advances on merchandise, doubtful notes, account,
recoveries, d Of subsidiary companies, e Net profit of
subsidiaries $37,019, and dividend declared on investments
and bad debts, less
wholly owned
$8,170
'•
Consolidated Balance Sheet Nov. 30
Assets—
1939
<
Cash........
$29,447
^...
Cash held to secure collection of notes and acc'ts
and acceptances
15,142
74,417
*
—
Notes, trade accepts. & acc'ts rec., less reserve
Surrender value of life insurance policies
281
66,497
3,151
Merchandise inventories.
participation in joint ventures—
Advances on consigned goods
Advances for purchase of merchandise
—
Advances on and
8,627
...
Land, bldgs. & eqpt. at cost, less res.
Deferred charges
Company's own stock deposited in escrow
Assets in foreign
309,613
7,823
for deprec'n..
,—. —
...
;——
152,816
—
2,437,040
countries
Total.......
.$3,104,855•
Liabilities—
payable to banks —
--- - - Notes payable (bank)
$397,364
Notes payable (others)........
.......—238,799
Due to factors...-----Accounts payable..............■*».............
llo,7po
Loans and accounts payable—.—
. _ - - -Accrued interest, taxes and other expense
35,932
Due to officers
3,729
Due stockholder.
Due to affiliated company
§8,927
Loans
Mortgages payable
53,799
-
Reserves
31,854
681
—--
Deferred income
b Capital stock
Capital surplus. .........
Operating deficit. .. . . .....
b
...
.r
Represented by 398,364 no-par shares in
1938.—V. 150, p. 3046.
1'091i823
2,163,859
2,018,679
1939
and
397,635 no-par
shares in
El Paso Electric Co.
(Del.) (& Subs.)—Earnings-
Earnings of El Paso Electric Co.
Period End. Apr. 30—
Operating revenues
Operation
1940—Month—1939
394,469
$828,867
Dr30.782
$877,427
437,298
$798,085
36,214
$27,300
$440,129
$361,595
103,436
103,457
14,930
30,913
34,448
Net oper. revenues—
$61,920
$62,204
(net)—..
1,352
1,309
$63,271
36,250
$63,514
(public)..
$27,021
Depreciation
Taxes
Other income
Balance
Int. & amort,
Balance
Interest
Co.,
—
(El Paso Elec.
Del.)
$27,021
Preferred dividend requirements (public)
Balance
Balance applic. to
1940—12 Mos.—1939
$862,035
15,393
$242,007
.
(Texas)
$2,919,870
1,177,770
203,378
345,532
364,323
$245,641
15,688
30,823
29,834
Preferred Dividend—
dividend
pf$311,822
'mm
J.-.-. :•
Maintenance
Deficit.
$719,083
1,330
1,584
■
Investment in affiliated company
Res. for deprec. &
Deps. with mutual
Total
391,666
employees under
4,993
advances, &c—
—._
$197,805
511,788
Prov. for awards to
or
below cost.....
Patents...
H
$186,302
& accrd. liabils.
Miscell. accts. rec.,
b Common
1938
d Misc. accts. pay.
receivable
Inventories
Liabilities—
1938
Accts. and notes
Other int.
Other investments
Balance Sheet Dec. 31
1939
$70,249
_
Prov. for bad accounts._
c
$3,117,969
1,400,000
Assets—
pf$658,473
116,624
Total loss
Bond disc't & expense.
Int. on debentures
$1,520,346
Divs. received on common stock of E. I. du Pont
de Nemours & Co. acquired for awards to em¬
Includes $78,587
$42,650
354,472
Loss from operations.
3-2,004,229
restored to income account in
$872,072
152,989
Depreciation....^.....
_
Surpius at beginning of year
$1,210,511
552,038
$159,047
88,798
Loss
Other income
145,866
Represented by 16,545
y
v'
Income from operations
Provision for depreciation and
$132,052
-Income Statement
Corp.
31—
Years Ended Dec.
$142,237
11,709
9,793
145,866
2,036,407
957,998
Cap. stk. purch. Dr609,327
x
$548,309
590,959
Expense
1938
1939
Liabilities—
1938
$18,827 loss$456,403
177,873
415,669
Gross profit......
31
Accts. & notes rec.
a
149,906
Including $3,707 provisions for Federal surtax on undistributed profits.
Consolidated Balance Sheet Dec.
*
20,424
3,001
Deprec. reserve
Eitingon Schild Co., Inc.-
_
loss
3,001
Earned surplus
Sales
Net
50,684
10,150
notes
Total
x
21,866
expenses.
6,237
receivable
Deferred charges.
Cost
of sales,
admin.,
selling & gen. expenses
Depreciation__
Loss on operating lease¬
estate
$2,182,550 $2,182,550
77,995
113,108
200,000
100,000
Contingent reserve
Accrued
in
escrow.........
$870,860
7,683
1938
deposit
Common stock..
Notes payable
Accounts payable.
277,455
347,995
1,493
x
1,499
270,999
451,176
Inventories
$1,073,578
Total income
1938
6% pref. stock
ma¬
Accts. receivable..
(no par).—V. 149, p. 4173.
1939
$1,061,040
12,538
Other income.
1939
Liabilities—
1938
1939
Land, bldgs.,
chinery, &c
Consolidated Income Account for Calendar Years
Total sales
$137,438
Balance Sheet Dec. 31
for future
Capital stock
3,100,340
Profit & loss deficit
150,641
x
$3,487,453 $3,946,207
Represented by 280,014 shares
x
$132
Before deducting income tax reserves of $10,854.
x
Cash
Total
$170,176
32,738
def$15,552
Balance, surplus
$819,172
25,326
$456,044
41,710
charges
511,700
241,560
x$98,346
98,214
Preferred dividends.
1938
1939
Accts. pay. & accr.
$511,977
1,377,470
47,040
900,794
Call loans
Accts. receivable..
130,953
$115,401
31
Liabilities—
1938
1939
Cash
a
Amount
10,92u,u00
70,355,000
Nat. Powr. & Light Co. 83,929,000
653
795
a9,500
1
for
Elec. Pwr. &
1937
1936
$19,838,338 $19,434,840
19,616,294
19,336,164
1938
1939
$19,909,040 $18,810,620
19,928,698
18,769,115
Cost of sales.
Increase
Operating Subs, of—
1940
1939
American Power & Light 122,319,000 111,399,000
ago.—V. 150, p. 2722.
Ltd.—Annual Report—
Calendar Years—
Sales
3659
$3,314,284 compared
For first five months 1940 bullion output totaled
with $3,024,193 in the same period a year
Depreciation.
Commercial & Financial Chronicle
The
150
$3,001,219
1,204,505
170,448
369,763
436,490
2,083
20,555
25,000
$25,217
$419,574
46,710
46,710
$372,864
$289,885
El Paso Elec. Co. (Del.)
.
1940
April 30—
El Paso Electric Co. (Texas)
Earnings of
Note interest deducted from above
*****.»a„**
stock and surplus
$459,343
$365,117
182,972
$182,145
.
143,753
119,503
52.163
46,231
69,040
Operation*
39,519
824,741
$190,851
$2,515,274
Depreciation
_.*
Net oper. revenues..
$226,093
_
66,886
62,412
$115,057
59,287
3,015
$262,313
61,465
15,545
x$ 175,778
x$299,269
$52,754
$185,302
196,617
$2,744,097
17,392
$2,515,274
11,421
Gross income.-----
$220,320
29,579
$191,877
27,785
$2,761,489
350,436
$2,526,696
373,054
8,374
23,511
xCrl 19,088
_
_
.
.......
x
698;
count and expense
1,021
519
b MisceJl. inc. deduc'ns-
Pfd. stk. div, requirem'ts
103,579
for
$0.37
1938
Capital stock.*.$2,497,715 $2,497,715
153,942
&c—
296,591
Res. for conting..
120,000
22,601
10,161
Marketable secur.
8,725
247,417
1,443,310
41,090
Accrued
166,675
1,366,256
Accts. pay.,
insurance
40,319
Inventories
......
54,815
80,120
567,656
& local taxes, &c
Surplus
856,727
Cash surrend'r val.
lnsur'ce
z
policy.,
Fed. Mot. Truck
37,000
36,000
260,226
259,754
80,344
Co. capital stock
Other assets
93,325
charges.
common
dividends
$2,145,040
$2,298,079
$154,762
$180,893
& surplus
Earns, per share on 601 ,~
594 shs. of com. stock
($3 par)...
a
523,631
331,204
Cash
Deferred
Balance
491,543
y
equip.$1,092,420 $1,110,023
Notes & accts. rec.
$2,249,219
103,579
$2,401,658
$163,394
8.632
$189,525
8,632
Net income..
def$ll,315
,
1939
LiabUities-
1938
1939
Land, buildings,
mach'y &
Amortization of debt dis¬
698
Nil
Nil
Loss or deficit.
A QQpf
$190,851
1,026
Interest....
53,285
Consolidated Balance Sheet Dec. 31
Dr425
$220,745
......—
$3,600
491,543
$0.11
x$299,269
499,543
x$l75,778
499.543
Surplus
Shs. of cap. stk. outst'g.
Earnings per share
x
Other income........
Balance....
42,545v
49,154
10,994
5*348
**
x$236,857
Net profit
Exploration and devel¬
opment costs
39,295
x$108,892
Dividends
(includes Federal
income tax
income.14,764
Income tax
481,118
$2,755,091
.I'M 1
19,612
Maintenance.
^
J20S.027
Depreciation
$5,133,172
1,454,596
98,523
583,660
i
1936
$72,512
Total income
1940—12 Mas.—1939
$6,173,905
1,805,344
109,413
679,315
„
Sub ^—Earnings-
*$276,152
x$123,656
Operating profit--
(Del.) (& Subs.)—Earnings-
1940—Month—1939
$501,661
$403,966
a
Consolidated Income Account for Calendar Years
1939
1938
1937
Other
Period End. Apr. 30—
Operating revenues-, a-..
to
Federal Motor Truck Co. (&
3046.
150. P.
El Paso Natural Gas Co.
a
$400,705
35,589
$276,371
—
—.
Balance
-.*.«.)»
**.._*.
Preferred dividend requirements
addition
15
******
182.972
Expenses, taxes and interest-
Balance for common
85,805
$490,860
31.517
——
declared a special dividend of $1.75 per share in
quarterly dividend of 25 cents per share on the common
stock, both payable July 1 to holders of record June 17.
Dividend of $1
was paid on April 15 last, and on Dec. 23, 1939, and a dividend of 25 cents
was paid on Dec. 28, 1938.—V. 150, p. 3507.
Directors on June 5
;*...-.-*
Total.
of not more than
Traction Co,—Special Dividend—
Federal Light &
25,000
97,440
—
Miscellaneous revenue
Taxes
.—
earnings------
applicable to El Paso
Earnings of other sub. cos.
Electric Co. (Del.)-,
1939
$289,885
$372,864
20,556
June 8, 1940
Reserve Insurance Co., by a contrioution to surplus
$1,000.000.—V. 142, P. 1816.
((Del.)
12 Months Ended
-V.
Chronicle
The Commercial & Financial
3660
in 1939.
pv i^r:$3,57.
$3.82
$0.26
$0 30
—
b Non-recurring income and
Franklin Simon & Co.,
expense, and donations (carried in operating exponses in 1939), are charged
to miscellaneous income deductions in 1940.
x Federal income tax accrual
in Dec., 1938, was reduced by $124,768 due to
debt expense and premium on funded debt
y Represented by 49C.543 no par shares,
shares.—V. 149, P. 1760.
After depreciation,
x
Carried in operating expenses
$3,464,683 $3,683,199
Total
$3,464,683 $3,683,199
Total
sented by 8,000
z
Repre¬
Inc. (& Subs.)- -Annual Report
1937
1940
1939
$7,961,532 x$7,662,433
the write-off of unamortized
y
retired by refinancing con¬
$9,773,810
7,984,718
8,750,751
10,012,284
$81,716
132,031
$322,286
$238,474
140.745
$68,082
135,244
$213,747
28.083
$463,031
$203,325
27,619
45,273
$364,265
55,903
$185,664
Sales
193
x$8,682,669
8,043,247
Years Ended Jan. 31—
$435,412
$158,052
$308,362
Cost of sales and selling
Dec. 15, 1938.
Adjustment was credited to non-recurring
income instead of tax expense for the purpose of retaining normal com¬
parison of operations.~~V. 150, p. 3201.
summated
Gross loss
Deprec. and amortiz
125.790
Engesser Brewing Co.—Earnings—
Earnings for 3 Months Ended, March 31.1940
Net sales.
_* _*
..-
_
Net loss after all charges..-
**.
Miscellaneous
$292,583
12,303
-
..**.*.-.*-
......
—"V. 141, p. 2434.
Provision
Engineers Public Service Co. (& Subs.)—Earnings-
income
(net)
*****
Interest and amortiz
$1,380,907 $17,827,781 $16,874,853
661,746
7,888,579
8,216,725
$1,361,292
629,902
y
Dividends
on
$731,390
preferred stocks, declared
$9,939,201
2,464,500
$048,743
$5,496,013
18,770
-
......
$4,510,650
36,293
181,761
60,937
.*
Cumul. pref. dividends earned but not declared..
Consolidated Balance Sheet Jan. 31
►
*.. *. *
.-...................
Amount applicable to minority interests
a
Balance
**
b Undeclared
,
*
.......
dividends.
Earnings from sub.
cos.,
pqqh
01
162,288
107,780
102,981
Interest..
.....
Earnings from other
Total
_
....
_
*
1,038,552
Balance for
Sundry*..
_
.
common
stock and surplus.—.....
'
ern
1,368
'
,
1940
1939
$2,299,400 $2,299,400
137,130
137,130
22,500
1,205,000
1,220"000
Mortgages
Deferred charges..
Taxes reserved and
58,411
23,810
accrued
31,163
Notes payable
9,958
Goodwill..*.*... 2,500,000
2,500,000
62,631
300,000
200,000
Accounts payable.
Acer, wages, &c_.
379,386
41,066
378,830
61,273
3,153,840
depreciation and amortization,
y
Represented by $1 par value
Freeport Sulphur Co.—Earnings—
Comparative Consolidated Income Account Calendar Years
1939
1938
1937
$9,934,078 $10,050,355 $13,954,236
Freight and handling.
892,269
1,017,717
1,314,169
Net sales**.*...****.
Cost of goods sold
_*
Administrative, selling and
$3,277,389
$2,350,630
$1.72
*
-
*
— *
$9,041,809
6,295,082
-—-
$9,032,638 $12,640,067
6,555,750
9,005,669
general
781,933
760,900
767,687
$1,964,793
Crl3,529
$1,715,988
Dr38,358
$2,866,711
Cr30,979
$1,978,322
$1,677,630
$2,897,690
185,000
165,000
270,000
$1.23
expenses
...
Net profit onsales......
Other income and deductions, net—
Net income
150,000
Prospecting
Interest
on
debentures*
_
23,250
_
Federal and State income and Federal
150,
p.
3507.
Unfilled orders as of April 30, 1940, were $1,952,951 as compared with
$1,368,234 April 30, 1939(representing an increase of 42.65%), and $1,923,as of Dec. 31,1939.—V. 150, p. 3201.
;;
200.64
Famous Players Canadian
Corp.—Bonds Called—
Corporation notified Montreal Siock Exchange that the company is
redeeming as of June 1, $350,000 serial bonds due June 1, 1941.
This is in
addition to the $350,000 of serial bonds due June
1, 1940, which were
redeemed as of that date.—V. 149, p. 2079.
Feather River
$7,385,190 $7,481,636
Total
$7,385,190 $7,481,636
After
$4,670,989
2,320,359
Set-Up Plan—See Commonwealth & South¬
Corp,—V.
x
$5,562,581
2,285,192
share of common stock..
SEC's
Total
shares.—V. 150, p. 2097.
Gross sales
Fairchild Aviation Corp.—Orders Gain—
The
.
Common stock.
Curr. mtge. instal.
y
26,961
$4,919,993
249,004
$5,836,373
Applicable to Engineers P. S. Co. before allowing for unearned cumul.
pref. dividends of a subsidiary company,
b On pref. stock and amortiza¬
tion on bonds owned by parent company, included, in charges above,
c Includes Federal income taxes of
$1,462,215 (1939—$901,296).
Get
806,705
1,367
...
Misc. assets, recelv.
17,130
a
To
970,673
717,652
Accts. receivable..
94,774
273,792
;......
.,
Balance applic. to stocks of Engineers P. S. Co.
Divs. on pref. stock of Engineers P. S. Co
per
1,820,964
102,760
sources
Expenses, taxes and interest..
Earnings
Liabilities—
QH4.
included in charges above:
Preferred dividends declared■.a
TQ39
tCtdO
Surplus.**....... 2,976,898
Balance
.
120,719
BldgS., lmpt. <tc.$2,940,384 $3,045,485 Preferred stock
Mdse. in transit..
Balance
$329,144
$158,709
$4,527,779
$5,477,243
13,671
...
$8,658,128
2,309,384
$7,474,701
1,978,689
$719,161
$439,810
—
leased department sales in 1938 and $72,904 in
After deducting discounts, returns and allowances.
Inventories
Balance............
20,000
4,398
$176,942
A
x
Balance.*
Cr8,722
Includes $84,857 for
x
1939,
$1,411,186 $17,988,980 $17,277,912
Dr30,279
Drl61,199
Dr403,059
$1,362,304
Drl,012
782
656
Net loss
Pref. dividends (7%)
*«
N et oper. re venues...
Other
inc.
and loss*...***...*•
....... .
.
Fed.
for
(subsid. cos.)
charges to profit
Spec,
April 30— 1940—Month—1939
1940—12 Mos.— 1939
$4,506,879
$4,352,796 $55,242,787 $53,069,888
Operating revenues....
1,667,661
1,577,120
20,217,234
19,861,754
Operation
Maintenance
312,121
279,176
3,581,306
3,605,237
526,763
484,260
6,233,404
5,804,394
Depreciation.
..
601,054
c7,221,862
c6,520,592
638,030
Taxes.'; *(
w**:*;i
...
.
taxes
Period End.
*
earnings.
Operating loss *
capital stock taxes
Proportion of net income
and
subsidiary
b
Alexander C. Nagle, Vice-President of First National Bank of New York,
was elected a director
of this company at the recent regular quarterly
meeting of the board of directors.
Directors also voted to increase the
investment of Federal Insurance Co. in its wholly owned subsidiary, the
Cr601,689
.*
....
0261,052
Dr6,570
$2,200,762
1,194,570
$1,506,059
1,601,986
$2,703,742
1,268,365
$2.76
-
$1.87
$3.30
Including pref. divs. of $73,806 in 1937 and $9,225 in 1938.
depletion charged to cost of produc¬
amounted to $576,303 in 1939, $580,968 in 1938 and
Note—Provision for depreciation and
tion and other expenses
$559,994 in 1937.
Comparative Consolidated Balance Sheet
Ry.—Operation—To Issue Stock—
Federal Insurance Co,—New Director—
loss of
Net income..
b Dividends.
Shares common stock, par $10
1939
Assets—
Cash.....
Notes & accts.
...
rec.
$
5,787,436
1,008,239
1939
Liabilities—
S
542,885
2,178,456 Accounts payable1,110,534 Acct. royalties pay 1,216,343
1938
$
429,993
1,116,558
Prov. for Fed. and
Inventory
of sul¬
phur & supplies. 6,278,228
a
Dec. 31
1938
$
Interstate Commerce
Commission on May 24 issued a certificate
authorizing the company to operate a line of railroad extending from Land
to Ward, approximately 28.43 miles, in Butte
County, Calif.
The Commission also authorized the road to issue at par not exceeding
605 shares of common stock (par $100), 100 shares to be sold for cash to
provide working capital and 505 shares to be issued in connection with the
procurement of certain equipment.
The company was incorporated on Oct. 13, 1939, in California, for the
purpose, among others, of acquiring and operating the railway properties
owned by the Feather River Pine Mills, Inc., between Land and Ward, in
Butte County, Calif.
The company will issue at par 505 shares of the common stock to the
owner in exchange for two shay-type
freight locomotives, one caboose and
two gasoline speedsters, representing a total cost of $50,500.
The remain¬
ing 100 shares of common stock have been subscribed for by the owner and
will be paid for in cash at par, the proceeds thereof to be used to provide
working capital.
206,000
or
Cuban-American Manganese Corp.
5,475,199
Stocks & bonds.
3,324,580
3,001,063
450,000
5,663,194
6,028,908
708,583
399,733
...23,220,260
19,168,893
Adv. ,Cuban-Amer.
Manganese Corp
b Fixed assets
975,000
Adv. royalties and
sundry items._.
Total
a
other taxes
313,979
20-year 3% debs.. 3,000,000
Res. for conting..
541,961
c Common stock..
7,963,800
Paid-ih surplus...
1,370,313
Earned surplus— 8,270,979
Total
562,920
460~523
7,963,800
1,370,313
7,264,787
23,220,260 19,168,893
Investments in stocks and bonds consist principally of Cuban-American
Manganese Corp. stock.
Such holdings, consisting of 313,621 shares of
class A pref. stock, 250,000 shs. of class B pref. stock and 289,815.5 shs. of
common stock, and aggregating 89.84%
of the total outstanding voting
shares of all classes, are carried at cost, plus $109,684 (in 1939), representing
the applicable proportion of the consolidated earned surplus of that corpora¬
tion and its subsidiary at Dec. 31, 1939.
b After depreciation and deple¬
tion of $5,961,743 in 1939 and $5,402,653 in 1938.
c Par $10—V. 150.
p. 2725.
Volume
The
150
Commercial & Financial Chronicle
3661
(M. H.) Fishman Co.—Sales—
1940—Month—1939—
1940— 5 Mos.—1939
$381,223
$1,482,152
$1,414,276
Period End. May 30—
Sales.
FRUEHAUF TRAILER COMPANY—Preferred
$394,776
39
39
Stores in
operation
—V. 150, P. 3048.
Bought and Sold
'
Bonds
Stock List of the
Fonda Johnstown & Gloversville RR.—To Delist
Application is being submitted by the Committee on
New York Stock Exchange to the Securities and Exchange Commission to
the Exchange the first consolidated
general refunding mortgage AM % bonds due Nov. 1, 1952 of the company,
because of the small amount outstanding and the small aggregate market
value.—V. 150, p. 3359.
Vermilye Brothers
strike from listing and registration on
(Peter) Fox Brewing Co.—Extra Dividend—
Directors
have
declared
an
dividend
extra
of 50c.
- -
.i'
the regular quarterly
Gar Wood
Net loss after charges
—V. 150, p. 3359.
est.,
Liabilities—
$
and
$170,232
|
Hearing
on
Suit June 10—
1,327,986
489,252
538,875
Adv. to employees
MatTs & supplies.
40,862
248,107
44,588
395,228
413,063
purchase money
obligations
Accrued taxes
322,894
318,018
326,047
Res've for contlng.
John
Court in Jersey
Mr. Loeb is a partner of Carl M. Loeb, Rhoades & Co., which firm
represents approximately 6,500 shares of the $7 cumulative preferred shares.
City.
17,902
12,782
the stockholders scheduled to be held
2.
The meeting originally was called
for May 23 to vote on a recapitalization plan, but because of a restraining
order it was adjourned.—V. 150, p. 3508.
The adjourned special meeting of
June 6 was adjourned again to July
rec.
Accrued exp., &c.,
not
General Credit & Finance Co.—Promoters
Enjoined—
announced May 28 that it had
complaint in the U. S. District Court at Boston, Mass., seeking to
enjoin Jordan S. Orler and Charles A. Jordan from further sales of securities
in violation of the fraud provisions of the Securities Act of 1933.
The
complaint alleged that the defendant Jordan S. Orler since August, 1938,
has been selling notes of the General Credit & Finance Co. by means of
false representations and omissions to state material facts in that he repre
sented to purchasers and prospective purchasers that the General Credit
& Finance Co. had earned money from operations and that dividends and
interest payments to its shareholders were paid out of earnings, when in
fact the company had not earned money and the dividends and interest
payments were being made from capital.
The complaint further alleges that since March 1, 1940 the defendants
Jordan S. Orler and Charles A. Jordan have been selling the personal notes
of the defendnat Jordan S. Orler by means of untrue statements and omis
sions to state material facts in that they represented to purchasers and
a
prospective purchasers that the noteholders of Jordan S. Orler had always
principal in full on maturity when
of notes have never received the
part of the principal at maturity.
received their payments of interest and
in fact, in many instances, purchasers
interest
promised or any
82,231
Corp. (& Subs.)—Earnings—•
1940
_...—______
Federal income taxes
—
Other taxes
——
Operating income
Other
Dr20,210
125,266
$7,916,097
4,757,520
234,010
412,301
— ...........
4,663,399
200,509
405,933
Cr31,858
accrued on preferred stocks
being paid on cum. pref. stock..
440.001
816.002
742,833
514,622
$1,211,181
$1,267,508
39,972
110,417
41,142
$1,060,792
$1,226,367
299,925
299,j)19
$760,867
$926,448
income
Subsidiary Companies' Charges—
on long-term debt—
Interest
Other interest
Amortization of debt discount and expense—
Interest
charged to construction.._
Dividends paid or
Prov. for divs. not
Balance
General Gas & Electric Corp. Charges—•
scrip, notes, &c
Interest on Federal income tax settlement
Net income
...
Dividends on $5 prior preferred stock
Balance
150,
Cr 12,698
<
Interest on interest-bearing
-V.
$7,790,830
$7,705,169
income
Gross
1,345,308
3,170,340
533,444
2,805,276
$7,725,379
Provision for retirements.
1,585,694
3,720,338
757,809
2,888,053
....
3360.
p.
General Motors Acceptance Corp.—Debentures Called—
15-year 3M% debentures, series due 1951 has
been called for redemption on Aug. 6 at 103 and accrued interest.
Payment
will be made at J. P. Morgan & Co., Inc., New York City.—V. 150, p. 3201.
A
of $50,000,000
total
General
Corp.—W, S. Knudsen Granted Leave
Motors
Sloan Jr., Chairman of the Board, announced that the board
held June 3 granted a leave of absence to W. S.
President, who has been appointed to a post in the national
of directors at a meeting
Knudsen,
4,322,050
Drll6,165
vertising, Inc...
Mtges., notes and
other receivables
Stks. & other
sees.
val.
surr.
1,409,558
of
life ins. policies.
256,861
5,555,141
276,780
Adv. displ. plants. 5,377,142
Patents and copy¬
10
11
rightsTotal
18,203,4391
18,630,645
Represented by 100,000 no
par shares.—V. 149, p. 2512.
x
no
par
18,630,645 18,203,439
Total..
shares,
y
Represented by 642,385
Georgia Power Co.—Earnings—
Period End. April
Gross revenue
$2,729,037
Gross income
Int. & other deductions.
on
$2,551,277 $32,315,707 $29,718,980
1,218,384
270,000
1,432,623
290,000
$1,006,413
545,136
17,720,683
3.320,000
15.016,346
2,927,500
$1,062,893 $11,275,024 $11,775,134
541,702
6,625,209
6,572,195
$461,277
245,862
pref. stock
$521,191
$4,649,815
245,862
2.950.350
$5,202,940
2,950,350
$215,415
Net income
Divs.
1940—12 Mos.—1939
1940—Month—1939
30—
Oper. exps.& taxes
Prov. for depreciation..
$275,329
$1,699,465
$2,252,590
—V. 150, p. 2726.
(B.
F.)
Goodrich Co.—Manufactures Nation''s
of American Materials—
First
Motor Car Tires Built
Using a new synthetic, Ameripol, described as the long-sought "Liberty
Rubber" capable of replacing the natural product, company has begun the
of America's first passenger car tire of domestic
manufacture for the public
materials, John L. Collyer, President, announced on June 5.
In a series of revelations that threw an entirely new light on the nation's
preparedness for any emergency affecting natural rubber supplies, Collyer
made what was characterized as "the most important announcement from
the American rubber industry in the last quarter century," to a gathering
of five hundred industrialists, military experts, scientists and the press at
the Waldorf Astoria
•
Collyer stressed three important achievements of Goodrich research and
production, hitherto cloaked in secrecy and which, he said, are now made
public because Goodrich "recognized the responsibility which the national
defense program places upon all industry."
The three highlights of the disclosures were:
(1) The development by Goodrich, working independently for the past
14 years, of a synthetic which in many of its important properties is equal
or superior to natural rubber, and can be processed and vulcanized like the
natural product.
The material is an exclusive Goodrich product which does
not infringe any existing patents, it was stated.
This "Liberty Rubber"
has been named by Goodrich, Ameripol, which signifies a polymer or re¬
combination of molecules of American materials.
(2) Goodrich has had in operation for more than a year and a half a pilot
plant producing Ameripol, and it is now being made in a semi-commercial
plant.
A manufacturing plant which will have a daily capacity of several
tons of Ameripol is under construction, to be ready this rail.
Additional
units of the same type, it was emphasized, can be constructed to produce
any required amount.
(3) The new Goodrich tires use Ameripol to replace natural rubber In
proportions varying from 50 to 100%.
Mr. Collyer emphasized that if the
industry were to replace with Ameripol the natural rubber in the tire treads
and side walls alone, it would reduce by approximately one half America's
consumption of the natural product.—V. 150, p. 1767.
Graham-Paige Motors—Meeting Adjourned—
of Absence—
Alfred P.
4,777,099
£>7123,962
92,642
-1,465,907
account
1939
$27,335,111 $25,634,139
9,988,941
10,657,837
Total operating revenues
Operating expenses
Maintenance
32,750
225,917
223,813
1,188,973
63,252
stock
36,000
223,813
77.029
1,113,618
Treasury
629.527
Stock Outdoor Ad¬
Balance
General Gas & Electric
12 Months Ended March 31—
655,729
liabilities
Surplus
Invent'y of comm*
signs In process.
Empl. stk. subscr.
Cash
The Securities and Exchange Commission
2,837,825
5,000,000
4,817,887
229,834
Real est. mtge. and
265,079
Notes & accts.
expenses..
the suit to enjoin the recpitalization plan instituted by
L. Loeb, has been continued to June 10, by the Chancery
filed
$
$
6% cum. pref. stk. 2,837,825
x Class A stock...
5,000,000
y Common stock. 4,817,887
Accounts payable.
83,359
4,772,867
2,458,148
735,427
equipment. 4,604,934
Cash.......
2,865,763
Prepaid Insur. and
General Cable Corp.—Hearing on
1938
1939
1938
$
mach'y
Prepd' lease rentals
$6,928
prof$86,228
Real
billed to cust's..
1939
1940
Teletype N. Y. 1-894
1939
Assets—
Painted displ.
Industries, Inc.—Earnings—
3 Months Ended March 31—
N. Y. CITY
Consolidated Balance Sheet Dec. 31
share in addition
per
dividend of 25c. per share on the common stock,
both payable June 29 to holders of record June 15.
Like amounts were
paid on April 1 last; extra of 25c. was paid on June 30 and on April 1,
1939.—V. 150, p. 2576.
to
30 BROAD ST.,
HAnover-2-7881.
defense program.
The action taken
by directors was the result of a request by Mr. Knudsen
of his responsibilities to devote his entire time to the
Advisory Commission on National Defense.—V. 150, p. 3508.
that he be relieved
The adjourned annual meeting to consider waiving of preemptive rights
by common stockholders to additional shares to be issued has been further
adjourned until June 18.—V. 150, p. 3509.
Great
Atlantic
&
Pacific
Robinson-Patman Act—
The company
'
Tea
,
Co.—To
Comply with
;
.
June 3 told how it and its subsidiaries will comply with the
Circuit Court of Appeals' decree denying
A & P the right to accept payments "in lieu of brokerage" and yet continue
to pass on as savings to consumers the many economies arising from its
operating efficiencies and its direct producer-consumer distribution methods.
The announcement was made in a "Manual on the Robinson-Patman
Act," which was issued to all A & P buyers over the signature of David T.
Bofinger, Vice-President.
It was prepared by the Washington law firm of
Feldman, Kittelle, Campbell and Ewing.
Key to the plan is the company's policy of "strict compliance with the
Robinson-Patman Act and the Court's decree," and its attempt by means
of the manual to acquaint Its buyers and officals with the meaning of the
law.
The manual is the result of careful study of A & P buying methods
and a conference of company buyers and officials called to study problems
likely to be faced during the adjustment period.
These problems were subsequently put in the form of 103 questions and
answers which constitute the main part of the manual.
A highlight of the manual is its statement that the only thing denied
A & P by the decree is payment "in lieu of brokerage."
The company may
still enjoy—and pass on to consumers—prices, discounts and allowances
reflecting savings due to its methods of operation just so long as these
figures do not include savings in brokerage.
"Neither the Act nor the decree," says the manual, "are, intended to
prevent this company from continuing to serve the public with merchandise
of good quality at reasonable prices."
The manual points out that savings resulting from the large quantities
which the company purchases as well as from its direct buying methods
may still be passed along by sellers to the company.
Among these are
savings accruing to the sellers through elimination or reduction of the costs
of billing, labeling, shipping, credit, rejectioas, delivery, manufacture,
telephone, telegraph, salesmen's commissions, salaries, travel, samples, and
similar items.-—V. 150, p. 3203.
Robinson-Patman Act and the
(W.
T.) Grant Co.-—Sales—
Period End. May 30—
Sales
—V.
1940—Month—1939
1940—5 Mos.—1939
$8,497,081 $36,547,911 $35,315,948
$8,787,070
-
150, p. 3048.
General
Outdoor Advertising
Co.,
Inc.
(& Subs.)
—
Consolidated Income Account for Calendar Years
1939
x
•
1938
1937
1936
$14,154,683 $13,519,288 $13,788,903 $12,218,655
Sales
Oper., selling, adm. and
general expenses, &c.
12,055.749
11,849,279
11,703,713
10,720,275
Balance
$2,098,935
175,309
$1,670,008
180,016
$2,085,189
182,900
$1,498,380
208,816
$2,274,244
$1,850,024
$2,268,089
$1 ,707,196
699
178
2,441
7,655
1,020,684
150,000
1,026,234
45,000
75,000
985,685
170,000
932.946
40,000
$726,596
337,824
Miscellaneous
income..
Total income
Interest on bonds, notes
and mortgages
Prov. for retire. & amort.
plantsProv. for Fed. inc. tax._
Prov. for contingencies
Prov. for loss on sale of
of adv. display
.
65,000
real estate
Inc. in gen. res.
against
15,000
Net
profit
Preferred
dividends
Class A dividends
.
50,000
$1,022,861
investments
168,912
398,900
$653,612
168,912
199,600
$1,109,963
380,052
$455,049
$285,100
$579,911
150,000
(H. L.) Green
Surplusx
$388,772
Advertising displayed on own plants, commercial displays and com¬
earned on business sublet.
missions
Period End. May
Sales
Stores in
Co.—Sales—
31—
operation—
1940—Month—1939
1940—4 Mos.—1939
$3,751,476
$3,594,561 $13,650,459 $13,292,006
151
152
reported:
Sales of its wholly owned domestic subsidiary, Green
United Stores, Inc., acquired May 1, 1939; sales of groceries and other
special departments, and net sales receipts from operation of leased de¬
tofore
partments.
For purpose of comparison
this revised basis.—V. 150, p. 3049.
Guilford Realty
Co.—Accumulated Dividend—
declared
directors have
1939 sales have been adjusted to
a
dividend of 75c.
share
per
1938,
and
Period End. April 30—
Gross income
19,799
$511,440
241,910
$434,861
240,684
$24,688
5,584
$18,039
5,584
$269,529
67,014
$194,177
67,014
Int. & other deductions-
$1,456,160
69,883
Total Income-..i. y $1,041,392
$751,778
$1,751,783
$1,526,043
106,000
235,000
216,500
for
Federal
est.
179,008
on
undistributed
a65,147
Net profit
Preferred dividends
179,500
360,250
i"
Common dividends—
Net income
on
—
pref. stock
Balance..
$202,515
$12,454
$19,104
—
After deducting
a
$2,853
excess
$127,163
Net operating revenues
Other income (net)
$274,974
13,889
$253,372
Drl.010
$4,212,610
35,207
$3,521,190
Prl9,575
$288,862
$252,362
107,066
110,577
$4,247,817
1,396,746
$3,501,615
1,360,098
Cost of goods
$181,796
$141,785
$2,851,071
584,968
$2,141,517
594,470
Other operating
$2,266,104
$1,547,047
Balance
Preferred dividend requirements
Balance for common stock and
surplus
Includes operations for the entire
a
—Y. 150, p.
x
3,872,132
12,565,017 11,964,153
1940
zl939
zl938
$21,088,305 $19,008,482 $14,199,991
17.135,478
16,149,353
11,197,564
.
sold
15,500
$2,859,129
8,398
$3,002,427
81,763
$3,968,327
1,843,282
$2,867,527
1,845,086
$3,084,190
1,414,725
41,302
$2,125,045
14,728
$1,022,441
140,901
$1,628,163
65,529
$2,139,772
186,000
63,116
Amortiz. of bond discount & expense.
37,249
Net loss on sales & retirements of prop
14,133
Provision to adjust,
livestock and
supply inv. to est. market.
Other miscellaneous items (net)
Provision for Federal income taxes
390,000
Prov. for State income taxes
41,630
1,163,342
196,656
$1,693,692
206,648
93,580
42,841
39,992
49,396
18,736
90,572
120,500
y192,500
$1,407,645
5,413,385
$691,029
4,886,163
$1,013,107
$6,821,030
$5,577,192
$6,179,545
157,577
163,807
168,382
1,125,000
$6,663,453
$5,413,385
$4,886,163
$2.50
$813,510
$1.05
$763,045
$1.69
$492,038
$3,952,827
profits
Net
operating profit
,
Gross income
$3,683,287
881,944
777,812
981,384
864,045
1,103,553
914,711
profit from oper.. $2,050,994
net)-- ;
90,488
$1,589,310
$1,288,578
$1,665,022
79,186
58,045
d33,551
$2,141,482
249,971
$1,668,497
344,510
$1,346,623
363,124
$1,698,573
421,828
266,686
cl77,683
219,872
b45,000
211,665
271,347
a37,319
188,578
228,083
160,261
141,141
115,297'
$593,372
370,357
$701,523
370,357
Gross
earnings
profits taxes
Other charges
Min. int. in net income
partly-owned sub-
1939
1937
Interest
on
1st mtge. bonds.
Other interest
Net income for year
Surplus April 1
Total
l
Net profit
$1,219,059
$898,853
Shs.cap.stk.out.(par$10)
389,357
370,357
$1.49
$1.79
share.$3.13
$2.32
b Addition to reserve
a Provision for loss on disposal of capital assets.
for contingencies,
c Includes expenses in connection with issuance of bonds
of $72,164 and provision for rehabilitation of equipment,
d Includes profit
of $1,588 on sale by subsidiary company of common stock of parent com¬
—
Dividends on
Dividends
preferred stock
on common
stock
Surplus March 31
Consolidated Balance Sheet March 31
$
Assets—
864,278
1,533,113
Cash
Market, securities.
73,896
1,128,805
560,956
Value of life insur.
Notes &accts.rec.
Inventories
Bals. rec.,
_
-
-
—
380,000
deferred
S
Liabilities—
5
198,692
759,797 Accounts payable1,795,334 Notes pay. to bks. 1,166,666
68,231
1,270,944
386,615
404,832
Accrued liabils
surplus of sub
9,156,282
9,331,212
investments
29,728
34,904
Prepd. & def. chgs.
88,940
80,602
-
.
321,368
3,000,000
stock outstanding
After deduction for depreciation
common
a
Sugar, by-products, beet seed, fertilizer, livestock, &c., less discounts,
returns, freight allowances and Federal excise tax.
y Includes $1,116 undistributed profits tax.
z Corporation and whollyx
302,147
4,000,000
979,876
858,370
Surp. earned since
April 1, 1936
3,177,547
Treasury stock.Dr cl39,946
2,288,371
Capital
and
paid-
in surplus
14,132,4721
Total
\■■
•
Balance Sheet March 31
1940
$1,267,819
763,064
9,939,324
342,152
Assets—
Cash
d Accounts receivable—trade
Inventories-
Accounts and notes receivable
.
b346,968
13,876,000 14,132,472
depreciation of $13,005,098 in 1940 and $12,683,013 in 1939.
29,643 shares common stock at cost less reserve of $200,also 1,498 shars preferred stock at cost March 31, 1939.
c Rep¬
resented by 10,643 shares of common stock in treasury.—V. 150, p. 1937.
After
b Represented by
000,
Hamilton Cotton Co.,
■
Notes—(1) The Grand Junction Sugar Co. and Pacific Coast Sugars, Ltd.,
formerly wholly-owned subsidiaries, were liquidated as of Jan. 31, 1940,
and their assets and liabilities were taken up on the books of Holly Sugar
Corp.
The net income of such subsidiaries for the period from April 1,1939,
to Jan. 31, 1940, amounting to $2,682, has been included in the income of
Holly Sugar Corp.
(2) As a result of the sales of 1,849 shares of capital stock of Holly Oil
Co. during the year, Holly Oil Co. and Socal Oil & Refining Co. ceased to
be majority owned subsidaries of Holly Sugar Corp.
4,942,500
800,000
4,000,000
—
13,876,000
365,790
&
Common stock
Land, buildings,
Total
772,414
443,790
—
Min. Int. In cap.
Preferred stock
60,000
machinery, &c__
$
149,848
728,007
Res. for contlng
Funded debt
Amt. rec'd from di¬
rector
1939
1940
1939
5,166,438
Net income per share on 500,000 shs.
owned sul)si(iiH<ri6S
pany.
1940
95,000
6,477
_
Earned per
a
Total
3203.
Other income
1938
$3,134,007
Interest charges.
Prov. for Fed. inc. & ex¬
Other
56,402
Cum. pref. stock;. 3,590,000
Com. stk.(par $10) 3,602,500
Gross operating profit
Selling, general & admin, expenses .
Provision for special compensation..
period of systems acquired Aug. 25,
$3,249,066
Miscell. earnings
a
10,000
3,590,000
3,602,500
3,526,364
60,046
contingencies—
Profit from sales
Consolidated Income Account
31—
1940
profit from oper„ $3,731,446
Gen., admin., selling &
shipping expenses
926,059
Depreciation —
754,393
Years End. Mar.
Gross
of
5,986,588
105,299
469,036
Reserve for general
934,029
830,912
5,801,778
115,380
Gross sales..
a
cess
63,000
10,000
708,190
Holly Sugar Corp.—Earnings—
(W. F.) Hall Printing Co .—Earnings—
Net
490,000
54,000
Earned surplus
150, P. 3049.
1938.—V.
156,850
490,000
Years Ended March 31—
-
Interest & amortization.
r
178,149
1st mtge. 4^8—
Oth .long-term debt
12,565,017 11,964,153
Total...
„
Balance
Fed. Income taxes.
62,457
943,333
Deferred charges.-
S
1,813,774
Other assets-—881,857
Fixed assets (net).
1938
$
Accounts payable.
Accrued liabilities.
in cap. stock
of sub.not consol
Co.—Earnings-
Liabilities—
$
1,431,489
974,334
1,344,872
Notes & accts. rec. 1,197,311
Inventory
2,085,272
Oth. current assets
20,485
Cash
Depreciation
Taxes. .C istiy-i-i.*„
612.000
b For deprecia¬
1939
1938
$
Assets—
1940—Month—1939
1940—12 Mos—1939a
$840,350
$788,290 $10,685,817 $10,475,607
265,514
265,084
3,310,755
3,914,278
55,269
49,743
576,350
533,682
121,208
109,794
1,456,858
1.244,067
123,386
110,296
1,129,244
1,262,391
Maintenance
year,
Note—Provision for depreciation for the year 1939 amounted to $441,784
Inv.
Period End. Apr. 30—
Operating revenues
Operation
provision for prior
Consolidated Balance Sheet Dec, 31
—Y. 150, p. 2882.
Gulf States Utilities
$1,246,543
273,850
tion see note.
1939
Divs.
63,000
$1,451,636
173,022
720,375
$645,778
179,500
360,250
$862,384
-—-
($428,706 in 1938).
$38,030
19,991
$44,487
-
$1,622,955
128,828
profits.-
1940—12 Mos.—1939
$1,939,410 $1,779,444
97,698
1,247,970
1,156,416
14,58.3
180,000
188,167
15,833
depreciation.-
Prov. for
12,583,076
$623,342
128,436
Surtax
$150,311
97,688
Oper. expenses & taxes-
14,204,400
$1,015,592
25,800
income taxes
i940—Month—1939
$158,009
incl.
expenses,
--bl2,829,819 bl 1,400,666
Prov.
Gulf Power Co.—EarningsGross revenue.-..
&
depreciation
30, 1937.—V. 150, p. 1767.
Sept.
on
$13,845,411 $12,024,008 $15,827,355 $14,039,236
counts, &c
Cost
1936
1937
1938
dis¬
less
sales,
Other income (net)
on
Co. (& Subs.)—Earnings—
1939
Calendar Years—
Gross
account of
on
the 6% cum. pref. stock, payable June 29 to holders of
record June 20. * Like amount was paid March 30 last, Dec. 30, Sept. 30,
June 30 and March 31, 1939, on Dec. 29, Sept. 30, June 30 and March 31,
accumulations
June 8, 1940
Hinde & Dauch Paper
has revised the basis of reporting
by including the following items not here¬
Effective from May 1,1940, the company
monthly and year to date sales
The
Chronicle
The Commercial & Financial
3662
Agricultural expenses applicable to current year—
240,341
500
18
21,567
157
110,541
9,630,106
1,696,301
598,893
40,441
—..$24,195,171
$25,089,278
339,431
3,750,000
31,037
2,003,291
309,100
38,601
4,400,000
325,284
5,750,000
30,914
1.835,265
79,300
40,187
117,037
4,900,000
847,218
751,631
Special deposit for preferred stock sinking fund
108,183
Investment in securities
9,568,885
Buildings, machinery and equipment
Factory sites, farm properties and lime quarries..
Deferred charges
Other assets
Total....-
Ltd.—Accumulated Dividend—
$951,847
524,744
10,974,174
329,625
231,947
3,605
Other current assets
b
cl939
—
1,368,413
571,799
Liabilities—
Directors
declared
the $2
have
accumulations
on
dividend of 75c. per share on account of
cum.
sinking fund preference stock, par $30,
a
payable July 2 to holders of record June 15.
Dividend of like amount
was
paid on April 1 last, and dividends of 50c. were paid in preceding
quarters.
Accumulations after the current dividend will amount to $5
per share.—V. 150, p. 1436.
Accounts payable—trade
Notes payable
Salaries and wages payable
Accrued Fed. inc. excise capital
stock &
gen. taxes.
Accrued additional beet payments
Preferred dividends payable
66,902
Other current liabilities
First mortgage bonds
Reserves for fire risks on uninsured property and
Harding Carpets, Ltd.—Extra Dividend—
an extra dividend of 10c. per share in addition
dividend of 10c. per share on the common stock, both pay¬
able July 2 to holders of record June 15.
Extra of 5c. was paid on
Jan. 2 last.—V. 149, p. 3874.
Directors have declared
to the regular
for workmen's compensation
Reserve for
excess
liabilities
of par value
over
cost
114,318
650,000
7% cumulative preferred stock
Harshaw Chemical
a
Co.—Obituary—
William A. Harshaw, 79, founder and Chairman of the Board,
June 4.—V. 148, p.
died on
,
276,018
6,663,453
1479.
of America—Earnings—
Epd. Apr. 30—
profit' after taxes,
deprec., interest, &c _ _
1940
1937
1938
1939
Net
$261,509
$24,195,171 $25,089,278
$247,492
$273,740 loss$129,961
May End Compensation Plan —
Stockholders will be asked at the annual meeting on June 19 to repeal
the company's special compensation plan, as recommended unanimously
Hayes Industries, Inc.—Stock Dividend—
At
a
meeting
on
123.857
650,000
2,296,400
2,500,000
276,018
5,413,385
a Represented by 500,000 no par shares,
b After reserve for deprecia¬
tion, obsolescence and valuation adjustment of $11,500,438 in 1940 and
$10,721,478 in 1939.
c Consolidated figures,
d After reserves of $25,000,
—V. 150. p. 3203.
May 28, the directors declared
a
stock dividend of 50%
able June 24 to stock of record at the close of business, June 3.
paS'tial
2,205,800
2,500,000
Common stock
Paid-in surplus
Earned surplus
Total
Hat Corp.
6 Mos.
of re¬
acquired preferred stock
Reserve for contingencies
dividend of 123^ cents was paid on Jan. 25, last.
Healey Petroleum Corp. (& Subs.)—Earnings
Quarter Ended March 31—
STet income after charges and taxes—
Sarns. per sh. on 85,440 shs. cap. stk.
-V. 149, p. 3717.
1940
$403,866
$4.73
1939
$45,577
$0.53
by the board of directors, but the board will retain the right to pay bonuses
considered advisable, to deserving officers and em¬
ployees.—V. 149, P. 2234.
from time to time, as
Hudson
River
—
1938
$81,874
$0.96
Power
Corp.—Proposed Acquisition and
Refunding—
The Securities and
of
an
tion
Exchange Commission, May 29, announced the filing
the Holding Company Act in connec¬
of the assets o
application (File 70-71) under
with
the
proposed acquisition by the corporation
Volume
The
ISO
System Properties, Inc. and the refunding of $14,135,000 of 5% first re¬
funding sinking fund mortgage bonds, due 1947, of International Paper
Co.
These bonds were assumed by Hudson River Power Corp. in 1932.
Hudson River Power Corp. (formerly International Hydro-Electric Corp.)
and System Properties, Inc. are subsidiaries in International
HydroElectric System.
Hudson River Power Corp. proposes to issue $8,000,000 of 3H% first
mortgage sinking fund bonds, due 1858, and $7,000,000 of 4% second
mortgage bonds, due 1962.
According to the application, International
Paper Co. has expressed a willingness to purchase these new bonds of
Hudson River Power Co., contingent upon the consummation of its own
refinancing program.
The application stated, however, that there have
been some preliminary negotiations through the First Boston Corp. and
Smith, Barney & Co. with five insurance companies regarding the sale of
the
new
bonds.
from the sale of the bonds, together with such other
will be used to retire the $14,135,000 of bonds issued
The net proceeds
funds
as are necessary,
by International Paper Co., and to provide for payment
at maturity on
Aug. 1, 1940 of $333,000 of 6% refunding mortgage gold bonds due 1940,
issued by Ticonderoga Pulp & Paper Co. and assumed by System Properties,
Inc.
its no par value common stock
value of $50 a share and will issue 40,426
Properties, Inc. in exchange for that company's assets.
System Properties, Inc. will then be dissolved and the stock of Hudson
River Power Corp. will be transferred to International Hydro-Electric
System as a liquidating dividend.
A hearing has been set for June 20 at the SEC's Washington office on
the applications and declarations (File 70-71) in regard to the proposed
transfer of all the assets of System Properties, Inc., to Hudson River Power
Corp., in exchange for 40,426 shares of that corporation's common stock.
The applications also concern the issuance and private sale by Hudson of
$8,000,000 of first mortgage sinking fund bonds, 3H% series due 1958,
and $7,000,000 of second mortgage bonds, 4% series due 1962, and the
retirement of $14,135,000 of 1st & ref. 5% sinking fund mortgage bonds
due 1947 of International Paper Co. and of $333,000 of 6% refunding mtge.
gold bonds due 1940 of Ticonderoga Pulp & Paper Co., assumed by Hudson.
Hudson River Power Corp. will change
into common stock having a par
shares to System
In the petition of the Kies committee for Manhattan
a
total of $81,259 Judge Patterson allowed $16,061
for
Adjourned annual meeting of stockholders scheduled for June 5 was fur¬
ther adjourned to July 10 because of delay in preparing an audited state¬
ment or 1939 operations,—V. 150, p. 3361.
disbursements, instead of the $53,420 requested, and granted the three
members of the committee $1,000 each, instead of the total request for
$25,000.
The Case
committee for Interborough 7s was allowed $90,000 counsel
for Shearman & Sterling, instead of the $120,000 requested, and
Herbert Case, Chairman for whom $40,000 compensation was asked,
fees
J.
allowed $15,000.
was
of the Johnson committee for Interborough 7s for a total
$182,253, including $30,000 for the committee, $150,000 for Louis
Boehm, counsel, and $2,253 for disbursements, was cut by Judge Patterson
to $25,000 for counsel, $2,253 for disbursements and $3,000 for the Chair¬
man and $1,000 for other members of the committee.
The request of the Palmer committee for Manhattan guaranteed stocks
for a total of $130,366, including $80,000 for John B. Doyle, counsel, was
cut to $15,000 counsel fee and $15,366 expenses.
The Watson committee
for Manhattan guaranteed stocks, which requested a total of $31,761,
including $15,000 for Duer, Taylor, Wright & Woods, counsel, and $15,000
for the committee, was cut to $8,348 for counsel and $1,412 expenses.
Judge Patterson cut the request of the Interborough Rapid Transit Co.
for $15,000 counsel fees for Sullivan & Cromwell to $5,474, including dis¬
bursements, and the request for $20,000 counsel fee for Bigelow and Beatty
to $2,500.
A request for $20,000 as compensation for Ernest A. Bigelow,
who acted as Chairman of the company's board of directors, was disallowed.
The court granted the request of the Chemical Bank & Trust Co. as
depositary for junior securities, for depositary fees of $61,600 and counsel
ees of $13,600 for Davies, Auerbach, Cornell & Hardy.—V. 150, p. 3361.
The request
of
International
Idaho Power
Co.—Earnings—
Period End. April 30—
Period End. Mar. 31—
Operating
Direct taxes.
1940—12 Mos.—1939
$6,217,669
$5,831,216
1,890,476
1,752,441
1,537,043
1,166,467
500,100
450,000
120,000
105,000
Prop, retire, res. approp.
43,800
37,500
Net oper. revenues...
Other income (net)
$156,553
580
$176,737
748
$2,290,050
5,255
$2,462,308
$177,485
56,250
8,918
$2,295,305
675,000
111,455
$2,475,881
675,000
117,055
Crl,314
Cr597
$1,510,164
414,342
$1,684,423
414,342
$1,095,822
$1,270,081
Gross income...
mtge. bonds.
$157,133
56,250
Other int. & deductions.
8,908
Int. chgd. to construct'n
Crl2
Interest
on
Net income
$91,987
$112,317
Dxvs. applic. to pref. stocks for the period
Balance
13,573
—V. 150, p. 3204.
Total
Oper.
Illinois Bell
Telephone Co.—Earnings—
revenues
Uncollectible
oper.
rev.
1940—Month—1939
1940—4 Mos.—1939
$8,039,053
$7,548,237 $31,871,441 $29,987,619
22,638
23,629
90,502
98,201
Operating revenues... $8,016,415
Operating expenses
5,357,211
Net oper. revenues...
$7,524,608 $31,780,939 $29,889,418
4,956,454
21,225,717
20,061,848
$2,659,204
1,290,185
$2,568,154 $10,555,222
1,231,896
5,290,137
$9,827,570
4,934,723
$1,369,019
1.233.421
Operating taxes........
income
$1,336,258
1,191,126
incl.
pur¬
6,438,947
—V. 150, p. 3049.
866,192
inc^K
Earnings
April—
funded debt
on
on
Net from railway
Net ry. oper. income...
From Jan.
of Company
Only
1940
$7,613,124
1,373,850
1939
$7,860,248
1,939,234
2,814,554
398,520
398,520
1,594,080"
200,628
258,415
1,010,272
1,012,863
1,655,137
1,528,746
b6,598,934
b5,604,361
847,081
873,047
3,141,414
2,664,107
2,084,459
1,705,515
8,409,074
6,891,871
72,152
403,612
219,214
336,422
421,354
1,371,976
1,291,742
18,330
18,911
Cr581
11,686
debs, of Internat'l
Hydro-Electric System
554,781
1,082,290
and expense.
Prov. for deprec
charged
against operations
Prov. for inc. and
excess
profits taxes
Divs. being curr. paid on
pref. and class
A stocks
of subsidiaries
Divs. not being curr. paid
on pref. stocks of subs.
Minority interest in net
earngs. of subsidiaries
Other charges against in¬
come of subsidiaries..
30,780,755
7,067,274
Net ry. oper.
income—
4,179,785
3,956,568
$625,287
$762,845
$763,623
a Includes $637,022 of expense resulting from hurricane and flood damages
in September, 1938.
b Additional provisions for depreciation were charged
directly to surplus by subsidiary in the amount of $468,725 for the 12 mos.
ended March 31, 1940 and $1,750,000 for the 12 mons. ended March 31,
profit..
$83,225
_
1939.
Note—The accounts of Canadian subsidiaries included in the above
figures are stated at $1 for the Canadian dollar.
It is the practice of the
companies to reflect in current operations any difference between this rate
and current quotations at the time funds are actually purchased or trans¬
ferred.
The above figures do not reflect any adjustment translating Cana¬
dian current assets and liabilities into terms of United States dollars, which
$104,136. —V. 150, p. 2580.
Net ry.
<
1940
$8,795,502
1,676,576
oper. income...
641,502
-V,-::.;''-i
director of the United
of the
Chairman
appointed
•
Under-Secretary of the Treasury, has been elected
States Lines and of this company and has been
Executive Committee of both companies.
member of the board of the company from
member of the Securities and Exchange Commission
December, 1937.—V. 150, p. 3513.
29,057,457
6,772,689
3,325,934
32,813,725
6,869,924
3,171,332
—V. 150, P. 3514.
1939
$8,865,469
2,154,097
1,110,881
1938
$7,997,004
1937
$9,373,098
2,120,520
961,609
declared a dividend of $1.50
the 7% cumulative preferred
holders of record June 15.—Y. 150, p. 1770.
35,188,996
8,188,659
4,321,320
33,525,158
8,003,523
3,922,759
Mr. Hanes had previously been a
1930 until he became a
in
Co.—New Director —
1,802,362
731,759
Company announced on May 28 the election of John W. Hanes
See also International Mercantile Marine Co.,
board of directors.
'
International Power Co.,
Directors
Ltd.—Accumulated Dividend
have
accumulations
to the
above.
■
on
per share on account of
stock, payable July 2 to
1—
From Jan.
Gross from railway
Net from
railway
Net ry-oper. income...
—V. 150, p. 3050.
37,420,665
8,674,619
4,671,228
38,130,444
8,590,186
4,029,860
v^c,
International Rys. of Central
Period End. April 30—
Railway oper. revenues.
Net
revL
from ry. opers.
declared a dividend of $1.50 per share on
$6 cumulative preferred stock, payable
holders of record June 15.—V. 150, p. 1438.
have
accumulations
on
the
Independence Fund of North America,
America—Earnings—
1940—Month—1939
$581,298
$534,509
253,747
226,861
Commercial Telephone Co.—Accumulated Div.
Illinois
Directors
Mercantile Marine Co.—New Directors,
International
1937
$7,934,358
1,606,188
672,210
Earnings of System
April—
Gross from railway
Net from railway
1,545,037
_
International Paper & Power
Gross from railway
Net from railway
1,594,080
Amort, of debt discount
1938
$6,924,484
1,498,684
637,318
1—
10,405,310
11,370,947
2,561,447
and other debt of subs.
Int.
a
32,635,004
7,370,061
Gross from railway
8.054,351
$9,047,962 $33,512,538 $32,750,318
$8,257,401
earnings
John W. Hanes, former
RR.—Earnings—
8,539.135
2,161,458
2,230,600
■■■■■■.I,
dec.—
Illinois Central
23,564,869 a20.327,289
3,703,170 a3,973,451
5,126,600
857,843
Maintenance..
(other than
taxes)
Taxes
$4,892,847
4,298,652
$5,265,085
4,720.030
Subs.)—
1940—3 Mos.—1939
1940—12 Mos.—1939
$17,230,457 $16,519,510 $66,493,625 $62,241,250
554,333
682,702
2,826,088
2,864,159
adjustment at Dec. 31,1939 amounted to
Net oper.
Net income
(&
..$17,784,790 $17,202,212 $69,319,713 $65,105,409
revenue
exps.,
Net
Period End. April 30—
Operating
revenue
Other income (net)
Interest
1940—Month—1939
$483,356
$475,534
163,003
156,297
System
Hydro-Electric
Earnings—
Net
Operating re venues
Operating expenses
consolidated 4s
for counsel fees
and
chased power.
Hupp Motor Car Co.—Meeting Adjourned—
;
3663
Commercial & Financial Chronicle
1940—4 Mos —1939
$2,343,432 $2,284,653
1,019,023
1,069,595
231,998
of
Net income
July
to
207,349
929,015
989,907
149,926
account
120,210
595,489
634,475
—V. 150, P. 2729./
1
Investment Co. of
Inc.—Name
America—Asset Value—
net asset value as of May 31, 1940, with securities
market prices, was $15.45 per share of common stock.
with $20.39 per share on April 30, last, and $18.15 per
The company reports
owned adjusted to
Changed—
This compares
Henry J. Simonson Jr., President, announced on June 1 that this com¬
of trust funds since 1930. has changed its name to National
Securities & Research Corp. in order that the name of the corporation will be
share on May
31,1939.—V. 150, p. 2580.
pany, sponsor
more
indicative of its activities in the securities and research fields.
There
has been no change in the management.—V. 150, p. 1602.
Iowa Southern Utilities
Period End. April 30—
earnings
Federal Judge Robert P. Patterson slashed more than $1,092,400 from
Judge Patterson, recalling that the I. R, T. receivership had been pend¬
ing eight years and the relationships and legal rights of security holders
were "extremely intricate," said that points raised were "the most difficult
I have ever had to deal with."
Out of
a
total request of $449,551, including $400,000 for counsel fees,
by the Franklin committee for the
Manhattan modified stock and the
Manhattan Ry., Judge Patterson allowed counsel fees and disbursements
of $71,202 and other expenses aggregating $27,348.
Counsel for the com¬
mittee and the railroad were Charles Franklin and associates.
Manhattan consolidated 4s requested
additional $493,000 for counsel fees and was allowed $300,000.
It had
The
an
Merle-Smith
committee for
already been allowed counsel fees of $250,000.
The committee counsel is
Wright, Gordon, Zachry and Parlin.
Expenses of $350,000, including
the counsel fees were approved.
The request of the Morgan committee for Interborough 5s for additional
counsel fees for Davis, Polk, Wardwell, Gardiner and Read of $330,000 was
cut to $200,000.
A total of $407,280 already received by the committee
Included $200,000 counsel fees.
The total committee request was for
$947,460.
w
$353,736
$335,770
4,298,952
$4,107,687
199,141
191,341
2.433,951
2,352,634
Prov. for retirements___
34,500
32,000
399,000
362,000
earnings...
$120,095
3,133
$112,428
4,042
$1,466,000
39,132
$1,393,053
45,391
$123,228
58,050
12,500
7,485
$116,471
58,519
12,557
7,702
$1,505,132
700,176
150,437
90,864
41,968
$1,438,444
$45,193
$37,693
Interborough Rapid Transit Co .—-Court Cuts Legal Fees
requests for counsel fees, committee compensations totaling $3,319,325 in
the I. R. T.-Manhattan unification proceedings, in a decision handed
down June 4.
The requests were filed May 1 by committees and other
parties to the case.
The allowances fixed by the court will come out of the city cash or se¬
curities allocated to the various committees in the unification plan, which
will reach complete consummation June 12, when the city will take oventhe I. R. T.-Manhattan properties.
Co. of Del.—Earnings —
1940—12 Mos—1939
1940—Month—1939
Gross oper.
Net oper.
Other income...
Total net earnings
bonds
fund. debt.
Amort. & other deducts.
a Provision for legal fees
Int. on mtge.
Int. on other
Net income
a
And
......
Jewel Tea Co.,
$521,688
$489,834
recapitalization and
Inc.—Sales—
Company reports that
were
95,578
connection with plan of
charges.—V. 150, p. 3362.
other expenses in
other special
102,23A
weeks ended May 18, 1940,
$1,866,701 for parallel weeks in 1939, an
its sales for the four
$2,189,107 as compared with
m<Sak«efor
the first 20 weeks of 1940 were $10,515,020 as compared with
$9,365,112 for a like period in 1939, an increase of 12.28%.—V. 150, p. 3515,
Kansas City
Gas Co.—Bonds Called—
City Bank Farmers Trust Co., as successor trustee, has selected by lot for
redemption on Aug. 1, 1940, at 102, $15,000 principal amount of first
mortgage gold bonds, 5% series due 1946.
Payment will be made at the
offices of the bank, 22 William St., New York City.—Y. 149, p. 3559.
Jamaica Public Service,
nnc
$1,014,376
444,706
93,611
77,900
$36,544
1,839
$33,036
$398,159
Dr425
971
$38,383
7,500
$32,611
7,500
$399,130
90,000
$90,025
<39,710
revenues
-
7,450
Maintenance
-—--—6,321
Taxes
Net oper. revenues.--
Non-oper. income (net)Balance
-
1 940—12 Mos.—1939
580,672
34,022
7,752
5,862
—
Retirement accruals
$971,853
426,834
89,646
67,990
Net
y
Valley
Lehigh
Preference
$388,691
90,000
$25,111
8,482
$309,130
107,033
100,116
$16,629
$202,098
$198,575
$298,691
29,633
preference
21,992
C—7,541
capital—----90,450
,
31,330
21,992
p.
1,715,384
Audited accts. pay.
,358,849
23,621
rec)
Miscell. accts.
Supplies.;
10,816
Inv. in Burns Bros.
57,375
148,460
141,960
11,828
11,828
accts.
not
Stock owned
67,500
owned..------
Power Co.—Earnings—
Kansas Electric
1940—3 Mos.—1939
1940—12 Mos.—1939
Operating revenues—..
Oper. exps. and taxes—
$723,458
545,965
$663,617
496,104
$2,670,605
1,950,761
$2,542,094
1,842,572
operating income-
$177,492
$167,512
547
$719,844
1,229
$177,787
62,909
$168,059
51,151
$721,073
253,431
$116,908
44,682
$467,642
178,729
$486,203
178,729
$70,196
$72,225
$288,913
$307,474
15,456
20,295
Total...---— 54,271,985
Balance
--
—V. 149, p.
3265.
Kansas Gas & Electric
1940—12 Mos.—1939
$527,346
212,153
al,660
$6,413,674
2,613,217
a827,714
$6,236,805
2,483,716
898,849
55,000
660,000
660,000
391
Property retirement
$509,229
203,789
74,206
55,000
Direct taxes
serve
Co.—Earnings-
1940—Month—1939
Period End. Apr. 30—
Operating revenues
Operating expenses
457
5,084
6,727
re¬
appropriations.
_
7,969
7,499
41,915
Capital stock-.-..
52,877
3,000
■
-
*9~492
4,410,646
199,443
-
3,920,574
294,043
Drl3~209
Deficit
....$4,271,985 $5,889,976
Total
of $2,250,557 in 1939 and $2,170,920
2275.
Lehigh Valley RR.—Black Tom Award—
District of
$50,000,000 award to the victims of the
munition dump explosions.
This award, handed down by the German-American Mixed Claims Com¬
unanimous opinion, the U. S. Court of Appeals for the
an
Columbia has refused to upset the
Black Tom and Kingsland
mission
a
year ago,
had been attacked by the Z and F Assets Realization
Corp. of New York City because it was made in the absence of the German
member of the Commission.
Ten years ago the Commission ruled there was no evidence of complicity
by the Imperial German Government in the sabotage of the munitions
dumps that occurred on the eve of America's entrance into the world war.
After receiving evidence that the decision had been obtained by fraud, the
Commission set aside its ruling in June, 1936.
A meeting was held by the Commission June, 1939, to review the newly
discovered evidence.
The German member absented himself. Ignoring his
absence, the Commission made its awards.
Amortiz. of limited-term
The
investments
51,299
Other liabilities
55,889,976
After reserve for depreciation
x
2,230
In
Net income
Pref. stock divs
72,889
accrued
17,129
suspense
in 1938—V. 148, p.
Gross income
Int. and other deduct'ns
857,546
State & local taxes
7,647
items..
$701,751
215,548
$114,878
44,682
Prepaid insurance,
taxes, &c—...
Miscell. unapplied
$699,521
294
Net
Other income (net)
affil.
948.538
966,573
R'lest., bldgs., &c.
193,728
Misc. accts. pay..
Capital surplus.
Cap. stock of subs,
3205.
146,111
Rents rec. in adv.
current
53,008
300,000
Fed. taxes accrued
and
rec.,
1938
$2,017
companies
1,553,918
8,694
222,375
Notes,
Accts. pay. to
72,180
816,531
hand
on
1939
Wages, payable...
Notes pay. bank..
Accts. receivable- >xl
Coal
Liabilities—
3,479
receivable.)
advs.
companies' figures included in this report have been
from pound sterling at the rate of $4.86 2-3 to the £1.—V. 150,
Period End. Mar. 31—
Co.—Consolidated Balance
Sales
1939
1938
5793,622 51,167,902
Assets—
Cash
81,562
Note—The operating
converted
Coal
Sheet Dec. 31—
Dividends declared:
J. P. S. Ltd.,
1937
$473,277
Equivalent to $1.70 per share on 268,343 shares of capital stock in 1940
share on 255,565 shares outstanding 1939.—V. 150, p. 2885.
Due from aff 11. cos.
J. P. S. Co., Ltd.,
Preference B
y$652,972
depreciation and provision for Federal and State taxes-
and $2.55 per
$387,383
1.308
$22,047
Net income—
1938
$314,105
1939
1940
x$456.094
-
'
$30,883
8,837
Int. and amort., &c—--
profit—
After expenses,
x
Corp.—Earnings—
30—
6 Mos. End. Apr.
x
Notes
Gross income.---.---
June 8, 1940
Lee Rubber & Tire
Ltd. (& Subs.)—Earnings
1940-^Mb?ti—1939
30—
Period End. Apr.
Operating
Operation
Chronicle
The Commercial & Financial
3664
agency
principal beneficiaries were the Lehigh Valley RR., acting as the
for the Canadian Car & Foundry Co., Ltd., and the Bethlehem
Steel Co.
$175,777
Dr67
$258,142
Net oper. revenues—
Other income (net)
91
$2,307,659
7,036
$2,187,513
6,763
In the U. S. District Court,
finding
Justice Jennings Bailey refused to upset the
the ground that the Secretary of State had already certified
of the Treasury and the courts no longer inter¬
on
the awards to the Secretary
on
Int.
on
mtge. bonds....
debenture bonds
Other int. & deductions.
$2,314,695
730,500
180,000
122,954
$175,710
60,000
15,000
9,426
$258,233
70,500
15,000
19,880
Gross income
Int.
0632
Int. charged to construe-
$2,194,276
720,000
180,000
109,938
035,188
fere.
In
Justice Justin
Miller's opinion, the appelate tribunal
holding that the action of the Commission was a political
question.
Lerner Stores
$1,281,873
520,784
$152,853
$91,284
applicable to preferred stocks for the period
Net income..
Divs.
Balance
a
As
$1,219,526
$761,089
-
$698,742
—V. 150, p.
No accruals were set aside for these taxes in April, and
months of 1940.
probably will be required during the balance of the year.—V. 150,
3362.
Directors
new
common
judicial
1940—4 Mos.—1939
$3,412,803 $12,792,785 $12,282,825
3052.
Lexington Telephone Co.—Initial Common
of $61,051 was made in April, representing cancellation of
Federal and State of Kansas income tax accruals made for the first three
adjustment
a
„
1940—Month—1939
$3,575,073
Sales--..
result of refinancing recently undertaken by the company, a credit
a
Corp. —Sales—
Period End. May 31—
520,784
went further,
and not
Dividend—
have declared an initial dividend of 60c. per share on the
stock, payable June 15 to holders of record June 1.—V. 149,
2087.
none
p.
p.
Locke Steel Chain Co.—Extra Dividend—
Directors have declared an extra dividend of 10 cents per share in addition
to the regular quarterly dividend of 30 cents per share on the common stock,
both payable June 25 to holders of record June 15.—V. 150, p. 2517.
Kansas Power Co.
Period End. Mar. 31—
(& Subs.)—Earnings—
1940—12 Mos.—1939
1940—3 Mos.—1939
Operating revenues
Oper. expenses & taxes—
$399,760
296,883
$384,397
283,934
$1,689,720
1,230,943
$1,664,687
1,197,643
Net oper. income
Other income
$102,877
$100,463
$458,777
$467,044
23
3
90
638
$102,900
67,211
$100,465
77,768
$458,867
283,116
$467,683
314,628
$35,689
29,885
$22,697
29,885
$175,751
119,540
$153,054
$5,804
def$7,188
$56,211
$33,514
Lockheed Aircraft Corp.—Sales—
April 30 totaled $12,556,846 compared
$5,867,777 in the same 1939 period, an increase of 114%, according to
figures recently released by the company. As compared with the increase
in dollar volume, actual deliveries of airplanes during the four months
increased 70% over the corresponding period of <ast year.
Backlog of orders as of May 15 was $111,237,000 compared with $43,953,725 at the beginning of this year.
New orders received by Lockheed
since the first of the year amounted to $80,037,362.
The present backlog
figure includes a substantial amount of busiin ss concluded within the past
month with the Allied Purchasing Commission involving fast interceptor
Sales for the four months ended
Gross income
Int. & other deductions.
Net income
Pref. stock dividends—
Balance
-V. 150, p.
119,540
2730.
with
pursuit
planes
and
probably exceeding $50,000,000 in
value.—V. 150,
p.2104.
Louisiana
Kentucky Power & Light Co.—Earnings—
Period End. Mar. 31— 1940—3 Mos—1939
$215,477
168,700
Operating re venues...—
Oper. exps. & taxes..
— -
1940—12 Mos.—1939
$192,501
149,909
$759,164
579,073
$695,789
v 531,022
$42,592
$180,092
$164,767
i
Net oper. income..
Other income (net)
es
o
t-r l
;:C.,.,.5
1
Power
& Light
Co.—Earnings—
1940—12 Mos.—1939
Period End. April 30— 1940—Month—1939
$7,251,777
$8,021,399
$601,047
$649,228
Operating revenues
3,705,959
4,228,090
311,076
372,237
Operating expenses
907,388
968.509
Direct taxes.-.
75.677
73,723
Dr2o2
Property retirement re¬
serve appropriationsNet oper. revenues.-Other income (net)
67,295
61,500
791,983
718,000
$135,973
$152,794
$1,920,430
14,605
$1,935,035
875,527
62,290
_
I
$46,778
36,006
Net income
—V.
$42,598
36,713
$180,093
146,060
$164,515
147,454
$10,772
Gross income.
Int. & other deducts
$5,885
"$34,033
$17,060
Int.
149, p. 3265.
on
194
566
$136,167
Gross income
$2,032,817
10,506
$153,360
$2,043,323
72,947
8,154
72,960
875,381
86,736
04,170
bonds
mtge.
Other int. & deductions.
Int. charged to construct
Key West Electric Co.—EarningsPeriod End.
Operating
1940—Month—1939
$16,432
$18,317
April 30—
revenues.
5,774
1940—12 Mos.—1939
$203,365
65,892
19,028
28,476
$191,345
4,772
1,153
2,044
2,601
$5,834
$5,862
$59,483
208
403
803
$70,954
Dr5,628
$6,043
'1,840
$6,265
1,861
$60,286
23,103
$65,325
23,261
998
Depreciation
3,007
...
Taxes
30,485
$55,066
$75,090
Dividends applicable to pref. stock for the period.
Net income
14,238
21,194
28,989
Balance-—V.
150,
Balance
Interest and amortizat'n
Balance
Preferred
$4,203
requirements
$4,404
Balance
—V.
$37,183
24,374
$42,064
$12,809
dividend
$17,690
24,374
150, p. 3362.
p.
-
-
356,532
$728,844
$649,567
2886.
Corp.—Control Acquired by New Group—
Greenfield and Associates Purchase 473,400 Shares
from Phoenix Securities Corp.—Elect New Management—
Loft
Net oper. revenues
Other income (net)
08,881
$1,006,099
356,532
$1,085,376
55,971
2,704
Operation
Maintenance
5,310
Candy
Albert M.
Control
of
Loft
Candy
Corp.,
operating 161 stores in metropolitan
Pennsylvania and a large candy
New York, Connecticut, New Jersey and
manufacturing plant, has been acquired by a new group headed by Albert
M. Greenfield and Jacob Beresin of Philadelphia through purchase of
473,400 shares of the company's stock from Phoenix Securities Corp.
Pur¬
chase of this controlling block of shares out of a total of 1,473,259 shares
outstanding was made with the idea of assuming active management of the
business, it is said.
An entirely new board of directors has been elected with Mr . Greenfield
as Chairman and Mr. Beresin as President.
Mr. Greenfield is President
of Albert M. Greenfield & Co., real estate corporation, with offices in
New York, Philadelphia, Pittsburgh, Newark and Atlantic City, and is
Chairman of Bankers Securities Corp., Philadelphia.
Mr. Beresin is
^
(S. S.) Kresge Co. —•Sales—
Period End. May 31—
Sales.Stores
in
operation
American and 61
740 of which 682
1940—5 Mos.—1939
1940—Month- -1939
$12,592,169 $12,104,732 $56,299,777 $54,652,754
May 31, last, totaled 736 of which 675 were
Canadian. A year earlier stores in operation totaled
American and 58 were Canadian.—V. 150, p. 3052.
on
were
were
Kysor Heater Co.—Extra Dividend—
have declared an extra dividend of 15c. per share in addition
regular quarterly dividend of 15c. per share on the common stock,
both payable June 15 to holders of record June 1.
An extra of 25c. was
paid on Dec. 15 last, one of 20c. was paid on June 15, 1939; one of 10c.
was
paid on Dec. 15, 1938; 50c. on Dec. 20, 1937, and one of 15c. was
Directors
to
the
paid
on
Sept.
15,
1937 —V.
149,
p.
3560.
President of the Berlo Vending Co.,
People's Service News Co. and Beresin
Loeb, Philadelphia and has been active m the candy retailing business for
Charles L. O'Rielly, President of Sanitary Automatic Candy
Corp., has been elected a Vice-President and director.
A number of the
present officers of Loft Candy Corp. will continue under the new man¬
&
30 years.
agement.
New directors, in addition to Messrs. Greenfield, Beresin and O'Reilly,
are: George H. Johnson, President of Lit Bros.: Harry A. Robinson. Presi¬
dent of Hance Bros. & White Co.; David Bortin, Philadelphia; John J.
Turteltaub, Vice-President of Albert M. Greenfield & Co., Inc., New York;.
Union Bldg. Co., Newark; Alfred B lasband
Treasurer, Bankers Securities Corp., Philadelphia; Sol Cohn, President
A. H. Rachlin, Vice-President
r
Volume
The Commercial & Financial Chronicle
150
City Stores Co., New York, and F. Raymond Johnson, Vice-Pres dent,
Saks Fifth Avenue, New York.
.?
To Get
V : ,r
W. W. Har¬
rington to pay this company a dividend of $5 a share on 147,749 shares of
stock held in escrow by the Delaware Trust Co.
The Pepsi Cola dividend
was declared on May 17, payable on June 10 to stockholders of record of
3665
May Department Stores Co. (& Subs.)—EarningsYears Ended Jan. 31—
1940
Pepsi Cola Dividend'-r-
The Pepsi Cola Co. was directed on June 5 by Chancellor
May 24.—V. 150,
p.
3205.
McColl Frontenac Oil Co., Ltd.—Buys
Own Pref. Stock—
Company announced that 790 shares of 6% cumulative preferred stock
f the company have been bought for redemption and cancellation.—V.
49, p. 2978.
1940—5 Mos .—1939
$3,300,398 $16,406,543 $15,417,797
203
202
1940—Month—1939
$3,507,319
Stores in operation,.,..
---
103,905,199
Cost of goods sold, &c--_
94,247,724
Maintenance & repairs—
462,053
Taxes..
1,842,468
Deprec. & amortization.
774,806
„
Listing—
&
Federal income taxes
1940—4 Mos.—1939
$6,608,430
$6,459,611
$6,445,398
703,645
$5,221,926
810,000
$6,689,871
864,000
$7,149,043
891,500
74,349
exps. on mtge. indebt.
Net cost of minor add'ns
272,668
356,691
355,350
1,007,987
320,595
525,408
615,130
19~666
furn., fixtures, &c._
charges._
281,455
41,053
55,500
Prov. for Federal surtax.
Prov.for excess prof, tax
7,000
Netprofit
def$211,015
1,230,396
bCap.shs.outst.(par$10)
Earned per share
'
$5,918,152
2,409,890
Maintenance-.-------------^--^---- —521,415
Provision for retirements
749,664
456,629
660,000
167,156
212,609
Provision for taxes
$1,041,532
1,230,396
$303,868
1,230,396
$3.99
$764,140
1,230,396
$4.12
$3.09
$2,375,671
20,523
...
$2,233,918
79,032
—
$2,224,477
9,441
$2,396,194
Operating income
Other income (net)
90,114
1,015,643
long-term debt
Other interest
—.
Amortization of debt discount and expense
997,219
104,100
construction
Cr2,278
After deducting net loss from land, buildings and leaseholds not used in
$16,803 in 1938 and $22,489 in 1939, and investments
considered worthless and net loss from sale of investments and fixed assets
of $57,397 in 1938 and $363 in 1939.
The 1939 figure includes non-recur¬
ring income (refund of services purchased) amounting to $278,242.
b Less
shares in treasury,
c Includes dividend of 75 cents per share paid Jan. 22,
1940, which was in lieu of dividend that would have been paid on March 1,
1940.
d Consists of $5,505 for interest on U. S. Government obligations,
less
amortization of premium; $29,146 for dividends and sundry interest;
$65,856 net profit from land and buildings not used in store operations;
total, $100,508, less provision for loss on investment and net loss from sale
of fixed assets of $3,606; balance (as above), $96,902.
1939
$
$
Assets—
hand
on
5 653,685
8,071,433
359,042
...
364,689
U. S. Govt, oblig.
Cust.
notes
and
104,100
1939
1940
Liabilities—
Cash in banks and
$'
$
Accounts payableAccr'd liabilities..
2,764,839
1,726,086
2,455,484
Mtge. instal. pay.
within 1 year...
336,250
326,250
300,140
287,749
214,332
327,954
5,135,600
10,778,526
Inventories
14 ,345,712 13,040,802
Other curr. assets.
448,160
399,368
Res've
Other assets
Sundry creditors..
244,616
y
Reserves...
329,724
2 ,263,853
1,062,988
Fixed assets..-.25 ,568,635 24,890,164
Deferred charges642,449
620,484
Goodwill
trade¬
,
trading
and
outst'g
stamps
coupons-.-
Long-term debt... 6,749,350
Cap .stk. (par S10) 13,673,520 13,673,520
Earned
1
&c
names,
for
1,770,790
surplus--.26,202,173 26,413,188
10,037,854
Capital surplus—10,037,854
Cr3,254
Treas.stk., 136,956
$1,218,120
Net income-....
1936
1939
from op. cos
DepreciationSelling and admin, exps.
profits
y
1938
$2,498,939
78,081
$1,364,043
1937
$2,761,942
480,754
72,960
498,784
537,259
471,840
$1,940,104
90,438
$792,299
80,185
$2,145,939
123,560
$1,831,454
128,172
Calendar Years—
Gross
61,039,695 59,228,456 V
Total
Marlin-Rockwell Corp. (& Subs.)—-Earnings—
earns,
shs. at
$1,027,315
-V. 149, p. 3562.
Gross
...
Other income
78,745
$2,443,899
140,604
-
Net
$2,269,499
14,878
354,000
$1,959,626
18,825
306,690
$1,658,084
1,356,980
$722,848
$1,900,620
1,611,414
$1,634,111
1,356,980
$44,358
339,245
339,245
$289,207
339.245
$5.60
$277,131
339,245
$4.81
$2,030,542
13,435
deduc-
/-
Common dividends
359,023
—
-
profits
Surplus
$872,485
9,662
139,975
$301,104
Total income
—
..
-
Shs.com.stk.out.(par $1)
Earned per
share
678,490
$4.88
—
$2.13
Consolidated Balance Sheet Dec. 31
1938
1939
Assets—
Liabilities—
Cash & ctfs. of dep 2,624,359
84,851
411,623
160,000
178,267
6,129,097
Common stock--
1,310,134
Inventories,-
-
1
821,242
1
Other assets.---
Deferred charges
,
x
After
Earned surplus
821,116
6,480
6,030
-
Represented by 364,145 shares, $1 par.
ury
954,959
Total....
of $3,856,478 in
depreciation
160,000
653,855
z
sale to
employees, there remain 30,426 shares available for subscription at $55
share.—V. 150, p. 3053.
^
'
per
Melchers
Distilleries, Ltd.—No Preferred Dividend—
Directors at their recent meeting decided to postpone payment of divi"
this time
1939
$24,169,469
Net sales..
Cost of goods sold
the war and the impending increases in taxes.
The
directors therefore feel that it is in the interest of the shareholders to con¬
the company's liquid position.—V. 146, p. 1717.
Melville Shoe Corp-Sales—
Corporation on June 4 reported retail sales of $2,989,392 for the four
weeks ended May 4, as compared with sales of $2,667,766 for the comparable
four weeks in 1939, an increase of 12.06%.
Sales for the 20 weeks ended
May 4 were $14,041,366, as against sales of $13,765,927 in the similar
period last year, an increase of 2% .-rV. 150, p. 2584.
Miami
Copper Co.—-Earnings—
1939
1938
1937
1936
-
$8,046,715
$5,451,448
Expenses, taxes, &c——
7,024,677
5,480,462
$4,975,063
4,642,140
40,081
289,597
3,057
55,774
Calendar Years—
Gross earnings
Interest
22,269
18,840,929
-
.-
Income deductions
Fed'l & State inc. taxes.
Net income
1936
$7,839,356
$6,219,774
6,252,490
9,350,484
x5,268,713
$5,328,539
268.030
$3,066,932
39,389
$1,586,866
80,352
$951,061
90,808
$5,596,569
498,963
987,000
$3,106,322
168,567
588,400
$1,667,219
285,360
y237,000
$1,041,870
259,218
z$2,349,355
$1,144,858
$732,652
$130,069 depreciation
-
50,000
y
Includes
undistributed profits.
$281,134
$728,897
112,067
$768,936
paid---
Includes
a
$188
$1,984
share in 1938.
_
_
Balance Sheet Dec. 31
1939
Cash—J
$
5,346,863
3,889,530
27,000
sales of cap. stk.
receivable-..,—
—
—
—
-
2,520
1,748,199
14,172,432
567,787
176,861
5,518,217
204,517
182,336
Cash suit, value—
Life insurance
-
_
Ad vs.
of
$
1,060,837
for
$55,962
Federal undistributed profits
1939
and
tax
217,582
72,802
-10,017,606
15,427
under
con¬
tracts
Accrued liabilities.
S
Sub. to cap. stock.
Cap. stk. ($1 par). 1,094,532
Capital surplus
11,542,567
...
Earned surplus
5,319,098
889,733
2,520
1,092,182
10,610,599
2,300,786
and
8
IAabilUies-
3,735,580
3,735,580
prop.,&C.10,078,372 10,621,944 Capltal stock
262,195
Development
2,918,505
2,785,073 Accts. pay., &c...
352,700
x Construc'n, &C-2,788,360
2,927,005 Notes payable
Reserves
31,063
Ranches and other
-v
172,111
lands
481,790
481,315 Taxes due...
Ore and metals
2,429,299
1,681,056 Smelting, refining,
and freight
452,140
Prepay. on natural
contract-..-
365,600
gas
71,829
365,853
53,859
Accts. receivable-.
609,295
114,319
200,000
27,765
152,500
134,877
326,417
164,850
4,880,056
Unrealiz. surp. res.10,078,372
10,621,944
Surplus
456,558
110,468
823,953
213,272
5,650,856
Deferred taxes
188,572
Mat'Is & supplies.
839,253
Prepaid exps., &c.
-----
Total
x
-.20,869,894 20,322,384
_
After
Total
20,869,894 20,322,384
depletion.—V. 150, p. 1000.
Michigan Bell Telephone Co. —Earnings—
Period End. Apr.
1,472,633
1938
1939
1938
$
Assets—■
xMining
287,483
.
payable
rec'd
terms
Sub. to cap. stock
1938
$
Liabilities—
Accounts payable
Wages
Due from agent for
Accts. receivable—
1939
1938
5
Assets—
reserve
$5,777 reserve for State of Arizona income tax.
Cash
Equivalent to $3.75 per share of common stock in 1939 and $2.15 a
plant
$665,564
63,334
Investments-----
of plant and equipment,
Federal surtax of approximately $8,000 on
Prop,
------
$723,997 def$310,640
44,939
29,506
Balance, surplus
Other income
Dividends
1937
1938
$12,417,417
z$4,110,606
—
Gross income
a
261,161
------
Balance Sheet Dec. 31
eral expenses)
Investments
20,464
275,772
$8,721,657
7,738,838
31,220
261,704
a24,331
-----
(inch
Profit from operations
Other income,
Regular
brought about by
selling, admin. & gen¬
Inventories-
the cumulative preferred shares.
serve
Total surplus
Includes
on
semi-annual dividend of 30 cents was paid on Dec. 30, last.
Current action was taken, it was explained, because of the uncertainty
$412,693.—Y. 150, p. 3363.
at cost of
Calendar Years
z
-61,039,695 59,228,456
$8,295,354 $7,570,216
1939 and $3,817,240 in 1938.
Includes 24,900 shares in treas¬
(Glenn L.) Martin Co.—Earnings—
x
Total
After depreciation and amortization.
Depreciation, &c
Reserve for Fed. taxes--
88,295,354 $7,570,216'
Total---.
y
and other taxes,
Reserves
1,347,893
Goodwill, &c
z
301,938
1,362,401
Marketable secur-
1938
$364,145
275,530
y
Accts, pay., &cAccrd. Fed. income
2,239,390
382,817
1,460,520
Notes &accts.rec.
1939
$364,145
Capital surplus.6,129,097
xProp.& plants-.51,637,985 $1,543,265
*
par.r__Z>rl,369,560Drl369,560
Note—Of the 56,000 shares of capital stock reserved in 1926 for
dend ordinarily due at
Other expenses &
Federal taxes._-
,
4,306,318/
store operations of
accts. receivable 11 758,158
Interest charged to
$5,070,458
$3.58
—
1940
$6,370,178
2,510,819
on
$4,917,771
4,613,903
Consolidated Balance Sheet Jan. 31
Operating expenses
Interest
23,000
$3,809,877
2,768,345
$4,402,895
c4,613,910
Common dividends
1939
1940
—
22,702
a
Miscellaneous
—
12 Months Ended March 31—
Total operating revenues
Gross income,--
See
a
Int. & amort, of disct. &
a
than the necessary two-thirds of the creditors o
the proposed plan of reorganization has been reported to Federal District
Court Judge John P. Barnes at Chicago by the trustee.
Acceptances by
stockholders, however, have failed to reach the required majority due to the
refusal of Davega Stores Corp., holder of over 30% of the outstanding stock,
to agree.
\
Y'.o-'..-.: YY
s:r:
V Y-'-.YvYv y\ •
Judge Barnes has granted an extension of the time limit for acceptances
to June 10 and at the same time set that date for a hearing on insolvency.
If the company is ruled insolvent, acceptance by the stockholders will be
unnecessary and the reorganization will be adopted.—V. 150, p. 2886.
Co.—Earnings
$6,681,755
a8,116
See
Balance, surplus
Corp.—Time Extension
Television
more
Manila Electric
a362.396
Investments
considered
to be worthless
Granted—
Acceptance of
$4,859,530
$6,675,050
991,500
Total
McLellan Stores Corp.—Sales—•
Period Ended May 31—
1940—Memth—1939
Sales....
$1,899,969
$1,856,329
—Y. 150, p. 3519.
:.V-.V
Radio
>,578,148
d96,902
Other income.--
to
Exchange has authorized the listing of $3,000,000
15-year 3M% sinking fund debentures, due April 1,1955.—V. 150, p. 3053.
The New York Stock
Majestic
98,411,263 107,030,180 101,754,866
90,486,593
97,479,061]
464,110
545,783 ) 94,585.042
1,841,647
1,612,606
759,382
710,975
724,425
Prov. for decline in value
of sundry investments
McCrory Stores Corp.—Sales—
Period Ended May 31—
Sales
$
sales
Net profits—.
1937
1938
1939
$
Net
1940—Month
30—
1939
1940—4 Mos.—1939
Operating revenues
Uncollectible oper. rev..
$3,895,208
$3,534,044 $15,243,802 $13,996,761
8,112
48,933
27,926
Operating revenues. _
Operating expenses
$3.883 ,182
2,287,726
$3,525,932 $15,194,869 $13,968,835
2,136,669
9,095,486
8,604.404
$1,595,456
$1,389,263
Net oper. revenues.
equipment
7,272,325
trademarks
and copyrights17,246
Other assets
120,670
4,779,579
120,847
Net
1,274,817
560,262
—V. 150, p.
.
-
-
12,026
.
—
564,813
500,090
$1,030,643
$889,173
1,013,123
Operating taxes
830,996
$6,099,383
2,212,740
$5,364,431
1.950.971
$3,886,643
3,813,301
$3,413,460
3.186.972
Pats.,
Deferred charges
Total
a
—
14,378
30,724,855 15,271,531
Net oper.
Total
30,724,855 15,271,531
After reserve for depreciation of $1,568,043 in 1939 and $1,283,529 in
938—V. 150, p.3363.
income
income
3053.
Micrpmatic Hone Corp.—Listing ana Registration—
The New
tion the
York Curb Exchange on June 7, admitted to listing and registra¬
dommon stock, par $1.—V. 150, p. 3364.
The Commercial & Financial
3666
Corp. (& Subs.)- -Earnings
Mid-Continent Petroleum
1936
1939
1938
1937
.$38,258,786 $38,413,249 $41,975,771 $40,357,937
26,166,681
26,884,423
28,414,012 27,158,889
Calendar Years—
Gross sales
Cost of sales
5,854,380
5,971.125
5,824,414
Net profit from
$4,144,858
1,558,712
sales.. $5,403,238
1,303,429
$5,703,570 $10,740,379 $10,053,944
2,077,196
2,594,107
2,320,150
795,214
906,771
769,311
Provision for deprec—-
2,178,613
Depletion reserve
Leaseholds abandoned &
surrendered, Sec—...
768,537
1,000,733
1,169,007
Fed. & State income tax.
108,281
78,890
1,249,574
685,049
1,863,412
323,493
539,472
$2,650,502
1,119,071
$1,043,792
1,119,855
$5,304,877
x2,788,198
Inventories
def$76,063
$2,516,679
$2,648,467
stock
1,857,912
$1.42
1,857,912
<
$0.56
1,857,912
$2.85
1,855,912
$2.57
out¬
standing
Earnings per share.
x
undistributed profits.
Includes surtax on
Consolidated Balance Sheet Dec. 31
$
*
1939
1938
1939
A. ssets
Liabilities—
$
.
351,463
ations
20,700,324 19,168,893
Capital surplus.-.21,294,221 22,140,240
6,956,169
1,010,650
3,402,319
Mat'ls & supplies.
8,375,432
1,271,865
Defd. debit items.
636,365
385,835
855,346
76,448
67,548
Capital stock.-.18,579,120 18,579,120
interests
Surplus from oper¬
3,532,608
less reserve 3,333,745
1,004,149
c
pipelines,
stor¬
age tanks, &C--15,927,390 15,976,597
8,945,057
1,181,259
505,604
U. 8. Treas. bills..
and
Notes
rec.,
accts.
Refln. & crude oils
a After reserve for depreciation and depletion of $29,845,372 in 1939 and
$29,004,522 in 1938. b After depreciation of $27,051,874 in 1939 and $26,093,151 in 1938.
c Represented by 1,857,912 shares, par $10 each.
Corrected Dividend—
declared
have
Directors
Dec.
a
dividend
of
40c.
per
share
the
on
common
This compares with 35c. paid on Dec. 1 last; 25c. paid on
1 last: 35c. paid on Dec. 1. 1938; 25c. paid on June 1. 1938: $1 on
1, 1937, and 50c. paid on June 1, 1937.—V. 159, p. 3054 ; V. 149,
2107).
Cos.)—Earns.
excluding Louisiana & North West
RR.l
1939
1938
1937
1936
$1,372,569
$1,478,241
534,695
$1,535,587
$1,325,635
504,942
$943,546
11,156
$1,030,645
12,363
$886,527
5,838
122,044
■9
$923,720
6,029
alQ2,960
al54,654
a
$1,109,356
107,645
5,257
128,086
112,066
187,946
226,338
$1,165,052
109,938
2,846
109,807
103,051
240,498
264,615
$895,111
118,773
4,625
88,619
95,969
277,467
218,475
20,038
12,995
38,062
50,854
$197,161
$329,022
leasehold
expenses
Net income
Prop, of consol. net inc.:
Minority int., oil cos.
$40,329
a Including net profit on sales of assets of $99,454 in
1938 and $111,515 in 1937.
[Excluding Louisiana & North West
1938
1939
Assefs—
$330,833
$114,123
rec. & accr.
52,852
Special deposits...
1,416
127,682
2,227
Cash
Accts.
Net oper revenues—
Other income
on
1938
$49,900
$52,631
376,162
162,106
182,768
fund. debt.
149,218
5,800
Sink, fund cash...
5,807
liabilities
145,344
Oil prop. & well.eq
Misc. prop. & eq_.
129,064
Recelv'ship
& supplies.
3,661,352
45,031
105,895
Prepaid items and
deferred charges
3,667,785
9,445
Mat'ls
Int.
Notes payable
2,232
Investments
Int.
'
63,252
115,545
claims
56,209
allowed
Miscell.
liabilities.
86,427
1,535,400
1,613,600
60,000
Funded debt
9,349
57,714
5,239
11,975
130,952
Liabs.not current.
92,344
393,221
378,404
Res. for conting. &
receiv.
expenses
Minority ints., cap¬
ital and surplus
.
Dividends pay
Res. for declaration
265,729
on
Deferred
inc.
Vr'---"*'
and
571
6,872
6,814
$2,856,307
23
7
$3,045,495
1,416
$3,046,911
1,614,486
70,714
Crl,961
$2,857,254
1,624,730
70,549
Crl,641
$1,363,672
$1,163,616
$222,422
135,010
$225,386
133,850
5,954
5,855
Cr67
Crl21
$85,703
$81,624
Divs. applic. to pref. stocks for the period
U.
Net income
990,835
$373,847
$172,781
1937
1936
—V. 150, p. 3364.
Mission
Corp.—Earnings1939
1938
$818,723
$946,498
567,657
12,850
Dividends received from:
Tide Water Associated
Oil Co.
428,368
Skelly Oil Co
17,880
27,583
Pacific West. Oil Corp.
Sales of crude oil
(net)
on
—
sale of
of Skelly
48,607
38,782
Expenses.
com.
838,585
5,250
14,406
$1,541,411
66,270
Net
Total
$4,234,8341
$4,354,400
worth
Total
xl,291,978
stk.
8,198
Oil Co...
Prov. for Federal normal
distributed
on
21,997
1,920
3,999
4,000
$1,427,829 x$l,807,686
$677,834
1,745,506
629,705
un¬
profits
$1,205,165
1,379,245
896,219
deducting Federal stock transfer tax
of $10,000 excess of amount received from sale of 250,000 shares Tide
Water Associated Oil Co. common stock on March 19, 1937 (at $14.30 per
share), over the amount at which such shares were carried on the books
Does not include $1,239,234 after
($9,303
per
share).
1939/
1938
1937
x$290,849
x$247,717
x$227.003
$1,395,878
$0.21
$0.18
$0.16
$1.00
1940
Quar. End. Mar. 31—
Net inc. after charges &
Federal income taxes.
Earns, per share on cap.
stock outstanding
Before Federal income taxes and surtax
The company reported that on March 31,
x
undistributed profits.
on
$4,354,400 $4,234,834
299,954 shares class A, $1 par, and 895,529 shares class B, $1 par
outstanding (represented by voting trust certificates, of which 7,982 shares
77,666 shs. class B are in treasury) at stated value, $2,063,578,
less deficit $771,600.—V. 150, p. 3054.
x
class A and
its
treasury.
Balance Sheet Dec.
1939
31
Midland Steel Products Co.
1939
(& Subs.)—Earnings—
1938
1937
1936
$
$
Liabilities—
280,764
898,832
Accounts receiv'le.
7,511
7,387
97
838
9,835,022
Invest, in
Invest. In
com.
com.
3,816,917
Oil Corp
Oil producing lease
and equipment.
493,348
302,702
218,696
3,660
Invest, in
com.
x
stk.
541,046
Prepaid exps., &c.
$3,637,528
Dr95,856
$2,337,787
x55,773
$3,750,460
Drz63,024
$3,236,091
x91,487
$3,687,437
444,571
324,287
a597,768
3.327,578
b568,261
$2,393,560
452,109
130,092
a360,786
$2,235,336
759,400
115,750
1,174,575
$1,450,573
759,400
57,900
234,915
$2,320,811
759,400
115,800
1,057,118
2,160,036
$185,611
$5.79
$398,358
$388,494
$6.15
$286,447
$3,541,673
426,564
311,511
Profit-sharing fund
Federal taxes (est.)
•
416,426
291,115
y460,000
9
Net income
Preferred
dividends
$2 non-cum. pf. stk. div.
Common dividends
759,400
115,800
998,389
Total
x
Earns .per sh .on com.stk.
x
on
Less other
deductions,
a
$5.47
y Including provision for $52,000 for surtax
Less interest earned and profit on sale of se¬
$338,000 for norma,1 income tax in 1938 ($482,000 in 1937),
undistributed profits,
curities.
$2.45
z
y
Total
15,333,239 15,028,464
Represented by
Cap. stock purch
for retirement..
1,379,545 no par shares,
y
Dr9,462
DrS,267
15,333,239 15,028,464
Cost of 900 (300 in 1938)
shares.—V. 150, p. 3207.
Missouri Pacific
RR.—17 Dissents to Plan
Filed
petitions objecting to the Interstate Commerce Commission's
plan of reorganization for the company were on file in Federal Judge George
H. Moore's court, June 3, the last day for filing such objections.
There also was one endorsement, the Reconstruction Finance Corporation
approving the plan because of "the desirability, in the public interest, of
getting railroads out of bankruptcy.
The RFC holds $31,765,000 in
Seventeen
MOP notes and collateral.
Surplus
13,795,450 13,795,450
1,494,212
1,185,267
Capital stock
Earned surplus
Furn. and fixtures.
Depreciation
40,000
5,025
3,212
1,940
40,000
Federal
226,130
4,176
for
tax on income—
3,748,868
$3,777,137
Total
5,000
1,247
held on divs
Prov.
stk.
of Skelly..
$4,334,183
583,722
Other income.
5,400
stock tax...—
Fed. inc. tax with¬
stk.
$2,793,419
455,632
-
S
4,074
Accrd. Fed. capital
of Tide Water..10,508,516
:/'
6,392
Accounts payable.
Manufacturing profit... $4,163,901
Expenses
526,372
Operating profit
1938
1939
1938
$
of Pac. Western
Calendar Years—
,
1940, the corporation owned
1,052,123 shares of Tide Water Associated Oil Co. common stock, 571,157
shares of Skelly Oil Co. common stock, 44,700 shares of common stock of
Pacific Western Oil Corp. and held 900 shares of its own capital stock in
Cash
1,353,608
$789,686
105,933
$1,967,233
133,550
39,114
$1,292,554
$789,686
$1,123,397
Inv'try of crude oil
106
947
990,825
Balance
Assets—
credits
$6,232,302
1,772,085
1,047,096
550,000
$222,415
•
.
mtge. bonds
277,743
of dividends
41,667
1940—12 Mos.—1939
$6,935,164
2,088,197
1,161,267
633,333
$225,363
Other int. & deductions_
X
Acct. pay. & accr.
Mis cell, assets and
claims
150,102
80,862
574
Net income
1939
^
$495,617
91,158
50,000
Dividends paid
Liabilities—
SEC Hearing Ordered—
investments.
Prov. for surtax
RR.l
.....17,026,487 16,000,586
Total
178,442
Prop, retire, res. approp.
of limited-term
20,297
1939, $146,343 in
stock. Dr992,743
$545,537
income tax.
Consolidated Balance Sheet Dec. 31
3,063,362
Dr989,114
plus
Amort,
20,031
38,787
257,445
42,197
286,825
13,248,974
30,025
Profit and loss sur¬
b Treasury
1 HO—Month—1939
Period End. April 30—
Operating revenues
Operating expenses
Total income
$296,234
600,000
3520.
Loss
29,424
167,737
Corporation (net)
r:
720,000
and Exchange Commission June 4 ordered a public hearing
Washington offices on the application of corporation to
Calendar Years—
$1,032,709
101,887
Other interest..
22,992
Taxes
153,817
Administrative expenses
117,963
Depl. & amort, of leaseh.
146,157
Deprec. of phys. equip, rf: 272,694
Abandonment and other
Inc. from all sources..
Interest on funded debt
Contingent reserve
194,211
Minnesota Power & Light Co .-—Earnings—
2,746
448,849
Operating expenses
413,000
preferred of American Public Service Co.; 5.000 shares of 7% prior lien
preferred of North West Utilities Co.; 15,000 shares of $6 preferred of
Central Illinois Public Service Co , and 30,000 shares of capital stock of
United Public Service Corp.
A hearing has been set for June 18 in the Securities and Exchange Com¬
mission's Washington offices, on an application (File 70-68) filed under the
Holding Company Act by the Middle West Corp. regarding the proposed
sale by it to Ralph J. Green, of Kansas City, Mo., of 41,385 H shares of
common stock of Missouri Public Service Corp. at $6.75 per share.—V. 150,
439,108
Miscellaneous
10,632
1,790,349
198,757
644,688
Accrued payrolls
b Consists of 2,005 shares of 8% pref. in 1938 and
Int. chgd. to construct'n
Consolidated Income Account for Calendar Years
[Incl. affil. cos. consolidated, but
Net inc. from oper...
78,603
806,574
428,604
44,446
17,026,487 16,000,586
Gross income
Middle States Petroleum Corp.(& Affil.
Interest and discount
9,693
2,423,250
563,158
Direct taxes
payable June 1 to holders of record May 1 (not April 1 to record
as of March 27 as previously stated in the "Chronicle" of March 30,
Gross income from oper.
2,423,250
Accounts payable.
acquire the securities of six of its subsidiaries for cash at the market.
The securities involved in the application consist of 7.000 shares of
South West Utilities Co., $7 prior lien preferred stock; 7,000
shares of the $7 preferred stock of the same company; 5,000 shares of 7 %
2695.
p.
d Common stock.
Central &
holders
page
June
450,223
1,834,681
1,460,122
Middle West Corp.—
p.
stock,
9,693,000
for June 19 at its
65,103,572 63,692,349
Total
65,103,572 63,692,349
Total
201,657
depreciation,
The Securities
2,495,368
392,441
Defd. credit items.
Minority
stock
9,693
cum.
1939; 39,230 (39,030 in 1938) shares of $2 stock and 7,410 common shares in
1938 and 1939.
c Represented by 96,930 shares ($100 par), including
shares in treasury
d Represented by 242,325 no par shares, including shares
in treasury,
e Represented by 96,930 no par shares, including shares in
treasury, f Restricted to the extent of $992,743 representing cost of treasury
stock—V. 150, p. 3054 , 2888.
$
3,056,868
Accrd. gen. taxes.
In¬
21,741,015 22,182.085
casing'd/
gasoline plants,
tangibles
bliefln's,
Stks, & bds. (cost) 3,309,911
Cash.
.....10,256,386
Non-cum. $2 div.
Sundry accounts..
plan..
77,815
Misc. assets, &c—
11,090
Patents & g'dwlll. 1,757,970
After
i
Accrued taxes
-
Total
$
8%
pref.
9,693,000
5,691,175
insurance
1938
$
Accounts payable-
aOll reserves under
leaseholds &
e
4,486,044
indus'l
self-risk
a
com.
871,271
1,873,261
2,516,913
accrued int.—
Accts. receivable..
$4,777,578
2,129,111
$1,531,431
Surplus—
Shares
.......
Deferred charges..
stock.
on common
First
stock..........
4,189,653
5,526,856
machinery, &c_.
&
1938
$
Liabilities—
c
buildings,
Cash
1939
■:
1938
■H; S
$
Assets—
Land,
Secure, dep. under
-
Net income....
Divs.
over-provision for prior years—net.
1939
_
inv.
Adjust, of crude oil
to market value
1937). b Includes $8,279
-.I;'Consolidated Balance Sheet Dec. 31
U.S. Govt, secure.
$6,706,666
Total income
$8,632,793
1,421,150
1940
$63 000 for surtax on undistributed profits in 1937.
Additional assess¬
and under-provision (est.) for prior years of $22,786 in 1938 ($52,786
in
5,558,463
$8,992,768
1,747,611
June 8,
ments
a
Other income credits, net
Chronicle
Although the RFC approved
.
^
the plan, another Government agency—
Credit Corporation—objected to it on the
claim would not be amply secured by bonds allotted to
the
Railroad
0rj^dgeMoor^will hold a hearing on the plan July
grounds that its
it under the re-
9.—V. 150, p. 3520.
Volume
Mutual Broadcasting
Mississippi Power Co.—EarningsPeriod End.
$268,056
$290,985
$3,596,196
$3,555,276
170,150
25,000
177,403
23,333
2,268,309
286,667
2,269,353
313,333
$72,906
41,373
$90,249
48,090
$1,041,220
594,095
$42,158
$378,495
21,088
21,088
$473,768
253,062
$10,445
$21,070
$220,706
$125,433
& taxes--
expenses
Prov. for depreciation._
Gross income
Int. & other deductions
-
Net income
Divs.
on
pref. stock
Balance
System—Time Sales-
:
———
253,062
Note—Results of operation through Dec. 18, 1939 of certain properties
conveyed to Tennessee Valley Authority and other public agencies on that
date are included herein.—V. 150, p. 2888.
■Earnings—
Mississippi Power & Light Co.-
1940—12 Mos—1939
April 30— 1940—Month—1939
$7,618,623
$7,382,659
$600,416
Operating revenues—.
$626,990
4^224,698
352,044
4,519,375
Operating expenses
393,715
931,423
64,507
917,311
Direct taxes
72,881
Cumulative time sales for
1940 amounted to
the similar period a year ago, when
the first five months of
$1,731,843, an increase of 24.1% over
billings reached $1,396,049.
Property retirement re¬
serve appropriations-
$95,394
$120,532
$1,415,270
87
Net oper. revenues
123
4,737
—
733,333
766,667
63,333
65,000
-
i$1,493,205
1,754
Stock—
Narragansett Electric Co —Competitive Sale for
Competitive sale of 180,000 shares of preferred stock is now planned
for June 17, it is stated.
This issue has been in Securities and Exchange
Commission registry for several weeks.—V. 150, p. 3366.
(Conde) Nast Publications, Inc. (& Subs.)- -Earnings
Calendar Years—
Gross
from
rev.
1938
1937
1936
$8,560,116
$8,981,883
$7,970,035
1939
sale
of
publications, adv., &c. $8,600,730
Produc., sell, gen. and
admin, expenses——8,057,310
7,968,382
8,408,005
7,562,498
$543,420
17,637
$591,735
y21,257
$573,878
y26,546
$407,536
y25.810
$561,057
35.198
$612,992
48,237
$600,424
71,895
$433,346
79,057
12,613
zl0,530
6,442
22,892
27,494
x42,939
6,000
247.193
x68,693
10,000
256,732
26,000
10,000
249,291
236", 151
a$206,585
2,001,522
$222,888
1,805,598
$220,346
1,662,552
$47,364
1,599,813
28,376
$2,208,107
154,350
$2,028,485
$1,882,898
77,300
$1,675,552
Period End.
Other income (net)
of 37.2% over the
Time sales for May amounted to $322,186, an increase
similar 1939 month when sales amounted to $234,764.
$972,590
o67,452
$31,533
Gross revenue
Oper.
Mos.-—1939
1940—12
1940—Month—1939
April 30—
3667
Commercial & Financial Chronicle
The
ISO
Operating profit
Other income
Interest paid
Amort, of bond
&
note
issue comm. and exps.
Loss
on
foreign exchange
Provisiion for Federal &
$1,420,007
811.800
118,783
J$1,494,959
817,700
76,886
$44,258
$95,481
66,667
10,851
on mtge. bonds
Other int. & deductions-
$489,424
$600,373
403,608
403,608
$196,765
$17,963
Net income
Divs. applic. to pref. stock for the
a
$120,655
68,142
8.255
$85,816
Gross income
Int.
period
-
Balance
1940, amounted to
$487,693, after giving effect to dividends amounting to $2 a share on $6
pref. stock, declared for payment on May 1, 1940.
Dividends on this stock
are cumulative.—V. 150, p. 2888.
accumulated and unpaid
Dividends
a
Missouri Public Service
$376,666
293,288
$77,437
$83,378
$328,546
612
628
3,161
$78,049
55,046
$84,006
57,010
$331,707
operating income,
Other income (net)
$328,278
6,048
_
Previous earned surplus.
Miscellaneous credits
Total--------
——
Miscell. decuctions
26,964
43,281
13,000
Earned surplus at end
$1,662,552
340,000
$0.14
x Includes
$5,481 ($30,135 in 1938) foreign income taxes,
y Includes
$7,483, in 1938, $6,915 in 1937 and $5,779 in 1936 for minority interest,
z Exclusive of $9,719 charged to reserve for foreign exchange fluctuations,
a Being $240,327 profits of domestic companies, less $33,742 loss of foreign
companies,
b Includes undistributed profits of consolidated foreign com¬
of year-..
com. stk. (no
Earnings
1940—12 Mos.—1939
$1,539,770
$1,486,428
1,211,224
1,158,149
$376,341
298,904
-
Depreciation
Shs.
Corp. (& Subs.)—Earnings—
1940—3 Mos.—1939
Period End. Mar. 31-
Operating revenues
Operating exps. & taxes.
Net
to April 30,
State taxes
Prov. for contingencies
panies,
per
$1,805,598
340,000
$0.65
$2,001,522
340,000
$0.65
_b$2,053,757
340,000
$0.61
par)__
share
$189,664.
Consolidated Balance Sheet Dec. 31
Gross income
Int. & other deductions.
222,757
$105,448
$108,951
Earnings for 9 Months Ended March 31,
Notes pay.,current
453,762
Prov. for Fed.and
Miscell. accts. rec.
Co.—Earnings—
y
$150,371
$1.16
—
24,461
129,834 shares of common stock—
Misc. &cont. res.
Operating revenues
419,065
Direct taxes
$1,192,156 $15,781,172 $13,579,690
358,739
4,874,728
4,252,927
210,188
2,714,145
2,304,074
$1,396,622
Operating expenses
235,165
Property retirement and
deple. reserve approps
147,091
134,679
1,674,158
$488,550
i, 518,141
1,803
$483,337
159.205
44,125
$6,519,944
1,900,2.59
on
Int.
on
32,001
Cr 173
529,495
451,493
Cr8,157
529,495
415,018
$3,54,172
mtge. bonds—
debentures
—
Other int. & deductions^
$248,179
$3,646,854
Int. charged to construct
Net income
National
Crl96,97l
957,529
957,522
$2,689,325
Divs. applicable to prf. stock for the
1,802,588
period
Balance
-V. 150, p. 3055.
1940—4 Mos.—1939
1940—Month—1939
$45,904,511 $42,322,968 $161133,045 $144612.259
Sales.
—V. 150. p.
National Department
Total income---.Interest
Subs, preferred dividends1.
Minority interest- — -J
of the company, a subsidiary of Canadian Vickers, Ltd.,
appointed a protective committee.
The members are: A. B. Thomp¬
son, W. J. S. Evans, J. E
Garneau, O. R. Trenholme and D. J. Sails.
The committee was formed to secure enforcement of the guarantee of
Canadian Vickers, Ltd., to pay interest on the 6% first mortgage bonds of
Montreal Dry Docks, of which $546,500 are outstanding at present, and
also to consider a plan of reorganization.
Apr. 30—
Operating revenues
Uncollectible oper. rev,-
Operating revenues
Operating expenses
$746,686
326,598
Net oper. revenues
Operating taxes
Net
$420,088
338,459
operating income.
Net income
$697,657
299,969
$397,688
316,209
1940—4 Mos.—1939
$8,667,152
$8,191,623
31,031
22,407
$8,636,121
5,845,691
$2,790,430
1,298,133
$1,492,297
1,160,912
$8,169,216
5,493,693
$2,675,523
1,181,193
$1,494,330
1,168,833
V—
operation
3055.
'
..
1940
S
S
2,509,532
2,647,616
6%
Land, buildings,
equipment, &c_
impr'm'ts.
Stock of real estate
Goodwill
Cash
-
U. S, Govt securs.
138,072
2
1
1,560,169
100,000
151,459
(net)
-
6,045,012
5,033,935
Inventories
Life
120,750
74,961
343,214
Deferred charges--
declared
v'r
Total
»
After
4,940,646
200,000
Sec'd
notes pay..
120,000
707,500
725,150
Interests
9,702
1,479,551
598,995
153,820
Minority
55,000
Accruals-,,-. ——
Res, for inc. taxes-
8,000
4,920,644
Current reserveAccts.
pay.
Unearned
486,511
102,404
45,000
45,000
690,750
598,585
62,244
£49,218
91,312
--
int.
411,171
81,011
or
initial accts. sec.
e
9,536
1,549,715
mdse.
in transit——
105,591
93,791
326,903
d200,000
Other sub. debt-.-
pay
Drafts & accts. pay
5,614,217
5
1,250,000
Note of sub.
1,782,241
1939
1,636,390
4,940,646
950,000
Notes pay. sub .cos.
(cash
insur.
value)--------Other assets.-----
1,827,530
pref. stock
Common stock.
1
in
liquidation
b
2
Notes & accts. rec.
Due from subs,
$
Liabilities—
Res. for claims..
Other reserves
2,450,056
1,900,087
Z>r230,764
49,446
2,375,0.56
1,353,709
Dr98,864
.....15,925,647 15,770,467
Total
15,925,647 15,770,467
depreciation of $851,462 in 1940 ($627,087 in 1939)
Jan. 31, 1936
b Represented by 485,433 (488,192 in
par shares,
c Represented by 33,965 (9,451 in 19,39) preferred
deducting
accumulated since
a
dividend
of
25c.
per
share
on
the
1939)
,
•.■.-'■•'X;-
'
:
no
556 common shares,
d 2V2% secured notes of parent corp.
of $100,000 each on Feb. 15, 1940 and 1941.,
«.Set^up at
reorganization for payment of disputed claims, &c.
f Improvements
leased premises at Jan. 31. 1936 at nominal. TOlue
additions at cost less reserve for amortization of $28,999
in
shares and
common
stock, payable June 29 to holders of record June 13.
This compares with
35c. paid on March 30 last; 50c. paid on Dec. 21 and on Sept. 30, 1939 ;
35c. paid on June 30 and March 31. 1939: 15c. paid on Dec.
27. 1938 ;
50c. on Dec. 15, 1933, and 25c. on March 31, 1938.—V. 150, p. 1445.
:
a
1940—Month—1939
1940—5 Mos.—1939
$4,299,953
$3,741,335 $18,170,865 $16,231,174
203
201
Muskegon Piston Ring Co.—25-Cent Dividend—
have
f.
Jan. 31
1939
Stks. held by subs.
—V. 150, p.
Directors
$1,149,591
.
Consolidated Balance Sheet
(G. C.) Murphy Co. —Sales—
Stores in
$654,167
1,605/
Capital surplus
Earned surplus
Period Ended May 31—
Sales.
8,399
leased departments.
2889
—V. 150, p.
|
$2,069,818
1,372,161
636
include the operations of the wholly
owned real estate companies (not consolidated) the investments in which
are carried in the accompanying consolidated balance sheet at the nominal
amount of $1
the operations of such companies for the year resulted in a
loss of $79,694 in 1940, $83,075 in 1939 and $90,560 in
1938, after pro¬
vision for depreciation and amortization in the amount of $107,759 in 1940,
$125,106 in 1939 and $119,452 in 1938.
f Lease
Telephone & Telegraph Co.-—Earns.
$2,207,872
1,461,186
""729
193,414
149,896
43,383
2,368
12,010
6,181
statement does not
Assets—
$30,671
1940—Month—1939
$2,216,464
$2,075,873
8,592
6,055
$1,556,843
$546,379 def$301,558
Including sales of
The foregoing
April 30, 1940
'
150, p. 2261.
$984,682
159,623
103,231
57,657
1940
Net loss after taxes and charges;
Mountain States
def$79,472
140,149
81,301
-
(Tom) Moore Distillery Co.—EarningsEarnings for 3 hfonths Ended
194,595
$1,287,426
269,417
Other deductions
x
Bondholders
213,450
$769,581
215,101
$799,598
107,912
144,578
Other income
238,606
$774,456 def$102,702
25,142
23,230
Netprofit...
Ltd.—Bondholders* Committee—
have
Period End.
243,319
_
$46,101,861 $45,258,22o
45,118,831 43,776,204
39,222,652
Operating profit-.
3365.
Montreal Dry Docks,
—V.
39,793,817
5-*i
Depareciation
1937
1938
.$40,811,592 $39,358,556
Net sales..
Cost and expenses-..—
Subs.)—Earns.
Years Ended Jan. 31
1939
1940
x
listing and registration
Stores Corp. (&
Consolidated Income Account for
Federal surtax
Montgomery Ward & Co .—Sales—
Inc.—Listing and Regis¬
Exchange has removed from
$1.—V. 150, p. 2734.
Federal income taxes-
Period Ended May 31—
$6,532,618 $6,818,984
cost Of
p. 2734^
Total
Automotive Fibres,
The New York Curb
Dr50,916
$2,760,110
2,001,522
tration—
$5,428,760
1,921,108
Dr5,213
__
x Represented
by 340,000 no par shares,
y After deducting
12,856 (12,851 in 1938) shares of treasury common stock.—V. 150,
$5,479,676
$593,368
157,885
44,125
37,186
——
Gross income
639,687
Capital surplus-
Current surplus.
the common stock, par
operating revenues
Other income (net)
580,825
1,700,000
639,862
2,053,757
Common stock
y
1,543,013
$595,301
Drl ,933
Net
612,267
1,700,000
x
Total—..—...$6,532,618 $6,818,984
1940—12 Mos.—1939
Month—1939
9,719
fluctuations
Deferred revenues.
(& Subs.)—Earnings—
1940
281,496
59,772
65,299
_
Res.forfor'n exch.
.
Int.
206,447
return'ble unsold
2,036,710
1,892,360
Empire Trust Co., trustee, is inviting tenders for the sale to it, at prices
exceeding 105 and accrued interest, on July 2,1940, of first mortgage
5% 30-year sinking fund gold bonds in an amount sufficient to exhaust the
sum of $15,351
in the sinking fund.
Tenders will be received up to 3
p.m., June 20,1940, at the offices of the trustee, 120 Broadway, New York.
April 30
727,000
possible
patterns.--.—-
Montana Power Co.
140,491
cash refunds on
Magazine
titles,
sub. lists, &c
not
End.
for
Prov.
231,430
(not
current)
2,679,766
183,741
Montana Coal & Iron Co.—Tenders—
Period
65,629
147,815
618,000
Notes payable
.-
8446,867
State taxes—
2,497,282
188,992
and equipmentDeferred charges
$423,718
and accrued liab
Real estate, xnacb.
1940
Net income after all charges
742,917
13,333
accts.
Inventories
Monroe Auto Equipment
Earns, per share on
—V. 150, p. 2733.
7,033
rec.
$708,754
594,2.58
514,482
Employees'
2584.
payable
Accounts
8813,750
-
Accts. & notes
1938
1939
Liabilities—
1938
1939
Assets—
Cash
$26,996
$23,003
Net Income.
—V. 150, p.
$334,326
228.878
•
.
instalments
to
^Slprussu^equent
($14,681
g
Includes reserves
for
contingencies.—V- 150, p. 1776
1938).
The Commercial & Financial Chronicle
3668
National
Broadcasting
Co.—Gross
Billings
Continue
Climb—
the extent of $3
V. 150 p. 3521.
Gross client expenditures for NBC network facilities increased
9.0%
In May over the corresponding month in 1939, and for the eighth consecutive
month topped the four million dollar mark.
Total billings last month
$4,034,622 compared with $3,702,102 in May 1939 and $4,041,518
in April 1940.
Gross billings for the NBC-Red Network in May were $3,216,940 com¬
pared with $3,025,538 for May 1939 and $3,128,685 in April, an increase
of 6.3% over last year. Gross expenditures for the NBC-Blue Network for
May totalled $817,682 against $676,564 for the same period last year and
$912,833 for April, an increase of 20.9% over last year.
For the first five months of 1940 gross client expenditures for the NBC
network totalled $20,917,776 as against $19,216,533 for the same period in
1939, an increase of 8.9%.
The cumulative billings for the first five months
for the NBC-Red Network were $16,407,441 compared with $15,389,520
for the same period last year, an increase of 6.6%.
The NBC-Blue Network
billings totalled $4,510,335 as against $3,827,013 for the first five months
in 1939, an increase of 17.9%.—V. 150, p. 3055.
National Gas & Electric Corp. (& Subs.)-—Earnings—
1940—Month—1939
$136,963
$119,324
1940—12 Mos.—1939
$1,542,221
$1,333,161
832,431
767,320
55,314
67,012
150,455
110,747
70,419
3,549
13,378
66,134
3,838
10,718
Net oper. revenues—
$49,618
$38,634
$504,020
Non-oper. income (net).
Dr886
70
2,265
$48,732
20,033
$38,704
16,384
$506,286
208,023
$385,570
152,478
$28,699
7,782
$22,320
7,982
$298,263
94,965 v
$233,091
99,461
$20,917
$14,338
$203,298
$133,630
62,066
$0.43
—V. 150, p.
Balance
Retirement accruals
Gross income.
Int. and amort., &c
year
1940
from and after March 31,
1939.—
1940—Month—1939
1940—5 Mos.—1939
$4,339,891
$4,169,983 $18,593,618 $17,593,816
New
3056.
England
Gas
&
Electric
Association—System
Output—
For
the
week
ended
May 31, New England Gas & Electric System
reports electric output of 7,462,886 kwh.
This is an increase of 937,976
kwh., or 14.38% above production of 6,524,910 kwh. for the corresponding
week
a
year ago.
Gas output is reported at 91,556,000 cu. ft., an increase of 6,809,000
ft., or 8.03% above production of 84,747,000 cu. ft. in the corresponding
cu.
week
a
year
New
ago.—V. 150, p. 3521.
England Power Association—Dividends—
Directors have declared a dividend of $1.50 per share on the 6% pre¬
on the $2 preferred shares, both payable
July 1 to holders of record June 15.
Like
amounts
were
paid
on
April 1 and Jan 2 last., and on Oct. 2 and July 1, 1939, and dividends
of $1 and 33 l/3c. per share, respectively, were
paid in each of the five
preceding quarters.
Dividends are in arrears on both issues.—V. 150,
p. 3209.
ferred shares and of 50c. per share
$388,082
Dr2,512
...
Maintenance
Taxes
per
(J. J.) Newberry Co.—Sales—
Period Ended May 31—
Sales
were
Period End. Apr. 30—
Operating revenues.
Operation..
June 8,
share
per
New Haven Water Co.—Places Issue
financial
gen.
Privately—The
com¬
has placed privately with
pany
institutions
a
a group of Connecticut
issue of $1,800,000 35-year
new
& ref. mtge, series B, bonds 3%%.
Proceeds will be used to retire as of Oct. 1 next $1,500,000 1st & ref.
4^s, series B, due 1970, at 105 and to reimburse the company's
treasury for betterments to plant made since June 1,1937.—V. 149, p. 2091.
mtge.
Net
income
Dividends
Earnings
...
declared....
per
—V. 150, p.
share
3521.
.
$0.65
* ... -
National Refining Co.—Earnings—
Calendar Years—
1939
Net sales
$16,502,091
Cost and expenses—... 15,973,298
Operating profit-
1938
1937
1936
$15,138,6.56 $16,378,515 $15,392,819
15,066,416
15,640,723
14,290,290
$72,239
110,434
$737,792
92,743
$1,102,530
Gross earnings
$1,273,464
Res. for deprec., deple¬
tion, taxes, &c
625,101
Loss on retirement or sale
$182,674
$830,535
$1,182,244
668,357
c639,203
b649,766
of properties..
Net profits-.-....w.
79,714
for 1,063,292 shares.
Earned surplus,
...
90,733
60,110
New Orleans Public Service
$68,887 loss$529,749
$100,600
$472,368
398,912
$68,887 def$529,749
$100,600
$73,456
b Includes $10,000 Federal surtax,
c
Includes $8,000 Federal surtax and
years in the amount of $10,636.
deducting overprovision for prior
Direct taxes
Prop, retire,
Cash.
1,779,143
2,028,842
Bills &accts.rec..
$
958,127
1,263,399
Inventories & goods
1940—Month—1939
1940—12 Mos—1939
$1,642,413
$1,510,372 $19,969,338 $18,467,554
721,704
692,472
8,945,834
8,885,667
299,559
286,040
3,509,893
3,228,021
196,519
approp.
177,000
2,428,378
2,124,000
—...
res.
Net oper. revenues.
1938
S
1939
1938
Inc.—Earnings—
Period End. Apr. 30—
Operating revenues—
Operating expenses
Consolidated Balance Sheet Dec. 31
1939
:
Assets
which at Dec. 31, 1939, amounted to $36,719,566, "will
be charged with $5,316,460, the amount transferred to capital stock account
distribution of the 531,646 additional shares of the corporation.—
V. 150, p. 3057.
.
44,066
dividends.
Surplus
Corp.—Listinq—
The New York Stock Exchange has authorized the listing of 531,646
additional shares of capital stock (par $10) upon official notice of issuance,
as a stock distribution to its
shareholders, making the total amount applied
on
386,343
193,133
Other deductions.
is after
Pay 20-Cent Dividend—
have declared a dividend of 20c. per share on the common
stock, payable June 15 to holders of record June 6.
This compares with
15c. paid on Dec. 15 last;
10c. paid on June 15, 1939, and dividends
of 5c. per share paid on Dec. 20 and on June 15, 1938, this last being
the initial distribution.—V. 149, p. 3723.
Newmont Mining
$528,793
744,672
Other income.....
Preferred
New Mexico Eastern Gas Co.—To
Directors
$424,631
225
$354,860
$424,856
$355,492
184,018
-
192,711
19,085
632
$5,085,233
1,173
$4,229,866
7,574
$5,086,406
2,247,825
252,530
$4,237,440
$2,586,051
544,586
$1,656,114
544,586
$2,041,465
.
_
Other income (net)
$1,111,528
Liabilities.
Accounts pay able
Accrued taxes
968,329
.
532,316
Deposit, <fcc
729,596
423,046
cl50,000
in transit
Gross income
3,422,844
3,419,378 Res. for workmen's
Investments
142,541 dl,209,499
compensation
97,941
100,207
a Fixed
assets..-.11,164,420 11,946,866 Res. for contlng's.
706,730
Goodwill, trade¬
86 cum prior pref.g4,704,600
marks, &c
1,670,000 Pref. stk.(par$100)
278,900
4,986^400
Deferred charges.
101,620
129,296 Common stock...e9,971,120 fll,560,400
!
Int. on mortgage bonds.
Other int. & deductions.
Int. charged to constr'n.
19,543
2,373,143
248,064
CV39.881
.....
Miscell.
accts.
notes
and
receivable
Reserve for exch..
166,453
209,898
Scrip..
Surplus..
622,100
1,869
2,260,435
hTreasury stock..
Total
18,805,864 20,806,463
Total
/>r9,646
2,811
2,134,819
Z)r9,646
18,805,864 20.806,463
After depreciation and depletion reserves,
b Reserved for exchange
for $100 par value common stock 884 shares,
c
Deposit in connection with
agreement to sell capital stock of associated company.
d On Jan. 27, 1939, the
company consummated the sale of Its
a
holdings of
capital stock of associated company for a total consideration of
$1,780,657.
e
Represented by 498.185 no par shares,
f Par $25.
g Represented by
62,728 no par shares, h 371 shares common stock at cost.—V.
150, p. 2262.
National Securities & Research
Corp.—New Name—
See Independence Fund of North
America, Inc., above.
Neisner
$1,935,433
a
income...
$221,295
$143,696
Dividends applicable to pref. stock for period—
Balance
a
Dividends accumulated and unpaid to April 30, 1940, amounted to
$1,406,847.
Latest dividend, amounting to $15.75 a share on $7 preferred
stock, was paid on April 1, 1940.
Dividends on this stock are cumulative.
V. 150, p. 3209.
New
York
Hearing Date
The
New
on
Interstate
Haven
&
Hartford
RR.—ICC
Sets
Modifications to Plan—
Commerce
Commission
has
announced
it
would
hear
arguments on June 27 on various
petitions for reconsideration and revision
plan for reorganization of the New Haven System.
Various parties have asked modifications, one principal change sought
being provision for inclusion in the reorganized system of the Old Colony
RR.
In its plan issued two months ago the ICC refused to approve in¬
of its final
clusion
Jbf the Old Colony at this time because of its poor earnings position
and also declined to approve a separate reorganization of the Old
Colony
now.
The argument will be heard by the entire Commission.
Brothers, Inc.—Sales—
Period Ended May 31—
1940—Month—1939
Sales..
$1,866,587
Net
The
1940—5 Mos.—1939
$7,941,310
$7,847,561
Nevada-California Electric Corp.—To Amend
Certificate
—V. 150, p. 3056.
of Incorporation—
Pennsylvania
RR.,
largest
individual
stockholders
of
the
New
Haven,
on May 31, filed a petition with the Commission asking reargument
before the Commission of the proposed reorganization of the New Haven.
In its petition the Pennsylvania cited alleged erroneous decisions by
ICC Division 4 which would destroy New Haven stock interest of $190,000,000 and called attention to the fact that in the plan of reorganization
expressed views diverging in certain respects from the
majority report of the Commission.—Y. 150, p. 3521.
two Commissioners
The
amended application to Federal Power
Commission relating to
in capital structure having been granted by the Commission
May 7, 1940, and the stockholders on April 9, 1940,
having rescinded
the action theretofore taken on Oct. 17,
1939, providing for the split-up
of the preferred and common shares, that
plan being indefinitely deferred,
directors on May 23, 1940, adopted certain
resolutions, subject to the
action of the stockholders at a
meeting called for June 12.
changes
on
The effect of such resolutions when ratified
by the stockholders will
be to comply with the conditions of the FPC
approval of the amendment
the certificate of incorporation
adopted March 20,
of
1939, restricting
pref. dividends to 3% from and after March 31, 1939, and to
readopt
the provisions for the write-down of the
aggregate par value of the common
stock to $858,830,
substantially as approved by stockholders at the meeting
on Oct. 17, 1939, and rescinded
by stockholders on April 9, 1940.
There
will be omitted, however, the
provision for splitting up the shares of such
New York & Richmond Gas Co.—Action Rescinded—
The
Securities and Exchange Commission on May 31 issued an order
consenting to the withdrawal by company of a declaration (File 43-175)
filed under the Holding Company Act and has rescinded the order issued
heretofore under the declaration.
The declaration concerned the reduc¬
tion of capital represented by the company's 150,000 outstanding shares
of no par value common stock from $1,500,000 to $850,000.
was nxado by the company.—V. 150, p. 3368.
The request
for withdrawal
cum.
stock
so
that the corporation's common stock will
thereafter be repre¬
sented by the same number of shares as at
present, but having a par value
of $10 per share instead of by twice the
present number of shares
a par
value of $5 per share,
having
as
Telephone Co.—Earnings—
Operating
revenues
Uncollectible oper. rev._
1940—Month—1939
1940—4 Mos—1939
$18,392,553 $17,520,558 $72,266,195 $69,626,127
62,602
58,110
273,429
280,827
Operating revenues...$18,329,951 $17,462,448 $71,992,766 $69,346,300
Operating expenses
11,514,862
11,212,454
46,416,075
45,947,823
contemplated by the October proceedings.
The purpose to be achieved
by the write-down in par value of the common
stock is to permit the creation of a
capital surplus of $7,729,470 which
be utilized as determined by the board of directors
pursuant to com¬
petent regulatory commission approvals, to absorb the elimination of
certain items in the plant
acquisition adjustment account, or for any
may
other proper purpose.
In furtherance of the
complete plan stockholders will be requested, in
the event of ratification of such
resolutions, to send in their certificates of
stock, both pref. and common, in order that
they may be appropriately
stamped to show the fact of FPO approval of the
proceedings to be voted
upon at the meeting.
The situation, therefore, in brief is that the
resolution to come before
the stockholders at the
meeting June 12, 1940, simply complete the program
of capital adjustment
contemplated in the March, 1939, proceedings,
and as now approved by the
FPC, leaving for future consideration the
proposed split-up of pref. shares as set forth in stockholders' resolution
of Oct. 17, 19.39. and rescinded
by the stockholders April 9, 1940.
Future
action in this matter will
depend upon what
plans may be adopted in the
future looking toward the
refinancing of the corporation.
In view of the
necessity for making provision for the retirement of
approximately $1,600,000 of the corporation's
outstanding 6% debentures
maturing July 1, 1941, and of the serious foreign situation directors
decided
for the present to discontinue dividends on the
corporation's pref. stock.
Dividends on the pref. stock will,
however, continue to be cumulative to
New York
Period End. Apr. 30—
,
Net oper. revenues...
Operating taxes
Net oper.
Net
income
income
56,815,089
3,206,064
$6,249,994 $25,576,691 $23,398,477
2,812,842
12,442,090
11,152,916
$3,609,025
3,181,213
$3,437,152 $13,134,601 $12,245,561
3,010,874
12,189,667
11,089,050
—Y. 150, p. 3057.
New York Title & Mortgage Co.—interest Distribution—
A 1 % interest distribution will be made on June 30 to holders of record
of June 10
by Frank L. Weil, William E. Russell and Raymond J. Scully,
certificates of the company.
The payment
This is the 9th income distribution to be made by
4182.
trustees of series C-2 mortgage
will amount to $232,980.
the trustees.—V. 149, p.
Niagara Hudson Power Corp.—Merger Plan Deferred—
The proposed plan for simplification of the corporate structure of the
corporation, calling for the merger of five of the concern's principal sub¬
sidiaries into a consolidated operating utility, has been indefinitely post¬
poned by the P. S. Commission at the request of Alfred H. Schoellkopf,
President.
In a letter to the Commission asking indefinite adjournment of hearings
on
the consolidation petition, Mr. Schoellkopf referred to "the
present
unsettled situation in the security markets and the
impossibility of fore¬
,
casting future business conditions."—V. 150,
p.
3058.
Volume
North American Aviation,
Inc. (& Subs.)—Earnings—
Year Ended Dec. 31
YYY^YYY V '
1939
Comsolidated Income Account for the
Sales of airplanes, parts,
&e
Cost of sales
1938
$27,608,651 $10,062,346
17,862,269
7,437,857
_
...
_
Northern States Power Co.
(Del.)—-Weekly Output—
Electric output of the Northern States Power Co. system for the week
ended June 1, 1940, totaled 26,148,555 kwh., as compared with 25,539,901
kwh. for the corresponding week last year, an increase of 2.4%.—V.
150,
p. 3522.
(Minn.) (& Subs.)—Earns
Northern States Power Co.
$2,624,489
$9,746,383
636,861
Gross profit from sales.
General admin, and selling expenses.
3669
Commercial & Financial Chronicle
The
150
304,800
_
Years Ended March 31—
$2,319,688
YY
$9,288,002
under Incentive Compensation
675,000
$2,506,727
.
_
...
_ ...
_
Gross income......
Prov. for payments
Plan
a!87,039
....
1,501,000
167,000
28,612
407,029
$7,088,092
4,809,046
$1,904,086
1,374,013
$2.06
$0.55
.
Idle plant expenses, &c
23,911
-
Provision for Federal income tax
Net Income
Dividends paid
Earns, per share on 3,435,033 capital shares
_
a Profit of Eastern Air Lines Division (Jan. 1 to March 31, 1938, date of
sale) before provision for Federal income tax, $118,855; interest, discount,
scrap sales, &c., $68,184.
b After providing $104,068 ($95,953 in 1938)
for depreciaiion.
Consolidated Balance Sheet Dec. 31
1939
Assets—
f$
i
Cash
d 11,093,274
Market,
2,060,770
(short-term)
...
Accounts payable.
Accrued liabilities.
securities
1,298,154
1,497,300
Deposits
depts.
(current)
1,131,667
445,683
86,707
Est
for serv's
Investments
.....
601,287
c
rec.,
accrd. int., &c._
29,100
17,617
Inventories......
5,359,085
4,060,587
on
487,200
Com¬
for
$12,519,626 $11,430,433
3,726,516
3,487,450
112,846
140,181
662,298
Amortization of debt discount and expense—694,210
94,596
Other interest
>.
44,190
41,843
Amortization of sundry fixed assets
41,843
Crl03,306
Interest charged to construction
CV26.205
132,021
Miscellaneous deductions.
126,666
Grossincome
Interest
on
funded debt
Interest
on
oank loans
__
717,250
.
265,820
Capital stock.._
3,435,033
3,109,938
3,025,075
3,140,719
Capital surplus..
Earned surplus
.
3,435,033
715,249
$8,011,292
Balance
$6,763,621
27,135
36,180
189,945
on cumul. pref. stock of Northern States Power Co. (Wis.) held by public;
Applicable to current period
Applicable to prior period
Common dividends on stock of Chippewa & Flam¬
beau Improvement Co
Minority interest in undistributed net income of
Preferred dividends
v
su
167,000
265,820
.
....
con¬
tingencies
486,480
1,475,870
under
pensation Plan.
Reserve
(less reserve)...
Dep.
liab.
Incentive
el!4,712
Trade accts. rec'le
Sundry accts.
9,033,583
1,579,498
Est. Fed. taxes
86,707
Due fr. V. S. Post
Office
sales
on
contracts..
Duefr. XJ. S.Govt.
605,167
238,850
.$12,418,943 $11,387,371
43,063
100,683
Net operating income.
.?
1,033,477
401,774
•
Other income
;
S
LiabUtties—
...
Operation
Maintenance
1938
1939
1938
1939
1940
$38,354,373 $36,100,890
13,954,388
13,598,481
1,682.263
1,748,755
Appropriations for retirement reserve and deprec..
3,599,313
3,220,240
Taxes..
4,834,072
4,870,657
Provision for Federal and State income taxes..
1,865,393
1,275,366
Operating revenues
$9,109,521
178,481
b Profit from nanufacturing operations
Other income *■,
29,070
29,070
Cr7,414
bsidiar y company
$7,955,087
$6,515,840
1,375,000
5,200,000
Net income
1,375,000
4,700,000
Dividends
on capital stock:
Cumul. preferred, $5 series
Common
—V. 150, P. 3211.
.....
...
...
-
,
contracts
for
pur. of en¬
gines,
Experimental pro¬
jects in progress.
Investments
.
(& Subs.) —Earnings
North West Utilities Co.
994,380
.J._
Operating
$3,400,414
2,386,561
Operating expenses and taxes.
revenues
.....
....
$3,246,732
2,215,665
$1,013,853
299,116
115,122
36,231
1939
1940
3 Months Ended March 31—
$1,031,067
2,220
ajLand, buildings,
mach. & equip..
1,744,592
1,364,329
Deferred charges..
112,261
97,198
i-
Total
a
22,601,448
escrow
22,601,448 10,530,909
Total
1939 and $417,447 in 1938.
c Repre¬
by shares of $1 par value,
d Includes $2,782,016 deposted in
in connection with sales contracts,
e Includes Government and
After reserves
sented
10,530,9091
Net operating income
of $510,732 in
municipal bonds deposited as surety for performance of obligations,
$112,967
a
meeting of the Board of Directors, held
share
June 4, a dividend of 50c.
North American Car Corp.
1939
1940
amortization but
—Vv150, P. 2110.
;;;;
$131,426
;YYY::y;Y';:.: Y;Y
$52,558
YYYVY,;Y
North American Co.—Seeks Delay in Integration Hearing
with the Securities and
Counsel for the company on June 7 filed a motion
Exchange Commission asking that the integration hearing ordered under
Section 11 of the Public Utility Holding Company Act be held in abeyance.
The motion and accompanying brief took the position (1) that no further
needed until the North American Co. has had a
—
-
-Y-
-
program" and that "obviously, the executive officers cannot
devote their attention to these programs if the company is required to
participate in protracted hearings under Section 11 (b) (1),
Thus, the
mere holding of hearings at the present time, in the case of the
North
American Co., would tend to defeat the Commission's own ends and to run
counter to its often expressed policy that voluntary action by the holding
company is decidedly preferable to wasteful litigation."
In pointing out that North American's record in the matter is clear, the
brief stated that the progress made by the company in the past "is naturally
the best guaranty of what may be expected in the future and that the
company will use all diligence in carrying out the programs which it has
proposed."—V. 150, p. 3368.
452,881
74,379
4,260
3,978
349,121
-Y*Y:
.
Dividends paid or
a
Minority
common
Net Income...
declared
—
paid or declared
stock interest in net income—
"3", 056
$1,033,286
456,777
75,464
4,251
7,787
279,339
69,773
3,797
$203,413 v $136,099
for the period on preferred stocks
held by the public and minority interest in net
-
*
—
-
Provision for dividend requirements
a
of subsidiary companies
income.
$103,040 and $101,688 net in¬
Note-—1Consolidated net income includes
of Wisconsin Power &
Light Co. and subsidiaries not available for
in the respective periods because of
distribution to North West Utilities Co.
prior years'
dividend
the preferred stocks of that subsidiary.
arrearages on
include the operations of Lake Superior District
operating company which is not consolidated due to regular
voting rights of its preferred stocks, but does include common stock divs. of
$61,198 received from that company in the 1940 period.
This statement does not
Power Co., an
Statement of Income
3 Months Ended March
Divs.
com.
on
stock
(Company Only)
Superior
District
$61,198
—770
1.689
—--—1,569
-----——-
General and administrative expenses
Taxes, other than income
—
Income taxes
—.——
Gross income
Interest on notes
Northwestern Electric
- -
x$4,565
Co,—Earnings
Direct taxes
retirement re¬
appropriations..
Property
serve
1940—12 Afos.—1939
$4,775,574
$4,430,901
2.113,997
2,401,763
745,412
763,575
1940—Month—1939
$350,098
$363,195
185,963
178,340
62,895
63,096
30
Operating revenues
Operating expenses
25,000
300,000
25,000
Amortization of limited-
.
:.
charged to construei.
$96,759
17,631
$1,310,212
214.760
210,265
$57,923
287
.
$79,128
$1,095,452
$1,061,204
Dr96
4,687
372
$58,210
30,292
10,500
11,367
CY6
$79,032
26,860
$1,100,139
343,692
$1,061,576
"19",683
64,750
139,949
234",395
Cr 180
Cr240
$551,928
334,193
$496,856
$217,735
$162,671
$32,489 :
for the period
$6,057
Net income.........
Divs.
applicable to preferred stocks
Balance
-
—V. 150, p.
23
$1,271,469
$76,240
18,317
Net oper. revenues..
Other income (net)
300,000
24
investments....
term
Int.
x$2,748
1,817
Loss.—V. 150, p. 3211.
Period End. Apr.
Y
796
$56,540
consolidated.
- ... - ——
$1,952
630
$57,170
— --
payable to sub. cos.
Net income.
x
1939
1940
31—
of Lake
Power Co expenses..
11(b)(1).
"It is not necessary, however, to determine at this time what differences,
if any, may develop between the company and the Commission.
Accord¬
ingly, the company does not at this time request the Commission to make
any formal or public statement of its views as to the company's answer,
or tentative findings as to what will constitute compliance by the company
with the provisions of Section 11 (b) (1).
"The company having submitted constructive programs, the approach
which best serves the public interest in this case is to avoid useless controversey, and to adjourn the hearing while the company proceeds with its
programs in close cooperation with the Commission.
Ir any differences
should ultimately develop between the Commission and the company,
they can be approached and resolved in the light of experience and con¬
ditions as they then exist."
The brief referred to the Commission's announcement in connection with
the orders issued a few months ago to nine major holding company systems
that their answers "will be studied by the Commission and the scope of
the issues ascertained."
In view of that announcement, the brief went on,
"The North American Co. determined that its answer would present a
$1,091,088
-
Balance of div. requirements not
"fair and full
opportunty" to proceed with its own programs as outlined in its answer of
May 16 to the Commission's order; (2) that the Commission should comply
with the duty imposed upon it by Section 30 to make "preliminary and
comprehensive investigations and studies in order to provide the Com¬
mission and the utility industry with administrative standards" before
proceeding with hearings under Section 11; and (3) that the company is
not asking the Commission for a "bill of particulars" or "tentative plan
of integration" as applied to the North American Co.'s own system under
Section 11 of the Act because such procedure would "put the cart before
the horse."
.Yv.v"Y:.'"".r
,;-v :^Y./.-.
YyY;
The brief quoted Senator Wheeler and Representative Rayburn, sponsors
of the Act, in its argument to the effect tnat Congress intended that the
Commission perform its duty under Section 30 and that holding companies
be given an opportunity to take voluntary action thereafter, prior to pro¬
ceedings under Section 11 (b) (1).
"Since," the brief continued, "the Commission has not yet performed
its duty, under Section 30, of furnishing the necessary content and sub¬
stance to the administrative standards involved .
.
.
the present pro¬
ceedings at this time would constitute a start from the facts of the re¬
spondent's particular system and would result "in the evolution of the
administrative standards on that base
alone, without regard to the facts
of other holding company systems and of the industry in its entirety.
"To start from the facts of each particular case and evolve the admin¬
istrative standards therefrom is to put the cart before the horse.
It would
inevitably result in the evolution of different administrative standards in
each particular case."
The brief pointed out that North American's answer gave details of
steps already taken toward simplification of its holding company system
and the further steps in programs which the company believes can be
carried out in two or three years.
The brief said the company has "already
achieved great progress since 1935" toward simplification by elimination
of 65 corporations from its system.
"The constructive steps which the company proposes can be accom¬
plished," the brief said, "only if it is given adequate and reasonable oppor¬
tunity to carry them out.
The company believes that they are in line
with the Commission's own views as to the steps to be taken under Section
-
General interest (net)
come
constructive
2
Other income deductions
(& Subs.)—Earnings—
3 Months Ended March 31—
was
_
long-term debt.
Amortization of bond discount and expense
was
Profit after deprec., interest and
before Federal income taxes
action
on
a
declared, payable July 1 to stockholders of record June 14.
This compares with $1 paid on Dec. 15 last; 40c. paid on July 12. 1939,
and on Dee. 1, 1938, and an initial dividend of 12J/£c. paid on Dec. 22,
1937—V. 150, p. 3368.
per
Gross income.
Interest
a
50-Cent Dividend—
At
77,235
Other income
330,565
334,185
3369.
Power Co.—To Issue Bonds—S. Commission for authority
proceeds of which would be
amount of 6% bonds maturing next year.
Northern Wisconsin
has asked the Wisconsin P.
issue $150,000 4% first mortgage bonds,
The company
to
used to redeem an
equal
Oklahoma Gas &
vpars
Electric Co —Earnings—
Ended Avril 30——
ODprating
Ooeration
revenues
— -
....--.""III---
Maintenance and repairs
Appropriation for retirement reserve.
Amortization of limited-term electric investments.
1940
1939
$13,723,587 $13,316,667
4,651,212
4,736,312
831,118
Net
Federal"and"State"income taxes
operating income
Jnn'nnn
-
Gross income.-----
- - -
funded debt
Amortization of debt discount and expense.
Interest on
$4,515,395
22,926
-----
$4,847,244
1, >49,750
—
Other interest
Interest
charged to construction
deductions.
Net income
-V.
150, p. 3369.
19,197
1,447,978
466,667
11,084
Other income...
Miscellaneous
1,300,000
22,284
1,496,071
566,999
^,836,160
Taxes
Prov. for
1
-
Cr6,517
34,022
$2,801,676
$4,538,321
1,668,602
268,773
91,247
Crl3,632
38,065
$2,485,266
The Commercial & Financial Chronicle
3670
Oklahoma Power & Water Co.—Earnings
—
Mos.—1939
1940—12 Mos.—1939
$1,311,171
$1,276,549
$338,093
$369,896
215,633
879,959
834,304
252,803
Period Em. Mar. 31— 1940—3
Operating revenues...
Operating exps. & taxes.
Net income.
404
1.650
$431,616
295,807
$443,895
308,081
$46,240
$44,719
—
$135,809
Jan. 31—
less discount
Grbi sales,
Gross profit on sales.
$135,814
1940—12 Mas.—1939
1940—3 Mos.—1939
Period End. Mar. 31—
150,472
$45,325
$56,093
$173,763
19
D/-97
165
$45,325
41,102
$56,112
42,022
$173,666
165,594
$211,157
167,433
$4,223
$14,090
$8,072
$43,723
$206,565
A
$790,217
579.225
..
....
Int. & other deduct'ns—
Net income..
—
;
profits
7,100
2,500
$103,954
32,272
11,250
248,550
$517,410
33,036
12,750
397,680
$645,397
34,279
14.250
571,665
$152,477 def$188,118
$73,944
$25,203
$0.61
$4.74
Net profit
on
com.
—
xl938
$9,397,765
6,709,989
19.37
yl937
8,592,1
$8,592,185 $10,903,574
903,5
7,611,008
7,726,255
$2,687,776
$981,177
$3,177,319
1,057,420
1,081,498
176,743
67,469
242,802
997,158
198,200
$4,284,919
470,893
100,000
500,000
$2,549,689
351,959
463,000
185,000
536,000
$2,751,026
5,284,437
$1,912,7.30
4,961,575
$3,592,325
4,558,930
$8,035,463
390,000
$6,874,305
390,000
$8,151,255
1,199,868
2,799,680
$5,845,656
$5,284,437
$4,961,575
$1.18
$0.76
$1.60
132,615
75,312
331,796
secure.
Miscellaneous other income
x
—
Common stock.
.
Miscellaneous income deductions....
Appropriation to general reserve
Reserve for foreign investments
Provision for Federal income taxes..
Net income
Earned surplus at beginning of year..
Total.
........
......
Preferred dividends.
_.
accounts.
26,000
Other assets-.....
30,404
30,095
Reserve for taxes.
Deferred charges..
55,080
48,649
Insurance
121,000
22,768
Accrued
Common dividends
Earned surplus at end of year.....
Earns, per sh. on 2,000,000 shs. com.
stock....
Assets—;
1939
§
Cash
Liabilities—
5,492,820
7,507,500
13,595
x Notes & accts.rec
2,908,162
Inventories
3,975,644
Due from foreign
6,604,602
5,100,000
29,615
2,534,103
3,821,188
subs, (not consol)
190,562
Investments...... 8,140,263
y Property, plant
295,132
8,477,299
TJ. S. Govt,
secure.
Interest accrued..
874,103
577,440
264,840
Due to foreign subs
Federal income tax
79,125
347,714
60,117
463,000
equipment.12,326,000 12,970,400
.trade-marks,
General
x
1,332,100
Feb. 28 '39
Feb. 28 '38
Feb. 28 '37
$6,558,256
Cost of sales, excl. of dep
5,327,101
Loss from other oper
prof2,212
Selling,
handling,
and
admin, expenses
474,263
Other expenses, net
204,046
x Non-recurring
profit—
282", 106
Depreciation
Prov. for Fed. inc. tax..
23,046
$6,731,599
6,294,090
7,467
$7,128,948
5,235,619
$7,197,862
5,288,593
749,584
314,169
720,477
68,690
276,394
217,032
120,200
1,059,487
59,040
Cr212,500
226,068
73,900
—
Prov. for losses
498,459
584,394 in 1938.
y
and $14,186,220 in
—V. 150, p. 3369.
cum. ($100 par)
6,500,000
6,500,000
Commonstock..25,000,000 25,000,000
5,845,656
5,284,437
Earned surplus...
.
.
Balance
Notes payable
599,159
Accounts payable.
917,277
2,149,585
236,158
235,315
87,441
1938
1987
1936
$1,259,294
681,332
1,080,556
$5,661,851
984,167
1,041,867
$5,367,564
a$502,594
55,191
$3,635,827
43,092
$3,463,324
Cr36,890
672,512
779,460
55,000
x493,244}
$214,965 a$1,230,297
___.
297
297
VI--V
pref. stock
62,457
845,594
1,005,034
50,000
d392,479
556,868
Plant & equip.
Tr'marks (at cost)
4,844,820
275,000
4,993,896
275,000
8,029,784
84,514
144,740
Deferred income
.
25,541
.
492,850
Mtge.note pay...
Prov. for def. re¬
launches
10,074,055
20,000
.___
4,777,283
1,884,340
4,777,283
359,966
443,512
1,884,340
b Common stock
Capital surplus..
.
Deficit
Total
...
8,029,784 10,074,055
After deducting for depreciation $2,569,936 in 1940 and $2,357,880
b Represented by $5 par shares,
d Includes mortgage notes of
other
packers, past due amounting to $247,893.—V. 150, p. 2892.
Pacific Lighting
Election of C.
to the
715,064
430,000
375,000
Corp*—New Chairman, &c.—
O. G. Miller, for 42 years
President of this corporation,
position of Chairman of the board, and election of Robert W. Miller,
Presidency, was announced on June 5 after a meeting
$2,320,031
$1,980,149
838,644
of the directors.
,
iias;beenabolished.^Vvi5Q,;.p,,;2738ir$;^
529,352
397,218
397,218
i
The position of Chairman of the board has been newly created, and the
position of Executive Vice-President, formerly held by Robert W. Miller,
Pacific Southern Investors,
Inc.—Debentures Called—
5% gold debentures, series A of Pacific
Investing Corp. have been called for redemption on July 1 at par and
accrued interest.
Payment will be made at the Bank of America National
Trust & Savings Association, Los Angeles, Calif.—V. 150, p. 699.
All of the outstanding 20 year
x After deducting overprovision for year 1935 in the amount
,jy $235 paid upon exchange of scrip certificates prior periods
J1?011 50 shares converted into common stock for quarter in
converted.
Packard Motor Car Co.
Comparative Balance Sheet Dec. 31
1938
$
Cask-..
s
3,032,652
Notes & accts.
3,608,734
re-
ceivable (net).. 2,427,633
Inventory...
6,039,189
Total invest, (net)
389,479
1,770,273
4,571,900
382,073
Otherassets
320,130
55,827
Fixed assets (net)
.24,606,025 25,653,774
Deferred assets-..
728,216
770,439
...
Total
.....37,543,323 36,813,020
1939
Liabilities—
S
Accounts payable. 1,704,343
Acer. & unpd. Fed.
&
1938
$
1,008,234
county taxes,
Calendar Years—
741,815
688,342
Funded debt.
13,945,000 14,106,000
Reserves
977,282
872,387
Conv. 1st pref. stk. 10,309,890 10,313,640
x Commonstock..
4,579,895
4,579,145
Capital surplus... 3,355,772
3,352,772
Earned surplus._. 1,929,326
1,892,500
Depreciation.
.$63,425,063 $48,340,555 $94,422,478 $73,052,859
85,707,357
60,719,174
58,560,979
46,068,581
1,910,968
1,882,763
1,449,352
1,742,835
_
$529,139
262,854
$6,804,153 $10,450,923
483,578
404,112
$3,692,298
$791,993
2,933,263
2,553,148
$7,287,731 $10,855,035
4,262,718
3,532,585
Gross profit
1,414,732
277,566
Other income
Gross income
Sell., gen.
& admin, exps
for deprec.
in val. of investments
in
res.
_
Go
PL1 rAh H
2% for the
P£e*®rred shares and the issue of a $900,000 un«J*e -^^tNational Bank, Minneapolis, at an interest rate
first
year,
2H% the second
sn
^XSJ?.450,000 cash in its
exchanged
requirements that.
n
J?®'a®cfPtan<^ a£e received to the applicant's
that the bank loan shall
45,454
475,000
1,139,346
10,6.54
$528,0401oss$1557,159
$2,480,181
$6,286,810
Dr81,159
0572,031
0766,410
$545,8671oss$l638,317
12,902,935
14.541,252
Profit from fac. oper.
$3,052,212
15.236,875
$7,053,220
14,929,758
3,747.835
6.746,103
180,000
-
_
profit from oper. of
branches and subsid.
Net profit
Previous surplus
Dividends
forth in the Commission's order include the
$4.50 dividend preferred shares shall be issued only to
Cr73,378
040,983
Cr98,205
168,037
ex¬
Prov. for Fed. surtax
Net
Cr56,427
Cr147,569
21,961
for
foreign
change loss
treasury, which, together
$900,000, will enable it to redeem all $5.50 shares
Crl6,420
sale of in v., &c_
Prov .for Fed .income tax
un
i8
on
Writedown of secure
and 3% the third, in connection
s? 5ip <in
July 1' 1940 of all the company's out?
l'i di^end preferred shares. The company proposes to offer
chf Jm't?baires and $2 cash in exchange for each of the outstanding $5.50
rtLnritafL
Profit
Prov.
to Redeem $5.50 Pref.—
/9°nmiission has authorized and approved the issue
1936
1937
parts, marine & aviation engines
...37,543,323 36,813,020
1939 and 915329 n° Par
1938
Sales—Carriages, trucks,
Red.
160,'9p792891Par Sha'eS
£"£r.T®i!Power
—Arranges
(& Subs.)- -Earnings-
1939
Cost of sales
interest, &c
Total
not
81,786
147,773
in 1939.
885,846
1,018,394
78,852
1939
t
74,334
Prov. for Fed. tax.
pairs to tugs &
supplies.
_.
$
3,200,039
426,651
Other accr.ltabil—
Other investments
a
Feb. 28 '39
$
885,843
146,739
Timberlands own'd
664,250
1st pref.
Assets—
tho
Feb. 29 '40
Liabilities—
$
74,542
356,472
to succeed him in the
Prov. for est. Fed. taxes.
Surtax on undist. profits
i o
deferred repairs to tugs
Sheet
Feb. 28 '39
Feb. 29 '40
Assets-
Cash
40,882,243 40,035,150
$893,872
Cr40,344
„
713,616
from the termination of an unexpired
Note—Cost of 1939 pack includes a provision for
Total.........
Total
784,660
1,101,674
exps
__
_f
459,982
56,530
...
Net after income taxes resulting
and launches in the amount of $20,000
a
Operating profit.
p
x
premiums, &c..
Oper. materials &
1939
Other deductions (net)
Bond int. & amortiz. of
bond disc. & expense..
kp®8-
$83,5481oss$l,010,105
$766,928
$703,273
—44,666
,—
Common dividends.—-.
Co.—Earnings—
Sell., gen. & admin.
Depreciation
which
Net profit
Preferred dividends,—
Cash surr. val. of
39,379
Manufacturing profit... $2,780,206
PL* ifl'o5
25,000
Accts. & notes rec.
accounts of $85,696 in 1939 and
After reserve for depreciation of $14,684,452 in 1939
1938.
z
Represented by 2,000,000 no par shares.
Calendar Years—
prior
100,000
141,358
sale of timberl'ds
Unexp'd insurance
153,925
40,882,243 40,035,150
on
notes
Consolidated
™.teF reserve for doubtful notes and
Divs.
on
officers' life ins.
tion in progress,
cost less billings.
Net profit
Divs. on conv.
_—...
on
6%
163,431
Otis Steel
_
and accounts of other
1,581,983
523,419
reserve.
stock,
l
173,771
Total
Inc.—Earnings-
Inventories......
1
deferred charges
Contract
instala-
and
contract.
goodwill & other
intangible assets
Prepaid exps., and
depreciation
After
Feb. 29 '40
Years Ended—
Sales of canned salmon.
185,000
Rpscrvcs*
Pref.
y
;
Accounts payableAccrued liabilities.
For pensions
and
Pats.
$
.-.$6,163,979 $6,022,916
shares,
Consolidated Income Account by Stated Periods
Loss
1938
1,946,165
Z>r39,100
Dr39,100
stock-..
Total
par
no
American Fisheries,
Pacific
packers...
1938
§
99,420
21,860
1,102,021
1,102,021
2,097,392
amortization.-—V. 150, p. 3060.
Comparative Balance Sheet Dec. 31
1939
by
Represented
x
Company only,
y Consolidated statement.
Note—Operations have been charged with the following items:
Maintenance and repairs.......
$341,921
$535,451
$886,748
Prov. for deprec. of plant and equip.
731,950
716,935
821,621
$6,163,979 $6,022,916
Total
100,000
x
reserve.
Capital surplus
Earned surplus
256",976
390,000
175,000
300,219
1,412,332
1,158,036
receivable.
Accts.
Treasury
Total income
$494 700
1,888,980
375,490
25,800
32,000
payable.
Accounts
1,455,739
1,108,528
.
Inventories......
foreign
subs.—not consolidated...
Interest on securities
Profit from sale of U. 8. Govt,
—
$494,700
150,000
1,888,980
7% 1st pref. stock
6% 2d pref. stock.
Land, buildings,
fixtures, &c
83,16,5,290 83,228,028
151,878
Cash
342,838
y
$4,629,653
501,328
1,799,807
^
$5.99
1939
1940
Liabilities—
1939
1940
Assets—
...
........
$5.28
;
Balance Sheet Jan. 31
xl939
Net operating profit.. Ji
Difs. & distributions from
372,825
— —
Co.-—Earnings—
Selling, gen. & admin, expense..
$566,944
31,892
9,750
—
Surplus
354,121
— — —
dividends.
Earns, per sh.
stock.
Otis Elevator
22,000
— —
2d preferred dividends..
Common dividends——
—V. 149, p. 3272.
Years Ended Dec. 31—
Gross profit from operations
255,819
$210,992
1st preferred
Gross income........
•;
undistributed
Surtax on
Flood loss, estimated...
Net oper. income..
Other income
$2,889,388
2,158,813
105,158
121,000
Federal income taxes.._
'$806,241
632.478
$216,714
171,389
Operating revenues-.
Oper. exps. and taxes...
deductions
.
$2,675,724
238,655
9,907
91,000
_
Other
$2,650,733
$2,931,543
2,037,421
124,907
7,618
113,700
$2,809,347
Expenses
2,030,194
Deprec. and amortizat'n
91,210
Gross profit
Subs.)- —Earnings—
$7,819,138
5,143,414
$2,654,712
2,082,533
86,175
5,928
187,716
5,182,05/
$2,437,387
217,325
$2,621,631
...
1938
$7,832,790
4,<94,238
$7,486,903
4,864,271
Other income
1937
1939
$7,231,625
'1940
sold------
Cost of goods
2983.
Old Dominion Power Co. (&
1940
Outlet Co.—EarningsYears End.
$442,245
$122,450
76,209
$117,093
72,374
Gross income..
$431,212
Drll
Int. & other deductions.
—V. 149, p.
$122,460
$117,093
Net operating income.
Other income (net)
June 8,
July 1, 1940, may be necessary for the redemption of
$5.50 dividend preferred shares, plus expenses, in any event not to exceed
$900,000.—V. 150, p. 2737.
be available on
to
17,827
_
___
-
—$13,448,802 $12,902,935 $14,541,252 $15,236,875
Shs.com.stk.out.(no par) 15,000,000
15,000,000
15,000,000
15,000,000
Earns.per sh. on com.stk
$0.04
Nil
$0.20
$0.47
Total surplus—
exchange offer: and
be limited to such amount
as, together with funds
<
.:
:
;
-"
■
■
'
'
-
■
/.
Volume
The Commercial & Financial Chronicle
150
1939
'
1939
Liabilities—
Property invest.26,278,412 26,857,467
Rights, franchises,
x
&c
y
Mtge. & misc. Inv.
457,758
442,170
6,618,574
Miscel. curr.
1,186,630
1,072,807
General
2,512,453
Munic., State and
-i ^
3,191,816
.
702,921
U.S. Govt.securs. 4,909,980
Cash
7,442,685
Cash in closed bks.
Deferred charges..
y
Pacific Power &
53,412,116 49,752,711
Total
in-
Represented by 15,000,000 no par shares,
retirement
Property
$459,023
$6,098,723
$5,941,675
199,493
68,191
2,571,966
898,651
9,106,849
1,253,938
$58,292
179,630
Loss
on
disposition
capital assets
on
57,908
57,908
694,900
694,900
Loss
1,090
Net oper. revenues
Rent from lease of plant
unoccupied prop.
*17,838
"¥,675
48,503
97,637
$135,267
18,317
Operating income
$2,002,826
210,264
$1,933,070
$133,431
17,630
214,759
$153,584
Dr521
$151,061
Dr63
$2,147,829
Dr5,014
$2,213,090
ZM.267
$153,063
85,417
20,044
Other income (net)
Earnings per share
capital stock
__
$150,998
85,417
20,917
$2,142,815
1,025,000
239,445
Cr2,575
$2,211,823
1,025,000
256,991
Interest on mtge. bondsi
Other int. and deduct'ns
$880,945
458,478
$929,832
458,478
Int. charged to constr..
on
$47,602
$44,664
Balance.....^............................
$471,354
$422,467
—V. 150, p. 3522.
Cash
$882,739
46,353
162,596
73,805
Marketable sees.,
Accts. rec., &c__
Mat'ls & supplies.
Accrued int. receiv
19385—4-
1938
Calendar Years—
1939
Net sales
Co. (& Subs.)
1938
1937
—
1936
$95,754,233 $88,305,475 $94,641,765 $86,559,657
Cost of sales, selling and
admin, expenses, &c__
74,824,356
76,273,308
74,272,464
Operating income....$19,486,935 $13,481,119 $18,368,457 $12,287,193
20,597
15,675
11,153
42,188
income...
357,423
469,895
454,399
467,910
Interest
Miscellaneous
Total income
$19,864,955 $13,966,689 $18,834,009 $12,797,291
120,363
101,629
265,675
353,472
1,708,849
1,708,935
1,977,457
1,663,089
Maintenance and repairs
3,603,149
3,469,336
2,861,621
2,405,758
Rents and royalties
1,293,249
1,448,607
1,527,699
1,747,822
Miscellaneous charges..
273,246
1,081,689
969,773
415,525
Federal income taxes...
1,218,492
245,759
1,168,681
568,433
Bad debts written off...
Taxes other than income
Prov. for surtax
on
un¬
distributed profits
Interest charges.
25,000
2,000
Equity in dep.
291,173
Dep. in closed bks.
Deposits on leases.
32,765
313,212
1,131,589
Deferred charges..
125,897
on
notes,
1938.
c
Represented by 721,905
Profit for the year 1939, after deducting all charges, including interest*
depreciation, and provisions for Federal income taxes, amount to $424,489,
as compared with $77,158 earned in the year 1938.
After deducting pay¬
ments of $54,230 in dividends on the company's outstanding 7% preferred
stock, there was left $370,258 available for the common stock, equal to
$0.64 per share on the outstanding 581,270 common shares.
The improvement in earnings was due in part to an increase in dividends
received from the Du Pont Film Manufacturing Corp. and in part to the
$363,276
$5,539,385
$2,463,259
2,821,744
1,175,729
$1.10
$0.08
"$r.l7
r$(h52
Laboratories, Inc. common stock, constituting its sole assets.
The only
liability with which company was left was a bank loan of $500,000.
During
the year this bank loan has been reduced to the present sum of $125,000.
The stock of Pathe Laboratories, Inc., was distributed to the stockholders
of Pathe Film Corp. as a dividend.
As now constituted, the Pathe Film Corp.'s sole function is the retention
of the company'^ Interest in the Du Pont Film Manufacturing Corp. and
its policy is to confine its activities strictly to the holding of this stock and
the rendering of such assistance in the administration and development
of Du Pont Film as it is capable of.
E.I. du Pont de Nemours & Co. is
the majority holder of 65% of the common stock of the Du Pont Film Manu¬
facturing Corp., the entire balance of 35% being held by this company.
stock
on cap.
1938
1
I
1939
1938
$
$
500,000
Accounts payable.
Accrued liabilities.
6,820,959
3,384,321
4,250,000
6,587,828
3,204,028
$
Customers' notes &
9*586.606
7,988,997
15,231,506
18,179,519
612,456
797,450
receivable
Inventories.
Long-term notes &
accts. receivable
Petroleum
Heat & Pow. Co.
Fixed assets
2,035,602
2,035,602
52,311,821 54,478,229
Liabilities—
for
Reserve
Fed'I
taxes
2,840,043
1,867,310
Long-term debt... 16,777,777 20,437,427
y Capital stock...23,514,723 23,514,723
Capital surplus...
Earned
4,602,262
4,602,262
surplus...31,863,681 27,862,063
Goodwill and other
elimination of losses from operations.
Effective Feb. 27, 1939, a new corporation,
formed to take over the
1,809,585
281,823
.
1,814,078
319,070
..90,303,766 92,325,641
Total....
90,303,766 92,325,641
for
depreciation, depletion and amortization of $37,073,559 in 1939 and $34,251,013 in 1938.
y Shares of $5 par value.—V. 140,
p. 3522.
reserves
Panhandle
Producing
Calendar Years—
&
1939
Gross oper. income
oper.
$3,233,450
& gen. exps.
2,719,276
Operating income..
Non-operating income—
$514,174
36,566
Total Income..-...-.
Ad valorem & prod, taxes
Intangible devel. costs.
$550,740
31,216
25,114
210,804
.
expense
Lease rentals
729
Depl
and lease amort..
Deprec. and retirement-
54,380
123,389
42,864
4,253
12,596
34,175
20
Interest
debts—
Amort, of debt, discount
disposal of assets
Other charges
Inventory adjustment—
on
Refining
Co.
(& Subs.)—
1938
1937
1936
$3,702,661
3,207,533
$4,043,498
3,395,518
$3,469,363
2,906,325
$495,128
35,803
$647,980
14,442
$563,038
7,372
$.530,931
28,763
18,514
198,631
1,526
40,932
111,782
36,507
9,779
6,298
6,828
$662,422
27,352
17,986
176,789
1,608
42,408
126,004
34,479
5,4.39
$570,410
26,498
13,947
154,654
533
35,140
136,075
36,490
6,091
■
"13",976
5*715
321
1,861
16,328
Prov. for Fed. inc. taxes
786
1,663
Net profit
Earnings of Du Pont Film Manufacturing Corp.
Earnings of the Du Pont Film Manufacturing Corp. for the year 1939
$1,650,274 compared with $1,259,566 in the previous year.
A rea>rd
of the company's earnings and dividend payments for the years 1932 to
1939, inclusive, appears, below:
Net
Net Earnings
Dividends
Available for
Earnings
Paid
Year—
Common Stock
per Share
$400,000
$80.59
$805,908
1932—were
—
$9,537
1938
$53,933
$212,050
Liabilities—
$154,405
acc't..$l,973,388 $1,958,413 a Common stock..
23,781
17,733 Accounts payable.
67,592
93,876 Notes payable....
Oil
71,776
110,192 Long-term debt..
Mat'ls & supplies.
376,450
413,996 Accrued liaollities.
z
Property
investments
Cash
_
Due
from
officers
and employees..
Tubular
goods
progress.
Notes & accts.
rec.
Deferred charges..
Other assets
2,337
Capital surplus...
1,663
1,275,190
Earned surplus...
38,044
-
1,987 Provision for Fed'I
195,859
31.733
258,246
67,855
c343,275
income
In
bonded whses—
Work in
Deferred credits..
136,975
30,995
41,028
taxes...
x
and
-----
$370,258
$22,392
$411,011
Consists of $11,545 net profit of film
1939
1938
Notes pay. to bank
$79,847 Accounts payable-
$125,000
4,362
$275,000
$9,133
701
2,083
Sundry accruals.Owing to producers
X402.829 Reserve for Federal
211,177
21,817
10,500
6,016
c!939
Assets■—
Cash in banks and
on
hand
Notes & loans rec.
Liabilities—
1938
.
——-
102,307
outside
on
re¬
19,709
(net)
2,857,143
Investments
3,059,043
Common
1
581*271
stock—
$7 cum. conv. pref.
stock, a.
Capital surplus.
zLand.bldgs. ,mach
& equip., lease¬
hold, &c. (net).
to
17,979
—
Cap. stk. of sub.
applio. to minor¬
ity stockholders.
pro¬
leased produc¬
tions
income tax
Reserves
Unliquidat. advs.
ducers
505
73,466
producers
ree'le (net).
Inventories
339,343
—
771,512
1,007,205
Earned surplus.
—
d367,809
i
581,679
780,015
1,718,539
566.638
secur.
5,125
contracts
Notes receiv. from
R-K-O- Corp—
Deferred charges—
18,723
After depreciation, depletion and
z
$466,918
55,907
——-
48,360
49,339
7"
81,794
$3,412,293 $2,995,2791
$4,201,807 in 1938.
$77,158
54,766
—
$508,072
41,668
1,200
Crl ,714
developing and printing of Pathe
Film Corp. for the eight weeks ended Feb. 25, 1939, and $455,000 in divi¬
dends received from Du Pont Film Manufacturing Corp.
Total.
x
Total.
1937
1938
$109,254
30,896
1,200
$424,489
54,231
;
Surplus for common
x
Depos.
257,537
152.22
165.02
1939
Net profit-—
Preferred dividends
786
1,010,067
b32,597
116.91
125.95
x$466,545
31,556
10,500
Minority interest-—
to
668,340
77.02
92.54
Earnings for Years Ended Dec. 31
Federal income taxes
y
$687,385
244,491
183,643
-------
Dividends, &c., received
Interest, &c
1938
$897,509
259,384
190,660
602,073
127,630
20,141
—
1939
Accts.
1939
-
1,300,000
400,000
900,000
1,100,000
1,350,000
700,000
1,400.000
74.48
744,830
770,224
925,440
1,169,190
1,522,266
1,259,566
1,650,273
-
1936.—w
„r—
1937———————
from
4,330
Consolidated Balance Sheet Dec. 31
1939
Assets—
,
.
1933
Total......
Path© Laboratories, Inc.,
operating assets and liabilities of the company.
,
Intangible assets
Deferred charges..
Other
shares.-—V. 150, p. 3369.
Report—
$5,188,825
year
7-yr. 314%
due Dec.
6,712,694.Notes payable....
x
no par
Pathe Film Corp.—Annual
This left in the company $31,110 in cash, $3,500 shares of the common stock
of the Du Pont Film Manfacturing Corp., and 11,620 shares of Pathe
$
Loss
...$7,895,782 $7,879,725
Total
a After reserve for doubtful accounts of $3,842 in 1939 and $4,981 in 1938.
b After reserve for depreciation of $3,683,824 in 1939 and $3,403,950 in
was
1939
Bad
164,414
18,732
4,682,328
5,572,520
6,841,318
3,104,471
8,434,367
General
3,043,000
4,066,446
Assets—
Costs,
400,000
.199,000
accrued Interest.
192,600
45,746 Real est. mtges—
6% s. f. conv. debs 3,043,000
1,700,668 Reserve for work¬
men's comp., &c
184,870
198,159
78,732
2,084,206 Res.forconting...
c Common stock..
4,682,328
Paid-in surplus... 5,572,520
Earned deficit
6,447,384
4,898,918
Cash.......
After
•
5,788,779
Consolidated Balance Sheet Dec. 31
x
-■
1,083
22,342
53,119
1944
In
-«••*
70,766
386,508
Earns, per sh.on cap.stk.
Inv.
«•
4,702,910
Net profit for
accts.
r'v
Deposit on lease..
407,637 Equipment notes &
..$7,895,782 $7,879,725
37,288
6,162
75,322
come taxes
140
Mis cell, depoists..
b Fixed assets
263,435
25,372
648,634
....
Divs. paid
207,862
27,914
Sundry accrd. exps
Res. for Federal in¬
Other curr. liabils.
un¬
der insur. agree¬
$62,500
112,052
92,428
41,820
669,917
Prov. for depreciation &
amortization.
Div. paid
$124,664
110,450
41,820
Local & State taxes
"l",524
2,732,037
1938
1939
$440,571 Note pay. (unsec.)
32,930 Trade accts. pay..
170,554 Accrued payrolls..
63,689 Accrd. int. on debs
269
Notes receivable..
Total
76,267,298
$0.47
$0.34
Liabilities—
2,726*538
Investments
Intangible assets.. 2,083,706
Pan American Petroleum & Transport
x
Nil
Nil
1939
ments
Net income
Dividends applicable to pref. stocks for the period
96,622
Consolidated Balance Sheet Dec. 31
Dep.ilin closed bks.
Gross income
21,
"¥,482
$257,205prof$248,599prof$342,170
$187,605
a
div.
22,798
7,625
9,805
155,052
of
Net loss
Assets—
_
$682,973
180,295
32,605
$627,052
resale of treasury
131
136
$8,963,076
7,356,749
1,120,925
176,322
28,558
$53,676
167,280
37,289
Other int. & misc. chges.
on
1936
-
of
limited-term
investments.
.
1937
$9,981,723
8,298,441
1,244,170
$74,46Iprof$439,112prof $485,401
128,137
187,940
,197,572
$121,338
167,280
75,323
debentures
on
Federal taxes
2,372,540
871,278
re¬
appropriations.
serve
Amort,
Int.
Subs.)—Earnings—
1938
$9,664,661
8,491,651
1,247,471
bonds.
.$481,731
216,810
71,746
Direct taxes
Expenses.
Loss
1940—12 Mos.—1939
1940—Month—1939
revenues
expenses.
1939
$10,302,495
revenue
Loss...
Light Co. (& Subs.)—Earnings—
Period End. April 30—
Operating
Other income...-.w-i
cludinj^ 8,600 held in name of trustee for account of company.—V« 150,
Operating
Operating
Parmelee Transportation Co. (&
Calendar Years—•
Deprec. & amortization-
....53,412,116 49,752,711
After depreciation,
340,588
323,889
..13,448,802 12,902,935
4,269,822
5,748,662
340,588
349,139
354,943
x
Wichita Falls, Texas.—V. 150, p. 3212.
1,250,000
861,666
323,889
Par
Notes Called—
banks...
closed
Surplus
bonds
Total
reserve...
a
A total of
$18,000 of company's notes has been called for redemption on
1- Payment will be made at the First National Bank of Wichita Falls,
Reserve for cash In
reserve
Canadian
106,033
306,714
1,250,000
Prov. for Fed. tax.
Defd. instal. notes
after
30,000,000 30,000,000
3,005,350
5,670,040
742,237
636,160
1,405,568
res..
1,776,511
Capital stock
Mlscell. liabilities.
9,242,445
Inventories
Accts. & notes rec.
$
Accts. payable, &c
1
five-year 5% secured notes,
$ 1.
b Smce July 31, 1938.
c Includes $276,389 tubular goods in bonded
warehouse contracted for
sale, at cost.
1938
$
1938
$
3671
with trustee for
payment of interest on
Consolidated Balance Sheet Dec. 31
Total
.$3,412,293 $2,995,279
amortization of $3,645,660 in 1939
Includes $13,500 ($7,500 in 1938) cash deposited
—
After
$2,868,360 $4,179,367
reserve
c
Ooihpany only,
$2,868,360 $4,179,367
Total-
y After reserve for
depreciation and
1938) no par shares,
for doubtful accounts of $17,558.
advances of $172,175.
amortization,
a Represented
by
doubtful
After reserve
7,713 (7,796 in
z
for
d Since Feb. 25, 1939.—V. 150, p. 3060.
The Commercial & Financial Chronicle
3672
Co.—Accumulated Dividend—
Penn Investing
June 8, 1940
Consolidated Balance Sheet Dec. 31
1939
share on account of
accumulations on the preferred stock, payable June 10 to holders of record
May 27.—V. 148. p. 2753.
Directors have declared a dividend of 50 cents per
y
$
Property accts—49,.455,490 51,626,555
267,344
(at cost).
173,483
Invests,
County & local tax
Pennsylvania Glass Sand Corp.—Refunding Approved—
held May 27 approved issuance of not
to exceed $4,500,000 of first mortgage bonds, debentures or serial notes, or
any combination of the foregoing.
L
Corporation recently filed with Securities and Exchange Commission a
registration statement covering issue of $3,700,000 first mortgage sinking
fund bonds, due June 1, 1960, which together with the proceeds of sale of
$800,000, unsecured serial notes, which it proposes to sell privately, will be
applied to redemption of corporation's $4,201,000 4H% first mortgage
bonds now outstanding.—V. 150, p. 3369.
Stockholders at a special meeting
refunds
Pennsylvania Power Co.—Earnings—
1940—Month—1939
$362,277
249,729
34,000
$4,413,622
2,725,811
44,500
$111,722
27,842
$78,548
25.786
$1,237,811
324,229
$859,260
$83,880
17,500
3,300
$52,762
17,500
3,300
$913,582
210,000
39.598
$573,104
244,673
$63,080
$31,962
$663,984
$321,830
$367,175
210,954
Oper.exps. & taxes
Prov. for depreciation.Gross income—
Int. & other deductionsNet income
Divs. on pref. stock
Amort, of pfd. stk. exp_Balance
450,000
$4,125,857
2,914,598
352,000
2,688,226
547,095
2,643,594
Accrued int. rec...
134?7
—
-V. 150, p.2892.
..
Coal on hand
Clum & slush bks.
Iron & steel
and
353,188
2,972,085
1,816,376
Other reserve
573,756
186,844
1,451,282
1,719,427
Amort,
$3,503,491 $39,295,564 $38,986,722
19,176,275
18,167,907
1,588,428
384,677
2,247,213
3,983,634
237,500
229,167
2,758,333
2,760,833
1,161
Prop, retire, res. approp.
1,035
13,131
11,559
limited-term
of
investments
.
—
Net oper. revenues
Other income (nlet)
$1,364,374
8,685
$1,300,184 $15,100,612 $14,062,789
9,062
99,509
120,767
$1,373,059
277,083
106,875
Other int. & deductions_
97,401
Int. chgd. to construct'n
Crl,455
$1,309,246 $15,200,121 $14,183,556
453,750
4,549,306
5,445,000
600,000
50,000
922,292
9,812
866,787
171,059
Cr772
Cr6,912
Crl1,899
Gross income
Int.
on mtge. bonds
Interest on debentures..
Net income
$893,155
$796,456
Divs. applic. to pref. stocks for the period
Balance
$8,873,635
$7,974,409
3,846,530c
3,846,546
$5,027,105
-V. 150, p
$4,127,863
1,485,611
Deficit
accts.
(non-curr.).
209,575
m., June 29
bonds,
1984 to exhaust the sum of $250,399 at prices not
and accrued interest.—V. 150, p. 3524.
due July 1,
par
Inc.—Earnings—
3 Months Ended March 31—
1940
Net income after all charges
3370.
(& Subs.)—Earnings—
1938
1939
1940
Years Ended' Jar. 31—
1937
$73,344,159 $64,238,661 $55,613,034 $38,466,513
Sales (net)
Net profit after
and taxes
Shares of com.
all chgs.
„
6,551,297
7,435,766
stock out-
„„„„„„
5,663,221
3,563.617
519,151
$10.91
519,151
$6.88
_
855,195
882,396
$8.33
$7.37
Corp.—Court Approves Plan-
Pierce Oil
judge Julien Gunn of Richmond (Va.) City Circuit Court has approved
the recommendation of receivers that preferred stockholders of the corpo¬
ration, which is now in the process of dissolution, should receive 1 ^ shares
of Consolidated Oil Corp. common for each share of Pierce preferred.
The Pierce Co. now holds 222,169 shares of the Consolidated stock, which
is its principal asset.
A total of 53,691 other Consolidated shares were sold
recently by the receivers for a net of $386,306. which was used in the wiping
out of a $4.50,000 debt to the National City Bank, New York.
The terms of the court order of April 14, placing the company in receiver¬
ship upon the petition of its directors, barred holders of common stock from
sharing in distribution of assets.
That order directed that only the holders
of 125,000 shares of Pierce preferred should so share.—V. 150, p. 3525.
Pirelli Co. of Italy—Earnings—
[All Figures in Italian Lire]
Calendar Years—
1939
s
Gross profits on sales...141,987,795
Div. & int. on securities. 21,697,142
.163,684,937
1938
1937
1936
122,408,004 108,867,251 103,456,464
18,686,976
16,518,213
15,549,685
9,598,359
4,544,940
4,091,969
18,700,117
17,542,965
53,381,518
43,983,081
Depreciation
—
[ 44,964,245
j 32,097,265
I 12,105,782
.
Exc. charges for
researches
36,379,561
18,220,587
12,392,524
11,290,151
35,429,022
^
...>91,603,302
}91,603,302
Interest and allowance.
3--J
trials &
12,000,000
Net income
$165,555
$1.12
150,693.340 129,930,403 123,098,118
41,477,655
25,182,029
11,826,969
16,014,729
ss.l
Sell. & admin, expenses.
Taxes
1939
$182,961
$1.23
Earnings per share
—V. 149, p. 3881.
After depreciation, de
1938"
and $19,332,134 in
$15,598,111 in 1939
Philip Morris & Co., Ltd., Inc.
Total income
The Girard Trust Co., Philadelphia, Pa., will until 10 a.
receive bids for the sale to it of sufficient general mortgage
Peter Paul,
y
Represented by 1,400,000 no par shares,
—V. 150, p.
Pennsylvania RR. Co.—Tenders— A;
exceeding
64,360,180 66,181,231
Total
64,360,180 66,181,231
Total
Sundry incomeSee x
3524.
series E,
75,000
4,163
1,314,496
6,923,509
—V. 150, P. 1444.
322,487
Direct taxes
70,458
3,984
754,758
11,517,150
652,512
prods.
pletion and absolescence of
1940—12 Mos.—1939
1940—Month—1939
Period End. Jan. ,31—
Operating revenues--— $3,644,949
credit to
surplus
3,380,000
Earns, per sh. of com...
Operating expenses
Deferred
15,510
standing...
Pennsylvania Power & Light Co.—Earning
S
5,600,000
5,600,000
Funded debt
63,131,067 53,650,867
Note pay. bank... 1,250,000
500,000
Accounts payable. 1,146,715
980,732
Wages accrued—
465,755
434,149
Accrd. int. & taxes 1,961,878
8,883,078
Mis cell, liabils
89,021
86,374
Work. comp. res.. 1,403,693
1,575,882
Capital stock
2,080,246
3,139,599
Defd. debit items-
x
1938
$
Liabilities—
x
MIn. int. in subs..
mat'ls & sup.,&c
286,156
6,600
1,395,623
1,978,440
1,407,435
Special deposits—
rec.
1940—12 Mos.—1939
comp.
Notes <fc accts. rec.
Cash-.
Notes
Period End. April30—
Gross revenue
28,412
-
Employees'
fund, &c
1939'
1938
5
.A SSCt3
32,815.295
Includes sundry income.
x
Balance Sheet Dec. 31
1939
Philadelphia & Reading Coal & Iron Co.—Inc. Accoun
Net sales.
Cost of coal sold (incl.
and property taxes)
Lire
.$25,341,412 $26,121,877
depletion and depreciation
26,284,856
28,892,691
Selling, administrative and general expenses
1,200,065
1,429,020
194,604,835 xl33811,465
Securities and In¬
Loss from operations
$2,143,508
556,007
Other operating income (net)
$4,199,834
730,034
Other income charges
$3,469,800
$1,587,501
2,967,753
455,239
-
Taken
Depr. & renewal
rec
on
41,465,465 114,762,715
Debtors for guar
57,818,073
22,651,170
17,563,270
plant acc't. 181,886,291
164,686,174
receivable—
in secur¬
ities
2,967,792
439,664
Res. against shs.
4,986,716
12,796,547
324,053,388 286,381,301
Notes receivable
Accounts
Net loss from operations
Interest on funded debt
359,858,022 320,751,985
vestments
Lire
42,199.154
37,000,000
Extraord. res—207,676,900 157,141,922
Contingent
lia¬
61,479,414
bility reserve. 61,479,414
Res. for taxes..
30,000,000
Statutory res
equipment...288,455,573 264,999,951
132,106,485 122,755,680
Cash
1938
Lire
Liabilities—
Capital stock...300,000,000 300,000,000
Inventories
1938
1939
1939
1938
Lire
Assets—
Land, buildings,
machinery and
Calendar Years—
Empl. pension &
62,024,123
71,245,860
*
13,654,160
pavable—362,161,084 252,863,327
discharge fund
16,014,297
Debentures-
Total loss
$6,877,256
233,060
21,237
$5,010,493
211,063
235,960
Interest and dividends.
Other income credits.
.
Acc'ts
Credit for taken
in securities..
Credit for guar.
Net loss for the year—
Note—The
above
income
does
not
include
net
losses
of
Surplus
$6,622,960
$4,563,469
subsidiaries
Total
amounting to approximately $203,000 in 1939 and $750,000 in 1938.
Balance Sheet Dec. 31,
Assets—
x
1939
Liabilities—
Cash and working funds
$1,236,967
Notes & accounts receivable2,251,451
Accrued interest receivable—
251,543
Inventories
2,521,081
Accounts payable
176,919
2,285,959
Miscellaneous
Other notes & accts.
rec
Due from sub. companies
Due from Philadelphia and
Beading Coal & Iron Corp.
Investment
(at
1,437,976
deprec.
res. for
Accrued accounts
cum.
2,194,126
liabilities
49,655
696,849
Funded debt and interest
63,081,068
Reserves
1,858,181
Def. credit to oper., &c
61,954
Capital stock
cost)
and cash
Property—Less
&
297,591
544,391
Funds—Securities
1,119,582
Due to sub. companies
8,146,217
Special deposits
Directors
$1,250,000
collateral)
Deficit
8,000,000
9,688,461
——
depl.
291,552
Culm & slush banks
Prepaid and deferred charges
Total
$68,622,956
—V. 149, p. 3568.
Candy Corp. above.—V. 150,
p.
2739.
Philadelphia & Reading Coal & Iron Corp.—Report—
Consolidated Income Account for Calendar Years
.
,
Net sales
-
—
declared
a
dividend
$1
of
per
share
on
the
common
p.
1611.
Pittsburgh Steel Co.—Tenders—
The Union Trust Co. of Pittsburgh will
until June 20 receive bids for the
fund debenture gold bonds to
sale to it of sufficient 20-year 6% sinking
exhaust the sum of $250,300 at prices not
exceeding 103 and accrued int.
The company has filed with the Interstate Commerce Commission a
plan for consolidating and funding its entire outstanding floating debt,
which on July 1 will amount to approximately $7,400,000.
The carrier asked the ICC for authority to issue $7,400,000 of new five-
secured notes to accomplish the refinancing. These notes are to
be sold at par as follows: $4,070,000 to Reconstruction Finance Corporation,
$3,000,000 to Pennroad Corp., and $330,000 to Chemical Bank & Trust Co.
Through the new loan the carrier will pay off all outstanding RFC and
bank loans, and thus fund the indebtedness for a period of five years.
The existing situation with respect to the outstanding loans is "most
unsatisfactory" because of their complicated and disproportionate collateral
structure and their constantly recurring maturities, it was stated. The plan
for consolidating and funding the loans will not only materially improve the
road's financial outlook generally, but will strengthen the position of
RFC as the largest holder of the short-term debt, the carrier's application
year 4%
Phoenix Securities Corp.—Sells Loft Holdings—
—
have
payable June 14 to holders of record June 6.
Dividends of 25c.
paid on March 15 last and on Dec. 15 and Oct. 10, 1939, and 50c.
paid on June 19, 1939, this latter being the first dividend paid since
Dec. 15, 1937, when a distribution of 25c. per share was made.—V. 150,
stock,
were
Pittsburgh & West Virginia Ry.—Files Plan with ICC
for Consolidating Debt—Proposes to Issue $7,400,000 Notes to
Be Sold to RFC, Pennroad Corp., and Chemical Bank—
45,055,960
3,026,398
1,390,512
$68,622,956
See Loft
149. d. 1785.
—V. 150, p. 3371.
(incl. spec. res.
of $155,120 applic. to prop,
the oper. of which have
been discontinued)
$11,-
Total
1,403,352,557 1272,273941
Total
Pittsburgh Metallurgical Co., Inc.—Dividends—
Notes pay.—bank (accts. rec.
& coal Inventories pledged
as
1.403,352,557 1272,273941
Includes 132,004,902 cash at bankers.—V.
41,469,466 114,762,715
16,014,297
57,818,073
45,084,639
54,865,145
1939
1938
1937
1936
-.$26,049,748 $28,344,799 $36,624,102 $41,386,116
Costs, deprec., depletion
and operating tax
26,775,851
31,318,706
37,666,847
Gross loss from sales..
Other oper. income
$726,103
457,236
$2,973,908
690,243
$1,042,744 x$l,621,720
623,820
545,276
$268,867
1,411,070
$2,283,665
1,810,889
$497,468 x$2,245,549
2,408,887
2,410,079
$1,679,938
302,649
$4,094,554
96,745
$2,907,548
277,976
$163,337
132,578
$1,377,289
3,469,760
$3,997,809
3.463,993
Cr425
$2,629,572
4,314,108
1,012
3,877,707
488
$4,847,536
$7,461,377
$6,944,692
$3,908,974
39,764,396
stated.
Gross loss from oper
Sell., admin. &
gen. exps.
^Loss
from operations.
Other income
jSC 3
'
\
Gross loss
Income charges
Minority interest
Net loss
x
Profit
——
$30,759
507
As a part of the plan, it is proposed that the Pittsburgh Terminal RR. &
Coal Co. first mortgagajxmds, totaling $2,564,000, be extended to mature
July 1, 1952, instead of 3uly 1,1942, The road asked permission to continue
bonds as extended.
Subject to ICC approval, RFC, Pennroad Corp. and Chemical Bank &
Trust Co. have agreed to participate in the new loan.
The new 4% secured notes would be dated July 1, 1940 to mature July 1,
1945. Collateral to be pledged for the notes includes: 14,600 shares of 5£6 %
stock of Wheeling & Lake Erie; 59,400 shares of common stock of Wheeling
& Lake Erie: $3,576,000 principal amount P. & W. Va. 4H % first mortgage
bonds, series D; $8,047,000 principal of P. & W. Ya. general 6s, and the
P. & W. Va.'s equity in equipment with a book value of $1,440,324.
Under the indenture of the new notes, the road agrees to use a substantial
its guaranty of these
part of its net income during the next
market at the lowest prices obtainable
five years to purchase on the open
its own first mortgage 4H % bonds,
Volume
The
150
Commercial & Financial Chronicle
either series, and (or) the Pittsburgh Terminal first 5s. Any bonds so pur¬
chased would be pledged as additional security for the new notes.
During 1941, the road would devote not less than 25% of "available net
income" to purchase of bonds and during each year after 1941 would apply
not less than
50% of available net to such purchases.
"Available net in¬
come" for this purpose is to be determined by deducting from the sum
available for fixed charges all fixed charges and the sum of $250,000.—V.
150,
3526.
p.
■>
■' /
-r;' \
1
..
v"lt- V'ik
Calendar Years—
1939
Sales, net
$20,903,048
Cost of sales (excl. of de¬
deple.& amort.)
prec.,
Sell.,
gen. & admin, exps
Taxes
(other
than
17,361,261
2,174,483
1936
1937
1938
$30,651,600
26,227,181
3,847,808
25,548,692
4,369,921
£■&
Fed.
incometaxes).
547,303
1,066,683
1,215,799
53,841
91,126
159,737
185,273
" $766,160loss$252,9291oss$547,546
$547,713
205,398
and accts. receivable..
Profit
„
Profit
on
"
"
'
misceU. opers..
268,215
Crl9,339
~
Dr160,940
27,892
54,237
$90,220 loss$421,205
493,350
677,469
869,597
893,259
53,920
28,629
8,342
Cr50,436
195,050
Dr96,601
55,596
54,908
*
Sundry income (net)
9,665,608
nom. val.
1
1
Loring Oil Co. stk.
Lorlng Oil Co.accts
743,050
171,573
743,050
171,573
837,500
18,138
211,792
$646,408
713,033
986,927
41,152
18,891
.
Prov. for Federal surtax
Loss on sales & demoli¬
tion of prop., &c
prof.36,184
_
4,755
Leases,
develop.
Reagan Co'ty Pur.
Co., Inc. stk.carried at
Consolidated net loss. pf.$201,227
Portion of net income ap-
$1,354,769
$2,033,659
$1,144,539
Co. stock..*...
Angelo
3,500
172,515
222,299
$15,253
$1,527,284
$2,255,958
$1,258,650
1,585,000
80,576
81,782
873,006
Plymouth Oil Co
Cap. stk outst'd'g 5,250,000
Earned surplus
4,402,469
5,250,000
for insur¬
ance..
co.
not
held
by
1,000,000
4,155,272
Dr785,171
d Treasury stock.. Dr215,550
30,343
30,383
Mortgage receiv..
4,500
4,500
325,242
77,660
b366,600
67,494
Excess
of
invest,
tangible
Deferred charges..
13,582,644 12,943,735
13,582,644 12,943,735
Total
Includes
a
long-term notes payable of $840,000 due within one year,
for amortization of $1,591,480.
c After reserves for de¬
pletion and depreciatoin of $10,867,698 in 1938 and $11,830,238 in 1939.
d 11,367 (42,000 in 1938) shares at cost.—V. 150, p. 2740.
b After
reserve
Calendar Years—
Coal production (tons).
Co.—Earnings—
yl939
1,592,141
$4,111,563
3,440,814
1938
1937
1936
1,355,436
$3,233,076
2,847,688
1,703,207
$4,425,997
3,811,039
1,770,368
$4,062,000
3,433,566
$670,749
$385,387
$614,958
$628,434
274,205
199,637
Cr2,029
223,755
241,106
209,166
Crl,281
195,962
210,253
015,801
$198,935
212,178
$16,527
$165,967
254,613
$238,020
339,484
169,742
$0.98
169,742
$1.40
114,111
Net loss for the year..
2,415,000
payable
Reserve
3,500
Cosden Pet. Corp.
bonds & stocks.
Cost of sales
216,480
ndtes
Long-term
Nat'l
Bank stock
Gross sales
plicable to min. com.
and pref. stockholders
Other curr. llabil..
Republic Oil Ref'g
Pond Creek Pocahontas
28,122
364,717
447,795 al,292,136
Cap. stock of sub.
30,943
—
>
$
...
637,500
Mat'ls & supplies.
Other curr. assets,
Total
Gross income
$1,101,434
Interest paid (net)
175,521
Deprec., deple. & amort.
719,489
Prov. for Federal taxes.
41,382
$
329,348
Accounts payable-
8,908,223
Gasoline
assets of sub
and retired
Income from operat'ns
Consolidated Balance Sheet Dec. 31
1939
Assets—
Liabilities—
$
l ,227,307
U. S. Govt, securs.
874,365
32,500
150,260
Notes and accts.
receivable
2 ,323,663
72,732
2,974,122
1,660,589
52,474
164,272
240,867
receivable
90,979
Accrued int. recelv
10,397
46,001
9,316
734,668
Inventories
925,952
Notes rec.,
cust'rs
(not current)...
Sundry claims and
Invest,
on
deposit,
656,585
Int.
18,086
Prov. for cl'ms pay
Prov. for social se¬
167,329
curity taxes
Federal, &c., taxes
273,082
20,000
212,132
65,373
49,334
10,183
79,293
49,532
9,000
standing (no par)
per share
108,516
Prepaid exps.
Asscfs—
x
394,428
sale of props., &c
257,576
y
serve
Accrued payrolls &
$2,481,203 $2,563,065
611,410
586,797
Res. for conting...
for doubt¬
ful accounts
153,651
1,249,472
1,045,000
1,098,000
4,000,000
148,676
1st mtge. & debs..
1,134,770
debs
4,000,000
Total
stkhldre. in sub.
6,741,638
d Class A stock...
1,075,100
Deficit from oper.
23,558,106 26,768,709
6,804,031
1,000,000
1,075,100
5,398,875
1,000,000
Common stock..
Paid-in surplus
After
Total
4,048,490
15,253
After
x
sented
reserves
23,558,106 26,768,709
shares,
no par
Poor & Co. (&
1,546,755
$4,439,143 $4,356,397:
Total
1939 and $2,004,166 in 1938.
y Repre¬
Consolidated.—V. 150, p. 3371.
z
Subs.)—-Earnings1939
1938
1937
1936
$8,406,027
$4,622,321
$8,369,455
$6,533,357
6,438,962
1,081,200
3,718,651
1,029,035
6,202,176
1,153,774
4,861,804
994,804
$885,865 loss$125,366
87,232
118,955
$1,013,504
104,805
$676,750
110,070
$798,633 ioss$244,321
908,699
$566,679
84;079
a21,896
227,693
159,643
$950,032 loss$133,347
$1 136,393
$726,322
65.092
77,013
149,019
45",543
"l2"i23
154,144
32,407
88,403
58,280
Calendar Years—
b Purchase 8c production
cost of product sold..
Selling & admin, exps.
Profit from operations
d Expenditures
for uncollectibles of
e
Profit before deducting
Fed. tax & int
Int. received and income
from
Postal
9,900
20,000
1,533,513
36,868
29,395
of $2,203,804 in
by 169,742
Net sales
c
$412,028 in 1939 and $667,262 in 1938.
b After depreciation of $6,351,588 in 1939 and $7,173,488 in 1938.
c Repre¬
sented by 1,075,100 no par shares,
d Represented by 100,000 no par shares.
—-V. 150, p. 3061.
reserve
20,000
Earned surplus...
$4,439,143 $4,356,397
Equity of minority
a
647,251
505,275
907,772
417,916
45,454
Deferred charges..
1,045,000
4% coll.tr. A
4% coll. tr. B——. 1,198,000
Total
64,374
72,368
taxes
Reserve for Federal
income taxes...
Inventories
_.
c
1938
zl939
Capital stock...$2,520,700 $2,520,700
194,668
255,693
due
(non-current)
Income
1939, $4,200 in
Consolidated.
Accts. & drafts pay.
construction and
Cash
733,863
704,187
602,236
y
Liabilities—
1938
zl939
plant
Accts. rec., less re¬
curr.)_
notes
for Federal income taxes of $38,000 in
Coal lands, mines
equipment
Real estate mtges.
Prov. for loss on
Equip,
reserve
Balance Sheet Dec. 31
117,500
pay. (not
Includes
x
169,742 '
$0.10
1938, $29,000 in 1937 and $33,000 in 1936.
develop.,
90,430
166,083
05,030
169,742
$1.17
Earnings
obligs.
102,500
164,599
150,134
Shares of cap. stock out¬
1,361,872
b Land, buildings,
(not current)...
equipment, &C..17 767,026 19,893,803 Notes payable (not
Leaseholds, net of
current)
amortization
for
claims
4,334
83,920 Prov.
and
deferred charges
& misc. income
205,855
.
Unearned income.
rev.
Net profit for the year
1,051,661
116,611
Others
18,086
Accounts payable
1,067,304
225,296
Accrd.wages, taxes
Contract liabilities
15,000
Equip, notes
Contract,
Admin, and gen. exps.,
incl. sundry taxes
Res. for deprec. & depl.
x
$
$
Notes pay.—B'ks.
...
Investments
accts.
1938
1939
1938
$
Cash
a
24,904
rec.
CrudeoU—
over net
Excess of par value over
cost of bonds purch'd
Other income
Liabilities—
1,189,651
593,814
22,523
1,709
161,583
41,630
Notes & accts.
San
Prov. for doubtful notes
$
888,486
627,334
26,326
2,803
153,812
1938
1939
1938
$
and equipment.
$26,002,565 $30,902,978
21,632,381
3,465,303
Consolidated Balance Sheet Dec. 31
1939
Assets—
Cash
c
Pittston Co. (& Subs.)—Earnings—
3673
Telegraph, Inc.—Listing—
146,846
f4,552
investments
Other income
The New York Stock Exchange has authorized the listing of 256,770
shares of non-cumulative preferred stock (no par) upon notice of delivery
under the terms of a plan of reorganization of Posta ITelegraph & Cable
Int. exps. & prems. paid
on red. of notes & bds.
Corp. and the associated companies.
Provision for loss
offices, in process of amort.
Prepaid Ins., rents & taxes..
$2,567,699
Capital
Prov. for Fed. surtax—
Loss on liquidation o 1 af¬
33,254,123
surplus
1,027,080
filiated
company,
(net)..
Materials and supplies
Accounts and wages payable.
223,218
90,775
Accts. payable to other com¬
munication carriers
482,450
Net profit.
Divs. on class A stock._
Accrued
262,703
Shs. class B stk. (no
Facility rentals billed in adv.
taxes....—_
— .
_
912,860
—
& other current liabilities..
Reserve for
94,448
26,836,036
depreciation
$74,648,400
Total
9,211,002
$74,648,400
-V. 150, p. 3213.
$827,286
$588,807 loss$203,438
160,000
362,843
$0.49
Nil
$0.96
$418,497
$1.61
362,843
362,828
'
640,000
362,843
400,000
par)
Earnings per share
Other reserves.............
Total
112,947
&c.
82,801
256,014
2,457,525
662,876
Working funds
Accts. & notes receiv.
Non-cum. preferred stock...
Common stock ($1 par)
1,148,143
Mis cell, deferred charges
Cash
9,940
47,274
132,584
Prov. for Fed. inc. tax..
Liabilities—
Cost of alterations to rented
Can¬
adian exchange
Other expense
Consol. Bal. Sheet Jan. 31,1940
Assets—
Plant, property, equip., &c_.$68,968,996
Special deposits
758,051
on
58,480
a Includes
principal amount of 10-year 4% sinking fund debentures
purchased for retirement in excess of cost of such debentures of $3,823, gain
from disposal of investments of $635 and adjustment of manufacturing and
royalty contracts of $17,436.
b Incl. purchased product, labor, material
and production expenses, but not incl. provision for depreciation,
c Incl.
salaries, commissions, traveling expense, rents, taxes, &c., but not incl.
and acquirements, d Incident to the acquirement
protection of patents and patent rights, provision for amortization of
interest, patent expense
and
Plymouth Oil Co.—Annual Report—
Consolidated Income Account for Calendar Years
1939
Gross earnings
2,069,874
428,931
931
175,303
643
sale cap. assets..
excess
2,535,959
585,062
494,157
99,885
13,110
206,890
_
Federal income tax
in
2,647,683
556,769
493,748
86,382
8,348
454,289
77,745
13,515
Consolidated Balance Sheet Dec. 31
1939
$599,874
Patents & goodwill 6,276,119
Assets—
x
Fixed assets
204,972
188,938
1,087
273,509
2,185
210,050
400,060
5,502
159,372
prof5,746
219.183
213,292
48,467
97,720
2,052
76,338
of in¬
Notes rec. fr.empl.
Deferred charges..
Cash
and
41,357
x51,086
$2,611,844
$2,796,742
Accts. & notes rec.
Accr'd int. receiv.
136.792
187,650
245,168
218,182
2,609,092
2,935,342
1.739,682
Co yl,417,369
yl ,422,435
1,721,295
270,000
945.000
1,008,000
$2.59
1,029.800
$2.85
1.050.000
$1.65
mouth Oil Co.
paid
to
minority
Oil Co
int. by Big Lake
Divs. paid by Ply .Oil
Stock dividend
Shares capital stock
760,249
1,038,633
$2.38
Earnings per share
x
$1,957,864
2,475,051
ity interest.
Earnings applic. to Ply¬
Divs.
$3,180,510
Amortization of excess of investment over net tangible assets of sub¬
sidiary acquired,
received
on
y
treasury
After deducting $52,631
stock.
($47,565 in 1939) dividends
17,243
90,969
Inventories
Total
721,354
939,145
171,095
639
554,052
Inc.,
12,810
11,380
accrued..
i
38,000
4% debs, (current)
4% debs., 1946— 1,100,000
1
Paid in contributed
I
& capital surplus
615,466
81,000
1,200,000
669,693
125,625
294,770
834,126
340,377
1,582
357,387
$9,550,839 $9,060,674
General
41,755
181,390
Total
After
Portland
001,814
&c.,
depreciation fo $2,664,723 in 1939 and
y Represented by 160,000 shares of A and 362,843
no par.—V. 150, p. 3061.
x
$6,727,976^
.
—
Federal
.
market¬
.
$6,727,976
1
L
and
accruals.—
581,858
Capital stc
Accts. payable
Interest
through
liquidation of an
affiliate
y
1938
1939
Liabilities-
1938
$693,770
6,291,540
205,723
6,978
158,097
Assets acq.
able securities.
vestment, &c
Net earnings
...
Earns, applic. to minor¬
172,874
7,709
170,862
Investments
Value of life insur.
Intangible drilling costs.
on
$5,440,087
73,575
4,732
Leases surrendered
Amort,
$7,687,053
460,287
Interest
Amort, of loan exp
Cost of drilling non-prod.
and abandoned wells.
1936
$7,316,526
2,635,884
569,470
_
1937
,985,889
...
Royalty, oper., admin,
and general expenses.
Depletion
Depreciation
Loss
:
1938
patents and patent rights and provision for depreciation on buildings and
equipment,
e But not incl. interest and investment income
received and
profit from disposal of investment and fixed assets,
f Excess of principal
over cost of 10 year 4% sinking fund debentures purchased for retirement.
Electric
$9,550,839 $9,060,674
$2,598,312 in 1938;
shares of B stock o* ?
Co.—Court
Note
Halts
Renewal—
A
temporary
maturitv
maturity, June
June
^ ow
xuabuxil>jr
York
from
injunction restraining the company from renewing afc
1, $5,462,000 notes owed to Chase National Bank, New
1,
notes
cnase JNationai uanx,
hrZ.li.
o-rwl nrmrontlnr,
e.
and Harris Trust &
tV>e bank"
Savings Bank, Chicago, and preventing the banks
disposing of collateral, was
■
Fee.
issued by Federal Judge James Alger I
The Commercial & Financial Chronicle
3674
hearing to determine whether the injunction
The Court set June 7 for a
should be continued.
undergoing bankruptcy proceedings.—V. 150, p. 3061.
now
Portland Gas & Coke
Period End. April
Direct
taxes
— -
.*1
Prop, retire, res. approp.
of duty on
Railway Express Agency,
$3,459,139
1,999,098
447,400
275,000
$3,446,916
1,976,402
437,767
275,000
10
158
1,303
5,622
Net oper. revenues —
Other income (net)..—
$45,651
$58,067
$736,338
Dr45
Dr378
$752,125
Drl ,303
Gross income.-...-
mtge. bonds
Other int. & deductions.
$45,531
40,604
1,770
$58,022
40,604
4,472
$735,960
487,250
40,457
$750,822
487.250
54,631
Int. chgd. to constructs
Cr 179
Cr698
Cr 166
$208,951
430,167
Int.
Dr 120
—
on
;
1937
1938
1936
Charges for transports.167,179,377
Other revenue & income
2,802,639
155,590,088 160,787,979 155,446,478
2,721,005
2,791,241
2,715,620
& income__169,982,016
158,311,093 163,579,220 158,162,098
98,827,131 100,440,936
92,668.065
Total rev
104,158,592
6,966,816
Int&disc. on fund debt
955.218
Other deductions
98,744
Operating
$209,107
430,167
investments
Inc.—Earnings-
1939
Calendar Years—
1940—12 Mos.—1939
limited-term
of
Amort,
5 adopted an amendment to the by-laws providing
for expenses incurred as officers unless derelection
their part is established.—V. 150, p. 3371,
V
Stockholders on June
that officers be repaid
Co.—Earning
1940—Month--1939
$287,065
$288,449
163,276
177,127
42,744
42,647
22,917
22,917
30—
Operating revenues..
Radio-Keith-Orpheum Corp. (Dei.)—By-Laws Amended
x
Validity of the indebtedness was attacked by attorneys for the indepen¬
dent trustees of Portland Electric Power Co., parent of Portland General,
June 8, 1940
expenses
ESreXxes..
Rail trans, revenue.
x
57,802,646
6,401,181
y3,395,042
4,534,170
1,749,080
855,222
1,603,127
131,531
1,605,622
28.098
50,478,479
58,008,584
59,326,143
y Includes
and other carriers—express privileges.
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.
Payments to rail
x
_
Balance Sheet Dec. 31
83 ,336
Net income
$12,946
Divs. applic. to pref. stocks for the
a
period
x
Balance, deficit
Dividends
a
$221,216
-
accumulated
unpaid to
and
April 30.
1940,
Latest dividends, amounting to $1.25 a share
$2,619,717.
$221,060
amounted
to
7% preferred
on
stock and $1.07 a share on 6% preferred stock, were paid on Oct. 1, 1938.
Dividends on these stocks are cumulative.—V. 150, p. 3525.
Porto
American
Rican-
Tobacco
Co.—Stockholders'
a joint statement made by Nathaniel F. Glidden and John
Chairmen of the bondholders' committees, an appeal which
has been taken by the stockholders' committees is not expected to interfere
According to
Adams,
with
the
progress
of the
reorganization.
Counsel for the bondholders'
U. 8. Circuit Court of Appeals for directions
The Court has set argument for June 14
committees have applied to the
that the
appeal be expedited.
and indicated that its decision would be handed down before June 21, when
the offer of Consolidated Cigar Corp. for the assets of Congress Cigar Co.,
Inc., Is to be accepted, according to the committee Chairmen.
The bondholders' committees are urging all bondholders and stockholders
of Porto Rican American Tobacco Co. to vote in favor of the plan.
Secur¬
ityholders who have not received copies of the plan, the report of the
Securities and Exchange Commission and forms of proof and ballots may
obtain copies from the Chase National Bank of New York.
Jn order to be effective, proofs of claim and ballots must be filed with
the Chase Bank on or before June 12, 1940.
Final
on Plan Set for
hearing on confirmation of
June 6 for June 17 by
Minority stockholders of the Congress
owned by Porto Rican, may be heard
plates sale of Congress Cigar Co. to
$4,000,000.
A
Hearing
final
company was set
Rican
American
American
plan.—V. 150,
same
Power Corp.
The
the
Tobacco
Co.
15-year secured 6%
Rican
Porto
'th-
of
directors
Tobacco
and
certificates
declared
official
interim
an
gold
notice of issuance under
the
dividend
of
30c.
per
share
on
stock, pavable June 29 to holders of record June 8.
Like
paid on Dec. 21 and July 25, 1939; Dec. 21 and July 25,
1938, and on Dec. 21. 1937. and compares with 25c. paid on July 26,
1937, and Dec. 21, 1936, this last being the first payment made on the
common stock since May,
1932.—V. 150, p. 851.
was
Public Service Co. of
Period End. April 30—
Operating revenues
Oper. exps. & taxes
Indiana—Earnings—
1949—4 Mos.—1939
1940—12 Mos—1939
$5,324,161 $16,627,600 $15,145,042
3,727,540
12.027,680
10,611,989
$5,726,237
4.073,116
.
affiliated
4,719,860
1,004,693
571,309
445,828
Working fund adv.
7,512
10,805
Other
58,994
7,549
11,045
70,138
799,495
&
4,551,317
19,000
14,392,000
2,698,251
6,769,899
2,873,967
6,139,815
1,871,097
1,596,766
Est. tax liability—
1,770,685
1,806,910
Misc. accts. & adv.
-
payable
Unp'd
Int., divs. & rents
receivable
curr.
assets.
Unadjusted debits
unpaid
5,068,143
wages
Matured fund, debt
Express prov. liab.
supplies
(at cost)
cos...14,341,904 12,011,400
8,479
37,201
Audited accts. and
ders, checks, &c
1,209,544
receivable.
Mat'ls
■
868,029
money
or¬
Mat'd int», divs. &
1,514
Unmat'd
497,166
1,598
922,503
Deferred liabilities
48,551,036 61,760,544
Total
48,551,036 61,760,544
accumulations
on
Corp.—Preferred Dividend—
declared a dividend of $4.25 per share on account of
the preferred stock, payable June 12 to holders of record
Dividend of $4 was paid on May 1, last, and one of $1.75 per share
June 5.
paid
on
March 13, last.
'
The company has closed its Middletown
(Conn.) plant and switched local
operations to Elmira and Ilion, N. Y.
Approximately 1,200 employees
were notified their services had been discontinued here and they could
apply for work at the other plants.
NLRB Gets
Writ—Contempt Action Pushed—
The National Labor Relations Board obtained an order June 4 directing
the company to show cause why it should not be punished for contempt
arising from alleged violations of a Board order upheld by the Federal
Circuit Court of Appeals in March, 1938.
This action was taken when the
company announced the closing of its Middletown, Conn., plant.
Judge Harrie B. Chase of the Circuit Court signed the show-cause order
and the case was set for trial on June 17.
Included in the Board's petition
was the charge that the company had threatened to close the Middletown
plant in Dec., 1939, April, 1940 and at other times to defeat A. F. of L.
unions which had organized the employees.
With the closing of the plant, Maurice P. Nicoson, a
Washington Board
attache, who filed the contempt action, announced he would file a supple¬
mental petition to include this fact.
This latest move in the Board's "oldest case of noncompliance," as it
was described by Mr. Nicoson and Mrs. Elinore Herrick, regional director
of the Board, drew a denial of the charges from C. P. Franchot, the com¬
pany's general counsel.
|
"Every point in the controversy between Remington Rand, Inc., and
the A. F. of L., which did not involve an uncompromissable principle, was
conceded by the company in the recent stipulation approved by the Labor
Board," Mr. Franchot said.
Remington Rand hoped thereby to secure
^
Net operating income.
$1,653,121
Dr67,600
81,596,621
Drll0,622
$4,599,920
Dr225,180
$4,533,053
Dr292,505
Gross income........
$1,585,521
818,217
$1,485,999
950,080
"$4,374,740
Int. & other deductions.
2,703.420
$4,240,547
2,883,160
$767,304
$535,919
$1,671,320
$1,357,387
Other income
Net income
-V. 150. p. 3526.
Puget Sound Power & Light Co. (& Subs.)—Earnings
Period End. April 30—
Operating
re venues
Operation
Maintenance
Depreciation
Taxes
Net oper. revenues
Other income (net)
Balance
1940—Month—1939
1940—12 Mos.—1939
$1,316,840
$1,325,062 $16,440,830 $15,986,080
501,643
449,460
5,854,915
5,488,534
86,044
76,595
982,721
1,056,444
121,998
112,918
1,396,984
1,451,526
203,940
192,562
2,369,277
2,222,042
$403,214
Cr 11,137
$493,527
Drl7,977
Balance.....
$475,550
$113,059
Interest & amortization.
$163,543
312,007
Prior preference dividend requirements
Balance...
$5,767,533
Dr156,691
$5,682,421
3,578,420
$5,610,842
3,829,184
$2,104,002
550,000
$1,781,659
550,000
$1,554,002
1,583,970
...
deficit
$29,968
.
-V. 150, p. 3062.
$1,231,659
1,583,970
$352,311
■
1940
Cash and U. S. Government securities....
Other marketable securities
Accounts and notes receivable..
I-..I
Equipment trust and other deferred payment
car
P.
.
Rima Steel
Corp.-—Earnings—
[Conversions have been made at rate of 1 pengo =$0.1749]
Years End. June 30—
accounts.
Inventories at cost
111 111
Inv. in and adv. to affiliated companies!!.!!"
Other securities, investments & claims at cost..
_
Other assets
Deferred charges.
!_!__!!!"!!""
Equipment and property, less depreciation!""
5,599,240
4,020,304
2,669,398
6,256,621
1,129,276
163,841,325
1937
1936
$2,338,308
584,273
155,586
$1,972,195
538,973
342!84~0
297!858
$346,448
543,419
563,739
32(L998
386,573
450,046
$408,690
$436,089
$434,832
818,077
Net income
149.797
235.784
403,333
Balance Sheet June 30
Assess—
Ry.
of
$
$
Forest & land prop
731,510
513,688
530,584
3,714,937
3,173,972
797,373
...
194,302
-----
3,798,935
591,676
419,764
218,775
210,030
63,462
Creditors.
585,051
Settlem't of officers
pension fund
Pension supp. fund
173,026
280,761
3,766,772
651,311
inspectors
&
foremen
Armin de Biro Aid
54,630
Fund.
Lewis
de
Profit balance
13,343,102 13,615,257
Total
50,258
51,775
443,467
47,403
469,163
13,343,102
13,615,257
Borbely
Work. Aid Fund
Total
419,763
59,111
7% pref. bond loan 1,885,000
Unclaimed divs
for
306,540
..
3,383,297
3,428,072
41,668
1,885,000
58,471
3,622,131
2,903,367
956,947
Bills of exchange in
Debtors.
S
3,860,451
...
Regular res. fund.
105,459
2,648,959
Stockonhand
3,383,297
Capital res. fund-.
2,593,866
Cash In hand
$
Capital stock..
100,273
1938
-
Liabilities—
742,415
Banreve-
Inventory
1939
1938
Mach. & equlp't--
12,010,192
1938
$2,717,632
667,360
164,185
678,584
Taxes and duties
•Employees' welfare
portfolio
4,762
1,014
22,415
>,256
4,020
>,304
J
2,618 ,437
729
>.456
715
>,327
126,822!,034
1939
Gross earnings
$14,176,795
Depreciation
696,594
Interest charges.194,374
Oper. & other expend
11,025,985
General expenses
354,490
Securities
$50,829,529
1,749,231
7,130,704
,
and is now being carried out.
Noiseless typewriter production
Elmira and typewriting rebuilding will be centered in Ilion".—V. 150,
3372.
Buildings........
1939
$50,173 ,550
1,279 ,147
11,795 ,999
w
economy
Ozd
Assets—
x
;
.
goes to
Mine property
Pullman, Inc.—Consolidated Balance Sheet March 31
x
industrial peace.
,
"A union spokesman has publicly threatened to have these Labor Board
proceedings instituted if the corporation closed its Middletown plant. Con¬
solidation of the Middletown operations with those of the company at
Elmira and Ilion, N. Y., was planned several years ago for operating
1939
Preferred dividend requirements.
Balance,
$5,836,932
Drl54,511
$392,077
279.018
.
478,875
Used in express operations.—V. 150, p. 3062.
Directors"1 have
was
1,147,852
__
Other current liab.
x
261,816
and
Int.
payable.
Unadjust. credits.
Total
362,625
80,797
unpaid...
rents
rents
deposit for $3,bonds due in 1942 of
of Canada, Ltd.—30-Cent Dividend—
have
Non-negot. debt to
Traffic bal. pay...
unpaid
5,439,474
agencies
Accts.
of
common
amount
782,073
734,077
19,061,895 18,257,358
Special deposits
21,378 15,116,570
3,043
Loans & notes rec.
3,549
Traffic bal. rec...
38,882
309,085
Cash
$
Remington-Rand, Inc.—Closes Plant in Middletown—
3526.
p.
Misc.
Reed Prentice
Federal Judge Henry W. Goddard.
Cigar Co., most of whose stock is
at the session.
The plan contem¬
the Consolidated Cigar Corp. for
convertible
on
17,227,585 17,755,490
phys. prop- 2,979,804
2,796,516
Cap. com. stock..
100,000
100,000
10-yr. notes ser. A14.400.000 16,000,000
Other investments
June 17—
Listing of Certificates of Deposit—
Porto
and
1938
$
Liabilities—
$
equipment..
the plan of reorganization for the
The New York Stock Exchange has authorized for listing certificates of
deposit for 53,300 shares of capital stock (no par) of the Congress Cigar
Co., Inc., on official notice of issuance under the reorganization plan of the
445.000
.
Net bal. rec. from
Appeal Not to Interfere with Progress of Plan—
C.
$
Real property
1939
1938
1939
Assets—
—V. 150, p. 852.
Liabilities--'
$225,331,524 $255,235,818
—————
Accounts payable and payrolls..
$11,564,312
Accrued taxes, not yet due, including provision
for Federal income tax
J
5,096,078
Reserves..
_
______
Deferred credits
Caoital stock—Pullman, Inc
Pullman Co. (a subsidiary)
152!807
Total-U.
760
5,686,647
13,435,813
4,862,797
191,009,450
6 247
S.
6,728
41,282,182
Surplus
x
8,367,804
6,207,141
$5,455,076
34,779,308
----$225,331,524 $255,235,818
--
Government securities and other marketable securities carried
at cost which in the aggregate is less than the market value.
The
income statement
published in V. 150,
p.
for the 3
3371.
and
12
months ended March
31
was
Rochester Gas & Electric
Corp.—Registers with SEC—
Corporation on June 4 filed with the Securities and Exchange Com¬
a registration statement (No. 2-4428, Form A-2) under the Securi¬
ties Act of 1933 covering $15,000,000 of general mortgage bonds, series K,
due 1970.
The interest rate is to be furnished by amendment.
According to the registration statement, the net proceeds from the sale
of the bonds, together with other funds of the company, will be used to
redeem on Sept. 1, 1940 at 105% and accrued interest, $15,000,000 of
outstanding general mortgage 25-year 4% gold bonds, series F, due Sept. 1,
mission
19The
First Boston Corp. and Smith, Barney and Co., New York will be
principal underwriters.
The prospectus states that to facilitate the
offering it is intended to stabilize the price of the bonds.
This is not an
assurance, it states, that the price will be stabilized or that the stabilizing,
if commenced, may not be discontinued at any time.
the
The Commercial & Financial Chronicle
Volume 150
The
price at which the bonds are to be offered to the public, the under¬
writing discounts or commissions and the redemption provisions are to be
furnished by amendment to the registration statement.—V. 150, p. 3063.
Years Ended Dec. 31—
Operating revenue
Operating and general
x
Royal Oil & Gas Co., Inc.—Permanently Enjoined —
The Securities and Exchange Commission reported May 31 that Judge
Thomas C. Trimble Jr., of the U. S. District Court at Little Rock, Ark.,
had permanently enjoined the Royal Oil & Gas Co., Inc., A. W. Givens, and
Prank L. Hilliard from further
_
Commission's complaint charged that the defendants were selling
securities, namely, investment contracts, certificates of interest or par¬
ticipation in profit-sharing agreements, fractional undivided interests in
_
■
Directors have declared a dividend of 25c. per share on the common
stock, payable Aug. 1 to holders of record July 15.
This compares with
50c. paid on May 1 last, one of 25c. was paid on Feb. 1 last, 75c. paid on
Nov. 15 last, and on Dec. 23, 1938, and an initial dividend of $1 was
paid on Dec. 15, 1937.—V. 150, p. 1005.
Royal Typewriter Co., Inc. (& Subs.)-—Earnings—
and Federal taxes
shs.
com.
on
1940—3 Mos.—1939
Earns, per share
x
$520,187
$1,741,398
$1.69
$5.75
$4.68
cap. stock
1939
1938
Stock
of
crude
796,267
Accounts
677,191
104,662
111,318
.
121,680
and
oil
126,124
on
subsidiaries....
680,880
3,988,415
a
actions:
The sale by St.
Augustine Gas Co. at the principal amount to Wilmington
Savings Fund Society, Wilmington, Del., of $125,000 ty* % first mortgage
sinking fund bonds, series A, due 1965.
The sale by St. Augustine Gas Co. and the acquisition by American Gas
& Power Co. of 271 snares of St. Augustine Gas Co. common stock at $100
per share. Payment will be credited on 6% demand notes of St. Augustine
Gas Co. held by American Gas & Power Co. in the aggregate amount of
$82,000. The remaining $54,900 will be paid by St. Augustine Gas Co. in
cash.
The stock acquired by American Gas & Power Co. will be pledged
with the trustee for its 5% and 6% debentures.
The redemption by St. Augustine Gas Co. of all of its 8% cumulative
preferred stock.
.The payment by St. Augustine Gas Co. of fees and expenses estimated
at $5,000 incurred in connection with the issue and sale of its 4
first
mortgage bonds.—V. 150, p. 3527.
St. Cecelia's Roman Catholic
Church, St. Louis, Mo.
—Bonds Offered—Dempsey-Tegeler & Co., St. Louis, are
offering $115,000 1st & ref. mtge. 3% serial real estate
bonds.
Dated
1,762,569
326,905
1,984,928
219,258
par
and accrued interest.
oonds
the direct obligation of Reverend Bernard J.
are
of
reserves
by 1,244,383
Total
$9,975,317 $9,190,185
$2,961,537 in 1939 and $2,633,098 in 1938.
shares.—V. 150, p. 3064.
c
Rep¬
no par
(W. A.) Sheaffer Pen Co.- -Annual ReportYears Ended—
Gross profit.
Feb. 29 '40
Feb. 28 '39
Feb. 28 '38
Feb. 28 *37
$3,035,663
1,857,152
Depreciation
36,033
Bonuses
310,925
Prov. for bad debts15,631
Interest paid
22
Other deductions
23,670
Other income
Oil 1,868
Prov. for income taxes..
159,800
$2,621,865
1,618,552
33,965
181,619
19,548
$2,799,810
1,811,148
30,377
205,726
$2,250,726
Net profit......$744,295
Previous earned surplus
2,555,611
Operating expenses.—
*1*573
*5*,025
154,850
38,267
0126,138
xl60,750
54,902
0104,068
xl54,500
$691,112
2,163,254
37,973
$678,106
1,809,118
14,496
$651,048
l,69z,77o
15,494
$3,303,656
$2,892,339
10,440
319,775
$2,501,720
13,161
318,552
$2,359,316
478,933
6,513
6,752
$2,555,612
$4.30
$2,163,254
$1,809,118
$4.19
$3.97
-
Total......
3,750
....
on
Divs.
on common
pref. stock
Excess of cost
value of
stock-
over
common
21,616
199,629
310
Miscellaneous credits
Divs.
1,268,073
20,062
Cr98,154
-
21,282
516,097
cap.
stock
in treasury—
12,819
36,184
signed by His Excellency Most Reverend John J. Glennon, Archbishop of
the St. Louis Archdiocese.
The properties offered as security, including
the land and buildings are valued at $500,000.
The purpose of the issue is to refund outstanding indebtedness at a lower
of interest.
St. Louis Southwestern
Set—.
Ry.—-"Interest Payment Hearing
*
.
.
Earned surplus...... $2,788,538
Earns.per sh. on com.stk
$4.66
x
Includes provision of
for
year ended
(estimated).
$47,200 for
:;
Comparative Balance Sheet
$705,765
982,400
1,284,964
417,988
Accounts payable.
Accrd. taxes & exps
468,247
1,083,786
Mdse. inventories. 1,395,456
Other assets
353,722
Company, one of the leading gold producing companies of the Philippine
Islands, has made application to the San Francisco Stock Exchange for the
listing of its capital stock.
The Listing Committee of the exchange on
June 5 announced the approval of the application which covers 20,000,000
shares of 10 Philippine centavos par value ($.05 per share).
Listing will
become effective at
a
458,133
and goodwill—
1
48,309
Savannah Electric & Power
Period End.
Operating
Operation
Apr. 30—
revenues
_
Maintenance.
___
Depreciation
Taxes
Net oper. revenues
Other income (net)
Co.—Earnings—
1940—Month—1939
$194,798
$191,413
74,731
64,993
12,113
10,802
26,825
24,450
25,717
24,863
144,565
126,864
335,805
259,826
291,909
/>167
$701,467
6,908
$779,270
D/T2.045
$55,925
31,191
$66,137
31,294
$708,375
374,808
$767,226
377,588
$24,733
Balance
$66,305
513
$34,843
$333,567
149,115
$389,637
149,115
$184,452
60,000
$240,522
60,000
$124,452
$180,522
50,000
802,955
41,878
2,513,733
9,444
2,779,094
.....$4,167,323 $3,896,125
Total
After depreciation
Silesian-American Corp.- -EarningsCalendar Years—
Interest earned
Int. & discount on bonds
Admin, exp. and taxes..
Additional
income
tax
for
prior years_.—
$407,803
201,196
xl53,733
$391,074
272,875
xl38,907
Cr833
9,901
$45,292
$52,874
y$19,876
$115,365
64,497
78,901
137,368
2,923
76,745
8,164
$19,205
$131,775
$120,415
$200,274
...
Net profit for year. _ .
Credit to sur. in connec'n
with bonds retired....
Adj. of bond disc. & exp.
Net credit to surplus..
x
1936
1937
1938
1939
z$227,503
121,983
150,811
$587,584
357,398
xl04,919
undistributed income is deemed payable by the co.
Includes dividends of $29,163.
No Federal surtax on
Indicates loss,
z
Balance Sheet Dec. 31
1939
1939
1938
^
A. sscts—
Liabilities-
$
1938
'
$
10,083
71,896
537,552
26,482
28,958 Fed. taxes accrued
73,223
83,460
Invest, (pledged). 28,285,864 28,285,864 Int. accr. on bonds
Inv. (not pledged) 2,977,005
3,554,123 7% coll. tr. bonds. 2,510,500 3,210,500
Furn. & fixtures..
1,555
1,555 7% cum. pref. stk. 12,000,000 12,000,000
1,000,000
Bond disc. & exp._ V
14,584
38,262 x Common stock.. 1,000,000
7% coll. tr. bonds
300,035 Capital surplus— 9,445,274 9,445,274
Cash In bank.....
Interest
688,015
Accounts payable.
receivable
Sur p.
315,850
167,670
50,000
798,400
allowance of $562,001 in 1940 and $525,967 in 1939.
Represented by 159,694 (160,591 in 1939) no par shares.—V. 150, p. 3064.
x
ariBing from
bonds retired—
1940—12 Mos.—1939
$2,370,839
$2,259,619
873,153
801,749
$55,412
Interest and amortizat'n
Common stock..
Earned surplus
south of Manila.
Additions to a mill erected in 1935 provide plant capacity
of 500 tons daily.
Operations for 1939 before depletion charges showed a net
profit of $1,702,434 against $812,577 in 1938.
Dividends of $1,350,000 in
addition to a 100% stock dividend were disbursed in 1939.
All of the
company's operations are under the general management of Marsman & Co.
Officers of the company include:
H. P. L. Jollye, President: A. Beckerleg, J. H. Marsman, and P. A. Meyer, Vice-Presidents; M. H. O'Malley,
Secretary, and E. E. Wing, Treasurer. The principal office of the company
is located in Manila, Philippine Islands.
■■'
time" prod.guar.
Capital surplus
$4,167,323 $3,896,125
119,565
172,304
Res've for "Life¬
36,769
y
Total
$37,020
41,138
122,164
129,719
in mdse
State inc. taxes.
1
$22,927
47,103
158,260
Customers' credits,
pay.
chiQ'y& equip..
Pats., trade-marks
date to be announced later.
The company was organized in 1934 to acquire a number of mining claims
in the Mambulao district of the Island of Luzon, approximately 150 miles
Unpaid payroll...
xLand, bldgs.,ma-
y
Feb. 28 '39
Prov. for Fed. and
Notes & accts. rec.
western
Mining Co.—To List Stock—
Feb. 29 '49
Liabilities—
Feb. 28 *39
$827,915
Cash
Federal Judge Charles B. Davis at St. Louis has set for hearing June 14,
the petition of Bankers Trust Co., which as trustee for St. Louis South¬
San Mauricio
ended Feb. 28, 1938 and $22,350
Feb. 29 '40
Assets
Deferred charges..
Ry. second mortgage, is seeking court authorization for payment of
$1,200,000 representing unpaid interest on the second mortgage bond 4%
certificates for a period of three years from Jan. 1, 1936 to Dec. 31, 1938.
The second mortgage 4% income bond certificates in the aggregate
amount of $10,000,000 have been issued, of which $3,042,500 are out¬
standing in the hands of the public and $6,957,500 are pledged to secure the
road's first terminal and unifying mortgage.
In support of its petition for payment of the above, the mortgage trustee
states that net income of the "Cotton Belt," as defined in the second
mortgage indenture, for each six months period from July 1, 1935 to Dec. 31,
1938 was in excess of $200,000, or likewise in excess of $1,200,000, applic¬
able to payment of the second mortgage interest, for the three years Jan. 1,
1936 to Dec. 31, 1938—V. 150, p. 3527.
year
Feb. 28, 1937 for Federal surtax on undistributed profits
Benten,
Pastor of St. Cecelia's Roman Catholic Church, St. Louis, Mo., and are
further secured by a mortgage deed of trust on all of the Parish property,
rate
$9,975,317 $9,190,185»
After
June
Mo., trustee.
Bonds in coupon form, $500 denom.
Bonds may be prepaid
on any semi-annual interest payment date on 30 days' notice to the trustee
These
242,130
4,977,532
434,067
2,560,714
Prem .on pref. stk .retired
1, 1940; principal payable, semi-annually, Dec. 1, 1940,
througn June 1, 1950.
Principal and interest payable semi-annually,
June 1 and Dec. 1, at office of the Mutual Bank & Trust Co., St. Louis,
at
430,000
265,011
c Capital stock.__
4,977,532
Paid-in surplus
434,067
Earned surplus...
3,062,795
Federal
income tax
No. Dome Assn.
Total
49,354
501,119
for
Res.
2,968.905
Kettleman
resented
......
llq'n
tingencies
equipment-
Deferred assets_ J.
first page of this department.
90,000
eventual
Res. for other con¬
Saenger Theatres Corp,—-Registers with SEC—
Augustine Gas Co.—To Sell Bonds Privately—
$496,388
Deferred 11 ab
910,000
concess'ns, plant
in
1938
;
$644,793
than in Calif.
Props., leaseh'lds
Int.
1939
payable
accruals
of sub. cos.other
Inv. In & ad vs. to
and
Company and American Gas & Power Co. on May 31 filed with the
Securities and Exchange Commission a declaration (File 70-72) under the
Holding Company Act in connection with the following proposed trans¬
$1.52
Res. for poss.losses
and gasoline
Mat'ls & supplies.
—V. 150, P. 1786.
St.
$1,895,790
1,244,383
Liabilities—
-....-$2,204,301 $2,182,098
Accts. receivable.
268,618
See list given on
._
Consolidated Balance Sheet Dec. 31
$1,456,190
$1.89
1,244,383 shs.
Assets—
1940—9 Mos.—1939
$572,667
on
Including taxes amounting to $446,238 in 1939 and $416,257 in 1938,
Cash
a
stk. (no par)
1,486,450
85,000
180,000
$1,746,464
1,244,383
$1.40
Net profit for the year
Dividends
■
(Helena) Rubinstein, Inc.—To Pay25-Cent Common Div.
Earns, per sh.
1,410,543
20,000
150,000
_
__
'•
$5,570,053
1,922,812
-
rights, in connection with the sale of oil and
gas leases located on land in Saline County, Ark., without having a re¬
gistration statement for these securities in effect as required by Section 5 (a)
•"
$5,442,368
127,684
$4 746,286
1,419,279
.*■
Provision for Federalincome
oil and gas or other mineral
Period End. April 30—
Net profit after deprec
.12*
$8,146,924
2,704,556
$4,581,913
164,373
.——i—.......
Intangible drilling and development costs_
Prov. for depl., deprec.,
amort., prop., abandon¬
ments & exploration work in
foreign countries.
Provision for contingencies
The
■,
$7,314,829
2,732,917
Total income
The defendants consented to the entry of the judg¬
ment.
of the Securities Act of 1933.
Profit
1938
1939
.
expenses
Other income.
violating the registration provisions of the
Securities Act of 1933.
3675
Seaboard Oil Co. of Del. (&
Subs.)-—Earnings—
Earned surplus...
...31,967,022 32,746,349
Total..
x
1,799,311
5,128,630
1,734.814
5,173,922
31,967,022 32,746,349
Total
Represented by 200,000 no par shares.—V. 150, p. 702.
Sierra Pacific Power Co.—Tenders—England Trust Co., Boston, Mass., will until 10 a. m. June 24
bids for the sale to it of sufficient first mortgage and refunding
gold bonds series B 5K% due March 1, 1957 to exhaust the sum of $16,000
at prices not exceeding par and accrued interest.—V. 150, p. 3528.
The New
receive
Cedar Rapids, Iowa—Bonds Offered—
West Bend, Wis., are offering $250,000
23, 3^, and 4% bonds at prices
ranging from 100 and int. to 101 and int., according to
maturity.
"
..ft'.
v
Sisters of Mercy,
Balance
_
_
Debenture dividend requirements
Balance-Preferred dividend
.
requirements—
B.C. Ziegler & Co.,
1st ref. mtge. serial
,
Balance for common stock and surplus
-V.
150, p. 3063.
Sears, Roebuck & Co.—Sales—
Period End. May 31—
1940—Month—1939
1940—4 Mos.—1939
$65,978,370 $59,613,468 $214,085,119 $195,517,366
Sales
—V.
150, p. 3528.
1940; due serially May 1, 1941-1950.
Coupon form in
$100, registerable as to principal.
Principal
and interest payable M & N at office of First
National Bank of West
Bend West Bend, Wis., trustee and registrar, or, at the option of holder,
at any office or agency of the corporation at Cedar Rapids, Iowa.
Both
principal and interest of these bonds will be payable in lawful money of the
United States of America.
Dated
denom
'
'
May 1,
of $1,000, $500 and
The Commercial & Financial Chronicle
3676
of Mercy,
Sisters
June 8,
1940
Mr. Brown said the earnings were substantially better than in the similar
Cedar Rapids, Iowa, issued and negotiated its 4%
first & refunding mtge. bonds in the principal amount of $300,000
of May 1, 1935.
As of this date there are outstanding $254,900, of
which $12,500 matured May 1, 1940 and the balance were called for pre¬
period of 1939, most of the improvement being in the domestic business.
Of the total net income, he estimated that $11,700,000 was derived from
payment May 1, 1940 at 101 and int.
The net proceeds of this issue will
be paid out by the trustee toward the retirement of the bonds and for other
corporate purposes.
These bonds in the opinion of counsel are the direct obligation of Sisters
taxes, and the remainder is estimated income abroad, which, so
Mercy, Cedar Rapids, Iowa, and will be secured by a valid and direct,
closed, first mortgage on the land, buildings and other fixed property of
the corporation known as Mercy Hospital, Cedar Rapids, Iowa; McCarthy
Home, Cedar Rapids, Iowa; St. Berchman's Seminary, Marion, Iowa;
Mercy Hospital, Oelwein, Iowa; Mercy Hospital, Anamosa, Iowa; and a
valid and direct, closed, first mortgage on the land, buildings and other
fixed property of Sisters of Mercy, Kalispell, Mont., known as Kalispell
General Hospital, Kalispell, Mont., and St. Matthew's School, Kalispell,
Mont.
Total valuation of property is estimated at $725,000.
which may not be actually declared until the latter part of the year, but
when we make estimates for a few months at a time, we can only assume
and 4
as
of
Shell Union Oil Corp.—To
operations "after deducting all bond interest and Federal income
domestic
far as we
be available to the company."
Emphasizing the difficulties in stating the income from abroad, Mr.
can
at present, may
see
Brown said that "some of our income comes to us in the form of dividends
we will receive in dividends approximately our share of the earnings,
although later events in the year might change this expectation."—V. 150,
2897.
that
p.
South American Utilities Corp.—To Reorganize—
A petition for reorganization of the Corporation, a holding company with
subsidiaries in Argentina, Brazil and Chile, was filed June 4 in Federal
Court, for the Southern District of New York.
The action followed the
new
board of directors and appointment of new officers.
Recapitalize—
election of a
Corporation has called a special meeting of stockholders for June 13 to
proposal of directors to reduce capital of the corporation repre¬
13,070,625 outstanding shares of common stock without par value
from $233,672,821 (equal to approximately $17.88 a share) to $196,059,375,
equal to $15 a share. In addition, stockholders will lie asked to amend the
certificate of incorporation to change the 20,000,000 authorized shares of
common stock without par value into 20,000,000 shares of common of
par value of $15.
Of the $37,613,446 capital surplus created by changing the par value of
outstanding shares, the directors propose to charge $23,577,049 to pre¬
miums paid on capital stocks of subsidiary companies, consolidated, (in¬
cluded In the $104,929,646 carried under "fixed assets" on the consolidated
balance sheet).
Elimination of this premium, states the letter to stock¬
holders, "is deemed by directors to be in accordance with sound corporate
and accounting practices, as such premiums are not assets of a nature
requiring amortization through charges against income."
Remaining $14,036,397 of the capital surplus created will be available
for use for such purposes as may be deemed necessary by the directors,
including possible distributions to stockholders according to the letter,
"but the board has no present intention of making any such distribution."
The proposed changes will not affect the assets owned by the corporation
or the interests of the stockholders therein.—V. 150, p. 2743.
vote on a
sented by
Bertrand W. Hall and Arthur T. Ward, both of New York City, are Presi¬
dent and Secretary-Treasurer, respectively.
petition, filed under Chapter X of the Chandler Act,
sheet showing liabilities of $5,348,072 and assets of
appointment of a trustee and co-trustee pending
formulation of a plan of reorganization.
The figures submitted are as
of Dec. 31, 1939, and it is stated in the petition that the company's assets
are considered to be several million dollars in excess of the amount stated
The voluntary
annexes
asks
and
in the balance sheet.
This step, taken by the new board of directors, was designed to conserve
the assets and to protect ail creditors and stockholders of the corporation.
A foreclosure action presently pending has been temporarily stayed by this
proceeding.
The subsidiaries of the corporation serve 89 communities in
six
Brazil and eight in
in
Chile,
with
Argentina,
estimated total population of
an
782,000.
The petition was filed by Katz & Sommerich, 120 Broadway, New York
City, attorneys for the corporation.
Israel H. Perskin, also of 120 Broad¬
New York, former special Attorney General of New York State, is
representing the stockholders.—V. 150, p. 2440.
way,
South Carolina Electric & Gas Co.—$500,000 Notes—
and Exchange Commission on June 3 authorized the
issue and sell to the President and directors of Manhattan Co.
$500,000 3M% promissory note, dated on or before May 29, 1940,
said note being due serially in the amount of $25,000 per montu beginning
in Oct., 1940 to and including May, 1942, the date of maturity.
The proceeds to be derived from the sale of the proposed note are to be
used to the extent of $200,000 to discharge a presently existing note due
May 29, 1940 payable to the President and directors of Manhattan Co.
it being represented that this note was incurred to provide funds for con¬
struction purposes.
The balance of $300,000 is to be entirely used in con¬
nection with the proposed construction program of approximately $1,200,000
which South Carolina is to undertake during 1940, such program having
been authorized and approved by the South Carolina P. S. Commission.
—V. 150, p. 2897.
The
Snia Viscosa—Earnings—
balance
a
$4,797,495
Securities
company to
at par,
(All figures given in Lire)
Calendar Year—
on
merchandise
1937
1938
1939
1936
V
Profits
divs.
stock, &c
on
Expenses, taxes, &c
Depreciation and various
168,666,765 138,840,707 121,661,892
53,457,568
42,217,494
41,768,244
96,386,571
33,042,873
30,000,000
49,893,647
27.000,000
36,343,698
amounts set aside
40,000,000
75,209,196
Profits
40,000,000
56,623,213
Balance Sheet Dec. 31
(In Italian Lire)
A oyp/g
...
1939
8,450,000
1938
8,450,000
16,814,657
464,462,730
33.222,469
16,819.795
445.177,446
30,405,293
z5,120,350
25,120,350
.
Freehold buildings
Furniture and fittings
Freehold land
-
IZIIIZIIZIIIIII
Producing factories
Subsidiary factories
Workmen's houses, dormitories, &c_.
Shareholdings and interests in associated cos.,
&c., Italian and foreign
Stocks of finished goods, raw materials and
stores at factories and depots
Customers and sundry debtors
_
_
_
295,718,517
Current accounts
Cash in hand and at banks
559,116
118,464,340
6,040,899
17,281,966
10,375,469
Govt, securities and debs., Italian and foreignBills receivable
„
Securities deposited
Total.
Liabilities—
1939
ReservesRes. for indem. to
employees,
pay. on
reserve
Supplies and sundry creditors
Accrued charges, &c
1938
700,000,000
—28,452,864
dismissal
11,500,000
331,350,000
50,977,100
-
34,010,241
75,209.196
996,545
10,375,469
1,824,593
10,403,439
9,090,236
-
Profit and loss account
Unpaid dividend
Depositors of securities
Profit brought forward
Balance of cap'l surplus from currency reval—
Provision for extraordinary tax on capital.
— -
525,000,000
14,850,720
11,500,000
291,350,000
43,985,333
23,252,809
56,623,213
727,756
12,135,924
1,877,342
10,403,439
27,045,118
on
Balance..
-V. 150, p.
South West
Net
1937
$6,358,020
sales
Cost of sales
1938
$6,090,560
$6,045,706
$5,496,177
4,933,588
5,136,537
4,911,521
4,058,665
before de¬
preciation
Selling, advertising, ad¬
min. & gen. exps
$415,297
171,438
$378,311
171,438
$30,471
$243,859
$206,873
Pennsylvania Pipe Lines^Earnings1938
Taxes
$534,780
436,057
90,072
53,199
Net operating income
Other income..—
$34,918
37,341
loss$44,548
32,029
Total income.
$72,259
loss$12,519
Income charges.
8
345
$72,251
70,000
$2.06
loss$12,864
revenues
expenses.
Amortization of plant.
Net income
Dividends
per
share.
1938
1939
Plant—
investments
Mat'ls & supplies.
Deferred debits...
$936,005 $1,018,354
759,719
759,029
26,036
33,531
9,136
7,667
7,178
65,453
75~392
157,293
69,278
Int. receivable
Accts. receivable..
637,187
647,483
Cash
Capital stock.
Unliquld.
accounts
$486,702
24,114
wages and
dividends
108
Taxes accrued....
4,075
credits—
329
Mis cell, reserves..
644,098
$793,414
x70,875
Total
preciation
Interest
Depreciation
.
Prov. for Fed. inc. tax..
Net profit for period.
_
96,200
$338,460
25,783
152,646
22,300
$510,816
29,260
162,004
y44,418
$864,289
30,240
172,813
y98,200
$496,674
$137,731
$275,134
157,500
Includes $48,698 non-recurring income,
tributed profits: 1938, $1,163; 1937, $5,052.
x
y
Includes surtax
undis-
Cash.—
a
$789,255
1939
705,353
632,013
13,782
1,269,828
12,939
1,399,950
b Due from farmers
for seeds, &c
c
Real
est.,plant8,
equipment, &c__
1,548,329
1,582,621
91,302
72,354
charges,
prepay'ts, &c_.
a
$49,760
138,160
other expenses..
Prov. for Federal
137,592
income tax
60,783
96,294
Funded debt
500,000
gencies
Sundry reserves..
—.$4,417,849 $4,340,292
After
40,261
1,094,967
Capital surplus
611,374
Earned surplus... 2,373,476
_
d Common stock..
Total
338,093
100,618
1,094,967
254,557
1,803,922
$4,417,849 $4,340,292
for doubtful accounts and allowances of $36,387 in 1940
b After reserves of $12,951 in 1940 and $15,012 in
After reserves for depreciation, &c., of $5,301,737 in 1940 and
reserves
and $31,472 in 1939.
1939.
c
Greyhound Lines (& Subs.)- -Earnings
1Q3Q
&
licenses
1938
$4,102,360
2,486,360
328,828
$4,217,821
2,463,840
272,372
1937
$3,623,586
2,186,674
222,934
587.990
126,063
573,959
153,086
529,566
87,767
431,715
88,507
Total oper. revenues
Total operating expenses
37,616
$754,564
$508,138
$436,839
273
444
606
$437,445
144,565
$292,880
$2.19
1936
$3,116,613
1,966,500
171,932
(other
than income taxes)
Fed. & State income tax
Federal surtax on undis¬
tributed profits
Net oper. income
Other income (net)
$573,119
Gross income
I
Int. & other deductions.
$573,229
23,104
$754,837
113,442
$508,582
146,004
$550,125
$641,395
$362,578
$2.52
$3.08
$2.69
72,011
Reserve for contin¬
Deferred
Total
$63,316
Accrued interest &
acceptances rec.
Inventories
1939
$1,966,158 $1,957,916
Consolidated Income Account for Calendar Years
Taxes
1940
$640,415 Accounts payable.
Accts. and trade
Southeastern
Depreciation
Liabilities—
Total
After deducting
315,000
on
Consolidateu Balance Sheet March 31
1940
..$1,966,158 $1,957,916
1,445
162,149
in 1938.
y During the year the par value of
from $50 per share to $10 per share, thus
$563,036
$757,684
13,792
151,018
Dividends paid
Assets—
1,562,149\
2,251/
9,163
13,680
$3,252,926 for amortization in 1939 and $3,200,941
the capital stock was reduced
creating a capital surplus of
$1,400,000.—Y. 150, p. 1456.
x
Profit before int. & de¬
21,478
22,024
Capital surplus
$316,836
21,625
$1,750,000
25,223
plpeage
Earned surplus—
$738,388
19,296
1938
$350,000
Accounts payable.
Unpaid
Profit before other in¬
come, int. & deprec.
Other income (net)
Nil
1939
Liabilities—
Deferred
686,044
70,000
Comparative Balance Sheet Dec. 31
31
Assets—
1939
$44,758
14,286
1939
Other
1940
$1,059,650
681,339
426,884
91,969
47,641
x
Subs.)—Earnings—
Consolidated Income Account for Years Ended March 31
$1,088,403
673,106
$601,411
Operating
Operating
—V. 148, p. 3388.
Snider Packing Corp. (&
55,816
2897.
1,264,189,686 1,018,751,654
-
$100,574
Calendar Years—
Earnings
Total
$3,461,706
2,018,304
383,752
$29,668
—
2,292,876
375,000
$43,955
14,286
pref. stock
$3,756,279
55,592
Net income
Divs.
$306,319
174,495
31,250
$99,547
Gross income,
1,264,189,686 1,018,751,654
_
Capital stock
Depreciation
147,267,672
84,732,686
1,737,586
83,658,401
9,635,697
8,815,150
12,135,924
1940—12 Mos —1939
$329,671
198,873
31,250
Int. and other deduct'ns
— ...—
Co.—Earnings—
1940—Month- -1939
Oper. expenses and taxes
Prov. for depreciation..
144,795,653
147,124,594
120,554,575
»
South Carolina Power
Period End. April 30—
Gross revenue
$5,182,041 in 1939.
p. 3243.
d Represented by 210,000 no par shares.—V.
148,
Socony-Vacuum Oil Co., Inc.—Profit Increases—
The net income of the company in the first four months of 1940 was about
$19,500,000, after charges and taxes now in effect but exclusive of estimates
of any possible earnings from operations in Germany, France, England,
Norway, Denmark, the Netherlands and Belgium, John A. Brown, Presdent
annul meeting May 31.
This is equivalent to
62 cents a share on the 31,206,071 shares outstanding.
told stockholders at their
Net
income
Earns, per com. share..
Consolidated Earned Surplus Account
1938
$1,133,520
$SOO,759
641,395
362,578
$2,199,362
$1,774,915
$1,163,337
23,969
21,744
199,840
23,946
1,812
99,920
$1,953,810
$1,649,237
$1,133,520
1939
$1,649,237
Total
Divs.
Divs.
On
on
on
—
7% pref. stock.
6% pref. stock:
non-conv.
shares..
On convertible shares.
Divs.
on common
Miscellaneous
stock.
$614,976
292,880
$907,856
xl06,029
1,068
(net)
Balance at Dec. 31
x
550,125.
1937
1936
29,817
Calendar Years—
Balance at Jan. 1
Net income for period
$31.50 per share, paid in scrip]
$800,759
>
Volume
The
ISO
Commercial & Financial Chronicle
Southern Pipe Line Co.—Earnings-
Consolidated Balance Sheet Dec. 31
Special deposits
Accts. receivable
277,447
99,920
300,139
273,489 Accrued Interest..
6,870
3,043
472,561
41,550
3,438
850
items..
45,407
curr.
d Eq.
Drl5,147
Mat'ls & supplies,
& exp.
Accrued taxes
Other
Drl5,147
50,470
b Tangible prop'ty 1,365,688
c Intangibles
2,873,786
Invest'ts <fc advs..
137,099
Deferred debits...
49,489
purch. obllg.
Real est. obllg.,&c.
375,099
40462
1,153,217 Pref. div. scrip.__
2,874,569 Other reserves and
deferred credits.
76,929
49,331 6% conv. pref. stk.
Operating
Operating
4,666
362,400
400,410
999,200
on
1,649,237
$25,437
Including estimated unbilled receivables from other carriers of $93,600
($108,000 in 1938).
b After reserve for depreciation of $1,201,409 in 1939
and $1,156,591 in 1938. - c Representing primarily the excess of cost in
cash and securities of operating properties acquired over the amount as¬
signed to tangible property,
d Secured by chattel mortgages and conditionalsales contracts, &c., payable in instalments.—V. 150, p. 3373.
Directors have declared
an
Net income.
30,000
Balance, surplus.
Southern Bell Telephone &
30,000
$4,563
Dividends
Assets—
x
1939
Plant
def$54,979
Materials & suppl.
Deferred debits...
$571,693
610,981
8,233
Accts. receivable..
16,436
18,596
Interest receivable
3,159
7,662
Cash
mmmmm
113,115
153,237
Total..
$1,319,563 $1,325,778
After amortization amounting to
1938
1939
Liabilities—
1938
$521,647
610,419
8,233
1,930
Capital stock
Accounts payable-
$1,000,000 $1,000,000
102
1,117
72
Unpaid divs
■mmmm'
—
4,150
4,755
134
Taxes accrued
93
Deferred credits..
Miscell. reserves-
145
'
rn.rnm.~mm
315",104
Surplus.
319,668
$1,319,563 $1,325,778
Total
$1,446,508 in 1939 and $1,401,043 in
1938.—V. 150, p. 855.
Dividend—
per share in addition
the common stock, both
Extra of 25c. was paid on
dividend of 35c.
extra
the regular quarterly dividend of 25c.
payable July 1 to holders of record June 7.
Sept. 21, 1939.—V. 149, p. 3729.
def $24,979
18,061
Income charges.
x
to
def $24,939
40
$25,437
Total income.
Balance Sheet Dec. 31
a
South Porto Rico Sugar Co.—Extra
def $42,999
Interest income.
381,800
$5,326,215 $4,971,206
....
14,643
$3,911
21,526
Net operating income.
Other Investments
Total
132,702
52,893
16,895
Taxes
common
capital stock...
Earned surplus...
Total .........$5,326,215 $4,971,206
$157,238
141.355
52,910
Amortization
399,330
999.200
381,800
1,953,810
Com. stk. (par $5)
Prem.
$215,071
_
expenses
'
stock
10,340
1938
1939
revenues
"
32,388
362,400
6% non-conv. pref.
on
capital stock...
Calendar Years—
7,314
liabil..
stock
mon
Reserve for uncol-
Comm.
$182,625
165,877
Div. decl. on com¬
55,924
67,067
7,661
260,115
from agents
lectable
tickets
$456,635 Unredeem.
$519,646
Cash In transit
a
$257,880
136,858
Accounts payable.
funds)
1938
1939
Liabilities—
1938
1939
Assets—
Cash (incl. working
3677
on
Telegraph Co.—Earnings
Southland Royalty
Co.—10-Cent Dividend—
The directors have declared
a dividend of 10c. per share on the common
$5, payable June 20 to holders of record June 10.
Dividends of
5c. were paid in three preceding quarters; 10c. paid on June 15 and on
March 15, 1939; 20c. paid on Dec. 15, 1938, and 10c. paid on Sept. 15,
June 15, and March 15, 1938.—Y. 149, p. 1339.
stock,
par
Uncollectible oper. rev..
1940—Month—1939
1940—4 Mo.?.—1939
$6,319,712
$5,737,016 $25,130,793 $22,787,933
23,615
20.565
86,894
79,390
Operating revenues
Operating expenses.....
$6,296,097
4,007,771
$5,716,451 $25,043,899
3,655,460
15,909,727
$22,708,543
14,610,569
Uncollectible oper. rev
1940—Month—1939
1940—4 Mos.—1939
$8,130,736
$7,648,273 $32,121,502 $30,297,797
31,329
31,641
125,416
126,764
Net oper. revenues...
$2,288,326
907,343
$2,060,991
817,921
19,134,172
3,620,711
$8,097,974
3.246,346
Operating revenues
Operating expenses
$8,099,407
5,050,266
$7,616,632 $31,996,086 $30,171,033
19,987,968
19,189,236
4,811,649
$1,380,983
1,186,108
$1,243,070
$5,513,461
4,728,121
$4,851,628
4,062.095
Net oper. revenues
Operating taxes
$3,049,141
1,109,911
$2,804,983 $12,008,118 $10,981,797
4,472,258
4,118,489
1,035,698
$1,939,230
1,691,221
$1,769,285
1,520,908
Period End. April 30—
Operating
revenues
.
Operating taxes
Net oper.income
Net income
1,042,406
Southwestern Bell Telephone
Period End. April zo—
Operating
—V. 150, p. 3065.
Net oper.
Southern Colorado Power Co.—Earnings— r
Years Ended April 30—
Operating
Operation
revenues
1940
$2,433,228
891,896
revenues
Appropriation for retirement reserve
Provision for Federal and State income taxes..
Southwestern Gas & Electric Co.—
Operating revenues
Oper. exps. & taxes
$695,748
Other income (net)
$1,782,067
1,144,700
$657,727
$637,367
630
$2,917,082
8,032
$2,865,250
84
$657,811
233,692
$637,997
241,638
$2,925,114
938,121
$2,879,140
957,685
Gross income
Interest
$696,497
409,698
34,174
12,041
$719,697
409,698
34,174
10,575
_
_
...
funded debt
on
$424,119
129,035
$396,359
154,605
$1,986,993
592,851
$1,921,455
618,422
4,294
$295,084
$241,754
$1,394,142
$1,303,033
Net income
Pref. stock dividends...
$234,851
Balance
6,134
$261,409
Net income
Int. & other deductions.
Cr401
Cr453
Interest charged to construction
Miscellaneous deductions
—V. 150, p. 1614.
—V. 150, p. 3373.
Sperry Corp. (& Subs.)— Earnings—
Consolidated Income Account {Incl. Wholly-Owned Sub,
Southern Indiana Gas & Electric Co.—Earnings—
Period End. April 30—
Gross
$379,479
223,488
Operating
exps. & taxes
for
deprec.
&
488,290
593,452
49,454
49,454
amortization
Gross inc. from
1937
1936
$9,504,115
$5,696,103
405,075
2,140,859
789,438
346,213
2,197,042
546,527
288,70.8
1,645,222
352,434
$3,588,018
216,717
1,212,529
291,033
$7,755,288
188,006
$6,414,334
z272,883
$3,409,739
y464,823
$1,867,739
yl,186,716
$7,943,293
13,716
$6,687,217
23,482
$3,874,563
31,721
$3,054,454
a46,280
39,816
31,702
54,139
Depreciation
Selling & general exps
Research & development
Operating income
$117,632
33,022
$1,281,138
389,514
$1,343,445
380,773
$84,609
34,358
10,848
$891,624
412,296
130,181
$962,672
412,296
130,181
Interest and discount
$28,859
pref. stock
Amortiz. of pref. stk. exp
on
1939
'
$74,065
34,358
10,848
Net income
$39,403
$349,147
$420,195
Prov. for
franchise
Other income
Gross income
Transfer fees and miscel¬
laneous expenses
Balance.
—V. 150, p. 2897.
Cos.)
1938
oper..$11,090,659
Calendar Years—
x
$106,536
32,471
Gross income
Int. & other deductions.
Divs.
1940—12 Mos.—1939
$4,488,574
$4,040,687
$355,175
188,088
2,613,984
2,208,952
1940—Month—1939
revenue
Prov.
13,890
748
Gross income
Amortization of debt discount and expense.
Other interest
1940—12 Mos.—1939
$7,831,166
$7,578,739
4,914,084
4,713,489
$1,902,643
1,244,916
Net oper. income
$717,310
2,386
.
Other income.
$6,863,308
5,881,994
-Earnings—
1940—3 Mos.—1939
Period End. Mar. 31—
122,709
300,000
332,124
64,593
328,091
71,400
Taxes
$7,535,860
6,528,876
—V. 150, p. 2898.
$2,353,591
838,417
124,531
300,000
Maintenance and repairs
income
Net income
1939
Co.—Earnings-
Fed.
and
.V
incomeI
capital!V,-:3
vV :.
429,747
$5,462,061
5,977,420
Affiliated companies
Other income (net)
$11,439,481
4,031,130
Outward freight and delivery exps
Sell., general & admin, expenses
Provision for doubtful accounts
..................
Interest to public
Interest to parent company
...
Amort, of debt discount and expense.
113,729
1,725,459
202,031
Depreciation
Depletion
Federal normal
and
$5,575,525 $11,257,585
667,047
598,558
1,998,040
1,231,473
81,630
147,126
1,457,975
955,158
176.479
50,391
$7,864,545
614,941
2,138,287
State
531,096
157,144
1,633,919
95,666
$2,539,002
$1,037,211
200,000
$6,545,293
6,025,000
income taxes
Prov. for Fed. undist. profits tax
Net profit for the year.
Dividends paid
Assets—
1939
Funded debt
Accounts payable.
and
other intang
48,965,570 49,647,032
Woodlands,
less
Accrd.
taxes,
Defd. assets & exps
a
in
,916,494
5,511,342
pay¬
Reserves
987,774
1,100,976
c
69,599,001 67,418.332
After reserve for depreciation
1938.
$671,935
p. 3389.
$5,977,420
$4,240,926
$3,709,744
2,015,565
2,015,565
1,949,111
$2.46
$1.46
$1.32
(curr.)
932,973
887,875
3,205.479
Due to Intl. Paper
Co., parent co..25,468,710 22,938,883
442,702
7,000,000
Paid-in surplus... 2,764,582
Earned surplus... ,4,743,525
367,314
7,000,000
Total
1939
1940
S
4,711,781
Cash
a
Accte. rec., &C-.
Contr.
3,886,692
5,136,058
811,509
Notes
rec.
current
b Plants &
1,325,074
Prov.
420,856
Patents.....
on
3,030,057
for
serv.
&
30,000
205,297
1
officers
and employees..
30,000
3,508,898
187,048
1
from
17,836
1,815,589
317,104
752,612
603,695
con¬
instal.
guaran¬
tee of products.
non-
equip.. 4,316,051
$
3,068,839
Deposits
tracts
104,583
443,817
-
Income
for
1938
d616,009
1,229,198
franch. and cap.
stock taxes.
Deps. on purchase
contracts
Liabilities—
Accounts
progr
ress
V
V
$
Liabilities'—
$
3,716,309 Accounts payable. 1,701,371
payable. 1,701,371
2,647,776 Accrd. wages, &c.dl,198,318
Accrd. wages, <fec.dl,198,318
$ $
Prov.
Invent. 8,999,627
In
1939
1939
1938
& work in
progress,
Contr.
Deferred charges..
.
71,182
Res. for conting—
Res. for
unrealized
apprec.
of for'gn
exchange
Cap.stk. (par$l). 2,015,565
Capital surplus
4,334,246
Earned surplus...
7,408,350
9,846
2,015,565
4,334,246
5,977,420
of $12,319,436 in 1939 and $10,925,838
Southern Ry.—Earnings—
—Fourth
royalties in 1939, $260,358
1937 and $251,107 in 1936.
y Includes profit on sale
of securities, 1937, $183,795 and 1936, $1,058,522.
as Includes profit on
liquidation and sale of the Intercontinent Corp. of $162,043.
a Includes
$27,147, the provision for shrinkage in net current assets of English
subsidiary due to decline in foreign exchange.
jVb^e—The above statement for 1939 includes net income of the whollyowned subsidiary in England amounting to $276,008 when translated into
dollars at appropriate exchange rates and after deducting provision for
decline in foreign exchange.
The dividend received from that subsidiary
in 1939 exceeded such net income.
Consolidated Balance Sheet Dec. 31
2,120,399
b After reserve for doubtful accounts of $883,044 in 1939 and
in 1938.
c Represented
by 100,000 no par shares.—V. 148,
Gross earnings (est.)
—V. 150, p. 3528.
capital
Including $450,735 income from patents,
2,764,582
69,599,001 67,418,332
out¬
in 1938, $333,292 in
Investments
Capital stock
39,425
stock
Due
Total
$5,658,855
1,949,111
2,015,565
stk.
Earns, per sh. on
c
1,474,811
706,632
Sink, fund paym'ts 2,375,000
Serial obllg.
4 ,638,905
Inventories
23,199,378 26,406,881
1,423,661
793,945
rolls <fe other exps
6,313,479
661,217
355,409
3,828,877
stumpage credits 6 ,253,979
Investments
1
1,115,717
Cash
720,561
b Accts .& notes rec 6
$
Liabilities—
Plants & props.,
costs
1938
$
1938
S
cap.
Assets—
devel.
a
$6,659,604
2,418,678
adjustments
standing (par $1)
Balance Sheet Dec. 31
1939
of
Shs.
x
for
$9,202,324
3,224,904
2.71
Miscell.
$49,764,652 $38,584,989 $44,948,964
26,366,933
32,034,507
25,159,160
5,832,325
5,271,885
7,640,682
1.717,979
1,772,581
1,924,918
300,000
279,980
300,000
Total sales and other income
Cost of sales
Prov.
$2,570,569 •
3,048,861
1937
$44,648,755 $36,455,658 $42,981,653
1,991,640
1,928,500
5,100,977
137,692
38,811
14,920
Customers
_
861,279
$2,949,860
3,709,744
$7,408,351
1938
1939
allowances
less returns,
and discounts—
PfBalance.
1,662,520
$4,961,398
4,240,926
Corp.—Earnings—
Years Ended Dec. 31—
Gross sales,
2,421,237
stock taxes
Southern Kraft
Week of May
1939
$3,640,635
Jan. 1 to May 31
1940
1939
$3,450,879 $55,820,760 $51,802,338
Total
23,509,359 16,989,858
a Less
allowance,
b Less allowance or depreciation,
c Representing
percentage of sale prices based on the extent completed, less amounts
invoiced,
d Includes accrued royalties.—V. 149, P. 3884.
Total
..23,509,359 16,989,856
(A. E.) Staley Mfg.
Co.—To Sell $2,500,000 Bonds—
It is reported that arrangements have been concluded for the private
placement by the company of $2,500,000 1 to 15-year debentures with the
v*''!
•
The Commercial & Financial
3678
Equitable Life Assurance Society of the United
Bank of Boston.
The First National is
tional
1st 4s, due 1946.
ma¬
Standard Gas & Electric Co.—Weekly Output—
utility operating companies in the Standard
the week ended June 1, 1940, totaled 116,851,402 kwh., as compared with 107,031,731 kwh. for the corresponding
week last year, an increase of 9.2%.—V. 150, p. 3529.
Due to circumstances over
'frankly/9'
j
•
(All figures in Swedish Kronor)
Cost of
New
prod's, sold, incl.
& repairs 83,794,166
6,334,865
77,843,661
6,266,869
75.618,315
6,518,507
56,201,767
5,575,097
Sundry losses on dwell'gs
including transfers. ._
296,707
330,345
422.403
346,504
29,618,512
23,056,727
24,498,959
23,322,693
8,317,836
2,453,619
7,889,421
2,080,719
9,991,998
3,053,232
8,863,301
3.134,812
40,389,966
33,026,867
37,544,190
35,320,806
7,116,554
10,000,000
6,918,005
5,600,000
5,887,063
7,200.000
5,067,342
7,000,000
23,273,411
20,508,859
24,457,127
23,253,464
3,132,220
163,168
440,121
421,937
20,141,191
20,345,692
13,000.000
24,017,005
13,000,000
53,610,384
13,000,000
1,300,000
1,300,000
1.300,000
9,717,005
39,310,384
maintenance
Total net income from
manufac. & selling,
& prov.
bef. deprec.
for taxes
Divs. from subsidiary
&
companies
Interest and sundries—
other
Total income..
Deprecia'n on property,
machinery, &c
Reserve for taxes
Net income
Less sundry amounts not
Synthetic Rubber Discovered
year's
operations
Ada—Profit
product, Mr. Farish said, and although the manufacture involves the most
advanced technology, "we have solved successfully primary production
problems and already have in operation a semi-commercial pilot plant at
our research center in Bayway."
Buna rubber is in demand at the present time in the United States
exclusively for the manufacture of special rubber products such as gasoline
hose where the unique properties of buna in resisting the action of oil is
important.
The butyl rubber is not an oil resistant product and will
therefore not be In direct competition with buna for the buna specialty
market.
The butyl rubber has, however, special properties of its own which
make it
superior to natural rubber for many uses.
case of the buna rubber the development of the butyl rubber
Farish. "The first stage will be the manufacture
of relatively small quantities for the specialty market and for commercial
testing in tire production.
Should it become necessary for the United States
to produce synthetic rubber In substitution for a major proportion of natural
imported rubber we are in a position to manufacture the buytl rubber from
petroleum in any required quantities as rapidly as the necessary plant
"As in the
will be in stages," said Mr.
on
Skefko stock
footnote)
required for the production
nearly a straight petroleum
sale of
(see "y"
030,778857
—
Net profit..
15,600,000
Dividends
Spec. prov. for pensions
1,560,000
and relief.
Prov.
equal¬
trade
for
3,900,000
ization
2,500,000
Prov. for addit. deprec.
carried
Balance
over
2,145,691
481,191
surplus account.
to
Profit from sale of shares in the Skefko Ball Bearing Co., Ltd., Luton,
34,028,857; less provision for special tax of Kr. 3,250,000.on suggested
refund of capital.
Balance Sheet Dec. 31 (All Figures in Swedish Kronor)
y
Kr.
'
owned..
79.022,941
charges..
494,142
31,306,657
383,895
79,202,798
551,426
Acc'ts receivable
be installed".—V. 150, p. 3529.
can
19,145,936
20,143,997
Shares
Def'd
Inventories-
(Hugo) Stinnes Corp. —Change Asked in Maturity—
proposal to extend the maturity of the $2,958,500 7% notes to July 1,
1946, is disclosed In an application filed with the Securities and Exchange
Commission by the corporation for qualification of the Indenture covering
inv. in
A
notes.
1,1940 and the corporation is proposing to holders
The notes mature July
1,482,310
324,113
407,582
receivable
Divs.
2,564,839
3,958,073
46,054,221
receivable
2,923,766
secure..
70,436,152
Cash
payrolls
completed.
The modified plan provided for extension of the note
maturity to July 1, 1940, and the then current payment of interest from
July 1, 1936, would be payable semi-annually.
A total of 50.56% of the outstanding capital stock of Hugo Stinnes Corp.
Is held under a voting trust agreement, dated Nov. 5, 1936, under which
Hugo Stinnes, P. H. Saunders and Stanley Clarke are voting trustees.
The corporation controls Hugo Stinnes Industries, Inc., of Md„ which in
turn has 32 foreign subsidiaries which are wholly owned, either directly or
through subsidiaries, and 15 foreign subsidiaries which are partially owned.
—V. 149, p. 3124.
Div.
[Including its Canadian Affiliate]
1940
1939
3 Mos. End. Mar. 31—
Other
137,454
4,898
income
Profit sale of securities...
—
272,333
5,272
$489,701
149,876
9,289
425,115
$150,929
37,315
32,327
6.836
$1,073,981
33,923
163,587
$74,451
Trade
$0.08
$0.95
33,615
$181,972
$0.32
$0.20
$448,115
33,335
92,679
Federal income tax, &c_
Minority interest
Net profit
Earns, per share on 904,855 shares
—V. 150, p.
$272,206
33,358
52,654
4,222
$288,486
Total income
~
17.627
1938
1937
1936
$2,089,253
Discts., rets. & allow
$2,142,803
43,734
43,938
$1,580,281
37,907
$1,882,213
1,846,833
$2,099,068
1,975,765
$2,045,314
1.936,638
$1,542,374
1,442,861
$35,380
4,399
$123,303
3,141
$108,677
$99,513
4,595
$39,779
$126,444
$121,755
"7", 804
21,860
15,902
18,683
14,718
$31,975
85,000
$0.37
$104,584
85,000
$1.23
$72,452
84,561
$0.85
Other income
Gross income
Federal taxes
<.
Net profit
Shs .cap .stk .out. (par$50)
Earnings
per
share
Accts.
.
.
$1,471,667
533,818
442,032
ch'y, equip., &c.
Trade-marks,
pa¬
632,182
462,781
$898,356
5,402
$937,850
7,505
$646,980
tents, &c......
503,766
$658,166
20,893
$903,759
$945,355
25,183
15,009
376", 971
404*,359
8,997
330,218
210,096
141,636
144,883
Investment.
a
.
»
Land, bldgs., ma-
Expenses incident to sale
>
12,495
361,495
sur¬
rendered, &c
109.388
Prov. for income taxes..
6,000
Net profit..
$61,548
$332,579
$446,246
$147,896
a Superior Oil & Gas Co.,
fully owned subsidiary, was merged with the
parent company as of March 31, 1937.
The operations of Superior Oil &
Gas Co. for the three months ended March 31, 1937, have been consolidated
...
in the statement with the operations of the parent company for
the entire
b Consolidated figures.
1939
Accts. receivable
Crude oil
on
field
$220,574
121,188
120,936
16,265
18,754
hand
(at market)
Oil
1938
$261,747
'
Prepaid expenses..
185,564
9,373
201,922
8,695
Advances collect..
67,899
72,042
501
501
Inv. instks.of nonaffll .concerns (at
x
Prop., land, oil &
gas
prod, prop's
Total
payable,
37,441
42,655
payable..
429
545
63,982
104,052
540,000
412,500
1,333,548
1,388,979
1,636,783
1,340,576
1,420,573
1,388,979
2,493,663
1,284,356
Accounts
Divs.
Acer, wages & sal.,
Notes
(non-
pay.
current)
Obligs. on
purch.
Capital stock
856,880
Total
$6,581,737 $7,447,323
depletion and depreciation $10,032,608 in 1939 and
Surplus
$1,564,117 $1,486,498
of $8,118
1939
1938
$113,100
$123,017
5,198
8,755
542
542
f293,250
7,804
221,250
21,860
1,079,410
1,079,410
61,255
35,220
To holders of old unexchanged stock.—V.
150.
Total
year
$1,564,117 $1,486,498
and $107,645 in 1938.
c After
f $5,000 payable within
in 1939 and $7,998 in 1938.
from Dec. 31, 1939.—V. 150, p. 3374.
Inc.—Earnings—
According to a statistical report just released by Amott, Baker & Co.,
Inc., the building at 10 East 40th St. New York City, part of which is
occupied by Arnold Constable & Co. showed earnings for the six months
ended Feb. 20,
1940 of
approximately 10)^% on the first mortgage bond
5% on the total bonded indebtedness
non-cumulative income debentures.—V. 139, p. 2847.^
issue outstanding and over
the 6%
Tennessee
Electric
Power
'
'
including
Co.—Bondholders Lose
Suit
<
Supreme Court Justice William T. Collins dismissed June 4 a group o
suits entered by minority bondholders of the company to obtain the call
price of 105 for their debentures instead of 100 offered by its parent, the
Commonwealth & Southern Corp., in liquidation of Tennessee Electric
Power following sale of its physical assets to the Tennessee Valley Authority
summer.
$1,000,000 of the $40,000,000 of bonds outstanding was
The plaintiffs in the various suits before Justice Collins
represented about $200,000.
If the entire $1,000,000 which failed to assent
to redemption at par was paid the call price, Commonwealth and Southern's
share of the proceeds of the sale would be reduced $50,000.
The plaintiffs,
despite the loss of their suit, still are entitled to par for their securities.
Citing testimony given at the trial by Wendell L. Willkie, President of
Commonwealth & Southern, Justice Collins said the bondholders were
"fortunate" to get par for their bonds.
Mr. Willkie had declared that the
company would have been forced into bankruptcy if it had attempted to
continue in competition with the TVA.
"After a careful scrutiny of the record, I am unable to detect a foundation
for the plaintiffs' claims," the court said.
"In the circumstances here the
bondholders, as I perceive it, were extremely fortunate.
For them the sale
was a windfall.
A threatened loss was converted into a decided gain.
Not
a bondholder lost a penny.
No one's rights were violated, no one's property
All but about
5,947,019
$6,581,737 $7,447,3231
y
&c
Capital stock
10 East 40th St. Building,
last
int., taxes & oil
& gas royalties..
Earned surplus
*
reserve for
$9,688,146 in 1938.
p. 3066.
»
$300,000
Capital surplus
and equipment. 5,919,201
Intangible values.
1938
$240,000
payable
of oil properties.
cost)
1939
Liabilities—a
Notes
y
materials
and supplies
interest,
Unclaimed divs
Mtges. payable
Reserves for taxes.
After depreciation of $131,454 in 1939
for Premium—•
Balance Sheet as at Dec. 31
'
a
reserve
one
of stock
Prov. for deple. & deprec
Assets—
Accounts payable.
Acer, items, wages,
11,186
Total
Cash
3L093
$67,642
83,161
$0.81
503,766
$674,153
25,539
"
7,198
101,619
iii
$1,501,881
603,525
indebtedness
1937.
139,146
2,830
_
Deferred charges
55,447
bl936
$1,089,012
Total income
year
Liabilities—
1938
$216,540
154,818
receivable
$203,969
66,552
$669,421
..
$104,108
5,372
Comparative Balance Sheet Dec. 31
1939
Cash
$1,260,283
590,863
leases
13,078
Income charges, &c
Res. for Fed. surtax
al937
4,733
on
Earnings—
1939
$1,927,069
44,856
1938
Other income..
Loss
220,650,620 207,859,684
Calendar Years—
1939
Net oper. income.
on
1,032,584
80.534,409
81,015,600
■
.
Sweets Co. of America, Inc.-
Mdse. inventory.
Superior Oil Corp.—Earnings—
Calendar Years—
Int.
funds
Total
220,650,620 207,859,684
148, p. 3391.
c
Expenses
6,436,651
3,900,000
3,900,000
1,272,980
account.
After depreciation of 76,119,161 kronor in 1939 and 67,212,175 in
1938.
yA shares, 37,986,150 kronor; B shares, 27,013,850 kronor.—V.
Assets—
2595.
Gross income
13,000,000
equaliza¬
x
$858,844
Non-recurring income..
Depreciation
proposed 15,600,000
7,996,651
as
Res. for pens.,<fec
Surplus
Operating profit
1937
1938
$56,072
93,721
1,137
loss$5,399
$305,763
10,269,937
Expenses, costs, &c
Superheater Co.—Earnings—
Operating profit
231,650
1,393,214
14,392,006
Res. for taxes..
Insurance
Total
7,512,638
557,782
1,516,441
Goods in transit
tion
voluntary plan of extension.
Such modification of the terms will be evi¬
denced by the execution of a supplemental indenture between the company
and Central Hanover Bank & Trust Co., as trustee.
had been
9,317,767
Pay rec. in adv.
pay. and
Accts.
a
In December, 1936, corporation notified holders of its 10-year 7% notes
and of certificates of deposit that the plan of reorganization of June 9,1936,
6,881,389
65,000,000
13,200,000
5,348,599
Share capital. 65,000,000
Reserve fund
13,200,000
y
Unpaid divs
Notes & accepts.
the
37,733,657
2,040,935
16,283,682
$
$
Liabilities—
5
'
14,049,171
x
1938
r,.''t.1939
1938
1939
Assets**"*
Plants & prop.
Loans to subs..
facilities
85,446,061
Sell & admin, expenses.
of the German
processes more direct and simple than those
of buna rubber.
The butyl rubber is more
1936
1937
1938
1939
120,044,250 107,497,602 107,058,186
Calendar Years—
Sales
connected with
Farish, discussing the company's plans with respect to production
synthetic rubber, "buna," disclosed that the company has
discovered in its own research laboratories another synthetic rubber product
which it calls "butyl rubber."
The latter is made from petroleum by
the date of offering of the
150, p. 3066.
Swedish Ball Bearing Co.—Earnings—
1
Mr.
which the company has no control the com¬
has taken the necessary steps to delay
43,050 shares of common stock (par $10).—V.
pany
Electric output of the public
Gas & Electric Co. system for
Standard Oil Co. (N. J.)—Profits Improved—
The company is currently earning substantially more than a year ago,
without giving consideration to European and some other subsidiaries for
which complete accounts are not available, according to W. S. Parish,
President, speaking to stockholders at their annual meeting June 4.
"I would estimate that our earnings for the first six months would be
something in excess of $70,000,000, which is roughly a little less than $3
per share," Mr. Farish said.
"This was based on a pretty fair estimate
of what the first four months were and applying the same estimate to May
and June," which are doubtful so far as accurate figures are concerned.
Mr. Farish said that he did not recall what the earnings were for the
first six months of last year "but they were not very high."
Heretofore the company has issued financial reports only annually but
beginning this year semi-annual reports will be published.
Replying to the stockholder on dividends, he said:
"We have never paid
less than $1 in either good years or bad years.
In good years we have paid
as much as we felt the business could stand.
Unquestionably there will be
a 50 cent regular dividend at the end of the year.
What will happen in
the way of extra dividends at that time is something I cannot answer
June 8, 1940
Sutherland Paper Co.—Postpones Offering—
States and the First Na¬
taking the first four
the balance.
will be used to refund the outstanding $2.800.000
These bonds are callable at 103.—V. 150, p. 3374.
turities and Equitable
Proceeds of the sale
Chronicle
redeemed at par.
Volume
The Commercial & Financial Chronicle
150
favorably to all
A five-year fight against odds terminated
concerned, including the plaintiffs."—V. 150, p. 3066.
confiscated.
Telephone Bond & Share Co.—Earnings—
1940
3 Mos. End. Mar. 31-
earns.—Divs.
Gross
Telephone Bond & Share Co.
1937
1938
1939
Debenture 5s "A" due 1958
&
& taxes
x$187,626
30,930
*$178,253
36,154
$186,100
32,459
$156,696
122,217
exps.
x$177,305
28,262
$149,043
Oper.
123,512
$142,099
124,450
$153,641
125,244
Interest
TRADING
Amort, of debt discount
10,438
10,611
10,695
Net income
$22,573
1,066,051
$6,954
1,001,613
Surplus Jan. 1
Adjust .of res. for divs.
paid by subs, from surF plus at dates of acquis.
$17,605
948,746
MEMBERS
43
68
43
$1,167,842
15,458
$1,088,667
15,458
$1,008,635
15,458
$974,030
27,051
47
47
47
82
$1,152,338
Bal. March 31
$1,073,161
$993,131
$946,897
Including other income of $1,114 in 1940, $714 in 1939 and $1,651 in
1939
Cash..
1,559,361
94,729
1940
$
a
2,950,259
261,670
17,845,352 18,437,231
7%
2
Cash in banks
833,125
5,107
Accts. receivable..
977
Due from sub. cos.
221,665
$3 1st pref. stock
b Part. pref. stock
a
com.
187,156
Goodwill, &c
Total
450,000
450,000
3,466
Due to sub. cos
-
'mm
131,487
mm mm
1,751,882
164,683
25,884
1,741,173
140,000
130,000
1,152,338
1,073,162
161,600
Accrued interest..
37,265
Accrued taxes
Surplus res'ved for
19,872,0871
19,662,877
conting's..
136,968
2,061,205
1,857,742
36,326
$6,163,370 $5,525,054
Total
for depreciation,
reserves
—V. 150, p. 3375.
Texas Corp.—Call
for Debentures Revoked—
The notice for redemption on July 8 of the $60,000,000 3 M %
due June 15, 1951, has been revoked.—V. 150, p. 3529.
Tide Water Power
Represented by 391 no par shares,
b Represented by 3,299 no par
shares,
c Represented by 95,024 no par shares.
a
debentures
Qo^Earnings—
|
12 Months Ended March 31—
Total operating revenues.
1939
1940
$2,259,805
$2,138,130
274,006
961,487
132,364
215,564
23,816
267,792
$452,647
12,956
$537,106
27,944
$465,603
$565,050
313,075
15,132
13,925
1,160,351
Operating
19,662,877 19,872,087
Total
Surplus
b Represented by shares of $1 par
$1,768,122 capital surplus and $293,083 ($222,744 in 1938) earned surplus.
'
Total
110,719
9,881,000
2,561
$6,163,370 $5,525,054
After
a
c
9,696,000
Earned surplus
11,995
160,119
Accrd. wages, int.,
c
187,156
548,517
(par $1)
gen.
203,326
11,966
Prov.for Fed.tax.
Accounts payable.
Reserves
553,164
in subsidiary
14,858
stock
Funded debt
2,429,000
Min. stkhldrs. int.
311,740
5,520,700
stock
com.
399,560
2,364,000
col. trust
5% bonds
Accts. due others.
exp., &c..
$476,388
399,560
taxes, &c
5,520,700
14,858
548,517
CI. A
Class B
c
2
Prop'ty, plant &
,1938
$476,388
_
pref.
stock (par $10).
conv.
1st lien
1st pref. stock
(par $100)
813,533
494,372
6,603
4,538
115,809
2,961,628
$3 cum.
$
Liabilities—
Unamort. debt dls-
756,651
1939
$
1939
S
77,169
and advances
1939
b Common stock.
1,173,774
Misceli. investm'ts
equipment
1940
$263,689
737,051
rec.
Inventories
Prepaid
Balance Sheet March 31
Liabilities—
1938
986,217
$311,132
Notes & accts.
1938.
Special deposits...
New York
Bell System Teletype N. Y. 1-752
Consolidated Balance Sheet Dec. 31
Assets—
Total..............
7% first mtge. divs
S3 first pref. divs
count & expense
STOCK EXCHANGE
7,636
8,213
./■;
Investments
NEW YORK
15 Broad Street
Tel. Bowling Green 9-3100
Misceli. credits to surp__
Assets—
DEPARTMENT
Eastman, Dillon & Co.
10,792
$16,388
1,143,241
and expense
x
3679
expenses
......
...
Laintenance
Maintenance..—................
131
131,240
234,494
7,068
Provision for retirement
Federal income taxes
Other taxes
Accumulated Dividends—
at their recent meeting declared dividends of
7% first preferred stock and 12c. per share of the
preferred stock, to be paid June 15 to holders of record June
amounts were paid in each of the nine preceding quarters.—V. 150,
The
share
directors
the
on
28c.
per
$3 first
1.
Like
p. 1457.
Operating income
Other income (net)
Gross Income
Interest on long-term debt
...
...
....
313,075
15,646
Other interest
Tennessee
Corp. (& Subs.)—Earnings—
Amortization of debt discount and expense
Years
Consolidated Income Account for Calendar
1936
Other income
Other oper. revenues
1939
1938
1937
$11,578,466 $11,049,450 $13,292,946
35,697
23,015
39,060
131,959
114,355
151,978
$9,656,717
20,902
100,164
$11,746,122 $11,187,820 $13,483,985
Sales
13,925
Amortization of railway fixed capital
Interest charged to construction
24,999
Cr204
Crl",868
$98,162
$224,786
$9,777,783
Net income—
— --
—V. 150. p. 1298.
-
Timken-Detroit Axle Co.—$1 Common Dividend—
Total
Cost of sales, incl. all mfg
exps.
9,325,100
1,035,923
155,955
Amort,
8,713,924
1,074,564
204,028
10,194,512
1,194,931
218,961
7,700,343
1,078,958
176,654
19,726
4,071
127,647
580,754
77,717
Dr3,404
except deprec..
Sell. and admin, exps
Interest-
3,271
21,867
78,636
602,240
79,691
3,271
24,416
150,505
609,104
75,980
Cr8,464
1,090
10,188
of issue exp. on
►
debentures...
Other interest paid
Other deduc. from inc._
Miscellaneous expense..
Res. for minority interest
bonds
on
Cr285
26,623
Crl,597
pur¬
Dr5.216
a80,874
Crl ,260
$392,982
$934,678
298,794
$353,298
128,054
853,696
$0.46
853.696
853,696
$1.09
$0.41
chased and retired
66,742
853,696
$0.41
Net profit
Dividends paid
16,903
$349,083
Res. for Federal taxes..
14,446
Shares capital stock out¬
($5 par)
Earnings per share
standing
a
Including $957 provision for Federal taxes on undistributed profits.
Consolidated Balance Sheet Dec. 31
1939
$
Investments
3,885,704
Inventories...... 3,586,536
Accounts
&
$
Liabilities—
15,421,905 15,754,310
4,099
4,096
757,116
1,432,796
Cash
32,816
Deferred charges..
952,848
18,475
163,773
255,645
1,086,776
Oth. current assets
330,025
Accounts payablez
417,853
12,232
Prepayments—
36,728
•
475,517
16,667
$3,604,032
412,923
$6,690,051
$5,955,104
$4,016,954
$7,217,978
zation, general expenses
Provision for Federal Income taxes...
1,639,434
775,000
1,287,099
410,000
bl .233,276
Net profit
Dividends paid
'
Earnings per share on capital stock._
$3,540,669
1,042,828
$5.24
$2,319,855
1,046,304
$3,792,245
1,960,769
Adminis. selling, depreciation,
a
Other reserves
401,943
18,600
Other liabilities...
300,862
15,650
459,474
9,881,593
2,710,395
15,653
436,800
Capital surplus... 9,874,604
3,029,016
int.
in
subsidiaries
45,095
44,832
21,931,678 21,791,970
21,931,678 21,791.970
Total
,
Terre Haute Malleable & Mfg.
Earnings for 4 Months Ended
2746.
Balance Sheet Dec. 31
$
$
Assets—
1938
$
$
Liabilities—
'
2,082,695
Cash
1939
1938
1939
666,950
Cash surr. value of
270,926
248,911
Accrued
expenses .
951,744
532,799
900,000
611,115
392,321
826.606
Notes pay. (bank)
Accounts payable.
465.669
mmmmmm
'
Provision for Fed'l
income taxes
deliveries of raw
76,185
Marketable secur. 2,031,961
e Accts. receivable 1,321,240
Inventories...... 1,127,198
material
60,578
1,956,583
1,127,283
1,093,178
Employ, stock pur.
92,840
92,263
56,374
8.721,818
106,376
Insurance fund—
Res. for work.com¬
60,000
pensation insur.
Other oper. res'ves
206,566
a Capital stock...10,250,000
Earned surplus
8,016,605
b Treas. stock (at
60,000
56,566
9,250,000
6,518,764
55,763
7,653,416
Drl,868,569 Drl853,364
cost)
Prepaid Ins., taxes
Investments
106,376
Invests. In & ad vs.
to
70%
owned
1,745
61,992
2,839,588
246,804
3,010,676
foreign subs. co.
chinery & equip.
April 30. 1940
d Patents
258,100
$6,681
:
Thermoid Co. (&
and
&c.
cLand, bldgs., ma¬
Co.—Earnings—
Net income before Federal tax.
—V. 150, p.
$5.61
$3.43
of sales, discounts, returns and allowances
After deducting cost
& other expenses
x After
deducting reserves for depreciation and other reserves of $8,809,991 in 1939 and $8,399,911 in 1938.
y Represented by $5 par shares,
z On account of sales contracts.—V. 149, p. 1774.
2,192,457
patent expenses, but before charging depreciation, amortization,
b Including normal, undistributed and excess profits taxes.
chase accounts..
Minority
527,927
amorti¬
Deps. agst. future
337,500
Earned surplus
Total
t QQ7
QQC
505,285
life insur. pollc's
..
pay In 1940
Res. for deb. s. f._
Accrued expenses.
Other assets
1
1939
$5,449,819
$
4,268,480
3,599,900
Capital stock... 4,268,480
Funded debt
3,092,500
y
Loan notes—instal.
notes
receivable, &c_.
Corp.—Earnings—
Gross profit
Other income..
a
1938
1939
1938
$
Assets—
Fixed assetB.
x
Trico Products
Calendar Years—
419", 040
stock,
Total income
Depreciation
Discount
Directors have declared a dividend of $1 per share on the common
payable June 20 to holders of record June 10. Regular quarterly dividends
of 25 cents per share were previously distributed.
In addition, an extra
dividend of $1.50 was paid on Dec. 21, last. See V. 149, p. 3884 for detailed
record of previous dividend payments,—V. 150» p. 2596.
18,975,751 16,401,072
Total
a
Subs.)—Earnings—
Consolidated Income Account for Calendar
Years
1938
1939
Gross profit before depre¬
ciation
$2,107,150
Represented by 675,000 no par
Total
18,975,751 16,401,072
shares,
b 48,075 shares in 1939 and
47 575 in 1938
c After reserve for depreciation of $2,349,802 in
$2 069 871 in 1938.
d After reserve for amortization of $266,967 in
1937
1936
$41.4,999 in 1938.
—"V. 148, p. 3393.
e
After reserve of $38,931 in 1939
$1,569,600
$2,025,491
$1,950,836
eral expense, &c
1,223,993
1,201,368
1,554,121
1.348,883
Operating profit
$883,157
9,790
$368,232
$471,370
Cost of sales..
4,907
3,509
$601,953
30,852
$892,947
137,072
216,658
106,430
$373,139
139,863
205,773
7,179
$474,879
Selling, service & demon¬
stration and general &
184,596
z24,000
$632,805
191,791
181,005
X46.211
481
371
901
381
$432,304
149,455
$19,952
$120,677
*120,400
$213,417
1939 and
1939 and
and $32,124 in 1938.
Selling, adminis. & gen¬
Twin Coach
Sales, less discounts,
Misceli. income—net—
Co.—Earnings—
1938
Interest & amortization.
Depreciation
Prov. for Fed. inc. tax._
144,705
Propor. of net income of
So .Asbestos Co.applic.
to minority stockhlds.
interest
-
admin,
expense
Depreciation .......—
Gross
profit—
Other income—
—
1936
$5,298,879
4,400,297
$8,236,635
6,384,251
$7,918,237
5,925,916
$1,727,215
$898,582
$1,852,384
$1,992,321
96b,371
830,050
61,810
1,049,206
79,128
1,022,472
68.126
$6,721
184,862
$724,050
105,103
$901,723
98,365
&c. $7,729,832
Manufacturing profit.
Total income.
1937
6,002,617
Calendar Years—
76.240
$684,604
140.550
Total income—
Net
income-1
Preferred dividends
x
Includes $1,500 for surtax on
undistributed profits,
z
no
such tax will be payable.
on
preferred a div. of 85,742 2-3 shares which was charged to capital surplus
$1 per share.
$191,583
31,611
$829,153
124,497
45,285.
$1,000,087
132.426
$692,728
$159,972
236,250
47,250
$659,371
401.625
$807,361
661,500
$456,478
$112,722
$257,746
$145,861
Surtax on undist.
profits
No provision
undistributed profits as it is believed
* In addition there was paid in common stock
has been made for Federal surtax on
at
$825,154
Federal income tax
Net income—
Dividends paid....—--
Surplus
162,204
30,522
'
$358,096
$333,221
164,109
167,726
eral income tax.
rec'le(j trade,
& accrd. interest
Accts. rec., tradeInventories
704,600
732,870
009,757
625,601
1,237,596
9,553
86,055
99,188
574,320
29,500
10,733
aLand, bldgs.&eq.
Goodwill & patents
.
$193,068
$145,837
24,231
37,999
•$245,681
42,860
$502,689
$217,299
75,000
84,207
Expenses
392,489
Idle plant expenses
14,016
276,668
bll,787
139,737
332,943
70.759
49,536
293,511
b20,000
169,602
$183,836
265,091
72,898
175,437
362,880
•$202,821
413,886
74,505
370,584
599,435
966,000
966,000
1,674,987
54,608
655,065
121,154
191",071
After
•
Net loss
$3,861,976 $3,270,750
in 1939 and $224,568
Total
for depreciation of $299,613
3376.
provision
c
Consolidated Income Statement Years Ended Dec. 31
Store and agency operations:
Net sales after deducting stamp
1938
chinery & eqpt.$2,921,190
value
of
Cost of sales
$12,151,778 $12,213,211
,
public telep., vend¬
Display adver., comms., from
ing machines, &c
414,632
1,500,687
other store operating income
$13,705,908 $13,713,898
Store, depot & agency operating and general
expenses (before deprec. & amort.)..,
13,475,487 13,891,263
Accts. receivable..
$230,421 Ioss$177,364
operations
real estate operations, before deprecia¬
47,385
44,520
119,872
29,545
$322,327
62,342
373,938
121,425
loss$27,947
66,351
427,497
164,736
$235,378
Profit.—
Other charges..^..
—
-
..
^
Depreciation and amortization
Interest on 5% sinking fund bonds
*^Loss
x
—_ —
from operations
1,596,949
Notes
accounts
&
2,475",001
6,480,125
Accrued taxes
386,188
317,231
Accrued interest—
41,068
106,788
119,833
51,333
70,351
Inv. andadvs
3,527,892
a Fixed assets
477,180
Deferred charges..
estate
accr.
Prov.
liablls..
Federal
for
income taxes...
83,453
3,889,006
381,377
Agents' depos.,&c.
97,700
95,033
60,857
3,393,600
After reserve for
Feb. 29, '40 Feb. 28, '39 Feb. 28, '38 Feb. 27, '37
$9,477,129 $10,146,153 $11,316,128
$9,861,266
411,236
440,908
414,689
405,878
9,741,191 yl 1,456,886
x9,172,570
x9,176,085
4,774*276
570,992
317,413
13,122,4571
4,774,275
570,992
b553,858
1,195
87,606
conting.
Earns, per sn. on com..
p.
of $22,386 at
Co. will until June 21 receive bids for the sale
5% sinking fund bonds, due Oct. 1, 1952 to exhaust the
prices not exceeding 102)4 and accrued interest.—V. 150,
Dyewood Corp.—Earnings—
properties..13,558,278 13,051,525
Patent rights
400,000
400,000
Cash
6,392,555
4,421,108
Cost of sales
1936
$5,379,643
3,796,921
Net sales
1937
$4,128,753
2,996,966
69,139
1,005,155
$5,200,617
$57,493
156,613
$453,997
188,267
$214,106
$642,264
Stock
of
$672,124
$359,056
Operating profit
153,642
Other income
3,314,939
67,964
1,363,718
68,620
1,518,534
Feb.
Common stock
and
Accts. pay able
Surplus
4,659,594
4,238,085
6,796,706
6,663,631
16,261,570 15,982,266
Total
96,555,296 95,721,409
.
Reserves
Total
6,137,776
9,909,215
96,555,296 95,721,409
i
155,137 shares preferred and 35,057 shares common in
shares preferred and 35,875 shares common in 1939.-—V.
x
United States Distributing Corp.
Total income
U.
for
income
come
&
—
$512,698
normal
foreign in¬
S.
Years
95,963
197,447
131,551
13,773
16,360
28,632
26,418
$309,042
$101,782
204,190
$416,185
$514,156
206,500
208,250
208,500
189,881
& div. taxes
I
applicable
minority interest
204,190
7% pref. dividends
Common dividends
—
Gen. &
$0.75
Earns, per sh. on com—
$990,523
75,328
$1,070,365
112,931
$807,776
$1,017,481
497,681
Deprec., depletion, &c—
$1,065,851
570,153
$1,183,296
z564,153
$911,018
z584.648
loss25,635
294,483
Total
Profit
$1.51
Nil
1938
b Notes
&
487,318
c
276,547
Minority
951,056
Securities—
$957,186
275,417
Cash
555,996
Bank acceptances-
7,577
177,933
22,019
223,712
101,880
37,101
112,682
86,667
y31,774
79,576
99,556
Inventories
2,146,670
548,661
Invest. & advs
82,111
136,690
Notes A accts. pay
Royalties payable.
Accts. payable to
51,048
51,048
Goodwill, pats.,&c 2,457,754
an
allied
2,384,675
47,797
270,169
Treasury stock—
d Pref. (Dr)
e
Total
a
$7,886,837 $7,813,592
After
allowances
for
of $36,006 in
sented
shares,
$10
par
(Dr)
1,583,000
1,830
$7,886,837 $7,813,592
Total
b After allowances for
1939 and
$39,793 in 1938.
depreciation,
accounts and notes
by
Common
263,857
67,473
2,002,636
1,583,000
1,830
Earned surplus
d Represented
by
15,830
shares,
doubtful
Repre¬
e Repre¬
c
sented by 183 shares at par.—V. 149, p. 1931.
x
Liabilities—<
13 427,184 14,301,619
equipment
Cash
y
627,196
United Light & Power Co.—Hearing
Securities and Exchange Commission
cept'ces A accts.
receivable
June 3
announced
that the
160,725
$
1,025,979
1,134,116
Notes payable
1,781,611
Accounts payable
2,909,527
2,049,879
665,012
298,977
298,977
security taxes__
Prov. for Federal
50,179
42,021
74,227
11,450
65,123
taxes A ins. cl—
Prov. for insurance
145,597
158,981
24,343
claims, Ac., def.
1,099,522 Prov. for loss on
1
condemnation of
101,318
properties
—
361,918
432,425
1 ,346,513
and accrued
_
Leaseholds & impt.
prop'ty
Accrd. int. receiv.
5,354
818,179
1
Deferred charges
_
.
929,980
1,211,465
Provision for Social
market¬
able securities.
to leased
Real estate mtges.
fund bonds
Comp. ins. funds,
&
Common stock
1938
9,991,550
2,009,383
182,100
340,567
Inventories
cash
z
$
9,991,550
2,009,383
First mtge. sinking
122,576
16,845
Unearned income.
135,000
9,000
9,000
148,676
147,651
322,627
794,675
Equit. notes (noncurrent)
Capital and earned
surplus
Postponed—
public hearing in the proceedings under Section 11 (b) (1) of the Public
Utility Holding Company Act of 1935 (death sentence) with regard to
the company and its subsidiary companies, had been postponed unti
further order of the Commission.—V. 150, p. 3530.
400,256
Notes,trade ad-
Goodwill
The electric output for the U. G. I. System companies for the week
just closed and the figures for the same week last year are as follows:
Week ended June 1, 1940, 95,599,514 kwh.; same week last year, 88,433,479 kwh.; increase of 7,166,035 kwh. or 8.1%.—V. 150, p. 3530.
The
Preferred stock
Other investments
Co.—Weekly Output—
1939
1938
Prop,, plant and
Other assets
United Gas Improvement
$299,009 loss$12,127
Consolidated Balance Sheet Dec. 31
1939
Assets—
51,048
67,473
1,952,761
Capital surplus...
Prepaid insurance,
51,052
51,048
Dividends payable
Reserves
22,094
$159,291
$257,151.
x Includes
$18,891 provision for Federal surtax on undistributed profits,
Includes $8,336 provision for Federal surtax on undistributed profits,
z Not
including depreciation on buildings of a subsidiary corporation of
approx. $46,500 in 1937 and of approx. $50,000 in 1936.
39,507
17,520
x50,413
y
409,724
-
'
co
51,016
590,086
—
602,743
bursing agent-..
Ac
Taxes.
•2,271,151
Cash with div. dis¬
taxes,
2,257
Letters of credit..
53,369
Cr32,034
Netprofit
116,126
376,363
38,145
68,605
110,359
299,363
Bonuses & comm's
currencies
& accts. receiv..
Federal taxes, &c
Minority interests
in
int.
sub. cos
Royalties receiv—
Foreign
$4,500,000
1,391,830
1,391,830
Common stock..
accts.
receivable
1938
1939
Liabilities—
Preferred stock—.$4,500,000
5969,069
436,110
Plant property..
103,242
sale & demoli¬
30,751
154,418
Consolidated Balance Sheet Dec. 31
1939
Assets—
a
on
tion of property, &c__
Int. paid (less received) .
Prov. for Fed. and State
Social Security taxes.-
$97,405
$2.21
$1,185
18,681,116
1 072,245
73,686
$943,795
Net profit from oper
Other income (net)
208,500
—
$104,852 def$102,408
Surplus
$20,561,137
Cost of sales. &c
subsidiaries
Net income
revenue...$13,324,703 $16,607,494 $20,426,188
11,684,485
14,867,376
18,502,035
admin, expenses696,423
749,595
853,788
Sales &oper.
Portion of net income of
to
1936
1937
1938
1939
1940 and 151,582
150, p. 704.
(& Subs.)—Earrings
Consolidated Income Account for Calendar
Prov.
29,'40 Feb. 28,'39
$
$
10,597,700
58,239,726 58,239,726
Li/ibUities—
United
ShoeMach.Corp 6,257,497
10,479,299
Inventories
$569,094
103,030
70,686
1,152,980
y Includes $2.50
Includes $2.50 per share
accrued taxes
11,258,630 13,654,964
Accts. & notes rec. 2,849,490
3,281,781
Investments
.45,062,961 44,606,156
Deferred assets
296,585
258,883
bonds, &c
$6,001,127
3,844,879
Depreciation
Sell., gen., &c., expenses
z
Preferred stock—.10,597,700
Govt. A municipal
x
1938
special,
Comparative Consolidated Balance Sheet
Consolidated Income Account for Calendar Years
1939
$4.74
$4.24
$3.95
regular and $1.50 special,
Feb.29,'40 Feb. 28,'39
^
•
A.SS($t
2748.
United
Dr500,000
$4.12
-
Includes $2.50 per share
share regular and $2.50 per share
regular and $2 per share special.
per
b Initial surplus.
The Manufacturers Trust
$581,666
15,930,857
$16,261,570 $15,982,257 $15,752,298 $15,349,192
Total surplus
x
; /
prior years taxes—
12,443,306 13,122,457
Total
Tenders—•
to it of sufficient
$16,274
15,349,192
919,380
Dr600,000
Surplus net credit
Add '1 prov. for
Plant
sum
$110,130
15,752,298
940,098
sur$279,304
15,982,266
Deficit
depreciation and amortization of $2,758,762 in 1939,
$2,842,089 in 1938.
Corp.—Earnings—
w
dividends
Common divs., cash
500,000
Cum. $5 pref. stk.
Com.stk. (par 10c)
a
Years Ended—
Preferred
&
Capital surplus
Earned surplus
and
$4,084,480 $4,683,676
Total
1939 and $3,971,257 in 1938. y Rep¬
3,422,500
Res. for contlng..
12,443,306
1,527,011
5,065,670
Consolidated Income Account
Funded and mtge.
debt..
Total
1,754,185
5,618,394
These companies were formed for the
and liquidating idle plant assets of the parent company.
Previous surplus
86,228
1st mtge. loan
Deficit
loss in other investments, &c.
United Shoe Machinery
40,679
224,426
Oth.
Mtge. rec. on real
437,035
159,240
Reconstruction Finance Corporation.
purpose of acquiring
—V. 149, p. 126.
Net income after taxes—
2,602,613
568,939
654,335
6,620,512
receivable (net).
Mdse. inventories.
8,114
Notes payable
Accounts payable.
A
b After reserve in
companies
c Book value of
wholly-owned liquidating companies (after deducting reserve equal to
amount of operating losses and write-down of assets of said companies since
date of acquisition).
This item comprises the company's investment in the
capital stocks and bonds and mortgages of the North Jersey Properties, Inc.
and Bergen County Industrial Corp., all of which are pledged with the
$
$
LiabUUies—
Assets—
2,853
payable
accrued liab
depreciation of $3,976,396 in
1938
1939
1938
Cash............ 1,041,703
9,636
5,437
Subsidiary co
Accts.
resented by 900,000 no par shares,
a Consolidated,
amount of operating losses and write-down of assets of subsidiary
Consolidated Balance Sheet Dec. 31
1939
After
payable
1941.......
$4,084,480 $4,683,676
Total
$686,533
Other income
250,799
25,949
318,656
43,250
309,608
.
since date of acquisition,
Profit from
tion and amortization
1
Collateral accts
Gross profit &
Profit from store and agency
48,514
267,719
.....
Cash
Deferred charges.
1,125,000
15,601
1,125,000
11,459
Common stock.
Notes
557,594
59,067
136,665
233,681
liquld'g cos
b Inv.A oth. assets
1,554,130
y
Notes payable, due
owned
Inventories
_
$3,171,194
Book
Goodwill
$50,144,843 $50,273,470
37,993,065 38,060,258
& sales taxes
$6,644,700 $6,644,700
Preferred stock
Ld., bldgs., ma¬
1938
1939
LiabUUies—
1938
1939
wholly
1939
.
c
Balance Sheet Dec. 31
Cigar-Whelan Stores Corp. (& Subs.)—Earns.
,
N. J.
Assets—
5
$399,999
$719,052
$813,625 $1,852,303
connection with tax settlement with the
Consolidated.
—
b Cost of litigation in
Loss,
Borough of Lodi,
x
United
67,991
Depreciation
Cost of litigation, &c...
Federal and local taxes..
29,500
16,200
$3,861,970 $3,270,750
Total
-
fntbrSt!::::
a
in 1938.—V. 150, p.
17,961
Other income..
Profit
54,608
Capital surplus...
Earned surplus
2.099,555
911,806
6,125
Prepaid insur
Other assets
$484,728
Operating profit
144,607
contingencies...
Com. stk. (par $1)
cl936
cl937
1938
1939
Calendar Years—
Res. for financing,
Adv. to vendor—
_
Accounts payable-
16,009 Provision for Fed¬
13,601
trustee
Deferred charges
1938
Accrued liabilities.
$202,907
deposit with
Cash
Notes
1939
LiabUUies—
1938
$681,620
Cash
Works—Earnings-
United Piece Dye
Balance Sheet Dec. 31
1939
Assets—
June 8, 1940
Chronicle
The Commercial & Financial
3680
17,072,225 19,022,895
Total
x
z
17,072,225 19,022,895
depreciation and depletion of $3,842,441 in 1939 and
y After reserve of $65,149 in 1939 and $114,754 in
Represented by 401.876shares (no par).—V. 150 ,p. 3068.
After reserves for
$4,000,493 in 1938.
1938.
Total
Volume
The Commercial & Financial Chronicle
ISO
United Public Service
United States Lines Co.—Earnings—
Corp.—Earnings—
[Including Kentucky Power & Light Co.J
3 Months Ended March 31-—
Operating
Operating
revenues
expenses
_
$192,501
$42,770
and taxes
Net operating income
Other income
[Including Wholly-Owned Subsidiary Companies]
1939
1940
$215,477
172,706
_.
160,804
,x
$31,849
17,898
2,224
412
385
2,689
_
_
2,689
Results of vessel operations:
Revenue
Amortization of flood rehabilitation cost
Other income deductions
138
157
$20,651
Net income
$8,494
$19,086,314
14,339,221
Expense.
151
$42,771
16,859
2,022
,,,
Gross income
Interest on long-term debt
Amortization or bond discount and expense
General interest
Income Account for Year Ended Dec. 31, 1939
$31,697
— —
3681
Gross profit from vessel operations before subsidy
$4,747,093
2,552,347
Operating-differential subsidy-partly estimated
Gross profit from vessel operations
$7,299,440
63,557
Profit from terminal and other shipping
operations
Gross profit from shipping operations
Administrative and general expenses (net)
Provision for depreciation of vessels, &c
$7,362,997
2,429,608
1,283,977
Interest expense^.• 74,764
Advertising expense
369,805
Taxes, other than Federal income tax
117,762
Sundry items applicable to prior periods charged to surplus
on the books of the
company—net
21,777
■
-V.
149, p. 3573.
United States Freight Co.
(& Subs.)—Earnings—
Consolidated Income Account for
Calendar Years
1938
1937
1936 •
Freight and cartage
_$38,785,641 $34,240,101 $39,575,979 $48,702,534
Cost of freight & cartage 29,979,340
26,164,674
30,330,910
38,704,341
1939
Balance
Miscellaneous
revenue.
_
$8,806,301
143,552
$8,949,853
8,586,975
195,096
Depreciation
.Net oper. prof
$9,321,896 $10,173,546
9,341,256
9,640,723
273,379
174,551
$8,197,659
8,208,555
229,360
$167,783 loss$240,256 loss$292,738
177,171
114,132
224,022
_
Other income
Total
$9,998,193
175,353
$9,245,069
76,827
$8,075,428
122,231
prof
$358,272
275,073
loss$68,716
Profit
Commissions
on
money
$3,165,592
114,537
Net profit for the year
Earned surplus, Dec. 31, 1938
$3,051,055
$624,876
a
Reinstatement to surplus in 1939 of divs. declared in
1938 due to reduction in the no. of shs. issuable under contract
4,118
$633,345
$344,954 loss$126,124
Income charges, Federal
income tax, &c
5,408
47,050
Total surplus
Dividend declared
$3,680,049
196,499
.
on
prior preference stock
b Earned surplus, Dec. 31, 1939
119,218
84,542
Of which
a
it
is
estimated
$297,903 loss$131,532 loss$153,258
149,783
$514,127
524,240
$148,120 def$131,532 def$153,258
def$10,113
$3,483,550
that
approximately $974,000 is subject to
Maritime Commission.
possible recapture by the U. S.
Dividends.
$3,065,304
100,288
orders, interest, &c
Net profit before provision for Federal income tax
Provision for Federal income tax.
b Of which it is estimated that
approximately $2,698,540 (including
approximately $1,306,000 subject to possible recapture) is subject to divi¬
dend restrictions under agreements with U. S. Maritime Commission.
Balance, surplus
Earns, per sh. on 299,566
shares stock
$0.99
Consolidated Balance Sheet Dec. 31, 1939
Assets-
$1.71
Nil
Nil
a
Consolidated Balance Sheet Dec. 31
1939
Assets—
900,031
1,804,123
1,154,723
3,140,000
-
_
_
Cost
of
60,567
1,697,565
of
securs.
1938
1939
b Accounts receivable
$
5
1,491,714
338,622
1,455,376
248,777
estate
4,450
Capital stock... 7,487,838
Capital surplus-.. 1,449,082
Earned surplus...
478,294
4,750
7,487,838
1,449,082
333,845
Liabilities—
$
1,468,112
Accts. receivable.
1,706,083
y Fixed assets
996,344
Debenture notes
3,140,000
Other investments
60,478
Mtge. notes receiv. 1,674,952
Accounts payable.
Accrued expenses.
Mtge. pay.
on
real
Special funds and deposits
d Investments,
&c
Inventories—vessel
x
1,217,681
1,217,681
Deferred charges._
113,271
129.188
Bals
.
418,014
Due from American Lines Co.
for subscription to 7,500
shares preference stock
75,000
Property and equipment
19,888,126
146,534
307,488
Leaseholds (foreign) less amor¬
Accts. pay. & sundry accruals $1,883,294
Due to U.S. Maritime Comm.
453,489
Prov. for Fed! income tax
282,867
Due to affiliated companies..
69,555
265,065
Sundry operating
reserves
Construction mortgage notes
&c., payable in 1940
f Advance
passenger
ticket
180,055
85,840
866,145
sales and
deposits
Long-term debt
1,404,638
9,861,792
Reserves for workmen's
com¬
pensation & pier rehabilitate
Reserve for contingencies
A Prior preference stock
i Junior
k
275,856
144,631
5,614,270
3,500,000
h Preference stock
preferred stock
j Common stock
tization of $275,490
Mis cell, deferred charges
18,211
16,485
_
375,161
(net)
Unexpired insurance....
Cash sur. value of
life ins. policies
stores,
Unterminated voyage expense
843,910
13,669
843,910
12,585
in closed bks
.
spare parts, &c
Insurance claims pending
e
Cartage contracts,
► goodwill..
3,281,640
48,177
2,978,589
490,470
Advances to pursers
c
subs, in excess of
book value
Liabilities—
in banks and work-
ingfunds.$3,506,616
1938
$
Cash
Cash
3,086,886
87,500
502,172
1
Capital surplus
1 Earned surplus
3,483,550
«■»
Total
Total
11,249,900 10,979,667
11,249,900 10.979.667
x
Represented by 299,566 no par shares,
y After reserve for depreciation
of $1,404,721 in 1939 and $1,235,239 in 1938.—V. 150, p. 3377.
U. S. Industrial Alcohol Co.
(& Subs.)—Earnings—
Consolidated Income Account for
Calendar Years
1938
1937
1936
$2,839,740
2,106,957
$1,705,475
1,964,995
$2,315,066
1,956,303
$2,179,004
2,065,883
placem't in lieu of dep.
420,000
x
Depreciation
214,803
Other income (net)—Cr316,937
420,000
107,549
Cr365,311
420,000
74,785
Cr620,835
660,000
49,699
0518,997
993,402
Cr747,504
Dr941,070
Adm. sell. & gen. exps__
Prov. for renewals & re-
Extraord. write-down of
inventories
a
—
Dr337,392
Adj. of mkt. securities
$77,5251ossa$667656 Ioss$456,257
Net income.
Dividends
—
sur$77,525
Balance, deficit
$667,656
x
per com.
391,238
loss $1.71
Depreciation
declared
out
of
loss$77,581
y293,429
loss $1.17
share
391,238
$371,010
391,238
loss $0.20
on property purchased since Jan. 1, 1933.
y Dividends
surplus earned prior to Jan. 1, 1933.
a Adjustment of
to the lower of cost or market quotation value at
marketable securities
Dec. 31.
Consolidated Balance Sheet Dec. 31
1939
Property,
v.
.
1938
$
$
Assets—
y
:
■
1939
Liabilities—
x
plant
$
4,934,563
Bank loans
and
equipment.
1
aCapltal since Jan.
1, 1933...
3,128,417
b Investments-— 3,226,682
Cash
793,984
Accts. rec., &c
1,477,535
Pension fund__
189,429
Merchandise, &c_. 4,546,996
Deferred charges490,530
Accounts
2,856,156
3,585,809
996,173
1,350,728
153,747
5,170,583
480,107
_
1938
$
4,934,563
Common stock..
1,000,000
payable-
1,030,816
957,777
Mis cell, accruals..
425.076
for
settle¬
Including $845,823 in Europe partly subject to exchange restrictions,
a
b Traffic, less reserves, $1,014,728; estimated subsidy receivable from U. S.
Maritime Commission, $1,903,660; due from affiliated companies, $7,349;
miscellaneous, $355,903.
c Joint
bank accounts with U. S. Maritime
Commission—Construction fund account, $1,235,452; capital reserve fund
1939, $1,454,941; securities deposited with State of New York Department
(market value Dec. 31, 1939, $107,875) $100,375; foreign
license and guaranty
deposits, &c., $87,821; intercoastal
operations fund, $100,000.
d The Baltimore Mail SS. Co., notes, $400,000;
investment in and advances to affiliated companies, $73,134; other invest¬
ments, &c., less reserve of $47,500, $17,336.
of Labor at cost
,
government
e SS. Manhattan, at cost, less $3,228,823 reserve for
depreciation (sub¬
ject to mortgage), $7,438,013; SS. Washington, at cost, less $2,980,279
for depreciation (subject to mortgage), $7,940,160; vessels acquired
from affiliated company at value assigned by board of directors at acquisi¬
tion plus improvements at cost, less $2,983,385 reserve for depreciation,
$1,082,786; vessel under construction, SS. America, $3,303,318; furniture,
terminal gear, &c., less $145,857 reserve for depreciation, $123,849.
f Including an undetermined portion which will be refunded in cash,
g Prior preference, no par, non-voting,
$0.70 cum. div., preference in
liquidation $10 a share (authorized, 1,000,000 shs.; 556,958 shs. issued
plus 4,469 shs. issuable under contract (issued in Feb., 1940); total, 561,427
shs.).
h No par, non-voting, $0.70 cum. div., preference in liquidation
$10 a share (authorized, 600,000 shs.; issued, 342,500 shs.; subscribed but
unissued, 7,500 shs.; total, 350,000 shs.). i No par, non-voting, $0.3724 div.
cum.
if earned, participating, preference in liquidation $7.50 a share
(authorized and issued, 600,000 shs.).
j Represented by 1,200,000 shs.
no par value,
k After deducting $3,794,398 operating deficit as of Jan. 1,
1938.
1 Since Jan. 1, 1938 of which it is estimated that approximately
$2,698,540 (including approximately $1,306,000 subject to possible recap¬
ture) is subject to dividend restrictions under agreements with U. S. Mari¬
time Commission.—V. 145, p. 2091.
Universal-Cyclops Steel Corp.—Earnings—
of govern¬
ment suits
ment
Misc. current liab.
255,022
550,000
conting..
Res.for pension fd.
319,842
237,285
Res. for
189,602
521,346
5,718,009
550,000
1938
1937
$7,230,657
x Cost of sales5,308,068
Selling, general & administrative exps.
777,860
$3,663,833
3,031,398
475,245
$7,350,826
5,339,752
783,878
$1,144,729
2,696
$157,189
4,172
$1,227,196
7,170
$1,147,425
$161,361
20,000
3,548
1,488
29,200
Sales, less cash discounts, returns and
allowances
-----
—
620,876
5,174,906
Surplus....
1939
Years Ended Dec. 31—
625,031
& hurricane ins.
-
Balance
Other income.
Total.........13,853,575 14,593,304
Total...
13,853,575 14,593,304
Pennsylvania income tax
x Represented by 391,238 no par shares,
y After reserve for depreciation
of $24,348,125 in 1939 and $24,399,049 in 1938.
a After reserve for depre¬
ciation of $486,384 in 1939 and $279,986 in 1938.
b Includes marketable
securities.—V. 149, p. 1342.
United States Leather Co.1940
$489,920
163,196
Federal income taxes
Res've for
70,000
—Earnings—
1939
contingencies-
Net profit.
x
$206,807
Loss.—V. 150, p.
United
The
4,917
(net)..
1938
$192,418 x$l,133,425
180,463
138,702
30,000
15,614
board of directors
at
Mr.
"¥,647
x$33,659 x$l,284,014
$702,498
$910,938
500,000
$1.73
$0.20
$1.82
on
Corp.—New Chairman—
a
special meeting held
on
June 4 accepted
a
National Defense Commission.
special meeting Irving S. Olds was elected Chairman of
►* At the same
the Board of Directors to succeed Mr.
Stettinius.
Mr. Olds has been
a
director and a member of the Finance Committee of the Steel corporation
since Oct. 27, 1936.
He is a member of the law firm of White & Case.—
V. 150, p. 3530.
United Stove Co.—Extra Dividend—
3,439
—
Federal normal tax
— _
—
19,767
208,000
— -
'.'4
Directors have declared an extra dividend of five cents per share in addi¬
quarterly dividend of ten cents per share on the common
stock, both payable June 30 to holders of record June 20.
-
Earnings per share on 500 ,000 shares
-----
for depreciation of $170,166 in
1938 and $146,781 in 1937
x
Includes provision
1939, $155,712 in
Balance Sheet Dec. 31
Assets—
Stettinius presented his resignation in order to serve as
$99,325
187,500
Loss
.
1938
1939
$634,283
Notes & accts. rec.
754,919
Inventories
1,596,391
Invest'ts, advs.,&c
2,590
Fi eJ assets
2,919,597
Deferred charges..
25,012
Stock sales to offi¬
Cash..
member of the recently appointed
tion to the regular
$864,219
500,000
5,000
premiums (net)
disposal of capital assets.
capital stock (par $1)__.
11,887
the resignation of Edward R. Stettinius Jr. as Chairman of the Board
of Directors and as a member of the Board of Directors and Finance Com¬
mittee.
7,800
Net profit for the year
Cash dividends
—
_
Life insurance
1937
.,015,970
174,825
135,000
1620.
States Steel
47"666
$1,234,366
20,000
3,881
12,097
170,894
69,752
46,804
Together_
Provision for contingencies--
Federal surtax on undistributed profits
45,000
Interest accrued
$31,781,710
402,165
Prov.
Other reserves
6 Mos. End. Apr. 30—
Operating profit
Deprec. & depletion.—
Total
reserve
$456,257
391,238
$0.20
Com. shs. outst.(no par)
Earnings
$31,781,7101
account, including $1,171,957 transferred from general cash after Dec. 31,
1939
Operating income
Total
—
—
cers
& employees
Life insur.
-
161,026
policies-
Total.
$579,165
359,570
1,344,407
5,870
2,788,345
7,744
,
5,110
149,633
$6,093,816 $5,239,844
Liabilities—
1939
Accts. pay., trade.
Accrd. liabilities
Res.
for
Fed.
1938
$277,040
240,419
$153,508
100,212
and
State inc. taxes.
317,517
79,017
96,502
Cap. stk. (par $1).
500,000
Capital surplus.
3,503,538
Earned surplus,._ 1,176,285
500,000
Res. for conting..
Total
74,017
3.503,538
812,067
.$6,093,816 $5,239,844
—V. 150, p. 3377.
Vanadium Alloys Steel Co.—To
Pay $1 Dividend—
declared a dividend of $1 per share on the common
stock, payable June 28 to holders of record June 15.
This compares with
Directors
have
The Commercial & Financial
3682
75c.
per
paid on March 2 last; 50c. paid on Dec. 2 last, and dividends of 25c.
share paid on Sept. 2 and on June 2, 1039.—V. 150, p. 1954.
(& Subs.)—Earnings—
Universal Pictures Co., Inc.
————13 Weeks
Arpil 27 '40 April 29 *39 April 27 *40 April 29 '39
$920,370
$581,587
$1,381,002
$739,578
Period Ended—
x
Net profit.—
x
26 Weeks
&c., but before Federal income
amortization reserves.—V. 150, p. 2443.
After ordinary taxes, depreciation,
and special
taxes
declared
have
a
dividend
of
$1
on
the
common
stock, pavable June 15 to holders of record June 1.
This compares with
50c. paid on March 15 last; dividend of $2 paid on Dec.
15 last, and
previously regular quarterly dividends of 25c. per share were distributed.
In addition, an extra dividend of 75c. was paid on Sept.
15, 1939, and
extras of 25c. were paid in each of the six preceding- quarters.
An extra
of $2 per share was distributed on Dec. 15, 1937.—V. 150, p. 2443.
1940
1 939
$595,655
b$0.86
3 Mos. End. Mar. 31—
Net profit..
-
$787,615
a$1.12
1 937
y$941,244
a$1.34
a
Ry.—Interest—
July 1, 1937 (80% paid), Jan. 1,1938 (80% paid),
1938 coupons, from the Wabash RR. terminal first lien mtge.
50-year 4% gold bonds, due 1954. Interest is payable at office of Wabash
Ryf Co., New York, N. Y—V. 150. P. 3531.
1940, on surrender of the
and July 1,
—V. 150, p.
1940—Month—1939
1940—8 Mos.—1939
$5,650,756 $49,725,478 $47,855,927
$5,993,050
3069.
Warner
1939
$4,946,318
1938
$3,772,197
3,647,679
2,959,016
$1,298,639
535,082
$813,180
513,359
■'Net interne—$763,557
-
sold
from operations
Expenses and charges.
.—
——
Income from securities
41,148
$338,671
356,46n
35,57n
26,70o
34,883
Amortization of bond discount and expense
Provision for depletion—
Provision for depreciation
Net income
32,071
301,063
—.
1939 and $37,080 in 1938 from securities of
con-
trolled companies.
secur.
58,000
Materials,
66,332
5,098
58,000
1939
1938
$
650,697
Accts.& notes rec.
430,106
417,090
27,616
472,662
Investments..... 1,385,558
Sink. & ins. funds
•
27,500
1939
Liabilities—
$
880,563
1,240,997
29,997
Accrd. int. receiv.
Inventories
_
Prop..land,min¬
eral dep.& bldgs.
equipment,Ac.. 8,317,829
Prepaid insurance,
179,424
license, taxes, &c
19,615
42,694
21,426
59,336
56,770
$681,009
*670,346
Surplus—
40,167
*670,346
-
Total
988
Total.
2385.
-V. 149, p.
West Coast Power Co.—-Acquisition Approved—
The Securities and Exchange
Commission on June 3 approved the
acquisition of all of the utility assets of McCall Light & Power Co., an
Idaho corporation, for a cash consideration of $65,000.—V. 150, p. 3070.
West Virginia Pulp & Paper Co .—Registers with
first page of this department.—V. 150, p. 3378.
SEC—
See list given on
Western Light & Telephone Co .—Bonds Placed Pri¬
vately—An issue of SI,500,000 3%% bonds due May, 1969,
has been sold privately to John Hancock Miltual Life In¬
surance Co. at 102% and int.
Tne issue has been approved
by the Missouri P. S. Commission.
Proceeds will be used
to redeem $1,350,000 5s of 1954 at 103% and interest.—
V. 149, p. 4189.
Western
Maryland Ry.—Seeks Bids
on Equipment Issue—
$2,000,000 equipment trust
a 2% coupon and are to
mature in 10 equal annual instalments.—V. 150, p. 3531.
The company has
called for bids June 11
Western Public Service Co.
Period End. Apr. 30—
Operating revenues
Operation
on
971,764
976,785
33,000
29,250
66,479
5,349,000
5,400,000
Instal. of long-term
debt (current)..
Instal.
on
contr. to
1940—12 Mos —1939
$2,140,418
991,581
126,789
268,011
Int. & amortization
Balance..
216,127
$537,910
Dr60,165
#£73,010
$33,815
$477,745
26,484
319,049
$526,329
346,431
$10,132
Net oper. revenues
Other income (net).
$39,859
Dr6,044
$36,971
26,839
Taxes...
$2,181,768
1,027,342
133,050
230,105
191,932
$39,845
Dr2,874
Maintenance
$7,331
$158,696
$179,898
Preferred dividend requirements
Balance for
common
$599,339
119,453
119,453
$39,243
stock and surplus
$60,445
-V. 150, p.3378.
Wheeling Steel Corp .—Preferred Dividend—
Directors authorized
stock, payable
were
made
a dividend of $1.50 a share on the old 6% preferred
July 1 to holders of record June 11.
Similar payments
April 1 and Jan. 2 last, and on July 1, 1938.—V. 150,
on
on
2752.
p.
(S. S.) White Dental Mfg. Co,—Earnings—
3 Months Ended March 31—
Sales
.
1940
1939
1938
$2,099,837
1,394,675
$2,048,274
1,347,053
$1,999,121
1,298,355
$705,162
$701,221
612,283
Crl6,743
$700,768
655,117
Crl9,347
$155,495
53,638
22,635
15,000
$105,681
53,335
12,449
$64,998
47,159
7,525
$63,372
$0.21
......
$39,898
$0.13
$10,315
.
108,206
174,052
Accrd. int., def
(& Subs.)—Earnings—
1940—Month—1939
$170,517
$167,989
79,663
82,938
11,633
9,861
21,758
19,364
17,618
15,967
$
153,520
177,772
459,497
569,025
Crl9,358
>_
.
Gross income
_
Interest, depreciation
Federal, State, foreign tax
Provision, foreign cont
adv. fds. to con¬
trol cO. pay. cur.
8,534,383
1st mtge. 6% bds.
Other obligation.
Deferred credit
185,360
Res. for fire
584,729
196,745
132,743
1,367,0.50
Net income
Earnings per share on com.
—V. 150, p. 3379.
$0.03
Wichita Falls & Oklahoma Ry.—To Extend Bonds—
The Interstate Commerce Commission
com¬
pensation & misc
stock
17,537
insur.,
workmen's
183,317
66,479
551,300
31,176
_
Bond discount and
147,915
*592,150
29,524
33,289
63,056
1,058
*681,009
Cash
Bills & acc'ts rec..
1938
$
Accounts payableAccrued accounts.
a
expense
*592,150
mdse.,
oil stocks, &c—
Consolidated Balance Sheet Dec. 31
Cash......
$1.78
1938
Bills and accounts
payable—
Cost of sales
Assets—
$17,033
23,686
1939
Capital stock
*466,473
*451,108
58,484
6,608
335,427
$87,127 loss$415,488
...
Includes $39,346 in
47,372
Liabilities—
1938
stations,
real est. & bldg3.
38,850
$804,705
,349,561
.—
Net ordinary income.
Interest on first mortgage bonds, &c
x
$1.36
1939
property
$299,821
»
Gross profit
x
$24,347
23.686
$0.97
Balance
(Including George A. Sinn, Inc.)
Years Ended Dec. 31—
Cost of products
$30,379
23,686
$0.21
Prod. <fc non-prod.
Com pres.
Co.—Earnings—
Net sales.
$42,182
59,215
23,686
Depreciation
Walgreen Co.—Sales-—
—
149,144
$23,025
certificates to be dated July 15, 1940, are to bear
Payment of the balance of the interest ($8) due July 1, 1937, and Jan. 1,
1938, and the interest due July 1, 1938, will be made beginning June 1,
Period Ended May 31—
160,271
$5,150
35,529
Condensed Balance Sheet Dec. 31
The company has
Sales...
127,815
paid
Assets—
for the listing of
Wabash
121,841
Earned per share.
Inc.—To List Stock—
made application to the San Francisco Stock Exchange
its capital stock.
The Listing Committee of the Exchange
May 29 announced the approval of the application which covers 787,500
shares of capital stock ($1 par).
The company was organized during 1939 to acquire the business of the
Vultee Aircraft Division of the Aviation Manufacturing Corp., a subsidiary
,of The Aviation Corp.
Company presently builds four merchantable
models including attack, training, and interceptor aircraft.
Company carries on its manufacturing operations at Downey, Calif.,
where it owns approximately 82 acres of land, including factory buildings
and landing field.
Recent additions to factory buildings and equipment
has made this one of the most modern plants in the aircraft industry.
Officers are Richard W. Millar, President; Don I. Carroll, R. W. Palmer,
and P. A. Hewlett, Vice-Presidents; V. C. Schorlemmer, Vice-President
and Treasurer, and T. C. Sullivan, Secretary.—V. 150, p. 288.
1936
$191,326
sur$2,564
Dividends
On 700,280 shares
Vultee Aircraft,
1937
$183,295
1938
$132,965
$32,173
29,607
income
Investment
1 938
y$326,650
a$0.46
of capital stock (par $5).
b On 694,580 shares of
capital stock,
y Before possible surtax on undistributed profits,
z After
taxes, depreciation and other charges.
For the nine months ended March 31, 1940, net profit was $2,546,685
after taxes, depreciation, reserve for undetermined losses attributable to
prevailing war conditions, &c., equal to $3.66 a share (par $5) on 694,580
shares of capital stock.
This compares with $2,709,524, or $3.87 a share
on 700,280 shares in like period of preceding fiscal year.—V. 150, p. 3069.
Earnings per share..—
Net
Other equip., <fec_-
Subs.)—Earnings—
Vick Chemical Co. (&
x
1939
$154,014
Oper.
expenses,
taxes,
depreciation & deplet.
Shs.cap.stk.out.(par$25)
share
per
June 8, 1940
Washington Oil Co.—Earnings—
Calendar Years—
Gross income for year.-
Deficit
Veeder-Root, Inc.—To Pay $1 Dividend—
Directors
Chronicle
b 1st pref. stock..
1,367,050
1,337,500
181,780
Capital surplus... 2,285,824
Earned deficit
833,737
c2d pref. stock'!..
d Common stock.
_
1,337,500
181,780
2,281,999
937,158
on May 27 authorized the com¬
1936, to July 1, 1951, the maturity date of
$744,000 first mortgage 6% gold bonds, re¬
spectively.
All of the bonds are owned by the Colorado & Southern Ry.,
which controls the road through stock ownership, and are pledged under
its refunding and extension mortgage and general mtge.-—V.78, p. 1276.
pany to extend from July 1,
not exceeding $353,500 and
Winnipeg Electric Co.—Earnings—
Total
—
11,869,173 11,720,952
.
Total
11,869,173 11,720,952
After depletion and depreciation of $4,320,083 in 1939 and $4,362,130
in 1938.
b 7% pref. capital stock, cum. $50 par.
c 7% 2d pref. capital
stock—cumulative $25 par.
d Common capital stock, par $1 each.—
a
V. 148, p. 3396.
Period End. Apr. 30—
Gross earnings.
Oper.
exps.
Exchange has authorized the listing of 73,200 un
(no par) upon official notice of issuance,
conversion of outstanding shares of $4.50 cumulative convertible
preferred stock (no par) making the total amount applied for listing 605,000
shares.—V. 150, p. 2902.
Wisconsin
The New York Stock
issued shares of common stock
Public
$573,709
317,917
$2,534,633
1,413,575
$2,434,753
1,344,095
$253,691
Net earnings.
-V.150, p.3224.
Washington Gas Light Co.—Listing—
1940—4 Mos.—1939
1940—Month—1939
$592,732
339,041
& taxes
$255,792
$1,121,058
$1,090,658
Service
Corp.- -20-Cent
Dividend-
New Vice-President—
upon
Directors
common
This will
Washington Ry. & Electric Co.—Hearing—
Exchange Com¬
offices, on the application or declaration (File 70-69)
of Company regarding a proposal to guarantee the assumption by its sub¬
sidiary, Capital Transit Co., of $2,097,000 of 5% first mortgage bonds of
the Anacostia & Potomac River RR. of Washington City, D. C., and
$1,342,000 of 5% first mortgage bonds of City & Suburban Ry. of Wash¬
ington.
Holders of these bonds will be offered a like amount of certificates
of modification, assumption and guarantee, due Dec. 1, 1951.
quarter of 1940.
At the same
the
first page of this department.—V. 150, p. 3531.
a
Holding Company
Securities and Exchange Commission has ruled that the company
The order
has ceased to be, and at this time is not, a holding company.
became effective as of May 27, 1940.—V. 150, p. 3222.
8hs. cap.
stk. (par $5)
—V. 150, P. 1791.
-
per
share on the
meeting M. H. Montross was made
a
Vice-President of
corporation.
Tenders—
.
exceeding 102M and accrued
interest.—V. 150,
p.
3380.
Period End. May 31—
1940—Month—1939
Sales
.—$26,067,164 $24,725,427
1940—3 Mos.—1939—
Yadkin River Power Co.-—Bonds Called—
See Carolina Power & Light
$289,145
$0.72
Youngstown
1940—9 Mos.—1939
$84,083
$430,258
$192,672
$0.21
$1.07
$0.48
1940—5 Mos.—1939
$120,014,889 $114,087,325
—V. 150, p. 3071.
Waukesha Motor Co.—Earnings—
Period End. Apr. 30—
dividend of 20 cents
(F. W.) Woolworth Co.—Sales—
Washington & Suburban Cos.—Not
Net profit after charges
& Fed. income taxes._
Earns, per sh. on 400,000
a
The First Wisconsin Trust Co. will until 12 noon June 20 receive bids
for the sale to it of 1st mtge. bonds, 4% series due 1961, at prices not
Registers with SEC—
The
May 29 declared
Current payment represents 10 cents for first quarter and 10 cents for second
A hearing has been set for June 20 at the Securities and
mission's Washington
See list given on
on
par $10, payable June 10 to holders of record May 31.
be the first dividend paid on the common shares in six years.
stock,
Common
Sheet
,
Co. above.—V. 122, p. 2046.
&
Tube
Co.—To
Pay
'
25-Cent
Dividend—
Directors have declared a dividend of 25c. per share on the common
stock, payable July 1 to holders of record June 8.
Like amount was paid
April 1 last, this latter being the first common dividend paid since
Dec. 20, 1937, when 75c. per share was distributed.—V. 150, p. 2752.
on
Volume
The Commercial & Financial Chronicle
150
3683
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
Costa
COMMERCIAL EPITOME
Rica had
ganization.
Friday Night, June 7, 1940.
Coffee—On the 3d inst. futures closed 3 to 6 points
higher for the Santos contracts, with sales totaling 43
Coffee futures rallied from an early decline to stand 3
from
Rio No. 7s
on
Brazil
was up
net
lots.
to 4
In Brazil the
points net higher during early afternoon.
spot price
the Bureau
Heavy clearances
200 reis.
Saturday.
beat the
It was
learned that the 85c. rate fixed for June will also
apply to
were
reported
freight rate increase
July.
Next
that
Monday
Hotel.
On
lower.
conference
the 4th inst. futures closed 8
demand for
no
10 lota.
Pan-
the
of
to
10
points net
orders
A few selling
Santos coffee
result that the market fell 10 to 12
.
to
Waldork-Astoria
at the
open
Transactions totaled
uncovered
effect
third
the
American Coffee Bureau will
,
designed
Friday,
took
futures, with the
Dec. dropped
points.
10
points to 6.05c.
In Rio de Janeiro the spot price on'No.
7s was not quoted, due to a lack of export demand, it is
said.
Generally speaking, coffee traders were waiting for
the meeting of producers next Monday.
On that date
the third conference of the. Pan-American Coffee Bureau will
here.
According to the American consul in Venezuela,
expected to reach between 700,000
bags.
Earlier estimates had put the crop at
1,000,000 bags.
On the 5th inst. futures closed 5 to 6 points
net lower.
Transactions totaled only 3 lots, all in the
Santos contracts.
Trading in coffee futures was .at a
open
the current coffee crop is
and 800,000
standstill
withdrew
roasters
as
of Dec. Santos contracts
Mild coffees
Brazils
were
unchanged, but
were
Pan American
to
sidelines.
the
lot
One
done at 5.97c., off 8 points.
offered at concessions of }/% to 34 of a cent.
was
Coffee
new
business
Conference
here
was
next
small.
week
The
was
a
subject of trade discussion.
Coffee men are interested in
the question of how much authority delegates have and what
the
possibilities of cooperative action were during the
European war.
On the 6th inst. futures closed 7 to 9 points net higher for
the Santos contracts, with sales totaling only 8 lots.
In
Brazil the spot price on Rio 7s was off 200 reis at 11.8 milreis
per 10 kilos.
Destruction in Brazil during the first half of
May was 21,000 bags, cables reported, against 53,000 bags
the previous fortnight. Since July 1st, 1939, burnings have
totaled 2,201,000 bags. The grand total since the destruction
policy was inaugurated has been 68,816,000 bags. Cost and
freight offers on Brazilian coffees remained about the same.
Today futures closed 1 point off for all deliveries of the
Santos contract, with sales totaling only 8 lots.
Coffee
futures were easier in the quiet trading.
Santos contracts
stood unchanged to 3 points lower this afternoon, with
December selling at 6.05c., off 3 points.
Actuals were duli
and generally unchanged.
There was no news from Brazil.
American roasters continue to mark time.
Rio coffee
prices closed
as follows:
3.951 December
____3.981 March
July.__—
September
Santos coffee
prices closed
as
4.00
follows:
July
September
5.78 IMarch, 1941
5.91 May, 1941
December
6.071
Further
Legislation
Coffee
6.18
..6.27
Protect
Position
Increasing comment is heard in Governmental circles for further
teer
indemnity of
up-roots his entire plantation.
one
option for
for each
a
Non-volunteers would be placed under
years
with
a
an
fixed cash payment payable to the National Coffee Department
bag not delivered.
New plantings
Brazil for four consecutive years.
are to
be prohibited throughout
Coffee surpluses at the end of June
to be withdrawn from the market at
bag.
of
milreis per tree provided each volun¬
compulsory sacrifice quota of 25% during four consecutive
per
measures
protect the Brazilian coffee position including voluntary up-rootal
an
a
are
payment of approximately 55 milreis
Passage of legislation along the aforementioned plans is expected
500,000,000 trees being destroyed thus reducing the Sao Paulo
to result in
crop to
Pan
10,600,000 bags minus
American
Coffee
a
25% sacrifice quota.
Conference
to
Be
Held in New
York Starting June 10
The third Pan American Coffee Conference will be held in
New York starting June 10, it was announced June 3, by the
Pan American Coffee Bureau.
The sessions will be held at
the Waldorf-Astoria.
will be discussed.
Problems arising from tu9 war situation
The call issued
by the Bureau has, it is
brought a favorable response from Brazil,
Colombia, Costa Rica, Cuba, Dominican Republic, El
Salvador, Guatamala, Haiti, Honduras, Mexico, Nicaragua,
Peru and Venezuela.
A reply is still pending from Ecuador
and Porto Rico. Coincidentally the Bureau announced that
announced,
of the year cocoa futures
were 4 to 5 points lower during
early afternoon, with July selling at 4.72c.
Only 22 lots
had been sold to
uncertain
what to
that time.
do and
Members
decided
to
of the trade
were
do
nothing.
Ware¬
house stocks decreased 5,900 bags.
They total 1,058,525
bags, compared with 1,405,261 bags a year ago.
The
market ignored news that the West African freight rate to
New York had been raised $2 a ton.
Local closing: July,
4.69, Sept., 4.77, Dec., 4.87.
On the 4th inst. futures closed
5 to 4 points net lower.
Transactions totaled 125 lots.
Trading was dull, with the undertone of the market heavy
during most of the session.
Little buying interest developed
today, the trade marking time apparently, awaiting further
European developments.
Local closing: June, 4.60, July,
4.64, Sept., 4.72, Oct., 4.75, Jan., 4.85.
On the 5th inst.
futures closed 11 to 9 points net lower.
Transactions
totaled 209 lots.
Cocoa broke 12 to 14 points under liquida¬
tion of long lines by Wall Street commission houses, July
selling at 4.51c., off 14 points.
The spot month was under
special pressure.
The open interest this morning was
1,291 lots, with first notice day three weeks ahead.
Ware¬
house stocks decreased 2,374 bags.
They now total 1,063,094 bags compared with 1,405,261 bags a year ago.
Trade
buying on a scale down today furnished about the sole
support.
Local closing: July, 4.54, Sept., 4.63, Dec., 4.73,
Jan., 4.76, Mar., 4.83.
On the 6th inst. futures closed 7 points net higher.
Trans¬
actions totaled 319 lots.
After opering 2 to 3 points lower,
cocoa futures rallied, showing net advances of 8 to 10 points
during early afternoon, when July sold at 4.62c. The rally
followed reports that the free sterling market would be abol¬
ished.
Fiee sterling rebounded stronglv.
Trading was
limited, only 100 lots changing Hands to early afternoon.
Warehouse stocks decreased 400 bags.
They now total
1,052,651 bags, compared with 1,404,079 bags a year ago.
Local closing: July, 4.61; Sept., 4.70; Dec., 4.80; Mar., 4.90.
Today futures closed 3 to 4 points net lower, with sales
totaling 54 lots.
Cocoa futures had a firm tone in small
trading. On a turnover to that time of only 40 lots prices
this afternoon stood 1 to 3 points higher, with July at 4.62c.,
up 1 point.
Lack of pressure from primary points was
matcned by indifference of manufacturers, resulting in small
interest.
Warehouse stocks decreased 9,200 bags.
They
now total 1,043,496 bags compared with 1,405,828 bags a
Local closing: July, 4.58; Sept., 4.66; Dec., 4.67.
year ago.
Sugar—On the 3d inst. futures closed unchanged to 3
points off for the domestic contract, with sales totaling 37
lots.
The world sugar contract closed 34 point off to 1 point
net higher, witn. sales totaling 46 lots.
Sugar markets had a
steady undertone. The domestic market was 1 to 2 points
lower during early afternoon.
The market appeared to be
awaiting news from abroad concerning the tide of battle. In
the raw market an operator paid 2.75c. a pound for 1,900
Philippines due June 8.
on
That price
May 23, but
was
was
5 points
5 points under
the
Expected
following cablegram from Rio de Janeiro was re¬
ceived on May 31 by the New York Coffee and Sugar Ex¬
change, Inc.:
coffee trees with
Cocoa—On the 3d inst. futures closed 8 to 6Tpoints~net;
Transactions totaled 79 lots.
In the dullest session
lower.
above the last sale made
Brazilian
The
to
given by the Instituto de Defensa del Cafe
de Costa Rica.
tons of
to
joined the six countries forming'Jthe "or¬
Formal notice of Costa Rica's decision to join
was
offering price last week.
Refiners did nothing. They
be content with present stocks until a larger
of refined takes place.
World contracts were
irregular, with Sept. selling at 1.21c., off 34 point. Over the
week end reports indicated further purchases of sugar by
France.
It is calculated that France has purchased 5 cargoes
of American and Cuban refined sugar in the last 2 weeks. No
fresh raw business from Cuba to Europe was uncovered, On
the 4th inst. futures closed 3 to 2 points net lower for the
domestic contract, with sales totaling 240 lots.
The world
sugar contract closed unchanged to 1 point lower, with sales
totaling 122 lots.
Sales of raw sugar at further price con¬
cessions caused domestic futures to sell off 1 to 2 points in
active trading.
Transactions to early afternoon totaled
8,500 tons.
In the raw market American Sugar Refining
Co. paid 2.70c. a pound for 1,000 tons of Philippines. Later,
an
operator paid 2.68c. for Philippines.
In the refined
market sentiment was more cheerful owing to the advent of
warm weather which invariably marks increased consumption
of ougar.
In the world sugar futures market contracts stood
34 to 3 points higher during early afternoon. Little sugar
was on offer.
The British Food Ministry was reported to
be bidding as high as 1.25c. for Cuban raws, but no further
deals were reported. On the 5th inst. futures closed unchanged
to 2 points off for the domestic contracts, with sales totaling
74 lots.
The world sugar contract closed 234 to 4 points net.
lower, with sales totaling 91 lots.
Sugar futures were under
appear to
movement
pressure,
but the domestic market recovered after
a
sharp
The Commercial & Financial
3684
early break of 4 to 5 points, standing a shade higher during
early afternoon. Tne market was thin, with the result that
it was sensitive to orders both ways.
In the raw market
1,500 tons of Philippines in port were offered at 2.70c., but
refiners showed little interest.
Traders were talking of
possible action by the Government to stem the fall in
sugar.
In the world market futures were 234 to 4 points net lower in
the
early afternoon after earlier losses of 6 to 734 points.
The
trade heard that Great Britain had purchased 100,000 tons
Recently the Britisn
of Java sugar.
in the market for
were
additional Cuban sugars.
On the 6th inst. futures closed 1
for
point off to 2 points up
with sales totaling 123 lots.
contracts closed 34 point up to 134 points
domestic
the
The world sugar
higher in moderate trading, with March standing during
early afternoon at 1.88c., up 2 points. The 1941 positions
were
relatively steady in anticipation of early action by
Congress on a resolution to extend the sugar act of 1937 for
another year after December 31, 1940.
In the raw sugar
market Philippines due Saturday were offered at 2.70c., the
last price actually paid, while a resale lot in port could be
had 2 points under July or at 2.69 to 2.70c.
In the world
sugar market futures were easy on scattered selling.
It was
said that Great Britain's purchase of 100,000 tons of Java
sugars had relieved her need of Cubas. Today futures closed
1 to 3 points net higher for the domestic contract with sales
totaling 192 lots. The world sugar contract closed H point
down to 2 points net higher, with sales totaling 38 lots.
Sugar futures were higher in sympathy with other markets.
Domestic contracts gained 2 to 3 points. In the raw market
two or three lots of Philippines, totaling about 5,000 tons,
due in the next ten days were either offered or were available
at 2.70c. a pound.
Refiners were reported unwilling to pay
more than 2.65c. for nearby sugars and 2.70c. for late June
arrivals or early July sugars.
The usual AAA statistics on
sugar deliveries and stocks were in line with expectations.
World sugar contracts were 2 points higher in quiet trading.
All of the business transacted was done in September which
rose 2 points to
1.19c.
News bearing on the market was
scanty.
Prices closed
as
July
follows:
________
1.81
January. 1941.
1.88
September
1.87 March. 1941
1.90
November
1.92 May.
compared with previous finals.
Influenced largely by the
weakness in grains, lard futures dropped at one time 10 to
points below previous finals.
Towards the close there
substantial short covering influenced by the better news
from Europe.
This together with some speculative demand
erased virtually all the early losses.
Receipts of hogs at
Chicago and other Western markets were fairly heavy
today and hog prices were 10c. lower.
Sales ranged from
$4.85 to $5.50.
No improvement in the foreign demand for
12
was
American lard has been disclosed so far this week.
On the 6th inst. futures closed 2 to 5 points net
Sugar
Production
in
South
Africa
at
Record
Total
price movement was held to narrow
ment of Commerce from the American Consulate at
South Africa.
this
Durban,
It is reported that the augmented production
"by request" of the British Government,
purchase the excess yield.
Another
bumper crop is anticipated for 1940-41, according to local
reports.
/
season
was
which has undertaken to
to serve as an incentive to trade
substantially
Marketings of hogs at the leading centers in the
West today were quite heavy and totaled 81,000 head,
in the
either
news
wav.
against 52,000 head for the same day last year. Prices on
hogs at Chicago declined 15 to 20c. on account of the heavier
marketings than expected.
Hog sales ranged from $4.80 to
$5.35. There wer9 no lard shipments from the port of New
York today. Today futures closed 20 to 17 points net higher.
The lard futures market was strong today, influenced largely
by the strong upward movement in wheat which induced
some substantial ehort covering in the lard market.
DAILY CLOSING PRICES OP LARD FUTURES IN CHICAGO
Sat.
Mon.
Tues.
July.
5.15
5.15
5.17
5.12
5.17
5.35
5.45
5.35
5.35
5.37
5.45
5.45
December.
5.35
5.45
5.57
5.62
5.70
5.60
5.47
5.65
5.70
5.75
«.*—-■
5.60
'■
•
Wed.
Thurs.
Fri.
5.37
5.57
5.70
5.82
5.92
Pork—(Export), mess, $20.25 (8-10 pieces to barrel);
family (50-60 pieces to barrel), $16.25 (200 pound barrel).
Beef: (export), steady.
Family (export), unquoted.
Cut
meats: pickled hams: picnic, loose, c. a. f.—4 to 6 lbs., 1134c.;
6 to 8 lbs., lie.; 8.to 10 lbs., 1034c. Skinned, loose, c. a. f.—
14 to 16 lbs., 16c.; 18 to 20 lbs., 1434c. Bellies: clear, f. o. b.
New York—6 to 8 lbs*, 1134c.; 8 to 10 lbs., lie*; 12 to 14
lbs., 10c. Bellies: clear, dry salted boxed, N. Y.—16 to 18
lbs., '7He.; 18 to 20 lbs., 7c.; 20 to 25 lbs., 6 He.; 25 to 30
lbs., 6He. Butter: firsts to higher than extra and premium
marks: 2534. to 27c.
Cheese: State, held '39, 2034 to 2134c.
Eggs: mixed colors: checks to special packs: 1334 to 18c.
Oils—Linseed oil continuesdull.
be well covered.
Consumers^appear to
Linseed oil in tank
cars is quoted: 9.6 to
Quotations: Chinawood: tanks, spot—
2034 to 2034c.; Aug. shipment—1934c. bid; drums—2134 to
9.8c.
South Africa's sugar production in the crop year ended
Apr. 30 last is estimated at record total of 550,000 short tons,
a figure which compares with 522,732 tons and 507,219 tons,
respectively, in the two crop years immediately proceding.
According to word received May 27 by the U. S. Depart¬
higher.
the session, though
limits. There was little
The market riued steady during most of
1.94
1941
June 8, 1940
84,500 head, against 70,700 head for the same day last year.
On the 5th inst. futures closed 5 points off to unchanged
contracts,
down, with sales totaling 56 lots. Sugar markets were mixed.
Domestic contracts were steady,
unchanged to 2 points
Chronicle
per
2634c.
pound.
Coconut:
crude:
tanks—.03
bid;
Pacific
Coast—
.02H bid.
Corn: crude: West, tanks, nearby—.0534 bid
Olive: Denatured—drums, spot—1.25 bid nominal; afloat—
$1.15
bid.
Olive:
denatured-^drums,
spot—$1.25
bid
nominal; afloat—$1.15 nominal bid. Soy bean: tanks, West
—.0434 to .05; Oct.-Mar.—.0434 bid; New York, 1. c. 1.
raw—.073
Lard:
ex.
bid.
Edible:
coconut:
76
degrees—.0834 bid.
Cod: crude, unquoted.
Rosins: $4.85 to $7.30.
winter prime—834 offer.
Turpentine: 32 to 34c.
Cottonseed Oil
United States Exports of Refined Sugar in Four Months
of 1939 at Highest Figure Since 1925
Refined sugar exports by the United States during the
first four months of 1940 reached 61,976 long tons, the highest
figure in 15 years, or since 1925 when the shipments totaled
69,429 tons for the corresponding period according to Lamborn & Co., New York.
The 1940 exports show an in¬
crease of 43,441 tons, equivalent to 234%, when
compared
with
the
1939.
18,535 tons shipped during
The firm further reported:
The refined sugar exports
to
more
than 50
the
same
period of
during the January-April period of 1940 went
different countries.
Greece with
17,125 tons leads the
list, being followed by Syria with 5,645 tons and Norway 5,535 tons.
year
Last
the United Kingdom topped the list with 10,180 tons, being followed
by Ecuador with 1,563 tons and Panama with 1,404 tons.
contacts.
sales, yesterday, including switches, 79
Crude, S. E., val. 5c-N.
Prices closed as follows:
June
6.05@
6.09(a)
6.11 @
July
August
September.—6.16®
n
[October
6.10 November
n
.
6.16@ 6.18
6.16(§
[December
[January, 1941..
6.19(5)
n
6.20
6.21 @ 6.22
Rubber—On the 1st inst. futures closed 115 to 40
points
Revival of shipping fears, a oew increase in
holding up of Dutch rubber
in New York, all were important factors in another sharp
rise in crude rubber futures today.
Most of the strength
was noted in
the June and July delivery, which showed
gains of 100 to 115 points, respectively.
Importers here
state that the New York banks are holding up the delivery
net
higher.
war
risk insurance rates and the
of rubber here from the Netherlands East Indies for which
payment has not been made.
Some of the importers here
supplies are not released from warehouses
the actual market may see a tight spot condition
feel that if the
;
Lard—On
the 3d inst. futures closed unchanged to 2
points higher.
The opening range was unchanged to 2
points higher.
The monthly report had very little influence
upon the lard
futures market at Chicago.
Traders in
general remained on the sidelines, and as a result the market
was
extremely dull and narrow.
Lard exports from the
Port of New York today totaled 9,375 pounds, no destina¬
tion given.
Hog prices at Chicago were mostly 15 to 20c.
lower today, due to the much heavier marketings than
expected.
Sales were reported at prices ranging from $4.90
to
$5.50.
Western
hog. receipts totaled 115,000 head
against 74,900 head for the same day last year.
During the
month of May stocks of lard at Chicago rose to a new record.
On May 31 supplies there totaled 183,297,989
pounds com¬
pared with 76,547,643 pounds on the same date a year ago.
Production of lard at the leading Midwest packing center
last month was very heavy and totaled 116,671,000
pounds
compared with 91,858,000 pounds last year.
On the 4th
inst. futures closed unchanged to 2 points
higher.
There
was very little in the
way of news to stimulate active trading
in lard futures at Chicago throughout most of the session.
The opening range was unchanged to 2 points
higher, with
prices backing and filling within a range of 5 points.
Hog
prices at Chicago ruled fairly steady.
During the day
scattered sales were reported at prices ranging from $4*90
to $5.50.
Western hog marketings as reported today were
here soon,
the very
in
near
future.
Transactions
on
the
local
Ex¬
change totaled 1,900 tons, including 150 tons which were
exchanged for physicals.
Certificated stocks in licensed
warehouses decreased 40 tons to 630 tons.
Local closing:
June, 22.00; July, 21.50; Sept., 19.40; Dec., 18.75.
On the
3d inst. futures closed 40 to 7 points net lower.
Trans¬
actions totaled 106 lots.
Rubber futures turned easy after
opening 5 points higher to 20 points lower.
The feature
was a fall of 50 points, equal to half a cent, in the July
delivery.
In early afternoon July was selling at 21c. even,
Sept. was 20 lower, at 19.20c. and Mar. 22 points lower at
18.23c.
The large shipments from Malaya in May were a
factor.
Cables
reported the total was 74,682 tons, compared
with 47,430 tons in Apr. and with
London closed 34 to 34d. higher.
42,214 tons a year ago.
Singapore made a like
gain.
Local closing: July, 21.10; Sept., 19.23; Dec., 18.68;
Mar., 18.25.
On the 4th inst. futures closed 6 to 26 points
net higher.
Transactions totaled 85 lots.
Rubber futures
turned firm after
an irregular opening.
^Trading was small
largely in the hands of dealers.
The turnover to early
afternoon totaled only 57 lots.
At that time prices were
5 to 17 points net higher, with July selling at 21.15c.
The
London market closed steady, unchanged to Hd. higher.
The Singapore market closed l-16d. higher to l-16d. lower.
Net exports of rubber from regulated countries during Apr.
and
Volume
are
The Commercial & Financial Chronicle
ISO
estimated by the International Rubber
Regulation Com¬
mittee at 103,813 tons, or 12,293 tons in excess of the ship¬
ments in Mar.
Net shipments of rubber from British
Malaya during May totaled 57,736 tons as compared with
only 25,324 tons in Apr.
Local closing: July, 21.16; Sept.,
19.42; Dec., 18.94; Mar., 18.50.
On the 5th inst. futures
closed 27 to 36 points net lower.
Transactions totaled 109
lots.
War news was the controlling influence in the rubber
futures market.
Prices were off nearly half a cent on light
transactions.
The market was thin, a few selling orders
sufficing to depress prices.
A British dealer interest was
the principal buyer.
During early afternoon July stood at
20.75, off 41 points.
Sales to that time totaled 68 lots.
Certificated stocks decreased 60 tons.
They now total only
500 tons, compared with an open interest of 24,020 tons.
London closed unchanged to
unchanged.
Dec., 18.58.
>
Local
closing:
j^d. higher.
July,
Singapore closed
Sept.,
19.15;
20.85;
On the 6th inst. futures closed unchanged to 15 points net
Transactions totaled 60 lots.
Trading in rubber
exceedingly dull.
Prices were irregular.
The
market opened 20 to 35 points lower, but snapped back when
traders heard that free sterling would be eliminated by the
British Government.
During early afternoon the market
stood 10 to 15 points higher, with July at 21c. flat.
Sales
to that time totaled only 24 lots, of which 4 were exchanges
for physical rubber.
Certificated stocks decreased 30 tons.
They now total only 470 tons. London closed l-16a. uigher
to 1-16d. lower.
Singapore was 3-32d. to 5-32d. lower.
Local closing: July, 61.00; Sept., 10.15; Dec., 18.60.
Today
futures closed 25 to 4 points net higher.
Transaction
higher.
futures
3685
Plate to North Atlantic $9 per ton (heavy grain), basis
Buenos Aires. A steamer, Plate to Ireland, July, 85s per ton.
A steamer, Plate to Montreal (heavy grain), June, $9 per
ton.
Victoria States, Australia, to north of Hatteras, July-
August, $15.50 per ton. A steamer, reported same details.
Sugar: Gulf to French Atlantic; June loading; no rate.
Philippines to U. S. Atlantic, $14-$15 per ton. San. Domingo
to Marseilles, $19 per ton. San Domingo to Casablanca $17$18 per ton. Cuba to Bordeaux, $22 per ton. San Domingo
to Nantes, $20 per ton.
Queensland to Montreal, $22 per
ton.
Cuba or Gulf to French Atlantic, June-July,
$7.50
per ton.
A steamer, Cuba to French Atlantic; June $17 per
ton.
A steamer, United States Gulf to French Atlantic;
June; $17 per ton.
Scrap: Atlantic range to Japan; June;
$16.50 per ton.
Time Charter: West Indies or Canadian
trade, $4.50 per ton.
Three months West Indies trade,
prompt, $4.50 per ton. Another steamer, same details. A
steamer, short period West Indies trade, June $5 per ton.
A steamer, reported fixed period, Pacific-African trade,
June.
Another steamer, same details.
„
was
totaled 83 lots.
Prices of rubber futures
registered further
attributed by some to the further recovery in the free
sterling rate.
During early afternoon July was 20 points
higher at $1.20 and September 30 higher at i9.45c. Sales to
that time totaled 41 lots of which five were exchanged for
physical rubber.
Releases of shipped rubber recently tied
up by guilder exchange complications were reported.
Spot
rubber was reported selling freely at 22c. a pound.
The
London market was
to
higher.
Singapore closed
1-32 to l-16d. higher.
Local closing: July, 21.16; Sept.,
19.40; Dec., 18.68; Jan., 18.50; Mar., 18.32.
gams,
Hides—On the 1st inst. futures closed 16 to 18 points net
The market was very quiet during the short session,
lower.
with
a heavy undertone prevailing most of the time.
The
opening range was 3 to 12 points lower. Transactions totaled
720,000 pounds, of which 40,000 pounds were exchanged for
physical.
Nothing of interest developed in the domestic
spot hide market today.
Local closing: June, 9.68; Sept.,
9.88; Dec., 10.12; Mar., 10.35, June, 10.57. On the 3d inst.
futures closed 28 to 35 points net lower.
The market was
irregular during the early session. First prices ranged from 8
points lower to 7 points higher. Selling pressure increased as
the day progressed and the list eased off steadily to the close.
Transactions totaled 6,160,000 pounds, of which 40,000 were
exchanged for physical.
Certificated stocks of hides de¬
creased by 17,037 hides to 928,074 hides.
The domestic
spot hide market showed some activity, with sales totaling
about 25,000 hides.
Among the transactions reported were
4,600 branded cows at 9%c. while 2,000 Packer Hide As¬
sociation light native cow hides were reported sold at 10
a
pound.
Local closing: June, 9.33, Sept., 9.58, Dec., 9.80,
Mar., 10.04, June, 10.27.
On the 4th inst. futures closed
15 to 20
points net higher. The market opened with Sept.
12 points higher and other months 3 to 9 points lower. Prices
firmed during the morning.
Transactions up to noon
totaled 81 lots.
About 40,000 pounds were tendered for
delivery against the June contracts, bringing the total for
the month to 2,000,000 pounds.
In today's trading dealers
absorbed offerings by commission houses.
Local closing:
Sept., 9.73, Dec., 10.00, Mar.v 10.24.
On the 5th inst.
futures closed 19 to 28 points net lower.
Transactions
totaled 128 lots up to early afternoon.
Hide futures opened
15 to 19 points lower and were weak throughout the forenoon.
Sept. was quoted at 9.36, off 37 points. There were tendered
for delivery against the June contract
160,000 pounds,
bringing the total for the month to 2,160,000 pounds.
Transactions were 128 lots.
Sales of spot hides at steady"
prices were reported. Local closing: June, 9.38, Sept., 9.50,
Dec., 9.73, Mar., 9.96.
On the 6th inst. futures closed 36 to 32 points net higher.
totaled 180 lots.
Raw hide futures opened
9 to 14 points lower.
The market was steady during the
Transactions
morning. There was liquidation of June contracts. Trans¬
actions during the morning totaled 32 lots.
Of these two
lots, aggregating 80,000 pounds, were exchanged for physical.
Local closing: June 9.71; Sept. 9.86; Dec. 10.05; Mar. 10.28.
Today futures closed 2 to 5 points net higher. Transactions
totaled 133 lots.
Raw hides futures opened 4 points higher
to 8 points lower this morning.
Transactions up to midday
amounted to 99 lots.
In the domestic spot market sales
totaled 14,000 hides, including 3,000 light native cows
May-June takeoff at 1034c.
Certificated stocks decreased
to 887,599 hides. Commission houses were buyers of futures.
Local closing: Sept. 9.88; Dec. 10.10; Mar. 10.33.
Ocean Freight*—The charter market was
only moder¬
ately active, attention apparently being focused on develop¬
ments of the new battle in Europe.
Charters included:
Grain: Australia to North Atlantic, $16.50 to $17 per ton.
Coal—Shipments of anthracite for the current calendar
to and including the week ended May 18th hav8
amounted to 35,767 cars, as compared with 39,342 cars dur¬
ing the same period in 1939, showing a decrease of close to
118,750 tons. Shipments of bituminous coal into this territory
during the week ended May 18tb. have amounted to 1,504
cars, compared wito 577 cars during tne corresponding week
in 1939. Calendar year shipments of bituminous coal have
amounted to 42,036 cars, as compared with 33,733 cars
during the same period in 1939, indicating an increase esti¬
mated at 415,150 tons. According to figures furnished by the
Association of American Railroads, the shipments of an¬
thracite into eastern New York and New England for the
week ended May 18th have amounted to 1,818 cars, as
compared with 2,111 cars during the same week in 1939,
showing a decrease of 293 cars or approximately 14,650 tons.
year up
Wool
Tops—On the 1st inst. futures closed 10 to 13 points
higher.
Trading was fairly active, with sales estimated
at about 80 contracts, or 400,000 pounds.
Spot tops ad¬
vanced lc. or 10 points to 95c. a pound.
Local closing:
July, 89.6; Oct., 87.6; Dec., 87.3; Nov., 87.0.
On the 3d
inst. futures closed firm at 34 to 38 points net higher.
Prices
eased in the early trading under commission house liquida¬
tion, but aggressive trade price-fixing absorbed all offerings
on a scale down and trade and spot house buying later carried
net
values
Sales were heavy and were esti¬
Spot tops advanced
3c. a pound or 30 points at 98.0c.
Local closing: July,
93.0; Oct., 91.4; Dec., 90.7; Mar., 90.5.
On the 4th inst.
futures closed 18 to 14 points net higher.
Wool top futures
prices moved irregularly this morning after an opening that
was above last night's close.
Early in the session prices had
advanced 5 to 13 points and these gains were later extended.
upward sharply.
mated at 425 lots
The advance
was
or
2,125,000 pounds.
erased
as
the market became easier, though
prices remained fairly firm.
The total volume of sales was
estimated at 1,000,000 pounds of tops for the morning.
At
the low prices of the morning quotations were 4 to 5 points
higher than at last night's close, and at the best prices were
20 to 22 points higher.
At noon prices were 10 to 13 points
higher.
Boston advices reported that medium fleeces and
Texas wools were in fair demand.
Local closing: Julv,
94.8; Oct., 92.8; Dec., 92.3; Mar., 92.0; May, 91.6.
On
the5th inst. futures closed unchanged to 6 points net higher.
Wool top futures prices lost ground during trading today as
moderately active realizing operations took place.
The
selling pressure eased before noon and prices turned firmer.
The total morning transactions were approximately 600,000
pounds, according to trade estimates.
At the best prices
of the morning losses of from 1 to 6 points were general
throughout the list.
At the low point prices were down 11
to 15 points.
The Boston raw wool traders reported senti¬
improved today as news of large army orders
affecting the wool market came in.
Local closing: July,
95.0; Oct., 93.4; Dec., 92.4; Mar., 92.0; May, 92.0.
On the 6th inst. futures closed 1 point up to 2 points net
ment much
lower.
Wool top futures trading was
sell and buy
orders about equal.
A
dull this morning with
narrow range
of prices
prevailed, with a steady undertone. About 200,000 pounds
of tops were sold during the morning according to trade esti¬
mates.
At the low of the morning prices were down 6 to 10
points below last night's
finals.
Boston advices stated that
top business is improving but quiet. There has been
demand for worsted wools. Local closing for wool tops:
the spot
some
92.5; Mar., 91.8; May, 91.8.
points net higher. Wool tops
futures opened firm and continued to strengthen during the
morning trading. Buying was general and the English ster¬
ling situation was also a factor in the rise.
Total transac¬
tions during the morning amounted to 500,000 pounds of
tops, according to trade estimates.
In the early dealings
prices were 2 to 11 points higher than last night's close and
at midday had extended the gains to from 13 to 20 points
over the previous finals.
Boston advices state that mills are
reluctant to purchase wools at present prices although they
are
picking up small lots at prices slightly below those
generally prevailing. Local closing: July, 96.2; Oct., 94.8;
July, 95.0; Oct., 93.3; Dec.,
Today futures closed 12 to 17
Dec., 93.9; Mar.,
93.5.
2c. net lower.
News of small mill takings of
Silk—On the 3d inst. futures closed 5c. to
Transactions totaled 89 lots.
The Commercial & Financial Chronicle
3686
silk caused the silk futures market to sell off.
The market
June 8, 1940
In order that comparison may
opened 6 to 10c. a pound net lower and stood 3 to 5J^e. net
during early afternoon. Japanese selling was reported.
In the uptown spot market the price of crack double extra
silk declined 5c. to $2.72 a pound.
The Yokohama Bourse
declined 27 to 41 yen.
Spot grade D silk was 25 yen lower
at 1,475 yen a bale.
Local closing: No. 1 contracts: June,
2.60; July, 2.57; Aug., 2.54; Sept., 2.513^; Oct., 2.48; Dec.,
2.473^. On the 4th inst. futures closed unchanged to 2c. net
lower. Transactions totaled 38 lots, all in the No. 1 contract.
be made with other years,
give below the totals at leading ports for six seasons:
we
lower
Savannah
Charleston
Raw silk futures
Srice of crack to $2.63 pound. the New York spot market
eclined 2c.
double extra silk in The Yokohama Bourse
a
closed 6 to 31 yen lower.
Spot Grade D silk was 15 yen
Local closing: No. 1 contracts: June,
2.54; July, 2.51; Aug., 2.48; Sept., 2.47; Oct., 2.43; Nov.,
2.4034; Dec., 2.40.
Today futures closed 33^ to 6c. net
higher.
Transactions totaled 51 lots.
Silk futures were
firm in sympathy with other commodity markets,
prices
standing 3 to 3 34c. a pound higher. Higher prices in Japanese
primary markets also were a factor. Sales to early afternoon
totaled 19 lots.
In the uptown spot market tire price of
crack double extra silk advanced 3c. a pound to $2.66.
Forty bales were tendered for delivery on June contracts.
The Yokohama Bourse closed 16 to 23 veu
higher.
Spot
Grade D silk advanced 20 yen to 1,425
yen a bale.
Local
closing: June, 2.5734; July, 2.55; Aug., 2.52; Oct., 2.4634;
Dec., 2.4434; Jan., 2.43.
lower at 1.405 yen.
Friday Night, June 7,
indicated by
3,611,772 bales.
891
3,827
1,252
575
Wed.
1,926
1,003
Thurs.
Mobile.....
l",628
322
oi the
3,213
2,497
731
'585
Savannah
previous
3
"806
822
159
59
6,163
6,818
3,145
3,925
5,414
27.624
The
following table shows the week's total receipts, the
total since Aug. 1, 1939, and the stocks
tonight, compared
with last year:
1939-40
1938-39
Galveston.
Brownsville
Houston
Corpus Christi
Beaumont
New Orleans
Mobile
Pensacola & G'p't
Jacksonville
Savannah
Charleston
Lake
This
Week
This
Week
1, 1938
179,215
70,404
8,349 2,423,946
156
161,374
54,593
1,882
'822
64,510
38,565
Charles
5,887
346
Houston
1,019,631
411
293,119
16,678
3",936 815,600
520
65,528
12,279
665",239
559,702
44,873
31,778
416,179
43,661
z3,477
1,352
144,833
30,828
5,413
11,063
27,471
3*847
~153
496
22,546
227
New York
v
2,059
35,640
16,096
38,774
13,284
15,571
x
38,933
95,034
605,063
70,295
60,574
1,380
112,519
25,522
'4,181
7,560
24,161
500
Baltimore
21,497
27,624 6,949,873
698
24,419
100
2,687
1,325
1,268
1,200
16,177 3,338,101 2,364,312 1,799,651
Receipts included in Corpus Christi.
z
Italy
many
9,098
10,731
Total
1,129
1,200
659
1~300
1,009
1,003
8,383
26,580
5,537
10,498
2,111
2,500
3,841
53,551
958
2,695
1,798
5,713
11,004
16,488
34,284
900
21,181
1939.
3,562
105
Total
1938.
9,572
2,320
13,420
Total
Total
13,051
"982
12,520
1,352
Angeles
Other
1,170
5,395
...
New Orleans
China
Japan
2,783
619
3,455
8,617
2,674
From
Exported to—
Aug. 1,1939 to
June 7, 1940
Great
Exports from—
Britain
Galveston..
374,158 141,252
482,992 149,451
*71,308 27,424
Houston
Brownsville
Beaumont
Ger¬
France
8,496
_.
Italy
many
18,329
4,334
*8J69
Other
400
..
435~428
16,290
Mobile
67,297
1,135
22,878
6,182
42,700
26,235
6,773
14,145
11,507
18,824
811
2" 708
196
1,704
11,170
8,837
100
11,267
75,278
27,810
6,773
24,629
1,050
100
55*720
50
"2", 106
L825
50
IO",510
9,324
1,872
6,231
10,281
Charleston
71.342 221,010 1771,683
4,179
19,494
"76
Savannah
84~699
491
550
Pensacola, Ac.
8*721
Wilmington..
Gulfport
York--.
Boston
211
""486
1,575
1*271
7,388
284
9,994
300
9,521
Baltimore
Los Angeles.
San
585
227,420
199
Jacksonville..
Norfolk
Total
185
723,615
Orleans
New
China
207,240 52,685 412,386 1338,227
238,794 198,510 368,542 1650,384
37,586 10,390 25,452 200,731
4,309
3,922
27,922
8,257 203,838
10,242
6,861
Lake Charles.
New
Japan
286 150,220
31,419
127,282
11,791
30,067
9,971
1
"214
200
192,853
66,286
31,150
11,186
Francisco
24,393
1,336
63,043
21,558
351,901
124,759
12
.
12
Seattle
Total
1951,635 807,006
33,456 609,282
450,487 390,973
439,274 290,705
857,042 508,999
Total
1938-39
Total
1937-38 1577,293 743,796
869,766 397,318 1154840 5823,303
851,081
611,282
94,250 632,954 3149,724
89,8411985,804 5374,057
On
Shipboard Not Cleared for—
June 7 at—
Leaving.
Great
Britain
Galveston
Ger¬
France
200
many
Other
Foreign
700
14,600
Houston.^....
New Orleans..
Coast¬
wise
Stock
Total
4,000
2,000
2,924
2,473
"555
6,900
17,524
2,973
Savannah
Charleston
25.522
Mobile
70,295
24,161
Norfolk
Other
ports
212,174
Total
1940..
1939..
Total
1938.
.
200
15,300
1,284
2,040
3,784
Speculation
was
642,439
647,715
602,090
112,519
4,085
4,508
1,966
9,397
8,196
34,897
in cotton for future
2,500
2,157
7,011
27,397 2,336,915
17,762 1,781,889
52,166 2.428,297
delivery the past week
relatively light, with prices irregular and ruling within
a
comparatively
the
narrow range.
There is considerable
foreign situation, realizing,
do, that the European crisis could have world-wide
cussions.
battle
Attention
now
going
on
of
the
world
in France.
is
nerv¬
as most traders
focused
on
the
reper¬
great
It is reported that brokers,
tion
exists
despite
a
The tight spot situa¬
slump in demand for textiles.
On the 1st inst.
476,453
Boston
Totals
1939
649,339
2
Ger¬
France
be forced to curtail output seriously.
1940
969,423
45,971
9,718
Great
Galveston..
Los
the exports for the week:
dealers and textile manufacturers express the opinion that
the tight spot cotton situation improves mills will
Since Aug
1, 1939
2~,497
Wilmington
Norfolk
Since Aug
9,004 1,748,408
41,153
6,450 2,066,091
are
unless
Stock
Receipts to
June 7
Below
season.
346
13
2,159
""558
Britain
ousness over
Totals this week.
"l",846
Ezported to—
June 7, 1940
Exports from—
156
"128
Norfolk
9,004
6,450
2,497
8,349
135
"16
2",236
Week Ended
Total
751
365
1,664
3,741
5
Fri.
42
1,277
Beaumont
New Orleans....
Tim
for the week ending this evening reach a total
53,551 bales, of which 21,181 were to Great Britain,
13,420 to France, nil to Germany, 10,498 to Italy, 2,111 to
Japan, 2,500 to China, and 3,841 to other destinations.
In
the corresponding week last year total exports were 16,488
bales.
For the season to date aggregate exports have been
5,823,303 bales, against 3,149,724 bales in the same period
Total
Galveston
1,262
The exports
tele¬
ba'es, against 30,472 bales last Week and 42,308 bales the
previous week, making the total receipts since Aug. 1, 1939,
6,949,873 bales, agaicst 3,338,101 bales for the same period
of 1938-39, showing an increase since
Aug. 1, 1939, of
Houston
30
256
1940.
our
from the South tonight, is given below. For the week
ending this evening the total receipts have reached 27,624
Tues.
1,304
of
grams
Mon.
"798
In addition to above exports, our
telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
COTTON
Sat.
3
226
2~497
Corpus Christi
Receipts at—
65
2
easier
were
with lower primary markets but selling pressure
light, and was largely in June owing to circulation of
delivery notices totaling 12 lots.
During early afternoon
the June contracts stood at $2.5634, off 34c.
July at $2.52
was 234c. lower.
Sales to that time totaled 22 lots.
The
as
"527
27,624
16,177
20,069
22,325
32,597
14,317
Since Aug. 1— 6,949,873 3,338,101 6,997,288 6,193,781 6,598,257 3,972,899
Transac¬
was
Crop,
""835
Total this wk.
in sympathy
The Movement of the
331
1,432
227
--
All others
18 lots.
Transactions totaled 44 lots.
423
302
346
Wilmington-.
In the uptown spot market crack double
$2.68 a pound.
Certificated stocks
decreased 70 bales to a total of 1,370 bales.
The Yokohama
Bourse closed 15 to 30 yen lower.
Spot grade D silk declined
35 yen to 1,440 yen a bale.
Local closing: June, 2.60; July,
2.57; Aug., 2.53K; Oct., 2.48; Nov., 2.46^; Dec., 2.453^.
He. net lower.
—
Norfolk
selling at $2.56.
On the 6th inst. futures closed ZH to
3,310
2,026
6,906
N'port News.
extra silk declined 4c. to
13^c. net lower.
523
1,655
9,128
5,185
2,453
1934-35
7,237
3,511
16,033
1,464
Brunswick
later dealings on a turnover of only 20 lots to early afternoon.
At that time prices were about a cent net lower, with July
Japanese interests were reported as
sellers in the raw silk futures market, which recovered after
opening 3 to 53^c. lower. Dec. during early afternoon stood
at $2.433^, off 2c.
Sales to that time totaled only 5 lots. In
the uptown spot market crack double extra silk declined 3c.
to $2.65 a pound.
Certificated stocks decreased 40 bales to
1,330 bales.
Yokohama Bourse prices were 3 to 11 yen
lower.
Spot grade D silk declined 20 yen to 1,420 yen a
bale.
Local closing: No. 1 contracts: July, 2.543^; Oct.,
2.453i; Nov., 2.43^; Dec., 2.43^; Jan., 2.42^.
520
4,788
5,082
1,087
l",200
Mobile
438
496
8 349
156
822
Orleans.
6,079
5,887
3,847
3,936
6,450
New
Easier primary markets caused commission house selling of
silk futures, with the result that the market opened 2%
to 6c. lower.
However, the market turned firmer in the
On the 5th inst. futures closed 3c. to
1935-36
1936-37
1937-38
1938-39
9,004
Houston
raw
tions totaled
1939-40
Receipts atGalveston
Gulfport not included.
prices closed 1 to 3 points net lower. A
liquidation checked early moderate
today's cotton futures, but after prices had
dipped to net losses of 5 to 12 points, enough trade buying
developed to steady the undertone. Ability of the Bombay
market to resume trading today after having temporarily
suspended transactions on Friday, created somewhat better
renewal of
advances
near
month
in
sentiment at the outset.'
Prices in the East Indian market
showed slight gains and initial levels here were 2 to 6 points
higher.
Price fixing, Wall Street and local buying were the
of support.
Rene-wed selling was attracted by
these early higher levels and the market turned easier during
the morning.
Spot houses were sellers of Oct., presumably
representing hedging of American and foreign growths. Other
brokers with Bombay and Southern mill connections were
chief
sources
Volume
sellers of
The Commercial & Financial Chronicle
ISO
Spot cotton sales at the 10 designated markets
last week amounted to 28,391 bales compared with 34,510
bales in the preceding week and 25,733 bales in the like week
of last year.
On the 3d inst. prices closed 2 to 10 points net
lower.
Poor foreign cables, continued favorable weather in
July.
3687
New Contract—Basis
.
Middling 15-16 incn, established for
on contract on June
13, 1940, and staple premiums
discounts represent full discount for
inch and 29-32staple and 75% of the average premiums over 15-16-inch
deliveries
and
mch
cotton at the 10 markets
on
June 6.
,
the cotton belt, slower trade demand for futures and curtail¬
ment
reports from textile centers of the south, all helped to
put cotton prices lower on the New York Cotton Exchange
today.
Opening prices
trading.
were
Foreign selling
Old Contract
H
Inch
2 to 7 points lower in light
light, but the Bombay market
made a new low level for the year, based on free sterling,
and Liverpool reported sellers at the fixed prices of May 16.
Leading spot interests sold a moderate quantity of Octobers,
believed to be .hedging cancellation of export business, and
there were also a few southern selling orders on a bulge that
carried prices 2 points net higher to 5 points net lower.
Buying was chiefly attributed to trade shorts.
Southern
spot markets today were unchanged to 11 points lower. Sales
totaled 2,564 bales, against 9,705 spot sales on Saturday and
5,104 a year ago.
On the 4th inst. prices closed 2 points
higher to 4 points lower. Initial sales were made at losses of
1 to 3 points on small
foreign selling orders princioally in
March.
Liverpool fixed prices were ignored. Bombay made
new lows for the
year, with July-Aug. broach nearly 400
points under New York.
Foreign participation in the local
was
market continued to diminish.
The market recovered
and
atone time
15-16
Inch
New Contract
1 In.
and
7A
15-16
31-32
1 In.
Inch
Up
29-32
Inch
Inch
Inch
and Up
W^hite—
Mid.
Fair
.55
.66
on
.75
on
.36
on
.45
on
.54
on
.60
on
8t. Good Mid...
.66
on
.50 on
.60
on
.70
on
.31
on
.39
on
.49
on
.55
on
.61
on
Good
.44 On
.54
on
.64 on
.25
on
.33
on
.43
on
.49 on
.55
on
.20
on
.30
on
St.
Mid
Mid..
on
.31
.52
on
.22
on
.19 off
.10 off
Basis
.06
.29 off
.66 off
.59 off
.50 off
.45 off
.38 off
1.03 off
.93 off
.86 off 1.21 off 1.14 off 1.05 off 1.00 off
1.51 off 1.43 off 1.37 off 1.69 off 1.65 off 1.55 off 1.53 off
2.08 off 1.98 Off 1.94 off 2.21 off 2.18 off 2.10 off 2.08 off
.95 off
on
.41 on
Mid
Basis
.11
St
.48 off
.38 off
Low Mid
Low Mid
•St. Good Ord_.
•Good Ord
Extra
on
.12 on
.37 on
.44
on
.14
on
on
.49 off
.05 off
White—
Good Mid
.44
on
St. Mid
.31
on
Mid
Even
on
.64
on
.25
on
.33 on
.41
on
.52
on
.12
on
.20
.11
St. Low Mid....
.48 off
Low Mid
1.03 off
•St. Good Ord._ 1.51 off
.54
on
.22 on
.19 off
.10 off
Even
.38 off
.29 off
.66 off
.59 off
.50 off
.45 off
.38 off
.93 off
.86 off 1.21 off 1.14 off 1.05 off 1.00 off
.95 off
.43
on
.49
on
.55
on
.30
on
.37
on
.44
on
.06
on
.14
on
on
1.43 off 1.37 off 1.69 off 1.65 off 1.55 off 1.53 off 1.49 off
2.08 off 1.98 off 1.94 off 2.21 off 2.18 off 2.10 off 2.08 off 2.05 off
•Good Ord
Spotted—
Good Mid
.09
on
.19
on
St. Mid
.08 off
.03
on
Mid
.58 off
.48 off
.28
on
.11 Off
.02 off
.06
.13
on
.25 off
.16 off
.07 off
.12
on
.19
a
on
.06
on
.01 off
.39 off a.77 off a.69 off a.60 off a.55 off
on
.49 off
•St. Low Mid... 1.21 off 1.13
off 1.07 off 1.39 off 1.35 off 1.26 off 1.24 off 1.18 off
1.86 off 1.81 off 1.78 off 2.05 off 2.03 off 1.97 off 1.95 off 1.92 off
•Low Mid
was
Tinged—
unchanged to 6 points higher, with strength
Good Mid.
.48 off
.40 off
.33 off •.67 off ♦.62 off ♦.54 off •.50 off •.44 off
July.
Trade covering increased on this bulge.
Prices
St. Mid
.68 off
.61 off
.54 off *.87 off •.83 off *.75 off ♦.72 off *.66 off
•Mid
1.25 off 1.21 off 1.18 off 1.42 off 1.41 off 1.37 off 1.36 off 1.33 off
sagged again, due to hedging by leading spot houses, one
•St. Low Mid... 1.82 off 1.80 off 1.79 off 1.99 off 1.98 off 1.96
off 1.95 off 1.94 off
order apparently being to sell 1,000 Oct.
every point up. New
•Low Mid
2.31 off 2.30 off 2.30 off 2.49 off 2.49 off 2.49 off 2.48 off 2.47 Off
Orleans brokers supported the market at times.
Yellow StainedLoan dis¬
Good Mid
1.00 off
.93 off
.85 off *1.18off •l.lSoft •1.06 off ♦1.03 off •.96 off
cussions are becoming more
frequent in the cotton trade,
♦St. Mid
1.35 off 1.34 off 1.32 off 1.54 off 1.53 off 1.52 off 1.51 off 1.49 off
accounting in part for the lack of interest in the selling side
•Mid
1.85 off 1.84 off 1.84 off 2.03 off 2.03 off 2.03 off 2.02 off 2.01 off
Gray—
from a speculative viewpoint.
Southern spot markets were
Good Mid
.59 off
.51 off
.42 off *.77 off •.73 off ♦.65 off •.60 off •.52 off
generally unchanged to 1 point higher, except for New
St. Mid
.73 off
.92 off
.65 off
.56 off
.88 off
.74 off
.79 off
.67 off
Mid
1.24 off 1.17 off 1.13 off 1.43 off 1.39 off 1.32 off 1.29 off 1.25 off
Orleans, which was 14 points higher.
Spot sales today
totaled 1,817 bales, against 2,564 on Monday and 5,246 a
•Not deliverable on future oontract.
a Middling spotted shall be tender able
only when and If the Secretary of Agriculture establishes a type for such grade.
year ago.
On the 5th inst. prices closed unchanged to 9
points net lower. Trade buying of July steadied the cotton
Market and Sales at New York
market, rallying it from early lows. Prices during the early r
afternoon were 1 to 9 points lowei, with new
The total sales of cotton on the spot each day
crop deliveries*;;
during the
relatively heavy.
Influenced by steady markets abroad,
week at New York are indicated in the
following statement.
cotton futures opened 1 to 4 points lower in spite of un¬
For the convenience of the reader we aLso show how the
favorable war news.
After the opening, prices gradually
market for spot and futures closed on the same days:
drifted lower under renewed pressure.
Brazilian hedge
selling, offerings by Bombay and liquidation combined to
Total
Contract
Spot
force prices down as much as 11 points.
Liquidation was
Old
New
Old
Old
New
New
particularly heavy in Mar. and caused the maximum decline
in that delivery.
Ring professionals bought distant months,
Saturday
while trade firms were buyers of July contracts.
Monday
II
II
Trading
in
I
•
«
1
was
restricted in volume
await
most interests show
as
a
desire to
developments
on the western front.
One effect of the
has been the loss of textile centers in
German invaders.
The change increases the
spread of the
France
to
war
burden which falls
on
demands for cotton to
British mills and
will increase their
Tuesday
Wednesday
Thursday
Friday
l",l06
11
Total week
Since
equip the Allied armies.
V
I!
1
1
I
1
1
1
1
1
late trading.
to a
response
was
The opening range was 3 to 5 points lower, in
further decline in Bombay.
A fair demand
by Bombay and spot houses.
On the buying end were trade
It is now pretty well
Orleans.
established that most of the selling in the market has been
in the form of hedges from Brazil and sales made here
against purchases in
Bombay,
bought the spot months, holding the price firm.
Steadiness
July was due to the firm spot cotton basis in the South.
in
Today prices closed 8 points to 1 point net higher.
Cot¬
ton futures had moments of strength.
The market was hold¬
ing gains of 6 to 14 points during early afternoon, both old
and new crop deliveries advancing.
Strength in free ster¬
ling was the governing influence.
The market started 5 to
10 points net higher, when active demand for July contracts
interests made its appearance.
sterling exchange situation was
making for higher prices.
Other commodities such
trade
shorts
and
spot
Some traders felt that the
factor
as
rubber
and
have
cocoa
been
^influenced by the reports
Leading spbt interests were on both
early dealings, selling both July
Bombay offered contracts and also there was
concerning sterling.
sides of the market in the
and October.
a
1
t
1 1* 1 1 I
It f
1 II
1 I1
1
1
1
til
1
I
I
l
I
1
I
i
I
1
I
I
I
1
t
f.ioe
1
II
83,900
I
1
I
t
I
1
1
I
I
1
1
1,106
104.722
•
I
1
....
3,500 188,622
3,500
Futures Markets Closed
Spot Market Closed
Old
Saturday...
Monday
Nominal.
Tuesday
Nominal.
New
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Nominal.
...
Nominal.
Wednesday.
Thursday
Friday
Nominal.
Nominal.
Steady
Steady
Steady
Steady
Steady
Steady
certain degree of hedge
selling, according to ring gossip.
The official quotation for middling upland cotton in the
New York market each day for the last -week has been:
Sat.
June! to June 7—
Middling upland
(nominal)
10.21
Middling upland 15-16 (nom'l). 10.41
__
Futures—The
Mon.
Tues.
Wed.
Thurs.
10.12
10.13
10.18
10.31
10.32
10.33
10.38
10.51
Fri.
10.36
10.56
highest,, lowest and closing prices at New
York for the past week have been as follows:
Saturday
Monday
Tuesday
June 1
those
having the effect of
shifting shorts from Bombay to New York.
Trade firms
a
1
1
t
in evidence, but it was readily supplied with offerings
interests, mills and New
by
1
1
I
1,106
Aug. 1
On the 6th inst. prices closed 15 to 5 points net higher.
Hedge selling of new crop deliveries caused December cotton
to dip to a new low price for the season, while a tight
spot
situation imparted steadiness to the July option, the market standing seven points higher to seven
points lower in
I
I
1
I
June 3
June 4
Wednesday
June 5
Thursday
Friday
June 6
June 7
June(1940)
(old)
Range..
Closing
June
9.54 n
„
9.44/1
9.45w
9.45/1
9.58/1
9.63/t
(new)
Range..
9.74 n
9.65/t
9.67»
9.67/1
9.80/1
9.85 n
9.28- 9.47
9.29- 9.37
9.25- 9.35
9.23- 9.32
9.26- 9.43
9.48- 9.63
9.38- 9.40
9.29
9.30
9.30
9.43
9.48
Range..
9.49- 9.59
9.50- 9.58
9.47- 9.54
9.45- 9.50
9.48- 9.55
9.70- 9.82
Closing
9.59
9.50
9.52 n
9.52/1
9.65 n
9.70
9.34/1
9.25 n
9.27 n
9.27/t
9.40/1
9.45/1
9.03/1
Closing
.
(old)
July
Range
—
Closing
.
(new)
July
.
Aug.—
Range—
Closing
_
Sept.—
Range—
8.99 n
8.91/1
8.91/1
8.88/t
8.97 n
Range..
8.57- 8.68
8.56- 8.02
8.55- 8.60
8.45- 8.56
8.42- 8.56
8.59- 8.71
Closing
8.64
8.58- 8.59
8.56
8.50
8.55
8.62- 8.63
Closing
.
Oct.—
.
—
—
Nov.—
Range..
8.59/1
8.54/1
8.51/1
8.45 n
8.51/1
Range..
8.50- 8.59
8.48- 8.54
8.47- 8.51
8.36- 8.47
8.33- 8.47
8.52- 8.64
Closing
8.54- 8.57
8.50
8.47
8.40
8.47
8.55
8.36- 8.36
8.26- 8.26
8.45- 8.45
Closing
.
8.58 n
Dec.—
Jan.
.
—
—
—
(1941)
Range..
Closing
Premiums and Discounts for Grade and Staple—The
table below gives the premiums and discounts for grade and
staple in relation to the base grade. Premiums and discounts
for grades and staples are the average quotations of 10
markets designated by the Secretary of Agriculture.
.
8.48/1
8.44/1
8.40/1
8.33 n
8.40/1
8.46/1
8.39 n
Feb.—
Mar.—
Range..
8.41/1
8.38/1
8.35 n
8.27/1
8.34/1
Range..
8.32- 8.39
8.30- 8.36
8.29- 8.33
8.19- 8.28
8.16- 8.29
8.31- 8.43
Closing
8.34- 8.36
8.32
8.30
8.22
8.29
8.32
Closing
.
.
—
—
—
—
April—
Range..
Old Contract—Basis
Middling J^-inch, established for de¬
June 13, 1940, and staple premiums
represent 60 % of the average premiums over J^-inch cotton
liveries
on
contract
at the 10 markets
on
on
June 6.
8.28 n
8.24/1
8.22/1
8.14/1
8.2271
8.24/1
Range..
8.20- 8.26
8.15- 8.17
8.15- 8.17
8.04- 8.15
8.01- 8.15
8.15- 8.27
Closing
8.22
8.17
8.15
8.06- 8.07
8.15
8.16
Closing
.
>
May—
n
.
Nominal.
—
—
—
The Commercial & Financial
3688
Range for future prices at
;
Option for—
New York for the week ended
and since trading began on each option:
June 7, 1940,
Range for
*
Range Since Beginning of Option
Week
New York
The
9.63 June
9.82 June
June 7
3 1940
3 1940
1940
7 1939
1939
1 1939 10.60 Jan.
I 1939 10.82 Jan.
8.08 Aug. 31 1939
9.54 Dec.
7
5
7
1935
1934
6
8.71 June
7
6
8.04 June
7
8.33 June
17 1940
6 1940 10.18
8.42 June
8.33 June
...
December..
1 1939 10.29 Apr.
17 1940
Apr.
12.25c.
1941—
6 1940 10.14 Apr. 17 1940
8.26 June
6
8.45 June
7
8.26 June
March.....
8.16 June
0
8.43 June
7
8.10 May 18 1940 10.08 Apr.
May
8.01
6
8.27 June
7
8.00 May 18 1940
January
1937
1936
1931
1930
1929
1928
12.85c*
1915
9.65c-
1914
1921 —12.70c.
1913
13.65c.
12.75c.
11.65c.
15.90c.
15.40c.
1924
1923
40.00c.
1920
1912
1919
32.75c.
1911
18.80c.
1918
30.05c.
1910
23.95c.
1927
1926
9.25c. 1925
1933
1916
28.85c.
29.10c.
1922 —22.55c.
5.00c.
8.2,5c.
15.30c.
.18.95c.
21.10c.
17.10c.
1932
10.36c.
9.91c.
8.11c.
12.59c.
11.79c.
11.95c.
.
8.25 Nov.
Quotations for 32 Years
quotations for middling upland at New York on
for each of the past 32 years have been as follows:
1938
September
October.
5
7.63 Sept.
7.90 Sept.
9.23 June
9.45 June
New
June 8, 1940
380,453 bales less thanfat the same peiiod last year.
The
receipts of all the towns have been 44,225 bales more than
in the same week last year.
1940—
July old
Chronicle
1917
23.80c.
1909
11.30c.
b
February
June
8.62
May 17 1940
Delivery—The Commodity
Volume of Sales for Future
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
Overland Movement for the Week and Since Aug. 1—
17 1940
We give below a statement showing the overland
for the week and since Aug. 1, as made up from
May 31
New York
June 1
Juhei
June 3
Deduct
19,458
5,375
24,730
9,148
394,400
Shipments—
Overland
13,400
9,800
9,200
13,600
16,100
300,800
800
700
600
1,100
700
900
22,700
30400
15~400
8",900
4",200
183,200
174,821
3,399
8,821
167,890
624,599
698
Inland, &c., from South
14,208
21,519
8,749
346,529
Total to be deducted
14,401
376,797
6,250
428,278
9,812 1,168,960
13,208
734,452
to N.
Y., Boston, &c
"
25,200
Aug. 1
3,217
2,225
75
75
3,698
10,243
3,100
7,551
Virginia points
Via other routes, &c___
June 9
New
Week
365,406
253,575
12,310
9,075
169,859
169,859
735,532
735,532
8,207
4,725
199
431
—
Island..
Via Louisville
Via Rock
1940—
July—Old
Since
Week
1,545,757
Via St. Louis
Via Mounds, &c.
Open
Contracts
June 6
Since
Since
Aug. 1
Aug. 1
Week
since-
1938-39
1939-40
June 7—
Shipped—
Via
June 5
week and
reports Friday night.
The results for the
Aug. 1 in the last two years are as follows:
given in bales of 500 lb. gross weight.
are
movement
telegraphic
193
Between interior towns
177
October—Old
•:
New-... .......
19",800 36~70d
34",700 46"600
316^706
22^400 24"; 100
276",700
December—Old
New.*—..
7~600
ll",900
*
1941—
January
March
1,800
200
11,600
18,500
11,500
134,500
12,700
9,200
72,900
.
11,900
9,800
.
3,600
1,400
5,500
86,700
—
May...
Leaving total net overland *
38,700
44,000
700
3,700
1,000
Inactive months—
200
August, 1940
Total all futures
64,600 104,400 108,600 1,136,100
Including movement by rail to Canada.
The
foregoing shows the week's net overland movement
has been 9,812 bales, against 13,208 bales for
last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 434,508 bales.
this year
the week
Junes
Contracts
June 4
June 4
Since
Since
Spinners'
Takings
Open
June 1
May 29 May 30 May 31
New Orleans
1938-39-
1939-40
In Sight and
Week
Aug. 1
Week
Aug. 1
7--135.0OO
6,949.873
1,168,960
6,312,000
16,177
13,208
110,000
3,338,101
734,452
5,363,000
172,436
*36,461
14,430,833
*195,822
139,385
*35,290
9,435,553
647,746
Receipts at ports to June 7
27,624
Net overland to June 7
9,812
Southern consumption to June
1940
750
4,550
2,800
July—Old
.
750
3,550
1,500
New
October—Old
41,300
3,400
9,100
Holi¬
2,050
New
December
day
11,500
1,200
2,700
4^400
5,850
53", 450
800
1,900
1,550
excess
Southern
of
mill
takings
consumption to May 1
29,300
over
Came into sight during
Total in sight June 7
1941—
98,952
620,488
week
104,095
135,975
10,182,251
14,855,499
1,450
January
March
Total marketed
Interior stocks in
Excess
_
2,100
50
250
350
25,600
200
2,100
_
100
100
600
North, spinn's' takings to June
*
Total all futures....
The Visible
we are
19,550
16,050
1,268,697"
5,450
May...
4,400
9,100
11,700
159,950
Supply of Cotton—Due to war conditions
obliged to omit our usual table of the visible supply
of cotton.
7.. 17,104
28,225
1,505,587
Decrease.
Movement into
sight in previous
1938—June
years:
Since Aug. 1—
Bales
Week—
Bales
1937
9
14,558,474
14,049,302'
13,124,871
84,990
.136,899 1936
.131,138 1935-.
1937—June 11..
1936—June 12„
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
Southern principal cotton markets for each day of the
At the Interior Towns, the movement, that is, the
receipts for the week and since Aug. 1, the shipments for
Below
the week and the stocks tonight, ana the same items for the
corresponding periods of the previous year—is set out in
week:
detail below:
Closing Quotations for Middling Cotton on—
Movement to June 9, 1939
Movement to June 7, 1940
Week Ended
Wednesday
Thursday
Saturday
Monday
Tuesday
K
15-16
V%
Vs
In.
In.
In.
In
In.
In
In.
In
In.
9.63
9.83
9.54
9.74
9.55
9 75
9.55
9.75
9.68
Friday
June 7
Ship¬
Week
Season
7
Ship¬
Week
Season
June
Week
Receipts
Stocks
ments
June
Week
Receipts
Stocks
ments
Towns
9
Galveston..
120
51,459
1,607
87
Ala., Birm'am
16,498
104
Eufaula
647
66,866
816
71
Montgom'y
29,156
171,081
283
9,281
Selma
Ark.,Blythev.
Forest City
252
904
113,033
2,210
Jonesboro..
Little
*396
3,718
848
32,303
69,558
41,111
2
Hope......
14,335
86,223
74,523
52,125
121,779
33.666
35,626
32,300
24,213
122,068
"200
Helena
500
250
1,868
71,571
15,624
7,887
"817
786
44,903
131,907
496
588
2,140
500
39,035
19,324
36
30
38,689
1,341
22,238
1
211
139,655
710
66,710
373
Walnut Rge
Ga., Albany..
Athens.
31
62,966
15,103
503
154
329
33,438
10,703
Pine
Atlanta
70
5,494
3,869
Augusta
Columbus..
400
Macon
114
Rome
La., Shrevep't
Miss., Clarksd
"184
Columbus..
557
Greenwood
Jackson
882
829
17
...
Natchez
40,088
160,942
160,752
16,000
38,728
16,726
108,488
165,442
22,120
240,373
34,253
7,258
27,855
*r"i
498
6,336
1,871
122,556
4,444
118,237
978
400
29,300
300
705
1
250
28,635
36,451
22
127,496
12,400
28,254
16,907
701
55,572
13
86,548
501
2,198
40,999
31,478
52.667
847
135,939
28,359
201,673
32,930
7,887
29,332
45,540
2,197
182,841
3,217
5,800
34
671
3,307
816
13,110
402
188
493
13,271
354
14,273
48,170
568
31,181
Mo., St. Louis
7,895
367,717
8,207
4,646
15 towns *
4,965
82
3",197
5
1,466
2,309
3,907
2,286
400
838
20
525
132
35,391
15,820
451
17,468
668
43,042
2,905
1,652
319
334,399
2,537 121,007
47,358 3409,551
5,093
171,918
70,148
48
339,138
2,367
2,726
1,864
95,706
18,581 1987,057
...
Memphis
Houston
...
9.68
9.63
9.73
9.
9.95 10.10 10.08 10.23 10.13 10.28
9.85 10.00
9
9.85 10.00
10.54'l0
9.88| 9.58
9.95 10.25
9.25
9.15
9.95 10.10 10.00 10.15
25 10.15 10.25 10.15 10.25 10.15 10.25
5510.40 10.55 10.53 10.68 10.58 10.73
9.58
9.78
9.95 10.25
9.95 10.25
Dallas
9.55
2510.05 10.25 10.15 10.35 10.15 10.35-
9.78
Little Rock.
9.45
9.58
Holl day
10.49 10.6410.39
9.68
9.93
2510.05 10.25 10.20 10.40 10.22 10.42
9.45
10.05 10.2510.05 10.2510
..
9.73
9
9.54
Montgomery. 10.15 10.2510.15 10.25 10
Augusta
In.
9.88
9.16
9.35
9.36
9.71
9.91
9.95 10.25
9.29
9.49
9.76
9.96
9.95 10.25
9.34
9.54
New Orleans Contract Market—The
for leading contracts ia tbe
the past week have been as
closing quotations
New Orleans cotton market forfollows:
Saturday
Monday
Tuesday
June 1
June 3
Wednesday
June 4
June 5
Thursday
Friday
June 6
June 7
1940—
July old
New
..
...
October
..
December.
9.476-9.48a
8.41
9Aln
9.42
9.56
9.58
9.656
9.596
9.596
9.626
9.766
8.60- 8.61
8.60
8.54
8.60- 8.61
8.69
8.57
8,53
g.49
8.59
8.476
8.446
—
9.786
8.67- 8.68
8.506-8.52a 8.446-8.45a
1941—
January
March
._
...
8.376-8.39a 8.336-8.35a 8.326-8.33a
8.246-8.26a
May
8.416
8.206
8.196
8.356
8.406
8.28
8.32
8.12- 8.13 8.166-8.17a
8.506
8.35
8.17n
Quiet.
Quiet.
Steady
Steady
Steady.
Steady.
Steady
Steady
Steady
Steady.
Steady.
"~6
22,033
15,509
19
1,430
31
14,839
~196
2,663
52,267
*195
45
45,921
240
76,222
45
1,179
32,650
22,751
28
63,270
312
39,691
41,954
572
4,237
657
*265
4,406
"355
1,078
""43
6,479
13,349
19
San Marcos
163
97
37,210
56,710
84
22,652
15
28,345
9
34
12,732
75
55,368
2,050
35,979
21,034
28
...
73,543 6465,027
877
110,004!2220,186 29,31814633,561^
64,608 2600,63q
Includes the oomblned totals of 15 towns in Oklahoma.
above
totals
show
during the week
that
the
30,461
interior
bales
and
stocks
are
Quiet
Quiet
Steady
Steady
9,455
6,518
Jv^Quiet
Quiet
Steady
5
29,767
Texarkana.
decreased
9.95 10.10
In.
New
13
...
The
10.04 10.19
..
115-16 -
In
Old futures
122
Robstown..
♦
Savannah
Norfolk
9.91 10.11 10
9.44
9.63
hi
15-16
Spot
26,954
7,422
15,725
4
Dallas
Waco
9.53
%
61,118
620,133
12,485
607,949
..
Total, 56 to was
9.95 10.15
Mobile
15-16
260,644
1,726
58,358
48
Brenham
New Orleans
%
15-16
Tone—
Austin
Paris
92
31,770
51
S. C., Gr'ville
Tenn., Mem's
Texas, Abilene
26
32
"185
126
427
1,974
37,420
104,066
505
Vlcksburg..
Yazoo City.
N.C., Gr'boro
Oklahoma—
67,838
215
60,275
Bluff.
Newport...
156,776
49,654
49,856
46,756
34,327
125,779
38,961
109,721
40,602
13,150
30,584
81,763
130,559
33,600
26,561
32,732
76,565
37,066
34,516
38,998
104,810
40,198
136,698
48,611
13,457
Rock
27,222
9,763
54,479
72,886
15-16
have
tonight
fut'es
Exchange
June 3 elected Robert J.
Election of Officers of New York Cotton
The New York Cotton Exchange on
Murray
as
President, Gustave I. Tolson as Vice-President,/
and William J. Jung as Treasurer.
Mr. Murray has been
Vice-President of the Exchange for the past two years and a
the last four years.
Chairman of the Warehouse and Delivery
Committee and he has served as a member of other com¬
mittees.
He is in charge of the New York office of Weil!
Brothers.
Mr. Tolson is manager of the New York office;
member of the Board of Managers for
He
was
for
a
year
The Commercial & Financial Chronicle
Volume ISO
of
George H. McFadden & Bro.
The figures do not include overland
receipts nor
Southern consumption;
they are simply a statement of the
tinued!:
Of the 15 members of the Board of
Managers who were elected five are
newly-elected members and 10 have served during the past year.
The
newly-elected members are: Donald Comer, J. Henry Fellers, Kenneth G.
Judson, J. Robert Lindsay, and Albert L. Meric.
The re-elected members
are: Eric Alliot,
John C. Botts, Bernard J. Conlin, Tinney C. Figgatt,
Marshall Geer Jr., Richard T. Harriss, Frank J. Knell, Jerome Lewine,
John H. Scatterty and Philip B. Weld.
.
Thomas F. Cahill was elected as Trustee of the Gratuity Fund for a period
of three years.
Eugene R. Burnett, James B. Irwin and James C. Royce
were elected as Inspectors of Election.
.
weekly
Week
who
1939
8.
107,381
27,264
32,436
21,973
15. 115,052
21.
29.
74,870
87.760
5.
12.
1939
Receipts from Plantations
1938
1940
1939
19.
46,094
50,671
11,788
1938
38,925
NU
71,853
49,069
17,929
10,815
2362,621
25,074
NU
16,110
2338,818
2322,171
2289,937
11,165
Nil
13,145
NU
25,323
NU
3,173
14,040
13,710
20,069 2220,186 2600.639 2138,409
35,572
41,104
24.
39,262
42,308
31.
30,472
16,498
10,724
15,932
16,953
17,870
27,624
16,177
June
Eugene R. Burnett, James B. Irwin and James C. Royce
were elected as
Inspectors of Election.
Nil
24,610 2411,420 2767,237
16,918 2360,407 2725,840
17,042 2321,071 2692,155
14,112 2288.087 2667,674
17,425 2256,647 2635,929
3.
17.
7.
NU
21,385
13,296
12,397
10.
Hobbs, Stanley H. Lawton, Robert J. Murray, Max W. Stoehr, Joseph R.
Walker, Philip B. Weld and Arthur O. Weliman.
NU
82,552
36,348
61,480 2570.714 2907,928
20,976 2527,094 2870,759
30,687 2480,117 2831,695
45,944 2454,769 2796,440
May
Ames Stevens, Frank J. Knell, Bernard J. Conlin, Kenneth W. Marriner,
E. Malcolm Deacon, Marshall Geer Jr., Lawrence P. Hills, Marland C.
49,955
57,994 2705,278 3012,260 2460,874
47,032 2666,756 2986,570 2431,771
44,595 2617,890 2951,233 2397,991
19,979
72,250
54,785
26.
are:
2263,791
Nil
NU
Nil
2237,238
NU
NU
NU
2216,336
Nil
NU
Nil
2194,843
9,324
NU
NU
Nil
NU
NU
Nil
Nil
Nil
2167,585
The above statement shows:
(1) That the total receipts
from the plantations since
Aug. 1, 1939, are 6,844,007 bales;
in 1938-39 they were
4,392,943 bales and in 1937-38 were
8,410,924 bales.
(2) That, although the receipts at the
outports the past week were 27,624 bales, the actual move¬
ment from plantations was nil
bales, stock at interior towns
having decreased 36,461 bales during the week.
Equities Totaling 1,193,752 Bales Purchased by 73
Largest Cotton Firms—A total of 1,193,752 bales of 1938
cotton loan "equities" were purchased
during the period
Aug. 1, 1939 to May 1, 1940 by a group of 73 large cotton
merchant firms, the Commodity Exchange Administration
announced on May 28.
Of this total, 922,849 bales have
been hedged and 900,561 bales
actually repossessed.
Only
43,319 bales have been resold as equities by the 73 firms.
The CEA further reported:
Alexandria Receipts and Shipments—The
following
the receipts, shipments and stock for the
past week
and for the corresponding week of the
previous two years,
are
as
The total of repossessions made
by all firms during this period was
1,839,000 bales, according to a report issued by the Commodity Credit
Corporation.
It therefore appears that the CEA in its survey contacted
firms handling about half of such business.
received by cable:
June 5—
Stock (bales)
All of the 73 firms contacted
by the CEA were requested to make an
estimate of the total number of equities purchased
The
1940
92,663 2737,778 3051,323 2479,799
Apr.
Governors
by all firms.
Stocks at Interior Towns
1938
Mar.
elected, one is a new member and 14 have served
during the past year.
The newly-elected member is William
The re-elected members
Receipts at Ports
1940
were
J. Jung.
plantations of that part of the
finally reaches the market through toe outports:
End.
,
President, Bernard J. Conlin, First Vice-President, Kenneth
W. Marriner Second Vice-President, and William J. Jung,
Of the 15 members of the Board of
movement from the
crop wuich
Election of Officers of Wool Top Exchange-—The New
York Wool Top Exchange on June 3 elected Frank J .Knell
Treasurer.
3689
tions.
The announcement con¬
1940
Alexandria, Egypt,
aver¬
1939
239,000'
1938
320,000
1939-40
1938-39
15,000
8,408,677
60,000
7,827,010
1937-38
June 5
age of the estimates received was 2,235,200 bales..
of New York Cotton Exchange—The
Managers of the New York Cotton Exchange at a
meeting on June 6 elected to membership in the Exchange
Alexander Gallatin Paxton of Greenville, Miss.
Mr. Paxton is a partner in the firm of A. G. Paxton &
Co., cotton
Receipts (cantars)—
merchants, of that city.
Mr. Paxton is also a member of the
Greenwood Cotton Exchange and Greenville Cotton Ex¬
change in Mississippi.
395,000
Exports {bales)—•
New
Member
This week_-_-..--._-
Board of
Bombay
Cotton
SinceAug. 1
This
Week
To Liverpool.........
To Manchester, &c
5,000
To Continent and India
9,000
2,000
Reopens—The Bombay
on May 31 following the sus¬
pension of a few small firms due to difficulties in effecting
settlements.
However, on June 1 the Exchange was re¬
opened for unrestricted trading.
Telegraph—Telegraphic advices to
us
Total exports.
Since
This
Since
This
Aug, 1
Week
Aug. 1
Week
224,529
168,922
580,404
48,415
850
16", 450
800
25,000 1022,270 18,100
160,474 3,600
168,992 5,600
624,749 17,500
100
26,684
Days
Inches
—■—Thermometer
980,899 26,800 1046,150
High
Low
-
of this and last year for comparison:
■
Mean
77
32s Cop
Twist
1939
8M Lbs. Shirt¬
ings, Common
Cotton
8K
Middl'g
ZJpl'ds
32s Cop
d.
d.
2
0.22
85
68
Amarillo
Austin
2
0.08
94
59
1
0.04
92
61
77
Abilene
1
0.41
95
64
80
88
92
88
92
98
66
67
66
62
61
77
8..
80
77
77
@12
3
21—
14.20
12
@12
8
7.55
29-
14.31
12
@12
3
7.70
Brenham
Brownsville
dry
dry
dry
dry
dry
...
Corpus Christi
Dallas..
El
Paso
Houston
2
Kerrville
2
Lampasas.....
Luling
Nacogdoches..'
Palestine...
Taylor......
Shreveport
79
12
*X
14.40
12
3
@12
12—
14.55
12
3
@12
94
98
58
64
76
19-
14.75
12
81
26-
12
88
14.78
4J4@12
4^@12
62
75
88
65
77
3„
14.85
12
4K@12
7X
90
60
10-
14.74
12
4 J4@12
7X
95
65
75
80
17—
14.08
11 10X@12
Nominal
1H
5-
4.99
7X
8.07
SH® 9K
8
7X® 9 10X
5.00
8.18
8H® 9H
8H® 9H
8
8.14
7.42
9
9
14.04
1110M@12
IK
58
88
69
79
84
71
78
90
61
89
55
.
Tampa
Georgiar—Savannah
1
5
3
2
3
0.07
5.32
6.47
0.70
1.01
4
Miami
Fensacola
0.15
90
90
2.00
2
dry
Raleigh
Wilmington
Tennessee—Memphis........
Chattanooga
....
3
2
0.32
1
Charlotte
0.03
0.25
0.60
1
3
1
84
89
68
62
77.
88
90
96
72
80
70
76
76
79
78
80
74
49
56
0.07
dry
90
90
68
64-
62
95
54
94
54
The
following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
June 7,
1940
June 9, 1939
Feet
6.2
'
Feet
New Orleans.....
Memphis......
Above
zero
of gauge.
Above
zero
of gauge.
Nashville
Above
zero
of gauge.
-Above zero of gauge.
—...Above zero of gauge.
4.0
12.1
10.6
18.6
7.9
12.7
9.7
,
,
5.4
14.1
Receipts from the Plantations—The following table
indicates the actual movement each week from the planta¬
To Japan.
To China..-----To Greece
To Cuba
To Manila
.—
-.——
,
62
10X® 9
IX
5.28
9
IX
@93
5.33
8 10K®
5.54
8X@ 9H
m® m
9
9
@93
@ 9 3
5.49
9H@ioys
Closed
Closed
9
@9
5.77
Bales
HOUSTON—
To Italy....---...----.-
80
78
80
93
Closed
@10
5.48
3
Shipping News—As shown on a previous page, the
exports of cotton from the United States the past week
have reached 53,551 bales.
The shipments in detail, as
made up from mail and telegraphic reports, are as follows:
76
70
67
69
30
95
2.00
dry1
Nashville
90
92
dry
...
Augusta
Macon...............
South Carolina—Charleston...
North Carolina—Asheville..
55
64
90
4.93
June
79
78
73
78
,77
72
74
91
dry
.
•
4.92
May
76
77
76
0.21
@9
9
61
0.46
5.10
4.95
7K® 8 10K
9® 9
IK
dry
5.27
IX
8
11 10H@12
1
3
8
14.04
2
9
® 9
8
Nominal
62
@9
9
9H
31-
...
9
8 10 K@
8
8%®
24—
67
@10
5.40
8K@ 9K
75
90
93
d.
@9
8K® 9%
76
60
59
9
9
8.12
60
•
8
SK® m
7.84
62
91
Upl'ds
d.
s.
8.09
90
93
d.
s.
6
6
90
93
Cotton
Middl'g
7X
0.06
0.22
Common
Finest
Apr.
76
0.26
8.03
7.68
77
dry
dry
.
Shreveport.
1H©12
62
dry
Mississippi—Meridian
•_
Vicksburg—...........
Alabama—Mobile........
Birmingham
Montgomery
Florida—J ackson ville
Vicksburg...
14.18
15—
12
0.16
Orleans.
Atlanta
14.54
1
1
to
Mar.
0.14
Rock..1
Louisiana—New
d.
s.
1
...
Weatherford.
Oklahoma—Oklahoma City
Arkansas—Fort Smith—
Little
d.
63
dry
__
s.
89
dry
1
Antonio
d.
0.26
1
Twist
77
92
dry
dry
Paris
San
0.43
0.53
to Finest
Lbs. Shirt¬
ings,
8H @ 9H
M ® 9H
...
were
Manchester Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Mills are generally running full time.
We give prices today below and leave those for previous weeks
this
■
174,825
165,167
680,814
25,344
Egyptian bales weigh about 750 lbs.
receipts for the week ended June 7
15,000 cantars and the foreign shipments 25,000 bales.
1949
Rainfall
Since
Aug. 1
This statement shows that the
and South Carolina.
Rain
90,000
10,175,935
Note—A cantar is 99 lbs.
evening denote that Texas fields are mostly clear and con¬
dition is fairlv good.
In most sections of central and eastern
portions of the belt cotton ranged from poor to oniyifair.
Chopping is advancing in the northern portion of Georgia
Texas—Galveston
9,000
To America-.-.
Exchange
Cotton Exchange was closed
Returns by
_
—
To Great Britain
1,129
1,200
29
To Italy.
To Manila
LOS ANGELES—
600
30
To Great Britain
To France
NEW ORLEANS—
To Great Britain
To France
To Italy
To South
—
America..
To Panama City—
Cotton
York
-——-
Bales
GALVESTON—
5,395
10,731
12,520
2,320
9,098
2,783
1,170
1,352
900
To Japan
To China.
982
1,300
1,000
To India
To Canada
3
Total—
53,551
1,000
9
Freights—Current rates for cotton from New
longer quoted, as all quotations are open rates.
are no
Foreign Cotton Statistics—Regulations due to the war
prohibit cottoo statistics being sent from abroad.
We are therefore obliged to omit the following tables:
in Europe
World's Supply and Takings of Cotton.
India Cotton Movement from All Ports.
Liverpool Imports, Stocks, &c.
Liverpool—The Liverpool Cotton Exchange, which
on May 17, opened on May 28, but trading was
closed
mitted only on settlement prices of May 16, 1940.
was
per¬
The Commercial & Financial Chronicle
3690
well
as
BREADSTUFFS
June 8, 1940
development of weather in
as
the
Southwest, be¬
also encour¬
lieved to be favorable for spread of black rust,
Friday Night, June 7, 1940.
Flour—The flour market ruled dull during most
of the
the past two weeks no new
proportions has been noted, previous
heavy purchases ; apparently having covered
consumers'
needs for some time.
Attention currently is focused on
the wheat situation, with futures prices only slightly above
the pegged
minimums.
The possibility that it will be
extremely difficult to place hedges against purchases of
wheat was a point of great interest to the trade.
It is reported that for
week.
buying of appreciable
the
Wheat—On
1st inst. prices closed
Y to %c. net
The sale of 50,000,000 bushels of Canadian wheat
Britain, sufficient for normal British requirements
for three months, was enough to produce a small advance
in domestic prices on the Chicago Board today, offsetting
the forecast of a total United States harvest only slightly
smaller than last year.
Announcement of the sale of the
Canadian wheat to the British Government was made just
before the market closed, and explained in part an earlier
advance of more than 2c. a bushel at Winnipeg, which helped
to strengthen this market.
However, the Winnipeg market
closed with net gains of only 1 Ma.
Traders said Canadian
Wheat Board grain was involved in the sale, which ac¬
counted for the mild response at Winnipeg compared with
what might normally be expected in connection with busi¬
higher.
to Great
of this size.
ness
officials said
dian
On the 3d inst. prices
market.
securities
Lower
crop
the
The price was not announced, but Cana¬
it was considerably above the present
closed 34c. off to %c.
up.
prices and expectations that the private
reports tomorrow will show a material improvement in
domestic wheat harvest prospect, helped to depress
Prices were off Y to lc. at one time, but later
strengthened with corn and closed very steady.
Trade
sttention is being directed toward steps taken to send food
wheat.
aupplies to Europe for relief of refugees.
Whether this
work will be enlarged to World War proportions cannot be
determined, but the fact that Red Cross has an arrange¬
ment with the Department of Agriculture whereby it can
obtain surplus foods at about half market prices was in¬
terpreted as an indication of the trend.
Plans already have
been perfected for the purchase of wheat flour, corn meal,
lard and some other commoditiesOn the 4th inst. prices
34 to J/8c. net lower.
Private crop estimates more
optimistic than expected, had a depressing effect on wheat
values, the market breaking 134c. a bushel before the down¬
turn
was
checked.
Subsequently prices rallied slightly.
Winter wheat crop prospects, as reported by six of the
leading private specialists, improved 48,000,000 bushels
during Mav.
The average of the six estimates was 489,000,000 bushels of winter wheat, compared with the official
forecast a month ago of 460,000,000 and the private esti¬
mates at the same time
of 441,000,000.
Spring wheat
prospects were estimated at 234,000,000 bushels, compared
to last year's harvest of 192,000,000.
Apparently it was
closed
war
wanted.
traders
the
news
rounded
News
by brokers anxious to
see
tickers
were
sur¬
the latest reports on
a war market that one
its digest of the day's
market, succinctly recorded it thus: "Better Italian war
news
caused stiffening of prices and market acted with
better tone."
On the 5t,h inst. prices closed 1Y to 2c. net
lower.
Wheat prices fell about 3c. a bushel today to the
lowest levels since May 18, July contracts touching 7834,
the lowest quotation at which trades can be made under
present rules.
After this break, due largely to nervousness
over
the new German attack, the market steadied and
So definitely
Italy's position.
was
larger firms, in summing
of the
showed
some
eliminated.
tually at
minimum
a
rallying
power.
it
up
Part of the early loss was
Trade in other grains, except corn, was vir¬
standstill because most quotations were at the
levels
permitted by rules established after the
collapse of grain prices that followed the German invasion
of the Low Countries.
Uncertainty associated with the war
augmented trade bearishness in connection with upward
revision of private crop estimates.
However, the ability
of the market to rally yesterday after release of the forecasts
suggesting the United States harvest might total 723,000,000 bushels, indicated that the market apparently had
discounted most of the recent crop improvement.
On the 6th
While
some
inst. prices
dealers
waited
definite clew
as
closed unchanged to 4£c. higher.
that might give
the outcome of the Somrne battle,
anxiously for
to
news
grain prices today drifted aimlessly, but after dipping about
lc., recovered all of the loss and closed higher in some cases.
Trading was at a standstill much of the time, due to un¬
certainty regarding the war and hesitancy of many dealers
to enter the market with
tions permitted
by trading rules.
were
made in the
were
at the minimums.
or near
Few
or
minimum quota¬
no
transactions
oats, rye or soy bean pits, where prices
of these minimums at
wheat pit was
prices at
Wheat sagged to within
one
stage.
fractions
The closing rally in the
attributed to short covering and some pur¬
chasing credited to processors.
Today prices closed 144 to l%c. net higher.
War news,
which some traders interpreted as more favorable to the
Allies, and reports of spread of smut in soft winter wheat
gave
the wheat market enough buying support today to lift
Strength in securities and
purchasing credited to Northwestern flour interests,
prices more than lc. a bushel.
some
Although
aged buyers.
war
bulletins were conflicting, some
the last few days were much
traders thought developments
less
pessimistic from an Allied standpoint.
This tended to
encouraged some buy¬
restrict selling in the wheat pit and
ing, mostly on the part of commercial and consuming inter¬
ests.
Prices advanced about lc. at times, but the market
support,
and
fractional
setbacks
fre¬
lacked
strong
quent.
Open interest in wheat totaled 71,681,000 bushels.
DAILY CLOSING PRICES
OF WHEAT IN NEW YORK
Sat.
DAILY
Mon.
CLOSING PRICES
Sat.
July
September
Mon.
.
Season's High and When
Ill**
111**
Apr.
Aj)r.
May
85**
December
98**
Thurs.
79**
80
79**
79**
81**
81**
99**
Fri.
81
81**
CLOSING PRICES
OF WHEAT
Sat.
80**
82**
83
FUTURES IN WINNIPEG
Mon.
Wed.
Tues.
Thurs.
July
75**
75**
75
74**
74
October
77**
77**
77**
76**
76**
78
December
Fri.
81**
82**
Made
I
Season's Low and When Made
22, 1940|July
74** May 18.1940
18, 19401 September— 74**
May 18,1940
27, 19401 December
79**
June
5,1940
83
July
September
Thurs.
98
Wed.
Taes.
82**
82**
82
82**
i
J
December
DAILY
99**
FUTURES IN CHICAGO
WHEAT
OF
Wed.
Tues.
—100** 100**
No. 2 red
were
......
Fri.
75
77 J*
Corn—On the 1st inst. prices
closed 34 to
net higher.
prices were higher most of the session.
The Govern¬
ment asked for bids on corn grits and meal for relief distri¬
bution.
Spot prices, however, were 1 to 134c. lower,
reflecting receipts of 169 cars and bookings of 56,000 bushels
to arrive.
Oa the 3d inst. prices closed 1 to 1 %e. net higher.
Corn showed the only strength in the grain markets today,
Corn
scoring gains of more than a cent. Higher corn futures
were due to buying attributed to industries and elevators.
Commercial demand has been good because of restricted
supplies as a result of the loan program.
Reports that
export subsidy shipments are proceeding, that the Red
Cross is being provided with meal for European relief work,
and
that
Government is in
the
stimulated demand.
and
tral
worm
some
to
northern
the market for grits also
Much replanting is necessary in cen¬
Illinois
crop experts said, because of
damage. Corn receipts of 425 cars, the largest in
time, consisted mostly of Government corn en route
Britain.
Great
On
the
inst.
4th
closed
futures
un¬
Yic. off.
Corn was rather indifferent to the
news
which swayed wheat.
It failed to respond to the
rally started by a spurt in stocks and grudgingly gave ground
changed to
at
the last.
Some rains
were
reported in Nebraska and
Iowa, but these were ignored as corn influences.
On the
5th inst. prices closed 34c. lower to 34c. higher.
Corn prices
declined as much as 144c., with July contracts reaching
61, or 2c. above the minimum.'
Receipts of 246 cars con¬
sisted mostly of Government corn being put into export
positions.
On the 6th inst. prices closed %c. lower to 44c. higher.
Artificial scarcity of "freed" corn at terminal markets and
good demand for industries and cash interests steadied the
market, with prices ranging about 3c. above the minimums.
The Government was reported to be shipping corn to the
Pacific coast to compete with any Argentine grain that
might be offered there. Purchases of corn products recently
for relief were believed equivalent to 5,000,000 bushels.
Today prices closed unchanged to %c. up. Trading in corn
was light and without feature.
Open interest in corn to¬
night was 23,727,000 bushels.
DAILY
CLOSING PRICES OF CORN IN
Sat. Mon.
Tues.
DAILY CLOSING PRICES
Season's
December
NEW YORK
79**
Wed.
Thurs.
79**
79**
Fri.
80**
CHICAGO
OF CORN FUTURES IN
Sat. Mon.
Tues.
Wed.
Thurs.
Fri.
62**
62**
81
61**
61** 81**
60** 59**
82**
High and When Made
J
Season's law and When Made
69**
May 10. 19401July.
52**
Oct. 23,1939
70
May 15, 19401 September— 52**
May 18,1940
60**
June
5, 19401 December
572* May 31,1940
July_
:
September
December...
July
September
79**
78**
No. 2 yellow
62**
62
59**
61**
60**
_
58J*
62**
61**
59*1
1st inst. prices closed unchanged to Yfi.
Although oats futures were virtually pegged, being
quoted at or near the minimums, cash prices declined Yl to
134c. No. 2 white still was priced about 4c. over July futures.
Shippers sold 35,000 bushels of oats to move from Chicago.
On the 3d inst. prices closed unchanged to 34c. off. The first
car of new oats arrived at Fort Worth.
It graded No. 3 red
Oats—On the
higher.
On the 4th inst. prices v
Estimates of a crop of
1,059,000,000 bushels of oats failed to stir that grain from its
lethargy.
On the 5th inst. prices closed unchanged to 34c.
and tested 29 3^ pounds a bushel.
closed unchanged to 34c. lower.
lower.
' With trade in
attention centered
on
restricted by tie limits,
of the spot markets. No. 2
oats futures
the action
quoted at 36 %c,. or 334c. over July.
inst. prices closed unchanged to 44c. up.
Trading was light and the market without interest.
No. 3
white oats sold 144 to 244c. over July, with oats basis 44
to lc. lower for the day.
Today prices closed unchanged
to %c. higher.
Trading was very quiet, attention apparently
being focused on the strong action of the wheat market.
white oats
On
the
DAILY
was
6th
CLOSING PRICES
December
CHICAGO
OF OATS FUTURES IN
Sat.
July
September
33**
31**
_
_
Mon.
33**
31**
Tues.
33**
31**
Wed.
Thurs.
31**
33**
31**
32**
Fri.
33**
31**
32**
Season's High and When Made
I
Season's Low and
July
38**
Apr. 19, 19401 July.—
30 J*
September... 36
Apr. 19. 1940JS ptember ... 30
32**
June
5. 19401 December
32**
^ December
When Made
Oct.
9.1939
May 15.1940
June 5.1940
Volume
The Commercial & Financial Chronicle
ISO
DAILY CLOSING PRICES OP OATS FUTURES IN WINNIPEG
Sat. Mon. Tues.
Wed. Thurs. Fri.
July-32%
32H 131%
31%
31%
32^
October...
30% 30% 29%
29H 29H 29H
•
Exports from-
3691
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Barrels
Bushels
Bushels
Bushels
New York
Rye—On the 1st inst. prices closed He. to lc. net higher.
Influenced by the upward trend in other grains, especially
wheat, there
market
fair demand for rye futures, and the
found sensitive to tbis demand. On the 3d inst.
was
was
a
;
prices closed He. to He. net lower. Trading was light in
rye futures, with the undertone heavy in sympathy with the
reactionary trend of wheat. On the 4tn inst. prices closed
unchanged to He. lower. This grain was very quiet, with
price fluctuations very narrow. On the 5th inst. prices closed
unchanged to He. lower.
Rye futures were restricted by
the limits'and trading was practically nil.
Attention was
focused on the spot rye market.
On the 6th inst. prices closed unchanged to %c. off.
The
market was dull and traders apparently indisposed to take
action pending the outcome or definite line on the tide of
battle in France.
Today prices closed % to %c. net higher.
While the market ruled dull, the undertone was steady.
Traders were largely on the sidelines watching the action
of wheat and scanning the reports of the great battle in
France.
Rye futures failed to respond to the sharp up¬
FUTURES
RYE
OF
PRICES
CLOSING
Sat.
Mon.
Tues.
CHICAGO
IN
Fri.
Thurs.
Wed.
----
July
September
45
46%
44%
46%
44%
46%
December
49
48^
48 %
48
48%
44 %
46%
48%
44%
76
—
76%
—
December-...
—
50%
RYE
OF
PRICES
CLOSING
DAILY
When Made
May 18, 1940
May 18, 1940
When Made
1
Season's Low and
Dec.
38%
18, 1939 July—
40%
Apr. 22, 1940 September
May 29, 1940 December.—- 48
Season's High and
July.
September
New
Sat.
Tues.
48%
48%
49%
46
47%
48%
-
31, 1940
Wed.
50%
July
October-..—
48%
December..—...——.-.-.——
May
IN WINNIPEG
Thurs. Fri.
FUTURES
Mon.
46 %
47%
CLOSING PRICES
Quebec
July.—
37%
October
38
December.
;
36%
38
37%
—
—
36%
Three Rivers....
595,000
Total week 1940.
2,827,000
Total week 1939
4,309,000
37%
37%
37%
i
■;
The
Rye flour patents
4.15 @4.35
Seminola, bbl., bulk basis.5.65@
2.85
Cornflour--,
.2.33
Barley goods—
Prices Withdrawn
Coarse
1.2-0.3-0.2
4.75@6.75
.
Oats, New York—
No. 2 white
99%
.
86% j Rye,
,
New York—
GRAIN
No. 2 yellow,
all rail.
80% I
.—
58%
.55-60N
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from,figures collected by the New York Produce Exchange.
First' we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
All the statements below
of the last three years:
lake
in
and
STOCKS
Wheat
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
New York
94,000
63,000
146,000
311,000
Philadelphia
Baltimore _x
New Orleans
Galveston
Wichita
St. Joseph
Kansas City
Omaha
Sioux
City
St. Louis
Indianapolis
Peoria
11,000
"9",000
8,000
409,000
852,000
1,863,000
416,000
947,000
465,000
296,000
8,264,000
3,937,000
"
4,000
23,000
326,000
128,000
3,000
5,000
1,000
75,000
4,000
Chicago
104,000
22,000
169,000
239,000
17,000
451,000
251,000
24,000
80,000
78,000
244,066
l.iei'ooo
666,666
"14,600
afloat
543",000
Lakes....
Milwaukee. —
396,000
16,954,000
23,415,000
Minneapolis...
Duluth
Detroit
1,000
4,000
le^OOO
12,000
78,000
38,000
356,000
3,037,000
1,257,000
64,000
;
afloat
Canal..
6,000
180,000
848,000
2,758,000
2,952,000
2,000
784,000
433,000
3,051,000
2,199,000
2,000
2,789,000
90,000
Buffalo
2,000
199,000
On
On
109,000
146,000
189,000
482,000
1,545,000
4,871,000
1,724,000
4,701,000
1,182,000
21,517,000
4,805,000
742,000
2,040,000
409,000
Fort Worth..
1,020,000
136,000
863,000
208,000
1,880,000
3,444,000
589,000
250,000
848,000
179,000
87",660
473,000
Total June
1,1940.- 93,847,000 23,639,000
4,310,000
Total May 25, 1940.. 95,345,000 25,851,000
4,466,000
x Baltimore also has 9,000 bushels
Argentine oats in store.
9,758,000
7,630,000
8,067,000
9,758,000
Note—Bonded grain not included above: Oafs—Buffalo, 445,000
busbels; total,
bushels, against 550,000 bushels In 1939.
Barley—New York, 217,000
bushels; Buffalo, 864,000; Duluth, 149,000; Baltimore, 156,000; total, 1,386,000
bushels, against 449,000 bushels in 1939.
Wheat— New York, 521,000 bushels;
New York afloat, 190,000; Boston, 2,048,000; Philadelphia,
1,387,000; Baltimore.
1,124,000; Portland, 426,000; Chicago afloat, 66,000; Buffalo, 6,090,000; Buffalo
afloat, 113,000; Duluth, 2,732,000; Erie, 2,057,000; Albany, 4,636,000; on Canal,
530,000; In transit—rail (U. S.), 1,696,000; total, 22,616,000 bushels, against6,991,000 bushels in 1939.
Wheat
Canadian—
Corn
Bushels
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
Lake, bay, river & seab'd 52,113,000
Ft. William & Pt. Arthur 57,014,000
1,733,000
6,756,000
1,957,000
2,179,000
6,953,000
7,905,000
4,310,000
9,758,000
7,530,000
6,756,000
1,957,000
6,953,000
47%
63
United States, c.Lf
40 lbs. feeding
Chicago, cash
,
stocks
Bushels
United States
Total June
Total May
Barley, New YorkCorn
comprising the
at principal points of accumulation at
seaboard ports Saturday, June 1, were as follows:
Other Can. & other elev.143,224,000
GRAIN
Manitoba No. 1, f.o.b. N. Y.
supply of grain,
319,000
17,754,000
1.847,666
granary
Fancy pearl (new) Nos.
Wheat, New York—
No. 2 red, c.iX.« domestic.
visible
10,284,000
445,000
Oats good
Nominal
...
4,196.666 3,554,666
17,000
78,463
108,000
1938 129,368,000 68,407,000 5,242,578 3,767,000
Since July 1
v+ttrn
FLOUR
Spring pat. high protein..5.15@5.30
Spring patents
4.95@5.15
Clears, first spring
.4.55@4.75
Hard winter straights. ...5.10@5.30
Hard winter patents
5.15@5.30
93~,O6O
93,000
«52,230
Since July 1 1939 139,511,000
26,185,000 3,825,971
38%
38%
36%
Closing quotations were as follows:
Hard winter clears
1,474,000
295,000
...
"
OF BARELY FUTURES IN WINNIPEG
Sat. Mon. Tues.
Wed. Thurs. Fri.
"3:660
272:660
;
Montreal
—
DAILY
49,230
Orleans
Sorel
Hutchinson
ward movement in wheat.
DAILY
85,000
106,000
Baltimore.......
|(
Bushels
•
...
___
807,000
822,000
326,000
4,201,000
1, 1940..252,351,000
25, 1940.-254,150,000
297,000
1,334,000
1,903,000
4,243,000
7,490,000
SummaryAmerican
93,847,000 23,639,000
Canadian.
252,351,000
......
Total June
1, 1940.-346,198,000 23,639,000 11,066,000 11,715,000 14,483,000
Total May 25,1940. .349,445,000 25,851,000 12,371,000 11,937,000 15,557,000
The world's shipments of wheat and corn, as furnished
by
Exchange for the week
ended May 31 and since July 1, 1939, and July 1, 1938, are
shown in the following:
Broomhall to the New York Produce
.
Receipts at—
bbls 196 lbs
Chicago
...
bush 60 lbs
1,339,000
16" 000
~9"666
97,000
Indianapolis
lOLOOO
190,000
Peoria
41,000
Kansas City
19,000
52,000
355,000
66,000
Louis..
Joseph-
City.
Buffalo....
Same wk *39
379,000
391,000
Same wk '38
400,000
228,000
702,000
55,000
2,000
4,000
11,000
SLOOO
103,000
8,000
4,000
8,000
4,546,000
5,705,000
3,144,000
943,000
1,785,000
1,009,000
Total receipts
170,000
353,000
135,000
1,513,000
1,045,000
1,270,000
of flour and grain at the seaboard ports
1940, follow:
for the week ended Saturday, June 1,
New York.
Philadelphia
Baltimore.
.
New Ori'ns*
Flour
Wheat
bbls 196 lbs
Receipts at—
bush 60 lbs
Rye
-
Barley
■
3,000
10,000
~
65,000
12,000
~32~666
~3",000
"8",666
12,000
1,474,000
"~4"666
229,000
272,000
295,000
Quebec
595,000
93,000
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
275,000
3,229,000
287,000
144,000
19,000
321,000.
6,513,000
34,057,000
10,155,000
1,658,000
413,000
1,817,000
Riv's
Tot. wk. *40
Since Jan. 1
1940
....
Week 1939-
1,125,000
Since Jan. 1
1939
on
through bills of lading.
.
_
^
The exports from the several seaboard ports for the week
ended Saturday, June 1, and since July 1, are shown in
the annexed statement:
1938
Bushels
Bushels
Bushels
Bushels
Bushels
3,094,000 158,513,000
11,293,000
93,875,000
96,800,000
7,344,000
21,960,000
_
Total...
33,160,000
July
1,
Since
July
1,
81,000
26,209,000 70,904,000
4,913,000
17,323,000
2,554,000 109,181,000 128,049,000
69,000
370,000
9,782,000 427,058.000 546.752,000
266,000
43,371,000
42,036,000
2,970,000 183,674,000 258,312,000
Weather Report for the Week Ended June 6—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended June 5, follows:
weather of the week was characterized by high temperatures over
northwestern area, subnormal warmth in most of the Southeast,
by heavy rains rather generally in the more eastern States.
The
weekly mean temperatures were near normal in the Northeastern States,
along the Atlantic Coast, and in the extreme Southeast.
From the Ohio
Valley southward, except along the coast, they averaged mostly from
4 degrees to 6 degrees subnormal.
On the other hand, a large western
The
a
large
and
western Lake region westward to the Pacific
the Rocky Mountain States, had average tem¬
degrees to 9 degrees above normal.
In the
north-central Great Plains the maxima were high about the beginning
of June, reaching 100 degrees or more in much of South Dakota and parts
of Nebraska.
The highest reported for the week was
105 degrees at
Phoenix, Ariz., on June 1.
Substantial to heavy rainfall was general from the upper Ohio Valley,
the eastern portions of Kentucky and Tennessee, and Alabama eastward.
Excessively heavy rains occurred in southeastern Florida, Miami report¬
ing 4.79 inches on May 31, 5.21 inches on June 1, and 7.29 inches on
June 2, making a total of more than
17 inches for three days.
Good
showers occurred also in much of the northern Great Plains,
including
some dry areas in
South Dakota and Nebraska.
On the other hand, very
little precipitation occurred between the Rocky Mountains and the Pacific
Coast States, though there were some heavy falls in northern California,
The surface-soil moisture condition
is mostly favorable over a large
southwestern area and in much of the northern Great Plains.
In the
Southwest the amount is ample for present needs rather generally in
Kansas
Oklahoma, New Mexico, and much of Texas.
In fact, conditions
in parts of the southern Plains are the best in several years.
Also, a
Ocean
extending
and
peratures
2,000
8~66o
i7~,666
1939
Argentina.
area,
-
bush 56 lbs bush 48 lbs
13,000
28,000
22,000
Sorel
Three
Oats
bush 32 lbs
75,000
192,000
127,000
..
Boston
Corn
bush 56 lbs
«
Galveston..
Montreal
■
1940
5,720,000 195,936,000 228,478,000
592,000 39,356,000 87,095,000
99"66O
85,891,000 27,033,000 104187000
19,639,000 305,692,000 242,027,000 95,187,000 24,002,000 89,446,000
16,804,000 268,552,000 276,281,000 102,477,000 24,873,000 91,501,000
1937
July 1,
1938
May 31,
1939
Since
Other
18,820,000 335,797,000 203,711,000
1938
duly 1,
Black Sea-
countries
6,569,000
7,114,000
■,:?y
Week
India.....
Since Au&li
1939
No, Amer.
Australia
9i"66o
4,101,000
.
Since
1940
16*666
1,325,000
Corn
Since
May 31,
Exports
275,000
20,666
36,000
\
Week
Bushels
108,000
25,000
42,000
109,000
Wheat
bush 56 lbs bush 48 lbs
42,000
38,000
6,000
Sioux
Barley
Rye
2,000
10,000
152,000
A
Wichtta
Tot. wk. *40
15,000
317,000
16,000
933,000
Omaha
St.
522,000
161,000
242,000
192,000
42,000
59,000
201,000
91,000
520,000
864,000
Toledo
St.
bush 32 lbs
1,116,000
Duluth
Milwaukee.
bush 56 lbs
302,000
196,000
Minneapolis
Oats
Corn
Wheat
Flour
large
from
the
southward over
ranging
northwestern
from
area,
6
including practically
all
of South Dakota
portions of Nebraska, where droughty conditions have persisted for a
time, had materially helpful rainfall.
In the more eastern States showers were beneficial in the south,
from the upper Ohio Valley eastward and northeastward there was
and
long
,
j
hut
too
1 ne Commercial &
3692
much cloudy, wet
work was further delayed.
weather, and farm
However,
part of the week, with abundant sunshine and much higher
temperatures, was more favorable.
Except in the northeastern area, farm
work made mostly good progress.
.
During the first half of the week temperatures in the interior, especially
from the Ohio Vallev southward, were much too low for warm-weather
crops, and growth was slow, but warmth the latter part of the period was
decidedly
helpful.
Extremely high temperatures in the north-central
Great Plains, where drought prevailed at the time, was harmful to spring
latter
the
#
the eastern Great Basin
Pacific Northwest were
planted small-grain crops.
Rain is needed in
and most of Arizona, but moderate showers in the
beneficial.
:f'r
GRAINS—On the whole, conditions remained
for development of the winter wheat crop.
East of the
progress
continued satisfactory rather generally, with
mostly favorable
Mississippi River
heading reported
northward to the central Ohio Valley, although in some eastern sections
there were complaints of rank growth
and some yellowing where wet
weather has prevailed.
In Missouri the crop is heading generally, but
condition is variable, with complaint of chinch bug infestation in many
SMALL
• '•
.y\-v
'■ V-" •'
'V
' 'V./; -K'. ... I.'. h"' }•: *. «-\? '•
recent rains came too late to materially benefit winter wheat
fields have caused some delay in harvesting; the general con¬
dition of the crop is rather spotted.
In Oklahoma wheat has improved
and harvest will become more extensive in the next few days.
In Kansas
sections
favorable advance; condition fair to good, except in north-central, where
spotted.
Rice good condition.
Oklahoma—Oklahoma City: Favorable warmth, but nights too cold for
cotton.
Adequate rains in most sections for present, but subsoil needs
more
in many areas.
Ideal for development of most crops.
Progress of
winter wheat good; harvest begins this week; some cut in south; con¬
dition
improved considerably; maturing rapidly.
Corn good progress
Barley and oats excellent improvement.
Cotton planted,
good to excellent, and very good stands are reported from
Farther west conditions are mostly favorable.
Oats show
was
progress
Dakota.
North
improvement, but there are some complaints of heading short in interior
sections.
Rice continues good in the central and west Gulf States.
CORN—In the central and eastern corn belt much of the week was too
cool for good growth, and planting was further delayed from the upper
eastward
Vallev
Ohio
and
northeastward.
Otherwise planting has been
practically completed, except locally.
In the western belt conditions were
generally favorable, with most of the crop up and cultivated in Iowa and
cultivated from one to three times in the eastern half of Kansas.
Recent
rains in the southern Great Plains have been favorable.
the
COTTON—In
belt temperatures were decidedly low in the
portions until the latter part of the week, but in
prevailed.
Precipitation was heavy in
cotton
central and most eastern
nearly normal warmth
eastern sections, but mostly
west
some
light to moderate in the central and
portions of the belt; there was very little in central-northern
In the eastern and central States most of the week was too cool
for best results, and higher temperatures would have been helpful in the
northwest.
In other western sections conditions were generally favorable.
In Texa3 progress of cotton was fair to good, and the general condition
is fairly good, with chopping rushed where not too wet; fields are mostly
clean.
In Oklahoma planting has been completed, except locally, but it
was rather too cool for good germination and growth.
Moisture conditions
are favorable,
more so than for a good many years at this season.
In the central and eastern portions of the belt progress of cotton ranged
western
districts.
from poor to only fair in most places, and warmer weather is needed,
although the latter part of the week had more favorable temperatures.
In
the northeastern belt, in addition to low temperatures, much of the week
advanced to the northern portions
cotton is just coming up in north¬
good in the south.
MISCELLANEOUS—More favorable growing conditions were reflected in
improved progress and condition of most truck and minor crops.
Planting
late potatoes progressed northward to the upper Lake region,
and con¬
siderable land has been prepared for tobacco transplanting in Wisconsin.
Tobacco
made
slow
growth in
Kentucky, and land preparation was
delayed.
The ground is too wet to work from the upper Ohio Valley
northeastward, and potato planting has been delayed in this area.
In
southern districts setting out sweet potatoes made good progress,
and
cloudy and rainy.
Chopping has
of Georgia and South Carolina.
Some
ern
Georgia, but conditions are fairly
was
is well along.
.
improved during the week, but there is still some
lateness in portions of the middle Mississippi_ Valley, and
some
cut hay was damaged by rain.
From the Great^ Plains westward
ranges and pastures generally improyed,
although rain is needed in por¬
tions of the central Great Plains, and water is scarce in parts of Texas,
Wyoming, Utah and the Southwest.
Livestock are in generally good to
excellent condition, and are beginning to move to higher ranges.
potato
digging
#
Most eastern pastures
of
complaint
The weather bulletin
furnished the following resume of
conditions in different States:
Carolina—-Raleigh; Generally favorable warmth and adequate rain
sections, some complaints of cold nights, and lack of rain in
Tobacco
fairly good
progress;
slight blue mold damage.
Condition of corn
fairly good; progress excellent, due to ample rain.
Truck and vegetables satisfactory progress.
Pastures excellent progress.
Marketing strawberries and cherries favored in west.
Cotton rather poor
progress account cloudiness and locally excessive rain.
South Carolina— Columbia: Ample rain fairly general; scattered heavy
rain
and hail
damage; some cold nights.
Mostly ample soil moisture
favored crop growth. .Harvesting oats in north.
Wheat ripening.
Early
gardens producing.
Cotton chopping fair advance in north; fair to good
stands; progress and condition now mostly fair, but late.
Georgia—Atlanta: Favorable warmth, but some cold nights ; soil moisture
ample, except many central counties where soil too dry for all vegetation.
Cotton
chopping slow advance in north; some places just coming up;
condition fairly good
in south.
Corn improved generally.
Harvesting
wheat, oats, and potatoes in south.
Transplanting sweet potatoes; grow¬
ing well, except in dry central counties.
Mostly favorable for tobacco,
truck, pastures, pecans, peaches, and peanuts.
Florida—Jacksonville: Favorable warmth and rain; soil moisture now
North
coastal
mountains.
ample,
except
in
extreme
northwest.
Progress of cotton fair;
condition
good. Tobacco fair growth. Setting out sweet potatoes.
cucumbers, egg plant,< and peppers still on market.
Citrus groves improving since rains; considerable dropping.
Alabama—Montgomery: Adequate rain in north, middle-west, and south,
but more needed in about half of State.
Cotton chopping fair advance
in middle and north; progress poor account cold; condition mostly poor,
but locally fair; late.
Oats fair crop.
Corn fair to good.
Vegetables
poor to fair.
Pastures improved.
Cattle fair to good.
Mississippi—Vicksburg: Nights somewhat too cool, especially first half;
little rain, with lack felt in south third, on east border, and locally else¬
rather poor.
Corn
Truck
decreasing;
chopping
Cotton
where.
rapid
advance;
near
end;
cultivation
mostly
with stands locally poor.
Progress of corn generally good, except
in south third where cultivation of early planted about done.
Gardens
and truck poor to fair progress.
V
:
Louisiana—New Orleans: Progress of cotton
only fair, due to cold
good,
poor
nights; about two weeks late; condition mostly good, except fair in north¬
east, where too dry; chopping near end, except locally in northwest, where
delayed by wet soil; some squares.
Progress of corn mostly good; needs
rain locally; condition fair to good.
Progress and condition of rice, truck,
and gardens good.
Excellent advance harvesting oats, clover, seed, alfalfa
hav, and potatoes, and setting sweet potatoes.
*Texas—Houston: Favorable warmth generally; adequate rain, except
little in extreme west.
wet
soil
Rain too late materially to benefit winter
delaying harvest in
many
wheat,
places; condition rather spotted;
{)oor in good elsewhere. Oats ripening; considerable harvesting; condition
some north-central areas where rust caused considerable damage;
ccally
generally good.
Condition of corn fairly good; rapid progress harvesting
shipping in extreme south.
Progress of cotton fair to good; condition
fairly good, except poor in extreme south; chopping rushed where soil
too" wet; fields generally clean. Truck and gardens favorable advance:
condition fair to good.
Ranges improved; good condition generally, but
and
not
stock
ex¬
where heavy Tains; too cold for normal growth, but moisture con¬
ditions more favorable than for many seasons and condition generally good.
Pastures improving.
Gardens doing well.
Second crop alfalfa excellent
cept
Cattle good gains.
Arkansas—Little Rock: Farm work favored.
growth.
Ample rain in south first
part, none elsewhere; lack felt in north.
Cotton fair advance; condition
fair, due to cold nights first part; warmth needed; some replanting.
Corn
favored in east-central and southeast not so favorable elsewhere.
Wheat
Rice planting about
in north-central.
Rains
heading.
except
over in south.
Pastures good growth,
early in week helped truck and gardens.
THE DRY GOODS TRADE
'
moisture situation continues favorable and wheat shows general im¬
provement; ripening is reported in extreme southern counties of the east¬
ern
half, where harvest will begin in a couple of weeks, or even sooner.
North of Kansas further slight deterioration is reported, but in Montana
and the Pacific Northwest the outlook remains favorable.
In the spring wheat belt conditions continue satisfactory on the whole.
Spring grains help up better than winter wheat under the high tempera¬
tures in South Dakota, where recent rains will be helpful.
In Minnesota
and
and
condition.
New York, Friday
wet
the
in
June 8, 1940
Texas
In
and
the
Financial Chronicle
low
water
.
'
■
many
*
places.
Livestock good condition.
Fruit trees
Night, June 7, 1940.
weather brought a strong re¬
vival in retail business during the past week, notwithstanding
the continued seriousness of the European war situation.
While buying was particularly active in all types of Summer
and sports wearing apparel and accessories, other divisions
also benefited somewhat from the greater willingness of the
consuming public to cover pent-up requirements, with reports
from the industrial centers of the Middle West making the
best showing.
Department store sales, the country over,
for the week ended May 25, according to the Federal Reserve
Board, gained 4% over the corresponding period of 1939.
In New York and Brooklyn stores a loss in the dollar volume
amounting to 4.2% was revealed, while in Newark establish¬
ments an increase of 1.4% was recorded.
Trading in the wholesale dry goods markets opened the
period under review in its previous spotty fashion, but later
in the week also experienced a considerable upturn, reflect¬
ing the suddenly accelerated flow of goods in retail channels,
and the resulting disposition on the part of merchants to
start
covering their accumulated nearby requirements.
While buying was concentrated on hot weather merchandise,
The advent of real Summer
inventories of which had been allowed in many instances to
drop to subnormal levels, more willingness was apparent to
cover also early Fall needs, although the grave situation in
the European war zone continued to induce caution on the
part of buyers.
Sheer cotton and rayon fabrics moved in
Business in silk goods remained inactive
fabrics for the Fall
trade.
Trading in rayon yarns continued fairly active.
While yarn shipments for May exceeded those of the corre¬
sponding month of last year by close to 20%, surplus stocks
at the end of May showed a slight increase against the pre¬
vious month although their total remained less than a two
weeks' supply.
The price situation continued decidedly
firm, partly in view of increasing costs for the raw material,
and also because of the possibility of large Government
purchases in connection with the defense program.
expanding volume.
but
some
interest existed in plied yarn
Goods—Trading in the gray cloths
with the prevailing anxiety over war
developments in Europe continuing as the main obstacle to
an expansion in business.
Late in the week an improved
tone appeared to be getting under way, due, on the one hand,
to the better movement of finished goods in distributive
channels, and, on the other hand, to the anticipation of
heavy Government buying appropos of the carrying out of
the defense
program.
The circumstance that incoming
Domestic
Cotton
markets remained dull,
orders
specified mostly, either immediate or early delivery
was taken to indicate that supplies in the hands
in many instances are running dangerously low.
Business in fine goods continued quiet but sentiment turned
more cheerful as a growing number of small orders came
into the market.
Closing prices in print cloths were as
follows: 39-inch 80s, 6M to 6; 39-inch 72-76s, 6
39-inch 68-72s, 53^c.; 38^-inch 64-60sf 4^c.; 38J^-inch
of
goods,
of
users
60-48s, 4 to 43^c.
Woolen
Goods—Trading in men's wear fabrics was
greatly influenced by the announcement of impending large
Army purchases of fabrics and blankets, as a result of which
considerable pent-up buying
the market, and price trends
better
by private interests came into
revealed a decided turn for the
mills anticipated a gradual stepping-up in operations
with Government demands.
The call for lightwear
Materials profited by the sudden advent of real Summer
as
to cope
notwithstanding the fact that the Spring
proved very disappointing.
Reports from retail
clothing centers, after early continued spottiness, made an
improved showing, as consumers rushed to cover accumu¬
lated requirements of Summer and sports apparel items.
Business in women's wear fabrics also gave indications of
temperatures,
season
an
bad
early improvement, reflecting the
quickening
the retail demand for Summer garments.
existed in white and pastel goods. —
Foreign Dry Goods—Trading in linens
pace
of
Particular interest
remained inactive,
with domestic selling prices getting progressively out of line
with the tense supply situation prevailing in the foreign
Business in burlap bore an erratic char¬
in prices was followed by a
rally, partly due to the reduction in Calcutta stocks during
the month of May, amounting to approximately 32,000,000
yards, but subsequently, another reaction in Calcutta caused
quotations to lose part of the previous gains.
Domestically
lightweights were quoted at 5.75e., heavies at 7.80c.
primary centers.
acter.
An early further decline
Volume
TheCommercial & Financial Chronicle
150
Specialists in
Illinois & Missouri Bonds
2,000,000 South Carolina (State of) highway certificates of indebted¬
ness, due serially from 1942 to 1948, incl., awarded to a group
headed by the Union Securities Corp. of New
York, as 14s,
at 100.26, a basis of about
1.44%.
Re-offered to yield from
0.60% to 1.60%, according to maturity.
1,769,000 Maine-New Hampshire Interstate Bridge Authority, Me.,
4% bridge bonds sold by the Reconstruction Finance Cor¬
poration to Tripp & Co. of New York.
Due Feb. 1,1969.
1,660,000 Buffalo
Municipal
Housing Authority, N. Y., building
Phelps, Fenn & Co., Inc. of New York and
2s, 24s, 24s, and 2Ms, at a price of par, or a
net interest cost of about 2.47%.
Due serially from 1940 to
1959, incl. and containing a call feature.
Re-offered to yield
from 0.20% to 2.60%, according to
maturity.
bonds sold
associates,
Stifel. Nicolaus & Cojnc.
Founded 1890
105 W. Adams St.
314 N. Broadway
DIRECT
CHICAGO
WIRE
MUNICIPAL
BOND
ST.
SALES
IN
MAY
The decline in prices was equivalent
of an average of 75 basis points over
the levels previously prevailing, a circumstance which tended
to prevent the sale of a considerable number
of issues
scheduled to reach the market.
The principal operation thus
deferred was the proposed award by the State of New Hamp¬
shire of $6,599,000 bonds.
Although three syndicates com¬
peted for the offering, the offers were rejected as unsatis¬
factory.
Banking groups at the invitation of the State
Treasurer submitted new offers, but these, too, were turned
down.
The State then arranged for short-term credit in
amount of $2,500,000.
Another sizable loan which failed
to materialize because of advancing interest cost was the
$3,300,000 Knoxville, Tenn., refunding issue.
In rejecting
the one bid submitted for the bonds, the city announced that
the possible saving in interest charges was not satisfactory
and expressed the belief that better terms would be available
army by King Leopold.
to an increase in yields
when market conditions
are more
stable.
to
as
1,500,000 Montgomery
County
Precinct
No.
2,
Texas,
34%
un¬
limited tax road bonds purchased by an account
managed by
the Mercantile-Commerce Bank & Trust Co. of St.
Louis, as
3Ms, at 100.10, a basis of about 3.22%.
Due serially from
1941 to 1948, incl.
'
LOUIS
Long-term financing by States and municipalities during
the past month was sharply curtailed due to the unsettled
market conditions which prevailed throughout most of the
period as a result of developments in the European conflict.
The general price structure turned sharply lower on news of
the German invasion of the Low Countries and the reaction
was accelerated on disclosure of the surrender of t)\e Belgian
3693
1,500,000 Pittsburgh School
District, Pa., building bonds awarded
Union Trust Co. of Pittsburgh and associates, as 2Ms.
price of 100.678, a basis of about 2.69%.
Due serially
from 1941 to 1965, incl.
to the
at
a
1,350,000 Newark N. J., various purposes bonds sold to a group com¬
posed of Colyer, Robinson & Co., Adams & Mueller, and
Julius A. Rippel, Inc., all of Newark, as 3s, at
100.073, a
basis of about 2.98%.
Due serially from 1941 to 1960, incl.
r
and re-offered to yield from 2.10% to
3.20%, according to
maturity.
In the following we list the issues which were not sold dur¬
ing the month of May.
As was true in regard to offerings
by the State of New Hampshire and by Knoxville, Tenn.,
in
most
instances
the inability to complete the
proposed
directly occasioned by the severe break in the
market as a result of the calibre of developments in the war
in the closing weeks of the month.
These abortive offer¬
ings involved an aggregate of $14,166,559 bonds.
The page
number of the "Chronicle" is given for reference
purposes.
financing
was
Page
Name
Int. Rate
3090 Alliance, Ohio.
3400
Ashland
Amount
2 4%
County, Wis
3547 Bergenfield S. D., N. J
3549 Brownfleld, Texas.________
3394
a
3545
850,000
not exc. 3%
not exc. 4^%
70,000
372,000
not exc.
3%
24%
90.000
Report
Offering canceled
Bids rejected
No bids
Bids rejected
Offering postponed
Chippewa Co. Ind. S. D. 1,
Burbank, Calif
Minn
x
b Crawford County, Wis.,,
3549 Enterprise, Ore
3086 Harrison
250,000
65,000
27,500
x
3246 Chilton, Wis
3550
350,000
Twp.
Sch.
not exc. 1 4%
not exc. 3^%
34,000
Bids rejected
Bids rejected
Offering postponed
No bids
Twp.,
Ind
not exc.
4%
4,860
Offering postponed
3088 Humphreys County, Miss.,
not exc. 34%
prominent number of issues unsuccessfully
were not to the liking of municipal offi¬
cials, but in not a few instances the community failed to
receive bids on its offering.
Then, too, other prospective
borrowers, cognizant of the unfavorable market conditions,
decided to postpone their offerings to await more propitious
2924 Hurst S. D., Texas.
3396 Jackson Sep. S. D., Miss...
3697 Jefferson Davis Parish Road
4%
500,000
10,000
Bids rejected
Not sold
x
479,500
Offering
x
220,000
Bid rejected
393,000
Bid rejected
Those communities which elected to com¬
3396 New Hampshire (State of)..
Not
only
were a
offered because bids
circumstances.
plete
sales
in
accordance
with
previous
announcements
found that the cost of credit had increased
substantially.
Buffalo, N. Y., to cite an instance, was required to pay a
net rate of 2.72% in awarding an issue of $2,500,000 bonds
on May 21, despite the fact that at the previous sale last
December the obligations were placed on a cost basis of no
than 1.98%.
Many other taxing units likewise were
affected in disposing of issues during the closing weeks of the
recent months.
Although the City of Detroit, Mich.,
effected the sale of $7,997,000 bonds, the offering attracted
more
only two bids
as
against the five tenders which were sub¬
Dlst. No. 5, La.
3697 Jennings, La...
3549 Knoxville, Tenn..........
......
3548 Salisbury, N. C
...
3549 Seaside, Ore....
3548 Shallotte, N. C
3549
e
Stowe Township, Pa
3697 Walton, Ky
3241 Wayne County, Mich .....
3550 f Wisconsin Rapids, Wis—
3550 g Wood County, Wis
3086 York Twp. Sph. Twp.,
Ind..
82,299
28,000
32,000
81,000
Bids rejected
88,000
17,000
No bids
No bids
x
Portage, Wis
Bid rejected
Bids rejected
Offering canceled
Offering postponed
Bids rejected
Offering postponed
Offering postponed
Bids rejected
not exc. 34%
not exc. 6%
Niles, Ohio..
3549 d Obion County, Tenn.
3550
3,300,000
349,000
200,000
28,000
6,599,000
not exc. 2%
not exc. 6%
...
c
/
3%
24%
3398 Lexington, N. C_.
3244 Mahoning County, Ohio
3086 Miller Township, Ind......
3399
x
canceled
65,000
Offering postponed
No bids
x
not exc.
6%
4%
not exc. 4%
x
4%
not exc. 4%
not exc. 24%
75,000
160,000
2%
100,000
,
not exc. 4%
30,500
15,900
No bids
Offering postponed
Offering postponed
Not sold
with the bidder,
a Reoffered on June 4.
b Date
of sale changed to June 26.
c Reoffered on June 12.
d May attempt sale about
June 17.
e Offering was held June 3.
f Reoffered June 4.
g Reoffered JuneS.
x
Rate of interest was optional
mitted at the
previous operation last December.
The suc¬
cessful bid at last month's sale, incidentally, was submitted
by the Northern Trust Co. of Chicago, which bid for its
own account And announced that no reoffering of the bonds
would be made.
In light of the above-mentioned circumstances, it is not
surprising to find that sales of new municipal issues during
May amounted to no more than $50,046,353, of which ap¬
proximately $8,000,000 was accounted for by the City of
Detroit.
Awards in the previous month reached $75,767,615, and in March the figure was $83,570,146.
A de¬
velopment of interest in May was the formal offer of ex¬
change of $6,239,000 State of South Dakota refunding bonds,
series AA, to holders of the State's rural credit bonds.
The
offer was made by Lehman Bros, of New York, First Na¬
tional Bank & Trust Co. of Minneapolis, and the WellsDickey Co. of Minneapolis, on behalf of the syndicate which
is handling the rural credit debt refunding program.
The
announcement stated that arrangements have already been
made which have resulted in the refunding of more than
$14,000,000 of the $20,425,000 bonds involved in the pro¬
gram.
The issues of $1,000,000 or more
placed in the month of
May were as follows:
$7.997,000 Detroit, Mich., series F non-callable refunding bonds awarded
to the Northern Trust Co. of Chicago, as 3 4b, at 100.0028,
a basis of about 3.249%.
Due serially from 1941 to 1952,
incl.
Purchaser did not re-offer the issue.
3,150,000 Wichita Falls, Texas, 3%. 34% and 3*4% refunding bonds
were publicly offered by Crummer & Co,, of Dallas and asso¬
ciates.
Due serially from 1941 to 1969, incl.
2,500,000 Buffalo, N. Y., refunding issue taken by an account composed
of the National City Bank of New York, Manufacturers &
Traders Trust
Co., Buffalo, and Adams, McEntee & Co.,
Inc., New York, as 24b, at 100.169, a basis of about 2.72%.
Due serially from 1941 to 1950, incl. and re-offered to yield
from 0.75% to 2.70%, according to maturity.
2.389,000 Ventnor City, N. J., refunding bonds purchased as 4s, at
par, by B. J. Van Ingen & Co., Inc. of New York.
Due
serially from 1941 to 1960, incl.
Temporary financing by States and municipalities in the
past month was featured by a sharp increase in the cost of
such credit over the level of rates which obtained prior to
Germany's successful invasion of the Low Countries and the
subsequent capitulation of the Belgian forces.
The higher
trend was graphically emphasized in the sale on May 28 of
$20,000,000 revenue bills by the City of New York.
Comp¬
troller Joseph D. McGoldrick was required to pay an interest
rate of 0.75% on the operation, despite the fact that borrow¬
ing of similar nature was effected on May 15 at a cost of
only 0.25% and 0.35%.
Boston, Mass., which on April 25
awarded $5,000,000 notes due in about six months at 0.26%
interest plus a premium of $52, had to accept a rate of no
less than 0.65% plus a $42 premium in issuing a similar
loan on May 22.
Another block of local Housing Authority
notes, aggregating $60,865,000, came to market last month,
although this borrowing was completed prior to the general
hardening of money rates which occurred as a result of de¬
velopments abroad.
The grand aggregate of short-term
borrowing during May amounted to $157,654,408.
Canadian municipal bond sales in the recent month reached
$68,838,139, which includes placement by the Dominion
Government of a $65,000,000 2% five-year refunding issue
with chartered banks and the Bank of Canada.
Financing
was accomplished in anticipation of the June 1 maturity of
an issue
of $80,000,000 13^% bonds, the balance of the
needed funds having previously been available in the Treas¬
ury.
An important development during the month was the
default by the City of Montreal on a maturity of bonds and
a bank loan and subsequent placing of the affairs of the city
under the control of the Quebec Municipal Commission.
Premier
Adelard Godbout indicated that the Government
would meet all of the
city's obligations.
None of the United States Possessions undertook the sale
of bonds in this country
during May.
The Commercial & Financial
3694
table we furnish a comparison of all the
obligations put out in May for the last five
In the following
various forms of
June 8, 1940
entiation between collateral for the
general fund and other
Previous lists have divided into two sections, those
funds.
eligible for the general fund and those eligible for
securities
years:
Chronicle
other funds.
1938
$
<
1937
1936
*
1939
1940
$
S
The
$
.
joint control of the
93,150,722
20,748,150
51.219,386 105,152.749
60,046,353 101,548,623
97,045,066
15.417.157
S.) 157,664,408 111,371,227
Can. loans (perm.)—
68,838,139 141,812,036 141.614,969 116,022,673 21,071,500
Placed In Canada.
None
None
None
None
5,260,000
Placed In U. 8....
Perm, loans
♦
general fund covers all moneys deposited In the State Treasury to
Department of Taxation and Finance.
It is under the
the credit of the
'
(U. S.)„.
Temp, loans (U.
Bonds of U.S.Poss'ns
None
None
None
None
None
Gen.fd. bds.,N.Y.C.
None
None
None
None
None
'
Commissioner of Taxation and Finance and the Comp-
tWOther
funds cover all moneys deposited in various banks by the many
tax-collecting agencies of the State, such as motor vehicle fees, gasoline tax,
corporation tax, inheritance tax, &c., prior to their being transferred to the
general fund.
These funds are under the sole control of the Comptroller.
All moneys
him in
impounded by the Comptroller for payment of notes issued by
anticipation of revenues to be received are also under his sole control.
Collateral eligible as security for
276,538,900 359,981.886 255,513,841 264,287,125 141,641,406
Total
♦
Including temporary
none
in May 1939; none
securities issued In N. Y. City, 160,800,000 in May 1940;
in May 1938; 121,000,000 in May 1937, and $5,000,000 in
May 1936.
V,/;
;.vi
municipalities emitting permanent bonds
and the number of separate issues made during May, 1940,
were 272 and
328, respectively.
This contrasts with 320
and 392 for April, 1940, and with 330 and 434 for May, 1939.
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:
The number of
Month of
May
Year—
For the
Month
Year—
Five Months
$466,111,305
1916
$29,006,488
453,554,887
364,644,089
444,755,296
1915
1914
1937
1936
105,152,749
505,848,680
535,274,577
404,443,913
123,025,591
42,691,129
34,133,614
83,234,579
98,852,064
33,765,245
1939
1938
1933
78,274,868
79,788,577
44,790,533
1932
A-*-'..'':' 87,334,298
1931
174,998,521
1930...
144,872,096
1935.
1934
176,356,781
154,707,953
1927.
216,463,688
1926....... 137,480,159
1925
190,585,636
1924
117,445,017
1929
1928
1923
1922
...
.......
1921
95,088,046
106,878,872
63,442,294
1920.......
1919
1918
1917
37,280,635
46,319,625
33,814,730
23,743,493
439,675,147
730,576,915
613,897,001
519,680,721
648,612,959
723,958,401
608,255,147
612,184,802
546,293,435
423,089,026
536,116,865
356,003,428
277,548,512
205,273,378
123,945,201
193,068,268
1913
1912
For the
of
Five Months
May
$50,046,353
101,648,623
93,150,722
51,219,386
1940
...
1911
1910
$235,908,881
213,952,380
303,153,440
179,403,040
196,803,386
.
195,791,550
1907
18,767,754
27,597,869
25,280,431
15,722,336
1906
14,895,937
80,651,623
16,569,066
92,706,300
113,443,246
62,649,815
59,211,223
1909
.......
1908
1905
...
1904
55,110,016
1903
14,846,227
20,956,404
14,562,340
9,623,264
7,897,642
7,036,926
8,258,927
10,712,538
11,587,766
14,349,410
4,093,969
1902
1901
1900
1899
1898
....
1897
1896
1895
1894
1893
143,476,335
145,000,867
137,476,515
93,957,403
New York State deposits, either the
general fund or other funds, include the following:
Bonds or notes of the United States; bonds or notes of the State of New
York; bonds of any county, town, city, village or school district in the State
authorized to be issued by law (the Comptroller reserves the right to accept
or refuse any of these New York municipalities depending on their financial
condition); bonds of the Port of New York Authority: bonds of the Buffalo
& Fort Erie Public Bridge Authority; bonds of the Tri-Borough Bridge Au¬
thority; bonds of the Niagara Frontier Bridge Commission.
Owing to the lack of facilities for clipping coupons, the State
that all bonds used to secure State deposits must be registered.
requires
Authority—Four New Jersey
municipal housing authorities in
New Jersey which had offerings scheduled for June 4, as
noted in these columns—V. 150, p. 3543—awarded on that
date $5,550,000 of six months notes.
The interest rates to
be paid by three of them will be higher than that at which
previous housing note issues have been sold.
United
States
Housing
Units Sell Notes—The four
.
Syndicate headed by Chemical Bank & Trust Co. was awarded $1,650,000
Housing Authority notes and $2,250,000 Trenton Housing
Authority notes, both issues on bids of 0.70%.
R. W. Pressprich & Co. bought the $600,000 Asbury Park Housing Au¬
thority notes on a bid of 0.65%, plus $5.
Perth Amboy Housing Authority
sold its $1,050,000 notes to Perth Amboy National Bank on a bid of 0.50%.
Last month more than $125,000,000 local housing authority notes were
awarded at rates of 0.435% and 0.55%, some individual issues going at
even lower rates.
The highest previous rate on paper of this type was made
at the first sale of such securities when a rate of 0.60% was received.
The Chemical Bank group includes Chase National Bank, National City
Bank, Guaranty Trust Co., Bankers Trust Co., Manufacturers Trust Co.
Atlantic City
47,754,962
58,273,539
and Northern Trust Co.
33,906,634
States—$6,826,000 Housing Loans Sanctioned by
public housing projects, of which
26 already are occupied aod 186 others are und3r construc¬
tion or nearing completion, which received approval of United
States Housing Authority loans to date is announced coin¬
cident with Presisent Roosevelt's sanction of $6,826,000 in
loans to public housing agencies.
34,373,622
56,890,312
30,384,656
41,084,172
50,067,615
30,774,180
Owing to the crowded condition of our columns we are
obliged to omit this week the customary table showing the
month's bond sales in detail.
It will be given later.
United
President—A total of 412
These latest loans approved upon recommendation of Nathan Straus,
USHA, were to four local housing authorities to dedray
90% of the $7,589,000 estimated cost of seven low-rent projects to provde
Administrator of
decent homes for low-income families
now
forced to live under slum con¬
ditions because of lack of standard
News Items
New
Jersey—Finance Plan Advanced by Assembly Caucus
—An important step toward utlimate settlement of New
Jersey's pressing financial problems was taken on June 3
when the Republican majority in the Assembly gave a
caucus approval to 8 of the 11 bills introduced in the Senate
by Senator Charles E. Loizeaux, of Union. The bills seek
to dispose of an anticipated deficit, meet other financial
obligations and provide for
a
transfer of authority
over
Department
of
Institutions
and
Agencies, had received favorable
a proposal to transfer supervisory
authority from the State Financial Assistance Commission, whose personnel
changes each year, to a new board whose members would serve without pay.
An amended Sill to provide for this change will be presented next week.
The House Republicans disapproved a proposal that a fund of $4,500,000 be set aside for the reduction of taxes in municipalities which did
not caU upon the State for relief aid.
They indorsed other features of
Senator Loizeaux's $27,000,000 financing program.
The program proposes to turn relief over to municipalities with a State
grant.
It would supply $2,126,544 to meet 1940 school deficiencies, would
provide for reduction of local property taxes and would meet an estimated
State deficit of $6,000,000.
The money would be obtained through sale
of $10,500,000 of relief bonds, the use of
$5,889,028 to be Sorrowed from
the State Teachers Pension and Annuity Fund, the withholding of $3,000,000 from the State Highway Sinking Fund, the diversion of $3,019,000
from the State-Highway Department, the use of $600,000 from the State
Treasury, and the use of $4,300,000 more of highway funds.
The
caucus
considered
New
York, N. Y.—5.-M. T. Lines Pass to City Ownership
City of New York took full title to the entire network
of subway, street car, elevated and bus lines of the BrooklynManhattan Transit Corp. at noon on June 1.
—The
The transaction, which included power plant properties but excluded
condemned elevated structures, involved a total of $175,000,000.
Later
Mayor LaGuardia officially transferred the lines to the Board of Trans¬
portation for operation as part of the city's unified transit system.
Title will be taken to Interborough-Manhattan transit lmes on June 11
completion of the city's $326,000,000 unification program.
The Brooklyn-Manhattan Transit deal involved 293 miles of subway
and elevated trackage, 437 miles of street
railway trackage and 239 miles
of bus routes and the
Williamsburg power plant.
City to Acquire Manhattan Elevated Lines—The Board of
Estimate, at a special meeting on June 3, adopted a reso¬
lution authorizing the city to take title to the condemned
sections of the Ninth Avenue and Second Avenue elevateds
ALABAMA
ANNISTON, Ala.—BOND OFFERING—It is stated that W. S. Cole¬
Chairman of the Board of Commissioners, will offer for sale at public
auction on June 11, at 3 p.m., the following not to exceed 5% semi-annual
coupon bonds aggregating $60,000:
Tuesday, June 11, rather than Saturdav, June 8, the
day originally proposed by Mayor F. H. La Guardia and
$35,000 refunding bonds.
Due June 1 as follows: $2,000 in 1941 to 1955,
and $1,000 in 1956 to 1960.
A certified check for $1,000 isrequired.
25,000 refunding school bonds.
Due June 1, as follows: $1,000 in 1941
to 1955, and $2,000 in 1956 to 1960.
A certified check for $1,000
is required.
Dated June 1, 1940.
Denom. $1,000.
Prin. and int. payable at the
Chase National Bank, New York.
The bonds are authorized by ordinances
of the city duly adopted on May 28, and shall be sold subject to approval
and legality of issue and sale by Storey, Thorndike, Palmer & Dodge,
of Boston.
Comptroller Joseph D. McGoldrick.
thereto.
472,000 Mobile State Docks cold storage, 1939 bonds.
Due Dec. 1, as
follows: $13,000 in 1940* $14,000 in 1941, $15,000 in 1942, $20,000
in 1943 to 1946, $22,000 in 1947 and 1948, $24,000 in 1949, $25,000
in 1950 and 1951, $26,000 in 1952 and 1953, $27,000 in 1954.
$28,000 in 1955, $30,000 in 1956, $31,000 in 1957, and $32,000 in
1958 and 1959.
Interest payable June and December 1.
Issued
for the purpose of
refunding a like amount of "4% Dock and Cold
Storage Plant Revenue Bonds," which latter bonds were issued
the purpose of financing the construction of a cold storage
plant, fruit shed, dock and incidental equipment and facilities.
for
200,000 Mobile State Docks extension bonds. Due Dec. 1 as follows:
»$6,000 in 1940, $7,000 in 1941 to 1944, $9,000 in 1945 to 1950.
$10,000 in 1951 and 1952, $11,000 in 1953, $12,000 in 1954 and
,1955, $13,000 in 1956, $14,000 in 1957 and $15,000 in 1958 and
1959.
Interest payable June and December 1.
Issued for the
purpose of refunding a like amount of "City of Mobile,
State
11.
v
An order of condemnation of the Second Avenue line between Sixtieth
Street and 129th Street and the Ninth Avenue "El" between South
Ferry
and the Polo Grounds was signed on May 25.
Revised—New York State
Collateral
List
for State Funds
Comptroller's Office has simplified
eligible as collateral for security of State
deposits, according to the "Wall Street Journal" of June 5.
In a new list of eligible collateral the State makes no differ¬
the list of securities
Docks Extension Revenue Bonds,"
which bonds
were issued for
the purpose of financing the construction and equipment of a dock
and shed for the handling, storage, weighing and transhipping of
materialsAandxbulk chemicals, together with in¬
cidental facilities.
'/'■ ' " ■ " • ■■ ■"
" v :
f bulk fertilizer
town on June
State—Bond
<
$421,000 Alabama State Docks port facilities, 1940 bonds.
Due Feb. 1,
as follows:
$12,000 in 1941 and 1942, $13,000 in 1943, $17,000 in
1944, $18,000 in 1945 to 1947, $19,000 in 1948, $21,000 in 1949
and 1950, $22,000 in 1951 and 1952, $23,000 in 1953, $24,000 in
1954 to 1956, $28,000 in 1957 to 1959, and $29,000 in 1960.
Int.
payable February and August 1.
Issued for the purpose of
refunding a like amount of "Mobile Port Facilties Revenue
Anticipation Bonds, 1938," which latter bonds were issued for the
purpose of financing the construction and equipment of a dock,
transit shed, pier, slip and facilities and equipment incident
,
The postponement was caused by the Mayor and the
Comptroller's
over the Interborough Rapid Transit Co.
system on June 12
instead of June 11, as previously announced.
The Mayor will be out of
decision to take
York
r.
MOBILE, Ala.—BOND OFFERING—Sealed bids will be received untl
a. m. on June 10, by Cecil F. Bates, Mayor, for the purchase of the
following 3% semi-ann. refunding revenue bonds aggregating $1,093,000:
11
on
New
Proposals and Negotiations
man,
The bills indorsed have not been passed by the Senate.
Two of the three
biUs rejected, providing for a transfer of relief supervision from the State
Financial Assistance Commission to a new division of municipal aid within
Senate action.
Bond
the
administration of relief.
the
dwellings at rents within their means.
Approved loans now total $633,690,483, to 172 local authorities.
Earmarkings outstanding for further loans stand at $50,517,517, making a total
of $684,208,000 in USHA commitments to 194 local housing authorities in
the nation-wide slum clearance and low-rent housing program.
The 412 projects now under approved loans will rise In 187 communities
in 32 States, the District of Columbia, Hawaii and Puerto Rico.
"T Denom. $1,000.
All of the bonds are subject to registration as to principal and are subject to prior redemption at a redemption premium or 7 %
for the first five years after the date of the bonds and a premium of 5% after
the first five years.
The bonds will not be sold for less than par and
accrued interest and no bid for less than that amount will be considered.
Prin. and int. payable at the
Irving Trust Co., New York.
All of the bonds
are to be payable as to both principal and interest from the rentals paid to
the city by the State of Alabama, acting by and through the Department of
State Docks and Terminals, under the provisions of a lease from the city to
the State.
The rentals are payable from the first gross revenues of each
project or port terminal unit described above, and the excess revenues of
each
project, after payment of the rentals on such project, is also pledged
for the payment of the rentals on the other projects.
If any deficiency of
revenue from any one or all of the above projects occurs, then the deficiency
Volume
Commercial & Financial Chronicle
The
ISO
operated terminal
described will be
operated by the State under a lease agreement, under the provisions of
which the State agrees to pay the fixed rentals from the sources set out
above and agrees to operate the facilities, insure and maintain the same.
The legality of these bonds and the lease agreement between the city and the
State, acting through the aforesaid Department, will be approved by an
opinion of Chapman & Cutler, of Chicago.
The city will furnish its own
completed bonds which will be ready for delivery on or about June 25.
Enclose a certified check for 2% of the amount bid, payable to the city.
3695
is payable from the gross revenues of State-owned and
facilities located at the Port of Mobile.
The facilities
California
Municipals
BANKAMERICA COMPANY
San Francisco
Los
Angeles
New York Representative
52 Wall St.
Telephone WHitehall 3-3470
ARIZONA BONDS
CALIFORNIA
Markets in all Municipal Issues
BIG BEAR LAKE SANITATION DISTRICT (P. O. San Bernar¬
,
dino), Calif.—BONDS NOT SOLD—'The $110,000 issue of not to exceed
6%i semi-annual sewage disposal plant bonds offered on June 3—V. 150,
3543—was not sold as no bids were received, according to the County
p.
REFSNES, ELY, BECK & CO.
Clerk.
Dated June 1, 1940.
BURBANK,
Due
Calif.—BOND
on
June 1 in 1941 to 1964, inclusive.
$350,000 municipal power
awarded to
Savings Association of San Fran¬
cisco, paying a price of 100.011, a net interest cost of about 2.66%, on the
bonds as follows: $280,000 as 2Ms, due $35,000 on July 2 in 1941 to 1948,
the remaining $70,000 as 2Ks, due $35,000 on July 2 in 1949 and 1950.
PHOENIX, ARIZONA
plant bonds offered for sale
on
SALE—The
June 4—V. 150, p. 3394—were
the Bank of America, National Trust &
ARIZONA
MARICOPA COUNTY SCHOOL DISTRICT NO. 48 (P. O. Scott,dale), Ariz.—BONDS SOLD—The Superintendent of Schools states that
$8,000 3H% improvement bonds approved by the voters on March 16
have been purchased at par by the District Sinking Fund.
Denom.
$1,000.
Dated April 1, 1940.
Due $2,000 on April! in 1943 to 1946,
incl.
Prin. and int. (A-O) payable at the County Treasurer's office.
Legal
approval by the County Attorney.
KERN COUNTY (P. O.
to the
Security-First National Bank of Los Angeles
100.031, a basis of about 2.99%.
May 13 in 1941 to 1950, inclusive.
SALT RIVER PROJECT AGRICULTURAL IMPROVEMENT AND
POWER DISTRICT (P. O. Phoenix), Ariz.—BONDS VOTED—It is re¬
ported that at the election held
on May 28 the voters approved the issuance
5% bonds, aggregating $1,000,000: $481,000
refunding and $519,000 electrical power bonds.
of the following not to exceed
SALT RIVER AGRICULTURAL IMPROVEMENT AND POWER
DISTRICT (P. O. Phoenix), Ariz —BOND OFFERINO—Sealed bids will
a. m. on June 17, by A. W. McGrath, Secretary of the
Board of Directors, for the purchase of the following not to exceed 5%
semi-ann. coupon bonds aggregating $1,000,000:
$481,000 refunding,
issue No. 2 bonds, approved at an election held on May 28, by a count of
of 31,923 to 185: the remaining $519,000 electrical power, issue No. 2 bonds
approved on May 28 by a count of 30,901 to 372.
Denom. $1,000.
Dated
July 1,1940.
Due July 1, as follows: $100,000 in 1945 to 1949, and $50,000
in 1950 to 1959.
The District reserves the right to redeem the bonds on
July 1, 1954, or on any interest payment date thereafter upon 45 days'
notice at par and accrued interest plus a premium of 3^ of 1 % of the prin¬
cipal for each year or fraction of year or the term thereof which has not
expired at the date of redemption, provided the premium shall not exceed
234% of the principal.
Bonds will be awarded to the highest responsible
bidder offering the lowest rate of interest.
No proposal will be considered
at less than 95% of par value of the bonds and accrued interest.
The right
is reserved to reject all bids.
Prin. and int. payable at the District's office.
The bonds are registerable as to principal only, and are
payable from taxes
levied upon all taxable real property within the District without limitation
of rate or amount and payment of the bonds, both principal and interest is
further secured by Salt River Valley Water Users' Association whose
executed guaranty of payment will be indorsed upon each bond.
Section
3494 of the Enabling Act provides that all bonds issued thereunder shall be
a lien upon the real property included in the District and the lien for the
bonds of any issue shall be a preferred .lien to that of any subsequent issue.
Bond issue No. 1 in the amount of $13,000,000 heretofore has been author¬
ized of which $8,639,000 have been issued and sold.
Under the above cited
be received until 11
law such bonds constitute
preferred lien upon the real property included
in the District and In the opinion of counsel, because of such preferred lien,
bonds of bond issue No. 1 are entitled to first moneys received from sale of
real property for non-payment of taxes if such amount is not sufficient to
a
Say all thein the operations of the Association and the for both the payment
lowever, taxes levied against the real property sold District bond issues,
Due
3s, paying a premium
Dated May 13, 1940.
on
ANGELES
COUNTY
(P.
O.
Los
Angeles),
Calif.—SCHOOL
BOND OFFERING—We are informed by L. E. Lampton, County Clerk,
that he will receive sealed bids until 10 a. m. on June 11, for the purchase of
$5,000 Llewellyn School District bonds.
Interest rate is not to exceed
4%, payable M-S.
Dated Sept. 1, 1935.
Denom. $1,000.
Due $1,000
Sept. 1, 1945, 1947, 1949 and 1951 to 1953.
Prin. and int. payable in
lawful money at the County Treasury.
Each bid must state that the bidder
offers par and accrued interest to the date of delivery, and state separately
the premium, if any, and the rate of interest offered for the bonds bid for.
Bids will be received for all or any portion of the bonds.
In the event that
the bidder submits a proposal to purchase a portion of the bonds, the bid
shall designate specifically the bonds bid for.
All bonds sold to a bidder
bidding for a portion of the bonds, shall bear the same rate of interest, and
bids for varying rates of interest for the same block or portion of the bonds
will be rejected.
Enclose a certified check for not less than 3% of the
amount of the bonds bid for, payable to the Chairman, Board of Supervisors.
SAN FRANCISCO
(City and County) Calif.—BOND OFFERING—
Sealed bids will be received until June 17, by David A. Barry, Clerk of the
Board of
Supervisors, for the purchase of $945,000 airport bonds.
$105,000 on Jan. 1 in 1941 to 1949 incl.
The following report on this offering is taken from the
Journal" of June 6:
"The final block of
Due
"Wall Street
total authorization of $2,850,000 airport obliga¬
a
Francisco is scheduled for offering on June 17.
tions of the City of San
It will consist of $945,000 bonds remaining out of the 1937 authorization.
The balance has been sold in four blocks in the past couple of years.
The
new
issue is due $105,000
"The issue
was
Jan. 1, 1941 to 1949.
originally passed by voters in the November, 1937 elec¬
tion and proceeds were to be used for Mills Field additions and extensions.
"The first block of $650,000 was sold on Feb. 7, 1938, as 2s, and on July
25 a block of $305,000 was awarded as l%s.
The next sale occurred on
Feb. 6, 1939, and consisted of $650,000 which were sold as 1 7-10s, and the
last sale took place on Aug. 7, 1939, when $300,000 of the bonds were sold
on a bid of 100 for $124,000 due Jan. 1, 1940, at 0.5%, and the remaining
$176,000 at 1^%.
COLORADO
PROWERS COUNTY SCHOOL DISTRICT NO.
14 (P. O. Lamar)
Colo.—MATURITY—It is stated by the Superintendent of Schools
that
$26,000 3% semi-ann. refunding bonds sold to Oswald F. Benwell of
Denver, as noted here on April 6, are due on April 1 as follows: $500 in 1943
and 1944, $2,000 in 1945, $2,500 in 1946, $3,000 in 1947 and 1948, $3,500
the
in 1949,
$4,000 in 1950 and 1951, and $3,000 in 1952, callable on and
after
Oct. 1, 1950.
of bond service taxes is enforced by withholding water service to delinquent
lands, the practical effect of which is to place the liens of all issues on a
parity.
The District will furnish printed bonds and the approving opinion
of Chapman & Cutler, of Chicago.
Enclose a certified check for $20,000,
payable to the District.
as
of $15, equal to
LOS
PHOENIX, Ariz.—BOND SALE—The $78,000 3%% semi-ann. library
building bonds offered for sale on June 4—V. 150, p. 3394—were awarded
to Refsnes, Ely, Beck & Co. of Phoenix, paying a premium of $2,776.80,
equal to 103.56, a basis of about 3.35%.
Dated Oct. 1, 1938.
Due on
July 2 in 1941 to 1959 incl.
Bakersfield), Calif.—SCHOOL BOND SALE
—The $48,000 issue of Greenfield Union Elementary School District semi¬
annual bonds offered for sale on June 3—V. 150, p. 3394—were awarded
CONNECTICUT
BRIDGEPORT. Conn.—NOTE OFFERING—Terry W. Rodman, City
Comptroller, will receive sealed bids until noon (DST) on June 13 for the
Surchase 1940. Denoms. to exceed 1% interest short-term notes. Dated
15, of $825,000 not to suit purchaser.
Payable June 15, 1941 with
une
interest at
the City Treasurer's
office.
Notes will be ready for delivery
be made with accrued interest to the date
The notes will be prepared under the supervision of the
Bridgeport-City Trust Co., and they will certify as to the genuineness of
the signatures of the officials and the seal impressed on the notes.
The
notes are valid and binding general obligations of the City, and for the
on or
ARKANSAS BONDS
of
Markets in all State, County & Town Issues
about June 20, payment to
delivery.
payment of principal and interest thereof, the City
valorem taxes without limit as to rate or amount
has power to levy ad
(except as to certain
such as classified timber lands taxable at a limited rate)
upon all the property within the territorial limits of the city and taxable
by it.
If desired, the purchaser will be furnished with a certificate from the
Tax Assessor certifying that there are no such classes of property within
the city on the grand list of 1939.
Notes are exempt from the statutory
5% debt limitation.
The purchaser will be furnished with the favorable
opinion of Ropes, Gray, Boyden & Perkins, Esqs., of Boston.
Enclose a
certified check for 2% of the face value of the notes bid for, payable to the
City Treasurer.
classes of property
SCHERCK, RICHTER COMPANY
LANDRETH
BUILDING, ST. LOUIS, MO.
ARKANSAS
ARKANSAS, State of—BOND TENDERS INVITED—It is
announced
by Earl Page, State Treasurer, that he will receive sealed tenders until
June 25, at 11 a. m. (CST), of the following:
Highway refunding bonds, series A and B.
Toll bridge refunding bonds, series A and B.
DeValls Bluff bridge refunding bonds.
Road district refunding bonds, series A and B.
Certificates
of indebtedness.
Available funds will be applied to the purchase of bonds tendered at the
lowest price on the basis of highest yield to the State, or best bid submitted.
Tenders must be at a flat price, figured as of July 1, 1940, and shall not
exceed equivalent of par and accrued interest.
No accrued interest will
be paid on bonds accepted, provided, however, persons offering bonds with
July 1, 1940, interest coupon with date may retain such coupons.
The
right of acceptance of any part of bonds so tendered is reserved.
Immediate confirmation will be made of accepted tenders, and payment
made on or before July 5.
Tenders must be submitted on forms prescribed by the State Treasurer,
and may be obtained, by request, at his office.
Enclose a certified check for 3% of the face value of bonds tendered.
BATESVILLE,
Ark.—INTEREST RATE—It
is
stated
by
the
City
Recorder that the $7,000 fire equipment bonds sold to the Citizens' Bank
& Trust Co. of Batesville at 102.00, as reported here—V. 150, p. 3543—
were purchased as 4s, giving a basis
in 1944 to 1950, incl.
DUMAS
SCHOOL
DETAILS—It is
now
of about 3.65%.
Due $1,000
on
Jan. 1
Conn.—BONDS AUTHORIZED—'The Board of Alder¬
bonds as follows:—V. 150,
'■..
-■'.••• y~'.\
,0
$i,000,000 refunding to mature $100,000 annually from 1941 to 1950, incl.
HARTFORD,
authorized the issuance of $1,750,000
3543*
■'
v
men
P'"
750,000 public works to mature
the
trust company and the approving legal opinion of
Williams of Hartford will be furnished the purchaser with¬
aforementioned
Gross, Hyde &
charge.
A certified check for 2% of the bonds bid for,
of the Town Treasurer, must accompany each proposal.
out
DISTRICT (P. O. Dumas), Ark.—BOND SALE
reported by S. T. Frank, Secretary of the Board of
serin-annual school bonds which were
$4,500, 1952 to 1955, and $5,000 in 1956 to 1960.
at the Simmons National Bank, Pine Bluff. ^
Prin. and int. payable
payable to order
Conn.—NOTE SALE—Cecil J. Marlowe, City Comp¬
troller, awarded on June 3 an issue of $600,000 tax notes to the Second
National Bank of Boston at 0.125% interest.
Dated June 11, 1940 and
payable Aug. 1, 1940.
Legal opinion of Storey, Thorndike, Palmer &
Dodge of Boston.
Other bids:
Bidder—
Interest Rate
First National Bank of Boston
—
0.20%
Bank of the Manhattan Co
0.22%
Chase National Bank of New York
0.33%
NEW HAVEN,
FLORIDA
School Directors, that the $80,000 4%
sold, as noted in our issue of March 2, were purchased at par by T. J.
Raney & Sons of Little Rock and mature on Jan. 1 as follows: $1,000 in
1941: $3,000, 1942 and 1943; $3,500, 1944 to 1947; $4,000, 1948 to 1951;
$50,000 annually from 1941 to 1955, incl.
CANAAN,
Conn.—BOND OFFERING—C. M. Cruikshank,
Chairman of the Board of Finance, will receive sealed bids until 8 p. m.
(DST) on June 18 for the purchase of $174,000 214% school bonds of 1940.
Dated June 1, 1940.
Denom. $1,000.
Due June 1 as follows: $8,000 from
1941 to 1961, incl., and $6,000 in 1962.
Prin. and int. (J-D) payable at
the Hartford-Connecticut Trust Co.,»Hartford.
Bids to be on the basis
of $100 and accrued interest.
BondsTwill be certified as to genuineness by
NEW
DADE COUNTY (P. O. Miami),
Fla.—BONDS VOTED—At the elec¬
28 the voters are said to have approved the issuancefof
Special Tax School District No. 6 bonds by a substantial
tion held on May
the
$46,000
margin.
BONDS DEFEATED—It is also reported that the proposals to
following
paving bonds in connection with a Work Projects Administration grant.
vote
issue the
bonds aggregating $5,630,000, passed upon at the same time,
the fact that they did not receive the necessary 51%
of the registered freeholders:
$2,000,000 park system; $2,250,00o
WEST HELENA, Ark.—BONDS VOTED—At an election held on May
28 the voters are said to have approved the issuance of $30,000 in street
failed to carry due to
The Commercial & Financial
3696
Special Tax School District No. 2; $425,000 Special Tax School District
District No. 4 and $600,000 Special
No. 3; $355,000 Special Tax School
Tax School District No. 5 bonds.
State of—BOND AND NOTE TENDERS RECEIVED—
FLORIDA,
In connection with the call for tenders of sealed offerings of matured
June 8, 1940
lUn. at 100.45, a basis of about 1.63%.
Dated June 10, 1940 and due
July 1 as follows: $2,000 in 1941 and 1942; $1,000, 1943; $5,000 in 1944
and $11,000 in 1945.
Second high bid of 100.28 for 1
was made by the
City Securities Corp. of Indianapolis.
as
INDIANAPOLIS
or
highway bonds, time
and (or) negotiable notes of various
districts, noted here on May 18—
V. 150, p. 3239—it is reported by W. V. Knott, State Treasurer, that 34
parties offered bonds.
..'-/V-' • -
Chronicle
CITY,
SCHOOL
Ind.—BOND
unmatured original or refunding road and bridge or
319,000 series D refunding bonds offered June 4—Y.
warrants, certificates of indebtedness
counties and special road and bridge
awarded to
LAKE WORTH, Fia.—BONDS TO BE
PURCHASED—It is stated by the
Manufacturers Trust Co. of New York, acting as the sinking fund agent for
the city,
that pursuant to Section 3 of
a
resolution adopted by the City
Commission on Aug. 23, 1937, the city has deposited with the bank the
sum
of $20,338.03, and the sum is available as a sinking fund for the purchase
of the refunding bonds, series A, issue of Nov. 1, 1936, at the lowest prices
submitted.
v
named
The above
bank accordingly calls for submission to
it,
at
its
Corporate Trust Department, 55 Broad St., New York, before 3 p. m., on
June 21, of tenders of said bonds.
Said tenders must (1) specify the prin¬
cipal amount of bonds offered; (2) state the price (which must be less than
the principal amount and accrued interest thereon) at which the same are
offered; and (3) recite the distinctive numbers of bonds offered.
Since
accrued interest will be paid on all bonds purchased, tenders at prices
designated as "flat" will for all purposes, be considered as being made on a
"net" basis, i. e., inclusive of accrued interest.
Notice of acceptance of tenders will be mailed by the above named on
June 22 and good faith checks accompanying unsuccessful tenders will be
returned on that date.
All bonds purchased pursuant to the tenders must
be delivered with all coupons maturing on and after Nov. 1, 1940 attached
to the bank on or before June 28, on which date payment of the purchase
price will be made with interest accrued to such date and good faith checks
accompanying successful tenders will be returned.
All questions arising in connection with tenders will be decided In accord¬
ance with the provisions of Section 3 of the resolution.
If tenders of a
greater amount of bonds at the same price are received than moneys are
available for the purchase thereof, the bank will purchase bonds so tendered
at such price in the order in which the tenders are received to the extent
that moneys for the purchase thereof shall be available after the purchase
of all other bonds which may have been tendered at a lower price.
Tenders
of bonds made conditional upon the acceptance of all or none of the bonds so
tendered will be rejected.
Enclose a certified check for 1% of the principal
amount of the bonds tendered, payable to the bank.
PENSACOLA, Fla.—BONDS DEFEATED—It Is stated by J. E.
Frenkel, City Clerk-Comptroller, that at the election held on May 28 an
insufficient number of taxpayers participated in the voting to approve the
proposal to issue $430,000 in grain elevator '—|t"inir t>g|'
ST. PETERSBURG SPECIAL ROAD AND
(P.
-<±m*
BRIDGE DIST. NO. 13
SALE—The
$1,-
150, p. 3086—were
syndicate composed of Estabrook & Co., Paine, Webber &
Co., Equitable Securities Corp., Bacon, Stevenson & Co. and Roosevelt
& Weigold, Inc., all of New York, as 2Hs, at a price of 100.5699, a basis of
about 2.19%.
Dated June 14, 1940 and due April 1 as follows: $79,000 in
1941; $80,000, 1942 and 1943: $35,000, 1944; $55,000, 1945; $90,000 in
1946 and 1947; $45,000 1948; $50,000, 1949; $55,000, 1950: $50,000, 1951
to 1953, incl.; $60,000 in 1954 and $75,000 from 1956 to 1961, incl.
Other
a
bids:
_
Int. Rate
Savings Bank, Bankers Trust Co. of
New York; Mercantile-Commerce Bank & Trust Co.,
Alex. Brown & Sons and Charles Clark & Co
2H%
First National Bank of New York; Harriman Ripley &
Co., Inc.; First Boston Corp. and F. S. Moseley &
Co.....:
2K%
Lazard Freres & Co.; Paul H. Davis & Co.; Boatmen's
National Bank of St. Louis; Bruan, Bosworth & Co.;
Martin, Burns & Corbett, and F. W. Reichard & Co.
214 %
Northern Trust Co. of Chicago and Phelps, Fenn & Co.,
Inc.'and associates..
2)4%
National City Bank of New York: Halsey, Stuart &
Co., Inc.; Blair & Co., Inc. and Dougherty, Corkran
& Co
2%%
Bidder—
Harris
_
Rate Bid
Trust &
.
100.229
101.70
101.653
101.27
101.17
-
LOGAN TOWNSHIP SCHOOL TOWNSHIP (P. O. Lawrenceburg),
Ind.—BONDS NOT SOLD—The proposed sale on May 4 of $5,220 not to
exceed 4% interest unlimited tax bonds—V. 150, p.
2765—was called off,
plans for the new building had not yet been completed.
as
MARION
COUNTY
(P. O. Indianapolis), Ind.—WARRANT OFFERING—Glena B. Ralston, County Auditor, will receive sealed bids until
10 a. m. (CST) on June 17 for the purchase of $400,000 not to exceed 5%
interest
tax
anticipation warrants.
Dated June 30,
1940.
Denom.
Payable Dec. 15, 1940 at the County Treasurer's office.
Prin.
$5,000.
and int. payable out of taxes heretofore levied for the general fund and
now in course of collection.
Bidding blank to be obtained from County
Auditor.
Opinion as to validity of the warrants to be furnished by the
purchaser.
A certified check for 3% of the warrants bid for, payable to
order of the Board of Commissioners, is required.
MITCHELL
SCHOOL
CITY,
Ind.—BOND OFFERING—The Board
of Trustees will receive sealed bids until 10 a. m. on June 18. for the pur¬
chase of $12,500 3% building bonds.
Dated May 1, 1940.
Denom. $500.
Due as follows:
$500 Jan. 1 and July 1 from 1942 to 1953, incl. and $500
Principal and interest (J-J) payable at the Bank of MitchelL
Jan. 1, 1954.
O.
Clearwater), Fla.—BOND OFFERING—Sealed bids will be re¬
10 a. m. on June 15, by Ray E. Green. Clerk of the Board
of County Commissioners, for the purchase of a $511,000 issue of 4% semiann. refunding, Issue of 1939 bonds.
Denom. $1,000.
Dated Dec. 1,1939,
ceived until
Due Jan. 1, as follows: $2,000 in 1952, $25,000 in 1953, $50,000 in 1954,
$70,000 in 1955, $75,000 in 1956, $69,000 in 1957, $63,000 in 1958, $74,000
MUNCIE, Ind.—BOND SALE—The $19,000 series B refunding bonds of
1940 offered May 31—V. 150, p. 3395—were awarded to John Nuveen &
Co. of Chicago, as 2)is. at par plus a premium of $95, equal to 100.50, a
basis of about 2.19%.i
Dated June 15,1940 and due Dec. 15,1949.
Other
bids:
Int. Rate
Merchants National Bank of Muncie
district payable from an unlimited tax to be levied upon all taxable property
Raffensperger, Hughes & Co
(including homesteads) within the district.
Delivery of the bonds will be
:
Premium
.
„
Bidder—
in 1959, $80,000 in 1960, and $3,000 in 1961.
Prin. and int. payable in
New York City or Jacksoifville.
The bonds are general obligations of the
2)4%
3%
3%
3%
3 K%
KennethL. Johnson
$20.90
153.83
145.00
112.00
210.85
made at the Florida National Bank, Jacksonville, on July 1, upon approval
of bonds by a nationally known bond attorney or firm of attorneys.
En¬
Indianapolis Bond & Share Corp.
close
PERRY TOWNSHIP SCHOOL TOWNSHIP (P. O. 1130 Epler Ave.'
Indianapolis), Ind.—NOTE SALE—The issue of $11,000 notes offered
May 10—V. 150, p. 2765—was awarded to the Southport State Bank at
2% interest. Dated June 1, 1940 and due $5,500 on June 30 and Dec. 30,
1941.
certified check for 2% of the amount of bonds bid for, payable to
a
the Board of County Commissioners.
IDAHO
CUSTER COUNTY INDEPENDENT SCHOOL DISTRICT NO. 1
P. O. Challis), Idaho—BONDS SOLD—It is reported by the District
Clerk that $13,500 3 % semi-ann. cOnsructtion bonds approved by the voters "
at an election on May 25, have been purchased by the State.
Due in from
1 to 10 years, optional after one year.
election held on May""7
are reported to have defeated the proposal to issue $165,000 in
sewage plant bonds.
NAMPA, Idaho—BONDS DEFEATED—At
an
the voters
ILLINOIS
CHICAGO SANITARY DISTRICT, III.—
CALI^-K. A. Woodhull. Treasurer of the Board of Trustees, announced the call for redemption
on July 1,
1940 of various numbered series B refunding bonds of 1935,
aggregating $3,000,000.
Bonds should be presented for payment at the
First National Bank of Chicago.
f CLEAR
CREEK DRAINAGE DISTRICT (P. O. Virginia), 111.—
BONDS SOLD TO RFC—The Reconstruction Finance Corporation pur
chased ap issue of $14,500 4% refunding bonds at par.
Dated Dec. 1,1939.
EAST DUNDEE TOWNSHIP (P. O. Elgin), 111.—BOND SALE CAN¬
CELED—The sale of $26,000 revenue and $14,000 general obligation sewage
system bonds to John Nuveen &
canceled,
as
Co. of Chicago—V.
the voters refused to authorize the debt at
150, p.
an
SALLE, 111.—BILL TO VALIDATE BOND ISSUE—A bill to vali¬
date thei $25,000 swimming
pool construction bonds approved at an elec¬
tion on May 7 was recently
approved by the House and sent to the State
Senate for concurrence.
The measure was u
necessary due to an error in
the ballot.
MET AMOR A,
ill.—BOND SALE CANCELED—Refusal of the voters
loan at an election on May 8 automatically canceled the
previous sale of $12,000 sewer system bonds to Negley, Jens & Rowe of
Peoria.—V. 150, p. 2918.
~
to approve the
BONDS TO PAY JUDGMENT—
Appellate Court on May 28 affirmed the issuance of a writ of mandamus
by Circuit Judge Harry M. Fisher compelling the village to issue bonds to
pay a judgment and interest of $10,821 obtained by the Charles DeLeuw
lo. for
engineering services in preparing special assessment projects which
were canceled because of the
depression.
The higher court overruled a contention
by village attorneys that a munic¬
ipality cannot be forced to issue bonds where its total indebtedness exceeds
the constitutional
5% limitation, citing a State Supreme Court ruling that
substitution of
a
bond issue for judgments in excess of the 5%, does not
Increase the indebtedness.
INDIANA
?iMJk.
May 27—V.
SALE—The $3,000 sanitary sewer system
150, p. 3240—were awarded to the Corydon
Dated March 15, 1940
1950, inclusive.
.
EAST CHICAGO, Ind.—BOND
bonds offered
iaaaI!,
May 29—V.
150,
and due $500 on Jan. 1 from 1945jto
SALE—The $21,000 series S refunding
3240—were awarded to the Union
p.
®2:nH of Indiana Harbor, at East Chicago,
as 3 Ms, at a price of
100.047, abasisof about 3.49%.
Dated June 1, 1940 and due July 1 as
follows: $3,000 from 1944 to 1946 incl. and
$4,000 from 1947 to 1949 incl.
Only one bid was submitted for the issue.
^NDIANAPOLIS^SCHOOL CITY, Irtd.—BOND
Oood, Business Director of the
OFFERING—A. B.
Board of School Commissioners, will receive
sealed bids until 12:15 p. m.
(CST) on June 25 for the purchase of $50,000
£2® J® ~xce?? 5% interest coupon series E refunding bonds.
Dated June
29, 1940.
Denom. $1,000.
Due $5,000 on April 1 in 1942, 1944, 1946,
* *8,1950,1952.1954, 1956,1958 and 1960.
Bidder to name a single rate
of interest,
pressed in a, multiple of X of 1%. Prin. and int. (A-O)
,
payable at office of the Treasurer of the Board of School Commissioners.
Bonds and interest payable out of unlimited ad
valorem taxes to be levied
and collected on all of the taxable
property in the school
city.
The bonds
tofbe refunded mature in 1940.
A certified check for 3% of the issue bid
for, payable to order of the Board of School Commissioners, must accom¬
each proposal.
pany
BOND SALE—The issue of $21,000 coupon
building bonds offered June 4
—V. 150, p. 3394—was awarded to Baum, Bernheimer Co. of Kansas
City
Jan. 15 and July 15 from 1942 to 1955 incl.
SEYMOUR
SCHOOL
CITY,
Ind.—BOND 'OFFERING—Don
A.
Bollinger, Secretary of the Board of Trustees, will receive sealed bids until
1 p. m. on June 14, for the purchase of $11,500 not to exceed 4% interest
building bonds of 1940.
Dated June 1, 1940.
Denom. $500.
Due as
follows:
$500 July 1, 1941, and $500 Jan. 1 and July 1 from 1942 to 1952,
incl.
Bidder to name a single rate of interest, expressed in a multiple of
\i of 1%.
Bonds will be direct obligations of the school city, payable out
of ad valorem taxes to be levied and collected on all taxable property therein
within the limits prescribed by law.
A certified check for $500, payable to
order
of
t]he school city, is reauired.
Legal opinion of Matson, Ross,
the successful bidder.
McCord & Ice of Indianapolis will be furnished
TOWNSHIP (P. O. English),
Ina.—BOND OFFERING—Larmon Longest, Trustee, will receive sealed
$8,958 not to exceed 4%
STERLING
TOWNSHIP
SCHOOL
bids until 2 p. m. on June 12, for the purchase of
interest building bonds.
Denom. $233.95.
Due
from July 1, 1941 to Jan. 1, 1961. incl.
for transcript of proceedings.
Interest
UNION COUNTY (P. O.
$233.95 each six months
A reasonable charge will be made
J-J.
Liberty), Ind .—BOND OFFERING—Charles
W. Masters, County Auditor, will receive sealed bids until 2 p. m (CST)
on June 22 for the purchase of $2,500 4)4% Hanna's Creek Dry Ford con¬
Dated Jan. 1, 1940.
Denom. $500.
Due $500
Jan. 1 from 1942 to 1946, incl.
Prin. and int. (J-J) payable at the
County Treasurer's office.
A certified check for 5% of the issue must
accompany each bid.
struction bonds of 1939.
on
VINCENNES TOWNSHIP (P. O. Vincennea), Ind.—BOND OFFER¬
ING—I. Grant Bessley, Trustee, will receive sealed bids until 1 p. m. on
July 3, for the purchase of $10,500 not to exceed 5% interest refunding
bonds.
Dated July 1, 1940.
Denom. $500.
Due $5,000 on Jan. 1 and
$5,500 on July 1, 1952.
Bidder to name a single rate of interest, expressed
in a multiple of M of 1 %.
Purpose of the issue is to provide for the paypayment of certain outstanding 5% judgment funding bonds.
The refundings are direct obligations of the township, payable out of unlimited ad
valorem taxes to be levied on all of its taxable property.
Legal opinion
of Matson. Ross, McCord & Ice of Indianapolis will be furnished the
successful bidder.
Purchaser will be required to provide for and pay for
printing of the bonds
IOWA
SCHOOL»DISTRICT"(P. O. Chari¬
ton), Iowa—BOND SALE—The $52,000 issue of building bonds offered
public auction on June 4—V. 150, p. 3544—was awarded to
the National Bank & Trust Co. of Chariton, as 2^s, paying a premium of
$710, equal to 101.365, a basis of about 2.03%.
Dated June 1, 1940.
Due on Nov. 1 in 1942 to 1950, incl.
■
CHARITON
INDEPENDENT
for sale at
CORYDON, Ind.—BOND
bonds offered
ROCKVILLE, Ind.—BOND SALE—The $29,000 school aid bonds of
offered May 24—V. 150, p. 3240—were awarded to the Rockville
1940
National Bank, as 2iM"s, at a price of 100.506, a basis of about 2.68%.
Dated May 15. 1940 and due as follows: $1,000 July 15, 1941, and $1,000
2765—was
election on June 1.
LA
•^MIDLOTHIAN, 111.—MUST ISSUE
The
Seasongood & Mayer
^
Iowa—BONDS DEFEATED—It is stated by the City
election held on June 3 the voters defeated the
proposal to issue $70,000 in hospital bonds.
DENISON,
Clerk that at the primary
PERRY,
Iowa—BONDS SOLD—It is reported that $8,000 funding
First National Bank of Perry, as 3s at
June 1, 1943, callable on any interest payment date.
bonds have been purchased by the
par.
Due
on
POLK COUNTY (P. O. Des Moines), Iowa—BOND OFFERING—
and open bids will be received by G. C. Greenwalt. County
Treasurer, until June 18, at 10 a. m., for the purchase of $355,000 coupon
funding bonds.
Dated June 1. 1940.
Due Nov. 1, as follows: $55,000
in 1947, and $100,000 in 1948 to 1950.
Prin. and int. (M-N) payable at
the County Treasurer's office.
Bidders should specify the rate of interest,
but no award will be made on any bid of less than par and accrued interest.
All other things being equal, preference will be given to the bid of par and
accrued interest or better which specifies the lowest coupon interest rate.
The county will furnish the approving opinion of Chapman &■ Cutler of
Chicago, and all bids must be so conditioned.
A certified check for 3%
of the principal amount of the bonds bid for is required.
(This notice supplements the offering report given in our issue of June 1
—V. 150, p. 3544.)
Both sealed
SHENANDOAH, Iowa—BOND SALE—The $13,000 swimming pool
on May 29 —V. 150, p. 3395—were purchased jointly
by two local banks, according to report.
bonds offered for sale
Volume
The
150
MICHIGAN
KENTUCKY
BRODHEAD
Ky.—BOND SALE—it is now
BAY CITY,
Mich.—PROPOSED BOND ISSUE—The city has applied
to the State Public Debt Commission for permission to issue $46,000 not
to exceed 3 % interest coupon local improvement bonds. Dated July 1,1940.
Denom. $1,000.
Due July 1 as follows:
$11,000 from 1942 to 1944 incl.;
$7,000 in 1945 and $6,000 in 1946. Principal and interest (J-J) payable at
the City Treasurer's office. The bonds are to be issued in anticipation of the
collection of special assessments, and are general obligations, pled-'~er full
Brodhead),
reported that the $12,000 4%% semi-ann.
sale on April 8—V. 150, p. 2296—were pur¬
EDUCATIONAL CORPORATION
first mortgage bonds offered for
chased by the Security & Bond
(P. O.
Co. of Lexington
EDUCATIONAL CORPORATION (P. O. Crab
Orchard), Ky.—BOND SALE—It is now reported that the $31,000 4H%
semi-ann. 1st mtge. refunding bonds offered on April 8—V. 150, P. 2296—
were purchased by the Security & Bond Co. of Lexington.
CRAB
ORCHARD
faith and credit of the city.
CLINTON AND HARRISON TOWNSHIPS FRACTIONAL SCHOOL
DISTRICT NO. 7 (P. O. Route No. 6, Box 386, Mount Clemens),
GARRARD COUNTY PUBLIC SCHOOL CORPORATION (P. O.
Lancaster). Ky.—BONDS SOLD—It is stated by the Bankers Bond Co ,
Inc. of Louisville, that they purchased on June 1 a $25,000 issue of 3
%
Mich.—TENDERS WANTED—Carl Staeb, District Secretary, will re¬
ceive sealed tenders of certificates of indebtedness until 8p.m. (EST) on
June 12.
Tenders should be firm for five days.
Due in 1941 to 1952
school bonds.
3697
Commercial & Financial Chronicle
"*
semi-annual
Ky.—BONDS NOT SOLD—The $30,500 4%
WALTON,
DEARBORN,
refunding bonds offered for sale on May 29—V. 150,
3395—were not sold as no bids were received, according to the Town
Clerk.
Dated Jan. 1, 1940.
Due on Jan. 1, in 1941 to 1965.
LOUISIANA
BALDWIN, La.—BOND OFFERING—It is stated by Mayor L. Geiling
that he will receive sealed bids until July 2, for the purchase of $16,000 not
to exceed 6% semi-annual gas system bonds, approved by the voters on
May 28.
wt
rejected.
1943
to
MORGAN
SCHOOL
CITY
being offered at private sale.
DISTRICT
(P.
ERIN
La.—
ness
BROOKLINE, Masb^—NOTE OFFERING—Albert
P.~Briggs, Town
10 for the purchase
1940
the
issue bid
NO. 8! (P. O. Kala¬
Township Clerk, will
purchase of
$15,000 not to exceed 4% interest coupon special assessment bonds. Dated
June 15, 1940.
Denom. $1,000. Due $3,000 on June 15from 1941 to 1945
incl.
Rate or rates of interest to be expressed in multiples of K of 1%.
Principal and interest (J-D) payable at the First National Bank & Trust Co.
of Kalamazoo.
Bids shall be conditioned upon the unqualified opinion of
Miller, Canfield, Paddock & Stone of Detroit, approving the validity of the
notes. Township will pay for the opinion and cost of printing the bonds. A
certified check for 2% of the bonds, payable to order of the Township
Other bids:
Int. Rate
Rate Bid
Tyler & Co
1^%
100.677
R. K. Webster & Co
1K%
\A%
100.519
100.51
Perrin, West & Winslow
F. Brittain Kennedy & Co
Wi%
Lee
\lA%
Wi%
100.416
100.41
100.307
100.301
13^%
llA%
100.258
100.218
1^%
100.17
13/2%
1 y2%
\y2%
100.109
100.103
100.06
100.678
100.07
13^%
Union Securities Corp.
Bishop, Wells & Co
Harris Trust & Savings Bank
C. F. Childs & Co. and Lyons & Shafto
R. L.Day & Co
Chace, Whiteside & Symonds
....
...
\%%
lh%
Treasurer, is
Tyler & Co
Bond, Judge & Co., Inc
Int. Rate I
2\i%
2M%
23i%
Rate Bid
101.15
101.09
100.567
ROCKLAND, Mass.—BIDS REJECTED—C. J. Higgins, Town Treas¬
rejected the bids submitted for the $20,000 municipal relief, Act of
notes offered June 4.
New bids were asked on June 7.
Issue is
dated June 1, 1940 and due serially from 1941 to 1950, incl.
urer,
1939,
SALEM, Mass.—BOND SALE—The $100,000 coupon municipal relief
150, p. 3545—were awarded to Goldman, Sachs
l^s, at a price of 100.759, a basis of about 1.61%.
Dated June 1, 1940 and due $10,000 on June 1 from 1941 to 1950 incl.
Other bids: (for l^s) Tyler & Co., 100.444; Naumkeag Trust Co., 100.27;
Estabrook & Co., 100.09: Halsey, Stuart & Co., 100.088; (for 2s) F. Brittain
Kennedy & Co., 101.306; Spencer Trask & Co., 101.099; Bond, Judge &
Co., 100.909; Salem Five Cent Savings Bank, 100.97; Merchants National
Bank, Salem, 100.90; Lyons & Shafto and C. F. Childs & Co., 100.709;
Harris Trust & Savings Bank, 100.63; Whiting, Weeks & Stubbs, 100.52
Harriman, Ripley & Co., 100.19;
(for 23£s) Second National Bank of
Boston, 100.638.
bonds offered June 3—V.
& Co. of New York, as
SPRINGFIELD, Mass.—NOTE SALE—George W. Rice, City Treas¬
announced the award at private sale of $800,000 notes at 0.26% dis¬
count.
Due $400,000 Dec. 19, 1940,*$200,000_Jan. 9_and $200,000 Dec.
10. 1941.
urer,
special assess¬
Stone of
the
of the
TAYLOR TOWNSHIP
SCHOOL DISTRICT NO.
5 (P. O. Dear¬
born, Route 1), Mich .—TENDERS WANTED—Hersey Hunt,
will receive sealed tenders of 1936 refunding bonds, dated Aug.
until 8 p. m. on June
18. Prices should be quoted
Director,
1, 1936,
flat.
MINNESOTA
:
Other bids:
Bidder—
R. L.Day & Co..
and payable from
Payable
of pur¬
price of 100.07, a basis of about 1.99%.
Dated May 1, 1940. Denom.
$1,000. Due May 1 as follows: $4,000 from 1941 to 1950 incl. and $2,000
from 1951 to 1955 incl.
Principal and interest (M-N) payable at the First
National Bank of Boston.
Legality approved by Ropes, Gray, Boyden &
'
issued in anticipation of
district
REDFORD TOWNSHIP (P. O. Redford Station), Mich.—BOND
OFFERING—V. E. Anderson, Township Supervisor, will receive sealed
(EST) on June 12 for the purchase of $12,500 not to exceed
5% interest water system supply revenue bonds.
Dated June 1, 1U4U.
Denoms. $1,000 and $500. Due June 1 as follows: $500 from 1944 to 1946
incl. and $1,000 from 1947 to 1957 incl. Principal and Interest (J-D)
at the Detroit Bank.
The bonds are not a general obligation or indebted¬
ness of the township, being payable solely from revenues from the operation
of the water supply system. Bids shall be conditioned upon the unqualified
opinion of John C. Spaulding of Miller, Canfield, Paddock &
Detroit, approving the legality of the bonds.
Township will pay for
opinion and cost of printing the bonds.
A certified check for 2%
issue, payable to order of the Township Treasurer, is required.
creating an Emergency Finance Board, being in renewal of a similar amount
of notes due June 19, 1940.
Award is subject to the approval of the Gov¬
ernor and Council.
The notes are direct obligations of the Commonwealth
and interest will be payable at maturity.
The Commonwealth figures the
interest on exact number of days on a 360-day year basis.
Boston delivery.
—
(EST) on June 14 for the
bids until 7 p. m.
MASSACHUSETTS (State of)—NOTE OFFERING—William E. Hur¬
NEWTON, Mass.—BOND SALE—Perrin, West & Winslow~o
Boston
were awarded on May 31 an issue of $50,000 coupon water bonds as 2s, at a
until 8 p. m.
required.
The bonds are
ments in the
ley, State Treasurer, will receive bids in writing until noon on June 10
for the purchase of $4,000,000 notes, dated June 19,1940, due June 16, 1941,
issued under the provisions of Chapter 49 of the Acts of 1933 as amended,
Principal and interest payable in Boston or New York at option
TOWNSHIP FIRE DISTRICT
Mich.—BOND OFFERING—John Kline,
KALAMAZOO
mazoo).
receive sealed bids
Due $12,000 on June 1 from 1941 to 1945,
Lazard Freres & Co
»■
in
Due $2,000 on June 1 from 1941 to 1950, incl.
Higginson Corp
Goldman, Sachs & Co.
?
«
■
35,000 unpaid current (1939-1940) fiscal year tax notes, issued
an¬
ticipation of collection of the unpaid taxes for that year, and secured
by the full faith and credit of the city. Approving order of the State
Loan Board was issued April 25.
„
.
All of the notes will be dated June 15, 1940 and mature Sept. 1, 1940. Bids
shall be conditioned upon the unqualified opinion of the purchaser s attorney
approving validity of the notes. City will pay for the opinion and for
printing of the notes. A certified check for 2% of the notes of each
for, payable to order of the City Treasurer, is required.
X
incl.
Boston
office within seven
collection of
Sale consisted
Bidder—
May 1, 1938,
$75,000 1936 and prior year tax notes, issued in anticipation of
delinquent taxes of 1936 and prior years and the full faith and
credit of the city are irrevocably pledged for payment of principal
and interest.
Approving order of the State Loan Board was issued
May 24# '
'
*' 4
'' «•
'■
Mass.—BOND SALE—The $80,000 coupon bonds
150, p. 3545—were awarded to the Second National
llAs, at a price of 100.726, a basis of about 1.29%.
All of the bonds will be dated June 1, 1940.
Secretary, will
Mich.—NOTE OFFERING—Albert J
Zak, Village
Clerk, will receive sealed bids until 8 p. m. on June 11 for the purchase of
$110,000 not to exceed 6% interest notes, divided as follows:
$500,000 revenue anticipation notes, dated June 10,
and due Nov. 21, 1940at discount of
Perkins of Boston.
O. Roseville),
of indebtedness, dated
HAMTRAMCK,
(P. O. Taunton), Mass.—NOTE SALE—An
awarded June 4 to R. L. Day & Co. of Boston,
0.28% discount.
Due Nov. 13, 1940. Other bids: First National Bank
of Attleboro, 0.32%; Bristol County Trust Co., 0.337%; Jackson & Curtis,
0.348%; Leavitt & Co., 0.515%.
chaser.
TOWNSHIP SCHOOL DISTRICT NO. 6 (P.
WANTED—Edward Kracht, District
for 23£s.
at
Estabrook & Co
June 10. Certificates
dollar value and the yield,
m. on
FENTON, Mich.—BOND SALE—The issue of $36,000 general obliga¬
3—V. 150, p. 3396—was awarded to Crouse
Co. of Detroit, at 100.059 for $25,200 2As and $10,800 2Ms, a net
interest cost of about 2.375%.
The 2 As mature $3,600 on March 31 from
1942 to 1948 incl.; the 2Kb on the basis of $3,600 annually from 1949 to
1951 incl. Stranahan, Harris & Co. of Toledo, second high bidder, offered
100.617 for 23^s, and the third bid by Ryan, Sutherland & Co., was 100.297
MASSACHUSETTS
Merchants National Bank of
7 p.
&
COUNTY
Treasurer, will receive sealed bids until noon on June
DIS¬
tion sewer bonds offered June
of the Board
issue of $250,000 notes was
20,000 water mains bonds.
SCHOOL
certificates
BALTIMORE,"Md.—BOND ELECTION—At the November general
authorize $10,000,000 bonds for sewer
paving purposes.
The General Assembly has approved the loans.
of:
$60,000 municipal relief bonds.
FRACTIONAL
purchased must be delivered to the District Treasurer's
days following mailing of acceptance notice.
election the voters will be asked to
as
TOWNSHIPS
until 8 p. m. (EST) on June 12.
Bidder to fully describe the
offered and tenders must be firm for 10 days from June 12.
Certificates
and
Bank or Boston,
LAKE
fully described and tender must include
ERIN
MARYLAND
offered June 4—V.
AND
June 12 and show
*he yield on each
Mich.—TENDERS
date called.
^FRAMINGHAM,
WANTED—Edward M. Lane, Secre¬
receive sealed tenders of certificates
La.—CERTIFICATE CALI^-lt is stated by Jess S.
Cave, Commissioner of Public Finance, that 2%% semi-aimual refunding
paving series B, certificates of 1939, aggregating $408,000, drawn by lot,
are called for payment, at par and accrued interest, on July 1.
Dated July 1, 1939.
Denom. $1,000.
Due Jan. 1, 1951.
Said certifi¬
cates should be presented for payment, with all unmatured coupons at¬
tached, at the places of payment designated on the face thereof.
NEW ORLEANS,
BRISTOL
Mich.—TENDERS
in the amount of about $2,000, up to
must be
building and gymnasium bonds.
BOND CALL—It is stated by Horace P. Phillips, Secretary
City
WANTED—The
of indebted¬
BOND OFFERING—It is reported that the Secretary of the Parsh School
Board will receive sealed bids until June 21, for the purchase of $150,000
on
Stevens,
TRICT NO. 4 (P. O. Washington), Mich.-—TENDERS
District Secretary will receive sealed tenders of 1938 certificates
_
Franklin),
O.
DETROIT,
about $50,000.
Offerings mustlbe firm until 10 a- m. on
rate of interest, date of maturity, the dollar valu.
~d
offering.
1965.
It is stated that these bonds are
A.
tary of Employees' Retirement Fund Board, will receive sealed offerings
until noon on June 11 covering city non-callable bonds in the amount of
WJENNINGS, La.—BONDS NOT SOLD—It is stated by the City Clerk
that the following bonds aggregating $393,000, offered on May 29—V. 150,
p. 3086—were not sold as the only bid submitted was turned down: $220,000
public improvement; $123,000 water works and sewerage extension, and
$50,000 street improvement bonds.
Dated June 1, 1940.
Due on June 1
in
OFFERIN, —Myron
DEARBORN TOWNSHIP SCHOOL DISTRICT NO. 4 (P. O. Dear¬
born), Mich.—TENDERS WANTED—H. E. Hemans, District Secretary,
will receive sealed tenders of refunding bonds and certificates of indebted¬
ness until 8 p. m. (EST) on June 17.
Tenders should be firm for five days.
JEFFERSON DAVIS PARISH ROAD DISTRICT NO. 5
(P. O.
Jennings), La.—BONDS NOT SOLD—It is stated by the Secretary of the
Police Jury that the $220,000 road bonds offered for sale on May 29—
V. 150, p. 3086—were not awar'*ed, as the only bid received, an offer of
par on 6s, was
Mich.—BOND
Clerk, will receive sealed bids until 8 p. m. on June 18 for the purchase
of $16,500 not to exceed 4% interest coupon paving bonds.
DatedMay 15,
1940. Due Nov. 15 as follows: $2,500 in 1941 and $3,500 from 1942 to 1945
incl. Callable in numerical order on any interest date. Principal and interest
(M-N) payable at the City Treasurer's office. Registerable as to principal
and backed by full faith and credit of the city.
Bids may be conditioned
only on the approval as to validity by Chapman & Cutler of Chicago, and
the cost of the opinion and printing of bonds will be paid for by the city.
A certified chock for $500 is required.
water works revenue
p.
bids wiU be
Clerk, for the
water filtration plant
1942 to 1959, incl.
MINNEAPOLIS, Minn.—BOND OFFERING—We are informed by
Charles C. Swanson, City Clerk, that he will receive both sealed and auction
bids until June 13, at 9 a. m., for the purchase of an issue of $1,000,000 not
to
exceed 5% semi-annual coupon refunding bonds.
Denom. $l,uuu.
Dated July 1. 1940.
Due $100,000 on July 1 in 1941 to 1950, incl.
Prin¬
cipal and interest (J-J) payable in lawful money at the fiscal agency of the
city in New York City or at the City Treasurer's office.
Rate of interest
to be in a multiple of % or l-10th of 1%, and must be the same for all the
bonds.
The bonds may be registered as to both principal and interest on
application to the City Comptroller.
Principal and interest payablein
lawful money at the fiscal agency of the city in New York City or at the City
Treasurer's office.
The obligations will be issued pursuant to the terms
of Section 16 of Chapter V of the City Charter, and the full faith and
credit of the city will be pledged for the payment thereyf.
Delivery will
be made by the City Comptroller in New York City, in Chicago, or in
Minneapolis at a national bank satisfactory to the purchasers, any charge
bv the bank for delivery service to be paid by the purchasers.
Cost of
printing and transporting the bonds to place of delivery will be paid by the
city.
The obligations will be accompanied by the opinion of Thomson,
Wood & Hoffman fo New York, that they are valid and binding obligations
of the city.
Bids offering an amount less than par cannot be accepted.
A
certified check for 2% of the amount of the obligations bid for, payable to
GRANITE FALLS, Minn.—BOND OFFERING— Sealed
received until 7:30 p. m. on June 10, by S. E. Nelson, City
purchase of $18,000 not
bonds.
Denom. $1,000.
the City
to exceed 4% semi-ann
Due $1,000 on Jan. 2 in
Treasurer, is required.
ADDITIONAL OFFERING—We are also informed by George M. Link#
of the Board of Estimate and Taxation, that he will receive both
sealed and auction bids until June 13, at 10 a. m., for the purchase of the
olio wing not to exceed 6% semi-annual coupon bonds aggregating $2.Secretary
The Commercial & Financial
3698
Chronicle
June 8, 1940
080,000: $1,300,000 public relief; $28o,000 work relief; $175,000 storm
drain; $270,000 water works, and $50,000 school bonds.
Denom. $1,000.
Dated July 1, 1940.
The public relief bonds will be due in equal annual
instalments on July 1 of the years 1941 to 1950, both inclusive.
Each of
the other groups or bonds will mature in 20 annual instalments of approxi¬
mately equal amounts which will be so scheduled that when combined the
combined maturities will be In the amounts of $39,000 on July 1 of the
years 1941 to 1960, both inclusive.
Rate of interest to be in a multiple
of U. or l-10th of 1%, and must be the same for all the bonds.
The bonds
may be registered as to both principal and interest on application to the
City Comptroller.
A charge of $1 plus five cents per $1,000 will be made
for the issuance of each registered certificate, and an additional charge of
PORTSMOUTH, N. H.—Remick H. Laighton, City Auditor, will re¬
bids until 11 a.m. (DST) on June 11 for the purchase of $55,000
counon
permanent improvement and equipment bonds.
Dated May 1,
1940/
Denom. $1,000.
Due $5,500 on May 1 from 1941 to 1950 incl.
Bidder to name the rate of interest in a multiple of M of 1%.
Principal
and interest payable at the Merchants National Bank of Boston.
Legal
opinion of Storey, Thorndike. Palmer & Dodge of Boston will be furnished
the successful bidder.
50 cents per certificate will be made for each re-registration.
Principal
and interest payable in lawful money at the fiscal agency of the city in New
York City, or at the City Treasurer's office.
Bids for a portion only of the
of Hartford, at
(P. O. Dover), N. H.—NOTE SALE—The
offered June 4 was awarded to F. W. Home & Co.
0.48% discount.
Due Dec. 24 and Dec. 30, 1940.
STRAFFORD COUNTY
issue of $100,000 notes
issues will not be considered until bids for all or none have been disposed of.
Bids offering an amount less than par cannot be accepted.
The obligations
the terms of Sections 9 and 10 of Chapter XV of
the full faith and credit of the city will be pledged for
In addition to the purchase price, purchasers will
be required to pay the Board of Estimate and Taxation $1 per bond to
apply on the expense of the Board in issuing and transporting the bonds
to place of delivery.
Delivery will be made by the City Comptroller in
New York City, in Chicago, or in Minneapolis, at a national bank accept¬
able to the purchasers, any charge made by the bank for delivery service
to be paid by the purchasers.
The obligations will be accompanied by the
opinion of Thomson, Wood & Hoffman, of New York, that they are valid
and binding obligations of the city.
A certified check for 2% of the amount
of the obligations bid for, payable to the City Treasurer, is required.
MINNEAPOLIS, Minn.—SINKING FUND BONDS SOLD—It is stated
by Gladys E. Miller, Assistant City Treasurer, that Goldman, Sachs & Co.
Chicago and the C. S. Ashmun Co. of Minneapolis, jointly, were the
successful bidders for the $100,000 securities held by the Board of Sinking
Fund Commissioners, paying a price of 106.77. *
or
_____
RICHLAND
NEW
SCHOOL
DISTRICT
(P.
O.
New
Richland),
Minn.—BONDS SOLD—The Clerk of the Board of Education states that
$15,000 building addition and improvement bonds approved by the voters
at an election held on June 3, were purchased by the State.
W
MONEY CREEK
(P. O. Houston, R. F. D.), Minn.—BOND SALE—
general obligation road and bridge bonds offered for
The $16,000 coupon
sale on June 1—V. 150, p. 3087—were awarded to the Caledonia State
Bank of Caledonia, according to the attorneys for the town.
Due $2,000
on
BERGENFIELD SCHOOL DISTRICT, N. J.—BONDS SOLD—B. J.
& Co., Inc., New York, purchased as 4Mb, at par, the $372,000
registered school bonds for which no bids were received on
3547.
Dated April 1, 1940, and due April 1 as follows:
$15,000 from 1942 to 1947, incl.; $21,000 from 1948 to 1951, incl., and
$22,000 from 1952 to 1960, incl.
Van Ingen
coupon
or
May 24—V. 150, p.
CHESTER TOWNSHIP, N. J .—BONDS PURCHASED—'The township
May 21 accepted the offer of Walker Boureau, 123 South Broad St.,
Philadelphia, to sell $7,000 general refunding bonds at a price of $798.75
per $1,000.
Other tenders were as follows:
on
Amount
II. Lester Steele of Palmyra
WEST
CALDWELL
1
June
in
1941
SIBLEY
to
1950 incl.
COUNTY
INDEPENDENT
SCHOOL
DISTRICT
NO.
64
(P. O. Gibbon), Minn.—BOND OFFERING—It is stated by A. P. Rischmiller. District Clerk, that both sealed and auction bids will be received
until June 21, at 8 p. m., for the purchase of $20,000 building bonds.
Interest rate is not to exceed 2M%, payable J-J.
Dated July 1, 1940.
Denom. $1,000.
Due $1,000 July 1, 1943 to 1962.
The bonds will be
payable at any suitable bank or trust company designated by the
made
purchaser, and the districtbvill furnish the printed bonds and the approving
legal opinion of Fletcher,'Dorsey, Barker, Colman & Barber of Minneapolis,
without cost to the purchaser.
A certified check for at least $1,000, pay¬
able to the district, is required.
1,000
1,000
——-
O.
Caldwell),
J.—BOND SALE—The
N.
$18,000 registered improvement bonds offered June 5—V. 150, p. 3397—
awarded to the Caldwell National Bank of Caldwell, as 2M8, at par.
1940 and due $2,000 on June 15 from 1941 to 1949 incl.
Dated June 15,
Other bids:
-
Citizens National Bank & Trust Co
Co
NEW
LAS
100.05
100.294
3H%
3M%
M. M. Freeman & Co
J. S. Rippel &
Rate Bid
Par
Int. Rate
3%
Bidder—
MEXICO
VEGAS, N. Mex.—BOND SALE DETAILS—In connection
the sale of the various bonds aggregating
with
$22,000, to the State Treasurer—
reported by the City Clerk that the bonds were sold
and mature as follows:
V. 150, p. 3397—it is
as
2?^s, at par,
$5,000 airport bonds. Due June 15, as follows: $100 in 1942 to 1947, $400
in 1948, and $500 in 1949 to 1956.
4,000 municipal building bonds. Due June 15, as follows: $100 in 1942 to
1947, $400 in 1948, and $500 in 1949 to 1954.
8,000 park bonds. Due June 15, as follows: $100 in 1942 to 1947, $400 in
1948, $500 in 1949 to 1956, and $1,000 in 1957 to 1959.
5,000 street and alley improvement bonds.
Due June 15, as follows:
$100 in 1942 to 1947, $400 in 1948, and $500 in 1949 to 1956.
Dated June 15, 1940. Denoms. $500 and $100. Callable at any time before
maturity.
,•"
.
UNDERWOOD INDEPENDENT SCHOOL DISTRICT NO. 5 (P. O.
Municipal Bonds
Underwood), Minn.—BONDS NOT SOLD—The $14,000 refunding bonds
offered
on June 3—V. 150, p. 3546—were not sold as there were no bids
received, according to the District Clerk.
Dated July 1, 1940.
Due on
July 1 in 1945 to 1958 incl.
-
Government Bonds
Housing Authority Bonds
Tilney & Company
MISSISSIPPI
COAHOMA COUNTY
$1,000
$900
6.000
1,000
were
issue~of"coupon semT
Michigan Corp., and the C. S. Ashmun Co. of Minneapolis, as 2s, paying
a price of 100.107, a basis of about
1.98%.
Dated June 1, 1940.
Due on
(P.
Price per
of Bonds
$1,000
Party Making Tender—
John Roy Evans, 148 East 33d St., Paterson
First National Bank & Trust Co. of Roebling.
Dec. 1 in 1942 to 1949 incl.
ST. PAUL, Minn.—BOND SALE—The $275,000
annual public welfare bonds offered for sale on June 6—V. 150, p. 3546—
was awarded to a group composed of the First Boston Corp., the First of
JERSEY
NEW
will be issued pursuant to
the City Charter, and
the payment thereof.
HAMPSHIRE
NEW
ceive sealed
76 BEAVER STREET
(P. O. Clarksdale), Miss.—BOND SALE—The
NEW YORK, N.
Y.
Telephone: WHitehall 4-8898
$125,0.^ issue of refunding bonds offered for sale on June 3—V. 150, p. 2767
—was awarded to the Bank of Clarksdale, as 3s, at a price of 99.03, a basis
of about 3.14%.
Coupon or registered bonds, dated July 1. 1940.
Due
on July 1 in 1945 to 1950.
Bell
System
Teletyp(©; NY 1-2395
DE
SOTO COUNTY (P. O. Hernando), Miss.—BOND SALE^We
$135,000 court house construction bonds offered for sale at public auction
on June 5—V. 150, p. 3546—were awarded to the J. S. Love Co. of
Jackson,
as 3 %b,
paying a premium of $701, equal to 100.519. a basis of about 3.19%.
Dated June 3, 1940.
Due in 1941 to 1960, incl.
HAZLEHURST, Miss.—BOND OFFERING—It Is "stated"by T7 'TT.
Kearney, City Clerk, that he will rece.'e sealed bids until July 2, for the
purchase of $20,000 refunding special improvement bonds.
(These bonds
were originally scheduled for sale on June
4, as noted here—V. 150, p.
3546—but the offering was deferred.)
LAWRENCE COUNTY (P.
O. Monticello), Miss.—BOND~SALE
DETAILS—It is reported that the $34,000 4% semi-ann. county-wide road
refunding bonds sold to the Leland Speed Co. of Jackson, as noted here—
V. 150, p. 3396—were purchased at par, and mature on Feb. 1 as follows:
$1,000 in 1941 to 1943; $2,000, 1944 to 1954, and $3,000 in 1955 to 1957;
callable on any interest payment date after Feb. 1, 1952.
TALLAHATCHIE COUNTY
(P. O. Charleston),
Miss.—BOND
TENDERS ACCEPTED—In connection with the call for tenders of general
refunding bonds, it is stated by Lj N. Henry, Clerk of the Board of Super¬
visors, that a total of $116,00Cr bonds were tendered at prices slightly
below par.
CAMDEN AND LACLEDE COUNTIES, CONSOLIDATED SCHOOL
DISTRICT NO. 2 (P. O. Camdenton), Mo .—PRICE PAID—It is stated
by
the
District
Secretary-Treasurer
that
the
$14,000
3 M %
semi-ann.
school bonds sold to Berger-Cohn & Co. of St. Louis, as noted here—V. 150,
p.
3546—were purchased at
par.
Due
on
NEW
issues:
Highwood), Mont.—BOND SALE—The $28,000 building bonds offered
on May 31—V.
150, p. 3242—were awarded to the State Board of
Commissioners, as 3Ms, at par, according to the District Clerk.
TETON COUNTY SCHOOL DISTRICT NO. 30
(P. O. Power),
Mont.—BOND SALE—The $17,000 issue of refunding bonds offered for
on May 28—V.
150, p. 2920—was awarded to the State Board of Land
sale
Commissioners, reports the District Clerk.
COUNTY
SCHOOL
DISTRICT
7.30
bids
will
No.
be
15
(P.
received
O.
until
July 2, by W. E. St. John, District Clerk, for the purchase of
™J0Win& not to exceed 6% semi-ann. bonds aggregating $27,000:
$25,000 gymnasium, and $2,000 heating plant installation bonds.
Dated
p. m. on
June 1, 1940.
Amortization bonds will be the first choice and serial bonds
will be the second choice of the School Board.
If amortization bonds are
sold and issued, the "entire issue may be
put into one single bond or divided
into several bonds, as thelBoard of Trustees
may'determine upon at the
time of sale, both
principal and interest to be payable in semi-annual
installments during a period of 18
yearslfrom the date of issue.
If serial
issued and sold they will be in the amount of $500 each; the sum
of $1,500 of the serial bonds will become
payable on June 1, 1941, and the
sum of $1,500 will become
payable on the same
day each year thereafter
until
all
of such
bonds
paid.
The bonds, whether amortization or
serial bonds, will beTredeemable in full on
any interest payment date from
and after 9 years from the date of issue.
The bonds will be sold for not less
than their par value with accrued
1 owestJrate
are
interest, and all bidders must state the
of interest at which they will purchase the bonds at par.
These
bonds were authorized at the election held
on
May 17.
Enclose
a
certified
check for $2,700, payable to the District Clerk.
NEBRASKA
FAIRMONT, Neb.—BONDS SOLD—'The City Clerk states that $23,000
3H% semi-annual sewer bonds authorized by the City Council on May 14,
have been purchased by the Wachob-Bender Corp. of Omaha.
>
>
-
.
55,000 municipal equipment bonds.
Due June 1 as follows: $15,000 in
1941 and $10,000 from 1942 to 1945, inclusive.
45,000 public improvement bonds.
Due June 1 as follows:
$10,000
from 1941 to 1944, incl. and $5,000 in 1945.
...CHOUTEAU COUNTY HIGH SCHOOL DISTRICT NO. 4 (P. O.
YELLOWSTONE
,
$741,000 debt equalization, series of 1940 bonds issued for the purpose of
reducing or equalizing the annual debt service.
Due June 1 as
follows:
$1,000 in 1945; $45,000 in 1946; $60,000 in 1947; $85,000
in 1948 and $110,000 from 1949 to 1953, inclusive.
432,000 water refunding bonds.
Due June 1 as follows: $32,000 in 1941;
$30,000 in 1942 and 1943, and $20,000 from 1944 to 1960, incl.
419,000 refunding bonds.
Due June 1 as follows:
$29,000 in 1941;
$25,000 in 1942 and 1943, and $20,000 from 1944 to 1960, incl.
400,000 series A public works bonds.
Due $40,000 on June 1 from 1941
to 1950, inclusive.
100,000 series B public works bonds.
Due $20,000 on June 1 from 1941
to 1945, inclusive.
>
213,600 public welfare (home relief) bonds.
Due June 1 as follows:
$28,600 in 1941; $25,000 in 1942 and $20,000 from 1943 to 1950,
inclusive.
for sale
registered
a
Feb. 1 in 1946 to 1959.
Custer), Mont.—BOND OFFERING—Sealed
coupon or
150, p. 3547—were awarded
syndicate composed of the National City Bank of New York, Bankers
Trust Co.; Halsey, Stuart & Co., Inc.; Blyth & Co., Inc.; Smith, Barney
& Co.; Phelps, Fenn & Co., Inc.; E. H. Rollins & Sons, Inc.; Goldman,
Sachs & Co.; Roosevelt & Weigold, Inc.; Bacon, Stevenson & Co.: Eldredge
& Co.; Otis & Co.; Gregory & Co.: Equitable Securities Corp.; R.
D.
White & Co.; Schwabacher & Co.; Granbery, Marache & Lord, all of New
York; State Bank of Albany, and the Illinois Co. of Chicago. This account
bid a price of 100.62 for 2Ms, a basis of about 2.41%, the second highest
and only other offer being 100.61 for 2 Ms and submitted by the National
Commercial Bank & Trust Co. of Albany.
The sale involved the following
to
MONTANA
Land
YORK
ALBANY, N. Y.—BOND SALE—The $2,405,600
bonds offered at public auction on June 4—V.
All of the bonds will be dated June 1,
from
1940 and
0.50% to 2.50%, according to maturity.
AMHERST WATER DISTRICT NO. 2
BOND
OFFERING—Martin
A.
Gilbert,
were
re-offered to yield
(P. O. Williamsville), N. Y.—
Town Clerk,
will receive sealed
bids until 3 p. m. (DST) on June 12 for the purchase of $10,815.39 not to
exceed 6% interest coupon or registered water bonds.
Dated May 1, 1940.
One bond for $815.39, others $1,000 each.
Due Jan. 1 as follows: $815.39
from 1942 to 1951 incl.
Bidder to name a single rate of
interest, expressed in a multiple of M or 1-10th of 1%.
Prin. and int.
(J-J), payable at the Bank of Williamsville, with New York exchange.
The bonds are general obligations of the town, payable primarily from
benefit assessments on the several lots and parcels of land in the Water Dis¬
trict, but if not paid therefrom, all of the town's taxable property will be
subject to a levy of unlimited ad valorem taxes to provide for principal and
interest requirements.
A certified check for $217, payable to order of the
town, must accompany each proposal.
The approving legal opinion of
Dillon, Vandewater & Moore of N. Y. City will be furnished the successful
in 1941 and $1,000
bidder.
BUFFALO MUNICIPAL HOUSING AUTHORITY, N.
Y.—PAYING
AGENT ON BOND ISSUE—'The Marine Midland Trust Co., New York,
has been appointed as New York paying agent for principal and interest
$1,666,000 first issue, series A2%,2M%, 2M% and 2M% bonds, due
annually Nov. 1, 1940 to 1959.
on
CHEEKTOWAGA (P. O. Cheektowaga), N. Y.—BONDS OFFERED
Town Clerk, received sealed bids until 4:45 p. m. (DST)
—Albert Sturm"
June 7, for the purchase of $110,000 not to exceed 5% interest coupon or
registered bonds, divided as follows:
on
$10,000 debt equalization bonds.
Due June 1 as follows: $4,000 in 1942
and $3,000 in 1943 and 1944.
9,000 sidewalk improvement bonds.
Due June 1 as follows:
$2,000
from 1941 to 1944. incl. and $1,000 in 1945.
91,000
sewer
1941
improvement bonds.
Due June 1 as follows:
$4,000 from
1949, incl. and $5,000 from 1950 to 1960, incl.
to
<&!>
TheCommercial & Financial Chronicle
Volume 150
All of the bonds will be dated June 1, 1940.
LIBERTY, N. Y.—BOND SALE— The $85,500 coupon or registered
bonds
offered
June 4—V.
150, j>. 3397—weere awarded to
George B. Gibbons & Co., Inc. and F. W. Reichard & Co., Inc., both of
New York, jointly, as 2)4s, at 100.577, a basis of about 2.44%.
Dated
June 15, 1940 and due June 15 as follows: $3,500 in 1941; $4,000 from 1942
to 1949, incl. and $5,000 from 1950 to 1959, incl.
ReK>ffered to yield from
0.50% to 2.50%, according to maturity.
Other bids:
Bidder—
Int. Rate
Rate Bid
Principal
Denom. $1,000.
sewer
(J-D) payable at the Manufacturers & Traders Trust Co. of
Buffalo, with New York exchange.
The bonds are payable from unlimited
taxes and the approving legal opinion of Dillon, Vandewater & Moore of
New York City will be furnished the successful bidder.
and interest
COXSACKIE, N. Y.—BONDS VOTED—The voters
issue
an
of
on
June 4 approved
$30,000 water filtration plant and storage tank
bonds by a
count of 100 to 49.
Campbell, Phelps & Co., Inc. and Sherwood & Co
Marine Trust Co. of Buffalo and R. D. White & Co...
Bacon, Stevenson & Co
DUTCHESS COUNTY (P. O. Poughkeepsie), N. Y.—BOND OFFER¬
J. Miller, County Treasurer, will receive sealed bids until
11 a. m. (DST) on June 13 for the purchase of $175,000 not to exceed 5%
interest coupon or registered series of 1940 highway bonds.
Dated June 1,
1940.
Denom. $1,000.
Due March 1 as follows: $20,000 from 1941 to
1945, incl., and $15,000 from 1946 to 1950, incl.
Bidder to name a single
rate of interest, expressed in a multiple of H or l-10th of 1%.
Principal
and interest (M-S) payable at the Fallkill National Bank & Trust Co.,
Poughkeepsie, with New York exchange, or at the Chase National Bank of
ING—Paul
New York
City.
are general obligations
A certified check for $3,500,
The bonds
from unlimited taxes.
G. M -P.
Tuckahoe),
O.
premium of $38.70, equal
Nov. 1,1939 and due
$jf,000
Bidder—
—
2)4%
2)4%
2)4%
2.40%
2)4%
Fort Plain National Bank
Campbell, Phelps & Co., Inc. and Sherwood & Co.
George B. Gibbons & Co., Inc.
R. D.White & Co
—
Marine Trust Co. of Buffalo
—
-
cost
revenue
of not
Lehman.
WATER
DISTRICT
NO.
bonds to finance
delayed.
Int. Rate
Co-.Roosevelt & Weigold, Inc
R. D. White & Co. and E. H. Rollins & Sons, Inc.
_
Mount Pleasant Bank & Trust Co. of Pleasantville—
.
—
—
Blairl& Co., Inc.-
$250,000 tax anticipation notes issued in
for the fiscal year beginning
26,000
All of the securities will
be dated
-
»
Int. Rale
National City Bank of New York..
First National Bank of Port Chester
0.90%
—
0.94%
_—
1.10%
— —
R. D. White & Co--.*—--------------------------
-----
1.20%
1-60%
Premium
Par
$4.00
Par
3.30
Par
YORK AUTHORITY, N. Y.—REPORT EMPHA¬
SIZES NEED FOR RETENTION OF PRESENT TOLL RATES—Uniform
and material reductions in bridge and tunnel tolls cannot be considered
PORT
100.089
100.06
100.281
OF
NEW
prudently by the Commissioners of the Port of New York Authority until
New Jersey has provided adequate arterial highways to serve the Lincoln
Tunnel and until the construction of the second tube of the Lincoln Tunnel
has been completed and the facility placed in service. The Port Authority
so advised the New Jersey Legislative Commission for the Investigation of
Tolls in an extensive report submitted June 7 at a hearing in Newark.
The task of toll reductions is divided into two parts, the Port Authority
declared through its spokesman, J. E. Ramsey, General Manager.
One is
the cutting by the administrative body of fixed charges, and the other is the
improving by the State of connecting State highways. The Port Authority
said that it had progressed far in the lowering of fixed charges, as its refund¬
ing program already has resulted in a decrease in interest rates of about
30%. If tolls were dropped to 25 cents to meet ferry tariffs, the Port Auth¬
ority representative told the committee that Port Authority enterprises
no longer would bo self-liquidating and some other method would have to be
found to pay the debt.
"This could only be done by shifting the burden to
the taxpayers," he said.
It was shown that a toll reduction to 2o cents
would require 100% increase in traffic in order merely to maintain revenues
at the present level.
If all of the 10,000,000 vehicles now using the ferries
were absorbed at
this rate, the loss in revenue would not be covered by
half. An intermediate decrease in tolls would make little impression on the
ferries, it was held, and in any event, the latter still could afford to continue
cutting their tariffs under the bridges and tunnels.
The legislative commission, of which Senator Charles E. Loizeaux, of
Union, is Chairman, was named originally to inquire into the toll schedules
on the three Staten Island bridges.
This was later broadened at the request
Interest M-S.
All of the bonds will be dated June
1/ 1940.
Bidder to name a single
expressed in a multiple of
or l-10th of 1%.
The bonds
general obligations of the town and the approving legal opinion of
Dillon, Vandewater & Moore of New York City will be furnished the
successful bidder.
A certified check for $1,668 must accompany each
proposal.
rate of interest,
are
HAMPTON (P. O. Box 153, Fair Haven, Vt.), N. Y.—BOND SALE
$14,600 bonds offered June 4—V. 150, p. 3547—were awarded to the
Traders Trust Co. of Buffalo, as 3.10s, at 100.129, a
basis of about 3.07%.
Sale consisted of:
—The
Manufacturers &
Authority to cover a general investigation into the toll ratra on
vehicular facilities.
The Port Authority's report, which
plus numerous charts and tables, was divided into
three major parts—one devoted to "The Story Behind Tolls ; the second,
"The Story Behind the New .Jersey-Staten Island Bridges,
and the third,
"The Story Behind Port Authority Financing "
"The Commissioners of the Port Authority,
Mr. Ramsey told the
March 1 from 1941 to
of the Port
1944. inclusive.
all six interstate
8,600 home relief bonds.
Due Jan. 1 as follows: $750 from 1941 to 1945,
incl.; $850 in 1946 and $1,000 from 1947 to 1950, incl.
included about 100 pages
All of the bonds will be dated May I, 1940.
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 23 (P. O.
Wantagh), N. Y.—BOND OFFERING—Ella E. Wells, District Clerk,
(DST) on June 11 for the purchase of
$12,000 not to exceed 6 % interest coupon or registered school bonds of 1940.
Dated June 15, 1940.
Denom. $1,000.
Due $2,000 on June 15 from 1941
to 1946, incl.
Bidder to name a single rate of interest, expressed in a mul¬
tiple of )4 or l-10th of 1%.
Prin. and int. (J-D) payable at the Seaford
National Bank, Seaford, or at the Irving Trust Co., N. Y. City.
The bonds
are unlimited tax obligations of the district and the approving legal opinion
of Hawkins, Delafield & Longfellow of N. Y. City will be furnished the
successful bidder.
A certified check for $240, payable to order of the Board
of Education, must accompany each proposal.
will receive sealed bids until 4 p. m.
__________________
JOHNSON CITY, N. Y.—TO SELL BOND
ISSUE—cTr.
Nimmons,
Village Clerk, reports that an issue of $25,000 refunding bonds,
July 1, 1940, will be offered for sale before the end of June.
dated
KENMORE, N. Y.—BOND OFFERING—Walter Ducker, "Village Clerk,
18, for the purchase of
$50,000 not to exceed 5% interest funding bonds.
Dated July 1, 1940.
Due $10,000 on July 1 from 1941 to 1945, incl.
Rate of interest to be
expressed in a multiple of J4 or l-10th of 1%.
The bonds are issued to pay
outstanding tax anticipation obligations and shall be general obligations
of the village.
A certified check for $1,000 is required.
Legal opinion of
Dillon, Vandewater & Moore of New York City,
will receive sealed bids until 3 p. m. (DST) on June
LE ROY SCHOOL DISTRICT (P. O. Le Roy),
N. Y.—BOND ELEC¬
Spry, Superintendent of Schools, states
that the election scheduled for June 4 on the question of issuing $35,000
TION POSTPONED—Edward W.
high school addition bonds was postponed.
1LEWISfCOUNTY
issued to refund
$31,000.
issued to refund
$39,000.
June 10, 1940 and mature Dec. 10,
1940.
Other bids:
Bidder—
.
on
anticiaption of collection of taxes
April 1, 1940.
assessment certificates of indebtedness
certificates due June 10, 1940 in the amount of
$54,000 improvement bonds.
Due Jan. 1 as follows: $4,000, 1941 to
1944, incl.; $5,000 from 1945 to 1948, incl., and $6,000 from 1949
to 1951, incl.
Interest J-J.
15,600 series A home relief bonds.
Due Jan. 1 as follows: $1,500 from
1941 to 1949, incl., and $2,100 in 1950.
Interest J-J.
13,800 series B home relief bonds.
Due March 1 as follows: $1,000 in
1941 and 1942; $1,300 in 1943 and $1,500 from 1944 to 1950, incl.
Due $1,500
100.10
assessment certificates of indebtedness
certificates due June 10, 1940 in the amount of
sewer
32,000 street
(P.
O.
Granville),
N. Y.—BOND OFFERING—R.
Newton Williams, Town Clerk, will receive sealed bids until 2 p. m. (DST)
on June 19 for the purchase of $83,400 not to exceed 6% interest bonds,
divided as follows;
r
100.60
100.289
Y.—NOTES AND CERTIFICATES AWARDED
■—The $308,000 notes and certificates of indebtedness offered June 4—
V. 150, p. 3548—were awarded to the Mutual Trust Co. of Port Chester,
at 0.75% interest, at par plus a premium of $1.50.
Sale consisted of:
GRANVILLE
$6,000 road improvement bonds.
3)4%
3)4%
..........
.
PORT CHESTER, N.
Rate Bid
2%%
2%%
3%
100.427
10R-20
100.28
Manufacturers & Traders Trust Co
County Trust Co. of White Plains
Leavitt & Co
Marine Trust Co. of Buffalo
Rate Bid
3.20%
3)4%
3.30%
3)4%
George B. Gibbons & Co., Inc. and F. W. Reichard &
2.70s, at 100.05, a basis of about 2.69%.
Dated May 15, 1940,
and due $500 on May 15 from 1941 to 1948, incl.
Other bids:
Manufacturers & Traders Trust Co
detailed
•
Bidder—
'
3*'BONDS
int. Rate
Bear
issue
acquisition of the structure at a
signed by Governor Herbert H.
the
N. Y.—BOND SALE—The $45,000 coupon or
registered water bonds offered June 4—V. 150, p. 3548—were awarded to
the First National Bank of Pleasantville, as 3s, at par.
Dated June 1,
1940 and due June 1 as follows: $3,000 from 1941 to 1945, incl.
Other bids-
as
,
O. Albany), N. Y.
PLEASANTVILLE,
F. B. Eyre & Co
Bidder—
105
than $2,300,000 was
Glynn pointed out that considerable preliminary
AWARDED—The issue of $4,000 coupon or registered water bonds offered
June 3—V. 150, p. 3547—was awarded to C. E. Weinig,
White & Co. of
Buffalo,
90
3%
more
Mr.
somewhat
w
—
$84
16
2.60%
information is necessary before the agency can make an offer for the bridge
and declared that due to recent unsettled conditions the matter has been
Denom. $1,000.
Bidder to
name a single rate of interest, expressed in a multiple of )4 or l-10th of 1%.
Principal and interest (J-D) payable at the First National Bank, Glens
Falls, or at the Chase National Bank of New York City.
The bonds are
unlimited tax obligations of the city and the approving legal opinion of
Hawkins, Delafield & Longfellow of New York City will be furnished the
successful bidder.
A certified check for $2,000, payable to order of the city,
must accompany each proposal.
f
Y.
Premium
2)4%
2)4%
.
decision has yet been reached regarding the proposed purchase of the
Mountain Hudson River Bridge.
A bill authorizing the Authority to
tax-free
All of the bonds will be dated June 1, 1940.
N.
Int. Rate
—
.
NEW YORK STATE BRIDGE AUTHORITY (P.
100.31
100.26
2.60%
100.24
2.60%
100.189
f*GLENS FALLS, N. Y.—BOND OFFERING—Vowel J. Smith, City
Chamberlain, will receive sealed bids until 4 p .m. (DST) on June 26 for the
purchase of $100,000 not to exceed 6% interest coupon or registered general
bonds of 1940, as follows:
$45,000 series I work relief bonds.
Due June 1 as follows: $4,000 from
1941 to 1945, incl., and $.5,000 from 1946 to 1950, incl.
55,000 series II home relief bonds.
Due June 1 as follows: $6,000 from
1941 to 1945. incl., and $5,000 from 1946 to 1950, incl*
#
,
ISLAND,
2.40s, at par plus a
—PURCHASE OF BRIDGE STILL UNDER CONSIDERATION—Francis
M. Glynn. Secretary of the Authority, recently reported that no definite
Roosevelt & Weigold, Inc
Manufacturers & Traders Trust Co
GRAND
as
a basis of about 2.37%.
Dated
Nov. 1 from 1940 to 1949, incl. Other bids:
on
Roosevelt & Weigold, Inc
2)4 %
2.60%
:
F. W. Reichard & Co
100.389
1
100.129,
to
Marine Trust Co. of Buffalo
Bid
100.35O
100.03
100.156
100.10
Par
100.34
100.376
2%
2.20%
—
DISTRICT NO.
SCHOOL
^
Bidder—
Rate
int. Rate
„
FREE
George B. Gibbons & Co., Inc
Stevens, Dann & Co., Inc
N.
FORT PLAIN, N. Y.—BOND SALE—The $27,000 coupon or registered
public works bonds offered June 4—V. 150, p. 3547—were awarded to
E. H. Rollins & Sons, Inc. of New York, as 2s, at par plus a premium of
$105.13, equal to 100.388, a basis of about 1.93%.
Dated June 15, 1940
and due June 15 as follows:
$2,000 from 1941 to 1943 incl. and $3,000 from
1944 to 1950, incl.
Other bids:
Stranaham, Harris & Co., Inc_
Union Securities Corp
UNION
Manufacturers & Traders Trust Co. of Buffalo,
of the county, payable
payable to order of the
Murphy & Co. of N. Y. City.
C. P. Childs & Co., Inc
100.44
(P. O.
Cattaraugus), N. Y.—BOND SALE—The $30,000 coupon or registered
H refunding bonds offered May 31—V. 150, p. 3398—were awarded to the
NEW ALBION
Y.—CTFS. AWARDED—
The $111,000 certificates of indebtedness offered June 6 were awarded to
the County Trust Co. of White Plains at 0.49% interest.
Sale consisted
of: $83,000 tax lien, dated June 1, 1940: $28,000 tax lien, dated June 20,
1940, hll due on Sept. 15, 1940.
Legality approved by Hawkins, Delafield & Longfellow of N. Y. City.
Second high bid of 0.64% was made by
(P.
100.44
100.559
100.275
Par
2)4%
2.60%
2.70%
2 %%
2.90%
2.90%
Sullivan County National Bank of Liberty
Roosevelt & Weigold, Inc
Manufacturers & Traders Trust Co
county, must accompany each proposal.
Legal opinion of Dillon, Vande¬
water & Moore of New York City will be furnished the successful bidder.
EASTCHESTER
3699
(P.
O.
Lowville),
N.
Y.—BOND OFFERING—
bids until 2 p. m.
(DST) on June 19 for the purchase of $125,000 not to exceed 6% interest
coupon or registered public welfare bonds.
Dated July 1, 1940.
Denom.
$1,000.
Due July 1 as follows: $10,000 from 1941 to 1945, incl., and $15,000
from 1946 to 1950, incl.
Bidder to name a single rate of interest, expressed
in a multiple of )4 or 1-10 of 1%.
Principal and interest (J-J) payable at
the County Treasurer's office.
The bonds are general obligations of the
county, payable from unlimited taxes.
A certified check for $2,500,
payable to order of the county, must accompany each proposal.
Approv¬
ing legal opinion of Dillon. Vandewater & Moore of N. Y. City will be
furnished the successful bidder.
Charles T. Taylor, County Treasurer, will receive sealed
.
legislative committee at the outset, "earnestly welcome the opportunity to
furnish your committee with such information as it may require. 1 hoy do so
whether the information pertains to operations or to policies. As an agency
of the two States, the Port Authority derives its power and authority from
the treaty of the two States, as well as the acts of the two Legislatures.
Appearing in this cooperative spirit, we place before your committee a com¬
prehensive report of the necessity and justification for the toll schedules
currently effective upon all of the vehicular crossings which the Port
Authority is engaged in operating as the trustee for the two States.
In
offering this report, we should like to make one point at the outset. There
are no profits to divide in the Port Authority, and no corporate dividends to
declare. Since the Commissioners serve without pay, there is no pecuniary
self-interest which can in the slightest degree motivate their judgment
in the matter of fixing tolls.
The compensation to the members of the
staff bears a very
small relationship to the 50-cent
reduction would actually improve revenues, as
toll piece.
If a toll
it is sometimes suggested,
hardly be said that the reductions are opposed because of motives
tainted with pecuniary self-interest.
It should be obvious, therefore, that
the judgment of the Commissioners is influenced only by the best public
interest. Indeed, the Commissioners of the Authority would be the first to
recommend and effectuate lower toll rates if the facilities could be operated
it can
atSight was*often
lost of the fact, the Port Authority said, that
public agency upon the principle that
Authority was founded as a
the Port
its enter¬
prises must be wholly self-liquidating. "The agency was required to be selfsupporting without any taxing power. Its projects in the case of bridges and
tunnels were to be paid for by the users of the facilities whether they came
from the distant Dakotas, Michigan, Ohio, or from New York or New
Jersey.
The local taxpayer avoided an additional burden." Continuing,
was shown how the Port Authority established its credit and that the
delegation of the power to fix tolls to the Commissioners was an important '
element.
"It is no exaggeration to assert that if the toll rates were to be
made subject to political expediency, the credit of the agency would cease
to exist.
It was also necessary to provide for a non-partisan management
which would combine the best elements of business efficiency with govern¬
ment ownership of essential governmental projects. Only by such a manage¬
ment could lenders be assured of a continuity of policy which would be
carried out until the cost of the projects were liquidated.
No latitude exists for toll reduction on the basis of present revenues, it
was held, since 40 cents of each 50 cents collected in tolls is required for
it
The Commercial & Financial Chronicle
3700
interest and the amortization of the
debt.
"The duty which
delegated to the Port Authority Commissioners is so to fix tolls as to meet
Authority's obligations fully and without default; and to maintain the
credit of the agency in order that it may continue to be useful as an in¬
strumentality of the two States.
The controlling purpose behind the de¬
cisions of the Commissioners in the matter of tolls has been the fulfillment
urer's office.
the
DAYTON, Ohio—NO ACTION ON BIDS—E. E. Hagerman, Director
of Finance, reports that no immediate action was taken on the
mitted for the $300,000 municipal office building bonds offered
V. 150, p. 3244. High bid of 100.177 for 2Mb was made by Braun,
That duty cannot be fulfilled by favoring either lenders or
toll payers. It can only be fulfilled by balancing the scales equitably. The
performance of this duty rests upon wise and prudent judgment. Any review
of that judgment should be based upon the facts upon which the Com¬
of this
duty.
bids sub¬
June 4—
Bosworth
& Co. and Field, Richards & Co., with the second best offer of 101.38 for
2Mb coming from Stranahan, Harris & Co. of Toledo.
Bonds are dated
June 15, 1940 and mature $12,000 on Oct. 1 from 1941 to 1965 incl.
missioners have acted.
BOND
Y.—BONDS AUTHOR I ZED—*The Board
of $61,500 bonds, as follows;
$50,000 electric light lines, $5,000 fire alarm system, $.3,500 garbage truck
and $3,000 ambulance purchase.
The electric light issue is subject to a
permissive referendum.
ROCKVILLE CENTER.
June 8, 1940
$500 denom. and mature Oct. 1 as follows: $1,500 from 1941 to 1956 incl.
and $1,000 in 1957.
Principal and interest payable at the Village Treas¬
has been
N.
ISSUE
AWARDED—E.
E.
Hagerman,
of Finance,
Director
reported the award of the issue on June 5 to Braun, Bosworth & Co. of
Toledo and Field, Richards & Co. of Clevelnad, jointly, as 2Mb at 100.177,
of Trustees on May 23 authorized the issuance
basis of about 2.48%.
a
GNADENHUTTEN, Ohio—BOND SALE—The $24,000 village portion
bonds offered June 1—V. 150, p. 3399—were awarded to the GnadenDated April 1, 1940, and due $1,600 on Oct. 1 from 1941
to 1955, inclusive.
sewer
RYE AND HARRISON UNION FREE SCHOOL DISTRICT NO.
(P. O. Harrison)
,
6
hutten Bank.
N. Y.—BOND OFFERING—Lee B. Blehl, District Clerk,
will receive sealed bids until 12:15 p. m. (DST) on June 11, for the purchase
of $20,600 not to exceed 5% interest coupon or registered funding bonds.
LANCASTER, Ohio—BONDS AUTHORIZED—An issue of $10,000
3% improvement bonds was authorized by the City Council.
Dated
June 15, 1940.
Denom. $1,000.
Due $1,000 on Oct. 1 from 1941 to 1950,
Dated May 15, 1940.
One bond for $600, others $1,000 each. Due Dec. 15
follows:
$3,600 in 1940: $4,000 from 1941 to 1943, incl. and $5,000 in
1944.
Bidder to name a single rate of interest, expressed in a multiple of
jncl.
M or l-10th of 1%.
Principal and interest (J-D) payable at the First
National Bank of Rye, Harrison branch, with New York exchange.
The
bonds are general obligations of the district, payable from unlimited
The issue of $200,000 poor relief notes offered June 5—V. 150, p.
was awarded to the Union National Bank of Youngstown as 2s at a
as
ad
valorem
A
taxes.
certified
check
for
$412, payable to order of the
district, is required.
Legal opinion of Dillon, Vandewater & Moore of
New York City will be furnished the successful bidder.
SIDNEY
1
AND
O.
(P.
Sidney),
—F. E. Treon, Clerk of the Board of County Commissioners, will receive
sealed bids until 10 a. m. (EST) on June 18 for the purchase of $540,000
Cincinnati will be furnished the successful bidder.
PORTSMOUTH,
3548—were awarded to the First Boston Corp. of New York
as
a price of 100.22, a basis of about Jl .71%.
Dated May 15,1940,
and due as follows: $16,000 on May 15 from 1941 to 1949, incl., and $17,000
Nov. 15, 1949.
Bankers reoffered the 1946 to 1949 bonds at prices to
yield from 1.50% to 1.85%, according to maturity.
Other bids:
be dated June 1. 1940.
Denom. $1,000.
STARK
CAROLINA
for
We
COUNTY
(P. O. Goldsboro), N. C.—BOND SALE^The
semi-ann. bonds aggregating $115,500, offered for sale on
150, P. 3548—were awarded to Lewis & Hall of Greensboro,
and Vance, Young & Hardin of Winston-Salem, jointly, as 3
Ms, paying a
premium of $12, equal to 100.01, a basis of about 3.247%: I
$50,000 school building bonds.
Due in 1942 to 1952, incl.
65,500 refunding school bonds.
Due in 1943 to 1951, incl.
coupon
SOLD^lTTs
reported that $27,500 notes have been purchased by the Wachovia Bank &
Trust Co. of Winston-Salem, at 1%, plus a premium of
$1.53.
OHIO
COLLEGE
CORNER, Ohio—BOND OFFERING—Fred H. Jones,)
Village Clerk, will receive sealed bids until noon on June 15 for the pur- I
chase oL$30,000 5% water works system bonds, diivded as follows:
|
•
$15,000 general bonds" authorized at a special"election~in Sept., 1938.
Denoms. $400 and $300. Due Dec. 1 as follows: $400 from 1941
to 1976 incl. and $300 in 1977 and 1978.
Bonds maturing Dec. 1,
1955 and thereafter callable at par and accrued interest on June 1,
1955 or any subsequent interest date in inverse numerical order.
15,000 first mortgage revenue bonds authorized pursuant to State laws
and m accordance with ordinance passed by
Village Council on
May 17 last.
Denoms. $1,000 and $500.
Due Dec. 1 as follows:
$500 from 1943 to 1956 incl. and $1,000 from 1957 to 1964 incl.
Payable solely from water system revenues after provision only for
village, is required.
__
Weil, Roth & Irving Co___
SCHOOL
2M%
2M%
2M %
801.43
2,669.00
2,208.00
DISTRICT,
Ohio—BOND
SALE—The
The bonds will be delivered to the successful bidder in Toledo.
Enclose
a
bid for, payable to the Com-'
follows:
;
WELLSTON, Ohio—BOND OFFERING—W. A. Lausch, City Auditor,
purchase of $10,000 4%
street improvement bonds.
The original award of this issue on
April 18 to Charles A. Hinsch & Co. of Cincinnati, as 2Mb, at 100.518, a
basis of about 2.66%—V. 150, p. 2769,—was canceled. Bonds will be dated
April 1, 1940. Denom. $1,000. Due $1,000 on April 1 from 1942 to 1951
incl. Interest A-O. A certified check for $110, payable to order of the city,
.
must accompany
each proposal.
44 00
28 85
"
3^00
CROOKSVILLE. Ohio—BOND ISSUE DETAILS—The $25,000 swim¬
ming pool and public park bonds awarded to Ryan, Sutherland & Co of
Toledo, as 3s, at 100-588—V
150. p. 3548—are dated April 1, 1940, in
1,226.00
1,083.30
$78 00
3M%
3M%
3M%
1,261.00
2M%
2M%
coupon
Dated April 1
1940
Callable at village's
3M%
2M%
2,110.00
1,655.00
will receive sealed bids until noon on June 18 for the
CRESTLINE, Ohio—-BOND SALE—The $11,000 coupon waterworks
Improvement. bonds'offered June» 1—V. 150, p. 3243—were awarded to
■
$2,752.00
$4,000 general bonds authorized at the general election in Nov., 1939.
Denom. $200.
Due $200 on Dec. 15 from 1941 to 1960 incl.
6,000 first mortgage revenue bonds.
Denom. $300.
Due $300 on June 15
from 1943 to 1962 incl.
Payable solely from revenue of the water
system after provision only for operation and maintenance expenses.
All of the bonds will be dated June 15, 1940.
Only bids for ail of the
bonds andi unconditional will be considered.
Approving legal opinion of
Peck, Shaffer, Williams & Gorman of Cincinnati will be furnished the
successful bidder without charge.
A certified check for 1% of the bonds
bid for, payable to order of the village, is required.
,
WTPrem.
CITY
certified check for 1 % of the amount of bonds
missioner of the Treasury.
as
Legal opinion of Peck, Shaffer, Williams & Gorman of Cincinnati
will be furnished to the purchaser without
charge.
A certified check for
at least 1% of the bonds bid for, payable to order of the
hit. RatC
Premium
£M%
2M%
2M%
UNION, Ohio—BOND OFFERING—Mary E. Robinson, Village Clerk,
until 7 p.m. on July 3 for the purchase of $10,000
5% interest water works distribution system bonds, divided
sidered.
r
Int. Rate
not to exceed
w
J. A. White & Co
Provident Savings Bank & Trust Co
Seasongood & Mayer
follows:
will receive sealed bids
operation and maintenance expenses?
All of the bonds win belated"June"l~19407*
BidaeTmay name a~differwrtratept interest, provided that fractional rates are exoressed in a multiple
°L ^
0nJy. bid8 for both issues and unconditional will be con¬
Other bids:
as
TOLEDO, Ohio—BOND OFFERING—Rudy Klein, City Auditor, wil
noon on June 18 for the purchase of $300,000 3%
city's portion grade elimination bonds.
This issue was originally sold
in January, but the successful group subsequently withdrew their offer
because of an extended delay in delivery of the bonds—V. 150, p. 3549.
The bonds will be dated Dec. 1, 1939.
Denom. $1,000.
Due $10,000 on
Dec. 1 from 1941 to 1970 incl. Bidder may name a different rate of interest
provided that fractional rates are expressed in a multiple of M of 1%.
Principal and interest (J-D) payable at the Chemical Bank & Trust Co.,
New York City.
The bonds are payable from a tax levied outside of the
constitutional 10-mill tax limitation, and are issued for the purpose of
paying the city's portion of the cost and expense of the elimination of the
railroad crossing with the New York Central RR. Co. over Bancroft St.,
being the seventh series of bonds issued under authority of a vote of the
people for grade elimination purposes in accordance with 55% majority
vote of the electors of the city at the regular election held on Nov. 3, 1925.
All proceedings incident to the proper authorization of this issue of bonds
will be taken under the direction of a bond attorney whose opinion as to the
legality of the bonds may be procured by the purchaser at his own expense.
•
option.
were
receive sealed bids until
June 4—V.
the First National Bank of Crestline as 3s at par.
and due $500 on Oct. 1 from 1941 to 1962. incl.
V.
BIDS—In
2Mb came from BancOhio Securities Co. of Columbus and associates.
give herewith an official list of the other bids:
TIFFIN
payable unconditionally to the order of the State
C.-NOTES
Ohio—OTHER
$10,000 athletic field development bonds offered June 3—V. 150, p. 3244—
awarded to the City National Bank of Tiffin, at a price of 102.75.
Dated June 1, 1940.
Treasurer for $180.
The approving opinion of Masslich & Mitchell, New
York City, will be furnished the purchaser.
Wilson), N.
St.
were
forms to be furnished with additional information
and each bid must be accompanied by a certified check upon an incorporated
O.
Canton),
State Teachers Retirement System
on
(P
O.
Field, Richards & Shepard, Inc
Savings Bank & Trust Co.: VanLahr,
Doll
&
Isphording, Inc.; Walter, Woody &
Heimerdiner; Pohl & Co., and Seasongood &
Mayer
Merrill, Turben & Co.; First of Michigan Corp.,
and Lowry Sweney, Inc
Halsey, Stuart & Co., Inc
Widmann & Holzman; Paine, Webber & Co.; C. F.
Childs & Co.; Fullerton & Co., Inc.; Chas. A.
Hinsch & Co., Inc., and McDonald, Mocre &
Hayes, Inc
Stranahan, Harris & Co., Inc., and Otis & Co
Fahey, Clerk & Co., and Hayden, Miller & Co
Interest will be entertained.
COUNTY
Bank,
Provident
There will be no auction. Denom. $1,000; coupon bonds registerprincipal alone; prin. and int. (M-N), payable in legal tender in
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 town, such cost to be determined by deducting the total amount
of the prpmium bid from the aggregate amount of interest upon all of the
bonds until their respective maturities.
No bid of less than par and accrued
WILSON
(P.
& Co_—
as to
WAYNE
payable at the Citizens
Bidder—
New York
following
(M-N)
Braun, Bosworth & Co., and McDonald, Coolidge
payment.
or trust company,
COUNTY
Other bids
receive sealed bids until 11a.m. CEST), on June 11, at his office in Raleigh,
for the purchase of $9,000 street improvement bonds, dated May 1, 1940,
and due on May 1, $1,000, 1943 to 1951, incl., without option of prior
bank
Principal and interest
150, P. 3549 we reported the award of $392,500 bridge bonds to Ryan,
Sutherland & Co. and Hawley, Huller & Co., jointly, as 2s, at 100.27, a
basis of about 1.95%.
It was also noted that the next best bid of 100.90
COUNTY
required
2M%
expressed in a multiple of M of 1%, and payable J-D.
A certified check
payable to order of the city, must accompany each proposal.
HILLSBORO, N. C.—BOND OFFERING—We are informed by W. E.
Easterling, Secretary of the Local Government Commission, that be will
are
$20,000
for $200,
(P. O. Morganton), N. C.—NOTES SOLD—It
is reported that $15,000 notes have been purchased by*R. S. DicksonI&
Co. of Charlotte, at 1M %. plus a premium of $3.05.11
Bids
of
3% coupon street sweeper bonds.
Dated June 1, 1940.
One bond for
$190, others $1,000 each.
Due Dec. 1 as follows: $1,000 from 1941 to
1946 incl. and $1,190 in 1947.
Bidder may name a different rate of interest,
Bidder
single rate of interest, expressed in a multiple of Mor 1-10th
1%.
Principal and interest (J-D) payable at the City Treasurer's
office.
The bonds will be general obligations of the city, payable from
unlimited taxes.
A certified check for $3,940, payable to order of the city,
is required.
Legal opinion of Dillon, Vandewater & Moore of New York
City will be furnished the successful bidder.
able
issue
SANDUSKY, Ohio—BOND OFFERING—C. F. Breining, City Treas"
urer, will receive sealed bids until noon on June 24 for the pin-chase of $7,190
a
NORTH
Ohio—BONDS SOLD—An
Bernard.
of
BURKE
BERNARD
ST.
incl.
will
ISSUE—City intends to
road improvement bonds was sold to the Sinking Fund Trustees.
Dated
June 1, 1940.
Denom. $2,000.
Due $2,000 on Sept. 1 from 1941 to 1950,
follows:
bonds
BOND
the Security Central National Bank, Portsmouth.
$22,000 home relief bonds.
Due June 1 as follows:
$2,000 from 1941 to
1948 incl., and $3,000 in 1949 and 1950.
175,000 public works, second series of 1940.
Due June 1 as follows:
$15,000from 1941 to 1945incl., and $20,000from 1946 to 1950incl.
of the
Ohio—PROPOSED
4% water system mortgage revenue bonds.
Dated June 1,
1940.
Denoms. $1,000 and $500.
Due June 1 as follows: $500 from 1945
to 1950 incl.; $1,000, 1951 to 1956 incl.; $1,500, 1957 to 1962 incl.; and
$2,000 from 1963 to 1968 incl.
Principal and interest (J-D) payable at
issue $30,000
TROY, N. Y.—BOND OFFERING—Edward J. Ronan, City Comp¬
troller, will receive sealed bids until 11 a. m. (DST) on June 10 for the
purchase of $197,000 not to exceed 6% interest coupon or registered bonds,
All
1940.
1941 to 1950 incl.
150, p.
lMs, at
to name
to
June 1,
of Education.
as
exceed
4% interest coupon series H refunding bonds.
Dated
Denom. $1,000.
Due $27,000 on June 1 and Dec. 1 from
Rate of interest to be expressed in a multiple of M of
1 %.
Principal and interest (J-D) payable at the County Treasurer's office.
This issue will refund refunding bonds presently outstanding.
A certified
check for $5,400, payable to order of the County Treasurer, must accompany
each proposal.
Legal opinion of Peck, Shaffer, Williams & Gorman of
not
WSCHUYLER COUNTY (P. O. Watkins Glen), N. Y.—BOND SALE—
The $161,000 public welfare and improvement bonds offered June 6—
divided
3244—
price of
MONTGOMERY COUNTY (P. O. Dayton), Ohio—BOND OFFERING
District Clerk,
V.
Youngstown), Ohio—BOND SALE—
100.146, a basis of about 1.90%.
Dated June 1, 1940 and due as follows:
$50,000 Nov. 1, 1940: $50,000 May 1 and $25,000 Nov. 1, 1941; $25,000
May 1 and Nov, 1, 1942, and $25,000 May 1, 1943.
Second high bid of
100.063 for 2s was made by George T. Lennon & Co. of Cincinnati.
UNADILLA
UNION FREE SCHOOL DISTRICT
N. Y.—BOND OFFERING—Benjamin I. Ellis,
will receive sealed bids until 2 p. m. (EST) on June 19
for the purchase of $8,000 not to exceed 6% interest coupon or registered
vocational industrial school bonds.
Dated July 1, 1940.
Denom. $1,000.
Due $1,000 on July 1 from 1941 to 1948 incl.
Bidder to name a single rate
of interest, expressed in a multiple of M or 1-10th of 1%.
Principal and
interest (July 1) payable at the First National Bank of Sidney.
The
bonds are unlimited tax obligations of the district and proposals must be
accompanied by a certified check for $160, payable to order of the Board
NO.
Principal and interest (A-O) payable at the City Treasurers' office.
MAHONING COUNTY (P. O.
OKLAHOMA
F-BRAMAN
SCHOOL
DISTRICT
(P.
O.
Braman),
Okla.—BONDS
SOLD—It is stated by the District Clerk that the following 3% semi-ann.
bonds aggregating $5,500, have been purchased by the First National Bank
of Braman: $4,500 equipment, and $1,000 building bonds.
The Commercial & Financial Chronicle
Volume 150
CHANDLER SCHOOL DISTRICT (P. O. Chandler), Okla
SALE—The $20,000 semi-annual building bonds offered for sale on May 29
—V. 150, p. 3399—were awarded to the Small-Milburn Co. of Wichita, at
net interest cost of about
a
Education.
inclusive.
4.10%, according to the Clerk of the Board of
Due $2,000 on June 1 in 1943 to 1952,
Dated June 1, 1940.
CHICKASHA, Okla.—BOND SALE—The $20,000 fire equipment bond
J. Edwards
offered for sale on May 27—V. 150, p. 3399—were awarded to JR.
Inc. of Oklahoma City.
Due in 1943 to 1949, incl.
$1,000.
Due $5,000
on
be furnished with the approving legal opinion of Burgwin,
of
$45,000 operating
bonds, divided
STEPHENS COUNTY UNION GRADED SCHOOL DISTRICT NO.
34 fP. O. Marlow, R. F. D. 1), Okla— BOND OFFERING—It is stated
by T. J. Crabtree, District Clerk, that he will receive sealed bids at the
County Superintendent in Duncan, until 11 a. m. on June 11, for the
purchase of $7,000 building bonds.
Due $1,000 in 1944 to 1950.
The
bonds shall be sold to the bidder offering the lowest rate of interest and
agreeing to pay par and accrued interest.
The bonds are issued in accord¬
ance with Article 5. Chapter 32 of the Oklahoma Session Laws of 1935.
These bonds were authorized at an election held on May 28.
Enclose a
certified check for 2 % of the amount of bid.
TECUMSEH, Okla.—BOND TENDERS INVITED—Tenders will be
until June 15, at 5 p. m., by J. D. Braly, City Treasurer, of
The amount on hand in the Sinking Fund
refunding, issue of 1938 bonds.
available for the purpose of retiring the bonds is $6,500.
Payment for the bonds submitted at the lowest prices will be made through
the Farmers & Merchants Bank, Tecumseh, upon receipt by such bank of
the bonds to be delivered to the City Treasurer: or such payment will be
made to the bondholder direct upon receipt of the City Treasurer.
The bondholders submitting the lowest sale propositions will be re¬
quired to deliver their bonds to the above named bank or the City Treasurer
within 5 days after receipt of notice that their propositions have been
accepted.
The persons submitting the lowest propositions will be notified thereof
Immediately after June 15.
received
OREGON
NYSSA, Ore.—PRICE PAID—We are informed" by the City Recorder
the $7,497.73 coupon funding bonds which were sold to the First
that
National Bank of Portland, as noted here—V. 150, p. 3549—were purchased
3Ms, Paying a price of 100.19,
on April 1 in 1941 to 1948.
as
a
basis of about 3.70% to final maturity.
Due
SALEM, Ore.—BOND SALE—The following bonds, aggregating $98,000,
offered for sale on May 27—V. 150, p. 3244—were purchased jointly by the
A. D. Wakeman Co., and the Federal Securities Co., both of Portland, as
2s, paying a price of 100.03, a basis of about 1.99%:
$58,801.67 general obligation refunding, series
$5,801.67 in 1941, $5,500 in 1942 and
to 1950.
Issued pursuant to Chapter
as amended by Chapter 208. Oregon
by Chapter 511, Oregon Laws, 1939,
of 1940 bonds.
Due
1943, and $6,000 in 1944
156, Oregon Laws, 1933,
Laws, 1935, as amended
and Ordinance No. 3456
of the city.
22,880.60 street improvement, issue 1940 G bonds.
Due $2,380.60 in
1941, $2,500 in 1942 to 1946. and $2,000 in 1947 to 1950.
Issued pursuant to Chapter XX, Title XVI, Oregon Laws,
1930, as amended, and Ordinance No. 3455 of the city.
16,317.73 improvement bonds.
Due June 15, as follows: $1,817.73 in
1941, $1,500 in 1942 to 1948, and $2,000 in 1949 and 1950.
Issued pursuant to Section 56-2012, Chapter XX, Title LVI,
Oregon Code 1935 Supplement, as amended by Laws of Oregon,
1937, Chapter 464, as amended by Laws of Oregon, 1939,
Chapter 509: Section 56-2308, Oregon Code 1935 Supplement,
as amended by Laws of Oregon, 1937, Chapter 31, and Ordin¬
ance No. 2993; and Ordinance No. 3454 or the city.
Dated June 15,
1940.
Provided, however, that the city shall have the
option to redeem the bonds, in numerical order, upon the payment of the
face value thereof with accrued interest on any interest paying date at or
after five years from the date of issue
at the City Treasurer's office.
of the bonds.
(EST)
on
follows:
as
revenue,
1942 to
1950
subject to call in whole
par
interest date.
30,000 funding and improvement, series of 1940 bonds.
1940.
Denom. $1,000. Bidder to
name a single rate of interest, expressed in a multiple of X of 1 %.
Sale of
the bonds is subject to approval of proceedings by the Pennsylvania Depart¬
ment of Internal Affairs, and the district will furnish the bonds and legal
opinion of Burgwin, Scully & Churchill of Pittsburgh. A certified check for
$1,000, payable to order of the district, must accompany each proposal
JOHNSTOWN, Pa.—BOND OFFERING—John W. Cramer, City Clerk,
(EST) on June 25 for the purchase of
$200,000 1, IX, IX, 1H, 2, 2X, 2X, 2%, 3, 3X or 3X% coupon, registerable as to principal only, refunding bonds.
Dated July 1. 1940.
De¬
nomination $1,000.
Due $20,000 on July 1 from 1941 to 1950, incl.
Bid¬
der to name a single rate of interest, payable J-J.
A certified check for
2% of the bonds bid for, payable to order of the City Treasrer, must ac¬
company each proposal.
Legal opinion of Burgwin, Scully & Churchill
of Pittsburgh will be furnished the successful bidder.
will receive sealed bids until 1 p. m.
MARION HEIGHTS SCHOOL DISTRICT (P. O. Keiser), Pa.—
OFFERING—Carmen Yitacco, Secretary of the Board of School
Directors, will receive sealed bids until 7 p.m. (EST) on June 10 for the
purchase of $12,000 4% coupon building bonds.
Dated Nov. 1, 1940.
Denom. $500.
Due $1,000 on Nov. 1 from 1941 to 1952 incl.
Interest
M-N.
Bonds registerable as to principal only.
A certified check for
$500, payable to order of the District Treasurer, is required.
BOND
2770—were awarded to E. H. Rollins & Sons, Inc. of Philadelphia, as
1 Ms, at a price of 101.136, a basis of about 1.57%. Dated May 1,1940 and
due Nov. 1 as follows:
$5,000 in 1943 and $10,000 from 1944 to 1949 incl.
p.
Other bids:
NORTH
^'■
SCHOOL DISTRICT (P. O. York), Pa.—BOND
Lehr, Secretary of the Board of School Directors,
YORK
OFFERING—A.
H.
will receive sealed bids until 6:30 p.m. (EST) on June
of $8,000 3X% coupon school bonds.
Dated June
Smith, District Secretary, will receive sealed bids until 8 p. m. on June 11
purchase of $175,000 coupon school bonds.
Dated June 1, 1940.
Denom. $1,000. Due June 1 as follows: $7,000 in 1942 and $8,000 from 1943
to 1963 incl. Bidder to name a single rate of interest, expressed in a multiple
of X of 1%.
Sale of bonds is subject to approval of proceedings by the
Pennsylvania Department of Internal Affairs.
Legal opinion of Burgwin,
Scully & Churchill of Pittsburgh will be furnished the successful bidder
without cost.
Purchaser must pay for printing of the bonds. A certified
check for $3,500, payable to order of the District Treasurer, is required.
ALTOONA, Pa.—BONDS NOT SOLD—No bids were submitted for the
$700,000 not to exceed 2M% interest funding bonds offered June 3—V.
150, p. 3091. Several offers to take the issue on option were made. Dated
July 1, 1940. Denom. $1,000.
Due July 1, as follows: $45,000 in 1941;
$75,000, 1942- $40,000, 1943; $45,000, 1944: $50,000 in 1945 and 1946;
$55,000, 1947: $115,000 in 1948 and 1949 and $110,000 in 1950.
Callable
in whole or in part in inverse numerical order on any interest date on 30
days' advance published notice, at a price of 105. Interest J-J.
CONEMAUGH TOWNSHIP
OFFERING—David
Kaufman,
Denom.
NOT SOLD—The
Pa .—BONDS
OXFORD,
$145,000 not to exceed
3X% interest sewer bonds offered June 3—V. 150, p. 3399—were not sold
as the bids were rejected.
Dated June 1, 1940 and due serially on June 1
from 1944 to 1970 incl.
RIDLEY TOWNSHIP
—BOND
SCHOOL DISTRICT (P.
O. Woodlyn), Pa.
of School
OFFERING—Vincent A. Mallon, Secretary of the Board
Directors, will receive sealed bids until 2 p. m. (EST) on July 1 for the pur¬
chase of $50,000 not to exceed 4% interest coupon, registerable as to prin¬
cipal only, improvement bonds. Dated July 1,1940. Denom. $1,000. Due
$2,000 on July 1 from 1941 to 1965 incl.
Bidder to name a single rate of
interest, payable J-J.
A certified check for 2% of the bonds bid for, pay¬
able to order of the District Treasurer, is required.
Bonds will be issued
subject to favorable
Philadelphia.
legal
Elliott & Munson of
opinion of Townsend,
■
(P. O. McKees Rocks), Pa.—BOND SALE—
The $65,000 coupon bonds offered June 3—V. 150, p. 3549—were awarded
to Glover & MacGregor of Pittsburgh.
Sale consisted of:
STOWE TOWNSHIP
$36,000 operating revenue bonds, issue of 1940.
Due June 1 as follows:
$6,000 in 1943 and $5,000 from 1944 to 1949, incl. Any or all of
the bonds due on or after June 1, 1948, are callable in inverse nu¬
merical order on June 1, 1942, or on any subsequent interest date,
at par and accrued interest.
29,000 funding bonds, issue of 1940.
Due June 1 as follows: $4,000 in
1940 and $5,000 from 1951 to 1955, Incl. Any or all bonds due on
or after June 1, 1954 will be callable in inverse numerical order at
par and
interest
accrued interest on June 1, 1942 or on any
subsequent
payment date.
dated June 1,1940.
Denom. $1,000.
SCHOOL DISTRICT (P. O. Spring¬
and improvement bonds
at a price of 100.319, a
bid for as follows:
Int. Rate
Rale Bid
field), Pa .—OTHER BIDS—The $80,000 funding
awarded to Halsey, Stuart & Co., Inc., as lMs,
basis of about 1.72%—V. 150, P. 3091—were also
Bidder
Mackey, Dunn & Co
Schmidt, Poole & Co
iRi'oia
101.914
2%
Stroud & Co
Co_._E. W. & R. C. Miller & Co
E. H. Rollins & Sons, Inc.Edward Lowber Stokes & Co
Barclay, Moore & Co
101,.685
101.50
101.40
2%
2%
2%
-
Est. C. TowerM. M. Freeman &
101.39
101.299
101.159
2%
100-68
Blair & Co., Inc2%
100.575
Hemphill, Noyes & Co
2%
100-284
Burr & Co., Inc-.
2M%
101.64
W. H. New hold's Son & Co__
2X%
101.525
UPPER YODER TOWNSHIP SCHOOL DISTRICT (P. O. R. D.
No. 5 Johnstown), Pa.—BOND OFFERING—Luther E Lehman, Secre¬
tary of the Board of School Directors, will receive sealed bids until 5 p.m
2%
2%
2%
-
—
(P. O. R. D. 2, HoIUopple), Pa .—BOND
Township
Secretary,
will
receive
sealed
2X, 2*4, 2X,
3, 3X, 3X, 3X or 4% refunding bonds.
Dated July 1, 1940.
Denom.
$1,000. Due $2,000 on July 1 from 1941 to 1954 incl. Callable in whole or in
bids until 2 p. m. on June 17 for the purchase of $28,000 2,
Bonds will be sold subject
approval of proceedings by the Pennsylvania Department of Internal
part on any interest date on or after July 1, 1945.
to
24 for the purchase
20, 1940.
$500.
Due $2,000 on June 20 from 1942 to 1945 incl.
Registerable as
to principal only.
Interest J-D.
These bonds will be issued subject to
the favorable legal opinion of McClean Stock, Esq., of York, and to the
approval of proceedings by the Pennsylvania Department of Internal
Affairs.
A certified check for 1% of the bonds bid for, payable to order
of the District Treasurer, is required.
SPRINGFIELD TOWNSHIP
for the
Braddock), Pa.—
school bonds offered May 8—V. 150,
NORTH BRADDOCK SCHOOL DISTRICT (P. O.
BOND SALE—The $65,000 coupon
All of the bonds will be
PENNSYLVANIA
Due $3,000 on
Jan. 1 from 1945 to 1954 incl.
All of the bonds will be dated July 1,
Prin and int. payable
ALIQUIPPA SCHOOL DISTRICT, Pa .—BOND OFFERING—Louis A
Boston)
O.
June 18 for the purchase of $75,000 coupon
series of 1940 bonds.
Due $5,000 on Jan. 1
incl.
Bonds maturing in 1949 and 1950 are
or in part, in inverse numerical order, at
and accrued interest on July 1, 1941,'or on any subsequent
from
MARLOW, Okla.—BOND OFFERING— Sealed bids will be received
until 10 a. m. on June 10, by W. C. Moore, City Clerk, for the purchase of
CONSOLIDATED SCHOOL DISTRICT NO. 2
(P. O. Jones, R. F. D. 1), Okla.—BOND OFFERING— Sealed bids will be
Man well, District Clerk, for the
purchase of $11,000 building bonds.
Due $1,000 in 1943 to 1953. The
bonds shall be sold to the bidder offering the lowest rate of interest and
agreeing to pay par and accrued interest.
The bonds are issued in accord¬
ance with Article 5, Chapter 32 of the Oklahoma Session Laws of 1935.
Enclose a certified check for 2% of the amount of bid.
(P.
Pa.—BOND OFFERING—G. A. Lacey Jr., District Secretary, will receive
Rezabek, Clerk of the Board of Education, for the purchase of $8,000
equipment bonds.
Due $2,000 in 1943 to 1946, incl.
received until 8 p. m. on June 10, by West
Scully & Churchill
Pittsburgh.
ELIZABETH TOWNSHIP SCHOOL DISTRICT
sealed bids until 7 p.m.
CENTER
Bidder
single rate of interest, expressed in a multiple of X °f 1 %.
Prin •
(J-D) payable at the First National Bank & Trust Co., East Pitts¬
burgh.
Sale of the bonds is subject to approval of proceedings by the
Pennsylvania Department of Internal Affairs.
A certified check for $1,000,
payable to order of the Borough Treasurer, is required.
Purchaser will
and int.
JEFFERSON SCHOOL DISTRICT (P. O. Jefferson), Okla.—BONDS
OFFERED—Sealed bids were received until 3 p. m. on June 8, by Frank E,
STATE
1945,*1947,1949 and 1951.
to name a
_
$9,800 street bonds.
Bidders are to name the rate of interest.
Due
$1,000 in 1943 to 1951, and $800 in 1952.
A certified check for 2% of
the bid is required.
3701
June 1 in 1943,
Bidder to name a single rate of interest payable J-J.
A certified
check for $200, payable to order of the township, must accompany each
Affairs.
proposal.
EAST DEER TOWNSHIP (P. O. Creigton), Pa .—BOND OFFERING
P. Kuchta, Township Secretary, will receive sealed bids until
terest
J-D.
Proceedings authorizing the
sale of the issue have been ap¬
proved by the Pennsylvania Department of Internal Affairs.
check for $300, payable to order of the district, is required.
WAMPUM SCHOOL
DISTRICT, Pa .—BOND SALE DETAILS—The
$20,000 school bonds awarded to Phillips, Schmertz & Co.
y
150, p. 3549—were sold as 4s, at a price of 100.89, a
3.81%.
ZELIENOPLE
SCHOOL
—Michael
Esther Luntz,
7 p. m. (EST) on June 10 for the purchase of $30,000 bonds issued to refund
A certified
of Pittsburgh
basis of about
DISTRICT, Pa.—BONDS NOT SOLD—
of School Directors, states that all
bids for the $24,000
a
portion of debt maturing in 1940, and to provide for the purchase of new
fire apparatus and for street and sewer improvements.
Denom. $1-,000.
Due $5,000 on July 1 from 1946 to
Dated July 1,1940.
1951 incl.
Bidder
single rate of interest, expressed in a multiple of X of 1 %.
Prin.
and int. (J-J) payable at the Peoples National Bank of Tarentum, free of
State tax, except gift, succession or inheritance taxes.
Township will pay
for printing of the bonds and for the approving legal opinion of Burgwin,
Scully & Churqhill of Pittsburgh.
Payable from ad valorem taxes on all
of the township's taxable property as prescribed by law.
A certified check
for $500, payable to order of the Township Treasurer, Is required.
Secretary of the Board
not to exceed 4% interest school bonds offered May
28
v 150 p. 3245—were rejected, because "of a misinterpretation as to
amounts allowed for bonded indebtedness."
The issue will be readvertised
soon.
to name a
DISTRICT, Pa .—BOND CALL—
N. J. Kleckner, Secretary of the Board of Directors, has called for payment
on July 1, 1940, 4K% school addition and repair bonds, Nos. 1 to 40 incl.,
totaling $40,000.
Dated July 1, 1926, in $1,000 denoms. and due July 1,
1956.
Payable at the National Bank of Lansdowne.
EAST * LANSDOWNE
SCHOOL
EAST
PITTSBURGH, Pa .—BOND OFFERING—James L. Oakes.
Borough Secretary, will receive sealed bids until June 17 for the purchase of
$25,000 coupon improvement bonds.
Dated June 1, 1940.
Denom.
RHODE
ISLAND
CENTRAL FALLS, R. I.—BONDS AUTHORIZED—'The City Council
recently passed an ordinance authorizing an issue of $209,000 home and
work relief bonds to mature $20,000 annually on June 1 from 1941 to 1950
ncl.
'
SOUTH
.
.
DAKOTA
GETTYSBURG, D. Dak.—BOND SALE—The $17,000 coupon
semi¬
for sale on June 3—V. 150, p. 3399—were
awarded to the First National Bank of Pierre, as 4s, paying a premium of
$10. equal to 100.058, a basis of about 3.99%.
Due $1,000 June and
Dec. 15, 1943 to June 15, 1951, provided, however, that each, any and al
annual funding bonds offered
of the bonds shall be
subject to payment and redemption at the option of the
The Commercial & Financial Chronicle
3702
City Council at par and accrued interest on any interest payment date in
the manner provided by law.
Prin. and int. payable at any suitable bank
trust company designated by the purchaser.
<.
or
COLTON, S. Dak.—BOND SALE—The
$16,000 water system bonds
L. Burton & Co., and the First Security
noted
as
1940.
''
WASHINGTON
SALE—The $12,00^ Local Improvement
bonds offered for sale on May 28—V. 150.
by the Citizens State Bank of Camas, as 5s, at
according to the City Clerk. Due in from 1 to 10 years after date.
Wash .—BOND
CAMAS,
District No. 94 coupon sewer
TENNESSEE
COUNTY
(P.
O.
Knoxville),
p.
Tenn.—BOND SALE—The
$18,000 Sol way Elementary School building bonds offered for sale on June 4
awarded to the Union Planters National Bank of
Memphis, as 3>is, paying a premium of $93.06, equal to 100.517, a basis
—V. 150, p. 3400—were
of about
3.17#; Due $2,000
on June
1 in 1943 to 1951, incl.
The $13,OO0 issue of Farragut High School gymnasium bonds offered for
on the same date, was awarded to the Fidelity-Bankers Trust Co. of
Knoxville, and associates, as 3#s, paying a premium of $40, equal to
100.307, a basis of about 3.21%. Due on June 1 in 1943 to 1952, incl
sale
MEMPHIS, Tenm—BOND OFFERING—It is stated by F. T. Tobey,
City Comptroller, that he will receive sealed bids until 2:30 p. m. (CDST),
June 18, for the purchase of $350,000 coupon improvement bonds.
Denora. $1,000.
Dated June 1, 1940. Due $14,000 on June 1 in 1941 to
1965, incl. Bidder to name the rate of interest in a multiple of K or 1-lOth
of 1%.
No higher rate of interest shall be chosen than shall be required to
insure a sale at par, and all bonds of this Issue shall bear the same rate of
on
Bidders must bid for all of the bonds.
All bonds are payable, principal and Interest, at
interest.
the office of the Treasurer
of the City, in Memphis, or, at the option of the holder, at the Chemical
Bank & Trust Co., in New York.
The City will have all bonds prepared
without cost to the purchaser.
The unqualified approving opinion of Thomson, Wood & Hoffman, New
York City, will be furnished by the city without cost to the purchaser.
The
bonds may be registered as to
principal only and may be discharged from
registration and again registered at will.1 The city has no option of payment
prior to maturity.
The bonds will be delivered by the city in New York, or equivalent at
the option of bidder if bidder so states in bid, naming point of
delivery.
Delivery will be made within 15 days of award.
All bonds are sold and
as coupon bonds payable to bearer.
No proposal blanks are furnished and bidders are required to submit bids
in triplicate.
Bidders must mark their proposals plainly "Bids for Bonds."
All bonds are in denomination of $1,000 each.
The interest rate will be
named by the bidder in a multiple of K or l-10th of 1%. No higher rate of
interest shall be chosen than shall be required to insure a sale at par, and
delivered
all bonds of this Issue shall bear the same rate of interest.
The bonds will
be sold for par, or face value plus interest to time of delivery and a premium
any be bid.
Bidders must bid for all of the bonds.
Comparison of bids
be by taking the aggregate of interest and deducting therefrom the
premium bid to determine the net interest cost to the city.
The bonds will
be awarded upon the bid most advantageous to the city.
No arrangement can be made for deposit of funds, commission, brokerage
or fees.
A certified check payable to the order of the city, drawn on some
solvent bank or trust company in the sum of 1 % of the amount of bonds
if
The check accompanying the accepted
bid will be applied on the purchase price at the option of the bidder.
The
bonds ontfelivery will be accompanied by a full transcript of the proceedings
on the passage of all ordinances, proceedings of the Board of Commissioners
making sale, Treasurer's receipt for proceeds, signature certificate and legal
opinion.
TEXAS
3550—were purchased
par,
PIERCE COUNTY
UNION
SCHOOL DISTRICT
HIGH
NO. 204
(P. O. Tacoma), Wash.—BOND OFFERING— It is stated that sealed bids
10:30 a. m. on June 29, by Paul Newman, County
Treasurer, for the purchase of $77,000 not to exceed 6% annual school
bonds.
Denominations of $100 each or any multiple thereof not exceeding
$1,000.
Due and payable in numerical order, lowest numoer first on the
annual interest dates, interest payable annually.
The various annual
maturities of the bonds will commence with the second year after the date
of issue of the bonds and will as nearly as practicable be payable in 23
equal annual instalments to include principal and interest on all outstanding
bonds.
Bidders are required to submit a bid specifying: (a) The lowest
rate of interest and premium, if any, above par at which such bidder will
purchase the bonds; or (b) the lowest rate of Interest'at 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 City,
or at the State Treasurer's office in Olympia.
will be received until
Wash.—BOND SALE— The $4,000 general obligation
31—V. 150, p.
State Bank of Woodland, as 4s at
par, according to the Town Clerk.
No other bid was received.
Dated
July 1, 1940.
Due $1,000 on July 1 in 1942 to 1945 incl.
WOODLAND,
equipment bonds offered for sale on May
fire truck and
3400—were purchased by the Security
WEST
VIRGINIA
McMECHEN, W. Va.—BONDS SOLD—It is stated by the City Clerk
that $12,000 1H% semi-ann. fire equipment bonds approved by the voters
on March 5, have been purchased by the State of West Virginia.
Due in
three years.
•.
vV:'■ 1; :v.:
WEIRTON HEIGHTS (P. O. Weir ton), W. Va .—BONDS OFFERED
FOR INVESTMENT—A $30,000 issue of 2H% coupon semi-annual sewage
revenue bonds is being offered by McGregor, Irvine & Co. of Wheeling,
for public subscription at prices to yield from 2% to 2.50%, according to
maturity.
Dated July 1, 1940.
Denom. $1,000.
Due $5,000 July 1,
1941 to 1946.
Principal and interest payable at the State Sinking Fund
Commission, Charleston.
Legality approved by Chapman & Cutler, of
•
■
Chicago,
will
bid for must accompany each bid.
Trust Co., both of Salt Lake City,
here—V. 150, p. 3092—it is stated by the City Recorder' that
sold at 1%, are dated June 1. 1940, and mature on Dec. 1,
the notes were
offered for sale on April 22—V. 150, p. 2465—were purchased by Fred A.
Gefke of Sioux Falls, as
Due in from 3 to 20 years.
KNOX
June 8, 1940
WHEELING, W. Va.—BOND OFFERING CONTEMPLATED—In con¬
given here on May 18 to the effect that the voters
primary
nection with the report
had approved the issuance of a total of $1,200,000 bonds at the
election on May 14—V. 150, P. 3246—we are advised as follows by
Howard
regarding the future disposition of these bonds:
of June 4, 1940, the State Laws ofWest Virginia
make it mandatory on all governmental agencies issuing bonds, to first
submit them to the State Sinking Fund Commission for purchase.
If the
State Sinking Fund declines all or part of the issue, then they may be
advertised for sale in the open market.
We have had numerous inquiries from financial institutions all over the
country, relative to the sale of these bonds and if the State Sinking Fund
waive their right to purchase, due notice will be given these various in¬
C. Lane, City Clerk,
In answer to your letter
^
stitutions.
BALLARD
COMMON SCHOOL DISTRICT (P. O. Center), Texas
—BOND OFFERING—Sealed bids willlbe received until June 10,
by the
County Superintendent of Schools, for the purchase of $2,400 3H% semiann. construction bonds.
BURNET COUNTY WATER CONTROL AND
IMPROVEMENT
DISTRICT NO, 1 (P. O. Burnet), Texas—BOND SALE DETAILS—It
is stated by the Attorney for the District that the $45,000
5% semi-annual
water improvement bonds sold recently, as noted here—V. 150,
p. 3400—•
WISCONSIN
ABLEMAN, Wis.—BONDS TO BE SOLD—It is stated by the Village
approved by the voters on May 21
Clerk that $25,000 water system bonds
will be disposed of shortly.
COUNTY
ASHLAND
(P.
O.
Ashland),
Wis.—BOND SALE—'The
Due in 1941 to 1965;
$70,000 3% semi-annual highway improvement, series C bonds offered for
on June 3, as noted here—V.
150, p. 3400—were awarded to Halsey,
Stuart & Co., Inc. of Chicago, paying a price of 104.844, a basis of about
2.21%.
Dated May 2, 1940. Due on May 1 in 1946 and 1947.
Gatesville), Tex.—BOND OFFERING—
Judge that he will receive sealed bids until»June 10
purchase of $30,000 not to exceed 3% semi-ann. county hospitai
bonds, approved by the voters on May 25.
Dated June 10, 1940.
Due
Millard, City Clerk, that $128,000 coupon water works revenue refunding
bonds were offered for sale on June 4 and were awarded jointly to the First
were
purchased at par by Crummer & Co. of Dallas.
optional after 1950.
sale
CORYELL COUNTY (P. O.
It is stated by the County
for the
in
1941 to 1958.
DALLAS COUNTY (P. O. Dallas), T exas—BONDS SOLD—A
$200,000
issue of road bonds is said to have been awarded on June 3 to Callihan &
CHIPPEWA
FALLS,
Wis .—BONDS SOLD—It is stated
National Bank, and the Lumbermen's
Seguin),
Judge that
the
$40,000 3% semi-annual highway improvement bonds sold recently, as
purchased jointly by the First National
Bank, the Nolte National Bank, and the Seguin State Bank & Trust Co.,
all of Seguin, for a premium of $600, equal to 101.50, and mature
$8,000
on Feb. 1 in 1941 to 1945, giving a basis of about
2.43%.
noted here—v. 150, p. 3549—were
IRA CONSOLIDATED INDEPENDENT SCHOOL DISTRICT (P. O.
issue of 4J4 % semi-ann. refunding,
MESQUITE, Texas—BONDS OFFERED— It
were
is
that
reported
received until 8 p. m. on June 7, by the City
purchase of $35,000 water works and sanitary
proved by the voters on April 2.
sewer
sealed
Secretary, for the
revenue
bonds,
to
A
NUECES COUNTY (P. O. Corpus Christi), Texas—BONDS SOLD—
$25,000 issue of 3K % semi-ann. road and bridge refunding, series of 1940
bonds is said to have been purchased at par by local investors.
April 10 in 1941 to 1952.
POTTER
COUNTY
(P.
O.
Amarillo),
Texas-—BOND
Due
SALE
on
DE¬
TAILS—In connection with the sale of the $114,000 court house and
jail
as noted here—V. 150, p.
3550—it is reported that the bonds were sold as follows: $45,000 as 1Kb,
due on April 10: $11,000 in 1941 to 1943, and $12,000 in
1944; the remaining
$69,000 as 3s, due on April 10: $11,000 in 1945 to 1947, and $12,000 in
refunding bonds to Crummer & Co. of Dallas,
1948 to 1950.
,
'
■
TOULOSA-MIDWAY CONSOLIDATED SCHOOL DISTRICT NO. 9
(P• O. Corpus Christi), Texas—BONDS SOLD—'The following bonds,
aggregating $65,000, are said to have been purchased by Crummer & Co. of
$20,000 2K% school bonds.
45,000 2H% school bonds.
_
Due
on
Due
March 15, 1941.
on
March
15
as
follows:
$18,000 in
1942; $16,000, 1943, and $11,000 in 1944.
Dated March 15, 1940.
State Treasurer's office.
Principal and interest
(M-S) payable at the
UNIVERSITY PARK (P. O. Dallas). Texas—BOND ELECTION—An
election is said to be scheduled for June 15 in order to vote
of the following bonds aggregating
$375,000, $150,000
water system
on
the issuance
park,
$150,000
^
,
(P. O. Superior) Wis.—PURCHASERS—It is
reported that the $200,000 3% semi-ann. corporate purpose bonds sold
at par, as noted here—V. 150, p. 3400—were purchased jointly by T. J.
Grace, John Nuveen & Co., and the Channer Securities Co., all of Chicago.
Due $20,000 on May 1 in 1941 to 1950 incl.
COUNTY
GREEN
BAY,
Wis.—BOND SALE—The
$45,000 coupon semi-ann.
bridge bonds offered for sale on June 3—V. 150, p. 3246—were awarded to
National Bank & Trust Co. of Minneapolis, as 1 Kb,
the Northwestern
paying a premium of $27, equal to 100.06. a basis of about
June 15, 1940.
Due on June 15 in 1941 to 1945 incl.
VERNON
COUNTY
(P.
O.
Viroqua),
1.23%.
Dated
Wis.—BOND OFFERING—
8ealed bids will be received until 1 p.m. (CST) on June 20, by Berlie Moure,
County Clerk, for the purchase of $100,000 1H % non-taxable highway
improvement bonds, series N.
Denom. $1,000.
Dated May 1. 1940.
Due on May 1, 1943.
Prin. and int. (M-N) payable at the County Treas¬
urer's office in Viroqua.
Bonds will be sold at not less than par and accrued
interest to date of delivery.
Bonds are to be issued subject to the favor¬
able opinion of Chapman & Cutler of Chicago, which opinion, together witn
the executed bonds, will be furnished without charge to the successful
bidder.
It is stated that the bonds should be ready for delivery within
two weeks from date of sale.
The right is reserved to reject all bids ana
sell the bonds at public auction.
A certified check for not less than 2%
of the par value of the bonds, payable to the County Treasurer, must
accompany the bid.
V
r*
WOOD COUNTY (P. O. Wisconsin Rapids), Wis.—BONDS NOT
SOLD—The $100,000 2% semi-ann. county highway bonds offered on
June 5—V. 150, p. 3550—were not sold as no bids were received, according
to the
QUANAH, Texas—BONDS SOLD—It is stated by the City Secretary
4% semi-annual fire equipment and building bonds have been
purchased by the Security National Bank of Quanah.
that $7,500
/
1958 incl.
DOUGLAS
now
ap¬
MONT BELVIEU SCHOOL DISTRICT (P. O. Cove), Texas—BONDS
SOLD—It is stated by the District Secretary that $80,000
2K% building
bonds have been purchased by Paul H. Aves & Co. of Houston.
OFFERED— Sealed bids were
Schuler, Village Clerk, for the
purchase of $18,000 not to exceed 4% annual general liability water works
system extension, series C coupon bonds.
Due $1,000 on July 1 in 1941
Ira), Texas—BONDS SOLD—A $21,000
series of 1940 bonds is said to have been purchased at
par by Walker, Austin
& Waggener of Dallas.
Due $1,000 on April 10 in 1941 to 1961 incl.
bids
<m
COMBINED LOCKS,
Wis.—BONDS
received until 7 p. m. on June 4, by Lucy
$35,000 in 1955 to 1958.
GUADALUPE COUNTY ROAD DISTRICT NO. 1 (P. O.
Texas—BOND SALE DETAILS—It,is reported by the County
.
National Bank, both of Chippewa
Falls, as 2Kb, paying a premium of $23)50, equal to 102304, a basis of
about 2.08%.
Dated May 1, 1940. ^Denom. $1,000.
Due May 1, as
follows: $11,000 in 1941 and 1942, $12,000 in 1943 to 1945, and $14,000
in 1946 to 1950.
Prin. and int. payable in lawful money at the City
Treasurer's office.
and
by Lee C.
County Clerk. He states that the bonds will be sold
Due in 1946 to 1953 incl.
privately. Dated
June 1, 1939.
WYOMING
DISTRICT NO. 10 (P. O. Hyattville), Wyo.—BOND SALE—The $3,000 school bonds offered for sale on
May 27—V. 150, p. 2924—were purchased by the Security State Bank of
Basin, as 3Hs, at par, according to the District Clerk.
No other bid was
BIG
HORN COUNTY SCHOOL
receive^.
Due $250 on Jan. 1 in 1941 to 1952 incl.
SHERIDAN COUNTY SCHOOL DISTRICT NO. 21 (P. O. Arvada)
Wyo.—BOND OFFERING—Sealed bids will be received until 2 p. m. on
June 26, by Frank J. McDermott, District Secretary, for the purchase of
$30,000 coupon building bonds,.
Dated July 1, 1940. These bonds were
approved by the voters at an election held on May 8. A certified check for
2% of the amount bid, payable to the County Treasurer, is required.
improvement, and $75,000 police and fire station bonds.
VELASCO DRAINAGE DISTRICT (P. O.
Angleton), Texas—BONDS
SOLD—It is reported that $12,500 3 M % semi-ann. improvement
refunding
bonds have been purchased by the County Sinking Fund.
Due on April
10 in 1941 to 1948.
UTAH
PROVO, Utah—ADDITIONAL INFORMATION—In connection with
he sale of the $40,000 (net $30,000) tax anticipation notes
jointly to Edward
CANADA
CANADA
(Dominion of)—TREASURY BILLS SOLD—An issue of
$40,000,000 Treasury bills was sold on May 30 at an average cost of 0.739 %.
Dated May 31, 1940 and due Aug. 30, 1940.
P*
NEW
Halifax
GLASGOW, N. S —BOND SALE—F. J. Brennan & Co. of
purchased an issue of $38,000 AK% improvement bonds at a price
4.32%.
Dated June 1, 1940 and due on June 1
of 101.53, a basis of about
from 1941 to 1960 incl.
@FedFRASER